Live Oak Bancshares, Inc. (LOB): auditor change — Live Oak Bancshares to restate cash flow statements for FY2024 and Q1-Q2 2025; material weakness identified

Live Oak Bancshares, Inc.

Misclassification of loan participation sale proceeds between operating and investing activities in cash flow statements.
Restatement covers FY2024 10-K, Q1 and Q2 2025 10-Qs; no impact on net income, balance sheet, or regulatory capital.
Material weakness in internal control over financial reporting for cash flow classification; KPMG report on ICFR no longer reliable.
Amended filings expected by Nov 17, 2025; remediation planned by 2025 10-K filing.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Live Oak Bancshares, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: KPMG LLP

Exact text from the filing

(the “Company”), in consultation with KPMG LLP (“KPMG”), the Company’s independent registered public accounting firm, concluded that the Company will amend its 2024 Annual Report on Form 10-K (the “FY2024 Form 10-K”) and the Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025 and June 30, 2025, respectively (collectively, the “Q1 and Q2 2025 Form 10-Qs”) to restate the Consolidated Financial Statements for each of the periods included in those filings in order to restate the Statements of Cash Flows and related notes as further described below. The FY 2024 Form 10-K and the Q1 and Q2 2025 Form 10-Qs are collectively referred to herein as the “Prior Filings.” In preparing the Company’s Consolidated Statements of Cash Flows for the quarter ended September 30, 2025, an error was identified in the classification of cash flows between operating and investing activiti

View on SEC.gov

58 auditor changes filed in the last 30 days. Browse all auditor changes →

Live Oak Bancshares, Inc. filing history →

Source: SEC EDGAR

accession 0001462120-25-000096

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.