LendingClub Corp Files 2024 10-K

TL;DR

LendingClub dropped its 2024 10-K. Check financials for 2024.

AI Summary

LendingClub Corp filed its 2024 10-K on February 13, 2025, detailing its financial performance for the fiscal year ending December 31, 2024. The company, headquartered at 595 Market Street, San Francisco, CA, operates in the personal credit institutions sector. The filing includes financial data and disclosures relevant to its operations as a financial services provider.

Why It Matters

This 10-K filing provides investors and analysts with a comprehensive overview of LendingClub's financial health, operational performance, and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks beyond those typical for a publicly traded financial institution.

Key Numbers

• 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-13 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• LendingClub Corp (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-13 (date) — Filing date
• 595 Market Street, San Francisco, CA (location) — Company business address

FAQ

Key Financial Figures

• $0.01 — ch registered: Common stock, par value $0.01 per share LC New York Stock Exchange
• $95 billion — mbers and we have facilitated more than $95 billion of loans. Our loan origination and de
• $4.7 billion — h through the end of 2024, we sold over $4.7 billion of loans under this program. Also in
• $2.5 billion — acquired such loan portfolios with over $2.5 billion in outstanding principal balance. Our
• $100,000 — owers who have relatively high incomes ($100,000+ annual income on average), high FICO s

Filing Documents

• lc-20241231.htm (10-K) — 4957KB
• lc12312024ex42.htm (EX-4.2) — 25KB
• lc12312024ex103.htm (EX-10.3) — 492KB
• ex191insidertradingpolicy.htm (EX-19.1) — 52KB
• lc12312024ex211.htm (EX-21.1) — 5KB
• lc12312024ex231.htm (EX-23.1) — 3KB
• lc12312024q4ex311.htm (EX-31.1) — 10KB
• lc12312024q4ex312.htm (EX-31.2) — 8KB
• lc12312024q4ex321.htm (EX-32.1) — 6KB
• lc-20241231_g1.jpg (GRAPHIC) — 87KB
• 0001409970-25-000009.txt ( ) — 25673KB
• lc-20241231.xsd (EX-101.SCH) — 116KB
• lc-20241231_cal.xml (EX-101.CAL) — 176KB
• lc-20241231_def.xml (EX-101.DEF) — 777KB
• lc-20241231_lab.xml (EX-101.LAB) — 1214KB
• lc-20241231_pre.xml (EX-101.PRE) — 1145KB
• lc-20241231_htm.xml (XML) — 5682KB

Forward-looking Statements

Forward-looking Statements 3 PART I 5 Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 47 Item 1C. Cybersecurity 47 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 49 Item 4. Mine Safety Disclosures 49 PART II 50 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 50 Item 6. [Reserved] 52 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 78 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 140 Item 9A.

Controls and Procedures

Controls and Procedures 140 Item 9B. Other Information 142 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 142 PART III 142 Item 10. Directors, Executive Officers and Corporate Governance 142 Item 11.

Executive Compensation

Executive Compensation 142 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 142 Item 13. Certain Relationships and Related Transactions, and Director Independence 143 Item 14. Principal Accountant Fees and Services 143 PART IV 144 Item 15. Exhibits and Financial Statement Schedules 144 Item 16. Form 10-K Summary 144

Signatures

Signatures 145 Exhibit Index 147 LENDINGCLUB CORPORATION Glossary The following is a list of common acronyms and terms LendingClub Corporation regularly uses in its financial reporting: ACL Allowance for Credit Losses (includes both the allowance for loan and lease losses, allowance for securities available for sale and the reserve for unfunded lending commitments) AFS Available for Sale ALLL Allowance for Loan and Lease Losses Annual Report Annual Report on Form 10-K for the year ended December 31, 2024 ASU Accounting Standards Update AUM Assets Under Management (outstanding balances of Loan Originations serviced by the Company including loans sold to investors as well as loans held for investment and held for sale by the Company) Balance Sheet Consolidated Balance Sheets CECL Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) CET1 Common Equity Tier 1 CET1 Capital Ratio Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the Basel III capital framework DCF Discounted Cash Flow EPS Earnings Per Share Exchange Act Securities Exchange Act of 1934, as amended FRB or Federal Reserve Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) GAAP Accounting Principles Generally Accepted in the United States of America HFI Loans which are retained by the Company and held for investment HFS Held for sale loans expected to be sold to investors, including Marketplace Loans Income Statement Consolidated Statements of Income LC Bank or LendingClub Bank LendingClub Bank, National Association LendingClub, LC, the Company, we, us, or our LendingClub Corporation and its subsidiaries Loan Originations Unsecured personal loans and auto refinance loans originated by the Company or facilitated by third-party issuing banks Marketplace Loans Loan Originations d

Forward-looking Statements

Forward-looking Statements This Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements in this Annual Report include, without limitation, statements regarding borrowers, credit scoring, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and the impact on our business. You can identify these forward-looking statements by words such as "anticipate," "appear," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "may," "opportunity," "plan," "predict," "project," "should," "strategy," "target," "will," "would," or similar expressions. These forward-looking statements include, among other things, statements about: The impact of, and our ability to successfully navigate, the current interest rate and economic climate; whether and when we become subject to supervision and enforcement by the Consumer Financial Protection Bureau; our ability to sustain the business under adverse circumstances; our ability to attract and retain new members, to expand our product offerings and services, to improve revenue and generate recurring earnings, and to increase resiliency; our compliance, and that of third-party partners or providers, with applicable local, state and federal laws, regulations and regulatory developments or court decisions affecting our business; the effects of natural disasters, public health issues, acts of war or terrorism and other external events on our customers and business, including the Ukrainian-Russian and Gaza Strip conflicts; the impact of changes in laws or the regulatory or supervisory environment, including as a result of leg

Business

Item 1. Business Introduction LendingClub is a digital-first company focused on building lifetime lending relationships with our members. We execute against a core strategy of acquiring new members with our award-winning personal loan product, then engaging and retaining them with other innovative lending, deposit and debt management products. Founded in 2006, LendingClub operates a leading, nationally chartered, digital marketplace that leverages data and technology to increase access to credit, lower borrowing costs, and improve returns on savings. We offer a suite of deposit and loan products through a smart, simple and rewarding digital experience. We retain a portion of the loans we originate and sell the remainder to marketplace investors including banks, credit unions, asset managers, and private credit funds. Since our founding, more than 5 million individuals have become members and we have facilitated more than $95 billion of loans. Our loan origination and deposit gathering model Our sales and marketing efforts are designed to efficiently attract and retain members, build brand awareness, and support member satisfaction. We attract and retain members directly through our website and mobile app, using channels such as, online affiliate partners, direct mail, paid search engines, online display advertising, email, social media, and strategic relationship referrals. When our members need another loan or deposit product, many return to LendingClub – at very low acquisition cost to us – which increases the lifetime value of these repeat members while providing them additional opportunities to improve their financial position. Our primary loan products include unsecured personal loans, patient and education finance loans, and secured auto refinance loans (Consumer Loans). Once a loan application is received, our multivariable and automated processes enable us to assess risk and present approved applicants with one or more loan options, including the t

View Full Filing

View this 10-K filing on SEC EDGAR