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, Jan. 28, 2025 /PRNewswire/ -- 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.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.

"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.

Story Continues

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:
[email protected]

Media Contact:
[email protected]

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 % Cision

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SOURCE LendingClub Corporation

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