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 ended December 31, 2024 LIVE OAK BANCSHARES, INC. (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes xNo o Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of theAct.Yes o No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files).Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated FileroSmaller Reporting CompanyoEmerging growth companyo Large Accelerated FilerxNon-accelerated Filero If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessmentof the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod 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).Yes oNo x 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 inthat such persons may be deemed to be affiliates. APPLICABLE ONLY TO CORPORATE REGISTRANTS: As of March 17, 2025, there were 45,565,314 shares 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 theregistrant plans to file subsequent to the date hereof, are incorporated by reference into Part III. Portions of theregistrant's annual report to shareholders for the year ended December 31, 2024, which will be posted on theregistrant's website and furnished to the SEC subsequent to the date hereof, are incorporated by reference into PartII. Table of Contents Live Oak Bancshares, Inc.Annual Report on Form 10-KDecember 31, 2024TABLE OF CONTENTS PART I BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures Item 5.Market for Registrant's Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities38Item 6.[Reserved]38Item 7.Management’s Discussion and Analysis of Financial Condition and Results of39 OperationsItem 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 EndedDecember 31, 2024, 2023 and 202277Consolidated Statements of Changes in Shareholders’ Equity for the YearsEnded December 31, 2024, 2023 and 202278Consolidated Statements of Cash Flows for the Years Ended December 31,2024, 2023, and 202279Notes to Consolidated Financial Statements81Item 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure138Item 9A.Controls and Procedure