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LendingClub Reports Second Quarter 2025 Results

By PR Newswire | July 29, 2025, 4:05 PM

Grew Originations +32%, Revenue +33%, and Net Income +156% Compared to Prior Year

Revenue growth combined with expense discipline delivers 11% ROE and 12% ROTCE

Announced up to $3.4 billion loan funding partnership extension with Blue Owl

SAN FRANCISCO, July 29, 2025 /PRNewswire/ -- LendingClub Corporation (NYSE: LC) today announced financial results for the second quarter ended June 30, 2025.

"We had an exceptional quarter with year-over-year originations and revenue growth of 32% and 33%, respectively. Strong revenue growth combined with credit outperformance resulted in $38 million of net income, delivering double digit ROTCE in excess of our target and ahead of schedule," said Scott Sanborn, LendingClub CEO. "We also announced a long-term loan sales partnership extension and launched another new product with our innovative LevelUp Checking account. I'm energized by the results across the business and look forward to building on the momentum over the second half of the year."

Second Quarter 2025 Results

Highlights:

  • Achieved $2.4 billion in origination volume, up 32% compared to the prior year.
  • Continued to deliver credit outperformance versus competitor set, with +40% better performance.
  • Extended funding partnership with Blue Owl for structured certificates, totaling up to $3.4 billion over two years.
  • Closed first transaction with funds and accounts managed by BlackRock, leveraging our Fitch-rated Structured Certificates program.
  • Launched LevelUp Checking, the first product in market to offer cash back for on-time loan payments.

Balance Sheet:

  • Total assets of $10.8 billion increased 12% compared to $9.6 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as loan growth.
  • Deposits of $9.1 billion increased 13% compared to $8.1 billion in the prior year, driven by the continued success of our savings offerings.
    • 86% of total deposits are FDIC-insured.
  • Robust available liquidity of $3.8 billion.
  • Strong capital position with a consolidated Tier 1 leverage ratio of 12.2% and a CET1 capital ratio of 17.5%.
  • Book value per common share was $12.25, compared to $11.52 in the prior year.
  • Tangible book value per common share was $11.53, compared to $10.75 in the prior year.

Financial Performance:

  • Loan originations grew 32% to $2.4 billion, compared to $1.8 billion in the prior year, driven by the successful execution of product and marketing initiatives.
  • Total net revenue increased 33% to $248.4 million, compared to $187.2 million in the prior year, driven by higher marketplace sales and loan pricing, credit outperformance, and higher net interest income on a larger balance sheet with lower deposit funding costs.
    • Net interest margin increased to 6.14%, compared to 5.75% in the prior year.
  • Provision for credit losses of $39.7 million, compared to $35.6 million in the prior year, primarily driven by increased held-for-investment loan retention.
  • Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $31.8 million, compared to $66.8 million in the prior year.
  • Net income of $38.2 million, compared to $14.9 million in the prior year.
  • Diluted EPS of $0.33 compared to $0.13 in the prior year.
  • Return on Equity (ROE) of 11.1% with a Return on Tangible Common Equity (ROTCE) of 11.8%.
  • Pre-Provision Net Revenue (PPNR) increased 70% to $93.7 million, compared to $55.0 million in the prior year.

 



Three Months Ended



($ in millions, except per share amounts)

June 30,

2025



March 31,

2025



June 30,

2024



Total net revenue

$           248.4



$            217.7



$           187.2



Non-interest expense

154.7



143.9



132.3



Pre-provision net revenue (1)

93.7



73.8



55.0



Provision for credit losses

39.7



58.1



35.6



Income before income tax expense

54.0



15.7



19.4



Income tax expense

(15.8)



(4.0)



(4.5)



Net income

$             38.2



$              11.7



$             14.9

















Diluted EPS

$             0.33



$              0.10



$             0.13







(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



Third Quarter 2025



Loan originations

$2.5B to $2.6B



Pre-provision net revenue (PPNR)

$90M to $100M



Return on Tangible Common Equity (ROTCE)

10% to 11.5%



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 AI-powered 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 second quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, July 29, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 667676, 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. An audio replay will also be available 1 hour after the end of the call until August 5, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 516031. 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.

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 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 (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 13 and 14 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.

Safe Harbor Statement

Some of the statements above, including statements regarding long-term loan funding and anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "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 loan or Structured Certificates program purchases); competition; overall economic conditions; the interest rate environment; the 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. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in 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





June 30,

2025



March 31,

2025



December 31,

2024



September 30,

2024



June 30,

2024



Q/Q



Y/Y



Operating Highlights:



Non-interest income

$     94,186



$     67,754



$          74,817



$          61,640



$     58,713



39 %



60 %



Net interest income

154,249



149,957



142,384



140,241



128,528



3 %



20 %



Total net revenue

248,435



217,711



217,201



201,881



187,241



14 %



33 %



Non-interest expense

154,718



143,867



142,855



136,332



132,258



8 %



17 %



Pre-provision net revenue(1)

93,717



73,844



74,346



65,549



54,983



27 %



70 %



Provision for credit losses

39,733



58,149



63,238



47,541



35,561



(32) %



12 %



Income before income tax expense

53,984



15,695



11,108



18,008



19,422



244 %



178 %



Income tax expense

(15,806)



(4,024)



(1,388)



(3,551)



(4,519)



293 %



250 %



Net income

$     38,178



$     11,671



$            9,720



$          14,457



$     14,903



227 %



156 %

































Basic EPS

$         0.33



$         0.10



$              0.09



$              0.13



$         0.13



230 %



154 %



Diluted EPS

$         0.33



$         0.10



$              0.08



$              0.13



$         0.13



230 %



154 %

































LendingClub Corporation Performance Metrics:



Net interest margin

6.14 %



5.97 %



5.42 %



5.63 %



5.75 %











Efficiency ratio(2)

62.3 %



66.1 %



65.8 %



67.5 %



70.6 %











Return on average equity (ROE)(3)

11.1 %



3.5 %



2.9 %



4.4 %



4.7 %











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

11.8 %



3.7 %



3.1 %



4.7 %



5.1 %











Return on average total assets (ROA)(5)

1.5 %



0.4 %



0.4 %



0.6 %



0.6 %











Marketing expense as a % of loan originations

1.40 %



1.47 %



1.27 %



1.37 %



1.47 %









































LendingClub Corporation Capital Metrics:



Common equity Tier 1 capital ratio

17.5 %



17.8 %



17.3 %



15.9 %



17.9 %











Tier 1 leverage ratio

12.2 %



11.7 %



11.0 %



11.3 %



12.1 %











Book value per common share

$       12.25



$       11.95



$            11.83



$            11.95



$       11.52



3 %



6 %



Tangible book value per common share(1)

$       11.53



$       11.22



$            11.09



$            11.19



$       10.75



3 %



7 %

































Loan Originations (in millions)(6):





























Total loan originations

$       2,391



$       1,989



$            1,846



$            1,913



$       1,813



20 %



32 %



Marketplace loans

$       1,702



$       1,314



$            1,241



$            1,403



$       1,477



30 %



15 %



Loan originations held for investment

$          689



$          675



$               605



$               510



$          336



2 %



105 %



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

29 %



34 %



33 %



27 %



19 %









































Servicing Portfolio AUM (in millions)(7):



Total servicing portfolio

$      12,524



$      12,241



$           12,371



$           12,674



$      12,999



2 %



(4) %



Loans serviced for others

$        7,185



$        7,130



$             7,207



$             7,028



$        8,337



1 %



(14) %







(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, auto loans and education and patient finance 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





June 30,

2025



March 31,

2025



December 31,

2024



September 30,

2024



June 30,

2024



Q/Q



Y/Y



Balance Sheet Data:



Securities available for sale

$  3,527,142



$  3,426,571



$        3,452,648



$        3,311,418



$  2,814,383



3 %



25 %



Loans held for sale at fair value

$  1,008,168



$     703,378



$           636,352



$           849,967



$     791,059



43 %



27 %



Loans and leases held for investment at amortized cost

$  4,386,321



$  4,215,449



$        4,125,818



$        4,108,329



$  4,228,391



4 %



4 %



Gross allowance for loan and lease losses (1)

$   (293,707)



$   (288,308)



$         (285,686)



$         (274,538)



$   (285,368)



2 %



3 %



Recovery asset value (2)

$       40,718



$       44,115



$             48,952



$             53,974



$       56,459



(8) %



(28) %



Allowance for loan and lease losses

$   (252,989)



$   (244,193)



$         (236,734)



$         (220,564)



$   (228,909)



4 %



11 %



Loans and leases held for investment at amortized cost, net

$  4,133,332



$  3,971,256



$        3,889,084



$        3,887,765



$  3,999,482



4 %



3 %



Loans held for investment at fair value

$     631,736



$     818,882



$        1,027,798



$        1,287,495



$     339,222



(23) %



86 %



Total loans and leases held for investment

$  4,765,068



$  4,790,138



$        4,916,882



$        5,175,260



$  4,338,704



(1) %



10 %



Whole loans held on balance sheet (3)

$  5,773,236



$  5,493,516



$        5,553,234



$        6,025,227



$  5,129,763



5 %



13 %



Total assets

$  10,775,333



$  10,483,096



$      10,630,509



$      11,037,507



$  9,586,050



3 %



12 %



Total deposits

$  9,136,124



$  8,905,902



$        9,068,237



$        9,459,608



$  8,095,328



3 %



13 %



Total liabilities

$  9,369,298



$  9,118,579



$        9,288,778



$        9,694,612



$  8,298,105



3 %



13 %



Total equity

$  1,406,035



$  1,364,517



$        1,341,731



$        1,342,895



$  1,287,945



3 %



9 %







(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





June 30,

2025



March 31,

2025



December 31,

2024



September 30,

2024



June 30,

2024



Asset Quality Metrics (1):



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

5.8 %



5.8 %



5.7 %



5.4 %



5.4 %



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

2.3 %



2.7 %



3.9 %



3.1 %



2.7 %



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

6.4 %



6.3 %



6.1 %



5.8 %



5.9 %



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

7.5 %



7.5 %



7.5 %



7.3 %



7.5 %



Net charge-offs

$          31,800



$          48,923



$          45,977



$          55,805



$          66,818



Net charge-off ratio (2)

3.0 %



4.8 %



4.5 %



5.4 %



6.2 %







(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:





June 30,

2025



December 31,

2024



Unsecured personal

$       3,314,978



$       3,106,472



Residential mortgages

166,568



172,711



Secured consumer

242,517



230,232



Total consumer loans held for investment

3,724,063



3,509,415



Equipment finance (1)

49,891



64,232



Commercial real estate

449,604



373,785



Commercial and industrial

162,763



178,386



Total commercial loans and leases held for investment

662,258



616,403



Total loans and leases held for investment at amortized cost

4,386,321



4,125,818



Allowance for loan and lease losses

(252,989)



(236,734)



Loans and leases held for investment at amortized cost, net

$       4,133,332



$       3,889,084



Loans held for investment at fair value

631,736



1,027,798



Total loans and leases held for investment

$       4,765,068



$       4,916,882







(1)

Comprised of sales-type leases for equipment.

 

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:





June 30, 2025



December 31, 2024



Gross allowance for loan and lease losses (1)

$                 293,707



$                 285,686



Recovery asset value (2)

(40,718)



(48,952)



Allowance for loan and lease losses

$                 252,989



$                 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





June 30, 2025



March 31, 2025





Consumer



Commercial



Total



Consumer



Commercial



Total



Allowance for loan and lease losses, beginning of period

$    227,608



$        16,585



$ 244,193



$    212,598



$        24,136



$ 236,734



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

41,133



(537)



40,596



55,948



434



56,382



Charge-offs

(48,956)



(898)



(49,854)



(58,344)



(8,232)



(66,576)



Recoveries

17,648



406



18,054



17,406



247



17,653



Allowance for loan and lease losses, end of period

$    237,433



$        15,556



$ 252,989



$    227,608



$        16,585



$ 244,193



 



Three Months Ended





June 30, 2024





Consumer



Commercial



Total



Allowance for loan and lease losses, beginning of period

$    246,280



$        12,870



$ 259,150



Credit loss expense for loans and leases held for investment

30,760



5,817



36,577



Charge-offs

(77,494)



(594)



(78,088)



Recoveries

11,183



87



11,270



Allowance for loan and lease losses, end of period

$    210,729



$        18,180



$ 228,909



 

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:



June 30, 2025

30-59

Days



60-89

Days



90 or More

Days



Total Days

Past Due



Guaranteed

Amount (1)



Unsecured personal

$      18,657



$      17,189



$      15,518



$             51,364



$                     —



Residential mortgages





72



72





Secured consumer

2,187



851



328



3,366





Total consumer loans held for investment

$      20,844



$      18,040



$      15,918



$             54,802



$                     —

























Equipment finance

$              —



$              —



$         4,042



$               4,042



$                     —



Commercial real estate



528



10,222



10,750



8,456



Commercial and industrial

1,057



672



18,215



19,944



16,825



Total commercial loans and leases held for investment

$         1,057



$         1,200



$      32,479



$             34,736



$             25,281



Total loans and leases held for investment at amortized cost

$      21,901



$      19,240



$      48,397



$             89,538



$             25,281



 

December 31, 2024

30-59

Days



60-89

Days



90 or More

Days



Total Days

Past Due



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 Small Business Association.

 

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)





Three Months Ended



Change (%)





June 30,

2025



March 31,

2025



June 30,

2024



Q2 2025

vs

Q1 2025



Q2 2025

vs

Q2 2024



Non-interest income:





















Origination fees

$         87,578



$          69,944



$         77,131



25 %



14 %



Servicing fees

16,395



12,748



19,869



29 %



(17) %



Gain on sales of loans

13,540



12,202



10,748



11 %



26 %



Net fair value adjustments

(27,869)



(29,251)



(51,395)



5 %



46 %



Marketplace revenue

89,644



65,643



56,353



37 %



59 %



Other non-interest income

4,542



2,111



2,360



115 %



92 %



Total non-interest income

94,186



67,754



58,713



39 %



60 %

























Total interest income

237,097



232,059



219,634



2 %



8 %



Total interest expense

82,848



82,102



91,106



1 %



(9) %



Net interest income

154,249



149,957



128,528



3 %



20 %

























Total net revenue

248,435



217,711



187,241



14 %



33 %

























Provision for credit losses

39,733



58,149



35,561



(32) %



12 %

























Non-interest expense:





















Compensation and benefits

61,989



58,389



56,540



6 %



10 %



Marketing

33,580



29,239



26,665



15 %



26 %



Equipment and software

14,495



14,644



12,360



(1) %



17 %



Depreciation and amortization

15,460



13,909



13,072



11 %



18 %



Professional services

10,300



9,764



7,804



5 %



32 %



Occupancy

4,787



4,345



3,941



10 %



21 %



Other non-interest expense

14,107



13,577



11,876



4 %



19 %



Total non-interest expense

154,718



143,867



132,258



8 %



17 %

























Income before income tax expense

53,984



15,695



19,422



244 %



178 %



Income tax expense

(15,806)



(4,024)



(4,519)



293 %



250 %



Net income

$         38,178



$          11,671



$         14,903



227 %



156 %

























Net income per share: 





















Basic EPS

$             0.33



$             0.10



$             0.13



230 %



154 %



Diluted EPS

$             0.33



$             0.10



$             0.13



230 %



154 %



Weighted-average common shares – Basic

114,409,231



113,693,399



111,395,025



1 %



3 %



Weighted-average common shares – Diluted

115,692,969



116,176,898



111,466,497



— %



4 %



 

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)





Consolidated LendingClub Corporation (1)





Three Months Ended

June 30, 2025



Three Months Ended

March 31, 2025



Three Months Ended

June 30, 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

$     679,603



$    7,113



4.19 %



$    893,058



$    9,606



4.30 %



$    976,330



$  13,168



5.40 %



Securities available for sale at fair value

3,411,020



55,339



6.49 %



3,397,720



56,280



6.63 %



2,406,767



42,879



7.13 %



Loans held for sale at fair value

1,061,845



32,489



12.24 %



723,972



21,814



12.05 %



838,143



26,721



12.75 %



Loans and leases held for investment:





































Unsecured personal loans

3,177,439



107,829



13.57 %



3,097,136



104,722



13.53 %



3,243,161



108,425



13.37 %



Commercial and other consumer loans

999,148



14,566



5.83 %



1,012,060



14,227



5.62 %



1,097,846



16,394



5.97 %



Loans and leases held for investment at amortized cost

4,176,587



122,395



11.72 %



4,109,196



118,949



11.58 %



4,341,007



124,819



11.50 %



Loans held for investment at fair value

722,685



19,761



10.94 %



921,008



25,410



11.04 %



383,872



12,047



12.55 %



Total loans and leases held for investment

4,899,272



142,156



11.61 %



5,030,204



144,359



11.48 %



4,724,879



136,866



11.59 %



Total interest-earning assets

10,051,740



237,097



9.44 %



10,044,954



232,059



9.24 %



8,946,119



219,634



9.82 %



Cash and due from banks and restricted cash

38,746











30,084











55,906











Allowance for loan and lease losses

(247,133)











(239,608)











(245,478)











Other non-interest earning assets

633,711











593,740











632,253











Total assets

$  10,477,064











$  10,429,170











$ 9,388,800











Interest-bearing liabilities





































Interest-bearing deposits:





































Checking and money market accounts

$     558,506



$    2,275



1.63 %



$    565,981



$    2,317



1.66 %



$ 1,097,696



$  10,084



3.69 %



Savings accounts and certificates of deposit

8,018,517



80,570



4.03 %



7,954,562



79,783



4.07 %



6,449,061



80,109



5.00 %



Interest-bearing deposits

8,577,023



82,845



3.87 %



8,520,543



82,100



3.91 %



7,546,757



90,193



4.81 %



Other interest-bearing liabilities

220



3



4.54 %



222



2



4.47 %



56,628



913



6.45 %



Total interest-bearing liabilities

8,577,243



82,848



3.87 %



8,520,765



82,102



3.91 %



7,603,385



91,106



4.82 %



Noninterest-bearing deposits

282,113











321,777











303,199











Other liabilities

236,509











237,155











215,608











Total liabilities

$  9,095,865











$ 9,079,697











$ 8,122,192











Total equity

$  1,381,199











$ 1,349,473











$ 1,266,608











Total liabilities and equity

$  10,477,064











$  10,429,170











$ 9,388,800

















































Interest rate spread









5.57 %











5.33 %











5.00 %









































Net interest income and net interest margin





$  154,249



6.14 %







$ 149,957



5.97 %







$ 128,528



5.75 %







(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)





June 30,

2025



December 31,

2024



Assets









Cash and due from banks

$            18,426



$         15,524



Interest-bearing deposits in banks

734,136



938,534



Total cash and cash equivalents

752,562



954,058



Restricted cash

21,759



23,338



Securities available for sale at fair value ($3,565,829 and $3,492,264 at amortized cost, respectively)

3,527,142



3,452,648



Loans held for sale at fair value

1,008,168



636,352



Loans and leases held for investment

4,386,321



4,125,818



Allowance for loan and lease losses

(252,989)



(236,734)



Loans and leases held for investment, net

4,133,332



3,889,084



Loans held for investment at fair value

631,736



1,027,798



Property, equipment and software, net

246,284



167,532



Goodwill

75,717



75,717



Other assets

378,633



403,982



Total assets

$      10,775,333



$   10,630,509



Liabilities and Equity









Deposits:









Interest-bearing

$        8,785,727



$     8,676,119



Noninterest-bearing

350,397



392,118



Total deposits

9,136,124



9,068,237



Other liabilities

233,174



220,541



Total liabilities

9,369,298



9,288,778



Equity









Common stock, $0.01 par value; 180,000,000 shares authorized; 114,740,147 and 113,383,917 shares issued and outstanding, respectively

1,147



1,134



Additional paid-in capital

1,718,520



1,702,316



Accumulated deficit

(287,627)



(337,476)



Accumulated other comprehensive loss

(26,005)



(24,243)



Total equity

1,406,035



1,341,731



Total liabilities and equity

$      10,775,333



$   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





June 30,

2025



March 31,

2025



December 31,

2024



September 30,

2024



June 30,

2024



GAAP Net income

$             38,178



$             11,671



$               9,720



$             14,457



$             14,903



Less: Provision for credit losses

(39,733)



(58,149)



(63,238)



(47,541)



(35,561)



Less: Income tax expense

(15,806)



(4,024)



(1,388)



(3,551)



(4,519)



Pre-provision net revenue

$             93,717



$             73,844



$             74,346



$             65,549



$             54,983



 



For the three months ended





June 30,

2025



March 31,

2025



December 31,

2024



September 30,

2024



June 30,

2024



Non-interest income

$             94,186



$             67,754



$             74,817



$             61,640



$             58,713



Net interest income

154,249



149,957



142,384



140,241



128,528



Total net revenue

248,435



217,711



217,201



201,881



187,241



Non-interest expense

(154,718)



(143,867)



(142,855)



(136,332)



(132,258)



Pre-provision net revenue

$             93,717



73,844



74,346



65,549



54,983



Provision for credit losses

(39,733)



(58,149)



(63,238)



(47,541)



(35,561)



Income before income tax expense

53,984



15,695



11,108



18,008



19,422



Income tax expense

(15,806)



(4,024)



(1,388)



(3,551)



(4,519)



GAAP Net income

$             38,178



$             11,671



$               9,720



$             14,457



$             14,903



 

Tangible Book Value Per Common Share





June 30,

2025



March 31,

2025



December 31,

2024



September 30,

2024



June 30,

2024



GAAP common equity

$         1,406,035



$          1,364,517



$          1,341,731



$          1,342,895



$          1,287,945



Less: Goodwill

(75,717)



(75,717)



(75,717)



(75,717)



(75,717)



Less: Customer relationship intangible assets

(7,068)



(7,778)



(8,586)



(9,439)



(10,293)



Tangible common equity

$         1,323,250



$          1,281,022



$          1,257,428



$          1,257,739



$          1,201,935

























Book value per common share



GAAP common equity

$         1,406,035



$          1,364,517



$          1,341,731



$          1,342,895



$          1,287,945



Common shares issued and outstanding

114,740,147



114,199,832



113,383,917



112,401,990



111,812,215



Book value per common share

$                12.25



$                 11.95



$                 11.83



$                 11.95



$                 11.52

























Tangible book value per common share



Tangible common equity

$         1,323,250



$          1,281,022



$          1,257,428



$          1,257,739



$          1,201,935



Common shares issued and outstanding

114,740,147



114,199,832



113,383,917



112,401,990



111,812,215



Tangible book value per common share

$                11.53



$                 11.22



$                 11.09



$                 11.19



$                 10.75



 

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





June 30,

2025



March 31,

2025



December 31,

2024



September 30,

2024



June 30,

2024



Average GAAP common equity

$     1,381,199



$     1,349,473



$     1,335,730



$     1,307,521



$     1,266,608



Less: Average goodwill

(75,717)



(75,717)



(75,717)



(75,717)



(75,717)



Less: Average customer relationship intangible assets

(7,423)



(8,182)



(9,013)



(9,866)



(10,729)



Average tangible common equity

$     1,298,059



$     1,265,574



$     1,251,000



$     1,221,938



$     1,180,162

























Return on average equity



Annualized GAAP net income

$        152,712



$          46,684



$          38,880



$          57,828



$          59,612



Average GAAP common equity

$     1,381,199



$     1,349,473



$     1,335,730



$     1,307,521



$     1,266,608



Return on average equity

11.1 %



3.5 %



2.9 %



4.4 %



4.7 %

























Return on tangible common equity



Annualized GAAP net income

$        152,712



$          46,684



$          38,880



$          57,828



$          59,612



Average tangible common equity

$     1,298,059



$     1,265,574



$     1,251,000



$     1,221,938



$     1,180,162



Return on tangible common equity

11.8 %



3.7 %



3.1 %



4.7 %



5.1 %



 

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SOURCE LendingClub Corporation

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