Company did not provide specific guidance for future quarters or the full year
Overview
U.S. banking services provider's Q2 revenue rose 12% yr/yr, beating analyst expectations
Diluted EPS for Q2 rose 45% yr/yr to $0.74
Company saw record loan originations and strong deposit growth in Q2
Result drivers
Loan and deposit growth - Co said strong loan production of $1.55 bln and deposit growth of $712.5 mln supported revenue and asset growth in Q2
Higher net interest income - Net interest income increased 5.0% from Q1 and 14.8% from Q2 last yr, helped by higher loan balances and net interest margin
Credit loss provision - Provision expense for credit losses rose $5.7 mln from Q1 and $2.5 mln from Q2 last yr, partially offsetting revenue gains
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Live Oak Bancshares Inc is $44.50, about 6.8% above its July 21 closing price of $41.67
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago
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