Live Oak Bancshares, Inc. LOB
Live Oak Bancshares, Inc. (individually, "Bancshares" and collectively with its subsidiaries including Live Oak Banking Company, the "Company," also referred to as "our" and "we"), headquartered in Wilmington, North Carolina, is the bank holding company for Live Oak Banking Company (the "Bank" or "Live Oak Bank"). The Bank was incorporated in February 2008 as a North Carolina-chartered commercial bank and operates an established national online platform for small business lending and deposit gathering. Bancshares was incorporated under the laws of the state of North Carolina on December 18, 2008, for the purpose of serving as the bank holding company of Live Oak Bank. Bancshares completed its initial public offering ("IPO") in July 2015.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $908.5M | $812.4M | $688.3M | $444.5M | $361.2M | $288.4M | $228.0M | $162.6M | $103.5M | $57.3M |
| Interest expense | $448.4M | $375.9M | $345.3M | $327.5M | $64.4M | $93.7M | $87.9M | $54.6M | $25.4M | $14.6M |
| Pre-tax income | $142.8M | $89.2M | $82.8M | $210.3M | $210.8M | $47.4M | $23.5M | $46.0M | $98.3M | $17.2M |
| Income tax | $37.2M | $11.8M | $8.9M | $34.1M | $43.8M | $12.2M | $5.4M | $5.4M | $2.2M | $3.4M |
| Net income | $105.9M | $77.5M | $73.9M | $176.2M | $167.0M | $59.5M | $18.0M | $51.4M | $100.5M | $13.8M |
| EPS, basic | 2.25 | 1.72 | 1.67 | 4.02 | 3.87 | 1.46 | 0.45 | 1.28 | 2.75 | 0.40 |
| EPS, diluted | 2.23 | 1.69 | 1.64 | 3.92 | 3.71 | 1.43 | 0.44 | 1.24 | 2.65 | 0.39 |
| Shares, diluted (wtd. avg.) | $46.0M | $45.8M | $45.1M | $44.9M | $45.1M | $41.8M | $41.1M | $41.4M | $37.9M | $35.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $864.9M | $608.8M | $582.5M | $416.6M | $203.8M | $318.3M | $221.4M | $316.8M | $295.3M | $238.0M |
| Property, plant and equipment | $240.2M | $264.1M | $257.9M | $263.3M | $240.2M | $259.3M | $279.1M | $262.5M | $178.8M | $64.7M |
| Goodwill | — | $1.8M | $1.8M | $1.8M | — | — | — | — | — | — |
| Other intangibles | — | — | — | — | — | — | — | — | $4.3M | — |
| Total assets | $15.13B | $12.94B | $11.27B | $9.86B | $8.21B | $7.87B | $4.81B | $3.67B | $2.76B | $1.76B |
| Short-term debt | — | — | — | — | — | — | — | $1.4M | $0 | $0 |
| Long-term debt | — | — | — | — | — | — | — | $16.0K | $26.6M | $27.8M |
| Total liabilities | $13.88B | $11.94B | $10.37B | $9.04B | $7.50B | $7.30B | $4.28B | $3.18B | $2.32B | $1.53B |
| Retained earnings | $809.9M | $715.8M | $642.8M | $572.5M | $400.9M | $235.7M | $180.3M | $167.1M | $120.2M | $23.5M |
| Total equity | $1.25B | $999.0M | $902.7M | $811.0M | $715.1M | $567.9M | $532.4M | $493.6M | $436.9M | $222.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $158.2M | $156.8M | $184.9M | -$300.7M | -$119.7M | -$261.0M | -$482.5M | $6.3M | -$287.5M | -$221.9M |
| Depreciation and amortisation | $30.0M | $23.4M | $21.1M | $20.6M | $21.2M | $21.6M | $19.3M | $16.0M | $9.6M | $4.2M |
| Capital expenditure | $14.8M | $49.3M | $46.8M | $43.8M | $3.1M | $21.0M | $37.2M | $111.3M | $124.1M | $10.9M |
| Investing cash flow | -$1.90B | -$1.70B | -$1.34B | -$1.02B | -$149.8M | -$2.62B | -$684.6M | -$845.4M | -$535.0M | -$320.1M |
| Financing cash flow | $2.00B | $1.57B | $1.32B | $1.53B | $154.9M | $2.98B | $1.07B | $863.1M | $879.8M | $677.4M |
| Dividends paid | $5.5M | $5.4M | $5.3M | $5.3M | $5.2M | $4.9M | $4.8M | $4.8M | $3.8M | $2.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001462120-26-000020.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |