Live Oak Bancshares, Inc. - LOB STOCK NEWS

Live Oak Bancshares reported third quarter 2021 net earnings of $33.8 million, or $0.76 per diluted share, reflecting a slight decrease in earnings per share compared to last year. The company surpassed $1.0 billion in loan originations and successfully transitioned deposit customers to a new platform. Key metrics include a 44% increase in net interest income to $84 million and total deposits rising 19% to $6.82 billion. However, noninterest income fell significantly to $25.3 million, driven by a decline in equity investment gains.

Live Oak Bancshares (Nasdaq: LOB) will announce its third quarter 2021 financial results on October 27, 2021, after market close. A conference call to discuss these results will take place on October 28, 2021, at 9:00 a.m. ET. Participants can join the call by dialing (844) 743-2494 (domestic) or (661) 378-9528 (international) using conference ID 8796489. A live webcast will be available on their website, and a replay can be accessed until November 4, 2021.

Live Oak Bank has surpassed $1.2 billion in renewable energy financing for solar and bioenergy projects in rural areas, solidifying its position as the largest USDA lender in the U.S. since its first renewable loan in 2016. The Energy & Infrastructure team, led by Jamie Bourgeois, has helped finance numerous projects aimed at creating sustainable energy systems, thereby lowering costs and boosting economic opportunities. This financing is pivotal for project developers seeking a streamlined lending experience for solar, solar storage, and bioenergy initiatives.

Peach Finance, a loan servicing platform, has secured $20 million in Series A funding led by Canapi Ventures. This funding aims to accelerate new credit product launches and enhance customer-focused initiatives. Since launching its first product in December 2020, Peach has experienced over 100% Q-o-Q growth in its customer base. The platform offers an all-in-one solution for fintech companies and traditional lenders, designed to streamline loan management and improve borrower satisfaction amidst a growing $14.6 trillion consumer debt market.

Live Oak Bank has successfully migrated over 60,000 retail customer accounts to Apiture's API-first solution. This transition, announced on September 8, 2021, enhances Live Oak's ability to provide a streamlined digital banking experience for both retail and business customers. By utilizing Apiture Open alongside partners like Finxact, Savana, and Payrailz, the bank aims to improve operational efficiency and customer analytics. Live Oak maintains its commitment to offering exceptional services, positioning itself as America's small business bank.

Live Oak Bancshares announced the successful conversion of over 60,000 deposit accounts to Finxact's cloud-based core system, marking the largest conversion to date for Finxact. This strategic move enhances Live Oak's ability to offer innovative banking products rapidly. The conversion process was completed 16 hours ahead of schedule, achieving 100% account accuracy. Live Oak aims to redefine banking with a flexible, API-first platform, allowing for rapid product development and improved customer experiences.

Live Oak Bancshares reported second quarter 2021 net earnings of $63.6 million, or $1.41 per diluted share, boosted by a $44.1 million gain from an investment in Greenlight Financial Technologies. Total loan originations exceeded $1 billion, while total loans and leases reached $6.51 billion, up 15.6% year-over-year. Noninterest income surged to $70.1 million, driven by investment gains. Total deposits rose by $647.5 million to $6.52 billion. Despite a modest decline in net interest margin to 3.63%, overall financial performance reflected growth in core revenues and support for small businesses.

Live Oak Bancshares (Nasdaq: LOB) will release its second quarter 2021 financial results on July 21, 2021, after U.S. market close. A conference call to discuss these results and the company's future outlook is scheduled for July 22, 2021, at 9:00 a.m. ET. Interested parties can join by calling (844) 743-2494 domestically or (661) 378-9528 internationally, using conference ID 5508559. A live webcast will also be available on the Investor Relations page of their website.

Live Oak Bancshares announced that William C. (BJ) Losch, III will become the new Chief Financial Officer (CFO) on September 1, 2021. Losch is expected to oversee the company's financial management, including treasury, accounting, and investor relations. He has a strong background in financial leadership, having spent 12 years as CFO at First Horizon Corporation. His appointment comes as Live Oak aims to expand its operations and redefine banking through innovation. Brett Caines, the current CFO, will transition to a senior strategic role within the company.