Grew Originations +32%, Revenue +33%, and Net Income +156% Compared to Prior Year
Revenue growth combined with expense discipline delivers 11% ROE and 12% ROTCE
Announced up to $3.4 billion loan funding partnership extension with Blue Owl
LendingClub Corporation (NYSE: LC) today announced financial results for the second quarter ended June 30, 2025.
https://mma.prnewswire.com/media/76307/lending_club_logo_Logo.jpg
“We had an exceptional quarter with year-over-year originations and revenue growth of 32% and 33%, respectively. Strong revenue growth combined with credit outperformance resulted in $38million of net income, delivering double digit ROTCE in excess of our target and ahead of schedule,” said Scott Sanborn, LendingClub CEO. “We also announced a long-term loan sales partnership extension and launched another new product with our innovative LevelUp Checking account. I'm energized by the results across the business and look forward to building on the momentum over the second half of the year.”
Second Quarter 2025 Results
Highlights:
— Achieved $2.4 billion in origination volume, up 32% compared to the prior year.
— Continued to deliver creditoutperformance versus competitor set, with +40% better performance.
— Extended funding partnership with Blue Owl for structured certificates, totaling up to $3.4 billion over two years.
— Closed first transaction with funds and accounts managed byBlackRock, leveraging our Fitch-rated Structured Certificates program.
— LaunchedLevelUp Checking, the first product in market to offer cash back for on-time loan payments.
Balance Sheet:
— Total assets of $10.8 billion increased 12% compared to $9.6 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as loan growth.
— Deposits of $9.1 billion increased 13% compared to $8.1 billion in the prior year, driven by the continued success of our savings offerings.
— 86% of total deposits are FDIC-insured.
— Robust available liquidity of $3.8 billion.
— Strong capital position with a consolidated Tier 1 leverage ratio of 12.2% and a CET1 capital ratio of 17.5%.
— Book value per common share was $12.25, compared to $11.52 in the prior year.
— Tangible book value per common share was $11.53, compared to $10.75 in the prior year.
Financial Performance:
— Loan originations grew 32% to $2.4 billion, compared to $1.8 billion in the prior year, driven by the successful execution of product and marketing initiatives.
— Total net revenue increased 33% to $248.4 million, compared to $187.2 million in the prior year, driven by higher marketplace sales and loan pricing, credit outperformance, and higher net interest income on a larger balance sheet with lower deposit funding costs.
— Net interest margin increased to 6.14%, compared to 5.75% in the prior year.
— Provision for credit losses of $39.7 million, compared to $35.6 million in the prior year, primarily driven by increased held-for-investment loan retention.
— Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $31.8 million, compared to $66.8 million in the prior year.
— Net income of $38.2 million, compared to $14.9 million in the prior year.
— Diluted EPS of $0.33 compared to $0.13 in the prior year.
— Return on Equity (ROE) of 11.1% with a Return on Tangible Common Equity (ROTCE) of 11.8%.
— Pre-Provision Net Revenue (PPNR) increased 70% to $93.7million, compared to $55.0million in the prior year.
Three Months Ended($ in millions, except per share amounts) June 30, March 31, June 30, 2025 2025 2024Total net revenue $ 248.4 $ 217.7 $ 187.2Non-interest expense 154.7 143.9 132.3Pre-provision net revenue (1) 93.7 73.8 55.0Provision for credit losses 39.7 58.1 35.6Income before income tax expense 54.0 15.7 19.4Income tax expense (15.8) (4.0) (4.5)Net income $ 38.2 $ 11.7 $ 14.9Diluted EPS $ 0.33 $ 0.10 $ 0.13
(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
Third Quarter 2025Loan originations $2.5B to $2.6BPre-provision net revenue (PPNR) $90M to $100MReturn on Tangible Common Equity (ROTCE) 10% to 11.5%
AboutLendingClub
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 AI-powered 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 second quarter 2025 webcast and teleconference is scheduled to begin at 2:00p.m. Pacific Time (or 5:00p.m. Eastern Time) on Tuesday, July29, 2025. A live webcast of the call will be available at http://ir.lendingclub.comunder 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 Code667676, ten minutes prior to 2:00p.m. Pacific Time (or 5:00p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1hour after the end of the call until August 5, 2025, by calling +1(929)458-6194 or outside the U.S. +1(866) 813-9403, with Access Code516031. 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 long-term loan funding and anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of loan or Structured Certificates program purchases); competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LENDINGCLUBCORPORATIONOPERATING HIGHLIGHTS(In thousands, except percentages or as noted)(Unaudited) As of and for the three months ended % Change June 30, March 31, December 31, September 30, June 30, Q/Q Y/Y 2025 2025 2024 2024 2024Operating Highlights:Non-interest income $ 94,186 $ 67,754 $ 74,817 $ 61,640 $ 58,713 39% 60%Net interest income 154,249 149,957 142,384 140,241 128,528 3% 20%Total net revenue 248,435 217,711 217,201 201,881 187,241 14% 33%Non-interest expense 154,718 143,867 142,855 136,332 132,258 8% 17%Pre-provision net revenue(1) 93,717 73,844 74,346 65,549 54,983 27% 70%Provision for credit losses 39,733 58,149 63,238 47,541 35,561 (32)% 12%Income before income tax expense 53,984 15,695 11,108 18,008 19,422 244% 178%Income tax expense (15,806) (4,024) (1,388) (3,551) (4,519) 293% 250%Net income $ 38,178 $ 11,671 $ 9,720 $ 14,457 $ 14,903 227% 156%Basic EPS $ 0.33 $ 0.10 $ 0.09 $ 0.13 $ 0.13 230% 154%Diluted EPS $ 0.33 $ 0.10 $ 0.08 $ 0.13 $ 0.13 230% 154%LendingClub Corporation Performance Metrics:Net interest margin 6.14% 5.97% 5.42% 5.63% 5.75%Efficiency ratio(2) 62.3% 66.1% 65.8% 67.5% 70.6%Return on average equity (ROE)(3) 11.1% 3.5% 2.9% 4.4% 4.7%Return on tangible common equity (ROTCE)(1)(4) 11.8% 3.7% 3.1% 4.7% 5.1%Return on average total assets (ROA)(5) 1.5% 0.4% 0.4% 0.6% 0.6%Marketing expense as a % of loan originations 1.40% 1.47% 1.27% 1.37% 1.47%LendingClub Corporation Capital Metrics:Common equity Tier 1 capital ratio 17.5% 17.8% 17.3% 15.9% 17.9%Tier 1 leverage ratio 12.2% 11.7% 11.0% 11.3% 12.1%Book value per common share $ 12.25 $ 11.95 $ 11.83 $ 11.95 $ 11.52 3% 6%Tangible book value per common share(1) $ 11.53 $ 11.22 $ 11.09 $ 11.19 $ 10.75 3% 7%Loan Originations (in millions)(6):Total loan originations $ 2,391 $ 1,989 $ 1,846 $ 1,913 $ 1,813 20% 32%Marketplace loans $ 1,702 $ 1,314 $ 1,241 $ 1,403 $ 1,477 30% 15%Loan originations held for investment $ 689 $ 675 $ 605 $ 510 $ 336 2% 105%Loan originations held for investment as a % of total loan originations 29% 34% 33% 27% 19%Servicing Portfolio AUM (in millions)(7):Total servicing portfolio $ 12,524 $ 12,241 $ 12,371 $ 12,674 $ 12,999 2% (4)%Loans serviced for others $ 7,185 $ 7,130 $ 7,207 $ 7,028 $ 8,337 1% (14)%
(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.
LENDINGCLUBCORPORATIONOPERATING HIGHLIGHTS(Continued)(In thousands, except percentages or as noted)(Unaudited) As of the three months ended % Change June 30, March 31, December 31, September 30, June 30, Q/Q Y/Y 2025 2025 2024 2024 2024Balance Sheet Data:Securities available for sale $ 3,527,142 $ 3,426,571 $ 3,452,648 $ 3,311,418 $ 2,814,383 3% 25%Loans held for sale at fair value $ 1,008,168 $ 703,378 $ 636,352 $ 849,967 $ 791,059 43% 27%Loans and leases held for investment at amortized cost $ 4,386,321 $ 4,215,449 $ 4,125,818 $ 4,108,329 $ 4,228,391 4% 4%Gross allowance for loan and lease losses (1) $ (293,707) $ (288,308) $ (285,686) $ (274,538) $ (285,368) 2% 3%Recovery asset value (2) $ 40,718 $ 44,115 $ 48,952 $ 53,974 $ 56,459 (8)% (28)%Allowance for loan and lease losses $ (252,989) $ (244,193) $ (236,734) $ (220,564) $ (228,909) 4% 11%Loans and leases held for investment at amortized cost, net $ 4,133,332 $ 3,971,256 $ 3,889,084 $ 3,887,765 $ 3,999,482 4% 3%Loans held for investment at fair value $ 631,736 $ 818,882 $ 1,027,798 $ 1,287,495 $ 339,222 (23)% 86%Total loans and leases held for investment $ 4,765,068 $ 4,790,138 $ 4,916,882 $ 5,175,260 $ 4,338,704 (1)% 10%Whole loans held on balance sheet (3) $ 5,773,236 $ 5,493,516 $ 5,553,234 $ 6,025,227 $ 5,129,763 5% 13%Total assets $ 10,775,333 $ 10,483,096 $ 10,630,509 $ 11,037,507 $ 9,586,050 3% 12%Total deposits $ 9,136,124 $ 8,905,902 $ 9,068,237 $ 9,459,608 $ 8,095,328 3% 13%Total liabilities $ 9,369,298 $ 9,118,579 $ 9,288,778 $ 9,694,612 $ 8,298,105 3% 13%Total equity $ 1,406,035 $ 1,364,517 $ 1,341,731 $ 1,342,895 $ 1,287,945 3% 9%
(1) Represents the allowance for future estimated net charge-offs on existing portfolio balances.(2) Represents the negative allowance for expected recoveries of amounts previously charged-off.(3) Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.
The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value: As of and for the three months ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024Asset Quality Metrics (1):Allowance for loan and lease losses to total loans and leases held for investment at amortized cost 5.8% 5.8% 5.7% 5.4% 5.4%Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost 2.3% 2.7% 3.9% 3.1% 2.7%Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost 6.4% 6.3% 6.1% 5.8% 5.9%Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost 7.5% 7.5% 7.5% 7.3% 7.5%Net charge-offs $ 31,800 $ 48,923 $ 45,977 $ 55,805 $ 66,818Net charge-off ratio (2) 3.0% 4.8% 4.5% 5.4% 6.2%
(1) Calculated asALLL 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.
LENDINGCLUBCORPORATIONLOANS 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: June30, December 31, 2025 2024Unsecured personal $ 3,314,978 $ 3,106,472Residential mortgages 166,568 172,711Secured consumer 242,517 230,232Total consumer loans held for investment 3,724,063 3,509,415Equipment finance (1) 49,891 64,232Commercial real estate 449,604 373,785Commercial and industrial 162,763 178,386Total commercial loans and leases held for investment 662,258 616,403Total loans and leases held for investment at amortized cost 4,386,321 4,125,818Allowance for loan and lease losses (252,989) (236,734)Loans and leases held for investment at amortized cost, net $ 4,133,332 $ 3,889,084Loans held for investment at fair value 631,736 1,027,798Total loans and leases held for investment $ 4,765,068 $ 4,916,882
(1) Comprised of sales-type leases for equipment.
LENDINGCLUBCORPORATIONALLOWANCE 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: June 30, 2025 December 31, 2024Gross allowance for loan and lease losses (1) $ 293,707 $ 285,686Recovery asset value (2) (40,718) (48,952)Allowance for loan and lease losses $ 252,989 $ 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 June 30, 2025 March 31, 2025 Consumer Commercial Total Consumer Commercial TotalAllowance for loan and lease losses, beginning of period $ 227,608 $ 16,585 $ 244,193 $ 212,598 $ 24,136 $ 236,734Credit loss expense (benefit) for loans and leases held for investment 41,133 (537) 40,596 55,948 434 56,382Charge-offs (48,956) (898) (49,854) (58,344) (8,232) (66,576)Recoveries 17,648 406 18,054 17,406 247 17,653Allowance for loan and lease losses, end of period $ 237,433 $ 15,556 $ 252,989 $ 227,608 $ 16,585 $ 244,193
Three Months Ended June 30, 2024 Consumer Commercial TotalAllowance for loan and lease losses, beginning of period $ 246,280 $ 12,870 $ 259,150Credit loss expense for loans and leases held for investment 30,760 5,817 36,577Charge-offs (77,494) (594) (78,088)Recoveries 11,183 87 11,270Allowance for loan and lease losses, end of period $ 210,729 $ 18,180 $ 228,909
LENDINGCLUBCORPORATIONPAST 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:June 30, 2025 30-59 60-89 90 or More Total Days Guaranteed Days Days Days Past Due Amount (1)Unsecured personal $ 18,657 $ 17,189 $ 15,518 $ 51,364 $ -Residential mortgages – – 72 72 -Secured consumer 2,187 851 328 3,366 -Total consumer loans held for investment $ 20,844 $ 18,040 $ 15,918 $ 54,802 $ -Equipment finance $ – $ – $ 4,042 $ 4,042 $ -Commercial real estate – 528 10,222 10,750 8,456Commercial and industrial 1,057 672 18,215 19,944 16,825Total commercial loans and leases held for investment $ 1,057 $ 1,200 $ 32,479 $ 34,736 $ 25,281Total loans and leases held for investment at amortized cost $ 21,901 $ 19,240 $ 48,397 $ 89,538 $ 25,281
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 8,456Commercial and industrial 6,257 1,182 15,971 23,410 18,512Total commercial loans and leases held for investment $ 14,644 $ 1,665 $ 30,253 $ 46,562 $ 26,968Total 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.
LENDINGCLUBCORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME(In thousands, except share and per share data)(Unaudited) Three Months Ended Change (%) June30, March 31, June30, Q2 2025 Q2 2025 2025 2025 2024 vs vs Q1 2025 Q2 2024Non-interest income:Origination fees $ 87,578 $ 69,944 $ 77,131 25% 14%Servicing fees 16,395 12,748 19,869 29% (17)%Gain on sales of loans 13,540 12,202 10,748 11% 26%Net fair value adjustments (27,869) (29,251) (51,395) 5% 46%Marketplace revenue 89,644 65,643 56,353 37% 59%Other non-interest income 4,542 2,111 2,360 115% 92%Total non-interest income 94,186 67,754 58,713 39% 60%Total interest income 237,097 232,059 219,634 2% 8%Total interest expense 82,848 82,102 91,106 1% (9)%Net interest income 154,249 149,957 128,528 3% 20%Total net revenue 248,435 217,711 187,241 14% 33%Provision for credit losses 39,733 58,149 35,561 (32)% 12%Non-interest expense:Compensation and benefits 61,989 58,389 56,540 6% 10%Marketing 33,580 29,239 26,665 15% 26%Equipment and software 14,495 14,644 12,360 (1)% 17%Depreciation and amortization 15,460 13,909 13,072 11% 18%Professional services 10,300 9,764 7,804 5% 32%Occupancy 4,787 4,345 3,941 10% 21%Other non-interest expense 14,107 13,577 11,876 4% 19%Total non-interest expense 154,718 143,867 132,258 8% 17%Income before income tax expense 53,984 15,695 19,422 244% 178%Income tax expense (15,806) (4,024) (4,519) 293% 250%Net income $ 38,178 $ 11,671 $ 14,903 227% 156%Net income per share:Basic EPS $ 0.33 $ 0.10 $ 0.13 230% 154%Diluted EPS $ 0.33 $ 0.10 $ 0.13 230% 154%Weighted-average common shares – Basic 114,409,231 113,693,399 111,395,025 1% 3%Weighted-average common shares – Diluted 115,692,969 116,176,898 111,466,497 -% 4%
LENDINGCLUBCORPORATIONNET INTEREST INCOME(In thousands, except percentages or as noted)(Unaudited) Consolidated LendingClub Corporation (1) Three Months Ended Three Months Ended Three Months Ended June30, 2025 March31, 2025 June30, 2024 Average Interest Average Average Interest Average Average Interest Average Balance Income/ Yield/ Balance Income/ Yield/ Balance Income/ Yield/ Expense Rate Expense Rate Expense RateInterest-earning assets (2)Cash, cash equivalents, restricted cash and other $ 679,603 $ 7,113 4.19% $ 893,058 $ 9,606 4.30% $ 976,330 $ 13,168 5.40%Securities available for sale at fair value 3,411,020 55,339 6.49% 3,397,720 56,280 6.63% 2,406,767 42,879 7.13%Loans held for sale at fair value 1,061,845 32,489 12.24% 723,972 21,814 12.05% 838,143 26,721 12.75%Loans and leases held for investment:Unsecured personal loans 3,177,439 107,829 13.57% 3,097,136 104,722 13.53% 3,243,161 108,425 13.37%Commercial and other consumer loans 999,148 14,566 5.83% 1,012,060 14,227 5.62% 1,097,846 16,394 5.97%Loans and leases held for investment at amortized cost 4,176,587 122,395 11.72% 4,109,196 118,949 11.58% 4,341,007 124,819 11.50%Loans held for investment at fair value 722,685 19,761 10.94% 921,008 25,410 11.04% 383,872 12,047 12.55%Total loans and leases held for investment 4,899,272 142,156 11.61% 5,030,204 144,359 11.48% 4,724,879 136,866 11.59%Total interest-earning assets 10,051,740 237,097 9.44% 10,044,954 232,059 9.24% 8,946,119 219,634 9.82%Cash and due from banks and restricted cash 38,746 30,084 55,906Allowance for loan and lease losses (247,133) (239,608) (245,478)Other non-interest earning assets 633,711 593,740 632,253Total assets $ 10,477,064 $ 10,429,170 $ 9,388,800Interest-bearing liabilitiesInterest-bearing deposits:Checking and money market accounts $ 558,506 $ 2,275 1.63% $ 565,981 $ 2,317 1.66% $ 1,097,696 $ 10,084 3.69%Savings accounts and certificates of deposit 8,018,517 80,570 4.03% 7,954,562 79,783 4.07% 6,449,061 80,109 5.00%Interest-bearing deposits 8,577,023 82,845 3.87% 8,520,543 82,100 3.91% 7,546,757 90,193 4.81%Other interest-bearing liabilities 220 3 4.54% 222 2 4.47% 56,628 913 6.45%Total interest-bearing liabilities 8,577,243 82,848 3.87% 8,520,765 82,102 3.91% 7,603,385 91,106 4.82%Noninterest-bearing deposits 282,113 321,777 303,199Other liabilities 236,509 237,155 215,608Total liabilities $ 9,095,865 $ 9,079,697 $ 8,122,192Total equity $ 1,381,199 $ 1,349,473 $ 1,266,608Total liabilities and equity $ 10,477,064 $ 10,429,170 $ 9,388,800Interest rate spread 5.57% 5.33% 5.00%Net interest income and net interest margin $ 154,249 6.14% $ 149,957 5.97% $ 128,528 5.75%
(1) Consolidated presentation reflects intercompanyeliminations.(2) Nonaccrual loans and any related income are included in their respective loan categories.
LENDINGCLUBCORPORATIONCONSOLIDATED BALANCE SHEETS(In Thousands, Except Share and Per Share Amounts)(Unaudited) June30, December 31, 2025 2024AssetsCash and due from banks $ 18,426 $ 15,524Interest-bearing deposits in banks 734,136 938,534Total cash and cash equivalents 752,562 954,058Restricted cash 21,759 23,338Securities available for sale at fair value ($3,565,829 and $3,492,264 at amortized cost, respectively) 3,527,142 3,452,648Loans held for sale at fair value 1,008,168 636,352Loans and leases held for investment 4,386,321 4,125,818Allowance for loan and lease losses (252,989) (236,734)Loans and leases held for investment, net 4,133,332 3,889,084Loans held for investment at fair value 631,736 1,027,798Property, equipment and software, net 246,284 167,532Goodwill 75,717 75,717Other assets 378,633 403,982Total assets $ 10,775,333 $ 10,630,509Liabilities and EquityDeposits:Interest-bearing $ 8,785,727 $ 8,676,119Noninterest-bearing 350,397 392,118Total deposits 9,136,124 9,068,237Other liabilities 233,174 220,541Total liabilities 9,369,298 9,288,778EquityCommon stock, $0.01 par value; 180,000,000 shares authorized; 114,740,147 and 113,383,917 shares issued and outstanding, respectively 1,147 1,134Additional paid-in capital 1,718,520 1,702,316Accumulated deficit (287,627) (337,476)Accumulated other comprehensive loss (26,005) (24,243)Total equity 1,406,035 1,341,731Total liabilities and equity $ 10,775,333 $ 10,630,509
LENDINGCLUBCORPORATIONRECONCILIATION 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 June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024GAAP Net income $ 38,178 $ 11,671 $ 9,720 $ 14,457 $ 14,903Less: Provision for credit losses (39,733) (58,149) (63,238) (47,541) (35,561)Less: Income tax expense (15,806) (4,024) (1,388) (3,551) (4,519)Pre-provision net revenue $ 93,717 $ 73,844 $ 74,346 $ 65,549 $ 54,983
For the three months ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024Non-interest income $ 94,186 $ 67,754 $ 74,817 $ 61,640 $ 58,713Net interest income 154,249 149,957 142,384 140,241 128,528Total net revenue 248,435 217,711 217,201 201,881 187,241Non-interest expense (154,718) (143,867) (142,855) (136,332) (132,258)Pre-provision net revenue $ 93,717 73,844 74,346 65,549 54,983Provision for credit losses (39,733) (58,149) (63,238) (47,541) (35,561)Income before income tax expense 53,984 15,695 11,108 18,008 19,422Income tax expense (15,806) (4,024) (1,388) (3,551) (4,519)GAAP Net income $ 38,178 $ 11,671 $ 9,720 $ 14,457 $ 14,903
Tangible Book Value Per Common Share June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024GAAP common equity $ 1,406,035 $ 1,364,517 $ 1,341,731 $ 1,342,895 $ 1,287,945Less: Goodwill (75,717) (75,717) (75,717) (75,717) (75,717)Less: Customer relationship intangible assets (7,068) (7,778) (8,586) (9,439) (10,293)Tangible common equity $ 1,323,250 $ 1,281,022 $ 1,257,428 $ 1,257,739 $ 1,201,935Book value per common shareGAAP common equity $ 1,406,035 $ 1,364,517 $ 1,341,731 $ 1,342,895 $ 1,287,945Common shares issued and outstanding 114,740,147 114,199,832 113,383,917 112,401,990 111,812,215Book value per common share $ 12.25 $ 11.95 $ 11.83 $ 11.95 $ 11.52Tangible book value per common shareTangible common equity $ 1,323,250 $ 1,281,022 $ 1,257,428 $ 1,257,739 $ 1,201,935Common shares issued and outstanding 114,740,147 114,199,832 113,383,917 112,401,990 111,812,215Tangible book value per common share $ 11.53 $ 11.22 $ 11.09 $ 11.19 $ 10.75
LENDINGCLUBCORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Continued)(In thousands, except ratios)(Unaudited)Return On Tangible Common Equity For the three months ended June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024Average GAAP common equity $ 1,381,199 $ 1,349,473 $ 1,335,730 $ 1,307,521 $ 1,266,608Less: Average goodwill (75,717) (75,717) (75,717) (75,717) (75,717)Less: Average customer relationship intangible assets (7,423) (8,182) (9,013) (9,866) (10,729)Average tangible common equity $ 1,298,059 $ 1,265,574 $ 1,251,000 $ 1,221,938 $ 1,180,162Return on average equityAnnualized GAAP net income $ 152,712 $ 46,684 $ 38,880 $ 57,828 $ 59,612Average GAAP common equity $ 1,381,199 $ 1,349,473 $ 1,335,730 $ 1,307,521 $ 1,266,608Return on average equity 11.1% 3.5% 2.9% 4.4% 4.7%Return on tangible common equityAnnualized GAAP net income $ 152,712 $ 46,684 $ 38,880 $ 57,828 $ 59,612Average tangible common equity $ 1,298,059 $ 1,265,574 $ 1,251,000 $ 1,221,938 $ 1,180,162Return on tangible common equity 11.8% 3.7% 3.1% 4.7% 5.1%
https://c212.net/c/img/favicon.png?sn=SF39285&sd=2025-07-29
View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-second-quarter-2025-results-302516359.html
SOURCE LendingClub Corporation
https://rt.newswire.ca/rt.gif?NewsItemId=SF39285&Transmission_Id=202507291605PR_NEWS_USPR_____SF39285&DateId=20250729