US Market News
2 months ago
LendingClub Reports First Quarter 2026 ResultsApril 27, 2026 4:05 PM
PR Newswire (US)
Strong Performance Across Key Metrics
Delivered Record $67.3 Million Pre-Tax Income, 13.7% ROE, and 14.5% ROTCE
Increased Originations +31% and Delivered Diluted EPS of $0.44, +340%
Rebranding to Happen Bank in Summer 2026SAN FRANCISCO, April 27, 2026 /PRNewswire/ -- LendingClub Corporation (NYSE: LC) today announced financial results for the first quarter ended March 31, 2026.
"We're starting 2026 with exceptional momentum, delivering 31% year-over-year growth in originations while achieving record pre-tax earnings of $67 million and ROTCE of 14.5%," said Scott Sanborn, LendingClub CEO. "At the same time, we advanced key strategic priorities, including the upcoming rebrand to Happen Bank, expanding into the $500 billion home improvement loan category, and maintaining our credit outperformance. Our focused, proven strategy is successfully attracting and retaining high-quality members as we continue generating consistent, durable returns."First Quarter 2026 ResultsHighlights: Announced new brand, Happen Bank, launching summer 2026, reflecting both our expanded banking capabilities and our core mission: to clear the way for people going places.Began underwriting and originating home improvement loans in April, leveraging distinct advantages over incumbents and opening meaningful opportunity for growth.Achieved $2.7 billion in origination volume, up 31% compared to the prior year, driven in part by the successful execution of product and marketing initiatives.Diluted EPS of $0.44, more than quadrupled compared to the prior year.Continued credit outperformance vs. competitor set, with over 40% lower delinquencies.AI-powered automation and agent support tools led to record personal loans operations production efficiency in the first quarter and a record-high >90% automation rate for issued loans.Executed $26 million of the $100 million Stock Repurchase and Acquisition Program, with cumulative utilization through March totaling $38 million.Balance Sheet:Total assets of $11.9 billion, up 14% year-over-year, primarily due to growth in loans and securities.Deposits of $10.2 billion, up 14% year-over-year, with 88% of deposits FDIC-insured.Robust available liquidity of $3.7 billion.Strong capital position with a consolidated Tier 1 leverage ratio of 11.9% and a CET1 capital ratio of 17.0%.Financial Performance: Loan originations grew 31% to $2.7 billion, compared to $2.0 billion in the prior year, driven by the successful execution of product and marketing initiatives.Total net revenue increased 16% to $252.3 million, compared to $217.7 million in the prior year, driven by higher loan sales and loan sale pricing and higher net interest margin on a larger balance sheet.Net interest margin expanded to 6.28%, compared to 5.97% in the prior year, driven primarily by improved deposit funding costs. Provision for credit losses of $0.4 million, compared to $58.1 million in the prior year, due to strong credit performance and the 2026 election of fair value option (FVO) accounting for all new originations.Net charge-offs on total loans and leases held for investment improved to $42.5 million, compared to $76.1 million in the same quarter in the prior year, supported by strong credit performance.Net income and Diluted EPS more than quadrupled to $51.6 million and $0.44, respectively, compared to $11.7 million and $0.10 in the prior year, respectively.Profit margin (pre-tax) of 26.7%, compared to 7.2% in the prior year.Return on Equity (ROE) of 13.7% with a Return on Tangible Common Equity (ROTCE) of 14.5%.Summary Financial Highlights:
Three Months Ended($ in millions, except per share amounts)March 31,
2026
December 31,
2025
March 31,
2025Total net revenue$ 252.3
$ 266.5
$ 217.7Provision for credit losses0.4
47.2
58.1Non-interest expense184.5
169.3
143.9Income before income tax expense67.3
50.0
15.7Income tax expense(15.7)
(8.5)
(4.0)Net income$ 51.6
$ 41.6
$ 11.7
Diluted EPS$ 0.44
$ 0.35
$ 0.10For a calculation of 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.2026 Strategic Priorities & InvestmentsLendingClub has made important progress on several strategic initiatives:Corporate Rebrand: Rebranding to Happen BankTM, a bank that clears the way for people going places, providing fast and easy access to award-winning products that help them save more of what they earn and earn more on what they save. The new brand reflects LendingClub's transition from a pioneering online lender to a diversified digital-first bank that combines deposits, lending, and a capital-light marketplace bank model. The company will transition to the new brand this summer. Rebrand-related costs are included in the 2026 financial guidance.Home Improvement Financing: Having previously acquired foundational technology and key talent, LendingClub is now underwriting and originating home improvement loans through its initial partnership with the Wisetack platform. Inbound interest from additional potential partners has been significant. Home improvement financing is a $500 billion market where LendingClub has distinct advantages over incumbents and a meaningful opportunity for growth.AI and Operating Efficiency: The company has over 60 active AI initiatives underway across marketing, product, engineering, operations, customer experience, and compliance, with the goal of improving efficiency and supporting margin expansion over time. AI-powered automation and agent support tools have already led to record personal loans operations production efficiency and a record-high >90% automation rate for issued loans in the first quarter.New Marketing Channel Investment: LendingClub accelerated investments in new acquisition channels, including paid social and display, ahead of normal seasonal timing in order to build attribution models and data capabilities for the full-year 2026 growth plan. Successful execution of marketing and product initiatives contributed to a 31% year-over-year increase in originations growth in the first quarter.Transition to Fair Value Option Accounting: Starting first quarter of 2026, LendingClub has adopted FVO accounting for all new originations of loans held for investment. This change aligns the accounting treatment for loans held for investment and held for sale, creating a consistent framework across the business and removing the front-loaded CECL reserve impact that corresponds to balance sheet growth. The company expects this transition will, over time, result in higher return on invested capital.From a financial reporting perspective, under FVO, new loans are marked to fair value at origination, with subsequent changes in fair value, reflecting both credit performance and market conditions, flowing through non-interest income each quarter rather than through a separate provision for credit losses. The company will no longer record a CECL provision on new loan originations.Financial Outlook
Second Quarter 2026Loan originations$3.0B to $3.1BDiluted EPS$0.40 to $0.45
Full Year 2026Loan originations$11.6B to $12.6BDiluted EPS$1.65 to $1.80About LendingClubLendingClub Bank (soon to be Happen BankTM) is a digital bank built for the Motivated Middle: high-FICO, high-income, digitally savvy consumers actively managing their financial lives. Our difference? We make it easy for them to access award-winning products that help them keep more of what they earn and earn more on what they save. Our products are aligned by design to reward our five million plus members when they take positive financial steps, like saving regularly or making loan payments on time.Our success is fueled by our advanced credit underwriting, a proprietary technology platform engineered for innovation, and a marketplace bank model that drives value for members, loan investors, and shareholders alike. The result is affordable credit, meaningful value, and a trusted banking relationship delivered consistently and profitably at scale.As we look to our next chapter, we're choosing a name that reflects why we exist: to clear the way for our members to make it happen. Learn more at https://www.meethappen.com. 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 InformationThe LendingClub first quarter 2026 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Monday, April 27, 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/442019885 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 SubmissionsPrior 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:
IR@lendingclub.comMedia Contact:
Press@lendingclub.comNon-GAAP Financial MeasuresTo supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: 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 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 page 11 of this release.Safe Harbor StatementSome of the statements above, including statements regarding our entry into home improvement financing, our rebranding initiative, 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
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Q/Q
Y/YOperating Highlights:Net interest income$ 176,234
$ 163,027
$ 158,439
$ 154,249
$ 149,957
8 %
18 %Non-interest income76,017
103,444
107,792
94,186
67,754
(27) %
12 %Total net revenue252,251
266,471
266,231
248,435
217,711
(5) %
16 %Provision for credit losses390
47,158
46,280
39,733
58,149
(99) %
(99) %Non-interest expense184,533
169,284
162,713
154,718
143,867
9 %
28 %Income before income tax expense67,328
50,029
57,238
53,984
15,695
35 %
329 %Income tax expense(15,725)
(8,475)
(12,964)
(15,806)
(4,024)
86 %
291 %Net income$ 51,603
$ 41,554
$ 44,274
$ 38,178
$ 11,671
24 %
342 %Diluted EPS$ 0.44
$ 0.35
$ 0.37
$ 0.33
$ 0.10
26 %
340 %
Total loan originations (in millions)(1)$ 2,669
$ 2,637
$ 2,656
$ 2,433
$ 2,032
1 %
31 %Current period originations sold or held
for sale $ 1,717
$ 2,090
$ 2,027
$ 1,702
$ 1,314
(18) %
31 %Current period originations held for
investment$ 952
$ 547
$ 629
$ 731
$ 717
74 %
33 %
Total servicing portfolio (in millions)(2)$ 13,854
$ 13,423
$ 12,986
$ 12,524
$ 12,241
3 %
13 %Loans serviced for others$ 7,750
$ 7,601
$ 7,612
$ 7,185
$ 7,130
2 %
9 %
Performance Metrics:Net interest margin6.28 %
5.98 %
6.18 %
6.14 %
5.97 %
Profit margin(3)26.7 %
18.8 %
21.5 %
21.7 %
7.2 %
Return on average equity (ROE)(4)13.7 %
11.3 %
12.4 %
11.1 %
3.5 %
Return on tangible common equity (ROTCE)(5)(6)14.5 %
11.9 %
13.2 %
11.8 %
3.7 %
Return on average total assets (ROA)(7)1.8 %
1.5 %
1.7 %
1.5 %
0.4 %
Marketing expense as a % of loan originations(1)2.08 %
1.73 %
1.53 %
1.38 %
1.44 %
Average balance - total loans and leases held for investment$ 4,797,639
$ 4,767,573
$ 4,890,619
$ 4,899,272
$ 5,030,204
1 %
(5) %Net charge-offs - total loans and leases held for investment$ 42,493
$ 47,852
$ 41,899
$ 46,078
$ 76,128
(11) %
(44) %Net charge-off ratio - total loans and leases held for investment(8)3.5 %
4.0 %
3.4 %
3.8 %
6.1 %
Capital Metrics:Common equity Tier 1 capital ratio17.0 %
17.4 %
18.0 %
17.5 %
17.8 %
Tier 1 leverage ratio11.9 %
12.0 %
12.3 %
12.2 %
11.7 %
Book value per common share$ 13.19
$ 13.01
$ 12.68
$ 12.25
$ 11.95
1 %
10 %Tangible book value per common share(6)$ 12.49
$ 12.30
$ 11.95
$ 11.53
$ 11.22
2 %
11 %(1) Beginning in the first quarter of 2026, includes all loans originated during the respective periods (unsecured consumer loans, auto loans and small business loans). Previously this included unsecured consumer loans and auto loans only. In the first quarter of 2026, this update included $15 million of small business loan originations. Prior periods have been reclassified to conform to the current period presentation.(2) Reflects loans serviced on our platform, which includes unsecured consumer loans and auto loans serviced for others for which servicing rights are retained by the Company.(3) Calculated as the ratio of income before income tax expense to total net revenue.(4) Calculated as annualized net income divided by average equity for the period presented.(5) Calculated as annualized net income divided by average tangible common equity for the period presented.(6) Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures."(7) Calculated as annualized net income divided by average total assets for the period presented.(8) Beginning in the first quarter of 2026, the net charge-off ratio is calculated as annualized net charge-offs for total loans and leases held for investment (at amortized cost and fair value) divided by average total outstanding loans and leases held for investment during the period. Prior to the first quarter of 2026, this was calculated based on loans and leases held for investment at amortized cost only. Prior period amounts have been reclassified to conform to the current period presentation. LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of the period ended
% Change
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Q/Q
Y/YBalance Sheet Data:Securities available for sale$ 3,867,576
$ 3,706,709
$ 3,742,304
$ 3,527,142
$ 3,426,571
4 %
13 %Loans held for sale$ 1,836,121
$ 1,762,396
$ 1,213,140
$ 1,008,168
$ 703,378
4 %
161 %Loans and leases held for investment$ 4,700,990
$ 4,470,383
$ 4,573,425
$ 4,765,068
$ 4,790,138
5 %
(2) %Total loans and leases$ 6,537,111
$ 6,232,779
$ 5,786,565
$ 5,773,236
$ 5,493,516
5 %
19 %Total assets$ 11,939,839
$ 11,567,816
$ 11,072,515
$ 10,775,333
$ 10,483,096
3 %
14 %Total deposits$ 10,189,511
$ 9,833,870
$ 9,388,233
$ 9,136,124
$ 8,905,902
4 %
14 %Total liabilities$ 10,416,311
$ 10,067,388
$ 9,610,302
$ 9,369,298
$ 9,118,579
3 %
14 %Total equity$ 1,523,528
$ 1,500,428
$ 1,462,213
$ 1,406,035
$ 1,364,517
2 %
12 % LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT BY DELINQUENCY STATUS
(In thousands)
(Unaudited) The following tables present loans and leases held for investment (at amortized cost and fair value) by delinquency status(1):March 31, 2026Current
30-59
Days
60-89
Days
90 or More
Days
Total
Guaranteed
Amount (2)Unsecured consumer (3)$ 3,703,293
$ 22,006
$ 18,305
$ 16,826
$ 3,760,430
$ —Residential mortgages147,730
1,719
—
25
149,474
—Secured consumer341,829
3,012
545
237
345,623
—Total consumer loans held for investment4,192,852
26,737
18,850
17,088
4,255,527
—
Equipment finance (4)32,824
—
—
3,623
36,447
—Commercial real estate (5)480,877
—
399
10,295
491,571
38,372Commercial and industrial129,103
3,662
1,417
20,122
154,304
107,816Total commercial loans and leases held for investment642,804
$ 3,662
$ 1,816
$ 34,040
$ 682,322
$ 146,188Total loans and leases held for investment$ 4,835,656
$ 30,399
$ 20,666
$ 51,128
$ 4,937,849
$ 146,188
December 31, 2025Current
30-59
Days
60-89
Days
90 or More
Days
Total
Guaranteed
Amount (2)Unsecured consumer (3)$ 3,600,434
$ 24,075
$ 19,685
$ 18,929
$ 3,663,123
$ —Residential mortgages150,099
—
888
86
151,073
—Secured consumer257,063
3,015
596
395
261,069
—Total consumer loans held for investment4,007,596
27,090
21,169
19,410
4,075,265
—
Equipment finance (4)35,973
696
—
3,088
39,757
—Commercial real estate (5)461,307
—
—
11,182
472,489
39,507Commercial and industrial133,526
1,540
1,878
20,074
157,018
108,826Total commercial loans and leases held for investment630,806
2,236
1,878
34,344
669,264
148,333Total loans and leases held for investment$ 4,638,402
$ 29,326
$ 23,047
$ 53,754
$ 4,744,529
$ 148,333(1) Beginning in the first quarter of 2026, amounts include loans and leases held for investment measured at both amortized cost and fair value. Prior to the first quarter of 2026, amounts included loans and leases held for investment at amortized cost only.(2) Represents loan balances guaranteed by the Small Business Association (SBA).(3) Excludes basis adjustment for loans previously designated in fair value hedges under the portfolio layer method of $0.8 million and $1.6 million as of March 31, 2026 and December 31, 2025, respectively.(4) Comprised of sales-type leases for equipment.(5) Includes $307.0 million and $286.8 million in loans originated through the SBA as of March 31, 2026 and December 31, 2025, respectively. LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Change (%)
March 31,
2026
December 31,
2025
March 31,
2025
Q1 2026 vs Q4 2025
Q1 2026 vs Q1 2025Interest income:
Interest on loans (1)$ 199,897
$ 185,814
$ 166,173
8 %
20 %Interest on securities available for sale54,411
55,948
56,280
(3) %
(3) %Other interest income6,899
8,824
9,606
(22) %
(28) %Total interest income$ 261,207
$ 250,586
$ 232,059
4 %
13 %
Interest expense:
Interest on deposits84,971
87,558
82,100
(3) %
3 %Other interest expense2
1
2
100 %
— %Total interest expense84,973
87,559
82,102
(3) %
3 %
Net interest income176,234
163,027
149,957
8 %
18 %
Non-interest income:
Origination fees (2)130,088
109,562
69,944
19 %
86 %Servicing fees (2)13,113
12,845
12,748
2 %
3 %Gain on sales of loans (2)16,269
15,546
12,202
5 %
33 %Net fair value adjustments (2)(88,925)
(39,451)
(29,251)
(125) %
(204) %Other non-interest income5,472
4,942
2,111
11 %
159 %Total non-interest income76,017
103,444
67,754
(27) %
12 %
Total net revenue252,251
266,471
217,711
(5) %
16 %
Provision for credit losses390
47,158
58,149
(99) %
(99) %
Non-interest expense:
Compensation and benefits65,514
60,638
58,389
8 %
12 %Marketing55,415
45,680
29,239
21 %
90 %Equipment and software15,293
14,410
14,644
6 %
4 %Depreciation and amortization15,819
16,641
13,909
(5) %
14 %Professional services11,767
11,353
9,764
4 %
21 %Occupancy6,391
5,457
4,345
17 %
47 %Other non-interest expense14,334
15,105
13,577
(5) %
6 %Total non-interest expense184,533
169,284
143,867
9 %
28 %
Income before income tax expense67,328
50,029
15,695
35 %
329 %Income tax expense(15,725)
(8,475)
(4,024)
86 %
291 %Net income$ 51,603
$ 41,554
$ 11,671
24 %
342 %
Net income per share:
Basic EPS$ 0.45
$ 0.36
$ 0.10
25 %
350 %Diluted EPS$ 0.44
$ 0.35
$ 0.10
26 %
340 %Weighted-average common shares – Basic115,400,564
115,334,621
113,693,399
— %
2 %Weighted-average common shares – Diluted 117,333,435
118,855,315
116,176,898
(1) %
1 %(1) Beginning in the first quarter of 2026, we combined "Interest on loans held for sale," "Interest and fees on loans and leases held for investment," and "Interest on loans held for investment at fair value," into a single line item called "Interest on loans." Prior period amounts have been reclassified to conform to the current period presentation.(2) Beginning in the first quarter of 2026, these components previously aggregated under "Marketplace revenue" on the Income Statement, are now presented as separate line items. Prior period amounts have been reclassified to conform to the current period presentation. LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months EndedMarch 31, 2026
Three Months EndedDecember 31, 2025
Three Months EndedMarch 31, 2025
Average
Balance
Interest Income/
Expense
Average Yield/
Rate
Average
Balance
Interest Income/
Expense
Average Yield/
Rate
Average
Balance
Interest Income/
Expense
Average Yield/
RateInterest-earning assets (2)
Cash, cash equivalents, restricted cash and other$ 775,385
$ 6,899
3.56 %
$ 905,427
$ 8,824
3.90 %
$ 893,058
$ 9,606
4.30 %Securities available for sale at fair value3,737,199
54,411
5.82 %
3,695,980
55,948
6.06 %
3,397,720
56,280
6.63 %Loans held for sale at fair value1,910,017
64,531
13.51 %
1,530,624
51,006
13.33 %
723,972
21,814
12.05 %Loans held for investment at fair value807,486
25,467
12.62 %
455,168
12,292
10.80 %
921,008
25,410
11.04 %Loans and leases held for investment at amortized cost:
Unsecured consumer loans2,934,584
94,763
12.92 %
3,252,204
106,716
13.13 %
3,097,136
104,722
13.53 %Commercial and secured consumer loans1,055,569
15,136
5.74 %
1,060,201
15,800
5.96 %
1,012,060
14,227
5.62 %Loans and leases held for investment at amortized cost3,990,153
109,899
11.02 %
4,312,405
122,516
11.36 %
4,109,196
118,949
11.58 %Total loans and leases held for investment4,797,639
135,366
11.29 %
4,767,573
134,808
11.31 %
5,030,204
144,359
11.48 %Total interest-earning assets11,220,240
261,207
9.31 %
10,899,604
250,586
9.20 %
10,044,954
232,059
9.24 %
Cash and due from banks and restricted cash26,343
32,308
30,084
Allowance for loan and lease losses(262,466)
(275,187)
(239,608)
Other non-interest earning assets668,486
644,221
593,740
Total assets$ 11,652,603
$ 11,300,946
$ 10,429,170
Interest-bearing liabilities
Interest-bearing deposits (3):
Savings and money market accounts6,694,780
58,714
3.56 %
6,478,888
60,960
3.73 %
5,917,852
55,881
3.83 %Certificates of deposit2,488,015
25,174
4.10 %
2,400,374
25,377
4.19 %
2,172,242
24,866
4.64 %Checking accounts393,963
1,083
1.12 %
396,430
1,221
1.22 %
430,449
1,353
1.27 %Interest-bearing deposits9,576,758
84,971
3.60 %
9,275,692
87,558
3.75 %
8,520,543
82,100
3.91 %Other interest-bearing liabilities222
2
3.79 %
109
1
4.28 %
222
2
4.47 %Total interest-bearing liabilities9,576,980
84,973
3.60 %
9,275,801
87,559
3.75 %
8,520,765
82,102
3.91 %Noninterest-bearing deposits334,136
311,147
321,777
Other liabilities233,776
240,642
237,155
Total liabilities$ 10,144,892
$ 9,827,590
$ 9,079,697
Total equity$ 1,507,711
$ 1,473,356
$ 1,349,473
Total liabilities and equity$ 11,652,603
$ 11,300,946
$ 10,429,170
Interest rate spread
5.71 %
5.45 %
5.33 %
Net interest income and net interest margin
$ 176,234
6.28 %
$ 163,027
5.98 %
$ 149,957
5.97 %(1) Consolidated presentation reflects intercompany eliminations.(2) Nonaccrual loans and any related income are included in their respective loan categories.(3) Prior period amounts have been reclassified to conform to the current period presentation. LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
March 31,
2026
December 31,
2025Assets
Cash and due from banks$ 19,528
$ 11,749Interest-bearing deposits in banks782,415
905,905Total cash and cash equivalents801,943
917,654Restricted cash19,919
12,783Securities available for sale at fair value ($3,908,834 and $3,733,780 at amortized cost, respectively)3,867,576
3,706,709Loans held for sale at fair value1,836,121
1,762,396Loans held for investment at fair value1,237,850
473,314Loans and leases held for investment3,700,837
4,272,812Allowance for loan and lease losses(237,697)
(275,743)Loans and leases held for investment, net3,463,140
3,997,069Property, equipment and software, net273,472
254,088Goodwill75,717
75,717Other assets364,101
368,086Total assets$ 11,939,839
$ 11,567,816Liabilities and Equity
Deposits:
Interest-bearing$ 9,781,568
$ 9,459,483Noninterest-bearing407,943
374,387Total deposits10,189,511
9,833,870Other liabilities226,800
233,518Total liabilities10,416,311
10,067,388Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 115,497,890 and 115,368,987 shares issued and outstanding, respectively1,155
1,154Additional paid-in capital1,701,280
1,719,233Accumulated deficit(150,196)
(201,799)Accumulated other comprehensive loss(28,711)
(18,160)Total equity1,523,528
1,500,428Total liabilities and equity$ 11,939,839
$ 11,567,816 LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited) Tangible Book Value Per Common Share
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025GAAP common equity$ 1,523,528
$ 1,500,428
$ 1,462,213
$ 1,406,035
$ 1,364,517Less: Goodwill(75,717)
(75,717)
(75,717)
(75,717)
(75,717)Less: Customer relationship intangible assets(5,039)
(5,685)
(8,206)
(7,068)
(7,778)Tangible common equity$ 1,442,772
$ 1,419,026
$ 1,378,290
$ 1,323,250
$ 1,281,022
Book value per common shareGAAP common equity$ 1,523,528
$ 1,500,428
$ 1,462,213
$ 1,406,035
$ 1,364,517Common shares issued and outstanding115,497,890
115,368,987
115,301,440
114,740,147
114,199,832Book value per common share$ 13.19
$ 13.01
$ 12.68
$ 12.25
$ 11.95
Tangible book value per common shareTangible common equity$ 1,442,772
$ 1,419,026
$ 1,378,290
$ 1,323,250
$ 1,281,022Common shares issued and outstanding115,497,890
115,368,987
115,301,440
114,740,147
114,199,832Tangible book value per common share$ 12.49
$ 12.30
$ 11.95
$ 11.53
$ 11.22 Return On Tangible Common Equity
For the three months ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025Average GAAP common equity$ 1,507,711
$ 1,473,356
$ 1,424,538
$ 1,381,199
$ 1,349,473Less: Average goodwill(75,717)
(75,717)
(75,717)
(75,717)
(75,717)Less: Average customer relationship intangible assets(5,362)
(6,031)
(6,722)
(7,423)
(8,182)Average tangible common equity$ 1,426,632
$ 1,391,608
$ 1,342,099
$ 1,298,059
$ 1,265,574
Return on average equityAnnualized GAAP net income$ 206,412
$ 166,216
$ 177,096
$ 152,712
$ 46,684Average GAAP common equity$ 1,507,711
$ 1,473,356
$ 1,424,538
$ 1,381,199
$ 1,349,473Return on average equity13.7 %
11.3 %
12.4 %
11.1 %
3.5 %
Return on tangible common equityAnnualized GAAP net income$ 206,412
$ 166,216
$ 177,096
$ 152,712
$ 46,684Average tangible common equity$ 1,426,632
$ 1,391,608
$ 1,342,099
$ 1,298,059
$ 1,265,574Return on tangible common equity14.5 %
11.9 %
13.2 %
11.8 %
3.7 %
View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-first-quarter-2026-results-302754594.htmlSOURCE LendingClub Corporation
Original: LendingClub Reports First Quarter 2026 Results
US Market News
5 months ago
LendingClub Reports Fourth Quarter and Full Year 2025 ResultsJanuary 28, 2026 4:05 PM
PR Newswire (US)
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 yearSAN 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 ResultsHighlights: 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 expense169.3
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 losses47.2
46.3
63.2
191.3
178.3
Income before income tax
expense50.0
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 LendingClubLendingClub 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 InformationThe 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 SubmissionsPrior 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:
IR@lendingclub.comMedia Contact:
Press@lendingclub.comNon-GAAP Financial MeasuresTo 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 StatementSome 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 CORPORATIONOPERATING 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 income163,027
158,439
154,249
149,957
142,384
3 %
14 %
Total net revenue266,471
266,231
248,435
217,711
217,201
— %
23 %
Non-interest expense169,284
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 losses47,158
46,280
39,733
58,149
63,238
2 %
(25) %
Income before income tax expense50,029
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 margin5.98 %
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
originations1.77 %
1.55 %
1.40 %
1.47 %
1.27 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio17.4 %
18.0 %
17.5 %
17.8 %
17.3 %
Tier 1 leverage ratio12.0 %
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 originations19 %
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 CORPORATIONOPERATING 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 cost6.5 %
6.1 %
5.8 %
5.8 %
5.7 %
Allowance for loan and lease losses to commercial
loans and leases held for investment at amortized
cost2.5 %
2.3 %
2.3 %
2.7 %
3.9 %
Allowance for loan and lease losses to consumer
loans and leases held for investment at amortized
cost7.2 %
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 cost8.2 %
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 CORPORATIONLOANS 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 mortgages151,073
172,711
Secured consumer261,045
230,232
Total consumer loans held for investment3,603,548
3,509,415
Equipment finance (1)39,757
64,232
Commercial real estate (2)472,489
373,785
Commercial and industrial157,018
178,386
Total commercial loans and leases held for investment669,264
616,403
Total loans and leases held for investment at amortized cost4,272,812
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 value473,314
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
investment46,560
1,483
48,043
46,390
(483)
45,907
Charge-offs(54,556)
(2)
(54,558)
(47,886)
—
(47,886)
Recoveries14,250
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 investment56,322
5,825
62,147
Charge-offs(64,167)
(1,887)
(66,054)
Recoveries19,544
533
20,077
Allowance for loan and lease losses, end of period$ 212,598
$ 24,136
$ 236,734
LENDINGCLUB CORPORATIONPAST 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, 202530-59
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 consumer3,006
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 industrial1,540
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, 202430-59
Days
60-89
Days
90 or More
Days
Total
Guaranteed
Amount (1)
Unsecured personal$ 23,530
$ 19,293
$ 21,387
$ 64,210
$ —
Residential mortgages151
88
—
239
—
Secured consumer2,342
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 estate8,320
483
9,731
18,534
8,456
Commercial and industrial6,257
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 CORPORATIONCONDENSED 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 fees12,845
17,000
17,391
(24) %
(26) %
Gain on sales of loans15,546
17,799
15,007
(13) %
4 %
Net fair value adjustments(39,451)
(38,375)
(24,980)
(3) %
(58) %
Marketplace revenue98,502
102,155
72,163
(4) %
36 %
Other non-interest income4,942
5,637
2,654
(12) %
86 %
Total non-interest income103,444
107,792
74,817
(4) %
38 %
Total interest income250,586
241,801
240,596
4 %
4 %
Total interest expense87,559
83,362
98,212
5 %
(11) %
Net interest income163,027
158,439
142,384
3 %
14 %
Total net revenue266,471
266,231
217,201
— %
23 %
Provision for credit losses47,158
46,280
63,238
2 %
(25) %
Non-interest expense:
Compensation and benefits60,638
60,830
58,656
— %
3 %
Marketing45,680
40,712
23,415
12 %
95 %
Equipment and software14,410
13,465
13,361
7 %
8 %
Depreciation and amortization16,641
16,879
19,748
(1) %
(16) %
Professional services11,353
10,922
9,136
4 %
24 %
Occupancy5,457
5,245
3,991
4 %
37 %
Other non-interest expense15,105
14,660
14,548
3 %
4 %
Total non-interest expense169,284
162,713
142,855
4 %
19 %
Income before income tax expense50,029
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 – Basic115,334,621
114,961,676
112,788,050
— %
2 %
Weighted-average common shares – Diluted118,855,315
118,188,124
116,400,285
1 %
2 %
LENDINGCLUB CORPORATIONCONDENSED 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 fees58,988
64,933
(9) %
Gain on sales of loans59,087
49,097
20 %
Net fair value adjustments(134,946)
(154,659)
13 %
Marketplace revenue355,944
242,791
47 %
Other non-interest income17,232
10,179
69 %
Total non-interest income373,176
252,970
48 %
Total interest income961,543
907,958
6 %
Total interest expense335,871
373,917
(10) %
Net interest income625,672
534,041
17 %
Total net revenue998,848
787,011
27 %
Provision for credit losses191,320
178,267
7 %
Non-interest expense:
Compensation and benefits241,846
232,158
4 %
Marketing149,211
100,402
49 %
Equipment and software57,014
51,194
11 %
Depreciation and amortization62,889
58,834
7 %
Professional services42,339
32,045
32 %
Occupancy19,834
15,798
26 %
Other non-interest expense57,449
53,247
8 %
Total non-interest expense630,582
543,678
16 %
Income before income tax expense176,946
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 – Basic114,605,220
111,731,523
3 %
Weighted-average common shares – Diluted117,233,815
113,122,859
4 %
LENDINGCLUB CORPORATIONNET INTEREST INCOME(In thousands, except percentages or as noted)(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months EndedDecember 31, 2025
Three Months EndedSeptember 30, 2025
Three Months EndedDecember 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 value3,695,980
55,948
6.06 %
3,564,732
56,253
6.31 %
3,390,315
57,259
6.76 %
Loans held for sale at fair
value1,530,624
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
loans3,252,204
106,716
13.13 %
3,268,142
110,151
13.48 %
3,080,934
104,011
13.50 %
Commercial and other
consumer loans1,060,201
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
cost4,312,405
122,516
11.36 %
4,337,771
126,211
11.64 %
4,103,975
118,214
11.52 %
Loans held for investment
at fair value455,168
12,292
10.80 %
552,848
15,319
11.08 %
1,153,204
30,233
10.49 %
Total loans and leases held
for investment4,767,573
134,808
11.31 %
4,890,619
141,530
11.58 %
5,257,179
148,447
11.29 %
Total interest-earning
assets10,899,604
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 cash32,308
29,655
51,555
Allowance for loan and
lease losses(275,187)
(260,744)
(227,673)
Other non-interest earning
assets644,221
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 accounts6,478,888
60,960
3.73 %
6,442,649
61,782
3.80 %
5,719,248
61,545
4.28 %
Certificates of deposit2,400,374
25,377
4.19 %
1,851,320
19,990
4.28 %
2,638,470
32,288
4.87 %
Checking accounts396,430
1,221
1.22 %
406,494
1,449
1.41 %
662,510
4,367
2.62 %
Interest-bearing deposits9,275,692
87,558
3.75 %
8,700,463
83,221
3.79 %
9,020,228
98,200
4.33 %
Other interest-bearing
liabilities109
1
4.28 %
12,174
141
4.61 %
615
12
7.20 %
Total interest-bearing
liabilities9,275,801
87,559
3.75 %
8,712,637
83,362
3.80 %
9,020,843
98,212
4.33 %
Noninterest-bearing
deposits311,147
291,231
328,022
Other liabilities240,642
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 CORPORATIONCONSOLIDATED 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 banks905,905
938,534
Total cash and cash equivalents917,654
954,058
Restricted cash12,783
23,338
Securities available for sale at fair value ($3,733,780 and $3,492,264 at amortized
cost, respectively)3,706,709
3,452,648
Loans held for sale at fair value1,762,396
636,352
Loans and leases held for investment4,272,812
4,125,818
Allowance for loan and lease losses(275,743)
(236,734)
Loans and leases held for investment, net3,997,069
3,889,084
Loans held for investment at fair value473,314
1,027,798
Property, equipment and software, net254,088
167,532
Goodwill75,717
75,717
Other assets368,086
403,982
Total assets$ 11,567,816
$ 10,630,509
Liabilities and Equity
Deposits:
Interest-bearing$ 9,459,483
$ 8,676,119
Noninterest-bearing374,387
392,118
Total deposits9,833,870
9,068,237
Other liabilities233,518
220,541
Total liabilities10,067,388
9,288,778
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 115,368,987 and
113,383,917 shares issued and outstanding, respectively1,154
1,134
Additional paid-in capital1,719,233
1,702,316
Accumulated deficit(201,799)
(337,476)
Accumulated other comprehensive loss(18,160)
(24,243)
Total equity1,500,428
1,341,731
Total liabilities and equity$ 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 income163,027
158,439
154,249
149,957
142,384
Total net revenue266,471
266,231
248,435
217,711
217,201
Non-interest expense(169,284)
(162,713)
(154,718)
(143,867)
(142,855)
Pre-provision net revenue97,187
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 expense50,029
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 outstanding115,368,987
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 outstanding115,368,987
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 CORPORATIONRECONCILIATION 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 equity11.3 %
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 equity11.9 %
13.2 %
11.8 %
3.7 %
3.1 %
View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-fourth-quarter-and-full-year-2025-results-302673027.htmlSOURCE LendingClub Corporation
Original: LendingClub Reports Fourth Quarter and Full Year 2025 Results
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
pier
2 years ago
ClayTrader
5 years ago
whytestocks
7 years ago
TFMG
7 years ago
YazM
8 years ago
Golden Cross
8 years ago
Nsight
10 years ago
the_stockoracle
10 years ago
Register with Email
Hot Features
Premium
