WILMINGTON, N.C. (AP) — Live Oak Bancshares Inc. (LOB) on Wednesday reported second-quarter earnings of $63.6 million.
The Wilmington, North Carolina-based bank said it had earnings of $1.41 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The bank holding company posted revenue of $158.1 million in the period. Its revenue net of interest expense was $141.6 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $91.2 million.
Live Oak Bancshares shares have climbed 22% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $57.98, more than tripling in the last 12 months.