Live Oak(US:LOB)2024-07-24 20:47Financial 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]