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
(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 | ) |
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..
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
Please wait while we load the requested 8-K report or click the link below:
https://last10k.com/sec-filings/report/1462120/000146212018000050/ex991-093018earningsrelease.htm
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
Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.
ContinueRead positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.
ContinueRemove data columns and navigations in order to see much more filing content and tables in one view
ContinueRead both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q
ContinueExport Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis
ContinueGet one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports
Continue for FREEOur Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not
ContinueOur Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity
ContinueSee how over 70
Growth, Profitability and Financial Ratios perform over 10 Years