LendingClub Reports Second Quarter 2025 Results
LendingClub (NYSE:LC) reported strong Q2 2025 results with significant growth across key metrics. The company achieved $2.4 billion in loan originations (+32% YoY) and total net revenue of $248.4 million (+33% YoY). Net income surged to $38.2 million, a 156% increase from the prior year, resulting in diluted EPS of $0.33.
Notable achievements include a loan funding partnership extension with Blue Owl worth up to $3.4 billion, credit outperformance exceeding competitors by 40%, and the launch of LevelUp Checking. The company maintained strong financial health with $10.8 billion in total assets (+12% YoY), $9.1 billion in deposits (+13% YoY), and robust capital ratios including a 12.2% Tier 1 leverage ratio.
LendingClub (NYSE:LC) ha riportato risultati solidi nel secondo trimestre del 2025, con una crescita significativa nei principali indicatori. L'azienda ha raggiunto 2,4 miliardi di dollari in erogazioni di prestiti (+32% su base annua) e un ricavo netto totale di 248,4 milioni di dollari (+33% su base annua). L'utile netto è salito a 38,2 milioni di dollari, con un incremento del 156% rispetto all'anno precedente, generando un utile per azione diluito di 0,33 dollari.
I risultati degni di nota includono un prolungamento della partnership per il finanziamento dei prestiti con Blue Owl per un valore fino a 3,4 miliardi di dollari, una performance creditizia superiore del 40% rispetto ai concorrenti e il lancio di LevelUp Checking. L'azienda ha mantenuto una solida salute finanziaria con 10,8 miliardi di dollari in attività totali (+12% su base annua), 9,1 miliardi di dollari in depositi (+13% su base annua) e robusti coefficienti patrimoniali, incluso un rapporto di leva Tier 1 del 12,2%.
LendingClub (NYSE:LC) reportó resultados sólidos en el segundo trimestre de 2025, con un crecimiento significativo en métricas clave. La compañía alcanzó 2,4 mil millones de dólares en originación de préstamos (+32% interanual) y ingresos netos totales de 248,4 millones de dólares (+33% interanual). La utilidad neta aumentó a 38,2 millones de dólares, un incremento del 156% respecto al año anterior, resultando en una utilidad diluida por acción de 0,33 dólares.
Entre los logros destacados se incluye una extensión de la asociación para financiamiento de préstamos con Blue Owl por hasta 3,4 mil millones de dólares, un desempeño crediticio que supera a los competidores en un 40% y el lanzamiento de LevelUp Checking. La empresa mantuvo una sólida salud financiera con 10,8 mil millones de dólares en activos totales (+12% interanual), 9,1 mil millones de dólares en depósitos (+13% interanual) y robustos índices de capital, incluyendo una ratio de apalancamiento Tier 1 del 12,2%.
LendingClub (NYSE:LC)는 2025년 2분기에 주요 지표 전반에서 큰 성장을 기록하며 강력한 실적을 발표했습니다. 회사는 24억 달러의 대출 실행액(전년 대비 +32%)과 총 순수익 2억 4,840만 달러(전년 대비 +33%)를 달성했습니다. 순이익은 3,820만 달러로 전년 대비 156% 증가했으며, 희석 주당순이익(EPS)은 0.33달러였습니다.
주요 성과로는 Blue Owl과의 최대 34억 달러 규모 대출 자금 조달 파트너십 연장, 경쟁사 대비 40% 우수한 신용 성과, 그리고 LevelUp Checking 출시가 포함됩니다. 회사는 108억 달러의 총 자산(전년 대비 +12%), 91억 달러의 예금(전년 대비 +13%) 및 12.2%의 Tier 1 레버리지 비율을 포함한 견고한 자본 비율로 강한 재무 건전성을 유지했습니다.
LendingClub (NYSE:LC) a annoncé de solides résultats pour le deuxième trimestre 2025, avec une croissance significative sur les indicateurs clés. La société a réalisé 2,4 milliards de dollars en octroi de prêts (+32 % en glissement annuel) et un revenu net total de 248,4 millions de dollars (+33 % en glissement annuel). Le bénéfice net a grimpé à 38,2 millions de dollars, soit une augmentation de 156 % par rapport à l'année précédente, aboutissant à un BPA dilué de 0,33 dollar.
Parmi les réalisations notables figurent une extension du partenariat de financement des prêts avec Blue Owl d'une valeur allant jusqu'à 3,4 milliards de dollars, une surperformance du crédit dépassant les concurrents de 40 %, et le lancement de LevelUp Checking. La société a maintenu une solide santé financière avec 10,8 milliards de dollars d'actifs totaux (+12 % en glissement annuel), 9,1 milliards de dollars de dépôts (+13 % en glissement annuel), et des ratios de capital robustes, incluant un ratio de levier Tier 1 de 12,2 %.
LendingClub (NYSE:LC) meldete starke Ergebnisse für das zweite Quartal 2025 mit signifikantem Wachstum bei wichtigen Kennzahlen. Das Unternehmen erzielte 2,4 Milliarden US-Dollar an Kreditvergaben (+32 % im Jahresvergleich) und einen Gesamtnettoumsatz von 248,4 Millionen US-Dollar (+33 % im Jahresvergleich). Der Nettogewinn stieg auf 38,2 Millionen US-Dollar, eine Steigerung von 156 % gegenüber dem Vorjahr, was zu einem verwässerten Ergebnis je Aktie von 0,33 US-Dollar führte.
Bemerkenswerte Erfolge umfassen eine Verlängerung der Kreditfinanzierungspartnerschaft mit Blue Owl im Wert von bis zu 3,4 Milliarden US-Dollar, eine Kreditperformance, die die Wettbewerber um 40 % übertrifft, sowie die Einführung von LevelUp Checking. Das Unternehmen behielt eine starke finanzielle Gesundheit mit 10,8 Milliarden US-Dollar an Gesamtvermögen (+12 % im Jahresvergleich), 9,1 Milliarden US-Dollar an Einlagen (+13 % im Jahresvergleich) und robusten Kapitalquoten, darunter eine Tier-1-Leverage-Ratio von 12,2 %.
- Net income increased 156% year-over-year to $38.2 million
- Loan originations grew 32% to $2.4 billion compared to prior year
- Total net revenue increased 33% to $248.4 million year-over-year
- Secured up to $3.4 billion loan funding partnership extension with Blue Owl
- Credit performance outperformed competitors by 40%
- Net interest margin improved to 6.14% from 5.75% year-over-year
- Net charge-offs decreased significantly to $31.8 million from $66.8 million year-over-year
- Provision for credit losses increased to $39.7 million from $35.6 million year-over-year
- Non-interest expense rose to $154.7 million from $132.3 million year-over-year
Insights
LendingClub delivers exceptional Q2 with 33% revenue growth, 156% net income growth, and improved capital efficiency, demonstrating successful execution of its strategy.
LendingClub has delivered an exceptional second quarter that showcases the company's successful execution across multiple fronts. The 32% year-over-year growth in originations to
What's particularly impressive is the company's ability to drive significant bottom-line improvements, with net income surging
The company's credit outperformance (
From a capital efficiency perspective, LendingClub has made significant strides, achieving an 11.1% ROE and 11.8% ROTCE, exceeding their targets ahead of schedule. The expansion of their funding partnerships, particularly the
The balance sheet shows healthy growth with total assets up
The launch of LevelUp Checking represents an innovative move to deepen customer relationships by connecting deposit accounts with lending products. This product-led strategy aims to increase customer lifetime value while potentially reducing customer acquisition costs over time.
Looking ahead, the company's Q3 guidance suggests continued momentum, with originations projected to reach
Grew Originations +
Revenue growth combined with expense discipline delivers
Announced up to
"We had an exceptional quarter with year-over-year originations and revenue growth of
Second Quarter 2025 Results
Highlights:
- Achieved
$2.4 billion 32% compared to the prior year. - Continued to deliver credit outperformance versus competitor set, with +
40% better performance. - Extended funding partnership with Blue Owl for structured certificates, totaling up to
$3.4 billion - Closed first transaction with funds and accounts managed by BlackRock, leveraging our Fitch-rated Structured Certificates program.
- Launched LevelUp Checking, the first product in market to offer cash back for on-time loan payments.
Balance Sheet:
- Total assets of
$10.8 billion 12% compared to$9.6 billion - Deposits of
$9.1 billion 13% compared to$8.1 billion 86% of total deposits are FDIC-insured.
- Robust available liquidity of
$3.8 billion - Strong capital position with a consolidated Tier 1 leverage ratio of
12.2% and a CET1 capital ratio of17.5% . - Book value per common share was
$12.25 $11.52 - Tangible book value per common share was
$11.53 $10.75
Financial Performance:
- Loan originations grew
32% to$2.4 billion $1.8 billion - Total net revenue increased
33% to$248.4 million $187.2 million - Net interest margin increased to
6.14% , compared to5.75% in the prior year.
- Net interest margin increased to
- Provision for credit losses of
$39.7 million $35.6 million - Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to
$31.8 million $66.8 million - Net income of
$38.2 million $14.9 million - Diluted EPS of
$0.33 $0.13 - Return on Equity (ROE) of
11.1% with a Return on Tangible Common Equity (ROTCE) of11.8% . - Pre-Provision Net Revenue (PPNR) increased
70% to$93 $55
Three Months Ended | ||||||
($ in millions, except per share amounts) | June 30, | March 31, | June 30, | |||
Total net revenue | $ 248.4 | $ 217.7 | $ 187.2 | |||
Non-interest expense | 154.7 | 143.9 | 132.3 | |||
Pre-provision net revenue (1) | 93.7 | 73.8 | 55.0 | |||
Provision for credit losses | 39.7 | 58.1 | 35.6 | |||
Income before income tax expense | 54.0 | 15.7 | 19.4 | |||
Income tax expense | (15.8) | (4.0) | (4.5) | |||
Net income | $ 38.2 | $ 11.7 | $ 14.9 | |||
Diluted EPS | $ 0.33 | $ 0.10 | $ 0.13 | |||
(1) | See page 3 of this release for additional information on our use of non-GAAP financial measures. |
For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the "Reconciliation of GAAP to Non-GAAP Financial Measures" tables at the end of this release.
Financial Outlook
Third Quarter 2025 | ||
Loan originations | ||
Pre-provision net revenue (PPNR) | ||
Return on Tangible Common Equity (ROTCE) |
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 AI-powered underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we're just getting started.
LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com
Conference Call and Webcast Information
The LendingClub second quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, July 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
Contacts
For Investors:
IR@lendingclub.com
Media Contact:
Press@lendingclub.com
Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.
We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.
We believe PPNR is an important measure because it reflects the financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.
We believe TBV Per Common Share is an important measure used to evaluate the company's use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.
We believe ROTCE is an important measure because it reflects the company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.
For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 13 and 14 of this release.
We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.
Safe Harbor Statement
Some of the statements above, including statements regarding long-term loan funding and anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of loan or Structured Certificates program purchases); competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled "Risk Factors" in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LENDINGCLUB CORPORATION | ||||||||||||||
OPERATING HIGHLIGHTS | ||||||||||||||
(In thousands, except percentages or as noted) | ||||||||||||||
(Unaudited) | ||||||||||||||
As of and for the three months ended | % Change | |||||||||||||
June 30, | March 31, | December 31, 2024 | September 30, 2024 | June 30, | Q/Q | Y/Y | ||||||||
Operating Highlights: | ||||||||||||||
Non-interest income | $ 94,186 | $ 67,754 | $ 74,817 | $ 61,640 | $ 58,713 | 39 % | 60 % | |||||||
Net interest income | 154,249 | 149,957 | 142,384 | 140,241 | 128,528 | 3 % | 20 % | |||||||
Total net revenue | 248,435 | 217,711 | 217,201 | 201,881 | 187,241 | 14 % | 33 % | |||||||
Non-interest expense | 154,718 | 143,867 | 142,855 | 136,332 | 132,258 | 8 % | 17 % | |||||||
Pre-provision net revenue(1) | 93,717 | 73,844 | 74,346 | 65,549 | 54,983 | 27 % | 70 % | |||||||
Provision for credit losses | 39,733 | 58,149 | 63,238 | 47,541 | 35,561 | (32) % | 12 % | |||||||
Income before income tax expense | 53,984 | 15,695 | 11,108 | 18,008 | 19,422 | 244 % | 178 % | |||||||
Income tax expense | (15,806) | (4,024) | (1,388) | (3,551) | (4,519) | 293 % | 250 % | |||||||
Net income | $ 38,178 | $ 11,671 | $ 9,720 | $ 14,457 | $ 14,903 | 227 % | 156 % | |||||||
Basic EPS | $ 0.33 | $ 0.10 | $ 0.09 | $ 0.13 | $ 0.13 | 230 % | 154 % | |||||||
Diluted EPS | $ 0.33 | $ 0.10 | $ 0.08 | $ 0.13 | $ 0.13 | 230 % | 154 % | |||||||
LendingClub Corporation Performance Metrics: | ||||||||||||||
Net interest margin | 6.14 % | 5.97 % | 5.42 % | 5.63 % | 5.75 % | |||||||||
Efficiency ratio(2) | 62.3 % | 66.1 % | 65.8 % | 67.5 % | 70.6 % | |||||||||
Return on average equity (ROE)(3) | 11.1 % | 3.5 % | 2.9 % | 4.4 % | 4.7 % | |||||||||
Return on tangible common equity (ROTCE)(1)(4) | 11.8 % | 3.7 % | 3.1 % | 4.7 % | 5.1 % | |||||||||
Return on average total assets (ROA)(5) | 1.5 % | 0.4 % | 0.4 % | 0.6 % | 0.6 % | |||||||||
Marketing expense as a % of loan originations | 1.40 % | 1.47 % | 1.27 % | 1.37 % | 1.47 % | |||||||||
LendingClub Corporation Capital Metrics: | ||||||||||||||
Common equity Tier 1 capital ratio | 17.5 % | 17.8 % | 17.3 % | 15.9 % | 17.9 % | |||||||||
Tier 1 leverage ratio | 12.2 % | 11.7 % | 11.0 % | 11.3 % | 12.1 % | |||||||||
Book value per common share | $ 12.25 | $ 11.95 | $ 11.83 | $ 11.95 | $ 11.52 | 3 % | 6 % | |||||||
Tangible book value per common share(1) | $ 11.53 | $ 11.22 | $ 11.09 | $ 11.19 | $ 10.75 | 3 % | 7 % | |||||||
Loan Originations (in millions)(6): | ||||||||||||||
Total loan originations | $ 2,391 | $ 1,989 | $ 1,846 | $ 1,913 | $ 1,813 | 20 % | 32 % | |||||||
Marketplace loans | $ 1,702 | $ 1,314 | $ 1,241 | $ 1,403 | $ 1,477 | 30 % | 15 % | |||||||
Loan originations held for investment | $ 689 | $ 675 | $ 605 | $ 510 | $ 336 | 2 % | 105 % | |||||||
Loan originations held for investment as a % of total loan originations | 29 % | 34 % | 33 % | 27 % | 19 % | |||||||||
Servicing Portfolio AUM (in millions)(7): | ||||||||||||||
Total servicing portfolio | $ 12,524 | $ 12,241 | $ 12,371 | $ 12,674 | $ 12,999 | 2 % | (4) % | |||||||
Loans serviced for others | $ 7,185 | $ 7,130 | $ 7,207 | $ 7,028 | $ 8,337 | 1 % | (14) % | |||||||
(1) | Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures." |
(2) | Calculated as the ratio of non-interest expense to total net revenue. |
(3) | Calculated as annualized net income divided by average equity for the period presented. |
(4) | Calculated as annualized net income divided by average tangible common equity for the period presented. |
(5) | Calculated as annualized net income divided by average total assets for the period presented. |
(6) | Includes unsecured personal loans and auto loans only. |
(7) | Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained by the Company. |
LENDINGCLUB CORPORATION | ||||||||||||||
OPERATING HIGHLIGHTS (Continued) | ||||||||||||||
(In thousands, except percentages or as noted) | ||||||||||||||
(Unaudited) | ||||||||||||||
As of the three months ended | % Change | |||||||||||||
June 30, | March 31, | December 31, 2024 | September 30, 2024 | June 30, | Q/Q | Y/Y | ||||||||
Balance Sheet Data: | ||||||||||||||
Securities available for sale | $ 3,527,142 | $ 3,426,571 | $ 3,452,648 | $ 3,311,418 | $ 2,814,383 | 3 % | 25 % | |||||||
Loans held for sale at fair value | $ 1,008,168 | $ 703,378 | $ 636,352 | $ 849,967 | $ 791,059 | 43 % | 27 % | |||||||
Loans and leases held for investment at amortized cost | $ 4,386,321 | $ 4,215,449 | $ 4,125,818 | $ 4,108,329 | $ 4,228,391 | 4 % | 4 % | |||||||
Gross allowance for loan and lease losses (1) | $ (293,707) | $ (288,308) | $ (285,686) | $ (274,538) | $ (285,368) | 2 % | 3 % | |||||||
Recovery asset value (2) | $ 40,718 | $ 44,115 | $ 48,952 | $ 53,974 | $ 56,459 | (8) % | (28) % | |||||||
Allowance for loan and lease losses | $ (252,989) | $ (244,193) | $ (236,734) | $ (220,564) | $ (228,909) | 4 % | 11 % | |||||||
Loans and leases held for investment at amortized cost, net | $ 4,133,332 | $ 3,971,256 | $ 3,889,084 | $ 3,887,765 | $ 3,999,482 | 4 % | 3 % | |||||||
Loans held for investment at fair value | $ 631,736 | $ 818,882 | $ 1,027,798 | $ 1,287,495 | $ 339,222 | (23) % | 86 % | |||||||
Total loans and leases held for investment | $ 4,765,068 | $ 4,790,138 | $ 4,916,882 | $ 5,175,260 | $ 4,338,704 | (1) % | 10 % | |||||||
Whole loans held on balance sheet (3) | $ 5,773,236 | $ 5,493,516 | $ 5,553,234 | $ 6,025,227 | $ 5,129,763 | 5 % | 13 % | |||||||
Total assets | $ 10,775,333 | $ 10,483,096 | $ 10,630,509 | $ 11,037,507 | $ 9,586,050 | 3 % | 12 % | |||||||
Total deposits | $ 9,136,124 | $ 8,905,902 | $ 9,068,237 | $ 9,459,608 | $ 8,095,328 | 3 % | 13 % | |||||||
Total liabilities | $ 9,369,298 | $ 9,118,579 | $ 9,288,778 | $ 9,694,612 | $ 8,298,105 | 3 % | 13 % | |||||||
Total equity | $ 1,406,035 | $ 1,364,517 | $ 1,341,731 | $ 1,342,895 | $ 1,287,945 | 3 % | 9 % | |||||||
(1) | Represents the allowance for future estimated net charge-offs on existing portfolio balances. |
(2) | Represents the negative allowance for expected recoveries of amounts previously charged-off. |
(3) | Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value. |
The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value: | ||||||||||
As of and for the three months ended | ||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||
Asset Quality Metrics (1): | ||||||||||
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost | 5.8 % | 5.8 % | 5.7 % | 5.4 % | 5.4 % | |||||
Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost | 2.3 % | 2.7 % | 3.9 % | 3.1 % | 2.7 % | |||||
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost | 6.4 % | 6.3 % | 6.1 % | 5.8 % | 5.9 % | |||||
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost | 7.5 % | 7.5 % | 7.5 % | 7.3 % | 7.5 % | |||||
Net charge-offs | $ 31,800 | $ 48,923 | $ 45,977 | $ 55,805 | $ 66,818 | |||||
Net charge-off ratio (2) | 3.0 % | 4.8 % | 4.5 % | 5.4 % | 6.2 % | |||||
(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: | ||||
June 30, | December 31, | |||
Unsecured personal | $ 3,314,978 | $ 3,106,472 | ||
Residential mortgages | 166,568 | 172,711 | ||
Secured consumer | 242,517 | 230,232 | ||
Total consumer loans held for investment | 3,724,063 | 3,509,415 | ||
Equipment finance (1) | 49,891 | 64,232 | ||
Commercial real estate | 449,604 | 373,785 | ||
Commercial and industrial | 162,763 | 178,386 | ||
Total commercial loans and leases held for investment | 662,258 | 616,403 | ||
Total loans and leases held for investment at amortized cost | 4,386,321 | 4,125,818 | ||
Allowance for loan and lease losses | (252,989) | (236,734) | ||
Loans and leases held for investment at amortized cost, net | $ 4,133,332 | $ 3,889,084 | ||
Loans held for investment at fair value | 631,736 | 1,027,798 | ||
Total loans and leases held for investment | $ 4,765,068 | $ 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: | ||||
June 30, 2025 | December 31, 2024 | |||
Gross allowance for loan and lease losses (1) | $ 293,707 | $ 285,686 | ||
Recovery asset value (2) | (40,718) | (48,952) | ||
Allowance for loan and lease losses | $ 252,989 | $ 236,734 | ||
(1) | Represents the allowance for future estimated net charge-offs on existing portfolio balances. |
(2) | Represents the negative allowance for expected recoveries of amounts previously charged-off. |
The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value: | ||||||||||||
Three Months Ended | ||||||||||||
June 30, 2025 | March 31, 2025 | |||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | |||||||
Allowance for loan and lease losses, beginning of period | $ 227,608 | $ 16,585 | $ 212,598 | $ 24,136 | ||||||||
Credit loss expense (benefit) for loans and leases held for investment | 41,133 | (537) | 40,596 | 55,948 | 434 | 56,382 | ||||||
Charge-offs | (48,956) | (898) | (49,854) | (58,344) | (8,232) | (66,576) | ||||||
Recoveries | 17,648 | 406 | 18,054 | 17,406 | 247 | 17,653 | ||||||
Allowance for loan and lease losses, end of period | $ 237,433 | $ 15,556 | $ 227,608 | $ 16,585 | ||||||||
Three Months Ended | ||||||
June 30, 2024 | ||||||
Consumer | Commercial | Total | ||||
Allowance for loan and lease losses, beginning of period | $ 246,280 | $ 12,870 | ||||
Credit loss expense for loans and leases held for investment | 30,760 | 5,817 | 36,577 | |||
Charge-offs | (77,494) | (594) | (78,088) | |||
Recoveries | 11,183 | 87 | 11,270 | |||
Allowance for loan and lease losses, end of period | $ 210,729 | $ 18,180 | ||||
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: | ||||||||||
June 30, 2025 | 30-59 | 60-89 | 90 or More | Total Days | Guaranteed | |||||
Unsecured personal | $ 18,657 | $ 17,189 | $ 15,518 | $ 51,364 | $ — | |||||
Residential mortgages | — | — | 72 | 72 | — | |||||
Secured consumer | 2,187 | 851 | 328 | 3,366 | — | |||||
Total consumer loans held for investment | $ 20,844 | $ 18,040 | $ 15,918 | $ 54,802 | $ — | |||||
Equipment finance | $ — | $ — | $ 4,042 | $ 4,042 | $ — | |||||
Commercial real estate | — | 528 | 10,222 | 10,750 | 8,456 | |||||
Commercial and industrial | 1,057 | 672 | 18,215 | 19,944 | 16,825 | |||||
Total commercial loans and leases held for investment | $ 1,057 | $ 1,200 | $ 32,479 | $ 34,736 | $ 25,281 | |||||
Total loans and leases held for investment at amortized cost | $ 21,901 | $ 19,240 | $ 48,397 | $ 89,538 | $ 25,281 | |||||
December 31, 2024 | 30-59 | 60-89 | 90 or More | Total Days | Guaranteed | |||||
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 (%) | |||||||||
June 30, | March 31, | June 30, | Q2 2025 vs Q1 2025 | Q2 2025 vs Q2 2024 | ||||||
Non-interest income: | ||||||||||
Origination fees | $ 87,578 | $ 69,944 | $ 77,131 | 25 % | 14 % | |||||
Servicing fees | 16,395 | 12,748 | 19,869 | 29 % | (17) % | |||||
Gain on sales of loans | 13,540 | 12,202 | 10,748 | 11 % | 26 % | |||||
Net fair value adjustments | (27,869) | (29,251) | (51,395) | 5 % | 46 % | |||||
Marketplace revenue | 89,644 | 65,643 | 56,353 | 37 % | 59 % | |||||
Other non-interest income | 4,542 | 2,111 | 2,360 | 115 % | 92 % | |||||
Total non-interest income | 94,186 | 67,754 | 58,713 | 39 % | 60 % | |||||
Total interest income | 237,097 | 232,059 | 219,634 | 2 % | 8 % | |||||
Total interest expense | 82,848 | 82,102 | 91,106 | 1 % | (9) % | |||||
Net interest income | 154,249 | 149,957 | 128,528 | 3 % | 20 % | |||||
Total net revenue | 248,435 | 217,711 | 187,241 | 14 % | 33 % | |||||
Provision for credit losses | 39,733 | 58,149 | 35,561 | (32) % | 12 % | |||||
Non-interest expense: | ||||||||||
Compensation and benefits | 61,989 | 58,389 | 56,540 | 6 % | 10 % | |||||
Marketing | 33,580 | 29,239 | 26,665 | 15 % | 26 % | |||||
Equipment and software | 14,495 | 14,644 | 12,360 | (1) % | 17 % | |||||
Depreciation and amortization | 15,460 | 13,909 | 13,072 | 11 % | 18 % | |||||
Professional services | 10,300 | 9,764 | 7,804 | 5 % | 32 % | |||||
Occupancy | 4,787 | 4,345 | 3,941 | 10 % | 21 % | |||||
Other non-interest expense | 14,107 | 13,577 | 11,876 | 4 % | 19 % | |||||
Total non-interest expense | 154,718 | 143,867 | 132,258 | 8 % | 17 % | |||||
Income before income tax expense | 53,984 | 15,695 | 19,422 | 244 % | 178 % | |||||
Income tax expense | (15,806) | (4,024) | (4,519) | 293 % | 250 % | |||||
Net income | $ 38,178 | $ 11,671 | $ 14,903 | 227 % | 156 % | |||||
Net income per share: | ||||||||||
Basic EPS | $ 0.33 | $ 0.10 | $ 0.13 | 230 % | 154 % | |||||
Diluted EPS | $ 0.33 | $ 0.10 | $ 0.13 | 230 % | 154 % | |||||
Weighted-average common shares – Basic | 114,409,231 | 113,693,399 | 111,395,025 | 1 % | 3 % | |||||
Weighted-average common shares – Diluted | 115,692,969 | 116,176,898 | 111,466,497 | — % | 4 % | |||||
LENDINGCLUB CORPORATION | ||||||||||||||||||
NET INTEREST INCOME | ||||||||||||||||||
(In thousands, except percentages or as noted) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Consolidated LendingClub Corporation (1) | ||||||||||||||||||
Three Months Ended June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | ||||||||||||||||
Average | Interest | Average | Average | Interest | Average | Average | Interest | Average | ||||||||||
Interest-earning assets (2) | ||||||||||||||||||
Cash, cash equivalents, restricted cash and other | $ 679,603 | $ 7,113 | 4.19 % | $ 893,058 | $ 9,606 | 4.30 % | $ 976,330 | $ 13,168 | 5.40 % | |||||||||
Securities available for sale at fair value | 3,411,020 | 55,339 | 6.49 % | 3,397,720 | 56,280 | 6.63 % | 2,406,767 | 42,879 | 7.13 % | |||||||||
Loans held for sale at fair value | 1,061,845 | 32,489 | 12.24 % | 723,972 | 21,814 | 12.05 % | 838,143 | 26,721 | 12.75 % | |||||||||
Loans and leases held for investment: | ||||||||||||||||||
Unsecured personal loans | 3,177,439 | 107,829 | 13.57 % | 3,097,136 | 104,722 | 13.53 % | 3,243,161 | 108,425 | 13.37 % | |||||||||
Commercial and other consumer loans | 999,148 | 14,566 | 5.83 % | 1,012,060 | 14,227 | 5.62 % | 1,097,846 | 16,394 | 5.97 % | |||||||||
Loans and leases held for investment at amortized cost | 4,176,587 | 122,395 | 11.72 % | 4,109,196 | 118,949 | 11.58 % | 4,341,007 | 124,819 | 11.50 % | |||||||||
Loans held for investment at fair value | 722,685 | 19,761 | 10.94 % | 921,008 | 25,410 | 11.04 % | 383,872 | 12,047 | 12.55 % | |||||||||
Total loans and leases held for investment | 4,899,272 | 142,156 | 11.61 % | 5,030,204 | 144,359 | 11.48 % | 4,724,879 | 136,866 | 11.59 % | |||||||||
Total interest-earning assets | 10,051,740 | 237,097 | 9.44 % | 10,044,954 | 232,059 | 9.24 % | 8,946,119 | 219,634 | 9.82 % | |||||||||
Cash and due from banks and restricted cash | 38,746 | 30,084 | 55,906 | |||||||||||||||
Allowance for loan and lease losses | (247,133) | (239,608) | (245,478) | |||||||||||||||
Other non-interest earning assets | 633,711 | 593,740 | 632,253 | |||||||||||||||
Total assets | $ 10,477,064 | $ 10,429,170 | ||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||
Checking and money market accounts | $ 558,506 | $ 2,275 | 1.63 % | $ 565,981 | $ 2,317 | 1.66 % | $ 10,084 | 3.69 % | ||||||||||
Savings accounts and certificates of deposit | 8,018,517 | 80,570 | 4.03 % | 7,954,562 | 79,783 | 4.07 % | 6,449,061 | 80,109 | 5.00 % | |||||||||
Interest-bearing deposits | 8,577,023 | 82,845 | 3.87 % | 8,520,543 | 82,100 | 3.91 % | 7,546,757 | 90,193 | 4.81 % | |||||||||
Other interest-bearing liabilities | 220 | 3 | 4.54 % | 222 | 2 | 4.47 % | 56,628 | 913 | 6.45 % | |||||||||
Total interest-bearing liabilities | 8,577,243 | 82,848 | 3.87 % | 8,520,765 | 82,102 | 3.91 % | 7,603,385 | 91,106 | 4.82 % | |||||||||
Noninterest-bearing deposits | 282,113 | 321,777 | 303,199 | |||||||||||||||
Other liabilities | 236,509 | 237,155 | 215,608 | |||||||||||||||
Total liabilities | $ 9,095,865 | |||||||||||||||||
Total equity | $ 1,381,199 | |||||||||||||||||
Total liabilities and equity | $ 10,477,064 | $ 10,429,170 | ||||||||||||||||
Interest rate spread | 5.57 % | 5.33 % | 5.00 % | |||||||||||||||
Net interest income and net interest margin | $ 154,249 | 6.14 % | 5.97 % | 5.75 % | ||||||||||||||
(1) | Consolidated presentation reflects intercompany eliminations. |
(2) | Nonaccrual loans and any related income are included in their respective loan categories. |
LENDINGCLUB CORPORATION | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(In Thousands, Except Share and Per Share Amounts) | ||||
(Unaudited) | ||||
June 30, | December 31, | |||
Assets | ||||
Cash and due from banks | $ 18,426 | $ 15,524 | ||
Interest-bearing deposits in banks | 734,136 | 938,534 | ||
Total cash and cash equivalents | 752,562 | 954,058 | ||
Restricted cash | 21,759 | 23,338 | ||
Securities available for sale at fair value ( | 3,527,142 | 3,452,648 | ||
Loans held for sale at fair value | 1,008,168 | 636,352 | ||
Loans and leases held for investment | 4,386,321 | 4,125,818 | ||
Allowance for loan and lease losses | (252,989) | (236,734) | ||
Loans and leases held for investment, net | 4,133,332 | 3,889,084 | ||
Loans held for investment at fair value | 631,736 | 1,027,798 | ||
Property, equipment and software, net | 246,284 | 167,532 | ||
Goodwill | 75,717 | 75,717 | ||
Other assets | 378,633 | 403,982 | ||
Total assets | $ 10,775,333 | $ 10,630,509 | ||
Liabilities and Equity | ||||
Deposits: | ||||
Interest-bearing | $ 8,785,727 | $ 8,676,119 | ||
Noninterest-bearing | 350,397 | 392,118 | ||
Total deposits | 9,136,124 | 9,068,237 | ||
Other liabilities | 233,174 | 220,541 | ||
Total liabilities | 9,369,298 | 9,288,778 | ||
Equity | ||||
Common stock, | 1,147 | 1,134 | ||
Additional paid-in capital | 1,718,520 | 1,702,316 | ||
Accumulated deficit | (287,627) | (337,476) | ||
Accumulated other comprehensive loss | (26,005) | (24,243) | ||
Total equity | 1,406,035 | 1,341,731 | ||
Total liabilities and equity | $ 10,775,333 | $ 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 | ||||||||||
June 30, | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, | ||||||
GAAP Net income | $ 38,178 | $ 11,671 | $ 9,720 | $ 14,457 | $ 14,903 | |||||
Less: Provision for credit losses | (39,733) | (58,149) | (63,238) | (47,541) | (35,561) | |||||
Less: Income tax expense | (15,806) | (4,024) | (1,388) | (3,551) | (4,519) | |||||
Pre-provision net revenue | $ 93,717 | $ 73,844 | $ 74,346 | $ 65,549 | $ 54,983 | |||||
For the three months ended | ||||||||||
June 30, | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, | ||||||
Non-interest income | $ 94,186 | $ 67,754 | $ 74,817 | $ 61,640 | $ 58,713 | |||||
Net interest income | 154,249 | 149,957 | 142,384 | 140,241 | 128,528 | |||||
Total net revenue | 248,435 | 217,711 | 217,201 | 201,881 | 187,241 | |||||
Non-interest expense | (154,718) | (143,867) | (142,855) | (136,332) | (132,258) | |||||
Pre-provision net revenue | $ 93,717 | 73,844 | 74,346 | 65,549 | 54,983 | |||||
Provision for credit losses | (39,733) | (58,149) | (63,238) | (47,541) | (35,561) | |||||
Income before income tax expense | 53,984 | 15,695 | 11,108 | 18,008 | 19,422 | |||||
Income tax expense | (15,806) | (4,024) | (1,388) | (3,551) | (4,519) | |||||
GAAP Net income | $ 38,178 | $ 11,671 | $ 9,720 | $ 14,457 | $ 14,903 | |||||
Tangible Book Value Per Common Share | ||||||||||
June 30, | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, | ||||||
GAAP common equity | $ 1,406,035 | $ 1,364,517 | $ 1,341,731 | $ 1,342,895 | $ 1,287,945 | |||||
Less: Goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) | |||||
Less: Customer relationship intangible assets | (7,068) | (7,778) | (8,586) | (9,439) | (10,293) | |||||
Tangible common equity | $ 1,323,250 | $ 1,281,022 | $ 1,257,428 | $ 1,257,739 | $ 1,201,935 | |||||
Book value per common share | ||||||||||
GAAP common equity | $ 1,406,035 | $ 1,364,517 | $ 1,341,731 | $ 1,342,895 | $ 1,287,945 | |||||
Common shares issued and outstanding | 114,740,147 | 114,199,832 | 113,383,917 | 112,401,990 | 111,812,215 | |||||
Book value per common share | $ 12.25 | $ 11.95 | $ 11.83 | $ 11.95 | $ 11.52 | |||||
Tangible book value per common share | ||||||||||
Tangible common equity | $ 1,323,250 | $ 1,281,022 | $ 1,257,428 | $ �� 1,257,739 | $ 1,201,935 | |||||
Common shares issued and outstanding | 114,740,147 | 114,199,832 | 113,383,917 | 112,401,990 | 111,812,215 | |||||
Tangible book value per common share | $ 11.53 | $ 11.22 | $ 11.09 | $ 11.19 | $ 10.75 | |||||
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 | ||||||||||
June 30, | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, | ||||||
Average GAAP common equity | $ 1,381,199 | $ 1,349,473 | $ 1,335,730 | $ 1,307,521 | $ 1,266,608 | |||||
Less: Average goodwill | (75,717) | (75,717) | (75,717) | (75,717) | (75,717) | |||||
Less: Average customer relationship intangible assets | (7,423) | (8,182) | (9,013) | (9,866) | (10,729) | |||||
Average tangible common equity | $ 1,298,059 | $ 1,265,574 | $ 1,251,000 | $ 1,221,938 | $ 1,180,162 | |||||
Return on average equity | ||||||||||
Annualized GAAP net income | $ 152,712 | $ 46,684 | $ 38,880 | $ 57,828 | $ 59,612 | |||||
Average GAAP common equity | $ 1,381,199 | $ 1,349,473 | $ 1,335,730 | $ 1,307,521 | $ 1,266,608 | |||||
Return on average equity | 11.1 % | 3.5 % | 2.9 % | 4.4 % | 4.7 % | |||||
Return on tangible common equity | ||||||||||
Annualized GAAP net income | $ 152,712 | $ 46,684 | $ 38,880 | $ 57,828 | $ 59,612 | |||||
Average tangible common equity | $ 1,298,059 | $ 1,265,574 | $ 1,251,000 | $ 1,221,938 | $ 1,180,162 | |||||
Return on tangible common equity | 11.8 % | 3.7 % | 3.1 % | 4.7 % | 5.1 % | |||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-second-quarter-2025-results-302516359.html
SOURCE LendingClub Corporation
FAQ
What were LendingClub's (LC) Q2 2025 earnings results?
How much did LendingClub's loan originations grow in Q2 2025?
What is LendingClub's partnership with Blue Owl worth?
What are LendingClub's key financial metrics for Q2 2025?
What is LendingClub's guidance for Q3 2025?
