WILMINGTON, N.C. (AP) — WILMINGTON, N.C. (AP) — Live Oak Bancshares Inc. (LOB) on Wednesday reported first-quarter net income of $398,000.
The Wilmington, North Carolina-based bank said it had earnings of 1 cent per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The bank holding company posted revenue of $171 million in the period. Its revenue net of interest expense was $101.6 million, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $111.3 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOB at https://www.zacks.com/ap/LOB
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