FirstBank Growth and Efficiency
Reconciliation of non-GAAP financial measures (cont'd)
Tax-equivalent core efficiency ratio
2018
(Dollars in Thousands)
Total noninterest expense
Second Quarter
$
56,303
$
First Quarter
56,151
Less variable compensation charge related to cash settled equity awards
Less merger and offering-related expenses
671
1,193
Less loss on sale of mortgage servicing rights
Core noninterest expense
Total noninterest income
$
55,632
$
54,958
Net interest income (tax-equivalent basis)
51,909
48,799
35,708
33,275
Less change in fair value on mortgage servicing rights
(1,778)
(1,713)
Less gain on sales or write-downs of other real estate owned and other
assets
(132)
(118)
Less gain from securities, net
(97)
(47)
Core noninterest income
Core revenue
Efficiency ratio (GAAP) (1)
Core efficiency ratio (tax-equivalent basis)
37,715
35,153
$
89,624
$
83,952
64.5%
68.7%
62.1%
65.5%
(1) Efficiency ratio (GAAP) is calculated by dividing non-interest expense by total revenue.
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FirstBank
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