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LendingClub Reports First Quarter 2025 Results

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LendingClub reported strong Q1 2025 results, marking significant growth with a 21% increase in originations to $2.0 billion and 20% revenue growth to $217.7 million year-over-year. The company achieved a major milestone by exceeding $100 billion in lifetime originations.

Key highlights include improved marketplace loan sales pricing for the fifth straight quarter and enhanced credit performance with consumer portfolio net charge-off rate improving to 4.7% from 8.1%. Total assets grew 13% to $10.5 billion, while deposits increased 18% to $8.9 billion.

Notable achievements include:

  • Launch of first rated Structured Certificates transaction ($100M)
  • Enhanced TopUp feature for refinancing competitor loans
  • Acquisition of Cushion's AI platform
  • Purchase of San Francisco headquarters

The company maintains strong financial health with 11.7% Tier 1 leverage ratio and 17.8% CET1 capital ratio. For Q2 2025, LendingClub projects loan originations of $2.1B to $2.3B.

LendingClub ha riportato risultati solidi nel primo trimestre del 2025, segnando una crescita significativa con un aumento del 21% nelle erogazioni a 2,0 miliardi di dollari e una crescita dei ricavi del 20% a 217,7 milioni di dollari su base annua. L'azienda ha raggiunto un importante traguardo superando i 100 miliardi di dollari in erogazioni complessive nella sua storia.

I punti salienti includono un miglioramento del prezzo delle vendite di prestiti sul mercato per il quinto trimestre consecutivo e una migliore performance creditizia, con il tasso netto di svalutazione del portafoglio consumer che è migliorato al 4,7% rispetto all'8,1%. Gli attivi totali sono cresciuti del 13% raggiungendo 10,5 miliardi di dollari, mentre i depositi sono aumentati del 18% a 8,9 miliardi di dollari.

Risultati degni di nota includono:

  • Il lancio della prima transazione di Certificati Strutturati con rating (100 milioni di dollari)
  • Il miglioramento della funzione TopUp per il rifinanziamento dei prestiti della concorrenza
  • L'acquisizione della piattaforma AI di Cushion
  • L'acquisto della sede centrale di San Francisco

L'azienda mantiene una solida salute finanziaria con un rapporto di leva Tier 1 dell'11,7% e un rapporto di capitale CET1 del 17,8%. Per il secondo trimestre del 2025, LendingClub prevede erogazioni di prestiti tra 2,1 e 2,3 miliardi di dollari.

LendingClub reportó sólidos resultados en el primer trimestre de 2025, mostrando un crecimiento significativo con un aumento del 21% en originaciones hasta 2.000 millones de dólares y un crecimiento de ingresos del 20% hasta 217,7 millones de dólares interanual. La compañía alcanzó un hito importante al superar los 100.000 millones de dólares en originaciones acumuladas.

Los aspectos destacados incluyen una mejora en el precio de venta de préstamos en el mercado por quinto trimestre consecutivo y un mejor desempeño crediticio, con la tasa neta de cancelación de cartera de consumidores mejorando al 4,7% desde el 8,1%. Los activos totales crecieron un 13% hasta 10.500 millones de dólares, mientras que los depósitos aumentaron un 18% hasta 8.900 millones de dólares.

Logros notables incluyen:

  • Lanzamiento de la primera transacción de Certificados Estructurados con calificación (100 millones de dólares)
  • Mejora de la función TopUp para refinanciar préstamos de la competencia
  • Adquisición de la plataforma de IA de Cushion
  • Compra de la sede central en San Francisco

La compañía mantiene una sólida salud financiera con una ratio de apalancamiento Tier 1 del 11,7% y una ratio de capital CET1 del 17,8%. Para el segundo trimestre de 2025, LendingClub proyecta originaciones de préstamos entre 2.100 y 2.300 millones de dólares.

LendingClub는 2025년 1분기에 강력한 실적을 보고하며, 대출 실행액이 21% 증가하여 20억 달러에 도달하고, 매출은 전년 대비 20% 증가한 2억 1,770만 달러를 기록하는 등 눈에 띄는 성장을 보였습니다. 회사는 누적 대출 실행액 1,000억 달러를 돌파하는 중요한 이정표를 달성했습니다.

주요 내용으로는 다섯 번째 분기 연속으로 시장 대출 판매 가격이 개선되었고, 소비자 포트폴리오 순대손충당금 비율이 8.1%에서 4.7%로 향상되어 신용 성과가 개선된 점이 포함됩니다. 총 자산은 13% 증가한 105억 달러, 예금은 18% 증가한 89억 달러를 기록했습니다.

주요 성과는 다음과 같습니다:

  • 첫 번째 신용등급 부여 구조화 증서 거래 출시(1억 달러)
  • 경쟁사 대출 재융자를 위한 TopUp 기능 강화
  • Cushion의 AI 플랫폼 인수
  • 샌프란시스코 본사 매입

회사는 Tier 1 레버리지 비율 11.7%, CET1 자본 비율 17.8%로 견고한 재무 건전성을 유지하고 있습니다. 2025년 2분기 LendingClub은 대출 실행액을 21억 달러에서 23억 달러 사이로 예상합니다.

LendingClub a publié de solides résultats pour le premier trimestre 2025, enregistrant une croissance significative avec une augmentation de 21 % des originations à 2,0 milliards de dollars et une croissance des revenus de 20 % à 217,7 millions de dollars d'une année sur l'autre. L'entreprise a franchi une étape majeure en dépassant les 100 milliards de dollars d'originations cumulées.

Les points clés comprennent une amélioration des prix de vente des prêts sur le marché pour le cinquième trimestre consécutif et une meilleure performance du crédit, avec un taux net de pertes sur portefeuille consommateur passant de 8,1 % à 4,7 %. Le total des actifs a augmenté de 13 % pour atteindre 10,5 milliards de dollars, tandis que les dépôts ont progressé de 18 % pour atteindre 8,9 milliards de dollars.

Réalisations notables :

  • Lancement de la première transaction de certificats structurés notés (100 millions de dollars)
  • Amélioration de la fonctionnalité TopUp pour le refinancement des prêts concurrents
  • Acquisition de la plateforme d'IA de Cushion
  • Achat du siège social à San Francisco

L'entreprise maintient une solide santé financière avec un ratio de levier Tier 1 de 11,7 % et un ratio de capital CET1 de 17,8 %. Pour le deuxième trimestre 2025, LendingClub prévoit des originations de prêts entre 2,1 et 2,3 milliards de dollars.

LendingClub meldete starke Ergebnisse für das erste Quartal 2025 und verzeichnete ein erhebliches Wachstum mit einer 21%igen Steigerung der Kreditvergaben auf 2,0 Milliarden US-Dollar sowie einem Umsatzwachstum von 20% auf 217,7 Millionen US-Dollar im Jahresvergleich. Das Unternehmen erreichte einen wichtigen Meilenstein, indem es die kumulierten Kreditvergaben von 100 Milliarden US-Dollar überstieg.

Wichtige Highlights umfassen verbesserte Preise für den Verkauf von Marktplatzkrediten im fünften Quartal in Folge sowie eine verbesserte Kreditperformance, wobei die Nettoausfallrate im Verbraucherkreditportfolio von 8,1% auf 4,7% sank. Die Gesamtaktiva wuchsen um 13% auf 10,5 Milliarden US-Dollar, während die Einlagen um 18% auf 8,9 Milliarden US-Dollar stiegen.

Bemerkenswerte Erfolge sind:

  • Einführung der ersten bewerteten Transaktion mit strukturierten Zertifikaten (100 Mio. USD)
  • Verbesserte TopUp-Funktion zur Refinanzierung von Wettbewerberkrediten
  • Übernahme der KI-Plattform von Cushion
  • Kauf des Hauptsitzes in San Francisco

Das Unternehmen hält eine solide Finanzlage mit einer Tier-1-Leverage-Ratio von 11,7% und einer CET1-Kapitalquote von 17,8%. Für das zweite Quartal 2025 prognostiziert LendingClub Kreditvergaben zwischen 2,1 und 2,3 Milliarden US-Dollar.

Positive
  • Originations grew 21% YoY to $2.0B in Q1 2025
  • Revenue increased 20% YoY to $217.7M
  • Total assets up 13% YoY to $10.5B
  • Deposits grew 18% YoY to $8.9B
  • Net Interest Margin improved to 5.97% from 5.75%
  • Pre-Provision Net Revenue up 52% YoY to $73.8M
  • Consumer portfolio net charge-off rate improved to 4.7% from 8.1%
  • Strong capital position with 11.7% Tier 1 leverage ratio
  • Closed first rated Structured Certificates deal for $100M
Negative
  • Net income declined to $11.7M from $12.3M YoY
  • Return on Equity decreased to 3.5% from 3.9% YoY
  • Provision for credit losses increased 82% YoY to $58.1M
  • $8.1M negative impact from allowance adjustments due to economic uncertainty

Insights

LendingClub delivered strong growth across key metrics with solid capital and improving credit performance despite higher provisioning.

LendingClub's Q1 results showcase impressive growth with loan originations increasing 21% year-over-year to $2.0 billion and revenue climbing 20% to $217.7 million. The company reached a significant milestone of $100 billion in lifetime originations.

Pre-Provision Net Revenue (PPNR) surged 52% to $73.8 million, demonstrating robust operational performance. Net Interest Margin improved to 5.97% from 5.75% in the prior year, reflecting more efficient balance sheet management.

Despite these strong growth indicators, net income slightly decreased to $11.7 million from $12.3 million, primarily due to increased provisioning. The provision for credit losses rose to $58.1 million from $31.9 million, driven by a 136% increase in held-for-investment loan retention and additional allowances for economic uncertainty.

The company's credit performance is improving, with net charge-offs in the held-for-investment portfolio dropping to $48.9 million from $80.5 million year-over-year. Their four years of credit outperformance suggests their proprietary underwriting models are working effectively through economic cycles.

LendingClub maintains a strong financial foundation with total assets of $10.5 billion (up 13%), deposits of $8.9 billion (up 18%), and robust liquidity of $3.1 billion. Capital ratios remain solid with a Tier 1 leverage ratio of 11.7% and CET1 capital ratio of 17.8%.

The Q2 2025 guidance of $2.1-2.3 billion in loan originations and $70-80 million in PPNR indicates confidence in continued growth momentum. Strategic initiatives like the Cushion AI platform acquisition and headquarters purchase at below pre-pandemic costs position the company for further expansion while maintaining disciplined capital allocation.

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

Exceeded $100 Billion in Lifetime Originations

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

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

First Quarter 2025 Results

Highlights:

  • Achieved $2.0 billion in origination volume
  • Improved marketplace loan sales pricing for fifth straight quarter
  • Delivered four years of credit outperformance enabled by proprietary underwriting models informed by billions of cells of data through economic cycles
  • Improved consumer held-for-investment portfolio net charge-off rate to 4.7%, compared to 8.1% in the prior year
  • Closed first rated Structured Certificates transaction for $100 million with a major insurance company
  • Enhanced popular TopUp feature to enable refinancing of competitor's loans
  • Acquired the intellectual property and select talent behind Cushion, an AI-powered spending intelligence platform
  • Purchased a San Francisco headquarters in April at a fraction of the pre-pandemic cost with potential future upside and no material financial impact

Balance Sheet:

  • Total assets of $10.5 billion increased 13% compared to $9.2 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as the purchase of a $1.3 billion LendingClub-issued loan portfolio in the third quarter of 2024.
  • Deposits of $8.9 billion increased 18% compared to $7.5 billion in the prior year, driven by the continued success of our savings and CD offerings.
    • Multi-award winning LevelUp Savings account, which launched in the third quarter of 2024, reached $1.9 billion in balances at quarter end.
    • 87% of total deposits are FDIC-insured.
  • Robust available liquidity of $3.1 billion.
  • Strong capital position with a consolidated Tier 1 leverage ratio of 11.7% and a CET1 capital ratio of 17.8%.
  • Book value per common share was $11.95, compared to $11.40 in the prior year.
  • Tangible book value per common share was $11.22, compared to $10.61 in the prior year.

Financial Performance:

  • Loan originations grew 21% to $2.0 billion, compared to $1.6 billion in the prior year, driven by the successful execution of product and marketing initiatives combined with strong marketplace investor demand.
  • Total net revenue increased 20% to $217.7 million, compared to $180.7 million in the prior year, driven by higher net interest income on a larger balance sheet with lower deposit funding costs and improved marketplace loan sales pricing.
    • Net Interest Margin increased to 5.97%, compared to 5.75% in the prior year.
  • Provision for credit losses of $58.1 million, compared to $31.9 million in the prior year, primarily driven by a 136% increase in held-for-investment whole loan retention and additional economic qualitative allowance to reflect macroeconomic uncertainty.
  • Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $48.9 million, compared to $80.5 million in the prior year.
  • Net income of $11.7 million, compared to $12.3 million in the prior year.
    • Net income for the first quarter of 2025 included the negative impact of $8.1 million on allowance and net fair value adjustments due to macroeconomic uncertainty.
  • Return on Equity (ROE) of 3.5%, with a Return on Tangible Common Equity (ROTCE) of 3.7%, compared to an ROE of 3.9% in the prior year, with an ROTCE of 4.2%.
  • Pre-Provision Net Revenue (PPNR) increased 52% to $73.8 million, compared to $48.5 million in the prior year.

Three Months Ended


($ in millions, except per share amounts)

March 31,
2025


December 31,
2024


March 31,
2024


Total net revenue

$           217.7


$            217.2


$           180.7


Non-interest expense

143.9


142.9


132.2


Pre-provision net revenue (1)

73.8


74.3


48.5


Provision for credit losses

58.1


63.2


31.9


Income before income tax expense

15.7


11.1


16.5


Income tax expense

(4.0)


(1.4)


(4.3)


Net income

$             11.7


$                9.7


$             12.3









Diluted EPS

$             0.10


$              0.08


$             0.11


(1)

See page 3 of this release for additional information on our use of non-GAAP financial measures.



For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the "Reconciliation of GAAP to Non-GAAP Financial Measures" tables at the end of this release.

Financial Outlook


Second Quarter 2025


Loan originations

$2.1B to $2.3B


Pre-provision net revenue (PPNR)

$70M to $80M


About LendingClub

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

Conference Call and Webcast Information

The LendingClub first quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, April 29, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 691326, ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until May 6, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 161474. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts
For Investors:
IR@lendingclub.com

Media Contact:
Press@lendingclub.com

Non-GAAP Financial Measures

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

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

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

We believe TBV Per Common Share is an important measure used to evaluate the company's use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 13 and 14 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.

Safe Harbor Statement

Some of the statements above, including statements regarding anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to continue to attract and retain new and existing borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled "Risk Factors" in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

*****

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)



As of and for the three months ended


% Change



March 31,
2025


December 31,
2024


September 30,

2024


June 30,

2024


March 31,
2024


Q/Q


Y/Y


Operating Highlights:


Non-interest income

$     67,754


$         74,817


$         61,640


$     58,713


$     57,800


(9) %


17 %


Net interest income

149,957


142,384


140,241


128,528


122,888


5 %


22 %


Total net revenue

217,711


217,201


201,881


187,241


180,688


— %


20 %


Non-interest expense

143,867


142,855


136,332


132,258


132,233


1 %


9 %


Pre-provision net revenue(1)

73,844


74,346


65,549


54,983


48,455


(1) %


52 %


Provision for credit losses

58,149


63,238


47,541


35,561


31,927


(8) %


82 %


Income before income tax expense

15,695


11,108


18,008


19,422


16,528


41 %


(5) %


Income tax expense

(4,024)


(1,388)


(3,551)


(4,519)


(4,278)


190 %


(6) %


Net income

$     11,671


$           9,720


$         14,457


$     14,903


$     12,250


20 %


(5) %

















Basic EPS

$         0.10


$             0.09


$             0.13


$         0.13


$         0.11


11 %


(9) %


Diluted EPS

$         0.10


$             0.08


$             0.13


$         0.13


$         0.11


25 %


(9) %

















LendingClub Corporation Performance Metrics:


Net interest margin

5.97 %


5.42 %


5.63 %


5.75 %


5.75 %






Efficiency ratio(2)

66.1 %


65.8 %


67.5 %


70.6 %


73.2 %






Return on average equity (ROE)(3)

3.5 %


2.9 %


4.4 %


4.7 %


3.9 %






Return on tangible common equity (ROTCE)(1)(4)

3.7 %


3.1 %


4.7 %


5.1 %


4.2 %






Return on average total assets (ROA)(5)

0.4 %


0.4 %


0.6 %


0.6 %


0.5 %






Marketing expense as a % of loan originations

1.47 %


1.27 %


1.37 %


1.47 %


1.47 %





















LendingClub Corporation Capital Metrics:


Common equity Tier 1 capital ratio

17.8 %


17.3 %


15.9 %


17.9 %


17.6 %






Tier 1 leverage ratio

11.7 %


11.0 %


11.3 %


12.1 %


12.5 %






Book value per common share

$       11.95


$           11.83


$           11.95


$       11.52


$       11.40


1 %


5 %


Tangible book value per common share(1)

$       11.22


$           11.09


$           11.19


$       10.75


$       10.61


1 %


6 %

















Loan Originations (in millions)(6):















Total loan originations

$       1,989


$           1,846


$           1,913


$       1,813


$       1,646


8 %


21 %


Marketplace loans

$       1,314


$           1,241


$           1,403


$       1,477


$       1,361


6 %


(3) %


Loan originations held for investment

$          675


$              605


$              510


$          336


$          285


12 %


137 %


Loan originations held for investment as a % of total loan originations

34 %


33 %


27 %


19 %


17 %





















Servicing Portfolio AUM (in millions)(7):


Total servicing portfolio

$      12,241


$          12,371


$          12,674


$      12,999


$      13,437


(1) %


(9) %


Loans serviced for others

$        7,130


$            7,207


$            7,028


$        8,337


$        8,671


(1) %


(18) %


(1)

Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures."

(2)

Calculated as the ratio of non-interest expense to total net revenue.

(3)

Calculated as annualized net income divided by average equity for the period presented.

(4)

Calculated as annualized net income divided by average tangible common equity for the period presented.

(5)

Calculated as annualized net income divided by average total assets for the period presented.

(6)

Includes unsecured personal loans and auto loans only.

(7)

Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained by the Company.

 

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)



As of and for the three months ended


% Change



March 31,
2025


December 31,
2024


September 30,

2024


June 30,

2024


March 31,
2024


Q/Q


Y/Y


Balance Sheet Data:


Securities available for sale

$  3,426,571


$      3,452,648


$       3,311,418


$  2,814,383


$  2,228,500


(1) %


54 %


Loans held for sale at fair value

$     703,378


$         636,352


$          849,967


$     791,059


$     550,415


11 %


28 %


Loans and leases held for investment at amortized cost

$  4,215,449


$      4,125,818


$       4,108,329


$  4,228,391


$  4,505,816


2 %


(6) %


Gross allowance for loan and lease losses (1)

$   (288,308)


$       (285,686)


$        (274,538)


$   (285,368)


$   (311,794)


1 %


(8) %


Recovery asset value (2)

$       44,115


$           48,952


$            53,974


$       56,459


$       52,644


(10) %


(16) %


Allowance for loan and lease losses

$   (244,193)


$       (236,734)


$        (220,564)


$   (228,909)


$   (259,150)


3 %


(6) %


Loans and leases held for investment at amortized cost, net

$  3,971,256


$      3,889,084


$       3,887,765


$  3,999,482


$  4,246,666


2 %


(6) %


Loans held for investment at fair value (3)

$     818,882


$      1,027,798


$       1,287,495


$     339,222


$     427,396


(20) %


92 %


Total loans and leases held for investment (3)

$  4,790,138


$      4,916,882


$       5,175,260


$  4,338,704


$  4,674,062


(3) %


2 %


Whole loans held on balance sheet (4)

$  5,493,516


$      5,553,234


$       6,025,227


$  5,129,763


$  5,224,477


(1) %


5 %


Total assets

$ 10,483,096


$    10,630,509


$     11,037,507


$  9,586,050


$  9,244,828


(1) %


13 %


Total deposits

$  8,905,902


$      9,068,237


$       9,459,608


$  8,095,328


$  7,521,655


(2) %


18 %


Total liabilities

$  9,118,579


$      9,288,778


$       9,694,612


$  8,298,105


$  7,978,542


(2) %


14 %


Total equity

$  1,364,517


$      1,341,731


$       1,342,895


$  1,287,945


$  1,266,286


2 %


8 %


(1)

Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2)

Represents the negative allowance for expected recoveries of amounts previously charged-off.

(3)

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

(4)

Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.





The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:



As of and for the three months ended



March 31,
2025


December 31,
2024


September 30,
2024


June 30,
2024


March 31,
2024


Asset Quality Metrics (1):


Allowance for loan and lease losses to total loans and leases held for investment at amortized cost

5.8 %


5.7 %


5.4 %


5.4 %


5.8 %


Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost

2.7 %


3.9 %


3.1 %


2.7 %


1.9 %


Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost

6.3 %


6.1 %


5.8 %


5.9 %


6.4 %


Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost

7.5 %


7.5 %


7.3 %


7.5 %


7.8 %


Net charge-offs

$          48,923


$          45,977


$          55,805


$          66,818


$          80,483


Net charge-off ratio (2)

4.8 %


4.5 %


5.4 %


6.2 %


6.9 %


(1)

Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

(2)

Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

 

LENDINGCLUB CORPORATION

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)


The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:



March 31,
2025


December 31,
2024


Unsecured personal

$       3,212,638


$       3,106,472


Residential mortgages

170,138


172,711


Secured consumer

228,904


230,232


Total consumer loans held for investment

3,611,680


3,509,415


Equipment finance (1)

56,883


64,232


Commercial real estate

374,246


373,785


Commercial and industrial

172,640


178,386


Total commercial loans and leases held for investment

603,769


616,403


Total loans and leases held for investment at amortized cost

4,215,449


4,125,818


Allowance for loan and lease losses

(244,193)


(236,734)


Loans and leases held for investment at amortized cost, net

$       3,971,256


$       3,889,084


Loans held for investment at fair value

818,882


1,027,798


Total loans and leases held for investment

$       4,790,138


$       4,916,882


(1)

Comprised of sales-type leases for equipment.

 

LENDINGCLUB CORPORATION


ALLOWANCE FOR LOAN AND LEASE LOSSES


(In thousands)


(Unaudited)




The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:





March 31, 2025


December 31, 2024


Gross allowance for loan and lease losses (1)

$                 288,308


$                 285,686


Recovery asset value (2)

(44,115)


(48,952)


Allowance for loan and lease losses

$                 244,193


$                 236,734


(1)

Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2)

Represents the negative allowance for expected recoveries of amounts previously charged-off.

 

The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:





Three Months Ended



March 31, 2025


December 31, 2024



Consumer


Commercial


Total


Consumer


Commercial


Total


Allowance for loan and lease losses, beginning of period

$    212,598


$        24,136


$ 236,734


$    200,899


$        19,665


$ 220,564


Credit loss expense for loans and leases held for investment

55,948


434


56,382


56,322


5,825


62,147


Charge-offs

(58,344)


(8,232)


(66,576)


(64,167)


(1,887)


(66,054)


Recoveries

17,406


247


17,653


19,544


533


20,077


Allowance for loan and lease losses, end of period

$    227,608


$        16,585


$ 244,193


$    212,598


$        24,136


$ 236,734





Three Months Ended



March 31, 2024



Consumer


Commercial


Total


Allowance for loan and lease losses, beginning of period

$    298,061


$        12,326


$ 310,387


Credit loss expense for loans and leases held for investment

27,686


1,560


29,246


Charge-offs

(89,110)


(1,232)


(90,342)


Recoveries

9,643


216


9,859


Allowance for loan and lease losses, end of period

$    246,280


$        12,870


$ 259,150


 

LENDINGCLUB CORPORATION


PAST DUE LOANS AND LEASES HELD FOR INVESTMENT


(In thousands)


(Unaudited)




The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:




March 31, 2025

30-59
Days


60-89
Days


90 or More
Days


Total Days
Past Due


Guaranteed
Amount (1)


Unsecured personal

$      21,851


$      16,040


$      15,507


$             53,398


$                     —


Residential mortgages

678


—


88


766


—


Secured consumer

2,087


482


226


2,795


—


Total consumer loans held for investment

$      24,616


$      16,522


$      15,821


$             56,959


$                     —













Equipment finance

$              15


$              —


$         4,279


$               4,294


$                     —


Commercial real estate

1,171


718


9,619


11,508


8,456


Commercial and industrial

896


3,408


19,888


24,192


19,679


Total commercial loans and leases held for investment

$         2,082


$         4,126


$      33,786


$             39,994


$             28,135


Total loans and leases held for investment at amortized cost

$      26,698


$      20,648


$      49,607


$             96,953


$             28,135




December 31, 2024

30-59
Days


60-89
Days


90 or More
Days


Total Days
Past Due


Guaranteed
Amount (1)


Unsecured personal

$      23,530


$      19,293


$      21,387


$             64,210


$                     —


Residential mortgages

151


88


—


239


—


Secured consumer

2,342


600


337


3,279


—


Total consumer loans held for investment

$      26,023


$      19,981


$      21,724


$             67,728


$                     —













Equipment finance

$              67


$              —


$         4,551


$               4,618


$                     —


Commercial real estate

8,320


483


9,731


18,534


8,456


Commercial and industrial

6,257


1,182


15,971


23,410


18,512


Total commercial loans and leases held for investment

$      14,644


$         1,665


$      30,253


$             46,562


$             26,968


Total loans and leases held for investment at amortized cost

$      40,667


$      21,646


$      51,977


$           114,290


$             26,968


(1) 

Represents loan balances guaranteed by the Small Business Association.

 

LENDINGCLUB CORPORATION


CONDENSED CONSOLIDATED STATEMENTS OF INCOME


(In thousands, except share and per share data)


(Unaudited)





Three Months Ended


Change (%)



March 31,
2025


December 31,
2024


March 31,
2024


Q1 2025

vs

Q4 2024


Q1 2025

vs

Q1 2024


Non-interest income:











Origination fees

$         69,944


$          64,745


$         70,079


8 %


— %


Servicing fees

12,748


17,391


19,592


(27) %


(35) %


Gain on sales of loans

12,202


15,007


10,909


(19) %


12 %


Net fair value adjustments

(29,251)


(24,980)


(44,689)


(17) %


35 %


Marketplace revenue

65,643


72,163


55,891


(9) %


17 %


Other non-interest income

2,111


2,654


1,909


(20) %


11 %


Total non-interest income

67,754


74,817


57,800


(9) %


17 %













Total interest income

232,059


240,596


207,351


(4) %


12 %


Total interest expense

82,102


98,212


84,463


(16) %


(3) %


Net interest income

149,957


142,384


122,888


5 %


22 %













Total net revenue

217,711


217,201


180,688


— %


20 %













Provision for credit losses

58,149


63,238


31,927


(8) %


82 %













Non-interest expense:











Compensation and benefits

58,389


58,656


59,554


— %


(2) %


Marketing

29,239


23,415


24,136


25 %


21 %


Equipment and software

14,644


13,361


12,684


10 %


15 %


Depreciation and amortization

13,909


19,748


12,673


(30) %


10 %


Professional services

9,764


9,136


7,091


7 %


38 %


Occupancy

4,345


3,991


3,861


9 %


13 %


Other non-interest expense

13,577


14,548


12,234


(7) %


11 %


Total non-interest expense

143,867


142,855


132,233


1 %


9 %













Income before income tax expense

15,695


11,108


16,528


41 %


(5) %


Income tax expense

(4,024)


(1,388)


(4,278)


190 %


(6) %


Net income

$         11,671


$           9,720


$         12,250


20 %


(5) %













Net income per share: 











Basic EPS

$             0.10


$             0.09


$             0.11


11 %


(9) %


Diluted EPS

$             0.10


$             0.08


$             0.11


25 %


(9) %


Weighted-average common shares – Basic

113,693,399


112,788,050


110,685,796


1 %


3 %


Weighted-average common shares – Diluted

116,176,898


116,400,285


110,687,380


— %


5 %


 

LENDINGCLUB CORPORATION


NET INTEREST INCOME


(In thousands, except percentages or as noted)


(Unaudited)





Consolidated LendingClub Corporation (1)



Three Months Ended

March 31, 2025


Three Months Ended

December 31, 2024


Three Months Ended

March 31, 2024



Average
Balance


Interest
Income/
Expense


Average
Yield/
Rate


Average
Balance


Interest
Income/
Expense


Average
Yield/
Rate


Average
Balance


Interest
Income/
Expense


Average
Yield/
Rate


Interest-earning assets (2)



















Cash, cash equivalents, restricted cash and other

$     893,058


$    9,606


4.30 %


$ 1,193,570


$  14,194


4.76 %


$ 1,217,395


$  16,503


5.42 %


Securities available for sale at fair value

3,397,720


56,280


6.63 %


3,390,315


57,259


6.76 %


1,972,561


35,347


7.17 %


Loans held for sale at fair value

723,972


21,814


12.05 %


673,279


20,696


12.30 %


467,275


14,699


12.58 %


Loans and leases held for investment:



















Unsecured personal loans

3,097,136


104,722


13.53 %


3,080,934


104,011


13.50 %


3,518,101


116,055


13.20 %


Commercial and other consumer loans

1,012,060


14,227


5.62 %


1,023,041


14,203


5.55 %


1,115,931


16,338


5.86 %


Loans and leases held for investment at amortized cost

4,109,196


118,949


11.58 %


4,103,975


118,214


11.52 %


4,634,032


132,393


11.43 %


Loans held for investment at fair value (3)

921,008


25,410


11.04 %


1,153,204


30,233


10.49 %


256,335


8,409


13.12 %


Total loans and leases held for investment (3)

5,030,204


144,359


11.48 %


5,257,179


148,447


11.29 %


4,890,367


140,802


11.52 %


Total interest-earning assets

10,044,954


232,059


9.24 %


10,514,343


240,596


9.15 %


8,547,598


207,351


9.70 %


Cash and due from banks and restricted cash

30,084






51,555






58,440






Allowance for loan and lease losses

(239,608)






(227,673)






(291,168)






Other non-interest earning assets

593,740






597,609






631,468






Total assets

$  10,429,170






$  10,935,834






$ 8,946,338






Interest-bearing liabilities



















Interest-bearing deposits:



















Checking and money market accounts

$     565,981


$    2,317


1.66 %


$    805,362


$    5,502


2.72 %


$ 1,054,614


$    9,410


3.59 %


Savings accounts and certificates of deposit

7,954,562


79,783


4.07 %


8,214,866


92,698


4.49 %


6,069,942


74,553


4.94 %


Interest-bearing deposits

8,520,543


82,100


3.91 %


9,020,228


98,200


4.33 %


7,124,556


83,963


4.74 %


Other interest-bearing liabilities

222


2


4.47 %


615


12


7.20 %


26,571


500


7.53 %


Total interest-bearing liabilities

8,520,765


82,102


3.91 %


9,020,843


98,212


4.33 %


7,151,127


84,463


4.75 %


Noninterest-bearing deposits

321,777






328,022






317,430






Other liabilities

237,155






251,239






220,544






Total liabilities

$  9,079,697






$ 9,600,104






$ 7,689,101






Total equity

$  1,349,473






$ 1,335,730






$ 1,257,237






Total liabilities and equity

$  10,429,170






$  10,935,834






$ 8,946,338

























Interest rate spread





5.33 %






4.82 %






4.95 %





















Net interest income and net interest margin



$  149,957


5.97 %




$ 142,384


5.42 %




$ 122,888


5.75 %


(1)

Consolidated presentation reflects intercompany eliminations.

(2)

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

(3)

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

 

LENDINGCLUB CORPORATION


CONSOLIDATED BALANCE SHEETS


(In Thousands, Except Share and Per Share Amounts)


(Unaudited)





March 31,
2025


December 31,
2024


Assets





Cash and due from banks

$            20,191


$         15,524


Interest-bearing deposits in banks

875,324


938,534


Total cash and cash equivalents

895,515


954,058


Restricted cash

24,732


23,338


Securities available for sale at fair value ($3,462,166 and $3,492,264 at amortized cost, respectively)

3,426,571


3,452,648


Loans held for sale at fair value

703,378


636,352


Loans and leases held for investment

4,215,449


4,125,818


Allowance for loan and lease losses

(244,193)


(236,734)


Loans and leases held for investment, net

3,971,256


3,889,084


Loans held for investment at fair value

818,882


1,027,798


Property, equipment and software, net

168,899


167,532


Goodwill

75,717


75,717


Other assets

398,146


403,982


Total assets

$      10,483,096


$   10,630,509


Liabilities and Equity





Deposits:





Interest-bearing

$        8,540,068


$     8,676,119


Noninterest-bearing

365,834


392,118


Total deposits

8,905,902


9,068,237


Other liabilities

212,677


220,541


Total liabilities

9,118,579


9,288,778


Equity





Common stock, $0.01 par value; 180,000,000 shares authorized; 114,199,832 and 113,383,917 shares issued and outstanding, respectively

1,142


1,134


Additional paid-in capital

1,711,429


1,702,316


Accumulated deficit

(325,805)


(337,476)


Accumulated other comprehensive loss

(22,249)


(24,243)


Total equity

1,364,517


1,341,731


Total liabilities and equity

$      10,483,096


$   10,630,509


 

LENDINGCLUB CORPORATION


RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES


(In thousands, except share and per share data)


(Unaudited)




Pre-Provision Net Revenue





For the three months ended



March 31,
2025


December 31,

2024


September 30,

2024


June 30,

2024


March 31,
2024


GAAP Net income

$             11,671


$               9,720


$             14,457


$             14,903


$             12,250


Less: Provision for credit losses

(58,149)


(63,238)


(47,541)


(35,561)


(31,927)


Less: Income tax expense

(4,024)


(1,388)


(3,551)


(4,519)


(4,278)


Pre-provision net revenue

$             73,844


$             74,346


$             65,549


$             54,983


$             48,455





For the three months ended



March 31,
2025


December 31,

2024


September 30,

2024


June 30,

2024


March 31,
2024


Non-interest income

$             67,754


$             74,817


$             61,640


$             58,713


$             57,800


Net interest income

149,957


142,384


140,241


128,528


122,888


Total net revenue

217,711


217,201


201,881


187,241


180,688


Non-interest expense

(143,867)


(142,855)


(136,332)


(132,258)


(132,233)


Pre-provision net revenue

73,844


74,346


65,549


54,983


48,455


Provision for credit losses

(58,149)


(63,238)


(47,541)


(35,561)


(31,927)


Income before income tax expense

15,695


11,108


18,008


19,422


16,528


Income tax expense

(4,024)


(1,388)


(3,551)


(4,519)


(4,278)


GAAP Net income

$             11,671


$               9,720


$             14,457


$             14,903


$             12,250


 

Tangible Book Value Per Common Share





March 31,
2025


December 31,

2024


September 30,

2024


June 30,

2024


March 31,
2024


GAAP common equity

$         1,364,517


$          1,341,731


$          1,342,895


$          1,287,945


$          1,266,286


Less: Goodwill

(75,717)


(75,717)


(75,717)


(75,717)


(75,717)


Less: Customer relationship intangible assets

(7,778)


(8,586)


(9,439)


(10,293)


(11,165)


Tangible common equity

$         1,281,022


$          1,257,428


$          1,257,739


$          1,201,935


$          1,179,404













Book value per common share


GAAP common equity

$         1,364,517


$          1,341,731


$          1,342,895


$          1,287,945


$          1,266,286


Common shares issued and outstanding

114,199,832


113,383,917


112,401,990


111,812,215


111,120,415


Book value per common share

$                11.95


$                 11.83


$                 11.95


$                 11.52


$                 11.40













Tangible book value per common share


Tangible common equity

$         1,281,022


$          1,257,428


$          1,257,739


$          1,201,935


$          1,179,404


Common shares issued and outstanding

114,199,832


113,383,917


112,401,990


111,812,215


111,120,415


Tangible book value per common share

$                11.22


$                 11.09


$                 11.19


$                 10.75


$                 10.61


 

LENDINGCLUB CORPORATION


RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)


(In thousands, except ratios)


(Unaudited)




Return On Tangible Common Equity





For the three months ended



March 31,
2025


December 31,

2024


September 30,

2024


June 30,

2024


March 31,
2024


Average GAAP common equity

$     1,349,473


$     1,335,730


$     1,307,521


$     1,266,608


$     1,257,237


Less: Average goodwill

(75,717)


(75,717)


(75,717)


(75,717)


(75,717)


Less: Average customer relationship intangible assets

(8,182)


(9,013)


(9,866)


(10,729)


(11,650)


Average tangible common equity

$     1,265,574


$     1,251,000


$     1,221,938


$     1,180,162


$     1,169,870













Return on average equity


Annualized GAAP net income

$          46,684


$          38,880


$          57,828


$          59,612


$          49,000


Average GAAP common equity

$     1,349,473


$     1,335,730


$     1,307,521


$     1,266,608


$     1,257,237


Return on average equity

3.5 %


2.9 %


4.4 %


4.7 %


3.9 %













Return on tangible common equity


Annualized GAAP net income

$          46,684


$          38,880


$          57,828


$          59,612


$          49,000


Average tangible common equity

$     1,265,574


$     1,251,000


$     1,221,938


$     1,180,162


$     1,169,870


Return on tangible common equity

3.7 %


3.1 %


4.7 %


5.1 %


4.2 %


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-first-quarter-2025-results-302441666.html

SOURCE LendingClub Corporation

FAQ

How much did LendingClub (LC) grow its loan originations in Q1 2025?

LendingClub (LC) grew loan originations by 21% to $2.0 billion in Q1 2025 compared to $1.6 billion in the prior year, driven by successful product and marketing initiatives and strong marketplace investor demand.

What was LendingClub's (LC) net income for Q1 2025?

LendingClub (LC) reported a net income of $11.7 million in Q1 2025, slightly down from $12.3 million in Q1 2024, with results impacted by $8.1 million in allowance and net fair value adjustments due to macroeconomic uncertainty.

How much did LendingClub's (LC) deposits grow in Q1 2025?

LendingClub's (LC) deposits grew 18% to $8.9 billion in Q1 2025 compared to $7.5 billion in the prior year, with 87% being FDIC-insured and $1.9 billion in their LevelUp Savings account.

What is LendingClub's (LC) earnings outlook for Q2 2025?

LendingClub (LC) projects loan originations of $2.1B to $2.3B and Pre-provision net revenue (PPNR) of $70M to $80M for Q2 2025.

How did LendingClub's (LC) credit performance improve in Q1 2025?

LendingClub's (LC) consumer held-for-investment portfolio net charge-off rate improved to 4.7% in Q1 2025, compared to 8.1% in the prior year, demonstrating better credit performance.
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LC Latest News

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Jan 28, 2025
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1.25B
110.56M
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78.7%
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Banks - Regional
Personal Credit Institutions
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United States
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