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.
LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S." alt="LendingClub Corporation (NYSE:LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S.">
"We closed out a fantastic year with another strong quarter, delivering 40% originations growth and ROTCE approaching 12%," said Scott Sanborn, LendingClub CEO. "On a full-year basis, we grew originations 33% and more than doubled EPS. We're entering 2026 from a position of strength, with product innovations and marketing investments taking hold while credit continues to outperform. Our entry into home improvement financing is creating new opportunities and we also expect to leverage ongoing operating discipline and AI efficiencies to further strengthen the earnings power of the company."
Fourth Quarter 2025 Results
Highlights:
- Achieved $2.6 billion in origination volume, up 40% compared to the prior year, driven by the successful execution of product and marketing initiatives.
- More than quadrupled Diluted EPS to $0.35 compared to the prior year.
- Continued to deliver credit outperformance vs. competitor set, with over 40% better performance.
- Executed $11.9 million of the $100 million Stock Repurchase and Acquisition Program.
- Announced entry into home improvement financing through foundational tech and talent acquisition and a distribution partnership.
- Showcased distinct competitive advantages and near-term and medium-term growth strategy at Investor Day.
Balance Sheet:
- Total assets of $11.6 billion, up 9% year-over-year, supported primarily by growth in loans on the balance sheet.
- Deposits of $9.8 billion, up 8% year-over-year, driven by growth in consumer accounts.
- 88% of total deposits are FDIC-insured.
- Robust available liquidity of $4.0 billion.
- Strong capital position with a consolidated Tier 1 leverage ratio of 12.0% and a CET1 capital ratio of 17.4%.
Financial Performance:
- Loan originations grew 40% to $2.6 billion, compared to $1.8 billion in the prior year.
- Total net revenue increased 23% to $266.5 million, compared to $217.2 million in the prior year, driven by higher marketplace sales and loan sale pricing, strong credit performance, and higher net interest margin on a larger balance sheet.
- Net interest margin expanded to 5.98%, compared to 5.42% in the prior year, driven by improved deposit funding costs.
- Provision for credit losses of $47.2 million, compared to $63.2 million in the prior year, driven by strong credit performance and fewer loans held-for-investment at amortized cost in the period.
- Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $40.1 million, compared to $46.0 million in the prior year, driven by strong credit performance as well as portfolio composition and maturity.
- Net income and Diluted EPS more than quadrupled to $41.6 million and $0.35, respectively, compared to $9.7 million and $0.08 in the prior year, respectively.
- Return on Equity (ROE) of 11.3% with a Return on Tangible Common Equity (ROTCE) of 11.9%.
- Pre-Provision Net Revenue (PPNR) increased 31% to $97.2 million, compared to $74.3 million in the prior year.
Three Months Ended | Year Ended | |||||||||
($ in millions, except per share | December 31, | September 30, | December 31, | December 31, | December 31, | |||||
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 | 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, | September 30, | June 30, 2025 | March 31, 2025 | December 31, | 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 | 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 | 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 | $ 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 | 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, | September 30, | June 30, 2025 | March 31, 2025 | December 31, | 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 | $ 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 | $ 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, | September 30, | June 30, | March 31, | December 31, | ||||||
Asset Quality Metrics (1): | ||||||||||
Allowance for loan and lease losses to total loans | 6.5 % | 6.1 % | 5.8 % | 5.8 % | 5.7 % | |||||
Allowance for loan and lease losses to commercial | 2.5 % | 2.3 % | 2.3 % | 2.7 % | 3.9 % | |||||
Allowance for loan and lease losses to consumer | 7.2 % | 6.8 % | 6.4 % | 6.3 % | 6.1 % | |||||
Gross allowance for loan and lease losses to | 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, | December 31, | |||
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 | ||||
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 | $ 252,557 | $ 15,217 | $ 267,774 | $ 237,433 | $ 15,556 | $ 252,989 | ||||||
Credit loss expense (benefit) | 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 | $ 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 | 60-89 | 90 or More | Total | Guaranteed | |||||
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 | $ 2,236 | $ 1,878 | $ 34,344 | $ 38,458 | $ 23,161 | |||||
Total loans and leases held for investment at | $ 27,733 | $ 21,912 | $ 52,761 | $ 102,406 | $ 23,161 | |||||
December 31, 2024 | 30-59 | 60-89 | 90 or More | Total | Guaranteed | |||||
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 | $ 14,644 | $ 1,665 | $ 30,253 | $ 46,562 | $ 26,968 | |||||
Total loans and leases held for investment at | $ 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, | September 30, | December 31, | 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 | Interest | Average | Average | Interest | Average | Average | Interest | Average | ||||||||||
Interest-earning assets (2) | ||||||||||||||||||
Cash, cash equivalents, | $ 905,427 | $ 8,824 | 3.90 % | $ 603,777 | $ 6,390 | 4.23 % | $ 1,193,570 | $ 14,194 | 4.76 % | |||||||||
Securities available for sale | 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 | 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 | ||||||||||||||||||
Unsecured personal | 3,252,204 | 106,716 | 13.13 % | 3,268,142 | 110,151 | 13.48 % | 3,080,934 | 104,011 | 13.50 % | |||||||||
Commercial and other | 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 | 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 | 455,168 | 12,292 | 10.80 % | 552,848 | 15,319 | 11.08 % | 1,153,204 | 30,233 | 10.49 % | |||||||||
Total loans and leases held | 4,767,573 | 134,808 | 11.31 % | 4,890,619 | 141,530 | 11.58 % | 5,257,179 | 148,447 | 11.29 % | |||||||||
Total interest-earning | 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 | 32,308 | 29,655 | 51,555 | |||||||||||||||
Allowance for loan and | (275,187) | (260,744) | (227,673) | |||||||||||||||
Other non-interest earning | 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 | 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 | 109 | 1 | 4.28 % | 12,174 | 141 | 4.61 % | 615 | 12 | 7.20 % | |||||||||
Total interest-bearing | 9,275,801 | 87,559 | 3.75 % | 8,712,637 | 83,362 | 3.80 % | 9,020,843 | 98,212 | 4.33 % | |||||||||
Noninterest-bearing | 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 | $ 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, | December 31, | |||
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 | 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 | 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 | ||||||||||
Pre-Provision Net Revenue | ||||||||||
For the three months ended | ||||||||||
December 31, | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, | ||||||
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, | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, | ||||||
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, | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, | ||||||
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 | (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, | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, | ||||||
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 | (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 % | |||||
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SOURCE LendingClub Corporation