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.
"We executed well in 2024, exiting the year with growth in
originations, continued credit outperformance, successful new
products and experiences, and more than five million members," said
Scott Sanborn, LendingClub CEO.
"From this strong foundation, we are well-positioned to accelerate
as we move through 2025 and further grow originations, revenue, and
return on equity while continuing to innovate for our members."
Fourth Quarter 2024 Results
Balance Sheet:
- Total assets of $10.6 billion
increased 20% compared to $8.8
billion in the prior year, driven primarily by the success
of the Structured Certificates program as well as the purchase of a
$1.3 billion LendingClub-issued loan
portfolio in the third quarter of 2024.
- Deposits of $9.1 billion
increased 24% compared to $7.3
billion in the prior year, driven by the continued success
of our savings and CD offerings.
- LevelUp Savings, launched in the third quarter of 2024, reached
balances of nearly $1.2 billion at
year end.
- 87% of total deposits are FDIC-insured.
- Robust available liquidity of $3.3
billion.
- Strong capital position with a consolidated Tier 1 leverage
ratio of 11.0% and a CET1 capital ratio of 17.3%.
- Book value per common share was $11.83, compared to $11.34 in the prior year.
- Tangible book value per common share was $11.09, compared to $10.54 in the prior year.
Financial Performance:
- Loan originations increased 13% to $1.85
billion, compared to $1.63
billion in the prior year, driven by the successful
execution of new consumer loan initiatives combined with strong
marketplace investor demand.
- Total net revenue increased 17% to $217.2 million, compared to $185.6 million in the prior year, driven by
improved marketplace loan sales pricing and higher net interest
income on a larger balance sheet.
- Provision for credit losses of $63.2
million, compared to $41.9
million in the prior year, primarily driven by higher
held-for-investment whole loan retention.
- Improved net charge-offs in the held-for-investment at
amortized cost loan portfolio to $46.0
million, compared to $82.5
million in the prior year.
- Net charge-off ratio of 4.5% compared to 6.6% in the prior
year.
- Net income of $9.7 million,
compared to $10.2 million in the
prior year.
- Net income for the fourth quarter of 2024 includes a one-time,
post-tax $3.2 million non-cash
impairment expense, as a result of the Tally acquisition, for
internally-developed software.
- Return on Equity (ROE) of 2.9%, with a Return on Tangible
Common Equity (ROTCE) of 3.1%, compared to an ROE of 3.3% in the
prior year, with an ROTCE of 3.6%.
- Pre-Provision Net Revenue (PPNR) increased 34% to $74.3 million, compared to $55.6 million in the prior year.
|
Three Months
Ended
|
|
Year
Ended
|
|
|
($ in millions, except
per share amounts)
|
December 31,
2024
|
|
September
30,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
|
Total net
revenue
|
$
217.2
|
|
$
201.9
|
|
$
185.6
|
|
$
787.0
|
|
$
864.6
|
|
|
Non-interest
expense
|
142.9
|
|
136.3
|
|
130.0
|
|
543.7
|
|
566.4
|
|
|
Pre-provision net
revenue (1)
|
74.3
|
|
65.5
|
|
55.6
|
|
243.3
|
|
298.2
|
|
|
Provision for credit
losses
|
63.2
|
|
47.5
|
|
41.9
|
|
178.3
|
|
243.6
|
|
|
Income before income
tax expense
|
11.1
|
|
18.0
|
|
13.7
|
|
65.1
|
|
54.6
|
|
|
Income tax
expense
|
(1.4)
|
|
(3.6)
|
|
(3.5)
|
|
(13.7)
|
|
(15.7)
|
|
|
Net income
|
$
9.7
|
|
$
14.5
|
|
$
10.2
|
|
$
51.3
|
|
$
38.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
$
0.08
|
|
$
0.13
|
|
$
0.09
|
|
$
0.45
|
|
$
0.36
|
|
|
|
(1) See page 3 of this
release for additional information on our use of non-GAAP financial
measures.
|
For a calculation of Pre-Provision Net Revenue, Tangible Book
Value Per Common Share, and Return on Tangible Common Equity, refer
to the "Reconciliation of GAAP to Non-GAAP Financial
Measures" tables at the end of this release.
Financial Outlook
|
First Quarter
2025
|
|
|
Loan
originations
|
$1.8B to
$1.9B
|
|
|
Pre-provision net
revenue (PPNR)
|
$60M to $70M
|
|
|
|
|
|
Fourth Quarter
2025
|
|
|
Loan
originations
|
>$2.3B
|
|
|
Return on tangible
common equity (ROTCE)
|
>8%
|
|
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of
LendingClub Bank, National Association, Member FDIC. LendingClub
Bank is the leading digital marketplace bank in the U.S., where
members can access a broad range of financial products and services
designed to help them pay less when borrowing and earn more when
saving. Based on hundreds of billions of cells of data and
over $95 billion in loans, our advanced credit decisioning and
machine-learning models are used across the customer lifecycle to
expand seamless access to credit for our members, while generating
compelling risk-adjusted returns for our loan investors. Since
2007, more than 5 million members have joined the Club to help
reach their financial goals. For more information about
LendingClub, visit https://www.lendingclub.com.
Conference Call and Webcast Information
The LendingClub fourth quarter 2024 webcast and teleconference
is scheduled to begin at 2:00 p.m. Pacific Time (or
5:00 p.m. Eastern Time) on Tuesday, January 28, 2025. A
live webcast of the call will be available at
http://ir.lendingclub.com under the Filings & Financials menu
in Quarterly Results. To access the call, please dial
+1 (404) 975-4839, or outside the U.S.
+1 (833) 470-1428, with Access Code 507312, ten
minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m.
Eastern Time). An audio archive of the call will be available at
http://ir.lendingclub.com. An audio replay will also be available
1 hour after the end of the call until February 4, 2025, by calling
+1 (929) 458-6194 or outside the U.S. +1 (866)
813-9403, with Access Code 167509. LendingClub has used, and
intends to use, its investor relations website, X (formerly
Twitter) handles (@LendingClub and @LendingClubIR) and Facebook
page (https://www.facebook.com/LendingClubTeam) as a means of
disclosing material non-public information and to comply with its
disclosure obligations under Regulation FD.
Contacts
For Investors:
IR@lendingclub.com
Media Contact:
Press@lendingclub.com
Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and
presented in accordance with GAAP, we use the following non-GAAP
financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book
Value (TBV) Per Common Share, and Return on Tangible Common Equity
(ROTCE). Our non-GAAP financial measures do have limitations as
analytical tools and you should not consider them in isolation or
as a substitute for an analysis of our results under GAAP.
We believe these non-GAAP financial measures provide management
and investors with useful supplemental information about the
financial performance of our business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and enable comparison of our
financial results with other public companies.
We believe PPNR is an important measure because it reflects the
financial performance of our business operations. PPNR is a
non-GAAP financial measure calculated by subtracting the provision
for credit losses and income tax benefit/expense from net
income.
We believe TBV Per Common Share is an important measure used to
evaluate the company's use of equity. TBV Per Common Share is a
non-GAAP financial measure representing tangible common equity
(common equity reduced by goodwill and customer relationship
intangible assets), divided by the ending number of common shares
issued and outstanding.
We believe ROTCE is an important measure because it reflects the
company's ability to generate income from its core assets. ROTCE is
a non-GAAP financial measure calculated by dividing annualized net
income by the average tangible common equity for the applicable
period.
For a reconciliation of such measures to the nearest GAAP
measures, please refer to the tables on pages 14 and 15 of
this release.
We do not provide a reconciliation of forward-looking
Pre-Provision Net Revenue and Return on Tangible Common Equity to
the most directly comparable GAAP reported financial measures on a
forward-looking basis because we are unable to predict future
provision expense and goodwill, respectively, with reasonable
certainty without unreasonable effort.
Safe Harbor Statement
Some of the statements above, including statements regarding
our competitive advantages, macroeconomic outlook, anticipated
future performance and financial results, are "forward-looking
statements." The words "anticipate," "believe," "estimate,"
"expect," "intend," "may," "outlook," "plan," "predict," "project,"
"will," "would" and similar expressions may identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Factors that could
cause actual results to differ materially from those contemplated
by these forward-looking statements include: our ability to
continue to attract and retain new and existing borrowers and
platform investors; competition; overall economic conditions; the
interest rate environment; the regulatory environment; default
rates and those factors set forth in the section titled "Risk
Factors" in our most recent Annual Report on Form 10-K, as filed
with the Securities and Exchange Commission, as well as in our
subsequent filings with the Securities and Exchange Commission. We
may not actually achieve the plans, intentions or expectations
disclosed in forward-looking statements, and you should not place
undue reliance on forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in forward-looking statements. We do not
assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
|
LENDINGCLUB
CORPORATION
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
(Unaudited)
|
|
|
|
|
|
|
As of and for the
three months ended
|
|
%
Change
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
June
30,
2024
|
|
March
31,
2024
|
|
December 31,
2023
|
|
Q/Q
|
|
Y/Y
|
|
|
Operating
Highlights:
|
|
|
Non-interest
income
|
$
74,817
|
|
$
61,640
|
|
$ 58,713
|
|
$ 57,800
|
|
$
54,129
|
|
21 %
|
|
38 %
|
|
|
Net interest
income
|
142,384
|
|
140,241
|
|
128,528
|
|
122,888
|
|
131,477
|
|
2 %
|
|
8 %
|
|
|
Total net
revenue
|
217,201
|
|
201,881
|
|
187,241
|
|
180,688
|
|
185,606
|
|
8 %
|
|
17 %
|
|
|
Non-interest
expense
|
142,855
|
|
136,332
|
|
132,258
|
|
132,233
|
|
130,015
|
|
5 %
|
|
10 %
|
|
|
Pre-provision net
revenue(1)
|
74,346
|
|
65,549
|
|
54,983
|
|
48,455
|
|
55,591
|
|
13 %
|
|
34 %
|
|
|
Provision for credit
losses
|
63,238
|
|
47,541
|
|
35,561
|
|
31,927
|
|
41,907
|
|
33 %
|
|
51 %
|
|
|
Income before income
tax expense
|
11,108
|
|
18,008
|
|
19,422
|
|
16,528
|
|
13,684
|
|
(38) %
|
|
(19) %
|
|
|
Income tax
expense
|
(1,388)
|
|
(3,551)
|
|
(4,519)
|
|
(4,278)
|
|
(3,529)
|
|
(61) %
|
|
(61) %
|
|
|
Net income
|
$
9,720
|
|
$
14,457
|
|
$ 14,903
|
|
$ 12,250
|
|
$
10,155
|
|
(33) %
|
|
(4) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS
|
$
0.09
|
|
$
0.13
|
|
$
0.13
|
|
$
0.11
|
|
$
0.09
|
|
(31) %
|
|
— %
|
|
|
Diluted EPS
|
$
0.08
|
|
$
0.13
|
|
$
0.13
|
|
$
0.11
|
|
$
0.09
|
|
(38) %
|
|
(11) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LendingClub
Corporation Performance Metrics:
|
|
|
Net interest
margin
|
5.42 %
|
|
5.63 %
|
|
5.75 %
|
|
5.75 %
|
|
6.40 %
|
|
|
|
|
|
|
Efficiency
ratio(2)
|
65.8 %
|
|
67.5 %
|
|
70.6 %
|
|
73.2 %
|
|
70.0 %
|
|
|
|
|
|
|
Return on average
equity (ROE)(3)
|
2.9 %
|
|
4.4 %
|
|
4.7 %
|
|
3.9 %
|
|
3.3 %
|
|
|
|
|
|
|
Return on tangible
common equity (ROTCE)(1)(4)
|
3.1 %
|
|
4.7 %
|
|
5.1 %
|
|
4.2 %
|
|
3.6 %
|
|
|
|
|
|
|
Return on average total
assets (ROA)(5)
|
0.4 %
|
|
0.6 %
|
|
0.6 %
|
|
0.5 %
|
|
0.5 %
|
|
|
|
|
|
|
Marketing expense as a
% of loan originations
|
1.27 %
|
|
1.37 %
|
|
1.47 %
|
|
1.47 %
|
|
1.44 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LendingClub
Corporation Capital Metrics:
|
|
|
Common equity Tier 1
capital ratio
|
17.3 %
|
|
15.9 %
|
|
17.9 %
|
|
17.6 %
|
|
17.9 %
|
|
|
|
|
|
|
Tier 1 leverage
ratio
|
11.0 %
|
|
11.3 %
|
|
12.1 %
|
|
12.5 %
|
|
12.9 %
|
|
|
|
|
|
|
Book value per common
share
|
$
11.83
|
|
$
11.95
|
|
$
11.52
|
|
$
11.40
|
|
$
11.34
|
|
(1) %
|
|
4 %
|
|
|
Tangible book value per
common share(1)
|
$
11.09
|
|
$
11.19
|
|
$
10.75
|
|
$
10.61
|
|
$
10.54
|
|
(1) %
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Originations
(in millions)(6):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loan
originations
|
$
1,846
|
|
$
1,913
|
|
$
1,813
|
|
$
1,646
|
|
$
1,630
|
|
(4) %
|
|
13 %
|
|
|
Marketplace
loans
|
$
1,241
|
|
$
1,403
|
|
$
1,477
|
|
$
1,361
|
|
$
1,432
|
|
(12) %
|
|
(13) %
|
|
|
Loan originations held
for investment
|
$
605
|
|
$
510
|
|
$
336
|
|
$
285
|
|
$
198
|
|
19 %
|
|
206 %
|
|
|
Loan originations held
for investment as a % of total loan originations
|
33 %
|
|
27 %
|
|
19 %
|
|
17 %
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicing Portfolio
AUM (in millions)(7):
|
|
|
Total servicing
portfolio
|
$
12,371
|
|
$
12,674
|
|
$ 12,999
|
|
$ 13,437
|
|
$
14,122
|
|
(2) %
|
|
(12) %
|
|
|
Loans serviced for
others
|
$
7,207
|
|
$
7,028
|
|
$
8,337
|
|
$
8,671
|
|
$
9,336
|
|
3 %
|
|
(23) %
|
|
|
|
|
(1)
|
Represents a non-GAAP
financial measure. See "Reconciliation of GAAP to Non-GAAP
Financial Measures."
|
|
(2)
|
Calculated as the ratio
of non-interest expense to total net revenue.
|
|
(3)
|
Calculated as
annualized net income divided by average equity for the period
presented.
|
|
(4)
|
Calculated as
annualized net income divided by average tangible common equity for
the period presented.
|
|
(5)
|
Calculated as
annualized net income divided by average total assets for the
period presented.
|
|
(6)
|
Includes unsecured
personal loans and auto loans only.
|
|
(7)
|
Loans serviced on our
platform, which includes unsecured personal loans, auto loans and
education and patient finance loans serviced for others and
retained by the Company.
|
|
LENDINGCLUB
CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
|
|
|
|
|
|
|
|
As of and for the
three months ended
|
|
%
Change
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
June
30,
2024
|
|
March
31,
2024
|
|
December 31,
2023
|
|
Q/Q
|
|
Y/Y
|
|
|
Balance Sheet
Data:
|
|
|
Securities available
for sale
|
$ 3,452,648
|
|
$ 3,311,418
|
|
$
2,814,383
|
|
$
2,228,500
|
|
$ 1,620,262
|
|
4 %
|
|
113 %
|
|
|
Loans held for sale at
fair value
|
$
636,352
|
|
$
849,967
|
|
$ 791,059
|
|
$ 550,415
|
|
$
407,773
|
|
(25) %
|
|
56 %
|
|
|
Loans and leases held
for investment at amortized cost
|
$ 4,125,818
|
|
$ 4,108,329
|
|
$
4,228,391
|
|
$
4,505,816
|
|
$ 4,850,302
|
|
— %
|
|
(15) %
|
|
|
Gross allowance for
loan and lease losses (1)
|
$ (285,686)
|
|
$
(274,538)
|
|
$
(285,368)
|
|
$
(311,794)
|
|
$ (355,773)
|
|
4 %
|
|
(20) %
|
|
|
Recovery asset value
(2)
|
$
48,952
|
|
$
53,974
|
|
$
56,459
|
|
$
52,644
|
|
$
45,386
|
|
(9) %
|
|
8 %
|
|
|
Allowance for loan and
lease losses
|
$ (236,734)
|
|
$
(220,564)
|
|
$
(228,909)
|
|
$
(259,150)
|
|
$ (310,387)
|
|
7 %
|
|
(24) %
|
|
|
Loans and leases held
for investment at amortized cost, net
|
$ 3,889,084
|
|
$ 3,887,765
|
|
$
3,999,482
|
|
$
4,246,666
|
|
$ 4,539,915
|
|
— %
|
|
(14) %
|
|
|
Loans held for
investment at fair value (3)
|
$ 1,027,798
|
|
$ 1,287,495
|
|
$ 339,222
|
|
$ 427,396
|
|
$
272,678
|
|
(20) %
|
|
277 %
|
|
|
Total loans and leases
held for investment (3)
|
$ 4,916,882
|
|
$ 5,175,260
|
|
$
4,338,704
|
|
$
4,674,062
|
|
$ 4,812,593
|
|
(5) %
|
|
2 %
|
|
|
Whole loans held on
balance sheet (4)
|
$ 5,553,234
|
|
$ 6,025,227
|
|
$
5,129,763
|
|
$
5,224,477
|
|
$ 5,220,366
|
|
(8) %
|
|
6 %
|
|
|
Total assets
|
$
10,630,509
|
|
$
11,037,507
|
|
$
9,586,050
|
|
$
9,244,828
|
|
$ 8,827,463
|
|
(4) %
|
|
20 %
|
|
|
Total
deposits
|
$ 9,068,237
|
|
$ 9,459,608
|
|
$
8,095,328
|
|
$
7,521,655
|
|
$ 7,333,486
|
|
(4) %
|
|
24 %
|
|
|
Total
liabilities
|
$ 9,288,778
|
|
$ 9,694,612
|
|
$
8,298,105
|
|
$
7,978,542
|
|
$ 7,575,641
|
|
(4) %
|
|
23 %
|
|
|
Total equity
|
$ 1,341,731
|
|
$ 1,342,895
|
|
$
1,287,945
|
|
$
1,266,286
|
|
$ 1,251,822
|
|
— %
|
|
7 %
|
|
|
|
|
(1)
|
Represents the
allowance for future estimated net charge-offs on existing
portfolio balances.
|
|
(2)
|
Represents the negative
allowance for expected recoveries of amounts previously
charged-off.
|
|
(3)
|
The balances at
December 31, 2024 and September 30, 2024 include a loan portfolio
that was purchased during the third quarter of 2024 of loans that
we previously originated and sold.
|
|
(4)
|
Includes loans held for
sale at fair value, loans and leases held for investment at
amortized cost, net of allowance for loan and lease losses, and
loans held for investment at fair value.
|
The asset quality metrics presented in the following table are
for loans and leases held for investment at amortized cost and do
not reflect loans held for investment at fair value:
|
As of and for the
three months ended
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
June 30,
2024
|
|
March 31,
2024
|
|
December 31,
2023
|
|
|
Asset Quality
Metrics (1):
|
|
|
Allowance for loan and
lease losses to total loans
and leases held for investment at amortized
cost
|
5.7 %
|
|
5.4 %
|
|
5.4 %
|
|
5.8 %
|
|
6.4 %
|
|
|
Allowance for loan and
lease losses to commercial
loans and leases held for investment at amortized
cost
|
3.9 %
|
|
3.1 %
|
|
2.7 %
|
|
1.9 %
|
|
1.8 %
|
|
|
Allowance for loan and
lease losses to consumer
loans and leases held for investment at amortized
cost
|
6.1 %
|
|
5.8 %
|
|
5.9 %
|
|
6.4 %
|
|
7.2 %
|
|
|
Gross allowance for
loan and lease losses to
consumer loans and leases held for investment at
amortized cost
|
7.5 %
|
|
7.3 %
|
|
7.5 %
|
|
7.8 %
|
|
8.3 %
|
|
|
Net
charge-offs
|
$
45,977
|
|
$
55,805
|
|
$
66,818
|
|
$
80,483
|
|
$
82,511
|
|
|
Net charge-off ratio
(2)
|
4.5 %
|
|
5.4 %
|
|
6.2 %
|
|
6.9 %
|
|
6.6 %
|
|
|
|
|
(1)
|
Calculated as ALLL
or gross ALLL, where applicable, to the corresponding portfolio
segment balance of loans and leases held for investment at
amortized cost.
|
|
(2)
|
Net charge-off ratio is
calculated as annualized net charge-offs divided by average
outstanding loans and leases held for investment during the
period.
|
|
LENDINGCLUB
CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
|
|
|
|
|
The following table
presents loans and leases held for investment at amortized cost and
loans held for investment at fair value:
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
|
Unsecured
personal
|
$
3,106,472
|
|
$
3,726,830
|
|
|
Residential
mortgages
|
172,711
|
|
183,050
|
|
|
Secured
consumer
|
230,232
|
|
250,039
|
|
|
Total consumer loans
held for investment
|
3,509,415
|
|
4,159,919
|
|
|
Equipment finance
(1)
|
64,232
|
|
110,992
|
|
|
Commercial real
estate
|
373,785
|
|
380,322
|
|
|
Commercial and
industrial
|
178,386
|
|
199,069
|
|
|
Total commercial loans
and leases held for investment
|
616,403
|
|
690,383
|
|
|
Total loans and leases
held for investment at amortized cost
|
4,125,818
|
|
4,850,302
|
|
|
Allowance for loan and
lease losses
|
(236,734)
|
|
(310,387)
|
|
|
Loans and leases held
for investment at amortized cost, net
|
$
3,889,084
|
|
$
4,539,915
|
|
|
Loans held for
investment at fair value (2)
|
1,027,798
|
|
272,678
|
|
|
Total loans and leases
held for investment (2)
|
$
4,916,882
|
|
$
4,812,593
|
|
|
|
|
(1)
|
Comprised of sales-type
leases for equipment.
|
|
(2)
|
The balance at December
31, 2024 includes a loan portfolio that was purchased during the
third quarter of 2024 of loans that we previously originated and
sold.
|
|
LENDINGCLUB
CORPORATION
ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands)
(Unaudited)
|
|
|
|
|
The following table
presents the components of the allowance for loan and lease losses
on loans and leases held for investment at amortized
cost:
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
|
Gross allowance for
loan and lease losses (1)
|
$
285,686
|
|
$
355,773
|
|
|
Recovery asset value
(2)
|
(48,952)
|
|
(45,386)
|
|
|
Allowance for loan and
lease losses
|
$
236,734
|
|
$
310,387
|
|
|
|
|
(1)
|
Represents the
allowance for future estimated net charge-offs on existing
portfolio balances.
|
|
(2)
|
Represents the negative
allowance for expected recoveries of amounts previously
charged-off.
|
|
The following tables
present the allowance for loan and lease losses on loans and leases
held for investment at amortized cost and do not reflect loans held
for investment at fair value:
|
|
|
Three Months
Ended
|
|
|
December 31,
2024
|
|
September 30,
2024
|
|
|
Consumer
|
|
Commercial
|
|
Total
|
|
Consumer
|
|
Commercial
|
|
Total
|
|
|
Allowance for loan and
lease
losses, beginning of period
|
$
200,899
|
|
$
19,665
|
|
$ 220,564
|
|
$
210,729
|
|
$
18,180
|
|
$ 228,909
|
|
|
Credit loss expense for
loans
and leases held for investment
|
56,322
|
|
5,825
|
|
62,147
|
|
45,813
|
|
1,647
|
|
47,460
|
|
|
Charge-offs
|
(64,167)
|
|
(1,887)
|
|
(66,054)
|
|
(68,388)
|
|
(721)
|
|
(69,109)
|
|
|
Recoveries
|
19,544
|
|
533
|
|
20,077
|
|
12,745
|
|
559
|
|
13,304
|
|
|
Allowance for loan and
lease
losses, end of period
|
$
212,598
|
|
$
24,136
|
|
$ 236,734
|
|
$
200,899
|
|
$
19,665
|
|
$ 220,564
|
|
|
Three Months
Ended
|
|
|
December 31,
2023
|
|
|
Consumer
|
|
Commercial
|
|
Total
|
|
|
Allowance for loan and
lease losses, beginning of period
|
$
336,288
|
|
$
14,207
|
|
$ 350,495
|
|
|
Credit loss expense for
loans and leases held for investment
|
43,227
|
|
(824)
|
|
42,403
|
|
|
Charge-offs
|
(88,904)
|
|
(1,193)
|
|
(90,097)
|
|
|
Recoveries
|
7,450
|
|
136
|
|
7,586
|
|
|
Allowance for loan and
lease losses, end of period
|
$
298,061
|
|
$
12,326
|
|
$ 310,387
|
|
|
LENDINGCLUB
CORPORATION
PAST DUE LOANS AND LEASES HELD FOR INVESTMENT
(In
thousands)
(Unaudited)
|
|
|
|
|
The following tables
present past due loans and leases held for investment at amortized
cost and do not reflect loans held for investment at fair
value:
|
|
|
December 31,
2024
|
30-59
Days
|
|
60-89
Days
|
|
90 or More
Days
|
|
Total Days
Past Due
|
|
Guaranteed
Amount (1)
|
|
|
Unsecured
personal
|
$ 23,530
|
|
$ 19,293
|
|
$ 21,387
|
|
$
64,210
|
|
$
—
|
|
|
Residential
mortgages
|
151
|
|
88
|
|
—
|
|
239
|
|
—
|
|
|
Secured
consumer
|
2,342
|
|
600
|
|
337
|
|
3,279
|
|
—
|
|
|
Total consumer loans
held for investment
|
$ 26,023
|
|
$ 19,981
|
|
$ 21,724
|
|
$
67,728
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment
finance
|
$
67
|
|
$
—
|
|
$
4,551
|
|
$
4,618
|
|
$
—
|
|
|
Commercial real
estate
|
8,320
|
|
483
|
|
9,731
|
|
18,534
|
|
8,456
|
|
|
Commercial and
industrial
|
6,257
|
|
1,182
|
|
15,971
|
|
23,410
|
|
18,512
|
|
|
Total commercial loans
and leases held for investment
|
$ 14,644
|
|
$
1,665
|
|
$ 30,253
|
|
$
46,562
|
|
$
26,968
|
|
|
Total loans and leases
held for investment at amortized cost
|
$ 40,667
|
|
$ 21,646
|
|
$ 51,977
|
|
$
114,290
|
|
$
26,968
|
|
|
December 31,
2023
|
30-59
Days
|
|
60-89
Days
|
|
90 or More
Days
|
|
Total Days
Past Due
|
|
Guaranteed
Amount (1)
|
|
|
Unsecured
personal
|
$ 32,716
|
|
$ 29,556
|
|
$ 30,132
|
|
$
92,404
|
|
$
—
|
|
|
Residential
mortgages
|
1,751
|
|
—
|
|
—
|
|
1,751
|
|
—
|
|
|
Secured
consumer
|
2,076
|
|
635
|
|
217
|
|
2,928
|
|
—
|
|
|
Total consumer loans
held for investment
|
$ 36,543
|
|
$ 30,191
|
|
$ 30,349
|
|
$
97,083
|
|
$
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment
finance
|
$
1,265
|
|
$
—
|
|
$
—
|
|
$
1,265
|
|
$
—
|
|
|
Commercial real
estate
|
—
|
|
3,566
|
|
1,618
|
|
5,184
|
|
4,047
|
|
|
Commercial and
industrial
|
12,261
|
|
1,632
|
|
1,515
|
|
15,408
|
|
11,260
|
|
|
Total commercial loans
and leases held for investment
|
$ 13,526
|
|
$
5,198
|
|
$
3,133
|
|
$
21,857
|
|
$
15,307
|
|
|
Total loans and leases
held for investment at amortized cost
|
$ 50,069
|
|
$ 35,389
|
|
$ 33,482
|
|
$
118,940
|
|
$
15,307
|
|
|
|
(1)
Represents loan balances guaranteed by the Small Business
Association.
|
|
LENDINGCLUB
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Change
(%)
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
December 31,
2023
|
|
Q4
2024
vs
Q3
2024
|
|
Q4
2024
vs
Q4
2023
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Origination
fees
|
$
64,745
|
|
$
71,465
|
|
$
76,702
|
|
(9) %
|
|
(16) %
|
|
|
Servicing
fees
|
17,391
|
|
8,081
|
|
17,450
|
|
115 %
|
|
— %
|
|
|
Gain on sales of
loans
|
15,007
|
|
12,433
|
|
11,921
|
|
21 %
|
|
26 %
|
|
|
Net fair value
adjustments
|
(24,980)
|
|
(33,595)
|
|
(53,892)
|
|
26 %
|
|
54 %
|
|
|
Marketplace
revenue
|
72,163
|
|
58,384
|
|
52,181
|
|
24 %
|
|
38 %
|
|
|
Other non-interest
income
|
2,654
|
|
3,256
|
|
1,948
|
|
(18) %
|
|
36 %
|
|
|
Total non-interest
income
|
74,817
|
|
61,640
|
|
54,129
|
|
21 %
|
|
38 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
240,596
|
|
240,377
|
|
208,319
|
|
— %
|
|
15 %
|
|
|
Total interest
expense
|
98,212
|
|
100,136
|
|
76,842
|
|
(2) %
|
|
28 %
|
|
|
Net interest
income
|
142,384
|
|
140,241
|
|
131,477
|
|
2 %
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue
|
217,201
|
|
201,881
|
|
185,606
|
|
8 %
|
|
17 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
63,238
|
|
47,541
|
|
41,907
|
|
33 %
|
|
51 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
58,656
|
|
57,408
|
|
58,591
|
|
2 %
|
|
— %
|
|
|
Marketing
|
23,415
|
|
26,186
|
|
23,465
|
|
(11) %
|
|
— %
|
|
|
Equipment and
software
|
13,361
|
|
12,789
|
|
13,190
|
|
4 %
|
|
1 %
|
|
|
Depreciation and
amortization
|
19,748
|
|
13,341
|
|
11,953
|
|
48 %
|
|
65 %
|
|
|
Professional
services
|
9,136
|
|
8,014
|
|
7,727
|
|
14 %
|
|
18 %
|
|
|
Occupancy
|
3,991
|
|
4,005
|
|
3,926
|
|
— %
|
|
2 %
|
|
|
Other non-interest
expense
|
14,548
|
|
14,589
|
|
11,163
|
|
— %
|
|
30 %
|
|
|
Total non-interest
expense
|
142,855
|
|
136,332
|
|
130,015
|
|
5 %
|
|
10 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
11,108
|
|
18,008
|
|
13,684
|
|
(38) %
|
|
(19) %
|
|
|
Income tax
expense
|
(1,388)
|
|
(3,551)
|
|
(3,529)
|
|
(61) %
|
|
(61) %
|
|
|
Net
income
|
$
9,720
|
|
$
14,457
|
|
$
10,155
|
|
(33) %
|
|
(4) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS
|
$
0.09
|
|
$
0.13
|
|
$
0.09
|
|
(31) %
|
|
— %
|
|
|
Diluted EPS
|
$
0.08
|
|
$
0.13
|
|
$
0.09
|
|
(38) %
|
|
(11) %
|
|
|
Weighted-average common
shares – Basic
|
112,788,050
|
|
112,042,202
|
|
109,948,785
|
|
1 %
|
|
3 %
|
|
|
Weighted-average common
shares – Diluted
|
116,400,285
|
|
113,922,256
|
|
109,949,371
|
|
2 %
|
|
6 %
|
|
|
LENDINGCLUB
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued)
(In thousands, except share and per share data)
(Unaudited)
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
|
|
2024
|
|
2023
|
|
Change
(%)
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
Origination
fees
|
$
283,420
|
|
$
279,146
|
|
2 %
|
|
|
Servicing
fees
|
64,933
|
|
98,613
|
|
(34) %
|
|
|
Gain on sales of
loans
|
49,097
|
|
47,839
|
|
3 %
|
|
|
Net fair value
adjustments
|
(154,659)
|
|
(134,114)
|
|
(15) %
|
|
|
Marketplace
revenue
|
242,791
|
|
291,484
|
|
(17) %
|
|
|
Other non-interest
income
|
10,179
|
|
11,297
|
|
(10) %
|
|
|
Total non-interest
income
|
252,970
|
|
302,781
|
|
(16) %
|
|
|
|
|
|
|
|
|
|
Total interest
income
|
907,958
|
|
832,630
|
|
9 %
|
|
|
Total interest
expense
|
373,917
|
|
270,792
|
|
38 %
|
|
|
Net interest
income
|
534,041
|
|
561,838
|
|
(5) %
|
|
|
|
|
|
|
|
|
|
Total net
revenue
|
787,011
|
|
864,619
|
|
(9) %
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
178,267
|
|
243,565
|
|
(27) %
|
|
|
|
|
|
|
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
Compensation and
benefits
|
232,158
|
|
261,948
|
|
(11) %
|
|
|
Marketing
|
100,402
|
|
93,840
|
|
7 %
|
|
|
Equipment and
software
|
51,194
|
|
53,485
|
|
(4) %
|
|
|
Depreciation and
amortization
|
58,834
|
|
47,195
|
|
25 %
|
|
|
Professional
services
|
32,045
|
|
35,173
|
|
(9) %
|
|
|
Occupancy
|
15,798
|
|
17,532
|
|
(10) %
|
|
|
Other non-interest
expense
|
53,247
|
|
57,264
|
|
(7) %
|
|
|
Total non-interest
expense
|
543,678
|
|
566,437
|
|
(4) %
|
|
|
|
|
|
|
|
|
|
Income before income
tax expense
|
65,066
|
|
54,617
|
|
19 %
|
|
|
Income tax
expense
|
(13,736)
|
|
(15,678)
|
|
(12) %
|
|
|
Net
income
|
$
51,330
|
|
$
38,939
|
|
32 %
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
Basic EPS
|
$
0.46
|
|
$
0.36
|
|
28 %
|
|
|
Diluted EPS
|
$
0.45
|
|
$
0.36
|
|
25 %
|
|
|
Weighted-average common
shares – Basic
|
111,731,523
|
|
108,466,179
|
|
3 %
|
|
|
Weighted-average common
shares – Diluted
|
113,122,859
|
|
108,468,857
|
|
4 %
|
|
|
LENDINGCLUB
CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
|
|
|
Consolidated
LendingClub Corporation (1)
|
|
|
Three Months
Ended
December 31,
2024
|
|
Three Months
Ended
September 30,
2024
|
|
Three Months
Ended
December 31,
2023
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Yield/
Rate
|
|
|
Interest-earning
assets (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents,
restricted cash and other
|
$
1,193,570
|
|
$
14,194
|
|
4.76 %
|
|
$
939,611
|
|
$
12,442
|
|
5.30 %
|
|
$ 1,190,539
|
|
$
16,271
|
|
5.47 %
|
|
|
Securities available
for sale at fair value
|
3,390,315
|
|
57,259
|
|
6.76 %
|
|
3,047,305
|
|
52,476
|
|
6.89 %
|
|
1,197,625
|
|
20,920
|
|
6.99 %
|
|
|
Loans held for sale at
fair value
|
673,279
|
|
20,696
|
|
12.30 %
|
|
899,434
|
|
30,326
|
|
13.49 %
|
|
501,850
|
|
15,883
|
|
12.66 %
|
|
|
Loans and leases held
for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured personal
loans
|
3,080,934
|
|
104,011
|
|
13.50 %
|
|
3,045,150
|
|
103,291
|
|
13.57 %
|
|
3,890,041
|
|
128,190
|
|
13.18 %
|
|
|
Commercial and other
consumer loans
|
1,023,041
|
|
14,203
|
|
5.55 %
|
|
1,057,688
|
|
15,497
|
|
5.86 %
|
|
1,126,010
|
|
17,033
|
|
6.05 %
|
|
|
Loans and leases held
for investment at amortized cost
|
4,103,975
|
|
118,214
|
|
11.52 %
|
|
4,102,838
|
|
118,788
|
|
11.58 %
|
|
5,016,051
|
|
145,223
|
|
11.58 %
|
|
|
Loans held for
investment at fair value (3)
|
1,153,204
|
|
30,233
|
|
10.49 %
|
|
972,698
|
|
26,345
|
|
10.83 %
|
|
306,636
|
|
10,022
|
|
13.07 %
|
|
|
Total loans and leases
held for investment (3)
|
5,257,179
|
|
148,447
|
|
11.29 %
|
|
5,075,536
|
|
145,133
|
|
11.44 %
|
|
5,322,687
|
|
155,245
|
|
11.67 %
|
|
|
Total
interest-earning assets
|
10,514,343
|
|
240,596
|
|
9.15 %
|
|
9,961,886
|
|
240,377
|
|
9.65 %
|
|
8,212,701
|
|
208,319
|
|
10.15 %
|
|
|
Cash and due from banks
and restricted cash
|
51,555
|
|
|
|
|
|
41,147
|
|
|
|
|
|
63,181
|
|
|
|
|
|
|
Allowance for loan and
lease losses
|
(227,673)
|
|
|
|
|
|
(225,968)
|
|
|
|
|
|
(334,711)
|
|
|
|
|
|
|
Other non-interest
earning assets
|
597,609
|
|
|
|
|
|
624,198
|
|
|
|
|
|
659,995
|
|
|
|
|
|
|
Total
assets
|
$
10,935,834
|
|
|
|
|
|
$
10,401,263
|
|
|
|
|
|
$ 8,601,166
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking and money
market accounts
|
$
805,362
|
|
$
5,502
|
|
2.72 %
|
|
$ 1,092,376
|
|
$
10,146
|
|
3.70 %
|
|
$ 1,081,875
|
|
$
9,593
|
|
3.52 %
|
|
|
Savings accounts and
certificates of deposit
|
8,214,866
|
|
92,698
|
|
4.49 %
|
|
6,944,586
|
|
86,717
|
|
4.97 %
|
|
5,720,058
|
|
66,660
|
|
4.62 %
|
|
|
Interest-bearing
deposits
|
9,020,228
|
|
98,200
|
|
4.33 %
|
|
8,036,962
|
|
96,863
|
|
4.79 %
|
|
6,801,933
|
|
76,253
|
|
4.45 %
|
|
|
Other interest-bearing
liabilities
|
615
|
|
12
|
|
7.20 %
|
|
486,736
|
|
3,273
|
|
2.69 %
|
|
24,180
|
|
589
|
|
9.74 %
|
|
|
Total
interest-bearing liabilities
|
9,020,843
|
|
98,212
|
|
4.33 %
|
|
8,523,698
|
|
100,136
|
|
4.67 %
|
|
6,826,113
|
|
76,842
|
|
4.47 %
|
|
|
Non-interest bearing
deposits
|
328,022
|
|
|
|
|
|
344,577
|
|
|
|
|
|
314,822
|
|
|
|
|
|
|
Other
liabilities
|
251,239
|
|
|
|
|
|
225,467
|
|
|
|
|
|
238,806
|
|
|
|
|
|
|
Total
liabilities
|
$
9,600,104
|
|
|
|
|
|
$ 9,093,742
|
|
|
|
|
|
$ 7,379,741
|
|
|
|
|
|
|
Total
equity
|
$
1,335,730
|
|
|
|
|
|
$ 1,307,521
|
|
|
|
|
|
$ 1,221,425
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
10,935,834
|
|
|
|
|
|
$
10,401,263
|
|
|
|
|
|
$ 8,601,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
spread
|
|
|
|
|
4.82 %
|
|
|
|
|
|
4.98 %
|
|
|
|
|
|
5.68 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
and net interest margin
|
|
|
$
142,384
|
|
5.42 %
|
|
|
|
$ 140,241
|
|
5.63 %
|
|
|
|
$ 131,477
|
|
6.40 %
|
|
|
|
|
(1)
|
Consolidated
presentation reflects intercompany eliminations.
|
|
(2)
|
Nonaccrual loans and
any related income are included in their respective loan
categories.
|
|
(3)
|
The average balance for
the fourth and third quarters of 2024 includes a loan portfolio
that was purchased during the third quarter of 2024 of loans that
we previously originated and sold.
|
|
LENDINGCLUB
CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
|
|
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
15,524
|
|
$
14,993
|
|
|
Interest-bearing
deposits in banks
|
938,534
|
|
1,237,511
|
|
|
Total cash and cash
equivalents
|
954,058
|
|
1,252,504
|
|
|
Restricted
cash
|
23,338
|
|
41,644
|
|
|
Securities available
for sale at fair value ($3,492,264 and $1,663,990 at amortized
cost, respectively)
|
3,452,648
|
|
1,620,262
|
|
|
Loans held for sale at
fair value
|
636,352
|
|
407,773
|
|
|
Loans and leases held
for investment
|
4,125,818
|
|
4,850,302
|
|
|
Allowance for loan and
lease losses
|
(236,734)
|
|
(310,387)
|
|
|
Loans and leases held
for investment, net
|
3,889,084
|
|
4,539,915
|
|
|
Loans held for
investment at fair value (1)
|
1,027,798
|
|
272,678
|
|
|
Property, equipment
and software, net
|
167,532
|
|
161,517
|
|
|
Goodwill
|
75,717
|
|
75,717
|
|
|
Other
assets
|
403,982
|
|
455,453
|
|
|
Total
assets
|
$ 10,630,509
|
|
$ 8,827,463
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Interest-bearing
|
$
8,676,119
|
|
$ 7,001,680
|
|
|
Noninterest-bearing
|
392,118
|
|
331,806
|
|
|
Total
deposits
|
9,068,237
|
|
7,333,486
|
|
|
Borrowings
|
—
|
|
19,354
|
|
|
Other
liabilities
|
220,541
|
|
222,801
|
|
|
Total
liabilities
|
9,288,778
|
|
7,575,641
|
|
|
Equity
|
|
|
|
|
|
Common stock, $0.01
par value; 180,000,000 shares authorized; 113,383,917 and
110,410,602 shares issued and outstanding, respectively
|
1,134
|
|
1,104
|
|
|
Additional paid-in
capital
|
1,702,316
|
|
1,669,828
|
|
|
Accumulated
deficit
|
(337,476)
|
|
(388,806)
|
|
|
Accumulated other
comprehensive loss
|
(24,243)
|
|
(30,304)
|
|
|
Total
equity
|
1,341,731
|
|
1,251,822
|
|
|
Total liabilities
and equity
|
$ 10,630,509
|
|
$ 8,827,463
|
|
|
|
|
(1)
|
The balance at December
31, 2024 includes a loan portfolio that was purchased during the
third quarter of 2024 of loans that we previously originated and
sold.
|
|
LENDINGCLUB
CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)
|
|
|
|
|
Pre-Provision Net
Revenue
|
|
|
For the three months
ended
|
|
For the year
ended
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
June
30,
2024
|
|
March
31,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
|
GAAP Net
income
|
$
9,720
|
|
$
14,457
|
|
$ 14,903
|
|
$ 12,250
|
|
$
10,155
|
|
$
51,330
|
|
$
38,939
|
|
|
Less: Provision for
credit losses
|
(63,238)
|
|
(47,541)
|
|
(35,561)
|
|
(31,927)
|
|
(41,907)
|
|
(178,267)
|
|
(243,565)
|
|
|
Less: Income tax
expense
|
(1,388)
|
|
(3,551)
|
|
(4,519)
|
|
(4,278)
|
|
(3,529)
|
|
(13,736)
|
|
(15,678)
|
|
|
Pre-provision net
revenue
|
$
74,346
|
|
$
65,549
|
|
$ 54,983
|
|
$ 48,455
|
|
$
55,591
|
|
$
243,333
|
|
$
298,182
|
|
|
For the three months
ended
|
|
For the year
ended
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
June
30,
2024
|
|
March
31,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
|
Non-interest
income
|
$
74,817
|
|
$
61,640
|
|
$ 58,713
|
|
$ 57,800
|
|
$
54,129
|
|
$
252,970
|
|
$
302,781
|
|
|
Net interest
income
|
142,384
|
|
140,241
|
|
128,528
|
|
122,888
|
|
131,477
|
|
534,041
|
|
561,838
|
|
|
Total net
revenue
|
217,201
|
|
201,881
|
|
187,241
|
|
180,688
|
|
185,606
|
|
787,011
|
|
864,619
|
|
|
Non-interest
expense
|
(142,855)
|
|
(136,332)
|
|
(132,258)
|
|
(132,233)
|
|
(130,015)
|
|
(543,678)
|
|
(566,437)
|
|
|
Pre-provision net
revenue
|
74,346
|
|
65,549
|
|
54,983
|
|
48,455
|
|
55,591
|
|
243,333
|
|
298,182
|
|
|
Provision for credit
losses
|
(63,238)
|
|
(47,541)
|
|
(35,561)
|
|
(31,927)
|
|
(41,907)
|
|
(178,267)
|
|
(243,565)
|
|
|
Income before income
tax expense
|
11,108
|
|
18,008
|
|
19,422
|
|
16,528
|
|
13,684
|
|
65,066
|
|
54,617
|
|
|
Income tax
expense
|
(1,388)
|
|
(3,551)
|
|
(4,519)
|
|
(4,278)
|
|
(3,529)
|
|
(13,736)
|
|
(15,678)
|
|
|
GAAP Net
income
|
$
9,720
|
|
$
14,457
|
|
$ 14,903
|
|
$ 12,250
|
|
$
10,155
|
|
$
51,330
|
|
$
38,939
|
|
|
Tangible Book Value
Per Common Share
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
June
30,
2024
|
|
March
31,
2024
|
|
December 31,
2023
|
|
|
GAAP common
equity
|
$
1,341,731
|
|
$
1,342,895
|
|
$
1,287,945
|
|
$
1,266,286
|
|
$
1,251,822
|
|
|
Less:
Goodwill
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
|
Less: Customer
relationship intangible assets
|
(8,586)
|
|
(9,439)
|
|
(10,293)
|
|
(11,165)
|
|
(12,135)
|
|
|
Tangible common
equity
|
$
1,257,428
|
|
$
1,257,739
|
|
$
1,201,935
|
|
$
1,179,404
|
|
$
1,163,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
common share
|
|
|
GAAP common
equity
|
$
1,341,731
|
|
$
1,342,895
|
|
$
1,287,945
|
|
$
1,266,286
|
|
$
1,251,822
|
|
|
Common shares issued
and outstanding
|
113,383,917
|
|
112,401,990
|
|
111,812,215
|
|
111,120,415
|
|
110,410,602
|
|
|
Book value per
common share
|
$
11.83
|
|
$
11.95
|
|
$
11.52
|
|
$
11.40
|
|
$
11.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share
|
|
|
Tangible common
equity
|
$
1,257,428
|
|
$
1,257,739
|
|
$
1,201,935
|
|
$
1,179,404
|
|
$
1,163,970
|
|
|
Common shares issued
and outstanding
|
113,383,917
|
|
112,401,990
|
|
111,812,215
|
|
111,120,415
|
|
110,410,602
|
|
|
Tangible book value
per common share
|
$
11.09
|
|
$
11.19
|
|
$
10.75
|
|
$
10.61
|
|
$
10.54
|
|
|
LENDINGCLUB
CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Continued)
(In thousands, except ratios)
(Unaudited)
|
|
|
|
|
Return On Tangible
Common Equity
|
|
|
For the three months
ended
|
|
For the year
ended
|
|
|
December 31,
2024
|
|
September
30,
2024
|
|
June
30,
2024
|
|
March
31,
2024
|
|
December 31,
2023
|
|
December 31,
2024
|
|
December 31,
2023
|
|
|
Average GAAP common
equity
|
$ 1,335,730
|
|
$
1,307,521
|
|
$ 1,266,608
|
|
$ 1,257,237
|
|
$ 1,221,425
|
|
$ 1,291,938
|
|
$ 1,204,050
|
|
|
Less: Average
goodwill
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
(75,717)
|
|
|
Less: Average customer
relationship intangible assets
|
(9,013)
|
|
(9,866)
|
|
(10,729)
|
|
(11,650)
|
|
(12,643)
|
|
(10,324)
|
|
(14,198)
|
|
|
Average tangible
common equity
|
$ 1,251,000
|
|
$
1,221,938
|
|
$ 1,180,162
|
|
$ 1,169,870
|
|
$ 1,133,065
|
|
$ 1,205,897
|
|
$ 1,114,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
|
Annualized GAAP net
income
|
$ 38,880
|
|
$
57,828
|
|
$
59,612
|
|
$
49,000
|
|
$ 40,620
|
|
$ 51,330
|
|
$ 38,939
|
|
|
Average GAAP common
equity
|
$ 1,335,730
|
|
$
1,307,521
|
|
$ 1,266,608
|
|
$ 1,257,237
|
|
$ 1,221,425
|
|
$ 1,291,938
|
|
$ 1,204,050
|
|
|
Return on average
equity
|
2.9 %
|
|
4.4 %
|
|
4.7 %
|
|
3.9 %
|
|
3.3 %
|
|
4.0 %
|
|
3.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on tangible
common equity
|
|
|
Annualized GAAP net
income
|
$ 38,880
|
|
$
57,828
|
|
$
59,612
|
|
$
49,000
|
|
$ 40,620
|
|
$ 51,330
|
|
$ 38,939
|
|
|
Average tangible common
equity
|
$ 1,251,000
|
|
$
1,221,938
|
|
$ 1,180,162
|
|
$ 1,169,870
|
|
$ 1,133,065
|
|
$ 1,205,897
|
|
$ 1,114,135
|
|
|
Return on tangible
common equity
|
3.1 %
|
|
4.7 %
|
|
5.1 %
|
|
4.2 %
|
|
3.6 %
|
|
4.3 %
|
|
3.5 %
|
|
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SOURCE LendingClub Corporation
