"On the deposit side, we continue to have success growing our online savings and CD portfolios with balances up over 50 percent year-over-year,” said Live Oak Bank President Huntley Garriott in Thursday’s earnings conference call.
"The market remains competitive as we've seen in the roughly 70-basis-point increase in our cost of retail deposits over the year, but the business remains extremely efficient with only 13 basis points of direct expenses to run the entire platform,” he continued. "We're confident that in 2019 the technology investments we've made over the last several years will allow us to introduce new deposit products, including checking accounts, and deliver them across multiple channels, including to our small business customers and through banking as a service partnership."
More recently, during the partial federal government shutdown, Live Oak officials have been keeping an eye on the impact the shutdown has had on USDA and SBA loans.
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The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.