LendingClub CorpLC
LendingClub Corp Segments Disclosure
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 marketplace 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 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
| Non-interest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketplace revenue | $ | 303,930 | $ | 176,921 | $ | 206,381 | $ | 29,613 | $ | 36,595 | $ | 41,817 | $ | 333,543 | $ | 213,516 | $ | 248,198 | |||||||||||||||||||||||||||||||||||
| Other non-interest income | 52,050 | 53,643 | 74,684 | 7,472 | 9,038 | 9,503 | 59,522 | 62,681 | 84,187 | ||||||||||||||||||||||||||||||||||||||||||||
| Total non-interest income | 355,980 | 230,564 | 281,065 | 37,085 | 45,633 | 51,320 | 393,065 | 276,197 | 332,385 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest income | 960,714 | 902,741 | 818,206 | 829 | 5,217 | 14,424 | 961,543 | 907,958 | 832,630 | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (335,871) | (373,219) | (266,218) | — | (698) | (4,574) | (335,871) | (373,917) | (270,792) | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | 624,843 | 529,522 | 551,988 | 829 | 4,519 | 9,850 | 625,672 | 534,041 | 561,838 | ||||||||||||||||||||||||||||||||||||||||||||
| Total net revenue | 980,823 | 760,086 | 833,053 | 37,914 | 50,152 | 61,170 | 1,018,737 | 810,238 | 894,223 | ||||||||||||||||||||||||||||||||||||||||||||
| Provision for credit losses | (191,320) | (178,267) | (243,565) | — | — | — | (191,320) | (178,267) | (243,565) | ||||||||||||||||||||||||||||||||||||||||||||
| Non-interest expense: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | (235,289) | (225,620) | (255,428) | (6,557) | (6,538) | (6,520) | (241,846) | (232,158) | (261,948) | ||||||||||||||||||||||||||||||||||||||||||||
| Marketing | (149,211) | (100,400) | (93,840) | — | (2) | — | (149,211) | (100,402) | (93,840) | ||||||||||||||||||||||||||||||||||||||||||||
| Equipment and software | (56,963) | (51,068) | (53,239) | (51) | (126) | (246) | (57,014) | (51,194) | (53,485) | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (58,277) | (50,309) | (30,216) | (4,612) | (8,525) | (16,979) | (62,889) | (58,834) | (47,195) | ||||||||||||||||||||||||||||||||||||||||||||
| Professional services | (41,689) | (31,376) | (33,963) | (650) | (669) | (1,210) | (42,339) | (32,045) | (35,173) | ||||||||||||||||||||||||||||||||||||||||||||
| Occupancy | (12,068) | (7,582) | (7,980) | (7,766) | (8,216) | (9,552) | (19,834) | (15,798) | (17,532) | ||||||||||||||||||||||||||||||||||||||||||||
| Other non-interest expense | (62,854) | (54,963) | (62,360) | (14,484) | (21,511) | (24,508) | (77,338) | (76,474) | (86,868) | ||||||||||||||||||||||||||||||||||||||||||||
| Total non-interest expense | (616,351) | (521,318) | (537,026) | (34,120) | (45,587) | (59,015) | (650,471) | (566,905) | (596,041) | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit | (41,502) | (12,824) | (17,881) | 233 | (912) | 2,203 | (41,269) | (13,736) | (15,678) | ||||||||||||||||||||||||||||||||||||||||||||
Net income (1) | $ | 131,650 | $ | 47,677 | $ | 34,581 | $ | 4,027 | $ | 3,653 | $ | 4,358 | $ | 135,677 | $ | 51,330 | $ | 38,939 | |||||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 143,566 | $ | 54,302 | $ | 59,509 | $ | — | $ | — | $ | — | $ | 143,566 | $ | 54,302 | $ | 59,509 | |||||||||||||||||||||||||||||||||||
(1) Total net income from reportable segments reflects net income on a consolidated basis.
| Year Ended December 31, | 2025 | 2024 | 2023 | ||||||||||||||
Total net revenue – reportable segments | $ | 1,018,737 | $ | 810,238 | $ | 894,223 | |||||||||||
| Intercompany eliminations | (19,889) | (23,227) | (29,604) | ||||||||||||||
Total net revenue – consolidated | $ | 998,848 | $ | 787,011 | $ | 864,619 | |||||||||||
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 | |||||||||||||||||||||||||||||||||
| December 31, | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Total cash and cash equivalents | $ | 901,246 | $ | 932,463 | $ | 127,087 | $ | 65,981 | $ | 1,028,333 | $ | 998,444 | |||||||||||||||||||||||
| Restricted cash | — | — | 16,659 | 27,536 | 16,659 | 27,536 | |||||||||||||||||||||||||||||
| Securities available for sale at fair value | 3,696,626 | 3,452,648 | 10,083 | — | 3,706,709 | 3,452,648 | |||||||||||||||||||||||||||||
| Loans held for sale at fair value | 1,762,396 | 636,352 | — | — | 1,762,396 | 636,352 | |||||||||||||||||||||||||||||
| Loans and leases held for investment, net | 3,997,069 | 3,889,084 | — | — | 3,997,069 | 3,889,084 | |||||||||||||||||||||||||||||
Loans held for investment at fair value | 472,301 | 1,023,226 | 1,013 | 4,572 | 473,314 | 1,027,798 | |||||||||||||||||||||||||||||
| Property, equipment and software, net | 250,168 | 158,995 | 3,920 | 8,537 | 254,088 | 167,532 | |||||||||||||||||||||||||||||
| Investment in subsidiary | — | — | 903,339 | 910,544 | 903,339 | 910,544 | |||||||||||||||||||||||||||||
| Goodwill | 75,717 | 75,717 | — | — | 75,717 | 75,717 | |||||||||||||||||||||||||||||
| Other assets | 316,488 | 300,621 | 72,323 | 121,198 | 388,811 | 421,819 | |||||||||||||||||||||||||||||
| Total assets | 11,472,011 | 10,469,106 | 1,134,424 | 1,138,368 | 12,606,435 | 11,607,474 | |||||||||||||||||||||||||||||
| Liabilities and Equity | |||||||||||||||||||||||||||||||||||
| Total deposits | 9,948,426 | 9,116,821 | — | — | 9,948,426 | 9,116,821 | |||||||||||||||||||||||||||||
| Other liabilities | 217,930 | 177,711 | 36,313 | 60,667 | 254,243 | 238,378 | |||||||||||||||||||||||||||||
| Total liabilities | 10,166,356 | 9,294,532 | 36,313 | 60,667 | 10,202,669 | 9,355,199 | |||||||||||||||||||||||||||||
| Total equity | 1,305,655 | 1,174,574 | 1,098,111 | 1,077,701 | 2,403,766 | 2,252,275 | |||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 11,472,011 | $ | 10,469,106 | $ | 1,134,424 | $ | 1,138,368 | $ | 12,606,435 | $ | 11,607,474 | |||||||||||||||||||||||
| December 31, | 2025 | 2024 | |||||||||
Total assets – reportable segments | $ | 12,606,435 | $ | 11,607,474 | |||||||
| Intercompany eliminations | (1,038,619) | (976,965) | |||||||||
Total assets – consolidated | $ | 11,567,816 | $ | 10,630,509 | |||||||
| December 31, | 2025 | 2024 | |||||||||
Total liabilities and equity – reportable segments | $ | 12,606,435 | $ | 11,607,474 | |||||||
Intercompany eliminations – liabilities | (135,281) | (66,421) | |||||||||
Intercompany eliminations – equity | (903,338) | (910,544) | |||||||||
Total liabilities and equity – consolidated | $ | 11,567,816 | $ | 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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.