Print
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.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Nealjohnson 12191614553

Add Value to Your Home with a Fire Pit

Neal Johnson - Network Real Estate
Tysonemery

Protect Yourself from Cyber Crime in Real Estate Transactions

Tyson Emery - KBT Realty
Mc2 56882

Building Insights: Craig Stevens

Scott Byers - Majestic Kitchen & Bath Creations

Trending News

Open For Business: New Announcements (Sept. 21)

Johanna Cano - Sep 21, 2018

SBA To Set Up Shop At Wilmington Chamber

Christina Haley O'Neal - Sep 21, 2018

The Future After Flo

Cece Nunn - Sep 21, 2018

Scenes From Hurricane Florence

Michael Cline Spencer - Sep 21, 2018

Health Providers Give Recovery Updates

Ken Little - Sep 21, 2018

In The Current Issue

WordPress Conference Cancels Due To Hurricane   

WordCamp Wilmington was among the events canceled because of Hurricane Florence....


Checklist Of Post-storm Resources

Hurricane Florence has left many homes and businesses in the area with damages that range from simple repairs to more complicated and time-c...


Marpac Adds Tools For Better Sleep

Wilmington-based Marpac is crashing further into the sleep industry with a line of products to help people get shut eye....

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes