LendingClub Reports First Quarter 2026 Results
Rhea-AI Summary
LendingClub (NYSE: LC) reported first quarter 2026 results with $51.6 million net income and $0.44 diluted EPS for the quarter ended March 31, 2026. Originations rose 31% to $2.7 billion and pre-tax income was a record $67.3 million.
Balance sheet highlights include $11.9 billion total assets, $10.2 billion deposits (88% FDIC-insured), available liquidity of $3.7 billion, a Tier 1 leverage ratio of 11.9% and CET1 ratio of 17.0%. The company announced a rebrand to Happen Bank launching summer 2026 and provided full-year 2026 guidance.
Positive
- Originations +31% to $2.7B
- Record pre-tax income of $67.3M
- Diluted EPS $0.44, more than quadruple year-over-year
- Deposits of $10.2B with 88% FDIC-insured
- Strong capital ratios: Tier 1 leverage 11.9%, CET1 17.0%
Negative
- Non-interest expense increased to $184.5M from $143.9M a year earlier
- Net charge-offs on held-for-investment loans of $42.5M in Q1 2026
- Executed only $26M of the $100M stock repurchase program in Q1 (cumulative $38M)
Market Reaction – LC
Following this news, LC has gained 12.63%, reflecting a significant positive market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $19.35. This price movement has added approximately $223M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
LC was up 0.87% while key regional bank peers like FCF, VBTX, CASH, OFG, and NWBI all showed negative moves, pointing to stock-specific strength rather than a sector-wide rally.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Quarterly earnings | Positive | -16.0% | Strong Q4 and 2025 results with higher originations, revenue, and EPS. |
| Oct 22 | Quarterly earnings | Positive | +10.5% | Record Q3 2025 pre-tax income, strong EPS growth, and liquidity. |
| Jul 29 | Quarterly earnings | Positive | +21.2% | Q2 2025 showed sharp originations and revenue growth with higher EPS. |
| Apr 29 | Quarterly earnings | Positive | -11.3% | Q1 2025 originations and revenue up strongly with better credit metrics. |
| Jan 28 | Quarterly earnings | Positive | -14.3% | Q4 2024 delivered higher originations, revenue, and deposit growth. |
Earnings releases have generally been operationally strong but produced mixed to negative next-day price moves, with 3 divergences vs. only 2 aligned reactions and an average move of -1.98%.
Over the past five earnings reports, LendingClub has repeatedly highlighted growing originations, rising net revenue, and strengthening profitability, alongside solid capital and liquidity metrics. Price reactions, however, have been inconsistent: notable gains followed the Q2 and Q3 2025 beats, while Q4 2024, Q1 2025, and Q4 2025 saw selloffs despite positive fundamentals. Today’s Q1 2026 update extends that trajectory with higher originations, stronger EPS, and improved credit performance.
Historical Comparison
Across the last five earnings releases, LC’s average next-day move was -1.98% despite consistently positive operating trends, underscoring a history of cautious or profit-taking reactions around results.
Earnings updates from Q4 2024 through Q4 2025 showed steady growth in originations, revenue, and profitability with improving ROTCE and solid capital ratios. The Q1 2026 release continues this trend, adding higher pre-tax income, stronger EPS, and enhanced credit performance on a larger balance sheet.
Market Pulse Summary
This announcement highlights strong Q1 2026 performance, including pre-tax income of $67.3M, diluted EPS of $0.44, and 31% year-over-year growth in originations to $2.7B. Credit quality improved with a provision of just $0.4M and net charge-offs down. The move to fair value accounting and the planned Happen Bank rebrand add strategic change. Investors may watch future originations, EPS versus the $1.65–$1.80 guidance, and capital ratios like the 11.9% Tier 1 leverage level.
Key Terms
return on equity financial
return on tangible common equity financial
net interest margin financial
fdic-insured regulatory
tier 1 leverage ratio financial
cet1 capital ratio financial
fair value option financial
cecl financial
AI-generated analysis. Not financial advice.
Strong Performance Across Key Metrics
Delivered Record
Increased Originations +
Rebranding to Happen Bank in Summer 2026
"We're starting 2026 with exceptional momentum, delivering
First Quarter 2026 Results
Highlights:
- Announced new brand, Happen Bank, launching summer 2026, reflecting both our expanded banking capabilities and our core mission: to clear the way for people going places.
- Began underwriting and originating home improvement loans in April, leveraging distinct advantages over incumbents and opening meaningful opportunity for growth.
- Achieved
$2 31% compared to the prior year, driven in part by the successful execution of product and marketing initiatives. - Diluted EPS of
$0.44 - Continued credit outperformance vs. competitor set, with over
40% lower delinquencies. - AI-powered automation and agent support tools led to record personal loans operations production efficiency in the first quarter and a record-high >
90% automation rate for issued loans. - Executed
$26 million $100 $38 million .
Balance Sheet:
- Total assets of
$11 14% year-over-year, primarily due to growth in loans and securities. - Deposits of
$10 14% year-over-year, with88% of deposits FDIC-insured. - Robust available liquidity of
$3 - Strong capital position with a consolidated Tier 1 leverage ratio of
11.9% and a CET1 capital ratio of17.0% .
Financial Performance:
- Loan originations grew
31% to$2 $2 - Total net revenue increased
16% to$252 $217 - Net interest margin expanded to
6.28% , compared to5.97% in the prior year, driven primarily by improved deposit funding costs.
- Net interest margin expanded to
- Provision for credit losses of
$0 $58 - Net charge-offs on total loans and leases held for investment improved to
$42 $76 - Net income and Diluted EPS more than quadrupled to
$51 $0.44 $11 $0.10 - Profit margin (pre-tax) of
26.7% , compared to7.2% in the prior year. - Return on Equity (ROE) of
13.7% with a Return on Tangible Common Equity (ROTCE) of14.5% .
Summary Financial Highlights: | |||||
Three Months Ended | |||||
($ in millions, except per share amounts) | March 31, | December 31, | March 31, | ||
Total net revenue | $ 252.3 | $ 266.5 | $ 217.7 | ||
Provision for credit losses | 0.4 | 47.2 | 58.1 | ||
Non-interest expense | 184.5 | 169.3 | 143.9 | ||
Income before income tax expense | 67.3 | 50.0 | 15.7 | ||
Income tax expense | (15.7) | (8.5) | (4.0) | ||
Net income | $ 51.6 | $ 41.6 | $ 11.7 | ||
Diluted EPS | $ 0.44 | $ 0.35 | $ 0.10 | ||
For a calculation of 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.
2026 Strategic Priorities & Investments
LendingClub has made important progress on several strategic initiatives:
Corporate Rebrand: Rebranding to Happen BankTM, a bank that clears the way for people going places, providing fast and easy access to award-winning products that help them save more of what they earn and earn more on what they save. The new brand reflects LendingClub's transition from a pioneering online lender to a diversified digital-first bank that combines deposits, lending, and a capital-light marketplace bank model. The company will transition to the new brand this summer. Rebrand-related costs are included in the 2026 financial guidance.
Home Improvement Financing: Having previously acquired foundational technology and key talent, LendingClub is now underwriting and originating home improvement loans through its initial partnership with the Wisetack platform. Inbound interest from additional potential partners has been significant. Home improvement financing is a
AI and Operating Efficiency: The company has over 60 active AI initiatives underway across marketing, product, engineering, operations, customer experience, and compliance, with the goal of improving efficiency and supporting margin expansion over time. AI-powered automation and agent support tools have already led to record personal loans operations production efficiency and a record-high >
New Marketing Channel Investment: LendingClub accelerated investments in new acquisition channels, including paid social and display, ahead of normal seasonal timing in order to build attribution models and data capabilities for the full-year 2026 growth plan. Successful execution of marketing and product initiatives contributed to a
Transition to Fair Value Option Accounting: Starting first quarter of 2026, LendingClub has adopted FVO accounting for all new originations of loans held for investment. This change aligns the accounting treatment for loans held for investment and held for sale, creating a consistent framework across the business and removing the front-loaded CECL reserve impact that corresponds to balance sheet growth. The company expects this transition will, over time, result in higher return on invested capital.
From a financial reporting perspective, under FVO, new loans are marked to fair value at origination, with subsequent changes in fair value, reflecting both credit performance and market conditions, flowing through non-interest income each quarter rather than through a separate provision for credit losses. The company will no longer record a CECL provision on new loan originations.
Financial Outlook | |
Second Quarter 2026 | |
Loan originations | |
Diluted EPS | |
Full Year 2026 | |
Loan originations | |
Diluted EPS |
About LendingClub
LendingClub Bank (soon to be Happen BankTM) is a digital bank built for the Motivated Middle: high-FICO, high-income, digitally savvy consumers actively managing their financial lives. Our difference? We make it easy for them to access award-winning products that help them keep more of what they earn and earn more on what they save. Our products are aligned by design to reward our five million plus members when they take positive financial steps, like saving regularly or making loan payments on time.
Our success is fueled by our advanced credit underwriting, a proprietary technology platform engineered for innovation, and a marketplace bank model that drives value for members, loan investors, and shareholders alike. The result is affordable credit, meaningful value, and a trusted banking relationship delivered consistently and profitably at scale.
As we look to our next chapter, we're choosing a name that reflects why we exist: to clear the way for our members to make it happen. Learn more at https://www.meethappen.com.
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 first quarter 2026 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Monday, April 27, 2026. 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/442019885 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.
Question Submissions
Prior to quarterly earnings, investors have the ability to submit and upvote questions for LendingClub's management team to consider. To participate, visit the link provided in each quarter's earnings date announcement.
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: 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 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.
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 page 11 of this release.
Safe Harbor Statement
Some of the statements above, including statements regarding our entry into home improvement financing, our rebranding initiative, and anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "should," "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 purchases); competition; overall economic conditions; our ability to integrate acquired technology; the interest rate and/or 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. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on 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
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As of and for the three months ended | % Change | ||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | Q/Q | Y/Y | |||||||
Operating Highlights: | |||||||||||||
Net interest income | $ 176,234 | $ 163,027 | $ 158,439 | $ 154,249 | $ 149,957 | 8 % | 18 % | ||||||
Non-interest income | 76,017 | 103,444 | 107,792 | 94,186 | 67,754 | (27) % | 12 % | ||||||
Total net revenue | 252,251 | 266,471 | 266,231 | 248,435 | 217,711 | (5) % | 16 % | ||||||
Provision for credit losses | 390 | 47,158 | 46,280 | 39,733 | 58,149 | (99) % | (99) % | ||||||
Non-interest expense | 184,533 | 169,284 | 162,713 | 154,718 | 143,867 | 9 % | 28 % | ||||||
Income before income tax expense | 67,328 | 50,029 | 57,238 | 53,984 | 15,695 | 35 % | 329 % | ||||||
Income tax expense | (15,725) | (8,475) | (12,964) | (15,806) | (4,024) | 86 % | 291 % | ||||||
Net income | $ 51,603 | $ 41,554 | $ 44,274 | $ 38,178 | $ 11,671 | 24 % | 342 % | ||||||
Diluted EPS | $ 0.44 | $ 0.35 | $ 0.37 | $ 0.33 | $ 0.10 | 26 % | 340 % | ||||||
Total loan originations (in millions)(1) | $ 2,669 | $ 2,637 | $ 2,656 | $ 2,433 | $ 2,032 | 1 % | 31 % | ||||||
Current period originations sold or held | $ 1,717 | $ 2,090 | $ 2,027 | $ 1,702 | $ 1,314 | (18) % | 31 % | ||||||
Current period originations held for | $ 952 | $ 547 | $ 629 | $ 731 | $ 717 | 74 % | 33 % | ||||||
Total servicing portfolio (in millions)(2) | $ 13,854 | $ 13,423 | $ 12,986 | $ 12,524 | $ 12,241 | 3 % | 13 % | ||||||
Loans serviced for others | $ 7,750 | $ 7,601 | $ 7,612 | $ 7,185 | $ 7,130 | 2 % | 9 % | ||||||
Performance Metrics: | |||||||||||||
Net interest margin | 6.28 % | 5.98 % | 6.18 % | 6.14 % | 5.97 % | ||||||||
Profit margin(3) | 26.7 % | 18.8 % | 21.5 % | 21.7 % | 7.2 % | ||||||||
Return on average equity (ROE)(4) | 13.7 % | 11.3 % | 12.4 % | 11.1 % | 3.5 % | ||||||||
Return on tangible common equity (ROTCE)(5)(6) | 14.5 % | 11.9 % | 13.2 % | 11.8 % | 3.7 % | ||||||||
Return on average total assets (ROA)(7) | 1.8 % | 1.5 % | 1.7 % | 1.5 % | 0.4 % | ||||||||
Marketing expense as a % of loan originations(1) | 2.08 % | 1.73 % | 1.53 % | 1.38 % | 1.44 % | ||||||||
Average balance - total loans and leases held for investment | $ 4,767,573 | $ 4,890,619 | 1 % | (5) % | |||||||||
Net charge-offs - total loans and leases held for investment | $ 42,493 | $ 47,852 | $ 41,899 | $ 46,078 | $ 76,128 | (11) % | (44) % | ||||||
Net charge-off ratio - total loans and leases held for investment(8) | 3.5 % | 4.0 % | 3.4 % | 3.8 % | 6.1 % | ||||||||
Capital Metrics: | |||||||||||||
Common equity Tier 1 capital ratio | 17.0 % | 17.4 % | 18.0 % | 17.5 % | 17.8 % | ||||||||
Tier 1 leverage ratio | 11.9 % | 12.0 % | 12.3 % | 12.2 % | 11.7 % | ||||||||
Book value per common share | $ 13.19 | $ 13.01 | $ 12.68 | $ 12.25 | $ 11.95 | 1 % | 10 % | ||||||
Tangible book value per common share(6) | $ 12.49 | $ 12.30 | $ 11.95 | $ 11.53 | $ 11.22 | 2 % | 11 % | ||||||
(1) Beginning in the first quarter of 2026, includes all loans originated during the respective periods (unsecured consumer loans, auto loans and small business loans). Previously this included unsecured consumer loans and auto loans only. In the first quarter of 2026, this update included (2) Reflects loans serviced on our platform, which includes unsecured consumer loans and auto loans serviced for others for which servicing rights are retained by the Company. (3) Calculated as the ratio of income before income tax expense to total net revenue. (4) Calculated as annualized net income divided by average equity for the period presented. (5) Calculated as annualized net income divided by average tangible common equity for the period presented. (6) Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures." (7) Calculated as annualized net income divided by average total assets for the period presented. (8) Beginning in the first quarter of 2026, the net charge-off ratio is calculated as annualized net charge-offs for total loans and leases held for investment (at amortized cost and fair value) divided by average total outstanding loans and leases held for investment during the period. Prior to the first quarter of 2026, this was calculated based on loans and leases held for investment at amortized cost only. Prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||
LENDINGCLUB CORPORATION | |||||||||||||
As of the period ended | % Change | ||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | Q/Q | Y/Y | |||||||
Balance Sheet Data: | |||||||||||||
Securities available for sale | $ 3,867,576 | $ 3,706,709 | $ 3,742,304 | $ 3,527,142 | $ 3,426,571 | 4 % | 13 % | ||||||
Loans held for sale | $ 1,836,121 | $ 1,762,396 | $ 1,213,140 | $ 1,008,168 | $ 703,378 | 4 % | 161 % | ||||||
Loans and leases held for investment | $ 4,700,990 | $ 4,470,383 | $ 4,573,425 | $ 4,765,068 | $ 4,790,138 | 5 % | (2) % | ||||||
Total loans and leases | $ 6,537,111 | $ 6,232,779 | $ 5,786,565 | $ 5,773,236 | $ 5,493,516 | 5 % | 19 % | ||||||
Total assets | $ 11,567,816 | $ 11,072,515 | 3 % | 14 % | |||||||||
Total deposits | $ 9,833,870 | $ 9,388,233 | $ 9,136,124 | $ 8,905,902 | 4 % | 14 % | |||||||
Total liabilities | $ 10,067,388 | $ 9,610,302 | $ 9,369,298 | $ 9,118,579 | 3 % | 14 % | |||||||
Total equity | $ 1,523,528 | $ 1,500,428 | $ 1,462,213 | $ 1,406,035 | $ 1,364,517 | 2 % | 12 % | ||||||
LENDINGCLUB CORPORATION
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The following tables present loans and leases held for investment (at amortized cost and fair value) by delinquency status(1): | |||||||||||
March 31, 2026 | Current | 30-59 | 60-89 | 90 or More | Total | Guaranteed | |||||
Unsecured consumer (3) | $ 22,006 | $ 18,305 | $ 16,826 | $ — | |||||||
Residential mortgages | 147,730 | 1,719 | — | 25 | 149,474 | — | |||||
Secured consumer | 341,829 | 3,012 | 545 | 237 | 345,623 | — | |||||
Total consumer loans held for investment | 4,192,852 | 26,737 | 18,850 | 17,088 | 4,255,527 | — | |||||
Equipment finance (4) | 32,824 | — | — | 3,623 | 36,447 | — | |||||
Commercial real estate (5) | 480,877 | — | 399 | 10,295 | 491,571 | 38,372 | |||||
Commercial and industrial | 129,103 | 3,662 | 1,417 | 20,122 | 154,304 | 107,816 | |||||
Total commercial loans and leases held for investment | 642,804 | $ 3,662 | $ 1,816 | $ 34,040 | $ 682,322 | $ 146,188 | |||||
Total loans and leases held for investment | $ 30,399 | $ 20,666 | $ 51,128 | $ 146,188 | |||||||
December 31, 2025 | Current | 30-59 | 60-89 | 90 or More | Total | Guaranteed | |||||
Unsecured consumer (3) | $ 24,075 | $ 19,685 | $ 18,929 | $ — | |||||||
Residential mortgages | 150,099 | — | 888 | 86 | 151,073 | — | |||||
Secured consumer | 257,063 | 3,015 | 596 | 395 | 261,069 | — | |||||
Total consumer loans held for investment | 4,007,596 | 27,090 | 21,169 | 19,410 | 4,075,265 | — | |||||
Equipment finance (4) | 35,973 | 696 | — | 3,088 | 39,757 | — | |||||
Commercial real estate (5) | 461,307 | — | — | 11,182 | 472,489 | 39,507 | |||||
Commercial and industrial | 133,526 | 1,540 | 1,878 | 20,074 | 157,018 | 108,826 | |||||
Total commercial loans and leases held for investment | 630,806 | 2,236 | 1,878 | 34,344 | 669,264 | 148,333 | |||||
Total loans and leases held for investment | $ 29,326 | $ 23,047 | $ 53,754 | $ 148,333 | |||||||
(1) Beginning in the first quarter of 2026, amounts include loans and leases held for investment measured at both amortized cost and fair value. Prior to the first quarter of 2026, amounts included loans and leases held for investment at amortized cost only. (2) Represents loan balances guaranteed by the Small Business Association (SBA). (3) Excludes basis adjustment for loans previously designated in fair value hedges under the portfolio layer method of (4) Comprised of sales-type leases for equipment. (5) Includes December 31, 2025, respectively. | |||||||||||
LENDINGCLUB CORPORATION | |||||||||
Three Months Ended | Change (%) | ||||||||
March 31, | December 31, | March 31, | Q1 2026 vs Q4 2025 | Q1 2026 vs Q1 2025 | |||||
Interest income: | |||||||||
Interest on loans (1) | $ 199,897 | $ 185,814 | $ 166,173 | 8 % | 20 % | ||||
Interest on securities available for sale | 54,411 | 55,948 | 56,280 | (3) % | (3) % | ||||
Other interest income | 6,899 | 8,824 | 9,606 | (22) % | (28) % | ||||
Total interest income | $ 261,207 | $ 250,586 | $ 232,059 | 4 % | 13 % | ||||
Interest expense: | |||||||||
Interest on deposits | 84,971 | 87,558 | 82,100 | (3) % | 3 % | ||||
Other interest expense | 2 | 1 | 2 | 100 % | — % | ||||
Total interest expense | 84,973 | 87,559 | 82,102 | (3) % | 3 % | ||||
Net interest income | 176,234 | 163,027 | 149,957 | 8 % | 18 % | ||||
Non-interest income: | |||||||||
Origination fees (2) | 130,088 | 109,562 | 69,944 | 19 % | 86 % | ||||
Servicing fees (2) | 13,113 | 12,845 | 12,748 | 2 % | 3 % | ||||
Gain on sales of loans (2) | 16,269 | 15,546 | 12,202 | 5 % | 33 % | ||||
Net fair value adjustments (2) | (88,925) | (39,451) | (29,251) | (125) % | (204) % | ||||
Other non-interest income | 5,472 | 4,942 | 2,111 | 11 % | 159 % | ||||
Total non-interest income | 76,017 | 103,444 | 67,754 | (27) % | 12 % | ||||
Total net revenue | 252,251 | 266,471 | 217,711 | (5) % | 16 % | ||||
Provision for credit losses | 390 | 47,158 | 58,149 | (99) % | (99) % | ||||
Non-interest expense: | |||||||||
Compensation and benefits | 65,514 | 60,638 | 58,389 | 8 % | 12 % | ||||
Marketing | 55,415 | 45,680 | 29,239 | 21 % | 90 % | ||||
Equipment and software | 15,293 | 14,410 | 14,644 | 6 % | 4 % | ||||
Depreciation and amortization | 15,819 | 16,641 | 13,909 | (5) % | 14 % | ||||
Professional services | 11,767 | 11,353 | 9,764 | 4 % | 21 % | ||||
Occupancy | 6,391 | 5,457 | 4,345 | 17 % | 47 % | ||||
Other non-interest expense | 14,334 | 15,105 | 13,577 | (5) % | 6 % | ||||
Total non-interest expense | 184,533 | 169,284 | 143,867 | 9 % | 28 % | ||||
Income before income tax expense | 67,328 | 50,029 | 15,695 | 35 % | 329 % | ||||
Income tax expense | (15,725) | (8,475) | (4,024) | 86 % | 291 % | ||||
Net income | $ 51,603 | $ 41,554 | $ 11,671 | 24 % | 342 % | ||||
Net income per share: | |||||||||
Basic EPS | $ 0.45 | $ 0.36 | $ 0.10 | 25 % | 350 % | ||||
Diluted EPS | $ 0.44 | $ 0.35 | $ 0.10 | 26 % | 340 % | ||||
Weighted-average common shares – Basic | 115,400,564 | 115,334,621 | 113,693,399 | — % | 2 % | ||||
Weighted-average common shares – Diluted | 117,333,435 | 118,855,315 | 116,176,898 | (1) % | 1 % | ||||
(1) Beginning in the first quarter of 2026, we combined "Interest on loans held for sale," "Interest and fees on loans and leases held for investment," and "Interest on loans held for investment at fair value," into a single line item called "Interest on loans." Prior period amounts have been reclassified to conform to the current period presentation. (2) Beginning in the first quarter of 2026, these components previously aggregated under "Marketplace revenue" on the Income Statement, are now presented as separate line items. Prior period amounts have been reclassified to conform to the current period presentation. | |||||||||
LENDINGCLUB CORPORATION | |||||||||||||||||
Consolidated LendingClub Corporation (1) | |||||||||||||||||
Three Months Ended March 31, 2026 | Three Months Ended December 31, 2025 | Three Months Ended March 31, 2025 | |||||||||||||||
Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | |||||||||
Interest-earning assets (2) | |||||||||||||||||
Cash, cash equivalents, restricted cash and other | $ 775,385 | $ 6,899 | 3.56 % | $ 905,427 | $ 8,824 | 3.90 % | $ 893,058 | $ 9,606 | 4.30 % | ||||||||
Securities available for sale at fair value | 3,737,199 | 54,411 | 5.82 % | 3,695,980 | 55,948 | 6.06 % | 3,397,720 | 56,280 | 6.63 % | ||||||||
Loans held for sale at fair value | 1,910,017 | 64,531 | 13.51 % | 1,530,624 | 51,006 | 13.33 % | 723,972 | 21,814 | 12.05 % | ||||||||
Loans held for investment at fair value | 807,486 | 25,467 | 12.62 % | 455,168 | 12,292 | 10.80 % | 921,008 | 25,410 | 11.04 % | ||||||||
Loans and leases held for investment at amortized cost: | |||||||||||||||||
Unsecured consumer loans | 2,934,584 | 94,763 | 12.92 % | 3,252,204 | 106,716 | 13.13 % | 3,097,136 | 104,722 | 13.53 % | ||||||||
Commercial and secured consumer loans | 1,055,569 | 15,136 | 5.74 % | 1,060,201 | 15,800 | 5.96 % | 1,012,060 | 14,227 | 5.62 % | ||||||||
Loans and leases held for investment at amortized cost | 3,990,153 | 109,899 | 11.02 % | 4,312,405 | 122,516 | 11.36 % | 4,109,196 | 118,949 | 11.58 % | ||||||||
Total loans and leases held for investment | 4,797,639 | 135,366 | 11.29 % | 4,767,573 | 134,808 | 11.31 % | 5,030,204 | 144,359 | 11.48 % | ||||||||
Total interest-earning assets | 11,220,240 | 261,207 | 9.31 % | 10,899,604 | 250,586 | 9.20 % | 10,044,954 | 232,059 | 9.24 % | ||||||||
Cash and due from banks and restricted cash | 26,343 | 32,308 | 30,084 | ||||||||||||||
Allowance for loan and lease losses | (262,466) | (275,187) | (239,608) | ||||||||||||||
Other non-interest earning assets | 668,486 | 644,221 | 593,740 | ||||||||||||||
Total assets | |||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||
Interest-bearing deposits (3): | |||||||||||||||||
Savings and money market accounts | 6,694,780 | 58,714 | 3.56 % | 6,478,888 | 60,960 | 3.73 % | 5,917,852 | 55,881 | 3.83 % | ||||||||
Certificates of deposit | 2,488,015 | 25,174 | 4.10 % | 2,400,374 | 25,377 | 4.19 % | 2,172,242 | 24,866 | 4.64 % | ||||||||
Checking accounts | 393,963 | 1,083 | 1.12 % | 396,430 | 1,221 | 1.22 % | 430,449 | 1,353 | 1.27 % | ||||||||
Interest-bearing deposits | 9,576,758 | 84,971 | 3.60 % | 9,275,692 | 87,558 | 3.75 % | 8,520,543 | 82,100 | 3.91 % | ||||||||
Other interest-bearing liabilities | 222 | 2 | 3.79 % | 109 | 1 | 4.28 % | 222 | 2 | 4.47 % | ||||||||
Total interest-bearing liabilities | 9,576,980 | 84,973 | 3.60 % | 9,275,801 | 87,559 | 3.75 % | 8,520,765 | 82,102 | 3.91 % | ||||||||
Noninterest-bearing deposits | 334,136 | 311,147 | 321,777 | ||||||||||||||
Other liabilities | 233,776 | 240,642 | 237,155 | ||||||||||||||
Total liabilities | $ 9,827,590 | $ 9,079,697 | |||||||||||||||
Total equity | $ 1,507,711 | $ 1,473,356 | $ 1,349,473 | ||||||||||||||
Total liabilities and equity | |||||||||||||||||
Interest rate spread | 5.71 % | 5.45 % | 5.33 % | ||||||||||||||
Net interest income and net interest margin | 6.28 % | 5.98 % | 5.97 % | ||||||||||||||
(1) Consolidated presentation reflects intercompany eliminations. (2) Nonaccrual loans and any related income are included in their respective loan categories. (3) Prior period amounts have been reclassified to conform to the current period presentation. | |||||||||||||||||
LENDINGCLUB CORPORATION | |||
March 31, | December 31, | ||
Assets | |||
Cash and due from banks | $ 19,528 | $ 11,749 | |
Interest-bearing deposits in banks | 782,415 | 905,905 | |
Total cash and cash equivalents | 801,943 | 917,654 | |
Restricted cash | 19,919 | 12,783 | |
Securities available for sale at fair value ( cost, respectively) | 3,867,576 | 3,706,709 | |
Loans held for sale at fair value | 1,836,121 | 1,762,396 | |
Loans held for investment at fair value | 1,237,850 | 473,314 | |
Loans and leases held for investment | 3,700,837 | 4,272,812 | |
Allowance for loan and lease losses | (237,697) | (275,743) | |
Loans and leases held for investment, net | 3,463,140 | 3,997,069 | |
Property, equipment and software, net | 273,472 | 254,088 | |
Goodwill | 75,717 | 75,717 | |
Other assets | 364,101 | 368,086 | |
Total assets | $ 11,939,839 | $ 11,567,816 | |
Liabilities and Equity | |||
Deposits: | |||
Interest-bearing | $ 9,781,568 | $ 9,459,483 | |
Noninterest-bearing | 407,943 | 374,387 | |
Total deposits | 10,189,511 | 9,833,870 | |
Other liabilities | 226,800 | 233,518 | |
Total liabilities | 10,416,311 | 10,067,388 | |
Equity | |||
Common stock, 115,368,987 shares issued and outstanding, respectively | 1,155 | 1,154 | |
Additional paid-in capital | 1,701,280 | 1,719,233 | |
Accumulated deficit | (150,196) | (201,799) | |
Accumulated other comprehensive loss | (28,711) | (18,160) | |
Total equity | 1,523,528 | 1,500,428 | |
Total liabilities and equity | $ 11,939,839 | $ 11,567,816 | |
LENDINGCLUB CORPORATION
| |||||||||
Tangible Book Value Per Common Share | |||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||
GAAP common equity | $ 1,523,528 | $ 1,500,428 | $ 1,462,213 | $ 1,406,035 | $ 1,364,517 | ||||
Less: Goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) | ||||
Less: Customer relationship intangible assets | (5,039) | (5,685) | (8,206) | (7,068) | (7,778) | ||||
Tangible common equity | $ 1,442,772 | $ 1,419,026 | $ 1,378,290 | $ 1,323,250 | $ 1,281,022 | ||||
Book value per common share | |||||||||
GAAP common equity | $ 1,523,528 | $ 1,500,428 | $ 1,462,213 | $ 1,406,035 | $ 1,364,517 | ||||
Common shares issued and outstanding | 115,497,890 | 115,368,987 | 115,301,440 | 114,740,147 | 114,199,832 | ||||
Book value per common share | $ 13.19 | $ 13.01 | $ 12.68 | $ 12.25 | $ 11.95 | ||||
Tangible book value per common share | |||||||||
Tangible common equity | $ 1,442,772 | $ 1,419,026 | $ 1,378,290 | $ 1,323,250 | $ 1,281,022 | ||||
Common shares issued and outstanding | 115,497,890 | 115,368,987 | 115,301,440 | 114,740,147 | 114,199,832 | ||||
Tangible book value per common share | $ 12.49 | $ 12.30 | $ 11.95 | $ 11.53 | $ 11.22 | ||||
Return On Tangible Common Equity | |||||||||
For the three months ended | |||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||
Average GAAP common equity | $ 1,507,711 | $ 1,473,356 | $ 1,424,538 | $ 1,381,199 | $ 1,349,473 | ||||
Less: Average goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) | ||||
Less: Average customer relationship intangible assets | (5,362) | (6,031) | (6,722) | (7,423) | (8,182) | ||||
Average tangible common equity | $ 1,426,632 | $ 1,391,608 | $ 1,342,099 | $ 1,298,059 | $ 1,265,574 | ||||
Return on average equity | |||||||||
Annualized GAAP net income | $ 206,412 | $ 166,216 | $ 177,096 | $ 152,712 | $ 46,684 | ||||
Average GAAP common equity | $ 1,507,711 | $ 1,473,356 | $ 1,424,538 | $ 1,381,199 | $ 1,349,473 | ||||
Return on average equity | 13.7 % | 11.3 % | 12.4 % | 11.1 % | 3.5 % | ||||
Return on tangible common equity | |||||||||
Annualized GAAP net income | $ 206,412 | $ 166,216 | $ 177,096 | $ 152,712 | $ 46,684 | ||||
Average tangible common equity | $ 1,426,632 | $ 1,391,608 | $ 1,342,099 | $ 1,298,059 | $ 1,265,574 | ||||
Return on tangible common equity | 14.5 % | 11.9 % | 13.2 % | 11.8 % | 3.7 % | ||||
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SOURCE LendingClub Corporation