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Banking & Finance

Live Oak Reports Growth In Second Quarter

By Jenny Callison, posted Sep 7, 2018
Wilmington-based Live Oak Bancshares (Nasdaq: LOB) logged another successful quarter, according to a July 25 release from the company.
 
Live Oak reported second quarter net earnings available to common shareholders of $14.3 million, or $0.34 per diluted share, compared to $9.8 million, or $0.27 per diluted share, for the second quarter of 2017. That’s a 46 percent year-over-year increase.
 
The net earnings for Q2 were up from those of the first quarter of 2018 as well, the bank company reported. At March 31 of this year, net earnings were nearly $12.5 million, or $0.30 per diluted share.
 
“The power of the Live Oak franchise was on full display in the second quarter as we set a quarterly record with $15.1 million in non- GAAP pre-tax income. Our recurring revenue streams continue to grow in prominence as the loan and lease portfolio grew 35% in the past year,” Live Oak Chairman and CEO Chip Mahan said in the release.
 
At the end of Q2, the total loan and lease portfolio was at $2.29 billion, according to the release.
 
While lending numbers continued to trend upward, Live Oak Bancshares’ total deposit figure of $2.97 billion June 30 was essentially unchanged from the March 31 level.
 
“Following successful strategic campaigns in the first quarter of 2018 to strengthen the company’s liquidity position, deposit gathering in the second quarter of 2018 served to maintain the deposit portfolio levels,” the release stated.
 
“Our unique business model and superior talent positions us to thrive in the digital transformation underway in the financial services industry. We remain passionately focused on serving the needs of small businesses through innovative technology solutions,” Mahan said in the release.
 
As of Aug. 23, LOB shares were at $29.85.
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