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 $(BLK)$ 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.
"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 September 30, June 30, September 30,
amounts) 2025 2025 2024 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 as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
Contacts
For Investors:
IR@lendingclub.com
Media Contact:
Press@lendingclub.com
Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: 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, December 31, September 30,
2025 2025 2025 2024 2024 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
(ROTCE)(1)(4) 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
originations 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
share(1) $ 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 a
% of total loan
originations 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, December 31, September 30,
2025 2025 2025 2024 2024 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
amortized
cost $ 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
amortized
cost, net $ 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,
2025 2025 2025 2024 2024
------------ ---------------- ---------------- ---------------- ---------------- ----------------
Asset Quality Metrics (1) :
Allowance
for loan
and lease
losses to
total loans
and leases
held for
investment
at
amortized
cost 6.1 % 5.8 % 5.8 % 5.7 % 5.4 %
Allowance
for loan
and lease
losses to
commercial
loans and
leases held
for
investment
at
amortized
cost 2.3 % 2.3 % 2.7 % 3.9 % 3.1 %
Allowance
for loan
and lease
losses to
consumer
loans and
leases held
for
investment
at
amortized
cost 6.8 % 6.4 % 6.3 % 6.1 % 5.8 %
Gross
allowance
for loan
and lease
losses to
consumer
loans and
leases held
for
investment
at
amortized
cost 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,
2025 2024
---------------------------------------- ---------------- ----------------
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
losses,
beginning
of period $ 237,433 $ 15,556 $ 252,989 $ 227,608 $ 16,585 $ 244,193
------------ ----------- -------------- --------- ----------- -------------- ---------
Credit loss
expense
(benefit)
for loans
and leases
held for
investment 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 30-59 60-89 90 or More Guaranteed
30, 2025 Days Days Days Total Amount (1)
------------ -------------- ---------------- -------------- -------------------- -----------------------
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
investment $ 6,110 $ 2,584 $ 28,399 $ 37,093 $ 23,360
============ ============== ================ ============== ==================== =======================
Total loans
and leases
held for
investment
at
amortized
cost $ 30,339 $ 21,950 $ 47,011 $ 99,300 $ 23,360
============ ============== ================ ============== ==================== =======================
December 31, 30-59 60-89 90 or More Guaranteed
2024 Days Days Days Total 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 (%)
----------------
Q3
2025 Q3 2025
September 30, June 30, September 30, vs Q2 vs
2025 2025 2024 2025 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 Three Months Ended Three Months Ended
September 30, 2025 June 30, 2025 September 30, 2024
-------------------------------- -------------------------------- --------------------------------
Interest Average Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate Balance Expense Rate
-------------------- ------------ --------- ------- ------------ --------- ------- ------------ --------- -------
Interest-earning
assets (2)
Cash, cash
equivalents,
restricted cash and
other $ 603,777 $ 6,390 4.23 % $ 679,603 $ 7,113 4.19 % $ 939,611 $ 12,442 5.30 %
Securities available
for sale at fair
value 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 value 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
investment:
Unsecured personal
loans 3,268,142 110,151 13.48 % 3,177,439 107,829 13.57 % 3,045,150 103,291 13.57 %
Commercial and
other consumer
loans 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 investment
at amortized cost 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 at fair
value 552,848 15,319 11.08 % 722,685 19,761 10.94 % 972,698 26,345 10.83 %
-------------------- ------------ --------- ------- ------------ --------- ------- ------------ --------- -------
Total loans and
leases held for
investment 4,890,619 141,530 11.58 % 4,899,272 142,156 11.61 % 5,075,536 145,133 11.44 %
-------------------- ------------ --------- ------- ------------ --------- ------- ------------ --------- -------
Total
interest-earning
assets 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 and
restricted cash 29,655 38,746 41,147
Allowance for loan
and lease losses (260,744) (247,133) (225,968)
Other non-interest
earning assets 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
market accounts 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
liabilities 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 net interest
margin $ 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,
2025 2024
--------------------------------------- ------------------ ---------------
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 cost, respectively) 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 113,383,917 shares
issued and outstanding, respectively 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, March 31, December 31, September 30,
2025 2025 2025 2024 2024
-------------- --------------------- --------------------- --------------------- ---------------------- ---------------------
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, March 31, December 31, September 30,
2025 2025 2025 2024 2024
-------------- --------------------- --------------------- --------------------- ---------------------- ---------------------
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, March 31, December 31, September 30,
2025 2025 2025 2024 2024
------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
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
============= ====================== ====================== ====================== ====================== ======================
(MORE TO FOLLOW) Dow Jones Newswires
October 22, 2025 16:05 ET (20:05 GMT)