LendingClub Reports Fourth Quarter and Full Year 2025 Results
Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE in fourth quarter
Increased Originations +40%, Revenue +23%, and Diluted EPS +338% in fourth quarter compared to prior year
For the full year 2025: Grew Originations +33%, Revenue +27%, and Diluted EPS +158% compared to prior year
SAN FRANCISCO, Jan. 28, 2026 /PRNewswire/ -- LendingClub Corporation (NYSE: LC) today announced financial results for the fourth quarter and full year ended December 31, 2025.
"We closed out a fantastic year with another strong quarter, delivering 40% originations growth and ROTCE approaching 12%," said Scott Sanborn, LendingClub CEO. "On a full-year basis, we grew originations 33% and more than doubled EPS. We're entering 2026 from a position of strength, with product innovations and marketing investments taking hold while credit continues to outperform. Our entry into home improvement financing is creating new opportunities and we also expect to leverage ongoing operating discipline and AI efficiencies to further strengthen the earnings power of the company."
Fourth Quarter 2025 Results
Highlights:
Balance Sheet:
Financial Performance:
Three Months Ended
Year Ended
($ in millions, except per share
amounts)
December 31,
2025
September 30,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Total net revenue
$ 266.5
$ 266.2
$ 217.2
$ 998.8
$ 787.0
Non-interest expense
169.3
162.7
142.9
630.6
543.7
Pre-provision net revenue (1)
97.2
103.5
74.3
368.3
243.3
Provision for credit losses
47.2
46.3
63.2
191.3
178.3
Income before income tax
expense
50.0
57.2
11.1
176.9
65.1
Income tax expense
(8.5)
(13.0)
(1.4)
(41.3)
(13.7)
Net income
$ 41.6
$ 44.3
$ 9.7
$ 135.7
$ 51.3
Diluted EPS
$ 0.35
$ 0.37
$ 0.08
$ 1.16
$ 0.45
(1) See page 3 of this release for additional information on our use of non-GAAP financial measures.
For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the "Reconciliation of GAAP to Non-GAAP Financial Measures" tables at the end of this release.
Financial Outlook
First Quarter 2026
Loan originations
$2.55B to $2.65B
Diluted EPS
$0.34 to $0.39
Full Year 2026
Loan originations
$11.6B to $12.6B
Diluted EPS
$1.65 to $1.80
About LendingClub
LendingClub is reimagining what a bank can be by building our business around a simple belief: when our members win, we win. Leveraging innovative technology and engaging mobile-first experiences, our integrated suite of financial products helps people keep more of what they earn and earn more on what they save. Our 5+ million members love us for providing quick and easy access to affordable credit and rewarding their smart financial choices, like making on-time payments, saving regularly, and taking control of debt.
Getting credit right is a key driver of our success. Our advanced underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we're just getting started.
LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com.
Conference Call and Webcast Information
The LendingClub fourth quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, January 28, 2026. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To listen to the call, register using this link: https://events.q4inc.com/attendee/908793751 ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page ( https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
Question Submissions
Prior to quarterly earnings, investors have the ability to submit and upvote questions for LendingClub's management team to consider. To participate, visit the link provided in each quarter's earnings date announcement.
Contacts
For Investors:
[email protected]
Media Contact:
[email protected]
Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.
We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.
We believe PPNR is an important measure because it reflects the underlying financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.
We believe TBV Per Common Share is an important measure used to evaluate the company's use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.
We believe ROTCE is an important measure because it reflects the company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.
For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 14 and 15 of this release.
Safe Harbor Statement
Some of the statements above, including statements regarding our entry into home improvement financing and anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of purchases); competition; overall economic conditions; our ability to integrate acquired technology; the interest rate and/or regulatory environment; default rates and those factors set forth in the section titled "Risk Factors" in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended
% Change
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Q/Q
Y/Y
Operating Highlights:
Non-interest income
$ 103,444
$ 107,792
$ 94,186
$ 67,754
$ 74,817
(4) %
38 %
Net interest income
163,027
158,439
154,249
149,957
142,384
3 %
14 %
Total net revenue
266,471
266,231
248,435
217,711
217,201
— %
23 %
Non-interest expense
169,284
162,713
154,718
143,867
142,855
4 %
19 %
Pre-provision net revenue (1)
97,187
103,518
93,717
73,844
74,346
(6) %
31 %
Provision for credit losses
47,158
46,280
39,733
58,149
63,238
2 %
(25) %
Income before income tax expense
50,029
57,238
53,984
15,695
11,108
(13) %
350 %
Income tax expense
(8,475)
(12,964)
(15,806)
(4,024)
(1,388)
(35) %
511 %
Net income
$ 41,554
$ 44,274
$ 38,178
$ 11,671
$ 9,720
(6) %
328 %
Basic EPS
$ 0.36
$ 0.39
$ 0.33
$ 0.10
$ 0.09
(8) %
300 %
Diluted EPS
$ 0.35
$ 0.37
$ 0.33
$ 0.10
$ 0.08
(5) %
338 %
LendingClub Corporation Performance Metrics:
Net interest margin
5.98 %
6.18 %
6.14 %
5.97 %
5.42 %
Efficiency ratio (2)
63.5 %
61.1 %
62.3 %
66.1 %
65.8 %
Return on average equity (ROE) (3)
11.3 %
12.4 %
11.1 %
3.5 %
2.9 %
Return on tangible common equity
(ROTCE) (1)(4)
11.9 %
13.2 %
11.8 %
3.7 %
3.1 %
Return on average total assets (ROA) (5)
1.5 %
1.7 %
1.5 %
0.4 %
0.4 %
Marketing expense as a % of loan
originations
1.77 %
1.55 %
1.40 %
1.47 %
1.27 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio
17.4 %
18.0 %
17.5 %
17.8 %
17.3 %
Tier 1 leverage ratio
12.0 %
12.3 %
12.2 %
11.7 %
11.0 %
Book value per common share
$ 13.01
$ 12.68
$ 12.25
$ 11.95
$ 11.83
3 %
10 %
Tangible book value per common
share (1)
$ 12.30
$ 11.95
$ 11.53
$ 11.22
$ 11.09
3 %
11 %
Loan Originations (in millions) (6):
Total loan originations
$ 2,587
$ 2,622
$ 2,391
$ 1,989
$ 1,846
(1) %
40 %
Marketplace loans
$ 2,090
$ 2,027
$ 1,702
$ 1,314
$ 1,241
3 %
68 %
Loan originations held for investment
$ 497
$ 594
$ 689
$ 675
$ 605
(16) %
(18) %
Loan originations held for investment
as a % of total loan originations
19 %
23 %
29 %
34 %
33 %
Servicing Portfolio AUM (in millions) (7):
Total servicing portfolio
$ 13,423
$ 12,986
$ 12,524
$ 12,241
$ 12,371
3 %
9 %
Loans serviced for others
$ 7,601
$ 7,612
$ 7,185
$ 7,130
$ 7,207
— %
5 %
(1) Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures."
(2) Calculated as the ratio of non-interest expense to total net revenue.
(3) Calculated as annualized net income divided by average equity for the period presented.
(4) Calculated as annualized net income divided by average tangible common equity for the period presented.
(5) Calculated as annualized net income divided by average total assets for the period presented.
(6) Includes unsecured personal loans and auto loans only.
(7) Loans serviced on our platform, which includes unsecured personal loans and auto loans serviced for others and retained by the Company.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of the three months ended
% Change
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Q/Q
Y/Y
Balance Sheet Data:
Securities available for sale
$ 3,706,709
$ 3,742,304
$ 3,527,142
$ 3,426,571
$ 3,452,648
(1) %
7 %
Loans held for sale at fair value
$ 1,762,396
$ 1,213,140
$ 1,008,168
$ 703,378
$ 636,352
45 %
177 %
Loans and leases held for investment at
amortized cost
$ 4,272,812
$ 4,363,415
$ 4,386,321
$ 4,215,449
$ 4,125,818
(2) %
4 %
Gross allowance for loan and lease losses (1)
$ (312,667)
$ (308,218)
$ (293,707)
$ (288,308)
$ (285,686)
1 %
9 %
Recovery asset value (2)
$ 36,924
$ 40,444
$ 40,718
$ 44,115
$ 48,952
(9) %
(25) %
Allowance for loan and lease losses
$ (275,743)
$ (267,774)
$ (252,989)
$ (244,193)
$ (236,734)
3 %
16 %
Loans and leases held for investment at
amortized cost, net
$ 3,997,069
$ 4,095,641
$ 4,133,332
$ 3,971,256
$ 3,889,084
(2) %
3 %
Loans held for investment at fair value
$ 473,314
$ 477,784
$ 631,736
$ 818,882
$ 1,027,798
(1) %
(54) %
Total loans and leases held for investment
$ 4,470,383
$ 4,573,425
$ 4,765,068
$ 4,790,138
$ 4,916,882
(2) %
(9) %
Whole loans held on balance sheet (3)
$ 6,232,779
$ 5,786,565
$ 5,773,236
$ 5,493,516
$ 5,553,234
8 %
12 %
Total assets
$ 11,567,816
$ 11,072,515
$ 10,775,333
$ 10,483,096
$ 10,630,509
4 %
9 %
Total deposits
$ 9,833,870
$ 9,388,233
$ 9,136,124
$ 8,905,902
$ 9,068,237
5 %
8 %
Total liabilities
$ 10,067,388
$ 9,610,302
$ 9,369,298
$ 9,118,579
$ 9,288,778
5 %
8 %
Total equity
$ 1,500,428
$ 1,462,213
$ 1,406,035
$ 1,364,517
$ 1,341,731
3 %
12 %
(1) Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2) Represents the negative allowance for expected recoveries of amounts previously charged-off.
(3) Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.
The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
As of and for the three months ended
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans
and leases held for investment at amortized cost
6.5 %
6.1 %
5.8 %
5.8 %
5.7 %
Allowance for loan and lease losses to commercial
loans and leases held for investment at amortized
cost
2.5 %
2.3 %
2.3 %
2.7 %
3.9 %
Allowance for loan and lease losses to consumer
loans and leases held for investment at amortized
cost
7.2 %
6.8 %
6.4 %
6.3 %
6.1 %
Gross allowance for loan and lease losses to
consumer loans and leases held for investment at
amortized cost
8.2 %
7.9 %
7.5 %
7.5 %
7.5 %
Net charge-offs
$ 40,074
$ 31,122
$ 31,800
$ 48,923
$ 45,977
Net charge-off ratio (2)
3.7 %
2.9 %
3.0 %
4.8 %
4.5 %
(1) Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
(2) Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.
LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:
December 31,
2025
December 31,
2024
Unsecured personal
$ 3,191,430
$ 3,106,472
Residential mortgages
151,073
172,711
Secured consumer
261,045
230,232
Total consumer loans held for investment
3,603,548
3,509,415
Equipment finance (1)
39,757
64,232
Commercial real estate (2)
472,489
373,785
Commercial and industrial
157,018
178,386
Total commercial loans and leases held for investment
669,264
616,403
Total loans and leases held for investment at amortized cost
4,272,812
4,125,818
Allowance for loan and lease losses
(275,743)
(236,734)
Loans and leases held for investment at amortized cost, net
$ 3,997,069
$ 3,889,084
Loans held for investment at fair value
473,314
1,027,798
Total loans and leases held for investment
$ 4,470,383
$ 4,916,882
(1) Comprised of sales-type leases for equipment.
(2) Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and December 31, 2024, respectively.
LENDINGCLUB CORPORATION
ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands)
(Unaudited)
The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:
December 31, 2025
December 31, 2024
Gross allowance for loan and lease losses (1)
$ 312,667
$ 285,686
Recovery asset value (2)
(36,924)
(48,952)
Allowance for loan and lease losses
$ 275,743
$ 236,734
(1) Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2) Represents the negative allowance for expected recoveries of amounts previously charged-off.
The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
Three Months Ended
December 31, 2025
September 30, 2025
Consumer
Commercial
Total
Consumer
Commercial
Total
Allowance for loan and lease
losses, beginning of period
$ 252,557
$ 15,217
$ 267,774
$ 237,433
$ 15,556
$ 252,989
Credit loss expense (benefit)
for loans and leases held for
investment
46,560
1,483
48,043
46,390
(483)
45,907
Charge-offs
(54,556)
(2)
(54,558)
(47,886)
—
(47,886)
Recoveries
14,250
234
14,484
16,620
144
16,764
Allowance for loan and lease
losses, end of period
$ 258,811
$ 16,932
$ 275,743
$ 252,557
$ 15,217
$ 267,774
Three Months Ended
December 31, 2024
Consumer
Commercial
Total
Allowance for loan and lease losses, beginning of period
$ 200,899
$ 19,665
$ 220,564
Credit loss expense for loans and leases held for investment
56,322
5,825
62,147
Charge-offs
(64,167)
(1,887)
(66,054)
Recoveries
19,544
533
20,077
Allowance for loan and lease losses, end of period
$ 212,598
$ 24,136
$ 236,734
LENDINGCLUB CORPORATION
PAST DUE LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
December 31, 2025
30-59
Days
60-89
Days
90 or More
Days
Total
Guaranteed
Amount (1)
Unsecured personal
$ 22,491
$ 18,550
$ 17,936
$ 58,977
$ —
Residential mortgages
—
888
86
974
—
Secured consumer
3,006
596
395
3,997
—
Total consumer loans held for investment
$ 25,497
$ 20,034
$ 18,417
$ 63,948
$ —
Equipment finance
$ 696
$ —
$ 3,088
$ 3,784
$ —
Commercial real estate
—
—
11,182
11,182
8,231
Commercial and industrial
1,540
1,878
20,074
23,492
14,930
Total commercial loans and leases held for
investment
$ 2,236
$ 1,878
$ 34,344
$ 38,458
$ 23,161
Total loans and leases held for investment at
amortized cost
$ 27,733
$ 21,912
$ 52,761
$ 102,406
$ 23,161
December 31, 2024
30-59
Days
60-89
Days
90 or More
Days
Total
Guaranteed
Amount (1)
Unsecured personal
$ 23,530
$ 19,293
$ 21,387
$ 64,210
$ —
Residential mortgages
151
88
—
239
—
Secured consumer
2,342
600
337
3,279
—
Total consumer loans held for investment
$ 26,023
$ 19,981
$ 21,724
$ 67,728
$ —
Equipment finance
$ 67
$ —
$ 4,551
$ 4,618
$ —
Commercial real estate
8,320
483
9,731
18,534
8,456
Commercial and industrial
6,257
1,182
15,971
23,410
18,512
Total commercial loans and leases held for
investment
$ 14,644
$ 1,665
$ 30,253
$ 46,562
$ 26,968
Total loans and leases held for investment at
amortized cost
$ 40,667
$ 21,646
$ 51,977
$ 114,290
$ 26,968
(1) Represents loan balances guaranteed by the SBA.
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Change (%)
December 31,
2025
September 30,
2025
December 31,
2024
Q4 2025
vs
Q3 2025
Q4 2025
vs
Q4 2024
Non-interest income:
Origination fees
$ 109,562
$ 105,731
$ 64,745
4 %
69 %
Servicing fees
12,845
17,000
17,391
(24) %
(26) %
Gain on sales of loans
15,546
17,799
15,007
(13) %
4 %
Net fair value adjustments
(39,451)
(38,375)
(24,980)
(3) %
(58) %
Marketplace revenue
98,502
102,155
72,163
(4) %
36 %
Other non-interest income
4,942
5,637
2,654
(12) %
86 %
Total non-interest income
103,444
107,792
74,817
(4) %
38 %
Total interest income
250,586
241,801
240,596
4 %
4 %
Total interest expense
87,559
83,362
98,212
5 %
(11) %
Net interest income
163,027
158,439
142,384
3 %
14 %
Total net revenue
266,471
266,231
217,201
— %
23 %
Provision for credit losses
47,158
46,280
63,238
2 %
(25) %
Non-interest expense:
Compensation and benefits
60,638
60,830
58,656
— %
3 %
Marketing
45,680
40,712
23,415
12 %
95 %
Equipment and software
14,410
13,465
13,361
7 %
8 %
Depreciation and amortization
16,641
16,879
19,748
(1) %
(16) %
Professional services
11,353
10,922
9,136
4 %
24 %
Occupancy
5,457
5,245
3,991
4 %
37 %
Other non-interest expense
15,105
14,660
14,548
3 %
4 %
Total non-interest expense
169,284
162,713
142,855
4 %
19 %
Income before income tax expense
50,029
57,238
11,108
(13) %
350 %
Income tax expense
(8,475)
(12,964)
(1,388)
(35) %
511 %
Net income
$ 41,554
$ 44,274
$ 9,720
(6) %
328 %
Net income per share:
Basic EPS
$ 0.36
$ 0.39
$ 0.09
(8) %
300 %
Diluted EPS
$ 0.35
$ 0.37
$ 0.08
(5) %
338 %
Weighted-average common shares – Basic
115,334,621
114,961,676
112,788,050
— %
2 %
Weighted-average common shares – Diluted
118,855,315
118,188,124
116,400,285
1 %
2 %
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued)
(In thousands, except share and per share data)
(Unaudited)
Year Ended December 31,
2025
2024
Change (%)
Non-interest income:
Origination fees
$ 372,815
$ 283,420
32 %
Servicing fees
58,988
64,933
(9) %
Gain on sales of loans
59,087
49,097
20 %
Net fair value adjustments
(134,946)
(154,659)
13 %
Marketplace revenue
355,944
242,791
47 %
Other non-interest income
17,232
10,179
69 %
Total non-interest income
373,176
252,970
48 %
Total interest income
961,543
907,958
6 %
Total interest expense
335,871
373,917
(10) %
Net interest income
625,672
534,041
17 %
Total net revenue
998,848
787,011
27 %
Provision for credit losses
191,320
178,267
7 %
Non-interest expense:
Compensation and benefits
241,846
232,158
4 %
Marketing
149,211
100,402
49 %
Equipment and software
57,014
51,194
11 %
Depreciation and amortization
62,889
58,834
7 %
Professional services
42,339
32,045
32 %
Occupancy
19,834
15,798
26 %
Other non-interest expense
57,449
53,247
8 %
Total non-interest expense
630,582
543,678
16 %
Income before income tax expense
176,946
65,066
172 %
Income tax expense
(41,269)
(13,736)
200 %
Net income
$ 135,677
$ 51,330
164 %
Net income per share:
Basic EPS
$ 1.18
$ 0.46
157 %
Diluted EPS
$ 1.16
$ 0.45
158 %
Weighted-average common shares – Basic
114,605,220
111,731,523
3 %
Weighted-average common shares – Diluted
117,233,815
113,122,859
4 %
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
December 31, 2025
Three Months Ended
September 30, 2025
Three Months Ended
December 31, 2024
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Interest-earning assets (2)
Cash, cash equivalents,
restricted cash and other
$ 905,427
$ 8,824
3.90 %
$ 603,777
$ 6,390
4.23 %
$ 1,193,570
$ 14,194
4.76 %
Securities available for sale
at fair value
3,695,980
55,948
6.06 %
3,564,732
56,253
6.31 %
3,390,315
57,259
6.76 %
Loans held for sale at fair
value
1,530,624
51,006
13.33 %
1,198,581
37,628
12.56 %
673,279
20,696
12.30 %
Loans and leases held for
investment:
Unsecured personal
loans
3,252,204
106,716
13.13 %
3,268,142
110,151
13.48 %
3,080,934
104,011
13.50 %
Commercial and other
consumer loans
1,060,201
15,800
5.96 %
1,069,629
16,060
6.01 %
1,023,041
14,203
5.55 %
Loans and leases held for
investment at amortized
cost
4,312,405
122,516
11.36 %
4,337,771
126,211
11.64 %
4,103,975
118,214
11.52 %
Loans held for investment
at fair value
455,168
12,292
10.80 %
552,848
15,319
11.08 %
1,153,204
30,233
10.49 %
Total loans and leases held
for investment
4,767,573
134,808
11.31 %
4,890,619
141,530
11.58 %
5,257,179
148,447
11.29 %
Total interest-earning
assets
10,899,604
250,586
9.20 %
10,257,709
241,801
9.43 %
10,514,343
240,596
9.15 %
Cash and due from banks
and restricted cash
32,308
29,655
51,555
Allowance for loan and
lease losses
(275,187)
(260,744)
(227,673)
Other non-interest earning
assets
644,221
638,821
597,609
Total assets
$ 11,300,946
$ 10,665,441
$ 10,935,834
Interest-bearing liabilities
Interest-bearing deposits:
Savings and money
market accounts
6,478,888
60,960
3.73 %
6,442,649
61,782
3.80 %
5,719,248
61,545
4.28 %
Certificates of deposit
2,400,374
25,377
4.19 %
1,851,320
19,990
4.28 %
2,638,470
32,288
4.87 %
Checking accounts
396,430
1,221
1.22 %
406,494
1,449
1.41 %
662,510
4,367
2.62 %
Interest-bearing deposits
9,275,692
87,558
3.75 %
8,700,463
83,221
3.79 %
9,020,228
98,200
4.33 %
Other interest-bearing
liabilities
109
1
4.28 %
12,174
141
4.61 %
615
12
7.20 %
Total interest-bearing
liabilities
9,275,801
87,559
3.75 %
8,712,637
83,362
3.80 %
9,020,843
98,212
4.33 %
Noninterest-bearing
deposits
311,147
291,231
328,022
Other liabilities
240,642
237,035
251,239
Total liabilities
$ 9,827,590
$ 9,240,903
$ 9,600,104
Total equity
$ 1,473,356
$ 1,424,538
$ 1,335,730
Total liabilities and equity
$ 11,300,946
$ 10,665,441
$ 10,935,834
Interest rate spread
5.45 %
5.63 %
4.82 %
Net interest income and
net interest margin
$ 163,027
5.98 %
$ 158,439
6.18 %
$ 142,384
5.42 %
(1) Consolidated presentation reflects intercompany eliminations.
(2) Nonaccrual loans and any related income are included in their respective loan categories.
LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
December 31,
2025
December 31,
2024
Assets
Cash and due from banks
$ 11,749
$ 15,524
Interest-bearing deposits in banks
905,905
938,534
Total cash and cash equivalents
917,654
954,058
Restricted cash
12,783
23,338
Securities available for sale at fair value ($3,733,780 and $3,492,264 at amortized
cost, respectively)
3,706,709
3,452,648
Loans held for sale at fair value
1,762,396
636,352
Loans and leases held for investment
4,272,812
4,125,818
Allowance for loan and lease losses
(275,743)
(236,734)
Loans and leases held for investment, net
3,997,069
3,889,084
Loans held for investment at fair value
473,314
1,027,798
Property, equipment and software, net
254,088
167,532
Goodwill
75,717
75,717
Other assets
368,086
403,982
Total assets
$ 11,567,816
$ 10,630,509
Liabilities and Equity
Deposits:
Interest-bearing
$ 9,459,483
$ 8,676,119
Noninterest-bearing
374,387
392,118
Total deposits
9,833,870
9,068,237
Other liabilities
233,518
220,541
Total liabilities
10,067,388
9,288,778
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 115,368,987 and
113,383,917 shares issued and outstanding, respectively
1,154
1,134
Additional paid-in capital
1,719,233
1,702,316
Accumulated deficit
(201,799)
(337,476)
Accumulated other comprehensive loss
(18,160)
(24,243)
Total equity
1,500,428
1,341,731
Total liabilities and equity
$ 11,567,816
$ 10,630,509
LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)
Pre-Provision Net Revenue
For the three months ended
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
GAAP Net income
$ 41,554
$ 44,274
$ 38,178
$ 11,671
$ 9,720
Less: Provision for credit losses
(47,158)
(46,280)
(39,733)
(58,149)
(63,238)
Less: Income tax expense
(8,475)
(12,964)
(15,806)
(4,024)
(1,388)
Pre-provision net revenue
$ 97,187
$ 103,518
$ 93,717
$ 73,844
$ 74,346
For the three months ended
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Non-interest income
$ 103,444
$ 107,792
$ 94,186
$ 67,754
$ 74,817
Net interest income
163,027
158,439
154,249
149,957
142,384
Total net revenue
266,471
266,231
248,435
217,711
217,201
Non-interest expense
(169,284)
(162,713)
(154,718)
(143,867)
(142,855)
Pre-provision net revenue
97,187
103,518
93,717
73,844
74,346
Provision for credit losses
(47,158)
(46,280)
(39,733)
(58,149)
(63,238)
Income before income tax expense
50,029
57,238
53,984
15,695
11,108
Income tax expense
(8,475)
(12,964)
(15,806)
(4,024)
(1,388)
GAAP Net income
$ 41,554
$ 44,274
$ 38,178
$ 11,671
$ 9,720
Tangible Book Value Per Common Share
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
GAAP common equity
$ 1,500,428
$ 1,462,213
$ 1,406,035
$ 1,364,517
$ 1,341,731
Less: Goodwill
(75,717)
(75,717)
(75,717)
(75,717)
(75,717)
Less: Customer relationship intangible
assets
(5,685)
(8,206)
(7,068)
(7,778)
(8,586)
Tangible common equity
$ 1,419,026
$ 1,378,290
$ 1,323,250
$ 1,281,022
$ 1,257,428
Book value per common share
GAAP common equity
$ 1,500,428
$ 1,462,213
$ 1,406,035
$ 1,364,517
$ 1,341,731
Common shares issued and outstanding
115,368,987
115,301,440
114,740,147
114,199,832
113,383,917
Book value per common share
$ 13.01
$ 12.68
$ 12.25
$ 11.95
$ 11.83
Tangible book value per common share
Tangible common equity
$ 1,419,026
$ 1,378,290
$ 1,323,250
$ 1,281,022
$ 1,257,428
Common shares issued and outstanding
115,368,987
115,301,440
114,740,147
114,199,832
113,383,917
Tangible book value per common share
$ 12.30
$ 11.95
$ 11.53
$ 11.22
$ 11.09
LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)
(In thousands, except ratios)
(Unaudited)
Return On Tangible Common Equity
For the three months ended
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Average GAAP common equity
$ 1,473,356
$ 1,424,538
$ 1,381,199
$ 1,349,473
$ 1,335,730
Less: Average goodwill
(75,717)
(75,717)
(75,717)
(75,717)
(75,717)
Less: Average customer relationship
intangible assets
(6,031)
(6,722)
(7,423)
(8,182)
(9,013)
Average tangible common equity
$ 1,391,608
$ 1,342,099
$ 1,298,059
$ 1,265,574
$ 1,251,000
Return on average equity
Annualized GAAP net income
$ 166,216
$ 177,096
$ 152,712
$ 46,684
$ 38,880
Average GAAP common equity
$ 1,473,356
$ 1,424,538
$ 1,381,199
$ 1,349,473
$ 1,335,730
Return on average equity
11.3 %
12.4 %
11.1 %
3.5 %
2.9 %
Return on tangible common equity
Annualized GAAP net income
$ 166,216
$ 177,096
$ 152,712
$ 46,684
$ 38,880
Average tangible common equity
$ 1,391,608
$ 1,342,099
$ 1,298,059
$ 1,265,574
$ 1,251,000
Return on tangible common equity
11.9 %
13.2 %
11.8 %
3.7 %
3.1 %
SOURCE LendingClub Corporation