WILMINGTON, N.C., Oct. 25, 2023 (GLOBE NEWSWIRE) — Live Oak Bancshares, Inc. (NYSE: LOB) (“Live Oak” or “the Company”) today reported third quarter of 2023 net income of $39.8 million, or $0.88 per diluted share.
International: +1 416.764.8624
Pass Code: None RequiredRegistration: Name and Email Required
Multi-Factor Code: Provided After RegistrationClaire Parker | Corporate Communications | Media Relations | 910.597.1592
Quarterly Statements of Income (unaudited)(Dollars in thousands, except per share data)Quarterly Balance Sheets (unaudited)(Dollars in thousands)Statements of Income (unaudited)(Dollars in thousands, except per share data)Quarterly Selected Financial Data(Dollars in thousands, except per share data)Quarterly Average Balances and Net Interest Margin(Dollars in thousands)September 30, 2023June 30, 2023GAAP to Non-GAAP Reconciliation(Dollars in thousands)This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company’s business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.
(GlobeNewsWire)