The following is a summary of the Live Oak Bancshares, Inc. (LOB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Live Oak Bancshares reported Q1 loan originations of $805 million, indicating a decrease as compared to the previous quarters.

• The net interest margin stands at 3.33%, with a modest 2% quarter-over-quarter loan growth.

• A 42% quarter-over-quarter growth in Pre-Provision Net Revenue (PPNR) was observed, along with a 7% increase in the business deposits portfolio.

• EPS for Q1 stands at $0.36, reflecting a stable earnings performance.

• Core operating earnings have demonstrated a robust growth of 26% year-over-year.

Business Progress:

• The bank maintains a strong pipeline, which has seen a 23% increase over last year.

• The company's focus on SBA 7(a) loans has started to pay off with $13 million small loan SBA 7(a) production seen year-to-date, and further pipeline growth is expected.

• There has been a focus on improving operations through automation, enhancing customer service, and establishing a robust deposit growth mechanism.

• The company is set to grow revenues faster than expenses through strategic hiring investments and technology implementations.

• There is an emphasis on business deposit growth, with a significant increase in savings and CDs, and efforts to improve checking account acquisition are ongoing.

• Lastly, the company continues to target niche verticals in conventional lending, working towards further growth in markets such as Venture Banking, Commercial Real Estate, and Specialty Health Care.

More details: Live Oak Bancshares IR

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