Live Oak Bancshares Inc. (LOB) reports earnings

The report was filed on March 18, 2025

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Live Oak Bancshares Inc. (LOB-9.31%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing

The company reported a net income attributable to Live Oak Bancshares, Inc. of $77.5 million, or $1.69 per diluted share, for 2024, compared to $73.9 million, or $1.64 per diluted share, for 2023.

Net interest income increased by $30.6 million, or 8.9%, to $375.9 million, largely due to robust loan growth. However, the net interest margin declined to 3.27% for 2024 from 3.35% in 2023.

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The provision for credit losses increased by $44.9 million, or 87.5%, driven by record loan growth and the impacts of the current macroeconomic environment.

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Total noninterest income increased by $12.0 million, or 10.8%, while total noninterest expense decreased by $8.6 million, or 2.7%.

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Total assets grew to $12.94 billion at December 31, 2024, an increase of $1.67 billion, or 14.8%, compared to December 31, 2023. This growth was primarily driven by an increase in total loans and leases held for investment.

Total deposits increased by $1.49 billion, or 14.5%, to $11.76 billion at the end of 2024.

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The company identified a material weakness in its internal control over financial reporting, which was related to the loan review process.

Live Oak Bancshares, Inc. continues to focus on providing a banking platform for small businesses nationwide, generating revenue primarily from net interest income and through the origination and sale of government guaranteed loans.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Live Oak Bancshares Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.