v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Reportable Segments

The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Chief Operating Decision Maker (CODM) to allocate resources and evaluate financial performance. The measure of segment profit used by the CODM in this evaluation is net income. The CODM consists of the Company’s Chief Executive Officer and Chief Financial Officer. This information is reviewed according to the legal organizational structure of the Company’s operations with products and services presented separately for the parent bank holding company and its wholly-owned subsidiary, LC Bank, which are both considered reportable segments. Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return.

LendingClub Bank

The LC Bank operating segment represents the national bank legal entity and reflects operating activities after its formation. This segment provides a full complement of financial products and solutions, including loans and deposits. It originates loans to individuals and businesses, retains loans for investment, sells loans to investors and manages relationships with deposit holders.

LendingClub Corporation (Parent Only)

The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the formation of LC Bank. This activity includes, but is not limited to, servicing fee revenue on purchased servicing assets, and interest income and interest expense related to the Retail Program and Structured Program transactions entered into prior to LC Bank’s formation.
Financial information for the segments is presented in the following tables:
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Three Months Ended June 30,202520242025202420252024
Non-interest income:
Marketplace revenue$73,424 $39,533 $9,989 $10,946 $83,413 $50,479 
Other non-interest income14,095 12,387 1,789 1,903 15,884 14,290 
Total non-interest income87,519 51,920 11,778 12,849 99,297 64,769 
Interest income:
Interest income236,958 217,814 139 1,820 237,097 219,634 
Interest expense(82,848)(90,888)— (218)(82,848)(91,106)
Net interest income154,110 126,926 139 1,602 154,249 128,528 
Total net revenue241,629 178,846 11,917 14,451 253,546 193,297 
Provision for credit losses(39,733)(35,561)— — (39,733)(35,561)
Non-interest expense:
Compensation and benefits(60,207)(54,862)(1,782)(1,678)(61,989)(56,540)
Marketing(33,580)(26,665)— — (33,580)(26,665)
Equipment and software(14,474)(12,333)(21)(27)(14,495)(12,360)
Depreciation and amortization(14,251)(10,896)(1,209)(2,176)(15,460)(13,072)
Professional services(10,019)(7,520)(281)(284)(10,300)(7,804)
Occupancy(2,845)(1,894)(1,942)(2,047)(4,787)(3,941)
Other non-interest expense(15,557)(12,687)(3,661)(5,245)(19,218)(17,932)
Total non-interest expense
(150,933)(126,857)(8,896)(11,457)(159,829)(138,314)
Income tax expense
(13,534)(3,872)(2,272)(647)(15,806)(4,519)
Net income(1)
$37,429 $12,556 $749 $2,347 $38,178 $14,903 
Capital expenditures$90,694 $12,865 $— $— $90,694 $12,865 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.
LendingClub
Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
Six Months Ended June 30,202520242025202420252024
Non-interest income:
Marketplace revenue$125,634 $78,048 $15,784 $20,774 $141,418 $98,822 
Other non-interest income27,036 26,082 3,780 3,849 30,816 29,931 
Total non-interest income152,670 104,130 19,564 24,623 172,234 128,753 
Interest income:
Interest income468,713 422,621 443 4,364 469,156 426,985 
Interest expense(164,950)(175,011)— (558)(164,950)(175,569)
Net interest income303,763 247,610 443 3,806 304,206 251,416 
Total net revenue456,433 351,740 20,007 28,429 476,440 380,169 
Provision for credit losses(97,882)(67,488)— — (97,882)(67,488)
Non-interest expense:
Compensation and benefits(117,070)(112,874)(3,308)(3,220)(120,378)(116,094)
Marketing(62,819)(50,801)— — (62,819)(50,801)
Equipment and software(29,093)(24,969)(46)(75)(29,139)(25,044)
Depreciation and amortization(26,794)(21,062)(2,575)(4,683)(29,369)(25,745)
Professional services(19,656)(14,506)(408)(389)(20,064)(14,895)
Occupancy(5,246)(3,690)(3,886)(4,112)(9,132)(7,802)
Other non-interest expense(30,004)(25,451)(7,974)(10,899)(37,978)(36,350)
Total non-interest expense(290,682)(253,353)(18,197)(23,378)(308,879)(276,731)
Income tax expense
(18,406)(7,557)(1,424)(1,240)(19,830)(8,797)
Net income (1)
$49,463 $23,342 $386 $3,811 $49,849 $27,153 
Capital expenditures$103,760 $24,646 $— $— $103,760 $24,646 
(1)    Total net income from reportable segments reflects net income on a consolidated basis.

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Total net revenue – reportable segments$253,546 $193,297 $476,440 $380,169 
Intercompany eliminations(5,111)(6,056)(10,294)(12,240)
Total net revenue – consolidated$248,435 $187,241 $466,146 $367,929 

Each expense item reported above represents the Company’s “significant segment expenses” as they are separately evaluated by the CODM, with the exception of “Other non-interest expense” which represents “other segment items” and encompasses various miscellaneous operating expenses.
LendingClub Bank
LendingClub
Corporation (Parent only)
Total Reportable Segments
 June 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Assets
Total cash and cash equivalents$731,078 $932,463 $136,588 $65,981 $867,666 $998,444 
Restricted cash— — 28,911 27,536 28,911 27,536 
Securities available for sale at fair value3,527,142 3,452,648 — — 3,527,142 3,452,648 
Loans held for sale at fair value1,008,168 636,352 — — 1,008,168 636,352 
Loans and leases held for investment, net4,133,332 3,889,084 — — 4,133,332 3,889,084 
Loans held for investment at fair value
629,615 1,023,226 2,121 4,572 631,736 1,027,798 
Property, equipment and software, net240,322 158,995 5,962 8,537 246,284 167,532 
Investment in subsidiary— — 892,303 910,544 892,303 910,544 
Goodwill75,717 75,717 — — 75,717 75,717 
Other assets316,067 300,621 83,592 121,198 399,659 421,819 
Total assets10,661,441 10,469,106 1,149,477 1,138,368 11,810,918 11,607,474 
Liabilities and Equity
Total deposits9,258,380 9,116,821 — — 9,258,380 9,116,821 
Other liabilities198,473 177,711 55,727 60,667 254,200 238,378 
Total liabilities9,456,853 9,294,532 55,727 60,667 9,512,580 9,355,199 
Total equity1,204,588 1,174,574 1,093,750 1,077,701 2,298,338 2,252,275 
Total liabilities and equity$10,661,441 $10,469,106 $1,149,477 $1,138,368 $11,810,918 $11,607,474 

June 30, 2025December 31, 2024
Total assets – reportable segments$11,810,918 $11,607,474 
Intercompany eliminations(1,035,585)(976,965)
Total assets – consolidated$10,775,333 $10,630,509 

June 30, 2025December 31, 2024
Total liabilities and equity – reportable segments$11,810,918 $11,607,474 
Intercompany eliminations – liabilities(143,282)(66,421)
Intercompany eliminations – equity(892,303)(910,544)
Total liabilities and equity – consolidated$10,775,333 $10,630,509 

Concentration and Geographic Information
No individual borrower or marketplace investor accounted for 10% or more of total net revenue for any of the periods presented. All of the Company’s revenue is generated in the United States, and all of the long-lived assets are based in the United States.