Live Oak Bancshares, Inc. Reports Second Quarter 2026 Results

WILMINGTON, N.C., July 22, 2026 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported second quarter of 2026 net income attributable to common shareholders of $34.7 million, or $0.74 per diluted common share.

Live Oak’s performance in the quarter, compared to the first quarter of 2026 and second quarter of 2025, includes these notable items:

Strong loan production of $1.55 billion accompanied by strong deposit growth of $712.5 million as of June 30, 2026, compared to March 31, 2026, with total assets growing by 4.8% and 16.0% to $16.04 billion as of June 30, 2026, compared to March 31, 2026 and June 30, 2025, respectively
Net interest income increased 5.0% and 14.8% compared to the first quarter of 2026 and second quarter of 2025, respectively. Net interest margin increased 6 basis points during the second quarter of 2026 from 3.27% for the first quarter of 2026 to 3.33% and increased 5 basis points compared to the second quarter of 2025
Revenue (comprised of net interest income and noninterest income) increased 7.3% and 11.8% compared to the first quarter of 2026 and second quarter of 2025, respectively, and noninterest expense decreased 0.9% and 0.8% compared to the first quarter of 2026 and second quarter of 2025, respectively, which generated a 19.0% and 31.5% increase in pre-provision net revenue¹compared to the first quarter of 2026 and second quarter of 2025, respectively
Provision expense for credit losses of $25.8 million for the second quarter of 2026, increased $5.7 million and $2.5 million compared to the first quarter of 2026 and second quarter of 2025, respectively

“Live Oak Bank’s performance in the second quarter includes several milestones worth highlighting,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “With $1.5 billion of loan originations, record Live Oak Express small dollar originations and strong checking balance growth, Live Oak layered another strong quarter of sustainable momentum across our core business. We are dedicated to serving American business owners with the capital and banking excellence they need, and our shareholders are seeing our path to success taking shape. It is an exciting time to be part of Live Oak’s journey, and I am incredibly proud of our teams."

Conference Call

Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow, July 23, 2026, at 9:00 a.m. ET. The call will be accessible by telephone and webcast. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:

Live Telephone Dial-In

U.S.: 833.461.5787
Meeting ID: 646976405

Live Webcast Log-In

Webcast Link: investor.liveoakbank.com
Registration: Name and Email Required

Analyst Registration

To participate in Q&A, analysts must receive a unique passcode. Please follow instructions located at investor.liveoakbank.com.

(1)	See accompanying GAAP to Non-GAAP Reconciliation.

Second Quarter 2026 Key Measures

(Dollars in thousands, except per share data)										2Q 2026 Change vs.
										1Q 2026					2Q 2025
	2Q 2026			1Q 2026			2Q 2025			$			%		$			%
Total revenue⁽¹⁾	$	156,145		$	145,474		$	139,676		$	10,671		7.3	%	$	16,469		11.8	%
Total noninterest expense		84,525			85,293			85,222			(768	)	(0.9	)		(697	)	(0.8	)
Provision for credit losses		25,800			20,100			23,252			5,700		28.4			2,548		11.0
Income before taxes		45,820			40,081			31,202			5,739		14.3			14,618		46.8
Effective tax rate		19.9	%		25.3	%		25.0	%	n/a			n/a		n/a			n/a
Net income attributable to common shareholders	$	34,701		$	27,946		$	23,428		$	6,755		24.2	%	$	11,273		48.1	%
Diluted earnings per common share		0.74			0.60			0.51			0.14		23.3			0.23		45.1
Loan and lease production		1,548,432			1,368,311			1,526,592			180,121		13.2			21,840		1.4
Total loans and leases		13,142,671			12,593,529			11,364,846			549,142		4.4			1,777,825		15.6
Total assets		16,038,141			15,300,033			13,831,208			738,108		4.8			2,206,933		16.0
Total deposits		14,547,526			13,835,058			12,594,790			712,468		5.1			1,952,736		15.5

(1)	Total revenue consists of net interest income and total noninterest income.

Important Note Regarding Forward-Looking Statements

Statements in this press release that are based on other than historical data or that express the Company’s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (“SBA”) rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company's status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; the impacts of any pandemic or public health situation on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; risks relating to the deployment and use of artificial intelligence by the Company, its customers, and counterparties; a reduction in or the termination of the Company's ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third-party service providers; risks relating to the material weakness we identified in our internal control over financial reporting; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company's ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company's business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company's ability to comply with regulatory requirements and expectations; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

About Live Oak Bancshares, Inc.

Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoak.bank.

Contacts:


Live Oak Bancshares, Inc. Quarterly Statements of Income (unaudited) (Dollars in thousands, except per share data)

	Three Months Ended															2Q 2026 Change vs.
	2Q 2026			1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2026		2Q 2025
Interest income																%		%
Loans and fees on loans	$	221,705		$	214,129		$	218,852		$	211,599		$	204,513		3.5		8.4
Investment securities, taxable		13,411			13,009			12,679			12,175			11,648		3.1		15.1
Other interest earning assets		6,601			6,726			8,124			7,654			8,123		(1.9	)	(18.7	)
Total interest income		241,717			233,864			239,655			231,428			224,284		3.4		7.8
Interest expense
Deposits		114,776			112,847			114,879			114,266			113,380		1.7		1.2
Borrowings		1,603			1,617			1,656			1,677			1,683		(0.9	)	(4.8	)
Total interest expense		116,379			114,464			116,535			115,943			115,063		1.7		1.1
Net interest income		125,338			119,400			123,120			115,485			109,221		5.0		14.8
Provision for credit losses		25,800			20,100			21,845			22,242			23,252		28.4		11.0
Net interest income after provision for credit losses		99,538			99,300			101,275			93,243			85,969		0.2		15.8
Noninterest income
Loan servicing revenue		9,194			9,094			9,227			8,812			8,565		1.1		7.3
Loan servicing asset revaluation		(4,278	)		(3,487	)		(3,932	)		(4,360	)		(3,057	)	(22.7	)	(39.9	)
Net gains on sales of loans		17,554			15,425			12,313			17,099			17,570		13.8		(0.1	)
Net gain (loss) on loans accounted for under the fair value option		291			(1,165	)		1,518			(350	)		1,082		125.0		(73.1	)
Equity method investments income (loss)		74			(817	)		23,812			(1,470	)		(2,716	)	109.1		102.7
Equity security investments gains, net		—			—			4,691			18			1,004		—		(100.0	)
Lease income		2,238			2,135			2,196			2,179			3,103		4.8		(27.9	)
Other noninterest income		5,734			4,889			(38	)		4,917			4,904		17.3		16.9
Total noninterest income		30,807			26,074			49,787			26,845			30,455		18.2		1.2
Noninterest expense
Salaries and employee benefits		48,776			49,354			47,988			49,910			46,008		(1.2	)	6.0
Travel expense		1,933			1,463			1,715			1,618			1,634		32.1		18.3
Professional services expense		2,938			2,516			2,855			1,999			2,874		16.8		2.2
Advertising and marketing expense		2,734			3,051			2,298			1,839			4,420		(10.4	)	(38.1	)
Occupancy expense		2,364			2,410			2,317			2,339			2,369		(1.9	)	(0.2	)
Technology expense		9,608			9,749			13,397			10,234			10,066		(1.4	)	(4.5	)
Equipment expense		3,662			3,693			3,677			3,320			3,685		(0.8	)	(0.6	)
Other loan origination and maintenance expense		4,864			5,919			4,917			4,777			4,190		(17.8	)	16.1
Renewable energy tax credit investment impairment		26			—			129			336			270		100.0		(90.4	)
FDIC insurance		4,788			4,401			3,933			3,643			3,545		8.8		35.1
Other expense		2,832			2,737			5,927			3,501			6,161		3.5		(54.0	)
Total noninterest expense		84,525			85,293			89,153			83,516			85,222		(0.9	)	(0.8	)
Income before taxes		45,820			40,081			61,909			36,572			31,202		14.3		46.8
Income tax expense		9,116			10,134			15,787			10,106			7,815		(10.0	)	16.6
Net income		36,704			29,947			46,122			26,466			23,387		22.6		56.9
Net loss attributable to non-controlling interest		91			93			88			50			41		(2.2	)	122.0
Net income attributable to Live Oak Bancshares, Inc.		36,795			30,040			46,210			26,516			23,428		22.5		57.1
Preferred stock dividends		2,094			2,094			2,094			954			—		—		100.0
Net income attributable to common shareholders	$	34,701		$	27,946		$	44,116		$	25,562		$	23,428		24.2		48.1
Earnings per common share
Basic	$	0.75		$	0.61		$	0.96		$	0.56		$	0.51		23.0		47.1
Diluted	$	0.74		$	0.60		$	0.95		$	0.55		$	0.51		23.3		45.1
Weighted average shares outstanding
Basic		46,265,757			46,138,609			45,906,268			45,780,794			45,634,741
Diluted		46,594,482			46,509,040			46,298,408			46,216,958			45,795,608

Live Oak Bancshares, Inc. Quarterly Balance Sheets (unaudited) (Dollars in thousands)

	As of the quarter ended															2Q 2026 Change vs.
	2Q 2026			1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2026		2Q 2025
Assets																%		%
Cash and due from banks	$	927,630		$	816,135		$	864,904		$	892,445		$	662,755		13.7		40.0
Certificates of deposit with other banks		250			250			250			250			250		—		—
Investment securities available-for-sale		1,467,855			1,434,538			1,427,401			1,373,219			1,325,206		2.3		10.8
Loans held for sale		511,812			435,313			420,055			360,693			350,791		17.6		45.9
Loans and leases held for investment⁽¹⁾		12,630,859			12,158,216			11,973,622			11,554,818			11,014,055		3.9		14.7
Allowance for credit losses on loans and leases		(193,417	)		(193,279	)		(192,264	)		(185,700	)		(182,231	)	(0.1	)	(6.1	)
Net loans and leases		12,437,442			11,964,937			11,781,358			11,369,118			10,831,824		3.9		14.8
Premises and equipment, net		231,198			235,329			240,203			241,140			246,493		(1.8	)	(6.2	)
Foreclosed assets		11,017			12,005			8,208			11,024			6,318		(8.2	)	74.4
Servicing assets		66,733			64,677			63,155			62,491			60,359		3.2		10.6
Other assets		384,204			336,849			329,244			355,522			347,212		14.1		10.7
Total assets	$	16,038,141		$	15,300,033		$	15,134,778		$	14,665,902		$	13,831,208		4.8		16.0
Liabilities and shareholders’ equity
*Liabilities*
Deposits:
Noninterest-bearing	$	605,237		$	510,917		$	515,051		$	494,019		$	393,393		18.5		53.9
Interest-bearing		13,942,289			13,324,141			13,173,608			12,796,704			12,201,397		4.6		14.3
Total deposits		14,547,526			13,835,058			13,688,659			13,290,723			12,594,790		5.1		15.5
Borrowings		99,766			99,746			102,404			105,045			107,659		—		(7.3	)
Other liabilities		73,931			83,468			89,609			67,585			61,494		(11.4	)	20.2
Total liabilities		14,721,223			14,018,272			13,880,672			13,463,353			12,763,943		5.0		15.3
*Shareholders’ equity*
Preferred stock		96,266			96,266			96,266			96,266			—		—		100.0
Class A common stock (voting)		399,396			392,258			388,389			383,288			377,953		1.8		5.7
Class B common stock (non-voting)		—			—			—			—			—		—		—
Retained earnings		869,757			836,444			809,885			770,820			746,450		4.0		16.5
Accumulated other comprehensive loss		(52,555	)		(47,352	)		(44,672	)		(52,151	)		(61,514	)	(11.0	)	14.6
Total shareholders' equity attributed to Live Oak Bancshares, Inc.		1,312,864			1,277,616			1,249,868			1,198,223			1,062,889		2.8		23.5
Non-controlling interest		4,054			4,145			4,238			4,326			4,376		(2.2	)	(7.4	)
Total shareholders' equity		1,316,918			1,281,761			1,254,106			1,202,549			1,067,265		2.7		23.4
Total liabilities and shareholders’ equity	$	16,038,141		$	15,300,033		$	15,134,778		$	14,665,902		$	13,831,208		4.8		16.0

(1)	Includes $232.1 million, $244.9 million, $260.6 million, $280.3 million and $303.8 million loans measured at fair value for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

Live Oak Bancshares, Inc. Statements of Income (unaudited) (Dollars in thousands, except per share data)

	Six Months Ended
	June 30, 2026			June 30, 2025
Interest income
Loans and fees on loans	$	435,834		$	400,129
Investment securities, taxable		26,420			22,737
Other interest earning assets		13,327			14,523
Total interest income		475,581			437,389
Interest expense
Deposits		227,623			224,268
Borrowings		3,220			3,368
Total interest expense		230,843			227,636
Net interest income		244,738			209,753
Provision for credit losses		45,900			52,216
Net interest income after provision for credit losses		198,838			157,537
Noninterest income
Loan servicing revenue		18,288			16,863
Loan servicing asset revaluation		(7,765	)		(7,785	)
Net gains on sales of loans		32,979			33,008
Net (loss) gain on loans accounted for under the fair value option		(874	)		48
Equity method investments (loss) income		(743	)		(4,955	)
Equity security investments gain (losses), net		—			1,024
Lease income		4,373			5,676
Other noninterest income		10,623			8,947
Total noninterest income		56,881			52,826
Noninterest expense
Salaries and employee benefits		98,130			91,537
Travel expense		3,396			3,698
Professional services expense		5,454			5,898
Advertising and marketing expense		5,785			8,085
Occupancy expense		4,774			5,106
Technology expense		19,357			19,317
Equipment expense		7,355			7,430
Other loan origination and maintenance expense		10,783			8,775
Renewable energy tax credit investment impairment		26			270
FDIC insurance		9,189			7,096
Other expense		5,569			8,817
Total noninterest expense		169,818			166,029
Income before taxes		85,901			44,334
Income tax expense		19,250			11,279
Net income		66,651			33,055
Net loss attributable to non-controlling interest		184			90
Net income attributable to Live Oak Bancshares, Inc.		66,835			33,145
Preferred stock dividends		4,188			—
Net income attributable to common shareholders	$	62,647		$	33,145
Earnings per common share
Basic	$	1.36		$	0.72
Diluted	$	1.35		$	0.72
Weighted average shares outstanding
Basic		46,202,534			45,556,842
Diluted		46,552,112			45,825,543

Live Oak Bancshares, Inc. Quarterly Selected Financial Data (Dollars in thousands, except per share data)

	As of and for the three months ended
	2Q 2026			1Q 2026			4Q 2025			3Q 2025			2Q 2025
Income Statement Data
Net income attributable to common shareholders	$	34,701		$	27,946		$	44,116		$	25,562		$	23,428
Per Common Share
Net income, diluted	$	0.74		$	0.60		$	0.95		$	0.55		$	0.51
Dividends declared - common		0.03			0.03			0.03			0.03			0.03
Book value per common share		26.29			25.55			25.06			24.03			23.36
Tangible book value per common share⁽¹⁾		26.20			25.46			24.97			23.96			23.29
Performance Ratios
Return on average assets (annualized)		0.90	%		0.74	%		1.19	%		0.72	%		0.68	%
Return on average common equity (annualized)		11.36			9.39			15.25			9.32			8.85
Net interest margin		3.33			3.27			3.38			3.33			3.28
Efficiency ratio⁽¹⁾		54.13			58.63			51.56			58.68			61.01
Noninterest income to total revenue		19.73			17.92			28.79			18.86			21.80
Selected Loan Metrics
Loans and leases originated	$	1,548,432		$	1,368,311		$	1,638,113		$	1,648,711		$	1,526,592
Outstanding balance of sold loans serviced		5,991,590			5,943,787			5,599,724			5,563,363			5,321,284
Asset Quality Ratios
Allowance for credit losses to loans and leases held for investment⁽³⁾		1.56	%		1.62	%		1.64	%		1.65	%		1.70	%
Net charge-offs⁽³⁾	$	24,162		$	18,585		$	13,739		$	16,816		$	31,445
Net charge-offs to average loans and leases held for investment^{(2) (3)}		0.80	%		0.63	%		0.48	%		0.61	%		1.19	%

Nonperforming loans and leases at historical cost⁽³⁾
Unguaranteed	$	124,336		$	116,791		$	101,371		$	76,887		$	59,555
Guaranteed		346,419			327,409			399,786			379,381			336,777
Total		470,755			444,200			501,157			456,268			396,332
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment⁽³⁾		1.00	%		0.98	%		0.87	%		0.68	%		0.56	%

Nonperforming loans at fair value⁽⁴⁾
Unguaranteed	$	6,623		$	6,884		$	7,715		$	6,775		$	8,873
Guaranteed		52,695			54,679			53,887			54,887			60,453
Total		59,318			61,563			61,602			61,662			69,326
Unguaranteed nonperforming fair value loans to fair value loans held for investment⁽⁴⁾		2.85	%		2.81	%		2.96	%		2.42	%		2.92	%

Capital Ratios
Common equity tier 1 capital (to risk-weighted assets)		10.42	%		10.63	%		10.53	%		10.51	%		10.67	%
Tier 1 leverage capital (to average assets)		8.59			8.47			8.48			8.57			7.90

Notes to Quarterly Selected Financial Data
(1)	See accompanying GAAP to Non-GAAP Reconciliation.
(2)	Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
(3)	Loans and leases at historical cost only (excludes loans measured at fair value).
(4)	Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).

Live Oak Bancshares, Inc. Quarterly Average Balances and Net Interest Margin (Dollars in thousands)

	Three Months Ended June 30, 2026							Three Months Ended March 31, 2026							Three Months Ended June 30, 2025
	Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate
Interest-earning assets:
Interest-earning balances in other banks	$	710,110		$	6,601	3.73	%	$	729,938		$	6,726	3.74	%	$	727,715		$	8,123	4.48	%
Investment securities		1,519,670			13,411	3.54			1,492,023			13,009	3.54			1,408,942			11,648	3.32
Loans held for sale		527,857			10,441	7.93			514,501			9,792	7.72			381,531			8,008	8.42
Loans and leases held for investment⁽¹⁾		12,322,003			211,264	6.88			12,081,396			204,337	6.86			10,843,303			196,505	7.27
Total interest-earning assets		15,079,640			241,717	6.43			14,817,858			233,864	6.40			13,361,491			224,284	6.73
Less: Allowance for credit losses on loans and leases		(193,304	)						(190,522	)						(186,022	)
Noninterest-earning assets		537,352							547,970							539,485
Total assets	$	15,423,688						$	15,175,306						$	13,714,954
Interest-bearing liabilities:
Savings	$	7,170,652		$	58,289	3.26	%	$	6,910,397		$	55,420	3.25	%	$	6,241,053		$	56,529	3.63	%
Certificates of deposit		5,637,001			51,968	3.70			5,730,803			53,337	3.77			5,392,494			52,789	3.93
Other interest-bearing deposits		629,105			4,519	2.88			579,330			4,090	2.86			479,735			4,062	3.40
Total deposits		13,436,758			114,776	3.43			13,220,530			112,847	3.46			12,113,282			113,380	3.75
Borrowings		99,743			1,603	6.45			103,329			1,617	6.35			109,463			1,683	6.17
Total interest-bearing liabilities		13,536,501			116,379	3.45			13,323,859			114,464	3.48			12,222,745			115,063	3.78
Noninterest-bearing deposits		536,054							491,301							375,503
Noninterest-bearing liabilities		29,222							69,596							53,717
Shareholders' equity		1,317,767							1,286,313							1,058,572
Non-controlling interest		4,144							4,237							4,417
Total liabilities and shareholders' equity	$	15,423,688						$	15,175,306						$	13,714,954
Net interest income and interest rate spread				$	125,338	2.98	%				$	119,400	2.92	%				$	109,221	2.95	%
Net interest margin						3.33							3.27							3.28
Ratio of average interest-earning assets to average interest-bearing liabilities						111.40	%						111.21	%						109.32	%

(1)	Average loan and lease balances include non-accruing loans and leases.

Live Oak Bancshares, Inc. GAAP to Non-GAAP Reconciliation (Dollars in thousands)

	As of and for the three months ended
	2Q 2026			1Q 2026			4Q 2025			3Q 2025			2Q 2025
Total shareholders’ equity	$	1,316,918		$	1,281,761		$	1,254,106		$	1,202,549		$	1,067,265
Less:
Preferred stock		96,266			96,266			96,266			96,266			—
Non-controlling interest		4,054			4,145			4,238			4,326			—
Total common shareholders' equity	$	1,216,598		$	1,181,350		$	1,153,602		$	1,101,957		$	1,067,265
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		2,013			2,089			2,165			1,453			1,491
Tangible common shareholders’ equity (a)	$	1,212,788		$	1,177,464		$	1,149,640		$	1,098,707		$	1,063,977
Shares outstanding (c)		46,283,620			46,240,691			46,032,402			45,855,739			45,686,081
Total assets	$	16,038,141		$	15,300,033		$	15,134,778		$	14,665,902		$	13,831,208
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		2,013			2,089			2,165			1,453			1,491
Tangible assets (b)	$	16,034,331		$	15,296,147		$	15,130,816		$	14,662,652		$	13,827,920
Tangible common shareholders’ equity to tangible assets (a/b)		7.56	%		7.70	%		7.60	%		7.49	%		7.69	%
Tangible book value per common share (a/c)	$	26.20		$	25.46		$	24.97		$	23.96		$	23.29
Efficiency ratio:
Noninterest expense (d)	$	84,525		$	85,293		$	89,153		$	83,516		$	85,222
Net interest income		125,338			119,400			123,120			115,485			109,221
Noninterest income		30,807			26,074			49,787			26,845			30,455
Total revenue (e)	$	156,145		$	145,474		$	172,907		$	142,330		$	139,676
Efficiency ratio (d/e)		54.13	%		58.63	%		51.56	%		58.68	%		61.01	%
Pre-provision net revenue (e-d)	$	71,620		$	60,181		$	83,754		$	58,814		$	54,454

This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

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