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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, 2021

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 4, 2021, there were 42,594,817 shares of the registrant’s voting common stock outstanding and 510,327 shares of the registrant’s non-voting common stock outstanding.

 

 


 

 

 

Live Oak Bancshares, Inc.

Form 10-Q

For the Quarterly Period Ended March 31, 2021

TABLE OF CONTENTS

 

 

Page

PART I. FINANCIAL INFORMATION

 

Item 1.

 

Financial Statements (Unaudited)

 

1

 

 

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

 

1

 

 

Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020

 

2

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2021 and 2020

 

3

 

 

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2021 and 2020

 

4

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020

 

5

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

7

Item 2.

 

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

 

33

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

52

Item 4.

 

Controls and Procedures

 

53

 

 

PART II. OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

54

Item 1A.

 

Risk Factors

 

54

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

Item 3.

 

Defaults Upon Senior Securities

 

54

Item 4.

 

Mine Safety Disclosures

 

54

Item 5.

 

Other Information

 

54

Item 6.

 

Exhibits

 

55

 

 

Index to Exhibits

 

55

 

 

Signatures

 

56

 

 

 

 


 

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Live Oak Bancshares, Inc.

Condensed Consolidated Balance Sheets

As of March 31, 2021 (unaudited) and December 31, 2020*

(Dollars in thousands)

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

630,081

 

 

$

297,167

 

Federal funds sold

 

 

5,461

 

 

 

21,153

 

Certificates of deposit with other banks

 

 

6,500

 

 

 

6,500

 

Investment securities available-for-sale

 

 

775,177

 

 

 

750,098

 

Loans held for sale (includes $35,936 and $36,111 measured at fair value,

   respectively)

 

 

1,076,741

 

 

 

1,175,470

 

Loans and leases held for investment (includes $790,797 and $815,374 measured

   at fair value, respectively)

 

 

5,456,754

 

 

 

5,144,930

 

Allowance for credit losses on loans and leases

 

 

(52,417

)

 

 

(52,306

)

Net loans and leases

 

 

5,404,337

 

 

 

5,092,624

 

Premises and equipment, net

 

 

253,774

 

 

 

259,267

 

Foreclosed assets

 

 

4,185

 

 

 

4,155

 

Servicing assets

 

 

37,744

 

 

 

33,918

 

Other assets

 

 

223,875

 

 

 

231,951

 

Total assets

 

$

8,417,875

 

 

$

7,872,303

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

75,794

 

 

$

75,287

 

Interest-bearing

 

 

6,240,210

 

 

 

5,637,541

 

Total deposits

 

 

6,316,004

 

 

 

5,712,828

 

Borrowings

 

 

1,465,961

 

 

 

1,542,093

 

Other liabilities

 

 

45,550

 

 

 

49,532

 

Total liabilities

 

 

7,827,515

 

 

 

7,304,453

 

Shareholders’ equity

 

 

 

 

 

 

 

 

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

   at March 31, 2021 and December 31, 2020

 

 

 

 

 

 

Class A common stock, no par value, 100,000,000 shares authorized, 42,259,091

   and 41,344,689 shares issued and outstanding at March 31, 2021 and

   December 31, 2020, respectively

 

 

298,525

 

 

 

298,890

 

Class B common stock, no par value, 10,000,000 shares authorized, 692,253 and

   1,107,757 shares issued and outstanding at March 31, 2021 and

   December 31, 2020, respectively

 

 

7,330

 

 

 

11,729

 

Retained earnings

 

 

275,377

 

 

 

235,724

 

Accumulated other comprehensive income

 

 

9,128

 

 

 

21,507

 

Total shareholders’ equity

 

 

590,360

 

 

 

567,850

 

Total liabilities and shareholders’ equity

 

$

8,417,875

 

 

$

7,872,303

 

 

*

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, 2021 and 2020 (unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Interest income

 

 

 

 

 

 

 

 

Loans and fees on loans

 

$

84,993

 

 

$

58,961

 

Investment securities, taxable

 

 

2,929

 

 

 

3,762

 

Other interest earning assets

 

 

303

 

 

 

750

 

Total interest income

 

 

88,225

 

 

 

63,473

 

Interest expense

 

 

 

 

 

 

 

 

Deposits

 

 

16,944

 

 

 

23,255

 

Borrowings

 

 

1,331

 

 

 

57

 

Total interest expense

 

 

18,275

 

 

 

23,312

 

Net interest income

 

 

69,950

 

 

 

40,161

 

(Recovery of) provision for loan and lease credit losses

 

 

(873

)

 

 

11,792

 

Net interest income after (recovery of) provision for loan

   and lease credit losses

 

 

70,823

 

 

 

28,369

 

Noninterest income

 

 

 

 

 

 

 

 

Loan servicing revenue

 

 

6,434

 

 

 

6,422

 

Loan servicing asset revaluation

 

 

1,493

 

 

 

(4,692

)

Net gains on sales of loans

 

 

11,929

 

 

 

11,112

 

Net gain (loss) on loans accounted for under the fair value

   option

 

 

4,218

 

 

 

(10,638

)

Equity method investments income (loss)

 

 

(1,157

)

 

 

(2,478

)

Equity security investments gains (losses), net

 

 

105

 

 

 

(64

)

Loss on sale of investment securities available-for-sale, net

 

 

 

 

 

(79

)

Lease income

 

 

2,599

 

 

 

2,624

 

Management fee income

 

 

1,934

 

 

 

1,644

 

Other noninterest income

 

 

3,502

 

 

 

1,891

 

Total noninterest income

 

 

31,057

 

 

 

5,742

 

Noninterest expense

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

31,366

 

 

 

28,063

 

Travel expense

 

 

659

 

 

 

1,781

 

Professional services expense

 

 

3,831

 

 

 

1,937

 

Advertising and marketing expense

 

 

652

 

 

 

1,361

 

Occupancy expense

 

 

2,112

 

 

 

2,421

 

Data processing expense

 

 

3,894

 

 

 

3,157

 

Equipment expense

 

 

4,354

 

 

 

4,635

 

Other loan origination and maintenance expense

 

 

3,327

 

 

 

2,456

 

Renewable energy tax credit investment impairment

 

 

3,127

 

 

 

 

FDIC insurance

 

 

1,765

 

 

 

1,510

 

Other expense

 

 

3,185

 

 

 

2,170

 

Total noninterest expense

 

 

58,272

 

 

 

49,491

 

Income (loss) before taxes

 

 

43,608

 

 

 

(15,380

)

Income tax expense (benefit)

 

 

4,181

 

 

 

(7,778

)

Net income (loss)

 

$

39,427

 

 

$

(7,602

)

Basic earnings (loss) per share

 

$

0.92

 

 

$

(0.19

)

Diluted earnings (loss) per share

 

$

0.88

 

 

$

(0.19

)

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

2


 

 

 

Live Oak Bancshares, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the three months ended March 31, 2021 and 2020 (unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Net income (loss)

 

$

39,427

 

 

$

(7,602

)

Other comprehensive (loss) income before tax:

 

 

 

 

 

 

 

 

Net unrealized (loss) gain on investment securities

   arising during the period

 

 

(16,288

)

 

 

7,849

 

Reclassification adjustment for loss on sale of

   securities available-for-sale included in net income

 

 

 

 

 

79

 

Other comprehensive (loss) income before tax

 

 

(16,288

)

 

 

7,928

 

Income tax benefit (expense)

 

 

3,909

 

 

 

(1,903

)

Other comprehensive (loss) income, net of tax

 

 

(12,379

)

 

 

6,025

 

Total comprehensive income (loss)

 

$

27,048

 

 

$

(1,577

)

 

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, 2021 and 2020 (unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

 

 

 

Common stock

 

 

 

 

 

 

Accumulated

other

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

Retained

 

 

comprehensive

 

 

Total

 

 

 

Class A

 

 

Class B

 

 

Amount

 

 

earnings

 

 

income

 

 

equity

 

Balance at December 31, 2020

 

 

41,344,689

 

 

 

1,107,757

 

 

$

310,619

 

 

$

235,724

 

 

$

21,507

 

 

$

567,850

 

Net income

 

 

 

 

 

 

 

 

 

 

 

39,427

 

 

 

 

 

 

39,427

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,379

)

 

 

(12,379

)

Issuance of restricted stock

 

 

292,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding related to vesting of

   restricted stock and other

 

 

 

 

 

 

 

 

(11,287

)

 

 

 

 

 

 

 

 

(11,287

)

Employee stock purchase program

 

 

5,686

 

 

 

 

 

 

296

 

 

 

 

 

 

 

 

 

296

 

Stock option exercises

 

 

200,996

 

 

 

 

 

 

1,213

 

 

 

 

 

 

 

 

 

1,213

 

Stock option based compensation expense

 

 

 

 

 

 

 

 

344

 

 

 

 

 

 

 

 

 

344

 

Restricted stock expense

 

 

 

 

 

 

 

 

4,670

 

 

 

 

 

 

 

 

 

4,670

 

Non-voting common stock converted to

   voting common stock in private sale

 

 

415,504

 

 

 

(415,504

)

 

 

 

 

 

 

 

 

 

 

 

 

Transfer from retained earnings to other assets

   for pro rata portion of equity method

   investee stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,508

 

 

 

 

 

 

1,508

 

Cash dividends ($0.03 per share)

 

 

 

 

 

 

 

 

 

 

 

(1,282

)

 

 

 

 

 

(1,282

)

Balance at March 31, 2021

 

 

42,259,091

 

 

 

692,253

 

 

$

305,855

 

 

$

275,377

 

 

$

9,128

 

 

$

590,360