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Live Oak Bancshares (LOB) Q2 Earnings and Revenues Top Estimates
ZACKS· 2024-07-24 23:10
Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the com ...
Live Oak(LOB) - 2024 Q2 - Quarterly Results
2024-07-24 20:47
Financial Performance - Total revenue for Q2 2024 was $125.5 million, an increase of 8.0% from Q1 2024 ($116.2 million) and up from $108.5 million in Q2 2023[2] - Net income for Q2 2024 was $27.0 million, a decrease of 2.3% from Q1 2024 ($27.6 million) and an increase from $17.5 million in Q2 2023[2] - Noninterest income for Q2 2024 was $34.2 million, an increase of $8.1 million from Q1 2024 and up $10.0 million from Q2 2023[6] - Net income for Q2 2024 was $27.0 million, or $0.59 per diluted share, reflecting solid growth in loans, deposits, and revenue[16] - Net interest income for Q2 2024 was $91.3 million, compared to $90.1 million in Q1 2024 and $84.3 million in Q2 2023[21] - Noninterest income for the six months ended June 30, 2024, was $60.3 million, up from $43.7 million for the same period in 2023, indicating a 37.7% increase[56] - The company reported a net income of $54.5 million for the six months ended June 30, 2024, compared to $17.9 million for the same period in 2023, marking a significant increase[56] - Basic earnings per share for the six months ended June 30, 2024, were $1.22, compared to $0.41 for the same period in 2023[56] Loan and Lease Activity - Loans and leases originated in Q2 2024 totaled $1.17 billion, a significant increase of 45.5% compared to Q1 2024 ($805.1 million) and up from $861.0 million in Q2 2023[2] - Total loan and lease portfolio reached $9.54 billion, a 3.4% increase from Q1 2024 and a 14.1% increase year-over-year[18] - Loan and lease originations totaled $1.17 billion in Q2 2024, up $366.0 million, or 45.5%, from Q1 2024[18] - Loans and leases held for investment rose to $9,172,134 million, reflecting a 2.9% increase from Q1 2024[29] - The average yield on loans held for investment was 7.71% for the three months ended June 30, 2024, compared to 7.70% for the previous quarter[45] Asset and Deposit Growth - Total assets as of June 30, 2024, were $11.87 billion, an increase of 3.2% from March 31, 2024 ($11.51 billion)[2] - Total deposits reached $10.71 billion in Q2 2024, up 3.1% from Q1 2024 ($10.38 billion)[2] - Total deposits increased to $10.71 billion, a rise of $323.7 million from Q1 2024 and $827.9 million from Q2 2023[19] - Total assets increased to $11,868,570 million in Q2 2024, up 3.2% from Q1 2024[29] - Total deposits increased to $10.27 billion as of June 30, 2024, from $10.07 billion as of March 31, 2024[45] Credit Losses and Provisions - The provision for credit losses in Q2 2024 was $11.8 million, down from $16.4 million in Q1 2024 and $13.0 million in Q2 2023[9] - Provision for credit losses was $11.8 million in Q2 2024, down 28.1% from Q1 2024[21] - Net charge-offs for loans carried at historical cost were $8.3 million in Q2 2024, compared to $3.2 million in Q1 2024 and $1.2 million in Q2 2023, with a net charge-off percentage of 0.38%[54] - The allowance for credit losses on loans and leases was $137.9 million, representing 1.57% of total loans and leases as of June 30, 2024[9] Efficiency and Ratios - The efficiency ratio improved to 61.89% in Q2 2024, down from 66.89% in Q1 2024[32] - Noninterest expense for Q2 2024 was $77.7 million, unchanged from Q1 2024 and up from $76.5 million in Q2 2023[7] - The net interest margin for Q2 2024 was 3.28%, a decrease of five basis points from Q1 2024[21] - The net interest margin decreased to 3.28% in Q2 2024 from 3.33% in Q1 2024[32] - The ratio of average total loans and leases to average interest-bearing deposits was 91.4% for Q2 2024, up from 90.4% in Q1 2024[19] - The tangible shareholders' equity to tangible assets ratio improved to 8.07% in Q2 2024 from 8.04% in Q1 2024, indicating a stronger capital position[57] Shareholder Information - Total shareholders' equity increased to $961,049 million, a 3.6% rise from $927,718 million in Q1 2024[29] - Tangible shareholders' equity rose to $957.608 million in Q2 2024, up from $924.239 million in Q1 2024, marking a 3.6% increase[57] - Tangible book value per share increased to $21.28 in Q2 2024, up from $20.57 in Q1 2024, a growth of 3.4%[57] - Shares outstanding rose to 45,003,856 in Q2 2024 from 44,938,673 in Q1 2024, reflecting an increase of 0.1%[57] Future Outlook - The company plans to host a conference call on July 25, 2024, to discuss financial results and business outlook[50]
Live Oak Bancshares, Inc. Announces Date of Second Quarter 2024 Financial Results
Newsfilter· 2024-07-10 12:30
In conjunction with this announcement, Live Oak will host a conference call to discuss the company's financial results and business outlook on Thursday, July 25, 2024, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 54806566. 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. Live Telephone Dial-In U.S.: 888.259.6580 International: +1 416.764.8624 Pass Code: None Req ...
Live Oak Bancshares, Inc. Announces Date of Second Quarter 2024 Financial Results
GlobeNewswire News Room· 2024-07-10 12:30
In conjunction with this announcement, Live Oak will host a conference call to discuss the company's financial results and business outlook on Thursday, July 25, 2024, at 9:00 a.m. ET. The conference call details are as follows: Live Webcast Log-In Webcast Link: investor.liveoakbank.com Registration: Name and Email Required Multi-Factor Code: Provided After Registration Contacts: Walter J. Phifer | CFO 910.202.6929 WILMINGTON, N.C., July 10, 2024 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. ("Live Oak") (N ...
Live Oak Bancshares Announces Michael J. Cairns to be Named as Chief Credit Officer as Steven J.
GlobeNewswire News Room· 2024-06-27 20:45
"Steve's work and leadership have contributed greatly to Live Oak's impeccable credit culture. Michael has been at his side for years, creating the perfect hand off for Steve to help us expand our commercial banking efforts while keeping safety and soundness a priority for the bank," said James S. (Chip) Mahan II, Chairman and CEO of Live Oak. "Michael will be an exceptional addition to our credit legacy, and we are excited to have him lead the team." Prior to joining Live Oak, Cairns spent a decade in lend ...
Live Oak Bancshares Announces Michael J. Cairns to be Named as Chief Credit Officer as Steven J. Smits Will Take New Role as Head of Commercial Banking
Newsfilter· 2024-06-27 20:45
WILMINGTON, N.C., June 27, 2024 (GLOBE NEWSWIRE) -- Live Oak Bancshares announced today that its Board of Directors has appointed Michael J. Cairns as Chief Credit Officer, effective August 1, 2024. Cairns will serve as CCO for both Live Oak Bancshares and Live Oak Bank and succeeds Steven J. Smits who has served in the position for 9 years. Smits is taking on a new role as head of commercial banking. Cairns previously served as Head of Credit and has been with Live Oak since 2015. He brings deep experience ...
Live Oak(LOB) - 2024 Q1 - Quarterly Report
2024-05-10 16:15
Table of Contents or o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________. Commission file number: 001-37497 LIVE OAK BANCSHARES, INC. (Exact name of registrant as specified in its charter) North Carolina 26-4596286 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended Mar ...
Live Oak(LOB) - 2024 Q1 - Earnings Call Transcript
2024-04-25 21:16
Live Oak Bancshares, Inc. (NYSE:LOB) Q1 2024 Earnings Conference Call April 25, 2024 9:00 AM ET Company Participants Greg Seward - Chief Risk Officer and General Counsel James S. Mahan - Chairman and CEO Steve Smits - Chief Credit Officer Walt Phifer - CFO BJ Losch - President Conference Call Participants Alex Lau - JPMorgan Brandon King - Truist David Feaster - Raymond James Operator Good morning, ladies and gentlemen and welcome to the Q1 2024 Live Oak Bancshares Earning Call. At this time all lines are i ...
Live Oak(LOB) - 2024 Q1 - Earnings Call Presentation
2024-04-25 19:29
Non-GAAP Measures LIVE OAK BANCSHARES Q1 GAAP RESULTS LIVE OAK FOCUS – SOUNDNESS | PROFITABILITY | GROWTH Information in this presentation may contain "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These statements generally relate to our financial condition, results of operations, plans, objectives, future performance or business and usually can be identified by the use of forward-looking terminology such as "may," "will," "would," "should," "could," "expect," "an ...
Live Oak Bancshares (LOB) Reports Q1 Earnings: What Key Metrics Have to Say
Zacks Investment Research· 2024-04-25 00:36
For the quarter ended March 2024, Live Oak Bancshares (LOB) reported revenue of $116.21 million, up 14.4% over the same period last year. EPS came in at $0.36, compared to $0.01 in the year-ago quarter.The reported revenue represents a surprise of -2.26% over the Zacks Consensus Estimate of $118.89 million. With the consensus EPS estimate being $0.48, the EPS surprise was -25.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...