Investor Presentaiton
Reconciliation of Non-GAAP Disclosures
Pre-tax pre-provision adjusted earnings excludes the provision for credit losses, which can fluctuate significantly from period-to-period under the CECL
methodology, merger and rebranding-related costs, income tax expense, gains or losses related to balance sheet repositioning (principally composed of
gains and losses on debt extinguishment), and gains or losses on sale of securities. The Company believes this adjusted measure provides investors
with important information about the combined economic results of the organization's operations.
PRE-TAX PRE-PROVISION ADJUSTED OPERATING EARNINGS
For the six
months ended
(Dollars in thousands, except per share amounts)
June 30, 2021
2020
For the years ended December 31,
2019
2018
2017
2016
Net income
Net income (GAAP)
Plus: Provision for credit losses
Plus: Income tax expense
Plus: Merger and rebranding-related costs
Plus: Net loss related to balance sheet repositioning
Less: Gain on sale of securities
$
141,573
(41,037)
30,453
$
158,228 $ 193,528 $
87,141
21,092
146,248 $ 72,923 $
13,736
10,802
28,066
37,497
28,901
33,387
77,476
8,883
26,779
34,279
39,728
5,393
14,695
32,885
16,397
78
12,294
7,675
PTPP adjusted operating earnings (non-GAAP)
$
Less: Dividends on preferred stock
PTPP adjusted operating earnings available to common shareholders (non-GAAP)
$
145,606
5,934
139,672
$
$
383
294,026 $ 295,118 $ 228,230 $ 121,705 $
5,658
288,368 $ 295,118 $
800
205
112,933
228,230 $ 121,705 $
112,933
Earnings per share (EPS)
Weighted average common shares, diluted
78,863,859
78,875,668 80,263,557 65,908,573 43,779,744
43,890,271
EPS available to common shareholders, diluted (GAAP)
$
PPTP adjusted operating EPS available to commons shareholders, diluted (non-GAAP) $
1.72
1.77
$
$
1.93 $
3.66 $
2.41 $
3.68 $
2.22 $
3.46 $
1.67 $
2.78
1.77
2.57
Return on assets (ROA)
Average assets
ROA (GAAP)
PTPP adjusted operating ROA (non-GAAP)
$ 19,805,569
1.44%
1.48%
$ 19,083,853
0.83%
1.54%
$ 16,840,310 $ 13,181,609
1.15%
1.75%
1.11%
1.73%
$8,820,142 $
0.83%
1.38%
8,046,305
0.96%
1.40%
Return on equity (ROE)
PTPP adjusted operating earnings available to common shareholders (non-GAAP)
Plus: Amortization of intangibles
$
PTPP adjusted operating earnings available to common shareholders before
amortization of intangibles (non-GAAP)
$
139,672
7,298
146,970
$
$
288,368 $ 295,118 $
16,574
18,521
6,088
304,942 $ 313,639 $ 241,069 $ 127,793 $
228,230 $ 121,705 $
12,839
112,933
7,210
120,143
Average equity (GAAP)
Less: Average intangible assets
Less: Average preferred stock
Average tangible common equity (non-GAAP)
ROE (GAAP)
Atlantic
PTPP adjusted operating ROTCE (non-GAAP)
Union Bankshares
6.14%
20.58%
7.89%
21.49%
$
$
2,733,980
989,093
166,356
1,578,531
10.44%
$ 2,576,372 $ 2,451,435 $ 1,863,216
1,000,654
776,944
991,926
$1,030,847 $
315,722
994,785
318,131
93,658
676,654
7.79%
18.78%
17.76%
29
$ 1,482,060 $ 1,459,509 $ 1,086,272 $ 715,125 $
7.85%
22.19%
7.07%
17.87%View entire presentation