Live Oak Q4 net income plummets to $1.8M, $0.04 EPS; full-year EPS $3.92, up 6% YoY

Live Oak Bancshares, Inc.

2022-FY EPS reported $3.92

Q4 net income $1.8M ($0.04 diluted EPS), down 96% from $42.9M ($0.96) in Q3 2022 and down from $30.1M ($0.66) in Q4 2021.
Total revenue $105.0M, down 26% QoQ, driven by $31.0M drop in equity method income from Payrailz gain not repeating.
Loan originations $1.18B (+17% QoQ); total loan portfolio $7.90B (+6.9% QoQ). Provision for credit losses $19.7M, up from $14.2M in Q3.
Net interest margin 3.76%, down 8 bps QoQ as deposit cost increases outpaced loan yield increases.
Full-year 2022 net income $176.2M ($3.92 EPS), up 6% YoY; total deposits $8.88B, up 25% YoY.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Live Oak Bancshares, Inc. reported the year ended December 31, 2022 results: revenue $ 565,493, net income $ 176,208, EPS 3.92.

Period: the year ended December 31, 2022
Revenue: $ 565,493
Net income: $ 176,208
EPS: 3.92
Result: reported results

Exact text from the filing

Year Over Year Highlights (Dollars in thousands, except per share data) Increase (Decrease) 2022 2021 Dollars Percent Total revenue (1) $ 565,493 $ 456,985 $ 108,508 24 % Total noninterest expense 314,226 230,987 83,239 36 Income before taxes 210,324 210,788 (464) — Effective tax rate 16.2 % 20.8 % n/a n/a Net income $ 176,208 $ 166,995 $ 9,213 6 % Diluted earnings per share 3.92 3.71 0.21 6

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Live Oak Bancshares, Inc. reported the fourth quarter ended December 31, 2022 results: revenue $ 104,973, net income $ 1,792, EPS 0.04.

Period: the fourth quarter ended December 31, 2022
Revenue: $ 104,973
Net income: $ 1,792
EPS: 0.04
Result: reported results

Exact text from the filing

Total revenue (1) $ 104,973 $ 141,610 $ (36,637) (26) % $111,394 Total noninterest expense 84,585 83,048 1,537 2 59,698 Income before taxes 717 44,393 (43,676) (98) 47,778 Effective tax rate (149.9) % 3.4 % n/a n/a 36.9 % Net income $ 1,792 $ 42,868 $ (41,076) (96) % $30,147 Diluted earnings per share 0.04 0.96 (0.92) (96) $ 0.66

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3 earnings releases filed in the last 30 days. Browse all earnings releases →

Live Oak Bancshares, Inc. filing history →

Source: SEC EDGAR

accession 0001462120-23-000005

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