0001462120-24-000038.txt : 20240510 0001462120-24-000038.hdr.sgml : 20240510 20240510121548 ACCESSION NUMBER: 0001462120-24-000038 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 97 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240510 DATE AS OF CHANGE: 20240510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Live Oak Bancshares, Inc. CENTRAL INDEX KEY: 0001462120 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 264596286 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37497 FILM NUMBER: 24933727 BUSINESS ADDRESS: STREET 1: 1741 TIBURON DRIVE CITY: WILMINGTON STATE: NC ZIP: 28403 BUSINESS PHONE: 910-790-5867 MAIL ADDRESS: STREET 1: 1741 TIBURON DRIVE CITY: WILMINGTON STATE: NC ZIP: 28403 10-Q 1 lob-20240331.htm 10-Q lob-20240331
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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 March 31, 2024
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
LiveOakBancsharesLogo.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)
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 (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
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 May 9, 2024, there were 44,969,300 shares of the registrant’s voting common stock outstanding.


Live Oak Bancshares, Inc.
Form 10-Q
For the Quarterly Period Ended March 31, 2024
TABLE OF CONTENTS
Page


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Live Oak Bancshares, Inc.
Condensed Consolidated Balance Sheets
As of March 31, 2024 (unaudited) and December 31, 2023*
(Dollars in thousands)
March 31,
2024
December 31,
2023
Assets
Cash and due from banks$597,394 $582,540 
Certificates of deposit with other banks250 250 
Investment securities available-for-sale1,120,622 1,126,160 
Loans held for sale310,749 387,037 
Loans and leases held for investment (includes $379,222 and $388,036 measured at fair value, respectively)
8,912,561 8,633,847 
Allowance for credit losses on loans and leases(139,041)(125,840)
Net loans and leases8,773,520 8,508,007 
Premises and equipment, net258,071 257,881 
Foreclosed assets8,561 6,481 
Servicing assets (includes $48,962 and $48,186 measured at fair value, respectively)
49,343 48,591 
Other assets387,059 354,476 
Total assets$11,505,569 $11,271,423 
Liabilities and shareholders’ equity  
Liabilities  
Deposits:  
Noninterest-bearing$226,668 $259,270 
Interest-bearing10,156,693 10,015,749 
Total deposits10,383,361 10,275,019 
Borrowings120,242 23,354 
Other liabilities74,248 70,384 
Total liabilities10,577,851 10,368,757 
Shareholders’ equity  
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2024 and December 31, 2023
  
Class A common stock, no par value, 100,000,000 shares authorized, 44,938,673 and 44,617,673 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
349,648 344,568 
Class B common stock, no par value, 10,000,000 shares authorized, none issued or outstanding at March 31, 2024 and December 31, 2023
  
Retained earnings669,307 642,817 
Accumulated other comprehensive loss(91,237)(84,719)
Total shareholders’ equity927,718 902,666 
Total liabilities and shareholders’ equity$11,505,569 $11,271,423 
*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 months ended March 31, 2024 and 2023 (unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
March 31,
20242023
Interest income
Loans and fees on loans$176,010 $139,052 
Investment securities, taxable8,954 7,547 
Other interest earning assets7,456 4,817 
Total interest income192,420 151,416 
Interest expense  
Deposits101,998 67,595 
Borrowings311 1,804 
Total interest expense102,309 69,399 
Net interest income90,111 82,017 
Provision for loan and lease credit losses16,364 19,021 
Net interest income after provision for loan and lease credit losses73,747 62,996 
Noninterest income
Loan servicing revenue7,624 6,380 
Loan servicing asset revaluation(2,744)356 
Net gains on sales of loans11,502 10,175 
Net loss on loans accounted for under the fair value option(219)(4,529)
Equity method investments (loss) income(5,022)(2,952)
Equity security investments (losses) gains, net(529)77 
Lease income2,453 2,535 
Management fee income3,271 3,472 
Other noninterest income9,761 4,065 
Total noninterest income26,097 19,579 
Noninterest expense
Salaries and employee benefits47,275 44,765 
Travel expense2,438 2,411 
Professional services expense1,878 927 
Advertising and marketing expense3,692 3,603 
Occupancy expense2,247 1,925 
Technology expense7,723 7,729 
Equipment expense3,074 3,818 
Other loan origination and maintenance expense3,911 3,927 
Renewable energy tax credit investment (recovery) impairment(927)69 
FDIC insurance3,200 3,403 
Other expense3,226 6,385 
Total noninterest expense77,737 78,962 
Income before taxes22,107 3,613 
Income tax (benefit) expense(5,479)3,215 
Net income$27,586 $398 
Basic earnings per share$0.62 $0.01 
Diluted earnings per share$0.60 $0.01 
See Notes to Unaudited Condensed Consolidated Financial Statements
2

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Comprehensive Income
For the three months ended March 31, 2024 and 2023 (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20242023
Net income$27,586 $398 
Other comprehensive (loss) income before tax:
Net unrealized (loss) gain on investment securities available-for-sale during the period(8,576)10,432 
Reclassification adjustment for gain on sale of securities available-for-sale included in net income  
Other comprehensive (loss) income before tax(8,576)10,432 
Income tax benefit (expense)2,058 (2,509)
Other comprehensive (loss) income, net of tax(6,518)7,923 
Total comprehensive income$21,068 $8,321 
See Notes to Unaudited Condensed Consolidated Financial Statements

3

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Changes in Shareholders’ Equity
For the three months ended March 31, 2024 and 2023 (unaudited)
(Dollars in thousands)
Three Months Ended
Common stockRetained
earnings
Accumulated
other
comprehensive
(loss) income
Total
equity
SharesAmount
Class AClass B
Balance at December 31, 2023
44,617,673$344,568 $642,817 $(84,719)$902,666 
Net income— 27,586 — 27,586 
Other comprehensive loss— — (6,518)(6,518)
Issuance of restricted stock123,670— — — — 
Tax withholding related to vesting of restricted stock and other
(3,057)— — (3,057)
Employee stock purchase program18,485702 — — 702 
Stock option exercises178,8451,129 — — 1,129 
Restricted stock compensation expense6,306 — — 6,306 
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense— 249 — 249 
Cash dividends ($0.03 per share)
— (1,345)— (1,345)
Balance at March 31, 2024
44,938,673$349,648 $669,307 $(91,237)$927,718 
Balance at December 31, 2022
44,061,244$330,854 $572,497 $(92,318)$811,033 
Net income— 398 — 398 
Other comprehensive income— — 7,923 7,923 
Issuance of restricted stock162,874— — — — 
Tax withholding related to vesting of restricted stock and other
(3,353)— — (3,353)
Employee stock purchase program31,059631 — — 631 
Stock option exercises35,663367 — — 367 
Stock option compensation expense133 — — 133 
Restricted stock compensation expense6,040 — — 6,040 
Adoption of ASU 2022-02
— 676 — 676 
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense
— 286 — 286 
Cash dividends ($0.03 per share)
— (1,327)— (1,327)
Balance at March 31, 2023
44,290,840$334,672 $572,530 $(84,395)$822,807 

4

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2024 and 2023 (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20242023
Cash flows from operating activities
Net income$27,586 $398 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization4,981 5,193 
Provision for loan and lease credit losses16,364 19,021 
(Accretion) amortization of (discount) premium on securities, net(355)171 
Deferred tax benefit(6,888)(5,541)
Originations of loans held for sale(203,956)(191,466)
Proceeds from sales of loans held for sale258,708 317,579 
Net gains on sale of loans held for sale(11,502)(10,175)
Net loss on loans accounted for under fair value option219 4,529 
Net change in servicing assets(752)(3,034)
Net (gain) loss on disposal of property and equipment(4)402 
Equity method investments loss (income)5,022 2,952 
Equity security investments losses (gains), net529 (77)
(Gain) loss on equity warrant assets(5,662) 
Renewable energy tax credit investment (recovery) impairment(927)69 
Stock option compensation expense 133 
Restricted stock compensation expense6,306 6,040 
Stock based compensation excess tax benefit (deficiency)889 (411)
Lease right-of-use assets and liabilities, net(11)(17)
Changes in assets and liabilities:
Other assets301 6,593 
Other liabilities45 6,097 
Net cash provided by operating activities90,893 158,456 
Cash flows from investing activities
Purchases of investment securities available-for-sale(46,176)(146,030)
Proceeds from maturities, calls, and principal paydown of investment securities available-for-sale43,493 21,319 
Loan and lease originations and principal collections, net(251,138)(455,742)
Purchases of equity security investments(3,279)(875)
Purchases of equity method investments(1,435)(1,121)
Proceeds from sale of equity security investment535  
Proceeds from sale of premises and equipment978  
Purchases of premises and equipment, net(21,676)(10,405)
Net cash used by investing activities(278,698)(592,854)
See Notes to Unaudited Condensed Consolidated Financial Statements
5

Live Oak Bancshares, Inc.
Condensed Consolidated Statements of Cash Flows (Continued)
For the three months ended March 31, 2024 and 2023 (unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20242023
Cash flows from financing activities
Net increase in deposits$108,342 $537,066 
Proceeds from borrowings99,414 2,156,020 
Repayment of borrowings(2,526)(2,208,456)
Stock option exercises1,129 367 
Employee stock purchase program702 631 
Withholding cash issued in lieu of restricted stock and other(3,057)(3,353)
Shareholder dividend distributions(1,345)(1,327)
Net cash provided by financing activities202,659 480,948 
Net increase in cash and cash equivalents14,854 46,550 
Cash and cash equivalents, beginning582,540 416,636 
Cash and cash equivalents, ending$597,394 $463,186 
Supplemental disclosures of cash flow information
Interest paid$102,644 $69,027 
Income tax paid, net1,928 182 
Supplemental disclosures of noncash investing and financing activities
Unrealized holding (losses) gains on investment securities available-for-sale, net of taxes$(6,518)$7,923 
Transfers from loans and leases to foreclosed real estate and other repossessions or SBA receivable
2,080 7,115 
Transfer from premises and equipment, net to other assets18,540  
Transfer of loans held for sale to loans and leases held for investment94,384 35,742 
Transfer of loans and leases held for investment to loans held for sale63,508 139,883 
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense
249 286 
Accrued premises and equipment additions2,971  
Equity method investment commitments1,008 7,721 
Equity security investment commitments 500 
See Notes to Unaudited Condensed Consolidated Financial Statements
6

Live Oak Bancshares, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 1. Basis of Presentation
Nature of Operations
Live Oak Bancshares, Inc. (collectively with its subsidiaries including Live Oak Banking Company, the “Company”) is a bank holding company headquartered in Wilmington, North Carolina incorporated under the laws of the State of North Carolina in December 2008. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Banking Company (the “Bank”). The Bank was organized and incorporated under the laws of the State of North Carolina on February 25, 2008 and commenced operations on May 12, 2008. The Bank specializes in providing lending and deposit related services to small businesses nationwide. A significant portion of the loans originated by the Bank are guaranteed by the Small Business Administration (“SBA”) under the 7(a) Loan Program and the U.S. Department of Agriculture’s (USDA”) Rural Energy for America Program (“REAP”), Water and Environmental Program (“WEP”), Business & Industry (B&I”) and Community Facilities loan programs. These loans are to small businesses and professionals with what the Bank believes are lower risk characteristics. Industries, or “verticals,” on which the Bank focuses its lending efforts are carefully selected. The Bank also lends more broadly to select borrowers outside of those verticals.
The Company’s wholly owned material subsidiaries are the Bank, Government Loan Solutions, Inc. (“GLS”), Live Oak Grove, LLC (“Grove”), Live Oak Ventures, Inc. (“Live Oak Ventures”), and Canapi Advisors, LLC (“Canapi Advisors”). GLS is a management and technology consulting firm that advises and offers solutions and services to participants in the government guaranteed lending sector. GLS primarily provides services in connection with the settlement, accounting, and securitization processes for government guaranteed loans, including loans originated under the SBA 7(a) loan programs and USDA guaranteed loans. The Grove provides Company employees and business visitors with on-site dining. Live Oak Ventures’ purpose is investing in businesses that align with the Company's strategic initiative to be a leader in financial technology. Canapi Advisors provides investment advisory services to a series of funds focused on providing venture capital to new and emerging financial technology companies.
The Bank’s wholly owned subsidiaries are Live Oak Number One, Inc., Live Oak Clean Energy Financing LLC (“LOCEF”), Live Oak Private Wealth, LLC (“Live Oak Private Wealth”) and Tiburon Land Holdings, LLC (“TLH”). Live Oak Number One, Inc. holds properties foreclosed on by the Bank. LOCEF provides financing to entities for renewable energy applications. Live Oak Private Wealth provides high-net-worth individuals and families with strategic wealth and investment management services. TLH holds land adjacent to the Bank's headquarters consisting of wetlands and other protected property for the use and enjoyment of the Bank's employees and customers.
The Company generates revenue primarily from net interest income and secondarily through the origination and sale of government guaranteed loans. Income from the retention of loans is comprised principally of interest income. Income from the sale of loans is comprised of loan servicing revenue and revaluation of related servicing rights along with net gains on sales of loans. Offsetting these revenues are the cost of funding sources, provision for loan and lease credit losses, any costs related to foreclosed assets and other operating costs such as salaries and employee benefits, travel, professional services, advertising and marketing and tax expense. The Company also has less routinely generated gains and losses arising from its financial technology investments predominantly in its fintech segment.
7

Live Oak Bancshares, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
General
In the opinion of management, all adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included, and all intercompany transactions have been eliminated in consolidation. Results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities Exchange Commission (SEC) on February 22, 2024 (SEC File No. 001-37497) (the 2023 Form 10-K). A summary description of the significant accounting policies followed by the Company is set forth in Note 1 of the Notes to Consolidated Financial Statements in the Company’s 2023 Form 10-K. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and footnotes in the Company's 2023 Form 10-K.
The preparation of financial statements in conformity with United States (U.S.) generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.
Amounts in all tables in the Notes to Unaudited Condensed Consolidated Financial Statements have been presented in thousands, except percentage, time period, share and per share data or where otherwise indicated.
Business Segments
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management has determined that the Company has two reportable operating segments: Banking and Fintech, as discussed more fully in Note 12. Segments.
Changes in Accounting Estimates
During the third quarter of 2023, the Company changed the valuation techniques used to estimate the fair value of servicing rights and loans measured at fair value as a result of rising interest rates and their impacts on market conditions. The changes include aligning our net servicing income and loan fair value estimates with changes in forward interest rate curves. Loan fair value estimates were also revised to utilize market participant credit loss information. These revisions provide estimates that the Company believes are more representative of fair value while transitioning from unobservable inputs to those that are more observable. These estimate changes were implemented as of July 1, 2023 and resulted in one-time adjustments to increase the estimated value of the servicing asset by $13.7 million and loans measured at fair value by $1.3 million. This adjustment also increased noninterest income by a corresponding $15.0 million.
These refinements have been accounted for as changes in accounting estimates under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 250, Accounting Changes and Error Corrections, with prospective application beginning in the period of change.
Long-Lived Asset Reclassified to Held for Sale
During the first quarter of 2024, the Company determined that retention of an idle building and accompanying land adjacent to its main campus was not best suited to serve future expansion plans. As a result of this determination, the Company entered into a purchase and sale agreement with a third party with expected total proceeds, net of estimated expenses, of $20.9 million. Accordingly, the $18.5 million carrying amount of the building and land, now considered held for sale, was reclassified from premises and equipment, net to other assets in the March 31, 2024 Unaudited Condensed Consolidated Balance Sheet. Any gain associated with the sale of the building will be recorded at the time of the sale.
Reclassifications
Certain reclassifications have been made to the prior period's Unaudited Condensed Consolidated Financial Statements to place them on a comparable basis with the current year. Net income and shareholders' equity previously reported were not affected by these reclassifications.
8

Live Oak Bancshares, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 2. Recent Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In December 2022, ASU 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” was issued deferring the sunset date of Topic 848. As subsequently amended, the guidance in the ASU can be applied by the Company through December 31, 2024. To address the discontinuance of LIBOR, the Company stopped originating variable LIBOR-based loans effective December 31, 2021 and started to negotiate loans using the preferred replacement index, the Secured Overnight Financing Rate (“SOFR”) or a relevant duration U.S. Treasury rate. As of March 31, 2024, the Company has transitioned all its LIBOR-based loan exposure to an alternative index. The application of the standard did not have a material effect on the consolidated financial statements.
In June 2022, the FASB issued ASU No. 2022-03 “Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Restrictions” (“ASU 2022-03”). ASU 2022-03 indicates a contractual sale restriction on equity securities should not be considered in measuring fair value, however, disclosure should be made about such restrictions. The Company adopted the standard on January 1, 2024 with no material effect on its consolidated financial statements.
In March 2023, the FASB issued ASU No. 2023-02 “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”). ASU 2023-02 permits companies to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The Company adopted the standard on January 1, 2024 with no material effect on its consolidated financial statements.
In October 2023, the FASB issued ASU No. 2023-06 “Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532 - Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company does not believe this standard will have a material impact on its consolidated financial statements.
In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this standard will be effective for the Company for the fiscal year ended December 31, 2024 and subsequent interim periods. The amendments will be applied retrospectively to all prior periods in the consolidated financial statements. The Company is currently evaluating the impact the amendments will have on the consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires enhanced income tax disclosures primarily related to the rate reconciliation and income taxes paid information to provide more transparency by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation table and (ii) income taxes paid, net of refunds, to be disaggregated by jurisdiction based on an established threshold. The amendments in this standard will be effective for the Company on January 1, 2025. The Company is currently evaluating the impact the amendments will have the consolidated financial statements and related disclosures.
In March 2024, the FASB issued ASU 2024-01 “Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”). ASU 2024-01 adds an illustrative example to clarify how an entity should determine whether a profits interest or similar award is within the scope of ASC 718. The amendments in this standard will be effective for the Company on January 1, 2025. The Company does not believe this standard will have a material impact on its consolidated financial statements.
9

Live Oak Bancshares, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
In March 2024, the FASB issued ASU 2024-02 “Codification Improvements - Amendments to Remove References to the Concepts Statements” (“ASU 2024-02”). ASU 2024-02 removes references to various Concepts Statements in the Codification. The amendments in this standard will be effective for the Company on January 1, 2025. The Company does not believe this standard will have a material impact on its consolidated financial statements.
Note 3. Earnings Per Share
Basic and diluted earnings per share are computed based on the weighted-average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then share in the net income of the Company.
Three Months Ended
March 31,
20242023
Basic earnings per share:
Net income$27,586 $398 
Weighted-average basic shares outstanding44,762,30844,157,156
Basic earnings per share$0.62 $0.01 
Diluted earnings per share:
Net income, for diluted earnings per share$27,586 $398 
Total weighted-average basic shares outstanding44,762,30844,157,156
Add effect of dilutive stock options and restricted stock grants878,902807,460
Total weighted-average diluted shares outstanding45,641,21044,964,616
Diluted earnings per share$0.60 $0.01 
Anti-dilutive stock options and restricted shares459,5991,436,771
Note 4. Securities
Available-for-Sale
The carrying amount of securities and their approximate fair values are reflected in the following table:
March 31, 2024
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
U.S. government agencies$15,081 $ $340 $14,741 
Mortgage-backed securities1,222,395 428 119,947 1,102,876 
Municipal bonds3,195  190 3,005 
Total$1,240,671 $428 $120,477 $1,120,622 
December 31, 2023
U.S. government agencies$17,809 $2 $282 $17,529 
Mortgage-backed securities1,216,624 466 111,498 1,105,592 
Municipal bonds3,200  161 3,039 
Total$1,237,633 $468 $111,941 $1,126,160 
During the three months ended March 31, 2024, one security totaling $14.7 million was settled and one security totaling $2.5 million was called. During the three months ended March 31, 2023, no securities were sold or settled.
10

Live Oak Bancshares, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Accrued interest receivable on available-for-sale securities totaled $3.4 million and $3.3 million at March 31, 2024 and December 31, 2023, respectively, and is included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets.
The following tables show debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
Less Than 12 Months12 Months or MoreTotal
March 31, 2024
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. government agencies$ $ $14,741 $340 $14,741 $340 
Mortgage-backed securities122,441 1,588 936,335 118,359 1,058,776 119,947 
Municipal bonds  3,005 190 3,005 190 
Total$122,441 $1,588 $954,081 $118,889 $1,076,522 $120,477 
Less Than 12 Months12 Months or MoreTotal
December 31, 2023
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
U.S. government agencies$ $ $15,057 $282 $15,057 $282 
Mortgage-backed securities138,823 3,431 886,699 108,067 1,025,522 111,498 
Municipal bonds  3,039 161 3,039 161 
Total$138,823 $3,431 $904,795 $108,510 $1,043,618 $111,941 
At March 31, 2024, there were 416 mortgage-backed securities, five U.S. government agencies and two municipal bonds in unrealized loss positions for greater than 12 months. There were 35 mortgage-backed securities in unrealized loss positions for less than 12 months. Unrealized losses at December 31, 2023 were comprised of 409 mortgage-backed securities, five U.S. government agencies and two municipal bond in unrealized loss positions for greater than 12 months and 27 mortgage-backed securities in unrealized loss positions for less than 12 months.
These unrealized losses are primarily the result of non-credit-related volatility in the market and market interest rates. Since none of the unrealized losses relate to the issuers' ability to honor redemption obligations, and the Company does not intend to sell the related securities and does not believe it is more likely than not that it will be required to sell the securities before recovery of amortized cost, none of the losses have been recognized in the Company’s Unaudited Condensed Consolidated Statements of Income.
All mortgage-backed securities in the Company’s portfolio at March 31, 2024 and December 31, 2023 were backed by U.S. government sponsored enterprises (“GSEs”).
11

Live Oak Bancshares, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
The following is a summary of investment securities by maturity:
March 31, 2024
Available-for-Sale
Amortized CostFair Value
U.S. government agencies
Within one year$3,000 $2,986 
One to five years12,081 11,755 
Total15,081 14,741 
Mortgage-backed securities
Within one year14,210 14,138 
One to five years182,341 171,971 
Five to ten years230,064 202,872 
After 10 years795,780 713,895 
Total1,222,395 1,102,876 
Municipal bonds
Five to ten years3,098 2,920 
After 10 years97 85 
Total3,195 3,005 
Total$1,240,671 $1,120,622 
The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may prepay sooner than scheduled.
There were no investment securities pledged at March 31, 2024 or December 31, 2023.
Equity Investments
Equity investments, largely comprised of non-marketable equity investments, are generally accounted for under either the equity method or equity security accounting and are included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The below tables provide additional information related to investments accounted for under these two methods.
12

Live Oak Bancshares, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
Equity Method Accounting
The carrying amount and ownership percentage of each equity method investment at March 31, 2024 and December 31, 2023 is reflected in the following table:
March 31, 2024December 31, 2023
AmountOwnership % AmountOwnership %
Apiture, Inc.$58,714 40.4 %$60,682 40.4 %
Canapi Ventures SBIC Fund, LP (1) (5)
16,522 2.9 18,190 2.9 
Canapi Ventures Fund, LP (2) (5)
1,998 1.5 2,267