Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”)
today reported third quarter of 2024 net income of $13.0 million,
or $0.28 per diluted share.
“Live Oak delivered historic production levels
this quarter as our teams continue to put capital into the hands of
business owners across the country,” said Live Oak Chairman and
Chief Executive Officer James S. (Chip) Mahan III. “We believe our
business momentum is in an exciting place and our conservative
approach to growth is driving positive operating leverage, revenue,
and deeper customer relationships.”
Third Quarter 2024 Key
Measures
| (Dollars in
thousands, except per share data) |
|
|
|
Increase (Decrease) |
|
|
| |
3Q 2024 |
|
2Q 2024 |
|
Dollars |
|
Percent |
|
3Q 2023 |
|
Total revenue(1) |
$ |
129,932 |
|
|
$ |
125,479 |
|
|
$ |
4,453 |
|
|
|
3.5 |
% |
|
$ |
127,301 |
|
| Total noninterest
expense |
|
77,589 |
|
|
|
77,656 |
|
|
|
(67 |
) |
|
|
(0.1 |
) |
|
|
74,262 |
|
| Income before
taxes |
|
17,841 |
|
|
|
36,058 |
|
|
|
(18,217 |
) |
|
|
(50.5 |
) |
|
|
42,760 |
|
| Effective tax
rate |
|
27.0 |
% |
|
|
25.2 |
% |
|
|
n/a |
|
|
|
n/a |
|
|
|
6.9 |
% |
| Net
income |
$ |
13,025 |
|
|
$ |
26,963 |
|
|
$ |
(13,938 |
) |
|
|
(51.7 |
)% |
|
$ |
39,793 |
|
| Diluted earnings per
share |
|
0.28 |
|
|
|
0.59 |
|
|
|
(0.31 |
) |
|
|
(52.5 |
) |
|
|
0.88 |
|
| Loan and lease
production: |
|
|
|
|
|
|
|
|
|
|
Loans and leases originated |
$ |
1,757,856 |
|
|
$ |
1,171,141 |
|
|
$ |
586,715 |
|
|
|
50.1 |
% |
|
$ |
1,073,255 |
|
|
% Fully funded |
|
42.4 |
% |
|
|
38.2 |
% |
|
|
n/a |
|
|
|
n/a |
|
|
|
52.2 |
% |
| Total loans and
leases: |
$ |
10,191,868 |
|
|
$ |
9,535,766 |
|
|
$ |
656,102 |
|
|
|
6.9 |
% |
|
$ |
8,775,235 |
|
| Total
assets: |
|
12,607,346 |
|
|
|
11,868,570 |
|
|
|
738,776 |
|
|
|
6.2 |
|
|
|
10,950,460 |
|
| Total
deposits: |
|
11,400,547 |
|
|
|
10,707,031 |
|
|
|
693,516 |
|
|
|
6.5 |
|
|
|
10,003,642 |
|
(1) Total revenue consists of net interest income and total
noninterest income.
Loans and Leases
As of September 30, 2024, the total loan
and lease portfolio was $10.19 billion, 6.9% above its level at
June 30, 2024, and 16.1% above its level a year ago. Excluding
historical Paycheck Protection Program loans, the third quarter of
2024 was the Company’s highest loan production quarter of all time.
Compared to the second quarter of 2024, loans and leases held for
investment increased $659.8 million, or 7.2%, to $9.83 billion
while loans held for sale decreased $3.7 million, or 1.0%, to
$360.0 million. Average loans and leases were $9.76 billion during
the third quarter of 2024 compared to $9.38 billion during the
second quarter of 2024.
The total loan and lease portfolio at
September 30, 2024, and June 30, 2024, was comprised of
34.5% and 36.4% of guaranteed loans, respectively.
Loan and lease originations totaled $1.76
billion during the third quarter of 2024, an increase of $586.7
million, or 50.1%, from the second quarter of 2024. Loan and lease
originations increased $684.6 million, or 63.8%, from the third
quarter of 2023.
Deposits
Total deposits increased to $11.40 billion at
September 30, 2024, an increase of $693.5 million compared to
June 30, 2024, and an increase of $1.40 billion compared to
September 30, 2023. The increase in total deposits from prior
periods was to support growth in the loan and lease portfolio as
well as the Company’s targeted liquidity levels.
Average total interest-bearing deposits for the
third quarter of 2024 increased $287.5 million, or 2.8%, to $10.56
billion, compared to $10.27 billion for the second quarter of 2024.
The ratio of average total loans and leases to average
interest-bearing deposits was 92.5% for the third quarter of 2024,
compared to 91.4% for the second quarter of 2024.
Borrowings
Borrowings totaled $115.4 million at
September 30, 2024 compared to $117.7 million and $25.8
million at June 30, 2024, and September 30, 2023,
respectively. During the first quarter of 2024, the Company
increased long-term borrowings by $100.0 million through an
unsecured 5.95% fixed rate 60-month term loan with a third party
correspondent bank. This increase in borrowings was to
strategically enhance capital levels in order to accommodate future
growth expectations.
Net Interest Income
Net interest income for the third quarter of
2024 was $97.0 million compared to $91.3 million for the second
quarter of 2024 and $89.4 million for the third quarter of 2023.
The net interest margin for the third quarter of 2024 and
second quarter of 2024 was 3.33% and 3.28%, respectively, an
increase of five basis points quarter over quarter. During the
third quarter of 2024, the average cost of interest-bearing
liabilities increased by two basis points, while the average yield
on interest-earning assets increased by six basis points.
The increase in net interest income for the
third quarter of 2024 compared to the third quarter of 2023 was
largely driven by growth in average loans and leases held for
investment. Partially mitigating this increase was a decrease in
the net interest margin by four basis points arising from an
increase in deposits and borrowings, combined with the increase in
average cost of funds, outpacing the increase in average yield on
interest-earning assets.
Noninterest Income
Noninterest income for the third quarter of 2024
was $32.9 million, a decrease of $1.2 million compared to the
second quarter of 2024, and a decrease of $5.0 million compared to
the third quarter of 2023. The primary drivers in noninterest
income changes are outlined below.
The loan servicing asset revaluation resulted in
a loss of $4.2 million for the third quarter of 2024 compared to a
$11.3 million gain for the third quarter of 2023. This decrease
between periods was principally due to the third quarter of 2023
change in valuation techniques used to estimate the fair value of
servicing rights which resulted in a nonrecurring gain of $13.7
million during that period.
Net gains on sales of loans was $16.6 million, a
$2.3 million increase compared to the second quarter of 2024 and a
$4.0 million increase compared to the third quarter of 2023. The
increase in net gains on sales of loans for both compared periods
was the result of higher levels of market premiums combined with
increased loan sale volumes. The average guaranteed loan sale
premium was 107%, 106% and 105% for the third and second quarters
of 2024 and third quarter of 2023, respectively. The volume of
guaranteed loans sold was $266.3 million for the third quarter of
2024 compared to $250.5 million sold in the second quarter of 2024
and $225.6 million sold in the third quarter of 2023.
Loans accounted for under the fair value option
had a net gain of $2.3 million for the third quarter of 2024,
compared to a net gain of $172 thousand for the second quarter of
2024 and a net loss of $568 thousand for the third quarter of 2023.
The increased levels of net gains arising from the valuation of
loans accounted for under the fair value option compared to the
second quarter of 2024 was largely associated with lower market
interest rates. The increase in net gains when compared to the
third quarter of 2023 was principally due to the third quarter of
2023 change in valuation techniques used to estimate the fair value
of loans measured at fair value, which resulted in a nonrecurring
gain of $1.3 million during that period.
Management fee income decreased by $2.2 million,
as compared to both the second quarter of 2024 and third quarter of
2023. This decrease was the result of a restructuring of the Canapi
Funds in the third quarter of 2024. In connection with that
restructuring, the Company’s subsidiary Canapi Advisors voluntarily
withdrew as an advisor to the funds. The Company remains an
investor in the Canapi Funds and continues its focus on new and
emerging financial technology companies.
Other noninterest income for the third quarter
of 2024 totaled $7.1 million compared to $11.0 million for the
second quarter of 2024 and $3.5 million for the third quarter of
2023. The quarter over quarter decrease of $3.9 million was largely
related to a $6.7 million gain arising from the sale of one of the
Company’s aircraft in the second quarter of 2024, partially offset
by a $2.4 million gain from the sale of a building in the third
quarter of 2024. The $3.6 million increase compared to the third
quarter of 2023 was largely related to the above mentioned $2.4
million gain from the sale of an idle building and accompanying
land that was determined earlier in 2024 not to be best suited to
serve the Company’s future expansion plans.
Noninterest Expense
Noninterest expense for the third quarter of
2024 totaled $77.6 million compared to $77.7 million for the second
quarter of 2024 and $74.3 million for the third quarter of 2023.
Compared to the third quarter of 2023, the increase in noninterest
expense was principally impacted by smaller balance increases in
various expense categories, partially offset by $2.2 million in
decreased levels of FDIC insurance expense. The decrease in FDIC
insurance expense was the product of favorable changes in the
Company’s FDIC assessment rates.
Asset Quality
During the third quarter of 2024, the Company
recognized net charge-offs for loans carried at historical cost of
$1.7 million, compared to $8.3 million in the second quarter of
2024 and $9.1 million in the third quarter of 2023. Net charge-offs
as a percentage of average held for investment loans and leases
carried at historical cost, annualized, for the quarters ended
September 30, 2024, June 30, 2024, and September 30,
2023, was 0.08%, 0.38% and 0.48%, respectively.
Unguaranteed nonperforming (nonaccrual) loans
and leases, excluding $8.7 million and $9.6 million accounted for
under the fair value option at September 30, 2024, and
June 30, 2024, respectively, increased to $49.4 million, or
0.52% of loans and leases held for investment which are carried at
historical cost, at September 30, 2024, compared to $37.3
million, or 0.42%, at June 30, 2024.
Provision for Credit Losses
The provision for credit losses for the third
quarter of 2024 totaled $34.5 million compared to $11.8 million for
the second quarter of 2024 and $10.3 million for the third quarter
of 2023. The level of provision expense in the third quarter of
2024 was primarily the result of specific reserve increases on
individually evaluated loans and continued growth of the loan and
lease portfolio. Provision expense for three individually evaluated
loan relationships amounted to $13.6 million, or 60.0% and 56.3% of
the increase in the total provision for loan and lease losses when
compared to the second quarter of 2024 and third quarter of 2023,
respectively.
The allowance for credit losses on loans and
leases totaled $168.7 million at September 30, 2024, compared
to $137.9 million at June 30, 2024. 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 1.78% and
1.57% at September 30, 2024, and June 30, 2024,
respectively.
Income Tax
Income tax expense and related effective tax
rate was $4.8 million and 27.0% for the third quarter of 2024, $9.1
million and 25.2% for the second quarter of 2024 and $3.0 million
and 6.9% for the third quarter of 2023, respectively. The lower
level of income tax expense for the third quarter of 2024 compared
to the second quarter of 2024 was primarily the result of the
decreased level of pretax income. The higher level of income tax
expense for the third quarter of 2024 as compared to the third
quarter of 2023 was primarily the result of lower levels of
anticipated investment tax credits in 2024 as compared to the prior
year.
Conference Call
Live Oak will host a conference call to discuss
the Company's financial results and business outlook tomorrow,
October 24, 2024, at 9:00 a.m. ET. The call will be
accessible by telephone and webcast using Conference ID: 04478. 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.: 800.549.8228 International: +1 646.564.2877 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; 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 or those of its third-party service providers;
technological risks and developments, including cyber threats,
attacks, or events; 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 |
|
3Q 2024 Change vs. |
| |
3Q 2024 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2024 |
|
3Q 2023 |
| Interest
income |
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
Loans and fees on loans |
$ |
192,170 |
|
|
$ |
181,840 |
|
|
$ |
176,010 |
|
|
$ |
169,531 |
|
|
$ |
162,722 |
|
|
|
5.7 |
|
|
|
18.1 |
|
| Investment securities,
taxable |
|
9,750 |
|
|
|
9,219 |
|
|
|
8,954 |
|
|
|
8,746 |
|
|
|
8,701 |
|
|
|
5.8 |
|
|
|
12.1 |
|
| Other interest earning
assets |
|
7,016 |
|
|
|
7,389 |
|
|
|
7,456 |
|
|
|
8,259 |
|
|
|
9,188 |
|
|
|
(5.0 |
) |
|
|
(23.6 |
) |
|
Total interest income |
|
208,936 |
|
|
|
198,448 |
|
|
|
192,420 |
|
|
|
186,536 |
|
|
|
180,611 |
|
|
|
5.3 |
|
|
|
15.7 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
110,174 |
|
|
|
105,358 |
|
|
|
101,998 |
|
|
|
96,695 |
|
|
|
90,914 |
|
|
|
4.6 |
|
|
|
21.2 |
|
| Borrowings |
|
1,762 |
|
|
|
1,770 |
|
|
|
311 |
|
|
|
265 |
|
|
|
287 |
|
|
|
(0.5 |
) |
|
|
513.9 |
|
|
Total interest expense |
|
111,936 |
|
|
|
107,128 |
|
|
|
102,309 |
|
|
|
96,960 |
|
|
|
91,201 |
|
|
|
4.5 |
|
|
|
22.7 |
|
| Net interest income |
|
97,000 |
|
|
|
91,320 |
|
|
|
90,111 |
|
|
|
89,576 |
|
|
|
89,410 |
|
|
|
6.2 |
|
|
|
8.5 |
|
|
Provision for credit losses |
|
34,502 |
|
|
|
11,765 |
|
|
|
16,364 |
|
|
|
8,995 |
|
|
|
10,279 |
|
|
|
193.3 |
|
|
|
235.7 |
|
|
Net interest income after provision for credit losses |
|
62,498 |
|
|
|
79,555 |
|
|
|
73,747 |
|
|
|
80,581 |
|
|
|
79,131 |
|
|
|
(21.4 |
) |
|
|
(21.0 |
) |
| Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan servicing revenue |
|
8,040 |
|
|
|
7,347 |
|
|
|
7,624 |
|
|
|
7,342 |
|
|
|
6,990 |
|
|
|
9.4 |
|
|
|
15.0 |
|
| Loan servicing asset
revaluation |
|
(4,207 |
) |
|
|
(2,878 |
) |
|
|
(2,744 |
) |
|
|
(3,974 |
) |
|
|
11,335 |
|
|
|
(46.2 |
) |
|
|
(137.1 |
) |
| Net gains on sales of
loans |
|
16,646 |
|
|
|
14,395 |
|
|
|
11,502 |
|
|
|
12,891 |
|
|
|
12,675 |
|
|
|
15.6 |
|
|
|
31.3 |
|
|
Net gain (loss) on loans accounted for under the fair value
option |
|
2,255 |
|
|
|
172 |
|
|
|
(219 |
) |
|
|
(170 |
) |
|
|
(568 |
) |
|
|
1211.0 |
|
|
|
497.0 |
|
|
Equity method investments (loss) income |
|
(1,393 |
) |
|
|
(1,767 |
) |
|
|
(5,022 |
) |
|
|
47 |
|
|
|
(1,034 |
) |
|
|
21.2 |
|
|
|
(34.7 |
) |
|
Equity security investments gains (losses), net |
|
909 |
|
|
|
161 |
|
|
|
(529 |
) |
|
|
(384 |
) |
|
|
(783 |
) |
|
|
464.6 |
|
|
|
216.1 |
|
| Lease income |
|
2,424 |
|
|
|
2,423 |
|
|
|
2,453 |
|
|
|
2,439 |
|
|
|
2,498 |
|
|
|
— |
|
|
|
(3.0 |
) |
| Management fee income |
|
1,116 |
|
|
|
3,271 |
|
|
|
3,271 |
|
|
|
3,309 |
|
|
|
3,277 |
|
|
|
(65.9 |
) |
|
|
(65.9 |
) |
| Other noninterest income |
|
7,142 |
|
|
|
11,035 |
|
|
|
9,761 |
|
|
|
8,607 |
|
|
|
3,501 |
|
|
|
(35.3 |
) |
|
|
104.0 |
|
|
Total noninterest income |
|
32,932 |
|
|
|
34,159 |
|
|
|
26,097 |
|
|
|
30,107 |
|
|
|
37,891 |
|
|
|
(3.6 |
) |
|
|
(13.1 |
) |
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
44,524 |
|
|
|
46,255 |
|
|
|
47,275 |
|
|
|
44,274 |
|
|
|
42,947 |
|
|
|
(3.7 |
) |
|
|
3.7 |
|
| Travel expense |
|
2,344 |
|
|
|
2,328 |
|
|
|
2,438 |
|
|
|
1,544 |
|
|
|
2,197 |
|
|
|
0.7 |
|
|
|
6.7 |
|
| Professional services
expense |
|
3,287 |
|
|
|
3,061 |
|
|
|
1,878 |
|
|
|
3,052 |
|
|
|
1,762 |
|
|
|
7.4 |
|
|
|
86.5 |
|
| Advertising and marketing
expense |
|
2,473 |
|
|
|
3,004 |
|
|
|
3,692 |
|
|
|
2,501 |
|
|
|
3,446 |
|
|
|
(17.7 |
) |
|
|
(28.2 |
) |
| Occupancy expense |
|
2,807 |
|
|
|
2,388 |
|
|
|
2,247 |
|
|
|
2,231 |
|
|
|
2,129 |
|
|
|
17.5 |
|
|
|
31.8 |
|
| Technology expense |
|
9,081 |
|
|
|
7,996 |
|
|
|
7,723 |
|
|
|
8,402 |
|
|
|
7,722 |
|
|
|
13.6 |
|
|
|
17.6 |
|
| Equipment expense |
|
3,472 |
|
|
|
3,511 |
|
|
|
3,074 |
|
|
|
3,480 |
|
|
|
3,676 |
|
|
|
(1.1 |
) |
|
|
(5.5 |
) |
| Other loan origination and
maintenance expense |
|
4,872 |
|
|
|
3,659 |
|
|
|
3,911 |
|
|
|
3,937 |
|
|
|
3,498 |
|
|
|
33.2 |
|
|
|
39.3 |
|
|
Renewable energy tax credit investment impairment (recovery) |
|
115 |
|
|
|
170 |
|
|
|
(927 |
) |
|
|
14,575 |
|
|
|
— |
|
|
|
(32.4 |
) |
|
|
100.0 |
|
|
FDIC insurance |
|
1,933 |
|
|
|
2,649 |
|
|
|
3,200 |
|
|
|
4,091 |
|
|
|
4,115 |
|
|
|
(27.0 |
) |
|
|
(53.0 |
) |
| Other expense |
|
2,681 |
|
|
|
2,635 |
|
|
|
3,226 |
|
|
|
5,117 |
|
|
|
2,770 |
|
|
|
1.7 |
|
|
|
(3.2 |
) |
|
Total noninterest expense |
|
77,589 |
|
|
|
77,656 |
|
|
|
77,737 |
|
|
|
93,204 |
|
|
|
74,262 |
|
|
|
(0.1 |
) |
|
|
4.5 |
|
| Income before
taxes |
|
17,841 |
|
|
|
36,058 |
|
|
|
22,107 |
|
|
|
17,484 |
|
|
|
42,760 |
|
|
|
(50.5 |
) |
|
|
(58.3 |
) |
| Income tax expense
(benefit) |
|
4,816 |
|
|
|
9,095 |
|
|
|
(5,479 |
) |
|
|
1,321 |
|
|
|
2,967 |
|
|
|
(47.0 |
) |
|
|
62.3 |
|
|
Net income |
$ |
13,025 |
|
|
$ |
26,963 |
|
|
$ |
27,586 |
|
|
$ |
16,163 |
|
|
$ |
39,793 |
|
|
|
(51.7 |
) |
|
|
(67.3 |
) |
| Earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.28 |
|
|
$ |
0.60 |
|
|
$ |
0.62 |
|
|
$ |
0.36 |
|
|
$ |
0.89 |
|
|
|
(53.3 |
) |
|
|
(68.5 |
) |
|
Diluted |
$ |
0.28 |
|
|
$ |
0.59 |
|
|
$ |
0.60 |
|
|
$ |
0.36 |
|
|
$ |
0.88 |
|
|
|
(52.5 |
) |
|
|
(68.2 |
) |
| Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
45,073,482 |
|
|
|
44,974,942 |
|
|
|
44,762,308 |
|
|
|
44,516,646 |
|
|
|
44,408,997 |
|
|
|
|
|
|
Diluted |
|
45,953,947 |
|
|
|
45,525,082 |
|
|
|
45,641,210 |
|
|
|
45,306,506 |
|
|
|
45,268,745 |
|
|
|
|
|
Live Oak Bancshares,
Inc.Quarterly Balance Sheets
(unaudited)(Dollars in thousands)
| |
As of the quarter ended |
|
3Q 2024 Change vs. |
| |
3Q 2024 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2024 |
|
3Q 2023 |
| Assets |
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
Cash and due from banks |
$ |
666,585 |
|
|
$ |
615,449 |
|
|
$ |
597,394 |
|
|
$ |
582,540 |
|
|
$ |
534,774 |
|
|
|
8.3 |
|
|
|
24.6 |
|
| Certificates of deposit with
other banks |
|
250 |
|
|
|
250 |
|
|
|
250 |
|
|
|
250 |
|
|
|
3,750 |
|
|
|
— |
|
|
|
(93.3 |
) |
| Investment securities
available-for-sale |
|
1,233,466 |
|
|
|
1,151,195 |
|
|
|
1,120,622 |
|
|
|
1,126,160 |
|
|
|
1,099,878 |
|
|
|
7.1 |
|
|
|
12.1 |
|
| Loans held for sale |
|
359,977 |
|
|
|
363,632 |
|
|
|
310,749 |
|
|
|
387,037 |
|
|
|
572,604 |
|
|
|
(1.0 |
) |
|
|
(37.1 |
) |
| Loans and leases held for
investment(1) |
|
9,831,891 |
|
|
|
9,172,134 |
|
|
|
8,912,561 |
|
|
|
8,633,847 |
|
|
|
8,202,631 |
|
|
|
7.2 |
|
|
|
19.9 |
|
|
Allowance for credit losses on loans and leases |
|
(168,737 |
) |
|
|
(137,867 |
) |
|
|
(139,041 |
) |
|
|
(125,840 |
) |
|
|
(121,273 |
) |
|
|
(22.4 |
) |
|
|
(39.1 |
) |
|
Net loans and leases |
|
9,663,154 |
|
|
|
9,034,267 |
|
|
|
8,773,520 |
|
|
|
8,508,007 |
|
|
|
8,081,358 |
|
|
|
7.0 |
|
|
|
19.6 |
|
| Premises and equipment,
net |
|
267,032 |
|
|
|
267,864 |
|
|
|
258,071 |
|
|
|
257,881 |
|
|
|
258,041 |
|
|
|
(0.3 |
) |
|
|
3.5 |
|
| Foreclosed assets |
|
8,015 |
|
|
|
8,015 |
|
|
|
8,561 |
|
|
|
6,481 |
|
|
|
6,701 |
|
|
|
— |
|
|
|
19.6 |
|
| Servicing assets |
|
52,553 |
|
|
|
51,528 |
|
|
|
49,343 |
|
|
|
48,591 |
|
|
|
47,127 |
|
|
|
2.0 |
|
|
|
11.5 |
|
| Other assets |
|
356,314 |
|
|
|
376,370 |
|
|
|
387,059 |
|
|
|
354,476 |
|
|
|
346,227 |
|
|
|
(5.3 |
) |
|
|
2.9 |
|
|
Total assets |
$ |
12,607,346 |
|
|
$ |
11,868,570 |
|
|
$ |
11,505,569 |
|
|
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
|
6.2 |
|
|
|
15.1 |
|
| Liabilities and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
258,844 |
|
|
$ |
264,013 |
|
|
$ |
226,668 |
|
|
$ |
259,270 |
|
|
$ |
239,536 |
|
|
|
(2.0 |
) |
|
|
8.1 |
|
|
Interest-bearing |
|
11,141,703 |
|
|
|
10,443,018 |
|
|
|
10,156,693 |
|
|
|
10,015,749 |
|
|
|
9,764,106 |
|
|
|
6.7 |
|
|
|
14.1 |
|
|
Total deposits |
|
11,400,547 |
|
|
|
10,707,031 |
|
|
|
10,383,361 |
|
|
|
10,275,019 |
|
|
|
10,003,642 |
|
|
|
6.5 |
|
|
|
14.0 |
|
| Borrowings |
|
115,371 |
|
|
|
117,745 |
|
|
|
120,242 |
|
|
|
23,354 |
|
|
|
25,847 |
|
|
|
(2.0 |
) |
|
|
346.4 |
|
| Other liabilities |
|
83,672 |
|
|
|
82,745 |
|
|
|
74,248 |
|
|
|
70,384 |
|
|
|
70,603 |
|
|
|
1.1 |
|
|
|
18.5 |
|
|
Total liabilities |
|
11,599,590 |
|
|
|
10,907,521 |
|
|
|
10,577,851 |
|
|
|
10,368,757 |
|
|
|
10,100,092 |
|
|
|
6.3 |
|
|
|
14.8 |
|
| Shareholders’
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value, 1,000,000 shares authorized, none
issued or outstanding |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Class A common stock
(voting) |
|
361,925 |
|
|
|
356,381 |
|
|
|
349,648 |
|
|
|
344,568 |
|
|
|
340,929 |
|
|
|
1.6 |
|
|
|
6.2 |
|
|
Class B common stock (non-voting) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Retained earnings |
|
707,026 |
|
|
|
695,172 |
|
|
|
669,307 |
|
|
|
642,817 |
|
|
|
627,759 |
|
|
|
1.7 |
|
|
|
12.6 |
|
|
Accumulated other comprehensive loss |
|
(61,195 |
) |
|
|
(90,504 |
) |
|
|
(91,237 |
) |
|
|
(84,719 |
) |
|
|
(118,320 |
) |
|
|
32.4 |
|
|
|
48.3 |
|
|
Total shareholders' equity |
|
1,007,756 |
|
|
|
961,049 |
|
|
|
927,718 |
|
|
|
902,666 |
|
|
|
850,368 |
|
|
|
4.9 |
|
|
|
18.5 |
|
|
Total liabilities and shareholders’ equity |
$ |
12,607,346 |
|
|
$ |
11,868,570 |
|
|
$ |
11,505,569 |
|
|
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
|
6.2 |
|
|
|
15.1 |
|
(1) Includes $343.4 million, $363.0 million,
$379.2 million, $388.0 million and $410.1 million measured at fair
value for the quarters ended September 30, 2024, June 30,
2024, March 31, 2024, December 31, 2023, and
September 30, 2023, respectively.
Live Oak Bancshares,
Inc.Statements of Income
(unaudited)(Dollars in thousands, except per share
data)
| |
Nine Months Ended |
| |
September 30, 2024 |
|
September 30, 2023 |
| Interest
income |
|
|
|
|
Loans and fees on loans |
$ |
550,020 |
|
|
$ |
454,136 |
|
| Investment securities,
taxable |
|
27,923 |
|
|
|
24,751 |
|
| Other interest earning
assets |
|
21,861 |
|
|
|
22,852 |
|
|
Total interest income |
|
599,804 |
|
|
|
501,739 |
|
| Interest
expense |
|
|
|
| Deposits |
|
317,530 |
|
|
|
243,512 |
|
| Borrowings |
|
3,843 |
|
|
|
2,498 |
|
|
Total interest expense |
|
321,373 |
|
|
|
246,010 |
|
| Net interest income |
|
278,431 |
|
|
|
255,729 |
|
| Provision for credit
losses |
|
62,631 |
|
|
|
42,328 |
|
| Net interest income after
provision for credit losses |
|
215,800 |
|
|
|
213,401 |
|
| Noninterest
income |
|
|
|
| Loan servicing revenue |
|
23,011 |
|
|
|
20,057 |
|
| Loan servicing asset
revaluation |
|
(9,829 |
) |
|
|
8,860 |
|
| Net gains on sales of
loans |
|
42,543 |
|
|
|
33,654 |
|
| Net gain (loss) on loans
accounted for under the fair value option |
|
2,208 |
|
|
|
(3,369 |
) |
| Equity method investments
(loss) income |
|
(8,182 |
) |
|
|
(6,041 |
) |
| Equity security investments
gain (losses), net |
|
541 |
|
|
|
(585 |
) |
| Lease income |
|
7,300 |
|
|
|
7,568 |
|
| Management fee income |
|
7,658 |
|
|
|
10,015 |
|
| Other noninterest income |
|
27,938 |
|
|
|
11,467 |
|
|
Total noninterest income |
|
93,188 |
|
|
|
81,626 |
|
| Noninterest
expense |
|
|
|
| Salaries and employee
benefits |
|
138,054 |
|
|
|
130,778 |
|
| Travel expense |
|
7,110 |
|
|
|
7,378 |
|
| Professional services
expense |
|
8,226 |
|
|
|
4,685 |
|
| Advertising and marketing
expense |
|
9,169 |
|
|
|
10,058 |
|
| Occupancy expense |
|
7,442 |
|
|
|
6,259 |
|
| Technology expense |
|
24,800 |
|
|
|
23,456 |
|
| Equipment expense |
|
10,057 |
|
|
|
11,517 |
|
| Other loan origination and
maintenance expense |
|
12,442 |
|
|
|
10,867 |
|
| Renewable energy tax credit
investment (recovery) impairment |
|
(642 |
) |
|
|
69 |
|
| FDIC insurance |
|
7,782 |
|
|
|
12,579 |
|
| Other expense |
|
8,542 |
|
|
|
12,035 |
|
|
Total noninterest expense |
|
232,982 |
|
|
|
229,681 |
|
| Income before
taxes |
|
76,006 |
|
|
|
65,346 |
|
| Income tax expense |
|
8,432 |
|
|
|
7,611 |
|
|
Net income |
$ |
67,574 |
|
|
$ |
57,735 |
|
| Earnings per
share |
|
|
|
|
Basic |
$ |
1.50 |
|
|
$ |
1.30 |
|
|
Diluted |
$ |
1.48 |
|
|
$ |
1.28 |
|
| Weighted average
shares outstanding |
|
|
|
|
Basic |
|
44,937,409 |
|
|
|
44,298,798 |
|
|
Diluted |
|
45,707,245 |
|
|
|
45,023,739 |
|
Live Oak Bancshares,
Inc.Quarterly Selected Financial
Data(Dollars in thousands, except per share data)
| |
As of and for the three months ended |
| |
3Q 2024 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
| Income Statement
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
13,025 |
|
|
$ |
26,963 |
|
|
$ |
27,586 |
|
|
$ |
16,163 |
|
|
$ |
39,793 |
|
| Per Common
Share |
|
|
|
|
|
|
|
|
|
| Net income, diluted |
$ |
0.28 |
|
|
$ |
0.59 |
|
|
$ |
0.60 |
|
|
$ |
0.36 |
|
|
$ |
0.88 |
|
| Dividends declared |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
| Book value |
|
22.32 |
|
|
|
21.35 |
|
|
|
20.64 |
|
|
|
20.23 |
|
|
|
19.12 |
|
| Tangible book value(1) |
|
22.24 |
|
|
|
21.28 |
|
|
|
20.57 |
|
|
|
20.15 |
|
|
|
19.04 |
|
| Performance
Ratios |
|
|
|
|
|
|
|
|
|
| Return on average assets
(annualized) |
|
0.43 |
% |
|
|
0.93 |
% |
|
|
0.98 |
% |
|
|
0.58 |
% |
|
|
1.46 |
% |
| Return on average equity
(annualized) |
|
5.21 |
|
|
|
11.39 |
|
|
|
11.93 |
|
|
|
7.36 |
|
|
|
18.68 |
|
| Net interest margin |
|
3.33 |
|
|
|
3.28 |
|
|
|
3.33 |
|
|
|
3.32 |
|
|
|
3.37 |
|
| Efficiency ratio(1) |
|
59.72 |
|
|
|
61.89 |
|
|
|
66.89 |
|
|
|
77.88 |
|
|
|
58.34 |
|
| Noninterest income to total
revenue |
|
25.35 |
|
|
|
27.22 |
|
|
|
22.46 |
|
|
|
25.16 |
|
|
|
29.76 |
|
| Selected Loan
Metrics |
|
|
|
|
|
|
|
|
|
| Loans and leases
originated |
$ |
1,757,856 |
|
|
$ |
1,171,141 |
|
|
$ |
805,129 |
|
|
$ |
981,703 |
|
|
$ |
1,073,255 |
|
| Outstanding balance of sold
loans serviced |
|
4,452,750 |
|
|
|
4,292,857 |
|
|
|
4,329,097 |
|
|
|
4,238,328 |
|
|
|
4,028,575 |
|
| Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
loans and leases held for investment(3) |
|
1.78 |
% |
|
|
1.57 |
% |
|
|
1.63 |
% |
|
|
1.53 |
% |
|
|
1.56 |
% |
| Net charge-offs(3) |
$ |
1,710 |
|
|
$ |
8,253 |
|
|
$ |
3,163 |
|
|
$ |
4,428 |
|
|
$ |
9,122 |
|
| Net charge-offs to average
loans and leases held for investment(2) (3) |
|
0.08 |
% |
|
|
0.38 |
% |
|
|
0.15 |
% |
|
|
0.22 |
% |
|
|
0.48 |
% |
| |
|
|
|
|
|
|
|
|
|
| Nonperforming loans and leases
at historical cost(3) |
|
|
|
|
|
|
|
|
|
|
Unguaranteed |
$ |
49,398 |
|
|
$ |
37,340 |
|
|
$ |
43,117 |
|
|
$ |
39,285 |
|
|
$ |
33,255 |
|
|
Guaranteed |
|
166,177 |
|
|
|
122,752 |
|
|
|
105,351 |
|
|
|
95,678 |
|
|
|
65,837 |
|
|
Total |
|
215,575 |
|
|
|
160,092 |
|
|
|
148,468 |
|
|
|
134,963 |
|
|
|
99,092 |
|
| Unguaranteed nonperforming
historical cost loans and leases, to loans and leases held for
investment(3) |
|
0.52 |
% |
|
|
0.42 |
% |
|
|
0.51 |
% |
|
|
0.48 |
% |
|
|
0.43 |
% |
| |
|
|
|
|
|
|
|
|
|
| Nonperforming loans at fair
value(4) |
|
|
|
|
|
|
|
|
|
|
Unguaranteed |
$ |
8,672 |
|
|
$ |
9,590 |
|
|
$ |
7,942 |
|
|
$ |
7,230 |
|
|
$ |
6,518 |
|
|
Guaranteed |
|
49,822 |
|
|
|
51,570 |
|
|
|
47,620 |
|
|
|
41,244 |
|
|
|
39,378 |
|
|
Total |
|
58,494 |
|
|
|
61,160 |
|
|
|
55,562 |
|
|
|
48,474 |
|
|
|
45,896 |
|
| Unguaranteed nonperforming
fair value loans to fair value loans held for
investment(4) |
|
2.53 |
% |
|
|
2.64 |
% |
|
|
2.09 |
% |
|
|
1.86 |
% |
|
|
1.59 |
% |
| |
|
|
|
|
|
|
|
|
|
| Capital
Ratios |
|
|
|
|
|
|
|
|
|
| Common equity tier 1 capital
(to risk-weighted assets) |
|
11.19 |
% |
|
|
11.85 |
% |
|
|
11.89 |
% |
|
|
11.73 |
% |
|
|
11.63 |
% |
|
Tier 1 leverage capital (to average assets) |
|
8.60 |
|
|
|
8.71 |
|
|
|
8.69 |
|
|
|
8.58 |
|
|
|
8.56 |
|
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 EndedSeptember 30,
2024 |
|
Three Months EndedJune 30,
2024 |
| |
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning balances in other banks |
$ |
519,340 |
|
|
$ |
7,016 |
|
|
|
5.37 |
% |
|
$ |
555,570 |
|
|
$ |
7,389 |
|
|
|
5.35 |
% |
|
Investment securities |
|
1,287,410 |
|
|
|
9,750 |
|
|
|
3.01 |
|
|
|
1,263,675 |
|
|
|
9,219 |
|
|
|
2.93 |
|
|
Loans held for sale |
|
409,902 |
|
|
|
9,859 |
|
|
|
9.57 |
|
|
|
387,824 |
|
|
|
9,329 |
|
|
|
9.67 |
|
|
Loans and leases held for investment(1) |
|
9,354,522 |
|
|
|
182,311 |
|
|
|
7.75 |
|
|
|
8,997,164 |
|
|
|
172,511 |
|
|
|
7.71 |
|
| Total interest-earning
assets |
|
11,571,174 |
|
|
|
208,936 |
|
|
|
7.18 |
|
|
|
11,204,233 |
|
|
|
198,448 |
|
|
|
7.12 |
|
| Less: Allowance for credit
losses on loans and leases |
|
(137,285 |
) |
|
|
|
|
|
|
(136,668 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
567,098 |
|
|
|
|
|
|
|
562,488 |
|
|
|
|
|
|
Total assets |
$ |
12,000,987 |
|
|
|
|
|
|
$ |
11,630,053 |
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
$ |
350,239 |
|
|
$ |
4,892 |
|
|
|
5.56 |
% |
|
$ |
304,505 |
|
|
$ |
4,267 |
|
|
|
5.64 |
% |
|
Savings |
|
5,043,930 |
|
|
|
51,516 |
|
|
|
4.06 |
|
|
|
4,804,037 |
|
|
|
48,617 |
|
|
|
4.07 |
|
|
Money market accounts |
|
134,481 |
|
|
|
190 |
|
|
|
0.56 |
|
|
|
128,625 |
|
|
|
186 |
|
|
|
0.58 |
|
|
Certificates of deposit |
|
5,028,830 |
|
|
|
53,576 |
|
|
|
4.24 |
|
|
|
5,032,856 |
|
|
|
52,288 |
|
|
|
4.18 |
|
|
Total deposits |
|
10,557,480 |
|
|
|
110,174 |
|
|
|
4.15 |
|
|
|
10,270,023 |
|
|
|
105,358 |
|
|
|
4.13 |
|
|
Borrowings |
|
116,925 |
|
|
|
1,762 |
|
|
|
6.00 |
|
|
|
119,321 |
|
|
|
1,770 |
|
|
|
5.97 |
|
| Total interest-bearing
liabilities |
|
10,674,405 |
|
|
|
111,936 |
|
|
|
4.17 |
|
|
|
10,389,344 |
|
|
|
107,128 |
|
|
|
4.15 |
|
| Noninterest-bearing
deposits |
|
237,387 |
|
|
|
|
|
|
|
223,026 |
|
|
|
|
|
| Noninterest-bearing
liabilities |
|
90,079 |
|
|
|
|
|
|
|
70,667 |
|
|
|
|
|
| Shareholders' equity |
|
999,116 |
|
|
|
|
|
|
|
947,016 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
12,000,987 |
|
|
|
|
|
|
$ |
11,630,053 |
|
|
|
|
|
| Net interest income and
interest rate spread |
|
|
$ |
97,000 |
|
|
|
3.01 |
% |
|
|
|
$ |
91,320 |
|
|
|
2.97 |
% |
| Net interest margin |
|
|
|
|
|
3.33 |
|
|
|
|
|
|
|
3.28 |
|
| Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
|
108.40 |
% |
|
|
|
|
|
|
107.84 |
% |
(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 |
| |
3Q 2024 |
|
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
Total shareholders’ equity |
$ |
1,007,756 |
|
|
$ |
961,049 |
|
|
$ |
927,718 |
|
|
$ |
902,666 |
|
|
$ |
850,368 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
Other intangible assets |
|
1,606 |
|
|
|
1,644 |
|
|
|
1,682 |
|
|
|
1,721 |
|
|
|
1,759 |
|
| Tangible shareholders’ equity
(a) |
$ |
1,004,353 |
|
|
$ |
957,608 |
|
|
$ |
924,239 |
|
|
$ |
899,148 |
|
|
$ |
846,812 |
|
| Shares outstanding (c) |
|
45,151,691 |
|
|
|
45,003,856 |
|
|
|
44,938,673 |
|
|
|
44,617,673 |
|
|
|
44,480,215 |
|
| Total assets |
$ |
12,607,346 |
|
|
$ |
11,868,570 |
|
|
$ |
11,505,569 |
|
|
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
Other intangible assets |
|
1,606 |
|
|
|
1,644 |
|
|
|
1,682 |
|
|
|
1,721 |
|
|
|
1,759 |
|
| Tangible assets (b) |
$ |
12,603,943 |
|
|
$ |
11,865,129 |
|
|
$ |
11,502,090 |
|
|
$ |
11,267,905 |
|
|
$ |
10,946,904 |
|
|
Tangible shareholders’ equity to tangible assets (a/b) |
|
7.97 |
% |
|
|
8.07 |
% |
|
|
8.04 |
% |
|
|
7.98 |
% |
|
|
7.74 |
% |
| Tangible book value per share
(a/c) |
$ |
22.24 |
|
|
$ |
21.28 |
|
|
$ |
20.57 |
|
|
$ |
20.15 |
|
|
$ |
19.04 |
|
| Efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
Noninterest expense (d) |
$ |
77,589 |
|
|
$ |
77,656 |
|
|
$ |
77,737 |
|
|
$ |
93,204 |
|
|
$ |
74,262 |
|
|
Net interest income |
|
97,000 |
|
|
|
91,320 |
|
|
|
90,111 |
|
|
|
89,576 |
|
|
|
89,410 |
|
|
Noninterest income |
|
32,932 |
|
|
|
34,159 |
|
|
|
26,097 |
|
|
|
30,107 |
|
|
|
37,891 |
|
|
Total revenue (e) |
$ |
129,932 |
|
|
$ |
125,479 |
|
|
$ |
116,208 |
|
|
$ |
119,683 |
|
|
$ |
127,301 |
|
|
Efficiency ratio (d/e) |
|
59.72 |
% |
|
|
61.89 |
% |
|
|
66.89 |
% |
|
|
77.88 |
% |
|
|
58.34 |
% |
|
Pre-provision net revenue (e-d) |
$ |
52,343 |
|
|
$ |
47,823 |
|
|
$ |
38,471 |
|
|
$ |
26,479 |
|
|
$ |
53,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
This press release presents 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)
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