Live oak bancshares, inc. (LOB)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Sep'14Jun'14
Interest income
Loans and fees on loans

58,961

57,017

55,939

49,914

44,966

40,628

37,724

36,267

32,691

29,343

26,977

23,559

19,754

16,239

14,961

12,902

11,005

10,474

8,728

7,408

6,730

5,189

4,762

Investment securities, taxable

3,762

3,911

4,001

4,116

3,317

2,558

2,528

2,530

1,117

468

325

316

323

292

337

252

251

224

211

200

176

93

99

Other interest earning assets

750

885

1,167

1,108

1,639

1,568

1,638

2,179

1,215

725

870

470

342

383

264

248

138

80

84

70

66

38

41

Total interest income

63,473

61,813

61,107

55,138

49,922

44,754

41,890

40,976

35,023

30,536

28,172

24,345

20,419

16,914

15,562

13,402

11,394

10,778

9,023

7,678

6,972

5,320

4,902

Interest expense
Deposits

23,255

23,801

23,576

21,203

19,317

15,959

14,165

13,927

10,418

7,330

6,758

5,592

4,543

4,283

3,689

3,243

2,444

2,105

1,997

1,801

1,476

1,172

1,131

Borrowings

57

-

-

-

-

0

1

1

129

230

389

361

235

239

242

242

241

203

395

444

441

254

204

Total interest expense

23,312

23,802

23,576

21,203

19,317

15,959

14,166

13,928

10,547

7,560

7,147

5,953

4,778

4,522

3,931

3,485

2,685

2,308

2,392

2,245

1,917

1,426

1,335

Net interest income

40,161

38,011

37,531

33,935

30,605

28,795

27,724

27,048

24,476

22,976

21,025

18,392

15,641

12,392

11,631

9,917

8,709

8,470

6,631

5,433

5,055

3,894

3,567

Provision for loan and lease credit losses

11,792

-

-

-

3,031

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for loan and lease losses

-

-

7,160

3,463

-

6,822

-243

2,087

4,392

4,055

2,426

1,556

1,499

3,844

3,806

3,453

1,433

1,467

1,212

50

1,077

512

475

Net interest income after provision for loan and lease credit losses

28,369

32,092

30,371

30,472

27,574

21,973

27,967

24,961

20,084

18,921

18,599

16,836

14,142

8,548

7,825

6,464

7,276

7,003

5,419

5,383

3,978

3,382

3,092

Noninterest income
Loan servicing revenue

6,422

6,730

6,831

7,063

7,410

7,752

7,506

6,965

6,898

6,001

6,490

6,174

5,923

5,668

5,860

5,081

4,784

3,889

4,216

3,870

4,106

3,230

3,585

Loan servicing asset revaluation

4,692

-490

859

403

4,040

627

9,380

3,670

5,088

6,307

3,691

1,164

2,009

3,340

3,421

1,604

26

-

2,650

2,098

-

-

-

Net gains on sales of loans

11,112

11,364

7,425

6,015

4,198

5,687

22,004

23,061

24,418

23,314

18,148

18,176

18,952

22,513

21,833

14,555

16,425

20,781

15,424

15,719

15,461

13,108

12,326

Net (loss) gain on loans accounted for under the fair value option

-10,638

-

-

-

2,083

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity method investments income (loss)

-2,478

-1,769

-2,370

-1,736

-2,014

-

-360

-673

-

-

-

-

-

-

-

-

-

0

0

0

-26

-177

-1,208

Equity security investments (losses) gains, net

-64

-

3,346

-

103

-

39

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of investment in non-consolidated affiliate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,782

-

-

(Loss) gain on sale of investment securities available-for-sale

-79

528

87

0

5

-

-

-

-

-

-

-

-

-

1

-

-

-

12

-

-

-

-

Lease income

2,624

2,600

2,361

2,369

2,325

2,244

2,194

1,920

1,608

1,165

682

9

0

-

-

-

-

-

-

-

-

-

-

Management fee income

1,644

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Construction supervision fee income

390

240

360

386

779

323

578

597

779

699

362

286

429

868

502

667

630

746

344

317

216

-

-

Title insurance income

-

-

-

-

-

0

479

996

1,300

1,762

1,968

2,397

1,438

0

0

0

0

-

-

-

-

-

-

Other noninterest income

1,501

3,052

1,447

1,007

2,467

1,865

1,271

1,417

841

1,231

1,101

789

1,020

618

657

649

619

432

424

327

516

342

405

Total noninterest income

5,742

21,235

18,628

14,701

13,316

18,065

24,331

30,613

30,756

95,441

25,060

26,667

25,753

26,327

25,432

19,348

22,432

24,368

17,770

18,135

24,055

16,503

15,108

Noninterest expense
Salaries and employee benefits

28,063

24,072

22,717

21,990

21,855

14,503

20,553

22,146

20,209

18,982

19,037

17,968

18,682

17,121

17,471

15,411

12,993

12,700

9,949

9,319

8,355

6,120

6,007

Travel expense

1,781

2,246

1,934

1,541

1,200

3,269

2,003

2,041

1,843

2,089

2,289

2,148

1,598

1,811

2,218

2,330

1,846

1,465

2,200

2,238

1,476

1,791

1,338

Professional services expense

1,937

983

2,073

1,621

2,182

1,233

1,228

1,119

1,298

709

1,068

1,424

1,736

1,137

907

910

528

752

493

548

850

1,758

671

Advertising and marketing expense

1,361

1,630

1,277

1,665

1,364

1,023

1,462

1,868

1,662

1,386

1,516

1,976

1,485

1,109

1,097

1,365

963

1,156

1,051

1,118

1,008

763

722

Occupancy expense

2,421

2,528

2,131

1,848

1,609

1,738

1,588

1,882

1,857

-

-

-

1,195

1,267

1,058

1,055

1,193

1,555

703

736

481

518

429

Data processing expense

3,157

1,847

3,072

1,947

2,399

2,606

3,661

2,906

2,837

2,913

1,982

1,858

1,696

1,435

1,252

1,404

1,208

1,195

773

722

893

730

628

Equipment expense

4,635

4,402

4,361

4,239

3,325

3,630

3,649

3,368

3,077

2,474

2,228

1,703

1,074

550

611

534

551

646

642

388

443

433

313

Other loan origination and maintenance expense

2,456

2,390

3,535

1,708

1,639

1,482

1,742

1,414

1,329

1,383

1,601

981

1,005

824

806

621

574

685

673

234

477

-

-

Renewable energy tax credit investment impairment

-

-

-

602

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

FDIC insurance

1,510

2,012

101

699

635

547

1,105

1,010

572

898

858

724

726

910

210

149

148

-

-

-

-

-

-

Title insurance closing services expense

-

-

-

-

-

0

114

372

426

541

687

785

405

-

0

0

-

-

-

-

-

-

-

Impairment expense on goodwill and other intangibles

-

-

-

-

-

-

2,680

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Other expense

2,170

2,300

1,536

1,716

1,993

2,527

1,459

2,704

2,962

3,134

3,117

2,383

3,383

3,023

1,588

1,353

1,707

1,465

1,579

1,514

719

1,154

1,431

Total noninterest expense

49,491

44,410

42,737

39,576

38,201

32,558

41,244

40,830

38,072

41,024

35,856

33,300

32,985

32,384

27,218

25,132

21,711

22,133

18,063

16,817

14,702

13,267

11,539

(Loss) income before taxes

-15,380

8,917

6,262

5,597

2,689

7,480

11,054

14,744

12,768

73,338

7,803

10,203

6,910

2,491

6,039

680

7,997

9,238

5,126

6,701

13,331

6,618

6,661

Income tax (benefit) expense

-7,778

2,085

2,367

662

317

-3,010

-3,198

491

315

1,608

-5,059

408

798

-2,989

2,561

557

3,314

3,523

2,228

2,766

5,278

5,977

-

Net income

-

-

3,895

4,935

-

-

14,252

14,253

12,453

-

12,862

9,795

6,112

5,480

3,478

123

4,683

5,715

2,898

3,935

8,053

641

6,661

Net loss attributable to noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1

0

-8

-1

-3

0

-20

-

-

Net (loss) income

-7,602

-

-

-

2,372

-

-

-

-

-

-

-

-

5,480

3,479

123

4,691

5,716

2,901

3,935

8,073

641

6,661

Basic (loss) earnings per share

-0.19

0.17

0.10

0.12

0.06

0.25

0.36

0.36

0.31

1.95

0.34

0.28

0.18

0.16

0.10

0.00

0.14

0.15

0.09

0.14

0.28

0.03

0.31

Diluted (loss) earnings per share

-0.19

0.17

0.09

0.12

0.06

0.26

0.34

0.34

0.30

1.88

0.33

0.27

0.17

0.16

0.10

0.00

0.13

0.16

0.09

0.13

0.27

0.02

0.31