Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”)
today reported second quarter of 2024 net income of $27.0 million,
or $0.59 per diluted share.
“Live Oak delivered a solid quarter with growth
in loans, deposits and revenue as we continue our mission to serve
small businesses across the country,” said Live Oak Chairman and
Chief Executive Officer James S. (Chip) Mahan III. “The strength of
our portfolio is due to the quality of the entrepreneurs we serve.
Our focus on credit strength, specialized industries and deep
expertise continues to demonstrate the power of our franchise, and
we are confident in the long-term opportunities ahead.”
Second Quarter 2024 Key
Measures
| (Dollars in
thousands, except per share data) |
|
|
|
Increase (Decrease) |
|
|
| |
2Q 2024 |
|
1Q 2024 |
|
Dollars |
|
Percent |
|
2Q 2023 |
|
Total revenue (1) |
$ |
125,479 |
|
|
$ |
116,208 |
|
|
$ |
9,271 |
|
|
|
8.0 |
% |
|
$ |
108,458 |
|
| Total noninterest
expense |
|
77,656 |
|
|
|
77,737 |
|
|
|
(81 |
) |
|
|
(0.1) |
|
|
|
76,457 |
|
| Income before
taxes |
|
36,058 |
|
|
|
22,107 |
|
|
|
13,951 |
|
|
|
63.1 |
|
|
|
18,973 |
|
| Effective tax
rate |
|
25.2 |
% |
|
|
(24.8) |
% |
|
|
n/a |
|
|
|
n/a |
|
|
|
7.5 |
% |
| Net
income |
$ |
26,963 |
|
|
$ |
27,586 |
|
|
$ |
(623 |
) |
|
|
(2.3) |
% |
|
$ |
17,544 |
|
| Diluted earnings per
share |
|
0.59 |
|
|
|
0.60 |
|
|
|
(0.01 |
) |
|
|
(1.7) |
|
|
|
0.39 |
|
| Loan and lease
production: |
|
|
|
|
|
|
|
|
|
|
Loans and leases originated |
$ |
1,171,141 |
|
|
$ |
805,129 |
|
|
$ |
366,012 |
|
|
|
45.5 |
% |
|
$ |
861,033 |
|
|
% Fully funded |
|
38.2 |
% |
|
|
43.8 |
% |
|
|
n/a |
|
|
|
n/a |
|
|
|
49.4 |
% |
| Total loans and
leases: |
$ |
9,535,766 |
|
|
$ |
9,223,310 |
|
|
$ |
312,456 |
|
|
|
3.4 |
% |
|
$ |
8,360,174 |
|
| Total
assets: |
|
11,868,570 |
|
|
|
11,505,569 |
|
|
|
363,001 |
|
|
|
3.2 |
|
|
|
10,819,196 |
|
| Total
deposits: |
|
10,707,031 |
|
|
|
10,383,361 |
|
|
|
323,670 |
|
|
|
3.1 |
|
|
|
9,879,111 |
|
(1) Total revenue consists of
net interest income and total noninterest income.
Loans and Leases
As of June 30, 2024, the total loan and
lease portfolio was $9.54 billion, 3.4% above its level at
March 31, 2024, and 14.1% above its level a year ago. This
growth was the product of strong origination volumes. Compared to
the first quarter of 2024, loans and leases held for investment
increased $259.6 million, or 2.9%, to $9.17 billion while loans
held for sale increased $52.9 million, or 17.0%, to $363.6 million.
Average loans and leases were $9.38 billion during the second
quarter of 2024 compared to $9.11 billion during the first quarter
of 2024.
The total loan and lease portfolio at
June 30, 2024, and March 31, 2024, was comprised of 36.4%
and 37.4% of guaranteed loans and leases, respectively.
Loan and lease originations totaled $1.17
billion during the second quarter of 2024, an increase of $366.0
million, or 45.5%, from the first quarter of 2024. Loan and lease
originations increased $310.1 million, or 36.0%, from the second
quarter of 2023.
Deposits
Total deposits increased to $10.71 billion at
June 30, 2024, an increase of $323.7 million compared to
March 31, 2024, and an increase of $827.9 million compared to
June 30, 2023. The increase in total deposits from prior
periods was to support growth in the loan and lease portfolio as
well as the Company’s targeted liquidity levels.
Average total interest-bearing deposits for the
second quarter of 2024 increased $197.7 million, or 2.0%, to $10.27
billion, compared to $10.07 billion for the first quarter of 2024.
The ratio of average total loans and leases to average
interest-bearing deposits was 91.4% for the second quarter of 2024,
compared to 90.4% for the first quarter of 2024.
Borrowings
Borrowings totaled $117.7 million at
June 30, 2024 compared to $120.2 million and $28.3 million at
March 31, 2024, and June 30, 2023, respectively. During
the first quarter of 2024, the Company increased long-term
borrowings by $100.0 million through an unsecured 5.95% fixed rate
60-month term loan with a third party correspondent bank. This
increase in borrowings was to strategically enhance capital levels
in order to accommodate future growth expectations.
Net Interest Income
Net interest income for the second quarter of
2024 was $91.3 million compared to $90.1 million for the first
quarter of 2024 and $84.3 million for the second quarter of 2023.
The net interest margin for the second quarter of 2024 and
first quarter of 2024 was 3.28% and 3.33%, respectively, a decrease
of five basis points quarter over quarter. During the second
quarter of 2024, the average cost of interest-bearing liabilities
increased by eight basis points, partially driven by a full
quarter’s worth of interest expense on the $100.0 million
incremental borrowing added in late first quarter of 2024, while
the average yield on interest-earning assets increased by one basis
point.
The increase in net interest income for the
second quarter of 2024 compared to the second quarter of 2023 was
driven by growth in average loans and leases held for investment.
Partially mitigating this increase was a decrease in the net
interest margin by one basis point arising from an increase in
deposits and borrowings, combined with the increase in average cost
of funds, outpacing the increase in average yield on
interest-earning assets.
Noninterest Income
Noninterest income for the second quarter of
2024 was $34.2 million, an increase of $8.1 million compared to the
first quarter of 2024, and an increase of $10.0 million compared to
the second quarter of 2023. The primary drivers in noninterest
income changes are outlined below.
Net gains on sales of loans was $14.4 million, a
$2.9 million increase compared to the first quarter of 2024 and a
$3.6 million increase compared to the second quarter of 2023. The
quarter over quarter increase in net gains on sales of loans was
largely the result of increased loan sale volumes, and the increase
over the second quarter of 2023 was largely related to higher
premiums while loan sale volumes remained somewhat consistent. The
average guaranteed loan sale premium was 106%, 107% and 105% for
the second and first quarters of 2024 and second quarter of 2023,
respectively. The volume of guaranteed loans sold was $250.5
million for the second quarter of 2024 compared to $186.7 million
sold in the first quarter of 2024 and $245.1 million sold in the
second quarter of 2023.
Equity method investment losses totaled $1.8
million for the second quarter of 2024, a $3.3 million
decrease from $5.0 million in losses in the first quarter of 2024.
The decrease was principally related to lower levels of underlying
losses in several of the Company’s equity method investees.
Other noninterest income for the second quarter
of 2024 totaled $11.0 million compared to $3.9 million for the
second quarter of 2023. This $7.1 million increase in noninterest
income was largely related to a $6.7 million gain arising from the
sale of one of the Company’s aircraft in the second quarter of
2024.
Noninterest Expense
Noninterest expense for the second quarter of
2024 totaled $77.7 million compared to $77.7 million for the first
quarter of 2024 and $76.5 million for the second quarter of 2023.
Compared to the second quarter of 2023, noninterest expense was
principally impacted by increased salaries and employee benefits of
$3.2 million, partially offset by $2.4 million in decreased levels
of FDIC insurance expense. The increase in salaries and employee
benefits was largely the product of continued investment in human
resources to support strategic and growth initiative, while the
decrease in FDIC insurance expense was the product of favorable
changes in the Company’s FDIC assessment rates.
Asset Quality
During the second quarter of 2024, the Company
recognized net charge-offs for loans carried at historical cost of
$8.3 million, compared to $3.2 million in the first quarter of 2024
and $1.2 million in the second quarter of 2023. Net charge-offs as
a percentage of average held for investment loans and leases
carried at historical cost, annualized, for the quarters ended
June 30, 2024, March 31, 2024, and June 30, 2023,
was 0.38%, 0.15% and 0.06%, respectively.
Unguaranteed nonperforming (nonaccrual) loans
and leases, excluding $9.6 million and $7.9 million accounted for
under the fair value option at June 30, 2024, and
March 31, 2024, respectively, decreased to $37.3 million, or
0.42% of loans and leases held for investment which are carried at
historical cost, at June 30, 2024, compared to $43.1 million,
or 0.51%, at March 31, 2024.
Provision for Credit Losses
The provision for credit losses for the second
quarter of 2024 totaled $11.8 million compared to $16.4 million for
the first quarter of 2024 and $13.0 million for the second quarter
of 2023. The lower level of provision expense in the second quarter
of 2024 was primarily the result of a decrease in specific reserves
required for loans individually evaluated for impairment.
The allowance for credit losses on loans and
leases totaled $137.9 million at June 30, 2024, compared to
$139.0 million at March 31, 2024. The allowance for credit
losses on loans and leases as a percentage of total loans and
leases held for investment carried at historical cost was 1.57% and
1.63% at June 30, 2024, and March 31, 2024,
respectively.
Income Tax
Income tax expense (benefit) and related
effective tax rate was $9.1 million and 25.2% for the second
quarter of 2024, $(5.5) million and (24.8)% for the first quarter
of 2024 and $1.4 million and 7.5% for the second quarter of 2023,
respectively. The higher level of income tax expense for the second
quarter of 2024 compared to the first quarter of 2024 was primarily
the result of $10.6 million in increased levels of investment tax
credits in the first quarter of 2024, arising from the Internal
Revenue Service’s expansion of qualifying energy communities
guidance during that quarter. The higher level of income tax
expense for the second quarter of 2024 as compared to the second
quarter of 2023 was primarily the result of the combination of
increased pretax income and lower levels of anticipated investment
tax credits in 2024 as compared to the prior year.
Conference Call
Live Oak will host a conference call to discuss
the Company's financial results and business outlook tomorrow,
July 25, 2024, at 9:00 a.m. ET. The call will be
accessible by telephone and webcast using Conference ID: 54806566.
A supplementary slide presentation will be posted to the website
prior to the event, and a replay will be available for 12 months
following the event. The conference call details are as
follows:
Live Telephone Dial-In
U.S.: 888.259.6580 International: +1 416.764.8624 Pass Code:
None Required
Live Webcast Log-In
Webcast Link: investor.liveoakbank.com Registration: Name and
Email Required Multi-Factor Code: Provided After Registration
Important Note Regarding Forward-Looking
Statements
Statements in this press release that are based
on other than historical data or that express the Company’s plans
or expectations regarding future events or determinations are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. Statements based on historical data
are not intended and should not be understood to indicate the
Company’s expectations regarding future events. Forward-looking
statements provide current expectations or forecasts of future
events or determinations. These forward-looking statements are not
guarantees of future performance or determinations, nor should they
be relied upon as representing management’s views as of any
subsequent date. Forward-looking statements involve significant
risks and uncertainties, and actual results may differ materially
from those presented, either expressed or implied, in this press
release. Factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
include changes in Small Business Administration (“SBA”) rules,
regulations or loan products, including the Section 7(a)
program, changes in SBA standard operating procedures or changes in
Live Oak Banking Company's status as an SBA Preferred Lender;
changes in rules, regulations or procedures for other government
loan programs, including those of the United States Department of
Agriculture; the impacts of global health crises and pandemics,
such as the Coronavirus Disease 2019 (COVID-19) pandemic, on trade
(including supply chains and export levels), travel, employee
productivity and other economic activities that may have a
destabilizing and negative effect on financial markets, economic
activity and customer behavior; adverse developments in the banking
industry highlighted by high-profile bank failures and the
potential impact of such developments on customer confidence,
liquidity, and regulatory responses to these developments; a
reduction in or the termination of the Company's ability to use the
technology-based platform that is critical to the success of its
business model, including a failure in or a breach of operational
or security systems or those of its third-party service providers;
technological risks and developments, including cyber threats,
attacks, or events; competition from other lenders; the Company's
ability to attract and retain key personnel; market and economic
conditions and the associated impact on the Company; operational,
liquidity and credit risks associated with the Company's business;
changes in political and economic conditions, including any
prolonged U.S. government shutdown; the impact of heightened
regulatory scrutiny of financial products and services and the
Company's ability to comply with regulatory requirements and
expectations; a deterioration of the credit rating for U.S.
long-term sovereign debt, actions that the U.S. government may take
to avoid exceeding the debt ceiling, and uncertainties surrounding
the debt ceiling and the federal budget; adverse results, including
related fees and expenses, from pending or future lawsuits,
government investigations or private actions; and the other factors
discussed in the Company’s Annual Report on Form 10-K filed with
the Securities and Exchange Commission (“SEC”) and available at the
SEC’s Internet site (http://www.sec.gov). Except as required by
law, the Company specifically disclaims any obligation to update
any factors or to publicly announce the result of revisions to any
of the forward-looking statements included herein to reflect future
events or developments.
About Live Oak Bancshares,
Inc.
Live Oak Bancshares, Inc. (NYSE: LOB) is a
financial holding company and the parent company of Live Oak Bank.
Live Oak Bancshares and its subsidiaries partner with businesses
that share a groundbreaking focus on service and technology to
redefine banking. To learn more, visit www.liveoakbank.com.
Contacts:
Walter J. Phifer | CFO | Investor Relations |
910.202.6926Claire Parker | Corporate Communications | Media
Relations | 910.597.1592
Live Oak Bancshares,
Inc.Quarterly Statements of Income
(unaudited)(Dollars in thousands, except per share
data)
| |
Three Months Ended |
|
2Q 2024 Change vs. |
| |
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
1Q 2024 |
|
2Q 2023 |
| Interest
income |
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
Loans and fees on loans |
$ |
181,840 |
|
|
$ |
176,010 |
|
|
$ |
169,531 |
|
|
$ |
162,722 |
|
|
$ |
152,362 |
|
|
|
3.3 |
|
|
|
19.3 |
|
| Investment securities,
taxable |
|
9,219 |
|
|
|
8,954 |
|
|
|
8,746 |
|
|
|
8,701 |
|
|
|
8,503 |
|
|
|
3.0 |
|
|
|
8.4 |
|
| Other interest earning
assets |
|
7,389 |
|
|
|
7,456 |
|
|
|
8,259 |
|
|
|
9,188 |
|
|
|
8,847 |
|
|
|
(0.9 |
) |
|
|
(16.5 |
) |
|
Total interest income |
|
198,448 |
|
|
|
192,420 |
|
|
|
186,536 |
|
|
|
180,611 |
|
|
|
169,712 |
|
|
|
3.1 |
|
|
|
16.9 |
|
| Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
105,358 |
|
|
|
101,998 |
|
|
|
96,695 |
|
|
|
90,914 |
|
|
|
85,003 |
|
|
|
3.3 |
|
|
|
23.9 |
|
| Borrowings |
|
1,770 |
|
|
|
311 |
|
|
|
265 |
|
|
|
287 |
|
|
|
407 |
|
|
|
469.1 |
|
|
|
334.9 |
|
|
Total interest expense |
|
107,128 |
|
|
|
102,309 |
|
|
|
96,960 |
|
|
|
91,201 |
|
|
|
85,410 |
|
|
|
4.7 |
|
|
|
25.4 |
|
| Net interest income |
|
91,320 |
|
|
|
90,111 |
|
|
|
89,576 |
|
|
|
89,410 |
|
|
|
84,302 |
|
|
|
1.3 |
|
|
|
8.3 |
|
| Provision for credit
losses |
|
11,765 |
|
|
|
16,364 |
|
|
|
8,995 |
|
|
|
10,279 |
|
|
|
13,028 |
|
|
|
(28.1 |
) |
|
|
(9.7 |
) |
| Net interest income after
provision for credit losses |
|
79,555 |
|
|
|
73,747 |
|
|
|
80,581 |
|
|
|
79,131 |
|
|
|
71,274 |
|
|
|
7.9 |
|
|
|
11.6 |
|
| Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan servicing revenue |
|
7,347 |
|
|
|
7,624 |
|
|
|
7,342 |
|
|
|
6,990 |
|
|
|
6,687 |
|
|
|
(3.6 |
) |
|
|
9.9 |
|
| Loan servicing asset
revaluation |
|
(2,878 |
) |
|
|
(2,744 |
) |
|
|
(3,974 |
) |
|
|
11,335 |
|
|
|
(2,831 |
) |
|
|
(4.9 |
) |
|
|
(1.7 |
) |
| Net gains on sales of
loans |
|
14,395 |
|
|
|
11,502 |
|
|
|
12,891 |
|
|
|
12,675 |
|
|
|
10,804 |
|
|
|
25.2 |
|
|
|
33.2 |
|
| Net gain (loss) on loans
accounted for under the fair value option |
|
172 |
|
|
|
(219 |
) |
|
|
(170 |
) |
|
|
(568 |
) |
|
|
1,728 |
|
|
|
178.5 |
|
|
|
(90.0 |
) |
| Equity method investments
(loss) income |
|
(1,767 |
) |
|
|
(5,022 |
) |
|
|
47 |
|
|
|
(1,034 |
) |
|
|
(2,055 |
) |
|
|
64.8 |
|
|
|
14.0 |
|
| Equity security investments
gains (losses), net |
|
161 |
|
|
|
(529 |
) |
|
|
(384 |
) |
|
|
(783 |
) |
|
|
121 |
|
|
|
130.4 |
|
|
|
33.1 |
|
| Lease income |
|
2,423 |
|
|
|
2,453 |
|
|
|
2,439 |
|
|
|
2,498 |
|
|
|
2,535 |
|
|
|
(1.2 |
) |
|
|
(4.4 |
) |
| Management fee income |
|
3,271 |
|
|
|
3,271 |
|
|
|
3,309 |
|
|
|
3,277 |
|
|
|
3,266 |
|
|
|
— |
|
|
|
0.2 |
|
| Other noninterest income |
|
11,035 |
|
|
|
9,761 |
|
|
|
8,607 |
|
|
|
3,501 |
|
|
|
3,901 |
|
|
|
13.1 |
|
|
|
182.9 |
|
|
Total noninterest income |
|
34,159 |
|
|
|
26,097 |
|
|
|
30,107 |
|
|
|
37,891 |
|
|
|
24,156 |
|
|
|
30.9 |
|
|
|
41.4 |
|
| Noninterest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
46,255 |
|
|
|
47,275 |
|
|
|
44,274 |
|
|
|
42,947 |
|
|
|
43,066 |
|
|
|
(2.2 |
) |
|
|
7.4 |
|
| Travel expense |
|
2,328 |
|
|
|
2,438 |
|
|
|
1,544 |
|
|
|
2,197 |
|
|
|
2,770 |
|
|
|
(4.5 |
) |
|
|
(16.0 |
) |
| Professional services
expense |
|
3,061 |
|
|
|
1,878 |
|
|
|
3,052 |
|
|
|
1,762 |
|
|
|
1,996 |
|
|
|
63.0 |
|
|
|
53.4 |
|
| Advertising and marketing
expense |
|
3,004 |
|
|
|
3,692 |
|
|
|
2,501 |
|
|
|
3,446 |
|
|
|
3,009 |
|
|
|
(18.6 |
) |
|
|
(0.2 |
) |
| Occupancy expense |
|
2,388 |
|
|
|
2,247 |
|
|
|
2,231 |
|
|
|
2,129 |
|
|
|
2,205 |
|
|
|
6.3 |
|
|
|
8.3 |
|
| Technology expense |
|
7,996 |
|
|
|
7,723 |
|
|
|
8,402 |
|
|
|
7,722 |
|
|
|
8,005 |
|
|
|
3.5 |
|
|
|
(0.1 |
) |
| Equipment expense |
|
3,511 |
|
|
|
3,074 |
|
|
|
3,480 |
|
|
|
3,676 |
|
|
|
4,023 |
|
|
|
14.2 |
|
|
|
(12.7 |
) |
| Other loan origination and
maintenance expense |
|
3,659 |
|
|
|
3,911 |
|
|
|
3,937 |
|
|
|
3,498 |
|
|
|
3,442 |
|
|
|
(6.4 |
) |
|
|
6.3 |
|
| Renewable energy tax credit
investment impairment (recovery) |
|
170 |
|
|
|
(927 |
) |
|
|
14,575 |
|
|
|
— |
|
|
|
— |
|
|
|
118.3 |
|
|
|
100.0 |
|
| FDIC insurance |
|
2,649 |
|
|
|
3,200 |
|
|
|
4,091 |
|
|
|
4,115 |
|
|
|
5,061 |
|
|
|
(17.2 |
) |
|
|
(47.7 |
) |
| Other expense |
|
2,635 |
|
|
|
3,226 |
|
|
|
5,117 |
|
|
|
2,770 |
|
|
|
2,880 |
|
|
|
(18.3 |
) |
|
|
(8.5 |
) |
|
Total noninterest expense |
|
77,656 |
|
|
|
77,737 |
|
|
|
93,204 |
|
|
|
74,262 |
|
|
|
76,457 |
|
|
|
(0.1 |
) |
|
|
1.6 |
|
| Income before
taxes |
|
36,058 |
|
|
|
22,107 |
|
|
|
17,484 |
|
|
|
42,760 |
|
|
|
18,973 |
|
|
|
63.1 |
|
|
|
90.0 |
|
| Income tax expense
(benefit) |
|
9,095 |
|
|
|
(5,479 |
) |
|
|
1,321 |
|
|
|
2,967 |
|
|
|
1,429 |
|
|
|
266.0 |
|
|
|
536.5 |
|
|
Net income |
$ |
26,963 |
|
|
$ |
27,586 |
|
|
$ |
16,163 |
|
|
$ |
39,793 |
|
|
$ |
17,544 |
|
|
|
(2.3 |
) |
|
|
53.7 |
|
| Earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.60 |
|
|
$ |
0.62 |
|
|
$ |
0.36 |
|
|
$ |
0.89 |
|
|
$ |
0.40 |
|
|
|
(3.2 |
) |
|
|
50.0 |
|
|
Diluted |
$ |
0.59 |
|
|
$ |
0.60 |
|
|
$ |
0.36 |
|
|
$ |
0.88 |
|
|
$ |
0.39 |
|
|
|
(1.7 |
) |
|
|
51.3 |
|
| Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
44,974,942 |
|
|
|
44,762,308 |
|
|
|
44,516,646 |
|
|
|
44,408,997 |
|
|
|
44,327,474 |
|
|
|
|
|
|
|
Diluted |
|
45,525,082 |
|
|
|
45,641,210 |
|
|
|
45,306,506 |
|
|
|
45,268,745 |
|
|
|
44,835,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Live Oak Bancshares,
Inc.Quarterly Balance Sheets
(unaudited)(Dollars in thousands)
| |
As of the quarter ended |
|
2Q 2024 Change vs. |
| |
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
1Q 2024 |
|
2Q 2023 |
| Assets |
|
|
|
|
|
|
|
|
|
|
% |
|
% |
|
Cash and due from banks |
$ |
615,449 |
|
|
$ |
597,394 |
|
|
$ |
582,540 |
|
|
$ |
534,774 |
|
|
$ |
808,131 |
|
|
|
3.0 |
|
|
|
(23.8 |
) |
| Certificates of deposit with
other banks |
|
250 |
|
|
|
250 |
|
|
|
250 |
|
|
|
3,750 |
|
|
|
4,000 |
|
|
|
— |
|
|
|
(93.8 |
) |
| Investment securities
available-for-sale |
|
1,151,195 |
|
|
|
1,120,622 |
|
|
|
1,126,160 |
|
|
|
1,099,878 |
|
|
|
1,133,146 |
|
|
|
2.7 |
|
|
|
1.6 |
|
| Loans held for sale |
|
363,632 |
|
|
|
310,749 |
|
|
|
387,037 |
|
|
|
572,604 |
|
|
|
523,776 |
|
|
|
17.0 |
|
|
|
(30.6 |
) |
| Loans and leases held for
investment (1) |
|
9,172,134 |
|
|
|
8,912,561 |
|
|
|
8,633,847 |
|
|
|
8,202,631 |
|
|
|
7,836,398 |
|
|
|
2.9 |
|
|
|
17.0 |
|
| Allowance for credit losses on
loans and leases |
|
(137,867 |
) |
|
|
(139,041 |
) |
|
|
(125,840 |
) |
|
|
(121,273 |
) |
|
|
(120,116 |
) |
|
|
0.8 |
|
|
|
(14.8 |
) |
|
Net loans and leases |
|
9,034,267 |
|
|
|
8,773,520 |
|
|
|
8,508,007 |
|
|
|
8,081,358 |
|
|
|
7,716,282 |
|
|
|
3.0 |
|
|
|
17.1 |
|
| Premises and equipment,
net |
|
267,864 |
|
|
|
258,071 |
|
|
|
257,881 |
|
|
|
258,041 |
|
|
|
269,485 |
|
|
|
3.8 |
|
|
|
(0.6 |
) |
| Foreclosed assets |
|
8,015 |
|
|
|
8,561 |
|
|
|
6,481 |
|
|
|
6,701 |
|
|
|
— |
|
|
|
(6.4 |
) |
|
|
100.0 |
|
| Servicing assets |
|
51,528 |
|
|
|
49,343 |
|
|
|
48,591 |
|
|
|
47,127 |
|
|
|
31,042 |
|
|
|
4.4 |
|
|
|
66.0 |
|
| Other assets |
|
376,370 |
|
|
|
387,059 |
|
|
|
354,476 |
|
|
|
346,227 |
|
|
|
333,334 |
|
|
|
(2.8 |
) |
|
|
12.9 |
|
|
Total assets |
$ |
11,868,570 |
|
|
$ |
11,505,569 |
|
|
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
$ |
10,819,196 |
|
|
|
3.2 |
|
|
|
9.7 |
|
| Liabilities and
shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
264,013 |
|
|
$ |
226,668 |
|
|
$ |
259,270 |
|
|
$ |
239,536 |
|
|
$ |
229,833 |
|
|
|
16.5 |
|
|
|
14.9 |
|
|
Interest-bearing |
|
10,443,018 |
|
|
|
10,156,693 |
|
|
|
10,015,749 |
|
|
|
9,764,106 |
|
|
|
9,649,278 |
|
|
|
2.8 |
|
|
|
8.2 |
|
|
Total deposits |
|
10,707,031 |
|
|
|
10,383,361 |
|
|
|
10,275,019 |
|
|
|
10,003,642 |
|
|
|
9,879,111 |
|
|
|
3.1 |
|
|
|
8.4 |
|
| Borrowings |
|
117,745 |
|
|
|
120,242 |
|
|
|
23,354 |
|
|
|
25,847 |
|
|
|
28,317 |
|
|
|
(2.1 |
) |
|
|
315.8 |
|
| Other liabilities |
|
82,745 |
|
|
|
74,248 |
|
|
|
70,384 |
|
|
|
70,603 |
|
|
|
79,280 |
|
|
|
11.4 |
|
|
|
4.4 |
|
|
Total liabilities |
|
10,907,521 |
|
|
|
10,577,851 |
|
|
|
10,368,757 |
|
|
|
10,100,092 |
|
|
|
9,986,708 |
|
|
|
3.1 |
|
|
|
9.2 |
|
| Shareholders’
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preferred stock, no par value,
1,000,000 shares authorized, none issued or outstanding |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Class A common stock
(voting) |
|
356,381 |
|
|
|
349,648 |
|
|
|
344,568 |
|
|
|
340,929 |
|
|
|
341,032 |
|
|
|
1.9 |
|
|
|
4.5 |
|
| Class B common stock
(non-voting) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Retained earnings |
|
695,172 |
|
|
|
669,307 |
|
|
|
642,817 |
|
|
|
627,759 |
|
|
|
589,036 |
|
|
|
3.9 |
|
|
|
18.0 |
|
| Accumulated other
comprehensive loss |
|
(90,504 |
) |
|
|
(91,237 |
) |
|
|
(84,719 |
) |
|
|
(118,320 |
) |
|
|
(97,580 |
) |
|
|
0.8 |
|
|
|
7.3 |
|
|
Total shareholders' equity |
|
961,049 |
|
|
|
927,718 |
|
|
|
902,666 |
|
|
|
850,368 |
|
|
|
832,488 |
|
|
|
3.6 |
|
|
|
15.4 |
|
|
Total liabilities and shareholders’ equity |
$ |
11,868,570 |
|
|
$ |
11,505,569 |
|
|
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
$ |
10,819,196 |
|
|
|
3.2 |
|
|
|
9.7 |
|
(1) Includes
$363.0 million, $379.2 million, $388.0 million, $410.1 million and
$441.8 million measured at fair value for the quarters ended
June 30, 2024, March 31, 2024, December 31, 2023,
September 30, 2023, and June 30, 2023,
respectively.
Live Oak Bancshares,
Inc.Statements of Income
(unaudited)(Dollars in thousands, except per share
data)
| |
Six Months Ended |
| |
June 30, 2024 |
|
June 30, 2023 |
| Interest
income |
|
|
|
|
Loans and fees on loans |
$ |
357,850 |
|
|
$ |
291,414 |
|
| Investment securities,
taxable |
|
18,173 |
|
|
|
16,050 |
|
| Other interest earning
assets |
|
14,845 |
|
|
|
13,664 |
|
|
Total interest income |
|
390,868 |
|
|
|
321,128 |
|
| Interest
expense |
|
|
|
| Deposits |
|
207,356 |
|
|
|
152,598 |
|
| Borrowings |
|
2,081 |
|
|
|
2,211 |
|
|
Total interest expense |
|
209,437 |
|
|
|
154,809 |
|
| Net interest income |
|
181,431 |
|
|
|
166,319 |
|
| Provision for credit
losses |
|
28,129 |
|
|
|
32,049 |
|
| Net interest income after
provision for credit losses |
|
153,302 |
|
|
|
134,270 |
|
| Noninterest
income |
|
|
|
| Loan servicing revenue |
|
14,971 |
|
|
|
13,067 |
|
| Loan servicing asset
revaluation |
|
(5,622 |
) |
|
|
(2,475 |
) |
| Net gains on sales of
loans |
|
25,897 |
|
|
|
20,979 |
|
| Net loss on loans accounted
for under the fair value option |
|
(47 |
) |
|
|
(2,801 |
) |
| Equity method investments
(loss) income |
|
(6,789 |
) |
|
|
(5,007 |
) |
| Equity security investments
(losses) gains, net |
|
(368 |
) |
|
|
198 |
|
| Lease income |
|
4,876 |
|
|
|
5,070 |
|
| Management fee income |
|
6,542 |
|
|
|
6,738 |
|
| Other noninterest income |
|
20,796 |
|
|
|
7,966 |
|
|
Total noninterest income |
|
60,256 |
|
|
|
43,735 |
|
| Noninterest
expense |
|
|
|
| Salaries and employee
benefits |
|
93,530 |
|
|
|
87,831 |
|
| Travel expense |
|
4,766 |
|
|
|
5,181 |
|
| Professional services
expense |
|
4,939 |
|
|
|
2,923 |
|
| Advertising and marketing
expense |
|
6,696 |
|
|
|
6,612 |
|
| Occupancy expense |
|
4,635 |
|
|
|
4,130 |
|
| Technology expense |
|
15,719 |
|
|
|
15,734 |
|
| Equipment expense |
|
6,585 |
|
|
|
7,841 |
|
| Other loan origination and
maintenance expense |
|
7,570 |
|
|
|
7,369 |
|
| Renewable energy tax credit
investment (recovery) impairment |
|
(757 |
) |
|
|
69 |
|
| FDIC insurance |
|
5,849 |
|
|
|
8,464 |
|
| Other expense |
|
5,861 |
|
|
|
9,265 |
|
|
Total noninterest expense |
|
155,393 |
|
|
|
155,419 |
|
| Income before
taxes |
|
58,165 |
|
|
|
22,586 |
|
| Income tax expense |
|
3,616 |
|
|
|
4,644 |
|
|
Net income |
$ |
54,549 |
|
|
$ |
17,942 |
|
| Earnings per
share |
|
|
|
|
Basic |
$ |
1.22 |
|
|
$ |
0.41 |
|
|
Diluted |
$ |
1.20 |
|
|
$ |
0.40 |
|
| Weighted average
shares outstanding |
|
|
|
|
Basic |
|
44,868,625 |
|
|
|
44,242,785 |
|
|
Diluted |
|
45,583,146 |
|
|
|
44,900,323 |
|
|
|
|
|
|
|
|
|
|
Live Oak Bancshares,
Inc.Quarterly Selected Financial
Data(Dollars in thousands, except per share data)
| |
As of and for the three months ended |
| |
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
| Income Statement
Data |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
26,963 |
|
|
$ |
27,586 |
|
|
$ |
16,163 |
|
|
$ |
39,793 |
|
|
$ |
17,544 |
|
| Per Common
Share |
|
|
|
|
|
|
|
|
|
| Net income, diluted |
$ |
0.59 |
|
|
$ |
0.60 |
|
|
$ |
0.36 |
|
|
$ |
0.88 |
|
|
$ |
0.39 |
|
| Dividends declared |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
| Book value |
|
21.35 |
|
|
|
20.64 |
|
|
|
20.23 |
|
|
|
19.12 |
|
|
|
18.77 |
|
| Tangible book value (1) |
|
21.28 |
|
|
|
20.57 |
|
|
|
20.15 |
|
|
|
19.04 |
|
|
|
18.69 |
|
| Performance
Ratios |
|
|
|
|
|
|
|
|
|
| Return on average assets
(annualized) |
|
0.93 |
% |
|
|
0.98 |
% |
|
|
0.58 |
% |
|
|
1.46 |
% |
|
|
0.66 |
% |
| Return on average equity
(annualized) |
|
11.39 |
|
|
|
11.93 |
|
|
|
7.36 |
|
|
|
18.68 |
|
|
|
8.26 |
|
| Net interest margin |
|
3.28 |
|
|
|
3.33 |
|
|
|
3.32 |
|
|
|
3.37 |
|
|
|
3.29 |
|
| Efficiency ratio (1) |
|
61.89 |
|
|
|
66.89 |
|
|
|
77.88 |
|
|
|
58.34 |
|
|
|
70.49 |
|
| Noninterest income to total
revenue |
|
27.22 |
|
|
|
22.46 |
|
|
|
25.16 |
|
|
|
29.76 |
|
|
|
22.27 |
|
| Selected Loan
Metrics |
|
|
|
|
|
|
|
|
|
| Loans and leases
originated |
$ |
1,171,141 |
|
|
$ |
805,129 |
|
|
$ |
981,703 |
|
|
$ |
1,073,255 |
|
|
$ |
861,033 |
|
| Outstanding balance of sold
loans serviced |
|
4,292,857 |
|
|
|
4,329,097 |
|
|
|
4,238,328 |
|
|
|
4,028,575 |
|
|
|
3,813,852 |
|
| Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
| Allowance for credit losses to
loans and leases held for investment (3) |
|
1.57 |
% |
|
|
1.63 |
% |
|
|
1.53 |
% |
|
|
1.56 |
% |
|
|
1.62 |
% |
| Net charge-offs (3) |
$ |
8,253 |
|
|
$ |
3,163 |
|
|
$ |
4,428 |
|
|
$ |
9,122 |
|
|
$ |
1,154 |
|
| Net charge-offs to average
loans and leases held for investment (2) (3) |
|
0.38 |
% |
|
|
0.15 |
% |
|
|
0.22 |
% |
|
|
0.48 |
% |
|
|
0.06 |
% |
| |
|
|
|
|
|
|
|
|
|
| Nonperforming loans and leases
at historical cost (3) |
|
|
|
|
|
|
|
|
|
|
Unguaranteed |
$ |
37,340 |
|
|
$ |
43,117 |
|
|
$ |
39,285 |
|
|
$ |
33,255 |
|
|
$ |
44,899 |
|
|
Guaranteed |
|
122,752 |
|
|
|
105,351 |
|
|
|
95,678 |
|
|
|
65,837 |
|
|
|
66,322 |
|
|
Total |
|
160,092 |
|
|
|
148,468 |
|
|
|
134,963 |
|
|
|
99,092 |
|
|
|
111,221 |
|
| Unguaranteed nonperforming
historical cost loans and leases, to loans and leases held for
investment (3) |
|
0.42 |
% |
|
|
0.51 |
% |
|
|
0.48 |
% |
|
|
0.43 |
% |
|
|
0.61 |
% |
| |
|
|
|
|
|
|
|
|
|
| Nonperforming loans at fair
value (4) |
|
|
|
|
|
|
|
|
|
|
Unguaranteed |
$ |
9,590 |
|
|
$ |
7,942 |
|
|
$ |
7,230 |
|
|
$ |
6,518 |
|
|
$ |
8,602 |
|
|
Guaranteed |
|
51,570 |
|
|
|
47,620 |
|
|
|
41,244 |
|
|
|
39,378 |
|
|
|
45,114 |
|
|
Total |
|
61,160 |
|
|
|
55,562 |
|
|
|
48,474 |
|
|
|
45,896 |
|
|
|
53,716 |
|
| Unguaranteed nonperforming
fair value loans to fair value loans held for investment
(4) |
|
2.64 |
% |
|
|
2.09 |
% |
|
|
1.86 |
% |
|
|
1.59 |
% |
|
|
1.95 |
% |
| |
|
|
|
|
|
|
|
|
|
| Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
Common equity tier 1 capital (to risk-weighted assets) |
|
11.85 |
% |
|
|
11.89 |
% |
|
|
11.73 |
% |
|
|
11.63 |
% |
|
|
11.55 |
% |
|
Tier 1 leverage capital (to average assets) |
|
8.71 |
|
|
|
8.69 |
|
|
|
8.58 |
|
|
|
8.56 |
|
|
|
8.46 |
|
Notes to Quarterly Selected Financial
Data(1) See
accompanying GAAP to Non-GAAP
Reconciliation.(2) Quarterly net
charge-offs as a percentage of quarterly average loans and leases
held for investment,
annualized.(3) Loans and leases
at historical cost only (excludes loans measured at fair
value).(4) Loans accounted for
under the fair value option only (excludes loans and leases carried
at historical cost).
Live Oak Bancshares,
Inc.Quarterly Average Balances and Net Interest
Margin(Dollars in thousands)
| |
Three Months EndedJune 30,
2024 |
|
Three Months EndedMarch 31,
2024 |
| |
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
| Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning balances in other banks |
$ |
555,570 |
|
|
$ |
7,389 |
|
5.35 |
% |
|
$ |
542,243 |
|
|
$ |
7,456 |
|
5.53 |
% |
|
Investment securities |
|
1,263,675 |
|
|
|
9,219 |
|
2.93 |
|
|
|
1,240,861 |
|
|
|
8,954 |
|
2.90 |
|
|
Loans held for sale |
|
387,824 |
|
|
|
9,329 |
|
9.67 |
|
|
|
353,476 |
|
|
|
8,354 |
|
9.51 |
|
|
Loans and leases held for investment (1) |
|
8,997,164 |
|
|
|
172,511 |
|
7.71 |
|
|
|
8,753,232 |
|
|
|
167,656 |
|
7.70 |
|
|
Total interest-earning assets |
|
11,204,233 |
|
|
|
198,448 |
|
7.12 |
|
|
|
10,889,812 |
|
|
|
192,420 |
|
7.11 |
|
|
Less: Allowance for credit losses on loans and leases |
|
(136,668 |
) |
|
|
|
|
|
|
(125,447 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
562,488 |
|
|
|
|
|
|
|
550,839 |
|
|
|
|
|
|
Total assets |
$ |
11,630,053 |
|
|
|
|
|
|
$ |
11,315,204 |
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
$ |
304,505 |
|
|
$ |
4,267 |
|
5.64 |
% |
|
$ |
300,067 |
|
|
$ |
4,183 |
|
5.61 |
% |
|
Savings |
|
4,804,037 |
|
|
|
48,617 |
|
4.07 |
|
|
|
4,552,390 |
|
|
|
46,171 |
|
4.08 |
|
|
Money market accounts |
|
128,625 |
|
|
|
186 |
|
0.58 |
|
|
|
125,317 |
|
|
|
187 |
|
0.60 |
|
|
Certificates of deposit |
|
5,032,856 |
|
|
|
52,288 |
|
4.18 |
|
|
|
5,094,553 |
|
|
|
51,457 |
|
4.06 |
|
|
Total deposits |
|
10,270,023 |
|
|
|
105,358 |
|
4.13 |
|
|
|
10,072,327 |
|
|
|
101,998 |
|
4.07 |
|
|
Borrowings |
|
119,321 |
|
|
|
1,770 |
|
5.97 |
|
|
|
26,772 |
|
|
|
311 |
|
4.67 |
|
| Total interest-bearing
liabilities |
|
10,389,344 |
|
|
|
107,128 |
|
4.15 |
|
|
|
10,099,099 |
|
|
|
102,309 |
|
4.07 |
|
| Noninterest-bearing
deposits |
|
223,026 |
|
|
|
|
|
|
|
213,571 |
|
|
|
|
|
| Noninterest-bearing
liabilities |
|
70,667 |
|
|
|
|
|
|
|
77,942 |
|
|
|
|
|
| Shareholders' equity |
|
947,016 |
|
|
|
|
|
|
|
924,592 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
11,630,053 |
|
|
|
|
|
|
$ |
11,315,204 |
|
|
|
|
|
| Net interest income and
interest rate spread |
|
|
$ |
91,320 |
|
2.97 |
% |
|
|
|
$ |
90,111 |
|
3.04 |
% |
| Net interest margin |
|
|
|
|
3.28 |
|
|
|
|
|
|
3.33 |
|
| Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
|
|
|
107.84 |
% |
|
|
|
|
|
107.83 |
% |
(1) Average loan and lease
balances include non-accruing loans and leases.
Live Oak Bancshares,
Inc.GAAP to Non-GAAP
Reconciliation(Dollars in thousands)
| |
As of and for the three months ended |
| |
2Q 2024 |
|
1Q 2024 |
|
4Q 2023 |
|
3Q 2023 |
|
2Q 2023 |
|
Total shareholders’ equity |
$ |
961,049 |
|
|
$ |
927,718 |
|
|
$ |
902,666 |
|
|
$ |
850,368 |
|
|
$ |
832,488 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
Other intangible assets |
|
1,644 |
|
|
|
1,682 |
|
|
|
1,721 |
|
|
|
1,759 |
|
|
|
1,797 |
|
| Tangible shareholders’ equity
(a) |
$ |
957,608 |
|
|
$ |
924,239 |
|
|
$ |
899,148 |
|
|
$ |
846,812 |
|
|
$ |
828,894 |
|
| Shares outstanding (c) |
|
45,003,856 |
|
|
|
44,938,673 |
|
|
|
44,617,673 |
|
|
|
44,480,215 |
|
|
|
44,351,715 |
|
| Total assets |
$ |
11,868,570 |
|
|
$ |
11,505,569 |
|
|
$ |
11,271,423 |
|
|
$ |
10,950,460 |
|
|
$ |
10,819,196 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
|
1,797 |
|
|
Other intangible assets |
|
1,644 |
|
|
|
1,682 |
|
|
|
1,721 |
|
|
|
1,759 |
|
|
|
1,797 |
|
| Tangible assets (b) |
$ |
11,865,129 |
|
|
$ |
11,502,090 |
|
|
$ |
11,267,905 |
|
|
$ |
10,946,904 |
|
|
$ |
10,815,602 |
|
| Tangible shareholders’ equity
to tangible assets (a/b) |
|
8.07 |
% |
|
|
8.04 |
% |
|
|
7.98 |
% |
|
|
7.74 |
% |
|
|
7.66 |
% |
| Tangible book value per share
(a/c) |
$ |
21.28 |
|
|
$ |
20.57 |
|
|
$ |
20.15 |
|
|
$ |
19.04 |
|
|
$ |
18.69 |
|
| Efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
Noninterest expense (d) |
$ |
77,656 |
|
|
$ |
77,737 |
|
|
$ |
93,204 |
|
|
$ |
74,262 |
|
|
$ |
76,457 |
|
|
Net interest income |
|
91,320 |
|
|
|
90,111 |
|
|
|
89,576 |
|
|
|
89,410 |
|
|
|
84,302 |
|
|
Noninterest income |
|
34,159 |
|
|
|
26,097 |
|
|
|
30,107 |
|
|
|
37,891 |
|
|
|
24,156 |
|
|
Total revenue (e) |
$ |
125,479 |
|
|
$ |
116,208 |
|
|
$ |
119,683 |
|
|
$ |
127,301 |
|
|
$ |
108,458 |
|
|
Efficiency ratio (d/e) |
|
61.89 |
% |
|
|
66.89 |
% |
|
|
77.88 |
% |
|
|
58.34 |
% |
|
|
70.49 |
% |
This press release presents non-GAAP financial
measures. The adjustments to reconcile from the non-GAAP financial
measures to the applicable GAAP financial measure are included
where applicable in financial results presented in accordance with
GAAP. The Company considers these adjustments to be relevant to
ongoing operating results. The Company believes that excluding the
amounts associated with these adjustments to present the non-GAAP
financial measures provides a meaningful base for period-to-period
comparisons, which will assist regulators, investors, and analysts
in analyzing the operating results or financial position of the
Company. The non-GAAP financial measures are used by management to
assess the performance of the Company’s business, for presentations
of Company performance to investors, and for other reasons as may
be requested by investors and analysts. The Company further
believes that presenting the non-GAAP financial measures will
permit investors and analysts to assess the performance of the
Company on the same basis as that applied by management. Non-GAAP
financial measures have inherent limitations, are not required to
be uniformly applied, and are not audited. Although non-GAAP
financial measures are frequently used by shareholders to evaluate
a company, they have limitations as an analytical tool and should
not be considered in isolation or as a substitute for analysis of
results reported under GAAP.
Live Oak Bancshares (NYSE:LOB)
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