Live Oak Bancshares, Inc. (NYSE:LOB) Q2 202 Earnings Conference Call July 28, 2022 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

Huntley Garriott - President

Micah Davis - Chief Marketing Officer

Conference Call Participants

Steven Alexopoulos - JP Morgan

Crispin Love - Piper Sandler

Jennifer Demba - Truist Securities

Operator

Good day and thank you for standing by. Welcome to the Live Oak Bancshares Second Quarter 2022 Earnings Conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today Greg Seward, Chief Risk Officer and General Counsel at Live Oak Bancshares. Please go ahead.

Greg Seward

Thank you, and good morning everyone. Welcome to Live Oak's second quarter 2022 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 today's call on our event calendar 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

Thanks, Greg and good morning to all. Let's move to slide four to kick things off. For today's agenda, I'm going to kick things off with a few over-arching comments before repeating our normal quarterly cadence of BJ reviewing our financial performance and Huntley highlighting our operational priorities.

Let's move to slide five. Over the next few slides we will discuss our mission to extend our nationwide government guaranteed lending platform and how that effort has led to an all-time high pipeline. As always, we will discuss the quality of our loans and we will reflect on this volatile rate environment and its effect on SBA loan premiums. Clearly, the most recent correction in the capital markets has led to deterioration in the valuation of nascent fintech companies. I am proud to report that Live Oak Ventures investments have continued to thrive and grow and seem to have dodged the downturn at least for now. Huntley and BJ will have much to say about the Finxact sale to Fiserv. I am happy to learn from the Fiserv earnings call on Tuesday that the company for the second straight call puts Finxact next-gen core processing system at the center of their future strategic plans.