Live Oak Bancshares Q2 2024 10-Q Filed

TL;DR

**Live Oak Bancshares (LOBC) Q2 10-Q is in. Check financials.**

AI Summary

Live Oak Bancshares, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details for the second quarter of 2024 are presented.

Why It Matters

This filing provides investors with a detailed look at Live Oak Bancshares' financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Live Oak Bancshares is subject to inherent risks related to market fluctuations, credit, and regulatory changes.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Live Oak Bancshares, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date

FAQ

Filing Documents

• lob-20240630.htm (10-Q) — 3298KB
• formofnon-employeedirector.htm (EX-10.1) — 38KB
• lob-20240630xex311.htm (EX-31.1) — 10KB
• lob-20240630xex312.htm (EX-31.2) — 10KB
• lob-20240630xex32.htm (EX-32) — 7KB
• lob-20240630_g1.jpg (GRAPHIC) — 372KB
• 0001462120-24-000051.txt ( ) — 16819KB
• lob-20240630.xsd (EX-101.SCH) — 68KB
• lob-20240630_cal.xml (EX-101.CAL) — 123KB
• lob-20240630_def.xml (EX-101.DEF) — 449KB
• lob-20240630_lab.xml (EX-101.LAB) — 777KB
• lob-20240630_pre.xml (EX-101.PRE) — 638KB
• lob-20240630_htm.xml (XML) — 3881KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30 , 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30 , 2024 and 2023 3 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 8 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 40 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 62 Item 4.

Controls and Procedures

Controls and Procedures 63

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 64 Item 1A.

Risk Factors

Risk Factors 64 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3. Defaults Upon Senior Securities 64 Item 4. Mine Safety Disclosures 64 Item 5. Other Information 64 Item 6. Exhibits 65 Index to Exhibits 65

Signatures

Signatures 66 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 June 30, 2024 (unaudited) and December 31, 2023* (Dollars in thousands) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 615,449 $ 582,540 Certificates of deposit with other banks 250 250 Investment securities available-for-sale 1,151,195 1,126,160 Loans held for sale 363,632 387,037 Loans and leases held for investment (includes $ 363,017 and $ 388,036 measured at fair value, respectively) 9,172,134 8,633,847 Allowance for credit losses on loans and leases ( 137,867 ) ( 125,840 ) Net loans and leases 9,034,267 8,508,007 Premises and equipment, net 267,864 257,881 Foreclosed assets 8,015 6,481 Servicing assets (includes $ 51,303 and $ 48,186 measured at fair value, respectively) 51,528 48,591 Other assets 376,370 354,476 Total assets $ 11,868,570 $ 11,271,423 Liabilities and shareholders' equity Liabilities Deposits: Noninterest-bearing $ 264,013 $ 259,270 Interest-bearing 10,443,018 10,015,749 Total deposits 10,707,031 10,275,019 Borrowings 117,745 23,354 Other liabilities 82,745 70,384 Total liabilities 10,907,521 10,368,757 Shareholders' equity Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding at June 30, 2024 and December 31, 2023 — — Class A common stock, no par value, 100,000,000 shares authorized, 45,003,856 and 44,617,673 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 356,381 344,568 Class B common stock, no par value, 10,000,000 shares authorized, none issued or outstanding at June 30, 2024 and December 31, 2023 — — Retained earnings 695,172 642,817 Accumulated other comprehensive loss ( 90,504 ) ( 84,719 ) Total shareholders' equity 961,049 902,666 Total liabilities and shareholders' equity $ 11,868,570 $ 11,271,423 * Derived from audited consolidated financial statements. See Notes to Unaudited Condensed Consolidated Financia

View Full Filing

View this 10-Q filing on SEC EDGAR