FirstBank Growth and Efficiency
Reconciliation of non-GAAP financial measures
Pro forma net income, adjusted
(Dollars in thousands)
Pre-tax net income
Plus merger and offering-related costs
Less signficant gains (losses) on securities, other real estate
owned and other items (1)
Pre tax net income, adjusted
Pro forma income tax expense, adjusted (2)
2012
28,797 $ 21,974
1H 2018
2017
2016
2015
2014
2013
$
55,095 $ 73,485 $
1,864
62,324
$
50,824 $ 34,731
$
19,034
3,268
3,543
$ 56,959 $ 92,519
13,587
34,749
Pro forma net income, adjusted
$
Weighted average common shares outstanding fully diluted
43,372 $ 57,770
31,275,846 28,207,602
Pro forma diluted earnings per share, adjusted
(Dollars in thousands)
Pro forma diluted earnings per share, adjusted
Diluted earning per share
Plus merger and conversion costs
Less signficant gains (losses) on securities, other real estate
owned and other items
Tax effect
Pro forma diluted earnings per share, adjusted
1H 2018
2017
(3,539)
4,638
2,000
1,331
18,425
$ 31,304
17,180,000
$ 69,131 $ 49,729 $ 32,731 $
25,404
$ 43,727
19,312,174
11,662
$ 21,069 $ 18,612
17,180,000 17,180,000
28,797
10,185
$
20,643
6,897
$ 13,746
17,180,000
2016
2015
2014
2013
2012
$
1.33
0.06
$
1.86
$
2.10
$
2.79
$
1.89
$
1.57
$
1.19
0.67
0.17
0.21
(0.18)
0.27
$
(0.01)
1.38
$
(0.48)
2.05
(0.19)
(0.91)
0.12
(0.54)
(0.49)
0.08
(0.31)
$
2.26
$
1.82 $
1.23
$
1.08
$
0.80
1 2016 includes loss on sale of mortgage servicing rights, impairment of mortgage servicing rights, gain on sales or write-downs of other real estate owned and other assets and gain on sale of securities; 2015
includes bargain purchase gain and gain from securities; 2014 includes gain from securities; 2012 includes gain on sale of securities and loss on sale or write-downs of other real estate.
2 The Company terminated its S-Corporation status and became a taxable corporate entity ("C Corporation") on September 16, 2016 in connection with its initial public offering. Pro forma amounts for income tax
expense, adjusted, and diluted earnings per share, adjusted, have been presented assuming the Company's pro forma effective tax rate of 36.75%, 35.08%, 35.63%, 35.37%, and 33.76% for the years ended
December 31, 2016, 2015, 2014, 2013 and 2012, respectively, and also includes the exclusion of a one-time tax change from C Corp conversion in 3Q 2016 and the 4Q 2017 benefit from the 2017 Tax Cuts and
Jobs Act. 1H 2018 uses a marginal tax rate on adjustments of 26.06%; 2017 uses a marginal tax rate on adjustments of 39.23%.
FB
FirstBank
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