![GRAPHIC](https://www.sec.gov/Archives/edgar/data/1341317/000155837023018848/bwb-20231113xex99d1g033.jpg)
| Reconciliation of Non-GAAP Financial
Measures – Efficiency, TCE, TBV, NIM
33 * Efficiency Ratio is adjusted to exclude the historic tax credit amortization, debt prepayment fees and FHLB advance prepayment income
Dollars in thousands
December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31,
Efficiency Ratio 2019 2019* 2020 2020* 2021 2021* 2022 2022* 3Q23 3Q23*
Noninterest Expense $ 36,932 $ 36,932 $ 45,387 $ 45,387 $ 48,095 $ 48,095 $ 56,620 $ 56,620 $ 43,921 $ 43,921
Less: Amortization of Tax Credit Investments - (3,225) - (738) - (562) - (408) - (341)
Less: Debt Prepayment Fees - - - (7,043) - (582) - - - -
Less: Amortization Intangible Assets (191) (191) (191) (191) (191) (191) (191) (191) (91) (91)
Adjusted Noninterest Expense $ 36,741 $ 33,516 $ 45,196 $ 37,415 $ 47,904 $ 46,760 $ 56,429 $ 56,021 $ 43,830 $ 43,489
Net Interest Income $ 74,132 $ 74,132 $ 87,964 $ 87,964 $ 109,509 $ 109,509 $ 129,698 $ 129,698 $ 79,860 $ 79,860
Noninterest Income 3,826 3,826 5,839 5,839 5,309 5,309 6,332 6,332 5,084 5,084
Less: FHLB Advance Prepayment Income - - - - - - - - - (792)
Less: (Gain) Loss on Sales of Securities (516) (516) (1,503) (1,503) (750) (750) (82) (82) 6 6
Adjusted Operating Revenue $ 77,442 $ 77,442 $ 92,300 $ 92,300 $ 114,068 $ 114,068 $ 135,948 $ 135,948 $84,950 $ 84,158
Efficiency Ratio 47.4% 43.3% 49.0% 40.5% 42.0% 41.0% 41.5% 41.2% 51.6% 51.7%
Tangible Common Equity &
Tangible Common Equity/
Tangible Assets
December 31,
2019
December 31,
2020
December 31,
2021
December 31,
2022 3Q23
Total Shareholders' Equity $ 244,794 $ 265,405 $ 379,272 $ 394,064 $ 415,960
Less: Preferred Stock - - (66,514) (66,514) (66,514)
Total Common Shareholders' Equity 244,794 265,405 312,758 327,550 349,446
Less: Intangible Assets (3,487) (3,296) (3,105) (2,914) (2,823)
Tangible Common Equity $ 241,307 $ 262,109 $ 309,653 $ 324,636 $ 346,623
Total Assets $ 2,268,830 $ 2,927,345 $ 3,477,659 $ 4,345,662 $ 4,557,070
Less: Intangible Assets (3,487) (3,296) (3,105) (2,914) (2,823)
Tangible Assets $ 2,265,343 $ 2,924,049 $ 3,474,554 $ 4,342,748 $ 4,554,247
Tangible Common Equity/Tangible Assets 10.65% 8.96% 8.91% 7.48% 7.61%
Tangible Book Value Per Share
December 31,
2018
December 31,
2019
December 31,
2020
December 31,
2021
December 31,
2022 3Q23
Book Value Per Common Share $ 7.34 $ 8.45 $ 9.43 $ 11.09 $ 11.80 $ 12.47
Less: Effects of Intangible Assets (0.12) (0.12) (0.12) (0.11) (0.11) (0.10)
Tangible Book Value Per Common Share $ 7.22 $ 8.33 $ 9.31 $ 10.98 $ 11.69 $ 12.37
Total Common Shares 30,097,274 28,973,572 28,143,493 28,206,566 27,751,950 28,015,505
As of and for the year ended,
As of and for the year ended,
As of and for the year ended,
Year-to-date
Net Interest Margin September 30, 2023
Net Interest Income (Tax-Equivalent Basis) $ 25,822
Less: Loan Fees (914)
Less: PPP Interest and Fees (2)
Core Net Interest Margin $ 24,906
Average Interest Earning Assets $ 4,416,424
Less: Average PPP Loans (828)
Core Average Interest Earning Assets $ 4,415,596
Core Net Interest Margin 2.24%
As of and for the quarter ended, |