Live Oak Bancshares, Inc. - LOB STOCK NEWS

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.

Jordan Blanchard, head of energy and infrastructure lending at Live Oak Bank, has been appointed president of the National Rural Lenders’ Roundtable. The Roundtable aims to enhance the lives of rural Americans by fostering job creation and supporting small businesses. Blanchard, who will maintain his role at Live Oak, has led the bank in becoming the USDA’s largest energy lender, closing over $1 billion in energy loans. His leadership is expected to bolster access to capital for rural development and champion essential USDA programs.

Live Oak Bancshares (Nasdaq: LOB) will release its fourth quarter 2020 financial results on January 27, 2021, after market close. The company will conduct a conference call on January 28, 2021, at 9:00 a.m. ET to discuss its financial performance and future outlook. Interested participants can join the call by dialing (844) 743-2494 or (661) 378-9528, using conference ID 9778804. A live webcast will also be available on the company’s Investor Relations page, with a replay accessible until February 4, 2021.

Live Oak Bank has been recognized as the top commercial lender by the U.S. Department of Agriculture (USDA) for 2020. On December 15, the USDA announced that Live Oak led 181 lenders, facilitating $2.1 billion in investments to support rural communities. In FY 2020, Live Oak invested $345 million to help 34 businesses secure working capital, promote renewable energy in 45 businesses, modernize infrastructure in five communities, and enhance essential facilities in three communities. This highlights Live Oak's commitment to supporting rural economies and businesses.

Live Oak Bank has been recognized as the most active SBA 7(a) lender by dollar volume for the fiscal year 2020, as reported by the U.S. Small Business Administration. The bank approved 1,068 loans totaling over $1.49 billion, contributing significantly to small business financing during a challenging year. The SBA's 7(a) program saw approximately 42,000 loans amounting to $22.55 billion. Live Oak's commitment to supporting small business owners reflects its mission to empower local economies across the nation.