EX-99.1 2 q325exhibit991er.htm EX-99.1 Document
                                    EXHIBIT 99.1
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LendingClub Reports Third Quarter 2025 Results
Delivered record Pre-tax Income of $57 million, 12.4% ROE and 13.2% ROTCE
Grew Originations +37%, Revenue +32%, and Diluted EPS +185% compared to prior year
Secured an MOU by which funds and accounts managed by BlackRock (NYSE: BLK) investment advisors will invest up to $1 billion through LendingClub's marketplace programs through 2026

SAN FRANCISCO – October 22, 2025 – LendingClub Corporation (NYSE: LC) today announced financial results for the third quarter ended September 30, 2025.

“We delivered another outstanding quarter with 37% growth in originations and 32% growth in revenue, and nearly tripling diluted earnings per share, resulting in an ROTCE of over 13%,” said Scott Sanborn, LendingClub CEO. “Innovative products, compelling value propositions, a loyal and growing member base, and a resilient balance sheet are all combining to deliver sustainable, profitable growth. We’re excited by the multiple opportunities ahead and look forward to continuing to execute against our strategy.”

Third Quarter 2025 Results

Highlights:
•Achieved $2.6 billion in origination volume, up 37% compared to the prior year, driven by the successful execution of product and marketing initiatives.
•Diluted EPS nearly tripled compared to the prior year to $0.37.
•Continued to deliver credit outperformance vs. competitor set, with +37% better performance.
•LevelUp Checking drove 7x increase in account openings vs. prior checking product.
•Announced Investor Day to be held November 5, 2025.
Balance Sheet:
•Total assets of $11.1 billion, up 4% year-to-date and comparable year-over-year due to a portfolio acquisition in the same quarter of the prior year.
•Deposits of $9.4 billion, compared to $9.5 billion in the prior year, primarily attributable to a $0.6 billion decrease in brokered deposits, which was mostly offset by an increase in non-brokered deposits.
◦88% of total deposits are FDIC-insured.
•Robust available liquidity of $3.9 billion.
•Strong capital position with a consolidated Tier 1 leverage ratio of 12.3% and a CET1 capital ratio of 18.0%.
•Book value per common share grew to $12.68, compared to $11.95 in the prior year.
•Tangible book value per common share grew to $11.95, compared to $11.19 in the prior year.
Financial Performance:
•Loan originations grew 37% to $2.6 billion, compared to $1.9 billion in the prior year.
•Total net revenue increased 32% to $266.2 million, compared to $201.9 million in the prior year, driven by higher marketplace sales and loan sale pricing, strong credit performance, and higher net interest margin on a larger balance sheet.
◦Net interest margin expanded to 6.18%, compared to 5.63% in the prior year, driven by improved deposit funding costs.
•Provision for credit losses of $46.3 million, compared to $47.5 million in the prior year, driven by strong credit performance, partially offset by day-1 provision for higher originations of held-for-investment retained loans.
•Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $31.1 million, compared to $55.8 million in the prior year, driven by strong credit performance and portfolio composition and maturity.
•Efficiency ratio of 61% compared to 68% in the prior year, driven by increasing operating leverage as expenses have been well-managed by the implementation of AI technologies and other cost initiatives.
•Net income more than tripled to $44.3 million, compared to $14.5 million in the prior year.
•Return on Equity (ROE) of 12.4% with a Return on Tangible Common Equity (ROTCE) of 13.2%.
•Pre-Provision Net Revenue (PPNR) increased 58% to $103.5 million, compared to $65.5 million in the prior year.
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Three Months Ended% Change
($ in millions, except per share amounts)September 30,
2025		June 30,
2025		September 30,
2024		Q/QY/Y
Total net revenue$266.2 $248.4 $201.9 7 %32 %
Non-interest expense162.7 154.7 136.3 5 %19 %
Pre-provision net revenue (1)
103.5 93.7 65.5 10 %58 %
Provision for credit losses46.3 39.7 47.5 16 %(3)%
Income before income tax expense57.2 54.0 18.0 6 %218 %
Income tax expense(13.0)(15.8)(3.6)(18)%265 %
Net income$44.3 $38.2 $14.5 16 %206 %
Diluted EPS$0.37 $0.33 $0.13 12 %185 %
(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

Fourth Quarter 2025
Loan originations
$2.5B to $2.6B
Pre-provision net revenue (PPNR)
$90M to $100M
Return on Tangible Common Equity (ROTCE)
10% to 11.5%

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About LendingClub
LendingClub is reimagining what a bank can be by building our business around a simple belief: when our members win, we win. Leveraging innovative technology and engaging mobile-first experiences, our integrated suite of financial products helps people keep more of what they earn and earn more on what they save. Our 5+ million members love us for providing quick and easy access to affordable credit and rewarding their smart financial choices, like making on-time payments, saving regularly, and taking control of debt.

Getting credit right is a key driver of our success. Our advanced underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we’re just getting started.

LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information
The LendingClub third quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 22, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To listen to the call, register using this link: https://events.q4inc.com/attendee/133370489 ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts
For Investors:
IR@lendingclub.com
Media Contact:
Press@lendingclub.com

Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe PPNR is an important measure because it reflects the underlying financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe TBV Per Common Share is an important measure used to evaluate the company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.
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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 (including the timing and amount of potential future loan purchase investments by BlackRock) 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.

*****
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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
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		Q/QY/Y
Operating Highlights:
Non-interest income$107,792 $94,186 $67,754 $74,817 $61,640 14 %75 %
Net interest income158,439 154,249 149,957 142,384 140,241 3 %13 %
Total net revenue266,231 248,435 217,711 217,201 201,881 7 %32 %
Non-interest expense162,713 154,718 143,867 142,855 136,332 5 %19 %
Pre-provision net revenue(1)
103,518 93,717 73,844 74,346 65,549 10 %58 %
Provision for credit losses46,280 39,733 58,149 63,238 47,541 16 %(3)%
Income before income tax expense
57,238 53,984 15,695 11,108 18,008 6 %218 %
Income tax expense
(12,964)(15,806)(4,024)(1,388)(3,551)(18)%265 %
Net income$44,274 $38,178 $11,671 $9,720 $14,457 16 %206 %
Basic EPS$0.39 $0.33 $0.10 $0.09 $0.13 18 %200 %
Diluted EPS$0.37 $0.33 $0.10 $0.08 $0.13 12 %185 %
LendingClub Corporation Performance Metrics:
Net interest margin6.18 %6.14 %5.97 %5.42 %5.63 %
Efficiency ratio(2)
61.1 %62.3 %66.1 %65.8 %67.5 %
Return on average equity (ROE)(3)
12.4 %11.1 %3.5 %2.9 %4.4 %
Return on tangible common equity (ROTCE)(1)(4)
13.2 %11.8 %3.7 %3.1 %4.7 %
Return on average total assets (ROA)(5)
1.7 %1.5 %0.4 %0.4 %0.6 %
Marketing expense as a % of loan originations1.55 %1.40 %1.47 %1.27 %1.37 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio18.0 %17.5 %17.8 %17.3 %15.9 %
Tier 1 leverage ratio12.3 %12.2 %11.7 %11.0 %11.3 %
Book value per common share$12.68 $12.25 $11.95 $11.83 $11.95 4 %6 %
Tangible book value per common share(1)
$11.95 $11.53 $11.22 $11.09 $11.19 4 %7 %
Loan Originations (in millions)(6):
Total loan originations$2,622 $2,391 $1,989 $1,846 $1,913 10 %37 %
Marketplace loans$2,027 $1,702 $1,314 $1,241 $1,403 19 %44 %
Loan originations held for investment$594 $689 $675 $605 $510 (14)%16 %
Loan originations held for investment as a % of total loan originations23 %29 %34 %33 %27 %
Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio$12,986$12,524$12,241$12,371$12,6744 %2 %
Loans serviced for others$7,612$7,185$7,130$7,207$7,0286 %8 %
(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.
5
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of the three months ended% Change
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		Q/QY/Y
Balance Sheet Data:
Securities available for sale$3,742,304 $3,527,142 $3,426,571 $3,452,648 $3,311,418 6 %13 %
Loans held for sale at fair value$1,213,140 $1,008,168 $703,378 $636,352 $849,967 20 %43 %
Loans and leases held for investment at amortized cost$4,363,415 $4,386,321 $4,215,449 $4,125,818 $4,108,329 (1)%6 %
Gross allowance for loan and lease losses (1)
$(308,218)$(293,707)$(288,308)$(285,686)$(274,538)5 %12 %
Recovery asset value (2)
$40,444 $40,718 $44,115 $48,952 $53,974 (1)%(25)%
Allowance for loan and lease losses$(267,774)$(252,989)$(244,193)$(236,734)$(220,564)6 %21 %
Loans and leases held for investment at amortized cost, net$4,095,641 $4,133,332 $3,971,256 $3,889,084 $3,887,765 (1)%5 %
Loans held for investment at fair value
$477,784 $631,736 $818,882 $1,027,798 $1,287,495 (24)%(63)%
Total loans and leases held for investment
$4,573,425 $4,765,068 $4,790,138 $4,916,882 $5,175,260 (4)%(12)%
Whole loans held on balance sheet (3)
$5,786,565 $5,773,236 $5,493,516 $5,553,234 $6,025,227 — %(4)%
Total assets$11,072,515 $10,775,333 $10,483,096 $10,630,509 $11,037,507 3 %— %
Total deposits$9,388,233 $9,136,124 $8,905,902 $9,068,237 $9,459,608 3 %(1)%
Total liabilities$9,610,302 $9,369,298 $9,118,579 $9,288,778 $9,694,612 3 %(1)%
Total equity$1,462,213 $1,406,035 $1,364,517 $1,341,731 $1,342,895 4 %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
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost
6.1 %5.8 %5.8 %5.7 %5.4 %
Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost2.3 %2.3 %2.7 %3.9 %3.1 %
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost
6.8 %6.4 %6.3 %6.1 %5.8 %
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost
7.9 %7.5 %7.5 %7.5 %7.3 %
Net charge-offs$31,122 $31,800 $48,923 $45,977 $55,805 
Net charge-off ratio (2)
2.9 %3.0 %4.8 %4.5 %5.4 %
(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:
September 30,
2025		December 31,
2024
Unsecured personal$3,303,510 $3,106,472 
Residential mortgages161,098 172,711 
Secured consumer245,843 230,232 
Total consumer loans held for investment3,710,451 3,509,415 
Equipment finance (1)
43,880 64,232 
Commercial real estate (2)
451,049 373,785 
Commercial and industrial158,035 178,386 
Total commercial loans and leases held for investment652,964 616,403 
Total loans and leases held for investment at amortized cost4,363,415 4,125,818 
Allowance for loan and lease losses(267,774)(236,734)
Loans and leases held for investment at amortized cost, net$4,095,641 $3,889,084 
Loans held for investment at fair value
477,784 1,027,798 
Total loans and leases held for investment
$4,573,425 $4,916,882 
(1)    Comprised of sales-type leases for equipment.
(2)    Includes $263.4 million and $160.1 million in loans originated through the Small Business Association (SBA) as of September 30, 2025 and December 31, 2024, respectively.

The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:
September 30, 2025December 31, 2024
Gross allowance for loan and lease losses (1)
$308,218 $285,686 
Recovery asset value (2)
(40,444)(48,952)
Allowance for loan and lease losses$267,774 $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
September 30, 2025June 30, 2025
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$237,433 $15,556 $252,989 $227,608 $16,585 $244,193 
Credit loss expense (benefit) for loans and leases held for investment
46,390 (483)45,907 41,133 (537)40,596 
Charge-offs(47,886)— (47,886)(48,956)(898)(49,854)
Recoveries16,620 144 16,764 17,648 406 18,054 
Allowance for loan and lease losses, end of period$252,557 $15,217 $267,774 $237,433 $15,556 $252,989 
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LENDINGCLUB CORPORATION
ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands)
(Unaudited)
Three Months Ended
September 30, 2024
ConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$210,729 $18,180 $228,909 
Credit loss expense for loans and leases held for investment
45,813 1,647 47,460 
Charge-offs(68,388)(721)(69,109)
Recoveries12,745 559 13,304 
Allowance for loan and lease losses, end of period$200,899 $19,665 $220,564 

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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:
September 30, 202530-59
Days		60-89
Days		90 or More
Days
Total
Guaranteed Amount (1)
Unsecured personal$21,932 $18,440 $18,114 $58,486 $— 
Residential mortgages— — 156 156 — 
Secured consumer2,297 926 342 3,565 — 
Total consumer loans held for investment$24,229 $19,366 $18,612 $62,207 $— 
Equipment finance$2,743 $— $3,331 $6,074 $— 
Commercial real estate62 432 10,152 10,646 8,456 
Commercial and industrial
3,305 2,152 14,916 20,373 14,904 
Total commercial loans and leases held for investment
$6,110 $2,584 $28,399 $37,093 $23,360 
Total loans and leases held for investment at amortized cost
$30,339 $21,950 $47,011 $99,300 $23,360 
December 31, 202430-59
Days		60-89
Days		90 or More
Days
Total
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 SBA.
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LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months EndedChange (%)
 September 30,
2025		June 30,
2025		September 30,
2024		Q3 2025
vs
Q2 2025		Q3 2025
vs
Q3 2024
Non-interest income:
Origination fees$105,731 $87,578 $71,465 21 %48 %
Servicing fees17,000 16,395 8,081 4 %110 %
Gain on sales of loans17,799 13,540 12,433 31 %43 %
Net fair value adjustments(38,375)(27,869)(33,595)(38)%(14)%
Marketplace revenue102,155 89,644 58,384 14 %75 %
Other non-interest income5,637 4,542 3,256 24 %73 %
Total non-interest income107,792 94,186 61,640 14 %75 %
Total interest income241,801 237,097 240,377 2 %1 %
Total interest expense83,362 82,848 100,136 1 %(17)%
Net interest income158,439 154,249 140,241 3 %13 %
Total net revenue266,231 248,435 201,881 7 %32 %
Provision for credit losses46,280 39,733 47,541 16 %(3)%
Non-interest expense:
Compensation and benefits60,830 61,989 57,408 (2)%6 %
Marketing40,712 33,580 26,186 21 %55 %
Equipment and software13,465 14,495 12,789 (7)%5 %
Depreciation and amortization16,879 15,460 13,341 9 %27 %
Professional services10,922 10,300 8,014 6 %36 %
Occupancy5,245 4,787 4,005 10 %31 %
Other non-interest expense14,660 14,107 14,589 4 %— %
Total non-interest expense162,713 154,718 136,332 5 %19 %
Income before income tax expense
57,238 53,984 18,008 6 %218 %
Income tax expense
(12,964)(15,806)(3,551)(18)%265 %
Net income$44,274 $38,178 $14,457 16 %206 %
Net income per share:
Basic EPS$0.39 $0.33 $0.13 18 %200 %
Diluted EPS$0.37 $0.33 $0.13 12 %185 %
Weighted-average common shares – Basic114,961,676 114,409,231 112,042,202 — %3 %
Weighted-average common shares – Diluted118,188,124 115,692,969 113,922,256 2 %4 %


10
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
September 30, 2025
Three Months Ended
June 30, 2025
Three Months Ended
September 30, 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$603,777 $6,390 4.23 %$679,603 $7,113 4.19 %$939,611 $12,442 5.30 %
Securities available for sale at fair value3,564,732 56,253 6.31 %3,411,020 55,339 6.49 %3,047,305 52,476 6.89 %
Loans held for sale at fair value1,198,581 37,628 12.56 %1,061,845 32,489 12.24 %899,434 30,326 13.49 %
Loans and leases held for investment:
Unsecured personal loans3,268,142 110,151 13.48 %3,177,439 107,829 13.57 %3,045,150 103,291 13.57 %
Commercial and other consumer loans1,069,629 16,060 6.01 %999,148 14,566 5.83 %1,057,688 15,497 5.86 %
Loans and leases held for investment at amortized cost4,337,771 126,211 11.64 %4,176,587 122,395 11.72 %4,102,838 118,788 11.58 %
Loans held for investment at fair value
552,848 15,319 11.08 %722,685 19,761 10.94 %972,698 26,345 10.83 %
Total loans and leases held for investment
4,890,619 141,530 11.58 %4,899,272 142,156 11.61 %5,075,536 145,133 11.44 %
Total interest-earning assets10,257,709 241,801 9.43 %10,051,740 237,097 9.44 %9,961,886 240,377 9.65 %
Cash and due from banks and restricted cash29,655 38,746 41,147 
Allowance for loan and lease losses(260,744)(247,133)(225,968)
Other non-interest earning assets638,821 633,711 624,198 
Total assets$10,665,441 $10,477,064 $10,401,263 
Interest-bearing liabilities
Interest-bearing deposits:
Savings and money market accounts6,442,649 61,782 3.80 %6,152,936 58,934 3.84 %5,056,535 61,556 4.84 %
Certificates of deposit1,851,320 19,990 4.28 %1,997,980 22,469 4.51 %2,032,093 26,409 5.17 %
Checking accounts406,494 1,449 1.41 %426,107 1,442 1.36 %948,334 8,898 3.73 %
Interest-bearing deposits8,700,463 83,221 3.79 %8,577,023 82,845 3.87 %8,036,962 96,863 4.79 %
Other interest-bearing liabilities
12,174 141 4.61 %220 3 4.54 %486,736 3,273 2.69 %
Total interest-bearing liabilities8,712,637 83,362 3.80 %8,577,243 82,848 3.87 %8,523,698 100,136 4.67 %
Noninterest-bearing deposits291,231 282,113 344,577 
Other liabilities237,035 236,509 225,467 
Total liabilities$9,240,903 $9,095,865 $9,093,742 
Total equity$1,424,538 $1,381,199 $1,307,521 
Total liabilities and equity$10,665,441 $10,477,064 $10,401,263 
Interest rate spread5.63 %5.57 %4.98 %
Net interest income and net interest margin$158,439 6.18 %$154,249 6.14 %$140,241 5.63 %
(1)    Consolidated presentation reflects intercompany eliminations.
(2)    Nonaccrual loans and any related income are included in their respective loan categories.

11
LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
September 30,
2025		December 31,
2024
Assets
Cash and due from banks$10,629 $15,524 
Interest-bearing deposits in banks816,758 938,534 
Total cash and cash equivalents827,387 954,058 
Restricted cash18,283 23,338 
Securities available for sale at fair value ($3,769,472 and $3,492,264 at amortized cost, respectively)
3,742,304 3,452,648 
Loans held for sale at fair value1,213,140 636,352 
Loans and leases held for investment4,363,415 4,125,818 
Allowance for loan and lease losses(267,774)(236,734)
Loans and leases held for investment, net4,095,641 3,889,084 
Loans held for investment at fair value
477,784 1,027,798 
Property, equipment and software, net250,330 167,532 
Goodwill75,717 75,717 
Other assets371,929 403,982 
Total assets$11,072,515 $10,630,509 
Liabilities and Equity
Deposits:
Interest-bearing$9,041,412 $8,676,119 
Noninterest-bearing346,821 392,118 
Total deposits9,388,233 9,068,237 
Other liabilities222,069 220,541 
Total liabilities9,610,302 9,288,778 
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 115,301,440 and 113,383,917 shares issued and outstanding, respectively
1,153 1,134 
Additional paid-in capital1,722,113 1,702,316 
Accumulated deficit(243,353)(337,476)
Accumulated other comprehensive loss(17,700)(24,243)
Total equity1,462,213 1,341,731 
Total liabilities and equity$11,072,515 $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
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
GAAP Net income$44,274 $38,178 $11,671 $9,720 $14,457 
Less: Provision for credit losses(46,280)(39,733)(58,149)(63,238)(47,541)
Less: Income tax expense(12,964)(15,806)(4,024)(1,388)(3,551)
Pre-provision net revenue$103,518 $93,717 $73,844 $74,346 $65,549 
For the three months ended
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Non-interest income$107,792 $94,186 $67,754 $74,817 $61,640 
Net interest income158,439 154,249 149,957 142,384 140,241 
Total net revenue266,231 248,435 217,711 217,201 201,881 
Non-interest expense(162,713)(154,718)(143,867)(142,855)(136,332)
Pre-provision net revenue103,518 93,717 73,844 74,346 65,549 
Provision for credit losses(46,280)(39,733)(58,149)(63,238)(47,541)
Income before income tax expense57,238 53,984 15,695 11,108 18,008 
Income tax expense(12,964)(15,806)(4,024)(1,388)(3,551)
GAAP Net income$44,274 $38,178 $11,671 $9,720 $14,457 
Tangible Book Value Per Common Share
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
GAAP common equity$1,462,213 $1,406,035 $1,364,517 $1,341,731 $1,342,895 
Less: Goodwill(75,717)(75,717)(75,717)(75,717)(75,717)
Less: Customer relationship intangible assets
(8,206)(7,068)(7,778)(8,586)(9,439)
Tangible common equity$1,378,290 $1,323,250 $1,281,022 $1,257,428 $1,257,739 
Book value per common share
GAAP common equity$1,462,213 $1,406,035 $1,364,517 $1,341,731 $1,342,895 
Common shares issued and outstanding115,301,440 114,740,147 114,199,832 113,383,917 112,401,990 
Book value per common share$12.68 $12.25 $11.95 $11.83 $11.95 
Tangible book value per common share
Tangible common equity$1,378,290 $1,323,250 $1,281,022 $1,257,428 $1,257,739 
Common shares issued and outstanding115,301,440 114,740,147 114,199,832 113,383,917 112,401,990 
Tangible book value per common share$11.95 $11.53 $11.22 $11.09 $11.19 

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
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Average GAAP common equity
$1,424,538 $1,381,199 $1,349,473 $1,335,730 $1,307,521 
Less: Average goodwill(75,717)(75,717)(75,717)(75,717)(75,717)
Less: Average customer relationship intangible assets(6,722)(7,423)(8,182)(9,013)(9,866)
Average tangible common equity$1,342,099 $1,298,059 $1,265,574 $1,251,000 $1,221,938 
Return on average equity
Annualized GAAP net income$177,096 $152,712 $46,684 $38,880 $57,828 
Average GAAP common equity
$1,424,538 $1,381,199 $1,349,473 $1,335,730 $1,307,521 
Return on average equity12.4 %11.1 %3.5 %2.9 %4.4 %
Return on tangible common equity
Annualized GAAP net income$177,096 $152,712 $46,684 $38,880 $57,828 
Average tangible common equity
$1,342,099 $1,298,059 $1,265,574 $1,251,000 $1,221,938 
Return on tangible common equity13.2 %11.8 %3.7 %3.1 %4.7 %

14