Live Oak posts Q3 net income $39.8M ($0.88 EPS); revenue $127.3M, loan originations up 25% QoQ

Live Oak Bancshares, Inc.

2023-Q3 EPS reported $1.28

Net income of $39.8M ($0.88 diluted EPS) vs. $17.5M in Q2 2023; total revenue $127.3M, up 17% QoQ.
Loan originations reached $1.07B, up 24.6% from Q2 2023; total loan portfolio $8.78B, up 5% QoQ.
Net interest margin 3.37%, up 8 bps QoQ; net interest income $89.4M vs. $84.3M in Q2 2023.
Net charge-offs rose to $9.1M (0.48% annualized) from $1.2M in Q2, driven by a single borrower relationship.
Noninterest income included a $15.0M one-time benefit from valuation methodology changes for servicing and fair value loans.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Live Oak Bancshares, Inc. reported third quarter ended September 30, 2023 results: revenue $127,301, net income $39,793, EPS 0.88.

Period: third quarter ended September 30, 2023
Revenue: $127,301
Net income: $39,793
EPS: 0.88
Result: reported results

Exact text from the filing

business owners.” Third Quarter 2023 Key Measures (Dollars in thousands, except per share data) Increase (Decrease) 3Q 2023 2Q 2023 Dollars Percent 3Q 2022 Total revenue (1) $ 127,301 $ 108,458 $ 18,843 17 % $ 141,610 Total noninterest expense 74,262 76,457 (2,195) (3) 83,048 Income before taxes 42,760 18,973 23,787 125 44,393 Effective tax rate 6.9 % 7.5 % n/a

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Live Oak Bancshares, Inc. filing history →

Source: SEC EDGAR

accession 0001462120-23-000063

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