James S. Mahan III, Chief Executive Officer of Live Oak Bancshares (NASDAQ:LOB), sold a total of 20,000 shares of the bank’s voting common stock over two days, according to a Form 4 filed with the Securities and Exchange Commission. The transactions took place on February 25 and February 26, 2026, and generated proceeds of $786,998.
The sales were executed in multiple trades and routed indirectly through the James S. Mahan Revocable Trust. Under the terms reported, the disposals were conducted pursuant to a Rule 10b5-1 trading plan that Mahan adopted on August 27, 2025.
Details of the trades show a split across the two days. On February 25, Mahan sold 7,463 shares at a weighted average price of $39.2119, with individual transaction prices in that batch ranging from $38.61 to $39.60. He also sold 2,537 shares that day at a weighted average price of $39.6454, with the individual prices for those shares ranging from $39.61 to $39.755.
On February 26, the CEO sold 8,754 shares at a weighted average price of $39.2899, with prices in that block ranging from $38.725 to $39.66. He additionally sold 1,246 shares at a weighted average price of $39.997; the individual prices reported for that tranche ranged from $39.795 to $40.16.
Following these transactions, the Form 4 indicates the number of shares owned after the sales is 2987844. The filing ties the sales to the previously noted 10b5-1 plan, which establishes prearranged trading parameters.
Market context around the sales shows the stock has been under pressure in recent sessions. The share price fell by more than 11% over the past week, trading at $36.27 at the time referenced in the filing.
At the same time, Live Oak reported robust operating results for the fourth quarter of 2025. The company posted earnings per share of $0.95, substantially ahead of the $0.57 projection and representing a 66.67% surprise to the upside. Revenue for the period was $172.91 million, above estimates by 14.27%.
Following the quarterly results, Keefe, Bruyette & Woods raised its price target on Live Oak Bancshares to $146 from $132 and maintained an Outperform rating. The report and the analyst action were associated with positive investor response in trading sessions mentioned in the filing.
The combination of the insider sales carried out under a Rule 10b5-1 plan, the recent pullback in the share price, and the company’s stronger-than-expected quarter are all documented in regulatory filings and analyst commentary cited in the company’s reporting. Where available, the filings provide the granular trade-level pricing and volumes summarized here.