Live Oak Bancshares, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Live Oak Bancshares, Inc. has submitted its Q1 2024 10-Q filing, providing a detailed financial update for the first quarter.</b>

AI Summary

Live Oak Bancshares, Inc. (LOB-PA) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Live Oak Bancshares, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024, with data from January 1, 2024, to March 31, 2024. Comparative data from the previous fiscal year (ending December 31, 2023) and prior periods are included. The report details financial information related to common stock, retained earnings, and accumulated other comprehensive income. Specific financial instruments like 'Receivables Under The Fair Value Option' are noted for March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking Live Oak Bancshares, Inc., this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial performance and position of Live Oak Bancshares, Inc. for the first quarter of 2024. The inclusion of comparative data allows for an analysis of financial trends and changes over specific periods, aiding in investment decisions.

Risk Assessment

Risk Level: low — Live Oak Bancshares, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Live Oak Bancshares' performance and financial health in Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-01-01 — Period Start Date (Reporting period for Q1 2024)
• 2023-12-31 — Previous Period End Date (Comparative period)
• 2023-03-31 — Prior Year Quarter End Date (Comparative period)

Key Players & Entities

• Live Oak Bancshares, Inc. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 0001462120-24-000038 (accession_number) — Accession number for the filing
• NC (location) — State of incorporation
• 1741 TIBURON DRIVE (address) — Business and mail address
• WILMINGTON (location) — City for business and mail address
• 28403 (zip_code) — ZIP code for business and mail address

FAQ

Industry Context

Live Oak Bancshares, Inc. operates within the commercial banking sector, as indicated by its SIC code 6022.

Regulatory Implications

As a publicly traded company, Live Oak Bancshares, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Compare key financial metrics to prior periods presented in the filing.
3. Review any footnotes or disclosures for specific operational or financial details.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 10-Q report, following previous filings such as the 2023 10-K and subsequent 8-K or 10-Q reports.

Filing Documents

• lob-20240331.htm (10-Q) — 2890KB
• lob-20240331xex311.htm (EX-31.1) — 10KB
• lob-20240331xex312.htm (EX-31.2) — 10KB
• lob-20240331xex32.htm (EX-32) — 7KB
• lob-20240331_g1.jpg (GRAPHIC) — 372KB
• 0001462120-24-000038.txt (&nbsp;) — 15509KB
• lob-20240331.xsd (EX-101.SCH) — 68KB
• lob-20240331_cal.xml (EX-101.CAL) — 124KB
• lob-20240331_def.xml (EX-101.DEF) — 447KB
• lob-20240331_lab.xml (EX-101.LAB) — 793KB
• lob-20240331_pre.xml (EX-101.PRE) — 635KB
• lob-20240331_htm.xml (XML) — 3438KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 57

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 58 Item 1A.

Risk Factors

Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 61 Index to Exhibits 61

Signatures

Signatures 62 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Live Oak Bancshares, Inc. Condensed Consolidated Balance Sheets As of March 31, 2024 (unaudited) and December 31, 2023* (Dollars in thousands) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 597,394 $ 582,540 Certificates of deposit with other banks 250 250 Investment securities available-for-sale 1,120,622 1,126,160 Loans held for sale 310,749 387,037 Loans and leases held for investment (includes $ 379,222 and $ 388,036 measured at fair value, respectively) 8,912,561 8,633,847 Allowance for credit losses on loans and leases ( 139,041 ) ( 125,840 ) Net loans and leases 8,773,520 8,508,007 Premises and equipment, net 258,071 257,881 Foreclosed assets 8,561 6,481 Servicing assets (includes $ 48,962 and $ 48,186 measured at fair value, respectively) 49,343 48,591 Other assets 387,059 354,476 Total assets $ 11,505,569 $ 11,271,423 Liabilities and shareholders' equity Liabilities Deposits: Noninterest-bearing $ 226,668 $ 259,270 Interest-bearing 10,156,693 10,015,749 Total deposits 10,383,361 10,275,019 Borrowings 120,242 23,354 Other liabilities 74,248 70,384 Total liabilities 10,577,851 10,368,757 Shareholders' equity Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2024 and December 31, 2023 — — Class A common stock, no par value, 100,000,000 shares authorized, 44,938,673 and 44,617,673 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 349,648 344,568 Class B common stock, no par value, 10,000,000 shares authorized, none issued or outstanding at March 31, 2024 and December 31, 2023 — — Retained earnings 669,307 642,817 Accumulated other comprehensive loss ( 91,237 ) ( 84,719 ) Total shareholders' equity 927,718 902,666 Total liabilities and shareholders' equity $ 11,505,569 $ 11,271,423 * Derived from audited consolidated financial statements. See Notes to Unaudited Condensed Consolidated Fin

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View this 10-Q filing on SEC EDGAR