# EDGAR Filing Document

**Accession Number:** 0001462120
**File Stem:** 0001462120-26-000036
**Filing Date:** 2026-4
**Character Count:** 33894
**Document Hash:** 20bb08d726ba976c5de37f487d511339
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001462120-26-000036.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001462120-26-000036

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260422

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Live Oak Bancshares, Inc.
- **CENTRAL INDEX KEY:** 0001462120
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 264596286
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37497
- **FILM NUMBER:** 26884122

**BUSINESS ADDRESS:**
- **STREET 1:** 1741 TIBURON DRIVE
- **CITY:** WILMINGTON
- **STATE:** NC
- **ZIP:** 28403
- **BUSINESS PHONE:** 910-790-5867

**MAIL ADDRESS:**
- **STREET 1:** 1741 TIBURON DRIVE
- **CITY:** WILMINGTON
- **STATE:** NC
- **ZIP:** 28403

?xml version='1.0' encoding='ASCII'? lob-20260422

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**<u>FORM 8-K</u>** 

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): **April 22, 2026**

![LiveOakBancsharesLogo.jpg](lob-20260422_g1.jpg)

---

| |
|:---|
| **LIVE OAK BANCSHARES, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **North Carolina** | **North Carolina** | **North Carolina** | **001-37497** | **26-4596286** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **1741 Tiburon Drive,** | **Wilmington,** | **NC** |  | **28403** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) |  | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: **(910) 790-5867**

---

| |
|:---|
| **Not Applicable** |
| (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Voting Common Stock, no par value per share** | **LOB** | **New York Stock Exchange LLC** |
| **Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, no par value per share** | **LOB/PA** | **New York Stock Exchange LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On April 22, 2026, Live Oak Bancshares, Inc. (the "Company") announced financial results for the first quarter ended March 31, 2026. A copy of the press release announcing the Company's results for the first quarter is attached as Exhibit 99.1 hereto and incorporated by reference herein.

The information contained in this report (including Exhibit 99.1) shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| <u>[99.1](lob-20260422exx991.htm)</u> | <u>[Press Release dated April 22, 2026](lob-20260422exx991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **LIVE OAK BANCSHARES, INC.** | **LIVE OAK BANCSHARES, INC.** |
| Date: April 22, 2026 | By: | /s/ Walter J. Phifer |
|  |  | Walter J. Phifer<br>Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![liveoakbancshareslogo.jpg](liveoakbancshareslogo.jpg)

**Live Oak Bancshares, Inc. Reports First Quarter 2026 Results**

WILMINGTON, NC, April 22, 2026 - Live Oak Bancshares, Inc. (NYSE: LOB) ("Live Oak" or "the Company") today reported first quarter of 2026 net income attributable to common shareholders of $27.9 million, or $0.60 per diluted common share.

Live Oak's performance in the quarter, compared to the fourth quarter of 2025 and first quarter of 2025, includes these notable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong loan production of $1.37 billion accompanied by strong deposit growth of $146.4 million in the first quarter of 2026, with total assets growing by 1.1% and 12.5% to $15.30 billion compared to the fourth quarter of 2025 and first quarter of 2025, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income decreased 3.0% and increased 18.8% compared to the fourth quarter of 2025 and first quarter of 2025, respectively. Net interest margin decreased 11 basis points during the first quarter of 2026 from 3.38% for the fourth quarter of 2025 to 3.27% and increased 7 basis points compared to the first quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue (comprised of net interest income and noninterest income) decreased 15.9% and increased 18.4% compared to the fourth quarter of 2025 and first quarter of 2025, respectively, and noninterest expense decreased 4.3% and increased 5.6% compared to the fourth quarter of 2025 and first quarter of 2025, respectively, which generated a 28.1% decrease and 43.0% increase in pre-provision net revenue<sup>1</sup> compared to the fourth quarter of 2025 and first quarter of 2025, respectively. The decrease in revenue and pre-provision net revenue<sup>1</sup> compared to the fourth quarter of 2025 is largely related to a $24.1 million pre-tax gain related to the sale of Apiture, Inc. and $9.0 million gain arising from the sale of a portfolio investment in the fourth quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision expense for credit losses of $20.1 million for the first quarter of 2026, decreased $1.7 million and $8.9 million compared to the fourth quarter of 2025 and first quarter of 2025, respectively

"We are pleased with the momentum we've carried into 2026. Our first quarter results reflect the strength of our differentiated model and our commitment to serving America's small business owners," said Live Oak Chairman and CEO James S. (Chip) Mahan III. "We delivered strong loan production, deposit growth, and stable credit performance during the quarter. We remain focused on our key initiatives, Live Oak Express and business checking, in addition to balance sheet strength and prudent capital management. We believe we are well positioned to support our customers, manage through a dynamic environment, and continue building long-term value for shareholders."

**Conference Call**

Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow, April 23, 2026, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 98602. 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)See accompanying GAAP to Non-GAAP Reconciliation.

------

**First Quarter 2026 Key Measures**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) |  |  | 1Q 2026 Change vs. | 1Q 2026 Change vs. |
|  |  |  |  | 4Q 2025 | 1Q 2025 |
|  | 1Q 2026 | 4Q 2025 | 1Q 2025 | $% | $% |
| **Total revenue** <sup>(1)</sup> | $145474 | $172907 | $122903 | (15.9)% | 18.4% |
| **Total noninterest expense** | 85293 | 89153 | 80807 | (4.3) | 5.6 |
| **Provision for credit losses** | 20100 | 21845 | 28964 | (8.0) | (30.6) |
| **Income before taxes** | 40081 | 61909 | 13132 | (35.3) | 205.2 |
| **Effective tax rate** | 25.3% | 25.5% | 26.4% | n/a | n/a |
| **Net income attributable to common shareholders** | $27946 | $44116 | $9717 | (36.7)% | 187.6% |
| **Diluted earnings per common share** | 0.60 | 0.95 | 0.21 | (36.8) | 185.7 |
| **Loan and lease production** | 1368311 | 1638113 | 1396223 | (16.5) | (2.0) |
| **Total loans and leases** | 12593529 | 12393677 | 11061866 | 1.6 | 13.8 |
| **Total assets** | 15300033 | 15134778 | 13595704 | 1.1 | 12.5 |
| **Total deposits** | 13835058 | 13688659 | 12395945 | 1.1 | 11.6 |

---

(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:**

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 | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | 1Q 2026 Change vs. | 1Q 2026 Change vs. |
| | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2025 | 1Q 2025 |
| **Interest income** |  |  |  |  |  | % | % |
| Loans and fees on loans | $214129 | $218852 | $211599 | $204513 | $195616 | (2.2) | 9.5 |
| Investment securities, taxable | 13009 | 12679 | 12175 | 11648 | 11089 | 2.6 | 17.3 |
| Other interest earning assets | 6726 | 8124 | 7654 | 8123 | 6400 | (17.2) | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 233864 | 239655 | 231428 | 224284 | 213105 | (2.4) | 9.7 |
| **Interest expense** |  |  |  |  |  |  |  |
| Deposits | 112847 | 114879 | 114266 | 113380 | 110888 | (1.8) | 1.8 |
| Borrowings | 1617 | 1656 | 1677 | 1683 | 1685 | (2.4) | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 114464 | 116535 | 115943 | 115063 | 112573 | (1.8) | 1.7 |
| Net interest income | 119400 | 123120 | 115485 | 109221 | 100532 | (3.0) | 18.8 |
| **Provision for credit losses** | 20100 | 21845 | 22242 | 23252 | 28964 | (8.0) | (30.6) |
| Net interest income after provision for credit losses | 99300 | 101275 | 93243 | 85969 | 71568 | (2.0) | 38.7 |
| **Noninterest income** |  |  |  |  |  |  |  |
| Loan servicing revenue | 9094 | 9227 | 8812 | 8565 | 8298 | (1.4) | 9.6 |
| Loan servicing asset revaluation | (3487) | (3932) | (4360) | (3057) | (4728) | 11.3 | 26.2 |
| Net gains on sales of loans | 15425 | 12313 | 17099 | 17570 | 15438 | 25.3 | (0.1) |
| Net (loss) gain on loans accounted for under the fair value option | (1165) | 1518 | (350) | 1082 | (1034) | (176.7) | (12.7) |
| Equity method investments (loss) income | (817) | 23812 | (1470) | (2716) | (2239) | (103.4) | 63.5 |
| Equity security investments gains, net |  | 4691 | 18 | 1004 | 20 | (100.0) | (100.0) |
| Lease income | 2135 | 2196 | 2179 | 3103 | 2573 | (2.8) | (17.0) |
| Other noninterest income | 4889 | (38) | 4917 | 4904 | 4043 | 12965.8 | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 26074 | 49787 | 26845 | 30455 | 22371 | (47.6) | 16.6 |
| **Noninterest expense** |  |  |  |  |  |  |  |
| Salaries and employee benefits | 49354 | 47988 | 49910 | 46008 | 45529 | 2.8 | 8.4 |
| Travel expense | 1463 | 1715 | 1618 | 1634 | 2064 | (14.7) | (29.1) |
| Professional services expense | 2516 | 2855 | 1999 | 2874 | 3024 | (11.9) | (16.8) |
| Advertising and marketing expense | 3051 | 2298 | 1839 | 4420 | 3665 | 32.8 | (16.8) |
| Occupancy expense | 2410 | 2317 | 2339 | 2369 | 2737 | 4.0 | (11.9) |
| Technology expense | 9749 | 13397 | 10234 | 10066 | 9251 | (27.2) | 5.4 |
| Equipment expense | 3693 | 3677 | 3320 | 3685 | 3745 | 0.4 | (1.4) |
| Other loan origination and maintenance expense | 5919 | 4917 | 4777 | 4190 | 4585 | 20.4 | 29.1 |
| Renewable energy tax credit investment impairment |  | 129 | 336 | 270 |  | (100.0) |  |
| FDIC insurance | 4401 | 3933 | 3643 | 3545 | 3551 | 11.9 | 23.9 |
| Other expense | 2737 | 5927 | 3501 | 6161 | 2656 | (53.8) | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 85293 | 89153 | 83516 | 85222 | 80807 | (4.3) | 5.6 |
| **Income before taxes** | 40081 | 61909 | 36572 | 31202 | 13132 | (35.3) | 205.2 |
| Income tax expense | 10134 | 15787 | 10106 | 7815 | 3464 | (35.8) | 192.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 29947 | 46122 | 26466 | 23387 | 9668 | (35.1) | 209.8 |
| Net loss attributable to non-controlling interest | 93 | 88 | 50 | 41 | 49 | 5.7 | 89.8 |
| Net income attributable to Live Oak Bancshares, Inc. | 30040 | 46210 | 26516 | 23428 | 9717 | (35.0) | 209.1 |
| Preferred stock dividends | 2094 | 2094 | 954 |  |  |  | 100.0 |
| Net income attributable to common shareholders | $27946 | $44116 | $25562 | $23428 | $9717 | (36.7) | 187.6 |
| **Earnings per common share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.61 | $0.96 | $0.56 | $0.51 | $0.21 | (36.5) | 190.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.60 | $0.95 | $0.55 | $0.51 | $0.21 | (36.8) | 185.7 |
| **Weighted average shares outstanding** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 46138609 | 45906268 | 45780794 | 45634741 | 45377965 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 46509040 | 46298408 | 46216958 | 45795608 | 45754499 |  |  |

---

------

**Live Oak Bancshares, Inc.**

**Quarterly Balance Sheets (unaudited)**

(Dollars in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | As of the quarter ended | As of the quarter ended | As of the quarter ended | As of the quarter ended | As of the quarter ended | 1Q 2026 Change vs. | 1Q 2026 Change vs. |
| | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 | 4Q 2025 | 1Q 2025 |
| **Assets** |  |  |  |  |  | % | % |
| Cash and due from banks | $816135 | $864904 | $892445 | $662755 | $744263 | (5.6) | 9.7 |
| Certificates of deposit with other banks | 250 | 250 | 250 | 250 | 250 |  |  |
| Investment securities available-for-sale | 1434538 | 1427401 | 1373219 | 1325206 | 1312680 | 0.5 | 9.3 |
| Loans held for sale  | 435313 | 420055 | 360693 | 350791 | 367955 | 3.6 | 18.3 |
| Loans and leases held for investment <sup>(1)</sup> | 12158216 | 11973622 | 11554818 | 11014055 | 10693911 | 1.5 | 13.7 |
| Allowance for credit losses on loans and leases | (193279) | (192264) | (185700) | (182231) | (190184) | (0.5) | (1.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases | 11964937 | 11781358 | 11369118 | 10831824 | 10503727 | 1.6 | 13.9 |
| Premises and equipment, net | 235329 | 240203 | 241140 | 246493 | 259113 | (2.0) | (9.2) |
| Foreclosed assets | 12005 | 8208 | 11024 | 6318 | 2108 | 46.3 | 469.5 |
| Servicing assets | 64677 | 63155 | 62491 | 60359 | 56911 | 2.4 | 13.6 |
| Other assets | 336849 | 329244 | 355522 | 347212 | 348697 | 2.3 | (3.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $15300033 | $15134778 | $14665902 | $13831208 | $13595704 | 1.1 | 12.5 |
| **Liabilities and shareholders' equity** |  |  |  |  |  |  |  |
| ***Liabilities*** |  |  |  |  |  |  |  |
| Deposits: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $510917 | $515051 | $494019 | $393393 | $386108 | (0.8) | 32.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 13324141 | 13173608 | 12796704 | 12201397 | 12009837 | 1.1 | 10.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 13835058 | 13688659 | 13290723 | 12594790 | 12395945 | 1.1 | 11.6 |
| Borrowings | 99746 | 102404 | 105045 | 107659 | 110247 | (2.6) | (9.5) |
| Other liabilities | 83468 | 89609 | 67585 | 61494 | 58065 | (6.9) | 43.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 14018272 | 13880672 | 13463353 | 12763943 | 12564257 | 1.0 | 11.6 |
| ***Shareholders' equity*** |  |  |  |  |  |  |  |
| Preferred stock | 96266 | 96266 | 96266 |  |  |  | 100.0 |
| Class A common stock (voting) | 392258 | 388389 | 383288 | 377953 | 370513 | 1.0 | 5.9 |
| Class B common stock (non-voting) |  |  |  |  |  |  |  |
| Retained earnings | 836444 | 809885 | 770820 | 746450 | 724215 | 3.3 | 15.5 |
| Accumulated other comprehensive loss | (47352) | (44672) | (52151) | (61514) | (67698) | (6.0) | 30.1 |
| Total shareholders' equity attributed to Live Oak Bancshares, Inc. | 1277616 | 1249868 | 1198223 | 1062889 | 1027030 | 2.2 | 24.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 4145 | 4238 | 4326 | 4376 | 4417 | (2.2) | (6.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 1281761 | 1254106 | 1202549 | 1067265 | 1031447 | 2.2 | 24.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $15300033 | $15134778 | $14665902 | $13831208 | $13595704 | 1.1 | 12.5 |

---

(1)Includes $244.9 million, $260.6 million, $280.3 million, $303.8 million and $316.8 million loans measured at fair value for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

------

**Live Oak Bancshares, Inc.**

**Quarterly Selected Financial Data**

(Dollars in thousands, except per share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 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 |
| | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 |
| **Income Statement Data** |  |  |  |  |  |
| Net income attributable to common shareholders | $27946 | $44116 | $25562 | $23428 | $9717 |
| **Per Common Share** |  |  |  |  |  |
| Net income, diluted | $0.60 | $0.95 | $0.55 | $0.51 | $0.21 |
| Dividends declared - common | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Book value per common share | 25.55 | 25.06 | 24.03 | 23.36 | 22.62 |
| Tangible book value per common share <sup>(1)</sup> | 25.46 | 24.97 | 23.96 | 23.29 | 22.55 |
| **Performance Ratios** |  |  |  |  |  |
| Return on average assets (annualized) | 0.74% | 1.19% | 0.72% | 0.68% | 0.30% |
| Return on average common equity (annualized) | 9.39 | 15.25 | 9.32 | 8.85 | 3.78 |
| Net interest margin | 3.27 | 3.38 | 3.33 | 3.28 | 3.20 |
| Efficiency ratio <sup>(1)</sup> | 58.63 | 51.56 | 58.68 | 61.01 | 65.75 |
| Noninterest income to total revenue | 17.92 | 28.79 | 18.86 | 21.80 | 18.20 |
| **Selected Loan Metrics** |  |  |  |  |  |
| Loans and leases originated | $1368311 | $1638113 | $1648711 | $1526592 | $1396223 |
| Outstanding balance of sold loans serviced | 5943787 | 5599724 | 5563363 | 5321284 | 4949962 |
| **Asset Quality Ratios** |  |  |  |  |  |
| Allowance for credit losses to loans and leases held for investment <sup>(3)</sup> | 1.62% | 1.64% | 1.65% | 1.70% | 1.83% |
| Net charge-offs <sup>(3)</sup> | $18585 | $13739 | $16816 | $31445 | $6774 |
| Net charge-offs to average loans and leases held for investment <sup>(2) (3)</sup> | 0.63% | 0.48% | 0.61% | 1.19% | 0.27% |
| Nonperforming loans and leases at historical cost <sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unguaranteed | $116791 | $101371 | $76887 | $59555 | $99907 |
| &nbsp;&nbsp;&nbsp;Guaranteed | 327409 | 399786 | 379381 | 336777 | 322993 |
| &nbsp;&nbsp;&nbsp;Total | 444200 | 501157 | 456268 | 396332 | 422900 |
| Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment <sup>(3)</sup> | 0.98% | 0.87% | 0.68% | 0.56% | 0.96% |
| Nonperforming loans at fair value <sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unguaranteed | $6884 | $7715 | $6775 | $8873 | $9938 |
| &nbsp;&nbsp;&nbsp;Guaranteed | 54679 | 53887 | 54887 | 60453 | 58100 |
| &nbsp;&nbsp;&nbsp;Total | 61563 | 61602 | 61662 | 69326 | 68038 |
| Unguaranteed nonperforming fair value loans to fair value loans held for investment <sup>(4)</sup> | 2.81% | 2.96% | 2.42% | 2.92% | 3.14% |
| **Capital Ratios** |  |  |  |  |  |
| Common equity tier 1 capital (to risk-weighted assets) | 10.63% | 10.53% | 10.51% | 10.67% | 10.67% |
| Tier 1 leverage capital (to average assets) | 8.47 | 8.48 | 8.57 | 7.90 | 8.03 |

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**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<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended**<br>**December 31, 2025** | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 2025** | **Three Months Ended<br>March 31, 2025** |
| | **Average Balance** | **Interest** | **Average Yield/Rate** | **Average Balance** | **Interest** | **Average Yield/Rate** | **Average Balance** | **Interest** | **Average Yield/Rate** |
| **Interest-earning assets:** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-earning balances in other banks | $729938 | $6726 | 3.74% | $803095 | $8124 | 4.01% | $581267 | $6400 | 4.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 1492023 | 13009 | 3.54 | 1465824 | 12679 | 3.43 | 1379797 | 11089 | 3.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale | 514501 | 9792 | 7.72 | 420809 | 8240 | 7.77 | 407953 | 8612 | 8.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans and leases held for investment <sup>(1)</sup> | 12081396 | 204337 | 6.86 | 11777219 | 210612 | 7.09 | 10388872 | 187004 | 7.30 |
| Total interest-earning assets | 14817858 | 233864 | 6.40 | 14466947 | 239655 | 6.57 | 12757889 | 213105 | 6.77 |
| Less: Allowance for credit losses on loans and leases | (190522) |  |  | (186252) |  |  | (165320) |  |  |
| Noninterest-earning assets | 547970 |  |  | 546969 |  |  | 534133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $15175306 |  |  | $14827664 |  |  | $13126702 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | $6910397 | $55420 | 3.25% | $6833148 | $57668 | 3.35% | $5540147 | $51604 | 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 5730803 | 53337 | 3.77 | 5498643 | 52888 | 3.82 | 5563004 | 55235 | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest-bearing deposits | 579330 | 4090 | 2.86 | 559101 | 4323 | 3.07 | 478399 | 4049 | 3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 13220530 | 112847 | 3.46 | 12890892 | 114879 | 3.54 | 11581550 | 110888 | 3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 103329 | 1617 | 6.35 | 104219 | 1656 | 6.30 | 111919 | 1685 | 6.11 |
| Total interest-bearing liabilities | 13323859 | 114464 | 3.48 | 12995111 | 116535 | 3.56 | 11693469 | 112573 | 3.90 |
| Noninterest-bearing deposits | 491301 |  |  | 492501 |  |  | 342482 |  |  |
| Noninterest-bearing liabilities | 69596 |  |  | 82684 |  |  | 58739 |  |  |
| Shareholders' equity | 1286313 |  |  | 1253043 |  |  | 1027547 |  |  |
| Non-controlling interest | 4237 |  |  | 4325 |  |  | 4465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $15175306 |  |  | $14827664 |  |  | $13126702 |  |  |
| Net interest income and interest rate spread |  | $119400 | 2.92% |  | $123120 | 3.01% |  | $100532 | 2.87% |
| Net interest margin |  |  | 3.27 |  |  | 3.38 |  |  | 3.20 |
| Ratio of average interest-earning assets to average interest-bearing liabilities |  |  | 111.21% |  |  | 111.33% |  |  | 109.10% |

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(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)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 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 |
| | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | 1Q 2025 |
| Total shareholders' equity | $1281761 | $1254106 | $1202549 | $1067265 | $1031447 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 96266 | 96266 | 96266 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 4145 | 4238 | 4326 |  |  |
| Total common shareholders' equity | $1181350 | $1153602 | $1101957 | $1067265 | $1031447 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1797 | 1797 | 1797 | 1797 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 2089 | 2165 | 1453 | 1491 | 1529 |
| Tangible common shareholders' equity (a) | $1177464 | $1149640 | $1098707 | $1063977 | $1028121 |
| Shares outstanding (c) | 46240691 | 46032402 | 45855739 | 45686081 | 45589633 |
| Total assets | $15300033 | $15134778 | $14665902 | $13831208 | $13595704 |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1797 | 1797 | 1797 | 1797 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 2089 | 2165 | 1453 | 1491 | 1529 |
| Tangible assets (b) | $15296147 | $15130816 | $14662652 | $13827920 | $13592378 |
| Tangible common shareholders' equity to tangible assets (a/b) | 7.70% | 7.60% | 7.49% | 7.69% | 7.56% |
| Tangible book value per common share (a/c) | $25.46 | $24.97 | $23.96 | $23.29 | $22.55 |
| Efficiency ratio: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest expense (d) | $85293 | $89153 | $83516 | $85222 | $80807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 119400 | 123120 | 115485 | 109221 | 100532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest income | 26074 | 49787 | 26845 | 30455 | 22371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue (e) | $145474 | $172907 | $142330 | $139676 | $122903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio (d/e) | 58.63% | 51.56% | 58.68% | 61.01% | 65.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-provision net revenue (e-d) | $60181 | $83754 | $58814 | $54454 | $42096 |

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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.