Live Oak Bancshares, Inc.

Live Oak Bancshares, Inc. announced that J. Wesley Sutherland has ceased to serve as Chief Accounting Officer, effective June 16, 2026. Walter J. Phifer, the current Chief Financial Officer, has assumed the role of Principal Accounting Officer on an interim basis while the company searches for a permanent successor. Mr. Sutherland will remain with the Bank as a Senior Advisor to assist with the transition until his retirement on or about September 30, 2026.

Live Oak Bank announced the first-year impact of its five-year, $1 million grant to The Forward Fund, a North Carolina-based pay-it-forward financing model for career training. In its inaugural year, the program issued $2.3 million in zero-percent interest loans to over 270 individuals. Loans in repayment have already generated an estimated $2.8 million in new annual earnings, demonstrating a significant return on investment in workforce development and economic mobility.

Live Oak Bancshares, Inc. held its 2026 Annual Meeting of Shareholders on May 19, 2026. Shareholders approved the 2026 Omnibus Stock Incentive Plan and the 2026 Employee Stock Purchase Plan. Additionally, ten directors were elected to the Board for one-year terms, and KPMG, LLP was ratified as the independent auditor for 2026. Shareholders also provided non-binding advisory approval for the compensation paid to the company's named executive officers.

Live Oak Bancshares, Inc. announced that its Board of Directors declared cash dividends for both its common and preferred stock. Shareholders of Voting Common Stock will receive $0.03 per share, while holders of the 8.375% Fixed Rate Series A Non-Cumulative Perpetual Preferred Stock will receive $0.52344 per depositary share. These dividends are scheduled to be paid on June 15, 2026, to shareholders on record as of June 2, 2026.

Live Oak Bancshares reported strong financial results for the first quarter of 2026, with net income attributable to common shareholders surging to $27.95 million, or $0.60 diluted earnings per share. This significant growth was primarily driven by an 18.8% increase in net interest income and a 30.6% reduction in the provision for credit losses. The company also noted enhancements to its allowance for credit losses estimation process and the payment of preferred stock dividends.

Live Oak Bancshares reported first quarter 2026 net income of $27.9 million, or $0.60 per diluted common share. While net income decreased 36.7% quarter-over-quarter, this was primarily due to significant pre-tax gains from asset sales in Q4 2025. Compared to Q1 2025, net income surged 187%. The company demonstrated strong operational performance with $1.37 billion in loan production and $146.4 million in deposit growth, alongside stable credit performance. Management expressed satisfaction with the momentum and focus on key initiatives.