Live Oak Bancshares Inc - LOB STOCK NEWS

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.

Live Oak Bank announced the appointment of Renato Derraik as Chief Information & Digital Officer, effective June 7. His role focuses on leading the bank's digital transformation strategy and execution, aligning technology innovations with corporate goals. Derraik, with a strong background in digital leadership from Ally Financial and experience in Fortune 500 transformations, aims to enhance Live Oak's competitiveness. He holds an MBA from Kellogg and engineering degrees from Brazilian universities, expressing excitement for the bank's commitment to serving small businesses.

Live Oak Bancshares (NASDAQ: LOB) reported a robust first quarter of 2021, with net earnings of $39.4 million or $0.88 per diluted share, marking a significant recovery from a net loss of $7.6 million a year ago. Loan and lease originations soared to $1.2 billion, supported by the Paycheck Protection Program, which contributed over $500 million in relief. Total loans and leases increased to $6.53 billion, up 71% year-over-year. Net interest income rose 64% to $76.4 million, driven by strong loan growth and an improved net interest margin of 3.81%.

Live Oak Bancshares (Nasdaq: LOB) announced it will release its first quarter 2021 financial results on April 21, 2021, after market close. A conference call will follow on April 22, 2021, at 9:00 a.m. ET to discuss these results and the company's future outlook. Investors can join the call by dialing (844) 743-2494 domestically or (661) 378-9528 internationally, using conference ID 4360354. A live webcast will also be available on the investor relations website, with a replay accessible until May 6, 2021.

Live Oak Bancshares has appointed David G. Lucht to its board of directors effective immediately. Lucht is a founding member of Live Oak Bank and previously served as executive vice president of credit, retiring in December 2020. His extensive experience includes leadership roles at financial institutions where he improved credit culture and performance. Live Oak's chairman, Chip Mahan, expressed excitement about Lucht’s return, highlighting his dedication and influence on the bank's trajectory. Lucht aims to support the bank's mission to assist customers and entrepreneurs.

Live Oak Bank has announced a $2.5 million investment in Cape Fear Collective to enhance affordable housing in Wilmington. This initiative aims to scale solutions in housing, workforce development, and small business growth through Cape Fear Collective Ventures. The funds will acquire 20 residences to address local housing needs. Live Oak’s president expressed commitment to positively impacting the workforce and socio-economic status of the region. Cape Fear Collective focuses on leveraging data science for project management, ensuring social returns for investors.

Live Oak Bancshares (NASD: LOB) reported Q4 2020 net earnings of $29.6 million, or $0.68 per diluted share, marking a 333% increase from Q4 2019. For the full year, net income reached $59.5 million, up 230% year-over-year. The company grew its assets by $3 billion and total loans and leases originated increased by 122% to $4.45 billion. Despite a rise in noninterest expenses to $52.4 million, the increase in net interest income by 54% to $68.985 million and a significant tax benefit contributed to strong financial results.