Exhibit 99.1

Section 2: EX-99.1

LIVE OAK BANCSHARES, INC. REPORTS THIRD QUARTER 2015 RESULTS

Wilmington, NC, October 21, 2015 – Live Oak Bancshares, Inc. (Nasdaq: LOB) (“Live Oak” or “the Company”) today reported third quarter net earnings available to common shareholders of $2.9 million, or $0.09 per diluted share, compared to $3.9 million, or $0.13 per diluted share, for the second quarter of 2015 and $641 thousand, or $0.02 per diluted share, for the third quarter of 2014. Earnings per share this quarter were impacted by negative valuation adjustments to the servicing assets of $3.0 million combined with an increase in loans held for sale related to new vertical originations that require a period of loan advances before being sold.

“We ended the third quarter of 2015 with a year-to-date origination volume of $828 million, and we are on track to originate $1.1 billion this year. The year-to-date origination volume represents approximately a 40% growth over the same three-quarter period of 2014. This has been the result of growth in our legacy verticals as well as new verticals added in 2015. The opportunities to empower small businesses for success are great with approximately 1,000 industries eligible for the SBA’s 7(a) program. We are focused not only on building out our existing verticals but incrementally adding new verticals to our lending portfolio,” said James S. Mahan, Chief Executive Officer of Live Oak.

Mr. Mahan continued, “We are very excited about the continued growth and expansion of quality small business lending at Live Oak. We are putting the capital raised in our IPO to work. We are successfully growing the number of verticals in our loan portfolio, and we have launched our new small loan platform, eLending.”

Third Quarter 2015 Highlights

Highlights of the third quarter of 2015:

Net Interest Income

Net interest income for the quarter ended September 30, 2015, totaled $6.6 million compared to $5.4 million for the quarter ended June 30, 2015 and $3.9 million for the quarter ended September 30, 2014. Total interest income increased $1.3 million during the third quarter of 2015, or 17.5%, compared to the second quarter of 2015 and increased $3.7 million, or 69.2%, compared to the third quarter of 2014. The growth in interest income was principally due to increased levels of loan originations combined with longer retention periods of loans held for sale. Total interest expense increased $147 thousand during the quarter ended September 30, 2015 compared to the second quarter of 2015. The increase was mitigated by a reduction in the amount of interest paid on long term borrowings. Total interest expense increased $966 thousand compared to the third quarter of 2014 largely due to an increase in interest-bearing deposits.

1

Noninterest Income

Noninterest income for the third quarter of 2015 was $17.8 million, compared to $18.1 million for the second quarter of 2015 and $16.5 million for the third quarter of 2014. The $365 thousand decrease in total noninterest income from the prior quarter was due to a loss resulting from the revaluation of the servicing asset of $3.0 million and a decline in the net gain on the sale of loans during the quarter ended September 30, 2015, due to changing market conditions and longer retention periods of loans held for sale. The revaluation loss and the decline in gain on sale of loans revenue offset increases in other components of noninterest income. Net gain on sale of loans declined $295 thousand to $15.4 million during the quarter ended September 30, 2015, from $15.7 million during the quarter ended June 30, 2015.

Compared to the third quarter of 2014, the $1.3 million increase in total noninterest income was primarily due to an increase in net gain on sale of loans of $2.3 million offset by a $2.0 million loss from the revaluation of servicing assets.

Other noninterest income increased $124 thousand during the third quarter of 2015 compared to the prior quarter and $426 thousand compared to the third quarter of 2014 primarily as a result of fees earned for monitoring higher levels of multi-advance loans which have given rise to longer retention periods before sale.

Noninterest Expense

Noninterest expense for the third quarter of 2015 was $18.0 million compared to $16.8 million for the second quarter of 2015 and $13.3 million for the third quarter of 2014. Salaries and employee benefits increased to $9.9 million from $9.3 million for the prior quarter and from $6.1 million for the third quarter of 2014, as a result of increased staffing to support loan demand and new initiatives of the Company. Equipment expense increased $234 thousand during the quarter ended September 30, 2015 and $151 thousand compared to the third quarter of 2014 to support the Company’s growth. Other expenses increased $482 thousand during the quarter ended September 30, 2015 and $1.1 million compared to the third quarter of 2014. The category is comprised of a variety of expenses incurred by the Company. Increases in the third quarter of 2015 were primarily related to the fees paid to the SBA for the ongoing guaranty driven by significant growth in loan originations and by activities of our special asset group.

Loans and Asset Quality

Net loans held for investment increased $21.0 million, or 9.0%, to $253.4 million at September 30, 2015 from $232.4 million at June 30, 2015. Loans held for sale also increased $87.4 million, or 24.5%, to $443.9 million at September 30, 2015. The increases in both held for sale and held for investment loans is the result of the growth in loan origination activities. The increase in held for sale loans is largely influenced by multi-advancing loans that we intend to sell when fully funded.

Average loans were $671.6 million during the third quarter of 2015 compared to an average loan balance of $599.0 million during the second quarter of 2015.

Credit quality improved as the unguaranteed exposure of nonperforming assets declined to $2.6 million at September 30, 2015 from $3.1 million at June 30, 2015.

2

Net charge-offs were $243 thousand in the third quarter of 2015, compared to $101 thousand in the second quarter of 2015. The provision for loan losses totaled $1.2 million during the quarter ended September 30, 2015.

Deposits

Total deposits increased $35.3 million to $762.6 million at September 30, 2015, compared to $727.3 million at June 30, 2015. Average total deposits for the third quarter of 2015 increased $72.3 million, or 10.9%, to $735.2 million, compared to $662.9 million for the second quarter of 2015. The ratio of average loans to average deposits was 91.3% for the third quarter of 2015, compared to 90.4% for the second quarter of 2015.

Shareholders’ Equity

On July 23, 2015, the Company completed an initial public offering issuing 5,500,000 shares of voting common stock, no par value, at $17.00 per share for gross proceeds of $93.5 million. Net proceeds after underwriting discounts and estimated expenses were $87.2 million. As a result, the Company has continued to finance existing vertical growth, invest in strategic initiatives, support higher levels of loans remaining on the balance sheet, and curtail long term debt.

Total shareholders’ equity at September 30, 2015 totaled $194.1 million, an increase of $90.7 million compared to total shareholders’ equity at June 30, 2015. The common equity tier 1 capital ratio at September 30, 2015 was 24.4%.

Conference Call

Live Oak will host a conference call to discuss third quarter results at 9:00 a.m. ET tomorrow morning (October 22, 2015). Media representatives, analysts and the public are invited to listen to this discussion by calling (877) 787-4170 (domestic) or (530) 379-4723 (international) with conference ID 58726545. A live webcast of the conference call will be available on the Investor Relations page of the Company’s website at http://investor.liveoakbank.com. After the conference call, a replay will be available until 5:00 p.m. ET October 28, 2015, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international).

Important Note Regarding Forward-Looking Statements

Statements in this press release that are based on other than historical data or that express the Company’s expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration (“SBA”) loan products, including the Section 7(a) program, or changes in SBA standard operating procedures; 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; market and economic conditions and the associated impact on us; operational, liquidity and credit risks associated with our business; and the other factors discussed in the Company’s registration statement on Form S-1 (File No. 333-205126), as amended, and most recent Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”) and available at the SEC’s Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

About Live Oak Bancshares, Inc.

Live Oak Bancshares, Inc. (Nasdaq: LOB) is the parent company and registered bank holding company of Live Oak Banking Company, a national online platform for small business lending.

3

Live Oak Bancshares, Inc.

Quarterly Statements of Income (unaudited)

(Dollars in thousands, except per share data)

4

Live Oak Bancshares, Inc.

Quarterly Balance Sheets (unaudited)

(Dollars in thousands)

5

Live Oak Bancshares, Inc.

Quarterly Selected Financial Data

(Dollars in thousands, except per share data)

Notes to Quarterly Selected Financial Data

6

Live Oak Bancshares, Inc.

GAAP to Non-GAAP Reconciliation

(Dollars in thousands)

This press release presents the non-GAAP financial measures previously shown. The adjustments to reconcile from the applicable GAAP financial measure to the non-GAAP financial measures are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes 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 the operating results or financial position of the Company and in predicting future performance. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company 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.