FirstBank Growth and Efficiency
Reconciliation of non-GAAP financial measures (cont'd)
Tax-equivalent core efficiency ratio
(Dollars in thousands)
1H 2018
2017
2016
2015
2014
2013
Core efficiency ratio (tax-equivalent basis)
Total noninterest expense
$
112,454 $ 222,317
Less one-time equity grants
2,960
$ 194,790 $ 138,492 $ 102,163 $ 89,584
3,000
Less variable compensation charge related to cash settled equity awards
Less merger and offering-related expenses
1,864
635
19,034
1,254
3,268
3,543
Less loss on sales or write-downs of other real estate
Less impairment of mortgage servicing rights
194
Less loss on sale of mortgage servicing rights
2012
$ 83,874
2,339
4,678
Core noninterest expense
Net interest income (tax-equivalent basis)
Total noninterest income
Less bargain purchase gain
$ 110,590
$
249
202,399
4,447
$ 178,183
$ 134,755 $ 99,163 $ 89,584
$
81,535
100,708
156,094
113,311
95,887
85,487
77,640
70,602
68,983
141,581
144,685
92,380
50,802
41,386
38,047
2,794
Less change in fair value on mortgage servicing rights
(3,491)
(3,424)
Less gain on sales or write-downs of other real estate owned
and other assets
(250)
110
1,179
Less gain from securities, net
(144)
285
Core noninterest income
Core revenue
Efficiency ratio (GAAP) (1)
Core efficiency ratio (tax-equivalent basis)
$
72,868
173,576
66.6%
144,610
4,407
139,099
(710)
1,844
88,452
$ 300,704 $ 252,410 $ 184,339 $ 134,138 $
63.7%
75.4%
67.3%
76.2%
70.6%
74.4%
73.1%
76.1%
73.9%
151
158
2,000
34
3,670
48,651
41,194
34,377
118,834 $
104,979
76.7%
78.9%
75.4%
77.7%
(1) Efficiency ratio (GAAP) is calculated by dividing non-interest expense by total revenue.
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