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Jun 30, 2022
Live Oak Q2 2022 Earnings Report
Reported net income of $97.0 million, which included a pretax gain of $120.5 million related to the sale of the Company’s investment in Finxact.
Key Takeaways
Live Oak Bancshares reported a strong second quarter with net income of $97.0 million, driven by a significant gain from the sale of its Finxact investment. Loan and lease originations remained robust, and total deposits increased, reflecting continued growth and strategic initiatives.
Net income for the second quarter of 2022 was $97.0 million, or $2.16 per diluted share.
Total revenue increased to $208.46 million, up 89% from the previous quarter.
Loan and lease originations totaled $959.6 million, an increase of 10.9% from the first quarter of 2022.
Total deposits increased to $8.16 billion, a $518.6 million increase compared to the previous quarter.
Live Oak
Live Oak
Forward Guidance
The company did not provide specific forward guidance in the earnings report. However, the CEO expressed optimism about the future, stating that the company has ample opportunities to serve America’s small businesses.