LendingClub Reports Third Quarter 2025 Results
Delivered record Pre-tax Income of $57 million, 12.4% ROE and 13.2% ROTCE
Grew Originations +37%, Revenue +32%, and Diluted EPS +185% compared to prior year
Secured an MOU by which funds and accounts managed by BlackRock (NYSE:BLK) investment advisors will invest up to $1 billion through LendingClub's marketplace programs through 2026
SAN FRANCISCO, Oct. 22, 2025 /PRNewswire/ -- LendingClub Corporation (NYSE:LC) today announced financial results for the third quarter ended September 30, 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 delivered another outstanding quarter with 37% growth in originations and 32% growth in revenue, and nearly tripling diluted earnings per share, resulting in an ROTCE of over 13%," said Scott Sanborn, LendingClub CEO. "Innovative products, compelling value propositions, a loyal and growing member base, and a resilient balance sheet are all combining to deliver sustainable, profitable growth. We're excited by the multiple opportunities ahead and look forward to continuing to execute against our strategy."
Third Quarter 2025 Results
Highlights:
- Achieved $2.6 billion in origination volume, up 37% compared to the prior year, driven by the successful execution of product and marketing initiatives.
- Diluted EPS nearly tripled compared to the prior year to $0.37.
- Continued to deliver credit outperformance vs. competitor set, with +37% better performance.
- LevelUp Checking drove 7x increase in account openings vs. prior checking product.
- Announced Investor Day to be held November 5, 2025.
Balance Sheet:
- Total assets of $11.1 billion, up 4% year-to-date and comparable year-over-year due to a portfolio acquisition in the same quarter of the prior year.
- Deposits of $9.4 billion, compared to $9.5 billion in the prior year, primarily attributable to a $0.6 billion decrease in brokered deposits, which was mostly offset by an increase in non-brokered deposits.
- 88% of total deposits are FDIC-insured.
- Robust available liquidity of $3.9 billion.
- Strong capital position with a consolidated Tier 1 leverage ratio of 12.3% and a CET1 capital ratio of 18.0%.
- Book value per common share grew to $12.68, compared to $11.95 in the prior year.
- Tangible book value per common share grew to $11.95, compared to $11.19 in the prior year.
Financial Performance:
- Loan originations grew 37% to $2.6 billion, compared to $1.9 billion in the prior year.
- Total net revenue increased 32% to $266.2 million, compared to $201.9 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 6.18%, compared to 5.63% in the prior year, driven by improved deposit funding costs.
- Provision for credit losses of $46.3 million, compared to $47.5 million in the prior year, driven by strong credit performance, partially offset by day-1 provision for higher originations of held-for-investment retained loans.
- Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $31.1 million, compared to $55.8 million in the prior year, driven by strong credit performance and portfolio composition and maturity.
- Efficiency ratio of 61% compared to 68% in the prior year, driven by increasing operating leverage as expenses have been well-managed by the implementation of AI technologies and other cost initiatives.
- Net income more than tripled to $44.3 million, compared to $14.5 million in the prior year.
- Return on Equity (ROE) of 12.4% with a Return on Tangible Common Equity (ROTCE) of 13.2%.
- Pre-Provision Net Revenue (PPNR) increased 58% to $103.5 million, compared to $65.5 million in the prior year.
Three Months Ended | % Change | ||||||||
($ in millions, except per share amounts) | September 30, | June 30, | September 30, | Q/Q | Y/Y | ||||
Total net revenue | $ 266.2 | $ 248.4 | $ 201.9 | 7 % | 32 % | ||||
Non-interest expense | 162.7 | 154.7 | 136.3 | 5 % | 19 % | ||||
Pre-provision net revenue (1) | 103.5 | 93.7 | 65.5 | 10 % | 58 % | ||||
Provision for credit losses | 46.3 | 39.7 | 47.5 | 16 % | (3) % | ||||
Income before income tax expense | 57.2 | 54.0 | 18.0 | 6 % | 218 % | ||||
Income tax expense | (13.0) | (15.8) | (3.6) | (18) % | 265 % | ||||
Net income | $ 44.3 | $ 38.2 | $ 14.5 | 16 % | 206 % | ||||
Diluted EPS | $ 0.37 | $ 0.33 | $ 0.13 | 12 % | 185 % | ||||
(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
Fourth Quarter 2025 | |
Loan originations | $2.5B to $2.6B |
Pre-provision net revenue (PPNR) | $90M to $100M |
Return on Tangible Common Equity (ROTCE) | 10% to 11.5% |
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 third 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, October 22, 2025. 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/133370489 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.
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 13 and 14 of this release.
We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.
Safe Harbor Statement
Some of the statements above, including statements regarding long-term loan funding (including the timing and amount of potential future loan purchase investments by BlackRock) and anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "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 loan or Structured Certificates program purchases); competition; overall economic conditions; the interest rate environment; the 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. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in 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 | ||||||||||||
September 30, | June 30, | March 31, 2025 | December 31, 2024 | September 30, | Q/Q | Y/Y | |||||||
Operating Highlights: | |||||||||||||
Non-interest income | $ 107,792 | $ 94,186 | $ 67,754 | $ 74,817 | $ 61,640 | 14 % | 75 % | ||||||
Net interest income | 158,439 | 154,249 | 149,957 | 142,384 | 140,241 | 3 % | 13 % | ||||||
Total net revenue | 266,231 | 248,435 | 217,711 | 217,201 | 201,881 | 7 % | 32 % | ||||||
Non-interest expense | 162,713 | 154,718 | 143,867 | 142,855 | 136,332 | 5 % | 19 % | ||||||
Pre-provision net revenue(1) | 103,518 | 93,717 | 73,844 | 74,346 | 65,549 | 10 % | 58 % | ||||||
Provision for credit losses | 46,280 | 39,733 | 58,149 | 63,238 | 47,541 | 16 % | (3) % | ||||||
Income before income tax expense | 57,238 | 53,984 | 15,695 | 11,108 | 18,008 | 6 % | 218 % | ||||||
Income tax expense | (12,964) | (15,806) | (4,024) | (1,388) | (3,551) | (18) % | 265 % | ||||||
Net income | $ 44,274 | $ 38,178 | $ 11,671 | $ 9,720 | $ 14,457 | 16 % | 206 % | ||||||
Basic EPS | $ 0.39 | $ 0.33 | $ 0.10 | $ 0.09 | $ 0.13 | 18 % | 200 % | ||||||
Diluted EPS | $ 0.37 | $ 0.33 | $ 0.10 | $ 0.08 | $ 0.13 | 12 % | 185 % | ||||||
LendingClub Corporation Performance Metrics: | |||||||||||||
Net interest margin | 6.18 % | 6.14 % | 5.97 % | 5.42 % | 5.63 % | ||||||||
Efficiency ratio(2) | 61.1 % | 62.3 % | 66.1 % | 65.8 % | 67.5 % | ||||||||
Return on average equity (ROE)(3) | 12.4 % | 11.1 % | 3.5 % | 2.9 % | 4.4 % | ||||||||
Return on tangible common equity | 13.2 % | 11.8 % | 3.7 % | 3.1 % | 4.7 % | ||||||||
Return on average total assets (ROA)(5) | 1.7 % | 1.5 % | 0.4 % | 0.4 % | 0.6 % | ||||||||
Marketing expense as a % of loan | 1.55 % | 1.40 % | 1.47 % | 1.27 % | 1.37 % | ||||||||
LendingClub Corporation Capital Metrics: | |||||||||||||
Common equity Tier 1 capital ratio | 18.0 % | 17.5 % | 17.8 % | 17.3 % | 15.9 % | ||||||||
Tier 1 leverage ratio | 12.3 % | 12.2 % | 11.7 % | 11.0 % | 11.3 % | ||||||||
Book value per common share | $ 12.68 | $ 12.25 | $ 11.95 | $ 11.83 | $ 11.95 | 4 % | 6 % | ||||||
Tangible book value per common | $ 11.95 | $ 11.53 | $ 11.22 | $ 11.09 | $ 11.19 | 4 % | 7 % | ||||||
Loan Originations (in millions)(6): | |||||||||||||
Total loan originations | $ 2,622 | $ 2,391 | $ 1,989 | $ 1,846 | $ 1,913 | 10 % | 37 % | ||||||
Marketplace loans | $ 2,027 | $ 1,702 | $ 1,314 | $ 1,241 | $ 1,403 | 19 % | 44 % | ||||||
Loan originations held for investment | $ 594 | $ 689 | $ 675 | $ 605 | $ 510 | (14) % | 16 % | ||||||
Loan originations held for investment as | 23 % | 29 % | 34 % | 33 % | 27 % | ||||||||
Servicing Portfolio AUM (in millions)(7): | |||||||||||||
Total servicing portfolio | $ 12,986 | $ 12,524 | $ 12,241 | $ 12,371 | $ 12,674 | 4 % | 2 % | ||||||
Loans serviced for others | $ 7,612 | $ 7,185 | $ 7,130 | $ 7,207 | $ 7,028 | 6 % | 8 % | ||||||
(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, auto loans and education and patient finance 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 | ||||||||||||
September 30, | June 30, | March 31, 2025 | December 31, 2024 | September 30, | Q/Q | Y/Y | |||||||
Balance Sheet Data: | |||||||||||||
Securities available for sale | $ 3,742,304 | $ 3,527,142 | $ 3,426,571 | $ 3,452,648 | $ 3,311,418 | 6 % | 13 % | ||||||
Loans held for sale at fair value | $ 1,213,140 | $ 1,008,168 | $ 703,378 | $ 636,352 | $ 849,967 | 20 % | 43 % | ||||||
Loans and leases held for investment at | $ 4,363,415 | $ 4,386,321 | $ 4,215,449 | $ 4,125,818 | $ 4,108,329 | (1) % | 6 % | ||||||
Gross allowance for loan and lease losses (1) | $ (308,218) | $ (293,707) | $ (288,308) | $ (285,686) | $ (274,538) | 5 % | 12 % | ||||||
Recovery asset value (2) | $ 40,444 | $ 40,718 | $ 44,115 | $ 48,952 | $ 53,974 | (1) % | (25) % | ||||||
Allowance for loan and lease losses | $ (267,774) | $ (252,989) | $ (244,193) | $ (236,734) | $ (220,564) | 6 % | 21 % | ||||||
Loans and leases held for investment at | $ 4,095,641 | $ 4,133,332 | $ 3,971,256 | $ 3,889,084 | $ 3,887,765 | (1) % | 5 % | ||||||
Loans held for investment at fair value | $ 477,784 | $ 631,736 | $ 818,882 | $ 1,027,798 | $ 1,287,495 | (24) % | (63) % | ||||||
Total loans and leases held for investment | $ 4,573,425 | $ 4,765,068 | $ 4,790,138 | $ 4,916,882 | $ 5,175,260 | (4) % | (12) % | ||||||
Whole loans held on balance sheet (3) | $ 5,786,565 | $ 5,773,236 | $ 5,493,516 | $ 5,553,234 | $ 6,025,227 | — % | (4) % | ||||||
Total assets | $ 11,072,515 | $ 10,775,333 | $ 10,483,096 | $ 10,630,509 | $ 11,037,507 | 3 % | — % | ||||||
Total deposits | $ 9,388,233 | $ 9,136,124 | $ 8,905,902 | $ 9,068,237 | $ 9,459,608 | 3 % | (1) % | ||||||
Total liabilities | $ 9,610,302 | $ 9,369,298 | $ 9,118,579 | $ 9,288,778 | $ 9,694,612 | 3 % | (1) % | ||||||
Total equity | $ 1,462,213 | $ 1,406,035 | $ 1,364,517 | $ 1,341,731 | $ 1,342,895 | 4 % | 9 % | ||||||
(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 | |||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||
Asset Quality Metrics (1): | |||||||||
Allowance for loan and lease losses to total loans | 6.1 % | 5.8 % | 5.8 % | 5.7 % | 5.4 % | ||||
Allowance for loan and lease losses to commercial | 2.3 % | 2.3 % | 2.7 % | 3.9 % | 3.1 % | ||||
Allowance for loan and lease losses to consumer | 6.8 % | 6.4 % | 6.3 % | 6.1 % | 5.8 % | ||||
Gross allowance for loan and lease losses to | 7.9 % | 7.5 % | 7.5 % | 7.5 % | 7.3 % | ||||
Net charge-offs | $ 31,122 | $ 31,800 | $ 48,923 | $ 45,977 | $ 55,805 | ||||
Net charge-off ratio (2) | 2.9 % | 3.0 % | 4.8 % | 4.5 % | 5.4 % | ||||
(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: | |||
September 30, | December 31, | ||
Unsecured personal | $ 3,303,510 | $ 3,106,472 | |
Residential mortgages | 161,098 | 172,711 | |
Secured consumer | 245,843 | 230,232 | |
Total consumer loans held for investment | 3,710,451 | 3,509,415 | |
Equipment finance (1) | 43,880 | 64,232 | |
Commercial real estate (2) | 451,049 | 373,785 | |
Commercial and industrial | 158,035 | 178,386 | |
Total commercial loans and leases held for investment | 652,964 | 616,403 | |
Total loans and leases held for investment at amortized cost | 4,363,415 | 4,125,818 | |
Allowance for loan and lease losses | (267,774) | (236,734) | |
Loans and leases held for investment at amortized cost, net | $ 4,095,641 | $ 3,889,084 | |
Loans held for investment at fair value | 477,784 | 1,027,798 | |
Total loans and leases held for investment | $ 4,573,425 | $ 4,916,882 | |
(1) | Comprised of sales-type leases for equipment. |
(2) | Includes $263.4 million and $160.1 million in loans originated through the Small Business Association (SBA) as of September 30, 2025 and December 31, 2024, respectively. |
The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:
September 30, 2025 | December 31, 2024 | ||
Gross allowance for loan and lease losses (1) | $ 308,218 | $ 285,686 | |
Recovery asset value (2) | (40,444) | (48,952) | |
Allowance for loan and lease losses | $ 267,774 | $ 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 | |||||||||||
September 30, 2025 | June 30, 2025 | ||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | ||||||
Allowance for loan and lease | $ 237,433 | $ 15,556 | $ 252,989 | $ 227,608 | $ 16,585 | $ 244,193 | |||||
Credit loss expense (benefit) | 46,390 | (483) | 45,907 | 41,133 | (537) | 40,596 | |||||
Charge-offs | (47,886) | — | (47,886) | (48,956) | (898) | (49,854) | |||||
Recoveries | 16,620 | 144 | 16,764 | 17,648 | 406 | 18,054 | |||||
Allowance for loan and lease losses, end of period | $ 252,557 | $ 15,217 | $ 267,774 | $ 237,433 | $ 15,556 | $ 252,989 | |||||
LENDINGCLUB CORPORATION ALLOWANCE FOR LOAN AND LEASE LOSSES (In thousands) (Unaudited) | |||||
Three Months Ended | |||||
September 30, 2024 | |||||
Consumer | Commercial | Total | |||
Allowance for loan and lease losses, beginning of period | $ 210,729 | $ 18,180 | $ 228,909 | ||
Credit loss expense for loans and leases held for investment | 45,813 | 1,647 | 47,460 | ||
Charge-offs | (68,388) | (721) | (69,109) | ||
Recoveries | 12,745 | 559 | 13,304 | ||
Allowance for loan and lease losses, end of period | $ 200,899 | $ 19,665 | $ 220,564 | ||
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: | |||||||||
September 30, 2025 | 30-59 | 60-89 | 90 or More | Total | Guaranteed | ||||
Unsecured personal | $ 21,932 | $ 18,440 | $ 18,114 | $ 58,486 | $ — | ||||
Residential mortgages | — | — | 156 | 156 | — | ||||
Secured consumer | 2,297 | 926 | 342 | 3,565 | — | ||||
Total consumer loans held for investment | $ 24,229 | $ 19,366 | $ 18,612 | $ 62,207 | $ — | ||||
Equipment finance | $ 2,743 | $ — | $ 3,331 | $ 6,074 | $ — | ||||
Commercial real estate | 62 | 432 | 10,152 | 10,646 | 8,456 | ||||
Commercial and industrial | 3,305 | 2,152 | 14,916 | 20,373 | 14,904 | ||||
Total commercial loans and leases held for | $ 6,110 | $ 2,584 | $ 28,399 | $ 37,093 | $ 23,360 | ||||
Total loans and leases held for investment at | $ 30,339 | $ 21,950 | $ 47,011 | $ 99,300 | $ 23,360 | ||||
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 (%) | ||||||||
September 30, | June 30, | September 30, | Q3 2025 vs Q2 2025 | Q3 2025 vs Q3 2024 | |||||
Non-interest income: | |||||||||
Origination fees | $ 105,731 | $ 87,578 | $ 71,465 | 21 % | 48 % | ||||
Servicing fees | 17,000 | 16,395 | 8,081 | 4 % | 110 % | ||||
Gain on sales of loans | 17,799 | 13,540 | 12,433 | 31 % | 43 % | ||||
Net fair value adjustments | (38,375) | (27,869) | (33,595) | (38) % | (14) % | ||||
Marketplace revenue | 102,155 | 89,644 | 58,384 | 14 % | 75 % | ||||
Other non-interest income | 5,637 | 4,542 | 3,256 | 24 % | 73 % | ||||
Total non-interest income | 107,792 | 94,186 | 61,640 | 14 % | 75 % | ||||
Total interest income | 241,801 | 237,097 | 240,377 | 2 % | 1 % | ||||
Total interest expense | 83,362 | 82,848 | 100,136 | 1 % | (17) % | ||||
Net interest income | 158,439 | 154,249 | 140,241 | 3 % | 13 % | ||||
Total net revenue | 266,231 | 248,435 | 201,881 | 7 % | 32 % | ||||
Provision for credit losses | 46,280 | 39,733 | 47,541 | 16 % | (3) % | ||||
Non-interest expense: | |||||||||
Compensation and benefits | 60,830 | 61,989 | 57,408 | (2) % | 6 % | ||||
Marketing | 40,712 | 33,580 | 26,186 | 21 % | 55 % | ||||
Equipment and software | 13,465 | 14,495 | 12,789 | (7) % | 5 % | ||||
Depreciation and amortization | 16,879 | 15,460 | 13,341 | 9 % | 27 % | ||||
Professional services | 10,922 | 10,300 | 8,014 | 6 % | 36 % | ||||
Occupancy | 5,245 | 4,787 | 4,005 | 10 % | 31 % | ||||
Other non-interest expense | 14,660 | 14,107 | 14,589 | 4 % | — % | ||||
Total non-interest expense | 162,713 | 154,718 | 136,332 | 5 % | 19 % | ||||
Income before income tax expense | 57,238 | 53,984 | 18,008 | 6 % | 218 % | ||||
Income tax expense | (12,964) | (15,806) | (3,551) | (18) % | 265 % | ||||
Net income | $ 44,274 | $ 38,178 | $ 14,457 | 16 % | 206 % | ||||
Net income per share: | |||||||||
Basic EPS | $ 0.39 | $ 0.33 | $ 0.13 | 18 % | 200 % | ||||
Diluted EPS | $ 0.37 | $ 0.33 | $ 0.13 | 12 % | 185 % | ||||
Weighted-average common shares – Basic | 114,961,676 | 114,409,231 | 112,042,202 | — % | 3 % | ||||
Weighted-average common shares – Diluted | 118,188,124 | 115,692,969 | 113,922,256 | 2 % | 4 % | ||||
LENDINGCLUB CORPORATION NET INTEREST INCOME (In thousands, except percentages or as noted) (Unaudited) | |||||||||||||||||
Consolidated LendingClub Corporation (1) | |||||||||||||||||
Three Months Ended September 30, 2025 | Three Months Ended June 30, 2025 | Three Months Ended September 30, 2024 | |||||||||||||||
Average | Interest | Average | Average | Interest | Average | Average | Interest | Average | |||||||||
Interest-earning assets (2) | |||||||||||||||||
Cash, cash equivalents, | $ 603,777 | $ 6,390 | 4.23 % | $ 679,603 | $ 7,113 | 4.19 % | $ 939,611 | $ 12,442 | 5.30 % | ||||||||
Securities available for sale | 3,564,732 | 56,253 | 6.31 % | 3,411,020 | 55,339 | 6.49 % | 3,047,305 | 52,476 | 6.89 % | ||||||||
Loans held for sale at fair | 1,198,581 | 37,628 | 12.56 % | 1,061,845 | 32,489 | 12.24 % | 899,434 | 30,326 | 13.49 % | ||||||||
Loans and leases held for | |||||||||||||||||
Unsecured personal | 3,268,142 | 110,151 | 13.48 % | 3,177,439 | 107,829 | 13.57 % | 3,045,150 | 103,291 | 13.57 % | ||||||||
Commercial and other | 1,069,629 | 16,060 | 6.01 % | 999,148 | 14,566 | 5.83 % | 1,057,688 | 15,497 | 5.86 % | ||||||||
Loans and leases held for | 4,337,771 | 126,211 | 11.64 % | 4,176,587 | 122,395 | 11.72 % | 4,102,838 | 118,788 | 11.58 % | ||||||||
Loans held for investment | 552,848 | 15,319 | 11.08 % | 722,685 | 19,761 | 10.94 % | 972,698 | 26,345 | 10.83 % | ||||||||
Total loans and leases held | 4,890,619 | 141,530 | 11.58 % | 4,899,272 | 142,156 | 11.61 % | 5,075,536 | 145,133 | 11.44 % | ||||||||
Total interest-earning | 10,257,709 | 241,801 | 9.43 % | 10,051,740 | 237,097 | 9.44 % | 9,961,886 | 240,377 | 9.65 % | ||||||||
Cash and due from banks | 29,655 | 38,746 | 41,147 | ||||||||||||||
Allowance for loan and | (260,744) | (247,133) | (225,968) | ||||||||||||||
Other non-interest earning | 638,821 | 633,711 | 624,198 | ||||||||||||||
Total assets | $ 10,665,441 | $ 10,477,064 | $ 10,401,263 | ||||||||||||||
Interest-bearing liabilities | |||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Savings and money | 6,442,649 | 61,782 | 3.80 % | 6,152,936 | 58,934 | 3.84 % | 5,056,535 | 61,556 | 4.84 % | ||||||||
Certificates of deposit | 1,851,320 | 19,990 | 4.28 % | 1,997,980 | 22,469 | 4.51 % | 2,032,093 | 26,409 | 5.17 % | ||||||||
Checking accounts | 406,494 | 1,449 | 1.41 % | 426,107 | 1,442 | 1.36 % | 948,334 | 8,898 | 3.73 % | ||||||||
Interest-bearing deposits | 8,700,463 | 83,221 | 3.79 % | 8,577,023 | 82,845 | 3.87 % | 8,036,962 | 96,863 | 4.79 % | ||||||||
Other interest-bearing | 12,174 | 141 | 4.61 % | 220 | 3 | 4.54 % | 486,736 | 3,273 | 2.69 % | ||||||||
Total interest-bearing liabilities | 8,712,637 | 83,362 | 3.80 % | 8,577,243 | 82,848 | 3.87 % | 8,523,698 | 100,136 | 4.67 % | ||||||||
Noninterest-bearing deposits | 291,231 | 282,113 | 344,577 | ||||||||||||||
Other liabilities | 237,035 | 236,509 | 225,467 | ||||||||||||||
Total liabilities | $ 9,240,903 | $ 9,095,865 | $ 9,093,742 | ||||||||||||||
Total equity | $ 1,424,538 | $ 1,381,199 | $ 1,307,521 | ||||||||||||||
Total liabilities and equity | $ 10,665,441 | $ 10,477,064 | $ 10,401,263 | ||||||||||||||
Interest rate spread | 5.63 % | 5.57 % | 4.98 % | ||||||||||||||
Net interest income and | $ 158,439 | 6.18 % | $ 154,249 | 6.14 % | $ 140,241 | 5.63 % | |||||||||||
(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) | |||
September 30, | December 31, | ||
Assets | |||
Cash and due from banks | $ 10,629 | $ 15,524 | |
Interest-bearing deposits in banks | 816,758 | 938,534 | |
Total cash and cash equivalents | 827,387 | 954,058 | |
Restricted cash | 18,283 | 23,338 | |
Securities available for sale at fair value ($3,769,472 and $3,492,264 at amortized | 3,742,304 | 3,452,648 | |
Loans held for sale at fair value | 1,213,140 | 636,352 | |
Loans and leases held for investment | 4,363,415 | 4,125,818 | |
Allowance for loan and lease losses | (267,774) | (236,734) | |
Loans and leases held for investment, net | 4,095,641 | 3,889,084 | |
Loans held for investment at fair value | 477,784 | 1,027,798 | |
Property, equipment and software, net | 250,330 | 167,532 | |
Goodwill | 75,717 | 75,717 | |
Other assets | 371,929 | 403,982 | |
Total assets | $ 11,072,515 | $ 10,630,509 | |
Liabilities and Equity | |||
Deposits: | |||
Interest-bearing | $ 9,041,412 | $ 8,676,119 | |
Noninterest-bearing | 346,821 | 392,118 | |
Total deposits | 9,388,233 | 9,068,237 | |
Other liabilities | 222,069 | 220,541 | |
Total liabilities | 9,610,302 | 9,288,778 | |
Equity | |||
Common stock, $0.01 par value; 180,000,000 shares authorized; 115,301,440 and | 1,153 | 1,134 | |
Additional paid-in capital | 1,722,113 | 1,702,316 | |
Accumulated deficit | (243,353) | (337,476) | |
Accumulated other comprehensive loss | (17,700) | (24,243) | |
Total equity | 1,462,213 | 1,341,731 | |
Total liabilities and equity | $ 11,072,515 | $ 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 | |||||||||
September 30, | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, | |||||
GAAP Net income | $ 44,274 | $ 38,178 | $ 11,671 | $ 9,720 | $ 14,457 | ||||
Less: Provision for credit losses | (46,280) | (39,733) | (58,149) | (63,238) | (47,541) | ||||
Less: Income tax expense | (12,964) | (15,806) | (4,024) | (1,388) | (3,551) | ||||
Pre-provision net revenue | $ 103,518 | $ 93,717 | $ 73,844 | $ 74,346 | $ 65,549 | ||||
For the three months ended | |||||||||
September 30, | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, | |||||
Non-interest income | $ 107,792 | $ 94,186 | $ 67,754 | $ 74,817 | $ 61,640 | ||||
Net interest income | 158,439 | 154,249 | 149,957 | 142,384 | 140,241 | ||||
Total net revenue | 266,231 | 248,435 | 217,711 | 217,201 | 201,881 | ||||
Non-interest expense | (162,713) | (154,718) | (143,867) | (142,855) | (136,332) | ||||
Pre-provision net revenue | 103,518 | 93,717 | 73,844 | 74,346 | 65,549 | ||||
Provision for credit losses | (46,280) | (39,733) | (58,149) | (63,238) | (47,541) | ||||
Income before income tax expense | 57,238 | 53,984 | 15,695 | 11,108 | 18,008 | ||||
Income tax expense | (12,964) | (15,806) | (4,024) | (1,388) | (3,551) | ||||
GAAP Net income | $ 44,274 | $ 38,178 | $ 11,671 | $ 9,720 | $ 14,457 | ||||
Tangible Book Value Per Common Share | |||||||||
September 30, | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, | |||||
GAAP common equity | $ 1,462,213 | $ 1,406,035 | $ 1,364,517 | $ 1,341,731 | $ 1,342,895 | ||||
Less: Goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) | ||||
Less: Customer relationship intangible assets | (8,206) | (7,068) | (7,778) | (8,586) | (9,439) | ||||
Tangible common equity | $ 1,378,290 | $ 1,323,250 | $ 1,281,022 | $ 1,257,428 | $ 1,257,739 | ||||
Book value per common share | |||||||||
GAAP common equity | $ 1,462,213 | $ 1,406,035 | $ 1,364,517 | $ 1,341,731 | $ 1,342,895 | ||||
Common shares issued and outstanding | 115,301,440 | 114,740,147 | 114,199,832 | 113,383,917 | 112,401,990 | ||||
Book value per common share | $ 12.68 | $ 12.25 | $ 11.95 | $ 11.83 | $ 11.95 | ||||
Tangible book value per common share | |||||||||
Tangible common equity | $ 1,378,290 | $ 1,323,250 | $ 1,281,022 | $ 1,257,428 | $ 1,257,739 | ||||
Common shares issued and outstanding | 115,301,440 | 114,740,147 | 114,199,832 | 113,383,917 | 112,401,990 | ||||
Tangible book value per common share | $ 11.95 | $ 11.53 | $ 11.22 | $ 11.09 | $ 11.19 | ||||
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 | |||||||||
September 30, | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, | |||||
Average GAAP common equity | $ 1,424,538 | $ 1,381,199 | $ 1,349,473 | $ 1,335,730 | $ 1,307,521 | ||||
Less: Average goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) | ||||
Less: Average customer relationship | (6,722) | (7,423) | (8,182) | (9,013) | (9,866) | ||||
Average tangible common equity | $ 1,342,099 | $ 1,298,059 | $ 1,265,574 | $ 1,251,000 | $ 1,221,938 | ||||
Return on average equity | |||||||||
Annualized GAAP net income | $ 177,096 | $ 152,712 | $ 46,684 | $ 38,880 | $ 57,828 | ||||
Average GAAP common equity | $ 1,424,538 | $ 1,381,199 | $ 1,349,473 | $ 1,335,730 | $ 1,307,521 | ||||
Return on average equity | 12.4 % | 11.1 % | 3.5 % | 2.9 % | 4.4 % | ||||
Return on tangible common equity | |||||||||
Annualized GAAP net income | $ 177,096 | $ 152,712 | $ 46,684 | $ 38,880 | $ 57,828 | ||||
Average tangible common equity | $ 1,342,099 | $ 1,298,059 | $ 1,265,574 | $ 1,251,000 | $ 1,221,938 | ||||
Return on tangible common equity | 13.2 % | 11.8 % | 3.7 % | 3.1 % | 4.7 % | ||||
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SOURCE LendingClub Corporation