WILMINGTON, N.C., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. (NYSE:LOB) ("Live Oak" or "the Company") today reported fourth quarter of 2025 net income attributable to common shareholders of $44.1 million, or $0.95 per diluted share. Net income attributable to common shareholders for the year ended December 31, 2025, totaled $102.8 million, or $2.23 per diluted share.

Live Oak's performance for the year ended December 31, 2025, compared with the same period in 2024 included these notable items:

Strong loan production of $6.21 billion accompanied by strong deposit growth of $1.93 billion in 2025, with total assets growing by 16.9% to $15.13 billion
$96.3 million in capital was raised as a result of preferred stock offering in the third quarter of 2025
Revenue (comprised of net interest income and noninterest income¹) increased 18.3% and noninterest expense¹ increased 11.7%, which generated 28.9% growth in pre-provision net revenue²
Sale of Apiture, Inc. resulting in a pre-tax gain of $24.1 million which is included in equity method investments income (loss)
Provision expense for credit losses of $96.3 million remained relatively flat compared to 2024

"Live Oak Bank delivered solid performance in 2025, a year defined by the resilience of small businesses and a disciplined focus on our core mission," said Live Oak Chairman and CEO James S. (Chip) Mahan III. "Our teams closed out the year with record loan growth across our small business and commercial lending teams, strong momentum in building low-cost deposits, and a dedicated approach to credit quality and stabilization. These results reflect our commitment to being America's small business bank and position us for continued progress in 2026 and beyond."

Conference Call

Live Oak will host a conference call to discuss the company's financial results and business outlook tomorrow, January 22, 2026, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 06698. 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: +1 646.564.2877

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) Certain immaterial prior-period amounts in the Statements of Income have been revised. 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. Related efficiency and noninterest income to total revenue ratios have been revised accordingly.

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


Year Over Year Highlights

(Dollars in thousands, except per share data)							Increase (Decrease)
		2025			2024		Dollars		Percent
Total revenue ⁽¹⁾	$	577,816		$	488,557		$	89,259	18	%
Total noninterest expense		338,698			303,110			35,588	12
Provision for credit losses		96,303			96,212			91	—
Income before taxes		142,815			89,235			53,580	60
Effective tax rate		26.0	%		13.2	%	n/a		n/a
Net income attributable to common shareholders	$	102,823		$	77,474		$	25,349	33	%
Diluted earnings per share		2.23			1.69			0.54	32
Loan and lease production		6,209,639			5,155,244			1,054,395	20
Total loans and leases		12,393,677			10,579,376			1,814,301	17
Total assets		15,134,778			12,943,380			2,191,398	17
Total deposits		13,688,659			11,760,494			1,928,165	16

(1) Total revenue consists of net interest income and total noninterest income.


Fourth Quarter 2025 Key Measures

(Dollars in thousands, except per share data)							Increase (Decrease)
	4Q 2025			3Q 2025			Dollars			Percent		4Q 2024
Total revenue ⁽¹⁾	$	172,907		$	142,330		$	30,577		21	%	$	125,022
Total noninterest expense		89,153			83,516			5,637		7			78,212
Provision for credit losses		21,845			22,242			(397	)	(2	)		33,581
Income before taxes		61,909			36,572			25,337		69			13,229
Effective tax rate		25.5	%		27.6	%	n/a			n/a			25.6	%
Net income attributable to common shareholders	$	44,116		$	25,562		$	18,554		73	%	$	9,900
Diluted earnings per share		0.95			0.55			0.40		73			0.22
Loan and lease production		1,638,113			1,648,711			(10,598	)	(1	)		1,421,118

(1) Total revenue consists of net interest income and total noninterest income.

Important Note Regarding Forward-Looking Statements

Statements in this press release that are based on other than historical data or that express the Company's plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company's expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration ("SBA") rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company's status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; the impacts of any pandemic or public health situation on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; 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; risks relating to the material weakness we identified in our internal control over financial reporting; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company's ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company's business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company's ability to comply with regulatory requirements and expectations; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") and available at the SEC's Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

About Live Oak Bancshares, Inc.

Live Oak Bancshares, Inc. (NYSE:LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoak.bank.

Contacts:


Live Oak Bancshares, Inc. Quarterly Statements of Income (unaudited) (Dollars in thousands, except per share data)
	Three Months Ended															4Q 2025 Change vs.
	4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2025		4Q 2024
Interest income																%		%
Loans and fees on loans	$	218,852		$	211,599		$	204,513		$	195,616		$	194,821		3.4		12.3
Investment securities, taxable		12,679			12,175			11,648			11,089			10,490		4.1		20.9
Other interest earning assets		8,124			7,654			8,123			6,400			7,257		6.1		11.9
Total interest income		239,655			231,428			224,284			213,105			212,568		3.6		12.7
Interest expense
Deposits		114,879			114,266			113,380			110,888			113,357		0.5		1.3
Borrowings		1,656			1,677			1,683			1,685			1,737		(1.3	)	(4.7	)
Total interest expense		116,535			115,943			115,063			112,573			115,094		0.5		1.3
Net interest income		123,120			115,485			109,221			100,532			97,474		6.6		26.3
Provision for credit losses		21,845			22,242			23,252			28,964			33,581		(1.8	)	(34.9	)
Net interest income after provision for credit losses		101,275			93,243			85,969			71,568			63,893		8.6		58.5
Noninterest income
Loan servicing revenue		9,227			8,812			8,565			8,298			8,524		4.7		8.2
Loan servicing asset revaluation		(3,932	)		(4,360	)		(3,057	)		(4,728	)		(2,326	)	9.8		(69.0	)
Net gains on sales of loans		12,313			17,099			17,570			15,438			15,311		(28.0	)	(19.6	)
Net gain (loss) on loans accounted for under the fair value option		1,518			(350	)		1,082			(1,034	)		195		533.7		678.5
Equity method investments income (loss) ⁽¹⁾		23,812			(1,470	)		(2,716	)		(2,239	)		(2,739	)	1,719.9		969.4
Equity security investments gains (losses), net		4,691			18			1,004			20			12		25,961.1		38,991.7
Lease income		2,196			2,179			3,103			2,573			2,456		0.8		(10.6	)
Other noninterest income		(38	)		4,917			4,904			4,043			6,115		(100.8	)	(100.6	)
Total noninterest income		49,787			26,845			30,455			22,371			27,548		85.5		80.7
Noninterest expense
Salaries and employee benefits		47,988			49,910			46,008			45,529			42,870		(3.9	)	11.9
Travel expense		1,715			1,618			1,634			2,064			1,927		6.0		(11.0	)
Professional services expense		2,855			1,999			2,874			3,024			2,797		42.8		2.1
Advertising and marketing expense		2,298			1,839			4,420			3,665			1,979		25.0		16.1
Occupancy expense		2,317			2,339			2,369			2,737			2,558		(0.9	)	(9.4	)
Technology expense		13,397			10,234			10,066			9,251			9,406		30.9		42.4
Equipment expense		3,677			3,320			3,685			3,745			3,769		10.8		(2.4	)
Other loan origination and maintenance expense		4,917			4,777			4,190			4,585			4,812		2.9		2.2
Renewable energy tax credit investment impairment		129			336			270			—			1,172		(61.6	)	(89.0	)
FDIC insurance		3,933			3,643			3,545			3,551			3,053		8.0		28.8
Other expense		5,927			3,501			6,161			2,656			3,869		69.3		53.2
Total noninterest expense		89,153			83,516			85,222			80,807			78,212		6.7		14.0
Income before taxes		61,909			36,572			31,202			13,132			13,229		69.3		368.0
Income tax expense		15,787			10,106			7,815			3,464			3,386		56.2		366.2
Net income		46,122			26,466			23,387			9,668			9,843		74.3		368.6
Net loss attributable to non-controlling interest		88			50			41			49			57		76.0		54.4
Net income attributable to Live Oak Bancshares, Inc.		46,210			26,516			23,428			9,717			9,900		74.3		366.8
Preferred stock dividends		2,094			954			—			—			—		119.5		100.0
Net income attributable to common shareholders	$	44,116		$	25,562		$	23,428		$	9,717		$	9,900		72.6		345.6
Earnings per share
Basic	$	0.96		$	0.56		$	0.51		$	0.21		$	0.22		71.4		336.4
Diluted	$	0.95		$	0.55		$	0.51		$	0.21		$	0.22		72.7		331.8
Weighted average shares outstanding
Basic		45,906,268			45,780,794			45,634,741			45,377,965			45,224,470
Diluted		46,298,408			46,216,958			45,795,608			45,754,499			46,157,979

(1) Includes a $24.1 million pre-tax gain on sale of Apiture, Inc.


Live Oak Bancshares, Inc. Quarterly Balance Sheets (unaudited) (Dollars in thousands)

	As of the quarter ended															4Q 2025 Change vs.
	4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024			3Q 2025		4Q 2024
Assets																%		%
Cash and due from banks	$	864,904		$	892,445		$	662,755		$	744,263		$	608,800		(3.1	)	42.1
Certificate of deposit with other banks		250			250			250			250			250		—		—
Investment securities available-for-sale		1,427,401			1,373,219			1,325,206			1,312,680			1,248,203		3.9		14.4
Loans held for sale		420,055			360,693			350,791			367,955			346,002		16.5		21.4
Loans and leases held for investment ⁽¹⁾		11,973,622			11,554,818			11,014,055			10,693,911			10,233,374		3.6		17.0
Allowance for credit losses on loans and leases		(192,264	)		(185,700	)		(182,231	)		(190,184	)		(167,516	)	(3.5	)	(14.8	)
Net loans and leases		11,781,358			11,369,118			10,831,824			10,503,727			10,065,858		3.6		17.0
Premises and equipment, net		240,203			241,140			246,493			259,113			264,059		(0.4	)	(9.0	)
Foreclosed assets		8,208			11,024			6,318			2,108			1,944		(25.5	)	322.2
Servicing assets		63,155			62,491			60,359			56,911			56,144		1.1		12.5
Other assets		329,244			355,522			347,212			348,697			352,120		(7.4	)	(6.5	)
Total assets	$	15,134,778		$	14,665,902		$	13,831,208		$	13,595,704		$	12,943,380		3.2		16.9
Liabilities and Shareholders' Equity
*Liabilities*
Deposits:
Noninterest-bearing	$	515,051		$	494,019		$	393,393		$	386,108		$	318,890		4.3		61.5
Interest-bearing		13,173,608			12,796,704			12,201,397			12,009,837			11,441,604		2.9		15.1
Total deposits		13,688,659			13,290,723			12,594,790			12,395,945			11,760,494		3.0		16.4
Borrowings		102,404			105,045			107,659			110,247			112,820		(2.5	)	(9.2	)
Other liabilities		89,609			67,585			61,494			58,065			66,570		32.6		34.6
Total liabilities		13,880,672			13,463,353			12,763,943			12,564,257			11,939,884		3.1		16.3
*Shareholders' equity*
Preferred stock		96,266			96,266			—			—			—		—		100.0
Class A common stock (voting)		388,389			383,288			377,953			370,513			365,607		1.3		6.2
Class B common stock (non-voting)		—			—			—			—			—		—		—
Retained earnings		809,885			770,820			746,450			724,215			715,767		5.1		13.1
Accumulated other comprehensive loss		(44,672	)		(52,151	)		(61,514	)		(67,698	)		(82,344	)	14.3		45.7
Total shareholders' equity attributed to Live Oak Bancshares, Inc.		1,249,868			1,198,223			1,062,889			1,027,030			999,030		4.3		25.1
Non-controlling interest		4,238			4,326			4,376			4,417			4,466		(2.0	)	(5.1	)
Total shareholders' equity		1,254,106			1,202,549			1,067,265			1,031,447			1,003,496		4.3		25.0
Total liabilities and shareholders' equity	$	15,134,778		$	14,665,902		$	13,831,208		$	13,595,704		$	12,943,380		3.2		16.9

(1) Includes $260.6 million, $280.3 million, $303.8 million, $316.8 million and $328.7 million of loans measured at fair value for the quarters ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.


Live Oak Bancshares, Inc. Statements of Income (unaudited) (Dollars in thousands, except per share data)

	Year Ended
	December 31, 2025			December 31, 2024
Interest income
Loans and fees on loans	$	830,580		$	744,841
Investment securities, taxable		47,591			38,413
Other interest earning assets		30,301			29,118
Total interest income		908,472			812,372
Interest expense
Deposits		453,413			430,887
Borrowings		6,701			5,580
Total interest expense		460,114			436,467
Net interest income		448,358			375,905
Provision for credit losses		96,303			96,212
Net interest income after provision for credit losses		352,055			279,693
Noninterest income
Loan servicing revenue		34,902			31,535
Loan servicing asset revaluation		(16,077	)		(12,155	)
Net gains on sales of loans		62,420			49,770
Net gain on loans accounted for under the fair value option		1,216			2,403
Equity method investments income (loss) ⁽¹⁾		17,387			(10,921	)
Equity security investments gains (losses), net		5,733			553
Lease income		10,051			9,756
Management fee income		—			7,658
Other noninterest income		13,826			34,053
Total noninterest income		129,458			112,652
Noninterest expense
Salaries and employee benefits		189,435			174,707
Travel expense		7,031			7,170
Professional services expense		10,752			11,023
Advertising and marketing expense		12,222			11,148
Occupancy expense		9,762			10,000
Technology expense		42,948			34,206
Equipment expense		14,427			13,826
Other loan origination and maintenance expense		18,469			17,254
Renewable energy tax credit investment impairment		735			530
FDIC insurance		14,672			10,835
Other expense		18,245			12,411
Total noninterest expense		338,698			303,110
Income before taxes		142,815			89,235
Income tax expense		37,172			11,818
Net income		105,643			77,417
Net loss attributable to non-controlling interest		228			57
Net income attributable to Live Oak Bancshares, Inc.		105,871			77,474
Preferred stock dividends		3,048			—
Net income attributable to common shareholders	$	102,823		$	77,474
Earnings per share
Basic	$	2.25		$	1.72
Diluted	$	2.23		$	1.69
Weighted average shares outstanding
Basic		45,701,364			45,009,567
Diluted		46,042,790			45,820,321

(1) Includes a $24.1 million pre-tax gain on sale of Apiture, Inc.


Live Oak Bancshares, Inc. Quarterly Selected Financial Data (Dollars in thousands, except per share data)

	As of and for the three months ended
	4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024
Income Statement Data
Net income attributable to common shareholders	$	44,116		$	25,562		$	23,428		$	9,717		$	9,900
Per Common Share
Net income, diluted	$	0.95		$	0.55		$	0.51		$	0.21		$	0.22
Dividends declared - common		0.03			0.03			0.03			0.03			0.03
Book value per common share		25.06			24.03			23.36			22.62			22.12
Tangible book value per common share ⁽¹⁾		24.97			23.96			23.29			22.55			22.05
Performance Ratios
Return on average assets (annualized)		1.19	%		0.72	%		0.68	%		0.30	%		0.31	%
Return on average common equity (annualized)		15.25			9.32			8.85			3.78			3.85
Net interest margin		3.38			3.33			3.28			3.20			3.15
Efficiency ratio ⁽¹⁾		51.56			58.68			61.01			65.75			62.56
Noninterest income to total revenue		28.79			18.86			21.80			18.20			22.03
Selected Loan Metrics
Loans and leases originated	$	1,638,113		$	1,648,711		$	1,526,592		$	1,396,223		$	1,421,118
Outstanding balance of sold loans serviced		5,599,724			5,563,363			5,321,284			4,949,962			4,715,895
Asset Quality Ratios
Allowance for credit losses to loans and leases held for investment ⁽³⁾		1.64	%		1.65	%		1.70	%		1.83	%		1.69	%
Net charge-offs ⁽³⁾	$	13,739		$	16,816		$	31,445		$	6,774		$	33,566
Net charge-offs to average loans and leases held for investment ^{(2) (3)}		0.48	%		0.61	%		1.19	%		0.27	%		1.39	%

Nonperforming loans and leases at historical cost ⁽³⁾
Unguaranteed	$	101,371		$	76,887		$	59,555		$	99,907		$	81,412
Guaranteed		399,786			379,381			336,777			322,993			222,885
Total		501,157			456,268			396,332			422,900			304,297
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment ⁽³⁾		0.87	%		0.68	%		0.56	%		0.96	%		0.82	%

Nonperforming loans at fair value ⁽⁴⁾
Unguaranteed	$	7,715		$	6,775		$	8,873		$	9,938		$	9,115
Guaranteed		53,887			54,887			60,453			58,100			54,873
Total		61,602			61,662			69,326			68,038			63,988
Unguaranteed nonperforming fair value loans to loans held for investment ⁽⁴⁾		2.96	%		2.42	%		2.92	%		3.14	%		2.77	%

Capital Ratios
Common equity tier 1 capital (to risk-weighted assets)		10.53	%		10.51	%		10.67	%		10.67	%		11.04	%
Tier 1 leverage capital (to average assets)		8.48			8.57			7.90			8.03			8.21

Notes to Quarterly Selected Financial Data

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

(2) Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.

(3) Loans and leases at historical cost only (excludes loans measured at fair value).

(4) Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).


Live Oak Bancshares, Inc. Quarterly Average Balances and Net Interest Margin (Dollars in thousands)

	Three Months Ended December 31, 2025							Three Months Ended September 30, 2025
	Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate
Interest-earning assets:
Interest-earning balances in other banks	$	803,095		$	8,124	4.01	%	$	701,059		$	7,654	4.33	%
Investment securities		1,465,824			12,679	3.43			1,418,810			12,175	3.40
Loans held for sale		420,809			8,240	7.77			396,084			8,103	8.12
Loans and leases held for investment ⁽¹⁾		11,777,219			210,612	7.09			11,249,234			203,496	7.18
Total interest-earning assets		14,466,947			239,655	6.57			13,765,187			231,428	6.67
Less: Allowance for credit losses on loans and leases		(186,252	)						(182,001	)
Noninterest-earning assets		546,969							530,529
Total assets	$	14,827,664						$	14,113,715
Interest-bearing liabilities:
Interest-bearing checking	$	413,433		$	4,191	4.02	%	$	366,699		$	4,082	4.42	%
Savings		6,833,148			57,668	3.35			6,608,380			58,657	3.52
Money market accounts		145,668			132	0.36			131,756			84	0.25
Certificates of deposit		5,498,643			52,888	3.82			5,272,818			51,443	3.87
Total deposits		12,890,892			114,879	3.54			12,379,653			114,266	3.66
Borrowings		104,219			1,656	6.30			106,744			1,677	6.23
Total interest-bearing liabilities		12,995,111			116,535	3.56			12,486,397			115,943	3.68
Noninterest-bearing deposits		492,501							401,916
Noninterest-bearing liabilities		82,684							63,133
Shareholders' equity		1,253,043							1,157,893
Non-controlling interest		4,325							4,376
Total liabilities and shareholders' equity	$	14,827,664						$	14,113,715
Net interest income and interest rate spread				$	123,120	3.01	%				$	115,485	2.99	%
Net interest margin						3.38							3.33
Ratio of average interest-earning assets to average interest-bearing liabilities						111.33	%						110.24	%

(1) Average loan and lease balances include non-accruing loans and leases.


Live Oak Bancshares, Inc. GAAP to Non-GAAP Reconciliation (Dollars in thousands)

	As of and for the three months ended															For the year ended
	4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2024				2025		2024
Total shareholders' equity	$	1,254,106		$	1,202,549		$	1,067,265		$	1,031,447		$	1,003,496
Less:
Preferred stock		96,266			96,266			—			—			—
Non-controlling interest		4,238			4,326			—			—			—
Total common shareholders' equity	$	1,153,602		$	1,101,957		$	1,067,265		$	1,031,447		$	1,003,496
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		2,165			1,453			1,491			1,529			1,568
Tangible shareholders' equity (a)	$	1,149,640		$	1,098,707		$	1,063,977		$	1,028,121		$	1,000,131
Shares outstanding (c)		46,032,402			45,855,739			45,686,081			45,589,633			45,359,425
Total assets	$	15,134,778		$	14,665,902		$	13,831,208		$	13,595,704		$	12,943,380
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		2,165			1,453			1,491			1,529			1,568
Tangible assets (b)	$	15,130,816		$	14,662,652		$	13,827,920		$	13,592,378		$	12,940,015
Tangible shareholders' equity to tangible assets (a/b)		7.60	%		7.49	%		7.69	%		7.56	%		7.73	%
Tangible book value per share (a/c)	$	24.97		$	23.96		$	23.29		$	22.55		$	22.05
Efficiency ratio:
Noninterest expense (d)	$	89,153		$	83,516		$	85,222		$	80,807		$	78,212		$	338,698	$	303,110
Net interest income		123,120			115,485			109,221			100,532			97,474			448,358		375,905
Noninterest income		49,787			26,845			30,455			22,371			27,548			129,458		112,652
Total revenue (e)	$	172,907		$	142,330		$	139,676		$	122,903		$	125,022		$	577,816	$	488,557
Efficiency ratio (d/e)		51.56	%		58.68	%		61.01	%		65.75	%		62.56	%
Pre-provision net revenue (e-d)	$	83,754		$	58,814		$	54,454		$	42,096		$	46,810		$	239,118	$	185,447

This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company's business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

Live Oak Bancshares, Inc. Reports Fourth Quarter 2025 Results