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LendingClub Corporation (LC-3.53%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a slight decrease in loan originations to $7.2 billion from $7.4 billion in the previous year. This decrease was primarily due to a reduction in unsecured personal loan origination volume.
Total net revenue for the year was $787 million, down from $865 million in 2023. This decrease was driven by a reduction in marketplace revenue and net interest income.
Marketplace revenue decreased by 17% to $243 million, primarily due to lower servicing fees and increased loss in net fair value adjustments.
Net interest income decreased by 5% to $534 million, mainly due to lower interest income from a reduced average balance of loans held for investment and increased interest expenses associated with deposit growth.
The company reported a net income of $51 million for 2024, up from $39 million in the previous year, with diluted earnings per share at $0.45 compared to $0.36 in 2023.
Provision for credit losses decreased by 27% to $178 million, reflecting a lower volume of originated loans retained for investment and a less unfavorable economic outlook.
Total non-interest expense decreased by 4% to $544 million, primarily due to a decrease in headcount following workforce reduction plans implemented in 2023.
Total assets increased by 20% to $10.6 billion, reflecting growth in securities related to Structured Certificates and loans held for investment at fair value.
Total deposits grew by 24% to $9.1 billion, driven by increases in high-yield savings and certificates of deposit.
The filing also details various financial metrics, including a net interest margin of 5.6% and a return on average equity of 4.0% for the year.
LendingClub continues to focus on its digital marketplace bank model, leveraging data and technology to enhance credit access and savings returns for its members.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LendingClub Corporation annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.