Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”)
today reported fourth quarter of 2023 net income of $16.2 million,
or $0.36 per diluted share. Net income for the year ended
December 31, 2023, totaled $73.9 million, or $1.64 per diluted
share.
“Live Oak Bank spent 2023 doing what we do best
-- growing loans, deposits, and revenue in our mission to support
small business owners, our employees and our shareholders,” said
Live Oak Chairman and CEO James S. (Chip) Mahan III. “When looking
back at 2023, it is clear that our customers and our model were
extraordinarily resilient. We are proud to serve America’s small
business owners through all cycles and believe our fourth quarter
results, and the historical performance of our bank, continue to
demonstrate our strength in the market.”
Year Over Year Highlights
| (Dollars in
thousands, except per share data) |
|
|
|
Increase (Decrease) |
| |
|
2023 |
|
|
|
2022 |
|
|
Dollars |
|
Percent |
| Total
revenue(1) |
$ |
457,038 |
|
|
$ |
565,493 |
|
|
$ |
(108,455 |
) |
|
(19)% |
|
Total noninterest expense |
|
322,885 |
|
|
|
314,226 |
|
|
|
8,659 |
|
|
3 |
|
| Income before
taxes |
|
82,830 |
|
|
|
210,324 |
|
|
|
(127,494 |
) |
|
(61 |
) |
| Effective tax
rate |
|
10.8 |
% |
|
|
16.2 |
% |
|
n/a |
|
n/a |
| Net
income |
$ |
73,898 |
|
|
$ |
176,208 |
|
|
$ |
(102,310 |
) |
|
(58)% |
| Diluted earnings per
share |
|
1.64 |
|
|
|
3.92 |
|
|
|
(2.28 |
) |
|
(58 |
) |
| Loan and lease
production: |
|
|
|
|
|
|
|
|
Loans and leases originated |
$ |
3,946,873 |
|
|
$ |
4,007,621 |
|
|
$ |
(60,748 |
) |
|
(2)% |
|
% Fully funded |
|
55.1 |
% |
|
|
58.8 |
% |
|
n/a |
|
n/a |
| Total loans and
leases: |
$ |
9,020,884 |
|
|
$ |
7,898,788 |
|
|
$ |
1,122,096 |
|
|
14 |
% |
| Total
assets: |
|
11,271,423 |
|
|
|
9,855,498 |
|
|
|
1,415,925 |
|
|
14 |
|
| Total
deposits: |
|
10,275,019 |
|
|
|
8,884,928 |
|
|
|
1,390,091 |
|
|
16 |
|
(1) Total revenue consists of net interest income and total
noninterest income.
Fourth Quarter 2023
Key Measures
| (Dollars in
thousands, except per share data) |
|
|
|
Increase (Decrease) |
|
|
| |
4Q 2023 |
|
3Q 2023 |
|
Dollars |
|
Percent |
|
4Q 2022 |
| Total
revenue(1) |
$ |
119,683 |
|
|
$ |
127,301 |
|
|
$ |
(7,618 |
) |
|
(6)% |
|
$ |
104,973 |
|
|
Total noninterest expense |
|
93,204 |
|
|
|
74,262 |
|
|
|
18,942 |
|
|
26 |
|
|
|
84,585 |
|
| Income before
taxes |
|
17,484 |
|
|
|
42,760 |
|
|
|
(25,276 |
) |
|
(59 |
) |
|
|
717 |
|
| Effective tax
rate |
|
7.6 |
% |
|
|
6.9 |
% |
|
n/a |
|
n/a |
|
(149.9)% |
| Net
income |
$ |
16,163 |
|
|
$ |
39,793 |
|
|
$ |
(23,630 |
) |
|
(59)% |
|
$ |
1,792 |
|
| Diluted earnings per
share |
|
0.36 |
|
|
|
0.88 |
|
|
|
(0.52 |
) |
|
(59 |
) |
|
|
0.04 |
|
| Loan and lease
production: |
|
|
|
|
|
|
|
|
|
|
Loans and leases originated |
$ |
981,703 |
|
|
$ |
1,073,255 |
|
|
$ |
(91,552 |
) |
|
(9)% |
|
$ |
1,177,688 |
|
|
% Fully funded |
|
49.0 |
% |
|
|
52.2 |
% |
|
n/a |
|
n/a |
|
|
58.1 |
% |
(1) Total revenue consists of net interest
income and total noninterest income.
Loans and Leases
At December 31, 2023, the total loan and lease
portfolio was $9.02 billion, 2.8% above its level at September 30,
2023 and 14.2% above its level at December 31, 2022. This growth
was driven by strong origination volumes. Compared to the third
quarter of 2023, loans and leases held for investment increased
$431.2 million, or 5.3%, to $8.63 billion while loans held for sale
decreased $185.6 million, or 32.4%, to $387.0 million. Average
loans and leases were $8.84 billion during the fourth quarter of
2023 compared to $8.58 billion during the third quarter of
2023.
The total loan and lease portfolio at December
31, 2023, and September 30, 2023 was comprised of 37.8% and 39.0%
of guaranteed loans and leases, respectively.
Loan and lease originations totaled $981.7
million during the fourth quarter of 2023, a decrease of $91.6
million, or 8.5%, from the third quarter of 2023.
Deposits
Total deposits increased to $10.28 billion at
December 31, 2023, an increase of $271.4 million compared to
September 30, 2023, and an increase of $1.39 billion compared to
December 31, 2022. The increase in total deposits from the prior
periods provides support for the growth in the loan and lease
portfolio.
Average total interest-bearing deposits for the
fourth quarter of 2023 increased $137.5 million, or 1.4%, to $9.84
billion, compared to $9.70 billion for the third quarter of 2023.
The ratio of average total loans and leases to average
interest-bearing deposits was 89.9% for the fourth quarter of 2023
compared to 88.5% for the third quarter of 2023.
Borrowings
Borrowings totaled $23.4 million at December 31,
2023, compared to $25.8 million and $83.2 million at September 30,
2023 and December 31, 2022, respectively. The decrease from the
fourth quarter of 2022 was principally due to paying off the
Company’s Fed Funds line of credit.
Net Interest Income
Net interest income for the fourth quarter of
2023 increased to $89.6 million compared to $89.4 million for the
third quarter of 2023 and $85.9 million for the fourth quarter of
2022.
The net interest margin for the fourth and third
quarters of 2023 was 3.32% and 3.37%, respectively, a decrease of 5
basis points quarter over quarter. This decrease was principally
the result of growth in loan yields being outpaced by the cost of
deposits. The primary mitigant to loan yields in the fourth quarter
of 2023 arose from the accelerated recognition of a large deferred
expense, as a result of early payoffs on two loans, which was
recognized as a reduction to interest income. The increase in cost
of deposits was primarily driven by a large certificate of deposit
maturity event in the fourth quarter renewing at higher current
market rates. During the fourth quarter of 2023, the average cost
of interest-bearing liabilities increased by 18 basis points while
the average yield on interest-earning assets increased by 11 basis
points.
The increase in net interest income for the
fourth quarter of 2023 compared to the fourth quarter of 2022 was
driven by growth in the total loan and lease portfolio. Partially
mitigating this increase was a decrease in the net interest margin
arising from an increase in interest-bearing liabilities combined
with average cost of funds outpacing the average yield on
interest-earning assets.
Noninterest Income
Noninterest income for the fourth quarter of
2023 decreased to $30.1 million compared to $37.9 million for the
third quarter of 2023 and increased from $19.1 million for the
fourth quarter of 2022. The primary drivers behind changes in
noninterest income are outlined below.
The loan servicing asset revaluation resulted in
a loss of $4.0 million for the fourth quarter of 2023 compared to a
gain of $11.3 million for the third quarter of 2023 and loss of
$5.0 million for the fourth quarter of 2022. The $15.3 million
quarter over quarter negative change in servicing asset revaluation
was principally due to the third quarter of 2023 one-time positive
adjustment of $13.7 million, arising from the Company’s change in
valuation techniques used to estimate the fair value of servicing
rights.
Net gains on sales of loans was $12.9 million, a
$216 thousand increase compared to the third quarter of 2023 and a
$5.5 million increase compared to the fourth quarter of 2022. The
increase in net gains on sales of loans compared to the fourth
quarter of 2022 was largely the result of a higher volume of loan
sales. The average guaranteed loan sale premium was stable for all
compared periods at 105% for the fourth quarter of 2023, third
quarter of 2023 and fourth quarter of 2022. The volume of
guaranteed loans sold was $239.1 million for the fourth quarter of
2023 compared to $225.6 million sold in the third quarter of 2023
and $144.3 million sold in the fourth quarter of 2022.
Other noninterest income for the fourth quarter
of 2023 totaled $8.6 million compared to $3.5 million for the third
quarter of 2023 and $5.1 million for the fourth quarter of 2022.
The increase in noninterest income for both comparative periods was
principally driven by a $4.4 million gain arising from the sale of
one of the Company’s aircraft in the fourth quarter of 2023.
Noninterest Expense
Noninterest expense for the fourth quarter of
2023 totaled $93.2 million compared to $74.3 million for the third
quarter of 2023 and $84.6 million for the fourth quarter of 2022.
The primary drivers in the noninterest expense changes are outlined
below.
Salaries and employee benefits for the fourth
quarter of 2023 increased $1.3 million compared to the third
quarter of 2023 and increased $1.7 million compared to the fourth
quarter of 2022. Included in the fourth quarter of 2023 was a
special employee bonus of $4.5 million. Excluding this special
bonus, total salaries and employee benefits for the fourth quarter
of 2023 decreased $3.2 million compared to the third quarter of
2023 and decreased $2.8 million compared to the fourth quarter of
2022.
The Company incurred impairment charges related
to a new renewable energy tax credit investment transaction of
$14.6 million in the fourth quarter of 2023 compared to none in the
third quarter of 2023 and $8.4 million in the fourth quarter of
2022. Investments of this type generate a return primarily through
the realization of income tax credits and other benefits;
accordingly, impairment of the investment amount is recognized in
conjunction with the realization of related tax benefits. These
investments generated federal investment tax credits in the fourth
quarters of 2023 and 2022 of $16.4 million and $10.3 million,
respectively, which are reflected in the Company’s effective tax
rate for each respective year. Investments of this nature are part
of the Company’s ongoing initiative to promote renewable energy
sources.
Asset Quality
During the fourth quarter of 2023, the Company
recognized net charge-offs for loans carried at historical cost of
$4.4 million compared to $9.1 million in the third quarter of 2023
and $1.4 million in the fourth quarter of 2022. Net charge-off
activity in the fourth quarter of 2023 was largely related to four
loans spread across three verticals. Net charge-offs as a
percentage of average held for investment loans and leases carried
at historical cost, annualized, for the quarters ended December 31,
2023, September 30, 2023 and December 31, 2022, was 0.22%, 0.48%
and 0.09%, respectively. Net charge-offs as a percentage of total
average held for investment loans and leases carried at historical
cost for the years ended December 31, 2023 and 2022, were 0.29% and
0.14%, respectively.
Unguaranteed nonperforming (nonaccrual) loans
and leases, excluding $7.2 million and $6.5 million accounted for
under the fair value option at December 31, 2023, and September 30,
2023, respectively, increased to $39.3 million, or 0.48% of loans
and leases held for investment which are carried at historical
cost, at December 31, 2023, compared to $33.3 million, or 0.43%, at
September 30, 2023.
Provision for Loan and Lease Credit
Losses
The provision for loan and lease credit losses
for the fourth quarter of 2023 totaled $9.0 million compared to
$10.3 million for the third quarter of 2023 and $19.7 million for
the fourth quarter of 2022. The lower provision expense in the
fourth quarter of 2023 compared to the fourth quarter of 2022 was
primarily the result of a decline in reserves related to loans
individually evaluated for impairment.
The allowance for credit losses on loans and
leases totaled $125.8 million at December 31, 2023, compared to
$121.3 million at September 30, 2023. The allowance for credit
losses on loans and leases as a percentage of total loans and
leases held for investment carried at historical cost was 1.53% and
1.56% at December 31, 2023, and September 30, 2023,
respectively.
Income Tax
Income tax expense (benefit) and related
effective tax rate was $1.3 million and 7.6% for the fourth quarter
of 2023, $3.0 million and 6.9% for the third quarter of 2023, and
$(1.1) million and (149.9)% for the fourth quarter of 2022,
respectively. The higher level of income tax expense for the fourth
quarter of 2023 compared to the fourth quarter of 2022 was
primarily the result of a higher level of pretax income combined
with higher levels of investment tax credits related to renewable
energy investment transactions in the fourth quarter of 2023 in
conjunction with recognition of a research credit recognized during
the fourth quarter of 2022.
Conference Call
Live Oak will host a conference call to discuss
the company's financial results and business outlook tomorrow,
January 25, 2024, at 9:00 a.m. ET. The call will be
accessible by telephone and webcast using Conference ID: 19103652.
A supplementary slide presentation will be posted to the website
prior to the event, and a replay will be available for 12 months
following the event. The conference call details are as
follows:
Live Telephone Dial-In
U.S.: 888.259.6580 International: +1 416.764.8624 Pass Code:
None Required
Live Webcast Log-In
Webcast Link: investor.liveoakbank.com Registration: Name and
Email Required Multi-Factor Code: Provided After Registration
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 plans
or 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”) rules,
regulations or loan products, including the Section 7(a)
program, changes in SBA standard operating procedures or changes in
Live Oak Banking Company's status as an SBA Preferred Lender;
changes in rules, regulations or procedures for other government
loan programs, including those of the United States Department of
Agriculture; the impacts of global health crises and pandemics,
such as the Coronavirus Disease 2019 (COVID-19) pandemic, on trade
(including supply chains and export levels), travel, employee
productivity and other economic activities that may have a
destabilizing and negative effect on financial markets, economic
activity and customer behavior; recent adverse developments in the
banking industry highlighted by high-profile bank failures and the
potential impact of such developments on customer confidence,
liquidity, and regulatory responses to these developments; a
reduction in or the termination of the Company's ability to use the
technology-based platform that is critical to the success of its
business model, including a failure in or a breach of operational
or security systems; competition from other lenders; the Company's
ability to attract and retain key personnel; market and economic
conditions and the associated impact on the Company; operational,
liquidity and credit risks associated with the Company's business;
changes in political and economic conditions, including any
prolonged U.S. government shutdown; the impact of heightened
regulatory scrutiny of financial products and services and the
Company's ability to comply with regulatory requirements and
expectations; a deterioration of the credit rating for U.S.
long-term sovereign debt, actions that the U.S. government may take
to avoid exceeding the debt ceiling, and uncertainties surrounding
the debt ceiling and the federal budget; adverse results, including
related fees and expenses, from pending or future lawsuits,
government investigations or private actions; and the other factors
discussed in the Company’s Annual Report on Form 10-K 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. (NYSE: LOB) is a
financial holding company and the parent company of Live Oak Bank.
Live Oak Bancshares and its subsidiaries partner with businesses
that share a groundbreaking focus on service and technology to
redefine banking. To learn more, visit
www.liveoakbank.com.
Contacts:
Walter J. Phifer, CFO | Investor Relations | 910.202.6926Claire
Parker | Corporate Communications | Media Relations |
910.597.1592
Live Oak Bancshares,
Inc.Quarterly Statements of Income
(unaudited)(Dollars in thousands, except per share
data)
| |
Three Months Ended |
|
4Q 2023 Change vs. |
| |
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
1Q 2023 |
|
4Q 2022 |
|
3Q 2023 |
|
4Q 2022 |
| Interest
income |
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
Loans and fees on loans |
$ |
169,531 |
|
|
$ |
162,722 |
|
|
$ |
152,362 |
|
|
$ |
139,052 |
|
|
$ |
127,310 |
|
|
4.2 |
|
|
33.2 |
|
| Investment securities,
taxable |
|
8,746 |
|
|
|
8,701 |
|
|
|
8,503 |
|
|
|
7,547 |
|
|
|
6,716 |
|
|
0.5 |
|
|
30.2 |
|
| Other interest earning
assets |
|
8,259 |
|
|
|
9,188 |
|
|
|
8,847 |
|
|
|
4,817 |
|
|
|
2,584 |
|
|
(10.1 |
) |
|
219.6 |
|
|
Total interest income |
|
186,536 |
|
|
|
180,611 |
|
|
|
169,712 |
|
|
|
151,416 |
|
|
|
136,610 |
|
|
3.3 |
|
|
36.5 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
96,695 |
|
|
|
90,914 |
|
|
|
85,003 |
|
|
|
67,595 |
|
|
|
50,357 |
|
|
6.4 |
|
|
92.0 |
|
| Borrowings |
|
265 |
|
|
|
287 |
|
|
|
407 |
|
|
|
1,804 |
|
|
|
351 |
|
|
(7.7 |
) |
|
(24.5 |
) |
|
Total interest expense |
|
96,960 |
|
|
|
91,201 |
|
|
|
85,410 |
|
|
|
69,399 |
|
|
|
50,708 |
|
|
6.3 |
|
|
91.2 |
|
| Net interest income |
|
89,576 |
|
|
|
89,410 |
|
|
|
84,302 |
|
|
|
82,017 |
|
|
|
85,902 |
|
|
0.2 |
|
|
4.3 |
|
| Provision for loan and
lease credit losses |
|
8,995 |
|
|
|
10,279 |
|
|
|
13,028 |
|
|
|
19,021 |
|
|
|
19,671 |
|
|
(12.5 |
) |
|
(54.3 |
) |
| Net interest income after
provision for loan and lease credit losses |
|
80,581 |
|
|
|
79,131 |
|
|
|
71,274 |
|
|
|
62,996 |
|
|
|
66,231 |
|
|
1.8 |
|
|
21.7 |
|
| Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan servicing revenue |
|
7,342 |
|
|
|
6,990 |
|
|
|
6,687 |
|
|
|
6,380 |
|
|
|
6,296 |
|
|
5.0 |
|
|
16.6 |
|
| Loan servicing asset
revaluation |
|
(3,974 |
) |
|
|
11,335 |
|
|
|
(2,831 |
) |
|
|
356 |
|
|
|
(5,016 |
) |
|
(135.1 |
) |
|
20.8 |
|
| Net gains on sales of
loans |
|
12,891 |
|
|
|
12,675 |
|
|
|
10,804 |
|
|
|
10,175 |
|
|
|
7,362 |
|
|
1.7 |
|
|
75.1 |
|
| Net (loss) gain on loans
accounted for under the fair value option |
|
(170 |
) |
|
|
(568 |
) |
|
|
1,728 |
|
|
|
(4,529 |
) |
|
|
571 |
|
|
70.1 |
|
|
(129.8 |
) |
| Equity method investments
income (loss) |
|
47 |
|
|
|
(1,034 |
) |
|
|
(2,055 |
) |
|
|
(2,952 |
) |
|
|
(1,818 |
) |
|
104.5 |
|
|
102.6 |
|
| Equity security investments
(losses) gains, net |
|
(384 |
) |
|
|
(783 |
) |
|
|
121 |
|
|
|
77 |
|
|
|
868 |
|
|
51.0 |
|
|
(144.2 |
) |
| Lease income |
|
2,439 |
|
|
|
2,498 |
|
|
|
2,535 |
|
|
|
2,535 |
|
|
|
2,555 |
|
|
(2.4 |
) |
|
(4.5 |
) |
| Management fee income |
|
3,309 |
|
|
|
3,277 |
|
|
|
3,266 |
|
|
|
3,472 |
|
|
|
3,200 |
|
|
1.0 |
|
|
3.4 |
|
| Other noninterest income |
|
8,607 |
|
|
|
3,501 |
|
|
|
3,901 |
|
|
|
4,065 |
|
|
|
5,053 |
|
|
145.8 |
|
|
70.3 |
|
|
Total noninterest income |
|
30,107 |
|
|
|
37,891 |
|
|
|
24,156 |
|
|
|
19,579 |
|
|
|
19,071 |
|
|
(20.5 |
) |
|
57.9 |
|
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
44,274 |
|
|
|
42,947 |
|
|
|
43,066 |
|
|
|
44,765 |
|
|
|
42,560 |
|
|
3.1 |
|
|
4.0 |
|
| Travel expense |
|
1,544 |
|
|
|
2,197 |
|
|
|
2,770 |
|
|
|
2,411 |
|
|
|
1,872 |
|
|
(29.7 |
) |
|
(17.5 |
) |
| Professional services
expense |
|
3,052 |
|
|
|
1,762 |
|
|
|
1,996 |
|
|
|
927 |
|
|
|
2,453 |
|
|
73.2 |
|
|
24.4 |
|
| Advertising and marketing
expense |
|
2,501 |
|
|
|
3,446 |
|
|
|
3,009 |
|
|
|
3,603 |
|
|
|
3,892 |
|
|
(27.4 |
) |
|
(35.7 |
) |
| Occupancy expense |
|
2,231 |
|
|
|
2,129 |
|
|
|
2,205 |
|
|
|
1,925 |
|
|
|
3,469 |
|
|
4.8 |
|
|
(35.7 |
) |
| Technology expense |
|
8,402 |
|
|
|
7,722 |
|
|
|
8,005 |
|
|
|
7,729 |
|
|
|
8,849 |
|
|
8.8 |
|
|
(5.1 |
) |
| Equipment expense |
|
3,480 |
|
|
|
3,676 |
|
|
|
4,023 |
|
|
|
3,818 |
|
|
|
3,759 |
|
|
(5.3 |
) |
|
(7.4 |
) |
| Other loan origination and
maintenance expense |
|
3,937 |
|
|
|
3,498 |
|
|
|
3,442 |
|
|
|
3,927 |
|
|
|
3,657 |
|
|
12.6 |
|
|
7.7 |
|
| Renewable energy tax credit
investment impairment |
|
14,575 |
|
|
|
— |
|
|
|
— |
|
|
|
69 |
|
|
|
8,446 |
|
|
100.0 |
|
|
72.6 |
|
| FDIC insurance |
|
4,091 |
|
|
|
4,115 |
|
|
|
5,061 |
|
|
|
3,403 |
|
|
|
2,923 |
|
|
(0.6 |
) |
|
40.0 |
|
| Contributions and
donations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33 |
|
|
— |
|
|
(100.0 |
) |
| Other expense |
|
5,117 |
|
|
|
2,770 |
|
|
|
2,880 |
|
|
|
6,385 |
|
|
|
2,672 |
|
|
84.7 |
|
|
91.5 |
|
|
Total noninterest expense |
|
93,204 |
|
|
|
74,262 |
|
|
|
76,457 |
|
|
|
78,962 |
|
|
|
84,585 |
|
|
25.5 |
|
|
10.2 |
|
| Income before
taxes |
|
17,484 |
|
|
|
42,760 |
|
|
|
18,973 |
|
|
|
3,613 |
|
|
|
717 |
|
|
(59.1 |
) |
|
2,338.5 |
|
| Income tax expense
(benefit) |
|
1,321 |
|
|
|
2,967 |
|
|
|
1,429 |
|
|
|
3,215 |
|
|
|
(1,075 |
) |
|
(55.5 |
) |
|
222.9 |
|
|
Net income |
$ |
16,163 |
|
|
$ |
39,793 |
|
|
$ |
17,544 |
|
|
$ |
398 |
|
|
$ |
1,792 |
|
|
(59.4 |
) |
|
802.0 |
|
| Earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.36 |
|
|
$ |
0.89 |
|
|
$ |
0.40 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
(59.6 |
) |
|
800.0 |
|
|
Diluted |
$ |
0.36 |
|
|
$ |
0.88 |
|
|
$ |
0.39 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
(59.1 |
) |
|
800.0 |
|
| Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
44,516,646 |
|
|
|
44,408,997 |
|
|
|
44,327,474 |
|
|
|
44,157,156 |
|
|
|
44,005,220 |
|
|
|
|
|
|
Diluted |
|
45,306,506 |
|
|
|
45,268,745 |
|
|
|
44,835,089 |
|
|
|
44,964,616 |
|
|
|
44,794,941 |
|
|
|
|
|
Live Oak Bancshares,
Inc.Quarterly Balance Sheets
(unaudited)(Dollars in thousands)
| |
As of the quarter ended |
|
4Q 2023 Change vs. |
| |
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
1Q 2023 |
|
4Q 2022 |
|
3Q 2023 |
|
4Q 2022 |
| Assets |
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
Cash and due from banks |
$ |
582,540 |
|
|
$ |
534,774 |
|
|
$ |
808,131 |
|
|
$ |
463,186 |
|
|
$ |
280,239 |
|
|
8.9 |
|
|
107.9 |
|
| Federal funds sold |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
136,397 |
|
|
— |
|
|
(100.0 |
) |
| Certificates of deposit with
other banks |
|
250 |
|
|
|
3,750 |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
(93.3 |
) |
|
(93.8 |
) |
| Investment securities
available-for-sale |
|
1,126,160 |
|
|
|
1,099,878 |
|
|
|
1,133,146 |
|
|
|
1,149,691 |
|
|
|
1,014,719 |
|
|
2.4 |
|
|
11.0 |
|
| Loans held for sale |
|
387,037 |
|
|
|
572,604 |
|
|
|
523,776 |
|
|
|
533,292 |
|
|
|
554,610 |
|
|
(32.4 |
) |
|
(30.2 |
) |
| Loans and leases held for
investment(1) |
|
8,633,847 |
|
|
|
8,202,631 |
|
|
|
7,836,398 |
|
|
|
7,686,987 |
|
|
|
7,344,178 |
|
|
5.3 |
|
|
17.6 |
|
| Allowance for credit losses on
loans and leases |
|
(125,840 |
) |
|
|
(121,273 |
) |
|
|
(120,116 |
) |
|
|
(108,242 |
) |
|
|
(96,566 |
) |
|
3.8 |
|
|
30.3 |
|
|
Net loans and leases |
|
8,508,007 |
|
|
|
8,081,358 |
|
|
|
7,716,282 |
|
|
|
7,578,745 |
|
|
|
7,247,612 |
|
|
5.3 |
|
|
17.4 |
|
| Premises and equipment,
net |
|
257,881 |
|
|
|
258,041 |
|
|
|
269,485 |
|
|
|
268,138 |
|
|
|
263,290 |
|
|
(0.1 |
) |
|
(2.1 |
) |
| Foreclosed assets |
|
6,481 |
|
|
|
6,701 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(3.3 |
) |
|
100.0 |
|
| Servicing assets |
|
48,591 |
|
|
|
47,127 |
|
|
|
31,042 |
|
|
|
29,357 |
|
|
|
26,323 |
|
|
3.1 |
|
|
84.6 |
|
| Other assets |
|
354,476 |
|
|
|
346,227 |
|
|
|
333,334 |
|
|
|
337,888 |
|
|
|
328,308 |
|
|
2.4 |
|
|
8.0 |
|
|
Total assets |
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
$ |
10,819,196 |
|
|
$ |
10,364,297 |
|
|
$ |
9,855,498 |
|
|
2.9 |
|
|
14.4 |
|
| Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
259,270 |
|
|
$ |
239,536 |
|
|
$ |
229,833 |
|
|
$ |
176,439 |
|
|
$ |
194,100 |
|
|
8.2 |
|
|
33.6 |
|
|
Interest-bearing |
|
10,015,749 |
|
|
|
9,764,106 |
|
|
|
9,649,278 |
|
|
|
9,245,555 |
|
|
|
8,690,828 |
|
|
2.6 |
|
|
15.2 |
|
|
Total deposits |
|
10,275,019 |
|
|
|
10,003,642 |
|
|
|
9,879,111 |
|
|
|
9,421,994 |
|
|
|
8,884,928 |
|
|
2.7 |
|
|
15.6 |
|
| Borrowings |
|
23,354 |
|
|
|
25,847 |
|
|
|
28,317 |
|
|
|
30,767 |
|
|
|
83,203 |
|
|
(9.6 |
) |
|
(71.9 |
) |
| Other liabilities |
|
70,384 |
|
|
|
70,603 |
|
|
|
79,280 |
|
|
|
88,729 |
|
|
|
76,334 |
|
|
(0.3 |
) |
|
(7.8 |
) |
|
Total liabilities |
|
10,368,757 |
|
|
|
10,100,092 |
|
|
|
9,986,708 |
|
|
|
9,541,490 |
|
|
|
9,044,465 |
|
|
2.7 |
|
|
14.6 |
|
| Shareholders’
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock, no par value,
1,000,000 shares authorized, none issued or outstanding |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
| Class A common stock
(voting) |
|
344,568 |
|
|
|
340,929 |
|
|
|
341,032 |
|
|
|
334,672 |
|
|
|
330,854 |
|
|
1.1 |
|
|
4.1 |
|
| Class B common stock
(non-voting) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
| Retained earnings |
|
642,817 |
|
|
|
627,759 |
|
|
|
589,036 |
|
|
|
572,530 |
|
|
|
572,497 |
|
|
2.4 |
|
|
12.3 |
|
| Accumulated other
comprehensive (loss) income |
|
(84,719 |
) |
|
|
(118,320 |
) |
|
|
(97,580 |
) |
|
|
(84,395 |
) |
|
|
(92,318 |
) |
|
(28.4 |
) |
|
(8.2 |
) |
|
Total shareholders’ equity |
|
902,666 |
|
|
|
850,368 |
|
|
|
832,488 |
|
|
|
822,807 |
|
|
|
811,033 |
|
|
6.2 |
|
|
11.3 |
|
|
Total liabilities and shareholders’ equity |
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
$ |
10,819,196 |
|
|
$ |
10,364,297 |
|
|
$ |
9,855,498 |
|
|
2.9 |
|
|
14.4 |
|
(1) Includes $388.0 million, $410.1 million, $441.8 million,
$467.0 million and $494.5 million measured at fair value for the
quarters ended December 31, 2023, September 30, 2023, June 30,
2023, March 31, 2023, and December 31, 2022, respectively.
Live Oak Bancshares,
Inc.Statements of Income
(unaudited)(Dollars in thousands, except per share
data)
| |
Twelve Months Ended |
| |
December 31, 2023 |
|
December 31, 2022 |
| Interest
income |
|
|
|
|
Loans and fees on loans |
$ |
623,667 |
|
|
$ |
418,545 |
|
| Investment securities,
taxable |
|
33,497 |
|
|
|
19,667 |
|
| Other interest earning
assets |
|
31,111 |
|
|
|
6,261 |
|
|
Total interest income |
|
688,275 |
|
|
|
444,473 |
|
| Interest
expense |
|
|
|
| Deposits |
|
340,207 |
|
|
|
115,035 |
|
| Borrowings |
|
2,763 |
|
|
|
1,937 |
|
|
Total interest expense |
|
342,970 |
|
|
|
116,972 |
|
| Net interest income |
|
345,305 |
|
|
|
327,501 |
|
| Provision for loan and
lease credit losses |
|
51,323 |
|
|
|
40,943 |
|
| Net interest income after
provision for loan and lease credit losses |
|
293,982 |
|
|
|
286,558 |
|
| Noninterest
income |
|
|
|
| Loan servicing revenue |
|
27,399 |
|
|
|
25,359 |
|
| Loan servicing asset
revaluation |
|
4,886 |
|
|
|
(16,577 |
) |
| Net gains on sales of
loans |
|
46,545 |
|
|
|
43,244 |
|
| Net (loss) gain on loans
accounted for under the fair value option |
|
(3,539 |
) |
|
|
1,046 |
|
| Equity method investments
(loss) income |
|
(5,994 |
) |
|
|
144,250 |
|
| Equity security investments
(losses) gains, net |
|
(969 |
) |
|
|
3,355 |
|
| Lease income |
|
10,007 |
|
|
|
10,084 |
|
| Management fee income |
|
13,324 |
|
|
|
10,090 |
|
| Other noninterest income |
|
20,074 |
|
|
|
17,141 |
|
|
Total noninterest income |
|
111,733 |
|
|
|
237,992 |
|
| Noninterest
expense |
|
|
|
| Salaries and employee
benefits |
|
175,052 |
|
|
|
170,822 |
|
| Travel expense |
|
8,922 |
|
|
|
8,499 |
|
| Professional services
expense |
|
7,737 |
|
|
|
11,737 |
|
| Advertising and marketing
expense |
|
12,559 |
|
|
|
10,543 |
|
| Occupancy expense |
|
8,490 |
|
|
|
11,088 |
|
| Technology expense |
|
31,858 |
|
|
|
28,434 |
|
| Equipment expense |
|
14,997 |
|
|
|
15,120 |
|
| Other loan origination and
maintenance expense |
|
14,804 |
|
|
|
13,168 |
|
| Renewable energy tax credit
investment impairment |
|
14,644 |
|
|
|
16,217 |
|
| FDIC insurance |
|
16,670 |
|
|
|
9,756 |
|
| Contributions and
donations |
|
— |
|
|
|
6,462 |
|
| Other expense |
|
17,152 |
|
|
|
12,380 |
|
|
Total noninterest expense |
|
322,885 |
|
|
|
314,226 |
|
| Income before
taxes |
|
82,830 |
|
|
|
210,324 |
|
| Income tax expense |
|
8,932 |
|
|
|
34,116 |
|
|
Net income |
$ |
73,898 |
|
|
$ |
176,208 |
|
| Earnings per
share |
|
|
|
|
Basic |
$ |
1.67 |
|
|
$ |
4.02 |
|
|
Diluted |
$ |
1.64 |
|
|
$ |
3.92 |
|
| Weighted average
shares outstanding |
|
|
|
|
Basic |
|
44,353,708 |
|
|
|
43,862,291 |
|
|
Diluted |
|
45,094,879 |
|
|
|
44,906,310 |
|
Live Oak Bancshares,
Inc.Quarterly Selected Financial
Data(Dollars in thousands, except per share data)
| |
As of and for the three months ended |
| |
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
1Q 2023 |
|
4Q 2022 |
| Income Statement
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
16,163 |
|
|
$ |
39,793 |
|
|
$ |
17,544 |
|
|
$ |
398 |
|
|
$ |
1,792 |
|
| Per Common
Share |
|
|
|
|
|
|
|
|
|
| Net income, diluted |
$ |
0.36 |
|
|
$ |
0.88 |
|
|
$ |
0.39 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
| Dividends declared |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
| Book value |
|
20.23 |
|
|
|
19.12 |
|
|
|
18.77 |
|
|
|
18.58 |
|
|
|
18.41 |
|
| Tangible book value(1) |
|
20.15 |
|
|
|
19.04 |
|
|
|
18.69 |
|
|
|
18.50 |
|
|
|
18.32 |
|
| Performance
Ratios |
|
|
|
|
|
|
|
|
|
| Return on average assets
(annualized) |
|
0.58 |
% |
|
|
1.46 |
% |
|
|
0.66 |
% |
|
|
0.02 |
% |
|
|
0.08 |
% |
| Return on average equity
(annualized) |
|
7.36 |
|
|
|
18.68 |
|
|
|
8.26 |
|
|
|
0.19 |
|
|
|
0.88 |
|
| Net interest margin |
|
3.32 |
|
|
|
3.37 |
|
|
|
3.29 |
|
|
|
3.46 |
|
|
|
3.76 |
|
| Efficiency ratio(1) |
|
77.88 |
|
|
|
58.34 |
|
|
|
70.49 |
|
|
|
77.72 |
|
|
|
80.58 |
|
| Noninterest income to total
revenue |
|
25.16 |
|
|
|
29.76 |
|
|
|
22.27 |
|
|
|
19.27 |
|
|
|
18.17 |
|
| Selected Loan
Metrics |
|
|
|
|
|
|
|
|
|
| Loans and leases
originated |
$ |
981,703 |
|
|
$ |
1,073,255 |
|
|
$ |
861,033 |
|
|
$ |
1,030,882 |
|
|
$ |
1,177,688 |
|
| Outstanding balance of sold
loans serviced |
|
4,238,328 |
|
|
|
4,028,575 |
|
|
|
3,813,852 |
|
|
|
3,616,701 |
|
|
|
3,481,885 |
|
| Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
loans and leases held for investment(3) |
|
1.53 |
% |
|
|
1.56 |
% |
|
|
1.62 |
% |
|
|
1.50 |
% |
|
|
1.41 |
% |
| Net charge-offs(3) |
$ |
4,428 |
|
|
$ |
9,122 |
|
|
$ |
1,154 |
|
|
$ |
6,669 |
|
|
$ |
1,396 |
|
| Net charge-offs to average
loans and leases held for investment(2) (3) |
|
0.22 |
% |
|
|
0.48 |
% |
|
|
0.06 |
% |
|
|
0.38 |
% |
|
|
0.09 |
% |
| |
|
|
|
|
|
|
|
|
|
| Nonperforming loans and leases
at historical cost(3) |
|
|
|
|
|
|
|
|
|
|
Unguaranteed |
$ |
39,285 |
|
|
$ |
33,255 |
|
|
$ |
44,899 |
|
|
$ |
22,002 |
|
|
$ |
18,784 |
|
|
Guaranteed |
|
95,678 |
|
|
|
65,837 |
|
|
|
66,322 |
|
|
|
63,696 |
|
|
|
54,608 |
|
|
Total |
|
134,963 |
|
|
|
99,092 |
|
|
|
111,221 |
|
|
|
85,698 |
|
|
|
73,392 |
|
| Unguaranteed nonperforming
historical cost loans and leases, to loans and leases held for
investment(3) |
|
0.48 |
% |
|
|
0.43 |
% |
|
|
0.61 |
% |
|
|
0.30 |
% |
|
|
0.27 |
% |
| |
|
|
|
|
|
|
|
|
|
| Nonperforming loans at fair
value(4) |
|
|
|
|
|
|
|
|
|
|
Unguaranteed |
$ |
7,230 |
|
|
$ |
6,518 |
|
|
$ |
8,602 |
|
|
$ |
8,193 |
|
|
$ |
6,678 |
|
|
Guaranteed |
|
41,244 |
|
|
|
39,378 |
|
|
|
45,114 |
|
|
|
43,968 |
|
|
|
38,212 |
|
|
Total |
|
48,474 |
|
|
|
45,896 |
|
|
|
53,716 |
|
|
|
52,161 |
|
|
|
44,890 |
|
| Unguaranteed nonperforming
fair value loans to loans held for investment(4) |
|
1.86 |
% |
|
|
1.59 |
% |
|
|
1.95 |
% |
|
|
1.75 |
% |
|
|
1.35 |
% |
| |
|
|
|
|
|
|
|
|
|
| Capital
Ratios |
|
|
|
|
|
|
|
|
|
| Common equity tier 1 capital
(to risk-weighted assets) |
|
11.73 |
% |
|
|
11.63 |
% |
|
|
11.55 |
% |
|
|
11.67 |
% |
|
|
12.46 |
% |
| Tier 1 leverage capital (to
average assets) |
|
8.58 |
|
|
|
8.56 |
|
|
|
8.46 |
|
|
|
8.70 |
|
|
|
9.26 |
|
Notes to Quarterly Selected Financial
Data(1) See accompanying GAAP to Non-GAAP
Reconciliation.(2) Quarterly net charge-offs as a percentage of
quarterly average loans and leases held for investment,
annualized.(3) Loans and leases at historical cost only (excludes
loans measured at fair value).(4) Loans accounted for under the
fair value option only (excludes loans and leases carried at
historical cost).
Live Oak Bancshares,
Inc.Quarterly Average Balances and Net Interest
Margin(Dollars in thousands)
| |
Three Months EndedDecember 31,
2023 |
|
Three Months EndedSeptember 30,
2023 |
| |
AverageBalance |
|
Interest |
|
AverageYield/Rate |
|
AverageBalance |
|
Interest |
|
AverageYield/Rate |
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning balances in other banks |
$ |
598,720 |
|
|
$ |
8,259 |
|
5.47 |
% |
|
$ |
677,857 |
|
|
$ |
9,188 |
|
5.38 |
% |
|
Investment securities |
|
1,251,467 |
|
|
|
8,746 |
|
2.77 |
|
|
|
1,257,740 |
|
|
|
8,701 |
|
2.74 |
|
|
Loans held for sale |
|
477,155 |
|
|
|
10,825 |
|
9.00 |
|
|
|
602,109 |
|
|
|
13,271 |
|
8.74 |
|
|
Loans and leases held for investment(1) |
|
8,363,881 |
|
|
|
158,706 |
|
7.53 |
|
|
|
7,978,870 |
|
|
|
149,451 |
|
7.43 |
|
| Total interest-earning
assets |
|
10,691,223 |
|
|
|
186,536 |
|
6.92 |
|
|
|
10,516,576 |
|
|
|
180,611 |
|
6.81 |
|
| Less: Allowance for credit
losses on loans and leases |
|
(120,257 |
) |
|
|
|
|
|
|
(119,941 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
482,615 |
|
|
|
|
|
|
|
499,508 |
|
|
|
|
|
|
Total assets |
$ |
11,053,581 |
|
|
|
|
|
|
$ |
10,896,143 |
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
$ |
300,064 |
|
|
$ |
4,262 |
|
5.64 |
% |
|
$ |
300,059 |
|
|
$ |
4,217 |
|
5.58 |
% |
|
Savings |
|
4,633,563 |
|
|
|
47,192 |
|
4.04 |
|
|
|
4,588,085 |
|
|
|
45,778 |
|
3.96 |
|
|
Money market accounts |
|
128,486 |
|
|
|
198 |
|
0.61 |
|
|
|
136,879 |
|
|
|
202 |
|
0.59 |
|
|
Certificates of deposit |
|
4,775,497 |
|
|
|
45,043 |
|
3.74 |
|
|
|
4,675,075 |
|
|
|
40,717 |
|
3.46 |
|
|
Total deposits |
|
9,837,610 |
|
|
|
96,695 |
|
3.90 |
|
|
|
9,700,098 |
|
|
|
90,914 |
|
3.72 |
|
|
Borrowings |
|
24,887 |
|
|
|
265 |
|
4.22 |
|
|
|
27,425 |
|
|
|
287 |
|
4.15 |
|
| Total interest-bearing
liabilities |
|
9,862,497 |
|
|
|
96,960 |
|
3.90 |
|
|
|
9,727,523 |
|
|
|
91,201 |
|
3.72 |
|
| Noninterest-bearing
deposits |
|
240,009 |
|
|
|
|
|
|
|
237,545 |
|
|
|
|
|
| Noninterest-bearing
liabilities |
|
72,272 |
|
|
|
|
|
|
|
78,930 |
|
|
|
|
|
| Shareholders' equity |
|
878,803 |
|
|
|
|
|
|
|
852,145 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
11,053,581 |
|
|
|
|
|
|
$ |
10,896,143 |
|
|
|
|
|
| Net interest income and
interest rate spread |
|
|
$ |
89,576 |
|
3.02 |
% |
|
|
|
$ |
89,410 |
|
3.09 |
% |
| Net interest margin |
|
|
|
|
3.32 |
|
|
|
|
|
|
3.37 |
|
| Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
108.40 |
% |
|
|
|
|
|
108.11 |
% |
(1) Average loan and lease balances include non-accruing loans
and leases.
Live Oak Bancshares,
Inc.GAAP to Non-GAAP
Reconciliation(Dollars in thousands)
| |
As of and for the three months ended |
| |
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
1Q 2023 |
|
4Q 2022 |
|
Total shareholders’ equity |
$ |
902,666 |
|
|
$ |
850,368 |
|
|
$ |
832,488 |
|
|
$ |
822,807 |
|
|
$ |
811,033 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
Other intangible assets |
|
1,721 |
|
|
|
1,759 |
|
|
|
1,797 |
|
|
|
1,835 |
|
|
|
1,873 |
|
| Tangible shareholders’ equity
(a) |
$ |
899,148 |
|
|
$ |
846,812 |
|
|
$ |
828,894 |
|
|
$ |
819,175 |
|
|
$ |
807,363 |
|
| Shares outstanding (c) |
|
44,617,673 |
|
|
|
44,480,215 |
|
|
|
44,351,715 |
|
|
|
44,290,840 |
|
|
|
44,061,244 |
|
| Total assets |
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
$ |
10,819,196 |
|
|
$ |
10,364,297 |
|
|
$ |
9,855,498 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
Other intangible assets |
|
1,721 |
|
|
|
1,759 |
|
|
|
1,797 |
|
|
|
1,835 |
|
|
|
1,873 |
|
| Tangible assets (b) |
$ |
11,267,905 |
|
|
$ |
10,946,904 |
|
|
$ |
10,815,602 |
|
|
$ |
10,360,665 |
|
|
$ |
9,851,828 |
|
| Tangible shareholders’ equity
to tangible assets (a/b) |
|
7.98 |
% |
|
|
7.74 |
% |
|
|
7.66 |
% |
|
|
7.91 |
% |
|
|
8.20 |
% |
| Tangible book value per share
(a/c) |
$ |
20.15 |
|
|
$ |
19.04 |
|
|
$ |
18.69 |
|
|
$ |
18.50 |
|
|
$ |
18.32 |
|
| Efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
Noninterest expense (d) |
$ |
93,204 |
|
|
$ |
74,262 |
|
|
$ |
76,457 |
|
|
$ |
78,962 |
|
|
$ |
84,585 |
|
|
Net interest income |
|
89,576 |
|
|
|
89,410 |
|
|
|
84,302 |
|
|
|
82,017 |
|
|
|
85,902 |
|
|
Noninterest income |
|
30,107 |
|
|
|
37,891 |
|
|
|
24,156 |
|
|
|
19,579 |
|
|
|
19,071 |
|
|
Total revenue (e) |
$ |
119,683 |
|
|
$ |
127,301 |
|
|
$ |
108,458 |
|
|
$ |
101,596 |
|
|
$ |
104,973 |
|
|
Efficiency ratio (d/e) |
|
77.88 |
% |
|
|
58.34 |
% |
|
|
70.49 |
% |
|
|
77.72 |
% |
|
|
80.58 |
% |
This press release presents the non-GAAP
financial measures. The adjustments to reconcile from the non-GAAP
financial measures to the applicable GAAP financial measure 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. 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.
Live Oak Bancshares (NYSE:LOB)
Historical Stock Chart
Von Dez 2024 bis Jan 2025
Live Oak Bancshares (NYSE:LOB)
Historical Stock Chart
Von Jan 2024 bis Jan 2025
