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Parent Company Only Financial Statements
12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Parent Company Only Financial Statements
Parent Company Only Financial Statements
The following balance sheets, statements of income and statements of cash flows for Live Oak Bancshares, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto.
Balance Sheets
 
2016
 
2015
Assets
 
 
 
Cash and cash equivalents
$
14,029

 
$
74,991

Investment in subsidiaries
174,957

 
108,242

Premises & equipment, net
30,290

 
31,320

Other assets
32,391

 
14,549

Total assets
$
251,667

 
$
229,102

 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
Long term borrowings
$
27,843

 
$
28,375

Other liabilities
977

 
1,239

Total liabilities
28,820

 
29,614

 
 
 
 
Shareholders' equity:
 
 
 
Common stock
199,981

 
187,507

Retained earnings
23,518

 
12,140

Accumulated other comprehensive loss
(652
)
 
(192
)
Total shareholders' equity attributed to Live Oak Bancshares, Inc.
222,847

 
199,455

Noncontrolling interest

 
33

Total equity
222,847

 
199,488

Total liabilities & shareholders' equity
$
251,667

 
$
229,102


Statements of Income
 
2016
 
2015
 
2014
Interest income
$
50

 
$
70

 
$
49

Interest expense
964

 
1,156

 
864

Net interest loss
(914
)
 
(1,086
)
 
(815
)
Noninterest income:
 
 
 
 
 
Dividends from banking subsidiary

 
4,205

 
10,368

Equity in loss of non-consolidated affiliates

 

 
(2,221
)
Gain on sale of investment in non-consolidated affiliate

 
3,782

 

Other noninterest income
2,041

 
1,360

 
260

Total noninterest income
2,041

 
9,347

 
8,407

Noninterest expense:
 
 
 
 
 
Salaries and employee benefits
12,785

 
2,592

 
5,028

Professional services expense
675

 
812

 
2,323

Renewable energy tax credit investment impairment
3,197

 

 

Other expense
2,076

 
1,719

 
643

Total noninterest expense
18,733

 
5,123

 
7,994

Net (loss) income before equity in undistributed income of subsidiaries
(17,606
)
 
3,138

 
(402
)
Income tax benefit
(10,065
)
 
(41
)
 
(755
)
Net (loss) income
(7,541
)
 
3,179

 
353

Equity in undistributed income of subsidiaries in excess of dividends from subsidiaries
21,305

 
17,422

 
9,695

Net income
13,764

 
20,601

 
10,048

Net loss attributable to noncontrolling interest
9

 
24

 

Net income attributable to Live Oak Bancshares, Inc.
$
13,773

 
$
20,625

 
$
10,048


Statements of Cash Flows
 
2016
 
2015
 
2014
Cash flows from operating activities
 
 
 
 
 
Net income
$
13,764

 
$
20,601

 
$
10,048

Adjustments to reconcile net income to net cash (used in) provided by operating activities:
 
 
 
 
 
Equity in undistributed net income of subsidiaries in excess of dividends of subsidiaries
(21,305
)
 
(17,422
)
 
(9,695
)
Depreciation
1,173

 
739

 
112

Deferred income tax
(2,695
)
 
582

 
(305
)
Equity in loss of non-consolidated affiliates

 

 
2,221

Renewable energy tax credit investment impairment
3,197

 

 

Stock option based compensation expense
2,349

 
1,277

 
272

Restricted stock expense
9,724

 
148

 
143

Stock grants

 

 
2,992

Gain on sale of investment in non-consolidated affiliate

 
(3,782
)
 

Net change in other assets
(17,930
)
 
(8,785
)
 
(6,899
)
Net change in other liabilities
(358
)
 
1,422

 
1,656

Net cash (used in) provided by operating activities
(12,081
)
 
(5,220
)
 
545

Cash flows from investing activities
 
 
 
 
 
Capital investment in subsidiaries
(45,870
)
 
(28,250
)
 
(950
)
Capital investment in non-consolidated affiliates

 

 
(6,614
)
Proceeds from sale of investment in non-consolidated affiliate

 
9,896

 

Capital contribution from non-controlling interest

 
22

 

Purchases of premises and equipment
(143
)
 
(11,397
)
 
(20,339
)
Net cash used in investing activities
(46,013
)
 
(29,729
)
 
(27,903
)
Cash flows from financing activities
 
 
 
 
 
Proceeds from borrowings

 
12,960

 
35,224

Repayments of borrowings
(532
)
 
(26,609
)
 
(571
)
Stock option exercises
401

 
239

 
177

Sale of common stock, net

 
87,171

 
75,235

Shareholder dividend distributions
(2,737
)
 
(2,732
)
 
(43,848
)
Net cash (used in) provided by financing activities
(2,868
)
 
71,029

 
66,217

Net change in cash and cash equivalents
(60,962
)
 
36,080

 
38,859

Cash and cash equivalents at beginning of year
74,991

 
38,911

 
52

Cash and cash equivalents at end of year
$
14,029

 
$
74,991

 
$
38,911