Independent Bank (IBTX) 8-K Announces Closing of Subordinated Notes Offering

Exhibit 12.1

Ratios of Earnings to Fixed Charges and Earnings to

Combined Fixed Charges and Preferred Stock Dividends

Our historical ratios of earnings to fixed charges and earnings to combined fixed charges and preferred stock dividends for the periods indicated are set forth in the table below. As of September 30, 2017, we did not have any shares of preferred stock outstanding. On April 15, 2014, we issued 23,938.35 shares of our SeniorNon-Cumulative Perpetual Preferred Stock, Series A, or Series A preferred stock, in connection with the acquisition of BOH Holdings, Inc. on such date, and all of such shares and Series A preferred stock were repurchased by us from the holder thereof on January 14, 2016. As a result of the time at which such issuance and repurchase occurred, our Series A preferred stock did not affect any of the two years ended December 31, 2013 and 2012, or the nine months ended September 30, 2017, and had minimal impact on the year ended December 31, 2016, and the nine months ended September 30, 2016. The dividend on our Series A preferred stock was approximately $60,000 per complete quarter, beginning with the partial quarter ended June 30, 2014 (April 15, 2014, through June 30, 2014) through the partial quarter ended March 31, 2016 (January 1, 2016, through January 14, 2016).

The ratio of earnings to fixed charges is computed by dividing (1) income from continuing operations before income taxes and fixed charges by (2) total fixed charges. The ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing (1) income from continuing operations before income taxes and fixed charges by (2) total fixed charges and preferred stock dividends.

For purposes of computing these ratios (i) earnings consist of income before income taxes plus fixed charges, (ii) fixed charges, excluding interest on deposits, include interest expense (other than on deposits) and the estimated portion of rental expense attributable to interest, net of income from subleases, (iii) fixed charges, including interest on deposits, include all interest expense and the estimated portion of rental expense attributable to interest, net of income from subleases, and (iv) pretax earnings required for preferred stock dividends were computed using tax rates for the applicable year.

	Nine Months Ended September 30,				Year Ended December 31,
	2017		2016		2016		2015		2014		2013		2012
Earnings:
Income before taxes	$	84,304	$	57,939	$	80,131	$	57,797	$	43,898	$	24,461	$	17,377
Fixed charges		31,181		19,495		27,269		20,802		16,551		12,567		13,502
Earnings, including interest on deposits		115,485		77,434		107,400		78,599		60,449		37,028		30,879
Less: interest on deposits		20,043		11,623		16,075		12,024		9,537		6,974		8,351
Earnings, excluding interest on deposits	$	95,442	$	65,811	$	91,325	$	66,575	$	50,912	$	30,054	$	22,528
Fixed charges:
Interest on deposits	$	20,043	$	11,623	$	16,075	$	12,024	$	9,537	$	6,974	$	8,351
Interest on borrowings, including rent		11,138		7,872		11,194		8,778		7,014		5,593		5,151
Fixed charges, including interest on deposits		31,181		19,495		27,269		20,802		16,551		12,567		13,502
Less: interest on deposits		20,043		11,623		16,075		12,024		9,537		6,974		8,351
Fixed charges, excluding interest on deposits		11,138		7,872		11,194		8,778		7,014		5,593		5,151
Preferred stock dividend requirements		—		8		8		240		169		—		—
Combined fixed charges and preferred stock dividend requirements, including deposits		31,181		19,503		27,277		21,042		16,720		12,567		13,502
Combined fixed charges and preferred stock dividend requirements, excluding deposits		11,138		7,880		11,202		9,018		7,183		5,593		5,151
Ratio of Earnings to Fixed Charges:
Excluding interest on deposits		8.57x		8.36x		8.16x		7.58x		7.26x		5.37x		4.37x
Including interest on deposits		3.70x		3.97x		3.94x		3.78x		3.65x		2.95x		2.29x
Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements:
Excluding interest on deposits		8.57x		8.35x		8.15x		7.38x		7.09x		5.37x		4.37x
Including interest on deposits		3.70x		3.97x		3.94x		3.74x		3.62x		2.95x		2.29x