“The Live Oak model continued to prove its fortitude in the first quarter as our teams marched ahead to steadily grow both sides of the balance sheet and delivered exceptional service to our customers,” said Live Oak Chairman and CEO James S. (Chip) Mahan III. “In a challenging environment for our industry, I remain bullish on our dedication to America’s small business owners and believe that our passion around innovation, efficiency and expertise will continue to shine a light on how Live Oak differs from the crowd.”
First Quarter 2024
(Dollars in thousands, except per share data) | Increase (Decrease) | |||||||||||||||||
1Q 2024 | 4Q 2023 | Dollars | Percent | 1Q 2023 | ||||||||||||||
Total revenue(1) | $ | 116,208 | $ | 119,683 | $ | (3,475 | ) | (2.9 | )% | $ | 101,596 | |||||||
Total noninterest expense | 78,679 | 93,204 | (14,525 | ) | (15.6 | ) | 78,962 | |||||||||||
Income before taxes | 21,165 | 17,484 | 3,681 | 21.1 | 3,613 | |||||||||||||
Effective tax rate | 21.8 | % | 7.6 | % | n/a | n/a | 89.0 | % | ||||||||||
Net income | $ | 16,548 | $ | 16,163 | $ | 385 | 2.4 | % | $ | 398 | ||||||||
Diluted earnings per share | 0.36 | 0.36 | — | — | 0.01 | |||||||||||||
Loan and lease production: | ||||||||||||||||||
Loans and leases originated | $ | 805,129 | $ | 981,703 | $ | (176,574 | ) | (18.0 | )% | $ | 1,030,882 | |||||||
% Fully funded | 43.8 | % | 49.0 | % | n/a | n/a | 54.5 | % | ||||||||||
Total loans and leases: | $ | 9,223,310 | $ | 9,020,884 | $ | 202,426 | 2.2 | % | $ | 8,220,279 | ||||||||
Total assets: | 11,503,300 | 11,271,423 | 231,877 | 2.1 | 10,364,297 | |||||||||||||
Total deposits: | 10,383,361 | 10,275,019 | 108,342 | 1.1 | 9,421,994 | |||||||||||||
(1) Total revenue consists of net interest income and total noninterest income.
Loans and Leases
As of
The total loan and lease portfolio at
Loan and lease originations totaled
Deposits
Total deposits increased to
Average total interest-bearing deposits for the first quarter of 2024 increased
Borrowings
Borrowings totaled
Net Interest Income
Net interest income for the first quarter of 2024 was
The increase in net interest income for the first quarter of 2024 compared to the first quarter of 2023 was driven by growth in average loans and leases held for investment. Partially mitigating this increase was a decrease in the net interest margin by 13 basis points arising from an increase in deposits combined with the increase in average cost of funds outpacing the increase in average yield on interest-earning assets.
Noninterest Income
Noninterest income for the first quarter of 2024 was
The loan servicing asset revaluation resulted in a loss of
Loans accounted for under the fair value option had a net loss of
Equity method investment losses totaled
Other noninterest income for the first quarter of 2024 totaled
Noninterest Expense
Noninterest expense for the first quarter of 2024 totaled
Asset Quality
During the first quarter of 2024, the Company recognized net charge-offs for loans carried at historical cost of
Unguaranteed nonperforming (nonaccrual) loans and leases, excluding
Provision for Loan and Lease Credit Losses
The provision for loan and lease credit losses for the first quarter of 2024 totaled
The allowance for credit losses on loans and leases totaled
Income Tax
Income tax expense and related effective tax rate was
Conference Call
Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow,
Live Telephone Dial-In
International: +1 416.764.8624
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Webcast Link: investor.liveoakbank.com
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Important Note Regarding Forward-Looking Statements
Statements in this press release that are based on other than historical data or that express the Company’s plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company’s expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in
About
Contacts:
Walter J. Phifer | CFO | Investor Relations | 910.202.6926
Quarterly Statements of Income (unaudited)
(Dollars in thousands, except per share data)
Three Months Ended | 1Q 2024 Change vs. | ||||||||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2023 | 1Q 2023 | |||||||||||||||||||
Interest income | % | % | |||||||||||||||||||||||
Loans and fees on loans | $ | 176,010 | $ | 169,531 | $ | 162,722 | $ | 152,362 | $ | 139,052 | 3.8 | 26.6 | |||||||||||||
Investment securities, taxable | 8,954 | 8,746 | 8,701 | 8,503 | 7,547 | 2.4 | 18.6 | ||||||||||||||||||
Other interest earning assets | 7,456 | 8,259 | 9,188 | 8,847 | 4,817 | (9.7 | ) | 54.8 | |||||||||||||||||
Total interest income | 192,420 | 186,536 | 180,611 | 169,712 | 151,416 | 3.2 | 27.1 | ||||||||||||||||||
Interest expense | |||||||||||||||||||||||||
Deposits | 101,998 | 96,695 | 90,914 | 85,003 | 67,595 | 5.5 | 50.9 | ||||||||||||||||||
Borrowings | 311 | 265 | 287 | 407 | 1,804 | 17.4 | (82.8 | ) | |||||||||||||||||
Total interest expense | 102,309 | 96,960 | 91,201 | 85,410 | 69,399 | 5.5 | 47.4 | ||||||||||||||||||
Net interest income | 90,111 | 89,576 | 89,410 | 84,302 | 82,017 | 0.6 | 9.9 | ||||||||||||||||||
Provision for loan and lease credit losses | 16,364 | 8,995 | 10,279 | 13,028 | 19,021 | 81.9 | (14.0 | ) | |||||||||||||||||
Net interest income after provision for loan and lease credit losses | 73,747 | 80,581 | 79,131 | 71,274 | 62,996 | (8.5 | ) | 17.1 | |||||||||||||||||
Noninterest income | |||||||||||||||||||||||||
Loan servicing revenue | 7,624 | 7,342 | 6,990 | 6,687 | 6,380 | 3.8 | 19.5 | ||||||||||||||||||
Loan servicing asset revaluation | (2,744 | ) | (3,974 | ) | 11,335 | (2,831 | ) | 356 | 31.0 | (870.8 | ) | ||||||||||||||
Net gains on sales of loans | 11,502 | 12,891 | 12,675 | 10,804 | 10,175 | (10.8 | ) | 13.0 | |||||||||||||||||
Net (loss) gain on loans accounted for under the fair value option | (219 | ) | (170 | ) | (568 | ) | 1,728 | (4,529 | ) | (28.8 | ) | 95.2 | |||||||||||||
Equity method investments (loss) income | (5,022 | ) | 47 | (1,034 | ) | (2,055 | ) | (2,952 | ) | (10,785.1 | ) | (70.1 | ) | ||||||||||||
Equity security investments (losses) gains, net | (529 | ) | (384 | ) | (783 | ) | 121 | 77 | (37.8 | ) | (787.0 | ) | |||||||||||||
Lease income | 2,453 | 2,439 | 2,498 | 2,535 | 2,535 | 0.6 | (3.2 | ) | |||||||||||||||||
Management fee income | 3,271 | 3,309 | 3,277 | 3,266 | 3,472 | (1.1 | ) | (5.8 | ) | ||||||||||||||||
Other noninterest income | 9,761 | 8,607 | 3,501 | 3,901 | 4,065 | 13.4 | 140.1 | ||||||||||||||||||
Total noninterest income | 26,097 | 30,107 | 37,891 | 24,156 | 19,579 | (13.3 | ) | 33.3 | |||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||
Salaries and employee benefits | 47,275 | 44,274 | 42,947 | 43,066 | 44,765 | 6.8 | 5.6 | ||||||||||||||||||
Travel expense | 2,438 | 1,544 | 2,197 | 2,770 | 2,411 | 57.9 | 1.1 | ||||||||||||||||||
Professional services expense | 1,878 | 3,052 | 1,762 | 1,996 | 927 | (38.5 | ) | 102.6 | |||||||||||||||||
Advertising and marketing expense | 3,692 | 2,501 | 3,446 | 3,009 | 3,603 | 47.6 | 2.5 | ||||||||||||||||||
Occupancy expense | 2,247 | 2,231 | 2,129 | 2,205 | 1,925 | 0.7 | 16.7 | ||||||||||||||||||
Technology expense | 7,723 | 8,402 | 7,722 | 8,005 | 7,729 | (8.1 | ) | (0.1 | ) | ||||||||||||||||
Equipment expense | 3,074 | 3,480 | 3,676 | 4,023 | 3,818 | (11.7 | ) | (19.5 | ) | ||||||||||||||||
Other loan origination and maintenance expense | 3,911 | 3,937 | 3,498 | 3,442 | 3,927 | (0.7 | ) | (0.4 | ) | ||||||||||||||||
Renewable energy tax credit investment impairment | 15 | 14,575 | — | — | 69 | (99.9 | ) | (78.3 | ) | ||||||||||||||||
3,200 | 4,091 | 4,115 | 5,061 | 3,403 | (21.8 | ) | (6.0 | ) | |||||||||||||||||
Other expense | 3,226 | 5,117 | 2,770 | 2,880 | 6,385 | (37.0 | ) | (49.5 | ) | ||||||||||||||||
Total noninterest expense | 78,679 | 93,204 | 74,262 | 76,457 | 78,962 | (15.6 | ) | (0.4 | ) | ||||||||||||||||
Income before taxes | 21,165 | 17,484 | 42,760 | 18,973 | 3,613 | 21.1 | 485.8 | ||||||||||||||||||
Income tax expense | 4,617 | 1,321 | 2,967 | 1,429 | 3,215 | 249.5 | 43.6 | ||||||||||||||||||
Net income | $ | 16,548 | $ | 16,163 | $ | 39,793 | $ | 17,544 | $ | 398 | 2.4 | 4,057.8 | |||||||||||||
Earnings per share | |||||||||||||||||||||||||
Basic | $ | 0.37 | $ | 0.36 | $ | 0.89 | $ | 0.40 | $ | 0.01 | 2.8 | 3,600.0 | |||||||||||||
Diluted | $ | 0.36 | $ | 0.36 | $ | 0.88 | $ | 0.39 | $ | 0.01 | — | 3,500.0 | |||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||
Basic | 44,762,308 | 44,516,646 | 44,408,997 | 44,327,474 | 44,157,156 | ||||||||||||||||||||
Diluted | 45,641,210 | 45,306,506 | 45,268,745 | 44,835,089 | 44,964,616 | ||||||||||||||||||||
Quarterly Balance Sheets (unaudited)
(Dollars in thousands)
As of the quarter ended | 1Q 2024 Change vs. | ||||||||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | 4Q 2023 | 1Q 2023 | |||||||||||||||||||
Assets | % | % | |||||||||||||||||||||||
Cash and due from banks | $ | 597,394 | $ | 582,540 | $ | 534,774 | $ | 808,131 | $ | 463,186 | 2.5 | 29.0 | |||||||||||||
Certificates of deposit with other banks | 250 | 250 | 3,750 | 4,000 | 4,000 | — | (93.8 | ) | |||||||||||||||||
Investment securities available-for-sale | 1,120,622 | 1,126,160 | 1,099,878 | 1,133,146 | 1,149,691 | (0.5 | ) | (2.5 | ) | ||||||||||||||||
Loans held for sale | 310,749 | 387,037 | 572,604 | 523,776 | 533,292 | (19.7 | ) | (41.7 | ) | ||||||||||||||||
Loans and leases held for investment(1) | 8,912,561 | 8,633,847 | 8,202,631 | 7,836,398 | 7,686,987 | 3.2 | 15.9 | ||||||||||||||||||
Allowance for credit losses on loans and leases | (139,041 | ) | (125,840 | ) | (121,273 | ) | (120,116 | ) | (108,242 | ) | (10.5 | ) | (28.5 | ) | |||||||||||
Net loans and leases | 8,773,520 | 8,508,007 | 8,081,358 | 7,716,282 | 7,578,745 | 3.1 | 15.8 | ||||||||||||||||||
Premises and equipment, net | 258,071 | 257,881 | 258,041 | 269,485 | 268,138 | 0.1 | (3.8 | ) | |||||||||||||||||
Foreclosed assets | 8,561 | 6,481 | 6,701 | — | — | 32.1 | 100.0 | ||||||||||||||||||
Servicing assets | 49,343 | 48,591 | 47,127 | 31,042 | 29,357 | 1.5 | 68.1 | ||||||||||||||||||
Other assets | 384,790 | 354,476 | 346,227 | 333,334 | 337,888 | 8.6 | 13.9 | ||||||||||||||||||
Total assets | $ | 11,503,300 | $ | 11,271,423 | $ | 10,950,460 | $ | 10,819,196 | $ | 10,364,297 | 2.1 | 11.0 | |||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||
Noninterest-bearing | $ | 226,668 | $ | 259,270 | $ | 239,536 | $ | 229,833 | $ | 176,439 | (12.6 | ) | 28.5 | ||||||||||||
Interest-bearing | 10,156,693 | 10,015,749 | 9,764,106 | 9,649,278 | 9,245,555 | 1.4 | 9.9 | ||||||||||||||||||
Total deposits | 10,383,361 | 10,275,019 | 10,003,642 | 9,879,111 | 9,421,994 | 1.1 | 10.2 | ||||||||||||||||||
Borrowings | 120,242 | 23,354 | 25,847 | 28,317 | 30,767 | 414.9 | 290.8 | ||||||||||||||||||
Other liabilities | 83,017 | 70,384 | 70,603 | 79,280 | 88,729 | 17.9 | (6.4 | ) | |||||||||||||||||
Total liabilities | 10,586,620 | 10,368,757 | 10,100,092 | 9,986,708 | 9,541,490 | 2.1 | 11.0 | ||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding | — | — | — | — | — | — | — | ||||||||||||||||||
Class A common stock (voting) | 349,648 | 344,568 | 340,929 | 341,032 | 334,672 | 1.5 | 4.5 | ||||||||||||||||||
Class B common stock (non-voting) | — | — | — | — | — | — | — | ||||||||||||||||||
Retained earnings | 658,269 | 642,817 | 627,759 | 589,036 | 572,530 | 2.4 | 15.0 | ||||||||||||||||||
Accumulated other comprehensive loss | (91,237 | ) | (84,719 | ) | (118,320 | ) | (97,580 | ) | (84,395 | ) | 7.7 | 8.1 | |||||||||||||
Total shareholders' equity | 916,680 | 902,666 | 850,368 | 832,488 | 822,807 | 1.6 | 11.4 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 11,503,300 | $ | 11,271,423 | $ | 10,950,460 | $ | 10,819,196 | $ | 10,364,297 | 2.1 | 11.0 | |||||||||||||
(1) Includes
Quarterly Selected Financial Data
(Dollars in thousands, except per share data)
As of and for the three months ended | |||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | |||||||||||||||
Income Statement Data | |||||||||||||||||||
Net income | $ | 16,548 | $ | 16,163 | $ | 39,793 | $ | 17,544 | $ | 398 | |||||||||
Per Common Share | |||||||||||||||||||
Net income, diluted | $ | 0.36 | $ | 0.36 | $ | 0.88 | $ | 0.39 | $ | 0.01 | |||||||||
Dividends declared | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | ||||||||||||||
Book value | 20.40 | 20.23 | 19.12 | 18.77 | 18.58 | ||||||||||||||
Tangible book value(1) | 20.32 | 20.15 | 19.04 | 18.69 | 18.50 | ||||||||||||||
Performance Ratios | |||||||||||||||||||
Return on average assets (annualized) | 0.58 | % | 0.58 | % | 1.46 | % | 0.66 | % | 0.02 | % | |||||||||
Return on average equity (annualized) | 7.16 | 7.36 | 18.68 | 8.26 | 0.19 | ||||||||||||||
Net interest margin | 3.33 | 3.32 | 3.37 | 3.29 | 3.46 | ||||||||||||||
Efficiency ratio(1) | 67.71 | 77.88 | 58.34 | 70.49 | 77.72 | ||||||||||||||
Noninterest income to total revenue | 22.46 | 25.16 | 29.76 | 22.27 | 19.27 | ||||||||||||||
Selected Loan Metrics | |||||||||||||||||||
Loans and leases originated | $ | 805,129 | $ | 981,703 | $ | 1,073,255 | $ | 861,033 | $ | 1,030,882 | |||||||||
Outstanding balance of sold loans serviced | 4,329,097 | 4,238,328 | 4,028,575 | 3,813,852 | 3,616,701 | ||||||||||||||
Asset Quality Ratios | |||||||||||||||||||
Allowance for credit losses to loans and leases held for investment(3) | 1.63 | % | 1.53 | % | 1.56 | % | 1.62 | % | 1.50 | % | |||||||||
Net charge-offs(3) | $ | 3,163 | $ | 4,428 | $ | 9,122 | $ | 1,154 | $ | 6,669 | |||||||||
Net charge-offs to average loans and leases held for investment(2) (3) | 0.15 | % | 0.22 | % | 0.48 | % | 0.06 | % | 0.38 | % | |||||||||
Nonperforming loans and leases at historical cost(3) | |||||||||||||||||||
Unguaranteed | $ | 43,117 | $ | 39,285 | $ | 33,255 | $ | 44,899 | $ | 22,002 | |||||||||
Guaranteed | 105,351 | 95,678 | 65,837 | 66,322 | 63,696 | ||||||||||||||
Total | 148,468 | 134,963 | 99,092 | 111,221 | 85,698 | ||||||||||||||
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment(3) | 0.51 | % | 0.48 | % | 0.43 | % | 0.61 | % | 0.30 | % | |||||||||
Nonperforming loans at fair value(4) | |||||||||||||||||||
Unguaranteed | $ | 7,942 | $ | 7,230 | $ | 6,518 | $ | 8,602 | $ | 8,193 | |||||||||
Guaranteed | 47,620 | 41,244 | 39,378 | 45,114 | 43,968 | ||||||||||||||
Total | 55,562 | 48,474 | 45,896 | 53,716 | 52,161 | ||||||||||||||
Unguaranteed nonperforming fair value loans to fair value loans held for investment(4) | 2.09 | % | 1.86 | % | 1.59 | % | 1.95 | % | 1.75 | % | |||||||||
Capital Ratios | |||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 11.76 | % | 11.73 | % | 11.63 | % | 11.55 | % | 11.67 | % | |||||||||
Tier 1 leverage capital (to average assets) | 8.65 | 8.58 | 8.56 | 8.46 | 8.70 | ||||||||||||||
Notes to Quarterly Selected Financial Data
(1) See accompanying GAAP to Non-GAAP Reconciliation.
(2) Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.
(3) Loans and leases at historical cost only (excludes loans measured at fair value).
(4) Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).
Quarterly Average Balances and Net Interest Margin
(Dollars in thousands)
Three Months Ended |
Three Months Ended |
||||||||||||||||||
Average Balance |
Interest | Average Yield/Rate |
Average Balance |
Interest | Average Yield/Rate |
||||||||||||||
Interest-earning assets: | |||||||||||||||||||
Interest-earning balances in other banks | $ | 542,243 | $ | 7,456 | 5.53 | % | $ | 598,720 | $ | 8,259 | 5.47 | % | |||||||
Investment securities | 1,240,861 | 8,954 | 2.90 | 1,251,467 | 8,746 | 2.77 | |||||||||||||
Loans held for sale | 353,476 | 8,354 | 9.51 | 477,155 | 10,825 | 9.00 | |||||||||||||
Loans and leases held for investment(1) | 8,753,232 | 167,656 | 7.70 | 8,363,881 | 158,706 | 7.53 | |||||||||||||
Total interest-earning assets | 10,889,812 | 192,420 | 7.11 | 10,691,223 | 186,536 | 6.92 | |||||||||||||
Less: Allowance for credit losses on loans and leases | (125,447 | ) | (120,257 | ) | |||||||||||||||
Noninterest-earning assets | 550,817 | 482,615 | |||||||||||||||||
Total assets | $ | 11,315,182 | $ | 11,053,581 | |||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||
Interest-bearing checking | $ | 300,067 | $ | 4,183 | 5.61 | % | $ | 300,064 | $ | 4,262 | 5.64 | % | |||||||
Savings | 4,552,390 | 46,171 | 4.08 | 4,633,563 | 47,192 | 4.04 | |||||||||||||
Money market accounts | 125,317 | 187 | 0.60 | 128,486 | 198 | 0.61 | |||||||||||||
Certificates of deposit | 5,094,553 | 51,457 | 4.06 | 4,775,497 | 45,043 | 3.74 | |||||||||||||
Total deposits | 10,072,327 | 101,998 | 4.07 | 9,837,610 | 96,695 | 3.90 | |||||||||||||
Borrowings | 26,772 | 311 | 4.67 | 24,887 | 265 | 4.22 | |||||||||||||
Total interest-bearing liabilities | 10,099,099 | 102,309 | 4.07 | 9,862,497 | 96,960 | 3.90 | |||||||||||||
Noninterest-bearing deposits | 213,571 | 240,009 | |||||||||||||||||
Noninterest-bearing liabilities | 78,041 | 72,272 | |||||||||||||||||
Shareholders' equity | 924,471 | 878,803 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 11,315,182 | $ | 11,053,581 | |||||||||||||||
Net interest income and interest rate spread | $ | 90,111 | 3.04 | % | $ | 89,576 | 3.02 | % | |||||||||||
Net interest margin | 3.33 | 3.32 | |||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 107.83 | % | 108.40 | % | |||||||||||||||
(1) Average loan and lease balances include non-accruing loans and leases.
GAAP to Non-GAAP Reconciliation
(Dollars in thousands)
As of and for the three months ended | |||||||||||||||||||
1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | |||||||||||||||
Total shareholders’ equity | $ | 916,680 | $ | 902,666 | $ | 850,368 | $ | 832,488 | $ | 822,807 | |||||||||
Less: | |||||||||||||||||||
1,797 | 1,797 | 1,797 | 1,797 | 1,797 | |||||||||||||||
Other intangible assets | 1,682 | 1,721 | 1,759 | 1,797 | 1,835 | ||||||||||||||
Tangible shareholders’ equity (a) | $ | 913,201 | $ | 899,148 | $ | 846,812 | $ | 828,894 | $ | 819,175 | |||||||||
Shares outstanding (c) | 44,938,673 | 44,617,673 | 44,480,215 | 44,351,715 | 44,290,840 | ||||||||||||||
Total assets | $ | 11,503,300 | $ | 11,271,423 | $ | 10,950,460 | $ | 10,819,196 | $ | 10,364,297 | |||||||||
Less: | |||||||||||||||||||
1,797 | 1,797 | 1,797 | 1,797 | 1,797 | |||||||||||||||
Other intangible assets | 1,682 | 1,721 | 1,759 | 1,797 | 1,835 | ||||||||||||||
Tangible assets (b) | $ | 11,499,821 | $ | 11,267,905 | $ | 10,946,904 | $ | 10,815,602 | $ | 10,360,665 | |||||||||
Tangible shareholders’ equity to tangible assets (a/b) | 7.94 | % | 7.98 | % | 7.74 | % | 7.66 | % | 7.91 | % | |||||||||
Tangible book value per share (a/c) | $ | 20.32 | $ | 20.15 | $ | 19.04 | $ | 18.69 | $ | 18.50 | |||||||||
Efficiency ratio: | |||||||||||||||||||
Noninterest expense (d) | $ | 78,679 | $ | 93,204 | $ | 74,262 | $ | 76,457 | $ | 78,962 | |||||||||
Net interest income | 90,111 | 89,576 | 89,410 | 84,302 | 82,017 | ||||||||||||||
Noninterest income | 26,097 | 30,107 | 37,891 | 24,156 | 19,579 | ||||||||||||||
Total revenue (e) | $ | 116,208 | $ | 119,683 | $ | 127,301 | $ | 108,458 | $ | 101,596 | |||||||||
Efficiency ratio (d/e) | 67.71 | % | 77.88 | % | 58.34 | % | 70.49 | % | 77.72 | % | |||||||||
This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
Source: Live Oak Bancshares, Inc.