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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2026


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

For the transition period from ________ to ________.

Commission file number: 001-37497

LIVE OAK BANCSHARES, INC.

(Exact name of registrant as specified in its charter)


North Carolina			26-4596286
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1741 Tiburon Drive Wilmington, North Carolina			28403
(Address of principal executive offices)			(Zip Code)

(910) 790-5867


(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

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

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of August 3, 2026, there were 46,283,620 shares of the registrant’s voting common stock outstanding.

Table of Contents

Live Oak Bancshares, Inc.

Form 10-Q

For the Quarterly Period Ended June 30, 2026

TABLE OF CONTENTS


		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2026 and 2025	2
	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025	3
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025	4
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025	6
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	57
Item 4.	Controls and Procedures	59
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	62
	Index to Exhibits	62
	Signatures	63

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Live Oak Bancshares, Inc.

Condensed Consolidated Balance Sheets

As of June 30, 2026 (unaudited) and December 31, 2025

(Dollars in thousands)


	June 30, 2026		December 31, 2025
Assets
Cash and due from banks	$	927,630	$	864,904

Certificates of deposit with other banks	250		250
Investment securities available-for-sale	1,467,855		1,427,401
Loans held for sale	511,812		420,055
Loans and leases held for investment (includes $232,088 and $260,625 measured at fair value, respectively)	12,630,859		11,973,622
Allowance for credit losses on loans and leases	(193,417)		(192,264)
Net loans and leases	12,437,442		11,781,358
Premises and equipment, net	231,198		240,203
Foreclosed assets	11,017		8,208
Servicing assets (includes $66,575 and $62,941 measured at fair value, respectively)	66,733		63,155
Other assets	384,204		329,244
Total assets	$	16,038,141	$	15,134,778
Liabilities and shareholders’ equity
Liabilities
Deposits:
Noninterest-bearing	$	605,237	$	515,051
Interest-bearing	13,942,289		13,173,608
Total deposits	14,547,526		13,688,659
Borrowings	99,766		102,404
Other liabilities	73,931		89,609
Total liabilities	14,721,223		13,880,672
Shareholders’ equity
Series A Preferred stock, no par value, 1,000,000 shares authorized, 100,000 shares issued and outstanding at June 30, 2026 and December 31, 2025	96,266		96,266
Class A common stock, no par value, 100,000,000 shares authorized, 46,283,620 and 46,032,402 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	399,396		388,389

Retained earnings	869,757		809,885
Accumulated other comprehensive loss	(52,555)		(44,672)
Total shareholders' equity attributed to Live Oak Bancshares, Inc.	1,312,864		1,249,868
Non-controlling interest	4,054		4,238
Total shareholders’ equity	1,316,918		1,254,106
Total liabilities and shareholders’ equity	$	16,038,141	$	15,134,778

See Notes to Unaudited Condensed Consolidated Financial Statements

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Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Income

For the three and six months ended June 30, 2026 and 2025 (unaudited)

(Dollars in thousands, except per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest income
Loans and fees on loans	$	221,705	$	204,513	$	435,834	$	400,129
Investment securities, taxable	13,411		11,648		26,420		22,737
Other interest earning assets	6,601		8,123		13,327		14,523
Total interest income	241,717		224,284		475,581		437,389
Interest expense
Deposits	114,776		113,380		227,623		224,268
Borrowings	1,603		1,683		3,220		3,368
Total interest expense	116,379		115,063		230,843		227,636
Net interest income	125,338		109,221		244,738		209,753
Provision for credit losses	25,800		23,252		45,900		52,216
Net interest income after provision for credit losses	99,538		85,969		198,838		157,537
Noninterest income
Loan servicing revenue	9,194		8,565		18,288		16,863
Loan servicing asset revaluation	(4,278)		(3,057)		(7,765)		(7,785)
Net gains on sales of loans	17,554		17,570		32,979		33,008
Net gain (loss) on loans accounted for under the fair value option	291		1,082		(874)		48
Equity method investments income (loss)	74		(2,716)		(743)		(4,955)
Equity security investments gains, net	—		1,004		—		1,024
Lease income	2,238		3,103		4,373		5,676

Other noninterest income	5,734		4,904		10,623		8,947
Total noninterest income	30,807		30,455		56,881		52,826
Noninterest expense
Salaries and employee benefits	48,776		46,008		98,130		91,537
Travel expense	1,933		1,634		3,396		3,698
Professional services expense	2,938		2,874		5,454		5,898
Advertising and marketing expense	2,734		4,420		5,785		8,085
Occupancy expense	2,364		2,369		4,774		5,106
Technology expense	9,608		10,066		19,357		19,317
Equipment expense	3,662		3,685		7,355		7,430
Other loan origination and maintenance expense	4,864		4,190		10,783		8,775
Renewable energy tax credit investment impairment	26		270		26		270
FDIC insurance	4,788		3,545		9,189		7,096

Other expense	2,832		6,161		5,569		8,817
Total noninterest expense	84,525		85,222		169,818		166,029
Income before taxes	45,820		31,202		85,901		44,334
Income tax expense	9,116		7,815		19,250		11,279
Net income	36,704		23,387		66,651		33,055
Net loss attributable to non-controlling interest	91		41		184		90
Net income attributable to Live Oak Bancshares, Inc.	36,795		23,428		66,835		33,145
Preferred stock dividends	2,094		—		4,188		—
Net income attributable to common shareholders	$	34,701	$	23,428	$	62,647	$	33,145
Basic earnings per share	$	0.75	$	0.51	$	1.36	$	0.72
Diluted earnings per share	$	0.74	$	0.51	$	1.35	$	0.72

See Notes to Unaudited Condensed Consolidated Financial Statements

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Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income

For the three and six months ended June 30, 2026 and 2025 (unaudited)

(Dollars in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	36,704	$	23,387	$	66,651	$	33,055
Other comprehensive (loss) income before tax:
Net unrealized (loss) gain on investment securities available-for-sale during the period	(6,864)		8,137		(10,390)		27,408

Other comprehensive (loss) income before tax	(6,864)		8,137		(10,390)		27,408
Income tax benefit (expense)	1,648		(1,953)		2,494		(6,578)
Other comprehensive (loss) income, net of tax	(5,216)		6,184		(7,896)		20,830
Total comprehensive income	31,488		29,571		58,755		53,885
Comprehensive loss attributable to non-controlling interest	91		41		184		90
Total comprehensive income attributable to Live Oak Bancshares, Inc.	$	31,579	$	29,612	$	58,939	$	53,975

See Notes to Unaudited Condensed Consolidated Financial Statements

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Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity

For the three and six months ended June 30, 2026 and 2025 (unaudited)

(Dollars in thousands)


	Three Months Ended
	Preferred Stock			Common stock				Retained earnings		Accumulated other comprehensive (loss) income		Non-controlling interest		Total equity
	Shares	Amount		Shares		Amount
	Series A			Class A	Class B
Balance at March 31, 2026	100,000	$	96,266	46,240,691	—	$	392,258	$	836,444	$	(47,352)	$	4,145	$	1,281,761
Net income (loss)	—	—		—	—	—		36,795		—		(91)		36,704
Other comprehensive loss	—	—		—	—	—		—		(5,216)		—		(5,216)
Issuance of restricted stock	—	—		36,929	—	—		—		—		—		—

Tax withholding related to vesting of restricted stock and other	—	—		—	—	(348)		—		—		—		(348)

Stock option exercises	—	—		6,000	—	96		—		—		—		96

Restricted stock compensation expense	—	—		—	—	7,390		—		—		—		7,390
Reclassification of accumulated other comprehensive income due to tax rate adjustment	—	—		—	—	—		—		13		—		13
Cash dividends - preferred	—	—		—	—	—		(2,094)		—		—		(2,094)
Cash dividends ($0.03 per share) - common	—	—		—	—	—		(1,388)		—		—		(1,388)
Balance at June 30, 2026	100,000	$	96,266	46,283,620	—	$	399,396	$	869,757	$	(52,555)	$	4,054	$	1,316,918

Balance at March 31, 2025	—	$	—	45,589,633	—	$	370,513	$	724,215	$	(67,698)	$	4,417	$	1,031,447
Net income (loss)	—	—		—	—	—		23,428		—		(41)		23,387
Other comprehensive income	—	—		—	—	—		—		6,184		—		6,184
Issuance of restricted stock	—	—		36,720	—	—		—		—		—		—
Tax withholding related to vesting of restricted stock and other	—	—		—	—	(293)		—		—		—		(293)

Stock option exercises	—	—		59,728	—	788		—		—		—		788

Restricted stock compensation expense	—	—		—	—	6,945		—		—		—		6,945
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense	—	—		—	—	—		176		—		—		176
Cash dividends ($0.03 per share) - common	—	—		—	—	—		(1,369)		—		—		(1,369)
Balance at June 30, 2025	—	$	—	45,686,081	—	$	377,953	$	746,450	$	(61,514)	$	4,376	$	1,067,265

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Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Continued)

For the three and six months ended June 30, 2026 and 2025 (unaudited)

(Dollars in thousands)


	Six Months Ended
	Preferred Stock				Common stock				Retained earnings		Accumulated other comprehensive (loss) income		Non-controlling interest		Total equity
	Shares		Amount		Shares		Amount
	Series A				Class A	Class B
Balance at December 31, 2025	100,000		$	96,266	46,032,402		$	388,389	$	809,885	$	(44,672)	$	4,238	$	1,254,106
Net income (loss)	—		—		—	—	—		66,835		—		(184)		66,651
Other comprehensive loss	—		—		—	—	—		—		(7,896)		—		(7,896)
Issuance of restricted stock	—		—		191,470	—	—		—		—		—		—

Tax withholding related to vesting of restricted stock and other	—		—		—	—	(4,342)		—		—		—		(4,342)
Employee stock purchase program	—		—		17,665	—	484		—		—		—		484
Stock option exercises	—		—		42,083	—	595		—		—		—		595

Restricted stock compensation expense	—		—		—	—	14,270		—		—		—		14,270
Reclassification of accumulated other comprehensive income due to tax rate adjustment	—		—		—	—	—		—		13		—		13

Cash dividends - preferred	—		—		—	—	—		(4,188)		—		—		(4,188)
Cash dividends ($0.06 per share) - common	—		—		—	—	—		(2,775)		—		—		(2,775)
Balance at June 30, 2026	100,000		$	96,266	46,283,620	—	$	399,396	$	869,757	$	(52,555)	$	4,054	$	1,316,918

Balance at December 31, 2024	$	—	$	—	45,359,425	—	$	365,607	$	715,767	$	(82,344)	$	4,466	$	1,003,496
Net income (loss)	—		—		—	—	—		33,145		—		(90)		33,055
Other comprehensive income	—		—		—	—	—		—		20,830		—		20,830
Issuance of restricted stock	—		—		180,504	—	—		—		—		—		—
Tax withholding related to vesting of restricted stock and other	—		—		—	—	(3,471)		—		—		—		(3,471)
Employee stock purchase program	—		—		23,015	—	659		—		—		—		659
Stock option exercises	—		—		123,137	—	1,546		—		—		—		1,546

Restricted stock compensation expense	—		—		—	—	13,612		—		—		—		13,612

Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense	—		—		—	—	—		274		—		—		274
Cash dividends ($0.06 per share) - common	—		—		—	—	—		(2,736)		—		—		(2,736)
Balance at June 30, 2025	—		$	—	45,686,081	—	$	377,953	$	746,450	$	(61,514)	$	4,376	$	1,067,265

See Notes to Unaudited Condensed Consolidated Financial Statements

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Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2026 and 2025 (unaudited)

(Dollars in thousands)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities
Net income	$	66,651	$	33,055
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,209		13,758
Provision for credit losses	45,900		52,216
Accretion of discount on securities, net	(365)		(230)
Deferred tax benefit	(7,386)		(843)
Originations of loans held for sale	(665,328)		(697,086)
Proceeds from sales of loans held for sale	633,666		627,599
Net gains on sale of loans held for sale	(32,979)		(33,008)
Net loss on impairment or sale of foreclosed assets	186		12
Net loss (gain) on loans accounted for under fair value option	874		(48)
Net change in servicing assets	(3,578)		(4,215)
Purchase of transferable tax credits	(22,966)		—
Net loss on disposal of property and equipment	238		3,122

Proceeds received from government guaranteed receivables	97,196		8,384
Equity method investments loss (income)	743		4,955
Equity security investments (gains) losses, net	—		(1,024)
Net (gain) loss on equity warrant assets	(77)		419
Renewable energy tax credit investment impairment	26		270

Restricted stock compensation expense	14,270		13,612
Stock based compensation excess tax benefit (deficiency)	104		(224)
Lease right-of-use assets and liabilities, net	22		7
Changes in assets and liabilities:
Other assets	(3,881)		6,904
Other liabilities	(17,955)		(4,090)
Net cash provided by operating activities	118,570		23,545
Cash flows from investing activities
Purchases of investment securities available-for-sale	(151,852)		(126,937)
Proceeds from maturities, calls, and principal paydowns of investment securities available-for-sale	101,373		77,572
Proceeds from sale of foreclosed assets	2,178		827



Loan and lease originations and principal collections, net	(850,256)		(740,040)

Purchases of equity security investments	(406)		(4,471)
Purchases of equity method investments	(380)		(3,060)
Proceeds from sale of equity security investments	391		359
Proceeds from sale of equity method investments	1,511		385
Proceeds from sale of premises and equipment	450		4,361
Purchases of premises and equipment, net	(4,856)		(3,719)
Net cash used by investing activities	(901,847)		(794,723)

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Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Cash Flows (Continued)

For the six months ended June 30, 2026 and 2025 (unaudited)

(Dollars in thousands)


	Six Months Ended June 30,
	2026		2025
Cash flows from financing activities
Net increase in deposits	$	858,867	$	834,296
Proceeds from borrowings	71		84
Repayment of borrowings	(2,709)		(5,245)
Stock option exercises	595		1,546
Employee stock purchase program	484		659

Tax withholding related to vesting of restricted stock and other	(4,342)		(3,471)
Shareholder dividend distributions - preferred	(4,188)		—
Shareholder dividend distributions - common	(2,775)		(2,736)
Net cash provided by financing activities	846,003		825,133
Net increase in cash and cash equivalents	62,726		53,955
Cash and cash equivalents, beginning	864,904		608,800
Cash and cash equivalents, ending	$	927,630	$	662,755

Supplemental disclosures of cash flow information
Interest paid	$	230,245	$	227,748
Income tax paid, net	63,619		7,221

Supplemental disclosures of noncash investing and financing activities
Unrealized holding (losses) gains on investment securities available-for-sale, net of taxes	$	(7,896)	$	20,830
Transfers from loans and leases to foreclosed real estate and other repossessions or government guaranteed receivable	122,282		18,894
Net transfers between foreclosed assets and government guaranteed receivable	(328)		33


Transfer of loans held for sale to loans and leases held for investment	44,953		113,326
Transfer of loans and leases held for investment to loans held for sale	73,441		19,708
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense	—		274

See Notes to Unaudited Condensed Consolidated Financial Statements

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. Basis of Presentation

Nature of Operations

Live Oak Bancshares, Inc. (collectively with its subsidiaries including Live Oak Banking Company, the “Company”) is a bank holding company headquartered in Wilmington, North Carolina incorporated under the laws of the State of North Carolina in December 2008. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Banking Company (the “Bank”). The Bank was organized and incorporated under the laws of the State of North Carolina on February 25, 2008 and commenced operations on May 12, 2008. The Bank specializes in providing lending and deposit related services to small businesses nationwide. A significant portion of the loans originated by the Bank are partially guaranteed by the Small Business Administration (“SBA”) under the 7(a) Loan Program and the U.S. Department of Agriculture’s (“USDA”) Rural Energy for America Program (“REAP”), Water and Environmental Program (“WEP”), Business & Industry (“B&I”) and Community Facilities loan programs. These loans are to small businesses and professionals with what the Bank believes are lower risk characteristics. Industries, or “verticals,” on which the Bank focuses its lending efforts are carefully selected. The Bank also lends more broadly to select borrowers outside of those verticals.

As of June 30, 2026, the Company’s wholly owned material subsidiaries are the Bank, Government Loan Solutions, Inc. (“GLS”), Live Oak Grove, LLC (“Grove”), and Live Oak Ventures, Inc. (“Live Oak Ventures”). GLS is a management and technology consulting firm that advises and offers solutions and services to participants in the government guaranteed lending sector. GLS primarily provides services in connection with the settlement, accounting, and securitization processes for government guaranteed loans, including loans originated under the SBA 7(a) loan programs and USDA guaranteed loans. The Grove provides Company employees and business visitors with on-site dining at the Company's Wilmington, North Carolina headquarters. Live Oak Ventures’ purpose is investing in businesses that align with the Company's strategic initiative to be a leader in financial technology. During the fourth quarter of 2024, Live Oak Ventures consolidated its investment in Synply, Inc. (“Synply”) as a result of its controlling interest in that entity. Synply is a cloud-based technology platform designed to simplify the loan syndication process for financial institutions. The non-controlling interest in Synply is disclosed according to the Company’s consolidation policy.

The Bank’s wholly owned subsidiaries are Live Oak Number One, Inc., Live Oak Clean Energy Financing LLC (“LOCEF”), Live Oak Private Wealth, LLC (“Live Oak Private Wealth”) and Tiburon Land Holdings, LLC (“TLH”). Live Oak Number One, Inc. holds properties foreclosed on by the Bank. LOCEF provides financing to entities for renewable energy applications. Live Oak Private Wealth provides high-net-worth individuals and families with strategic wealth and investment management services. TLH holds land adjacent to the Bank's headquarters consisting of wetlands and other protected property for the use and enjoyment of the Bank's employees and customers.

The Company generates revenue primarily from net interest income and secondarily through the origination and sale of government guaranteed loans. Income from the retention of loans is comprised principally of interest income. Income from the sale of loans is comprised of loan servicing revenue and revaluation of related servicing rights along with net gains on sales of loans. Offsetting these revenues are the cost of funding sources, provision for credit losses, any costs related to foreclosed assets and other operating costs such as salaries and employee benefits, travel, professional services, advertising and marketing and tax expense. The Company also has less routinely generated gains and losses arising from its financial technology investments.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

General

In the opinion of management, all adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included, and all intercompany transactions have been eliminated in consolidation. Results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026. The Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities Exchange Commission (“SEC”) on February 27, 2025 (SEC File No. 001-37497) (the “2025 Form 10-K”). A summary description of the significant accounting policies followed by the Company is set forth in Note 1 of the Notes to Consolidated Financial Statements in the Company’s 2025 Form 10-K. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and footnotes in the Company's 2025 Form 10-K.

The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

Amounts in all tables in the Notes to Unaudited Condensed Consolidated Financial Statements have been presented in thousands, except percentage, time period, share and per share data or where otherwise indicated.

Business Segments

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is the President of Live Oak Bancshares, Inc. and the Bank. In determining the appropriateness of the segment definition, the Company considers the components of the business about which financial information is available and components the chief operating decision maker regularly evaluates relative to resource allocation and performance assessment.

Management has determined that the Company has one significant operating segment, which is providing a banking platform for businesses nationwide. The banking platform generates revenue primarily from net interest income and secondarily through the origination and sale of government guaranteed loans. The chief operating decision maker assesses performance and decides how to allocate resources based on net income which is reported on the consolidated statements of income. The chief operating decision maker uses net income to evaluate income generated from total assets (return on assets) and profitability of the segment in relation to total shareholders’ equity (return on equity). The measures of segment assets and equity are reported on the consolidated balance sheets as total assets and total shareholders’ equity. Net income is also used to monitor budget versus actual results. All of these elements are used in assessing performance of the segment.

Significant segment expenses are reported on the consolidated statements of income.

Use of Estimates

In preparing unaudited condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The allowance for credit losses (“ACL”) is a material estimate that is particularly susceptible to significant change in the near term.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Changes in Accounting Estimates

During the first quarter of 2026, the Company enhanced both the quantitative and qualitative components of its ACL estimation process. The Company changed the quantitative component from a discounted cash flow model to a probability of default (“PD”) x loss given default (“LG”) x exposure at default (“EAD”) based credit loss forecasting model to estimate expected credit losses, which incorporates a two-year reasonable-and-supportable forecast period influenced by multiple economic variables followed by a one-year reversion to long-run assumptions. Prior to the change, the Company forecasted losses over a one-year reasonable-and-supportable forecast period using a single economic variable. In connection with the implementation of this model, the Company enhanced its qualitative framework to better incorporate and align qualitative adjustments with the updated model. The cumulative effect of these changes was not material.

During the third quarter of 2025, the Company made enhancements to the quantitative and qualitative components of the ACL estimate. Within the quantitative component, the Company updated the method used to forecast the PD during a reasonable and supportable forecast period. The Company changed the economic variable used in forecasting default rates from the national unemployment rate to the Baa-rated Corporate Bond Yield utilizing a logistic regression and changed the default rate forecast starting point from 36 month historical default performance to the most recent 12 month trailing average default performance. These changes were based on a statistical analysis of historical defaults and macroeconomic factors. In conjunction with the enhancements made to the PD methodology, the Company made enhancements to the qualitative framework to introduce weighting of quantifiable credit metrics used in the qualitative ACL estimate to put more weight on the metrics that are the strongest indicators of credit risk in the portfolio. The cumulative effect of these changes was not material.

The above refinements have been accounted for as changes in accounting estimates under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections, with prospective application beginning in the period of change.

Preferred Stock

On August 4, 2025, the Company issued and sold 4,000,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of the Company’s 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock, no par value per share (the “Series A Preferred Stock”), with a liquidation preference of $1,000 per share of Series A Preferred Stock (equivalent to $25 per Depositary Share), which represents $100,000,000 in aggregate liquidation preference. Net proceeds, after underwriting discounts and expenses, totaled $96.3 million. Holders of the Series A Preferred Stock and Depositary Shares will not have voting rights, except with respect to certain changes in the terms of the preferred stock, certain dividend non-payments and as otherwise required by applicable law. The Company may redeem the Series A Preferred Stock at its option, (i) in whole or in part, from time to time, on any dividend payment date on or after September 15, 2030 or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in either case at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends.

During the three and six months ended June 30, 2026, cash dividends of $0.52344 and $1.04688, respectively, per Depositary Share of its Series A Preferred Stock was declared and paid.

Income Taxes

During the second quarter ended June 30, 2026, the Company purchased $25.0 million 2025 transferable renewable energy credits for $22.9 million, resulting in a reduction to income tax expense of $2.1 million. The Company will account for purchased credits under ASC 740, Income Taxes, and record the transferred credits as an increase to income tax receivable within other assets on the Condensed Consolidated Balance Sheet.

Revision of Previously Issued Financial Statements

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, certain immaterial prior-period amounts in the Unaudited Condensed Consolidated Statements of Income have been revised and are reflected below. Specifically, there was a decrease in the line item for net gains on sales of loans, which was fully offset by a decrease in salaries and employee benefits, and travel expense. The changes were presentation only and had no impact on previously reported net income, total assets, total liabilities, or shareholders’ equity.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The effect of the above revision on previously reported financial statements is presented below:


	As previously reported		Impact of revision		As revised
Consolidated statement of income for three months ended June 30, 2025
Net gains on sales of loans	$	21,641	$	(4,071)	$	17,570
Total noninterest income	34,526		(4,071)		30,455

Salaries and employee benefits	49,137		(3,129)		46,008
Travel expense	2,576		(942)		1,634
Total noninterest expense	89,293		(4,071)		85,222

Consolidated statement of income for six months ended June 30, 2025
Net gains on sales of loans	$	40,289	$	(7,281)	$	33,008
Total noninterest income	60,107		(7,281)		52,826

Salaries and employee benefits	$	97,145	$	(5,608)	$	91,537
Travel expense	5,371		(1,673)		3,698
Total noninterest expense	173,310		(7,281)		166,029

Consolidated statement of cash flows for the six months ended June 30, 2025
Operating activities:
Net gains on sale of loans held for sale	$	(40,289)	$	7,281	$	(33,008)
Net cash provided by operating activities	16,264		7,281		23,545

Investing activities:
Net change in loans and leases	$	(732,759)	$	(7,281)	$	(740,040)
Net cash used by investing activities	(787,442)		(7,281)		(794,723)

Reclassifications

Certain reclassifications have been made to the prior period's Unaudited Condensed Consolidated Financial Statements to place them on a comparable basis with the current year. Net income and shareholders' equity previously reported were not affected by these reclassifications.

Note 2. Recent Accounting Pronouncements

Accounting Standards Issued But Not Currently Effective

In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disaggregation of certain expense captions into specified categories within the footnotes. The amendments in this standard will be effective for the Company on January 1, 2027. The guidance may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact the amendments will have on the consolidated financial statements and related disclosures.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”). ASU 2025-06 indicates an entity should start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this standard will be effective for the Company on January 1, 2028. The guidance may be applied on a prospective, modified, or retrospective transition basis. The Company is currently evaluating the impact the amendments will have on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract” (“ASU 2025-07”). ASU 2025-07 adds a scope exception from derivative accounting for nonexchange traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. It also clarifies that the revenue guidance in ASC 606 applies initially to share-based noncash consideration received from a customer for the transfer of goods or services. The guidance in other ASCs, including derivatives (ASC 815) and equity securities (ASC 321), is not applied unless and until the entity’s right to receive or retain the share-based noncash consideration is unconditional under ASC 606.The amendments in this standard will be effective for the Company on January 1, 2027. The guidance may be applied on a prospective or modified retrospective basis. The Company is currently evaluating the impact the amendments will have on the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”). The amendments clarify interim disclosure requirements and when Topic 270 applies as well as the addition of a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this standard will be effective for the Company on January 1, 2028. The guidance may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact the amendments will have on the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12 “Codification Improvements” (“ASU 2025-12”). The amendments represent changes to the Codification to make incremental improvements to GAAP including technical corrections, clarifications, and minor improvements. The amendments in this standard will be effective for the Company on January 1, 2027. The guidance may generally be applied, by issue, on a prospective or retrospective basis. The Company does not believe this standard will have a material impact on its consolidated financial statements.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Note 3. Earnings Per Share

Basic and diluted earnings per share are computed based on the weighted-average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then share in the net income of the Company.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic earnings per share:
Net income attributable to common shareholders	$	34,701	$	23,428	$	62,647	$	33,145
Weighted-average basic shares outstanding	46,265,757		45,634,741		46,202,534		45,556,842
Basic earnings per share	$	0.75	$	0.51	$	1.36	$	0.72
Diluted earnings per share:
Net income attributable to common shareholders	$	34,701	$	23,428	$	62,647	$	33,145
Total weighted-average basic shares outstanding	46,265,757		45,634,741		46,202,534		45,556,842
Add effect of dilutive stock options and restricted stock grants	328,725		160,867		349,578		268,701
Total weighted-average diluted shares outstanding	46,594,482		45,795,608		46,552,112		45,825,543
Diluted earnings per share	$	0.74	$	0.51	$	1.35	$	0.72
Anti-dilutive stock options and restricted stock grants	815,208		2,177,255		694,958		1,838,191

Note 4. Investments

Available-for-Sale

The amortized cost, estimated fair value and unrealized gains (losses) are reflected in the following table:


June 30, 2026	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agencies	$	20,280	$	—	$	148	$	20,132
Mortgage-backed securities	1,513,619		4,276		73,228		1,444,667
Municipal bonds	3,139		—		83		3,056

Total	$	1,537,038	$	4,276	$	73,459	$	1,467,855


December 31, 2025	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agencies	$	13,603	$	27	$	13	$	13,617
Mortgage-backed securities	1,469,440		8,327		67,088		1,410,679
Municipal bonds	3,151		—		46		3,105

Total	$	1,486,194	$	8,354	$	67,147	$	1,427,401

During the three months ended June 30, 2026, eight securities totaling $15.7 million were settled. During the six months ended June 30, 2026, eighteen securities totaling $33.7 million were settled. During the three months ended June 30, 2025, four securities totaling $11.3 million were settled and one security totaling $4.0 million matured. During the six months ended June 30, 2025, seven securities totaling $16.9 million were settled and one security totaling $4.0 million matured.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Accrued interest receivable on available-for-sale securities totaled $5.5 million and $5.1 million at June 30, 2026 and December 31, 2025, respectively, and is included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets.

The following tables show debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.


	Less Than 12 Months				12 Months or More				Total
June 30, 2026	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government agencies	$	17,161	$	130	$	2,971	$	18	$	20,132	$	148
Mortgage-backed securities	522,980		6,312		604,777		66,916		1,127,757		73,228
Municipal bonds	702		8		2,354		75		3,056		83

Total	$	540,843	$	6,450	$	610,102	$	67,009	$	1,150,945	$	73,459


	Less Than 12 Months				12 Months or More				Total
December 31, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government agencies	$	—	$	—	$	2,970	$	13	$	2,970	$	13
Mortgage-backed securities	120,039		613		709,710		66,475		829,749		67,088
Municipal bonds	3,022		34		83		12		3,105		46
Total	$	123,061	$	647	$	712,763	$	66,500	$	835,824	$	67,147

At June 30, 2026, there were 330 mortgage-backed securities, one U.S. government agency and two municipal bonds in unrealized loss positions for greater than 12 months. There were 94 mortgage-backed securities, four U.S. government agencies and one municipal bond in unrealized loss positions for less than 12 months. Unrealized losses at December 31, 2025 were comprised of 357 mortgage-backed securities, one U.S. government agency and one municipal bond in unrealized loss positions for greater than 12 months. There were 18 mortgage-backed securities and two municipal bonds in unrealized loss positions for less than 12 months.

These unrealized losses are primarily the result of non-credit-related volatility in the market and market interest rates. Since none of the unrealized losses relate to the issuers' ability to honor redemption obligations, and the Company does not intend to sell the related securities and does not believe it is more likely than not that it will be required to sell the securities before recovery of amortized cost, none of the losses have been recognized in the Company’s Unaudited Condensed Consolidated Statements of Income.

All mortgage-backed securities in the Company’s portfolio at June 30, 2026 and December 31, 2025 were backed by U.S. government sponsored enterprises (“GSEs”).

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The following is a summary of investment securities by maturity:


	June 30, 2026
	Available-for-Sale
	Amortized Cost		Fair Value
U.S. government agencies
Within one year	$	2,989	$	2,971
One to five years	478		472
Five to ten years	16,813		16,689
Total	20,280		20,132
Mortgage-backed securities
Within one year	23,701		23,522
One to five years	248,555		240,689
Five to ten years	162,403		149,412
After 10 years	1,078,960		1,031,044
Total	1,513,619		1,444,667
Municipal bonds
Five to ten years	3,044		2,973
After 10 years	95		83
Total	3,139		3,056





Total	$	1,537,038	$	1,467,855

The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may prepay sooner than scheduled.

At June 30, 2026, investment securities with a fair value of $508.4 million and amortized cost of $553.3 million were pledged to support unused borrowing capacity. At December 31, 2025, investment securities with a fair value of $565.8 million and amortized cost of $610.1 million were pledged to support unused borrowing capacity.

Equity Investments

Equity investments, largely comprised of non-marketable equity investments, are generally accounted for under either the equity method or equity security accounting and are included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The below tables provide additional information related to investments accounted for under these two methods.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Equity Method Accounting

The carrying amount and ownership percentage of each equity method investment at June 30, 2026 and December 31, 2025 is reflected in the following table:


	June 30, 2026				December 31, 2025
	Amount		Ownership %		Amount		Ownership %
Canapi Ventures SBIC Fund, LP (1) (5)	$	10,347	2.9	%	$	11,250	2.9	%
Canapi Ventures Fund, LP (2) (5)	1,272		1.5		1,374		1.5
Canapi Ventures Fund II, LP (3) (5)	3,567		1.6		3,558		1.6
Canapi Ventures SBIC Fund II, LP (4) (5)	2,719		2.9		2,625		2.9
Affordable housing (6)	12,985		Various		13,457		Various
Solar tax credit investments (7)	3,492		99.0		4,203		99.0
Other (8)	72		Various		231		Various
Total	$	34,454			$	36,698


(1)			Investment unfunded commitments of $5.3 million and $4.8 million as of June 30, 2026 and December 31, 2025, respectively.
(2)			Investment unfunded commitments of $466 thousand and $472 thousand as of June 30, 2026 and December 31, 2025, respectively.
(3)			Investment unfunded commitments of $3.5 million and $3.6 million as of June 30, 2026 and December 31, 2025, respectively.
(4)			Investment unfunded commitments of $4.8 million and $4.9 million as of June 30, 2026 and December 31, 2025, respectively.
(5)			Investee is accounted for under equity method due to the Company's potential influence with investment advisor.
(6)			Affordable Housing includes low income housing tax credit (“LIHTC”) in Estrella Landing Apartments LLC (“Estrella Landing”), in which the Company holds a 99.9% limited member interest. Also included are Cape Fear Collective Impact Opportunity 1 LLC (“Cape Fear Collective 1”) and Cape Fear Collective Impact Opportunity 2 LLC (“Cape Fear Collective 2”) which the Company holds 91.0% and 32.3% of limited member interests, respectively.
(7)			Solar tax credit investments includes Green Sun Tenant LLC (“Green Sun”), SVA 2021-2 TE Holdco LLC (“Sun Vest”), EG5 CSP1 Holding LLC (“HEP”), and HRE Lessee I, LLC (“Heelstone”), which the Company holds a 99.0% limited member interest in all investments.
(8)			Other investments includes OTR Fund I, LLC (“OTR”) which the Company holds 5.9% of limited member interests. This investment category also includes the carried interest security related to Canapi Ventures Fund I, L.P.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Equity Security Accounting

The carrying amount of the Company’s investments in non-marketable equity securities with no readily determinable fair value for the six months ended June 30, 2026 and 2025 is reflected in the following table:


	As of and for the six month period ended
	June 30, 2026		June 30, 2025
Carrying value (1)	$	80,150	$	84,864
Carrying value adjustments:
Impairment	—		—
Upward changes for observable prices (2)	—		1,128
Downward changes for observable prices	—		(173)
Net upward (downward) change	$	—	$	955


(1)			Investment unfunded commitments of $7.7 million and $5.3 million as of June 30, 2026, and June 30, 2025, respectively.
(2)			The equity securities portfolio has recognized cumulative adjustments of $59.3 million over the life of the equity security portfolio as of June 30, 2026.

For the three and six months ended June 30, 2026, the Company did not recognize any unrealized gains on equity securities held at the reporting date. For the three and six months ended June 30, 2025, the Company recognized unrealized gains on all equity securities held at the reporting date of $959 thousand and $966 thousand, respectively.

Variable Interest Entities (“VIE”s)

Variable interests are defined as contractual ownership or other interests in an entity that change with fluctuations in the fair value of an entity's net asset value. The primary beneficiary consolidates the VIE. The primary beneficiary is defined as the enterprise that has both the power to direct the activities of the VIE that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits that could be significant to the VIE.

Solar Renewable Energy Tax Credit Investments

The Company has equity interests in several limited liability companies that own and operate solar renewable energy projects which are accounted for as equity method investments. Over the course of the investments, the Company will receive federal and state tax credits, tax-related benefits, and excess cash available for distribution, if any. The Company may be called to sell its interest in the limited partnerships through a call option once all investment tax credits have been recognized.

Affordable Housing

The Company has an equity investment in a limited liability company LIHTC that qualifies as an affordable housing project, managed by an unrelated general partner. The Company accounts for the investment under the proportional amortization method. Under this method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance as a component of income tax expense. The Company also has equity interests in two limited liability companies that invest in the acquisition, rehabilitation, or new construction of local qualified housing projects which are accounted for as equity method investments.

Canapi Funds

The Company’s limited partnership investments in the Canapi Funds focus on providing venture capital to new and emerging financial technology companies. After the initial commitment and over the course of the investment period, the Company will make capital contributions and receive profit and return of capital distributions as a result of fund performance until the funds wind down.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Non-marketable and Other Equity Investments

The Company also has limited interests in several non-marketable funds, including Small Business Investment Company (“SBIC”), venture capital funds, and a reciprocal deposit network, all of which are accounted for as equity security investments. For fund investments, after the initial commitment and over the course of the investment period, the Company will make capital contributions and receive profit and return of capital distributions as a result of fund performance until the funds wind down. While the partnership agreements allow the Company to remove the general partner, this right is not deemed to be substantive as the general partner can only be removed for cause. All investments are generally non-redeemable and distributions are expected to be received through the liquidation of the underlying investments throughout the life of the investment fund. Investments may only be sold or transferred subject to the notice and approval provisions of the underlying investment agreement.

The above investments meet the criteria of a VIE, however, the Company is not the primary beneficiary of the entities, as it does not have the power to direct the activities that most significantly impact the economic performance of the entities. The Company’s investment in the unconsolidated VIEs are carried in other assets on the Unaudited Condensed Consolidated Balance Sheets.

The Company’s maximum exposure to loss from unconsolidated VIEs includes the investment recorded on the Company’s Unaudited Condensed Consolidated Balance Sheets and unfunded commitment. For solar tax credit investments, the balance sheet figures are net of any impairment recognized, and includes previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes the potential for loss from these investments is remote, the maximum exposure for solar tax credit investments was determined by assuming a scenario where related tax credits were recaptured.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The following table provides a summary of the VIEs that the Company has not consolidated as of June 30, 2026 and December 31, 2025:


June 30, 2026	Investment Carrying Amount		Maximum Exposure to Loss		Liability Recognized		Classification
Solar tax credit investments	$	3,492	$	17,576	$	—	Other assets (1)
Affordable housing	12,985		13,926		—		Other assets (2)
Canapi Funds	17,977		32,036		—		Other assets (3)
Non-marketable and other equity investments	4,869		12,558		—		Other assets (4)


December 31, 2025	Investment Carrying Amount		Maximum Exposure to Loss		Liability Recognized		Classification
Solar tax credit investments	$	4,203	$	27,644	$	—	Other assets (5)
Affordable housing	13,457		14,399		—		Other assets (6)
Canapi Funds	19,039		32,858		—		Other assets (7)
Non-marketable and other equity investments	4,872		10,976		—		Other assets (8)


(1)			Maximum exposure to loss includes $3.5 million of current investments and a scenario in which related tax credits are recaptured, collectively totaling $14.0 million.
(2)			Maximum exposure to loss includes $13.0 million of current investments and a scenario in which $941 thousand in related tax credits are recaptured.
(3)			Maximum exposure to loss includes $18.0 million of current investments and $14.1 million in unfunded commitments.
(4)			Maximum exposure to loss includes $4.9 million of current investments and $7.7 million in unfunded commitments.
(5)			Maximum exposure to loss includes $4.2 million of current investments and a scenario in which related tax credits are recaptured, collectively totaling $23.4 million.
(6)			Maximum exposure to loss includes $13.5 million of current investments and a scenario in which $941 thousand in related tax credits are recaptured.
(7)			Maximum exposure to loss includes $19.0 million of current investments and $13.8 million in unfunded commitments.
(8)			Maximum exposure to loss includes $4.9 million of current investments and $6.1 million in unfunded commitments.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Note 5. Loans and Leases Held for Investment and Credit Quality

The following tables present total loans and leases held for investment and an aging analysis for the Company’s portfolio segments. Loans and leases are considered past due if the required principal and interest payments have not been received as of the date such payments were due.


	Current or Less than 30 Days Past Due		30-89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Carried at Amortized Cost		Loans Accounted for Under the Fair Value Option (1)		Total Loans and Leases
June 30, 2026
Commercial & Industrial
Small Business Banking	$	2,376,838	$	43,389	$	118,814	$	162,203	$	2,539,041	$	73,344	$	2,612,385
Commercial Banking	3,095,040		2,951		43,453		46,404		3,141,444		39,522		3,180,966

Total	5,471,878		46,340		162,267		208,607		5,680,485		112,866		5,793,351
Construction & Development
Small Business Banking	699,345		9,213		1,533		10,746		710,091		—		710,091
Commercial Banking	94,593		—		—		—		94,593		—		94,593
Total	793,938		9,213		1,533		10,746		804,684		—		804,684
Commercial Real Estate
Small Business Banking	3,535,196		32,795		114,957		147,752		3,682,948		83,656		3,766,604
Commercial Banking	1,472,619		—		31,373		31,373		1,503,992		13,522		1,517,514
Total	5,007,815		32,795		146,330		179,125		5,186,940		97,178		5,284,118
Commercial Land
Small Business Banking	752,731		6,302		5,440		11,742		764,473		22,044		786,517

Total	752,731		6,302		5,440		11,742		764,473		22,044		786,517
Total	$	12,026,362	$	94,650	$	315,570	$	410,220	$	12,436,582	$	232,088	$	12,668,670
Retained Loan Discount and Net Deferred Costs													$	(37,811)
Loans and Leases, Net													$	12,630,859

Guaranteed Balance	$	2,901,218	$	60,297	$	239,887	$	300,184	$	3,201,402	$	64,263	$	3,265,665
% Guaranteed	24.1%		63.7%		76.0%		73.2%		25.7%		27.7%		25.8%

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements


	Current or Less than 30 Days Past Due		30-89 Days Past Due		90 Days or More Past Due		Total Past Due		Total Carried at Amortized Cost		Loans Accounted for Under the Fair Value Option (1)		Total Loans and Leases
December 31, 2025
Commercial & Industrial
Small Business Banking	$	2,370,184	$	23,406	$	127,090	$	150,496	$	2,520,680	$	87,532	$	2,608,212
Commercial Banking	2,833,724		8,702		111,857		120,559		2,954,283		40,832		2,995,115


Total	5,203,908		32,108		238,947		271,055		5,474,963		128,364		5,603,327
Construction & Development
Small Business Banking	749,117		—		1,025		1,025		750,142		—		750,142
Commercial Banking	69,538		—		—		—		69,538		—		69,538

Total	818,655		—		1,025		1,025		819,680		—		819,680
Commercial Real Estate
Small Business Banking	3,267,787		12,640		88,089		100,729		3,368,516		91,876		3,460,392
Commercial Banking	1,383,615		4,613		23,257		27,870		1,411,485		15,912		1,427,397
Total	4,651,402		17,253		111,346		128,599		4,780,001		107,788		4,887,789
Commercial Land
Small Business Banking	670,725		—		3,840		3,840		674,565		24,473		699,038
Total	670,725		—		3,840		3,840		674,565		24,473		699,038
Total	$	11,344,690	$	49,361	$	355,158	$	404,519	$	11,749,209	$	260,625	$	12,009,834
Retained Loan Discount and Net Deferred Costs													$	(36,212)

Loans and Leases, Net													$	11,973,622

Guaranteed Balance	$	2,974,552	$	33,597	$	301,737	$	335,334	$	3,309,886	$	69,445	$	3,379,331
% Guaranteed	26.2%		68.1%		85.0%		82.9%		28.2%		26.6%		28.1%


(1)			Retained portions of government guaranteed loans sold prior to January 1, 2021 are carried at fair value under FASB ASC Subtopic 825-10, Financial Instruments: Overall. See Note 7. Fair Value of Financial Instruments for additional information.

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Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Credit Quality Indicators

The following tables present asset quality indicators by portfolio class and origination year. See Note 3. Loans and Leases Held for Investment and Credit Quality in the Company’s 2025 Form 10-K for additional discussion around the asset quality indicators that the Company uses to manage and monitor credit risk.


	Term Loans and Leases Amortized Cost Basis by Origination Year
	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total (1)
June 30, 2026
Small Business Banking
Pass	$	713,070	$	1,699,588	$	1,178,331	$	847,851	$	865,761	$	1,317,835	$	163,086	$	52,170	$	6,837,692
Special Mention	295		35,323		73,149		54,192		115,071		102,534		14,475		2,075		397,114
Substandard	385		39,114		84,779		87,160		101,704		129,320		15,610		3,675		461,747
Total	713,750		1,774,025		1,336,259		989,203		1,082,536		1,549,689		193,171		57,920		7,696,553
Commercial Banking
Pass	602,353		1,348,361		793,240		412,435		240,967		196,410		613,792		160,654		4,368,212
Special Mention	5,000		19,279		43,704		24,436		57,481		31,557		54,994		10,916		247,367
Substandard	—		19,207		8,339		—		23,873		51,651		5,841		15,539		124,450
Total	607,353		1,386,847		845,283		436,871		322,321		279,618		674,627		187,109		4,740,029



Total	$	1,321,103	$	3,160,872	$	2,181,542	$	1,426,074	$	1,404,857	$	1,829,307	$	867,798	$	245,029	$	12,436,582

Year-To-Date Gross Charge-offs
Small Business Banking	$	88	$	3,557	$	8,342	$	9,924	$	4,786	$	6,925	$	8,616	$	537	$	42,775
Commercial Banking	—		—		—		—		—		156		330		7,277		7,763
Total	$	88	$	3,557	$	8,342	$	9,924	$	4,786	$	7,081	$	8,946	$	7,814	$	50,538

Table of Contents

Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements


	Term Loans and Leases Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total (1)
December 31, 2025
Small Business Banking
Pass	$	1,513,435	$	1,245,114	$	936,083	$	1,000,904	$	828,468	$	738,567	$	154,210	$	42,701	$	6,459,482
Special Mention	17,102		68,453		64,411		93,132		50,885		80,251		8,763		6,721		389,718
Substandard	30,291		63,432		75,658		115,556		73,330		81,077		23,591		1,768		464,703
Total	1,560,828		1,376,999		1,076,152		1,209,592		952,683		899,895		186,564		51,190		7,313,903
Commercial Banking
Pass	1,434,615		763,382		405,425		248,636		150,616		105,386		581,047		210,917		3,900,024
Special Mention	18,187		73,787		79,971		79,401		40,071		17,734		12,627		15,743		337,521
Substandard	9,000		5,419		—		23,919		107,596		30,552		14,562		6,713		197,761
Total	1,461,802		842,588		485,396		351,956		298,283		153,672		608,236		233,373		4,435,306



Total	$	3,022,630	$	2,219,587	$	1,561,548	$	1,561,548	$	1,250,966	$	1,053,567	$	794,800	$	284,563	$	11,749,209

Year-To-Date Gross Charge-offs
Small Business Banking	$	3,472	$	5,518	$	14,763	$	12,693	$	5,188	$	5,453	$	4,352	$	2,523	$	53,962
Commercial Banking	—		—		—		3,386		9,772		171		337		6,547		20,213
Total	$	3,472	$	5,518	$	14,763	$	16,079	$	14,960	$	5,624	$	4,689	$	9,070	$	74,175


(1)			Excludes $232.1 million and $260.6 million of loans accounted for under the fair value option as of June 30, 2026 and December 31, 2025, respectively.

The following tables present guaranteed and unguaranteed loan and lease balances by asset quality indicator:


June 30, 2026	Loan and Lease Balance (1)		Guaranteed Balance		Unguaranteed Balance		% Guaranteed
Pass	$	11,205,904	$	2,572,344	$	8,633,560	23.0	%
Special Mention	644,481		242,751		401,730		37.7
Substandard	586,197		386,307		199,890		65.9
Total	$	12,436,582	$	3,201,402	$	9,235,180	25.7	%


December 31, 2025	Loan and Lease Balance (1)		Guaranteed Balance		Unguaranteed Balance		% Guaranteed
Pass	$	10,359,506	$	2,590,030	$	7,769,476	25.0	%
Special Mention	727,239		261,506		465,733		36.0
Substandard	662,464		458,350		204,114		69.2
Total	$	11,749,209	$	3,309,886	$	8,439,323	28.2	%


(1)			Excludes $232.1 million and $260.6 million of loans accounted for under the fair value option as of June 30, 2026 and December 31, 2025, respectively.

Table of Contents

Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Nonaccrual Loans and Leases

As of June 30, 2026 and December 31, 2025, there were no loans greater than 90 days past due and still accruing. There was no interest income recognized on nonaccrual loans and leases during the three and six months ended June 30, 2026 and 2025. Accrued interest receivable on loans totaled $85.0 million and $85.0 million at June 30, 2026 and December 31, 2025, respectively, and is included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets.

Nonaccrual loans and leases held for investment as of June 30, 2026 and December 31, 2025 are as follows:


June 30, 2026	Loan and Lease Balance (1)		Guaranteed Balance		Unguaranteed Balance		Unguaranteed Balance with No ACL
Commercial & Industrial
Small Business Banking	$	189,806	$	165,415	$	24,391	$	16,451
Commercial Banking	51,474		33,251		18,223		13,046
Total	241,280		198,666		42,614		29,497
Construction & Development
Small Business Banking	12,284		10,071		2,213		910
Total	12,284		10,071		2,213		910
Commercial Real Estate
Small Business Banking	173,061		122,968		50,093		30,088
Commercial Banking	31,373		7,482		23,891		23,891
Total	204,434		130,450		73,984		53,979
Commercial Land
Small Business Banking	12,757		7,232		5,525		5,290
Total	12,757		7,232		5,525		5,290
Total	$	470,755	$	346,419	$	124,336	$	89,676


December 31, 2025	Loan and Lease Balance (1)		Guaranteed Balance		Unguaranteed Balance		Unguaranteed Balance with No ACL
Commercial & Industrial
Small Business Banking	$	195,342	$	169,818	$	25,524	$	7,438

Commercial Banking	122,847		111,103		11,744		2,142
Total	318,189		280,921		37,268		9,580
Construction & Development
Small Business Banking	13,282		10,620		2,662		1,342
Total	13,282		10,620		2,662		1,342
Commercial Real Estate
Small Business Banking	127,141		91,099		36,042		17,207

Commercial Banking	36,098		11,454		24,644		16,417
Total	163,239		102,553		60,686		33,624
Commercial Land
Small Business Banking	6,447		5,692		755		533
Total	6,447		5,692		755		533
Total	$	501,157	$	399,786	$	101,371	$	45,079


(1)			Excludes loans accounted for under the fair value option. See Note 7. Fair Value of Financial Instruments for additional information.

Table of Contents

Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

When a loan or lease is placed on nonaccrual status, any accrued interest is reversed from loan interest income. The following table summarizes the amount of accrued interest reversed during the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026 (1)		2025 (1)		2026 (1)		2025 (1)
Commercial & Industrial	$	1,052	$	597	$	1,938	$	1,041
Commercial Real Estate	885		284		1,277		774
Commercial Land	163		52		183		52
Construction & Development	—		—		215		—
Total	$	2,100	$	933	$	3,612	$	1,867


(1)			Excludes loans accounted for under the fair value option. See Note 7. Fair Value of Financial Instruments for additional information.

The following table presents the amortized cost basis of collateral-dependent loans and leases, which are individually evaluated to determine expected credit losses, as of June 30, 2026 and December 31, 2025:


	Total Collateral-Dependent Loans				Unguaranteed Portion
June 30, 2026	Real Estate		Business Assets		Real Estate		Business Assets		Allowance for Credit Losses
Commercial & Industrial
Small Business Banking	$	29,970	$	12,854	$	4,828	$	8,518	$	48

Commercial Banking	—		13,142		—		10,348		—
Total	29,970		25,996		4,828		18,866		48



Commercial Real Estate
Small Business Banking	132,952		—		44,013		—		413
Commercial Banking	23,526		4,986		23,526		303		—
Total	156,478		4,986		67,539		303		413
Commercial Land
Small Business Banking	6,806		—		5,093		—		—
Total	6,806		—		5,093		—		—
Total	$	193,254	$	30,982	$	77,460	$	19,169	$	461


	Total Collateral-Dependent Loans				Unguaranteed Portion
December 31, 2025	Real Estate		Business Assets			Real Estate		Business Assets		Allowance for Credit Losses
Commercial & Industrial
Small Business Banking	$	17,477	$	4,107		$	4,937	$	374	$	824
Commercial Banking	—		87,319			—		3,744		600
Total	17,477		91,426			4,937		4,118		1,424
Construction & Development
Small Business Banking	277		—			277		—		—
Total	277		—			277		—		—
Commercial Real Estate
Small Business Banking	85,987		1,990			27,813		690		266
Commercial Banking	20,389		—			15,425		—		—
Total	106,376		1,990			43,238		690		266
Total	$	124,130	$	93,416		$	48,452	$	4,808	$	1,690

Table of Contents

Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Allowance for Credit Losses - Loans and Leases

See Note 1. Basis of Presentation above for a description of enhancements made to the ACL during the first quarter of 2026 and Note 1. Organization and Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements in the Company’s 2025 Form 10-K for a description of the methodologies used to estimate the ACL prior to January 1, 2026.

The following table details activity in the ACL by portfolio segment allowance for the periods presented:


Three Months Ended	Commercial & Industrial		Construction & Development		Commercial Real Estate		Commercial Land		Total
June 30, 2026
Beginning Balance	$	139,211	$	7,474	$	44,543	$	2,051	$	193,279
Charge offs	(24,827)		—		(3,289)		(438)		(28,554)
Recoveries	4,069		171		152		—		4,392
Provision	18,915		878		3,610		897		24,300
Ending Balance	$	137,368	$	8,523	$	45,016	$	2,510	$	193,417
June 30, 2025
Beginning Balance	$	149,916	$	5,712	$	30,295	$	4,261	$	190,184
Charge offs	(30,853)		—		(1,916)		(178)		(32,947)
Recoveries	731		—		771		—		1,502
Provision (Recovery)	19,166		324		5,098		(1,096)		23,492
Ending Balance	$	138,960	$	6,036	$	34,248	$	2,987	$	182,231


Six Months Ended	Commercial & Industrial		Construction & Development		Commercial Real Estate		Commercial Land		Total
June 30, 2026
Beginning Balance	$	144,188	$	7,224	$	37,362	$	3,490	$	192,264
Charge offs	(43,484)		(209)		(6,407)		(438)		(50,538)
Recoveries	7,040		221		530		—		7,791
Provision (Recovery)	29,624		1,287		13,531		(542)		43,900
Ending Balance	$	137,368	$	8,523	$	45,016	$	2,510	$	193,417
June 30, 2025
Beginning Balance	$	129,007	$	4,943	$	29,501	$	4,065	$	167,516

Charge offs	(36,840)		—		(2,852)		(178)		(39,870)
Recoveries	771		—		862		18		1,651
Provision (Recovery)	46,022		1,093		6,737		(918)		52,934
Ending Balance	$	138,960	$	6,036	$	34,248	$	2,987	$	182,231

During the three months ended June 30, 2026, the ACL increased primarily as a result of loan growth with the impacts from the economic forecast remaining stable. During the six months ended June 30, 2026, the ACL increased primarily as a result of loan growth, partially offset by an improving economic forecast. Charge-offs for the three and six month periods ended June 30, 2026 for commercial and industrial loans are primarily attributed to the distillery portfolio.

During the three months ended June 30, 2025, the ACL decreased primarily as a result of moderating credit trends and net charge-offs of individually evaluated loans with specific reserves recorded in prior periods. During the six months ended June 30, 2025, the ACL increased as a result of growth in the loan and lease portfolio, the impact of the macroeconomic environment on our small business and commercial borrowers, and changes in the macroeconomic outlook.

Table of Contents

Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Loan Modifications for Borrowers Experiencing Financial Difficulty

The Company may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty as a part of ongoing loss mitigation strategies. These modifications may result in an interest rate reduction, term extension, an other-than-insignificant payment delay, or a combination thereof. The Company typically does not offer principal forgiveness.

The following tables summarize the amortized cost basis of loans that were modified during the three and six months ended June 30, 2026 and June 30, 2025, respectively:


Three Months Ended June 30, 2026	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Combination - Term Extension & Other-Than-Insignificant Payment Delay		Combination - Term Extension & Interest Rate Reduction		Total Modifications		% of Total Class of Financing Receivable
Small Business Banking	$	13,056	$	6,221	$	1,908	$	375	$	9,000	$	30,560	0.40	%
Commercial Banking	—		—		—		—		4,361		4,361		0.09
Total	$	13,056	$	6,221	$	1,908	$	375	$	13,361	$	34,921	0.28	%


Six Months Ended June 30, 2026	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Combination - Term Extension & Other-Than-Insignificant Payment Delay		Combination - Term Extension & Interest Rate Reduction		Total Modifications		% of Total Class of Financing Receivable
Small Business Banking	$	16,634	$	15,888	$	1,908	$	1,840	$	9,740	$	46,010	0.60	%
Commercial Banking	2,951		5,519		13,127		6,300		4,361		32,258		0.68
Total	$	19,585	$	21,407	$	15,035	$	8,140	$	14,101	$	78,268	0.63	%


Three Months Ended June 30, 2025	Other-Than-Insignificant Payment Delay		Term Extension		Combination - Term Extension & Interest Rate Reduction		Total Modifications		% of Total Class of Financing Receivable
Small Business Banking	$	—	$	10,893	$	9,820	$	20,713	0.16	%
Commercial Banking	5,527		—		—		5,527		0.21
Total	$	5,527	$	10,893	$	9,820	$	26,240	0.37	%


Six Months Ended June 30, 2025	Other-Than-Insignificant Payment Delay		Term Extension		Interest Rate Reduction		Combination - Term Extension, Other-Than-Insignificant Payment Delay & Interest Rate Reduction		Combination - Term Extension & Other-Than-Insignificant Payment Delay		Combination - Term Extension & Interest Rate Reduction		Total Modifications		% of Total Class of Financing Receivable
Small Business Banking	$	—	$	14,448	$	9,862	$	3,020	$	3,009	$	10,010	$	40,349	0.45	%
Commercial Banking	5,527		—		—		—		—		—		5,527		0.21
Total	$	5,527	$	14,448	$	9,862	$	3,020	$	3,009	$	10,010	$	45,876	0.66	%

Table of Contents

Live Oak Bancshares, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

As of June 30, 2026, the Company had commitments to lend additional funds to these borrowers totaling $700 thousand. As of June 30, 2025, the Company had commitments to lend additional funds to these borrowers totaling $28 thousand.

The following table presents an aging analysis of loans that were modified within the twelve months ended June 30, 2026 and June 30, 2025, respectively:


June 30, 2026	Current		30-89 Days Past Due		90 Days or More Past Due		Total Past Due
Small Business Banking	$	83,011	$	12,475	$	1,897	$	14,372
Commercial Banking	35,204		2,951		—		2,951

Total	$	118,215	$	15,426	$	1,897	$	17,323


June 30, 2025	Current		30-89 Days Past Due		90 Days or More Past Due		Total Past Due
Small Business Banking	$	40,120	$	—	$	2,243	$	2,243
Commercial Banking	22,824		—		—		—

Total	$	62,944	$	—	$	2,243	$	2,243

The following tables summarize the financial impacts of loan modifications made to borrowers experiencing financial difficulty during the periods presented:


	Three Months Ended June 30, 2026
	Weighted Average Interest Rate Reduction		Weighted Average Term Extension (in Months)

Small Business Banking	1.93	%	112
Commercial Banking	8.07	%	9


			Six Months Ended June 30, 2026
			Weighted Average Interest Rate Reduction

Live Oak Bancshares, Inc. 10-Q