From GlobeNewswire: 2025-01-22 16:30:00

Live Oak Bancshares, Inc. reported a fourth-quarter net income of $9.9 million, with full-year earnings reaching $77.5 million. The company experienced a record $5.16 billion in loan production and $1.49 billion in deposit growth in 2024, with total assets growing by 14.8%. Live Oak’s revenue increased by 9% while noninterest expenses decreased by 3%.

Live Oak Bank’s CEO, James S. (Chip) Mahan III, highlighted the company’s focus on small business owners, expansion of loan and deposit products, and employee-driven success in 2024. A conference call to discuss financial results and outlook is scheduled for January 23, 2025, at 9:00 a.m. ET, with a webcast and slide presentation available.

Key measures for Live Oak in 2024 showed total revenue at $499.686 million, an increase of 9% from the previous year. Net income attributable to Live Oak Bancshares, Inc. was $77.474 million, with diluted earnings per share at $1.69. Loan and lease production saw significant growth, totaling $10.579 billion.

In the fourth quarter of 2024, Live Oak reported $128.067 million in total revenue, with a decrease of 1% from the previous quarter. Net income attributable to Live Oak Bancshares, Inc. for the quarter was $9.9 million, with diluted earnings per share at $0.22. Loan and lease production totaled $1.421 billion.

Live Oak Bancshares, Inc. provided forward-looking statements regarding future events and determinations, emphasizing risks and uncertainties that may impact actual results. Factors such as changes in regulations, global health crises, technological risks, and market conditions could affect the company’s performance. Live Oak aims to redefine banking through a focus on service and technology with its subsidiaries.

For more information about Live Oak Bancshares, Inc., visit www.liveoakbank.com. For further details on financial results and forward-looking statements, interested parties can access the company’s official reports and disclosures. Contact information for inquiries or additional information is available through the company’s website. Live Oak Bancshares, Inc. reported a net income of $9.9 million in the fourth quarter of 2024, a decrease from $13.025 million in the previous quarter. Total interest income was $212.568 million, with total interest expense of $115.094 million. The company’s net interest income was $97.474 million.

For the full year 2024, Live Oak Bancshares, Inc. reported a net income of $77.474 million, up from $73.898 million in 2023. Total interest income for the year was $812.372 million, with interest expense of $436.467 million. The company’s net interest income was $375.905 million.

The company’s total assets as of December 31, 2024, were $12.943 billion, with total liabilities of $11.940 billion. Shareholders’ equity was $1.003 billion. The company’s tangible shareholders’ equity to tangible assets ratio was 7.73%.

Live Oak Bancshares, Inc. reported an efficiency ratio of 63.45% in the fourth quarter of 2024, down from 59.72% in the previous quarter. The company’s pre-provision net revenue was $46.810 million. The non-GAAP financial measures presented by the company are used to assess its performance and assist investors and analysts in analyzing its operating results. 1. The stock market experienced a significant drop today, with the Dow Jones Industrial Average falling by over 500 points. This decline was attributed to concerns over escalating trade tensions between the U.S. and China, as well as uncertainty surrounding the Federal Reserve’s interest rate policies.

2. In other news, a new study has found that the use of e-cigarettes among teenagers has been on the rise in recent years. The study revealed that nearly 1 in 4 high school students reported using e-cigarettes in the past 30 days, posing a growing concern for public health officials.

3. On the political front, President Trump announced plans to impose tariffs on all goods imported from Mexico in an effort to address the issue of illegal immigration. The tariffs are set to start at 5% on June 10th and could potentially increase to 25% by October if Mexico does not take action to curb the flow of migrants into the U.S.

4. Lastly, a new report from the World Health Organization has revealed that air pollution levels in many major cities around the world exceed safe limits. The report highlighted the detrimental effects of air pollution on public health, linking it to a wide range of respiratory and cardiovascular diseases.



Read more at GlobeNewswire:: Live Oak Bancshares, Inc. Reports Fourth Quarter 2024