Form 8-K

8-K — LendingClub Corp

Accession: 0001409970-26-000059

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0001409970

SIC: 6141 (PERSONAL CREDIT INSTITUTIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — lc-20260427.htm (Primary)

EX-99.1 (q126exhibit991er.htm)

GRAPHIC (lendingclublogonewa02.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: lc-20260427.htm · Sequence: 1

lc-20260427

0001409970FALSE00014099702026-04-272026-04-270001409970dei:FormerAddressMember2026-04-272026-04-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2026

LendingClub Corporation

(Exact name of registrant as specified in its charter)

Commission File Number: 001-36771

Delaware 51-0605731

(State or other jurisdiction of

incorporation or organization) (I.R.S. Employer

Identification No.)

88 Kearny Street,

Suite 600,

San Francisco, CA 94108

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: 415 930-7440

Former name or former address, if changed since last report:

595 Market Street,

Suite 200,

San Francisco, CA 94105

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common stock, par value $0.01 per share LC New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02 Results of Operations and Financial Condition

On April 27, 2026, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the first quarter ended March 31, 2026. A copy of the Earnings Press Release is attached as Exhibit 99.1 to this Form 8-K.

The information set forth in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit

Number Exhibit Title or Description

99.1

Press Release dated April 27, 2026

104 Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE(S)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LendingClub Corporation

Date: April 27, 2026 By: /s/ ANDREW LABENNE

Andrew LaBenne

Chief Financial Officer

(duly authorized officer)

EX-99.1

Filename: q126exhibit991er.htm · Sequence: 2

Document

EXHIBIT 99.1

LendingClub Reports First Quarter 2026 Results

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 2026

SAN FRANCISCO – April 27, 2026 – 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 Results

Highlights:

•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,

2025

Total net revenue $ 252.3 $ 266.5 $ 217.7

Provision for credit losses 0.4 47.2 58.1

Non-interest expense 184.5 169.3 143.9

Income before income tax expense 67.3 50.0 15.7

Income tax expense (15.7) (8.5) (4.0)

Net income $ 51.6 $ 41.6 $ 11.7

Diluted EPS $ 0.44 $ 0.35 $ 0.10

For 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 & Investments

LendingClub 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 2026

Loan originations

$3.0B to $3.1B

Diluted EPS

$0.40 to $0.45

Full Year 2026

Loan originations

$11.6B to $12.6B

Diluted EPS

$1.65 to $1.80

About LendingClub

LendingClub 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 Information

The 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 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:

IR@lendingclub.com

Media Contact:

Press@lendingclub.com

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: 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 Statement

Some 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/Y

Operating Highlights:

Net interest income $ 176,234 $ 163,027 $ 158,439 $ 154,249 $ 149,957 8 % 18 %

Non-interest income 76,017 103,444 107,792 94,186 67,754 (27) % 12 %

Total net revenue 252,251 266,471 266,231 248,435 217,711 (5) % 16 %

Provision for credit losses 390 47,158 46,280 39,733 58,149 (99) % (99) %

Non-interest expense 184,533 169,284 162,713 154,718 143,867 9 % 28 %

Income before income tax expense

67,328 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 margin 6.28 % 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 ratio 17.0 % 17.4 % 18.0 % 17.5 % 17.8 %

Tier 1 leverage ratio 11.9 % 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/Y

Balance 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, 2026

Current

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 mortgages 147,730 1,719 — 25 149,474 —

Secured consumer 341,829 3,012 545 237 345,623 —

Total consumer loans held for investment 4,192,852 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 38,372

Commercial and industrial

129,103 3,662 1,417 20,122 154,304 107,816

Total commercial loans and leases held for investment

642,804 $ 3,662 $ 1,816 $ 34,040 $ 682,322 $ 146,188

Total loans and leases held for investment

$ 4,835,656 $ 30,399 $ 20,666 $ 51,128 $ 4,937,849 $ 146,188

December 31, 2025

Current

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 mortgages 150,099 — 888 86 151,073 —

Secured consumer 257,063 3,015 596 395 261,069 —

Total consumer loans held for investment 4,007,596 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 39,507

Commercial and industrial

133,526 1,540 1,878 20,074 157,018 108,826

Total commercial loans and leases held for investment

630,806 2,236 1,878 34,344 669,264 148,333

Total 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

Q4 2025

Q1 2026

Q1 2025

Interest income:

Interest on loans (1)

$ 199,897 $ 185,814 $ 166,173 8 % 20 %

Interest on securities available for sale 54,411 55,948 56,280 (3) % (3) %

Other interest income 6,899 8,824 9,606 (22) % (28) %

Total interest income $ 261,207 $ 250,586 $ 232,059 4 % 13 %

Interest expense:

Interest on deposits 84,971 87,558 82,100 (3) % 3 %

Other interest expense

2 1 2 100 % — %

Total interest expense 84,973 87,559 82,102 (3) % 3 %

Net interest income 176,234 163,027 149,957 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 income 5,472 4,942 2,111 11 % 159 %

Total non-interest income 76,017 103,444 67,754 (27) % 12 %

Total net revenue 252,251 266,471 217,711 (5) % 16 %

Provision for credit losses 390 47,158 58,149 (99) % (99) %

Non-interest expense:

Compensation and benefits 65,514 60,638 58,389 8 % 12 %

Marketing 55,415 45,680 29,239 21 % 90 %

Equipment and software 15,293 14,410 14,644 6 % 4 %

Depreciation and amortization 15,819 16,641 13,909 (5) % 14 %

Professional services 11,767 11,353 9,764 4 % 21 %

Occupancy 6,391 5,457 4,345 17 % 47 %

Other non-interest expense 14,334 15,105 13,577 (5) % 6 %

Total non-interest expense 184,533 169,284 143,867 9 % 28 %

Income before income tax expense

67,328 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 – Basic 115,400,564 115,334,621 113,693,399 — % 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 Ended

March 31, 2026

Three Months Ended

December 31, 2025

Three Months Ended

March 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/

Rate

Interest-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 value 3,737,199 54,411 5.82 % 3,695,980 55,948 6.06 % 3,397,720 56,280 6.63 %

Loans held for sale at fair value

1,910,017 64,531 13.51 % 1,530,624 51,006 13.33 % 723,972 21,814 12.05 %

Loans held for investment at fair value

807,486 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 loans

2,934,584 94,763 12.92 % 3,252,204 106,716 13.13 % 3,097,136 104,722 13.53 %

Commercial and secured consumer loans

1,055,569 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 cost

3,990,153 109,899 11.02 % 4,312,405 122,516 11.36 % 4,109,196 118,949 11.58 %

Total loans and leases held for investment 4,797,639 135,366 11.29 % 4,767,573 134,808 11.31 % 5,030,204 144,359 11.48 %

Total interest-earning assets 11,220,240 261,207 9.31 % 10,899,604 250,586 9.20 % 10,044,954 232,059 9.24 %

Cash and due from banks and restricted cash 26,343 32,308 30,084

Allowance for loan and lease losses (262,466) (275,187) (239,608)

Other non-interest earning assets 668,486 644,221 593,740

Total assets $ 11,652,603 $ 11,300,946 $ 10,429,170

Interest-bearing liabilities

Interest-bearing deposits (3):

Savings and money market accounts 6,694,780 58,714 3.56 % 6,478,888 60,960 3.73 % 5,917,852 55,881 3.83 %

Certificates of deposit 2,488,015 25,174 4.10 % 2,400,374 25,377 4.19 % 2,172,242 24,866 4.64 %

Checking accounts 393,963 1,083 1.12 % 396,430 1,221 1.22 % 430,449 1,353 1.27 %

Interest-bearing deposits 9,576,758 84,971 3.60 % 9,275,692 87,558 3.75 % 8,520,543 82,100 3.91 %

Other interest-bearing liabilities 222 2 3.79 % 109 1 4.28 % 222 2 4.47 %

Total interest-bearing liabilities 9,576,980 84,973 3.60 % 9,275,801 87,559 3.75 % 8,520,765 82,102 3.91 %

Noninterest-bearing deposits 334,136 311,147 321,777

Other liabilities 233,776 240,642 237,155

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,

2025

Assets

Cash and due from banks $ 19,528 $ 11,749

Interest-bearing deposits in banks 782,415 905,905

Total cash and cash equivalents 801,943 917,654

Restricted cash 19,919 12,783

Securities available for sale at fair value ($3,908,834 and $3,733,780 at amortized cost, respectively)

3,867,576 3,706,709

Loans held for sale at fair value 1,836,121 1,762,396

Loans held for investment at fair value

1,237,850 473,314

Loans and leases held for investment 3,700,837 4,272,812

Allowance for loan and lease losses (237,697) (275,743)

Loans and leases held for investment, net 3,463,140 3,997,069

Property, equipment and software, net 273,472 254,088

Goodwill 75,717 75,717

Other assets 364,101 368,086

Total assets $ 11,939,839 $ 11,567,816

Liabilities and Equity

Deposits:

Interest-bearing $ 9,781,568 $ 9,459,483

Noninterest-bearing 407,943 374,387

Total deposits 10,189,511 9,833,870

Other liabilities 226,800 233,518

Total liabilities 10,416,311 10,067,388

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 115,497,890 and 115,368,987 shares issued and outstanding, respectively

1,155 1,154

Additional paid-in capital 1,701,280 1,719,233

Accumulated deficit (150,196) (201,799)

Accumulated other comprehensive loss (28,711) (18,160)

Total equity 1,523,528 1,500,428

Total 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,

2025

GAAP common equity $ 1,523,528 $ 1,500,428 $ 1,462,213 $ 1,406,035 $ 1,364,517

Less: 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 share

GAAP common equity $ 1,523,528 $ 1,500,428 $ 1,462,213 $ 1,406,035 $ 1,364,517

Common shares issued and outstanding 115,497,890 115,368,987 115,301,440 114,740,147 114,199,832

Book value per common share $ 13.19 $ 13.01 $ 12.68 $ 12.25 $ 11.95

Tangible book value per common share

Tangible common equity $ 1,442,772 $ 1,419,026 $ 1,378,290 $ 1,323,250 $ 1,281,022

Common shares issued and outstanding 115,497,890 115,368,987 115,301,440 114,740,147 114,199,832

Tangible 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,

2025

Average GAAP common equity

$ 1,507,711 $ 1,473,356 $ 1,424,538 $ 1,381,199 $ 1,349,473

Less: 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 equity

Annualized GAAP net income $ 206,412 $ 166,216 $ 177,096 $ 152,712 $ 46,684

Average GAAP common equity $ 1,507,711 $ 1,473,356 $ 1,424,538 $ 1,381,199 $ 1,349,473

Return on average equity 13.7 % 11.3 % 12.4 % 11.1 % 3.5 %

Return on tangible common equity

Annualized GAAP net income $ 206,412 $ 166,216 $ 177,096 $ 152,712 $ 46,684

Average tangible common equity

$ 1,426,632 $ 1,391,608 $ 1,342,099 $ 1,298,059 $ 1,265,574

Return on tangible common equity 14.5 % 11.9 % 13.2 % 11.8 % 3.7 %

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