Delivered $41.6 million GAAP Net Income, 11.3% ROE and 11.9% ROTCE in fourth quarter
Increased Originations +40%, Revenue +23%, and Diluted EPS +338% in fourth quarter compared to prior year
For the full year 2025: Grew Originations +33%, Revenue +27%, and Diluted EPS +158% compared to prior year
SAN FRANCISCO, Jan. 28, 2026 /PRNewswire/ -- LendingClub Corporation (NYSE: LC) today announced financial results for the fourth quarter and full year ended December 31, 2025.
"We closed out a fantastic year with another strong quarter, delivering 40% originations growth and ROTCE approaching 12%," said Scott Sanborn, LendingClub CEO. "On a full-year basis, we grew originations 33% and more than doubled EPS. We're entering 2026 from a position of strength, with product innovations and marketing investments taking hold while credit continues to outperform. Our entry into home improvement financing is creating new opportunities and we also expect to leverage ongoing operating discipline and AI efficiencies to further strengthen the earnings power of the company."
Fourth Quarter 2025 Results
Highlights:
- 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 StockRepurchase 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,
amounts) 2025 2025 2024 2025 2024
Total net revenue $266.5 $266.2 $217.2 $998.8 $787.0
Non-interest expense 169.3 162.7 142.9 630.6 543.7
Pre-provision net revenue (1) 97.2 103.5 74.3 368.3 243.3
Provision for credit losses 47.2 46.3 63.2 191.3 178.3
Income before income tax 50.0 57.2 11.1 176.9 65.1
expense
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:
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 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, March 31, December 31, Q/Q Y/Y
2025 2025 2024
2025 2025
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 %
(ROTCE)(1)(4)
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 %
originations
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 %
share(1)
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 %
as a % of total loan originations
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, March 31, December 31, Q/Q Y/Y
2025 2025 2024
2025 2025
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 %
amortized cost
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 %
amortized cost, net
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,
2025 2025 2025 2025 2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans 6.5 % 6.1 % 5.8 % 5.8 % 5.7 %
and leases held for investment at amortized cost
Allowance for loan and lease losses to commercial 2.5 % 2.3 % 2.3 % 2.7 % 3.9 %
loans and leases held for investment at amortized
cost
Allowance for loan and lease losses to consumer 7.2 % 6.8 % 6.4 % 6.3 % 6.1 %
loans and leases held for investment at amortized
cost
Gross allowance for loan and lease losses to 8.2 % 7.9 % 7.5 % 7.5 % 7.5 %
consumer loans and leases held for investment at
amortized cost
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,
2025 2024
Unsecured personal $3,191,430 $3,106,472
Residential mortgages 151,073 172,711
Secured consumer 261,045 230,232
Total consumer loans held for investment 3,603,548 3,509,415
Equipment finance (1) 39,757 64,232
Commercial real estate (2) 472,489 373,785
Commercial and industrial 157,018 178,386
Total commercial loans and leases held for investment 669,264 616,403
Total loans and leases held for investment at amortized cost 4,272,812 4,125,818
Allowance for loan and lease losses (275,743) (236,734)
Loans and leases held for investment at amortized cost, net $3,997,069 $3,889,084
Loans held for investment at fair value 473,314 1,027,798
Total loans and leases held for investment $4,470,383 $4,916,882
(1) Comprised of sales-type leases for equipment.
(2) Includes $286.8 million and $160.1 million in loans originated through the Small Business Association (SBA) as of December 31, 2025 and December 31, 2024, respectively.
LENDINGCLUB CORPORATION
ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands)
(Unaudited)
The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:
December 31, 2025 December 31, 2024
Gross allowance for loan and lease losses (1) $312,667 $285,686
Recovery asset value (2) (36,924) (48,952)
Allowance for loan and lease losses $275,743 $236,734
(1) Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2) Represents the negative allowance for expected recoveries of amounts previously charged-off.
The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
Three Months Ended
December 31, 2025 September 30, 2025
Consumer Commercial Total Consumer Commercial Total
Allowance for loan and lease $252,557 $15,217 $267,774 $237,433 $15,556 $252,989
losses, beginning of period
Credit loss expense (benefit) 46,560 1,483 48,043 46,390 (483) 45,907
for loans and leases held for
investment
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
losses, end of period
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
Days Days Days Amount (1)
Unsecured personal $22,491 $18,550 $17,936 $58,977
$ -
Residential mortgages - 888 86 974
Secured consumer 3,006 596 395 3,997
Total consumer loans held for investment $25,497 $20,034 $18,417 $63,948
$ -
Equipment finance $696
$ - $3,088 $3,784
$ -
Commercial real estate - 11,182 11,182 8,231
Commercial and industrial 1,540 1,878 20,074 23,492 14,930
Total commercial loans and leases held for $2,236 $1,878 $34,344 $38,458 $23,161
investment
Total loans and leases held for investment at $27,733 $21,912 $52,761 $102,406 $23,161
amortized cost
December 31, 2024 30-59 60-89 90 or More Total Guaranteed
Days Days Days 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 $14,644 $1,665 $30,253 $46,562 $26,968
investment
Total loans and leases held for investment at $40,667 $21,646 $51,977 $114,290 $26,968
amortized cost
(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 Q4 2025
2025 2025 2024
vs vs
Q3 2025 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 Three Months Ended Three Months Ended
December 31, 2025 September 30, 2025 December 31, 2024
Average Interest Average Average Interest Average Average Interest Average
Balance Income/ Yield/ Balance Income/ Yield/ Balance Income/ Yield/
Expense Rate Expense Rate Expense Rate
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 %
restricted cash and other
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 %
at fair value
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 %
value
Loans and leases held for
investment:
Unsecured personal 3,252,204 106,716 13.13 % 3,268,142 110,151 13.48 % 3,080,934 104,011 13.50 %
loans
Commercial and other 1,060,201 15,800 5.96 % 1,069,629 16,060 6.01 % 1,023,041 14,203 5.55 %
consumer loans
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 %
investment at amortized
cost
Loans held for investment 455,168 12,292 10.80 % 552,848 15,319 11.08 % 1,153,204 30,233 10.49 %
at fair value
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 %
for investment
Total interest-earning 10,899,604 250,586 9.20 % 10,257,709 241,801 9.43 % 10,514,343 240,596 9.15 %
assets
Cash and due from banks 32,308 29,655 51,555
and restricted cash
Allowance for loan and (275,187) (260,744) (227,673)
lease losses
Other non-interest earning 644,221 638,821 597,609
assets
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 %
market accounts
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 %
liabilities
Total interest-bearing 9,275,801 87,559 3.75 % 8,712,637 83,362 3.80 % 9,020,843 98,212 4.33 %
liabilities
Noninterest-bearing 311,147 291,231 328,022
deposits
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 %
net interest margin
(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,
2025 2024
Assets
Cash and due from banks $11,749 $15,524
Interest-bearing deposits in banks 905,905 938,534
Total cash and cash equivalents 917,654 954,058
Restricted cash 12,783 23,338
Securities available for sale at fair value ($3,733,780 and $3,492,264 at amortized 3,706,709 3,452,648
cost, respectively)
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
113,383,917 shares issued and outstanding, respectively
Additional paid-in capital 1,719,233 1,702,316
Accumulated deficit (201,799) (337,476)
Accumulated other comprehensive loss (18,160) (24,243)
Total equity 1,500,428 1,341,731
Total liabilities and equity $11,567,816 $10,630,509
LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)
Pre-Provision Net Revenue
---
For the three months ended
December 31, September 30, June 30, March 31, December 31,
2025 2024
2025 2025 2025
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, June 30, March 31, December 31,
2025 2024
2025 2025 2025
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, June 30, March 31, December 31,
2025 2024
2025 2025 2025
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)
assets
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, June 30, March 31, December 31,
2025 2024
2025 2025 2025
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)
intangible assets
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
