With positive results in all key indicators, Live Oak Bancorp officials reported that the third quarter of 2021 was the company’s best quarter ever.

On Wednesday, the company reported third-quarter 2021 net earnings available to common shareholders of $33.8 million, or $0.76 per diluted share. Those numbers exceeded analysts’ expectations.

Net interest income and servicing revenues were just over $84 million, up 44% year over year and up about 8% from the previous quarter.

Loan and lease origination was up substantially year over year. During Q3 2021, Live Oak generated more than $1.06 billion in loans and leases, compared with $966.5 million in the same period of 2020.

“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 in a news release Wednesday. “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.”

Live Oak’s total loan and lease portfolio of $6.46 billion includes $489.8 million in Paycheck Protection Program loans, net of deferred fees and costs, as of Sept. 30, 2021, when the third quarter ended.

The bank’s total deposits increased to $6.82 billion as of September 30, 2021, an increase of $1.11 billion compared to September 30, 2020, and an increase of $295.8 million compared to the end of this year’s second quarter, Live Oak officials stated in a news release.

“The increase in total deposits from the prior quarter provides support for the growth in the loan and lease portfolio, excluding PPP loans, and origination activities during the third quarter of 2021,” the news release stated.

During the company’s earnings call Thursday morning, Chief Credit Officer Steve Smits called the recently ended quarter “boring from a credit perspective.”

“I’m encouraged by reports from our borrowers,” he continued. “Most are making their own payments without government support. Only 22 are on referral and they are making progress [toward resolving back payment issues]. While now is not the time to take our eye off the ball, the quarter was very solid but boring.”

Live Oak has increased its lead over other lending institutions as the nation’s top SBA 7(a) lender. Its profits, according to officials on the call, will allow it to continue hiring to create what Mahan called a “deep bench” of talent, and to create more products for small businesses on the bank’s new Finxact platform mentioned by Mahan.

The quarter just ended was the first for William “BJ” Losch III, Live Oak’s new chief financial officer.

“I couldn’t have asked for a better first quarter, with 11% revenue growth from the second quarter to the third quarter,” he said.

As of noon Thursday, Live Oak Bancshares' stock was trading on Nasdaq at just above $77 per share, a high for October and a near high for the year to date.