| Reconciliation of GAAP to Non-GAAP Measures
* Tangible common equity divided by common shares outstanding at period-end.
In addition to the results presented
in accordance with Generally
Accepted Accounting Principles
(“GAAP”), this earnings presentation
includes certain non-GAAP financial
measures. Management believes
these non-GAAP financial measures
provide meaningful information to
investors in understanding the
Company’s operating performance
and trends. These non-GAAP
measures have inherent limitations
and are not required to be uniformly
applied and are not audited. They
should not be considered in
isolation or as a substitute for an
analysis of results reported under
GAAP. These non-GAAP measures
may not be comparable to similarly
titled measures reported by other
companies. Reconciliations of non-GAAP/adjusted financial measures
disclosed in this earnings
presentation to the comparable
GAAP measures are provided in the
accompanying tables.
24
$ thousands, except per share data Q3 2023 2022 2021 2020 2019 2018 2017
Average assets $ 6,589,857 $ 6,621,631 $ 5,724,230 $ 3,863,013 $ 2,846,959 $ 1,951,982 $ 1,524,202
Less: average intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733
Average tangible assets $ 6,580,124 $ 6,611,898 $ 5,714,497 $ 3,853,280 $ 2,837,226 $ 1,942,249 $ 1,514,469
Average equity $ 631,205 $ 578,787 $ 413,212 $ 320,617 $ 282,604 $ 251,030 $ 133,462
Less: Average preferred equity $ - $ - $ 4,585 $ 5,502 $ 5,502 $ 5,502 $ 5,502
Average common equity $ 631,205 $ 578,787 $ 408,627 $ 315,115 $ 277,102 $ 245,528 $ 127,960
Less: average intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733
Average tangible common equity $ 621,472 $ 569,054 $ 398,894 $ 305,382 $ 267,369 $ 235,795 $ 118,227
Total assets $ 6,683,359 $ 6,267,337 $ 7,116,358 $ 4,330,821 $ 3,357,572 $ 2,182,644 $ 1,759,855
Less: intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733
Tangible assets $ 6,673,626 $ 6,257,604 $ 7,106,625 $ 4,321,088 $ 3,347,839 $ 2,172,911 $ 1,750,122
Total Equity $ 634,910 $ 575,897 $ 556,989 $ 340,787 $ 299,124 $ 264,517 $ 236,884
Less: preferred equity $ - $ - $ - $ 5,502 $ 5,502 $ 5,502 $ 5,502
Common Equity $ 634,910 $ 575,897 $ 556,989 $ 335,285 $ 293,622 $ 259,015 $ 231,382
Less: intangible assets $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733 $ 9,733
Tangible common equity (book value) $ 625,177 $ 566,164 $ 547,256 $ 325,552 $ 283,889 $ 249,282 $ 221,649
Common shares outstanding $ 11,062,729 $ 10,949,965 $ 10,920,569 $ 8,295,272 $ 8,312,918 $ 8,217,274 $ 8,196,310
Book value per share (GAAP) $ 57.39 $ 52.59 51.00 40.42 35.32 31.52 28.23
Tangible book value per share (non-GAAP)* $ 56.51 $ 51.70 50.11 39.25 34.15 30.34 27.04
Total Revenue (GAAP) $ 60,070 $ 255,751 $ 180,698 $ 141,924 $ 108,239 $ 83,177 $ 63,382
Less: Gain on sale of securities $ - $ - $ 609 $ 3,286 $ - $ (37) $ -
Revenue excluding gain on sale of securities
(non-GAAP) $ 60,070 $ 255,751 $ 180,089 $ 138,638 $ 108,239 $ 83,214 $ 63,382
Non-Interest Income Ratio (non-GAAP) 11.40% 10.40% 12.78% 9.67% 9.82% 14.66% 17.83%
For Year Ending |