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Live Oak Bancshares, Inc. Reports Fourth Quarter 2025 Results

WILMINGTON, NC, January 21, 2026 - 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.

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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.

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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

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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.

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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.

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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.

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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).

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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.

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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.

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