Live Oak Bancshares’ net earnings took a sharp upward turn the third quarter of 2017, as compared with the same quarter last year.
A report filed Monday with the Securities and Exchange Commission repeated the company’s recent earnings announcement. It stated that the Wilmington-based banking company’s third-quarter net earnings available to common shareholders were $12.9 million, or $0.33 per diluted share. That’s more than three times the net earnings of $3.5 million, or $0.10 per diluted share, that Live Oak reported for the third quarter of 2016.
“We are very pleased with our third quarter performance. We continue our mission to serve the needs of small businesses with year-to-date loan and lease originations of $1.45 billion nearly matching our production for all of 2016,” Live Oak chairman and CEO James “Chip” Mahan said in the initial announcement.
“Adding to this excitement, we also raised over $100 million in capital which will expedite the pursuit of our growth trajectory and the many exciting opportunities presented to us," he said. "The recent closing of our joint venture with First Data Corporation to create Apiture will significantly enhance our endeavor to revolutionize the industry with open API's on next generation financial institution platforms.”
The earnings report included the following highlights:
“I have never been more excited about our business at Live Oak Bancshares and Live Oak Bank in our history,” Mahan said during the earnings call that followed release of the earnings report.
Live Oak Bancshares, parent of Live Oak Bank, was founded in 2007. It went public in July 2015 and trades as LOB on Nasdaq. At 1 p.m. Tuesday, shares were trading at $23.65.
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