Live Oak Bancshares Inc - LOB STOCK NEWS

Live Oak Bancshares (NASD: LOB) reported Q4 2020 net earnings of $29.6 million, or $0.68 per diluted share, marking a 333% increase from Q4 2019. For the full year, net income reached $59.5 million, up 230% year-over-year. The company grew its assets by $3 billion and total loans and leases originated increased by 122% to $4.45 billion. Despite a rise in noninterest expenses to $52.4 million, the increase in net interest income by 54% to $68.985 million and a significant tax benefit contributed to strong financial results.

Jordan Blanchard, head of energy and infrastructure lending at Live Oak Bank, has been appointed president of the National Rural Lenders’ Roundtable. The Roundtable aims to enhance the lives of rural Americans by fostering job creation and supporting small businesses. Blanchard, who will maintain his role at Live Oak, has led the bank in becoming the USDA’s largest energy lender, closing over $1 billion in energy loans. His leadership is expected to bolster access to capital for rural development and champion essential USDA programs.

Live Oak Bancshares (Nasdaq: LOB) will release its fourth quarter 2020 financial results on January 27, 2021, after market close. The company will conduct a conference call on January 28, 2021, at 9:00 a.m. ET to discuss its financial performance and future outlook. Interested participants can join the call by dialing (844) 743-2494 or (661) 378-9528, using conference ID 9778804. A live webcast will also be available on the company’s Investor Relations page, with a replay accessible until February 4, 2021.

Live Oak Bank has been recognized as the top commercial lender by the U.S. Department of Agriculture (USDA) for 2020. On December 15, the USDA announced that Live Oak led 181 lenders, facilitating $2.1 billion in investments to support rural communities. In FY 2020, Live Oak invested $345 million to help 34 businesses secure working capital, promote renewable energy in 45 businesses, modernize infrastructure in five communities, and enhance essential facilities in three communities. This highlights Live Oak's commitment to supporting rural economies and businesses.

Live Oak Bank has been recognized as the most active SBA 7(a) lender by dollar volume for the fiscal year 2020, as reported by the U.S. Small Business Administration. The bank approved 1,068 loans totaling over $1.49 billion, contributing significantly to small business financing during a challenging year. The SBA's 7(a) program saw approximately 42,000 loans amounting to $22.55 billion. Live Oak's commitment to supporting small business owners reflects its mission to empower local economies across the nation.

Live Oak Bancshares reported a third quarter 2020 net income of $33.8 million, or $0.81 per diluted share, a significant increase from $3.9 million, or $0.09 per diluted share, in Q3 2019. The company originated nearly $1 billion in loans and leases, a record high. Key metrics include a 31% increase in net interest income to $58.2 million and 204.9% growth in noninterest income to $47.0 million. Despite these gains, net charge-offs rose to $10.1 million from $1.8 million in Q2 2020.

Live Oak Bancshares (Nasdaq: LOB) will announce its third quarter 2020 financial results on October 21, 2020, after market close. A conference call is scheduled for October 22, 2020, at 9:00 a.m. ET to discuss the results and future outlook. Investors can join the call by dialing (844) 743-2494 (domestic) or (661) 378-9528 (international), using conference ID 4575196. A live webcast will also be available on the Investor Relations page of their website. A replay of the call will be available until October 29, 2020.

Live Oak Bank has integrated Finxact's Core-as-a-Service platform to enhance its digital banking operations, now offering business savings and CDs. With over $8 billion in assets, the bank supports over 10,000 small businesses through its PPP loan portfolio. This collaboration is expected to lower operational costs, improve banking integrations, and expedite new product launches. Both leadership teams emphasized the significance of this partnership in transforming customer service and banking innovation.

Live Oak Bancshares announced the appointment of Dr. Tonya Bradford to its board of directors, effective September 16, 2020. Dr. Bradford, an associate professor at the University of California at Irvine, has extensive experience in executive roles across various industries. Chairman and CEO James S. Mahan, III, expressed confidence in her expertise, believing it will enhance the bank’s mission to support small businesses. Dr. Bradford's academic background in marketing and her management experience are expected to provide strategic insights as Live Oak continues transforming banking.