Live Oak Bancshares, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 25, 2023 at 04:45 pm
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Live Oak Bancshares, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 84.3 million compared to USD 79.93 million a year ago. Net income was USD 17.54 million compared to USD 97.04 million a year ago. Basic earnings per share from continuing operations was USD 0.4 compared to USD 2.22 a year ago. Diluted earnings per share from continuing operations was USD 0.39 compared to USD 2.16 a year ago.
For the six months, net interest income was USD 166.32 million compared to USD 157.71 million a year ago. Net income was USD 17.94 million compared to USD 131.55 million a year ago. Basic earnings per share from continuing operations was USD 0.41 compared to USD 3.01 a year ago. Diluted earnings per share from continuing operations was USD 0.4 compared to USD 2.92 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. 
