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Parent Company Only Financial Statements (Tables)
12 Months Ended
Dec. 31, 2019
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheet

Balance Sheets

 

 

 

As of December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,585

 

 

$

14,780

 

Investment in subsidiaries

 

 

499,335

 

 

 

452,426

 

Other assets

 

 

21,182

 

 

 

28,094

 

Total assets

 

$

534,102

 

 

$

495,300

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Borrowings

 

$

—

 

 

$

1,441

 

Other liabilities

 

 

1,716

 

 

 

299

 

Total liabilities

 

 

1,716

 

 

 

1,740

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock

 

 

340,397

 

 

 

328,113

 

Retained earnings

 

 

180,265

 

 

 

167,124

 

Accumulated other comprehensive income (loss)

 

 

11,724

 

 

 

(1,677

)

Total equity

 

 

532,386

 

 

 

493,560

 

Total liabilities & shareholders' equity

 

$

534,102

 

 

$

495,300

 

Condensed Income Statement

 

Statements of Income

 

 

 

Years ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Interest income

 

$

236

 

 

$

46

 

 

$

5

 

Interest expense

 

 

—

 

 

 

129

 

 

 

1,210

 

Net interest loss

 

 

236

 

 

 

(83

)

 

 

(1,205

)

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Other noninterest income

 

 

140

 

 

 

562

 

 

 

2,114

 

Total noninterest income

 

 

140

 

 

 

562

 

 

 

2,114

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,408

 

 

 

10,117

 

 

 

10,531

 

Professional services expense

 

 

825

 

 

 

853

 

 

 

1,192

 

Renewable energy tax credit investment impairment

 

 

602

 

 

 

—

 

 

 

690

 

Impairment expense on goodwill and other intangibles, net

 

 

—

 

 

 

2,680

 

 

 

(4,350

)

Other expense

 

 

999

 

 

 

1,844

 

 

 

2,588

 

Total noninterest expense

 

 

14,834

 

 

 

15,494

 

 

 

10,651

 

Net loss before equity in undistributed

   income of subsidiaries

 

 

(14,458

)

 

 

(15,015

)

 

 

(9,742

)

Income tax benefit

 

 

(27

)

 

 

(3,658

)

 

 

(320

)

Net loss

 

 

(14,431

)

 

 

(11,357

)

 

 

(9,422

)

Equity in undistributed income of subsidiaries in

   excess of dividends from subsidiaries

 

 

32,465

 

 

 

62,805

 

 

 

109,921

 

Net income attributable to Live Oak Bancshares, Inc.

 

$

18,034

 

 

$

51,448

 

 

$

100,499

 

 

Condensed Cash Flow Statement

Statements of Cash Flows

 

 

 

Years ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

18,034

 

 

$

51,448

 

 

$

100,499

 

Adjustments to reconcile net income to net cash

   provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Equity in undistributed net income of subsidiaries in

   excess of dividends of subsidiaries

 

 

(32,465

)

 

 

(62,805

)

 

 

(109,921

)

Depreciation

 

 

—

 

 

 

199

 

 

 

1,188

 

Impairment expense on goodwill and other intangibles, net

 

 

—

 

 

 

2,680

 

 

 

(4,350

)

Deferred income tax

 

 

(790

)

 

 

(6,633

)

 

 

(5,376

)

Renewable energy tax credit investment impairment

 

 

602

 

 

 

—

 

 

 

690

 

Stock option based compensation expense

 

 

1,723

 

 

 

1,713

 

 

 

1,786

 

Restricted stock expense

 

 

10,025

 

 

 

7,463

 

 

 

5,717

 

Business combination contingent consideration fair value

   adjustments

 

 

—

 

 

 

(260

)

 

 

1,950

 

Net change in other assets

 

 

7,100

 

 

 

4,396

 

 

 

11,649

 

Net change in other liabilities

 

 

1,417

 

 

 

142

 

 

 

(820

)

Net cash provided by (used in) operating activities

 

 

5,646

 

 

 

(1,657

)

 

 

3,012

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Capital investment in subsidiaries

 

 

(1,109

)

 

 

(9,325

)

 

 

(55,240

)

Net change in advances to subsidiaries

 

 

—

 

 

 

—

 

 

 

640

 

Business combination, net of cash acquired

 

 

—

 

 

 

—

 

 

 

(7,696

)

Purchases of premises and equipment

 

 

—

 

 

 

(20

)

 

 

(4,864

)

Net cash used in investing activities

 

 

(1,109

)

 

 

(9,345

)

 

 

(67,160

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from borrowings

 

 

—

 

 

 

—

 

 

 

25,000

 

Repayments of borrowings

 

 

(1,441

)

 

 

(25,123

)

 

 

(26,279

)

Stock option exercises

 

 

508

 

 

 

1,626

 

 

 

1,026

 

Employee stock purchase program

 

 

437

 

 

 

342

 

 

 

445

 

Withholding cash issued in lieu of restricted stock

 

 

(409

)

 

 

(756

)

 

 

(4,891

)

Sale of common stock, net

 

 

—

 

 

 

—

 

 

 

113,096

 

Shareholder dividend distributions

 

 

(4,827

)

 

 

(4,809

)

 

 

(3,776

)

Net cash (used in) provided by financing activities

 

 

(5,732

)

 

 

(28,720

)

 

 

104,621

 

Net change in cash and cash equivalents

 

 

(1,195

)

 

 

(39,722

)

 

 

40,473

 

Cash and cash equivalents at beginning of year

 

 

14,780

 

 

 

54,502

 

 

 

14,029

 

Cash and cash equivalents at end of year

 

$

13,585

 

 

$

14,780

 

 

$

54,502