Live Oak Bancshares Q1 2024 net income $16.5M ($0.36 EPS); loans up 2.2% QoQ

Live Oak Bancshares, Inc.

2024-Q1 EPS reported $0.60

Net income $16.5M ($0.36 diluted EPS) vs $0.01 a year ago; total revenue $116.2M down 2.9% QoQ but up 14.4% YoY.
Loan portfolio grew to $9.22B (+2.2% QoQ, +12.2% YoY); originations $805M down 18% QoQ.
Net interest income $90.1M, NIM 3.33% (up 1bp QoQ); provision for credit losses $16.4M up from $9.0M QoQ.
Noninterest expense $78.7M down 15.6% QoQ due to absence of $14.6M impairment in Q4.
Borrowings increased $100M via 5.95% fixed-rate 60-month term loan to enhance bank capital.

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 first quarter ended March 31, 2024 results: revenue $116,208, net income $16,548, EPS $0.36.

Period: first quarter ended March 31, 2024
Revenue: $116,208
Net income: $16,548
EPS: $0.36
Result: reported results

Exact text from the filing

from the crowd.” First Quarter 2024 Key Measures (Dollars in thousands, except per share data) Increase (Decrease) 1Q 2024 4Q 2023 Dollars Percent 1Q 2023 Total revenue (1) $ 116,208 $ 119,683 $ (3,475) (2.9) % $ 101,596 Total noninterest expense 78,679 93,204 (14,525) (15.6) 78,962 Income before taxes 21,165 17,484 3,681 21.1 3,613 Effective tax rate 21.8 %

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Source: SEC EDGAR

accession 0001462120-24-000034

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