LOBMEDIUM SIGNALFINANCIAL10-K

Live Oak Bancshares shows strong balance sheet growth with total assets expanding 16.9% to $15.1B, while operating cash flow declined substantially year-over-year.

The company demonstrates healthy core banking fundamentals with double-digit growth in deposits, assets, and net interest income, alongside improved credit quality as evidenced by reduced provision for credit losses. However, the sharp decline in operating cash flow warrants attention from investors as it suggests potential timing differences or changes in working capital dynamics that could impact liquidity management.

Comparing 2026-02-27 vs 2025-03-18View on EDGAR →
FINANCIAL ANALYSIS

LOB delivered solid balance sheet expansion with total assets growing 16.9% to $15.1B and deposits increasing 16.4% to $13.7B, while nearly eliminating total debt (down 99.9% to just $16K) and boosting stockholders' equity by 25.1%. The income statement reflected steady performance with net interest income up 11.8% and net income growing 36.7%, supported by meaningfully lower credit loss provisions. However, operating cash flow declined substantially to $158.2M, creating a notable disconnect between reported earnings growth and cash generation that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-99.9%
$26.6M→$16K

Debt reduced 99.9% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
-70.5%
$536.5M→$158.2M

Operating cash flow fell 70.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-70.1%
$49.3M→$14.8M

Capex reduced 70.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Provision for Credit Losses
P&L
-62.6%
$40.7M→$15.2M

Provisions reduced 62.6% — improving credit quality or reserve release boosting reported earnings.

Net Income
P&L
+36.7%
$77.5M→$105.9M

Net income grew 36.7% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+25.1%
$999.0M→$1.2B

Equity base grew 25.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+16.9%
$12.9B→$15.1B

Asset base grew 16.9% — expansion through organic growth, acquisitions, or capital deployment.

Total Deposits
Balance Sheet
+16.4%
$11.8B→$13.7B

Deposits grew 16.4% — expanding customer base or increased trust in the institution.

Total Liabilities
Balance Sheet
+16.3%
$11.9B→$13.9B

Liabilities increased 16.3% — monitor debt-to-equity ratio and interest coverage.

Net Interest Income
P&L
+11.8%
$812.4M→$908.5M

Net interest income grew 11.8% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-18
ADDED
APPLICABLE ONLY TO CORPORATE REGISTRANTS: As of February 25, 2026, there were 46,219,604 shares of the registrant s voting common stock outstanding.
and international trade policies and the resulting impact on the Company and its customers; a deterioration of the credit rating for U.S.
As of January 31, 2026, there were 200 holders of record of the Company's voting common stock.
The Company s depositary shares, each representing a 1/40 th interest in a share of 8.375% fixed rate series A non-cumulative perpetual preferred stock, no par value per share (the depositary shares ) trade on the NYSE under the symbol LOB/PA .
Demographics As of December 31, 2025, the Company had 1,027 full-time employees, 13 part-time employees and 37 independent contractors.
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REMOVED
APPLICABLE ONLY TO CORPORATE REGISTRANTS: As of March 17, 2025, there were 45,565,314 shares of the registrant s voting common stock outstanding.
As of January 31, 2025, there were 207 holders of record of the Company's voting common stock.
Demographics As of December 31, 2024, the Company had 1,008 full-time employees, 17 part-time employees and 27 independent contractors.
Our commitment to providing and enhancing a support infrastructure for people with underrepresented backgrounds remains a strategic initiative.
To this end, we communicate with our workforce through a variety of channels and encourage open and direct communication, including: Periodic company-wide all hands meetings; Regularly scheduled town hall-style meetings that are led by our key executives and held quarterly, or more often as needed, with a focus on our people, culture, strategy, and performance; Periodic posts from Company leadership via our internal enterprise social media network and intranet; and An open-door environment that encourages communication, collaboration and the free-flow of information and ideas.
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