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Live Oak Bancshares Tops Wall Street Estimates in Q2

The Wilmington-based lender posted record loan originations and $712.5M in new deposits, beating both revenue and EPS forecasts.

Live Oak Bancshares, the Wilmington-based online lender led by chairman and CEO Chip Mahan, beat Wall Street expectations in its second-quarter earnings report released Wednesday. Revenue came in at $156.15 million, about $3.7 million above the analyst consensus, according to Zacks Equity Research, while earnings per share of $0.74 beat estimates by 10 cents. Revenue rose 7.3% from the first quarter, marking the company's second straight quarter of topping expectations.

The bank originated $1.5 billion in loans during the quarter, including record volume from its Live Oak Express small-dollar lending unit, with total loan and lease production up 13.2% year over year. Deposits grew by $712.5 million from the end of the first quarter, pushing total deposits to $16 billion as of June 30.

"With $1.5 billion of loan originations, record Live Oak Express small dollar originations and strong checking balance growth, Live Oak layered another strong quarter of sustainable momentum across our core business," Mahan said in a statement. Bank president BJ Losch echoed that on Thursday's earnings call, saying he continues to be "pleasantly surprised and impressed" by loan originations.

Greater Wilmington Business Journal · read

NC Senator Disputes Commerce Claim That Film Grants Are Frozen Until 2029

Sen. Michael Lee says every awarded production gets paid in full, pushing back on a Commerce Department statement about the state's revamped film incentive.

Sen. Michael Lee, R-New Hanover, publicly disputed the N.C. Department of Commerce on Thursday over how the state's newly expanded film incentive program will actually function. The state budget raised the maximum N.C. Film and Entertainment Grant from $7 million to $20 million for a feature film, and from $15 million to $25 million per season for a TV series or streaming series.

Commerce officials, who administer the grant, told the Business Journal in an email that the new funding structure likely means North Carolina "will not be able to award any significant film grants for new productions until 2029," since the program's funding is effectively committed for roughly the next three years.

Lee said that framing wrongly suggests the state is closed for filming through 2029. He noted every production already awarded a grant will be paid in full, and that the reason little new funding is available is that Commerce has already committed those dollars, years in advance, to productions already recruited to the state - not because the incentive program is shutting down.

Greater Wilmington Business Journal · read

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Wilmington Hires Louis Starks as Economic Development Chief

The 20-year economic-development veteran arrives from Oakland County, Michigan to lead business retention and startup support.

The city of Wilmington announced Thursday it has hired Louis Starks as its new business and economic development manager. The role focuses on strengthening the city's business ecosystem, supporting entrepreneurship, connecting small businesses with city procurement opportunities, and building public-private partnerships, according to a city news release.

Starks brings more than 20 years of experience in economic development, urban planning, housing finance, workforce development and public policy. He most recently served as manager of business development for Oakland County, Michigan, where he led teams focused on business retention and expansion that supported billions of dollars in investment and thousands of jobs. He holds a law degree and a master's degree in urban and regional planning from the University of Iowa.

Greater Wilmington Business Journal · read

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