Form 8-K

8-K — Live Oak Bancshares, Inc.

Accession: 0001462120-26-000068

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0001462120

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lob-20261021.htm (Primary)

EX-99.1 (lob-20261021exx991.htm)

GRAPHIC (liveoakbancshareslogo.jpg)

GRAPHIC (lob-20261021_g1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lob-20261021.htm · Sequence: 1

lob-20261021

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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): October 21, 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 October 21, 2026, Live Oak Bancshares, Inc. (the “Company”) announced financial results for the third quarter ended September 30, 2026. A copy of the press release announcing the Company’s results for the third 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 October 21, 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: October 21, 2026

By: /s/ Walter J. Phifer

Walter J. Phifer

Chief Financial Officer

EX-99.1

Filename: lob-20261021exx991.htm · Sequence: 2

Document

Exhibit 99.1

Live Oak Bancshares, Inc. Reports Third Quarter 2026 Results

WILMINGTON, NC, October 21, 2026 - Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported third quarter of 2026 net income attributable to common shareholders of $24.3 million, or $0.52 per diluted common share.

Live Oak’s performance in the quarter, compared to the second quarter of 2026 and third quarter of 2025, includes these notable items:

•Net interest income increased 6.1% and 15.2% compared to the second quarter of 2026 and third quarter of 2025, respectively. Net interest margin decreased 3 basis points during the third quarter of 2026 from 3.33% for the second quarter of 2026 and third quarter of 2025 to 3.30%

•Revenue (comprised of net interest income and noninterest income) increased 12.5% and 23.4% compared to the second quarter of 2026 and third quarter of 2025, respectively, and noninterest expense increased 1.4% and 2.6% compared to the second quarter of 2026 and third quarter of 2025, respectively, which generated a 25.6% and 52.9% increase in pre-provision net revenue1 compared to the second quarter of 2026 and third quarter of 2025, respectively

•Strong loan production of $2.1 billion accompanied by strong deposit growth of $920.6 million during the third quarter of 2026, compared to June 30, 2026, with total assets growing by 5.8% and 15.7% to $17.0 billion as of September 30, 2026, compared to June 30, 2026 and September 30, 2025, respectively

•Provision expense for credit losses of $54.7 million for the third quarter of 2026, increased $28.9 million and $32.5 million compared to the second quarter of 2026 and third quarter of 2025, respectively. The provision in the third quarter of 2026 was primarily driven by decisive action of $17.0 million related to the stressed distillery portfolio and reserves to support continued loan growth

“The fundamental story at Live Oak is that our franchise is getting stronger. Our operating leverage is improving, Live Oak Express continues to accelerate, and our deposit franchise is marching with gaining momentum,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “The earnings power of this business is expanding because revenue growth is meaningfully outpacing expenses, our loan origination engine is running strong, and our strategic initiatives are delivering results. This operating leverage momentum has aided in absorbing the elevated provision expense in the quarter, which primarily supported record loan growth while also our continued efforts to decisively act to address stress in our distillery-related portfolio. As I think about our operating earnings model, strong loan pipeline, and the possibilities that AI may unlock for both our customers and our employees, I am truly excited about Live Oak’s future.”

Conference Call

Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow, October 22, 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: 300 750 082

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.

Third Quarter 2026 Key Measures

(Dollars in thousands, except per share data) 3Q 2026 Change vs.

2Q 2026 3Q 2025

3Q 2026 2Q 2026 3Q 2025 $ % $ %

Total revenue (1)

$ 175,646 $ 156,145 $ 142,330 $ 19,501 12.5 % $ 33,316 23.4 %

Total noninterest expense 85,720 84,525 83,516 1,195 1.4 2,204 2.6

Provision for credit losses 54,700 25,800 22,242 28,900 112.0 32,458 145.9

Income before taxes 35,226 45,820 36,572 (10,594) (23.1) (1,346) (3.7)

Effective tax rate 25.4 % 19.9 % 27.6 % n/a n/a n/a n/a

Net income attributable to common shareholders $ 24,260 $ 34,701 $ 25,562 $ (10,441) (30.1) % $ (1,302) (5.1) %

Diluted earnings per common share 0.52 0.74 0.55 (0.22) (29.7) (0.03) (5.5)

Loan and lease production 2,133,637 1,548,432 1,648,711 585,205 37.8 484,926 29.4

Total loans and leases 13,869,854 13,142,671 11,915,511 727,183 5.5 1,954,343 16.4

Total assets 16,965,575 16,038,141 14,665,902 927,434 5.8 2,299,673 15.7

Total deposits 15,468,175 14,547,526 13,290,723 920,649 6.3 2,177,452 16.4

(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 | 910.218.2196

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 3Q 2026 Change vs.

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

Interest income % %

Loans and fees on loans $ 237,270 $ 221,705 $ 214,129 $ 218,852 $ 211,599 7.0 12.1

Investment securities, taxable 14,254 13,411 13,009 12,679 12,175 6.3 17.1

Other interest earning assets 7,953 6,601 6,726 8,124 7,654 20.5 3.9

Total interest income 259,477 241,717 233,864 239,655 231,428 7.3 12.1

Interest expense

Deposits 124,850 114,776 112,847 114,879 114,266 8.8 9.3

Borrowings 1,618 1,603 1,617 1,656 1,677 0.9 (3.5)

Total interest expense 126,468 116,379 114,464 116,535 115,943 8.7 9.1

Net interest income 133,009 125,338 119,400 123,120 115,485 6.1 15.2

Provision for credit losses 54,700 25,800 20,100 21,845 22,242 112.0 145.9

Net interest income after provision for credit losses 78,309 99,538 99,300 101,275 93,243 (21.3) (16.0)

Noninterest income

Loan servicing revenue 9,710 9,194 9,094 9,227 8,812 5.6 10.2

Loan servicing asset revaluation (2,605) (4,278) (3,487) (3,932) (4,360) 39.1 40.3

Net gains on sales of loans 20,893 17,554 15,425 12,313 17,099 19.0 22.2

Net (loss) gain on loans accounted for under the fair value option (66) 291 (1,165) 1,518 (350) (122.7) 81.1

Equity method investments income (loss) 553 74 (817) 23,812 (1,470) 647.3 137.6

Equity security investments (losses) gains, net (2,573) — — 4,691 18 (100.0) (14,394.4)

Lease income 2,088 2,238 2,135 2,196 2,179 (6.7) (4.2)

Other noninterest income 14,637 5,734 4,889 (38) 4,917 155.3 197.7

Total noninterest income 42,637 30,807 26,074 49,787 26,845 38.4 58.8

Noninterest expense

Salaries and employee benefits 46,918 48,776 49,354 47,988 49,910 (3.8) (6.0)

Travel expense 1,756 1,933 1,463 1,715 1,618 (9.2) 8.5

Professional services expense 2,924 2,938 2,516 2,855 1,999 (0.5) 46.3

Advertising and marketing expense 2,314 2,734 3,051 2,298 1,839 (15.4) 25.8

Occupancy expense 2,384 2,364 2,410 2,317 2,339 0.8 1.9

Technology expense 10,263 9,608 9,749 13,397 10,234 6.8 0.3

Equipment expense 3,595 3,662 3,693 3,677 3,320 (1.8) 8.3

Other loan origination and maintenance expense 5,101 4,864 5,919 4,917 4,777 4.9 6.8

Renewable energy tax credit investment impairment 310 26 — 129 336 1,092.3 (7.7)

FDIC insurance 4,197 4,788 4,401 3,933 3,643 (12.3) 15.2

Other expense 5,958 2,832 2,737 5,927 3,501 110.4 70.2

Total noninterest expense 85,720 84,525 85,293 89,153 83,516 1.4 2.6

Income before taxes 35,226 45,820 40,081 61,909 36,572 (23.1) (3.7)

Income tax expense 8,961 9,116 10,134 15,787 10,106 (1.7) (11.3)

Net income 26,265 36,704 29,947 46,122 26,466 (28.4) (0.8)

Net loss attributable to non-controlling interest 88 91 93 88 50 (3.3) 76.0

Net income attributable to Live Oak Bancshares, Inc. 26,353 36,795 30,040 46,210 26,516 (28.4) (0.6)

Preferred stock dividends 2,093 2,094 2,094 2,094 954 — 119.4

Net income attributable to common shareholders $ 24,260 $ 34,701 $ 27,946 $ 44,116 $ 25,562 (30.1) (5.1)

Earnings per common share

Basic $ 0.52 $ 0.75 $ 0.61 $ 0.96 $ 0.56 (30.7) (7.1)

Diluted $ 0.52 $ 0.74 $ 0.60 $ 0.95 $ 0.55 (29.7) (5.5)

Weighted average shares outstanding

Basic 46,325,262 46,265,757 46,138,609 45,906,268 45,780,794

Diluted 46,869,123 46,594,482 46,509,040 46,298,408 46,216,958

Live Oak Bancshares, Inc.

Quarterly Balance Sheets (unaudited)

(Dollars in thousands)

As of the quarter ended 3Q 2026 Change vs.

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

Assets % %

Cash and due from banks $ 1,099,902 $ 927,630 $ 816,135 $ 864,904 $ 892,445 18.6 23.2

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

Investment securities available-for-sale 1,500,709 1,467,855 1,434,538 1,427,401 1,373,219 2.2 9.3

Loans held for sale

496,807 511,812 435,313 420,055 360,693 (2.9) 37.7

Loans and leases held for investment (1)

13,373,047 12,630,859 12,158,216 11,973,622 11,554,818 5.9 15.7

Allowance for credit losses on loans and leases (213,630) (193,417) (193,279) (192,264) (185,700) (10.5) (15.0)

Net loans and leases 13,159,417 12,437,442 11,964,937 11,781,358 11,369,118 5.8 15.7

Premises and equipment, net 220,894 231,198 235,329 240,203 241,140 (4.5) (8.4)

Foreclosed assets 8,484 11,017 12,005 8,208 11,024 (23.0) (23.0)

Servicing assets 71,215 66,733 64,677 63,155 62,491 6.7 14.0

Other assets 407,897 384,204 336,849 329,244 355,522 6.2 14.7

Total assets $ 16,965,575 $ 16,038,141 $ 15,300,033 $ 15,134,778 $ 14,665,902 5.8 15.7

Liabilities and shareholders’ equity

Liabilities

Deposits:

Noninterest-bearing $ 638,332 $ 605,237 $ 510,917 $ 515,051 $ 494,019 5.5 29.2

Interest-bearing 14,829,843 13,942,289 13,324,141 13,173,608 12,796,704 6.4 15.9

Total deposits 15,468,175 14,547,526 13,835,058 13,688,659 13,290,723 6.3 16.4

Borrowings 99,793 99,766 99,746 102,404 105,045 — (5.0)

Other liabilities 85,373 73,931 83,468 89,609 67,585 15.5 26.3

Total liabilities 15,653,341 14,721,223 14,018,272 13,880,672 13,463,353 6.3 16.3

Shareholders’ equity

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

Class A common stock (voting) 404,119 399,396 392,258 388,389 383,288 1.2 5.4

Retained earnings 892,626 869,757 836,444 809,885 770,820 2.6 15.8

Accumulated other comprehensive loss (84,743) (52,555) (47,352) (44,672) (52,151) (61.2) (62.5)

Total shareholders' equity attributed to Live Oak Bancshares, Inc. 1,308,268 1,312,864 1,277,616 1,249,868 1,198,223 (0.4) 9.2

Non-controlling interest 3,966 4,054 4,145 4,238 4,326 (2.2) (8.3)

Total shareholders' equity 1,312,234 1,316,918 1,281,761 1,254,106 1,202,549 (0.4) 9.1

Total liabilities and shareholders’ equity $ 16,965,575 $ 16,038,141 $ 15,300,033 $ 15,134,778 $ 14,665,902 5.8 15.7

(1)Includes $216.6 million, $232.1 million, $244.9 million, $260.6 million and $280.3 million loans measured at fair value for the quarters ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.

Live Oak Bancshares, Inc.

Statements of Income (unaudited)

(Dollars in thousands, except per share data)

Nine Months Ended

September 30, 2026 September 30, 2025

Interest income

Loans and fees on loans $ 673,104 $ 611,728

Investment securities, taxable 40,674 34,912

Other interest earning assets 21,280 22,177

Total interest income 735,058 668,817

Interest expense

Deposits 352,473 338,534

Borrowings 4,838 5,045

Total interest expense 357,311 343,579

Net interest income 377,747 325,328

Provision for credit losses 100,600 74,458

Net interest income after provision for credit losses 277,147 250,780

Noninterest income

Loan servicing revenue 27,998 25,675

Loan servicing asset revaluation (10,370) (12,145)

Net gains on sales of loans 53,872 50,107

Net loss on loans accounted for under the fair value option (940) (302)

Equity method investments (loss) income (190) (6,425)

Equity security investments gain (losses), net (2,573) 1,042

Lease income 6,461 7,855

Other noninterest income 25,260 13,864

Total noninterest income 99,518 79,671

Noninterest expense

Salaries and employee benefits 145,048 141,447

Travel expense 5,152 5,316

Professional services expense 8,378 7,897

Advertising and marketing expense 8,099 9,924

Occupancy expense 7,158 7,445

Technology expense 29,620 29,551

Equipment expense 10,950 10,750

Other loan origination and maintenance expense 15,884 13,552

Renewable energy tax credit investment impairment 336 606

FDIC insurance 13,386 10,739

Other expense 11,527 12,318

Total noninterest expense 255,538 249,545

Income before taxes 121,127 80,906

Income tax expense 28,211 21,385

Net income 92,916 59,521

Net loss attributable to non-controlling interest 272 140

Net income attributable to Live Oak Bancshares, Inc. 93,188 59,661

Preferred stock dividends 6,281 954

Net income attributable to common shareholders $ 86,907 $ 58,707

Earnings per common share

Basic $ 1.88 $ 1.29

Diluted $ 1.86 $ 1.28

Weighted average shares outstanding

Basic 46,243,893 45,632,313

Diluted 46,658,232 45,956,835

Live Oak Bancshares, Inc.

Quarterly Selected Financial Data

(Dollars in thousands, except per share data)

As of and for the three months ended

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

Income Statement Data

Net income attributable to common shareholders $ 24,260 $ 34,701 $ 27,946 $ 44,116 $ 25,562

Per Common Share

Net income, diluted $ 0.52 $ 0.74 $ 0.60 $ 0.95 $ 0.55

Dividends declared - common 0.03 0.03 0.03 0.03 0.03

Book value per common share 26.13 26.29 25.55 25.06 24.03

Tangible book value per common share (1)

26.05 26.20 25.46 24.97 23.96

Performance Ratios

Return on average assets (annualized) 0.59 % 0.90 % 0.74 % 1.19 % 0.72 %

Return on average common equity (annualized) 7.70 11.36 9.39 15.25 9.32

Net interest margin 3.30 3.33 3.27 3.38 3.33

Efficiency ratio (1)

48.80 54.13 58.63 51.56 58.68

Noninterest income to total revenue 24.27 19.73 17.92 28.79 18.86

Selected Loan Metrics

Loans and leases originated $ 2,133,637 $ 1,548,432 $ 1,368,311 $ 1,638,113 $ 1,648,711

Outstanding balance of sold loans serviced 6,338,443 5,991,590 5,943,787 5,599,724 5,563,363

Asset Quality Ratios

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

1.62 % 1.56 % 1.62 % 1.64 % 1.65 %

Net charge-offs (3)

$ 32,087 $ 24,162 $ 18,585 $ 13,739 $ 16,816

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

1.00 % 0.80 % 0.63 % 0.48 % 0.61 %

Nonperforming loans and leases at historical cost (3)

Unguaranteed $ 138,422 $ 124,336 $ 116,791 $ 101,371 $ 76,887

Guaranteed 370,267 346,419 327,409 399,786 379,381

Total 508,689 470,755 444,200 501,157 456,268

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

1.05 % 1.00 % 0.98 % 0.87 % 0.68 %

Nonperforming loans at fair value (4)

Unguaranteed $ 11,607 $ 6,623 $ 6,884 $ 7,715 $ 6,775

Guaranteed 46,300 52,695 54,679 53,887 54,887

Total 57,907 59,318 61,563 61,602 61,662

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

5.36 % 2.85 % 2.81 % 2.96 % 2.42 %

Capital Ratios

Common equity tier 1 capital (to risk-weighted assets) 9.94 % 10.42 % 10.63 % 10.53 % 10.51 %

Tier 1 leverage capital (to average assets) 8.23 8.59 8.47 8.48 8.57

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

September 30, 2026

Three Months Ended

June 30, 2026

Three Months Ended

September 30, 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 $ 818,936 $ 7,953 3.85 % $ 710,110 $ 6,601 3.73 % $ 701,059 $ 7,654 4.33 %

Investment securities 1,577,763 14,254 3.58 1,519,670 13,411 3.54 1,418,810 12,175 3.40

Loans held for sale 571,358 11,460 7.96 527,857 10,441 7.93 396,084 8,103 8.12

Loans and leases held for investment (1)

13,022,914 225,810 6.88 12,322,003 211,264 6.88 11,249,234 203,496 7.18

Total interest-earning assets 15,990,971 259,477 6.44 15,079,640 241,717 6.43 13,765,187 231,428 6.67

Less: Allowance for credit losses on loans and leases (192,700) (193,304) (182,001)

Noninterest-earning assets 586,176 537,352 530,529

Total assets $ 16,384,447 $ 15,423,688 $ 14,113,715

Interest-bearing liabilities:

Savings $ 7,661,348 $ 64,020 3.32 % $ 7,170,652 $ 58,289 3.26 % $ 6,608,380 $ 58,657 3.52 %

Certificates of deposit 5,856,418 55,322 3.75 5,637,001 51,968 3.70 5,272,818 51,443 3.87

Other interest-bearing deposits 747,469 5,508 2.92 629,105 4,519 2.88 498,455 4,166 3.32

Total deposits 14,265,235 124,850 3.47 13,436,758 114,776 3.43 12,379,653 114,266 3.66

Borrowings 99,761 1,618 6.43 99,743 1,603 6.45 106,744 1,677 6.23

Total interest-bearing liabilities 14,364,996 126,468 3.49 13,536,501 116,379 3.45 12,486,397 115,943 3.68

Noninterest-bearing deposits 594,809 536,054 401,916

Noninterest-bearing liabilities 64,497 29,222 63,133

Shareholders' equity 1,356,092 1,317,767 1,157,893

Non-controlling interest 4,053 4,144 4,376

Total liabilities and shareholders' equity $ 16,384,447 $ 15,423,688 $ 14,113,715

Net interest income and interest rate spread $ 133,009 2.95 % $ 125,338 2.98 % $ 115,485 2.99 %

Net interest margin 3.30 3.33 3.33

Ratio of average interest-earning assets to average interest-bearing liabilities 111.32 % 111.40 % 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

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

Total shareholders’ equity $ 1,312,234 $ 1,316,918 $ 1,281,761 $ 1,254,106 $ 1,202,549

Less:

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

Non-controlling interest 3,966 4,054 4,145 4,238 4,326

Total common shareholders' equity $ 1,212,002 $ 1,216,598 $ 1,181,350 $ 1,153,602 $ 1,101,957

Less:

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

Other intangible assets 1,937 2,013 2,089 2,165 1,453

Tangible common shareholders’ equity (a) $ 1,208,268 $ 1,212,788 $ 1,177,464 $ 1,149,640 $ 1,098,707

Shares outstanding (c) 46,377,874 46,283,620 46,240,691 46,032,402 45,855,739

Total assets $ 16,965,575 $ 16,038,141 $ 15,300,033 $ 15,134,778 $ 14,665,902

Less:

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

Other intangible assets 1,937 2,013 2,089 2,165 1,453

Tangible assets (b) $ 16,961,841 $ 16,034,331 $ 15,296,147 $ 15,130,816 $ 14,662,652

Tangible common shareholders’ equity to tangible assets (a/b) 7.12 % 7.56 % 7.70 % 7.60 % 7.49 %

Tangible book value per common share (a/c) $ 26.05 $ 26.20 $ 25.46 $ 24.97 $ 23.96

Efficiency ratio:

Noninterest expense (d) $ 85,720 $ 84,525 $ 85,293 $ 89,153 $ 83,516

Net interest income 133,009 125,338 119,400 123,120 115,485

Noninterest income 42,637 30,807 26,074 49,787 26,845

Total revenue (e) $ 175,646 $ 156,145 $ 145,474 $ 172,907 $ 142,330

Efficiency ratio (d/e) 48.80 % 54.13 % 58.63 % 51.56 % 58.68 %

Pre-provision net revenue (e-d) $ 89,926 $ 71,620 $ 60,181 $ 83,754 $ 58,814

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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Oct. 21, 2026

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LIVE OAK BANCSHARES, INC.

Entity Incorporation, State or Country Code

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Entity Address, Address Line One

1741 Tiburon Drive,

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Wilmington,

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