Live Oak Bancshares, Inc. (NYSE:LOB) Q2 2023 Earnings Conference Call July 26, 2023 9:00 AM ET

Company Participants

Greg Seward - Chief Risk Officer and General Counsel

Chip Mahan - Chairman and Chief Executive Officer

William Losch - Chief Financial Officer and Chief Banking Officer

Huntley Garriott - President, Live Oak Bank

Steven Smits - Chief Credit Officer

Conference Call Participants

Crispin Love - Piper Sandler

Steven Alexopoulos - JP Morgan

David Feaster - Raymond James

Brandon King - Truist Securities

Michael Perito - KBW

Operator

Good morning, ladies and gentlemen, and welcome to the Live Oak Bancshares Q2 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator's Instructions] This call is being recorded today, Wednesday, July the 26th, 2023.

I would now like to turn the conference over to Greg Seward, Chief Risk Officer and General Counsel. Please go ahead.

Greg Seward

Thank you, and good morning, everyone. Welcome to Live Oak's second quarter 2023 earnings conference call. We are webcasting live over the Internet, and this call is being recorded. To access the call over the Internet and review the presentation materials that we will reference on the call, please visit our website at investor.liveoakbank.com and go to the Events & Presentations tab for supporting materials. Our second quarter earnings release is also available on our website.

Before we get started, I would like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from our expectations are detailed in the materials accompanying this call and in our SEC filings. We do not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of today's call. Information about any non-GAAP financial measures referenced, including reconciliation of those measures to GAAP measures, can also be found in our SEC filings and in the presentation materials.

I will now turn the call over to Chip Mahan, our Chairman and Chief Executive Officer.

Chip Mahan

Good morning and thanks, Greg. Turning to page three, we are pleased to show significant improvements over the last two quarters. Core revenues were up, expenses were down. Charge-offs were low, credit quality remained solid notwithstanding a bump in non-accruals regressing us to our historic norm. BJ and Huntley will unpack the details in just a minute.