SAN FRANCISCO, Oct. 22, 2025 /PRNewswire/ -- LendingClub Corporation (NYSE:LC) today announced financial results for the third quarter ended September 30, 2025.
"We delivered another outstanding quarter with 37% growth in originations and 32% growth in revenue, and nearly tripling diluted earnings per share, resulting in an ROTCE of over 13%," said Scott Sanborn, LendingClub CEO. "Innovative products, compelling value propositions, a loyal and growing member base, and a resilient balance sheet are all combining to deliver sustainable, profitable growth. We're excited by the multiple opportunities ahead and look forward to continuing to execute against our strategy."
Third Quarter 2025 Results
Highlights:
Achieved $2.6 billion in origination volume, up 37% compared to the prior year, driven by the successful execution of product and marketing initiatives.
Diluted EPS nearly tripled compared to the prior year to $0.37.
Continued to deliver credit outperformance vs. competitor set, with +37% better performance.
LevelUp Checking drove 7x increase in account openings vs. prior checking product.
Announced Investor Day to be held November 5, 2025.
Balance Sheet:
Total assets of $11.1 billion, up 4% year-to-date and comparable year-over-year due to a portfolio acquisition in the same quarter of the prior year.
Deposits of $9.4 billion, compared to $9.5 billion in the prior year, primarily attributable to a $0.6 billion decrease in brokered deposits, which was mostly offset by an increase in non-brokered deposits.
88% of total deposits are FDIC-insured.
Robust available liquidity of $3.9 billion.
Strong capital position with a consolidated Tier 1 leverage ratio of 12.3% and a CET1 capital ratio of 18.0%.
Book value per common share grew to $12.68, compared to $11.95 in the prior year.
Tangible book value per common share grew to $11.95, compared to $11.19 in the prior year.
Financial Performance:
Loan originations grew 37% to $2.6 billion, compared to $1.9 billion in the prior year.
Total net revenue increased 32% to $266.2 million, compared to $201.9 million in the prior year, driven by higher marketplace sales and loan sale pricing, strong credit performance, and higher net interest margin on a larger balance sheet.
Net interest margin expanded to 6.18%, compared to 5.63% in the prior year, driven by improved deposit funding costs.
Provision for credit losses of $46.3 million, compared to $47.5 million in the prior year, driven by strong credit performance, partially offset by day-1 provision for higher originations of held-for-investment retained loans.
Net charge-offs in the held-for-investment at amortized cost loan portfolio improved to $31.1 million, compared to $55.8 million in the prior year, driven by strong credit performance and portfolio composition and maturity.
Efficiency ratio of 61% compared to 68% in the prior year, driven by increasing operating leverage as expenses have been well-managed by the implementation of AI technologies and other cost initiatives.
Net income more than tripled to $44.3 million, compared to $14.5 million in the prior year.
Return on Equity (ROE) of 12.4% with a Return on Tangible Common Equity (ROTCE) of 13.2%.
Pre-Provision Net Revenue (PPNR) increased 58% to $103.5 million, compared to $65.5 million in the prior year.
Three Months Ended
% Change
($ in millions, except per share amounts)
September 30,2025
June 30,2025
September 30,2024
Q/Q
Y/Y
Total net revenue
$ 266.2
$ 248.4
$ 201.9
7 %
32 %
Non-interest expense
162.7
154.7
136.3
5 %
19 %
Pre-provision net revenue (1)
103.5
93.7
65.5
10 %
58 %
Provision for credit losses
46.3
39.7
47.5
16 %
(3) %
Income before income tax expense
57.2
54.0
18.0
6 %
218 %
Income tax expense
(13.0)
(15.8)
(3.6)
(18) %
265 %
Net income
$ 44.3
$ 38.2
$ 14.5
16 %
206 %
Diluted EPS
$ 0.37
$ 0.33
$ 0.13
12 %
185 %
(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
Fourth Quarter 2025
Loan originations
$2.5B to $2.6B
Pre-provision net revenue (PPNR)
$90M to $100M
Return on Tangible Common Equity (ROTCE)
10% to 11.5%
About LendingClub
LendingClub is reimagining what a bank can be by building our business around a simple belief: when our members win, we win. Leveraging innovative technology and engaging mobile-first experiences, our integrated suite of financial products helps people keep more of what they earn and earn more on what they save. Our 5+ million members love us for providing quick and easy access to affordable credit and rewarding their smart financial choices, like making on-time payments, saving regularly, and taking control of debt.
Getting credit right is a key driver of our success. Our advanced underwriting models are informed by over 150 billion cells of proprietary data, derived from tens of millions of repayment events across economic cycles. Our leading credit expertise combined with our resilient bank foundation, capital-light loan marketplace, decades of lending experience, and talented team have enabled us to deliver lasting value to members, loan investors, and stockholders alike. And we're just getting started.
LendingClub Corporation (NYSE:LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com.
Conference Call and Webcast Information
The LendingClub third quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 22, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To listen to the call, register using this link: https://events.q4inc.com/attendee/133370489 ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
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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 underlying 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 for the period (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.
We believe ROTCE is an important measure because it reflects the company's ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.
For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 13 and 14 of this release.
We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.
Safe Harbor Statement
Some of the statements above, including statements regarding long-term loan funding (including the timing and amount of potential future loan purchase investments by BlackRock) and anticipated future performance and financial results, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of loan or Structured Certificates program purchases); competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled "Risk Factors" in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended
% Change
September 30,2025
June 30,2025
March 31,
2025
December 31,
2024
September 30,2024
Q/Q
Y/Y
Operating Highlights:
Non-interest income
$ 107,792
$ 94,186
$ 67,754
$ 74,817
$ 61,640
14 %
75 %
Net interest income
158,439
154,249
149,957
142,384
140,241
3 %
13 %
Total net revenue
266,231
248,435
217,711
217,201
201,881
7 %
32 %
Non-interest expense
162,713
154,718
143,867
142,855
136,332
5 %
19 %
Pre-provision net revenue(1)
103,518
93,717
73,844
74,346
65,549
10 %
58 %
Provision for credit losses
46,280
39,733
58,149
63,238
47,541
16 %
(3) %
Income before income tax expense
57,238
53,984
15,695
11,108
18,008
6 %
218 %
Income tax expense
(12,964)
(15,806)
(4,024)
(1,388)
(3,551)
(18) %
265 %
Net income
$ 44,274
$ 38,178
$ 11,671
$ 9,720
$ 14,457
16 %
206 %
Basic EPS
$ 0.39
$ 0.33
$ 0.10
$ 0.09
$ 0.13
18 %
200 %
Diluted EPS
$ 0.37
$ 0.33
$ 0.10
$ 0.08
$ 0.13
12 %
185 %
LendingClub Corporation Performance Metrics:
Net interest margin
6.18 %
6.14 %
5.97 %
5.42 %
5.63 %
Efficiency ratio(2)
61.1 %
62.3 %
66.1 %
65.8 %
67.5 %
Return on average equity (ROE)(3)
12.4 %
11.1 %
3.5 %
2.9 %
4.4 %
Return on tangible common equity(ROTCE)(1)(4)
13.2 %
11.8 %
3.7 %
3.1 %
4.7 %
Return on average total assets (ROA)(5)
1.7 %
1.5 %
0.4 %
0.4 %
0.6 %
Marketing expense as a % of loanoriginations
1.55 %
1.40 %
1.47 %
1.27 %
1.37 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio
18.0 %
17.5 %
17.8 %
17.3 %
15.9 %
Tier 1 leverage ratio
12.3 %
12.2 %
11.7 %
11.0 %
11.3 %
Book value per common share
$ 12.68
$ 12.25
$ 11.95
$ 11.83
$ 11.95
4 %
6 %
Tangible book value per commonshare(1)
$ 11.95
$ 11.53
$ 11.22
$ 11.09
$ 11.19
4 %
7 %
Loan Originations (in millions)(6):
Total loan originations
$ 2,622
$ 2,391
$ 1,989
$ 1,846
$ 1,913
10 %
37 %
Marketplace loans
$ 2,027
$ 1,702
$ 1,314
$ 1,241
$ 1,403
19 %
44 %
Loan originations held for investment
$ 594
$ 689
$ 675
$ 605
$ 510
(14) %
16 %
Loan originations held for investment asa % of total loan originations
23 %
29 %
34 %
33 %
27 %
Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio
$ 12,986
$ 12,524
$ 12,241
$ 12,371
$ 12,674
4 %
2 %
Loans serviced for others
$ 7,612
$ 7,185
$ 7,130
$ 7,207
$ 7,028
6 %
8 %
(1)
Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures."
(2)
Calculated as the ratio of non-interest expense to total net revenue.
(3)
Calculated as annualized net income divided by average equity for the period presented.
(4)
Calculated as annualized net income divided by average tangible common equity for the period presented.
(5)
Calculated as annualized net income divided by average total assets for the period presented.
(6)
Includes unsecured personal loans and auto loans only.
(7)
Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained by the Company.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of the three months ended
% Change
September 30,2025
June 30,2025
March 31,
2025
December 31,
2024
September 30,2024
Q/Q
Y/Y
Balance Sheet Data:
Securities available for sale
$ 3,742,304
$ 3,527,142
$ 3,426,571
$ 3,452,648
$ 3,311,418
6 %
13 %
Loans held for sale at fair value
$ 1,213,140
$ 1,008,168
$ 703,378
$ 636,352
$ 849,967
20 %
43 %
Loans and leases held for investment atamortized cost
$ 4,363,415
$ 4,386,321
$ 4,215,449
$ 4,125,818
$ 4,108,329
(1) %
6 %
Gross allowance for loan and lease losses (1)
$ (308,218)
$ (293,707)
$ (288,308)
$ (285,686)
$ (274,538)
5 %
12 %
Recovery asset value (2)
$ 40,444
$ 40,718
$ 44,115
$ 48,952
$ 53,974
(1) %
(25) %
Allowance for loan and lease losses
$ (267,774)
$ (252,989)
$ (244,193)
$ (236,734)
$ (220,564)
6 %
21 %
Loans and leases held for investment atamortized cost, net
$ 4,095,641
$ 4,133,332
$ 3,971,256
$ 3,889,084
$ 3,887,765
(1) %
5 %
Loans held for investment at fair value
