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Live Oak Bancshares Inc. (LOB-0.09%) 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.
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.
Total noninterest income increased by $12.0 million, or 10.8%, while total noninterest expense decreased by $8.6 million, or 2.7%.
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.
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.
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.