Live Oak Bancshares, Inc. (LOB) has reported a 30.29 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.11 million, or $0.17 a share in the quarter, compared with $4.69 million, or $0.13 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.81 million, or $0.19 a share compared with $4.69 million or $0.13 a share, a year ago. Revenue during the quarter surged 34.29 percent to $39.90 million from $29.71 million in the previous year period. Net interest income for the quarter rose 79.60 percent over the prior year period to $15.64 million. Non-interest income for the quarter rose 14.80 percent over the last year period to $25.75 million.
Live Oak Bancshares, Inc. has made provision of $1.50 million for loan losses during the quarter, up 4.61 percent from $1.43 million in the same period last year.
Net interest margin improved 24 basis points to 3.76 percent in the quarter from 3.52 percent in the last year period. Efficiency ratio for the quarter deteriorated to 79.69 percent from 69.72 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We are very pleased with the first quarter's results. Loan and lease originations of $469 million have us well on our way to our 2017 target range of $1.8 to $1.9 billion. Our recent continued focus in the renewable energy space helped drive strong loan and lease origination performance as well as provide investment tax credits through our solar panel leasing program. We believe the renewable energy business will continue to be a performance driver for years to come. As reflected in the recent acquisition of Reltco, a national title agency, our platform continues to evolve and allows us to provide best-in-class service to small businesses across the U.S.," said James S. Mahan, III, chief executive officer of Live Oak.
Deposits stood at $1,639.14 million as on Mar. 31, 2017, up 61.42 percent compared with $1,015.46 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $38.03 million or 2.32 percent of total deposits on Mar. 31, 2017, compared with $21.12 million or 2.08 percent of total deposits on Mar. 31, 2016.
Investments stood at $68.63 million as on Mar. 31, 2017, up 23.27 percent or $12.96 million from year-ago. Shareholders equity was at $226.19 million as on Mar. 31, 2017.
Return on average assets moved down 34 basis points to 1.33 percent in the quarter from 1.67 percent in the last year period. At the same time, return on average equity increased 155 basis points to 10.93 percent in the quarter from 9.38 percent in the last year period.
Tier-1 leverage ratio stood at 10.60 percent for the quarter, down from 17.09 percent for the previous year quarter. Book value per share was $6.54 for the quarter, up 9.36 percent or $0.56 compared to $5.98 for the same period last year.
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