| Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands, except per share amounts)
* Reference notes on following page. 19
GAAP Operating Results by Segment
2020 2021 2022 2023 Q1 2024
Pre-tax earnings by segment
Commercial banking $ 6,058 $ 11,355 $ 10,894 $ 3,474 $ 2,134
Mortgage banking 4,981 4,518 (599) (1,310) 87
Income before income tax expense 11,039 15,873 10,295 2,164 2,221
Commercial banking income tax expense 1,439 2,472 2,116 522 431
Mortgage banking income tax expense (benefit) 1,046 948 (126) (276) 18
Net Income $ 8,554 $ 12,453 $ 8,305 $ 1,918 $ 1,772
Core Operating Results by Segment(1)
2020 2021 2022 2023 Q1 2024
Commercial banking GAAP pre-tax earnings $ 6,058 $ 11,355 $ 10,894 $ 3,474 $ 2,134
Non-core (income) expense items
(Gain)/loss on sale of securities (12) - - 4,986 -
Other non-core expense(2) 696 - - - -
Commercial banking operating income (1) 6,742 11,355 10,894 8,460 2,134
Mortgage banking GAAP pre-tax earnings (loss) 4,981 4,518 (599) (1,310) 87
Non-core expense items
Other non-core expense - - - - -
Mortgage banking operating income (loss) (1) 4,981 4,518 (599) (1,310) 87
Core operating income before income tax expense (1) 11,723 15,873 10,295 7,150 2,221
Commercial banking income tax expense(3) 1,583 2,472 2,116 1,569 431
Mortgage banking income tax expense (benefit)(3) 1,046 948 (126) (276) 18
Core operating net income (1) $ 9,094 $ 12,453 $ 8,305 $ 5,857 $ 1,772 |