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Notes and Reconciliation of GAAP and Non-GAAP Financial
Measures (Cont.)
In addition to results presented in accordance with accounting principles generally accepted in the United States of America (“ P”) thi pre relea e ontain ertain non-GAAP financial measures, including
operating net income, operating noninterest expense, operating earnings per share, basic, operating earnings per share, diluted, operating return on a erage a et operating return on a erage harehol er ’
equity operating e i ien y ratio tangible harehol er ’ equity tangible a et tangible book alue per hare an e i iency ratio. he Co pany’ anage ent belie e that the upple ental non-GAAP
in or ation i utilize by regulator an arket analy t to e aluate a Co pany’ inan ial on ition an there ore u h in ormation is useful to investors. These disclosures should not be viewed as a substitute
for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial
ea ure are not tan ar ize it ay not be po ible to o pare the e inan ial ea ure with other o panie ’ non-GAAP financial measures having the same or similar names.
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$ in thousands 2019Y 2020Y 2021Y 2022Y 2023Y Q1 2024 Q2 2024 Q3 2024
Tangible Common Equity / Tangible Assets:
Shareholders' Equity $292,256 $307,317 $326,129 $344,065 $757,959 $733,838 $744,462 $747,449
Less: Intangible Assets - - - - - - 1,377 1,227 1,191 1,153 1,116
Tangible Shareholders' Equity $292,256 $307,317 $326,129 $342,688 $756,732 $732,647 $743,309 $746,333
Total Assets $2,453,579 $2,663,994 $2,922,671 $3,595,335 $4,533,412 $4,650,019 $4,805,401 $5,002,557
Less: Intangible Assets - - - - - - 1,377 1,227 1,191 1,153 1,116
Tangible Assets $2,453,579 $2,663,994 $2,922,671 $3,593,958 $4,532,185 $4,648,828 $4,804,248 $5,001,441
Tangible Common Equity / Tangible Assets (TCE / TA) 11.91% 11.54% 11.16% 9.54% 16.70% 15.76% 15.47% 14.92%
Efficiency Ratio:
Net Interest Income $65,856 $69,686 $78,011 $104,964 $130,057 $38,633 $38,722 $41,324
Noninterest Income 5,463 8,508 8,654 9,275 15,577 3,501 2,981 1,265
Total Income $71,319 $78,194 $86,665 $114,239 $145,634 $42,134 $41,703 $42,589
Noninterest Income $5,463 $8,508 $8,654 $9,275 $15,577 $3,501 $2,981 $1,265
Adjustments to Noninterest Income:
Losses on sales of securities available for sale, net - - - - - - - - - - - - - - 1,868
Operating Noninterest Income (Non-GAAP) $5,463 $8,508 $8,654 $9,275 $15,577 $3,501 $2,981 $3,133
Noninterest Expense $47,908 $51,944 $56,983 $71,151 $119,905 $25,565 $26,214 $24,586
Adjustments to Noninterest Expense:
Needham Bank Charitable Foundation Contribution Resulting from IPO - - - - - - - - 19,082 - - - - - -
One-Time Conversion and IPO-Related Expenses - - - - - - - - 7,931 - - - - - -
Defined Benefit Pension Termination Expense - - - - - - - - 1,900 390 - - - -
Reversal of previously taken amortization of solar tax credit investments - - - - - - - - - - - - - - (913)
Operating Noninterest Expense (Non-GAAP) $47,908 $51,944 $56,983 $71,151 $90,992 $25,175 $26,214 $25,499
Operating Efficiency Ratio (Non-GAAP) 67.2% 66.4% 65.8% 62.3% 62.5% 59.7% 62.9% 57.4% |
