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 /PRNewswire/ -- 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, December 31, March 31,
2025 2024 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, December 31, September 30, June 30, March 31, Q/Q Y/Y
2025 2024 2024
2024 2024
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, December 31, September 30, June 30, March 31, Q/Q Y/Y
2025 2024 2024
2024 2024
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, December 31, September 30, June 30, March 31,
2025 2024 2024 2024 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, December 31,
2025 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 60-89 90 or More Total Days Guaranteed
Days Days Days Past Due 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 60-89 90 or More Total Days Guaranteed
Days Days Days Past Due 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, December 31, March 31, Q1 2025 Q1 2025
2025 2024 2024
vs vs
Q4 2024 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 Three Months Ended Three Months Ended
March 31, 2025 December 31, 2024 March 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, 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, December 31,
2025 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, December 31, September 30, June 30, March 31,
2025 2024
2024 2024 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, December 31, September 30, June 30, March 31,
2025 2024
2024 2024 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, December 31, September 30, June 30, March 31,
2025 2024
2024 2024 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, December 31, September 30, June 30, March 31,
2025 2024
2024 2024 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 %
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SOURCE LendingClub Corporation
