Short answer
Live Oak Bancshares, Inc. (LOB) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $908M (+11.8% year over year) and net income of $106M.
- Top risk flagged: SBA Preferred Lender status risk, potential loss could materially harm business due to dependency on SBA 7(a) and USDA loan programs
FY2025 key financial metrics · XBRL
- Revenue
- $908M
- +11.8% YoY
- Net income
- $106M
- +36.7% YoY
- EPS (diluted)
- $2.23
- +32.0% YoY
- ROE
- 8.5%
- +0.7 pp YoY
- Operating cash flow
- $158M
- −70.5% YoY
Source: XBRL data from the Live Oak Bancshares, Inc. (LOB) FY2025 10-K on SEC EDGAR. USD.
Live Oak Bancshares, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: National online platform for SBA-guaranteed small business lending and deposit gathering
- Emphasis on technology-based platform optimizing loan origination, customer experience, and servicing without traditional branches
- Strategy: Focus on select industry verticals with personalized customer knowledge through virtual and in-person visits
- SBA and USDA loan programs including REAP, WEP, B&I, and Community Facilities as primary lending segments
- Distinctive use of virtual and regular customer visits nationwide to enhance lending relationships and risk management
Management Discussion & Analysis
- Revenue: Net interest income $448.4M, up 19.3% YoY from $375.9M; net gains on loan sales $62.5M, up 25.4%
- Profitability: Net income $102.8M vs $77.5M, EPS $2.23 vs $1.69; net interest margin 3.30% vs 3.27%
- Best segment: Loan and lease portfolio growth driving $72.5M net interest income rise; worst: management fee and noninterest income down $27.9M combined
- Outlook: Fed funds rate held at 3.75%, projections of 25 bps decrease by end-2026; rate changes may impact net interest income
Risk Factors
- SBA Preferred Lender status risk, potential loss could materially harm business due to dependency on SBA 7(a) and USDA loan programs
- U.S. government shutdown or default risk, impeding SBA and USDA loan origination and secondary market sales, materially affecting operations
- AI deployment operational risk, including errors, oversight challenges, cyber vulnerabilities, and increased regulation by U.S. agencies and states
- Cybersecurity risk from breaches of company or third-party systems, causing data loss, litigation, reputational harm, and regulatory penalties
- Material weaknesses in internal control over financial reporting, risking investor confidence loss, legal exposure, and NYSE listing challenges
Generated from the filing text; verify against the original. How to read a 10-K
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