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LendingClub Reports Second Quarter 2024 Results

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2 years ago

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10% Sequential Originations Growth

Strong Balance Sheet Growth with Stable Net Interest Margin Drives Increase in Revenue

SAN FRANCISCO, July 30, 2024 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the second quarter ended June 30, 2024.

“Our second quarter results mark an inflection point, with our business calibrated to the current rate environment and positioned to accelerate as conditions improve,” said Scott Sanborn, LendingClub CEO. “Thanks to our unique product innovations, we were able to capture strong borrower and marketplace investor demand, delivering growth in originations, revenue, and profitability. I look forward to building on our momentum in the quarters ahead.”

Second Quarter 2024 Results

Balance Sheet:

Total assets of $9.6 billion compared to $9.2 billion in the prior quarter, primarily due to growth in securities related to the structured certificates program and growth in the extended seasoning portfolio.Securities available for sale of $2.8 billion, compared to $2.2 billion in the prior quarter, primarily reflecting growth in the structured certificates program.Whole loans held on the balance sheet of $5.1 billion, which consists of loans and leases held for investment and loans held for sale, were roughly flat compared to the prior quarter.Deposits of $8.1 billion compared to $7.5 billion in the prior quarter, primarily due to an increase in high-yield savings and certificates of deposit.87% of total deposits are FDIC-insured.Strong liquidity profile with $3.0 billion in readily available liquidity.Strong capital position with a consolidated Tier 1 leverage ratio of 12.1% and consolidated Common Equity Tier 1 capital ratio of 17.9%.Book value per common share increased to $11.52, compared to $11.40 in the prior quarter.Tangible book value per common share increased to $10.75, compared to $10.61 in the prior quarter.

Financial Performance:

Loan originations of $1.8 billion, compared to $1.6 billion in the prior quarter, driven by the successful execution of new consumer loan initiatives combined with marketplace investor demand for structured certificates and higher whole loan retention.Total net revenue of $187.2 million, compared to $180.7 million in the prior quarter, driven by:Marketplace revenue of $56.4 million, compared to $55.9 million in the prior quarter, primarily reflecting higher marketplace loan originations and improved loan sale pricing partially offset by the expected fair value adjustments on the maturing Held for Sale portfolio.Net interest income of $128.5 million, compared to $122.9 million in the prior quarter, primarily reflecting growth in total interest-earning assets at a stable net interest margin of 5.75%.Provision for credit losses of $35.6 million, compared to $31.9 million in the prior quarter.Net income increased to $14.9 million, with diluted EPS of $0.13, compared to $12.3 million, with diluted EPS of $0.11, in the prior quarter. The increase was primarily driven by higher net interest income from growth in the balance sheet.Pre-Provision Net Revenue (PPNR) of $55.0 million, compared to $48.5 million in the prior quarter, primarily driven by higher total net revenue while maintaining stable expenses.

Three Months Ended

($ in millions, except per share amounts)

June 30,
2024

March 31,
2024

June 30,
2023

Total net revenue

$              187.2

$              180.7

$              232.5

Non-interest expense

132.3

132.2

151.1

Pre-provision net revenue (1)

55.0

48.5

81.4

Provision for credit losses

35.6

31.9

66.6

Income before income tax expense

19.4

16.5

14.8

Income tax expense

(4.5)

(4.3)

(4.7)

Net income

$                14.9

$                12.3

$                10.1

Diluted EPS

$                0.13

$                0.11

$                0.09

(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 and Tangible Book Value Per Common Share, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.

Financial Outlook

Third Quarter 2024

Loan originations

$1.8B to $1.9B

Pre-provision net revenue (PPNR)

$40M to $50M

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 $90 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 4.9 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 second 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, July 30, 2024. 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 895739, 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 August 6, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 305717. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), 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 and Tangible Book Value Per Common Share. 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 Pre-Provision Net Revenue is an important measure because it reflects the financial performance of our business operations. Pre-Provision Net Revenue is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe Tangible Book Value (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 common equity reduced by goodwill and intangible assets, divided by ending common shares issued and outstanding.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on page 14 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense 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

June 30,
2024

March 31,
2024

December 31,

2023

September 30,

2023

June 30,
2023

Q/Q

Y/Y

Operating Highlights:

Non-interest income

$     58,713

$       57,800

$         54,129

$          63,844

$     85,818

2 %

(32) %

Net interest income

128,528

122,888

131,477

137,005

146,652

5 %

(12) %

Total net revenue

187,241

180,688

185,606

200,849

232,470

4 %

(19) %

Non-interest expense

132,258

132,233

130,015

128,035

151,079

0 %

(12) %

Pre-provision net revenue(1)

54,983

48,455

55,591

72,814

81,391

13 %

(32) %

Provision for credit losses

35,561

31,927

41,907

64,479

66,595

11 %

(47) %

Income before income tax expense

19,422

16,528

13,684

8,335

14,796

18 %

31 %

Income tax expense

(4,519)

(4,278)

(3,529)

(3,327)

(4,686)

6 %

(4) %

Net income

$     14,903

$       12,250

$         10,155

$            5,008

$     10,110

22 %

47 %

Basic EPS

$         0.13

$           0.11

$             0.09

$              0.05

$         0.09

18 %

44 %

Diluted EPS

$         0.13

$           0.11

$             0.09

$              0.05

$         0.09

18 %

44 %

LendingClub Corporation Performance Metrics:

Net interest margin

5.75 %

5.75 %

6.40 %

6.91 %

7.09 %

Efficiency ratio(2)

70.6 %

73.2 %

70.0 %

63.7 %

65.0 %

Return on average equity (ROE)(3)

4.7 %

3.9 %

3.3 %

1.7 %

3.4 %

Return on average total assets (ROA)(4)

0.6 %

0.5 %

0.5 %

0.2 %

0.5 %

Marketing expense as a % of loan originations

1.47 %

1.47 %

1.44 %

1.30 %

1.19 %

LendingClub Corporation Capital Metrics:

Common equity Tier 1 capital ratio

17.9 %

17.6 %

17.9 %

16.9 %

16.1 %

Tier 1 leverage ratio

12.1 %

12.5 %

12.9 %

13.2 %

12.4 %

Book value per common share

$       11.52

$         11.40

$           11.34

$            11.02

$       11.09

1 %

4 %

Tangible book value per common share(1)

$       10.75

$         10.61

$           10.54

$            10.21

$       10.26

1 %

5 %

Loan Originations (in millions)(5):

Total loan originations

$       1,813

$         1,646

$           1,630

$            1,508

$       2,011

10 %

(10) %

Marketplace loans

$       1,477

$         1,361

$           1,432

$            1,182

$       1,353

9 %

9 %

Loan originations held for investment

$          336

$            285

$              198

$               326

$          657

18 %

(49) %

Loan originations held for investment as a % of total loan originations

19 %

17 %

12 %

22 %

33 %

Servicing Portfolio AUM (in millions)(6):

Total servicing portfolio

$     12,999

$       13,437

$         14,122

$           14,818

$     15,669

(3) %

(17) %

Loans serviced for others

$       8,337

$         8,671

$           9,336

$             9,601

$     10,204

(4) %

(18) %

(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 total assets for the period presented.

(5)  

Includes unsecured personal loans and auto loans only.

(6)    

Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and held for investment 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

June 30,
2024

March 31,
2024

December 31,

2023

September 30,

2023

June 30,
2023

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$  2,814,383

$      2,228,500

$       1,620,262

$             795,669

$     523,579

26 %

438 %

Loans held for sale at fair value

$     791,059

$         550,415

$          407,773

$             362,789

$     250,361

44 %

216 %

Loans and leases held for investment at amortized cost

$  4,228,391

$      4,505,816

$       4,850,302

$          5,237,277

$  5,533,349

(6) %

(24) %

Gross allowance for loan and lease losses (1)

$    (285,368)

$        (311,794)

$         (355,773)

$            (388,156)

$    (383,960)

(8) %

(26) %

Recovery asset value (2)

$       56,459

$           52,644

$            45,386

$               37,661

$       28,797

7 %

96 %

Allowance for loan and lease losses

$    (228,909)

$        (259,150)

$         (310,387)

$            (350,495)

$    (355,163)

(12) %

(36) %

Loans and leases held for investment at amortized cost, net

$  3,999,482

$      4,246,666

$       4,539,915

$          4,886,782

$  5,178,186

(6) %

(23) %

Loans held for investment at fair value (3)

$     339,222

$         427,396

$          272,678

$             344,417

$     430,956

(21) %

(21) %

Total loans and leases held for investment (3)

$  4,338,704

$      4,674,062

$       4,812,593

$          5,231,199

$  5,609,142

(7) %

(23) %

Whole loans held on balance sheet (4)

$  5,129,763

$      5,224,477

$       5,220,366

$          5,593,988

$  5,859,503

(2) %

(12) %

Total assets

$  9,586,050

$      9,244,828

$       8,827,463

$          8,472,351

$  8,342,506

4 %

15 %

Total deposits

$  8,095,328

$      7,521,655

$       7,333,486

$          7,000,263

$  6,843,535

8 %

18 %

Total liabilities

$  8,298,105

$      7,978,542

$       7,575,641

$          7,264,132

$  7,136,983

4 %

16 %

Total equity

$  1,287,945

$      1,266,286

$       1,251,822

$          1,208,219

$  1,205,523

2 %

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)    

Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amounts have been reclassified to conform to the current period presentation.

(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

June 30,
2024

March 31,
2024

December 31,
2023

September 30,
2023

June 30,
2023

Asset Quality Metrics (1):

Allowance for loan and lease losses to total loans and leases held
for investment at amortized cost

5.4 %

5.8 %

6.4 %

6.7 %

6.4 %

Allowance for loan and lease losses to commercial loans and leases
held for investment at amortized cost

2.7 %

1.9 %

1.8 %

2.0 %

1.9 %

Allowance for loan and lease losses to consumer loans and leases
held for investment at amortized cost

5.9 %

6.4 %

7.2 %

7.4 %

7.1 %

Gross allowance for loan and lease losses to consumer loans and
leases held for investment at amortized cost

7.5 %

7.8 %

8.3 %

8.2 %

7.7 %

Net charge-offs

$          66,818

$          80,483

$          82,511

$          68,795

$          59,884

Net charge-off ratio (2)

6.2 %

6.9 %

6.6 %

5.1 %

4.4 %

(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:

June 30,
2024

December 31,
2023

Unsecured personal

$       3,144,504

$       3,726,830

Residential mortgages

178,290

183,050

Secured consumer

244,288

250,039

Total consumer loans held for investment

3,567,082

4,159,919

Equipment finance (1)

83,770

110,992

Commercial real estate

381,873

380,322

Commercial and industrial

195,666

199,069

Total commercial loans and leases held for investment

661,309

690,383

Total loans and leases held for investment at amortized cost

4,228,391

4,850,302

Allowance for loan and lease losses

(228,909)

(310,387)

Loans and leases held for investment at amortized cost, net

$       3,999,482

$       4,539,915

Loans held for investment at fair value (2)

339,222

272,678

Total loans and leases held for investment

$       4,338,704

$       4,812,593

(1) 

Comprised of sales-type leases for equipment.

(2)   

Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amount has been reclassified to conform to the current period presentation.

 

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:

June 30, 2024

December 31, 2023

Gross allowance for loan and lease losses (1)

$                285,368

$                355,773

Recovery asset value (2)

(56,459)

(45,386)

Allowance for loan and lease losses

$                228,909

$                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

June 30, 2024

March 31, 2024

Consumer

Commercial

Total

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    246,280

$        12,870

$ 259,150

$    298,061

$        12,326

$ 310,387

Credit loss expense for loans and leases held for investment

30,760

5,817

36,577

27,686

1,560

29,246

Charge-offs

(77,494)

(594)

(78,088)

(89,110)

(1,232)

(90,342)

Recoveries

11,183

87

11,270

9,643

216

9,859

Allowance for loan and lease losses, end of period

$    210,729

$        18,180

$ 228,909

$    246,280

$        12,870

$ 259,150

Three Months Ended

June 30, 2023

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    333,546

$        15,311

$ 348,857

Credit loss expense (benefit) for loans and leases held for investment

66,874

(684)

66,190

Charge-offs

(63,345)

(924)

(64,269)

Recoveries

4,086

299

4,385

Allowance for loan and lease losses, end of period

$    341,161

$        14,002

$ 355,163

 

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:

June 30, 2024

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$      24,837

$      22,869

$      23,825

$             71,531

$                     —

Residential mortgages

—

147

—

147

—

Secured consumer

1,825

622

258

2,705

—

Total consumer loans held for investment

$      26,662

$      23,638

$      24,083

$             74,383

$                     —

Equipment finance

$              18

$              —

$                8

$                     26

$                     —

Commercial real estate

7,422

384

8,569

16,375

10,894

Commercial and industrial

8,715

774

5,869

15,358

12,736

Total commercial loans and leases held for investment

$      16,155

$         1,158

$      14,446

$             31,759

$             23,630

Total loans and leases held for investment at amortized cost

$      42,817

$      24,796

$      38,529

$           106,142

$             23,630

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 (%)

June 30,
2024

March 31,
2024

June 30,
2023

Q2 2024

vs

Q1 2024

Q2 2024

vs

Q2 2023

Non-interest income:

Origination fees

$         77,131

$          70,079

$         70,989

10 %

9 %

Servicing fees

19,869

19,592

22,015

1 %

(10) %

Gain on sales of loans

10,748

10,909

13,221

(1) %

(19) %

Net fair value adjustments

(51,395)

(44,689)

(23,442)

15 %

119 %

Marketplace revenue

56,353

55,891

82,783

1 %

(32) %

Other non-interest income

2,360

1,909

3,035

24 %

(22) %

Total non-interest income

58,713

57,800

85,818

2 %

(32) %

Total interest income

219,634

207,351

214,486

6 %

2 %

Total interest expense

91,106

84,463

67,834

8 %

34 %

Net interest income

128,528

122,888

146,652

5 %

(12) %

Total net revenue

187,241

180,688

232,470

4 %

(19) %

Provision for credit losses

35,561

31,927

66,595

11 %

(47) %

Non-interest expense:

Compensation and benefits

56,540

59,554

71,553

(5) %

(21) %

Marketing

26,665

24,136

23,940

10 %

11 %

Equipment and software

12,360

12,684

13,968

(3) %

(12) %

Depreciation and amortization

13,072

12,673

11,638

3 %

12 %

Professional services

7,804

7,091

9,974

10 %

(22) %

Occupancy

3,941

3,861

4,684

2 %

(16) %

Other non-interest expense

11,876

12,234

15,322

(3) %

(22) %

Total non-interest expense

132,258

132,233

151,079

— %

(12) %

Income before income tax expense

19,422

16,528

14,796

18 %

31 %

Income tax expense

(4,519)

(4,278)

(4,686)

6 %

(4) %

Net income

$         14,903

$          12,250

$         10,110

22 %

47 %

Net income per share: 

Basic EPS

$             0.13

$              0.11

$             0.09

18 %

44 %

Diluted EPS

$             0.13

$              0.11

$             0.09

18 %

44 %

Weighted-average common shares – Basic

111,395,025

110,685,796

107,892,590

1 %

3 %

Weighted-average common shares – Diluted

111,466,497

110,687,380

107,895,072

1 %

3 %

 

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

 

Consolidated LendingClub Corporation (1)

Three Months Ended

June 30, 2024

Three Months Ended

March 31, 2024

Three Months Ended

June 30, 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

$    976,330

$  13,168

5.40 %

$ 1,217,395

$   16,503

5.42 %

$ 1,512,700

$  19,134

5.06 %

Securities available for sale at fair value

2,406,767

42,879

7.13 %

1,972,561

35,347

7.17 %

437,473

5,948

5.44 %

Loans held for sale at fair value

838,143

26,721

12.75 %

467,275

14,699

12.58 %

106,865

4,433

16.59 %

Loans and leases held for investment:

Unsecured personal loans

3,243,161

108,425

13.37 %

3,518,101

116,055

13.20 %

4,360,506

145,262

13.33 %

Commercial and other consumer loans

1,097,846

16,394

5.97 %

1,115,931

16,338

5.86 %

1,156,751

16,823

5.82 %

Loans and leases held for investment at amortized cost

4,341,007

124,819

11.50 %

4,634,032

132,393

11.43 %

5,517,257

162,085

11.75 %

Loans held for investment at fair value (3)

383,872

12,047

12.55 %

256,335

8,409

13.12 %

703,729

22,886

13.01 %

Total loans and leases held for investment (3)

4,724,879

136,866

11.59 %

4,890,367

140,802

11.52 %

6,220,986

184,971

11.89 %

Total interest-earning assets

8,946,119

219,634

9.82 %

8,547,598

207,351

9.70 %

8,278,024

214,486

10.36 %

Cash and due from banks and restricted cash

55,906

58,440

78,221

Allowance for loan and lease losses

(245,478)

(291,168)

(354,348)

Other non-interest earning assets

632,253

631,468

686,956

Total assets

$ 9,388,800

$ 8,946,338

$ 8,688,853

Interest-bearing liabilities

Interest-bearing deposits:

Checking and money market accounts

$ 1,097,696

$  10,084

3.69 %

$ 1,054,614

$     9,410

3.59 %

$ 1,397,302

$    7,760

2.23 %

Savings accounts and certificates of deposit

6,449,061

80,109

5.00 %

6,069,942

74,553

4.94 %

5,546,862

58,761

4.25 %

Interest-bearing deposits

7,546,757

90,193

4.81 %

7,124,556

83,963

4.74 %

6,944,164

66,521

3.84 %

Other interest-bearing liabilities (3)

56,628

913

6.45 %

26,571

500

7.53 %

64,169

1,313

8.18 %

Total interest-bearing liabilities

7,603,385

91,106

4.82 %

7,151,127

84,463

4.75 %

7,008,333

67,834

3.88 %

Non-interest bearing deposits

303,199

317,430

205,750

Other liabilities

215,608

220,544

272,142

Total liabilities

$ 8,122,192

$ 7,689,101

$ 7,486,225

Total equity

$ 1,266,608

$ 1,257,237

$ 1,202,628

Total liabilities and equity

$ 9,388,800

$ 8,946,338

$ 8,688,853

Interest rate spread

5.00 %

4.95 %

6.48 %

Net interest income and net interest margin

$  128,528

5.75 %

$ 122,888

5.75 %

$  146,652

7.09 %

(1)  

Consolidated presentation reflects intercompany eliminations.

(2) 

Nonaccrual loans and any related income are included in their respective loan categories.

(3)    

Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Other interest-bearing liabilities.” Prior period amounts have been reclassified to conform to the current period presentation.

 

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

 

June 30,
2024

December 31,
2023

Assets

Cash and due from banks

$            19,099

$         14,993

Interest-bearing deposits in banks

919,020

1,237,511

Total cash and cash equivalents

938,119

1,252,504

Restricted cash

31,332

41,644

Securities available for sale at fair value ($2,869,880 and $1,663,990 at amortized cost, respectively)

2,814,383

1,620,262

Loans held for sale at fair value

791,059

407,773

Loans and leases held for investment

4,228,391

4,850,302

Allowance for loan and lease losses

(228,909)

(310,387)

Loans and leases held for investment, net

3,999,482

4,539,915

Loans held for investment at fair value (1)

339,222

272,678

Property, equipment and software, net

166,150

161,517

Goodwill

75,717

75,717

Other assets

430,586

455,453

Total assets

$        9,586,050

$     8,827,463

Liabilities and Equity

Deposits:

Interest-bearing

$        7,759,632

$     7,001,680

Noninterest-bearing

335,696

331,806

Total deposits

8,095,328

7,333,486

Borrowings (1)

5,474

19,354

Other liabilities

197,303

222,801

Total liabilities

8,298,105

7,575,641

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 111,812,215 and 110,410,602 shares issued and outstanding, respectively

1,118

1,104

Additional paid-in capital

1,685,865

1,669,828

Accumulated deficit

(361,653)

(388,806)

Accumulated other comprehensive loss

(37,385)

(30,304)

Total equity

1,287,945

1,251,822

Total liabilities and equity

$        9,586,050

$     8,827,463

(1)   

Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Borrowings.” Prior period amounts have been reclassified to conform to the current period presentation.

 

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

June 30,
2024

March 31,

2024

December 31,

2023

September 30,

2023

June 30,
2023

GAAP Net income

$                  14,903

$                  12,250

$                  10,155

$                    5,008

$                  10,110

Less: Provision for credit losses

(35,561)

(31,927)

(41,907)

(64,479)

(66,595)

Less: Income tax expense

(4,519)

(4,278)

(3,529)

(3,327)

(4,686)

Pre-provision net revenue

$                  54,983

$                  48,455

$                  55,591

$                  72,814

$                  81,391

For the three months ended

June 30,
2024

March 31,

2024

December 31,

2023

September 30,

2023

June 30,
2023

Non-interest income

$                  58,713

$                  57,800

$                  54,129

$                  63,844

$                  85,818

Net interest income

128,528

122,888

131,477

137,005

146,652

Total net revenue

187,241

180,688

185,606

200,849

232,470

Non-interest expense

(132,258)

(132,233)

(130,015)

(128,035)

(151,079)

Pre-provision net revenue

54,983

48,455

55,591

72,814

81,391

Provision for credit losses

(35,561)

(31,927)

(41,907)

(64,479)

(66,595)

Income before income tax expense

19,422

16,528

13,684

8,335

14,796

Income tax expense

(4,519)

(4,278)

(3,529)

(3,327)

(4,686)

GAAP Net income

$                  14,903

$                  12,250

$                  10,155

$                    5,008

$                  10,110

Tangible Book Value Per Common Share

June 30,
2024

March 31,

2024

December 31,

2023

September 30,

2023

June 30,
2023

GAAP common equity

$        1,287,945

$        1,266,286

$        1,251,822

$        1,208,219

$        1,205,523

Less: Goodwill

(75,717)

(75,717)

(75,717)

(75,717)

(75,717)

Less: Intangible assets

(10,293)

(11,165)

(12,135)

(13,151)

(14,167)

Tangible common equity

$        1,201,935

$        1,179,404

$        1,163,970

$        1,119,351

$        1,115,639

Book value per common share

GAAP common equity

$        1,287,945

$        1,266,286

$        1,251,822

$        1,208,219

$        1,205,523

Common shares issued and outstanding

111,812,215

111,120,415

110,410,602

109,648,769

108,694,120

Book value per common share

$               11.52

$               11.40

$               11.34

$               11.02

$               11.09

Tangible book value per common share

Tangible common equity

$        1,201,935

$        1,179,404

$        1,163,970

$        1,119,351

$        1,115,639

Common shares issued and outstanding

111,812,215

111,120,415

110,410,602

109,648,769

108,694,120

Tangible book value per common share

$               10.75

$               10.61

$               10.54

$               10.21

$               10.26

 

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SOURCE LendingClub Corporation

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IIFL Capital’s Maiden Late-Stage Private Equity Fund Announces First Close at ~ ₹500 Crore

Published

31 minutes ago

on

October 22, 2026

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IIFL Capital’s Late-Stage Private Equity Fund targets a final close in excess of ₹1,000 crore within nine months from First CloseTwo transactions have already been committed with a pipeline of seven to eight deals under evaluation

MUMBAI, India, Oct. 22, 2026 /PRNewswire/ — IIFL Capital Asset Management Limited, the Asset Management arm of IIFL Capital, today announced that the IIFL Late-Stage Private Equity Fund, the maiden fund of its private equity platform, achieved its first close on 15 September 2026 with aggregate capital commitments of ~ ₹500 crore. The Fund invests in scaled-up, profitable Indian enterprises that are preparing to list on the public markets in the near term.

The Fund is targeting a total corpus of ₹1,000 crore, with a greenshoe option of additional ₹1,000 crore. It will remain open for subscription after the first close and aims to reach its final close within the next nine months. A larger corpus allows the Fund to back high-quality companies operating on a scale, in line with its late-stage, pre-IPO strategy.

The Fund is also evaluating a robust pipeline of opportunities, ranging from term sheet negotiations to transactions under diligence. The pipeline is diversified across integrated security-as-a-service, railway and wind energy components, specialty chemicals, defence equipment, IT-enabled services, pre-engineered buildings and consumer technology.

The Fund follows a clear mandate focused on scaled businesses nearing a public listing. The fund looks at sectors that envisage growth rate of 15%-18% per annum. The investee company should be amongst the top three-five players in its category, should have an EBITDA of at least ₹75-100 crore at investment with the intention to pursue IPO within three years. The average deal size is expected to be ₹50-100 crore per transaction.

Commenting on the milestone, Mr. Deepak Mittal, Chief Investment Officer and Head – Private Equity, IIFL Capital Asset Management Limited, said: “The first close marks the point at which this Fund moves from being a proposition to being a portfolio. We are grateful to our investors for their confidence in a volatile global environment. With two high-quality transactions already committed and a live pipeline of seven to eight opportunities, we believe IIFL’s capabilities give us a distinct advantage in backing scaled enterprises on their journey to the public markets.”

The first close comes in the backdrop of India’s primary market revival. After a subdued April-June quarter, July and August 2026 together saw 35 mainboard IPOs, and foreign portfolio investors returned as net buyers, including through IPOs. Real GDP grew 7.8% in Q1 FY27, with gross fixed capital formation up 11.9%, supporting the sectors the Fund is targeting.

About IIFL Capital Asset Management Limited

IIFL Capital Asset Management Limited (formerly IIFL Securities Alternate Asset Management Limited) is the Investment Manager for Alternative Investment Funds sponsored by IIFL Capital Services Limited. It is registered with SEBI as an Alternative Investment Fund manager (IN/AIF3/19-20/0770, IN/AIF2/21-22/088), Investment Adviser (INA000019956) and Portfolio Manager (INP000009445). Registered office: Ground Floor 01, Hubtown Solaris, Saiwadi, N S Phadke Road, Andheri East, Mumbai 400069. Website: assetmanagement.iiflcapital.com

About IIFL Capital Services Ltd

IIFL Capital Services Ltd (formerly known as IIFL Securities Limited) (NSE: IIFLCAPS) (BSE: 542773) is one of the key capital market players in the Indian financial services space. IIFL Capital offers broking services, wealth management, financial products distribution, institutional broking, research and investment banking services.

Disclaimer: This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any units of the IIFL Late-Stage Private Equity Fund or any securities. Investments in alternative investment funds are subject to market and other risks, including loss of capital. Investors should read the Private Placement Memorandum, including the risk factors, before investing. Registration granted by SEBI, enlistment with BSE, and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Past performance of securities/instruments is not indicative of their future performance.

 

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Snapmaker Introduces New Filament Bundle, Expanding Its Full Spectrum Printing Ecosystem

Published

31 minutes ago

on

October 22, 2026

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The Snapmaker PLA Full Spectrum Filament Bundle (White Edition) combines pure-white capability, more saturated cyan, magenta, and yellow filaments, and finely tuned light-transmission properties for vibrant, natural-looking color mixes. It expands Snapmaker’s integrated ecosystem of dedicated materials, Snapmaker Orca software, and U1 hardware.

SHENZHEN, China, Oct. 22, 2026 /PRNewswire-PRWeb/ — Snapmaker has introduced the Snapmaker PLA Full Spectrum Filament Bundle (White Edition), expanding the creative possibilities of layered color mixing on Snapmaker U1. The four-spool set combines semi-translucent cyan, magenta, yellow, and white PLA filaments to produce a broader palette, from vivid color mixes and soft pastels to directly printed pure-white details.

“Together with the reformulated color filaments, the addition of white opens up a broader range of visual styles.” — Blayne Sapelli, Creative Marketing Manager at Snapmaker.

Four Filaments, Beyond Four Colors

Full Spectrum color mixing creates additional perceived colors by alternating thin layers of semi-translucent filaments along the Z-axis. As light interacts with these layers, their colors blend visually, allowing a single print to go beyond the four loaded filament colors.

Snapmaker Orca, Snapmaker’s official slicing software, supports this layered color mixing workflow. Together with U1’s multi-toolhead architecture, it provides a practical foundation for exploring more colors with a small set of materials.

Radu “Ratdoux,” creator of Full Spectrum and now part of the Snapmaker team, said: “Full Spectrum changes the way we think about color in consumer FDM printing. Instead of adding more and more individual filament colors, we can use a small set of calibrated materials together with software and multi-toolhead hardware to generate a much broader spectrum. Our goal is to make that process simple enough that users can focus on what they want to create rather than how to engineer the color.”

Filaments Engineered for Brighter Color

White filament brings two distinct benefits: it enables pure-white areas that layered color mixing alone cannot produce, and it brightens mixed colors while reducing saturation for lighter, softer tones. Reformulated cyan, magenta, and yellow filaments offer stronger saturation, helping deliver more vibrant mixes.

The filaments’ color and Transmission Distance properties are tuned to promote natural blending and help reduce visible horizontal stripes. On Snapmaker U1, RFID recognition automatically loads preset filament information, simplifying setup.

These properties give creators more flexibility to combine vivid accents, gentle shades, and white details in character models, collectibles, home décor, and sculptural artwork. The four-spool approach also reduces the need to store separate filament colors for occasional use.

“Adding white is a meaningful step for creators who want lighter palettes and pure-white details within the same four-spool setup,” said Blayne Sapelli, Creative Marketing Manager at Snapmaker, “Together with the reformulated color filaments, it opens up a different range of visual styles. It also reflects how we are building our ecosystem: developing dedicated materials around real creative needs and connecting them with the tools people use to print.”

An Integrated Ecosystem for Color Creation

The Snapmaker PLA Full Spectrum Filament Bundle (White Edition) joins the Snapmaker PLA Full Spectrum Filament Bundle (Gray Edition) and the SnapSpeed PLA CMYK Lithophane Filament Bundle, expanding Snapmaker’s official lineup to three purpose-designed bundles.

The two PLA Full Spectrum bundles are designed for three-dimensional color mixing. The new bundle enables brighter mixes, softer pastels, and pure-white details, while the Gray Edition offers darker, more muted tones. The CMYK Lithophane bundle is optimized for flat, layered-color printing, including colorful backlit lithophanes made from photographs and illustrations.

Built around U1 and Snapmaker Orca, the lineup connects specialized materials with hardware and software support.

Pricing and Product Information

The bundle is priced at US$89 and contains four 1 kg spools, totaling 4 kg. For product details and regional purchasing information, visit the official product page.

About Snapmaker

Snapmaker makes products that empower everyone to change the world — literally. From 3-in-1 desktop fabrication machines to the Snapmaker U1 multicolor, multimaterial, toolchanger 3D printer, to the software that powers it all, Snapmaker is building an ecosystem that democratizes creation. Snapmaker: Make Something Wonderful.

For more information, visit Snapmaker.com.

Media Contact

Hao Jiang, Snapmaker, 86 13588745216, jianghao@snapmaker.com, www.snapmaker.com

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SOURCE Snapmaker

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Today, Intelligent Legal Solutions (ILS) and Anduin announced a partnership to provide a more streamlined service for both fund managers and law firms

Published

31 minutes ago

on

October 22, 2026

By

PALO ALTO, Calif., Oct. 22, 2026 /PRNewswire/ — Intelligent Legal Solutions (ILS) and Anduin have announced a partnership to create a more connected fundraising experience for private markets fund managers and law firms.

ILS is the legal technology company behind ProVision, a platform for private investment funds lawyers and their clients, while Anduin provides technology for private markets fundraising and investor operations. Through the partnership, the companies will build an integration connecting their platforms to support a more streamlined, end-to-end fundraising process.

Launched in 2024, ILS works with 89% of law firms ranked in the top three bands by Chambers USA for Private Equity: Fund Formation nationwide. Its technology has supported fundraises totaling more than $825 billion across North America, the UK, EMEA and APAC.

Anduin’s platform has supported more than 1,300 private investment funds, onboarded over 76,000 investors and powered more than $265 billion in capital raised. Its customers represent more than $7 trillion in aggregate assets under management.

Fergus Plant, Co-Founder of ILS, said: “We are hugely excited to announce our partnership with Anduin. They are a mainstay of the private markets tech space, and we are proud to collaborate to bring a more complete solution to our customers. Our recent launch of the Fund Manager Portal for ProVision more closely aligns our customers, deepening the benefits of this relationship.”

Eliot Hodges, CEO of Anduin, said: “Fundraising still involves too many handoffs between systems, teams and advisers. By connecting Anduin’s subscription and investor onboarding workflows with ProVision’s side letter, comment memo, MFN and obligation management capabilities, we can help firms carry data more seamlessly through the fundraising process and reduce the operational burden around close.”

Read more at https://anduintransact.com/blog/anduin-partners-with-ils 

Fund managers and law firms interested in learning more can contact:

About Anduin
Anduin is the leading digital platform for managing fund lifecycles and LP relationships. The company has facilitated $118 billion in global capital and supports 48,000+ investors across 890+ funds. Learn more at anduintransact.com.

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SOURCE Anduin Transactions

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