Recent Updates — LOB
Live Oak Bancshares reported third-quarter 2026 net income attributable to common shareholders of $24.3 million, or $0.52 per diluted share, down from $34.7 million in the prior quarter and slightly below the $25.6 million reported a year earlier. The decline was primarily driven by a $54.7 million provision for credit losses, which more than doubled compared to the second quarter of 2026 due to $17.0 million related to stressed distillery portfolio assets. Despite higher provisions, revenue grew 12.5% sequentially and 23.4% year-over-year, supported by a 6.1% increase in net interest income and strong loan production of $2.1 billion. Total assets reached $17.0 billion, reflecting 5.8% growth from the previous quarter. Live Oak Bancshares is a financial holding company that operates Live Oak Bank, specializing in small business lending.
On October 14, 2026, Renato Derraik notified Live Oak Bancshares, Inc. of his resignation as the Chief Information & Digital Officer of its subsidiary, Live Oak Banking Company, to pursue other endeavors. His final day of employment will be November 6, 2026. The filing does not disclose any severance arrangements or a successor appointment. Live Oak Bancshares operates in the banking industry and provides commercial lending services.
On July 1, 2026, Live Oak Bancshares, Inc. appointed Matthew S. Diffley as its Principal Accounting Officer, replacing interim PAO Walter J. Phifer. Mr. Diffley joined the subsidiary Live Oak Banking Company as Chief Accounting Officer on June 29, 2026, having previously served as Senior Vice President and Controller for Seacoast Banking Corporation of Florida. The company expects to grant Mr. Diffley a restricted stock unit award with a grant date fair value of $200,000, vesting in five equal annual installments. The company operates in the financial services industry as a bank holding company.
J. Wesley Sutherland stepped down as Chief Accounting Officer of Live Oak Bancshares, Inc. and its subsidiary, Live Oak Banking Company, on June 18, 2026. Walter J. Phifer, the current CFO, assumed the role of Principal Accounting Officer on an interim basis effective June 16, 2026, while an external search for a successor is conducted. Mr. Sutherland will serve as a Senior Advisor to assist with the transition until his retirement around September 30, 2026. The company operates in the financial services industry as a bank holding company.