Live Oak Bancshares Q3 revenue beats estimates as loan production increases
LOB•Live Oak Bancshares’ third-quarter revenue rose 23% year over year to $175.65 million, beating the $159.40 million consensus estimate. Net income attributable to common shareholders fell 5% to $24.26 million, and diluted EPS was $0.52.
1. Revenue and production grow
Live Oak Bancshares reported third-quarter revenue of $175.65 million, up 23% year over year and above the $159.40 million analyst consensus. Loan production reached a record $2.1 billion, and total assets rose 5.8% sequentially.
2. Credit provision rises
Net income attributable to common shareholders fell 5% year over year to $24.26 million, while diluted EPS was $0.52. The provision for credit losses rose to $54.7 million, driven by action on a stressed distillery portfolio and reserves for loan growth. The company did not provide specific financial guidance for upcoming quarters or the full year.
