Attached files
| file | filename |
|---|---|
| EX-32.2 - EXHIBIT 32.2 - Independent Bank Group, Inc. | exhibit32_210-k2017.htm |
| EX-32.1 - EXHIBIT 32.1 - Independent Bank Group, Inc. | exhibit32_110-k2017.htm |
| EX-31.2 - EXHIBIT 31.2 - Independent Bank Group, Inc. | exhibit31_210-k2017.htm |
| EX-31.1 - EXHIBIT 31.1 - Independent Bank Group, Inc. | exhibit31_110-k2017.htm |
| EX-23.1 - EXHIBIT 23.1 - Independent Bank Group, Inc. | exhibit23_1201710-k.htm |
| EX-10.18 - EXHIBIT 10.18 - Independent Bank Group, Inc. | exhibit10_18201710-k.htm |
| EX-10.14B - EXHIBIT 10.14B - Independent Bank Group, Inc. | exhibit10_14xb201710-k.htm |
| 10-K - 10-K - Independent Bank Group, Inc. | a201710-k.htm |
Exhibit 12.1
Ratios of Earnings to Fixed Charges and Earnings to
Combined Fixed Charges and Preferred Stock Dividends
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 December 31, 2017, we did not have any shares of preferred stock outstanding. On April 15, 2014, we issued 23,938.35 shares of our Senior Non-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, 2017 or December 31, 2013, and had minimal impact on the year ended December 31, 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.
Year ended December 31, | |||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||
Earnings: | |||||||||||||||
Income before taxes | $ | 121,687 | $ | 80,131 | $ | 57,797 | $ | 43,898 | $ | 24,461 | |||||
Fixed charges | 43,775 | 27,269 | 20,802 | 16,551 | 12,567 | ||||||||||
Earnings, including interest on deposits | 165,462 | 107,400 | 78,599 | 60,449 | 37,028 | ||||||||||
Less: interest on deposits | 28,518 | 16,075 | 12,024 | 9,537 | 6,974 | ||||||||||
Earnings, excluding interest on deposits | $ | 136,944 | $ | 91,325 | $ | 66,575 | $ | 50,912 | $ | 30,054 | |||||
Fixed charges: | |||||||||||||||
Interest on deposits | $ | 28,518 | $ | 16,075 | $ | 12,024 | $ | 9,537 | $ | 6,974 | |||||
Interest on borrowings, including rent | 15,257 | 11,194 | 8,778 | 7,014 | 5,593 | ||||||||||
Fixed charges, including interest on deposits | 43,775 | 27,269 | 20,802 | 16,551 | 12,567 | ||||||||||
Less: interest on deposits | 28,518 | 16,075 | 12,024 | 9,537 | 6,974 | ||||||||||
Fixed charges, excluding interest on deposits | $ | 15,257 | $ | 11,194 | $ | 8,778 | $ | 7,014 | $ | 5,593 | |||||
Preferred stock dividend requirements | − | 8 | 240 | 169 | − | ||||||||||
Combined fixed charges and preferred stock dividend requirements, including deposits | $ | 43,775 | $ | 27,277 | $ | 21,042 | $ | 16,720 | $ | 12,567 | |||||
Combined fixed charges and preferred stock dividend requirements, excluding deposits | 15,257 | 11,202 | 9,018 | 7,183 | 5,593 | ||||||||||
Ratio of Earnings to Fixed Charges: | |||||||||||||||
Excluding interest on deposits | 8.98x | 8.16x | 7.58x | 7.26x | 5.37x | ||||||||||
Including interest on deposits | 3.78 | 3.94 | 3.78 | 3.65 | 2.95 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements: | |||||||||||||||
Excluding interest on deposits | 8.98x | 8.15x | 7.38x | 7.09x | 5.37x | ||||||||||
Including interest on deposits | 3.78 | 3.94 | 3.74 | 3.62 | 2.95 | ||||||||||