Live Oak Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 30, 2015
January 27, 2016 at 05:54 pm EST
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Live Oak Bancshares, Inc. reported unaudited earnings results for the fourth quarter ended December 31, 2015. For the period, net interest income was $8,470,000 against $4,255,000 for the same period prior year. Net interest income after for provision losses was $7,003,000 against $2,873,000 for the same period prior year. Income before taxes was $9,238,000 against $3,859,000 for the same period prior year. Net income was $5,715,000 against $2,448,000 for the same period prior year. Net income attributable to the company was $5,716,000 against $2,448,000 for the same period prior year. Diluted earnings per share were $0.16 against $0.08 for the same period prior year. Book value per share was $5.84 against $3.21 for the same period prior year. Tangible book value per share was $5.84 against $3.20 for the same period prior year. Return on average assets was 2.18% compared to 1.46% a year ago. Return on average equity was 11.60% compared to 9.37% a year ago. Adjusted operating revenue was $32,837,000 against $20,555,000 for the same period prior year.
Net charge-offs were $205,000 in the fourth quarter of 2015, or 0.30% of average loans held for investment on an annualized basis compared to $243,000, or 0.40%, in the third quarter of 2015.
Live Oak Bancshares, Inc. is a bank holding company. The Company conducts business operations through its commercial bank subsidiary, Live Oak Banking Company (the Bank). The Bank specializes in providing lending and deposit-related services to small businesses nationwide. Its segments include Banking and Fintech. Banking segment specializes in providing financing services to small businesses nationwide in industries and deposit-related services to small businesses, consumers, and other customers nationwide. The Fintech segment is involved in making strategic investments in emerging financial technology companies. The Fintech segment is comprised of the Company's direct wholly owned subsidiaries, Live Oak Ventures, Inc. and Canapi Advisors, LLC, and the investments held by those entities, as well as the Bank's investment in Apiture, Inc. The Bankâs loan portfolio includes commercial and industrial loans, construction and development loans, commercial real estate, and commercial land.
Live Oak Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 30, 2015