Live Oak Bancshares Q2 net income $17.5M ($0.39 EPS); NPLs double qoq to $44.9M

Live Oak Bancshares, Inc.

2023-Q2 EPS reported $0.40

Net income $17.5M ($0.39 diluted EPS) vs $0.4M ($0.01) Q1 2023 and $97.0M ($2.16) Q2 2022.
Total revenue $108.5M (+7% qoq); net interest margin 3.29% (down 17bps); provision for credit losses $13M.
Nonperforming loans doubled qoq to $44.9M (0.61% of HFI loans at historical cost) from $22.0M (0.30%).
Loan originations $861M (down 16.5% qoq); deposit growth $457M to $9.88B; borrowings $28.3M.
Effective tax rate 7.5% vs 89% in Q1 2023 due to discrete stock compensation items.

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 0.9

Live Oak Bancshares, Inc. reported second quarter ended June 30, 2023 results: revenue $ 108,458, net income $17.5 million, EPS $0.39 per diluted share.

Period: second quarter ended June 30, 2023
Revenue: $ 108,458
Net income: $17.5 million
EPS: $0.39 per diluted share
Result: reported results

Exact text from the filing

to their needs.” Second Quarter 2023 Key Measures (Dollars in thousands, except per share data) Increase (Decrease) 2Q 2023 1Q 2023 Dollars Percent 2Q 2022 Total revenue (1) $ 108,458 $ 101,596 $ 6,862 7 % $ 208,463 Total noninterest expense 76,457 78,962 (2,505) (3) 80,879 Income before taxes 18,973 3,613 15,360 425 122,317 Effective tax rate 7.5 % 89.0 % n/a

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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 0001462120-23-000048

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