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 income 1 ) increased 18.3% and noninterest expense 1 increased 11.7%, which generated 28.9% growth in pre-provision net revenue 2
  • 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.