Page 1

Exhibit 99.1 LiveOak® BANCSHARES LIVE OAK BANCSHARES , INC . REPORTS FIRST QUARTER 2021 RESULTS Wilmington , NC , April 21 , 2021 - Live Oak Bancshares , Inc. ( Nasdaq : LOB ) ( “ Live Oak ” or “ the Company ” ) today reported first quarter 2021 net earnings available to common shareholders of $ 39.4 million , or $ 0.88 per diluted share . " Live Oak continued to serve America's small businesses during the first quarter of 2021 and delivered strong results with $ 1.2 billion in loan and lease originations . The reopening of the Paycheck Protection Program allowed us to deliver just over $ 500 million in relief to small businesses during what is hopefully the end of this challenging period for our nation's entrepreneurs , ” said James S. Mahan , III , Chairman and Chief Executive Officer of Live Oak Bancshares . " Our net income grew to nearly $ 40 million for the quarter as our focus on providing solutions for small business owners and changing the financial technology landscape promoted our growth and advanced our core earnings . ” First Quarter 2021 Key Measures ( Dollars in thousands , except per share data ) Increase ( Decrease ) 1Q 2021 1Q 2020 Dollars Percent 4Q 2020 Net interest income and servicing revenues $ 76,384 $ 46,583 $ 29,801 64 % $ 68,985 Net income ( loss ) 39,427 ( 7,602 ) 47,029 619 29,588 Diluted earnings ( loss ) per share 0.88 ( 0.19 ) 1.07 563 0.68 % Fully funded Non - GAAP net income ( loss ) ( 1 ) Non - GAAP diluted earnings ( loss ) per share ( 1 ) Loan and lease production : Loans and leases originated Total loans and leases 39,340 ( 7,602 ) 46,942 617 29,778 0.88 ( 0.19 ) 1.07 563 0.69 $ 1,180,219 $ 77.7 % 500,634 $ 57.6 % 679,585 136 % $ 808,010 n / a n / a 55.6 % Total assets $ 6,533,495 $ 3,813,455 8,417,875 6,316,004 5,273,569 4,639,401 $ 2,720,040 3,144,306 1,676,603 71 % $ 6,320,400 60 7,872,303 36 5,712,828 Total deposits ( 1 ) See accompanying GAAP to Non - GAAP Reconciliation . Loans and Leases At March 31 , 2021 , the total loan and lease portfolio increased to $ 6.53 billion , 71.3 % above its level a year ago and 3.4 % above its level at December 31 , 2020. Compared to the fourth quarter of 2020 , loans and leases held for investment increased $ 311.8 million , or 6.1 % , to $ 5.46 billion while loans held for sale decreased $ 98.7 million , or 8.4 % , to $ 1.08 billion . Average loans and leases were $ 6.35 billion during the first quarter of 2021 compared to $ 6.29 billion during the fourth quarter of 2020 . The total loan and lease portfolio of $ 6.53 billion is comprised of $ 1.45 billion of Paycheck Protection Program ( “ PPP ” ) loans , net of deferred fees and costs , at March 31 , 2021 , which are carried at historical cost classified as held for investment . The unguaranteed percentage of the total loan and lease portfolio is significantly influenced by the addition of PPP loans carrying a 100 % government guarantee . The total loan and lease portfolio at March 31 , 2021 , and December 31 , 2020 , of $ 6.53 billion and $ 6.32 billion , respectively , was comprised of 41.6 % and 40.4 % of unguaranteed loans and leases , respectively . Loan and lease originations totaled $ 1.18 billion during the first quarter of 2021 , an increase of $ 372.2 million , or 46.1 % , from the fourth quarter of 2020 . Excluding PPP loans in each quarter , loan and lease originations totaled $ 672.4 million for the first quarter of 2021 , a 16.8 % decrease from the prior quarter and a 34.3 % increase from the first quarter of 2020 . 1