Live Oak Bancshares, Inc. Reports Third Quarter 2026 Results

WILMINGTON, N.C., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported third quarter of 2026 net income attributable to common shareholders of $24.3 million, or $0.52 per diluted common share.

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

Net interest income increased 6.1% and 15.2% compared to the second quarter of 2026 and third quarter of 2025, respectively. Net interest margin decreased 3 basis points during the third quarter of 2026 from 3.33% for the second quarter of 2026 and third quarter of 2025 to 3.30%
Revenue (comprised of net interest income and noninterest income) increased 12.5% and 23.4% compared to the second quarter of 2026 and third quarter of 2025, respectively, and noninterest expense increased 1.4% and 2.6% compared to the second quarter of 2026 and third quarter of 2025, respectively, which generated a 25.6% and 52.9% increase in pre-provision net revenue¹compared to the second quarter of 2026 and third quarter of 2025, respectively
Strong loan production of $2.1 billion accompanied by strong deposit growth of $920.6 million during the third quarter of 2026, compared to June 30, 2026, with total assets growing by 5.8% and 15.7% to $17.0 billion as of September 30, 2026, compared to June 30, 2026 and September 30, 2025, respectively
Provision expense for credit losses of $54.7 million for the third quarter of 2026, increased $28.9 million and $32.5 million compared to the second quarter of 2026 and third quarter of 2025, respectively. The provision in the third quarter of 2026 was primarily driven by decisive action of $17.0 million related to the stressed distillery portfolio and reserves to support continued loan growth

“The fundamental story at Live Oak is that our franchise is getting stronger. Our operating leverage is improving, Live Oak Express continues to accelerate, and our deposit franchise is marching with gaining momentum,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “The earnings power of this business is expanding because revenue growth is meaningfully outpacing expenses, our loan origination engine is running strong, and our strategic initiatives are delivering results. This operating leverage momentum has aided in absorbing the elevated provision expense in the quarter, which primarily supported record loan growth while also our continued efforts to decisively act to address stress in our distillery-related portfolio. As I think about our operating earnings model, strong loan pipeline, and the possibilities that AI may unlock for both our customers and our employees, I am truly excited about Live Oak’s future.”

Conference Call

Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow, October 22, 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: 300 750 082

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.

Third Quarter 2026 Key Measures

(Dollars in thousands, except per share data)										3Q 2026 Change vs.
										2Q 2026					3Q 2025
	3Q 2026			2Q 2026			3Q 2025			$			%		$			%
Total revenue ⁽¹⁾	$	175,646		$	156,145		$	142,330		$	19,501		12.5	%	$	33,316		23.4	%
Total noninterest expense		85,720			84,525			83,516			1,195		1.4			2,204		2.6
Provision for credit losses		54,700			25,800			22,242			28,900		112.0			32,458		145.9
Income before taxes		35,226			45,820			36,572			(10,594	)	(23.1	)		(1,346	)	(3.7	)
Effective tax rate		25.4	%		19.9	%		27.6	%	n/a			n/a		n/a			n/a
Net income attributable to common shareholders	$	24,260		$	34,701		$	25,562		$	(10,441	)	(30.1) %		$	(1,302	)	(5.1) %
Diluted earnings per common share		0.52			0.74			0.55			(0.22	)	(29.7	)		(0.03	)	(5.5	)
Loan and lease production		2,133,637			1,548,432			1,648,711			585,205		37.8			484,926		29.4
Total loans and leases		13,869,854			13,142,671			11,915,511			727,183		5.5			1,954,343		16.4
Total assets		16,965,575			16,038,141			14,665,902			927,434		5.8			2,299,673		15.7
Total deposits		15,468,175			14,547,526			13,290,723			920,649		6.3			2,177,452		16.4

(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															3Q 2026 Change vs.
	3Q 2026			2Q 2026			1Q 2026			4Q 2025			3Q 2025			2Q 2026		3Q 2025
Interest income																%		%
Loans and fees on loans	$	237,270		$	221,705		$	214,129		$	218,852		$	211,599		7.0		12.1
Investment securities, taxable		14,254			13,411			13,009			12,679			12,175		6.3		17.1
Other interest earning assets		7,953			6,601			6,726			8,124			7,654		20.5		3.9
Total interest income		259,477			241,717			233,864			239,655			231,428		7.3		12.1
Interest expense
Deposits		124,850			114,776			112,847			114,879			114,266		8.8		9.3
Borrowings		1,618			1,603			1,617			1,656			1,677		0.9		(3.5	)
Total interest expense		126,468			116,379			114,464			116,535			115,943		8.7		9.1
Net interest income		133,009			125,338			119,400			123,120			115,485		6.1		15.2
Provision for credit losses		54,700			25,800			20,100			21,845			22,242		112.0		145.9
Net interest income after provision for credit losses		78,309			99,538			99,300			101,275			93,243		(21.3	)	(16.0	)
Noninterest income
Loan servicing revenue		9,710			9,194			9,094			9,227			8,812		5.6		10.2
Loan servicing asset revaluation		(2,605	)		(4,278	)		(3,487	)		(3,932	)		(4,360	)	39.1		40.3
Net gains on sales of loans		20,893			17,554			15,425			12,313			17,099		19.0		22.2
Net (loss) gain on loans accounted for under the fair value option		(66	)		291			(1,165	)		1,518			(350	)	(122.7	)	81.1
Equity method investments income (loss)		553			74			(817	)		23,812			(1,470	)	647.3		137.6
Equity security investments (losses) gains, net		(2,573	)		—			—			4,691			18		(100.0	)	(14,394.4	)
Lease income		2,088			2,238			2,135			2,196			2,179		(6.7	)	(4.2	)
Other noninterest income		14,637			5,734			4,889			(38	)		4,917		155.3		197.7
Total noninterest income		42,637			30,807			26,074			49,787			26,845		38.4		58.8
Noninterest expense
Salaries and employee benefits		46,918			48,776			49,354			47,988			49,910		(3.8	)	(6.0	)
Travel expense		1,756			1,933			1,463			1,715			1,618		(9.2	)	8.5
Professional services expense		2,924			2,938			2,516			2,855			1,999		(0.5	)	46.3
Advertising and marketing expense		2,314			2,734			3,051			2,298			1,839		(15.4	)	25.8
Occupancy expense		2,384			2,364			2,410			2,317			2,339		0.8		1.9
Technology expense		10,263			9,608			9,749			13,397			10,234		6.8		0.3
Equipment expense		3,595			3,662			3,693			3,677			3,320		(1.8	)	8.3
Other loan origination and maintenance expense		5,101			4,864			5,919			4,917			4,777		4.9		6.8
Renewable energy tax credit investment impairment		310			26			—			129			336		1,092.3		(7.7	)
FDIC insurance		4,197			4,788			4,401			3,933			3,643		(12.3	)	15.2
Other expense		5,958			2,832			2,737			5,927			3,501		110.4		70.2
Total noninterest expense		85,720			84,525			85,293			89,153			83,516		1.4		2.6
Income before taxes		35,226			45,820			40,081			61,909			36,572		(23.1	)	(3.7	)
Income tax expense		8,961			9,116			10,134			15,787			10,106		(1.7	)	(11.3	)
Net income		26,265			36,704			29,947			46,122			26,466		(28.4	)	(0.8	)
Net loss attributable to non-controlling interest		88			91			93			88			50		(3.3	)	76.0
Net income attributable to Live Oak Bancshares, Inc.		26,353			36,795			30,040			46,210			26,516		(28.4	)	(0.6	)
Preferred stock dividends		2,093			2,094			2,094			2,094			954		—		119.4
Net income attributable to common shareholders	$	24,260		$	34,701		$	27,946		$	44,116		$	25,562		(30.1	)	(5.1	)
Earnings per common share
Basic	$	0.52		$	0.75		$	0.61		$	0.96		$	0.56		(30.7	)	(7.1	)
Diluted	$	0.52		$	0.74		$	0.60		$	0.95		$	0.55		(29.7	)	(5.5	)
Weighted average shares outstanding
Basic		46,325,262			46,265,757			46,138,609			45,906,268			45,780,794
Diluted		46,869,123			46,594,482			46,509,040			46,298,408			46,216,958

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

	As of the quarter ended															3Q 2026 Change vs.
	3Q 2026			2Q 2026			1Q 2026			4Q 2025			3Q 2025			2Q 2026		3Q 2025
Assets																%		%
Cash and due from banks	$	1,099,902		$	927,630		$	816,135		$	864,904		$	892,445		18.6		23.2
Certificates of deposit with other banks		250			250			250			250			250		—		—
Investment securities available-for-sale		1,500,709			1,467,855			1,434,538			1,427,401			1,373,219		2.2		9.3
Loans held for sale		496,807			511,812			435,313			420,055			360,693		(2.9	)	37.7
Loans and leases held for investment ⁽¹⁾		13,373,047			12,630,859			12,158,216			11,973,622			11,554,818		5.9		15.7
Allowance for credit losses on loans and leases		(213,630	)		(193,417	)		(193,279	)		(192,264	)		(185,700	)	(10.5	)	(15.0	)
Net loans and leases		13,159,417			12,437,442			11,964,937			11,781,358			11,369,118		5.8		15.7
Premises and equipment, net		220,894			231,198			235,329			240,203			241,140		(4.5	)	(8.4	)
Foreclosed assets		8,484			11,017			12,005			8,208			11,024		(23.0	)	(23.0	)
Servicing assets		71,215			66,733			64,677			63,155			62,491		6.7		14.0
Other assets		407,897			384,204			336,849			329,244			355,522		6.2		14.7
Total assets	$	16,965,575		$	16,038,141		$	15,300,033		$	15,134,778		$	14,665,902		5.8		15.7
Liabilities and shareholders’ equity
*Liabilities*
Deposits:
Noninterest-bearing	$	638,332		$	605,237		$	510,917		$	515,051		$	494,019		5.5		29.2
Interest-bearing		14,829,843			13,942,289			13,324,141			13,173,608			12,796,704		6.4		15.9
Total deposits		15,468,175			14,547,526			13,835,058			13,688,659			13,290,723		6.3		16.4
Borrowings		99,793			99,766			99,746			102,404			105,045		—		(5.0	)
Other liabilities		85,373			73,931			83,468			89,609			67,585		15.5		26.3
Total liabilities		15,653,341			14,721,223			14,018,272			13,880,672			13,463,353		6.3		16.3
*Shareholders’ equity*
Preferred stock		96,266			96,266			96,266			96,266			96,266		—		—
Class A common stock (voting)		404,119			399,396			392,258			388,389			383,288		1.2		5.4
Retained earnings		892,626			869,757			836,444			809,885			770,820		2.6		15.8
Accumulated other comprehensive loss		(84,743	)		(52,555	)		(47,352	)		(44,672	)		(52,151	)	(61.2	)	(62.5	)
Total shareholders' equity attributed to Live Oak Bancshares, Inc.		1,308,268			1,312,864			1,277,616			1,249,868			1,198,223		(0.4	)	9.2
Non-controlling interest		3,966			4,054			4,145			4,238			4,326		(2.2	)	(8.3	)
Total shareholders' equity		1,312,234			1,316,918			1,281,761			1,254,106			1,202,549		(0.4	)	9.1
Total liabilities and shareholders’ equity	$	16,965,575		$	16,038,141		$	15,300,033		$	15,134,778		$	14,665,902		5.8		15.7

(1) Includes $216.6 million, $232.1 million, $244.9 million, $260.6 million and $280.3 million loans measured at fair value for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

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

	Nine Months Ended
	September 30, 2026			September 30, 2025
Interest income
Loans and fees on loans	$	673,104		$	611,728
Investment securities, taxable		40,674			34,912
Other interest earning assets		21,280			22,177
Total interest income		735,058			668,817
Interest expense
Deposits		352,473			338,534
Borrowings		4,838			5,045
Total interest expense		357,311			343,579
Net interest income		377,747			325,328
Provision for credit losses		100,600			74,458
Net interest income after provision for credit losses		277,147			250,780
Noninterest income
Loan servicing revenue		27,998			25,675
Loan servicing asset revaluation		(10,370	)		(12,145	)
Net gains on sales of loans		53,872			50,107
Net loss on loans accounted for under the fair value option		(940	)		(302	)
Equity method investments (loss) income		(190	)		(6,425	)
Equity security investments gain (losses), net		(2,573	)		1,042
Lease income		6,461			7,855
Other noninterest income		25,260			13,864
Total noninterest income		99,518			79,671
Noninterest expense
Salaries and employee benefits		145,048			141,447
Travel expense		5,152			5,316
Professional services expense		8,378			7,897
Advertising and marketing expense		8,099			9,924
Occupancy expense		7,158			7,445
Technology expense		29,620			29,551
Equipment expense		10,950			10,750
Other loan origination and maintenance expense		15,884			13,552
Renewable energy tax credit investment impairment		336			606
FDIC insurance		13,386			10,739
Other expense		11,527			12,318
Total noninterest expense		255,538			249,545
Income before taxes		121,127			80,906
Income tax expense		28,211			21,385
Net income		92,916			59,521
Net loss attributable to non-controlling interest		272			140
Net income attributable to Live Oak Bancshares, Inc.		93,188			59,661
Preferred stock dividends		6,281			954
Net income attributable to common shareholders	$	86,907		$	58,707
Earnings per common share
Basic	$	1.88		$	1.29
Diluted	$	1.86		$	1.28
Weighted average shares outstanding
Basic		46,243,893			45,632,313
Diluted		46,658,232			45,956,835

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

	As of and for the three months ended
	3Q 2026			2Q 2026			1Q 2026			4Q 2025			3Q 2025
Income Statement Data
Net income attributable to common shareholders	$	24,260		$	34,701		$	27,946		$	44,116		$	25,562
Per Common Share
Net income, diluted	$	0.52		$	0.74		$	0.60		$	0.95		$	0.55
Dividends declared - common		0.03			0.03			0.03			0.03			0.03
Book value per common share		26.13			26.29			25.55			25.06			24.03
Tangible book value per common share ⁽¹⁾		26.05			26.20			25.46			24.97			23.96
Performance Ratios
Return on average assets (annualized)		0.59	%		0.90	%		0.74	%		1.19	%		0.72	%
Return on average common equity (annualized)		7.70			11.36			9.39			15.25			9.32
Net interest margin		3.30			3.33			3.27			3.38			3.33
Efficiency ratio ⁽¹⁾		48.80			54.13			58.63			51.56			58.68
Noninterest income to total revenue		24.27			19.73			17.92			28.79			18.86
Selected Loan Metrics
Loans and leases originated	$	2,133,637		$	1,548,432		$	1,368,311		$	1,638,113		$	1,648,711
Outstanding balance of sold loans serviced		6,338,443			5,991,590			5,943,787			5,599,724			5,563,363
Asset Quality Ratios
Allowance for credit losses to loans and leases held for investment ⁽³⁾		1.62	%		1.56	%		1.62	%		1.64	%		1.65	%
Net charge-offs ⁽³⁾	$	32,087		$	24,162		$	18,585		$	13,739		$	16,816
Net charge-offs to average loans and leases held for investment ^{(2) (3)}		1.00	%		0.80	%		0.63	%		0.48	%		0.61	%

Nonperforming loans and leases at historical cost ⁽³⁾
Unguaranteed	$	138,422		$	124,336		$	116,791		$	101,371		$	76,887
Guaranteed		370,267			346,419			327,409			399,786			379,381
Total		508,689			470,755			444,200			501,157			456,268
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment ⁽³⁾		1.05	%		1.00	%		0.98	%		0.87	%		0.68	%

Nonperforming loans at fair value ⁽⁴⁾
Unguaranteed	$	11,607		$	6,623		$	6,884		$	7,715		$	6,775
Guaranteed		46,300			52,695			54,679			53,887			54,887
Total		57,907			59,318			61,563			61,602			61,662
Unguaranteed nonperforming fair value loans to fair value loans held for investment ⁽⁴⁾		5.36	%		2.85	%		2.81	%		2.96	%		2.42	%

Capital Ratios
Common equity tier 1 capital (to risk-weighted assets)		9.94	%		10.42	%		10.63	%		10.53	%		10.51	%
Tier 1 leverage capital (to average assets)		8.23			8.59			8.47			8.48			8.57

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 September 30, 2026							Three Months Ended June 30, 2026							Three Months Ended September 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	$	818,936		$	7,953	3.85	%	$	710,110		$	6,601	3.73	%	$	701,059		$	7,654	4.33	%
Investment securities		1,577,763			14,254	3.58			1,519,670			13,411	3.54			1,418,810			12,175	3.40
Loans held for sale		571,358			11,460	7.96			527,857			10,441	7.93			396,084			8,103	8.12
Loans and leases held for investment ⁽¹⁾		13,022,914			225,810	6.88			12,322,003			211,264	6.88			11,249,234			203,496	7.18
Total interest-earning assets		15,990,971			259,477	6.44			15,079,640			241,717	6.43			13,765,187			231,428	6.67
Less: Allowance for credit losses on loans and leases		(192,700	)						(193,304	)						(182,001	)
Noninterest-earning assets		586,176							537,352							530,529
Total assets	$	16,384,447						$	15,423,688						$	14,113,715
Interest-bearing liabilities:
Savings	$	7,661,348		$	64,020	3.32	%	$	7,170,652		$	58,289	3.26	%	$	6,608,380		$	58,657	3.52	%
Certificates of deposit		5,856,418			55,322	3.75			5,637,001			51,968	3.70			5,272,818			51,443	3.87
Other interest-bearing deposits		747,469			5,508	2.92			629,105			4,519	2.88			498,455			4,166	3.32
Total deposits		14,265,235			124,850	3.47			13,436,758			114,776	3.43			12,379,653			114,266	3.66
Borrowings		99,761			1,618	6.43			99,743			1,603	6.45			106,744			1,677	6.23
Total interest-bearing liabilities		14,364,996			126,468	3.49			13,536,501			116,379	3.45			12,486,397			115,943	3.68
Noninterest-bearing deposits		594,809							536,054							401,916
Noninterest-bearing liabilities		64,497							29,222							63,133
Shareholders' equity		1,356,092							1,317,767							1,157,893
Non-controlling interest		4,053							4,144							4,376
Total liabilities and shareholders' equity	$	16,384,447						$	15,423,688						$	14,113,715
Net interest income and interest rate spread				$	133,009	2.95	%				$	125,338	2.98	%				$	115,485	2.99	%
Net interest margin						3.30							3.33							3.33
Ratio of average interest-earning assets to average interest-bearing liabilities						111.32	%						111.40	%						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
	3Q 2026			2Q 2026			1Q 2026			4Q 2025			3Q 2025
Total shareholders’ equity	$	1,312,234		$	1,316,918		$	1,281,761		$	1,254,106		$	1,202,549
Less:
Preferred stock		96,266			96,266			96,266			96,266			96,266
Non-controlling interest		3,966			4,054			4,145			4,238			4,326
Total common shareholders' equity	$	1,212,002		$	1,216,598		$	1,181,350		$	1,153,602		$	1,101,957
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		1,937			2,013			2,089			2,165			1,453
Tangible common shareholders’ equity (a)	$	1,208,268		$	1,212,788		$	1,177,464		$	1,149,640		$	1,098,707
Shares outstanding (c)		46,377,874			46,283,620			46,240,691			46,032,402			45,855,739
Total assets	$	16,965,575		$	16,038,141		$	15,300,033		$	15,134,778		$	14,665,902
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		1,937			2,013			2,089			2,165			1,453
Tangible assets (b)	$	16,961,841		$	16,034,331		$	15,296,147		$	15,130,816		$	14,662,652
Tangible common shareholders’ equity to tangible assets (a/b)		7.12	%		7.56	%		7.70	%		7.60	%		7.49	%
Tangible book value per common share (a/c)	$	26.05		$	26.20		$	25.46		$	24.97		$	23.96
Efficiency ratio:
Noninterest expense (d)	$	85,720		$	84,525		$	85,293		$	89,153		$	83,516
Net interest income		133,009			125,338			119,400			123,120			115,485
Noninterest income		42,637			30,807			26,074			49,787			26,845
Total revenue (e)	$	175,646		$	156,145		$	145,474		$	172,907		$	142,330
Efficiency ratio (d/e)		48.80	%		54.13	%		58.63	%		51.56	%		58.68	%
Pre-provision net revenue (e-d)	$	89,926		$	71,620		$	60,181		$	83,754		$	58,814

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.