Form 8-K - Current report

0001409970FALSE00014099702025-01-282025-01-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM			8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 28, 2025

LendingClub Corporation
(Exact name of registrant as specified in its charter)

 

Commission File Number: 001-36771

Delaware			51-0605731
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

595 Market Street, Suite 200,

San Francisco,

CA

94105

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: 415 930-7440

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common stock, par value $0.01 per share			LC			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

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Item 2.02						Results of Operations and Financial Condition

On January 28, 2025, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the fourth quarter and full year ended December 31, 2024. A copy of the Earnings Press Release is attached as Exhibit 99.1 to this Form 8-K.

The information set forth in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01						Financial Statements and Exhibits
(d)						Exhibits

Exhibit Number						Exhibit Title or Description
99.1						Press Release dated January 28, 2025
104						Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)

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SIGNATURE(S)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						LendingClub Corporation
Date:			January 28, 2025			By:			/s/ ANDREW LABENNE
									Andrew LaBenne
									Chief Financial Officer
									(duly authorized officer)

                                    EXHIBIT 99.1

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.

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			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%

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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 [phone], or outside the U.S. [phone], 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 [phone] or outside the U.S. [phone], 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:

[e-mail]

Media Contact:

[e-mail]

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.

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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.

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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.

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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.

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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.

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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

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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.

9

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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		%

10

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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		%

11

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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.

12

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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.

13

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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

14

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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		%

15

Cover Page Statement	Jan. 28, 2025
Cover Page [Abstract]
Entity Central Index Key	0001409970
Entity Emerging Growth Company	false
Written Communications	false
Document Period End Date	Jan. 28, 2025
Entity Address, Address Line One	595 Market Street, Suite 200,
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36771
Entity Registrant Name	LendingClub Corporation
Document Type	8-K
Entity Tax Identification Number	51-0605731
Entity Address, City or Town	San Francisco,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	930-7440
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Trading Symbol	LC
Security Exchange Name	NYSE
Amendment Flag	false
Title of 12(b) Security	Common stock, par value $0.01 per share

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