| 33
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 ("GAAP"), this presentation contains certain non-GAAP financial measures, including net
income excluding conversion and IPO-related expenses, noninterest expense excluding conversion and IPO-related expenses, earnings per share excluding conversion and IPO-related expenses, return on average
assets excluding conversion and IPO-related expenses, return on average shareholders' equity excluding conversion and IPO-related expenses, efficiency ratio excluding conversion and IPO-related expenses,
tangible shareholders’ equity, tangible assets, tangible book value per share, and efficiency ratio. The Company's management believes that the supplemental non-GAAP information is utilized by regulators and
market analysts to evaluate a Company's financial condition and therefore, such information 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 measures are not standardized, it may
not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
$ in thousands 2019Y 2020Y 2021Y 2022Y 2023Y Q1 2024
Tangible Common Equity / Tangible Assets:
Shareholders' Equity $292,256 $307,317 $326,129 $344,065 $757,959 $733,838
Less: Intangible Assets -- -- -- 1,377 1,227 1,191
Tangible Shareholders' Equity $292,256 $307,317 $326,129 $342,688 $756,732 $732,647
Total Assets $2,453,579 $2,663,994 $2,922,671 $3,595,335 $4,533,412 $4,650,019
Less: Intangible Assets -- -- -- 1,377 1,227 1,191
Tangible Assets $2,453,579 $2,663,994 $2,922,671 $3,593,958 $4,532,185 $4,648,828
Tangible Common Equity / Tangible Assets (TCE / TA) 11.91% 11.54% 11.16% 9.54% 16.70% 15.76%
2019Y 2020Y 2021Y 2022Y 2023Y Q1 2024
Efficiency Ratio:
Net Interest Income $65,856 $69,686 $78,011 $104,964 $130,057 $38,633
Noninterest Income 5,463 8,508 8,654 9,275 15,577 3,501
Total Income $71,319 $78,194 $86,665 $114,239 $145,634 $42,134
Noninterest Expense $47,908 $51,944 $56,983 $71,151 $119,905 $25,565
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
Adjusted Noninterest Expense $47,908 $51,944 $56,983 $71,151 $90,992 $25,175
Efficiency Ratio (Adjusted Noninterest Expense / Total Income) 67.2% 66.4% 65.8% 62.3% 62.5% 59.7%
33 |