Live Oak Bancshares, Inc. (LOB) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

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 action results that differ materially from our expectations are detailed in the materials accompanying this call, 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 into the presentation materials. I will now turn the call over to our president, BJ Losch. Great. Thanks, Greg. Good morning, everybody. Thanks for joining us. Let's get started on slide four. 2025 was quite an interesting year. And here at Live Oak, I'm really, really proud of the way we navigated through those interesting times. Macro uncertainty persisted throughout the year. whether it was doge or tariffs or the uncertain economy, and ultimately three rate decreases from the Fed late in the year, we continued to navigate through a small business credit cycle, and our loan portfolio showed continued credit stabilization over the course of the year. We significantly improved our operating processes and controls. We successfully executed on our first preferred offering, and we finished the year nicely with some outside venture gains from our ventures portfolio. And yet, even with that busy and potentially distracting backdrop, we produced some excellent results, as you can see on slide five. A few of the biggest highlights were record loan production, 17% loan growth, 27% core PPNR growth, 17% revenue growth, and 13% tangible book value growth. in addition to accelerating our momentum in our key growth initiatives of Live Oak Express and checking. I'm ...