Le Lézard
Classified in: Business
Subject: ERN

EQB delivers ROE ahead of target with record quarterly revenue and pre-provision pre-tax earnings and a 7% q/q and 22% y/y dividend increase


TORONTO, May 29, 2024 /CNW/ - EQB Inc. (TSX: EQB) (TSX: EQB.PR.C)  today reported record revenue and pre-provision, pre-tax earnings for the three and six months ended April 30, 2024 that reflected growth in revenue from margin expansion and higher non-interest revenue including a full quarter of results from ACM Advisors, increasing loans under management and EQ Bank customers and deposits. Equitable Bank reported a net reduction in total Gross Impaired Loans (GILs) from the first quarter driven by a 22% reduction in commercial banking GILs.

EQB changed its fiscal year in 2023 to end October 31, resulting in a one-time 10-month transition year and a four-month final quarter of 2023. As a result, the comparisons below are shown year-over-year from the first quarter ending March 31, 2023, as the most similar and comparable three-month period ("y/y").

Second quarter 2024 compared to first quarter of 2024 and 2023:

Six months ended April 30, 2024 compared to six months ended March 31, 2023:

"The execution of our Challenger Bank strategy, guided by our approach to managing risk and allocating capital, is clearly and sustainably delivering exceptional customer and shareholder value," said Andrew Moor, president and CEO. "With the momentum of our Second Chance campaign, over 31,000 new EQ Bank customers joined us for a discernably better banking experience. Arrears in the commercial loan book improved in the quarter, as expected, and we continue to expect moderation in PCLs in the second half of 2024. Continuing development of our EQ Bank digital banking platform with the launches of an innovative Notice Deposit Savings Account and EQ Bank for small business position us to deliver even more value for more customers and expand the value of the Bank's franchise."

1 Adjusted measures and ratios are Non-Generally Accepted Accounting Principles (GAAP) measures and ratios. Adjusted measures and ratios are calculated in the same manner as reported measures and ratios, except that financial information included in the calculation of adjusted measures and ratios is adjusted to exclude the impact of the Concentra Bank and ACM acquisition and integration related costs and other non-recurring items which management determines would have a significant impact on a reader's assessment of business performance. For additional information and a reconciliation of reported results to adjusted results, see the "Non-GAAP financial measures and ratios" section.

2 These are non-GAAP measures, see the "Non-GAAP financial measures and ratios" section.

EQ Bank added over 31,000 customers in Q2 growing to 457,000, +7% q/q and +36% y/y

Strong funding growth and diversification with EQ Bank increasing 4% q/q to $8.7 billion

Personal Banking loans under management reach $32.8 billion with strong retention

Commercial Banking loans under management +$1.5 billion q/q to $32.7 billion

Provisions reflect credit risk at this point in the cycle, expected to moderate

EQB increases common share dividend

"The first half of 2024 has been trending to our expectations with strong revenue, earnings growth and ROE well-above target at nearly 16% year-to-date. This reflects how the EQB business model is positioned to perform across economic cycles. We have momentum for strong performance in the second half of the year and have high confidence in the quality of our credit book.  We are continuing to invest in growing the long-term value of our Challenger franchise and are pleased to be rewarding our shareholders with another consecutive dividend increase," said Chadwick Westlake, CFO, EQB.

Analyst conference call and webcast: 10:00 a.m. Eastern May 30, 2024

EQB's Andrew Moor, president and CEO, Chadwick Westlake, CFO, and Marlene Lenarduzzi, CRO, will host the company's second quarter conference call and webcast. The listen-only webcast with accompanying slides will be available at: eqb.investorroom.com. To access the conference call with operator assistance, dial 416-764-8609 five minutes prior to the start time.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Consolidated balance sheet (unaudited)

($000s) As at

April 30, 2024

October 31, 2023

March 31, 2023

Assets:




Cash and cash equivalents

657,219

549,474

345,621

Restricted cash

783,148

767,195

666,530

Securities purchased under reverse repurchase agreements

1,399,955

908,833

732,608

Investments

1,817,916

2,120,645

2,483,604

Loans ? Personal

32,823,421

32,390,527

32,183,036

Loans ? Commercial

15,085,481

14,970,604

14,397,192

Securitization retained interests

663,593

559,271

410,441

Deferred tax assets

14,921

14,230

15,024

Other assets

694,542

652,675

558,962

Total assets

53,940,196

52,933,454

51,793,018

Liabilities and Shareholders' Equity




Liabilities:




Deposits

34,123,703

31,996,450

31,589,063

Securitization liabilities

15,181,341

14,501,161

15,311,657

Obligations under repurchase agreements

-

1,128,238

904,658

Deferred tax liabilities

148,549

128,436

92,417

Funding facilities

839,841

1,731,587

768,717

Other liabilities

630,954

602,039

515,871

Total liabilities

50,924,388

50,087,911

49,182,383

Shareholders' Equity:




Preferred shares

181,411

181,411

181,411

Common shares

495,707

471,014

463,862

Contributed (deficit) surplus

(24,811)

12,795

12,002

Retained earnings

2,359,116

2,185,480

1,954,394

Accumulated other comprehensive loss

(7,804)

(5,157)

(1,034)


3,003,619

2,845,543

2,610,635

Non-controlling interests

12,189

-

-

Total equity

3,015,808

2,845,543

2,610,635

Total liabilities and equity

53,940,196

52,933,454

51,793,018

Consolidated statement of income (unaudited)


Three months ended

Six months ended

($000s, except per share amounts)

April 30, 2024

March 31, 2023

April 30, 2024

March 31, 2023

Interest income:





Loans ? Personal

482,299

391,816

951,253

719,412

Loans ? Commercial

257,842

241,768

520,723

460,196

Investments

16,879

21,893

34,755

32,647

Other

27,209

17,352

49,308

36,650


784,229

672,829

1,556,039

1,248,905

Interest expense:





Deposits

366,002

293,231

724,564

537,644

Securitization liabilities

131,776

118,174

259,029

211,337

Funding facilities

13,521

7,918

28,804

18,942

Other

5,592

12,709

20,294

21,860


516,891

432,032

1,032,691

789,783

Net interest income

267,338

240,797

523,348

459,122

Non-interest revenue:





Fees and other income

20,564

13,898

37,179

24,401

Net gains (losses) on loans and investments

7,129

(3,300)

12,122

(8,514)

Gain on sale and income from retained interests

23,177

14,332

42,586

23,579

Net (losses) gains on securitization activities and

derivatives

(1,548)

2,104

197

3,950


49,322

27,034

92,084

43,416

Revenue

316,660

267,831

615,432

502,538

Provision for credit losses

22,217

6,248

37,752

33,044

Revenue after provision for credit losses

294,443

261,583

577,680

469,494

Non-interest expenses:





Compensation and benefits

66,961

58,362

132,330

123,361

Other

83,459

68,186

157,575

142,367


150,420

126,548

289,905

265,728

Income before income taxes

144,023

135,035

287,775

203,766

Income taxes:





Current

32,734

28,651

71,268

50,805

Deferred

5,573

6,865

6,409

7,623


38,307

35,516

77,677

58,428

Net income

105,716

99,519

210,098

145,338

Dividends on preferred shares

2,346

2,318

4,703

4,623

Net income available to common shareholders and non-

controlling interests

103,370

97,201

205,395

140,715

Net income attributable to:





Common shareholders

103,041

97,201

204,916

140,715

Non-controlling interests

329

-

479

-


103,370

97,201

205,395

140,715

Earnings per share:





Basic

2.70

2.58

5.38

3.81

Diluted

2.67

2.56

5.33

3.78

Consolidated statement of comprehensive income (unaudited)


Three months ended

Six months ended

($000s)

April 30, 2024

March 31, 2023

April 30, 2024

March 31, 2023

Net income

105,716

99,519

210,098

145,338

Other comprehensive income ? items that will be reclassified subsequently to income:





Debt instruments at Fair Value through Other Comprehensive Income:





Reclassification of losses from AOCI on sale of investments

(30)

-

(143)

-

Net unrealized (losses) gains from change in fair value

(16,240)

14,974

25,321

13,186

Reclassification of net losses (gains) to income

17,217

(12,205)

(18,497)

(8,220)

Other comprehensive income ? items that will not be reclassified subsequently to income:





Equity instruments designated at Fair Value through Other Comprehensive Income:





Reclassification of gains from AOCI on sale of investments

-

-

-

604

Net unrealized gains (losses) from change in fair value

3,132

(793)

1,552

(2,336)

Reclassification of net (gains) losses to retained earnings

-

(22)

-

776


4,079

1,954

8,233

4,010

Income tax expense

(1,090)

(542)

(2,233)

(727)


2,989

1,412

6,000

3,283

Cash flow hedges:





Net unrealized gains (losses) from change in fair value

11,961

(15,802)

(269)

(10,752)

Reclassification of net gains to income

(5,070)

(651)

(11,764)

(2,047)


6,891

(16,453)

(12,033)

(12,799)

Income tax (expense) recovery

(1,879)

4,569

3,282

3,611


5,012

(11,884)

(8,751)

(9,188)

Total other comprehensive income (loss)

8,001

(10,472)

(2,751)

(5,905)

Total comprehensive income

113,717

89,047

207,347

139,433

Total comprehensive income attributable to:





Common shareholders

113,388

89,047

206,868

139,433

Non-controlling interests

329

-

479

-


113,717

89,047

207,347

139,433

Consolidated statement of changes in shareholders' equity (unaudited)

($000s) Three-month period ended

April 30, 2024


Preferred
Shares

Common
Shares

Contributed
Deficit

Retained
Earnings

Accumulated other comprehensive
income (loss)




Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-controlling
interests

Total


Balance, beginning of period

181,411

489,944

(23,055)

2,272,116

29,855

(45,681)

(15,826)

2,904,590

12,460

2,917,050

Net Income

-

-

-

105,387

-

-

-

105,387

329

105,716

Transfer of AOCI losses to income

-

-

-

-

-

21

21

21

-

21

Other comprehensive loss, net of tax

-

-

-

-

5,012

2,989

8,001

8,001

-

8,001

Exercise of stock options

-

4,881

-

-

-

-

-

4,881

-

4,881

Dividends:











Preferred shares

-

-

-

(2,346)

-

-

-

(2,346)

-

(2,346)

Common shares

-

-

-

(16,041)

-

-

-

(16,041)

(600)

(16,641)

Share tender rights

-

-

(1,974)

-

-

-

-

(1,974)

-

(1,974)

Stock-based compensation

-

-

1,100

-

-

-

-

1,100

-

1,100

Transfer relating to the exercise of stock options

-

882

(882)

-

-

-

-

-

-

-

Balance, end of period

181,411

495,707

(24,811)

2,359,116

34,867

(42,671)

(7,804)

3,003,619

12,189

3,015,808

 

($000s) Three-month period ended

March 31, 2023


Preferred
Shares

Common
Shares

Contributed
Surplus

Retained
Earnings

Accumulated other comprehensive
income (loss)




Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-controlling
interests

 

 

Total

Balance, beginning of period

181,411

462,561

11,445

1,870,100

42,016

(32,578)

9,438

2,534,955

-

2,534,955

Net Income

-

-

-

99,519

-

-

-

99,519

-

99,519

Realized gain on sale of financial instruments

-

-

-

271

-

-

-

271

-

271

Other comprehensive loss, net of tax

-

-

-

-

(11,884)

1,412

(10,472)

(10,472)

-

(10,472)

Exercise of stock options

-

3,763

-

-

-

-

-

3,763

-

3,763

Share issuance cost, net of tax

-

(2,908)

-

-

-

-

-

(2,908)

-

(2,908)

Dividends:












Preferred shares

-

-

-

(2,318)

-

-

-

(2,318)

-

(2,318)

Common shares

-

-

-

(13,178)

-

-

-

(13,178)

-

(13,178)

Stock-based compensation

-

-

1,003

-

-

-

-

1,003

-

1,003

Transfer relating to the exercise of stock options

-

446

(446)

-

-

-

-

-

-

-

Balance, end of period

181,411

463,862

12,002

1,954,394

30,132

(31,166)

(1,034)

2,610,635

-

2,610,635

 

($000s) Six-month period ended

April 30, 2024



Preferred
Shares

Common
Shares

Contributed
Surplus

(Deficit)

Retained
Earnings

Accumulated other comprehensive
income (loss)





Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-controlling
interests

Total


Balance, beginning of period

181,411

471,014

12,795

2,185,480

43,618

(48,775)

(5,157)

2,845,543

-

2,845,543


Non-controlling interests on acquisition

-

-

-

-

-

-

-

-

12,310

12,310


Net Income

-

-

-

209,619

-

-

-

209,619

479

210,098


Transfer of AOCI losses to income

-

-

-

-

-

104

104

104

-

104


Other comprehensive loss, net of tax

-

-

-

-

(8,751)

6,000

(2,751)

(2,751)

-

(2,751)


Common shares issued

-

11,000

-

-

-

-

-

11,000

-

11,000


Exercise of stock options

-

11,839

-

-

-

-

-

11,839

-

11,839


Dividends:












Preferred shares

-

-

-

(4,703)

-

-

-

(4,703)

-

(4,703)


Common shares

-

-

-

(31,280)

-

-

-

(31,280)

(600)

(31,880)


Share tender rights

-

-

(37,865)

-

-

-

-

(37,865)

-

(37,865)


Stock-based compensation

-

-

2,113

-

-

-

-

2,113

-

2,113


Transfer relating to the exercise of stock options

-

1,854

(1,854)

-

-

-

-

-

-

-


Balance, end of period

181,411

495,707

(24,811)

2,359,116

34,867

(42,671)

(7,804)

3,003,619

12,189

3,015,808


 

($000s) Six-month period ended

March 31, 2023


Preferred
Shares

Common
Shares

Contributed
Surplus

Retained
Earnings

Accumulated other comprehensive
income (loss)




Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-

controlling
interests

 

 

Total

Balance, beginning of period

70,424

236,368

10,908

1,839,561

39,320

(34,928)

4,392

2,161,653

-

2,161,653

Net Income

-

-

-

145,338

-

-

-

145,338

-

145,338

Realized gain on sale of financial instruments

-

-

-

(317)

-

-

-

(317)

-

(317)

Transfer of AOCI losses to retained earnings

-

-

-

-

-

446

446

446

-

446

Investment elimination on acquisition

-

-

-

-

-

33

33

33

-

33

Other comprehensive loss, net of tax

-

-

-

-

(9,188)

3,283

(5,905)

(5,905)

-

(5,905)

Common shares issued

-

223,112

-

-

-

-

-

223,112

-

223,112

Exercise of stock options

-

7,196

-

-

-

-

-

7,196

-

7,196

Share issuance cost, net of tax

-

(2,908)

-

-

-

-

-

(2,908)

-

(2,908)

Dividend payout from principal

-

(655)

-

-

-

-

-

(655)

-

(655)

Dividends:











Preferred shares

-

-

-

(4,623)

-

-

-

(4,623)

-

(4,623)

Common shares

-

-

-

(25,565)

-

-

-

(25,565)

-

(25,565)

Stock-based compensation

-

-

1,843

-

-

-

-

1,843

-

1,843

Transfer relating to the exercise of stock options

-

749

(749)

-

-

-

-

-

-

-

Shares on acquisition

110,987

-

-

-

-

-

-

110,987

-

110,987

Balance, end of period

181,411

463,862

12,002

1,954,394

30,132

(31,166)

(1,034)

2,610,635

-

2,610,635
















Consolidated statement of cash flows (unaudited)


Three months ended

Six months ended

($000s) 

April 30, 2024

March 31, 2023

April 30, 2024

March 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES





Net income

105,716

99,519

210,098

145,338

Adjustments for non-cash items in net income:





Financial instruments at fair value through income

(5,177)

(38,426)

11,360

(46,628)

Amortization of premiums/discount on investments

(34,159)

1,784

(31,029)

2,058

Amortization of capital assets and intangible costs

11,679

12,244

23,120

31,374

Provision for credit losses

22,217

6,248

37,752

33,044

Securitization gains

(17,486)

(12,745)

(32,002)

(19,942)

Stock-based compensation

1,100

1,003

2,113

1,843

Income taxes

38,307

35,516

77,677

58,428

Securitization retained interests

30,701

19,857

58,634

35,054

Changes in operating assets and liabilities:





Restricted cash

(120,389)

71,126

(15,953)

(36,822)

Securities purchased under reverse repurchase agreements

(594,342)

(532,176)

(491,122)

17,464

Loans receivable, net of securitizations

(222,907)

(54,117)

(715,022)

(1,192,508)

Other assets

(7,205)

(26,449)

(8,531)

149,593

Deposits

1,887,780

503,951

2,089,142

921,190

Securitization liabilities

(205,820)

284,388

677,411

964,786

Obligations under repurchase agreements

(482,574)

239,351

(1,128,238)

155,777

Funding facilities

(493,062)

(470,987)

(891,746)

(385,673)

Subscription receipts

-

-

-

(232,018)

Other liabilities

47,598

(51,115)

41,636

(187,287)

Income taxes paid

(23,962)

(47,517)

(50,074)

(78,426)

Cash flows (used in) from operating activities

(61,985)

41,455

(134,774)

336,645

CASH FLOWS FROM FINANCING ACTIVITIES





    Proceeds from issuance of common shares

4,881

855

22,839

226,745

    Term loan facility

-

-

-

275,000

    Dividends paid on preferred shares

(2,346)

(2,318)

(4,703)

(4,622)

    Dividends paid on common shares

(16,041)

(13,178)

(31,280)

(25,565)

Cash flows used in financing activities

(13,506)

(14,641)

(13,144)

471,558

CASH FLOWS FROM INVESTING ACTIVITIES





Purchase of investments

(8,004)

(547,308)

(344,423)

(1,065,737)

Acquisition of subsidiary

45

-

(75,483)

(495,369)

Proceeds on sale or redemption of investments

191,245

388,062

656,646

669,824

Net change in Canada Housing Trust re-investment accounts

28,954

(8,817)

46,959

168,640

Purchase of capital assets and system development costs

(23,289)

(8,236)

(28,036)

(38,939)

Cash flows from (used in) investing activities

188,951

(176,299)

255,663

(761,581)

Net increase (decrease) in cash and cash equivalents

113,460

(149,485)

107,745

46,622

Cash and cash equivalents, beginning of period

543,759

495,106

549,474

298,999

Cash and cash equivalents, end of period

657,219

345,621

657,219

345,621

Cash flows from operating activities include:





Interest received

846,075

489,824

1,534,404

1,004,403

Interest paid

(443,052)

(234,912)

(814,672)

(378,241)

Dividends received

564

1,041

1,113

2,086

About EQB Inc.

EQB Inc. (TSX: EQB and EQB.PR.C) is a leading digital financial services company with $123 billion in combined assets under management and administration (as at April 30, 2024). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Banktm, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to over 639,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of Canada's top banks on the Forbes World's Best Banks list since 2021.

Please visit eqb.investorroom.com for more details.

Investor contact:
David Lee
Associate Director, Investor Relations
[email protected] 

Media contact:
Maggie Hall
Director, PR & Communications
[email protected]  

Cautionary Note Regarding Forward-Looking Statements

Statements made by EQB in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about EQB's objectives, strategies and initiatives, financial performance expectations and other statements made herein, whether with respect to EQB's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the MD&A and in EQB's documents filed on SEDAR at www.sedar.com. All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

Non-Generally Accepted Accounting Principles (GAAP) Financial Measures and Ratios

In addition to GAAP prescribed measures, this news release references certain non-GAAP measures, including adjusted financial results, that we believe provide useful information to investors regarding EQB's financial condition and results of operations. Readers are cautioned that non-GAAP measures often do not have any standardized meaning, and therefore, are unlikely to be comparable to similar measures presented by other companies.

Adjustments listed below are presented on a pre-tax basis:

Q2 2024
Q1 2024
Q1 2023

The following table presents a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results.

Reconciliation of reported and adjusted financial results

For the three months ended


For the six months ended

($000, except share and per share amounts)

30-Apr-24

31-Jan-24

31-Mar-23


30-Apr-24

31-Mar-23

Reported results







Net interest income

267,338

256,010

240,797


523,348

459,122

Non-interest revenue

49,322

42,762

27,034


92,084

43,416

Revenue

316,660

298,772

267,831


615,432

502,538

Non-interest expense

150,420

139,485

126,548


289,905

265,728

Pre-provision pre-tax income(3)

166,240

159,287

141,283


325,527

236,810

Provision for credit loss

22,217

15,535

6,248


37,752

33,044

Income tax expense

38,307

39,370

35,516


77,677

58,428

Net income

105,716

104,382

99,519


210,098

145,338

Net income available to common shareholders

103,041

101,875

97,201


204,916

140,715

Adjustments







Net interest income ? earned on the escrow account

-

-

-


-

(2,220)

Net interest income ? fair value amortization/adjustments

-

-

(4,167)


-

(843)

Net interest income ? paid to subscription receipt holders

-

-

-


-

(654)

Non-interest revenue ? fair value amortization/adjustments

-

-

941


-

876

Non-interest expenses ? non-recurring and acquisition-related costs(1)

(5,710)

(2,053)

(4,744)


(7,763)

(41,665)

Non-interest expenses ? fair value amortization/adjustments

-

-

(66)


-

(66)

Non-interest expenses ? intangible asset amortization

(1,599)

(3,398)

(1,476)


(4,997)

(1,476)

Provision for credit loss ? purchased loans

-

-

-


-

(19,020)

Pre-tax adjustments ? income before tax

7,309

5,451

3,060


12,760

59,386

Income tax expense ? tax impact on above adjustments(2)

1,983

1,483

850


3,466

16,121

Income tax expense ? 2022 tax rate adjustment

-

-

-


-

(5,621)

Post-tax adjustments ? net income

5,326

3,968

2,210


9,294

48,886

Adjusted results







Net interest income

267,338

256,010

236,630


523,348

455,405

Non-interest revenue

49,322

42,762

27,975


92,084

44,292

Revenue

316,660

298,772

264,605


615,432

499,697

Non-interest expense

143,111

134,034

120,262


277,145

222,521

Pre-provision pre-tax income(3)

173,549

164,738

144,343


338,287

277,176

Provision for credit loss

22,217

15,535

6,248


37,752

14,024

Income tax expenses

40,290

40,853

36,366


81,143

68,928

Net income

111,042

108,350

101,729


219,392

194,224

Net income available to common shareholders

108,177

105,719

99,411


213,896

189,601

Diluted earnings per share







Weighted average diluted common shares outstanding

38,522,025

38,344,339

37,910,348


38,434,002

37,264,510

Diluted earnings per share ? reported

2.67

2.66

2.56


5.33

3.78

Diluted earnings per share ? adjusted

2.81

2.76

2.62


5.57

5.09

Diluted earnings per share ? adjustment impact

0.14

0.10

0.06


0.24

1.31


(1) Includes non-recurring and acquisition and integration-related costs associated with Concentra Bank and ACM.

(2) Income tax expense associated with non-GAAP adjustment was calculated based on the statutory tax rate applicable for that period, taking into account the federal tax rate increase.

(3) This is a non-GAAP measure, see Other non-GAAP financial measures and ratios section.

Other non-GAAP financial measures and ratios:

SOURCE EQB Inc.


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