LendingClub Reports Third Quarter 2025 Results
LendingClub Reports Third Quarter 2025 Results
October 22, 2025
Delivered record Pre-tax Income of $57 million, 12.4% ROE and 13.2% ROTCE
Grew Originations +37%, Revenue +32%, and Diluted EPS +185% compared to prior year
Secured an MOU by which funds and accounts managed by BlackRock (NYSE: BLK) investment advisors will invest up to $1 billion through LendingClub's marketplace programs through 2026
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 $65.5 million in the prior year.
| ($ in millions, except per share amounts) | Three Months Ended | % Change | |||
|---|---|---|---|---|---|
| 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% |
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
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
As of and for the three months ended
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | Q/Q | Y/Y | |
|---|---|---|---|---|---|---|---|
| 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 % |
| 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 loan originations | 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 |
| Tangible book value per common share^{(1)}$ | $ 11.95 | $ 11.53 | $ 11.22 | $ 11.09 | $ 11.19 |
| Loan Originations (in millions)^{(6)}: | |||||
| Total loan originations | $ 2,622 | $ 2,391 | $ 1,989 | $ 1,846 | $ 1,913 |
| Marketplace loans | $ 2,027 | $ 1,702 | $ 1,314 | $ 1,241 | $ 1,403 |
| Loan originations held for investment | $ | 594 | $ | 689 | $ | 675 | $ | 605 | $ | 510(14%) | 16% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Loan originations held for investment as a % 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% | | Loans serviced for others | $ | 7,612 | $ | 7,185 | $ | 7,130 | $ | 7,207 | $ | 7,028 | 6% |
--- .
(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
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share and per share data) (Unaudited)
| Three Months Ended | Change(%) | ||||
|---|---|---|---|---|---|
| September 30,2025 | June 30,2025 | September 30,2024 | Q3 2025vsQ2 2025 | Q3 2025vsQ3 2024 | |
| Non-interest income: | |||||
| Origination fees | $105,731 | 87,578 | $71,465 | 21% | 48% |
| Servicing fees | 17,000 | 16,395 | 8,081 | 4% | 110% |
| Gain on sales of loans | 17,799 | 13,540 | 12,433 | 31% | 43% |
| Marketplace revenue | 102,155 | 89,644 | 58,384 | 14% | 75% |
| Total non-interest income | 107,792 | 94,186 | 61,640 | 14% | 75% |
| Total interest income | 241,801 | 237,097 | 240,377 | 2% | 1% |
| Total interest expense | 83,362 | 82,848 | 100,136 | 1% | (17)% |
| Net interest income | 158,439 | 154,249 | 140,241 | 3% | 13% |
| Total net revenue | 266,231 | 248,435 | 201,881 | 7% | 32% |
| Provision for credit losses | 46,280 | 39,733 | 47,541 | 16% | (3)% |
| Non-interest expense: | |||||
| Compensation and benefits | 60,830 | 61,989 | 57,408 | (2)% | 6% |
| Marketing | 40,712 | 33,580 | 26,186 | 21% | 55% |
| Other non-interest expense | 14,660 | 14,107 | 14,589 | 4% | —% |
| Total non-interest expense | 162,713 | 154,718 | 136,332 | 5% | 19% |
| Income before income tax expense | 57,238 | 53,984 | 18,008 | 6% | 218% |
| Income tax expense | (12,964) | (15,806) | (3,551) | (18%) | 265% |
| Net income | 44,274 | 38,178 | 14,457 | 16% | 206% |
| Net income per share: | |||||
| Basic EPS | 0.39 | 0.33 | 0.13 | 18% | 200% |
| Diluted EPS | 0.37 | 0.33 | 0.13 | 12% | 185% |
| Weighted-average common shares-Basic | 114,961,676 | 114,409,231 | 112,042,202 | ||
| Weighted-average common shares-Diluted | 118,188,124 | 115,692,969 | 113,922,256 |
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
| Three Months Ended September 30,2025 | Three Months Ended June 30,2025 | Three Months Ended September 30,2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 | $603,777 | $6,390 | 4.23% | $679,603 | $7,113 | 4.19% | $939,611 | $12,442 | 5.30% |
| Securities available for sale at fair value | 3,564,732 | 56,253 | 6.31% | 3,411,020 | 55,339 | 6.49% | 3,047,305 | 52,476 | 6.89% |
| Loans held for sale at fair value | 1,198,581 | 37,628 | 12.56% | 1,061,845 | 32,489 | 12.24% | 899,434 | 30,326 | 13.49% |
| Loans and leases held for investment: | |||||||||
| Unsecured personal loans | 3,268,142 | 110,151 | 13.48% | 3,177,439 | 107,829 | 13.57% | 3,045,150 | 103,291 | 13.57% |
| Commercial and other consumer loans | 1,069,629 | 16,060 | 6.01% | 999,148 | 14,566 | 5.83% | 1,057,688 | 15,497 | 5.86% |
| Loans and leases held for investment at amortized cost | 4,337,771 | 126,211 | 11.64% | 4,176,587 | 122,395 | 11.72% | 4,102,838 | 118,788 | 11.58% |
| Total interest-earning assets | 10,257,709 | 241,801 | 9.43% | 10,051,740 | 237,097 | 9.44% | 9,961,886 | 240,377 | 9.65% |
| Total assets | $10,665,441 | $10,477,064 | $10,401,263 |
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 | |||||
|---|---|---|---|---|---|
| September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | |
| GAAP Net income | $44,274 | 38,178 | 11,671 | 9,720 | 14,457 |
| Less: Provision for credit losses | (46,280) | (39,733) | (58,149) | (63,238) | (47,541) |
| Less: Income tax expense | (12,964) | (15,806) | (4,024) | (1,388) | (3,551) |
| Pre-provision net revenue | 103,518 | 93,717 | 73,844 | 74,346 | 65,549 |
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Amounts) (Unaudited)
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash and due from banks | $10,629 | $15,524 |
| Interest-bearing deposits in banks | 816,758 | 938,534 |
| Total cash and cash equivalents | 827,387 | 954,058 |
| Restricted cash | 18,283 | 23,338 |
| Securities available for sale at fair value | 3,742,304 | 3,452,648 |
| Total assets | $11,072,515 | $10,630,509 |
| Liabilities and Equity | ||
| Deposits： | ||
| Total liabilities | 9,610,302 | 9,288,778 |
| Total equity | 1,462,213 | 1,341,731 |
| Total liabilities and equity | $11,072,515 | $10,630,509 |