EX-99.1 2 q125exhibit991er.htm EX-99.1 Document
                                    EXHIBIT 99.1
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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.
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•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 expense143.9 142.9 132.2 
Pre-provision net revenue (1)
73.8 74.3 48.5 
Provision for credit losses58.1 63.2 31.9 
Income before income tax expense15.7 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

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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.
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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.

*****
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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/QY/Y
Operating Highlights:
Non-interest income$67,754 $74,817 $61,640 $58,713 $57,800 (9)%17 %
Net interest income149,957 142,384 140,241 128,528 122,888 5 %22 %
Total net revenue217,711 217,201 201,881 187,241 180,688 — %20 %
Non-interest expense143,867 142,855 136,332 132,258 132,233 1 %9 %
Pre-provision net revenue(1)
73,844 74,346 65,549 54,983 48,455 (1)%52 %
Provision for credit losses58,149 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 margin5.97 %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 originations1.47 %1.27 %1.37 %1.47 %1.47 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio17.8 %17.3 %15.9 %17.9 %17.6 %
Tier 1 leverage ratio11.7 %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 originations34 %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.
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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/QY/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 cost2.7 %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.
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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 mortgages170,138 172,711 
Secured consumer228,904 230,232 
Total consumer loans held for investment3,611,680 3,509,415 
Equipment finance (1)
56,883 64,232 
Commercial real estate374,246 373,785 
Commercial and industrial
172,640 178,386 
Total commercial loans and leases held for investment603,769 616,403 
Total loans and leases held for investment at amortized cost4,215,449 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.

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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, 2025December 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, 2025December 31, 2024
ConsumerCommercialTotalConsumerCommercialTotal
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 investment55,948 434 56,382 56,322 5,825 62,147 
Charge-offs(58,344)(8,232)(66,576)(64,167)(1,887)(66,054)
Recoveries17,406 247 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
ConsumerCommercialTotal
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)
Recoveries9,643 216 9,859 
Allowance for loan and lease losses, end of period$246,280 $12,870 $259,150 

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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, 202530-59
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 mortgages678 — 88 766 — 
Secured consumer2,087 482 226 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 estate1,171 718 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, 202430-59
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 mortgages151 88 — 239 — 
Secured consumer2,342 600 337 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 estate8,320 483 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.
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LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months EndedChange (%)
 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 fees12,748 17,391 19,592 (27)%(35)%
Gain on sales of loans12,202 15,007 10,909 (19)%12 %
Net fair value adjustments(29,251)(24,980)(44,689)(17)%35 %
Marketplace revenue65,643 72,163 55,891 (9)%17 %
Other non-interest income2,111 2,654 1,909 (20)%11 %
Total non-interest income67,754 74,817 57,800 (9)%17 %
Total interest income232,059 240,596 207,351 (4)%12 %
Total interest expense82,102 98,212 84,463 (16)%(3)%
Net interest income149,957 142,384 122,888 5 %22 %
Total net revenue217,711 217,201 180,688 — %20 %
Provision for credit losses58,149 63,238 31,927 (8)%82 %
Non-interest expense:
Compensation and benefits58,389 58,656 59,554 — %(2)%
Marketing29,239 23,415 24,136 25 %21 %
Equipment and software14,644 13,361 12,684 10 %15 %
Depreciation and amortization13,909 19,748 12,673 (30)%10 %
Professional services9,764 9,136 7,091 7 %38 %
Occupancy4,345 3,991 3,861 9 %13 %
Other non-interest expense13,577 14,548 12,234 (7)%11 %
Total non-interest expense143,867 142,855 132,233 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 – Basic113,693,399 112,788,050 110,685,796 1 %3 %
Weighted-average common shares – Diluted116,176,898 116,400,285 110,687,380 — %5 %


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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 value3,397,720 56,280 6.63 %3,390,315 57,259 6.76 %1,972,561 35,347 7.17 %
Loans held for sale at fair value723,972 21,814 12.05 %673,279 20,696 12.30 %467,275 14,699 12.58 %
Loans and leases held for investment:
Unsecured personal loans3,097,136 104,722 13.53 %3,080,934 104,011 13.50 %3,518,101 116,055 13.20 %
Commercial and other consumer loans1,012,060 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 cost4,109,196 118,949 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 assets10,044,954 232,059 9.24 %10,514,343 240,596 9.15 %8,547,598 207,351 9.70 %
Cash and due from banks and restricted cash30,084 51,555 58,440 
Allowance for loan and lease losses(239,608)(227,673)(291,168)
Other non-interest earning assets593,740 597,609 631,468 
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 deposit7,954,562 79,783 4.07 %8,214,866 92,698 4.49 %6,069,942 74,553 4.94 %
Interest-bearing deposits8,520,543 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 liabilities8,520,765 82,102 3.91 %9,020,843 98,212 4.33 %7,151,127 84,463 4.75 %
Noninterest-bearing deposits321,777 328,022 317,430 
Other liabilities237,155 251,239 220,544 
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 spread5.33 %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.
11
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 banks875,324 938,534 
Total cash and cash equivalents895,515 954,058 
Restricted cash24,732 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 value703,378 636,352 
Loans and leases held for investment4,215,449 4,125,818 
Allowance for loan and lease losses(244,193)(236,734)
Loans and leases held for investment, net3,971,256 3,889,084 
Loans held for investment at fair value
818,882 1,027,798 
Property, equipment and software, net168,899 167,532 
Goodwill75,717 75,717 
Other assets398,146 403,982 
Total assets$10,483,096 $10,630,509 
Liabilities and Equity
Deposits:
Interest-bearing$8,540,068 $8,676,119 
Noninterest-bearing365,834 392,118 
Total deposits8,905,902 9,068,237 
Other liabilities212,677 220,541 
Total liabilities9,118,579 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 capital1,711,429 1,702,316 
Accumulated deficit(325,805)(337,476)
Accumulated other comprehensive loss(22,249)(24,243)
Total equity1,364,517 1,341,731 
Total liabilities and equity$10,483,096 $10,630,509 


12
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 income149,957 142,384 140,241 128,528 122,888 
Total net revenue217,711 217,201 201,881 187,241 180,688 
Non-interest expense(143,867)(142,855)(136,332)(132,258)(132,233)
Pre-provision net revenue73,844 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 expense15,695 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 outstanding114,199,832 113,383,917 112,401,990 111,812,215 111,120,415 
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 outstanding114,199,832 113,383,917 112,401,990 111,812,215 111,120,415 
Tangible book value per common share$11.22 $11.09 $11.19 $10.75 $10.61 

13
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 equity3.5 %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 equity3.7 %3.1 %4.7 %5.1 %4.2 %

14