Live Oak Bancshares Inc 2024年度报告

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2024 oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto.Commission file number:001-37497 LIVE OAK BANCSHARES, INC.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yesx Noo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.Yesx Noo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yesx Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large Accelerated FilerxNon-accelerated Filero Accelerated FileroSmaller Reporting CompanyoEmerging growth companyo If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).o Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yeso Nox The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 30, 2024, was approximately$1,203,104,831. Shares of common stock held by each officer and director have been excluded in that such persons may be deemed to be affiliates. APPLICABLE ONLY TO CORPORATE REGISTRANTS: As of March17, 2025, there were45,565,314shares of the registrant’s voting common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive proxy statement for the 2025 Annual Meeting of Shareholders, which the registrant plans to file subsequent tothe date hereof, are incorporated by reference into Part III. Portions of the registrant's annual report to shareholders for the year ended December 31,2024, which will be posted on the registrant's website and furnished to the SEC subsequent to the date hereof, are incorporated by reference into PartII. Live Oak Bancshares, Inc.Annual Report on Form 10-KDecember31, 2024TABLE OF CONTENTS PART I BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures Item 1.Item 1A.Item 1B.Item 1C.Item 2.Item 3.Item 4. 3434373737PART IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities38Item 6.[Reserved]38Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations39Item 7A.Quantitative and Qualitative Disclosures about Market Risk66Item 8.Financial Statements and Supplementary Data68Reports of Independent Registered Public Accounting Firms74Consolidated Balance Sheets as of December 31, 2024 and 202375Consolidated Statements of Income for the Years Ended December 31, 2024, 2023 and 202276Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023and 202277Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31,2024, 2023 and 202278Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 202279Notes to Consolidated Financial Sta