Live Oak Chief Accounting Officer Steps Down After Multi-Year Restatement
Post Restatement Remediation
Company Background
Live Oak Bancshares is a Wilmington, North Carolina-based financial holding company and the parent of Live Oak Bank, a technology-focused lender that concentrates on Small Business Administration loans and other small-business credit products. With roughly $1.8 billion in market capitalization, it reported total assets of $15.3 billion at March 31, 2026.
The company has been in strong operational shape by most measures. Full-year 2025 net income attributable to common shareholders reached $102.8 million, or $2.23 per diluted share, a 33% increase over 2024. Loan production totaled $6.21 billion for the year, and total assets grew 16.9% to $15.13 billion. First-quarter 2026 results continued the trend, with net income of $27.9 million, or $0.60 per diluted share, and total revenue of $145.5 million, up 18.4% year-over-year.
The company's governance picture has been more complicated. In November 2025, Live Oak disclosed that it would restate cash flow statements across four years of prior filings, and identified a material weakness in internal controls linked to that error. Two weeks later, it named a new Chief Risk Officer to replace Gregory Seward, who stayed on as General Counsel.
What Was Disclosed
J. Wesley Sutherland stepped down as Chief Accounting Officer of Live Oak Bancshares and its banking subsidiary effective June 16, 2026. The company announced the change on June 18, 2026. Walter J. Phifer, the company's Chief Financial Officer since January 2024, has taken on the Principal Accounting Officer role on an interim basis while Live Oak conducts an external search for a permanent successor. No timeline for that search has been disclosed.