Live Oak Q3 net income $13M (-51.7% YoY); record loan production $1.76B

Live Oak Bancshares, Inc.

2024-Q3 EPS reported $1.48

Net income $13.0M ($0.28 diluted EPS) vs $39.8M ($0.88) in Q3 2023, down 51.7%.
Total revenue $129.9M, up 3.5% QoQ and 2.1% YoY.
Loan production $1.76B, up 50.1% QoQ, highest quarter excluding PPP.
Provision for credit losses $34.5M, up from $11.8M in Q2 and $10.3M in Q3 2023.
Allowance for credit losses / loans at historical cost rose to 1.78% from 1.57%.

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