Live Oak Bancshares, Inc. (NYSE:LOB) Q2 2024 Earnings Conference Call July 25, 2024 9:00 AM ET

Company Participants

Greg Seward – General Counsel and Chief Risk Officer
Chip Mahan – Chairman and Chief Executive Officer
BJ Losch – President
Walt Phifer – Chief Financial Officer

Conference Call Participants

David Feaster – Raymond James
Tim Switzer – KBW
Alex Lau – JPMorgan

Operator

Good morning, ladies and gentlemen, and welcome to the Q2 2024 Live Oak Bancshares Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, July 25, 2024.

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. Good morning, everyone. Welcome to Live Oak's second quarter 2024 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 and Presentations tab for supporting materials. Our second quarter earnings release is also available on our website.

Before we get started, I'd 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, everyone, and we're excited to tell you about our second quarter performance. Firstly, to use a baseball analogy, I'm instituting a line of change. Appropriately, BJ Losch, our President, will be our lead-off batter today, Walt Phifer, our CFO, will be on deck; and even more appropriately, I will be in the hole to wrap things up before the Q&A. BJ?

BJ Losch

Thanks, Chip. Good morning, everybody. Let's start on Slides 4 and 5 together. Second quarter results, as I hope you've been able to take a look at, are reflective of significant efforts by everyone across the company here at Live Oak to grow our business profitably, and very importantly, control what we can control. And it showed up this quarter certainly in strong EPS and PPNR on both a reported and adjusted basis in healthy loan and deposit growth, higher production and activity and continued credit quality. That's what we'll demonstrate over the next several minutes.