Corporate Strategy and Financial Performance
Non-GAAP Reconciliation
11
This presentation includes certain non-GAAP financial measures, including pre-provision net revenue, net income, earnings per share (basic and
diluted), return on average assets, return on average tangible common equity, tangible common equity, tangible assets, the ratio of tangible
common equity to tangible assets, tangible book value per share, net interest margin, and efficiency ratio. These non-GAAP financial measures
and any other non-GAAP financial measures that are discussed in this presentation should not be considered in isolation, and should be
considered as additions to, and not substitutes for or superior to, measures of financial performance prepared in accordance with GAAP. There
are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other
companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could
reduce the usefulness of the Company's non-GAAP financial measures as tools for comparison. The following is a reconciliation of the non-GAAP
financial measures used in (or conveyed orally during) this presentation to their most directly comparable GAAP financial measures.
($000s, except where otherwise noted)
Pre-Provision Net Revenue ("PPNR")
Pre-tax income, as reported
Add back: Provision expense
Add back: FHLB penalty, gross
Add back: Contribution
Add back: Insurance reimbursement
Add back: Settlement expense, gross
Pre-Provision Net Revenue, as adjusted
Net Income
Net income, as reported
YTD
2018
2019
2020
2021
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022 6/30/2022
13,431 $ 16,465 $
2,111
1,320
17,788 $
5,401
26,309
$
(817)
4,529 $
110
5,939 $
555
5,800 $
(597)
10,041 $
(885)
7,616 $
(419)
7,136
624 $ 205
14,752
2,368
2,368
1,000
1,000
(1,375)
(1,375)
$
3,300
3,300
$
$
15,542 $
17,785 $
23,189 $ 30,785
$
7,939 $
6,494 $
7,571 $
8,781 $
7,197 $
7,760 $
14,957
$
10,667 $
13,129 $
13,841 $
19,770
$
3,430 $
4,403 $
4,388 $
7,549 $
5,715 $
5,428 $
11,143
Less: Preferred stock dividends
-
Net income, available to common shareholders, as reported (a)
$
10,667 $ 13,129 $
13,841 $
19,770
$
3,430 $
4,403 $
4,388 $
7,549 $
5,715 $
5,428 $
11,143
Add Back: Impact of Tax Reform Act
Add back: FHLB penalty, net of tax
1,790
1,790
Add back: Contribution, net of tax
Add back: Insurance reimbursement, net of tax
770
770
(1,059)
(1,059)
Add back: Settlement expense, net of tax
2,565
2,565
Net income, as adjusted (b)
$
Weighted Average Common shares - basic (actual) (d)
Weighted Average Common shares - diluted (actual) (e)
10,667 $ 13,129 $ 13,841 $ 23,836
7,078,644 7,110,022 7,003,955 6,710,463
7,078,644 7,110,022 7,013,164 6,716,587
$
5,995 $
4,403 $
6,178 $
7,260 $
5,715 $
5,428
11,143
6,995,798
6,609,275
7,000,305
6,615,117
6,616,829 6,619,950
6,623,902 6,627,023
6,627,564
6,636,156
6,650,256 6,638,910
6,661,061 6,648,608
29View entire presentation