Live Oak Bancshares Inc - LOB STOCK NEWS

Live Oak Bank has been recognized as a 2021 Greenwich CX Leader in the U.S. Commercial Small Business Banking category by Coalition Greenwich. This award celebrates excellence in customer experience through satisfaction, loyalty, and ease of doing business. Live Oak Bank emphasizes its mission to support small businesses, stating they aim to treat every customer uniquely. The recognition underscores the bank's commitment to enhancing customer interactions, especially following a year of accelerated digital adoption due to the pandemic.

Summit Ridge Energy has successfully completed the first project in its 200 MW Maine community solar portfolio, a 6.3 MWdc solar array in Hermon, ME. This project will provide solar energy to 850 households and small businesses. The project is part of a 24 MW portfolio in partnership with Osaka Gas USA, Foss & Company, and Live Oak Bank. Once operational next summer, the solar arrays are expected to offset 34,619 metric tons of carbon emissions, equivalent to nearly 3.9 million gallons of gasoline. This initiative aims to deliver low-cost renewable energy and promote economic growth in Maine.

Neuro-ID has successfully raised $35 million in Series B funding led by Canapi Ventures, following a remarkable year of growth. Key clients like Intuit and Square have reported a 200% increase in conversion and a 35% reduction in fraud rates. The capital will enhance product development and marketing efforts, building on a prior $7 million funding round in December 2020. This investment positions Neuro-ID to meet rising demand for its behavioral analytics solutions, particularly as the digitization of financial services accelerates.

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.