Live Oak Bancshares, Inc.

Live Oak Bancshares, Inc. is the bank holding company for Live Oak Banking Company, headquartered in Wilmington, North Carolina. The Bank, incorporated in February 2008, operates a national online platform for small business lending and deposit gathering. Bancshares was incorporated on December 18, 2008, and completed its initial public offering in July 2015. The Company primarily originates loans partially guaranteed by the U.S. Small Business Administration (SBA) and, to a lesser extent, by the United States Department of Agriculture (USDA) Rural Energy for America Program (REAP), Water and Environmental Program (WEP), Business & Industry (B&I), and Community Facilities loan programs. These loans are provided to small businesses and professionals. The Company focuses its lending efforts on carefully selected industries, or "verticals," and also lends to select borrowers outside these verticals. It emphasizes developing detailed knowledge of customers' businesses through virtual and/or regular visits, regardless of location, to foster a deep and personalized experience. The Company utilizes a technology-based platform to provide financial services to the small business community nationally, optimizing its loan origination process, customer experience, reporting metrics, and servicing activity. This platform enables efficient customer service and performance monitoring without traditional branch locations.