| Reconciliation of Non-GAAP Financial
Measures – Efficiency, TCE, ROATCE
36 Dollars in thousands
Efficiency Ratio
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
March 31,
2024
Noninterest Expense $ 14,069 $ 14,274 $ 15,237 $ 15,740 $ 15,189 Net Income Available to Common Shareholders
Less: Amortization Intangible Assets (48) (34) (9) (9) (9)
Adjusted Noninterest Expense $ 14,021 $ 14,240 $ 15,228 $ 15,731 $ 15,180 Average Total Shareholders' Equity
Less: Average Preferred Stock
Net Interest Income $ 28,567 $ 25,872 $ 25,421 $ 25,314 $ 24,631 Average Total Common Shareholders' Equity
Noninterest Income 1,943 1,415 1,726 1,409 1,550 Less: Effects of Average Intangible Assets
Less: (Gain) Loss on Sales of Securities 56 (50) - 2 7 (93) Average Tangible Common Equity
Adjusted Operating Revenue $ 30,566 $ 27,237 $ 27,147 $ 26,750 $ 26,088 Annualized Return on Average Tangible Common Equity
Efficiency Ratio 45.9% 52.3% 56.1% 58.8% 58.2%
Tangible Common Equity &
Tangible Common Equity/Tangible Assets
March 31,
2023
June 30,
2023
September 30,
2023
December 31,
2023
March 31,
2024
Total Shareholders' Equity $ 402,006 $ 409,126 $ 415,960 $ 425,515 $ 433,611
Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)
Total Common Shareholders' Equity 335,492 342,612 349,446 359,001 367,097
Less: Intangible Assets (2,866) (2,832) (2,823) (2,814) (2,806)
Tangible Common Equity $ 332,626 $ 339,780 $ 346,623 $ 356,187 $ 364,291
Total Assets $ 4,602,899 $ 4,603,185 $ 4,557,070 $ 4,611,990 $ 4,723,109
Less: Intangible Assets (2,866) (2,832) (2,823) (2,814) (2,806)
Tangible Assets $ 4,600,033 $ 4,600,353 $ 4,554,247 $ 4,609,176 $ 4,720,303
Tangible Common Equity/Tangible Assets 7.23% 7.39% 7.61% 7.73% 7.72%
$ 428,248
(66,514)
$ 361,734
(2,811)
$ 358,923
7.64%
As of and for the quarter ended,
ROATCE
As of and for the quarter ended,
March 31,
2024
$ 6,818
As of and for the quarter ended,
December 31, December 31, December 31, December 31,
Efficiency Ratio 2020 2021 2022 2023
Noninterest Expense $ 45,387 $ 48,095 $ 56,620 $ 59,320
Less: Amortization Intangible Assets (191) (191) (191) (100)
Adjusted Noninterest Expense $ 45,196 $ 47,904 $ 56,429 $ 59,220
Net Interest Income $ 87,964 $ 109,509 $ 129,698 $ 105,174
Noninterest Income 5,839 5,309 6,332 6,493
Less: (Gain) Loss on Sales of Securities (1,503) (750) (82) 3 3
Adjusted Operating Revenue $ 92,300 $ 114,068 $ 135,948 $ 111,700
Efficiency Ratio 49.0% 42.0% 41.5% 53.0%
As of and for the year ended, |