Live Oak Bancshares, Inc.

Listed Company

LOBCIK 0001462120NYSELarge AcceleratedState Commercial BanksNorth CarolinaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$105.87M

Total Assets

$15.13B

Equity

$1.25B

Shares Out

46.22M

Op. Cash Flow

$158.24M

Business

Live Oak Bancshares, Inc. is a bank holding company that operates a national, technology-driven platform primarily focused on small business lending and deposit gathering through its banking subsidiary. The Company offers SBA- and USDA‑guaranteed loans, broader commercial lending, deposit products, loan servicing and settlement solutions, wealth management advisory services, and strategic fintech investments. Its operations are organized as one significant operating segment supported by subsidiaries including Live Oak Bank, Government Loan Solutions, Live Oak Ventures, Live Oak Private Wealth and renewable energy financing entities. The Company serves small businesses and professionals across the United States via a national online platform without traditional branch locations.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans and fees on loans	831	745	624	419	348
Investment securities, taxable	48	38	33	20	13
Other interest earning assets	30	29	31	6	942,000
Total interest income	908	812	688	444	361
Deposits	453	431	340	115	60
Borrowings	7	6	3	2	5
Total interest expense	460	436	343	117	—
Net interest income	448	376	345	328	297
Provision for credit losses	96	96	51	41	15
Net interest income after provision for credit losses	352	280	294	287	282
Loan servicing revenue	35	32	27	25	25
Loan servicing asset revaluation	−16	−12	5	−17	−12
Net gains on sales of loans	62	50	39	43	67
Net gain (loss) on loans accounted for under the fair value option	1	2	−4	1	4
Equity method investments income (loss)	17	−11	−6	144	−2
Equity security investments gains (losses), net	6	553,000	−969,000	3	45
Lease income	10	10	10	10	10
Management fee income	0	8	13	10	6
Other noninterest income	14	34	20	17	15
Total noninterest (loss) income	129	113	104	238	160
Salaries and employee benefits	189	175	169	171	125
Travel expense	7	7	7	8	6
Professional services expense	11	11	8	12	15
Advertising and marketing expense	12	11	13	11	5
Occupancy expense	10	10	8	11	8
Technology expense	43	34	32	28	23
Equipment expense	14	14	15	15	15
Other loan origination and maintenance expense	18	17	15	13	14
Renewable energy tax credit investment impairment	735,000	530,000	15	16	3
FDIC insurance	15	11	17	10	7
Other expense	18	12	17	12	8
Total noninterest expense	339	303	315	314	231
Income before taxes	143	89	83	210	211
Income tax expense	37	12	9	34	44
Net income	106	77	74	176	—
Net loss attributable to non-controlling interest	228,000	57,000	0	0	—
Net income attributable to Live Oak Bancshares, Inc.	106	77	74	176	167
Preferred stock dividends	3	0	0	—	—
Net income attributable to common shareholders	103	77	74	—	—
Basic earnings per share (in dollars per share)	2.25	1.72	1.67	4.02	3.87
Diluted earnings per share (in dollars per share)	2.23	1.69	1.64	3.92	3.71

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	865	609	583	280	187
Certificate of deposit with other banks	250,000	250,000	250,000	4	5
Investment securities available-for-sale	1,427	1,248	1,126	1,015	906
Loans held for sale	420	346	387	555	1,117
Loans and leases held for investment (includes $260,625 and $328,746 measured at fair value, respectively)	11,974	10,233	8,634	7,344	5,521
Allowance for credit losses on loans and leases	−192	−168	−126	−97	−64
Net loans and leases	11,781	10,066	8,508	7,248	5,458
Premises and equipment, net	240	264	258	263	240
Foreclosed assets	8	2	6	0	620,000
Servicing assets (includes $62,941 and $55,788 measured at fair value, respectively)	63	56	49	26	—
Other assets	329	352	354	328	250
Total assets	15,135	12,943	11,271	9,855	8,213
Noninterest-bearing	515	319	259	194	89
Interest-bearing	13,174	11,442	10,016	8,691	7,023
Total deposits	13,689	11,760	10,275	8,885	7,112
Borrowings	102	113	23	83	318
Other liabilities	90	67	70	76	68
Total liabilities	13,881	11,940	10,369	9,044	7,498
Retained earnings	810	716	643	572	401
Accumulated other comprehensive loss	−45	−82	−85	−92	2
Total shareholders' equity attributed to Live Oak Bancshares, Inc.	1,250	999	903	811	715
Non-controlling interest	4	4	0	—	—
Total shareholders equity	1,254	1,003	903	811	715
Total liabilities and shareholders equity	15,135	12,943	11,271	9,855	8,213

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	30	23	21	21	21
Provision for credit losses	96	96	51	41	15
(Accretion) amortization of (discount) premium on securities, net of accretion	−609,000	−721,000	8,000	3	6
Deferred tax benefit	−12	−11	−22	27	25
Originations of loans held for sale	−1,306	−1,037	−877	−1,042	−1,364
Proceeds from sales of loans held for sale	1,260	1,040	920	1,068	1,092
Net loss (gain) on impairment and sale of foreclosed assets	84,000	−249,000	751,000	—	—
Net change in servicing assets	−7	−8	−22	7	344,000
Net gain on sale or disposal of long lived asset	0	−9	−4	—	—
Net loss on disposal of premises and equipment	4	113,000	377,000	31,000	−48,000
Impairment on premises and equipment, net	0	0	499,000	0	904,000
Equity security investments (gains) losses, net	−6	−553,000	969,000	−3	−45
Net loss (gain) on equity warrant assets	6	−6	0	0	—
Stock option compensation expense	0	0	272,000	942,000	1
Restricted stock compensation expense	26	26	18	19	16
Stock based compensation excess tax (deficiency) benefit	−942,000	1	−1	531,000	—
Business combination contingent consideration fair value adjustment	0	−125,000	125,000	−86,000	99,000
Lease right-of-use assets and liabilities, net	−25,000	150,000	−59,000	232,000	−26,000
Other assets	23	−12	36	−16	2
Other liabilities	21	18	4	−6	350,000
Net cash provided by operating activities	158	157	185	124	−120
Purchases of investment securities available-for-sale	−301	−270	−216	−397	−428
Proceeds from maturities, calls, and principal paydowns of investment securities available-for-sale	172	151	114	161	240
Proceeds from sale of foreclosed assets	9	8	0	2	7
Maturities of certificates of deposit with other banks	0	0	4	750,000	2
Net change in loans and leases	−1,842	−1,573	−1,191	−1,252	9
Proceeds from sale of long lived asset	0	44	19	0	—
Purchases of equity security investments	−5	−7	−3	—	—
Purchases of equity method investments	−5	−8	−27	−36	0
Proceeds from sale of equity security investments	11	2	0	—	—
Proceeds from sale of equity method investments	68	1	8	148	0
Proceeds from sale of premises and equipment	4	1	100,000	0	84,000
Purchases of premises and equipment, net	−15	−49	−47	−44	−3
Net cash used in investing activities	−1,904	−1,699	−1,340	−1,442	−150
Net increase in deposits	1,928	1,485	1,390	1,773	1,399
Proceeds from borrowings	161,000	100	2,906	62	603
Repayment of borrowings	−11	−10	−2,966	−297	−1,827
Stock option exercises	3	2	1	2	4
Employee stock purchase program	1	1	1	1	670,000
Proceeds from the issuance of preferred stock, net	96	0	0	—	—
Tax withholding related to vesting of restricted stock and other	−8	−9	−7	−5	−19
Contributions of non-controlling interest	0	5	0	0	—
Shareholder dividend distributions - preferred	−3	0	0	—	—
Shareholder dividend distributions - common	−5	−5	−5	—	—
Net cash provided by financing activities	2,002	1,569	1,321	1,531	155
Net increase in cash and cash equivalents	256	26	166	213	−115
Interest paid	461	437	343	118	67
Income tax paid, net	27	39	5	25	20
Unrealized holding gains on investment securities available-for-sale, net of taxes	38	2	8	−94	−20
Transfers from loans and leases to foreclosed real estate and other repossessions or SBA receivable	70	17	40	18	13
Net transfers between foreclosed real estate and SBA receivable	954,000	497,000	0	−15,000	−2
Transfer asset from premises and equipment, net to other assets	0	19	30	0	—
Transfer of loans held for sale to loans and leases held for investment	167	168	275	931	639
Transfer of loans and leases held for investment to loans held for sale	143	86	178	468	339
Loans provided for sales of foreclosed assets	621,000	0	0	—	—
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense	−3	881,000	1	662,000	3
Equity method investment commitments	0	−18	8	17	0
Equity security investment commitments	0	−583,000	0	—	—
Change related to accounting change for ASU 2022-02	0	0	676,000	0	0

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