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LendingClub Reports Fourth Quarter and Full Year 2025 Results

By PR Newswire | January 28, 2026, 4:05 PM
LC
-5.96%
LendingClub Corp

 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 %



 

Cision
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SOURCE LendingClub Corporation

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