Live Oak Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 04:38 pm EDT
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Live Oak Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 89.41 million compared to USD 83.89 million a year ago. Net income was USD 39.79 million compared to USD 42.87 million a year ago. Basic earnings per share from continuing operations was USD 0.89 compared to USD 0.97 a year ago. Diluted earnings per share from continuing operations was USD 0.88 compared to USD 0.96 a year ago.
For the nine months, net interest income was USD 255.73 million compared to USD 241.6 million a year ago. Net income was USD 57.74 million compared to USD 174.42 million a year ago. Basic earnings per share from continuing operations was USD 1.3 compared to USD 3.98 a year ago. Diluted earnings per share from continuing operations was USD 1.28 compared to USD 3.88 a year ago.
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. 
