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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2022

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from              to             .

Commission file number: 001-37497

LIVE OAK BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

North Carolina

26-4596286

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

1741 Tiburon Drive

Wilmington, North Carolina

28403

(Address of principal executive offices)

(Zip Code)

(910) 790-5867

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Voting Common Stock, no par value per share

LOB

The NASDAQ Stock Market LLC

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of May 3, 2022, there were 43,801,292 shares of the registrant’s voting common stock outstanding.

 

 


 

 

 

Live Oak Bancshares, Inc.

Form 10-Q

For the Quarterly Period Ended March 31, 2022

TABLE OF CONTENTS

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1.

 

Financial Statements (Unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

 

1

 

 

Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021

 

2

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021

 

3

 

 

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2022 and 2021

 

4

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

 

5

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

32

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

49

Item 4.

 

Controls and Procedures

 

50

 

 

PART II. OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

51

Item 1A.

 

Risk Factors

 

51

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

51

Item 3.

 

Defaults Upon Senior Securities

 

51

Item 4.

 

Mine Safety Disclosures

 

51

Item 5.

 

Other Information

 

51

Item 6.

 

Exhibits

 

52

 

 

Index to Exhibits

 

52

 

 

Signatures

 

53

 

 

 

 


 

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Live Oak Bancshares, Inc.

Condensed Consolidated Balance Sheets

As of March 31, 2022 (unaudited) and December 31, 2021*

(Dollars in thousands)

 

 

 

March 31,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

477,778

 

 

$

187,203

 

Federal funds sold

 

 

29,993

 

 

 

16,547

 

Certificates of deposit with other banks

 

 

4,250

 

 

 

4,750

 

Investment securities available-for-sale

 

 

844,577

 

 

 

906,052

 

Loans held for sale (includes $25,056 and $25,310 measured at fair value,

   respectively)

 

 

1,028,635

 

 

 

1,116,519

 

Loans and leases held for investment (includes $600,571 and $645,201 measured

   at fair value, respectively)

 

 

5,738,241

 

 

 

5,521,262

 

Allowance for credit losses on loans and leases

 

 

(63,058

)

 

 

(63,584

)

Net loans and leases

 

 

5,675,183

 

 

 

5,457,678

 

Premises and equipment, net

 

 

254,865

 

 

 

240,196

 

Foreclosed assets

 

 

198

 

 

 

620

 

Servicing assets

 

 

36,286

 

 

 

33,574

 

Other assets

 

 

268,201

 

 

 

250,254

 

Total assets

 

$

8,619,966

 

 

$

8,213,393

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

86,342

 

 

$

89,279

 

Interest-bearing

 

 

7,550,821

 

 

 

7,022,765

 

Total deposits

 

 

7,637,163

 

 

 

7,112,044

 

Borrowings

 

 

196,911

 

 

 

318,289

 

Other liabilities

 

 

72,565

 

 

 

67,927

 

Total liabilities

 

 

7,906,639

 

 

 

7,498,260

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding

   at March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Class A common stock, no par value, 100,000,000 shares authorized, 43,787,660

   and 43,494,046 shares issued and outstanding at March 31, 2022 and

   December 31, 2021, respectively

 

 

315,607

 

 

 

310,970

 

Class B common stock, no par value, 10,000,000 shares authorized, none issued or

   outstanding at March 31, 2022 and 125,024 shares issued and outstanding at

   December 31, 2021

 

 

 

 

 

1,324

 

Retained earnings

 

 

434,226

 

 

 

400,893

 

Accumulated other comprehensive (loss) income

 

 

(36,506

)

 

 

1,946

 

Total shareholders’ equity

 

 

713,327

 

 

 

715,133

 

Total liabilities and shareholders’ equity

 

$

8,619,966

 

 

$

8,213,393

 

 

*

Derived from audited consolidated financial statements.

See Notes to Unaudited Condensed Consolidated Financial Statements

1


 

 

Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Income

For the three months ended March 31, 2022 and 2021 (unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Interest income

 

 

 

 

 

 

 

 

Loans and fees on loans

 

$

89,198

 

 

$

84,993

 

Investment securities, taxable

 

 

3,399

 

 

 

2,929

 

Other interest earning assets

 

 

185

 

 

 

303

 

Total interest income

 

 

92,782

 

 

 

88,225

 

Interest expense

 

 

 

 

 

 

 

 

Deposits

 

 

14,348

 

 

 

16,944

 

Borrowings

 

 

655

 

 

 

1,331

 

Total interest expense

 

 

15,003

 

 

 

18,275

 

Net interest income

 

 

77,779

 

 

 

69,950

 

Provision for (recovery of) loan and lease credit losses

 

 

1,836

 

 

 

(873

)

Net interest income after provision for (recovery of)

   loan and lease credit losses

 

 

75,943

 

 

 

70,823

 

Noninterest income

 

 

 

 

 

 

 

 

Loan servicing revenue

 

 

6,356

 

 

 

6,434

 

Loan servicing asset revaluation

 

 

(1,569

)

 

 

1,493

 

Net gains on sales of loans

 

 

20,977

 

 

 

11,929

 

Net gain on loans accounted for under the fair value

   option

 

 

516

 

 

 

4,218

 

Equity method investments income (loss)

 

 

(2,124

)

 

 

(1,157

)

Equity security investments gains (losses), net

 

 

(44

)

 

 

105

 

Lease income

 

 

2,503

 

 

 

2,599

 

Management fee income

 

 

1,488

 

 

 

1,934

 

Other noninterest income

 

 

4,565

 

 

 

3,502

 

Total noninterest income

 

 

32,668

 

 

 

31,057

 

Noninterest expense

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

38,507

 

 

 

31,366

 

Travel expense

 

 

1,897

 

 

 

659

 

Professional services expense

 

 

2,791

 

 

 

3,831

 

Advertising and marketing expense

 

 

1,729

 

 

 

652

 

Occupancy expense

 

 

2,327

 

 

 

2,112

 

Technology expense

 

 

6,053

 

 

 

4,878

 

Equipment expense

 

 

3,816

 

 

 

3,701

 

Other loan origination and maintenance expense

 

 

3,113

 

 

 

3,327

 

Renewable energy tax credit investment impairment

 

 

 

 

 

3,127

 

FDIC insurance

 

 

1,972

 

 

 

1,765

 

Other expense

 

 

3,509

 

 

 

2,854

 

Total noninterest expense

 

 

65,714

 

 

 

58,272

 

Income before taxes

 

 

42,897

 

 

 

43,608

 

Income tax expense

 

 

8,388

 

 

 

4,181

 

Net income

 

$

34,509

 

 

$

39,427

 

Basic earnings per share

 

$

0.79

 

 

$

0.92

 

Diluted earnings per share

 

$

0.76

 

 

$

0.88

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

2


 

 

 

Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income

For the three months ended March 31, 2022 and 2021 (unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

34,509

 

 

$

39,427

 

Other comprehensive loss before tax:

 

 

 

 

 

 

 

 

Net unrealized loss on investment securities

   arising during the period

 

 

(50,594

)

 

 

(16,288

)

Reclassification adjustment for gain on sale of

   securities available-for-sale included in net income

 

 

 

 

 

 

Other comprehensive loss before tax

 

 

(50,594

)

 

 

(16,288

)

Income tax benefit

 

 

12,142

 

 

 

3,909

 

Other comprehensive loss, net of tax

 

 

(38,452

)

 

 

(12,379

)

Total comprehensive (loss) income

 

$

(3,943

)

 

$

27,048

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

3


 

 

Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity

For the three months ended March 31, 2022 and 2021 (unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

 

 

 

Common stock

 

 

 

 

 

 

Accumulated

other

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

Retained

 

 

comprehensive

 

 

Total

 

 

 

Class A

 

 

Class B

 

 

Amount

 

 

earnings

 

 

income (loss)

 

 

equity

 

Balance at December 31, 2021

 

 

43,494,046

 

 

 

125,024

 

 

$

312,294

 

 

$

400,893

 

 

$

1,946

 

 

$

715,133

 

Net income

 

 

 

 

 

 

 

 

 

 

 

34,509

 

 

 

 

 

 

34,509

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,452

)

 

 

(38,452

)

Issuance of restricted stock

 

 

95,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding related to vesting of

   restricted stock and other

 

 

 

 

 

 

 

 

(2,894

)

 

 

 

 

 

 

 

 

(2,894

)

Employee stock purchase program

 

 

11,119

 

 

 

 

 

 

534

 

 

 

 

 

 

 

 

 

534

 

Stock option exercises

 

 

61,934

 

 

 

 

 

 

719

 

 

 

 

 

 

 

 

 

719

 

Stock option based compensation expense

 

 

 

 

 

 

 

 

391

 

 

 

 

 

 

 

 

 

391

 

Restricted stock expense

 

 

 

 

 

 

 

 

4,563

 

 

 

 

 

 

 

 

 

4,563

 

Non-voting common stock converted to

   voting common stock in private sale

 

 

125,024

 

 

 

(125,024

)

 

 

 

 

 

 

 

 

 

 

 

 

Transfer from retained earnings to other assets

   for pro rata portion of equity method

   investee stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

136

 

 

 

 

 

 

136

 

Cash dividends ($0.03 per share)

 

 

 

 

 

 

 

 

 

 

 

(1,312

)