Live Oak Bancshares, Inc. Reports Fourth Quarter 2025 Results

WILMINGTON, N.C., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. (NYSE:LOB) ("Live Oak" or "the Company") today reported fourth quarter of 2025 net income attributable to common shareholders of $44.1 million, or $0.95 per diluted share. Net income attributable to common shareholders for the year ended December 31, 2025, totaled $102.8 million, or $2.23 per diluted share.

Live Oak's performance for the year ended December 31, 2025, compared with the same period in 2024 included these notable items:

• Strong loan production of $6.21 billion accompanied by strong deposit growth of $1.93 billion in 2025, with total assets growing by 16.9% to $15.13 billion
• $96.3 million in capital was raised as a result of preferred stock offering in the third quarter of 2025
• Revenue (comprised of net interest income and noninterest income¹) increased 18.3% and noninterest expense¹ increased 11.7%, which generated 28.9% growth in pre-provision net revenue²
• Sale of Apiture, Inc. resulting in a pre-tax gain of $24.1 million which is included in equity method investments income (loss)
• Provision expense for credit losses of $96.3 million remained relatively flat compared to 2024
  
  
  
  

"Live Oak Bank delivered solid performance in 2025, a year defined by the resilience of small businesses and a disciplined focus on our core mission," said Live Oak Chairman and CEO James S. (Chip) Mahan III. "Our teams closed out the year with record loan growth across our small business and commercial lending teams, strong momentum in building low-cost deposits, and a dedicated approach to credit quality and stabilization. These results reflect our commitment to being America's small business bank and position us for continued progress in 2026 and beyond."

Conference Call

Live Oak will host a conference call to discuss the company's financial results and business outlook tomorrow, January 22, 2026, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 06698. 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.: 800.549.8228

International: +1 646.564.2877

Pass Code: None Required

Live Webcast Log-In

Webcast Link: investor.liveoakbank.com

Registration: Name and Email Required

Multi-Factor Code: Provided After Registration

(1)  Certain immaterial prior-period amounts in the Statements of Income have been revised. Specifically, there was a decrease in the line item for net gains on sales of loans, which was fully offset by a decrease in salaries and employee benefits, and travel expense. The changes were presentation only and had no impact on previously reported net income, total assets, total liabilities, or shareholders' equity. Related efficiency and noninterest income to total revenue ratios have been revised accordingly.

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

Year Over Year Highlights
(Dollars in thousands, except per share data)									Increase (Decrease)
		2025				2024			Dollars			Percent
Total revenue (1)	$	577,816			$	488,557			$	89,259		18	%
Total noninterest expense		338,698				303,110				35,588		12
Provision for credit losses		96,303				96,212				91		—
Income before taxes		142,815				89,235				53,580		60
Effective tax rate		26.0	%			13.2	%		n/a			n/a
Net income attributable to common shareholders	$	102,823			$	77,474			$	25,349		33	%
Diluted earnings per share		2.23				1.69				0.54		32
Loan and lease production		6,209,639				5,155,244				1,054,395		20
Total loans and leases		12,393,677				10,579,376				1,814,301		17
Total assets		15,134,778				12,943,380				2,191,398		17
Total deposits		13,688,659				11,760,494				1,928,165		16

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

Fourth Quarter 2025 Key Measures
(Dollars in thousands, except per share data)									Increase (Decrease)
	4Q 2025				3Q 2025				Dollars				Percent			4Q 2024
Total revenue (1)	$	172,907			$	142,330			$	30,577			21	%		$	125,022
Total noninterest expense		89,153				83,516				5,637			7				78,212
Provision for credit losses		21,845				22,242				(397	)		(2	)			33,581
Income before taxes		61,909				36,572				25,337			69				13,229
Effective tax rate		25.5	%			27.6	%		n/a				n/a				25.6	%
Net income attributable to common shareholders	$	44,116			$	25,562			$	18,554			73	%		$	9,900
Diluted earnings per share		0.95				0.55				0.40			73				0.22
Loan and lease production		1,638,113				1,648,711				(10,598	)		(1	)			1,421,118

(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; 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; 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; 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:

Walter J. Phifer | CFO | Investor Relations | 910.202.6926

Claire Parker | Corporate Communications | Media Relations | 910.597.1592

Live Oak Bancshares, Inc. Quarterly Statements of Income (unaudited) (Dollars in thousands, except per share data)
	Three Months Ended																				4Q 2025 Change vs.
	4Q 2025				3Q 2025				2Q 2025				1Q 2025				4Q 2024				3Q 2025			4Q 2024
Interest income																					%			%
Loans and fees on loans	$	218,852			$	211,599			$	204,513			$	195,616			$	194,821			3.4			12.3
Investment securities, taxable		12,679				12,175				11,648				11,089				10,490			4.1			20.9
Other interest earning assets		8,124				7,654				8,123				6,400				7,257			6.1			11.9
Total interest income		239,655				231,428				224,284				213,105				212,568			3.6			12.7
Interest expense
Deposits		114,879				114,266				113,380				110,888				113,357			0.5			1.3
Borrowings		1,656				1,677				1,683				1,685				1,737			(1.3	)		(4.7	)
Total interest expense		116,535				115,943				115,063				112,573				115,094			0.5			1.3
Net interest income		123,120				115,485				109,221				100,532				97,474			6.6			26.3
Provision for credit losses		21,845				22,242				23,252				28,964				33,581			(1.8	)		(34.9	)
Net interest income after provision for credit losses		101,275				93,243				85,969				71,568				63,893			8.6			58.5
Noninterest income
Loan servicing revenue		9,227				8,812				8,565				8,298				8,524			4.7			8.2
Loan servicing asset revaluation		(3,932	)			(4,360	)			(3,057	)			(4,728	)			(2,326	)		9.8			(69.0	)
Net gains on sales of loans		12,313				17,099				17,570				15,438				15,311			(28.0	)		(19.6	)
Net gain (loss) on loans accounted for under the fair value option		1,518				(350	)			1,082				(1,034	)			195			533.7			678.5
Equity method investments income (loss) (1)		23,812				(1,470	)			(2,716	)			(2,239	)			(2,739	)		1,719.9			969.4
Equity security investments gains (losses), net		4,691				18				1,004				20				12			25,961.1			38,991.7
Lease income		2,196				2,179				3,103				2,573				2,456			0.8			(10.6	)
Other noninterest income		(38	)			4,917				4,904				4,043				6,115			(100.8	)		(100.6	)
Total noninterest income		49,787				26,845				30,455				22,371				27,548			85.5			80.7
Noninterest expense
Salaries and employee benefits		47,988				49,910				46,008				45,529				42,870			(3.9	)		11.9
Travel expense		1,715				1,618				1,634				2,064				1,927			6.0			(11.0	)
Professional services expense		2,855				1,999				2,874				3,024				2,797			42.8			2.1
Advertising and marketing expense		2,298				1,839				4,420				3,665				1,979			25.0			16.1
Occupancy expense		2,317				2,339				2,369				2,737				2,558			(0.9	)		(9.4	)
Technology expense		13,397				10,234				10,066				9,251				9,406			30.9			42.4
Equipment expense		3,677				3,320				3,685				3,745				3,769			10.8			(2.4	)
Other loan origination and maintenance expense		4,917				4,777				4,190				4,585				4,812			2.9			2.2
Renewable energy tax credit investment impairment		129				336				270				—				1,172			(61.6	)		(89.0	)
FDIC insurance		3,933				3,643				3,545				3,551				3,053			8.0			28.8
Other expense		5,927				3,501				6,161				2,656				3,869			69.3			53.2
Total noninterest expense		89,153				83,516				85,222				80,807				78,212			6.7			14.0
Income before taxes		61,909				36,572				31,202				13,132				13,229			69.3			368.0
Income tax expense		15,787				10,106				7,815				3,464				3,386			56.2			366.2
Net income		46,122				26,466				23,387				9,668				9,843			74.3			368.6
Net loss attributable to non-controlling interest		88				50				41				49				57			76.0			54.4
Net income attributable to Live Oak Bancshares, Inc.		46,210				26,516				23,428				9,717				9,900			74.3			366.8
Preferred stock dividends		2,094				954				—				—				—			119.5			100.0
Net income attributable to common shareholders	$	44,116			$	25,562			$	23,428			$	9,717			$	9,900			72.6			345.6
Earnings per share
Basic	$	0.96			$	0.56			$	0.51			$	0.21			$	0.22			71.4			336.4
Diluted	$	0.95			$	0.55			$	0.51			$	0.21			$	0.22			72.7			331.8
Weighted average shares outstanding
Basic		45,906,268				45,780,794				45,634,741				45,377,965				45,224,470
Diluted		46,298,408				46,216,958				45,795,608				45,754,499				46,157,979

(1)  Includes a $24.1 million pre-tax gain on sale of Apiture, Inc.

Live Oak Bancshares, Inc. Quarterly Balance Sheets (unaudited) (Dollars in thousands)
	As of the quarter ended																				4Q 2025 Change vs.
	4Q 2025				3Q 2025				2Q 2025				1Q 2025				4Q 2024				3Q 2025			4Q 2024
Assets																					%			%
Cash and due from banks	$	864,904			$	892,445			$	662,755			$	744,263			$	608,800			(3.1	)		42.1
Certificate of deposit with other banks		250				250				250				250				250			—			—
Investment securities available-for-sale		1,427,401				1,373,219				1,325,206				1,312,680				1,248,203			3.9			14.4
Loans held for sale		420,055				360,693				350,791				367,955				346,002			16.5			21.4
Loans and leases held for investment (1)		11,973,622				11,554,818				11,014,055				10,693,911				10,233,374			3.6			17.0
Allowance for credit losses on loans and leases		(192,264	)			(185,700	)			(182,231	)			(190,184	)			(167,516	)		(3.5	)		(14.8	)
Net loans and leases		11,781,358				11,369,118				10,831,824				10,503,727				10,065,858			3.6			17.0
Premises and equipment, net		240,203				241,140				246,493				259,113				264,059			(0.4	)		(9.0	)
Foreclosed assets		8,208				11,024				6,318				2,108				1,944			(25.5	)		322.2
Servicing assets		63,155				62,491				60,359				56,911				56,144			1.1			12.5
Other assets		329,244				355,522				347,212				348,697				352,120			(7.4	)		(6.5	)
Total assets	$	15,134,778			$	14,665,902			$	13,831,208			$	13,595,704			$	12,943,380			3.2			16.9
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing	$	515,051			$	494,019			$	393,393			$	386,108			$	318,890			4.3			61.5
Interest-bearing		13,173,608				12,796,704				12,201,397				12,009,837				11,441,604			2.9			15.1
Total deposits		13,688,659				13,290,723				12,594,790				12,395,945				11,760,494			3.0			16.4
Borrowings		102,404				105,045				107,659				110,247				112,820			(2.5	)		(9.2	)
Other liabilities		89,609				67,585				61,494				58,065				66,570			32.6			34.6
Total liabilities		13,880,672				13,463,353				12,763,943				12,564,257				11,939,884			3.1			16.3
Shareholders' equity
Preferred stock		96,266				96,266				—				—				—			—			100.0
Class A common stock (voting)		388,389				383,288				377,953				370,513				365,607			1.3			6.2
Class B common stock (non-voting)		—				—				—				—				—			—			—
Retained earnings		809,885				770,820				746,450				724,215				715,767			5.1			13.1
Accumulated other comprehensive loss		(44,672	)			(52,151	)			(61,514	)			(67,698	)			(82,344	)		14.3			45.7
Total shareholders' equity attributed to Live Oak Bancshares, Inc.		1,249,868				1,198,223				1,062,889				1,027,030				999,030			4.3			25.1
Non-controlling interest		4,238				4,326				4,376				4,417				4,466			(2.0	)		(5.1	)
Total shareholders' equity		1,254,106				1,202,549				1,067,265				1,031,447				1,003,496			4.3			25.0
Total liabilities and shareholders' equity	$	15,134,778			$	14,665,902			$	13,831,208			$	13,595,704			$	12,943,380			3.2			16.9

(1)  Includes $260.6 million, $280.3 million, $303.8 million, $316.8 million and $328.7 million of loans measured at fair value for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

Live Oak Bancshares, Inc. Statements of Income (unaudited) (Dollars in thousands, except per share data)
	Year Ended
	December 31, 2025				December 31, 2024
Interest income
Loans and fees on loans	$	830,580			$	744,841
Investment securities, taxable		47,591				38,413
Other interest earning assets		30,301				29,118
Total interest income		908,472				812,372
Interest expense
Deposits		453,413				430,887
Borrowings		6,701				5,580
Total interest expense		460,114				436,467
Net interest income		448,358				375,905
Provision for credit losses		96,303				96,212
Net interest income after provision for credit losses		352,055				279,693
Noninterest income
Loan servicing revenue		34,902				31,535
Loan servicing asset revaluation		(16,077	)			(12,155	)
Net gains on sales of loans		62,420				49,770
Net gain on loans accounted for under the fair value option		1,216				2,403
Equity method investments income (loss) (1)		17,387				(10,921	)
Equity security investments gains (losses), net		5,733				553
Lease income		10,051				9,756
Management fee income		—				7,658
Other noninterest income		13,826				34,053
Total noninterest income		129,458				112,652
Noninterest expense
Salaries and employee benefits		189,435				174,707
Travel expense		7,031				7,170
Professional services expense		10,752				11,023
Advertising and marketing expense		12,222				11,148
Occupancy expense		9,762				10,000
Technology expense		42,948				34,206
Equipment expense		14,427				13,826
Other loan origination and maintenance expense		18,469				17,254
Renewable energy tax credit investment impairment		735				530
FDIC insurance		14,672				10,835
Other expense		18,245				12,411
Total noninterest expense		338,698				303,110
Income before taxes		142,815				89,235
Income tax expense		37,172				11,818
Net income		105,643				77,417
Net loss attributable to non-controlling interest		228				57
Net income attributable to Live Oak Bancshares, Inc.		105,871				77,474
Preferred stock dividends		3,048				—
Net income attributable to common shareholders	$	102,823			$	77,474
Earnings per share
Basic	$	2.25			$	1.72
Diluted	$	2.23			$	1.69
Weighted average shares outstanding
Basic		45,701,364				45,009,567
Diluted		46,042,790				45,820,321

(1) Includes a $24.1 million pre-tax gain on sale of Apiture, Inc.

Live Oak Bancshares, Inc. Quarterly Selected Financial Data (Dollars in thousands, except per share data)
	As of and for the three months ended
	4Q 2025				3Q 2025				2Q 2025				1Q 2025				4Q 2024
Income Statement Data
Net income attributable to common shareholders	$	44,116			$	25,562			$	23,428			$	9,717			$	9,900
Per Common Share
Net income, diluted	$	0.95			$	0.55			$	0.51			$	0.21			$	0.22
Dividends declared - common		0.03				0.03				0.03				0.03				0.03
Book value per common share		25.06				24.03				23.36				22.62				22.12
Tangible book value per common share (1)		24.97				23.96				23.29				22.55				22.05
Performance Ratios
Return on average assets (annualized)		1.19	%			0.72	%			0.68	%			0.30	%			0.31	%
Return on average common equity (annualized)		15.25				9.32				8.85				3.78				3.85
Net interest margin		3.38				3.33				3.28				3.20				3.15
Efficiency ratio (1)		51.56				58.68				61.01				65.75				62.56
Noninterest income to total revenue		28.79				18.86				21.80				18.20				22.03
Selected Loan Metrics
Loans and leases originated	$	1,638,113			$	1,648,711			$	1,526,592			$	1,396,223			$	1,421,118
Outstanding balance of sold loans serviced		5,599,724				5,563,363				5,321,284				4,949,962				4,715,895
Asset Quality Ratios
Allowance for credit losses to loans and leases held for investment (3)		1.64	%			1.65	%			1.70	%			1.83	%			1.69	%
Net charge-offs (3)	$	13,739			$	16,816			$	31,445			$	6,774			$	33,566
Net charge-offs to average loans and leases held for investment (2) (3)		0.48	%			0.61	%			1.19	%			0.27	%			1.39	%
Nonperforming loans and leases at historical cost (3)
Unguaranteed	$	101,371			$	76,887			$	59,555			$	99,907			$	81,412
Guaranteed		399,786				379,381				336,777				322,993				222,885
Total		501,157				456,268				396,332				422,900				304,297
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3)		0.87	%			0.68	%			0.56	%			0.96	%			0.82	%
Nonperforming loans at fair value (4)
Unguaranteed	$	7,715			$	6,775			$	8,873			$	9,938			$	9,115
Guaranteed		53,887				54,887				60,453				58,100				54,873
Total		61,602				61,662				69,326				68,038				63,988
Unguaranteed nonperforming fair value loans to loans held for investment (4)		2.96	%			2.42	%			2.92	%			3.14	%			2.77	%
Capital Ratios
Common equity tier 1 capital (to risk-weighted assets)		10.53	%			10.51	%			10.67	%			10.67	%			11.04	%
Tier 1 leverage capital (to average assets)		8.48				8.57				7.90				8.03				8.21

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 December 31, 2025										Three Months Ended September 30, 2025
	Average Balance				Interest			Average Yield/Rate			Average Balance				Interest			Average Yield/Rate
Interest-earning assets:
Interest-earning balances in other banks	$	803,095			$	8,124		4.01	%		$	701,059			$	7,654		4.33	%
Investment securities		1,465,824				12,679		3.43				1,418,810				12,175		3.40
Loans held for sale		420,809				8,240		7.77				396,084				8,103		8.12
Loans and leases held for investment (1)		11,777,219				210,612		7.09				11,249,234				203,496		7.18
Total interest-earning assets		14,466,947				239,655		6.57				13,765,187				231,428		6.67
Less: Allowance for credit losses on loans and leases		(186,252	)									(182,001	)
Noninterest-earning assets		546,969										530,529
Total assets	$	14,827,664									$	14,113,715
Interest-bearing liabilities:
Interest-bearing checking	$	413,433			$	4,191		4.02	%		$	366,699			$	4,082		4.42	%
Savings		6,833,148				57,668		3.35				6,608,380				58,657		3.52
Money market accounts		145,668				132		0.36				131,756				84		0.25
Certificates of deposit		5,498,643				52,888		3.82				5,272,818				51,443		3.87
Total deposits		12,890,892				114,879		3.54				12,379,653				114,266		3.66
Borrowings		104,219				1,656		6.30				106,744				1,677		6.23
Total interest-bearing liabilities		12,995,111				116,535		3.56				12,486,397				115,943		3.68
Noninterest-bearing deposits		492,501										401,916
Noninterest-bearing liabilities		82,684										63,133
Shareholders' equity		1,253,043										1,157,893
Non-controlling interest		4,325										4,376
Total liabilities and shareholders' equity	$	14,827,664									$	14,113,715
Net interest income and interest rate spread					$	123,120		3.01	%						$	115,485		2.99	%
Net interest margin								3.38										3.33
Ratio of average interest-earning assets to average interest-bearing liabilities								111.33	%									110.24	%

(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																				For the year ended
	4Q 2025				3Q 2025				2Q 2025				1Q 2025				4Q 2024					2025			2024
Total shareholders' equity	$	1,254,106			$	1,202,549			$	1,067,265			$	1,031,447			$	1,003,496
Less:
Preferred stock		96,266				96,266				—				—				—
Non-controlling interest		4,238				4,326				—				—				—
Total common shareholders' equity	$	1,153,602			$	1,101,957			$	1,067,265			$	1,031,447			$	1,003,496
Less:
Goodwill		1,797				1,797				1,797				1,797				1,797
Other intangible assets		2,165				1,453				1,491				1,529				1,568
Tangible shareholders' equity (a)	$	1,149,640			$	1,098,707			$	1,063,977			$	1,028,121			$	1,000,131
Shares outstanding (c)		46,032,402				45,855,739				45,686,081				45,589,633				45,359,425
Total assets	$	15,134,778			$	14,665,902			$	13,831,208			$	13,595,704			$	12,943,380
Less:
Goodwill		1,797				1,797				1,797				1,797				1,797
Other intangible assets		2,165				1,453				1,491				1,529				1,568
Tangible assets (b)	$	15,130,816			$	14,662,652			$	13,827,920			$	13,592,378			$	12,940,015
Tangible shareholders' equity to tangible assets (a/b)		7.60	%			7.49	%			7.69	%			7.56	%			7.73	%
Tangible book value per share (a/c)	$	24.97			$	23.96			$	23.29			$	22.55			$	22.05
Efficiency ratio:
Noninterest expense (d)	$	89,153			$	83,516			$	85,222			$	80,807			$	78,212			$	338,698		$	303,110
Net interest income		123,120				115,485				109,221				100,532				97,474				448,358			375,905
Noninterest income		49,787				26,845				30,455				22,371				27,548				129,458			112,652
Total revenue (e)	$	172,907			$	142,330			$	139,676			$	122,903			$	125,022			$	577,816		$	488,557
Efficiency ratio (d/e)		51.56	%			58.68	%			61.01	%			65.75	%			62.56	%
Pre-provision net revenue (e-d)	$	83,754			$	58,814			$	54,454			$	42,096			$	46,810			$	239,118		$	185,447

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.