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LendingClub Reports Fourth Quarter and Full Year 2024 Results

Grew Originations +13%, Revenue +17%, and Total Assets +20% in Fourth Quarter Compared to Prior Year

Executed $400 Million Loan Sale out of the Held-for-Sale Portfolio to a New Bank Buyer

SAN FRANCISCO – January 28, 2025 – LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“We executed well in 2024, exiting the year with growth in originations, continued credit outperformance, successful new products and experiences, and more than five million members,” said Scott Sanborn, LendingClub CEO. “From this strong foundation, we are well-positioned to accelerate as we move through 2025 and further grow originations, revenue, and return on equity while continuing to innovate for our members.”

Fourth Quarter 2024 Results

Balance Sheet:

•Total assets of $10.6 billion increased 20% compared to $8.8 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 $9.1 billion increased 24% compared to $7.3 billion in the prior year, driven by the continued success of our savings and CD offerings.

◦LevelUp Savings, launched in the third quarter of 2024, reached balances of nearly $1.2 billion at year end.

◦87% of total deposits are FDIC-insured.

•Robust available liquidity of $3.3 billion.

•Strong capital position with a consolidated Tier 1 leverage ratio of 11.0% and a CET1 capital ratio of 17.3%.

•Book value per common share was $11.83, compared to $11.34 in the prior year.

•Tangible book value per common share was $11.09, compared to $10.54 in the prior year.

Financial Performance:

•Loan originations increased 13% to $1.85 billion, compared to $1.63 billion in the prior year, driven by the successful execution of new consumer loan initiatives combined with strong marketplace investor demand.

•Total net revenue increased 17% to $217.2 million, compared to $185.6 million in the prior year, driven by improved marketplace loan sales pricing and higher net interest income on a larger balance sheet.

•Provision for credit losses of $63.2 million, compared to $41.9 million in the prior year, primarily driven by higher held-for-investment whole loan retention.

•Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $46.0 million, compared to $82.5 million in the prior year.

◦Net charge-off ratio of 4.5% compared to 6.6% in the prior year.

•Net income of $9.7 million, compared to $10.2 million in the prior year.

◦Net income for the fourth quarter of 2024 includes a one-time, post-tax $3.2 million non-cash impairment expense, as a result of the Tally acquisition, for internally-developed software.

•Return on Equity (ROE) of 2.9%, with a Return on Tangible Common Equity (ROTCE) of 3.1%, compared to an ROE of 3.3% in the prior year, with an ROTCE of 3.6%.

•Pre-Provision Net Revenue (PPNR) increased 34% to $74.3 million, compared to $55.6 million in the prior year.


	Three Months Ended						Year Ended
($ in millions, except per share amounts)	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024		December 31, 2023




Total net revenue	$	217.2	$	201.9	$	185.6	$	787.0	$	864.6
Non-interest expense	142.9		136.3		130.0		543.7		566.4
Pre-provision net revenue (1)	74.3		65.5		55.6		243.3		298.2
Provision for credit losses	63.2		47.5		41.9		178.3		243.6
Income before income tax expense	11.1		18.0		13.7		65.1		54.6
Income tax expense	(1.4)		(3.6)		(3.5)		(13.7)		(15.7)
Net income	$	9.7	$	14.5	$	10.2	$	51.3	$	38.9

Diluted EPS	$	0.08	$	0.13	$	0.09	$	0.45	$	0.36

(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


			First Quarter 2025
Loan originations			$1.8B to $1.9B
Pre-provision net revenue (PPNR)			$60M to $70M


			Fourth Quarter 2025
Loan originations			>$2.3B
Return on tangible common equity (ROTCE)			>8%

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 $95 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 fourth quarter 2024 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, January 28, 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 507312, 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 February 4, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 167509. 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 14 and 15 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 our competitive advantages, macroeconomic outlook, 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
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			Q/Q		Y/Y
Operating Highlights:
Non-interest income	$	74,817		$	61,640		$	58,713		$	57,800		$	54,129		21	%	38	%
Net interest income	142,384			140,241			128,528			122,888			131,477			2	%	8	%
Total net revenue	217,201			201,881			187,241			180,688			185,606			8	%	17	%
Non-interest expense	142,855			136,332			132,258			132,233			130,015			5	%	10	%
Pre-provision net revenue(1)	74,346			65,549			54,983			48,455			55,591			13	%	34	%
Provision for credit losses	63,238			47,541			35,561			31,927			41,907			33	%	51	%
Income before income tax expense	11,108			18,008			19,422			16,528			13,684			(38)	%	(19)	%
Income tax expense	(1,388)			(3,551)			(4,519)			(4,278)			(3,529)			(61)	%	(61)	%
Net income	$	9,720		$	14,457		$	14,903		$	12,250		$	10,155		(33)	%	(4)	%

Basic EPS	$	0.09		$	0.13		$	0.13		$	0.11		$	0.09		(31)	%	—	%
Diluted EPS	$	0.08		$	0.13		$	0.13		$	0.11		$	0.09		(38)	%	(11)	%











LendingClub Corporation Performance Metrics:
Net interest margin	5.42		%	5.63		%	5.75		%	5.75		%	6.40		%
Efficiency ratio(2)	65.8		%	67.5		%	70.6		%	73.2		%	70.0		%


Return on average equity (ROE)(3)	2.9		%	4.4		%	4.7		%	3.9		%	3.3		%
Return on tangible common equity (ROTCE)(1)(4)	3.1		%	4.7		%	5.1		%	4.2		%	3.6		%


Return on average total assets (ROA)(5)	0.4		%	0.6		%	0.6		%	0.5		%	0.5		%

Marketing expense as a % of loan originations	1.27		%	1.37		%	1.47		%	1.47		%	1.44		%

LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio	17.3		%	15.9		%	17.9		%	17.6		%	17.9		%
Tier 1 leverage ratio	11.0		%	11.3		%	12.1		%	12.5		%	12.9		%
Book value per common share	$	11.83		$	11.95		$	11.52		$	11.40		$	11.34		(1)	%	4	%
Tangible book value per common share(1)	$	11.09		$	11.19		$	10.75		$	10.61		$	10.54		(1)	%	5	%

Loan Originations (in millions)(6):
Total loan originations	$	1,846		$	1,913		$	1,813		$	1,646		$	1,630		(4)	%	13	%
Marketplace loans	$	1,241		$	1,403		$	1,477		$	1,361		$	1,432		(12)	%	(13)	%
Loan originations held for investment	$	605		$	510		$	336		$	285		$	198		19	%	206	%
Loan originations held for investment as a % of total loan originations	33		%	27		%	19		%	17		%	12		%

Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio	$	12,371		$	12,674		$	12,999		$	13,437		$	14,122		(2)	%	(12)	%
Loans serviced for others	$	7,207		$	7,028		$	8,337		$	8,671		$	9,336		3	%	(23)	%

(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
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		Q/Q		Y/Y
Balance Sheet Data:
Securities available for sale	$	3,452,648	$	3,311,418	$	2,814,383	$	2,228,500	$	1,620,262	4	%	113	%
Loans held for sale at fair value	$	636,352	$	849,967	$	791,059	$	550,415	$	407,773	(25)	%	56	%
Loans and leases held for investment at amortized cost	$	4,125,818	$	4,108,329	$	4,228,391	$	4,505,816	$	4,850,302	—	%	(15)	%
Gross allowance for loan and lease losses (1)	$	(285,686)	$	(274,538)	$	(285,368)	$	(311,794)	$	(355,773)	4	%	(20)	%
Recovery asset value (2)	$	48,952	$	53,974	$	56,459	$	52,644	$	45,386	(9)	%	8	%
Allowance for loan and lease losses	$	(236,734)	$	(220,564)	$	(228,909)	$	(259,150)	$	(310,387)	7	%	(24)	%
Loans and leases held for investment at amortized cost, net	$	3,889,084	$	3,887,765	$	3,999,482	$	4,246,666	$	4,539,915	—	%	(14)	%
Loans held for investment at fair value (3)	$	1,027,798	$	1,287,495	$	339,222	$	427,396	$	272,678	(20)	%	277	%
Total loans and leases held for investment (3)	$	4,916,882	$	5,175,260	$	4,338,704	$	4,674,062	$	4,812,593	(5)	%	2	%
Whole loans held on balance sheet (4)	$	5,553,234	$	6,025,227	$	5,129,763	$	5,224,477	$	5,220,366	(8)	%	6	%
Total assets	$	10,630,509	$	11,037,507	$	9,586,050	$	9,244,828	$	8,827,463	(4)	%	20	%
Total deposits	$	9,068,237	$	9,459,608	$	8,095,328	$	7,521,655	$	7,333,486	(4)	%	24	%
Total liabilities	$	9,288,778	$	9,694,612	$	8,298,105	$	7,978,542	$	7,575,641	(4)	%	23	%
Total equity	$	1,341,731	$	1,342,895	$	1,287,945	$	1,266,286	$	1,251,822	—	%	7	%

(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 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
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost	5.7		%	5.4		%	5.4		%	5.8		%	6.4		%

Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost	3.9		%	3.1		%	2.7		%	1.9		%	1.8		%
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	6.1		%	5.8		%	5.9		%	6.4		%	7.2		%
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	7.5		%	7.3		%	7.5		%	7.8		%	8.3		%
Net charge-offs	$	45,977		$	55,805		$	66,818		$	80,483		$	82,511
Net charge-off ratio (2)	4.5		%	5.4		%	6.2		%	6.9		%	6.6		%

(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:


	December 31, 2024		December 31, 2023
Unsecured personal	$	3,106,472	$	3,726,830
Residential mortgages	172,711		183,050
Secured consumer	230,232		250,039

Total consumer loans held for investment	3,509,415		4,159,919
Equipment finance (1)	64,232		110,992
Commercial real estate	373,785		380,322
Commercial and industrial	178,386		199,069
Total commercial loans and leases held for investment	616,403		690,383
Total loans and leases held for investment at amortized cost	4,125,818		4,850,302
Allowance for loan and lease losses	(236,734)		(310,387)
Loans and leases held for investment at amortized cost, net	$	3,889,084	$	4,539,915
Loans held for investment at fair value (2)	1,027,798		272,678
Total loans and leases held for investment (2)	$	4,916,882	$	4,812,593

(1) Comprised of sales-type leases for equipment.

(2) The balance at December 31, 2024 includes a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

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:


	December 31, 2024		December 31, 2023
Gross allowance for loan and lease losses (1)	$	285,686	$	355,773
Recovery asset value (2)	(48,952)		(45,386)
Allowance for loan and lease losses	$	236,734	$	310,387

(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
	December 31, 2024						September 30, 2024
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	200,899	$	19,665	$	220,564	$	210,729	$	18,180	$	228,909
Credit loss expense for loans and leases held for investment	56,322		5,825		62,147		45,813		1,647		47,460

Charge-offs	(64,167)		(1,887)		(66,054)		(68,388)		(721)		(69,109)
Recoveries	19,544		533		20,077		12,745		559		13,304
Allowance for loan and lease losses, end of period	$	212,598	$	24,136	$	236,734	$	200,899	$	19,665	$	220,564


	Three Months Ended
	December 31, 2023
	Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	336,288	$	14,207	$	350,495
Credit loss expense for loans and leases held for investment	43,227		(824)		42,403

Charge-offs	(88,904)		(1,193)		(90,097)
Recoveries	7,450		136		7,586
Allowance for loan and lease losses, end of period	$	298,061	$	12,326	$	310,387

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:


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


December 31, 2023	30-59 Days		60-89 Days		90 or More Days		Total Days Past Due		Guaranteed Amount (1)
Unsecured personal	$	32,716	$	29,556	$	30,132	$	92,404	$	—
Residential mortgages	1,751		—		—		1,751		—
Secured consumer	2,076		635		217		2,928		—
Total consumer loans held for investment	$	36,543	$	30,191	$	30,349	$	97,083	$	—

Equipment finance	$	1,265	$	—	$	—	$	1,265	$	—
Commercial real estate	—		3,566		1,618		5,184		4,047
Commercial and industrial	12,261		1,632		1,515		15,408		11,260
Total commercial loans and leases held for investment	$	13,526	$	5,198	$	3,133	$	21,857	$	15,307
Total loans and leases held for investment at amortized cost	$	50,069	$	35,389	$	33,482	$	118,940	$	15,307

(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 (%)
	December 31, 2024		September 30, 2024		December 31, 2023		Q4 2024 vs Q3 2024		Q4 2024 vs Q4 2023
Non-interest income:
Origination fees	$	64,745	$	71,465	$	76,702	(9)	%	(16)	%
Servicing fees	17,391		8,081		17,450		115	%	—	%
Gain on sales of loans	15,007		12,433		11,921		21	%	26	%
Net fair value adjustments	(24,980)		(33,595)		(53,892)		26	%	54	%
Marketplace revenue	72,163		58,384		52,181		24	%	38	%
Other non-interest income	2,654		3,256		1,948		(18)	%	36	%
Total non-interest income	74,817		61,640		54,129		21	%	38	%








Total interest income	240,596		240,377		208,319		—	%	15	%






Total interest expense	98,212		100,136		76,842		(2)	%	28	%
Net interest income	142,384		140,241		131,477		2	%	8	%

Total net revenue	217,201		201,881		185,606		8	%	17	%

Provision for credit losses	63,238		47,541		41,907		33	%	51	%

Non-interest expense:
Compensation and benefits	58,656		57,408		58,591		2	%	—	%
Marketing	23,415		26,186		23,465		(11)	%	—	%
Equipment and software	13,361		12,789		13,190		4	%	1	%
Depreciation and amortization	19,748		13,341		11,953		48	%	65	%
Professional services	9,136		8,014		7,727		14	%	18	%
Occupancy	3,991		4,005		3,926		—	%	2	%
Other non-interest expense	14,548		14,589		11,163		—	%	30	%
Total non-interest expense	142,855		136,332		130,015		5	%	10	%

Income before income tax expense	11,108		18,008		13,684		(38)	%	(19)	%
Income tax expense	(1,388)		(3,551)		(3,529)		(61)	%	(61)	%
Net income	$	9,720	$	14,457	$	10,155	(33)	%	(4)	%

Net income per share:
Basic EPS	$	0.09	$	0.13	$	0.09	(31)	%	—	%
Diluted EPS	$	0.08	$	0.13	$	0.09	(38)	%	(11)	%
Weighted-average common shares – Basic	112,788,050		112,042,202		109,948,785		1	%	3	%
Weighted-average common shares – Diluted	116,400,285		113,922,256		109,949,371		2	%	6	%

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued)

(In thousands, except share and per share data)

(Unaudited)


	Year Ended December 31,
	2024		2023		Change (%)
Non-interest income:
Origination fees	$	283,420	$	279,146	2	%
Servicing fees	64,933		98,613		(34)	%
Gain on sales of loans	49,097		47,839		3	%
Net fair value adjustments	(154,659)		(134,114)		(15)	%
Marketplace revenue	242,791		291,484		(17)	%
Other non-interest income	10,179		11,297		(10)	%
Total non-interest income	252,970		302,781		(16)	%

Total interest income	907,958		832,630		9	%
Total interest expense	373,917		270,792		38	%
Net interest income	534,041		561,838		(5)	%

Total net revenue	787,011		864,619		(9)	%

Provision for credit losses	178,267		243,565		(27)	%

Non-interest expense:
Compensation and benefits	232,158		261,948		(11)	%
Marketing	100,402		93,840		7	%
Equipment and software	51,194		53,485		(4)	%
Depreciation and amortization	58,834		47,195		25	%
Professional services	32,045		35,173		(9)	%
Occupancy	15,798		17,532		(10)	%
Other non-interest expense	53,247		57,264		(7)	%
Total non-interest expense	543,678		566,437		(4)	%

Income before income tax expense	65,066		54,617		19	%
Income tax expense	(13,736)		(15,678)		(12)	%
Net income	$	51,330	$	38,939	32	%

Net income per share:
Basic EPS	$	0.46	$	0.36	28	%
Diluted EPS	$	0.45	$	0.36	25	%
Weighted-average common shares – Basic	111,731,523		108,466,179		3	%
Weighted-average common shares – Diluted	113,122,859		108,468,857		4	%

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)


	Consolidated LendingClub Corporation (1)
	Three Months Ended December 31, 2024						Three Months Ended September 30, 2024						Three Months Ended December 31, 2023
	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	$	1,193,570	$	14,194	4.76	%	$	939,611	$	12,442	5.30	%	$	1,190,539	$	16,271	5.47	%
Securities available for sale at fair value	3,390,315		57,259		6.76	%	3,047,305		52,476		6.89	%	1,197,625		20,920		6.99	%
Loans held for sale at fair value	673,279		20,696		12.30	%	899,434		30,326		13.49	%	501,850		15,883		12.66	%
Loans and leases held for investment:
Unsecured personal loans	3,080,934		104,011		13.50	%	3,045,150		103,291		13.57	%	3,890,041		128,190		13.18	%
Commercial and other consumer loans	1,023,041		14,203		5.55	%	1,057,688		15,497		5.86	%	1,126,010		17,033		6.05	%
Loans and leases held for investment at amortized cost	4,103,975		118,214		11.52	%	4,102,838		118,788		11.58	%	5,016,051		145,223		11.58	%
Loans held for investment at fair value (3)	1,153,204		30,233		10.49	%	972,698		26,345		10.83	%	306,636		10,022		13.07	%
Total loans and leases held for investment (3)	5,257,179		148,447		11.29	%	5,075,536		145,133		11.44	%	5,322,687		155,245		11.67	%
Total interest-earning assets	10,514,343		240,596		9.15	%	9,961,886		240,377		9.65	%	8,212,701		208,319		10.15	%
Cash and due from banks and restricted cash	51,555						41,147						63,181
Allowance for loan and lease losses	(227,673)						(225,968)						(334,711)
Other non-interest earning assets	597,609						624,198						659,995
Total assets	$	10,935,834					$	10,401,263					$	8,601,166
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts	$	805,362	$	5,502	2.72	%	$	1,092,376	$	10,146	3.70	%	$	1,081,875	$	9,593	3.52	%
Savings accounts and certificates of deposit	8,214,866		92,698		4.49	%	6,944,586		86,717		4.97	%	5,720,058		66,660		4.62	%
Interest-bearing deposits	9,020,228		98,200		4.33	%	8,036,962		96,863		4.79	%	6,801,933		76,253		4.45	%
Other interest-bearing liabilities	615		12		7.20	%	486,736		3,273		2.69	%	24,180		589		9.74	%
Total interest-bearing liabilities	9,020,843		98,212		4.33	%	8,523,698		100,136		4.67	%	6,826,113		76,842		4.47	%
Non-interest bearing deposits	328,022						344,577						314,822
Other liabilities	251,239						225,467						238,806
Total liabilities	$	9,600,104					$	9,093,742					$	7,379,741
Total equity	$	1,335,730					$	1,307,521					$	1,221,425
Total liabilities and equity	$	10,935,834					$	10,401,263					$	8,601,166

Interest rate spread					4.82	%					4.98	%					5.68	%

Net interest income and net interest margin			$	142,384	5.42	%			$	140,241	5.63	%			$	131,477	6.40	%

(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 fourth and third quarters 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)


	December 31, 2024		December 31, 2023
Assets
Cash and due from banks	$	15,524	$	14,993
Interest-bearing deposits in banks	938,534		1,237,511
Total cash and cash equivalents	954,058		1,252,504
Restricted cash	23,338		41,644
Securities available for sale at fair value ($3,492,264 and $1,663,990 at amortized cost, respectively)	3,452,648		1,620,262
Loans held for sale at fair value	636,352		407,773
Loans and leases held for investment	4,125,818		4,850,302
Allowance for loan and lease losses	(236,734)		(310,387)
Loans and leases held for investment, net	3,889,084		4,539,915
Loans held for investment at fair value (1)	1,027,798		272,678
Property, equipment and software, net	167,532		161,517
Goodwill	75,717		75,717
Other assets	403,982		455,453
Total assets	$	10,630,509	$	8,827,463
Liabilities and Equity
Deposits:
Interest-bearing	$	8,676,119	$	7,001,680
Noninterest-bearing	392,118		331,806
Total deposits	9,068,237		7,333,486
Borrowings	—		19,354

Other liabilities	220,541		222,801
Total liabilities	9,288,778		7,575,641
Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 113,383,917 and 110,410,602 shares issued and outstanding, respectively	1,134		1,104
Additional paid-in capital	1,702,316		1,669,828
Accumulated deficit	(337,476)		(388,806)

Accumulated other comprehensive loss	(24,243)		(30,304)


Total equity	1,341,731		1,251,822
Total liabilities and equity	$	10,630,509	$	8,827,463

(1) The balance at December 31, 2024 includes a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

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										For the year ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
GAAP Net income	$	9,720	$	14,457	$	14,903	$	12,250	$	10,155	$	51,330	$	38,939
Less: Provision for credit losses	(63,238)		(47,541)		(35,561)		(31,927)		(41,907)		(178,267)		(243,565)
Less: Income tax expense	(1,388)		(3,551)		(4,519)		(4,278)		(3,529)		(13,736)		(15,678)
Pre-provision net revenue	$	74,346	$	65,549	$	54,983	$	48,455	$	55,591	$	243,333	$	298,182


	For the three months ended										For the year ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Non-interest income	$	74,817	$	61,640	$	58,713	$	57,800	$	54,129	$	252,970	$	302,781
Net interest income	142,384		140,241		128,528		122,888		131,477		534,041		561,838
Total net revenue	217,201		201,881		187,241		180,688		185,606		787,011		864,619
Non-interest expense	(142,855)		(136,332)		(132,258)		(132,233)		(130,015)		(543,678)		(566,437)
Pre-provision net revenue	74,346		65,549		54,983		48,455		55,591		243,333		298,182
Provision for credit losses	(63,238)		(47,541)		(35,561)		(31,927)		(41,907)		(178,267)		(243,565)
Income before income tax expense	11,108		18,008		19,422		16,528		13,684		65,066		54,617
Income tax expense	(1,388)		(3,551)		(4,519)		(4,278)		(3,529)		(13,736)		(15,678)
GAAP Net income	$	9,720	$	14,457	$	14,903	$	12,250	$	10,155	$	51,330	$	38,939

Tangible Book Value Per Common Share


	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
GAAP common equity	$	1,341,731	$	1,342,895	$	1,287,945	$	1,266,286	$	1,251,822
Less: Goodwill	(75,717)		(75,717)		(75,717)		(75,717)		(75,717)
Less: Customer relationship intangible assets	(8,586)		(9,439)		(10,293)		(11,165)		(12,135)
Tangible common equity	$	1,257,428	$	1,257,739	$	1,201,935	$	1,179,404	$	1,163,970

Book value per common share
GAAP common equity	$	1,341,731	$	1,342,895	$	1,287,945	$	1,266,286	$	1,251,822
Common shares issued and outstanding	113,383,917		112,401,990		111,812,215		111,120,415		110,410,602
Book value per common share	$	11.83	$	11.95	$	11.52	$	11.40	$	11.34

Tangible book value per common share
Tangible common equity	$	1,257,428	$	1,257,739	$	1,201,935	$	1,179,404	$	1,163,970
Common shares issued and outstanding	113,383,917		112,401,990		111,812,215		111,120,415		110,410,602
Tangible book value per common share	$	11.09	$	11.19	$	10.75	$	10.61	$	10.54

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															For the year ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Average GAAP common equity	$	1,335,730		$	1,307,521		$	1,266,608		$	1,257,237		$	1,221,425		$	1,291,938		$	1,204,050
Less: Average goodwill	(75,717)			(75,717)			(75,717)			(75,717)			(75,717)			(75,717)			(75,717)
Less: Average customer relationship intangible assets	(9,013)			(9,866)			(10,729)			(11,650)			(12,643)			(10,324)			(14,198)
Average tangible common equity	$	1,251,000		$	1,221,938		$	1,180,162		$	1,169,870		$	1,133,065		$	1,205,897		$	1,114,135

Return on average equity
Annualized GAAP net income	$	38,880		$	57,828		$	59,612		$	49,000		$	40,620		$	51,330		$	38,939
Average GAAP common equity	$	1,335,730		$	1,307,521		$	1,266,608		$	1,257,237		$	1,221,425		$	1,291,938		$	1,204,050
Return on average equity	2.9		%	4.4		%	4.7		%	3.9		%	3.3		%	4.0		%	3.2		%

Return on tangible common equity
Annualized GAAP net income	$	38,880		$	57,828		$	59,612		$	49,000		$	40,620		$	51,330		$	38,939
Average tangible common equity	$	1,251,000		$	1,221,938		$	1,180,162		$	1,169,870		$	1,133,065		$	1,205,897		$	1,114,135
Return on tangible common equity	3.1		%	4.7		%	5.1		%	4.2		%	3.6		%	4.3		%	3.5		%