LIVE OAK BANCSHARES, INC. LOB Cash Flow

Live oak bancshares, inc. (LOB)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15
Cash flows from operating activities
Net (loss) income
8,060	18,034	21,692	32,049	41,367	51,448	112,688	111,298	106,840	100,499	34,249	24,865	15,193	13,764	13,998	13,419	17,231	20,601	0	0	0
Adjustments to reconcile net (loss) income to net cash used by operating activities:
Depreciation and amortization
21,554	19,967	18,680	17,664	16,634	16,386	15,268	14,040	12,357	10,279	8,079	6,213	4,903	4,260	4,719	4,523	4,067	3,435	0	0	0
Provision for loan and lease credit losses
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Provision for loan and lease losses
-	-	-	-	-	13,058	10,291	12,960	12,429	9,536	9,325	10,705	12,602	12,536	10,159	7,565	4,162	3,806	0	0	0
Amortization of premium on securities, net of accretion
-671	-507	-655	-703	-754	-802	-681	-594	-503	-460	-462	-382	-322	-242	-165	-121	-81	-66	0	0	0
Amortization of discount on unguaranteed loans, net
-	-	-	-	-	-	-	-	-3,811	-	-3,344	-3,953	-3,863	-2,854	4,023	4,303	3,319	3,146	0	0	0
Deferred tax expense (benefit)
3,363	1,467	-3,011	-7,160	-6,884	-5,936	9,212	11,397	10,287	12,017	-3,365	-1,404	-2,981	-4,288	-510	-1,368	1,449	936	0	0	0
Originations of loans held for sale
1,073,403	1,005,165	964,994	913,638	983,390	1,079,472	1,091,354	1,138,493	1,122,149	1,149,617	1,196,969	1,174,762	1,087,556	1,013,643	995,806	1,033,651	1,066,941	1,034,769	0	0	0
Proceeds from sales of loans held for sale
579,942	457,533	431,390	641,684	890,266	1,086,614	1,201,142	1,030,968	932,978	883,366	930,938	981,391	892,859	837,830	791,942	749,695	736,719	745,072	0	0	0
Net gains on sale of loans held for sale
35,916	29,002	23,325	37,904	54,950	75,170	92,797	88,941	84,056	78,590	77,789	81,474	77,853	75,326	73,594	67,185	68,349	67,385	0	0	0
Net loss on sale of foreclosed assets
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14	0	0	0
Net loss (gain) on loans accounted for under fair value option
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease (increase) in servicing assets
-10,792	-12,276	-11,678	-11,002	-8,796	-4,657	-4,131	-986	-464	304	3,663	5,221	6,207	7,764	9,139	8,471	8,920	9,231	0	0	0
Loss (gain) on sale of securities available-for-sale
536	620	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on disposal of long-lived asset
-	357	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of investment in non-consolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,782	0	0	0
Net loss on disposal of property and equipment
0	-	-	-	-	-	-	-	-	-215	-213	-213	-213	0	-1	-1	-14	-17	0	0	0
Equity method investments (income) loss
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-26	0	0	0
Equity security investments losses (gains), net
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock option based compensation expense
1,619	1,723	1,713	1,774	1,720	1,713	1,600	1,671	1,793	1,786	2,093	2,100	2,213	2,349	2,303	2,155	1,751	1,277	0	0	0
Restricted stock expense
10,179	10,025	9,127	8,612	7,965	7,463	7,250	6,704	6,256	5,717	8,041	10,083	11,004	9,724	5,958	2,541	207	148	0	0	0
Stock based compensation expense tax shortfall
-151	-125	-72	1	79	101	39	152	142	1,002	0	0	0	-	-	-	-	-	-	-	-
Stock based compensation expense excess tax benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Business combination contingent consideration fair value adjustment
-	-	-	-	-	-260	1,340	1,340	1,490	1,950	350	350	200	0	0	0	0	-	-	-	-
Changes in assets and liabilities:
Lease right-of-use assets and liabilities, net
0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
39,435	-394	-1,111	-7,109	-5,892	14,040	13,431	23,653	38,210	25,671	25,732	17,091	8,971	8,929	2,628	2,310	3,777	4,201	0	0	0
Other liabilities
-1,992	3,896	-2,678	-2,294	-3,267	-1,539	-1,053	221	2,306	157	2,450	1,594	347	1,227	6,781	4,230	743	6,154	0	0	0
Net cash used by operating activities
-477,657	-493,925	-485,252	-228,396	-60,163	11,521	112,666	-116,841	-215,936	-287,529	-303,717	-234,013	-235,761	-221,950	-243,321	-326,751	-378,596	-334,683	0	0	0
Cash flows from investing activities
Purchases of securities available-for-sale
107,473	253,100	250,018	236,425	252,522	347,184	357,484	353,256	336,098	43,071	25,484	29,025	34,997	37,421	34,436	33,801	25,470	24,927	0	0	0
Proceeds from sales, maturities, calls, and principal paydown of securities available-for-sale
124,956	111,290	83,023	65,849	64,374	56,631	49,319	34,953	22,236	19,693	17,562	21,288	20,511	19,139	15,638	17,934	20,241	19,980	0	0	0
Proceeds from SBA reimbursement/sale of foreclosed assets
1,016	796	0	0	0	-	-	-	-	-	-	-	-	1,221	679	274	235	513	0	0	0
Business combination, net of cash acquired
-	-	-	-	-	-	-	-	-	7,696	7,696	7,684	7,583	0	0	0	0	-	-	-	-
Maturities of certificates of deposit with other banks
-	-	-	-	-	2,500	2,500	3,500	3,750	4,250	4,500	3,000	3,250	3,250	2,750	1,750	1,250	0	0	0	0
Proceeds from sale of investment in non-consolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,896	0	0	0
Net cash acquired in consolidation of equity method investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	319	0	0	0
Loan and lease originations and principal collections, net
545,343	505,848	510,076	485,928	467,319	445,643	444,165	411,276	385,561	385,551	413,882	406,975	395,239	295,119	137,098	-88,565	-119,942	-84,475	0	0	0
Proceeds from sale of long-lived asset
-	10,895	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of premises and equipment, net
24,619	37,197	53,494	77,928	82,952	111,322	140,550	121,874	128,164	124,139	81,115	73,938	48,298	10,889	2,351	7,817	27,422	30,452	0	0	0
Net cash used by investing activities
-551,463	-673,164	-725,311	-727,173	-730,948	-850,585	-887,884	-846,255	-822,452	-535,016	-505,774	-492,454	-461,437	-320,069	-155,068	-101,849	35,098	59,576	0	0	0
Cash flows from financing activities
Net increase in deposits
1,113,743	1,079,539	1,094,979	752,361	555,064	889,320	911,397	1,097,515	1,334,198	775,187	609,874	730,924	623,678	680,288	640,389	413,451	459,382	282,708	0	0	0
Proceeds from borrowings
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of borrowings
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from long term borrowings
-	-	-	-	-	-	0	0	16,918	-	0	0	0	-	-	-	-	12,960	0	0	0
Repayment of long term borrowings
-	-	-	-	-	-	0	0	49,002	-	26,202	1,000	798	532	14,005	17,955	26,431	26,434	0	0	0
Proceeds from short term borrowings
-	-	-	-	-	-	-	-	-	-	23,100	23,100	13,100	0	0	0	0	-	-	-	-
Repayment of short term borrowings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,100	0	0	0
Stock option exercises
752	508	326	546	949	1,626	2,011	1,822	1,531	1,026	856	750	539	401	171	192	271	239	0	0	0
Employee stock purchase program
487	437	437	359	359	342	342	369	369	445	445	241	241	0	0	0	0	-	-	-	-
Withholding cash issued in lieu of restricted stock
452	409	276	347	450	756	708	558	374	4,891	4,891	4,828	4,828	0	0	0	0	-	-	-	-
Shareholder dividend distributions
4,831	4,827	4,824	4,820	4,815	4,809	4,800	4,792	4,283	3,776	3,265	2,753	2,403	2,737	2,562	1,878	2,395	2,732	0	0	0
Net cash provided by financing activities
1,158,303	1,073,805	1,090,444	746,073	549,026	860,616	882,876	1,148,664	1,407,453	879,808	714,913	758,334	629,529	677,420	623,993	472,619	522,490	347,812	0	0	0
Net increase (decrease) in cash and cash equivalents
129,183	-93,284	-120,119	-209,496	-242,085	21,552	107,658	185,568	369,065	57,263	-94,578	31,867	-67,669	135,401	225,604	44,019	178,992	72,705	0	0	0
Supplemental disclosures of cash flow information
Interest paid
93,301	87,280	78,471	69,189	61,575	54,106	46,061	38,840	30,922	25,390	22,323	19,194	16,662	14,516	12,459	10,868	9,615	8,840	0	0	0
Income tax paid (received)
1,723	-12,293	-8,959	13,647	-12,155	1,750	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Income tax
-	-	-	-	-	-	-	-	-	-	-	-	8,885	8,238	6,753	5,928	12,533	12,326	0	0	0
Supplemental disclosures of noncash operating, investing, and financing activities
Unrealized holding gains on available-for-sale securities, net of taxes
16,756	13,401	22,860	17,893	4,515	-400	-5,744	-4,255	-2,581	-381	-750	-718	-744	-460	43	200	-162	-277	0	0	0
Transfers from loans and leases to foreclosed real estate and other repossessions
6,115	5,058	5,058	5,058	815	346	1,089	1,257	1,586	1,406	663	495	58	406	2,322	3,022	3,022	2,616	0	0	0
Net transfers between foreclosed real estate and SBA receivable
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use assets obtained in exchange for lessee operating lease liabilities
-	2,241	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfers of loans accounted for as secured borrowing collateral to other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,575	0	0	0
Transfer of loans held for sale to loans and leases held for investment
263,142	277,964	313,298	257,797	169,608	131,266	101,115	79,268	71,700	63,643	5,958	7,453	329,460	339,567	340,945	337,896	20,502	9,033	0	0	0
Transfer of loans and leases held for investment to loans held for sale
33,171	39,067	40,110	65,861	96,228	94,154	90,524	52,738	24,663	19,534	18,990	18,858	3,186	2,296	3,410	577	2,625	3,243	0	0	0
Business combination:
Assets acquired (excluding goodwill)
-	-	-	-	-	-	-	-	-	5,766	5,766	5,766	5,766	0	0	0	0	-	-	-	-
Liabilities assumed
-	-	-	-	-	-	-	-	-	4,681	4,681	4,681	4,681	0	0	0	0	-	-	-	-
Purchase price
-	-	-	-	-	-	-	-	-	8,363	8,363	8,351	8,250	0	0	0	0	-	-	-	-
Goodwill recorded
-	-	-	-	-	-	-	-	-	7,278	7,278	7,266	7,165	0	0	0	0	-	-	-	-