Company Quick10K Filing
Live Oak Bancshares
Price18.15 EPS0
Shares41 P/E67
MCap746 P/FCF-2
Net Debt0 EBIT104
TEV746 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-27
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10-Q 2019-06-30 Filed 2019-08-06
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10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
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10-K 2017-12-31 Filed 2018-03-08
10-Q 2017-09-30 Filed 2017-11-06
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10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-09
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-13
10-Q 2015-06-30 Filed 2015-09-03
8-K 2020-08-25 Other Events
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-06-08
8-K 2020-05-12
8-K 2020-05-12
8-K 2020-04-22
8-K 2020-03-15
8-K 2020-02-11
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8-K 2020-01-22
8-K 2019-11-19
8-K 2019-10-23
8-K 2019-10-03
8-K 2019-08-27
8-K 2019-07-24
8-K 2019-05-14
8-K 2019-05-14
8-K 2019-04-24
8-K 2019-02-15
8-K 2019-02-12
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8-K 2019-01-23
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8-K 2018-02-02
8-K 2018-01-24

LOB 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Recent Accounting Pronouncements
Note 3. Earnings per Share
Note 4. Investment Securities
Note 5. Loans and Leases Held for Investment and Credit Quality
Note 6. Leases
Note 7. Servicing Assets
Note 8. Borrowings
Note 9. Fair Value of Financial Instruments
Note 10. Commitments and Contingencies
Note 11. Stock Plans
Note 12. Significant Equity Method Investments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits.
EX-10.1 lob-ex101_39.htm
EX-10.2.1 lob-ex1021_90.htm
EX-10.2.2 lob-ex1022_89.htm
EX-10.2.3 lob-ex1023_11.htm
EX-31.1 lob-ex311_6.htm
EX-31.2 lob-ex312_7.htm
EX-32 lob-ex32_8.htm

Live Oak Bancshares Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

lob-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2020

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             .

Commission file number: 001-37497

LIVE OAK BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

North Carolina

26-4596286

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

1741 Tiburon Drive

Wilmington, North Carolina

28403

(Address of principal executive offices)

(Zip Code)

(910) 790-5867

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Voting Common Stock, no par value per share

LOB

The NASDAQ Stock Market LLC

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of August 4, 2020, there were 37,817,698 shares of the registrant’s voting common stock outstanding and 2,715,531 shares of the registrant’s non-voting common stock outstanding.

 

 


 

 

Live Oak Bancshares, Inc.

Form 10-Q

For the Quarterly Period Ended June 30, 2020

TABLE OF CONTENTS

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1.

 

Financial Statements (Unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

 

1

 

 

Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019

 

2

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019

 

3

 

 

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019

 

4

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

 

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

60

Item 4.

 

Controls and Procedures

 

60

 

 

PART II. OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

61

Item 1A.

 

Risk Factors

 

61

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

63

Item 3.

 

Defaults Upon Senior Securities

 

63

Item 4.

 

Mine Safety Disclosures

 

63

Item 5.

 

Other Information

 

63

Item 6.

 

Exhibits

 

64

 

 

Index to Exhibits

 

64

 

 

Signatures

 

65

 

 

 

 


 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Live Oak Bancshares, Inc.

Condensed Consolidated Balance Sheets

As of June 30, 2020 (unaudited) and December 31, 2019*

(Dollars in thousands)

 

 

 

June 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

1,256,958

 

 

$

124,610

 

Federal funds sold

 

 

91,188

 

 

 

96,787

 

Certificates of deposit with other banks

 

 

7,250

 

 

 

7,250

 

Investment securities available-for-sale

 

 

779,794

 

 

 

540,045

 

Loans held for sale (includes $32,071 and $16,198 measured at fair value,

   respectively)

 

 

976,594

 

 

 

966,447

 

Loans and leases held for investment (includes $834,602 and $824,520 measured

   at fair value, respectively)

 

 

4,650,056

 

 

 

2,627,286

 

Allowance for credit losses on loans and leases

 

 

(44,083

)

 

 

(28,234

)

Net loans and leases

 

 

4,605,973

 

 

 

2,599,052

 

Premises and equipment, net

 

 

269,063

 

 

 

279,099

 

Foreclosed assets

 

 

5,660

 

 

 

5,612

 

Servicing assets

 

 

33,834

 

 

 

35,365

 

Operating lease right-of-use assets

 

 

2,886

 

 

 

2,427

 

Other assets

 

 

179,954

 

 

 

156,134

 

Total assets

 

$

8,209,154

 

 

$

4,812,828

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

53,938

 

 

$

51,965

 

Interest-bearing

 

 

5,819,354

 

 

 

4,175,015

 

Total deposits

 

 

5,873,292

 

 

 

4,226,980

 

Borrowings

 

 

1,721,029

 

 

 

14

 

Operating lease liabilities

 

 

3,079

 

 

 

2,619

 

Other liabilities

 

 

63,319

 

 

 

50,829

 

Total liabilities

 

 

7,660,719

 

 

 

4,280,442

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, no par value, 1,000,000 authorized, none issued or outstanding

   at June 30, 2020 and December 31, 2019

 

 

 

 

 

 

Class A common stock, no par value, 100,000,000 shares authorized, 37,810,101

   and 37,401,443 shares issued and outstanding at June 30, 2020 and

   December 31, 2019, respectively

 

 

319,542

 

 

 

309,526

 

Class B common stock, no par value, 10,000,000 shares authorized, 2,715,531 and

   2,915,531 shares issued and outstanding at June 30, 2020 and December 31, 2019,

   respectively

 

 

28,753

 

 

 

30,871

 

Retained earnings

 

 

174,837

 

 

 

180,265

 

Accumulated other comprehensive income

 

 

25,303

 

 

 

11,724

 

Total shareholders’ equity

 

 

548,435

 

 

 

532,386

 

Total liabilities and shareholders’ equity

 

$

8,209,154

 

 

$

4,812,828

 

 

*

Derived from audited consolidated financial statements.

See Notes to Unaudited Condensed Consolidated Financial Statements

1


 

 

Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Income

For the three and six months ended June 30, 2020 and 2019 (unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and fees on loans

 

$

62,022

 

 

$

49,914

 

 

$

120,983

 

 

$

94,880

 

Investment securities, taxable

 

 

3,786

 

 

 

4,116

 

 

 

7,548

 

 

 

7,433

 

Other interest earning assets

 

 

1,009

 

 

 

1,108

 

 

 

1,759

 

 

 

2,747

 

Total interest income

 

 

66,817

 

 

 

55,138

 

 

 

130,290

 

 

 

105,060

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

25,121

 

 

 

21,203

 

 

 

48,376

 

 

 

40,520

 

Borrowings

 

 

798

 

 

 

 

 

 

855

 

 

 

 

Total interest expense

 

 

25,919

 

 

 

21,203

 

 

 

49,231

 

 

 

40,520

 

Net interest income

 

 

40,898

 

 

 

33,935

 

 

 

81,059

 

 

 

64,540

 

Provision for loan and lease credit losses

 

 

9,958

 

 

 

3,412

 

 

 

21,750

 

 

 

6,443

 

Net interest income after provision for loan and lease credit

   losses

 

 

30,940

 

 

 

30,523

 

 

 

59,309

 

 

 

58,097

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan servicing revenue

 

 

6,691

 

 

 

7,063

 

 

 

13,113

 

 

 

14,473

 

Loan servicing asset revaluation

 

 

(1,571

)

 

 

(3,245

)

 

 

(6,263

)

 

 

(7,285

)

Net gains on sales of loans

 

 

10,695

 

 

 

6,015

 

 

 

21,807

 

 

 

10,213

 

Net (loss) gain on loans accounted for under the fair value

   option

 

 

(1,089

)

 

 

2,791

 

 

 

(11,727

)

 

 

4,874

 

Equity method investments income (loss)

 

 

(2,243

)

 

 

(1,736

)

 

 

(4,721

)

 

 

(3,750

)

Equity security investments gains (losses), net

 

 

161

 

 

 

32

 

 

 

97

 

 

 

135

 

Gain on sale of investment securities available-for-sale, net

 

 

734

 

 

 

 

 

 

655

 

 

 

5

 

Lease income

 

 

2,635

 

 

 

2,369

 

 

 

5,259

 

 

 

4,694

 

Management fee income

 

 

1,206

 

 

 

91

 

 

 

2,850

 

 

 

91

 

Construction supervision fee income

 

 

684

 

 

 

386

 

 

 

1,074

 

 

 

1,165

 

Other noninterest income

 

 

4,508

 

 

 

884

 

 

 

6,009

 

 

 

3,351

 

Total noninterest income

 

 

22,411

 

 

 

14,650

 

 

 

28,153

 

 

 

27,966

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

30,782

 

 

 

21,990

 

 

 

58,845

 

 

 

43,845

 

Travel expense

 

 

364

 

 

 

1,541

 

 

 

2,145

 

 

 

2,741

 

Professional services expense

 

 

1,385

 

 

 

1,621

 

 

 

3,322

 

 

 

3,803

 

Advertising and marketing expense

 

 

624

 

 

 

1,665

 

 

 

1,985

 

 

 

3,029

 

Occupancy expense

 

 

1,955

 

 

 

1,848

 

 

 

4,376

 

 

 

3,457

 

Data processing expense