Live Oak Q2 net income $27M ($0.59 EPS); loan originations surge 45.5% QoQ

Live Oak Bancshares, Inc.

2024-Q2 EPS reported $1.20

Net income $27.0M ($0.59 diluted EPS) vs $27.6M in Q1; total revenue $125.5M, up 8% QoQ.
Loan originations $1.17B, +45.5% QoQ and +36% YoY; total loans $9.54B, +3.4% QoQ.
Net interest margin 3.28% (-5 bps QoQ); net charge-offs $8.3M (0.38% annualized) vs $3.2M Q1.
Nonperforming loans fell to $37.3M (0.42%) from $43.1M (0.51%) QoQ.
Provision for credit losses $11.8M, down from $16.4M Q1; borrowings $117.7M, including $100M term loan.

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