Live Oak Bancshares Inc Stock Price, News & Analysis

Live Oak Bancshares (Nasdaq: LOB) reported strong financial results for Q4 2021, achieving net earnings of $30.1 million, or $0.66 per diluted share. The total annual net earnings reached $167 million, a significant 180% increase from the prior year. The company experienced a 32% organic growth in loans, excluding PPP funding, while deposits grew by 24%. Total revenue surged 63% year over year to $456.98 million. Live Oak's strategic launch of a new small business checking account marks a pivotal innovation in its community banking model.

Live Oak Bancshares, Inc. (Nasdaq: LOB) will report its fourth quarter 2021 financial results on January 25, 2022, after U.S. markets close. A conference call to discuss these results and the company’s business outlook is scheduled for January 26, 2022, at 8:30 a.m. ET. Interested parties can join by calling (844) 743-2494 domestically or (661) 378-9528 internationally, using conference ID 2079907. A live webcast will also be available on the Investor Relations page of the company’s website. A replay will be accessible until February 2, 2022.

Posh Technologies, a provider of conversational AI for the financial sector, has raised $27.5 million in Series A funding led by Canapi Ventures. This financing will accelerate product R&D and expand recruitment efforts. Posh's AI platform enhances customer interactions for nearly 50 financial institutions, serving over 5.5 million users. The company tripled its customer base in the past year and doubled its team size, with plans to further scale to meet growing demand in digital banking solutions.

Live Oak Bank has been recognized as a 2021 Greenwich CX Leader in the U.S. Commercial Small Business Banking category by Coalition Greenwich. This award celebrates excellence in customer experience through satisfaction, loyalty, and ease of doing business. Live Oak Bank emphasizes its mission to support small businesses, stating they aim to treat every customer uniquely. The recognition underscores the bank's commitment to enhancing customer interactions, especially following a year of accelerated digital adoption due to the pandemic.

Summit Ridge Energy has successfully completed the first project in its 200 MW Maine community solar portfolio, a 6.3 MWdc solar array in Hermon, ME. This project will provide solar energy to 850 households and small businesses. The project is part of a 24 MW portfolio in partnership with Osaka Gas USA, Foss & Company, and Live Oak Bank. Once operational next summer, the solar arrays are expected to offset 34,619 metric tons of carbon emissions, equivalent to nearly 3.9 million gallons of gasoline. This initiative aims to deliver low-cost renewable energy and promote economic growth in Maine.

Neuro-ID has successfully raised $35 million in Series B funding led by Canapi Ventures, following a remarkable year of growth. Key clients like Intuit and Square have reported a 200% increase in conversion and a 35% reduction in fraud rates. The capital will enhance product development and marketing efforts, building on a prior $7 million funding round in December 2020. This investment positions Neuro-ID to meet rising demand for its behavioral analytics solutions, particularly as the digitization of financial services accelerates.

Live Oak Bancshares reported third quarter 2021 net earnings of $33.8 million, or $0.76 per diluted share, reflecting a slight decrease in earnings per share compared to last year. The company surpassed $1.0 billion in loan originations and successfully transitioned deposit customers to a new platform. Key metrics include a 44% increase in net interest income to $84 million and total deposits rising 19% to $6.82 billion. However, noninterest income fell significantly to $25.3 million, driven by a decline in equity investment gains.

Live Oak Bancshares (Nasdaq: LOB) will announce its third quarter 2021 financial results on October 27, 2021, after market close. A conference call to discuss these results will take place on October 28, 2021, at 9:00 a.m. ET. Participants can join the call by dialing (844) 743-2494 (domestic) or (661) 378-9528 (international) using conference ID 8796489. A live webcast will be available on their website, and a replay can be accessed until November 4, 2021.