![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1341317/000155837023016721/bwb-20231025xex99d2g024.jpg)
| Reconciliation of Non-GAAP Financial
Measures – Profitability, TCE and TBV
24 Dollars in thousands
Efficiency Ratio
September 30,
2022
December 31,
2022
March 31,
2023
June 30,
2023
September 30,
2023
Noninterest Expense $ 14,157 $ 15,203 $ 14,183 $ 14,388 $ 15,350 Net Income Available to Common Shareholders
Less: Amortization Intangible Assets (48) (48) (48) (34) (9)
Adjusted Noninterest Expense $ 14,109 $ 15,155 $ 14,135 $ 14,354 $ 15,341 Average Total Shareholders' Equity
Less: Average Preferred Stock
Net Interest Income $ 34,095 $ 32,893 $ 28,567 $ 25,872 $ 25,421 Average Total Common Shareholders' Equity
Noninterest Income 1,387 1,738 1,943 1,415 1,726 Less: Effects of Average Intangible Assets
Less: (Gain) Loss on Sales of Securities - (30) 56 (50) - Average Tangible Common Equity
Adjusted Operating Revenue $ 35,482 $ 34,601 $ 30,566 $ 27,237 $ 27,147
Annualized Return on Average Tangible Common Equity
Efficiency Ratio 39.8% 43.8% 46.2% 52.7% 56.5%
Tangible Common Equity &
Tangible Common Equity/Tangible Assets
September 30,
2022
December 31,
2022
March 31,
2023
June 30,
2023
September 30,
2023
Total Shareholders' Equity $ 382,007 $ 394,064 $ 402,006 $ 409,126 $ 415,960
Less: Preferred Stock (66,514) (66,514) (66,514) (66,514) (66,514)
Total Common Shareholders' Equity 315,493 327,550 335,492 342,612 349,446
Less: Intangible Assets (2,962) (2,914) (2,866) (2,832) (2,823)
Tangible Common Equity $ 312,531 $ 324,636 $ 332,626 $ 339,780 $ 346,623
Total Assets $ 4,128,987 $ 4,345,662 $ 4,602,899 $ 4,603,185 $ 4,557,070
Less: Intangible Assets (2,962) (2,914) (2,866) (2,832) (2,823)
Tangible Assets $ 4,126,025 $ 4,342,748 $ 4,600,033 $ 4,600,353 $ 4,554,247
Tangible Common Equity/Tangible Assets 7.57% 7.48% 7.23% 7.39% 7.61%
Tangible Book Value Per Share
September 30,
2022
December 31,
2022
March 31,
2023
March 31,
2023
September 30,
2023
Book Value Per Common Share $ 11.44 $ 11.80 $ 12.05 $ 12.25 $ 12.47
Less: Effects of Intangible Assets (0.11) (0.11) (0.10) (0.10) (0.10)
Tangible Book Value Per Common Share $ 11.33 $ 11.69 $ 11.95 $ 12.15 $ 12.37
Total Common Shares 27,587,978 27,751,950 27,845,244 27,973,995 28,015,505
As of and for the quarter ended,
As of and for the quarter ended,
As of and for the quarter ended,
ROATCE
As of and for the quarter ended,
September 30,
2023
$ 8,616
$ 414,047
(66,514)
$ 347,533
(2,828)
$ 344,705
9.92% |