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Live Oak Bank

Logo: Live Oak Bank, Non-free logo, via Wikipedia4

U.S. financial services company

Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc., is an American bank. Headquartered in Wilmington, North Carolina, it serves small business owners in all 50 states and was the leading SBA 7(a) lender by dollar volume in 2022.3 Its shares trade on NYSE under the symbol LOB.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2007Founded1

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  • TickerLOB on NYSE1
  • Industrybank1
  • HeadquartersWilmington1
  • Incorporated inNC5
  • Business address1741 Tiburon Drive, Wilmington, Nc 284035
  • Filer categoryLarge accelerated filer5

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Live Oak Bank 2
Photo: Edward Orde, CC BY-SA 4.0, via Wikimedia Commons7

Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc., is an American bank. Headquartered in Wilmington, North Carolina, it serves small business owners in all 50 states and was the leading SBA 7(a) lender by dollar volume in 2022.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income89101112$105.9M in 2025+487% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $18.0M$18.0M20192020: $59.5M$59.5M2020+230%2021: $167.0M$167.0M2021+180%2022: $176.2M$176.2M2022+6%2023: $73.9M$73.9M2023−58%2024: $77.5M$77.5M2024+5%2025: $105.9M$105.9M2025+37%

Every line of the income statement as filed: the last 3 fiscal years, latest first.12

Period ending2025-12-312024-12-312023-12-31
Loans and fees on loans$830.6M$744.8M$623.7M
Investment securities, taxable$47.6M$38.4M$33.5M
Other interest earning assets$30.3M$29.1M$31.1M
Total interest income$908.5M$812.4M$688.3M
Deposits$453.4M$430.9M$340.2M
Borrowings$6.7M$5.6M$2.8M
Total interest expense$460.1M$436.5M$343.0M
Net interest income$448.4M$375.9M$345.3M
Provision for credit losses$96.3M$96.2M$51.3M
Net interest income after provision for credit losses$352.1M$279.7M$294.0M
Loan servicing revenue$34.9M$31.5M$27.4M
Loan servicing asset revaluation-$16.1M-$12.2M$4.9M
Net gains on sales of loans$62.4M$49.8M$38.8M
Net gain (loss) on loans accounted for under the fair value option$1.2M$2.4M-$3.5M
Equity method investments income (loss)$17.4M-$10.9M-$6.0M
Equity security investments gains (losses), net$5.7M$553.0K-$969.0K
Lease income$10.1M$9.8M$10.0M
Management fee income$0$7.7M$13.3M
Other noninterest income$13.8M$34.1M$20.1M
Total noninterest (loss) income$129.5M$112.7M$104.0M
Salaries and employee benefits$189.4M$174.7M$169.1M
Travel expense$7.0M$7.2M$7.1M
Professional services expense$10.8M$11.0M$7.7M
Advertising and marketing expense$12.2M$11.1M$12.6M
Occupancy expense$9.8M$10.0M$8.5M
Technology expense$42.9M$34.2M$31.9M
Equipment expense$14.4M$13.8M$15.0M
Other loan origination and maintenance expense$18.5M$17.3M$14.8M
Renewable energy tax credit investment impairment$735.0K$530.0K$14.6M
FDIC insurance$14.7M$10.8M$16.7M
Other expense$18.2M$12.4M$17.2M
Total noninterest expense$338.7M$303.1M$315.2M
Income before taxes$142.8M$89.2M$82.8M
Income tax expense$37.2M$11.8M$8.9M
Net income$105.6M$77.4M$73.9M
Net loss attributable to non-controlling interest$228.0K$57.0K$0
Net income attributable to Live Oak Bancshares, Inc.$105.9M$77.5M$73.9M
Preferred stock dividends$3.0M$0$0
Net income attributable to common shareholders$102.8M$77.5M$73.9M
Basic earnings per share (in dollars per share)$2.25$1.72$1.67
Diluted earnings per share (in dollars per share)$2.23$1.69$1.64

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Corporate structure

Live Oak Bank sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Live Oak Bank

  • Live Oak Bank Wilmington

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Live Oak Bank reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$374.1M12 Dec 31, 2025$382.0M12 Dec 31, 2024−2.1%
Accumulated depreciation$133.9M12 Dec 31, 2025$117.9M12 Dec 31, 2024+13.5%
Property and equipment, net$240.2M12 Dec 31, 2025$264.1M12 Dec 31, 2024−9.0%
Finance-lease assets$80.0K12 Dec 31, 2025$130.0K12 Dec 31, 2024−38.5%
Operating-lease assets (leased space)$1.7M12 Dec 31, 2025$2.1M12 Dec 31, 2024−21.4%

Investments

ItemLatestA year beforeChange
Stakes in other companies (equity method)$36.7M12 Dec 31, 2025$91.0M12 Dec 31, 2024−59.7%
Loans, net of allowance$11.8B12 Dec 31, 2025$10.1B12 Dec 31, 2024+17.0%
Deposits held (banks)$13.7B12 Dec 31, 2025$11.8B12 Dec 31, 2024+16.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.8M12 Dec 31, 2024$1.8M12 Dec 31, 20230%
Finite-lived intangibles, gross$2.2M12 Dec 31, 2025$1.6M12 Dec 31, 2024+37.5%
Accumulated amortization$879.0K12 Dec 31, 2025$726.0K12 Dec 31, 2024+21.1%

Properties, in its own words

The following table sets forth the location of the Company’s main offices, as well as additional administrative offices and certain information relating to the facilities.

Office · Address · Year Opened · Approximate Square Footage · Owned or Leased

The rest of Item 2

Wilmington, NCMain Offices · 1741 Tiburon Dr · 2013 · 36,000 · Owned

1757 Tiburon Dr · 2015 · 55,000

1805 Tiburon Dr · 2019 · 64,000

1811 Tiburon Dr · 2019 · 24,000

1817 Tiburon Dr · 2024 · 67,000

Santa Rosa, CA Office · 100 B StSte. 100 · 2015 · 2,386 · Leased

Wilmington FlightOperations · 1890 Trask Dr · 2017 · 26,500 · Owned

Rocky Mount, NC Office · 210 Bryant St,Ste. A · 2020 · 1,698 · Leased

Durham, NC Office · 411 W. Chapel Hill StreetSte. 940 · 2026 · 1,700 · Leased

The Company believes that its properties are maintained in good operating condition and are suitable and adequate for its operational needs.

Item 2 of the 10-K filed Feb 27, 2026.16

The story

Founded in 2008 by James S. (Chip) Mahan III, Live Oak initially focused on lending to niche industries such as veterinarians and dentists. Today, the bank lends to more than 35 specialized industries in all 50 states and has more than a dozen general lenders in markets across the country that directly serve small business owners. The bank specializes in SBA and USDA loans and offers business and personal deposit products on its branchless, digital platform.

In 2017, Live Oak Bank established an office in Washington, D.C. to handle the company’s loans in the fields of renewable energy and government contracting. Live Oak also announced a joint venture with the payment technology company First Data in October 2017, which became the joint company Apiture. In December 2017, Live Oak announced the opening of a lending segment in the automobile industry.

Scott Custer served as the company’s president from April 2017 to September 2018, when he resigned from his position to work on a community bank startup.

In 2018, Live Oak Bank signed its first partnership with cloud-based core banking software company Finxact. By 2020, Live Oak was using the Finxact platform for its loan origination processes. By 2021, the company had switched its retail and commercial deposit accounts to Finxact.

Live Oak entered the venture banking industry in 2019. Huntley Garriott was appointed president of Live Oak Bank in September 2019 after he left his position as a partner at Goldman Sachs & Co.

Live Oak Bank established a satellite office at the N.C. State University Centennial Campus in Raleigh, North Carolina in 2020. The new office was established to house Live Oak Labs, the company’s technology unit.

In 2021, Live Oak Bank became the official sponsor for the Live Oak Band Pavilion, an amphitheater and live concert venue in Wilmington, North Carolina previously known as the Riverfront Park Amphitheater. In the same year, Live Oak announced plans to build a small business center named Channel in downtown Wilmington. Live Oak hired Kevin Doyle as its VP of small business lending in 2021. On June 7, 2021, former Ally Financial chief digital officer Renato Derraik also joined Live Oak as its chief information and digital officer. Former First Horizon Bank CFO William "B.J." Losch also joined Live Oak as its CFO.

Live Oak Bank established offices in Dallas in 2022. In 2022, Live Oak Bank also launched Tidal Small Business Checking, its first small business checking product. In December 2022, Live Oak Bank transferred stock from Nasdaq and began trading on the NYSE under its current ticker symbol, LOB.

Read the full text

Live Oak Ventures, the investing arm of Live Oak Bancshares, has made investments in various companies that align with its investment thesis including Pharmacy Marketplace, Finxact, Asset Class, Uplinq and more.

As of 2023, Live Oak Bank was the fourth-largest state chartered bank in North Carolina and had approved more SBA-sponsored loans than any other bank within the previous six years. In 2023, the company also received a new four-story office in Wilmington constructed by contractors Swinerton and Monteith.

In August 2023, “BJ” Losch, the company’s chief financial officer became the president replacing Huntley Garriott.

Live Oak currently operates as a branchless bank, only doing business with clients online. In addition to its main headquarters in Wilmington and its offices in Dallas, Raleigh, Charlotte, and California.

Live Oak timeline

2008 - Live Oak Bank founded

2011 – nCino created by Live Oak’s founders

2012 - $1.2 billion originated

2013 – Live Oak Ventures formed

2014 – nCino spun out to shareholders

2014-17 – Live Oak was awarded “Best Bank to Work For” by American Banker

2015 – Live Oak Bank files for its initial public offering (Nasdaq: LOB).

2015 – Launch of Digital Bank

2017-2020 – Named the number one SBA 7(a) lender in the country

2017 – Apiture was founded in a joint venture with First Data and is part of Live Oak’s fintech ecosystem.

2018 – Business model shifts to holding loans

2019 – Live Oak is named the highest dollar volume USDA lender in the country

2019 - $10.95 billion originated

2020 – Canapi Venture launches $545 million fintech investment fund

2020 – Live Oak Bank goes live on Finxact core

From Wikipedia’s article on Live Oak Bank, shared under CC BY-SA 4.0.6

Leadership

Who has led Live Oak Bank, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James S. Mahan Iii.2015–now

President

  1. Neil Lawrence Underwood2015–2022
  2. Scott Custer2017
  3. Huntley Garriott2018–2023
  4. William C. Losch Iii.2025–now

Chief financial officer

  1. S. Brett Caines2015–2021
  2. William C. Losch Iii.2021–2024
  3. Walter J. Phifer2024–now

Chief operating officer

  1. Gregory Bruce Thompson2016–2017
2010201520202025
Board members and other officers (31)

Products and brands

nCino

Live Oak spun its banking software division out into a separate entity named nCino in 2012. nCino develops software such as nCino IQ, an artificial intelligence and machine learning platform that automates and improves functions in the company’s bank operating system.

Apiture

Apiture is an open API banking platform founded in 2017 as a joint venture between First Data Corporation and Live Oak Bank with offices in Wilmington, North Carolina, and Austin, Texas.

Live Oak Private Wealth

Live Oak Private Wealth, an SEC‐registered investment advisory firm, launched in 2018 under Live Oak Bancshares and is based in Wilmington, N.C. Live Oak Private Wealth offers a full spectrum of financial services including investment and wealth advisory services, wealth analytics and solutions, portfolio development, business, estate, retirement and financial planning, technical insights and cash management. Live Oak Private Wealth acquired Jolly Asset Management in 2020.

Canapi Ventures

Canapi Ventures (previously known as Live Oak Ventures) is a venture capital firm investing in early to growth‐stage fintech companies. It launched its $650 million fintech fund in 2020 to support innovation in financial services. Canapi Ventures is advised by Canapi Advisors, LLC, a wholly owned subsidiary of Live Oak Bancshares, Inc. and CenterHarbor Advisors, an indirect subsidiary of CenterHarbor Holding Company, owned and controlled by Gene Ludwig, former Comptroller of the Currency and the Co‐Founder of Promontory Interfinancial Network. Ludwig and Chip Mahan, Live Oak Bancshares Chairman and CEO, are co-managing partners. The team includes several other financial services and venture capital veterans including Live Oak Bancshares President Neil Underwood, and partners Walker Forehand, Dan Beldy and Jeff Reitman, as well as Senior Advisors Jeffrey Goldstein and Jim Hale. Canapi has offices in Wilmington, N.C., Washington, D.C. and New York City.

From Wikipedia’s article on Live Oak Bank, shared under CC BY-SA 4.0.6

Timeline

  1. Aug 28, 20268-K Other events54
  2. Aug 18, 20268-K Other events55
  3. Jul 22, 20268-K Results of operations56
  4. Jul 2, 20268-K Executive or director change57
  5. Jun 18, 20268-K Executive or director change58
  6. May 22, 20268-K Executive or director change; Shareholder vote59
  7. May 19, 20268-K Other events60
  8. Apr 22, 20268-K Results of operations61
  9. Feb 19, 20268-K Other events62
  10. Feb 13, 20268-K Executive or director change63
  11. Jan 21, 20268-K Results of operations64
  12. Dec 1, 20258-K Executive or director change65
  13. Jul 23, 2015Went public Listed on NASDAQ1
  14. Jul 22, 2015New chief executive James S. Mahan Iii. becomes CEO17
  15. 2007Founded Founded1

Calendar

Coming up

  1. Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.55 a share, on Oct 22, 2025.66

When it reported results

  1. Jul 22, 2026Reported quarterly or annual results56
  2. Apr 22, 2026Reported quarterly or annual results61
  3. Jan 21, 2026Reported quarterly or annual results64
  4. Oct 22, 2025Reported quarterly or annual results67
  5. Jul 23, 2025Reported quarterly or annual results68
  6. Apr 23, 2025Reported quarterly or annual results69
  7. Jan 22, 2025Reported quarterly or annual results70
  8. Oct 23, 2024Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

562 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 78 major events, 346 insider forms, 20 large holders, 97 other. The latest 20:

  1. Sep 11, 20264 EDGAR
  2. Sep 10, 2026144 EDGAR
  3. Sep 9, 2026144 EDGAR
  4. Sep 8, 20264 EDGAR
  5. Sep 8, 20264 EDGAR
  6. Sep 8, 20264 EDGAR
  7. Sep 3, 2026144 EDGAR
  8. Sep 3, 2026144 EDGAR
  9. Sep 3, 20264 EDGAR
  10. Sep 3, 20264 EDGAR
  11. Sep 2, 2026144 EDGAR
  12. Aug 28, 20268-K EDGAR
  13. Aug 28, 20264 EDGAR
  14. Aug 27, 2026144 EDGAR
  15. Aug 26, 2026144 EDGAR
  16. Aug 26, 20264 EDGAR
  17. Aug 21, 20264 EDGAR
  18. Aug 21, 20264 EDGAR
  19. Aug 20, 2026144 EDGAR
  20. Aug 19, 20264 EDGAR

The 562 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

92 open-market trades by officers, directors and large owners since October 2021: 14 buys and 78 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 10, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$38.75$387.5KForm 4
Sep 9, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$38.63$386.3KForm 4
Sep 3, 2026Bradford Tonya WilliamsDirectorSale1,600$39.89$63.8KForm 4
Sep 3, 2026WILLIAMS WILLIAM L. IIIDirectorSale6,590$40.09$264.2KForm 4
Sep 3, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$39.75$397.5KForm 4
Sep 2, 2026WILLIAMS WILLIAM L. IIIDirectorSale1,810$40.00$72.4KForm 4
Sep 2, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$39.54$395.4KForm 4
Aug 27, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$39.66$396.6KForm 4
Aug 26, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$39.99$399.9KForm 4
Aug 20, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$40.53$405.3KForm 4
Aug 19, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$41.23$412.3KForm 4
Aug 13, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$43.10$431.0KForm 4
Aug 12, 2026MAHAN JAMES S IIIChief Executive OfficerSale10,000$42.75$427.5KForm 4
Aug 4, 2026Spencer CourtneyChief Experience OfficerSale154$43.68$6.7KForm 4
Aug 4, 2026LUCHT DAVID GDirectorSale2,000$44.36$88.7KForm 4
Aug 3, 2026WILLIAMS WILLIAM L. IIIDirectorSale8,400$43.08$361.9KForm 4
Jul 28, 2026Moroz Mark MichaelChief Banking OfficerSale6,100$42.08$256.7KForm 4
Jul 27, 2026LUCHT DAVID GDirectorSale3,000$42.13$126.4KForm 4
Jul 1, 2026WILLIAMS WILLIAM L. IIIDirectorSale8,400$41.61$349.5KForm 4
Jun 24, 2026WILLIAMS WILLIAM L. IIIDirectorSale8,400$40.05$336.4KForm 4

All 92 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025William C. Losch IIIPresident56$803.1K$2.8M79
2025Mark M. MorozChief Banking Officer$446.1K$1.8M79
2025Walter J. PhiferChief Financial Officer$373.8K$1.3M79
2025Renato DerraikChief Information and Digital Officer, & Interim Information Security Officer, Bank54$602.3K$1.3M79
2025James S. Mahan IIIChairman and Chief Executive Officer74$512.6K$965.4K79
2024William C. Losch IIIPresident56$798.5K$13.1M79
2024Renato DerraikChief Information and Digital Officer, & Interim Information Security Officer, Bank54$604.6K$1.5M79
2024Mark M. MorozChief Banking Officer$352.7K$875.2K79
2024James S. Mahan IIIChairman and Chief Executive Officer74$514.5K$845.0K79
2024Walter J. PhiferChief Financial Officer$345.0K$808.3K79
2023William C. Losch IIIPresident56$697.1K$4.0M79
2023Renato DerraikChief Information and Digital Officer, & Interim Information Security Officer, Bank54$594.2K$3.8M79
2023James S. Mahan IIIChairman and Chief Executive Officer74$510.6K$905.5K79
2023Mark M. MorozChief Banking Officer$350.0K$398.7K79
2023Walter J. PhiferChief Financial Officer$250.0K$293.4K79

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,515,856$143.6M0.0%+82,957
Vanguard Capital Management LLC1,654,730$67.6M0.0%+121,959
Dimensional Fund Advisors LP1,615,529$66.0M0.0%+22,344
State Street Corp1,367,619$55.9M0.0%−69,696
Barrow Hanley Mewhinney & Strauss LLC1,360,091$55.5M0.2%−261,812
Gilder Gagnon Howe & Co LLC1,123,910$45.9M0.5%−69,204
Vanguard Portfolio Management LLC996,870$40.7M0.0%+88,724
Southernsun Asset Management, LLC934,751$38.2M5.1%−98,788
Geode Capital Management, LLC912,543$37.3M0.0%+58,585
Loomis Sayles & Co L P671,994$27.4M0.0%−56,135
American Century Companies Inc667,556$27.3M0.0%+485,769
Royce & Associates LP646,091$26.4M0.2%+72,241
Algert Global LLC586,166$23.9M0.3%+223,487
William Blair Investment Management, LLC569,233$23.2M0.1%−153,664
Fuller & Thaler Asset Management, Inc.554,642$22.7M0.1%+239,814
Two Sigma Investments, LP420,262$17.2M0.0%−13,906
Northern Trust Corp320,783$13.1M0.0%−3,604
Charles Schwab Investment Management Inc299,270$12.2M0.0%+8,636
Raymond James Financial Inc287,390$11.7M0.0%+24,602
Manufacturers Life Insurance Company, The283,133$11.6M0.0%−2,000
Hotchkis & Wiley Capital Management LLC270,239$11.0M0.0%+20,520
Vanguard Fiduciary Trust Co249,249$10.2M0.0%+15,081
Envestnet Asset Management Inc237,127$9.7M0.0%−2,197
Bank Of America Corp /de/230,020$9.4M0.0%+55,407
Whittier Trust Co224,384$9.4M0.1%−1,571

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Live Oak Bank is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLive Oak Bancshares, Inc.2
  • CIK0001462120
  • Employer ID (EIN)26-459628616
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inNorth Carolina16
  • Fiscal year endsDecember 312
  • Industry code (SIC)6022 State Commercial Banks2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address1741 Tiburon Drive, Wilmington, NC 284032
  • Phone910-790-58672
  • Shares outstanding46,283,620 as of Aug 3, 202614
  • Public float$1.1B as of Jun 30, 202516
  • AuditorKPMG LLP, Charlotte, North Carolina PCAOB ID 185; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceApr 17, 20092
  • Filings1,080 in all: 4 (624), 8-K (171), 144 (65), 3 (39), 10-Q (34), SC 13G/A (32), SC 13G (14), 10-K (11)2
    All 42 form types

    DEF 14A (11), S-8 (7), 5 (6), 4/A (5), CORRESP (5), DEFA14A (5), 424B5 (4), ARS (4), 8-A12B (3), EFFECT (3), UPLOAD (3), 10-K/A (2), 3/A (2), 8-K/A (2), CERT (2), D (2), DRS (2), S-1 (2), S-1/A (2), S-3 (2), S-3ASR (2), SCHEDULE 13G/A (2), 25 (1), 424B2 (1), 8-A12B/A (1), CERTNAS (1), DRS/A (1), FWP (1), NT 10-K (1), NT 10-Q (1), POS AM (1), RW (1), S-1MEF (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 2, 2026
    Latest 8-K (8-K) Aug 28, 2026

Securities registered for trading

ClassSymbolExchange
Voting Common Stock, no par value per shareLOBNew York Stock Exchange LLC
Depositary SharesLOB/PANew York Stock Exchange LLC

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Live Oak Bank names in Item 1A of its 10-K filed Feb 27, 2026: 50 risks under these headings, as written.16

  • Risks Related to Our Business
  • Risks Related to Our Regulatory Environment
  • Risks Related to Our Securities
  • General Risk Factors
  • We may experience increased delinquencies and credit losses, which could have a material adverse effect on our capital, financial condition, and results of operations.
  • SBA lending and other government guaranteed lending is an important part of our business. These lending programs are dependent upon the federal government, and we face specific risks associated with originating SBA and other government guaranteed loans.
  • A prolonged U.S. government shutdown or default by the U.S. on government obligations would harm our results of operations.
  • Pandemics, natural disasters (including hurricanes), global climate change, acts of terrorism, social unrest, and global conflicts may have a negative impact on our business and operations.
  • The deployment and use of artificial intelligence presents risks and challenges that may adversely impact our business.
  • We are dependent upon the use of intellectual property owned by third parties, and any change in our ability to use, or the terms upon which we may use, this intellectual property could have a material adverse effect on our business.
  • A failure in or breach of our operational or security systems, or those of our third-party service providers, including as a result of cyber-attacks, could disrupt our business, result in unintentional disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs and cause losses.
  • We have identified material weaknesses in our internal control over financial reporting which, if not remediated appropriately or in a timely manner, could result in a loss of investor confidence and adversely impact the trading price of our securities.
The other 42 risks
  • We face risks related to the restatement of our financial statements.
  • The fair value of our investment securities can fluctuate due to factors outside of our control.
  • Our ACL may prove to be insufficient to absorb lifetime losses on loans, leases and off-balance sheet credit exposures.
  • The valuation of our loans measured at fair value is based on estimates and subject to fluctuation based on market conditions and other factors that are beyond our control.
  • The valuation of our servicing rights is based on estimates and subject to fluctuation based on market conditions and other factors that are beyond our control.
  • The recognition of gains on the sale of loans reflects certain assumptions.
  • Our rental equipment is subject to residual value risk upon disposition, and may not sell at the prices or in the quantities we expect.
  • We are subject to liquidity risk in our operations.
  • Changes in the interest rate environment could reduce our net interest income, which could reduce our profitability.
  • The amount of other real estate owned, or OREO, may increase significantly, resulting in additional losses, costs and expenses that will negatively affect our operations.
  • We are subject to environmental liability risk associated with our lending activities.
  • Our use of appraisals in deciding whether to make a loan secured by real property or how to value the loan in the future may not accurately reflect the net value of the collateral that we can realize.
  • We could be subject to losses, regulatory action or reputational harm due to fraudulent and negligent acts on the part of loan applicants, our borrowers, our employees and vendors.
  • New lines of business or new products and services may subject us to additional risks.
  • We are subject to risk in connection with our strategic activities, including acquisitions, joint ventures, partnerships, and investments.
  • Our investments in financial technology companies and initiatives subject us to material financial, reputational and strategic risks.
  • Our investments in other companies may be illiquid.
  • Our investments and/or financings in certain tax-advantaged projects may not generate returns as anticipated and may have an adverse impact on our financial results.
  • Our loan portfolio may be affected by deterioration in real estate markets, including declines in the performance of loans.
  • Deterioration in the commercial soundness of our counterparties could adversely affect us.
  • We have different lending risks than larger, more diversified banks.
  • Insiders have substantial control over us, and this control may limit our shareholders’ ability to influence corporate matters and may delay or prevent a third party from acquiring control over us.
  • We are subject to extensive regulation that could limit or restrict our activities.
  • We are required to maintain capital to meet regulatory requirements, and, if we fail to maintain sufficient capital, whether due to growth opportunities, losses or an inability to raise additional capital or otherwise, our financial condition, liquidity and results of operations, as well as our compliance with regulatory requirements, would be adversely affected.
  • Because our total assets exceed $10 billion, we are subject to heightened regulatory requirements, which could have an adverse effect on our financial condition or results of operations.
  • Our deposit operations are subject to extensive regulation, and we expect additional regulatory requirements to be implemented in the future.
  • Our FDIC deposit insurance premiums and assessments may increase.
  • Adverse developments or concerns affecting the financial services industry or specific financial institutions could adversely affect our financial condition and results of operations.
  • We may incur increased costs to comply with privacy and data security laws and regulations and, to the extent we fail to comply, we could be subject to government enforcement actions, private claims and litigation, adverse publicity, loss of customers, and other negative outcomes.
  • The low trading volume in our common stock may adversely affect your ability to resell shares at prices that you find attractive or at all.
  • Future sales of shares of our common stock by existing shareholders could depress the market price of our common stock.
  • There can be no assurance that we will continue to pay cash dividends on our common stock.
  • The Company’s common stock is subordinate to the Company’s existing and future preferred stock.
  • Live Oak Bancshares, Inc. is subject to extensive regulation, and ownership of our common stock may have regulatory implications for its holders.
  • Anti-takeover provisions could adversely affect Live Oak Bancshares, Inc. shareholders.
  • Live Oak Bancshares, Inc.’s securities are not insured deposits and may lose value.
  • We face strong competition from a diverse group of competitors.
  • We rely heavily on our management team and depend on our ability to attract and retain key personnel, and the unexpected loss of any of those personnel could adversely affect our operations.
  • Our risk management framework may not be effective in mitigating risks and/or losses to us.
  • Changes in accounting standards and management’s selection of accounting methods, including assumptions and estimates, could materially impact our financial statements.
  • Our business reputation is important and any damage to it could have a material adverse effect on our business.
  • Changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.

Legal proceedings

In the ordinary course of operations, the Company is at times involved in legal proceedings. In the opinion of management, as of December 31, 2025, there are no material pending legal proceedings to which the Company or any of its subsidiaries is a party or of which any of their property is the subject. In addition, the Company is not aware of any threatened litigation, unasserted claims or assessments that could have a material adverse effect on its business, operating results or financial condition.

The opening of Item 3, Legal Proceedings.16

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