Live Oak Bancshares, Inc. (NYSE:LOB) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET
Company Participants
Greg Seward - General Counsel & Chief Risk Officer
Chip Mahan - Chairman & Chief Executive Officer
BJ Losch - President & Chief Financial Officer
Steven Smits - Chief Credit Officer
Conference Call Participants
Brandon King - Truist Securities
Michael Perito - ABW
Eric Spector - Raymond James
Alex Lau - JPMorgan
Operator
Good morning, ladies and gentlemen, and welcome to the Live Oak Bancshares Q3 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 on Thursday, October 26, 2023.
I would now like to turn the conference over to Greg Seward, General Counsel and Chief Risk Officer. Please go ahead.
Greg Seward
Thank you and good morning, everyone. Welcome to Live Oak's third 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 third 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 to all on the call, and thanks, Greg. We're going to start on slide 4. In an effort to support BJ's reporting of a very fine quarter, I'm going to cover five views of the future at Live Oak Bank.
First, as always we lead with the quality of our loan book, revealing more data than usual and reintroducing you to our unique secret weapon. Secondly, I like the hand we've dealt ourselves as the historic banking business has challenges with infrastructure fixed costs. Third, we shall be aggressive in hiring high-quality revenue producers. Fourth, the building out of our Community Bank of the future has predictably taken longer and been more costly than we thought. We want to remind this audience how we're going to pay for it. Lastly, a quick slide describing the true operating earnings of our business and the corresponding achievements in operating leverage.