Investor Presentaiton
Non-GAAP Reconciliation (continued):
Adjusted Earnings Metrics
Some of the financial measures included in this presentation are not measures of financial performance recognized by GAAP. These non-GAAP financial measures
include "adjusted earnings," "adjusted diluted earnings per share," "adjusted return on average assets," and "adjusted return on average tangible common equity."
Management uses the measure adjusted earnings to assess the performance of our core business and the strength of our capital position. We believe that this non-
GAAP financial measure provides meaningful additional information about us to assist investors in evaluating our operating results. This non-GAAP financial
measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled
measures used by other companies. The following table reconciles adjusted earnings, adjusted diluted earnings per share, adjusted return on average assets and
adjusted return on average tangible common equity to their most comparable GAAP measures:
(Dollars in thousands, except per share data)
As of and for the Nine
Months Ended September 30,
2012
As of and for the Year Ended December 31,
2013
2014
2015
2016
2017
Income Before Taxes - GAAP
Adjustments to Interest Income
$7,041
$12,314
$17,565
$21,969
$32,568
$34,429
Accretion of Purchase Discounts
(1,899)
(3,367)
(2,490)
(1,081)
(7,501)
(2,584)
Provision for Loan Losses
3,793
(3,488)
Adjustments to Noninterest Income
Gain on Sale of OREO
(761)
(460)
(493)
(1,218)
142
Gain on Sale of Investment Securities, Net
(162)
(179)
(268)
(78)
(19)
Bank Enterprise Award Grant
(415)
Bargain Purchase Gain
Adjustments to Other Expenses
Integration and Acquisition Expenses
815
75
1,746
14
Total Adjustments to Income
($2,822)
($3,606)
($3,251)
($2,302)
($1,981)
($5,916)
Adjusted Earnings Pre-Tax
$4,219
$8,708
$14,314
$19,667
$30,587
$28,513
Adjusted Taxes
1,794
3,518
5,816
8,063
12,663
11,420
Adjusted Earnings - non-GAAP
$2,425
$5,190
$8,498
$11,604
$17,924
$17,094
Adjusted Diluted Earnings Per Share
$0.27
Weighted Average Diluted Common Shares Outstanding
8,937,413
$0.44
11,874,808
$0.65
13,170,685
$0.86
13,552,682
$1.31
13,695,900
Average Assets
Adjusted Return on Average Assets
$575,694
0.42%
$658,515
0.79%
Average Tangible Common Equity
$90,083
$120,820
$809,784
1.05%
$141,131
Adjusted Return on Average Tangible Common Equity
2.69%
4.30%
6.02%
$1,002,422
1.16%
$153,088
7.58%
$1,357,234
$145,194
1.32%
12.34%
$1.17
14,559,043
$1,507,940
1.52%
$171,449
13.33%
RBB BANCORP
皇佳商業金控 27View entire presentation