STOCK TITAN

Live Oak Bancshares, Inc. - LOB STOCK NEWS

Welcome to our dedicated page for Live Oak Bancshares news (Ticker: LOB), a resource for investors and traders seeking the latest updates and insights on Live Oak Bancshares stock.

Live Oak Bancshares, Inc. (NYSE: LOB) is a prominent financial holding company, serving as the parent company to Live Oak Bank. Established in 2007, Live Oak began with a focus on providing veterinary business loans to small, independent businesses. Over the years, it has expanded its portfolio to cater to private pharmacies and dental offices, ultimately becoming one of the largest originators of small business loans in the United States.

Live Oak Bank offers an array of lending and deposit-related services to small businesses nationwide. The bank's unique approach involves identifying and extending credit to worthy borrowers within selected industries, known as verticals, through its deep industry expertise. Additionally, the bank serves a broader range of select borrowers outside these verticals. Many of the loans originated by Live Oak are partially guaranteed by federal programs, including the Small Business Administration’s 7(a) Loan Program and the U.S. Department of Agriculture’s Rural Energy for America Program and other community-focused loan initiatives.

Recently, Live Oak Bank has partnered with Stiegler EdTech to support the expansion of the Varsity Esports & STEM League (VESL) in Eastern North Carolina. This initiative aims to equip high school students with valuable STEM skills through esports competitions, enhancing their career prospects in the tech industry.

On the financial front, Live Oak Bancshares continues to demonstrate robust performance. In its latest announcement, the company reported that it will disclose its first quarter 2024 financial results on April 24, 2024. The bank’s financial health is underscored by a strong loan portfolio and consistent revenue growth, driven by net interest income and noninterest income.

Furthermore, Live Oak Ventures, the investment arm of Live Oak Bancshares, has recently invested in Anatomy Financial, an AI-powered financial automation solution for healthcare companies. This move aligns with Live Oak’s strategy to support innovative fintech solutions that enhance operational efficiency for small businesses.

Live Oak Bancshares remains committed to redefining banking through technology and exceptional service. The company continues to uphold its philosophy of treating each client as an individual entrepreneur, ensuring personalized and effective financial solutions.

Rhea-AI Summary

Live Oak Bancshares (NYSE: LOB) will announce its second quarter 2024 financial results on July 24, 2024, following the closure of US financial markets. A conference call to discuss these results and the company's business outlook will be held the next day, July 25, 2024, at 9:00 a.m. ET. The call can be accessed via telephone or webcast, with further details available on the company's investor relations website. A supplementary slide presentation will also be posted prior to the call, and a replay will be accessible for 12 months.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.04%
Tags
-
Rhea-AI Summary

Live Oak Bancshares announced the appointment of Michael J. Cairns as Chief Credit Officer (CCO), effective August 1, 2024. Cairns succeeds Steven J. Smits, who has held the position for 9 years and will transition to lead commercial banking. Cairns, who has been with Live Oak since 2015, previously served as Head of Credit. He brings substantial experience in commercial banking, credit, lending, and underwriting, having worked at TCF National Bank and Talmer Bank & Trust. Cairns holds a Bachelor of Business Administration degree and a Master of Science degree in finance from Walsh College.

Smits, who joined Live Oak in 2012, will oversee the Specialty and Energy and Infrastructure teams in his new role. Live Oak’s leadership praised Smits' contributions to the bank's credit culture and expressed confidence in Cairns' ability to continue this legacy.

This leadership reshuffle aims to expand Live Oak's commercial banking efforts while maintaining its commitment to small business banking under Mike McGinley's leadership.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.61%
Tags
none
-
Rhea-AI Summary

Live Oak Bank has announced its first embedded banking partnership with Anatomy Financial, an AI-driven financial automation platform for healthcare sectors. This partnership allows Anatomy to integrate Live Oak's banking services directly into its software, providing streamlined financial management for medical, dental, digital health, and healthcare billing companies. Anatomy’s system automates financial reconciliation by converting paper documents to electronic data, enhancing efficiency for healthcare providers. This collaboration is aimed at simplifying financial operations and reducing manual processes. The partnership is backed by Live Oak Ventures, which previously invested in Anatomy.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.51%
Tags
partnership
Rhea-AI Summary
Live Oak Bancshares, Inc. reported first quarter 2024 net income of $16.5 million, or $0.36 per diluted share. The total loan and lease portfolio grew by 2.2% to $9.22 billion compared to the previous quarter. Total revenue decreased by 2.9% to $116.2 million. Noninterest expense decreased by 15.6% to $78.7 million. Live Oak saw an increase in total assets, total deposits, and borrowings. Net interest income increased to $90.1 million, and noninterest income decreased to $26.1 million. Provision for loan and lease credit losses increased to $16.4 million. The effective tax rate was 21.8%. Overall, Live Oak showed growth in its loan portfolio and total assets, despite some decreases in revenue and noninterest income.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-14.02%
Tags
-
Rhea-AI Summary
Live Oak Bancshares, Inc. (LOB) will report its Q1 2024 financial results on April 24, 2024, followed by a conference call on April 25, 2024, to discuss financial results and business outlook. The call will be accessible via telephone and webcast.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-8.59%
Tags
-
Rhea-AI Summary
Live Oak Ventures, the investment arm of Live Oak Bancshares, Inc., has invested in Anatomy Financial, an AI-powered financial automation solution for healthcare billing companies. Anatomy uses AI to streamline healthcare back-office operations, digitize paper remittances, and eliminate post-processing work for claims. Co-CEOs Callum and Sasha King aim to modernize financial workflows in healthcare with AI technology.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.71%
Tags
none
Rhea-AI Summary
Live Oak Bancshares, Inc. reported a net income of $16.2 million for Q4 2023 and $73.9 million for the full year. The company attributes its success to growing loans, deposits, and revenue, supporting small business owners. However, total revenue decreased by 19% in 2023, and net income declined by 58%. Loan and lease production also decreased by 2%, and the effective tax rate decreased from 16.2% to 10.8%. The Company recognized net charge-offs for loans carried at historical cost of $4.4 million compared to $9.1 million in the third quarter of 2023 and $1.4 million in the fourth quarter of 2022. The provision for loan and lease credit losses for the fourth quarter of 2023 totaled $9.0 million compared to $10.3 million for the third quarter of 2023 and $19.7 million for the fourth quarter of 2022.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-5.18%
Tags
-
Rhea-AI Summary
ModernFi has closed an $18.7 million Series A funding round led by Canapi Ventures, with participation from Andreessen Horowitz, Remarkable Ventures, and leading banks Huntington National Bank, First Horizon, and Regions. The company's total raised to date now exceeds $23 million. ModernFi's tech-forward platform aims to help community and regional banks grow, retain, and manage their deposits in a fast-changing banking environment. The company's deposit network offers modern tools to attract and retain clients, drive growth, and increase balance sheet stability. ModernFi's solutions streamline onboarding and operations for banks and their clients, increasing the usability and reach of sweep and reciprocal products.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.2%
Tags
none
-
Rhea-AI Summary
Live Oak Bancshares, Inc. (LOB) will release its fourth quarter 2023 financial results on January 24, 2024, followed by a conference call on January 25, 2024, to discuss the company's financial results and business outlook. The call will be accessible by telephone and webcast, with a supplementary slide presentation available on the website. A replay will be available for 12 months after the event.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.25%
Tags
Rhea-AI Summary
Stiegler EdTech (Ticker: SEDT) partners with Live Oak Bank to expand Varsity Esports & STEM League (VESL) to Eastern NC, offering high school students valuable coding and technology skills. The program aims to provide scholarships, needs-based aid, and financial incentives to pursue higher education and technology careers.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.96%
Tags
none

FAQ

What does Live Oak Bancshares, Inc. do?

Live Oak Bancshares, Inc. is a financial holding company that operates Live Oak Bank, providing lending and deposit-related services to small businesses nationwide.

When was Live Oak Bancshares founded?

Live Oak Bancshares was founded in 2007.

What industries does Live Oak Bank serve?

Live Oak Bank serves industries such as veterinary practices, private pharmacies, dental offices, and more broadly, select small business borrowers.

What federal loan programs are associated with Live Oak Bank?

Live Oak Bank participates in federal loan programs such as the SBA 7(a) Loan Program and the USDA Rural Energy for America Program.

What recent partnerships has Live Oak Bancshares formed?

Live Oak Bancshares has partnered with Stiegler EdTech to support the Varsity Esports & STEM League (VESL) in Eastern North Carolina.

When will Live Oak Bancshares report its first quarter 2024 financial results?

Live Oak Bancshares will report its first quarter 2024 financial results on April 24, 2024.

What investment has Live Oak Ventures recently made?

Live Oak Ventures has invested in Anatomy Financial, an AI-powered financial automation solution for healthcare companies.

What is Live Oak Bancshares' approach to banking?

Live Oak Bancshares focuses on providing personalized financial solutions, treating each client as an individual entrepreneur.

How does Live Oak Bank ensure the quality of its loan portfolio?

Live Oak Bank ensures the quality of its loan portfolio through rigorous credit assessment and leveraging federal loan guarantees.

Where can I find more information about Live Oak Bank's services?

For more information, visit the official website at www.liveoakbank.com.

Live Oak Bancshares, Inc.

NYSE:LOB

LOB Rankings

LOB Stock Data

1.90B
44.97M
24.28%
65.51%
2.4%
Commercial Banking
Finance and Insurance
Link
United States of America
WILMINGTON