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LIVE OAK BANCSHARES , INC . REPORTS THIRD QUARTER 2021 RESULTS Wilmington , NC , October 27 , 2021 - Live Oak Bancshares , Inc. ( Nasdaq : LOB ) ( “ Live Oak ” or “ the Company " ) today reported third quarter 2021 net earnings available to common shareholders of $ 33.8 million , or $ 0.76 per diluted share . Third Quarter 2021 Key Measures ( Dollars in thousands , except per share data ) Net interest income and servicing revenues Net income " Live Oak is on a journey to define small business growth and success across the nation , " said Live Oak Chairman and CEO James S. ( Chip ) Mahan , III . " To continue on our mission to be America's small business bank , we are pleased to report that we again exceeded $ 1.0 billion in loan originations this quarter while also successfully completing the conversion of our deposit customers to a next - generation platform . " Diluted earnings per share Non - GAAP net income ( 1 ) Non - GAAP diluted earnings per share ( 1 ) LiveOak BANCSHARES Loan and lease production : Loans and leases originated % Fully funded Total loans and leases Total assets Total deposits 3Q 2021 84,013 33,839 0.76 33,839 0.76 $ $ 1,063,190 Ⓡ ( 1 ) See accompanying GAAP to Non - GAAP Reconciliation . 55.1 % 3Q 2020 $ 58,166 33,780 0.81 34,554 0.83 1 $ 966,499 96,691 n / a $ 6,461,367 $ 6,227,294 $ 234,073 8,137,341 8,093,381 43,960 6,816,613 5,706,044 1,110,569 Increase ( Decrease ) Dollars Percent 72.9 % $ 25,847 59 ( 0.05 ) ( 715 ) ( 0.07 ) 2Q 2021 44 % $ 0 ( 6 ) ( 2 ) ( 8 ) 77,680 63,582 1.41 63,582 1.41 10 % $ 1,153,693 n / a 58.6 % 4 % $ 6,506,334 1 8,243,186 6,520,833 19 Loans and Leases At September 30 , 2021 , the total loan and lease portfolio was $ 6.46 billion , 3.8 % above its level a year ago and 0.7 % below its level at June 30 , 2021. Compared to the second quarter of 2021 , loans and leases held for investment decreased $ 22.8 million , or 0.4 % , to $ 5.42 billion while loans held for sale decreased $ 22.2 million , or 2.1 % , to $ 1.04 billion . Average loans and leases were $ 6.47 billion during the third quarter of 2021 compared to $ 6.58 billion during the second quarter of 2021. Excluding Paycheck Protection Program ( " PPP ” ) loans , the total loan and lease portfolio increased by $ 1.46 billion , or 32.3 % , compared to the third quarter of 2020 and $ 392.6 million , or 7.0 % , compared to the second quarter of 2021 .