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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
xQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2022
or
oTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________ to ________.
Commission file number: 001-37497
lob-20220930_g1.jpg
LIVE OAK BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
North Carolina26-4596286
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1741 Tiburon Drive
Wilmington, North Carolina
28403
(Address of principal executive offices)(Zip Code)
(910) 790-5867
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
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
Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
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 shareLOBThe NASDAQ Stock Market LLC
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of November 1, 2022, there were 43,984,400 shares of the registrant’s voting common stock outstanding.


Live Oak Bancshares, Inc.
Form 10-Q
For the Quarterly Period Ended September 30, 2022
TABLE OF CONTENTS
Page


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Live Oak Bancshares, Inc.
Condensed Consolidated Balance Sheets
As of September 30, 2022 (unaudited) and December 31, 2021*
(Dollars in thousands)
September 30,
2022
December 31,
2021
Assets
Cash and due from banks$335,046 $187,203 
Federal funds sold68,324 16,547 
Certificates of deposit with other banks4,250 4,750 
Investment securities available-for-sale1,005,372 906,052 
Loans held for sale (includes $25,310 measured at fair value at December 31, 2021)
537,649 1,116,519 
Loans and leases held for investment (includes $512,183 and $645,201 measured at fair value, respectively)
6,853,382 5,521,262 
Allowance for credit losses on loans and leases(78,291)(63,584)
Net loans and leases6,775,091 5,457,678 
Premises and equipment, net260,285 240,196 
Foreclosed assets1,178 620 
Servicing assets29,081 33,574 
Other assets298,374 250,254 
Total assets$9,314,650 $8,213,393 
Liabilities and Shareholders’ Equity  
Liabilities  
Deposits:  
Noninterest-bearing$170,336 $89,279 
Interest-bearing8,234,573 7,022,765 
Total deposits8,404,909 7,112,044 
Borrowings35,616 318,289 
Other liabilities71,957 67,927 
Total liabilities8,512,482 7,498,260 
Shareholders’ equity  
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding at September 30, 2022 and December 31, 2021
  
Class A common stock, no par value, 100,000,000 shares authorized, 43,981,350 and 43,494,046 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
325,632 310,970 
Class B common stock, no par value, 10,000,000 shares authorized, none issued or outstanding at September 30, 2022 and 125,024 shares issued and outstanding at December 31, 2021
 1,324 
Retained earnings571,778 400,893 
Accumulated other comprehensive (loss) income(95,242)1,946 
Total shareholders’ equity802,168 715,133 
Total liabilities and shareholders’ equity$9,314,650 $8,213,393 
*Derived from audited consolidated financial statements.
See Notes to Unaudited Condensed Consolidated Financial Statements
1

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Income
For the three and nine months ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Interest income
Loans and fees on loans$107,880 $89,388 $291,235 $259,161 
Investment securities, taxable5,506 3,174 12,951 9,078 
Other interest earning assets2,448 224 3,677 771 
Total interest income115,834 92,786 307,863 269,010 
Interest expense    
Deposits31,553 14,159 64,678 45,923 
Borrowings395 892 1,586 3,940 
Total interest expense31,948 15,051 66,264 49,863 
Net interest income83,886 77,735 241,599 219,147 
Provision for loan and lease credit losses14,169 4,319 21,272 11,292 
Net interest income after provision for loan and lease credit losses69,717 73,416 220,327 207,855 
Noninterest income
Loan servicing revenue6,230 6,278 19,063 18,930 
Loan servicing asset revaluation(1,324)(5,878)(11,561)(7,566)
Net gains on sales of loans9,275 18,860 35,882 47,023 
Net gain (loss) on loans accounted for under the fair value option4,420 (1,030)475 4,323 
Equity method investments income (loss)29,136 (1,250)146,068 (4,685)
Equity security investments gains (losses), net876 176 2,487 44,534 
Lease income2,516 2,527 7,529 7,742 
Management fee income2,844 1,489 6,890 4,896 
Other noninterest income3,751 4,104 12,088 11,247 
Total noninterest income57,724 25,276 218,921 126,444 
Noninterest expense
Salaries and employee benefits43,479 28,202 128,262 92,468 
Travel expense2,372 1,819 6,627 4,027 
Professional services expense2,505 4,251 9,284 11,411 
Advertising and marketing expense2,621 1,631 6,651 3,158 
Occupancy expense2,519 2,042 7,619 6,378 
Technology expense7,770 6,150 19,585 16,159 
Equipment expense3,761 3,706 11,361 11,128 
Other loan origination and maintenance expense3,376 3,489 9,511 10,123 
Renewable energy tax credit investment impairment7,721 60 7,771 3,187 
FDIC insurance2,697 1,670 6,833 5,139 
Contributions and donations191 523 6,429 2,003 
Other expense4,036 1,916 9,708 6,108 
Total noninterest expense83,048 55,459 229,641 171,289 
Income before taxes44,393 43,233 209,607 163,010 
Income tax expense1,525 9,394 35,191 26,162 
Net income$42,868 $33,839 $174,416 $136,848 
Basic earnings per share$0.97 $0.78 $3.98 $3.18 
Diluted earnings per share$0.96 $0.76 $3.88 $3.05 
See Notes to Unaudited Condensed Consolidated Financial Statements
2

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Comprehensive Income
For the three and nine months ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$42,868 $33,839 $174,416 $136,848 
Other comprehensive loss before tax:
Net unrealized loss on investment securities available-for-sale during the period(47,318)(6,656)(127,879)(17,687)
Reclassification adjustment for gain on sale of securities available-for-sale included in net income    
Other comprehensive loss before tax(47,318)(6,656)(127,879)(17,687)
Income tax benefit11,359 1,598 30,691 4,245 
Other comprehensive loss, net of tax(35,959)(5,058)(97,188)(13,442)
Total comprehensive income$6,909 $28,781 $77,228 $123,406 
See Notes to Unaudited Condensed Consolidated Financial Statements
3

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Changes in Shareholders’ Equity
For the three and nine months ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands)
Three Months Ended
Common stockRetained
earnings
Accumulated
other
comprehensive
income (loss)
Total
equity
SharesAmount
Class AClass B
Balance at June 30, 2022
43,854,011$320,924 $530,021 $(59,283)$791,662 
Net income— 42,868 — 42,868 
Other comprehensive loss— — (35,959)(35,959)
Issuance of restricted stock59,603— — — — 
Tax withholding related to vesting of restricted stock and other
(1,362)— — (1,362)
Employee stock purchase program18,264532 — — 532 
Stock option exercises49,472497 — — 497 
Stock option compensation expense261 — — 261 
Restricted stock compensation expense4,780 — — 4,780 
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense— 208 — 208 
Cash dividends ($0.03 per share)
— (1,319)— (1,319)
Balance at September 30, 2022
43,981,350$325,632 $571,778 $(95,242)$802,168 
Balance at June 30, 202142,754,133510,327$305,213 $339,011 $13,123 $657,347 
Net income— 33,839 — 33,839 
Other comprehensive loss— — (5,058)(5,058)
Issuance of restricted stock16,819— — — — 
Tax withholding related to vesting of restricted stock and other
(504)— — (504)
Employee stock purchase program7,988374 — — 374 
Stock option exercises91,747693 — — 693 
Stock option compensation expense384 — — 384 
Restricted stock compensation expense3,329 — — 3,329 
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense
— 320 — 320 
Cash dividends ($0.03 per share)
— (1,301)— (1,301)
Balance at September 30, 2021
42,870,687510,327$309,489 $371,869 $8,065 $689,423 
See Notes to Unaudited Condensed Consolidated Financial Statements
4

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Continued)
For the three and nine months ended September 30, 2022 and 2021 (unaudited)
(Dollars in thousands)
Nine Months Ended
Common stockRetained
earnings
Accumulated
other
comprehensive
income (loss)
Total
equity
SharesAmount
Class AClass B
Balance at December 31, 2021
43,494,046125,024$312,294 $400,893 $1,946 $715,133 
Net income— 174,416 — 174,416 
Other comprehensive loss— — (97,188)(97,188)
Issuance of restricted stock172,296— — — — 
Tax withholding related to vesting of restricted stock and other
(4,453)— — (4,453)
Employee stock purchase program29,3831,066 — — 1,066 
Stock option exercises160,6011,650 — — 1,650 
Stock option compensation expense886 — — 886 
Restricted stock compensation expense14,189 — — 14,189 
Non-voting common stock converted to voting common stock in private sale
125,024(125,024)— — — — 
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense— 415 — 415 
Cash dividends ($0.09 per share)
— (3,946)— (3,946)
Balance at September 30, 2022
43,981,350$325,632 $571,778 $(95,242)$802,168 
Balance at December 31, 2020
41,344,6891,107,757$310,619 $235,724 $21,507 $567,850 
Net income— 136,848 — 136,848 
Other comprehensive loss— — (13,442)(13,442)
Issuance of restricted stock433,642— — — — 
Tax withholding related to vesting of restricted stock and other
(17,504)— — (17,504)
Employee stock purchase program13,674670 — — 670 
Stock option exercises481,2522,857 — — 2,857 
Stock option compensation expense1,081 — — 1,081 
Restricted stock compensation expense11,766 — —