Investor Presentaiton
Reconciliation of Non-GAAP Disclosures
The adjusted operating efficiency ratio (FTE) excludes the amortization of intangible assets, merger and rebranding-related costs and gains or losses
related to balance sheet repositioning (principally composed of gains and losses on debt extinguishment). This measure is similar to the measure utilized
by the Company when analyzing corporate performance and is also similar to the measure utilized for incentive compensation. The Company believes
this adjusted measure provides investors with important information about the combined economic results of the organization's operations.
(Dollars in thousands)
Noninterest expense (GAAP)
Less: Merger-related costs
Less: Rebranding costs
Less: Amortization of intangible assets
2020
$
ADJUSTED OPERATING EFFICIENCY RATIO
For the six
months ended
June 30, 2021
203,908
$
For the years ended December 31,
2019
2018
2017
2016
413,349
$
418,340 $
27,824
337,767
39,728
$
225,668
5,393
$
213,090
6,455
7,298
16,574
18,521
12,839
6,088
7,210
Less: Losses related to balance sheet repositioning
14,695
31,116
16,397
Adjusted operating noninterest expense (non-GAAP)
$
181,915
$
365,659
$
349,143
$
285,200
$
214,187
$
205,880
Net interest income (GAAP)
$
275,446
$
555,298
$
Net interest income (FTE) (non-GAAP)
281,643
566,845
537,872 $
548,993
426,691 $
434,886
279,007
$
263,966
290,774
275,394
Noninterest income (GAAP)
$
59,451
$
131,486
$
132,815
$
104,241
$
62,429
$
59,849
Less: Losses related to balance sheet repositioning
Less: Gain on sale of securities
(1,769)
78
12,294
Adjusted operating noninterest income (non-GAAP)
$
59,373
$
120,961
$
7,675
125,140
$
383
103,858
$
800
61,629
205
$
59,644
Efficiency ratio (GAAP)
60.89%
60.19%
62.37%
63.62%
66.09%
65.81%
Adjusted operating efficiency ratio (FTE) (non-GAAP)
53.34%
53.16%
51.79%
52.94%
60.78%
61.45%
Atlantic
Union Bankshares
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