FALSE000146212000014621202025-01-222025-01-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 22, 2025
LiveOakBancsharesLogo.jpg
LIVE OAK BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
North Carolina001-3749726-4596286
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1741 Tiburon Drive,Wilmington,NC28403
(Address of principal executive offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (910) 790-5867
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Voting Common Stock, no par value per shareLOBNew York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02.    Results of Operations and Financial Condition.
On January 22, 2025, Live Oak Bancshares, Inc. (the “Company”) announced financial results for the fourth quarter ended December 31, 2024. A copy of the press release announcing the Company’s results for the fourth quarter is attached as Exhibit 99.1 hereto and incorporated by reference herein.
The information contained in this report (including Exhibit 99.1) shall not be deemed “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit
Number
Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
1

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LIVE OAK BANCSHARES, INC.
Date: January 22, 2025
By:/s/ Walter J. Phifer
Walter J. Phifer
Chief Financial Officer
2

Exhibit 99.1
liveoakbancshareslogo.jpg
Live Oak Bancshares, Inc. Reports Fourth Quarter 2024 Results
WILMINGTON, NC, January 22, 2025 - Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported fourth quarter of 2024 net income attributable to the Company of $9.9 million, or $0.22 per diluted share. Net income attributable to the Company for the year ended December 31, 2024, totaled $77.5 million, or $1.69 per diluted share.
Live Oak’s performance in 2024, includes these notable items:
•Record year of $5.16 billion of loan production accompanied by strong deposit growth of $1.49 billion, total assets grew by 14.8% to $12.94 billion
•9% growth in revenue and 3% reduction in noninterest expenses generated 38% growth in pre-provision net revenue1
•Increased provision expense for credit losses of $44.9 million, or 87.5%, driven by record loan growth combined with the impacts of the current macroeconomic environment
•Two key initiatives saw positive momentum — non-interest bearing deposit growth and small dollar loan production
“Live Oak Bank’s fourth quarter performance demonstrates our continued trajectory to grow the company in service of America’s small business owners,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “This year, we expanded loan and deposit products in meaningful ways, stayed close to our borrowers through challenges, and leveraged our greatest asset, our employees, to produce strong results across the year.”
Conference Call
Live Oak will host a conference call to discuss the company's financial results and business outlook tomorrow, January 23, 2025, at 9:00 a.m. ET.
The call will be accessible by telephone and webcast using Conference ID: 33467. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:
Live Telephone Dial-In
U.S.: 800.549.8228
International: +1 289.819.1520
Pass Code: None Required
Live Webcast Log-In
Webcast Link: investor.liveoakbank.com
Registration: Name and Email Required
Multi-Factor Code: Provided After Registration








(1)See accompanying GAAP to Non-GAAP Reconciliation.
1

Year Over Year Highlights
(Dollars in thousands, except per share data)Increase (Decrease)
20242023DollarsPercent
Total revenue (1)
$499,686 $457,038 $42,6489 %
Total noninterest expense314,239 322,885 (8,646)(3)
Income before taxes89,235 82,830 6,4058 
Effective tax rate13.2 %10.8 %n/an/a
Net income attributable to Live Oak Bancshares, Inc.$77,474 $73,898 $3,5765 %
Diluted earnings per share1.69 1.64 0.053 
Loan and lease production:
Loans and leases originated$5,155,244 $3,946,873 $1,208,37131 %
% Fully funded44.2 %55.1 %n/an/a
Total loans and leases:$10,579,376 $9,020,884 $1,558,49217 %
Total assets:12,943,380 11,271,423 1,671,95715 
Total deposits:11,760,494 10,275,019 1,485,47514 
(1)Total revenue consists of net interest income and total noninterest income.

Fourth Quarter 2024 Key Measures
(Dollars in thousands, except per share data)Increase (Decrease)
4Q 20243Q 2024DollarsPercent4Q 2023
Total revenue (1)
$128,067 $129,932 $(1,865)(1)%$119,683 
Total noninterest expense81,257 77,589 3,6685 93,204 
Income before taxes13,229 17,841 (4,612)(26)17,484 
Effective tax rate25.6 %27.0 %n/an/a7.6 %
Net income attributable to Live Oak Bancshares, Inc.$9,900 $13,025 $(3,125)(24)%$16,163 
Diluted earnings per share0.22 0.28 (0.06)(21)0.36 
Loan and lease production:
Loans and leases originated$1,421,118 $1,757,856 $(336,738)(19)%$981,703 
% Fully funded42.4 %42.4 %n/an/a49.0 %
(1)Total revenue consists of net interest income and total noninterest income.
2

Important Note Regarding Forward-Looking Statements
Statements in this press release that are based on other than historical data or that express the Company’s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (“SBA”) rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company's status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; the impacts of global health crises and pandemics, such as the Coronavirus Disease 2019 (COVID-19) pandemic, on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; a reduction in or the termination of the Company's ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third party service providers; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company's ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company's business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company's ability to comply with regulatory requirements and expectations; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
About Live Oak Bancshares, Inc.
Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com.
Contacts:
Walter J. Phifer, CFO | Investor Relations | 910.202.6926
Claire Parker | Corporate Communications | Media Relations | 910.597.1592
3

Live Oak Bancshares, Inc.
Quarterly Statements of Income (unaudited)
(Dollars in thousands, except per share data)
Three Months Ended4Q 2024 Change vs.
4Q 20243Q 20242Q 20241Q 20244Q 20233Q 20244Q 2023
Interest income%%
Loans and fees on loans$194,821 $192,170 $181,840 $176,010 $169,531 1.4 14.9 
Investment securities, taxable10,490 9,750 9,219 8,954 8,746 7.6 19.9 
Other interest earning assets7,257 7,016 7,389 7,456 8,259 3.4 (12.1)
Total interest income212,568 208,936 198,448 192,420 186,536 1.7 14.0 
Interest expense
Deposits113,357 110,174 105,358 101,998 96,695 2.9 17.2 
Borrowings1,737 1,762 1,770 311 265 (1.4)555.5 
Total interest expense115,094 111,936 107,128 102,309 96,960 2.8 18.7 
Net interest income97,474 97,000 91,320 90,111 89,576 0.5 8.8 
Provision for credit losses33,581 34,502 11,765 16,364 8,995 (2.7)273.3 
Net interest income after provision for credit losses63,893 62,498 79,555 73,747 80,581 2.2 (20.7)
Noninterest income
Loan servicing revenue8,524 8,040 7,347 7,624 7,342 6.0 16.1 
Loan servicing asset revaluation(2,326)(4,207)(2,878)(2,744)(3,974)44.7 41.5 
Net gains on sales of loans18,356 16,646 14,395 11,502 12,891 10.3 42.4 
Net gain (loss) on loans accounted for under the fair value option195 2,255 172 (219)(170)(91.4)214.7 
Equity method investments (loss) income(2,739)(1,393)(1,767)(5,022)47 (96.6)(5,927.7)
Equity security investments gains (losses), net12 909 161 (529)(384)(98.7)103.1 
Lease income2,456 2,424 2,423 2,453 2,439 1.3 0.7 
Management fee income— 1,116 3,271 3,271 3,309 (100.0)(100.0)
Other noninterest income6,115 7,142 11,035 9,761 8,607 (14.4)(29.0)
Total noninterest income30,593 32,932 34,159 26,097 30,107 (7.1)1.6 
Noninterest expense
Salaries and employee benefits45,214 44,524 46,255 47,275 44,274 1.5 2.1 
Travel expense2,628 2,344 2,328 2,438 1,544 12.1 70.2 
Professional services expense2,797 3,287 3,061 1,878 3,052 (14.9)(8.4)
Advertising and marketing expense1,979 2,473 3,004 3,692 2,501 (20.0)(20.9)
Occupancy expense2,558 2,807 2,388 2,247 2,231 (8.9)14.7 
Technology expense9,406 9,081 7,996 7,723 8,402 3.6 11.9 
Equipment expense3,769 3,472 3,511 3,074 3,480 8.6 8.3 
Other loan origination and maintenance expense4,812 4,872 3,659 3,911 3,937 (1.2)22.2 
Renewable energy tax credit investment impairment (recovery)1,172 115 170 (927)14,575 919.1 (92.0)
FDIC insurance3,053 1,933 2,649 3,200 4,091 57.9 (25.4)
Other expense3,869 2,681 2,635 3,226 5,117 44.3 (24.4)
Total noninterest expense81,257 77,589 77,656 77,737 93,204 4.7 (12.8)
Income before taxes13,229 17,841 36,058 22,107 17,484 (25.9)(24.3)
Income tax expense (benefit)3,386 4,816 9,095 (5,479)1,321 (29.7)156.3 
Net income9,843 13,025 26,963 27,586 16,163 (24.4)(39.1)
Net loss attributable to non-controlling interest57 — — — — 100.0 100.0 
Net income attributable to Live Oak Bancshares, Inc.$9,900 $13,025 $26,963 $27,586 $16,163 (24.0)(38.7)
Earnings per share
Basic$0.22 $0.28 $0.60 $0.62 $0.36 (21.4)(38.9)
Diluted$0.22 $0.28 $0.59 $0.60 $0.36 (21.4)(38.9)
Weighted average shares outstanding
Basic45,224,470 45,073,482 44,974,942 44,762,308 44,516,646 
Diluted46,157,979 45,953,947 45,525,082 45,641,210 45,306,506 
4

Live Oak Bancshares, Inc.
Quarterly Balance Sheets (unaudited)
(Dollars in thousands)
As of the quarter ended4Q 2024 Change vs.
4Q 20243Q 20242Q 20241Q 20244Q 20233Q 20244Q 2023
Assets%%
Cash and due from banks$608,800 $666,585 $615,449 $597,394 $582,540 (8.7)4.5 
Certificates of deposit with other banks250 250 250 250 250 — — 
Investment securities available-for-sale1,248,203 1,233,466 1,151,195 1,120,622 1,126,160 1.2 10.8 
Loans held for sale346,002 359,977 363,632 310,749 387,037 (3.9)(10.6)
Loans and leases held for investment (1)
10,233,374 9,831,891 9,172,134 8,912,561 8,633,847 4.1 18.5 
Allowance for credit losses on loans and leases(167,516)(168,737)(137,867)(139,041)(125,840)(0.7)33.1 
Net loans and leases10,065,858 9,663,154 9,034,267 8,773,520 8,508,007 4.2 18.3 
Premises and equipment, net264,059 267,032 267,864 258,071 257,881 (1.1)2.4 
Foreclosed assets1,944 8,015 8,015 8,561 6,481 (75.7)(70.0)
Servicing assets56,144 52,553 51,528 49,343 48,591 6.8 15.5 
Other assets352,120 356,314 376,370 387,059 354,476 (1.2)(0.7)
Total assets$12,943,380 $12,607,346 $11,868,570 $11,505,569 $11,271,423 2.7 14.8 
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing$318,890 $258,844 $264,013 $226,668 $259,270 23.2 23.0 
Interest-bearing11,441,604 11,141,703 10,443,018 10,156,693 10,015,749 2.7 14.2 
Total deposits11,760,494 11,400,547 10,707,031 10,383,361 10,275,019 3.2 14.5 
Borrowings112,820 115,371 117,745 120,242 23,354 (2.2)383.1 
Other liabilities66,570 83,672 82,745 74,248 70,384 (20.4)(5.4)
Total liabilities11,939,884 11,599,590 10,907,521 10,577,851 10,368,757 2.9 15.2 
Shareholders’ equity
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding— — — — — — — 
Class A common stock (voting)365,607 361,925 356,381 349,648 344,568 1.0 6.1 
Class B common stock (non-voting)— — — — — — — 
Retained earnings715,767 707,026 695,172 669,307 642,817 1.2 11.3 
Accumulated other comprehensive loss(82,344)(61,195)(90,504)(91,237)(84,719)34.6 (2.8)
Total shareholders' equity attributed to Live Oak Bancshares, Inc.999,030 1,007,756 961,049 927,718 902,666 (0.9)10.7 
Non-controlling interest4,466 — — — — 100.0 100.0 
Total shareholders’ equity1,003,496 1,007,756 961,049 927,718 902,666 (0.4)11.2 
Total liabilities and shareholders’ equity$12,943,380 $12,607,346 $11,868,570 $11,505,569 $11,271,423 2.7 14.8 
(1)Includes $328.7 million, $343.4 million, $363.0 million, $379.2 million and $388.0 million measured at fair value for the quarters ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
5

Live Oak Bancshares, Inc.
Statements of Income (unaudited)
(Dollars in thousands, except per share data)
Twelve Months Ended
December 31, 2024December 31, 2023
Interest income
Loans and fees on loans$744,841 $623,667 
Investment securities, taxable38,413 33,497 
Other interest earning assets29,118 31,111 
Total interest income812,372 688,275 
Interest expense
Deposits430,887 340,207 
Borrowings5,580 2,763 
Total interest expense436,467 342,970 
Net interest income375,905 345,305 
Provision for credit losses96,212 51,323 
Net interest income after provision for credit losses279,693 293,982 
Noninterest income
Loan servicing revenue31,535 27,399 
Loan servicing asset revaluation(12,155)4,886 
Net gains on sales of loans60,899 46,545 
Net gain (loss) on loans accounted for under the fair value option2,403 (3,539)
Equity method investments (loss) income(10,921)(5,994)
Equity security investments gains (losses), net553 (969)
Lease income9,756 10,007 
Management fee income7,658 13,324 
Other noninterest income34,053 20,074 
Total noninterest income123,781 111,733 
Noninterest expense
Salaries and employee benefits183,268 175,052 
Travel expense9,738 8,922 
Professional services expense11,023 7,737 
Advertising and marketing expense11,148 12,559 
Occupancy expense10,000 8,490 
Technology expense34,206 31,858 
Equipment expense13,826 14,997 
Other loan origination and maintenance expense17,254 14,804 
Renewable energy tax credit investment impairment530 14,644 
FDIC insurance10,835 16,670 
Other expense12,411 17,152 
Total noninterest expense314,239 322,885 
Income before taxes89,235 82,830 
Income tax expense11,818 8,932 
Net income77,417 73,898 
Net loss attributable to non-controlling interest57 — 
Net income attributable to Live Oak Bancshares, Inc.$77,474 $73,898 
Earnings per share
Basic$1.72 $1.67 
Diluted$1.69 $1.64 
Weighted average shares outstanding
Basic45,009,567 44,353,708 
Diluted45,820,321 45,094,879 
6

Live Oak Bancshares, Inc.
Quarterly Selected Financial Data
(Dollars in thousands, except per share data)
As of and for the three months ended
4Q 20243Q 20242Q 20241Q 20244Q 2023
Income Statement Data
Net income attributable to Live Oak Bancshares, Inc.$9,900$13,025$26,963$27,586$16,163
Per Common Share
Net income, diluted$0.22$0.28$0.59$0.60$0.36
Dividends declared0.030.030.030.030.03
Book value22.1222.3221.3520.6420.23
Tangible book value (1)
22.0522.2421.2820.5720.15
Performance Ratios
Return on average assets (annualized)0.31%0.43%0.93%0.98%0.58%
Return on average equity (annualized)3.855.2111.3911.937.36
Net interest margin3.153.333.283.333.32
Efficiency ratio (1)
63.4559.7261.8966.8977.88
Noninterest income to total revenue23.8925.3527.2222.4625.16
Selected Loan Metrics
Loans and leases originated$1,421,118$1,757,856$1,171,141$805,129$981,703
Outstanding balance of sold loans serviced4,715,8954,452,7504,292,8574,329,0974,238,328
Asset Quality Ratios
Allowance for credit losses to loans and leases held for investment (3)
1.69%1.78%1.57%1.63%1.53%
Net charge-offs (3)
$33,566$1,710$8,253$3,163$4,428
Net charge-offs to average loans and leases held for investment (2) (3)
1.39%0.08%0.38%0.15%0.22%
Nonperforming loans and leases at historical cost (3)
Unguaranteed$81,412$49,398$37,340$43,117$39,285
Guaranteed222,885166,177122,752105,35195,678
Total304,297215,575160,092148,468134,963
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment (3)
0.82%0.52%0.42%0.51%0.48%
Nonperforming loans at fair value (4)
Unguaranteed$9,115$8,672$9,590$7,942$7,230
Guaranteed54,87349,82251,57047,62041,244
Total63,98858,49461,16055,56248,474
Unguaranteed nonperforming fair value loans to loans held for investment (4)
2.77%2.53%2.64%2.09%1.86%
Capital Ratios
Common equity tier 1 capital (to risk-weighted assets)11.04%11.19%11.85%11.89%11.73%
Tier 1 leverage capital (to average assets)8.218.608.718.698.58
Notes to Quarterly Selected Financial Data
(1)See accompanying GAAP to Non-GAAP Reconciliation.
(2)Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
(3)Loans and leases at historical cost only (excludes loans measured at fair value).
(4)Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).
7

Live Oak Bancshares, Inc.
Quarterly Average Balances and Net Interest Margin
(Dollars in thousands)
Three Months Ended
December 31, 2024		Three Months Ended
September 30, 2024
Average BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/Rate
Interest-earning assets:
Interest-earning balances in other banks$603,758 $7,257 4.78 %$519,340 $7,016 5.37 %
Investment securities1,340,027 10,490 3.11 1,287,410 9,750 3.01 
Loans held for sale339,394 7,361 8.63 409,902 9,859 9.57 
Loans and leases held for investment (1)
10,030,353 187,460 7.44 9,354,522 182,311 7.75 
Total interest-earning assets12,313,532 212,568 6.87 11,571,174 208,936 7.18 
Less: Allowance for credit losses on loans and leases(155,498)(137,285)
Noninterest-earning assets551,265 567,098 
Total assets$12,709,299 $12,000,987 
Interest-bearing liabilities:
Interest-bearing checking$350,304 $4,350 4.94 %$350,239 $4,892 5.56 %
Savings5,333,338 52,308 3.90 5,043,930 51,516 4.06 
Money market accounts138,021 176 0.51 134,481 190 0.56 
Certificates of deposit5,376,290 56,523 4.18 5,028,830 53,576 4.24 
Total deposits11,197,953 113,357 4.03 10,557,480 110,174 4.15 
Borrowings114,561 1,737 6.03 116,925 1,762 6.00 
Total interest-bearing liabilities11,312,514 115,094 4.05 10,674,405 111,936 4.17 
Noninterest-bearing deposits281,874 237,387 
Noninterest-bearing liabilities83,373 90,079 
Shareholders' equity1,028,426 999,116 
Non-controlling interest3,112 — 
Total liabilities and shareholders' equity$12,709,299 $12,000,987 
Net interest income and interest rate spread$97,474 2.82 %$97,000 3.01 %
Net interest margin3.15 3.33 
Ratio of average interest-earning assets to average interest-bearing liabilities108.85 %108.40 %
(1)Average loan and lease balances include non-accruing loans and leases.
8

Live Oak Bancshares, Inc.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands)
As of and for the three months endedFor the twelve months ended
4Q 20243Q 20242Q 20241Q 20244Q 202320242023
Total shareholders’ equity$1,003,496 $1,007,756 $961,049 $927,718 $902,666 
Less:
Goodwill1,797 1,797 1,797 1,797 1,797 
Other intangible assets1,568 1,606 1,644 1,682 1,721 
Tangible shareholders’ equity (a)$1,000,131 $1,004,353 $957,608 $924,239 $899,148 
Shares outstanding (c)45,359,425 45,151,691 45,003,856 44,938,673 44,617,673 
Total assets$12,943,380 $12,607,346 $11,868,570 $11,505,569 $11,271,423 
Less:
Goodwill1,797 1,797 1,797 1,797 1,797 
Other intangible assets1,568 1,606 1,644 1,682 1,721 
Tangible assets (b)$12,940,015 $12,603,943 $11,865,129 $11,502,090 $11,267,905 
Tangible shareholders’ equity to tangible assets (a/b)7.73 %7.97 %8.07 %8.04 %7.98 %
Tangible book value per share (a/c)$22.05$22.24 $21.28 $20.57 $20.15 
Efficiency ratio:
Noninterest expense (d)$81,257$77,589 $77,656 $77,737 $93,204 $314,239 $322,885 
Net interest income97,47497,000 91,320 90,111 89,576 375,905 345,305 
Noninterest income30,59332,932 34,159 26,097 30,107 123,781 111,733 
Total revenue (e)$128,067$129,932 $125,479 $116,208 $119,683 $499,686 $457,038 
Efficiency ratio (d/e)63.45 %59.72 %61.89 %66.89 %77.88 %
Pre-provision net revenue (e-d)$46,810 $52,343 $47,823 $38,471 $26,479 $185,447 $134,153 
This press release presents the non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
9
v3.24.4
Cover
Jan. 22, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 22, 2025
Entity Registrant Name LIVE OAK BANCSHARES, INC.
Entity Incorporation, State or Country Code NC
Entity File Number 001-37497
Entity Tax Identification Number 26-4596286
Entity Address, Address Line One 1741 Tiburon Drive,
Entity Address, City or Town Wilmington,
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28403
City Area Code 910
Local Phone Number 790-5867
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Voting Common Stock, no par value per share
Trading Symbol LOB
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001462120
Live Oak Bancshares (NYSE:LOB)
Historical Stock Chart
From Jan 2025 to Feb 2025 Click Here for more Live Oak Bancshares Charts.
Live Oak Bancshares (NYSE:LOB)
Historical Stock Chart
From Feb 2024 to Feb 2025 Click Here for more Live Oak Bancshares Charts.