Exhibit 99.1
Live Oak Bancshares, Inc. Reports Second Quarter 2026 Results
WILMINGTON, NC, July 22, 2026 - Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported second quarter of 2026 net income attributable to common shareholders of $34.7 million, or $0.74 per diluted common share.
Live Oak’s performance in the quarter, compared to the first quarter of 2026 and second quarter of 2025, includes these notable items:
- Strong loan production of $1.55 billion accompanied by strong deposit growth of $712.5 million as of June 30, 2026, compared to March 31, 2026, with total assets growing by 4.8% and 16.0% to $16.04 billion as of June 30, 2026, compared to March 31, 2026 and June 30, 2025, respectively
- Net interest income increased 5.0% and 14.8% compared to the first quarter of 2026 and second quarter of 2025, respectively. Net interest margin increased 6 basis points during the second quarter of 2026 from 3.27% for the first quarter of 2026 to 3.33% and increased 5 basis points compared to the second quarter of 2025
- Revenue (comprised of net interest income and noninterest income) increased 7.3% and 11.8% compared to the first quarter of 2026 and second quarter of 2025, respectively, and noninterest expense decreased 0.9% and 0.8% compared to the first quarter of 2026 and second quarter of 2025, respectively, which generated a 19.0% and 31.5% increase in pre-provision net revenue¹ compared to the first quarter of 2026 and second quarter of 2025, respectively
- Provision expense for credit losses of $25.8 million for the second quarter of 2026, increased $5.7 million and $2.5 million compared to the first quarter of 2026 and second quarter of 2025, respectively
“Live Oak Bank’s performance in the second quarter includes several milestones worth highlighting,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “With $1.5 billion of loan originations, record Live Oak Express small dollar originations and strong checking balance growth, Live Oak layered another strong quarter of sustainable momentum across our core business. We are dedicated to serving American business owners with the capital and banking excellence they need, and our shareholders are seeing our path to success taking shape. It is an exciting time to be part of Live Oak’s journey, and I am incredibly proud of our teams."
Conference Call
Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow, July 23, 2026, at 9:00 a.m. ET. The call will be accessible by telephone and webcast. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:
Live Telephone Dial-In
U.S.: 833.461.5787
Meeting ID: 646976405
Live Webcast Log-In
Webcast Link: investor.liveoakbank.com
Registration: Name and Email Required
Analyst Registration
To participate in Q&A, analysts must receive a unique passcode. Please follow instructions located at investor.liveoakbank.com.
(1) See accompanying GAAP to Non-GAAP Reconciliation.
| (Dollars in thousands, except per share data) | 2Q 2026 Change vs. | ||||||
| 1Q 2026 | 2Q 2025 | ||||||
| 2Q 2026 | 1Q 2026 | 2Q 2025 | $ | % | $ | % | |
| Total revenue (1) | $156,145 | $145,474 | $139,676 | $10,671 | 7.3% | $16,469 | 11.8% |
| Total noninterest expense | 84,525 | 85,293 | 85,222 | (768) | (0.9) | (697) | (0.8) |
| Provision for credit losses | 25,800 | 20,100 | 23,252 | 5,700 | 28.4 | 2,548 | 11.0 |
| Income before taxes | 45,820 | 40,081 | 31,202 | 5,739 | 14.3 | 14,618 | 46.8 |
| Effective tax rate | 19.9 | 25.3 | 25.0 | n/a | n/a | n/a | n/a |
| Net income attributable to common shareholders | $34,701 | $27,946 | $23,428 | $6,755 | 24.2% | $11,273 | 48.1% |
| Diluted earnings per common share | 0.74 | 0.60 | 0.51 | 0.14 | 23.3 | 0.23 | 45.1 |
| Loan and lease production | 1,548,432 | 1,368,311 | 1,526,592 | 180,121 | 13.2 | 21,840 | 1.4 |
| Total loans and leases | 13,142,671 | 12,593,529 | 11,364,846 | 549,142 | 4.4 | 1,777,825 | 15.6 |
| Total assets | 16,038,141 | 15,300,033 | 13,831,208 | 738,108 | 4.8 | 2,206,933 | 16.0 |
| Total deposits | 14,547,526 | 13,835,058 | 12,594,790 | 712,468 | 5.1 | 1,952,736 | 15.5 |
(1) Total revenue consists of net interest income and total noninterest income.
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 | 910.218.2196
Claire Parker | Corporate Communications | Media Relations | 910.597.1592
Quarterly Statements of Income (unaudited)
Dollars in thousands, except per share data
| Three Months Ended | 2Q 2026 Change vs. | ||||||
| 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2026 | 2Q 2025 | |
| Interest income | % | % | |||||
| Loans and fees on loans | $221,705 | $214,129 | $218,852 | $211,599 | $204,513 | 3.5 | 8.4 |
| Investment securities, taxable | 13,411 | 13,009 | 12,679 | 12,175 | 11,648 | 3.1 | 15.1 |
| Other interest earning assets | 6,601 | 6,726 | 8,124 | 7,654 | 8,123 | (1.9) | (18.7) |
| Total interest income | 241,717 | 233,864 | 239,655 | 231,428 | 224,284 | 3.4 | 7.8 |
| Interest expense | |||||||
| Deposits | 114,776 | 112,847 | 114,879 | 114,266 | 113,380 | 1.7 | 1.2 |
| Borrowings | 1,603 | 1,617 | 1,656 | 1,677 | 1,683 | (0.9) | (4.8) |
| Total interest expense | 116,379 | 114,464 | 116,535 | 115,943 | 115,063 | 1.7 | 1.1 |
| Net interest income | 125,338 | 119,400 | 123,120 | 115,485 | 109,221 | 5.0 | 14.8 |
| Provision for credit losses | 25,800 | 20,100 | 21,845 | 22,242 | 23,252 | 28.4 | 11.0 |
| Net interest income after provision for credit losses | 99,538 | 99,300 | 101,275 | 93,243 | 85,969 | 0.2 | 15.8 |
| Noninterest income | |||||||
| Loan servicing revenue | 9,194 | 9,094 | 9,227 | 8,812 | 8,565 | 1.1 | 7.3 |
| Loan servicing asset revaluation | (4,278) | (3,487) | (3,932) | (4,360) | (3,057) | (22.7) | (39.9) |
| Net gains on sales of loans | 17,554 | 15,425 | 12,313 | 17,099 | 17,570 | 13.8 | (0.1) |
| Net gain (loss) on loans accounted for under the fair value option | 291 | (1,165) | 1,518 | (350) | 1,082 | 125.0 | (73.1) |
| Equity method investments income (loss) | 74 | (817) | 23,812 | (1,470) | (2,716) | 109.1 | 102.7 |
| Equity security investments gains, net | — | — | 4,691 | 18 | 1,004 | — | (100.0) |
| Lease income | 2,238 | 2,135 | 2,196 | 2,179 | 3,103 | 4.8 | (27.9) |
| Other noninterest income | 5,734 | 4,889 | (38) | 4,917 | 4,904 | 17.3 | 16.9 |
| Total noninterest income | 30,807 | 26,074 | 49,787 | 26,845 | 30,455 | 18.2 | 1.2 |
| Noninterest expense | |||||||
| Salaries and employee benefits | 48,776 | 49,354 | 47,988 | 49,910 | 46,008 | (1.2) | 6.0 |
| Travel expense | 1,933 | 1,463 | 1,715 | 1,618 | 1,634 | 32.1 | 18.3 |
| Professional services expense | 2,938 | 2,516 | 2,855 | 1,999 | 2,874 | 16.8 | 2.2 |
| Advertising and marketing expense | 2,734 | 3,051 | 2,298 | 1,839 | 4,420 | (10.4) | (38.1) |
| Occupancy expense | 2,364 | 2,410 | 2,317 | 2,339 | 2,369 | (1.9) | (0.2) |
| Technology expense | 9,608 | 9,749 | 13,397 | 10,234 | 10,066 | (1.4) | (4.5) |
| Equipment expense | 3,662 | 3,693 | 3,677 | 3,320 | 3,685 | (0.8) | (0.6) |
| Other loan origination and maintenance expense | 4,864 | 5,919 | 4,917 | 4,777 | 4,190 | (17.8) | 16.1 |
| Renewable energy tax credit investment impairment | 26 | — | 129 | 336 | 270 | 100.0 | (90.4) |
| FDIC insurance | 4,788 | 4,401 | 3,933 | 3,643 | 3,545 | 8.8 | 35.1 |
| Other expense | 2,832 | 2,737 | 5,927 | 3,501 | 6,161 | 3.5 | (54.0) |
| Total noninterest expense | 84,525 | 85,293 | 89,153 | 83,516 | 85,222 | (0.9) | (0.8) |
| Income before taxes | 45,820 | 40,081 | 61,909 | 36,572 | 31,202 | 14.3 | 46.8 |
| Income tax expense | 9,116 | 10,134 | 15,787 | 10,106 | 7,815 | (10.0) | 16.6 |
| Net income | 36,704 | 29,947 | 46,122 | 26,466 | 23,387 | 22.6 | 56.9 |
| Net loss attributable to non-controlling interest | 91 | 93 | 88 | 50 | 41 | (2.2) | 122.0 |
| Net income attributable to Live Oak Bancshares, Inc. | 36,795 | 30,040 | 46,210 | 26,516 | 23,428 | 22.5 | 57.1 |
| Preferred stock dividends | 2,094 | 2,094 | 2,094 | 954 | — | — | 100.0 |
| Net income attributable to common shareholders | $34,701 | $27,946 | $44,116 | $25,562 | $23,428 | 24.2 | 48.1 |
| Earnings per common share | |||||||
| Basic | $0.75 | $0.61 | $0.96 | $0.56 | $0.51 | 23.0 | 47.1 |
| Diluted | $0.74 | $0.60 | $0.95 | $0.55 | $0.51 | 23.3 | 45.1 |
| Weighted average shares outstanding | |||||||
| Basic | 46,265,757 | 46,138,609 | 45,906,268 | 45,780,794 | 45,634,741 | ||
| Diluted | 46,594,482 | 46,509,040 | 46,298,408 | 46,216,958 | 45,795,608 |
Quarterly Balance Sheets (unaudited)
Dollars in thousands
| As of the quarter ended | 2Q 2026 Change vs. | ||||||
| 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2026 | 2Q 2025 | |
| Assets | % | % | |||||
| Cash and due from banks | $927,630 | $816,135 | $864,904 | $892,445 | $662,755 | 13.7 | 40.0 |
| Certificates of deposit with other banks | 250 | 250 | 250 | 250 | 250 | — | — |
| Investment securities available-for-sale | 1,467,855 | 1,434,538 | 1,427,401 | 1,373,219 | 1,325,206 | 2.3 | 10.8 |
| Loans held for sale | 511,812 | 435,313 | 420,055 | 360,693 | 350,791 | 17.6 | 45.9 |
| Loans and leases held for investment (1) | 12,630,859 | 12,158,216 | 11,973,622 | 11,554,818 | 11,014,055 | 3.9 | 14.7 |
| Allowance for credit losses on loans and leases | (193,417) | (193,279) | (192,264) | (185,700) | (182,231) | (0.1) | (6.1) |
| Net loans and leases | 12,437,442 | 11,964,937 | 11,781,358 | 11,369,118 | 10,831,824 | 3.9 | 14.8 |
| Premises and equipment, net | 231,198 | 235,329 | 240,203 | 241,140 | 246,493 | (1.8) | (6.2) |
| Foreclosed assets | 11,017 | 12,005 | 8,208 | 11,024 | 6,318 | (8.2) | 74.4 |
| Servicing assets | 66,733 | 64,677 | 63,155 | 62,491 | 60,359 | 3.2 | 10.6 |
| Other assets | 384,204 | 336,849 | 329,244 | 355,522 | 347,212 | 14.1 | 10.7 |
| Total assets | $16,038,141 | $15,300,033 | $15,134,778 | $14,665,902 | $13,831,208 | 4.8 | 16.0 |
| Liabilities and shareholders’ equity | |||||||
| Liabilities | |||||||
| Deposits: | |||||||
| Noninterest-bearing | $605,237 | $510,917 | $515,051 | $494,019 | $393,393 | 18.5 | 53.9 |
| Interest-bearing | 13,942,289 | 13,324,141 | 13,173,608 | 12,796,704 | 12,201,397 | 4.6 | 14.3 |
| Total deposits | 14,547,526 | 13,835,058 | 13,688,659 | 13,290,723 | 12,594,790 | 5.1 | 15.5 |
| Borrowings | 99,766 | 99,746 | 102,404 | 105,045 | 107,659 | — | (7.3) |
| Other liabilities | 73,931 | 83,468 | 89,609 | 67,585 | 61,494 | (11.4) | 20.2 |
| Total liabilities | 14,721,223 | 14,018,272 | 13,880,672 | 13,463,353 | 12,763,943 | 5.0 | 15.3 |
| Shareholders’ equity | |||||||
| Preferred stock | 96,266 | 96,266 | 96,266 | 96,266 | — | — | 100.0 |
| Class A common stock (voting) | 399,396 | 392,258 | 388,389 | 383,288 | 377,953 | 1.8 | 5.7 |
| Class B common stock (non-voting) | — | — | — | — | — | — | — |
| Retained earnings | 869,757 | 836,444 | 809,885 | 770,820 | 746,450 | 4.0 | 16.5 |
| Accumulated other comprehensive loss | (52,555) | (47,352) | (44,672) | (52,151) | (61,514) | (11.0) | 14.6 |
| Total shareholders' equity attributed to Live Oak Bancshares, Inc. | 1,312,864 | 1,277,616 | 1,249,868 | 1,198,223 | 1,062,889 | 2.8 | 23.5 |
| Non-controlling interest | 4,054 | 4,145 | 4,238 | 4,326 | 4,376 | (2.2) | (7.4) |
| Total shareholders' equity | 1,316,918 | 1,281,761 | 1,254,106 | 1,202,549 | 1,067,265 | 2.7 | 23.4 |
| Total liabilities and shareholders’ equity | $16,038,141 | $15,300,033 | $15,134,778 | $14,665,902 | $13,831,208 | 4.8 | 16.0 |
(1) Includes $232.1 million, $244.9 million, $260.6 million, $280.3 million and $303.8 million loans measured at fair value for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Statements of Income (unaudited)
Dollars in thousands, except per share data
| Line item | Six Months EndedJune 30, 2026 | Six Months EndedJune 30, 2025 |
|---|---|---|
| Interest income | ||
| Loans and fees on loans | $435,834 | $400,129 |
| Investment securities, taxable | 26,420 | 22,737 |
| Other interest earning assets | 13,327 | 14,523 |
| Total interest income | 475,581 | 437,389 |
| Interest expense | ||
| Deposits | 227,623 | 224,268 |
| Borrowings | 3,220 | 3,368 |
| Total interest expense | 230,843 | 227,636 |
| Net interest income | 244,738 | 209,753 |
| Provision for credit losses | 45,900 | 52,216 |
| Net interest income after provision for credit losses | 198,838 | 157,537 |
| Noninterest income | ||
| Loan servicing revenue | 18,288 | 16,863 |
| Loan servicing asset revaluation | (7,765) | (7,785) |
| Net gains on sales of loans | 32,979 | 33,008 |
| Net (loss) gain on loans accounted for under the fair value option | (874) | 48 |
| Equity method investments (loss) income | (743) | (4,955) |
| Equity security investments gain (losses), net | — | 1,024 |
| Lease income | 4,373 | 5,676 |
| Other noninterest income | 10,623 | 8,947 |
| Total noninterest income | 56,881 | 52,826 |
| Noninterest expense | ||
| Salaries and employee benefits | 98,130 | 91,537 |
| Travel expense | 3,396 | 3,698 |
| Professional services expense | 5,454 | 5,898 |
| Advertising and marketing expense | 5,785 | 8,085 |
| Occupancy expense | 4,774 | 5,106 |
| Technology expense | 19,357 | 19,317 |
| Equipment expense | 7,355 | 7,430 |
| Other loan origination and maintenance expense | 10,783 | 8,775 |
| Renewable energy tax credit investment impairment | 26 | 270 |
| FDIC insurance | 9,189 | 7,096 |
| Other expense | 5,569 | 8,817 |
| Total noninterest expense | 169,818 | 166,029 |
| Income before taxes | 85,901 | 44,334 |
| Income tax expense | 19,250 | 11,279 |
| Net income | 66,651 | 33,055 |
| Net loss attributable to non-controlling interest | 184 | 90 |
| Net income attributable to Live Oak Bancshares, Inc. | 66,835 | 33,145 |
| Preferred stock dividends | 4,188 | — |
| Net income attributable to common shareholders | $62,647 | $33,145 |
| Earnings per common share | ||
| Basic | $1.36 | $0.72 |
| Diluted | $1.35 | $0.72 |
| Weighted average shares outstanding | ||
| Basic | 46,202,534 | 45,556,842 |
| Diluted | 46,552,112 | 45,825,543 |
Live Oak Bancshares, Inc.
Quarterly Selected Financial Data
(Dollars in thousands, except per share data)
| Line item | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended |
|---|---|---|---|---|---|---|---|---|---|---|
| 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | ||||||
| Income Statement Data | ||||||||||
| Net income attributable to common shareholders | $34,701 | $27,946 | $44,116 | $25,562 | $23,428 | |||||
| Per Common Share | ||||||||||
| Net income, diluted | $0.74 | $0.60 | $0.95 | $0.55 | $0.51 | |||||
| Dividends declared - common | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | |||||
| Book value per common share | 26.29 | 25.55 | 25.06 | 24.03 | 23.36 | |||||
| Tangible book value per common share (1) | 26.20 | 25.46 | 24.97 | 23.96 | 23.29 | |||||
| Performance Ratios | ||||||||||
| Return on average assets (annualized) | 0.90 | 0.74 | 1.19 | 0.72 | 0.68 | |||||
| Return on average common equity (annualized) | 11.36 | 9.39 | 15.25 | 9.32 | 8.85 | |||||
| Net interest margin | 3.33 | 3.27 | 3.38 | 3.33 | 3.28 | |||||
| Efficiency ratio (1) | 54.13 | 58.63 | 51.56 | 58.68 | 61.01 | |||||
| Noninterest income to total revenue | 19.73 | 17.92 | 28.79 | 18.86 | 21.80 | |||||
| Selected Loan Metrics | ||||||||||
| Loans and leases originated | $1,548,432 | $1,368,311 | $1,638,113 | $1,648,711 | $1,526,592 | |||||
| Outstanding balance of sold loans serviced | 5,991,590 | 5,943,787 | 5,599,724 | 5,563,363 | 5,321,284 | |||||
| Asset Quality Ratios | ||||||||||
| Allowance for credit losses to loans and leases held for investment (3) | 1.56 | 1.62 | 1.64 | 1.65 | 1.70 | |||||
| Net charge-offs (3) | $24,162 | $18,585 | $13,739 | $16,816 | $31,445 | |||||
| Net charge-offs to average loans and leases held for investment (2) (3) | 0.80 | 0.63 | 0.48 | 0.61 | 1.19 | |||||
| Nonperforming loans and leases at historical cost (3) | ||||||||||
| Unguaranteed | $124,336 | $116,791 | $101,371 | $76,887 | $59,555 | |||||
| Guaranteed | 346,419 | 327,409 | 399,786 | 379,381 | 336,777 | |||||
| Total | 470,755 | 444,200 | 501,157 | 456,268 | 396,332 | |||||
| Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3) | 1.00 | 0.98 | 0.87 | 0.68 | 0.56 | |||||
| Nonperforming loans at fair value (4) | ||||||||||
| Unguaranteed | $6,623 | $6,884 | $7,715 | $6,775 | $8,873 | |||||
| Guaranteed | 52,695 | 54,679 | 53,887 | 54,887 | 60,453 | |||||
| Total | 59,318 | 61,563 | 61,602 | 61,662 | 69,326 | |||||
| Unguaranteed nonperforming fair value loans to fair value loans held for investment (4) | 2.85 | 2.81 | 2.96 | 2.42 | 2.92 | |||||
| Capital Ratios | ||||||||||
| Common equity tier 1 capital (to risk-weighted assets) | 10.42 | 10.63 | 10.53 | 10.51 | 10.67 | |||||
| Tier 1 leverage capital (to average assets) | 8.59 | 8.47 | 8.48 | 8.57 | 7.90 |
Notes to Quarterly Selected Financial Data
(1) See accompanying GAAP to Non-GAAP Reconciliation.
(2) Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
(3) Loans and leases at historical cost only (excludes loans measured at fair value).
(4) Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).
Live Oak Bancshares, Inc.
Quarterly Average Balances and Net Interest Margin (Dollars in thousands)
| Line item | Three Months Ended June 30, 2026Average Balance | Three Months Ended June 30, 2026Interest | Three Months Ended June 30, 2026Average Yield/Rate | Three Months Ended March 31, 2026Average Balance | Three Months Ended March 31, 2026Interest | Three Months Ended March 31, 2026Average Yield/Rate | Three Months Ended June 30, 2025Average Balance | Three Months Ended June 30, 2025Interest | Three Months Ended June 30, 2025Average Yield/Rate |
|---|---|---|---|---|---|---|---|---|---|
| Interest-earning assets: | |||||||||
| Interest-earning balances in other banks | $710,110 | $6,601 | 3.73% | $729,938 | $6,726 | 3.74% | $727,715 | $8,123 | 4.48% |
| Investment securities | 1,519,670 | 13,411 | 3.54 | 1,492,023 | 13,009 | 3.54 | 1,408,942 | 11,648 | 3.32 |
| Loans held for sale | 527,857 | 10,441 | 7.93 | 514,501 | 9,792 | 7.72 | 381,531 | 8,008 | 8.42 |
| Loans and leases held for investment (1) | 12,322,003 | 211,264 | 6.88 | 12,081,396 | 204,337 | 6.86 | 10,843,303 | 196,505 | 7.27 |
| Total interest-earning assets | 15,079,640 | 241,717 | 6.43 | 14,817,858 | 233,864 | 6.40 | 13,361,491 | 224,284 | 6.73 |
| Less: Allowance for credit losses on loans and leases | (193,304) | (190,522) | (186,022) | ||||||
| Noninterest-earning assets | 537,352 | 547,970 | 539,485 | ||||||
| Total assets | $15,423,688 | $15,175,306 | $13,714,954 | ||||||
| Interest-bearing liabilities: | |||||||||
| Savings | $7,170,652 | $58,289 | 3.26% | $6,910,397 | $55,420 | 3.25% | $6,241,053 | $56,529 | 3.63% |
| Certificates of deposit | 5,637,001 | 51,968 | 3.70 | 5,730,803 | 53,337 | 3.77 | 5,392,494 | 52,789 | 3.93 |
| Other interest-bearing deposits | 629,105 | 4,519 | 2.88 | 579,330 | 4,090 | 2.86 | 479,735 | 4,062 | 3.40 |
| Total deposits | 13,436,758 | 114,776 | 3.43 | 13,220,530 | 112,847 | 3.46 | 12,113,282 | 113,380 | 3.75 |
| Borrowings | 99,743 | 1,603 | 6.45 | 103,329 | 1,617 | 6.35 | 109,463 | 1,683 | 6.17 |
| Total interest-bearing liabilities | 13,536,501 | 116,379 | 3.45 | 13,323,859 | 114,464 | 3.48 | 12,222,745 | 115,063 | 3.78 |
| Noninterest-bearing deposits | 536,054 | 491,301 | 375,503 | ||||||
| Noninterest-bearing liabilities | 29,222 | 69,596 | 53,717 | ||||||
| Shareholders' equity | 1,317,767 | 1,286,313 | 1,058,572 | ||||||
| Non-controlling interest | 4,144 | 4,237 | 4,417 | ||||||
| Total liabilities and shareholders' equity | $15,423,688 | $15,175,306 | $13,714,954 | ||||||
| Net interest income and interest rate spread | $125,338 | 2.98% | $119,400 | 2.92% | $109,221 | 2.95% | |||
| Net interest margin | 3.33 | 3.27 | 3.28 | ||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 111.40% | 111.21% | 109.32% |
(1) Average loan and lease balances include non-accruing loans and leases.
GAAP to Non-GAAP Reconciliation
Dollars in thousands
| Line item | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended | As of and for the three months ended |
|---|---|---|---|---|---|---|---|---|---|---|
| 2Q 2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | ||||||
| Total shareholders’ equity | $1,316,918 | $1,281,761 | $1,254,106 | $1,202,549 | $1,067,265 | |||||
| Less: | ||||||||||
| Preferred stock | 96,266 | 96,266 | 96,266 | 96,266 | — | |||||
| Non-controlling interest | 4,054 | 4,145 | 4,238 | 4,326 | — | |||||
| Total common shareholders' equity | $1,216,598 | $1,181,350 | $1,153,602 | $1,101,957 | $1,067,265 | |||||
| Less: | ||||||||||
| Goodwill | 1,797 | 1,797 | 1,797 | 1,797 | 1,797 | |||||
| Other intangible assets | 2,013 | 2,089 | 2,165 | 1,453 | 1,491 | |||||
| Tangible common shareholders’ equity (a) | $1,212,788 | $1,177,464 | $1,149,640 | $1,098,707 | $1,063,977 | |||||
| Shares outstanding (c) | 46,283,620 | 46,240,691 | 46,032,402 | 45,855,739 | 45,686,081 | |||||
| Total assets | $16,038,141 | $15,300,033 | $15,134,778 | $14,665,902 | $13,831,208 | |||||
| Less: | ||||||||||
| Goodwill | 1,797 | 1,797 | 1,797 | 1,797 | 1,797 | |||||
| Other intangible assets | 2,013 | 2,089 | 2,165 | 1,453 | 1,491 | |||||
| Tangible assets (b) | $16,034,331 | $15,296,147 | $15,130,816 | $14,662,652 | $13,827,920 | |||||
| Tangible common shareholders’ equity to tangible assets (a/b) | 7.56 | 7.70 | 7.60 | 7.49 | 7.69 | |||||
| Tangible book value per common share (a/c) | $26.20 | $25.46 | $24.97 | $23.96 | $23.29 | |||||
| Efficiency ratio: | ||||||||||
| Noninterest expense (d) | $84,525 | $85,293 | $89,153 | $83,516 | $85,222 | |||||
| Net interest income | 125,338 | 119,400 | 123,120 | 115,485 | 109,221 | |||||
| Noninterest income | 30,807 | 26,074 | 49,787 | 26,845 | 30,455 | |||||
| Total revenue (e) | $156,145 | $145,474 | $172,907 | $142,330 | $139,676 | |||||
| Efficiency ratio (d/e) | 54.13 | 58.63 | 51.56 | 58.68 | 61.01 | |||||
| Pre-provision net revenue (e-d) | $71,620 | $60,181 | $83,754 | $58,814 | $54,454 |
This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.