WILMINGTON, N.C. (AP) _ Live Oak Bancshares Inc. (LOB) on Wednesday reported third-quarter profit of $3.9 million.
The Wilmington, North Carolina-based bank said it had earnings of 9 cents per share. Earnings, adjusted for one-time gains and costs, came to 10 cents per share.
The bank holding company posted revenue of $79.7 million in the period. Its revenue net of interest expense was $56.2 million, which topped Street forecasts.
Live Oak Bancshares shares have increased 25% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.50, a drop of 16% in the last 12 months.