---
schema_version: "secwatch.filing_event.v1"
accession: "0001462120-25-000096"
form_type: "8-K"
ticker: "LOB"
cik: "0001462120"
company_name: "Live Oak Bancshares, Inc."
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T21:03:19.098949+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Live Oak Bancshares to restate cash flow statements for FY2024 and Q1-Q2 2025; material weakness identified

## Summary
- 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.

## SEC filing metadata
- accession: 0001462120-25-000096
- form_type: 8-K
- ticker: LOB
- cik: 0001462120
- company_name: Live Oak Bancshares, Inc.
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1462120/000146212025000096/0001462120-25-000096-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1462120/000146212025000096/lob-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001462120-25-000096
- JSON: https://secwatch.observer/filing/0001462120-25-000096.json
- Plain text: https://secwatch.observer/filing/0001462120-25-000096.txt

## Key facts
- Auditor Changes
  Live Oak Bancshares, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: KPMG LLP
  source text: (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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1462120/000146212025000096/0001462120-25-000096-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.