Form 8-K

8-K — Live Oak Bancshares, Inc.

Accession: 0001462120-26-000036

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0001462120

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lob-20260422.htm (Primary)

EX-99.1 (lob-20260422exx991.htm)

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GRAPHIC (lob-20260422_g1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lob-20260422.htm · Sequence: 1

lob-20260422

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

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

LIVE OAK BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

North Carolina 001-37497 26-4596286

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

1741 Tiburon Drive, Wilmington, NC 28403

(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. o

Item 2.02. 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. Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number

Description

99.1

Press Release dated April 22, 2026

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.

Date: April 22, 2026

By: /s/ Walter J. Phifer

Walter J. Phifer

Chief Financial Officer

EX-99.1

Filename: lob-20260422exx991.htm · Sequence: 2

Document

Exhibit 99.1

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:

•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

•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

•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 revenue1 compared to the fourth quarter of 2025 and first quarter of 2025, respectively. The decrease in revenue and pre-provision net revenue1 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

•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) 1Q 2026 Change vs.

4Q 2025 1Q 2025

1Q 2026 4Q 2025 1Q 2025 $ % $ %

Total revenue (1)

$ 145,474 $ 172,907 $ 122,903 $ (27,433) (15.9) % $ 22,571 18.4 %

Total noninterest expense 85,293 89,153 80,807 (3,860) (4.3) 4,486 5.6

Provision for credit losses 20,100 21,845 28,964 (1,745) (8.0) (8,864) (30.6)

Income before taxes 40,081 61,909 13,132 (21,828) (35.3) 26,949 205.2

Effective tax rate 25.3 % 25.5 % 26.4 % n/a n/a n/a n/a

Net income attributable to common shareholders $ 27,946 $ 44,116 $ 9,717 $ (16,170) (36.7) % $ 18,229 187.6 %

Diluted earnings per common share 0.60 0.95 0.21 (0.35) (36.8) 0.39 185.7

Loan and lease production 1,368,311 1,638,113 1,396,223 (269,802) (16.5) (27,912) (2.0)

Total loans and leases 12,593,529 12,393,677 11,061,866 199,852 1.6 1,531,663 13.8

Total assets 15,300,033 15,134,778 13,595,704 165,255 1.1 1,704,329 12.5

Total deposits 13,835,058 13,688,659 12,395,945 146,399 1.1 1,439,113 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 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 $ 214,129 $ 218,852 $ 211,599 $ 204,513 $ 195,616 (2.2) 9.5

Investment securities, taxable 13,009 12,679 12,175 11,648 11,089 2.6 17.3

Other interest earning assets 6,726 8,124 7,654 8,123 6,400 (17.2) 5.1

Total interest income 233,864 239,655 231,428 224,284 213,105 (2.4) 9.7

Interest expense

Deposits 112,847 114,879 114,266 113,380 110,888 (1.8) 1.8

Borrowings 1,617 1,656 1,677 1,683 1,685 (2.4) (4.0)

Total interest expense 114,464 116,535 115,943 115,063 112,573 (1.8) 1.7

Net interest income 119,400 123,120 115,485 109,221 100,532 (3.0) 18.8

Provision for credit losses 20,100 21,845 22,242 23,252 28,964 (8.0) (30.6)

Net interest income after provision for credit losses 99,300 101,275 93,243 85,969 71,568 (2.0) 38.7

Noninterest income

Loan servicing revenue 9,094 9,227 8,812 8,565 8,298 (1.4) 9.6

Loan servicing asset revaluation (3,487) (3,932) (4,360) (3,057) (4,728) 11.3 26.2

Net gains on sales of loans 15,425 12,313 17,099 17,570 15,438 25.3 (0.1)

Net (loss) gain on loans accounted for under the fair value option (1,165) 1,518 (350) 1,082 (1,034) (176.7) (12.7)

Equity method investments (loss) income (817) 23,812 (1,470) (2,716) (2,239) (103.4) 63.5

Equity security investments gains, net — 4,691 18 1,004 20 (100.0) (100.0)

Lease income 2,135 2,196 2,179 3,103 2,573 (2.8) (17.0)

Other noninterest income 4,889 (38) 4,917 4,904 4,043 12,965.8 20.9

Total noninterest income 26,074 49,787 26,845 30,455 22,371 (47.6) 16.6

Noninterest expense

Salaries and employee benefits 49,354 47,988 49,910 46,008 45,529 2.8 8.4

Travel expense 1,463 1,715 1,618 1,634 2,064 (14.7) (29.1)

Professional services expense 2,516 2,855 1,999 2,874 3,024 (11.9) (16.8)

Advertising and marketing expense 3,051 2,298 1,839 4,420 3,665 32.8 (16.8)

Occupancy expense 2,410 2,317 2,339 2,369 2,737 4.0 (11.9)

Technology expense 9,749 13,397 10,234 10,066 9,251 (27.2) 5.4

Equipment expense 3,693 3,677 3,320 3,685 3,745 0.4 (1.4)

Other loan origination and maintenance expense 5,919 4,917 4,777 4,190 4,585 20.4 29.1

Renewable energy tax credit investment impairment — 129 336 270 — (100.0) —

FDIC insurance 4,401 3,933 3,643 3,545 3,551 11.9 23.9

Other expense 2,737 5,927 3,501 6,161 2,656 (53.8) 3.0

Total noninterest expense 85,293 89,153 83,516 85,222 80,807 (4.3) 5.6

Income before taxes 40,081 61,909 36,572 31,202 13,132 (35.3) 205.2

Income tax expense 10,134 15,787 10,106 7,815 3,464 (35.8) 192.6

Net income 29,947 46,122 26,466 23,387 9,668 (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. 30,040 46,210 26,516 23,428 9,717 (35.0) 209.1

Preferred stock dividends 2,094 2,094 954 — — — 100.0

Net income attributable to common shareholders $ 27,946 $ 44,116 $ 25,562 $ 23,428 $ 9,717 (36.7) 187.6

Earnings per common share

Basic $ 0.61 $ 0.96 $ 0.56 $ 0.51 $ 0.21 (36.5) 190.5

Diluted $ 0.60 $ 0.95 $ 0.55 $ 0.51 $ 0.21 (36.8) 185.7

Weighted average shares outstanding

Basic 46,138,609 45,906,268 45,780,794 45,634,741 45,377,965

Diluted 46,509,040 46,298,408 46,216,958 45,795,608 45,754,499

Live Oak Bancshares, Inc.

Quarterly Balance Sheets (unaudited)

(Dollars in thousands)

As of the quarter ended 1Q 2026 Change vs.

1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2025 1Q 2025

Assets % %

Cash and due from banks $ 816,135 $ 864,904 $ 892,445 $ 662,755 $ 744,263 (5.6) 9.7

Certificates of deposit with other banks 250 250 250 250 250 — —

Investment securities available-for-sale 1,434,538 1,427,401 1,373,219 1,325,206 1,312,680 0.5 9.3

Loans held for sale

435,313 420,055 360,693 350,791 367,955 3.6 18.3

Loans and leases held for investment (1)

12,158,216 11,973,622 11,554,818 11,014,055 10,693,911 1.5 13.7

Allowance for credit losses on loans and leases (193,279) (192,264) (185,700) (182,231) (190,184) (0.5) (1.6)

Net loans and leases 11,964,937 11,781,358 11,369,118 10,831,824 10,503,727 1.6 13.9

Premises and equipment, net 235,329 240,203 241,140 246,493 259,113 (2.0) (9.2)

Foreclosed assets 12,005 8,208 11,024 6,318 2,108 46.3 469.5

Servicing assets 64,677 63,155 62,491 60,359 56,911 2.4 13.6

Other assets 336,849 329,244 355,522 347,212 348,697 2.3 (3.4)

Total assets $ 15,300,033 $ 15,134,778 $ 14,665,902 $ 13,831,208 $ 13,595,704 1.1 12.5

Liabilities and shareholders’ equity

Liabilities

Deposits:

Noninterest-bearing $ 510,917 $ 515,051 $ 494,019 $ 393,393 $ 386,108 (0.8) 32.3

Interest-bearing 13,324,141 13,173,608 12,796,704 12,201,397 12,009,837 1.1 10.9

Total deposits 13,835,058 13,688,659 13,290,723 12,594,790 12,395,945 1.1 11.6

Borrowings 99,746 102,404 105,045 107,659 110,247 (2.6) (9.5)

Other liabilities 83,468 89,609 67,585 61,494 58,065 (6.9) 43.7

Total liabilities 14,018,272 13,880,672 13,463,353 12,763,943 12,564,257 1.0 11.6

Shareholders’ equity

Preferred stock 96,266 96,266 96,266 — — — 100.0

Class A common stock (voting) 392,258 388,389 383,288 377,953 370,513 1.0 5.9

Class B common stock (non-voting) — — — — — — —

Retained earnings 836,444 809,885 770,820 746,450 724,215 3.3 15.5

Accumulated other comprehensive loss (47,352) (44,672) (52,151) (61,514) (67,698) (6.0) 30.1

Total shareholders' equity attributed to Live Oak Bancshares, Inc. 1,277,616 1,249,868 1,198,223 1,062,889 1,027,030 2.2 24.4

Non-controlling interest 4,145 4,238 4,326 4,376 4,417 (2.2) (6.2)

Total shareholders' equity 1,281,761 1,254,106 1,202,549 1,067,265 1,031,447 2.2 24.3

Total liabilities and shareholders’ equity $ 15,300,033 $ 15,134,778 $ 14,665,902 $ 13,831,208 $ 13,595,704 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

1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025

Income Statement Data

Net income attributable to common shareholders $ 27,946 $ 44,116 $ 25,562 $ 23,428 $ 9,717

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 (1)

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 (1)

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 $ 1,368,311 $ 1,638,113 $ 1,648,711 $ 1,526,592 $ 1,396,223

Outstanding balance of sold loans serviced 5,943,787 5,599,724 5,563,363 5,321,284 4,949,962

Asset Quality Ratios

Allowance for credit losses to loans and leases held for investment (3)

1.62 % 1.64 % 1.65 % 1.70 % 1.83 %

Net charge-offs (3)

$ 18,585 $ 13,739 $ 16,816 $ 31,445 $ 6,774

Net charge-offs to average loans and leases held for investment (2) (3)

0.63 % 0.48 % 0.61 % 1.19 % 0.27 %

Nonperforming loans and leases at historical cost (3)

Unguaranteed $ 116,791 $ 101,371 $ 76,887 $ 59,555 $ 99,907

Guaranteed 327,409 399,786 379,381 336,777 322,993

Total 444,200 501,157 456,268 396,332 422,900

Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3)

0.98 % 0.87 % 0.68 % 0.56 % 0.96 %

Nonperforming loans at fair value (4)

Unguaranteed $ 6,884 $ 7,715 $ 6,775 $ 8,873 $ 9,938

Guaranteed 54,679 53,887 54,887 60,453 58,100

Total 61,563 61,602 61,662 69,326 68,038

Unguaranteed nonperforming fair value loans to fair value loans held for investment (4)

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

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

March 31, 2026

Three Months Ended

December 31, 2025

Three Months Ended

March 31, 2025

Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/Rate

Interest-earning assets:

Interest-earning balances in other banks $ 729,938 $ 6,726 3.74 % $ 803,095 $ 8,124 4.01 % $ 581,267 $ 6,400 4.47 %

Investment securities 1,492,023 13,009 3.54 1,465,824 12,679 3.43 1,379,797 11,089 3.26

Loans held for sale 514,501 9,792 7.72 420,809 8,240 7.77 407,953 8,612 8.56

Loans and leases held for investment (1)

12,081,396 204,337 6.86 11,777,219 210,612 7.09 10,388,872 187,004 7.30

Total interest-earning assets 14,817,858 233,864 6.40 14,466,947 239,655 6.57 12,757,889 213,105 6.77

Less: Allowance for credit losses on loans and leases (190,522) (186,252) (165,320)

Noninterest-earning assets 547,970 546,969 534,133

Total assets $ 15,175,306 $ 14,827,664 $ 13,126,702

Interest-bearing liabilities:

Savings $ 6,910,397 $ 55,420 3.25 % $ 6,833,148 $ 57,668 3.35 % $ 5,540,147 $ 51,604 3.78 %

Certificates of deposit 5,730,803 53,337 3.77 5,498,643 52,888 3.82 5,563,004 55,235 4.03

Other interest-bearing deposits 579,330 4,090 2.86 559,101 4,323 3.07 478,399 4,049 3.43

Total deposits 13,220,530 112,847 3.46 12,890,892 114,879 3.54 11,581,550 110,888 3.88

Borrowings 103,329 1,617 6.35 104,219 1,656 6.30 111,919 1,685 6.11

Total interest-bearing liabilities 13,323,859 114,464 3.48 12,995,111 116,535 3.56 11,693,469 112,573 3.90

Noninterest-bearing deposits 491,301 492,501 342,482

Noninterest-bearing liabilities 69,596 82,684 58,739

Shareholders' equity 1,286,313 1,253,043 1,027,547

Non-controlling interest 4,237 4,325 4,465

Total liabilities and shareholders' equity $ 15,175,306 $ 14,827,664 $ 13,126,702

Net interest income and interest rate spread $ 119,400 2.92 % $ 123,120 3.01 % $ 100,532 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 %

(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

1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025

Total shareholders’ equity $ 1,281,761 $ 1,254,106 $ 1,202,549 $ 1,067,265 $ 1,031,447

Less:

Preferred stock 96,266 96,266 96,266 — —

Non-controlling interest 4,145 4,238 4,326 — —

Total common shareholders' equity $ 1,181,350 $ 1,153,602 $ 1,101,957 $ 1,067,265 $ 1,031,447

Less:

Goodwill 1,797 1,797 1,797 1,797 1,797

Other intangible assets 2,089 2,165 1,453 1,491 1,529

Tangible common shareholders’ equity (a) $ 1,177,464 $ 1,149,640 $ 1,098,707 $ 1,063,977 $ 1,028,121

Shares outstanding (c) 46,240,691 46,032,402 45,855,739 45,686,081 45,589,633

Total assets $ 15,300,033 $ 15,134,778 $ 14,665,902 $ 13,831,208 $ 13,595,704

Less:

Goodwill 1,797 1,797 1,797 1,797 1,797

Other intangible assets 2,089 2,165 1,453 1,491 1,529

Tangible assets (b) $ 15,296,147 $ 15,130,816 $ 14,662,652 $ 13,827,920 $ 13,592,378

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:

Noninterest expense (d) $ 85,293 $ 89,153 $ 83,516 $ 85,222 $ 80,807

Net interest income 119,400 123,120 115,485 109,221 100,532

Noninterest income 26,074 49,787 26,845 30,455 22,371

Total revenue (e) $ 145,474 $ 172,907 $ 142,330 $ 139,676 $ 122,903

Efficiency ratio (d/e) 58.63 % 51.56 % 58.68 % 61.01 % 65.75 %

Pre-provision net revenue (e-d) $ 60,181 $ 83,754 $ 58,814 $ 54,454 $ 42,096

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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Cover

Apr. 22, 2026

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LIVE OAK BANCSHARES, INC.

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1741 Tiburon Drive,

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Wilmington,

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