Please wait while we load the requested 8-K report or click the link below:
https://last10k.com/sec-filings/report/1462120/000146212018000050/form8-kx093018earningsrele.htm
January 2023
December 2022
November 2022
October 2022
September 2022
September 2022
September 2022
August 2022
August 2022
July 2022
(Dollars in thousands, except per share data) | Increase (Decrease) | |||||||||||||||||
Q3 2018 | Q3 2017 | Dollars | Percent | Q2 2018 | ||||||||||||||
Net interest income and servicing revenues | $ | 35,230 | $ | 27,515 | $ | 7,715 | 28 | % | $ | 34,013 | ||||||||
Net income | 14,252 | 12,862 | 1,390 | 11 | 14,253 | |||||||||||||
Diluted earnings per share | 0.34 | 0.33 | 0.01 | 3 | 0.34 | |||||||||||||
Non-GAAP net income (1) | 16,562 | 13,323 | 3,239 | 24 | 14,524 | |||||||||||||
Non-GAAP diluted earnings per share (1) | 0.40 | 0.34 | 0.06 | 18 | 0.35 | |||||||||||||
Loan and lease production: | ||||||||||||||||||
Loans and leases originated | $ | 377,337 | $ | 395,682 | $ | (18,345 | ) | (5 | )% | $ | 491,797 | |||||||
% Fully funded | 48.2 | % | 37.4 | % | n/a | n/a | 55.9 | % | ||||||||||
Loan sales: | ||||||||||||||||||
Guaranteed loans sold | $ | 298,073 | $ | 163,843 | $ | 134,230 | 82 | % | $ | 295,216 | ||||||||
Net gains on sales of guaranteed loans | 21,406 | 18,148 | 3,258 | 18 | 24,388 | |||||||||||||
Average net gain on sale of guaranteed loans, per million sold | 71.81 | 110.76 | (38.95 | ) | (35 | ) | 82.61 |
Three months ended | |||||||||||||||||||
3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | |||||||||||||||
Interest income | |||||||||||||||||||
Loans and fees on loans | $ | 37,724 | $ | 36,267 | $ | 32,691 | $ | 29,343 | $ | 26,977 | |||||||||
Investment securities, taxable | 2,528 | 2,530 | 1,117 | 468 | 325 | ||||||||||||||
Other interest earning assets | 1,638 | 2,179 | 1,215 | 725 | 870 | ||||||||||||||
Total interest income | 41,890 | 40,976 | 35,023 | 30,536 | 28,172 | ||||||||||||||
Interest expense | |||||||||||||||||||
Deposits | 14,165 | 13,927 | 10,418 | 7,330 | 6,758 | ||||||||||||||
Borrowings | 1 | 1 | 129 | 230 | 389 | ||||||||||||||
Total interest expense | 14,166 | 13,928 | 10,547 | 7,560 | 7,147 | ||||||||||||||
Net interest income | 27,724 | 27,048 | 24,476 | 22,976 | 21,025 | ||||||||||||||
Provision for (recovery of) loan and leases losses | (243 | ) | 2,087 | 4,392 | 4,055 | 2,426 | |||||||||||||
Net interest income after provision for loan and lease losses | 27,967 | 24,961 | 20,084 | 18,921 | 18,599 | ||||||||||||||
Noninterest income | |||||||||||||||||||
Loan servicing revenue | 7,506 | 6,965 | 6,898 | 6,001 | 6,490 | ||||||||||||||
Loan servicing asset revaluation | (9,380 | ) | (3,670 | ) | (5,088 | ) | (6,307 | ) | (3,691 | ) | |||||||||
Net gains on sales of loans | 22,004 | 23,061 | 24,418 | 23,314 | 18,148 | ||||||||||||||
Lease income | 2,194 | 1,920 | 1,608 | 1,165 | 682 | ||||||||||||||
Gain on contribution to equity method investment | — | — | — | 68,000 | — | ||||||||||||||
Construction supervision fee income | 578 | 597 | 779 | 699 | 362 | ||||||||||||||
Title insurance income | 479 | 996 | 1,300 | 1,762 | 1,968 | ||||||||||||||
Other noninterest income | 950 | 744 | 841 | 807 | 1,101 | ||||||||||||||
Total noninterest income | 24,331 | 30,613 | 30,756 | 95,441 | 25,060 | ||||||||||||||
Noninterest expense | |||||||||||||||||||
Salaries and employee benefits | 20,553 | 22,146 | 20,209 | 18,982 | 19,037 | ||||||||||||||
Travel expense | 2,003 | 2,041 | 1,843 | 2,089 | 2,289 | ||||||||||||||
Professional services expense | 1,228 | 1,119 | 1,298 | 709 | 1,068 | ||||||||||||||
Advertising and marketing expense | 1,462 | 1,868 | 1,662 | 1,386 | 1,516 | ||||||||||||||
Occupancy expense | 1,588 | 1,882 | 1,857 | 2,177 | 1,473 | ||||||||||||||
Data processing expense | 3,661 | 2,906 | 2,837 | 2,913 | 1,982 | ||||||||||||||
Equipment expense | 3,649 | 3,368 | 3,077 | 2,474 | 2,228 | ||||||||||||||
Other loan origination and maintenance expense | 1,742 | 1,414 | 1,329 | 1,383 | 1,601 | ||||||||||||||
Renewable energy tax credit investment impairment | — | — | — | 690 | — | ||||||||||||||
FDIC insurance | 1,105 | 1,010 | 572 | 898 | 858 | ||||||||||||||
Title insurance closing services expense | 114 | 372 | 426 | 541 | 687 | ||||||||||||||
Impairment expense on goodwill and other intangibles, net | 2,680 | — | — | 3,648 | — | ||||||||||||||
Other expense | 1,459 | 2,704 | 2,962 | 3,134 | 3,117 | ||||||||||||||
Total noninterest expense | 41,244 | 40,830 | 38,072 | 41,024 | 35,856 | ||||||||||||||
Income before taxes | 11,054 | 14,744 | 12,768 | 73,338 | 7,803 | ||||||||||||||
Income tax expense (benefit) | (3,198 | ) | 491 | 315 | 1,608 | (5,059 | ) | ||||||||||||
Net income | $ | 14,252 | $ | 14,253 | $ | 12,453 | $ | 71,730 | $ | 12,862 | |||||||||
Earnings per share | |||||||||||||||||||
Basic | $ | 0.36 | $ | 0.36 | $ | 0.31 | $ | 1.80 | $ | 0.34 | |||||||||
Diluted | $ | 0.34 | $ | 0.34 | $ | 0.30 | $ | 1.74 | $ | 0.33 | |||||||||
Weighted average shares outstanding | |||||||||||||||||||
Basic | 40,119,561 | 40,027,336 | 39,926,781 | 39,879,345 | 37,366,041 | ||||||||||||||
Diluted | 41,688,430 | 41,619,647 | 41,399,930 | 41,184,793 | 38,644,677 |
As of the quarter ended | |||||||||||||||||||
3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 368,565 | $ | 392,941 | $ | 527,952 | $ | 295,271 | $ | 260,907 | |||||||||
Certificates of deposit with other banks | 750 | 2,250 | 2,250 | 3,000 | 3,250 | ||||||||||||||
Investment securities available-for-sale | 374,284 | 382,890 | 376,453 | 93,355 | 76,575 | ||||||||||||||
Loans held for sale | 646,475 | 757,494 | 720,511 | 680,454 | 692,586 | ||||||||||||||
Loans and leases held for investment | 1,631,337 | 1,534,368 | 1,442,077 | 1,343,973 | 1,169,887 | ||||||||||||||
Allowance for loan and lease losses | (26,797 | ) | (29,350 | ) | (28,050 | ) | (24,190 | ) | (21,027 | ) | |||||||||
Net loans and leases | 1,604,540 | 1,505,018 | 1,414,027 | 1,319,783 | 1,148,860 | ||||||||||||||
Premises and equipment, net | 263,861 | 234,817 | 216,831 | 178,790 | 129,233 | ||||||||||||||
Foreclosed assets | 1,429 | 1,725 | 1,519 | 1,281 | 2,231 | ||||||||||||||
Servicing assets | 49,261 | 52,689 | 53,120 | 52,298 | 53,392 | ||||||||||||||
Other assets | 135,592 | 143,145 | 148,200 | 134,242 | 65,155 | ||||||||||||||
Total assets | $ | 3,444,757 | $ | 3,472,969 | $ | 3,460,863 | $ | 2,758,474 | $ | 2,432,189 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing | $ | 48,622 | $ | 46,192 | $ | 48,755 | $ | 57,868 | $ | 55,260 | |||||||||
Interest-bearing | 2,875,666 | 2,923,044 | 2,924,586 | 2,202,395 | 1,957,631 | ||||||||||||||
Total deposits | 2,924,288 | 2,969,236 | 2,973,341 | 2,260,263 | 2,012,891 | ||||||||||||||
Long term borrowings | 1,506 | 3,385 | 3,489 | 26,564 | 26,872 | ||||||||||||||
Other liabilities | 41,733 | 37,362 | 35,197 | 34,714 | 27,835 | ||||||||||||||
Total liabilities | 2,967,527 | 3,009,983 | 3,012,027 | 2,321,541 | 2,067,598 | ||||||||||||||
Shareholders’ equity | |||||||||||||||||||
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding | — | — | — | — | — | ||||||||||||||
Class A common stock (voting) | 276,831 | 274,043 | 271,451 | 268,557 | 266,336 | ||||||||||||||
Class B common stock (non-voting) | 49,168 | 49,168 | 49,168 | 49,168 | 49,168 | ||||||||||||||
Retained earnings | 157,839 | 144,791 | 131,739 | 120,241 | 49,707 | ||||||||||||||
Accumulated other comprehensive loss | (6,608 | ) | (5,016 | ) | (3,522 | ) | (1,033 | ) | (620 | ) | |||||||||
Total equity | 477,230 | 462,986 | 448,836 | 436,933 | 364,591 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,444,757 | $ | 3,472,969 | $ | 3,460,863 | $ | 2,758,474 | $ | 2,432,189 |
Nine months ended | |||||||
September 30, 2018 | September 30, 2017 | ||||||
Interest income | |||||||
Loans and fees on loans | $ | 106,682 | $ | 70,290 | |||
Investment securities, taxable | 6,175 | 964 | |||||
Other interest earning assets | 5,032 | 1,682 | |||||
Total interest income | 117,889 | 72,936 | |||||
Interest expense | |||||||
Deposits | 38,510 | 16,893 | |||||
Borrowings | 131 | 985 | |||||
Total interest expense | 38,641 | 17,878 | |||||
Net interest income | 79,248 | 55,058 | |||||
Provision for loan losses | 6,236 | 5,481 | |||||
Net interest income after provision for loan losses | 73,012 | 49,577 | |||||
Noninterest income | |||||||
Loan servicing revenue | 21,369 | 18,587 | |||||
Loan servicing asset revaluation | (18,138 | ) | (6,864 | ) | |||
Net gains on sales of loans | 69,483 | 55,276 | |||||
Lease income | 5,722 | 691 | |||||
Construction supervision fee income | 1,954 | 1,077 | |||||
Title insurance income | 2,775 | 5,803 | |||||
Other noninterest income | 2,535 | 2,910 | |||||
Total noninterest income | 85,700 | 77,480 | |||||
Noninterest expense | |||||||
Salaries and employee benefits | 62,908 | 55,687 | |||||
Travel expense | 5,887 | 6,035 | |||||
Professional services expense | 3,645 | 4,228 | |||||
Advertising and marketing expense | 4,992 | 4,977 | |||||
Occupancy expense | 5,327 | 4,018 | |||||
Data processing expense | 9,404 | 5,536 | |||||
Equipment expense | 10,094 | 5,005 | |||||
Other loan origination and maintenance expense | 4,485 | 3,587 | |||||
FDIC insurance | 2,687 | 2,308 | |||||
Title insurance closing services expense | 912 | 1,877 | |||||
Impairment expense on goodwill and other intangibles, net | 2,680 | — | |||||
Other expense | 7,125 | 8,883 | |||||
Total noninterest expense | 120,146 | 102,141 | |||||
Income before taxes | 38,566 | 24,916 | |||||
Income tax benefit | (2,392 | ) | (3,853 | ) | |||
Net income | $ | 40,958 | $ | 28,769 | |||
Earnings per share | |||||||
Basic | $ | 1.02 | $ | 0.81 | |||
Diluted | $ | 0.98 | $ | 0.78 | |||
Weighted average shares outstanding | |||||||
Basic | 40,025,265 | 35,485,371 | |||||
Diluted | 41,586,987 | 36,730,054 |
As of and for the three months ended | |||||||||||||||||||
3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | |||||||||||||||
Income Statement Data | |||||||||||||||||||
Net income | $ | 14,252 | $ | 14,253 | $ | 12,453 | $ | 71,730 | $ | 12,862 | |||||||||
Per Common Share | |||||||||||||||||||
Net income, basic | $ | 0.36 | $ | 0.36 | $ | 0.31 | $ | 1.80 | $ | 0.34 | |||||||||
Net income, diluted | 0.34 | 0.34 | 0.30 | 1.74 | 0.33 | ||||||||||||||
Dividends declared | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | ||||||||||||||
Book value | 11.89 | 11.55 | 11.23 | 10.95 | 9.15 | ||||||||||||||
Tangible book value (1) | 11.89 | 11.45 | 11.13 | 10.85 | 8.84 | ||||||||||||||
Performance Ratios | |||||||||||||||||||
Return on average assets (annualized) | 1.65 | % | 1.61 | % | 1.64 | % | 11.21 | % | 2.18 | % | |||||||||
Return on average equity (annualized) | 12.08 | 12.34 | 11.08 | 68.33 | 16.79 | ||||||||||||||
Net interest margin | 3.61 | 3.46 | 3.72 | 4.07 | 3.91 | ||||||||||||||
Efficiency ratio (1) | 79.23 | 70.81 | 68.93 | 34.64 | 77.80 | ||||||||||||||
Noninterest income to total revenue | 46.74 | 53.09 | 55.69 | 80.60 | 54.38 | ||||||||||||||
Selected Loan Metrics | |||||||||||||||||||
Loans and leases originated | $ | 377,337 | $ | 491,797 | $ | 397,559 | $ | 483,422 | $ | 395,682 | |||||||||
Guaranteed loans sold | 298,073 | 295,216 | 247,243 | 211,654 | 163,843 | ||||||||||||||
Average net gain on sale of guaranteed loans | 71.81 | 82.61 | 98.76 | 110.15 | 110.76 | ||||||||||||||
Held for sale guaranteed loans (note amount) (2) | 896,464 | 1,075,801 | 1,068,886 | 1,087,636 | 1,093,385 | ||||||||||||||
Outstanding balance of sold loans serviced: | |||||||||||||||||||
Guaranteed | 3,102,820 | 2,951,379 | 2,812,108 | 2,680,641 | 2,584,163 | ||||||||||||||
Unguaranteed | 170,784 | 155,939 | 174,867 | 169,355 | 135,705 | ||||||||||||||
Total | 3,273,604 | 3,107,318 | 2,986,975 | 2,849,996 | 2,719,868 | ||||||||||||||
Asset Quality Ratios | |||||||||||||||||||
Allowance for loan losses to loans and leases held for investment | 1.64 | % | 1.91 | % | 1.95 | % | 1.80 | % | 1.80 | % | |||||||||
Net charge-offs | $ | 2,310 | $ | 787 | $ | 532 | $ | 892 | $ | 959 | |||||||||
Net charge-offs to average loans and leases held for investment (3) | 0.57 | % | 0.21 | % | 0.15 | % | 0.28 | % | 0.34 | % | |||||||||
Nonperforming loans | $ | 52,709 | $ | 46,105 | $ | 36,776 | $ | 23,480 | $ | 22,420 | |||||||||
Foreclosed assets | 1,429 | 1,725 | 1,519 | 1,281 | 2,231 | ||||||||||||||
Nonperforming loans (unguaranteed exposure) | 12,897 | 11,466 | 7,386 | 3,610 | 3,299 | ||||||||||||||
Foreclosed assets (unguaranteed exposure) | 158 | 197 | 101 | 90 | 446 | ||||||||||||||
Nonperforming loans not guaranteed by the SBA and foreclosures | $ | 13,055 | $ | 11,663 | $ | 7,487 | $ | 3,700 | $ | 3,745 | |||||||||
Nonperforming loans and foreclosures, not guaranteed by the SBA, to total assets | 0.38 | % | 0.34 | % | 0.22 | % | 0.13 | % | 0.15 | % | |||||||||
Capital Ratios | |||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 16.95 | % | 16.78 | % | 16.36 | % | 17.81 | % | 17.78 | % | |||||||||
Total capital (to risk-weighted assets) | 18.01 | 17.97 | 17.51 | 18.91 | 18.93 | ||||||||||||||
Tier 1 risk based capital (to risk-weighted assets) | 16.95 | 16.78 | 16.36 | 17.81 | 17.78 | ||||||||||||||
Tier 1 leverage capital (to average assets) | 12.53 | 11.81 | 13.32 | 15.53 | 13.99 |
(2) | Includes the entire note amount, including undisbursed funds for the multi-advance loans. |
Three months ended September 30, 2018 | Three months ended June 30, 2018 | |||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | |||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||
Interest earning balances in other banks | $ | 349,739 | $ | 1,638 | 1.86 | % | $ | 505,351 | $ | 2,179 | 1.73 | % | ||||||||||
Investment securities | 388,520 | 2,528 | 2.58 | 383,154 | 2,530 | 2.65 | ||||||||||||||||
Loans held for sale | 693,517 | 11,270 | 6.45 | 744,789 | 11,937 | 6.43 | ||||||||||||||||
Loans and leases held for investment (1) | 1,612,699 | 26,454 | 6.51 | 1,504,738 | 24,330 | 6.49 | ||||||||||||||||
Total interest earning assets | 3,044,475 | 41,890 | 5.46 | 3,138,032 | 40,976 | 5.24 | ||||||||||||||||
Less: allowance for loan and lease losses | (29,266 | ) | (27,930 | ) | ||||||||||||||||||
Non-interest earning assets | 434,963 | 424,100 | ||||||||||||||||||||
Total assets | $ | 3,450,172 | $ | 3,534,202 | ||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing checking | $ | 31,950 | $ | 87 | 1.08 | % | $ | 36,926 | $ | 100 | 1.09 | % | ||||||||||
Savings | 943,958 | 4,026 | 1.69 | 998,521 | 4,061 | 1.63 | ||||||||||||||||
Money market accounts | 120,702 | 314 | 1.03 | 151,880 | 463 | 1.22 | ||||||||||||||||
Certificates of deposit | 1,810,040 | 9,738 | 2.13 | 1,806,063 | 9,303 | 2.07 | ||||||||||||||||
Total interest bearing deposits | 2,906,650 | 14,165 | 1.93 | 2,993,390 | 13,927 | 1.87 | ||||||||||||||||
Other borrowings | 3,365 | 1 | 0.12 | 3,488 | 1 | 0.11 | ||||||||||||||||
Total interest bearing liabilities | 2,910,015 | 14,166 | 1.93 | 2,996,878 | 13,928 | 1.86 | ||||||||||||||||
Non-interest bearing deposits | 46,272 | 53,922 | ||||||||||||||||||||
Non-interest bearing liabilities | 21,804 | 21,217 | ||||||||||||||||||||
Shareholders' equity | 472,081 | 462,185 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 3,450,172 | $ | 3,534,202 | ||||||||||||||||||
Net interest income and interest rate spread | $ | 27,724 | 3.53 | % | $ | 27,048 | 3.38 | % | ||||||||||||||
Net interest margin | 3.61 | 3.46 | ||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 104.62 | % | 104.71 | % |
As of and for the three months ended | |||||||||||||||||||
3Q 2018 | 2Q 2018 | 1Q 2018 | 4Q 2017 | 3Q 2017 | |||||||||||||||
Total shareholders’ equity | $ | 477,230 | $ | 462,986 | $ | 448,836 | $ | 436,933 | $ | 364,591 | |||||||||
Less: | |||||||||||||||||||
Goodwill | — | — | — | — | 7,278 | ||||||||||||||
Other intangible assets | — | 3,980 | 4,122 | 4,264 | 5,126 | ||||||||||||||
Tangible shareholders’ equity (a) | $ | 477,230 | $ | 459,006 | $ | 444,714 | $ | 432,669 | $ | 352,187 | |||||||||
Shares outstanding (c) | 40,140,417 | 40,086,409 | 39,974,148 | 39,895,583 | 39,862,147 | ||||||||||||||
Total assets | $ | 3,444,757 | $ | 3,472,969 | $ | 3,460,863 | $ | 2,758,474 | $ | 2,432,189 | |||||||||
Less: | |||||||||||||||||||
Goodwill | — | — | — | — | 7,278 | ||||||||||||||
Other intangible assets | — | 3,980 | 4,122 | 4,264 | 5,126 | ||||||||||||||
Tangible assets (b) | $ | 3,444,757 | $ | 3,468,989 | $ | 3,456,741 | $ | 2,754,210 | $ | 2,419,785 | |||||||||
Tangible shareholders’ equity to tangible assets (a/b) | 13.85 | % | 13.23 | % | 12.87 | % | 15.71 | % | 14.55 | % | |||||||||
Tangible book value per share (a/c) | $ | 11.89 | $ | 11.45 | $ | 11.13 | $ | 10.85 | $ | 8.84 | |||||||||
Efficiency ratio: | |||||||||||||||||||
Noninterest expense (d) | $ | 41,244 | $ | 40,830 | $ | 38,072 | $ | 41,024 | $ | 35,856 | |||||||||
Net interest income | 27,724 | 27,048 | 24,476 | 22,976 | 21,025 | ||||||||||||||
Noninterest income | 24,331 | 30,613 | 30,756 | 95,441 | 25,060 | ||||||||||||||
Less: gain on sale of securities | — | — | — | — | — | ||||||||||||||
Adjusted operating revenue (e) | $ | 52,055 | $ | 57,661 | $ | 55,232 | $ | 118,417 | $ | 46,085 | |||||||||
Efficiency ratio (d/e) | 79.23 | % | 70.81 | % | 68.93 | % | 34.64 | % | 77.80 | % |
Live Oak Bancshares, Inc. GAAP to Non-GAAP Reconciliation (Continued) (Dollars in thousands) | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
3Q 2018 | 2Q 2018 | 3Q 2017 | 3Q 2018 | 3Q 2017 | |||||||||||||||
Reconciliation of net income to non-GAAP net income for non-routine income and expenses: | |||||||||||||||||||
Net income | $ | 14,252 | $ | 14,253 | $ | 12,862 | $ | 40,958 | $ | 28,769 | |||||||||
Stock based compensation expense for restricted stock awards with an effective grant date of May 24, 2016, as discussed in Note 10 of our March 31, 2016 Form 10-Q | 360 | 357 | 286 | 1,069 | 1,010 | ||||||||||||||
Merger costs for acquisition of Reltco and Apiture investment | — | — | 390 | — | 1,156 | ||||||||||||||
Trade-in loss on aircraft | — | — | — | — | 206 | ||||||||||||||
Impairment expense on goodwill and other intangibles, net | 2,680 | — | — | 2,680 | — | ||||||||||||||
Renewable energy tax credit investment income, impairment and loss | — | — | — | — | 38 | ||||||||||||||
Income tax effects and adjustments for non-GAAP items * | (730 | ) | (86 | ) | (270 | ) | (900 | ) | (964 | ) | |||||||||
Other renewable energy tax expense | — | — | 44 | — | 132 | ||||||||||||||
Non-GAAP net income | $ | 16,562 | $ | 14,524 | $ | 13,312 | $ | 43,807 | $ | 30,347 | |||||||||
* Estimated at 24.0% for 2018 and 40.0% for 2017 | |||||||||||||||||||
Non-GAAP earnings per share: | |||||||||||||||||||
Basic | $ | 0.41 | $ | 0.36 | $ | 0.36 | $ | 1.09 | $ | 0.86 | |||||||||
Diluted | $ | 0.40 | $ | 0.35 | $ | 0.34 | $ | 1.05 | $ | 0.83 | |||||||||
Weighted-average shares outstanding: | |||||||||||||||||||
Basic | 40,119,561 | 40,027,336 | 37,366,041 | 40,025,265 | 35,485,371 | ||||||||||||||
Diluted | 41,688,430 | 41,619,647 | 38,644,677 | 41,586,987 | 36,370,054 | ||||||||||||||
Reconciliation of financial statement line items as reported to adjusted for non-routine income and expenses: | |||||||||||||||||||
Noninterest income, as reported | $ | 24,331 | $ | 30,613 | $ | 25,060 | $ | 85,700 | $ | 77,480 | |||||||||
Renewable energy tax credit investment income | — | — | — | — | (20 | ) | |||||||||||||
Noninterest income, as adjusted | $ | 24,331 | $ | 30,613 | $ | 25,060 | $ | 85,700 | $ | 77,460 | |||||||||
Noninterest expense, as reported | $ | 41,244 | $ | 40,830 | $ | 35,856 | $ | 120,146 | $ | 102,141 | |||||||||
Stock based compensation expense | (360 | ) | (357 | ) | (286 | ) | (1,069 | ) | (1,010 | ) | |||||||||
Merger costs associated with Reltco and Apiture investment | — | — | (390 | ) | — | (1,156 | ) | ||||||||||||
Trade-in loss on aircraft | — | — | — | — | (206 | ) | |||||||||||||
Impairment expense on goodwill and other intangibles, net | (2,680 | ) | — | — | (2,680 | ) | — | ||||||||||||
Renewable energy tax credit investment impairment and loss | — | — | — | — | (58 | ) | |||||||||||||
Noninterest expense, as adjusted | $ | 38,204 | $ | 40,473 | $ | 35,180 | $ | 116,397 | $ | 99,711 | |||||||||
Live Oak Bancshares, Inc. GAAP to Non-GAAP Reconciliation (Continued) (Dollars in thousands) | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
3Q 2018 | 2Q 2018 | 3Q 2017 | 3Q 2018 | 3Q 2017 | |||||||||||||||
Income before taxes, as reported | $ | 11,054 | $ | 14,744 | $ | 7,803 | $ | 38,566 | $ | 24,916 | |||||||||
Renewable energy tax credit investment income | — | — | — | — | (20 | ) | |||||||||||||
Stock based compensation expense | 360 | 357 | 286 | 1,069 | 1,010 | ||||||||||||||
Merger costs associated with Reltco and Apiture investment | — | — | 390 | — | 1,156 | ||||||||||||||
Trade-in loss on aircraft | — | — | — | — | 206 | ||||||||||||||
Impairment expense on goodwill and other intangibles, net | 2,680 | — | — | 2,680 | — | ||||||||||||||
Renewable energy tax credit investment impairment and loss | — | — | — | — | 58 | ||||||||||||||
Income before taxes, as adjusted | $ | 14,094 | $ | 15,101 | $ | 8,479 | $ | 42,315 | $ | 27,326 | |||||||||
Income tax expense (benefit), as reported | $ | (3,198 | ) | $ | 491 | $ | (5,059 | ) | $ | (2,392 | ) | $ | (3,853 | ) | |||||
Income tax effects and adjustments for non-recurring income and expenses | 730 | 86 | 270 | 900 | 964 | ||||||||||||||
Other renewable energy tax expense | — | — | (44 | ) | — | (132 | ) | ||||||||||||
Income tax expense (benefit), as adjusted | $ | (2,468 | ) | $ | 577 | $ | (4,833 | ) | $ | (1,492 | ) | $ | (3,021 | ) |
Please wait while we load the requested 8-K report or click the link below:
https://last10k.com/sec-filings/report/1462120/000146212018000050/form8-kx093018earningsrele.htm
Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Live Oak Bancshares, Inc..
Live Oak Bancshares, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
Material Contracts, Statements, Certifications & more
Live Oak Bancshares, Inc. provided additional information to their SEC Filing as exhibits
Ticker: LOBEvents:
CIK: 1462120
Form Type: 8-K Corporate News
Accession Number: 0001462120-18-000050
Submitted to the SEC: Wed Oct 24 2018 4:53:08 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: State Commercial Banks