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WILMINGTON, N.C. (AP) — WILMINGTON, N.C. (AP) — Live Oak Bancshares Inc. (LOB) on Wednesday reported third-quarter profit of $13 million.
The bank, based in Wilmington, North Carolina, said it had earnings of 28 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The bank holding company posted revenue of $241.9 million in the period. Its revenue net of interest expense was $129.9 million, topping Street forecasts. Three analysts surveyed by Zacks expected $126.6 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