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©2026 Live Oak Bancshares. All rights reserved. THIRD QUARTER 2026 October 22, 2026
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 2 Information in this presentation may contain “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. These statements generally relate to our financial condition, results of operations, plans, objectives, future performance or business and usually can be identified by the use of forward-looking terminology such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “plan,” “intend,” “project,” “goals,” “outlook,” or “continue,” or the negative thereof or other variations thereof or comparable terminology. These statements represent our judgment concerning the future and are subject to business, economic and other risks and uncertainties, both known and unknown. These statements are based on current expectations, estimates and projections about our business, management’s beliefs and assumptions made by management. These statements are not guarantees of our future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements. Please see the Appendix for more information about these risks, uncertainties and assumptions. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Moreover, these forward-looking statements speak only as of the date they are made and based only on information actually known to us at the time. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Except as otherwise disclosed, forward-looking statements do not reflect: (i) the effect of any acquisitions, divestitures or similar transactions that have not been previously disclosed; (ii) any changes in laws, regulations or regulatory interpretations; or (iii) any change in current dividend or repurchase strategies, in each case after the date as of which such statements are made. Non-GAAP Measures This document presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. Tabular presentation of this reconciliation is included in the Appendix to this document. We consider these adjustments to be relevant to ongoing operating results. We believe that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing our operating results or financial position. The non-GAAP financial measures are used by management to assess the performance of our business for presentations of our performance to investors, and for other reasons as may be requested by investors and analysts. We further believe that presenting the non-GAAP financial measures will permit investors and analysts to assess our performance on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP. Numbers may not foot due to rounding in this presentation. FORWARD LOOKING STATEMENTS
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 3 LIVE OAK BANCSHARES, INC. ($ IN MILLIONS, EXCEPT PER SHARE DATA) Q3 2024 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 a Net Interest Income $ 97.0 $ 115.5 $ 123.1 $ 119.4 $ 125.3 $ 133.0 b Total Noninterest Income 32.9 26.8 49.8 26.1 30.8 42.6 a + b Total Revenue 129.9 142.3 172.9 145.5 156.1 175.6 c Total Noninterest Expense 77.6 83.5 89.2 85.3 84.5 85.7 a + b - c Pre-Provision Net Revenue (PPNR) 1 52.3 58.8 83.8 60.2 71.6 89.9 Provision for Credit Losses 34.5 22.2 21.8 20.1 25.8 54.7 Income before Taxes 17.8 36.6 61.9 40.1 45.8 35.2 Net Income 13.0 26.5 46.1 29.9 36.7 26.3 Non-controlling interest — 0.1 0.1 0.1 0.1 0.1 Preferred stock dividends — 1.0 2.1 2.1 2.1 2.1 Net income available to common shareholders $ 13.0 $ 25.6 $ 44.1 $ 27.9 $ 34.7 $ 24.3 Diluted Earnings per Share $ 0.28 $ 0.55 $ 0.95 $ 0.60 $ 0.74 $ 0.52 Total Assets $ 12,607.3 $ 14,665.9 $ 15,134.8 $ 15,300.0 $ 16,038.1 $ 16,965.6 Total HFS and HFI Loans and Leases 10,191.9 11,915.5 12,393.7 12,593.5 13,142.7 13,869.9 Allowance for Credit Losses on Loans and Leases (168.7) (185.7) (192.3) (193.3) (193.4) (213.6) All Other Assets 2,584.2 2,936.1 2,933.4 2,899.8 3,088.9 3,309.4 Total Liabilities 11,599.6 13,463.4 13,880.7 14,018.3 14,721.2 15,653.3 Total Deposits 11,400.5 13,290.7 13,688.7 13,835.1 14,547.5 15,468.2 Borrowings 115.4 105.0 102.4 99.7 99.8 99.8 Other Liabilities 83.7 67.6 89.6 83.5 73.9 85.4 Total Shareholders' Equity 1,007.8 1,202.5 1,254.1 1,281.8 1,316.9 1,312.2 Net Interest Margin 3.33 % 3.33 % 3.38 % 3.27 % 3.33 % 3.30 % Effective Tax Rate 27.0 % 27.6 % 25.5 % 25.3 % 19.9 % 25.4 % LIVE OAK BANCSHARES Q3 GAAP RESULTS
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 4 LIVE OAK | Q3 2026 HIGHLIGHTS 01 02 03 04 05 Decisive action on distillery portfolio Operating leverage momentum is outstanding Small Business Banking model performing well Live Oak Express and Business Checking scaling AI activation accelerating THE QUARTER IN FIVE THEMES
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 5CREDIT | WHAT DROVE Q3 PROVISION Exited distillery portfolio $17M 31% of total Loan growth $16M 30% of total Record $700M+ loan balance growth 65% Small Business Banking, 35% Commercial Banking Small Business Banking Portfolio Changes $9M 16% of total Diversified; no single industry driving Commercial Banking Portfolio Changes $13M 24% of total 6 relationships across three verticals Stressed industry 98% of portfolio classified, enhanced monitoring
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 6 DISTILLERY PORTFOLIO VERTICAL EXITED IN 2024 | ON-GOING WORKOUT ONLY WHAT HAPPENED • Second straight year of declining U.S. spirits demand • Barrel inventory excess drove sharp declines in collateral values • Stress concentrated in a small, exited vertical WHAT WE HAVE DONE • $29M of provision recognized YTD (specific reserves and net charge-offs) • 98% of loans classified, with every remaining loan under enhanced monitoring • No new distillery lending; dedicated workout resources WHAT TO WATCH • Collateral realization vs. current estimates • Borrowers actively cooperating
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 7 $ in millions $0.70 $0.65 $0.70 $0.77 $0.49 Adjusted EPS Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Live Oak Core Earnings Per Share 1 Revenue Noninterest Expense $84 $149 $83 $152 $172 $88 $151 $85 $160 $84 7% 0% % CHANGE LQ $ in millions % CHANGE PYQ 15% 1% $88$66 $64 $66 $76 16% 33%PPNR Adjusted 1 49%56% 58% 56% 53% (380) bps (670) bpsEfficiency Ratio $55$22 $22 $20 $26 112% 146%Provision GENERATING SUSTAINABLE OPERATING EARNINGS $0.76 Adjusted EPS, excluding distillery actions
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 8 SIGNIFICANTLY IMPROVED OPERATING LEVERAGE PROVIDES FLEXIBILITY OPERATING MODEL STRENGTH | TWO-YEAR VIEW Adjusted PPNR | Provision | Adjusted Pre-Tax Income (in millions) $53 $88 $88 $(35) $(55) $(38) $(17) $19 $33 Adjusted PPNR Provision Excluded distillery provisionAdj. pre-tax income Q3 2024 Q3 2026 Q3 2026 ex-distillery +31% vs. +9% Adjusted revenue vs. expense growth1 +64% Adjusted PPNR1 growth +74% | 163% Adjusted pre-tax income1 growth Total Provision | Provision ex-distilleries +35% Total asset growth 11 $12.6BTotal Assets $17.0B $50
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©2026 Live Oak Bancshares. All rights reserved. 9 SBA APPROVALS, 2026 FISCAL YEAR (GROWTH)4 October 2025 through September 2026, $B REVENUE (PROFITABILITY) 1 YTD (as of 9/30) total revenue, $M CREDIT (SOUNDNESS) Trailing 12-month SBA default rates, % 2, 3 SMALL BUSINESS BANKING PERFORMANCE 2022 2023 2024 2025 2026 —% 1% 2% 3% 4% 5% 6% $206 $226 $248 $269 $281 2022 2023 2024 2025 2026 $2.6 $1.4 $1.4 $0.9 $0.7 Live Oak #2 #3 #4 #5 #1 SBA LENDER BY DOLLAR AMOUNT, ~8% MARKET SHARE, DRIVING MOMENTUM ACROSS OUR SMALL BUSINESS PORTFOLIO +36% +86%
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 10 KEY INITIATIVE — LIVE OAK EXPRESS $39 $39 $61 $82 $107 $2 $2 $2 $5 $7 Originations Gain on Sale Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Live Oak Express Originations ($ in millions) 75%+ guaranteed portion sold, recycling liquidity Self-funding, capital efficient engine Low retained risk on balance sheet ~25% unguaranteed portion retained, earning recurring net interest income Generating meaningful fee income $18M of gain on sale over last five quarters ~$0.30 of earnings accretion 5 Targeted future annual production supported by an AI-native loan origination platform $750 Million+ RECORD PRODUCTION | ORIGINATE TO SELL MODEL | FEE INCOME GENERATION, CAPITAL EFFICIENT +173% PYQ
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 11 Checking & Other DDA Balances ($ in millions) $223 $233 $232 $275 $308 $363 $377 $409 $469 $508 Other DDA BalancesChecking Balances Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 KEY INITIATIVE — BUSINESS CHECKING +39% PYQ $936 $1,025 $1,129 $1,163 $1,281 Total Relationship Deposits (Checking + Savings/CDs, $ in millions) ~160 bps lower funding cost ~5% → 10%+ 20% → 25% Customers with both a loan + deposit account Q3 2025 Q3 2026 Checking & Other DDA Balances to Total DepositsQ3 2026 Target compared to total Live Oak average cost of funds 0.27% | 1.84% Other DDA cost of funds Relationship deposits cost of funds LOW-COST CHECKING ACCOUNTS BUILDING DEEPER, MORE PROFITABLE RELATIONSHIPS
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©2026 Live Oak Bancshares. All rights reserved. OUR APPROACH 12 WHERE WE ARE TODAY HOW WE WIN 1 Executive-led Not delegated 2 Accelerant, not strategy Business model already working without AI 3 Customer-driven Business leads, governance strengthens 4 Democratized Every employee learns, explores, and builds 5 Institutionalized Resources embedded in every business group 6 Merger-grade transformation People, culture, and systems change together 7 Offense-first Offense over efficiency AI ACCELERATING OUR STRATEGY, NOT DEFINING IT Direct Partnership • Deep collaboration with Anthropic. Claude plus continued Copilot use org-wide Platform Co-design • AI-native co-builds with multiple partners Vendor Partnerships • Application-layer agents via existing vendors 100% employee access to AI-native tools 200 Anthropic super users (Bank-wide roll out of Claude for Enterprise kicks off this fall) What Live Oakers are building • Automated credit memo drafting • Automated portfolio management • Loan operations dashboards • Aggregated credit data • Agents for quarterly reports, month-end reconciliations, policy roll outs, board reporting
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©2026 Live Oak Bancshares. All rights reserved. FINANCIAL HIGHLIGHTS
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 14 Adjusted PPNR1 Compounding +33% YoY growth to a record $88M1 Operating Leverage: Revenue Outpacing Expenses1 +15% | +1% YoY adjusted revenue vs. expense growth1 Q3 2026 KEY HEADLINES OPERATING PERFORMANCE REMAINS STRONG, ABSORBING ELEVATED PROVISION Outstanding Organic Growth +16% YoY loan & deposit growth $2.1B record loan production in Q3 Efficiency Ratio1 Improving 49% Adjusted efficiency ratio, 7 pts better YoY1 Live Oak Express Loan Sales Accelerating +250% YoY increase in Live Oak Express gain on sale to $7M Decisive Action On Distillery Portfolio $17M -$0.27 impact on EPS
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 15 Q3 2026 CHANGE VS. $ in millions Q3 2026 Q2 2026 Q3 2025 Net interest income $ 133 6% 15% Noninterest income 43 38% 59% Total revenue 176 12% 23% Noninterest expense 86 1% 3% PPNR 90 26% 53% Provision for credit losses 55 112% 146% Net income before tax 35 (23)% (4)% Income tax expense 9 (2)% (11)% Net income 26 (28)% (1)% Preferred stock dividends 2 —% 119% Net income available to common shareholders 24 (30)% (5)% Diluted EPS $ 0.52 (30)% (5)% Loan and lease originations $ 2,134 38% 29% Period-end total loan and lease portfolio $ 13,870 6% 16% Period-end total deposits $ 15,468 6% 16% Q3 2026 Q2 2026 Q3 2025 ROACE 7.70 % 11.36% 9.32% ROAA 0.59 % 0.90% 0.72% Net interest margin 3.30 % 3.33% 3.33% Efficiency ratio1 48.8 % 54.1% 58.7% Common equity tier 1 capital 9.9 % 10.4% 10.5% TBV per common share1 $ 26.05 $ 26.20 $ 23.96 REPORTED TO ADJUSTED EPS RECONCILIATION Line item Q3 2026 Q2 2026 Q3 2025 Reported EPS $ 0.52 $ 0.74 $ 0.55 Noninterest income Servicing asset revaluation activity 0.04 0.07 0.07 Fair value option activity 0.00 0.00 0.01 Equity security, warrants, and foreclosed asset activity (0.10) — 0.01 Equity method investment activity (0.01) 0.00 0.02 . Noninterest expense Banker success fee 0.02 — — Renewable energy tax credit investment impairment 0.01 — 0.01 Income Tax Expense Tax rate impact (reported vs. 24%) 0.01 (0.04) 0.03 Adjusted EPS $ 0.49 $ 0.77 $ 0.70 Distillery portfolio actions 0.27 0.17 — Adjusted EPS (ex-distillery actions) $ 0.76 $ 0.94 $ 0.70 Q3 2026 EARNINGS RESULTS
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 16 $913 $949 $783 $953 $1,146 $736 $689 $585 $595 $988 $1,649 $1,638 $1,368 $1,548 $2,134 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation $ in millions Quarterly Production Trend Solar Energy & Distributed Energy Finance Self Storage Sponsor Healthcare Live Oak Express SBA Venture BankingSBA General Lending Healthcare Real Estate Investment Advisors Technology, Media, Telecom (TMT) Agriculture Other Small Business (17 Verticals) Other Commercial (6 Verticals) Q3 2026 Production Mix by Lending Segment STRONG, DIVERSIFIED LOAN ORIGINATIONS CONTINUE $2.1 BILLION OF LOAN ORIGINATIONS ACROSS 34 INDUSTRIES IN Q3 2026
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 17 Loan and Deposit Balance Trends ($ in billions) $11.9 $12.4 $12.6 $13.1 $13.9 $13.3 $13.7 $13.8 $14.5 $15.5 Total HFS and HFI Loans and LeasesTotal Deposits Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Loan Portfolio Key Stats: % Guaranteed 31% 31% 30% 29% 27% % Small Business 64% 63% 64% 63% 63% % Commercial 36% 37% 36% 37% 37% Deposit Portfolio Key Stats: Customer Deposits $9.7 $9.6 $9.9 $10.3 $11.0 Growth Rate 3% (1)% 3% 4% 7% +16% vs. PYQ STRONG, CONSISTENT BALANCE SHEET GROWTH TRENDS CONTINUE
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 18 KEY HIGHLIGHTS: • Net Interest Income +15% PYQ • Net Interest Margin -3bps PYQ • Flat to rising interest environment provides a favorable backdrop for our NII/NIM profile Net Spread 3.55% 3.58% 3.43% 3.49% 3.45% Portfolio Loan Yield 7.21% 7.12% 6.89% 6.92% 6.92% Deposit Cost 3.66% 3.54% 3.46% 3.43% 3.47% $115 $123 $119 $125 $133 3.33% 3.38% 3.27% 3.33% 3.30% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Interest Income Net Interest Margin $ in millions Net Interest Income Net Interest Margin Q2 2026 $125.3 3.33% Loan Volume & Mix $12.8 0.14% Loan Rates $0.2 —% Funding Volume & Mix $(6.0) (0.15)% Funding Rates $(0.8) (0.02)% Day Count $1.5 —% Q3 2026 $133.0 3.30% NET INTEREST MARGIN AND NET INTEREST INCOME TRENDS $ in millions +15% PYQ
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 19 Net Gain on Sale on Gty Loans and Average Premium Trends $12 $8 $10 $10 $11 $2 $2 $2 $5 $7$3 $2 $3 $2 $1$17 $12 $15 $17 $19 106% 106% 107% 107% 107% SBA Net Gain on Sale Live Oak Express Net Gain on SaleUSDA Net Gain on Sale Total Average Gain on Sale Premium Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $267$197$268 $180 $235 LOAN SALES CONTINUE TO PROVIDE REVENUE, LIQUIDITY, AND OPTIONALITY $ in millions Guaranteed Loans Sold ($ in millions) SBA USDA Live Oak Express $17 $26$32 $23 $53 $75 $52$48 $44 $31 KEY HIGHLIGHTS: • Gain on sale +12% LQ and PYQ • 90% or more of small business production variable rate6 last four quarters; provides for more sales flexibility • Live Oak Express providing meaningful gain on sale contribution
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 20 $142 $173 $146 $156 $176 $84 $89 $85 $85 $86 59% 52% 59% 54% 49% Total Revenue Noninterest expenseEfficiency Ratio Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $ in millions EFFICIENCY RATIO TRENDS 23% | 3% YoY revenue vs. expense growth 1,000 bps YoY efficiency ratio1 improvement 1
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 21 2.22% 2.19% 2.14% 2.01% 2.06% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Small Business Banking Over 30 days past due and accruing ratio8,9 0.21% 0.06% 0.07% 0.13% 0.09% Non-accrual ratio8,10 0.82% 0.96% 0.96% 1.13% 1.10% Net charge-off ratio7,11 0.70% 0.73% 1.04% 0.99% 1.07% Commercial Banking Over 30 days past due and accruing ratio8,9 0.00% 0.14% 0.00% 0.01% 0.01% Non-accrual ratio8,10 0.59% 0.84% 1.13% 0.91% 1.17% Net charge-off ratio7,11 0.45% 0.04% (0.08)% 0.46% 0.86% Total bank (reported) Over 30 days past due and accruing ratio8,9 0.14% 0.09% 0.04% 0.09% 0.06% Non-accrual ratio8,10 0.73% 0.91% 1.02% 1.04% 1.12% Net charge-off ratio7,11 0.61% 0.48% 0.63% 0.80% 1.00% Total Bank (excluding distillery) Over 30 days past due and accruing ratio8,9 0.14% 0.04% 0.04% 0.09% 0.06% Non-accrual ratio8,10 0.74% 0.92% 0.89% 0.90% 0.99% Net charge-off ratio7,11 0.61% 0.48% 0.59% 0.40% 0.62% KEY HIGHLIGHTS: • Excluding distillery portfolio, non-accrual ratio of 0.99% and net charge-off ratio of 0.62% • Small Business Banking credit trends ~consistent across the past five quarters • 76% of loan portfolio originated at current or higher interest rates as of 9/30 Unguaranteed ACL to Unguaranteed Loans and Leases Held for Investment (%)7 KEY CREDIT TRENDS
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 22 $3,748 $2,601 $443 $10,174 Unguaranteed Loans & Leases Other, net Cash and Securities Guaranteed Loans $0 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 MAHAN RATIO Q3 2026 Tier 1 Capital $1,354 ACL and FV Mark on Unguaranteed Loans and Leases $215 Total Unguaranteed Loans and Leases13 $10,174 Tier 1 Capital to Unguaranteed Loans and Leases13 13.3% ACL and FV Mark to Unguaranteed Loans and Leases13 2.1% Tier 1 Capital + ACL & FV Mark to Unguaranteed Loans and Leases13 15.4% Tangible Common Equity + ACL & FV Mark to Unguaranteed Loans and Leases13 14.0% 15.4% = CAPITAL RATIOS Q3 2026 Common Equity Tier 1 Capital 9.9% Tier 1 Capital 10.7% Tier 1 Leverage 8.2% Total Capital 12.0% Total Assets Tier 1 Capital + ACL & FV Mark Unguaranteed Loans & Leases13 15 13 14 $ in millions UNIQUE BALANCE SHEET COMPOSITION AND THE MAHAN RATIO GOVERNMENT GUARANTEED LOAN MIX IS ~9X THE INDUSTRY:12 ~37% OF ASSETS ARE CASH OR GOVERNMENT GUARANTEED
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©2026 Live Oak Bancshares. All rights reserved. | View all disclosures at end of presentation 23 Organic growth is best in class Loan and deposit growth built on a modern, unified platform LIVE OAK | FOCUS Continue delivering significant operating leverage Scale Live Oak Express and Business Checking Harness AI to accelerate our strategy Soundness, Profitability, Growth in that order
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©2026 Live Oak Bancshares. All rights reserved. 24
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©2026 Live Oak Bancshares. All rights reserved. APPENDIX
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©2026 Live Oak Bancshares. All rights reserved. 26APPENDIX: PRESENTATION FOOTNOTES 1. Non-GAAP financial measures. See Appendix for reconciliation of non-GAAP items to reported balances. 2. Source: Lumos Technologies, Inc., SBA 7(a) Program Data for trailing twelve months ending May 31. 3. Default is defined as 60 days past due or indication that the business has been shut down when less than 60 days past due. Denominator is total active loans. 4. Source: U.S. Small Business Administration 7(a) and 504 Lender Report for fiscal year 2026. 5. Assumes 24% tax rate and average estimated diluted shares for the last five quarters. 6. Variable rate loans include those with a reprice frequency of one year or less. 7. Loans and leases at historical cost only (excludes loans measured at fair value). 8. Ratio uses total HFI loans and leases at amortized cost (inclusive of loans and leases at fair value and historical cost) as denominator. 9. Past due loans and leases include HFI unguaranteed loans and leases on accrual status at amortized cost (inclusive of loans and leases at fair value and historical cost). 10. Nonaccruals includes nonaccrual HFI unguaranteed loans and leases at amortized cost (inclusive of loans and leases at fair value and historical cost). 11. Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized. Loans and leases at historical cost only (excludes loans measured at fair value). 12. From financial institution industry data. Government guarantee derived from that data by assuming reported loans and leases with a 0% and 20% risk-weighting are government guaranteed. Source is S&P Capital IQ as of June 30, 2026, including data for all Bank Holding Companies. 13. Represents total unguaranteed loans and leases at amortized cost (inclusive of loans and leases at fair value and historical cost). 14. Includes cash and due from banks, certificates of deposit with other banks and investment securities available for sale. 15. Balance reflected is at amortized cost.
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©2026 Live Oak Bancshares. All rights reserved. 27 Information in this presentation may contain “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. These statements generally relate to our financial condition, results of operations, plans, objectives, future performance or business and usually can be identified by the use of forward-looking terminology such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “plan,” “intend,” “project,” “goals,” “outlook,” or “continue,” or the negative thereof or other variations thereof or comparable terminology. These statements represent our judgment concerning the future and are subject to business, economic and other risks and uncertainties, both known and unknown. These statements are based on current expectations, estimates and projections about our business, management’s beliefs and assumptions made by management. These statements are not guarantees of our future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements. These risks, uncertainties and assumptions include, without limitation: • deterioration in the financial condition of borrowers resulting in significant increases in our provision for credit losses and other adverse impacts to results of operations and financial condition; • changes in SBA rules, regulations and loan products, including specifically the Section 7(a) program, changes in SBA standard operating procedures or changes to the status of Live Oak Banking Company as an SBA Preferred Lender; • changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; • changes in interest rates that affect the level and composition of deposits, loan demand and the values of loan collateral, securities, and interest sensitive assets and liabilities; • the failure of assumptions underlying the establishment of reserves for possible credit losses; • changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; • adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; • the impacts of any pandemic or public health situation on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; • risks relating to the deployment and use of artificial intelligence by the Company, its customers, and counterparties; • a reduction in or the termination of our ability to use the technology-based platform that is critical to the success of our business model, including a failure in or a breach of our operational or security systems or those of its third-party service providers; • risks relating to the material weaknesses we identified in our internal control over financial reporting; • technological risks and developments, including cyber threats, attacks, or events; • changes in financial market conditions, either internationally, nationally or locally in areas in which we conduct operations, including reductions in rates of business formation and growth, demand for our products and services, commercial and residential real estate development and prices, premiums paid in the secondary market for the sale of loans, and valuation of servicing rights; • changes in accounting principles, policies, and guidelines applicable to bank holding companies and banking; • fluctuations in markets for equity, fixed-income, commercial paper and other securities, which could affect availability, market liquidity levels, and pricing; • the effects of competition from other commercial banks, non-bank lenders, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and mutual funds, and other financial institutions operating in our market area and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone and the Internet; • our ability to attract and retain key personnel; • changes in governmental monetary and fiscal policies as well as other legislative and regulatory changes, including with respect to SBA or USDA lending programs and investment tax credits; • changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; • a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; • changes in political and economic conditions, including any prolonged U.S. government shutdown; • the impact of heightened regulatory scrutiny of financial products and services; • our ability to comply with any requirements imposed on us by our regulators, and the potential negative consequences that may result; • operational, compliance and other factors, including conditions in local areas in which we conduct business such as inclement weather or a reduction in the availability of services or products for which loan proceeds will be used, that could prevent or delay closing and funding loans before they can be sold in the secondary market; • the effect of any mergers, acquisitions or other transactions, to which we may from time to time be a party, including management’s ability to successfully integrate any businesses that we acquire; • adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions • other risk factors listed from time to time in reports that we file with the SEC, including in our Annual Report on Form 10-K; and • our success at managing the risks involved in the foregoing. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Moreover, these forward-looking statements speak only as of the date they are made and based only on information actually known to us at the time. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Except as otherwise disclosed, forward-looking statements do not reflect: (i) the effect of any acquisitions, divestitures or similar transactions that have not been previously disclosed; (ii) any changes in laws, regulations or regulatory interpretations; or (iii) any change in current dividend or repurchase strategies, in each case after the date as of which such statements are made. FORWARD LOOKING STATEMENTS
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©2026 Live Oak Bancshares. All rights reserved. 28 1.Includes valuation adjustments related to equity security investments, equity warrant assets, and foreclosed assets. | 2. Assumes 24% tax rate on adjusted net income before tax | 3. Adjusted net income to common shareholders divided by diluted weighted average shares outstanding. Reconciliation of non-GAAP items to reported balances ($ in millions) Q3 2024 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 a Net interest income, as reported $ 97.0 $ 115.5 $ 123.1 $ 119.4 $ 125.3 $ 133.0 b Total noninterest income, as reported 32.9 26.8 49.8 26.1 30.8 42.6 Fair value adjustments: Add loan servicing asset revaluation loss 4.2 4.4 3.9 3.5 4.3 2.6 Add net loss (gain) on loans accounted for under the fair value option (2.3) 0.4 (1.5) 1.2 (0.3) 0.1 Add other losses (gains) on valuation adjustments(1) 0.1 0.8 9.3 0.1 — (6.0) Total fair value adjustments 2.0 5.5 11.8 4.8 4.0 (3.3) Add equity method investments loss (income) 1.4 1.5 (23.8) 0.8 (0.1) (0.6) Add (gains) losses from the sale of equity security investments — — (9.0) — — — c Adjusted noninterest income 33.9 33.9 28.8 31.7 34.7 38.8 a+c Adjusted total revenue 130.9 149.3 151.9 151.1 160.1 171.8 d Total noninterest expense, as reported 77.6 83.5 89.2 85.3 84.5 85.7 Less bonus related to warrant settlement — — — — — 1.3 Less charitable giving related to investment gains — — 1.5 — — — Less renewable energy tax credit impairment 0.1 0.3 0.1 — — 0.3 Adjusted noninterest expense 77.5 83.2 87.5 85.3 84.5 84.1 a+b-d PPNR, as reported 52.3 58.8 83.8 60.2 71.6 89.9 Net interest income 97.0 115.5 123.1 119.4 125.3 133.0 Adjusted noninterest income 33.9 33.9 28.8 31.7 34.7 38.8 Adjusted noninterest expense 77.5 83.2 87.5 85.3 84.5 84.1 e Adjusted PPNR 53.5 66.2 64.4 65.8 75.6 87.7 f Provision for credit losses, as reported 34.5 22.2 21.8 20.1 25.8 54.7 e-f Adjusted net income before tax $ 19.0 $ 43.9 $ 42.5 $ 45.7 $ 49.8 $ 33.0 Net income to common shareholders, as reported $ 13.0 $ 25.6 $ 44.1 $ 27.9 $ 34.7 $ 24.3 Diluted EPS, as reported $ 0.28 $ 0.55 $ 0.95 $ 0.60 $ 0.74 $ 0.52 g Income tax expense, estimated (2) $ 4.6 10.5 10.2 11.0 11.9 7.9 h Preferred stock dividends and non controlling interest, net — 0.9 2.0 2.0 2.0 2.0 e-f-g-h Adjusted net income to common shareholders $ 14.4 $ 32.5 $ 30.3 $ 32.7 $ 35.8 $ 23.1 Adjusted diluted EPS (3) $ 0.31 $ 0.70 $ 0.65 $ 0.70 $ 0.77 $ 0.49 APPENDIX: RECONCILIATION
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©2026 Live Oak Bancshares. All rights reserved. 29 ($ in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total shareholders' equity $ 1,202.5 $ 1,254.1 $ 1,281.8 $ 1,316.9 $ 1,312.2 Less: Preferred stock 96.3 96.3 96.3 96.3 96.3 Non-controlling interest 4.3 4.2 4.1 4.1 4.0 Total common shareholders' equity 1,102.0 1,153.6 1,181.4 1,216.6 1,212.0 Less: Goodwill 1.8 1.8 1.8 1.8 1.8 Other intangible assets 1.5 2.2 2.1 2.0 1.9 a Tangible common shareholders' equity 1,098.7 1,149.6 1,177.5 1,212.8 1,208.3 b Shares outstanding 45,855,739 46,032,402 46,240,691 46,283,620 46,377,874 a/b TBV (Tangible Book Value) per common share $ 23.96 $ 24.97 $ 25.46 $ 26.20 $ 26.05 ($ in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Efficiency Ratio Noninterest expense $ 83.5 $ 89.2 $ 85.3 $ 84.5 $ 85.7 Net interest income 115.5 123.1 119.4 125.3 133.0 Noninterest income 26.8 49.8 26.1 30.8 42.6 Adjusted operating revenue 142.3 172.9 145.5 156.1 175.6 Efficiency Ratio 58.7 % 51.6 % 58.6 % 54.1 % 48.8% Efficiency ratio adjusted for non-GAAP activities Adjusted noninterest expense $ 83.2 $ 87.5 $ 85.3 $ 84.5 $ 84.1 Net interest income 115.5 123.1 119.4 125.3 133.0 Adjusted noninterest income 33.9 28.8 31.7 34.7 38.8 Adjusted efficiency ratio 55.7 % 57.6 % 56.5 % 52.8 % 49.0% APPENDIX: RECONCILIATION
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©2026 Live Oak Bancshares. All rights reserved. 30 Nine months ended September 30, ($ in millions) 2022 2023 2024 2025 2026 Net interest income, as reported $ 241.6 $ 255.7 $ 278.4 $ 325.3 $ 377.7 Less: Commercial 56.2 87.1 111.6 121.4 128.0 Other 20.5 (16.0) (29.8) 1.5 39.6 a SBB net interest income 164.9 184.6 196.6 202.4 210.1 Loan servicing income, as reported 19.1 20.1 23.0 25.7 28.0 Less: Commercial 3.7 4.4 4.2 3.5 3.1 b SBB loan servicing income 15.3 15.7 18.8 22.2 24.9 Net gain on sale, as reported 32.2 28.2 34.5 50.1 53.9 Less: Commercial 6.0 2.7 2.2 5.4 7.9 c SBB gain on sale 26.2 25.5 32.3 44.7 46.0 a+b+c SBB revenue $ 206.4 $ 225.8 $ 247.7 $ 269.3 $ 281.0 APPENDIX: RECONCILIATION
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©2026 Live Oak Bancshares. All rights reserved. 31 $13,143 $776 $1,117 $(634) $(359) $(173) $13,870 Q2 2026 Total Loan and Lease Balance Full Funded Originations Other Loan Disbursements Prepayment and Amortizations Guaranteed Sold Unguaranteed Loan Participations Q3 2026 Total Loan and Lease Balance Increase Decrease Total Period End ($ in millions) 10% Net growth before loan sales A B APPENDIX: CURRENT AND PAST PRODUCTION DRIVING LOAN GROWTH 6% PERIOD-END LOAN GROWTH LQ; 10% TOTAL NET GROWTH LQ BEFORE LOAN SALES A. Other Loan Disbursements includes disbursements on construction loans and revolving loans. B. Prepayment and Amortizations also includes charge-offs and change in deferred loan fees and cost.