During 2021, our team produced solid results as net income was a record $340 million, driven by a 19% increase in total revenue, which totaled $770 million. The record level of total revenue and continued improvement in our efficiency ratio was a direct result of our ability to gain scale and quickly realize synergies through successfully executing our acquisition strategy. Throughout the year, we continued to drive stockholder value as tangible book value per share increased 9% from 2020. Additionally, we returned $140 million in capital to our stockholders during 2021, which included a 10% increase in our quarterly dividend to $0.33 per share in the second quarter of 2021.

1A reconciliation of the non-GAAP measures of tangible book value per share and efficiency ratio derived from GAAP measures are set forth in the “Non-GAAP Reconciliation” section included herein.

Non-GAAP Reconciliations

Tangible Book Value per Share

  For the Year Ended December 31,
(Dollars in thousands, except per share data) 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total stockholders' equity $175,226 $199,592 $298,980 $459,740 $1,241,996 $1,969,697 $2,012,594 $2,746,649 $2,886,311
Less: intangible assets (24,056) (28,564) (58,002) (111,941) (536,343) (909,282) (891,634) (984,076) (970,883)
Tangible common equity $151,170 $171,028 $240,978 $347,799 $705,653 $1,060,415 $1,120,960 $1,762,573 $1,915,428
Basic shares outstanding 16,656,279 16,903,884 21,570,746 27,798,283 46,245,050 62,480,755 59,506,057 94,483,136 94,389,543
Book value per share $10.52 $11.81 $13.86 $16.54 $26.86 $31.52 $33.82 $29.07 $30.58
Less: intangible book value per share (1.44) (1.69) (2.69) (4.03) (11.60) (14.55) (14.98) (10.42) (10.29)
Tangible book value per share $9.08 $10.12 $11.17 $12.51 $15.26 $16.97 $18.84 $18.65 $20.29

Efficiency Ratio

  For the Year Ended December 31,
(Dollars in thousands) 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total noninterest expense $50,815 $54,938 $73,332 $98,063 $167,958 $249,905 $259,065 $381,119 $380,277
Less: amortization of intangible assets (764) (1,014) (1,350) (2,039) (6,144) (13,594) (17,245) (17,072) (15,936)
Less: other real estate owned operations, net (618) (75) (121) (385) (72) (4) (160) (1) ---
Less: merger-related expense (6,926) (1,490) (4,799) (4,388) (21,002) (18,454) (656) (49,129) (5)
Noninterest expense, adjusted $42,507 $52,359 $67,062 $91,251 $140,740 $217,853 $241,004 $314,917 $364,336
Net interest income before provision for loan losses $58,444 $73,635 $106,299 $153,075 $247,502 $392,711 $447,301 $574,211 $662,374
Add: total noninterest income 8,811 13,377 14,388 19,602 31,114 31,027 35,236 71,325 107,850
Less: net gain from investment securities (1,544) (1,547) (290) (1,797) (2,737) (1,399) (8,571) (13,882) (16,906)
Less OTTI impairment - securities 4 29 - 205 (1) (4) (2) (2) (10)
Less: net (gain) loss from other real estate owned - - - (18) (46) (281) (52) 112 ---
Less: net loss from debt extinguishment - - - - - - 612 - 180
Revenue, adjusted $65,715 $85,494 $120,397 $171,067 $275,832 $422,054 $474,524 $631,764 $753,488
Efficiency Ratio 64.7% 61.3% 55.9% 53.6% 51.0% 51.6% 50.8% 49.8% 48.4%