レンディングクラブの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2025


LendingClub Corporation
(Exact name of registrant as specified in its charter)

Commission File Number: 001-36771



Delaware			51-0605731
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

595 Market Street, Suite 200,

San Francisco,

94105

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: 415 930-7440

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	LC	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐


Item 2.02						Results of Operations and Financial Condition

On April 29, 2025, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the first quarter ended March 31, 2025. A copy of the Earnings Press Release is attached as Exhibit 99.1 to this Form 8-K.

The information set forth in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.


Item 9.01						Financial Statements and Exhibits
(d)						Exhibits


Exhibit Number						Exhibit Title or Description
99.1						Press Release dated April 29, 2025
104						Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE(S)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		LendingClub Corporation
Date:	April 29, 2025	By:	/s/ ANDREW LABENNE
			Andrew LaBenne
			Chief Financial Officer
			(duly authorized officer)

EX-99.1 2 q125exhibit991er.htm EX-99.1 Document

EXHIBIT 99.1

LendingClub Reports First Quarter 2025 Results

Grew Originations +21%, Revenue +20%, and Total Assets +13% in First Quarter Compared to Prior Year

Exceeded $100 Billion in Lifetime Originations

SAN FRANCISCO – April 29, 2025 – LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the first quarter ended March 31, 2025.

“We’re off to a great start for 2025, growing total net revenue and originations more than 20% year over year to cross $100 billion in lifetime originations,” said Scott Sanborn, LendingClub CEO. “We’ll continue to build on that momentum with additional investments in marketing to further originations growth while maintaining strong credit discipline and innovating on member products and experiences.”

First Quarter 2025 Results

Highlights:

•Achieved $2.0 billion in origination volume

•Improved marketplace loan sales pricing for fifth straight quarter

•Delivered four years of credit outperformance enabled by proprietary underwriting models informed by billions of cells of data through economic cycles

•Improved consumer held-for-investment portfolio net charge-off rate to 4.7%, compared to 8.1% in the prior year

•Closed first rated Structured Certificates transaction for $100 million with a major insurance company

•Enhanced popular TopUp feature to enable refinancing of competitor’s loans

•Acquired the intellectual property and select talent behind Cushion, an AI-powered spending intelligence platform

•Purchased a San Francisco headquarters in April at a fraction of the pre-pandemic cost with potential future upside and no material financial impact

Balance Sheet:

•Total assets of $10.5 billion increased 13% compared to $9.2 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as the purchase of a $1.3 billion LendingClub-issued loan portfolio in the third quarter of 2024.

•Deposits of $8.9 billion increased 18% compared to $7.5 billion in the prior year, driven by the continued success of our savings and CD offerings.

◦Multi-award winning LevelUp Savings account, which launched in the third quarter of 2024, reached $1.9 billion in balances at quarter end.

◦87% of total deposits are FDIC-insured.

•Robust available liquidity of $3.1 billion.

•Strong capital position with a consolidated Tier 1 leverage ratio of 11.7% and a CET1 capital ratio of 17.8%.

•Book value per common share was $11.95, compared to $11.40 in the prior year.

•Tangible book value per common share was $11.22, compared to $10.61 in the prior year.

Financial Performance:

•Loan originations grew 21% to $2.0 billion, compared to $1.6 billion in the prior year, driven by the successful execution of product and marketing initiatives combined with strong marketplace investor demand.

•Total net revenue increased 20% to $217.7 million, compared to $180.7 million in the prior year, driven by higher net interest income on a larger balance sheet with lower deposit funding costs and improved marketplace loan sales pricing.

◦Net Interest Margin increased to 5.97%, compared to 5.75% in the prior year.

•Provision for credit losses of $58.1 million, compared to $31.9 million in the prior year, primarily driven by a 136% increase in held-for-investment whole loan retention and additional economic qualitative allowance to reflect macroeconomic uncertainty.

•Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $48.9 million, compared to $80.5 million in the prior year.

•Net income of $11.7 million, compared to $12.3 million in the prior year.

◦Net income for the first quarter of 2025 included the negative impact of $8.1 million on allowance and net fair value adjustments due to macroeconomic uncertainty.

•Return on Equity (ROE) of 3.5%, with a Return on Tangible Common Equity (ROTCE) of 3.7%, compared to an ROE of 3.9% in the prior year, with an ROTCE of 4.2%.

•Pre-Provision Net Revenue (PPNR) increased 52% to $73.8 million, compared to $48.5 million in the prior year.


	Three Months Ended
($ in millions, except per share amounts)	March 31, 2025		December 31, 2024		March 31, 2024




Total net revenue	$	217.7	$	217.2	$	180.7
Non-interest expense	143.9		142.9		132.2
Pre-provision net revenue (1)	73.8		74.3		48.5
Provision for credit losses	58.1		63.2		31.9
Income before income tax expense	15.7		11.1		16.5
Income tax expense	(4.0)		(1.4)		(4.3)
Net income	$	11.7	$	9.7	$	12.3

Diluted EPS	$	0.10	$	0.08	$	0.11

(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


			Second Quarter 2025
Loan originations			$2.1B to $2.3B
Pre-provision net revenue (PPNR)			$70M to $80M

About LendingClub

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., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on hundreds of billions of cells of data and over $100 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 5 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub first quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, April 29, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 691326, 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. An audio replay will also be available 1 hour after the end of the call until May 6, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 161474. 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:

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 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 (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 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 ability to continue to attract and retain new and existing borrowers and platform investors; 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
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			Q/Q		Y/Y
Operating Highlights:
Non-interest income	$	67,754		$	74,817		$	61,640		$	58,713		$	57,800		(9)	%	17	%
Net interest income	149,957			142,384			140,241			128,528			122,888			5	%	22	%
Total net revenue	217,711			217,201			201,881			187,241			180,688			—	%	20	%
Non-interest expense	143,867			142,855			136,332			132,258			132,233			1	%	9	%
Pre-provision net revenue(1)	73,844			74,346			65,549			54,983			48,455			(1)	%	52	%
Provision for credit losses	58,149			63,238			47,541			35,561			31,927			(8)	%	82	%
Income before income tax expense	15,695			11,108			18,008			19,422			16,528			41	%	(5)	%
Income tax expense	(4,024)			(1,388)			(3,551)			(4,519)			(4,278)			190	%	(6)	%
Net income	$	11,671		$	9,720		$	14,457		$	14,903		$	12,250		20	%	(5)	%

Basic EPS	$	0.10		$	0.09		$	0.13		$	0.13		$	0.11		11	%	(9)	%
Diluted EPS	$	0.10		$	0.08		$	0.13		$	0.13		$	0.11		25	%	(9)	%











LendingClub Corporation Performance Metrics:
Net interest margin	5.97		%	5.42		%	5.63		%	5.75		%	5.75		%
Efficiency ratio(2)	66.1		%	65.8		%	67.5		%	70.6		%	73.2		%


Return on average equity (ROE)(3)	3.5		%	2.9		%	4.4		%	4.7		%	3.9		%
Return on tangible common equity (ROTCE)(1)(4)	3.7		%	3.1		%	4.7		%	5.1		%	4.2		%


Return on average total assets (ROA)(5)	0.4		%	0.4		%	0.6		%	0.6		%	0.5		%

Marketing expense as a % of loan originations	1.47		%	1.27		%	1.37		%	1.47		%	1.47		%

LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio	17.8		%	17.3		%	15.9		%	17.9		%	17.6		%
Tier 1 leverage ratio	11.7		%	11.0		%	11.3		%	12.1		%	12.5		%
Book value per common share	$	11.95		$	11.83		$	11.95		$	11.52		$	11.40		1	%	5	%
Tangible book value per common share(1)	$	11.22		$	11.09		$	11.19		$	10.75		$	10.61		1	%	6	%

Loan Originations (in millions)(6):
Total loan originations	$	1,989		$	1,846		$	1,913		$	1,813		$	1,646		8	%	21	%
Marketplace loans	$	1,314		$	1,241		$	1,403		$	1,477		$	1,361		6	%	(3)	%
Loan originations held for investment	$	675		$	605		$	510		$	336		$	285		12	%	137	%
Loan originations held for investment as a % of total loan originations	34		%	33		%	27		%	19		%	17		%

Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio	$	12,241		$	12,371		$	12,674		$	12,999		$	13,437		(1)	%	(9)	%
Loans serviced for others	$	7,130		$	7,207		$	7,028		$	8,337		$	8,671		(1)	%	(18)	%

(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 and for the three months ended										% Change
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		Q/Q		Y/Y
Balance Sheet Data:
Securities available for sale	$	3,426,571	$	3,452,648	$	3,311,418	$	2,814,383	$	2,228,500	(1)	%	54	%
Loans held for sale at fair value	$	703,378	$	636,352	$	849,967	$	791,059	$	550,415	11	%	28	%
Loans and leases held for investment at amortized cost	$	4,215,449	$	4,125,818	$	4,108,329	$	4,228,391	$	4,505,816	2	%	(6)	%
Gross allowance for loan and lease losses (1)	$	(288,308)	$	(285,686)	$	(274,538)	$	(285,368)	$	(311,794)	1	%	(8)	%
Recovery asset value (2)	$	44,115	$	48,952	$	53,974	$	56,459	$	52,644	(10)	%	(16)	%
Allowance for loan and lease losses	$	(244,193)	$	(236,734)	$	(220,564)	$	(228,909)	$	(259,150)	3	%	(6)	%
Loans and leases held for investment at amortized cost, net	$	3,971,256	$	3,889,084	$	3,887,765	$	3,999,482	$	4,246,666	2	%	(6)	%
Loans held for investment at fair value (3)	$	818,882	$	1,027,798	$	1,287,495	$	339,222	$	427,396	(20)	%	92	%
Total loans and leases held for investment (3)	$	4,790,138	$	4,916,882	$	5,175,260	$	4,338,704	$	4,674,062	(3)	%	2	%
Whole loans held on balance sheet (4)	$	5,493,516	$	5,553,234	$	6,025,227	$	5,129,763	$	5,224,477	(1)	%	5	%
Total assets	$	10,483,096	$	10,630,509	$	11,037,507	$	9,586,050	$	9,244,828	(1)	%	13	%
Total deposits	$	8,905,902	$	9,068,237	$	9,459,608	$	8,095,328	$	7,521,655	(2)	%	18	%
Total liabilities	$	9,118,579	$	9,288,778	$	9,694,612	$	8,298,105	$	7,978,542	(2)	%	14	%
Total equity	$	1,364,517	$	1,341,731	$	1,342,895	$	1,287,945	$	1,266,286	2	%	8	%

(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) The balances at March 31, 2025, December 31, 2024 and September 30, 2024 include a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

(4) 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
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost	5.8		%	5.7		%	5.4		%	5.4		%	5.8		%

Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost	2.7		%	3.9		%	3.1		%	2.7		%	1.9		%
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	6.3		%	6.1		%	5.8		%	5.9		%	6.4		%
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	7.5		%	7.5		%	7.3		%	7.5		%	7.8		%
Net charge-offs	$	48,923		$	45,977		$	55,805		$	66,818		$	80,483
Net charge-off ratio (2)	4.8		%	4.5		%	5.4		%	6.2		%	6.9		%

(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:


	March 31, 2025		December 31, 2024
Unsecured personal	$	3,212,638	$	3,106,472
Residential mortgages	170,138		172,711
Secured consumer	228,904		230,232

Total consumer loans held for investment	3,611,680		3,509,415
Equipment finance (1)	56,883		64,232
Commercial real estate	374,246		373,785
Commercial and industrial	172,640		178,386
Total commercial loans and leases held for investment	603,769		616,403
Total loans and leases held for investment at amortized cost	4,215,449		4,125,818
Allowance for loan and lease losses	(244,193)		(236,734)
Loans and leases held for investment at amortized cost, net	$	3,971,256	$	3,889,084
Loans held for investment at fair value	818,882		1,027,798
Total loans and leases held for investment	$	4,790,138	$	4,916,882

(1) Comprised of sales-type leases for equipment.

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:


	March 31, 2025		December 31, 2024
Gross allowance for loan and lease losses (1)	$	288,308	$	285,686
Recovery asset value (2)	(44,115)		(48,952)
Allowance for loan and lease losses	$	244,193	$	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
	March 31, 2025						December 31, 2024
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	212,598	$	24,136	$	236,734	$	200,899	$	19,665	$	220,564
Credit loss expense for loans and leases held for investment	55,948		434		56,382		56,322		5,825		62,147

Charge-offs	(58,344)		(8,232)		(66,576)		(64,167)		(1,887)		(66,054)
Recoveries	17,406		247		17,653		19,544		533		20,077
Allowance for loan and lease losses, end of period	$	227,608	$	16,585	$	244,193	$	212,598	$	24,136	$	236,734


	Three Months Ended
	March 31, 2024
	Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	298,061	$	12,326	$	310,387
Credit loss expense for loans and leases held for investment	27,686		1,560		29,246

Charge-offs	(89,110)		(1,232)		(90,342)
Recoveries	9,643		216		9,859
Allowance for loan and lease losses, end of period	$	246,280	$	12,870	$	259,150

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:


March 31, 2025	30-59 Days		60-89 Days		90 or More Days		Total Days Past Due		Guaranteed Amount (1)
Unsecured personal	$	21,851	$	16,040	$	15,507	$	53,398	$	—
Residential mortgages	678		—		88		766		—
Secured consumer	2,087		482		226		2,795		—
Total consumer loans held for investment	$	24,616	$	16,522	$	15,821	$	56,959	$	—

Equipment finance	$	15	$	—	$	4,279	$	4,294	$	—
Commercial real estate	1,171		718		9,619		11,508		8,456
Commercial and industrial	896		3,408		19,888		24,192		19,679
Total commercial loans and leases held for investment	$	2,082	$	4,126	$	33,786	$	39,994	$	28,135
Total loans and leases held for investment at amortized cost	$	26,698	$	20,648	$	49,607	$	96,953	$	28,135


December 31, 2024	30-59 Days		60-89 Days		90 or More Days		Total Days Past Due		Guaranteed Amount (1)
Unsecured personal	$	23,530	$	19,293	$	21,387	$	64,210	$	—
Residential mortgages	151		88		—		239		—
Secured consumer	2,342		600		337		3,279		—
Total consumer loans held for investment	$	26,023	$	19,981	$	21,724	$	67,728	$	—

Equipment finance	$	67	$	—	$	4,551	$	4,618	$	—
Commercial real estate	8,320		483		9,731		18,534		8,456
Commercial and industrial	6,257		1,182		15,971		23,410		18,512
Total commercial loans and leases held for investment	$	14,644	$	1,665	$	30,253	$	46,562	$	26,968
Total loans and leases held for investment at amortized cost	$	40,667	$	21,646	$	51,977	$	114,290	$	26,968

(1) Represents loan balances guaranteed by the Small Business Association.

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended						Change (%)
	March 31, 2025		December 31, 2024		March 31, 2024		Q1 2025 vs Q4 2024		Q1 2025 vs Q1 2024
Non-interest income:
Origination fees	$	69,944	$	64,745	$	70,079	8	%	—	%
Servicing fees	12,748		17,391		19,592		(27)	%	(35)	%
Gain on sales of loans	12,202		15,007		10,909		(19)	%	12	%
Net fair value adjustments	(29,251)		(24,980)		(44,689)		(17)	%	35	%
Marketplace revenue	65,643		72,163		55,891		(9)	%	17	%
Other non-interest income	2,111		2,654		1,909		(20)	%	11	%
Total non-interest income	67,754		74,817		57,800		(9)	%	17	%








Total interest income	232,059		240,596		207,351		(4)	%	12	%






Total interest expense	82,102		98,212		84,463		(16)	%	(3)	%
Net interest income	149,957		142,384		122,888		5	%	22	%

Total net revenue	217,711		217,201		180,688		—	%	20	%

Provision for credit losses	58,149		63,238		31,927		(8)	%	82	%

Non-interest expense:
Compensation and benefits	58,389		58,656		59,554		—	%	(2)	%
Marketing	29,239		23,415		24,136		25	%	21	%
Equipment and software	14,644		13,361		12,684		10	%	15	%
Depreciation and amortization	13,909		19,748		12,673		(30)	%	10	%
Professional services	9,764		9,136		7,091		7	%	38	%
Occupancy	4,345		3,991		3,861		9	%	13	%
Other non-interest expense	13,577		14,548		12,234		(7)	%	11	%
Total non-interest expense	143,867		142,855		132,233		1	%	9	%

Income before income tax expense	15,695		11,108		16,528		41	%	(5)	%
Income tax expense	(4,024)		(1,388)		(4,278)		190	%	(6)	%
Net income	$	11,671	$	9,720	$	12,250	20	%	(5)	%

Net income per share:
Basic EPS	$	0.10	$	0.09	$	0.11	11	%	(9)	%
Diluted EPS	$	0.10	$	0.08	$	0.11	25	%	(9)	%
Weighted-average common shares – Basic	113,693,399		112,788,050		110,685,796		1	%	3	%
Weighted-average common shares – Diluted	116,176,898		116,400,285		110,687,380		—	%	5	%

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)


	Consolidated LendingClub Corporation (1)
	Three Months Ended March 31, 2025						Three Months Ended December 31, 2024						Three Months Ended March 31, 2024
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Interest-earning assets (2)
Cash, cash equivalents, restricted cash and other	$	893,058	$	9,606	4.30	%	$	1,193,570	$	14,194	4.76	%	$	1,217,395	$	16,503	5.42	%
Securities available for sale at fair value	3,397,720		56,280		6.63	%	3,390,315		57,259		6.76	%	1,972,561		35,347		7.17	%
Loans held for sale at fair value	723,972		21,814		12.05	%	673,279		20,696		12.30	%	467,275		14,699		12.58	%
Loans and leases held for investment:
Unsecured personal loans	3,097,136		104,722		13.53	%	3,080,934		104,011		13.50	%	3,518,101		116,055		13.20	%
Commercial and other consumer loans	1,012,060		14,227		5.62	%	1,023,041		14,203		5.55	%	1,115,931		16,338		5.86	%
Loans and leases held for investment at amortized cost	4,109,196		118,949		11.58	%	4,103,975		118,214		11.52	%	4,634,032		132,393		11.43	%
Loans held for investment at fair value (3)	921,008		25,410		11.04	%	1,153,204		30,233		10.49	%	256,335		8,409		13.12	%
Total loans and leases held for investment (3)	5,030,204		144,359		11.48	%	5,257,179		148,447		11.29	%	4,890,367		140,802		11.52	%
Total interest-earning assets	10,044,954		232,059		9.24	%	10,514,343		240,596		9.15	%	8,547,598		207,351		9.70	%
Cash and due from banks and restricted cash	30,084						51,555						58,440
Allowance for loan and lease losses	(239,608)						(227,673)						(291,168)
Other non-interest earning assets	593,740						597,609						631,468
Total assets	$	10,429,170					$	10,935,834					$	8,946,338
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts	$	565,981	$	2,317	1.66	%	$	805,362	$	5,502	2.72	%	$	1,054,614	$	9,410	3.59	%
Savings accounts and certificates of deposit	7,954,562		79,783		4.07	%	8,214,866		92,698		4.49	%	6,069,942		74,553		4.94	%
Interest-bearing deposits	8,520,543		82,100		3.91	%	9,020,228		98,200		4.33	%	7,124,556		83,963		4.74	%
Other interest-bearing liabilities	222		2		4.47	%	615		12		7.20	%	26,571		500		7.53	%
Total interest-bearing liabilities	8,520,765		82,102		3.91	%	9,020,843		98,212		4.33	%	7,151,127		84,463		4.75	%
Noninterest-bearing deposits	321,777						328,022						317,430
Other liabilities	237,155						251,239						220,544
Total liabilities	$	9,079,697					$	9,600,104					$	7,689,101
Total equity	$	1,349,473					$	1,335,730					$	1,257,237
Total liabilities and equity	$	10,429,170					$	10,935,834					$	8,946,338

Interest rate spread					5.33	%					4.82	%					4.95	%

Net interest income and net interest margin			$	149,957	5.97	%			$	142,384	5.42	%			$	122,888	5.75	%

(1) Consolidated presentation reflects intercompany eliminations.

(2) Nonaccrual loans and any related income are included in their respective loan categories.

(3) The average balance for the first quarter of 2025 and fourth quarter of 2024 includes a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)


	March 31, 2025		December 31, 2024
Assets
Cash and due from banks	$	20,191	$	15,524
Interest-bearing deposits in banks	875,324		938,534
Total cash and cash equivalents	895,515		954,058
Restricted cash	24,732		23,338
Securities available for sale at fair value ($3,462,166 and $3,492,264 at amortized cost, respectively)	3,426,571		3,452,648
Loans held for sale at fair value	703,378		636,352
Loans and leases held for investment	4,215,449		4,125,818
Allowance for loan and lease losses	(244,193)		(236,734)
Loans and leases held for investment, net	3,971,256		3,889,084
Loans held for investment at fair value	818,882		1,027,798
Property, equipment and software, net	168,899		167,532
Goodwill	75,717		75,717
Other assets	398,146		403,982
Total assets	$	10,483,096	$	10,630,509
Liabilities and Equity
Deposits:
Interest-bearing	$	8,540,068	$	8,676,119
Noninterest-bearing	365,834		392,118
Total deposits	8,905,902		9,068,237


Other liabilities	212,677		220,541
Total liabilities	9,118,579		9,288,778
Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 114,199,832 and 113,383,917 shares issued and outstanding, respectively	1,142		1,134
Additional paid-in capital	1,711,429		1,702,316
Accumulated deficit	(325,805)		(337,476)

Accumulated other comprehensive loss	(22,249)		(24,243)


Total equity	1,364,517		1,341,731
Total liabilities and equity	$	10,483,096	$	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
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
GAAP Net income	$	11,671	$	9,720	$	14,457	$	14,903	$	12,250
Less: Provision for credit losses	(58,149)		(63,238)		(47,541)		(35,561)		(31,927)
Less: Income tax expense	(4,024)		(1,388)		(3,551)		(4,519)		(4,278)
Pre-provision net revenue	$	73,844	$	74,346	$	65,549	$	54,983	$	48,455


	For the three months ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Non-interest income	$	67,754	$	74,817	$	61,640	$	58,713	$	57,800
Net interest income	149,957		142,384		140,241		128,528		122,888
Total net revenue	217,711		217,201		201,881		187,241		180,688
Non-interest expense	(143,867)		(142,855)		(136,332)		(132,258)		(132,233)
Pre-provision net revenue	73,844		74,346		65,549		54,983		48,455
Provision for credit losses	(58,149)		(63,238)		(47,541)		(35,561)		(31,927)
Income before income tax expense	15,695		11,108		18,008		19,422		16,528
Income tax expense	(4,024)		(1,388)		(3,551)		(4,519)		(4,278)
GAAP Net income	$	11,671	$	9,720	$	14,457	$	14,903	$	12,250

Tangible Book Value Per Common Share


	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
GAAP common equity	$	1,364,517	$	1,341,731	$	1,342,895	$	1,287,945	$	1,266,286
Less: Goodwill	(75,717)		(75,717)		(75,717)		(75,717)		(75,717)
Less: Customer relationship intangible assets	(7,778)		(8,586)		(9,439)		(10,293)		(11,165)
Tangible common equity	$	1,281,022	$	1,257,428	$	1,257,739	$	1,201,935	$	1,179,404

Book value per common share
GAAP common equity	$	1,364,517	$	1,341,731	$	1,342,895	$	1,287,945	$	1,266,286
Common shares issued and outstanding	114,199,832		113,383,917		112,401,990		111,812,215		111,120,415
Book value per common share	$	11.95	$	11.83	$	11.95	$	11.52	$	11.40

Tangible book value per common share
Tangible common equity	$	1,281,022	$	1,257,428	$	1,257,739	$	1,201,935	$	1,179,404
Common shares issued and outstanding	114,199,832		113,383,917		112,401,990		111,812,215		111,120,415
Tangible book value per common share	$	11.22	$	11.09	$	11.19	$	10.75	$	10.61

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
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Average GAAP common equity	$	1,349,473		$	1,335,730		$	1,307,521		$	1,266,608		$	1,257,237
Less: Average goodwill	(75,717)			(75,717)			(75,717)			(75,717)			(75,717)
Less: Average customer relationship intangible assets	(8,182)			(9,013)			(9,866)			(10,729)			(11,650)
Average tangible common equity	$	1,265,574		$	1,251,000		$	1,221,938		$	1,180,162		$	1,169,870

Return on average equity
Annualized GAAP net income	$	46,684		$	38,880		$	57,828		$	59,612		$	49,000
Average GAAP common equity	$	1,349,473		$	1,335,730		$	1,307,521		$	1,266,608		$	1,257,237
Return on average equity	3.5		%	2.9		%	4.4		%	4.7		%	3.9		%

Return on tangible common equity
Annualized GAAP net income	$	46,684		$	38,880		$	57,828		$	59,612		$	49,000
Average tangible common equity	$	1,265,574		$	1,251,000		$	1,221,938		$	1,180,162		$	1,169,870
Return on tangible common equity	3.7		%	3.1		%	4.7		%	5.1		%	4.2		%