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LendingClub Reports Fourth Quarter and Full Year 2025 Results

PR Newswire

 Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE in fourth quarter

Increased Originations +40%, Revenue +23%, and Diluted EPS +338% in fourth quarter compared to prior year

For the full year 2025: Grew Originations +33%, Revenue +27%, and Diluted EPS +158%
compared to prior year

SAN FRANCISCO, Jan. 28, 2026 /PRNewswire/ — LendingClub Corporation (NYSE: LC) today announced financial results for the fourth quarter and full year ended December 31, 2025.

“We closed out a fantastic year with another strong quarter, delivering 40% originations growth and ROTCE approaching 12%,” said Scott Sanborn, LendingClub CEO. “On a full-year basis, we grew originations 33% and more than doubled EPS. We’re entering 2026 from a position of strength, with product innovations and marketing investments taking hold while credit continues to outperform. Our entry into home improvement financing is creating new opportunities and we also expect to leverage ongoing operating discipline and AI efficiencies to further strengthen the earnings power of the company.”


Fourth Quarter 2025 Results

Highlights:

  • Achieved $2.6 billion in origination volume, up 40% compared to the prior year, driven by the successful execution of product and marketing initiatives.
  • More than quadrupled Diluted EPS to $0.35 compared to the prior year.
  • Continued to deliver credit outperformance vs. competitor set, with over 40% better performance.
  • Executed $11.9 million of the $100 million Stock Repurchase and Acquisition Program.
  • Announced entry into home improvement financing through foundational tech and talent acquisition and a distribution partnership.
  • Showcased distinct competitive advantages and near-term and medium-term growth strategy at Investor Day.

Balance Sheet:

  • Total assets of $11.6 billion, up 9% year-over-year, supported primarily by growth in loans on the balance sheet.
  • Deposits of $9.8 billion, up 8% year-over-year, driven by growth in consumer accounts.
    • 88% of total deposits are FDIC-insured.
  • Robust available liquidity of $4.0 billion.
  • Strong capital position with a consolidated Tier 1 leverage ratio of 12.0% and a CET1 capital ratio of 17.4%.

Financial Performance:

  • Loan originations grew 40% to $2.6 billion, compared to $1.8 billion in the prior year.
  • Total net revenue increased 23% to $266.5 million, compared to $217.2 million in the prior year, driven by higher marketplace sales and loan sale pricing, strong credit performance, and higher net interest margin on a larger balance sheet.
    • Net interest margin expanded to 5.98%, compared to 5.42% in the prior year, driven by improved deposit funding costs. 
  • Provision for credit losses of $47.2 million, compared to $63.2 million in the prior year, driven by strong credit performance and fewer loans held-for-investment at amortized cost in the period.
  • Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $40.1 million, compared to $46.0 million in the prior year, driven by strong credit performance as well as portfolio composition and maturity.
  • Net income and Diluted EPS more than quadrupled to $41.6 million and $0.35, respectively, compared to  $9.7 million and $0.08 in the prior year, respectively.
  • Return on Equity (ROE) of 11.3% with a Return on Tangible Common Equity (ROTCE) of 11.9%.
  • Pre-Provision Net Revenue (PPNR) increased 31% to $97.2 million, compared to $74.3 million in the prior year.

 


Three Months Ended


Year Ended

($ in millions, except per share
amounts)


December 31,

2025


September 30,

2025


December 31,

2024


December 31,

2025


December 31,

2024

Total net revenue

$             266.5

$             266.2

$             217.2

$           998.8

$           787.0

Non-interest expense

169.3

162.7

142.9

630.6

543.7

Pre-provision net revenue (1)

97.2

103.5

74.3

368.3

243.3

Provision for credit losses

47.2

46.3

63.2

191.3

178.3

Income before income tax
     expense

50.0

57.2

11.1

176.9

65.1

Income tax expense

(8.5)

(13.0)

(1.4)

(41.3)

(13.7)

Net income

$              41.6

$              44.3

$                9.7

$           135.7

$             51.3

Diluted EPS

$              0.35

$              0.37

$              0.08

$             1.16

$             0.45


(1)   See page 3 of this release for additional information on our use of non-GAAP financial measures.

For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.


Financial Outlook


First Quarter 2026     

Loan originations                              

$2.55B to $2.65B

Diluted EPS

$0.34 to $0.39


Full Year 2026

Loan originations                    

$11.6B to $12.6B

Diluted EPS

$1.65 to $1.80

About LendingClub

LendingClub is reimagining what a bank can be by building our business around a simple belief: when our members win, we win. Leveraging innovative technology and engaging mobile-first experiences, our integrated suite of financial products helps people keep more of what they earn and earn more on what they save. Our 5+ million members love us for providing quick and easy access to affordable credit and rewarding their smart financial choices, like making on-time payments, saving regularly, and taking control of debt.

Getting credit right is a key driver of our success. Our advanced underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we’re just getting started.

LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub fourth quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, January 28, 2026. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To listen to the call, register using this link: https://events.q4inc.com/attendee/908793751 ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Question Submissions

Prior to quarterly earnings, investors have the ability to submit and upvote questions for LendingClub’s management team to consider. To participate, visit the link provided in each quarter’s earnings date announcement.

Contacts
For Investors:
[email protected]

Media Contact:
[email protected]

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe PPNR is an important measure because it reflects the underlying financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe TBV Per Common Share is an important measure used to evaluate the company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the company’s ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 14 and 15 of this release.

Safe Harbor Statement

Some of the statements above, including statements regarding our entry into home improvement financing and anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of purchases); competition; overall economic conditions; our ability to integrate acquired technology; the interest rate and/or regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 



LENDINGCLUB CORPORATION



OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)


As of and for the three months ended


% Change


December 31,

2025


September 30,

2025


June 30,


2025


March 31,


2025


December 31,

2024


Q/Q


Y/Y


Operating Highlights:

Non-interest income

$      103,444

$      107,792

$      94,186

$      67,754

$        74,817

(4) %

38 %

Net interest income

163,027

158,439

154,249

149,957

142,384

3 %

14 %

Total net revenue

266,471

266,231

248,435

217,711

217,201

— %

23 %

Non-interest expense

169,284

162,713

154,718

143,867

142,855

4 %

19 %

Pre-provision net revenue(1)

97,187

103,518

93,717

73,844

74,346

(6) %

31 %

Provision for credit losses

47,158

46,280

39,733

58,149

63,238

2 %

(25) %

Income before income tax expense

50,029

57,238

53,984

15,695

11,108

(13) %

350 %

Income tax expense

(8,475)

(12,964)

(15,806)

(4,024)

(1,388)

(35) %

511 %

Net income

$        41,554

$        44,274

$      38,178

$      11,671

$          9,720

(6) %

328 %

Basic EPS

$            0.36

$            0.39

$          0.33

$          0.10

$            0.09

(8) %

300 %

Diluted EPS

$            0.35

$            0.37

$          0.33

$          0.10

$            0.08

(5) %

338 %


LendingClub Corporation Performance Metrics:

Net interest margin

5.98 %

6.18 %

6.14 %

5.97 %

5.42 %

Efficiency ratio(2)

63.5 %

61.1 %

62.3 %

66.1 %

65.8 %

Return on average equity (ROE)(3)

11.3 %

12.4 %

11.1 %

3.5 %

2.9 %

Return on tangible common equity
     (ROTCE)(1)(4)

11.9 %

13.2 %

11.8 %

3.7 %

3.1 %

Return on average total assets (ROA)(5)

1.5 %

1.7 %

1.5 %

0.4 %

0.4 %

Marketing expense as a % of loan
     originations

1.77 %

1.55 %

1.40 %

1.47 %

1.27 %


LendingClub Corporation Capital Metrics:

Common equity Tier 1 capital ratio

17.4 %

18.0 %

17.5 %

17.8 %

17.3 %

Tier 1 leverage ratio

12.0 %

12.3 %

12.2 %

11.7 %

11.0 %

Book value per common share

$          13.01

$          12.68

$        12.25

$        11.95

$          11.83

3 %

10 %

Tangible book value per common
     share(1)

$          12.30

$          11.95

$        11.53

$        11.22

$          11.09

3 %

11 %


Loan Originations (in millions)(6):

Total loan originations

$          2,587

$          2,622

$        2,391

$        1,989

$          1,846

(1) %

40 %

Marketplace loans

$          2,090

$          2,027

$        1,702

$        1,314

$          1,241

3 %

68 %

Loan originations held for investment

$             497

$             594

$           689

$           675

$             605

(16) %

(18) %

Loan originations held for investment
     as a % of total loan originations

19 %

23 %

29 %

34 %

33 %


Servicing Portfolio AUM (in millions)(7):

Total servicing portfolio

$         13,423

$         12,986

$       12,524

$       12,241

$         12,371

3 %

9 %

Loans serviced for others

$           7,601

$           7,612

$         7,185

$         7,130

$           7,207

— %

5 %


(1)     Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.“


(2)     Calculated as the ratio of non-interest expense to total net revenue.


(3)     Calculated as annualized net income divided by average equity for the period presented.


(4)     Calculated as annualized net income divided by average tangible common equity for the period presented.


(5)     Calculated as annualized net income divided by average total assets for the period presented.


(6)     Includes unsecured personal loans and auto loans only.


(7)     Loans serviced on our platform, which includes unsecured personal loans and auto loans serviced for others and retained by the Company.

 



LENDINGCLUB CORPORATION



OPERATING HIGHLIGHTS
(Continued)

(In thousands, except percentages or as noted)

(Unaudited)


As of the three months ended


% Change


December 31,

2025


September 30,

2025


June 30,


2025


March 31,


2025


December 31,

2024


Q/Q


Y/Y


Balance Sheet Data:

Securities available for sale

$      3,706,709

$       3,742,304

$  3,527,142

$  3,426,571

$      3,452,648

(1) %

7 %

Loans held for sale at fair value

$      1,762,396

$       1,213,140

$  1,008,168

$     703,378

$         636,352

45 %

177 %

Loans and leases held for investment at
     amortized cost

$      4,272,812

$       4,363,415

$  4,386,321

$  4,215,449

$      4,125,818

(2) %

4 %

Gross allowance for loan and lease losses (1)

$       (312,667)

$        (308,218)

$   (293,707)

$   (288,308)

$       (285,686)

1 %

9 %

Recovery asset value (2)

$           36,924

$            40,444

$       40,718

$       44,115

$           48,952

(9) %

(25) %

Allowance for loan and lease losses

$       (275,743)

$        (267,774)

$   (252,989)

$   (244,193)

$       (236,734)

3 %

16 %

Loans and leases held for investment at
     amortized cost, net

$      3,997,069

$       4,095,641

$  4,133,332

$  3,971,256

$      3,889,084

(2) %

3 %

Loans held for investment at fair value

$         473,314

$          477,784

$     631,736

$     818,882

$      1,027,798

(1) %

(54) %

Total loans and leases held for investment

$      4,470,383

$       4,573,425

$  4,765,068

$  4,790,138

$      4,916,882

(2) %

(9) %

Whole loans held on balance sheet (3)

$      6,232,779

$       5,786,565

$  5,773,236

$  5,493,516

$      5,553,234

8 %

12 %

Total assets

$    11,567,816

$     11,072,515

$ 10,775,333

$ 10,483,096

$    10,630,509

4 %

9 %

Total deposits

$      9,833,870

$       9,388,233

$  9,136,124

$  8,905,902

$      9,068,237

5 %

8 %

Total liabilities

$    10,067,388

$       9,610,302

$  9,369,298

$  9,118,579

$      9,288,778

5 %

8 %

Total equity

$      1,500,428

$       1,462,213

$  1,406,035

$  1,364,517

$      1,341,731

3 %

12 %


(1)     Represents the allowance for future estimated net charge-offs on existing portfolio balances.


(2)     Represents the negative allowance for expected recoveries of amounts previously charged-off.


(3)     Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.

 

The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:


As of and for the three months ended


December 31,

2025


September 30,

2025


June 30,

2025


March 31,

2025


December 31,

2024


Asset Quality Metrics (1):

Allowance for loan and lease losses to total loans
     and leases held for investment at amortized cost

6.5 %

6.1 %

5.8 %

5.8 %

5.7 %

Allowance for loan and lease losses to commercial
     loans and leases held for investment at amortized
     cost

2.5 %

2.3 %

2.3 %

2.7 %

3.9 %

Allowance for loan and lease losses to consumer
     loans and leases held for investment at amortized
     cost

7.2 %

6.8 %

6.4 %

6.3 %

6.1 %

Gross allowance for loan and lease losses to
     consumer loans and leases held for investment at
     amortized cost

8.2 %

7.9 %

7.5 %

7.5 %

7.5 %

Net charge-offs

$          40,074

$          31,122

$          31,800

$          48,923

$          45,977

Net charge-off ratio (2)

3.7 %

2.9 %

3.0 %

4.8 %

4.5 %


(1)     Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.


(2)     Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

 



LENDINGCLUB CORPORATION



LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:


December 31,

2025


December 31,

2024

Unsecured personal

$       3,191,430

$       3,106,472

Residential mortgages

151,073

172,711

Secured consumer

261,045

230,232

Total consumer loans held for investment

3,603,548

3,509,415

Equipment finance (1)

39,757

64,232

Commercial real estate (2)

472,489

373,785

Commercial and industrial

157,018

178,386

Total commercial loans and leases held for investment

669,264

616,403

Total loans and leases held for investment at amortized cost

4,272,812

4,125,818

Allowance for loan and lease losses

(275,743)

(236,734)

Loans and leases held for investment at amortized cost, net

$       3,997,069

$       3,889,084

Loans held for investment at fair value

473,314

1,027,798

Total loans and leases held for investment

$       4,470,383

$       4,916,882


(1)   Comprised of sales-type leases for equipment.


(2)   Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and December 31, 2024, respectively.

 


LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands)
(Unaudited)

The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:


December 31, 2025


December 31, 2024

Gross allowance for loan and lease losses (1)

$                 312,667

$                 285,686

Recovery asset value (2)

(36,924)

(48,952)

Allowance for loan and lease losses

$                 275,743

$                 236,734


(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.


(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.

 

The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:


Three Months Ended


December 31, 2025


September 30, 2025


Consumer


Commercial


Total


Consumer


Commercial


Total

Allowance for loan and lease
     losses, beginning of period

$    252,557

$        15,217

$ 267,774

$    237,433

$        15,556

$ 252,989

Credit loss expense (benefit)
     for loans and leases held for
     investment

46,560

1,483

48,043

46,390

(483)

45,907

Charge-offs

(54,556)

(2)

(54,558)

(47,886)

—

(47,886)

Recoveries

14,250

234

14,484

16,620

144

16,764

Allowance for loan and lease
     losses, end of period

$    258,811

$        16,932

$ 275,743

$    252,557

$        15,217

$ 267,774

 


Three Months Ended


December 31, 2024


Consumer


Commercial


Total

Allowance for loan and lease losses, beginning of period

$    200,899

$        19,665

$ 220,564

Credit loss expense for loans and leases held for investment

56,322

5,825

62,147

Charge-offs

(64,167)

(1,887)

(66,054)

Recoveries

19,544

533

20,077

Allowance for loan and lease losses, end of period

$    212,598

$        24,136

$ 236,734

 


LENDINGCLUB CORPORATION


PAST DUE LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:


December 31, 2025


30-59

Days


60-89

Days


90 or More

Days


Total


Guaranteed
Amount (1)

Unsecured personal

$      22,491

$      18,550

$      17,936

$             58,977

$                     —

Residential mortgages

—

888

86

974

—

Secured consumer

3,006

596

395

3,997

—

Total consumer loans held for investment

$      25,497

$      20,034

$      18,417

$             63,948

$                     —

Equipment finance

$            696

$              —

$         3,088

$               3,784

$                     —

Commercial real estate

—

—

11,182

11,182

8,231

Commercial and industrial

1,540

1,878

20,074

23,492

14,930

Total commercial loans and leases held for
     investment

$         2,236

$         1,878

$      34,344

$             38,458

$             23,161

Total loans and leases held for investment at
     amortized cost

$      27,733

$      21,912

$      52,761

$           102,406

$             23,161

 


December 31, 2024


30-59

Days


60-89

Days


90 or More

Days


Total


Guaranteed
Amount (1)

Unsecured personal

$      23,530

$      19,293

$      21,387

$             64,210

$                     —

Residential mortgages

151

88

—

239

—

Secured consumer

2,342

600

337

3,279

—

Total consumer loans held for investment

$      26,023

$      19,981

$      21,724

$             67,728

$                     —

Equipment finance

$              67

$              —

$         4,551

$               4,618

$                     —

Commercial real estate

8,320

483

9,731

18,534

8,456

Commercial and industrial

6,257

1,182

15,971

23,410

18,512

Total commercial loans and leases held for
     investment

$      14,644

$         1,665

$      30,253

$             46,562

$             26,968

Total loans and leases held for investment at
     amortized cost

$      40,667

$      21,646

$      51,977

$           114,290

$             26,968


(1)      Represents loan balances guaranteed by the SBA.

 



LENDINGCLUB CORPORATION



CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)


Three Months Ended


Change (%)


December 31,

2025


September 30,

2025


December 31,

2024


Q4 2025


vs


Q3 2025


Q4 2025


vs


Q4 2024


Non-interest income:

Origination fees

$        109,562

$         105,731

$          64,745

4 %

69 %

Servicing fees

12,845

17,000

17,391

(24) %

(26) %

Gain on sales of loans

15,546

17,799

15,007

(13) %

4 %

Net fair value adjustments

(39,451)

(38,375)

(24,980)

(3) %

(58) %

Marketplace revenue

98,502

102,155

72,163

(4) %

36 %

Other non-interest income

4,942

5,637

2,654

(12) %

86 %


Total non-interest income

103,444

107,792

74,817

(4) %

38 %

Total interest income

250,586

241,801

240,596

4 %

4 %

Total interest expense

87,559

83,362

98,212

5 %

(11) %


Net interest income

163,027

158,439

142,384

3 %

14 %


Total net revenue

266,471

266,231

217,201

— %

23 %


Provision for credit losses

47,158

46,280

63,238

2 %

(25) %


Non-interest expense:

Compensation and benefits

60,638

60,830

58,656

— %

3 %

Marketing

45,680

40,712

23,415

12 %

95 %

Equipment and software

14,410

13,465

13,361

7 %

8 %

Depreciation and amortization

16,641

16,879

19,748

(1) %

(16) %

Professional services

11,353

10,922

9,136

4 %

24 %

Occupancy

5,457

5,245

3,991

4 %

37 %

Other non-interest expense

15,105

14,660

14,548

3 %

4 %


Total non-interest expense

169,284

162,713

142,855

4 %

19 %


Income before income tax expense

50,029

57,238

11,108

(13) %

350 %

Income tax expense

(8,475)

(12,964)

(1,388)

(35) %

511 %


Net income

$          41,554

$           44,274

$           9,720

(6) %

328 %


Net income per share: 

Basic EPS

$             0.36

$              0.39

$             0.09

(8) %

300 %

Diluted EPS

$             0.35

$              0.37

$             0.08

(5) %

338 %

Weighted-average common shares – Basic

115,334,621

114,961,676

112,788,050

— %

2 %

Weighted-average common shares – Diluted

118,855,315

118,188,124

116,400,285

1 %

2 %

 



LENDINGCLUB CORPORATION



CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Continued)

(In thousands, except share and per share data)

(Unaudited)


Year Ended December 31,


2025


2024


Change (%)


Non-interest income:

Origination fees

$       372,815

$       283,420

32 %

Servicing fees

58,988

64,933

(9) %

Gain on sales of loans

59,087

49,097

20 %

Net fair value adjustments

(134,946)

(154,659)

13 %

Marketplace revenue

355,944

242,791

47 %

Other non-interest income

17,232

10,179

69 %


Total non-interest income

373,176

252,970

48 %

Total interest income

961,543

907,958

6 %

Total interest expense

335,871

373,917

(10) %


Net interest income

625,672

534,041

17 %


Total net revenue

998,848

787,011

27 %


Provision for credit losses

191,320

178,267

7 %


Non-interest expense:

Compensation and benefits

241,846

232,158

4 %

Marketing

149,211

100,402

49 %

Equipment and software

57,014

51,194

11 %

Depreciation and amortization

62,889

58,834

7 %

Professional services

42,339

32,045

32 %

Occupancy

19,834

15,798

26 %

Other non-interest expense

57,449

53,247

8 %


Total non-interest expense

630,582

543,678

16 %


Income before income tax expense

176,946

65,066

172 %

Income tax expense

(41,269)

(13,736)

200 %


Net income

$       135,677

$         51,330

164 %


Net income per share:

Basic EPS

$            1.18

$            0.46

157 %

Diluted EPS

$            1.16

$            0.45

158 %

Weighted-average common shares – Basic

114,605,220

111,731,523

3 %

Weighted-average common shares – Diluted

117,233,815

113,122,859

4 %

 



LENDINGCLUB CORPORATION



NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)


Consolidated LendingClub Corporation (1)


Three Months Ended


December 31, 2025


Three Months Ended


September 30, 2025


Three Months Ended


December 31, 2024


Average

Balance


Interest
Income/

Expense


Average
Yield/

Rate


Average

Balance


Interest
Income/

Expense


Average
Yield/

Rate


Average

Balance


Interest
Income/

Expense


Average
Yield/

Rate


Interest-earning assets (2)

Cash, cash equivalents,
     restricted cash and other

$     905,427

$    8,824

3.90 %

$    603,777

$    6,390

4.23 %

$ 1,193,570

$  14,194

4.76 %

Securities available for sale
     at fair value

3,695,980

55,948

6.06 %

3,564,732

56,253

6.31 %

3,390,315

57,259

6.76 %

Loans held for sale at fair
     value

1,530,624

51,006

13.33 %

1,198,581

37,628

12.56 %

673,279

20,696

12.30 %

Loans and leases held for
     investment:

Unsecured personal
     loans

3,252,204

106,716

13.13 %

3,268,142

110,151

13.48 %

3,080,934

104,011

13.50 %

Commercial and other
     consumer loans

1,060,201

15,800

5.96 %

1,069,629

16,060

6.01 %

1,023,041

14,203

5.55 %

Loans and leases held for
     investment at amortized
     cost

4,312,405

122,516

11.36 %

4,337,771

126,211

11.64 %

4,103,975

118,214

11.52 %

Loans held for investment
     at fair value

455,168

12,292

10.80 %

552,848

15,319

11.08 %

1,153,204

30,233

10.49 %

Total loans and leases held
     for investment

4,767,573

134,808

11.31 %

4,890,619

141,530

11.58 %

5,257,179

148,447

11.29 %


Total interest-earning
     assets

10,899,604

250,586

9.20 %

10,257,709

241,801

9.43 %

10,514,343

240,596

9.15 %

Cash and due from banks
     and restricted cash

32,308

29,655

51,555

Allowance for loan and
     lease losses

(275,187)

(260,744)

(227,673)

Other non-interest earning
     assets

644,221

638,821

597,609


Total assets

$  11,300,946

$  10,665,441

$  10,935,834


Interest-bearing liabilities

Interest-bearing deposits:

Savings and money
market accounts

6,478,888

60,960

3.73 %

6,442,649

61,782

3.80 %

5,719,248

61,545

4.28 %

Certificates of deposit

2,400,374

25,377

4.19 %

1,851,320

19,990

4.28 %

2,638,470

32,288

4.87 %

Checking accounts

396,430

1,221

1.22 %

406,494

1,449

1.41 %

662,510

4,367

2.62 %

Interest-bearing deposits

9,275,692

87,558

3.75 %

8,700,463

83,221

3.79 %

9,020,228

98,200

4.33 %

Other interest-bearing
     liabilities

109

1

4.28 %

12,174

141

4.61 %

615

12

7.20 %


Total interest-bearing
     liabilities

9,275,801

87,559

3.75 %

8,712,637

83,362

3.80 %

9,020,843

98,212

4.33 %

Noninterest-bearing
     deposits

311,147

291,231

328,022

Other liabilities

240,642

237,035

251,239


Total liabilities

$  9,827,590

$ 9,240,903

$ 9,600,104


Total equity

$  1,473,356

$ 1,424,538

$ 1,335,730


Total liabilities and equity

$  11,300,946

$  10,665,441

$  10,935,834


Interest rate spread

5.45 %

5.63 %

4.82 %


Net interest income and
     net interest margin

$  163,027

5.98 %

$ 158,439

6.18 %

$ 142,384

5.42 %


(1)     Consolidated presentation reflects intercompany eliminations.


(2)     Nonaccrual loans and any related income are included in their respective loan categories.

 



LENDINGCLUB CORPORATION



CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)


December 31,

2025


December 31,

2024


Assets

Cash and due from banks

$            11,749

$         15,524

Interest-bearing deposits in banks

905,905

938,534

Total cash and cash equivalents

917,654

954,058

Restricted cash

12,783

23,338

Securities available for sale at fair value ($3,733,780 and $3,492,264 at amortized
     cost, respectively)

3,706,709

3,452,648

Loans held for sale at fair value

1,762,396

636,352

Loans and leases held for investment

4,272,812

4,125,818

Allowance for loan and lease losses

(275,743)

(236,734)

Loans and leases held for investment, net

3,997,069

3,889,084

Loans held for investment at fair value

473,314

1,027,798

Property, equipment and software, net

254,088

167,532

Goodwill

75,717

75,717

Other assets

368,086

403,982


Total assets

$      11,567,816

$   10,630,509


Liabilities and Equity

Deposits:

Interest-bearing

$        9,459,483

$     8,676,119

Noninterest-bearing

374,387

392,118

Total deposits

9,833,870

9,068,237

Other liabilities

233,518

220,541

Total liabilities

10,067,388

9,288,778

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 115,368,987 and
     113,383,917 shares issued and outstanding, respectively

1,154

1,134

Additional paid-in capital

1,719,233

1,702,316

Accumulated deficit

(201,799)

(337,476)

Accumulated other comprehensive loss

(18,160)

(24,243)

Total equity

1,500,428

1,341,731


Total liabilities and equity

$      11,567,816

$   10,630,509

 

 


LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)



Pre-Provision Net Revenue


For the three months ended


December 31,

2025


September 30,


2025


June 30,


2025


March 31,


2025


December 31,

2024

GAAP Net income

$               41,554

$               44,274

$               38,178

$               11,671

$                 9,720

Less: Provision for credit losses

(47,158)

(46,280)

(39,733)

(58,149)

(63,238)

Less: Income tax expense

(8,475)

(12,964)

(15,806)

(4,024)

(1,388)

Pre-provision net revenue

$               97,187

$             103,518

$               93,717

$               73,844

$               74,346

 


For the three months ended


December 31,

2025


September 30,


2025


June 30,


2025


March 31,


2025


December 31,

2024

Non-interest income

$             103,444

$             107,792

$               94,186

$               67,754

$               74,817

Net interest income

163,027

158,439

154,249

149,957

142,384

Total net revenue

266,471

266,231

248,435

217,711

217,201

Non-interest expense

(169,284)

(162,713)

(154,718)

(143,867)

(142,855)

Pre-provision net revenue

97,187

103,518

93,717

73,844

74,346

Provision for credit losses

(47,158)

(46,280)

(39,733)

(58,149)

(63,238)

Income before income tax expense

50,029

57,238

53,984

15,695

11,108

Income tax expense

(8,475)

(12,964)

(15,806)

(4,024)

(1,388)

GAAP Net income

$               41,554

$               44,274

$               38,178

$               11,671

$                 9,720

 



Tangible Book Value Per Common Share


December 31,

2025


September 30,


2025


June 30,


2025


March 31,


2025


December 31,

2024

GAAP common equity

$          1,500,428

$          1,462,213

$          1,406,035

$          1,364,517

$          1,341,731

Less: Goodwill

(75,717)

(75,717)

(75,717)

(75,717)

(75,717)

Less: Customer relationship intangible
     assets

(5,685)

(8,206)

(7,068)

(7,778)

(8,586)


Tangible common equity

$          1,419,026

$          1,378,290

$          1,323,250

$          1,281,022

$          1,257,428



Book value per common share

GAAP common equity

$          1,500,428

$          1,462,213

$          1,406,035

$          1,364,517

$          1,341,731

Common shares issued and outstanding

115,368,987

115,301,440

114,740,147

114,199,832

113,383,917


Book value per common share

$                 13.01

$                 12.68

$                 12.25

$                 11.95

$                 11.83



Tangible book value per common share

Tangible common equity

$          1,419,026

$          1,378,290

$          1,323,250

$          1,281,022

$          1,257,428

Common shares issued and outstanding

115,368,987

115,301,440

114,740,147

114,199,832

113,383,917


Tangible book value per common share

$                 12.30

$                 11.95

$                 11.53

$                 11.22

$                 11.09

 


LENDINGCLUB CORPORATION


RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)

(In thousands, except ratios)

(Unaudited)



Return On Tangible Common Equity


For the three months ended


December 31,

2025


September 30,


2025


June 30,


2025


March 31,


2025


December 31,

2024

Average GAAP common equity

$      1,473,356

$      1,424,538

$      1,381,199

$      1,349,473

$      1,335,730

Less: Average goodwill

(75,717)

(75,717)

(75,717)

(75,717)

(75,717)

Less: Average customer relationship
     intangible assets

(6,031)

(6,722)

(7,423)

(8,182)

(9,013)


Average tangible common equity

$      1,391,608

$      1,342,099

$      1,298,059

$      1,265,574

$      1,251,000



Return on average equity

Annualized GAAP net income

$         166,216

$         177,096

$         152,712

$           46,684

$           38,880

Average GAAP common equity

$      1,473,356

$      1,424,538

$      1,381,199

$      1,349,473

$      1,335,730


Return on average equity

11.3 %

12.4 %

11.1 %

3.5 %

2.9 %



Return on tangible common equity

Annualized GAAP net income

$         166,216

$         177,096

$         152,712

$           46,684

$           38,880

Average tangible common equity

$      1,391,608

$      1,342,099

$      1,298,059

$      1,265,574

$      1,251,000


Return on tangible common equity

11.9 %

13.2 %

11.8 %

3.7 %

3.1 %

 

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SOURCE LendingClub Corporation