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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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-second-quarter-2024-results-302210183.html

SOURCE LendingClub Corporation

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GeoComm Expands Indoor Mapping Delivery Through Partnership with Map I.T.

Published

56 minutes ago

on

September 4, 2026

By

Partnership gives organizations a more scalable path to turn existing building records into usable indoor GIS data.

ST. CLOUD, Minn. and CHARLESTON, S.C., Sept. 4, 2026 /PRNewswire/ — GeoComm, a leader in public safety grade location intelligence, and Map I.T. today announced a partnership designed to help organizations more efficiently collect existing conditions and transform floorplans and building records into structured, operational indoor GIS data.

Organizations often have valuable building information locked in paper floorplans, scanned images, PDFs, CAD files, and other formats that are difficult to use within modern mapping, safety, and operational systems. Converting those materials or creating new floor plans into usable indoor GIS data can require multiple stages of preparation, conversion, quality review, and coordination.

Through the partnership, GeoComm and Map I.T. combine complementary strengths to give customers a coordinated path from existing building records to operational indoor maps. Map I.T. contributes specialized experience in LiDAR laser scanning and reality capture, floor plan and 3D model creation and preparation, and GIS data development, while GeoComm brings public safety grade location intelligence expertise, data quality standards, and operational context. As part of GeoComm’s broader services ecosystem strategy, the companies can align the right expertise and resources with each engagement based on the customer’s needs, providing a flexible approach that is not limited to a single delivery model.

“No single delivery model fits every indoor mapping project,” said Nate Ekdahl, Director of Services Strategy, GeoComm. “Our strategy is to combine GeoComm’s expertise with the right partner capabilities for each engagement, giving customers more flexibility to address projects of different sizes, source materials, and timelines while maintaining a consistent focus on quality and operational outcomes.”

By coordinating capabilities across the project lifecycle, GeoComm and Map I.T. can help customers reduce fragmented handoffs, address larger or more complex initiatives, and maintain consistent expectations around data quality and operational usability.

Through the partnership, customers can:

Create new floor plans and map critical assetsTransform paper, PDF, CAD, and other building records into structured indoor GIS data.Scale indoor mapping initiatives across multiple buildings, campuses, and sites.Reduce fragmented handoffs across preparation, conversion, and GIS development activities.Align delivery resources with project requirements, timelines, and scale.Establish usable indoor maps that support safety and operational workflows.

“By partnering with GeoComm, Map I.T. is combining our reality capture and mapping expertise with their specialized public safety knowledge to provide clients with a seamless project experience and industry-leading deliverables,” said Zachary Jaffe, Founder and CEO, Map I.T. “We look forward to delivering these enhanced capabilities through our collaborative approach.”

The partnership strengthens GeoComm’s growing services ecosystem and provides organizations with a more flexible and scalable way to address indoor mapping needs — bringing together the capabilities required to turn existing building information into trusted location intelligence that can support real-world operations.

About GeoComm

GeoComm provides public safety grade location data and maps that technology partners embed to bring operational context and trusted location intelligence into critical workflows. Through indoor and outdoor mapping, flexible integrations, and actively maintained data, GeoComm helps partners strengthen their platforms with better operational context and shared situational awareness. Together, these capabilities help partners deliver the shared operational picture agencies, organizations, and responders’ need, supporting faster, more informed decisions across critical operations. Learn more at geocomm.com

About Map I.T.

Map I.T. is a geospatial and GIS consulting firm specializing in indoor and outdoor mapping solutions for public safety, emergency response, and facility operations. We leverage LiDAR laser scanning, 360° panoramic imagery, and other reality-capture technologies to create accurate digital representations of the built environment. We transform field-collected data into detailed floor plans, 3D models, indoor maps, and critical asset inventories, then deploy that information through GIS to make it accessible and actionable. Our expertise lies in collecting, compiling, packaging, and delivering spatial data to the people who need it most, when time is of the essence.  Learn more at map-it-llc.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/geocomm-expands-indoor-mapping-delivery-through-partnership-with-map-it-302869699.html

SOURCE GeoComm, Inc

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Party Expert Myla Tebbutt Explains Why Inflatable Obstacle Courses Are Great for Teens in HelloNation

Published

56 minutes ago

on

September 4, 2026

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The article explains how inflatable obstacle courses combine active play, social interaction, and structured design to keep teens engaged at events.

DALLAS, Sept. 4, 2026 /PRNewswire/ — Why are inflatable obstacle courses popular for teen events in Dallas? That question is answered in a HelloNation article featuring insights from Party Expert Myla Tebbutt of Bounce N More in Dallas, TX. The feature explores how inflatable obstacle courses combine active engagement, safe design, and social interaction to create exciting experiences that appeal to older children and teenagers. Tebbutt explains that when properly supervised and installed, these inflatables balance challenge and fun in a structured way that keeps teens moving and connected throughout the event.

The HelloNation article begins by noting that inflatable obstacle courses add more variety and energy to gatherings than traditional bounce houses. Their layouts encourage climbing, crawling, sliding, and racing through a sequence of challenges that stimulate both coordination and endurance. Party Expert Myla Tebbutt explains that this form of structured play keeps teens engaged longer because the activity changes continuously. Each section requires different movements, preventing the monotony that can occur with single-feature inflatables. Teens enjoy repeating the course, competing for time, and cheering for friends, which naturally builds enthusiasm and friendly competition.

Social interaction is a major factor in the success of inflatable obstacle courses at Dallas teen events. The courses allow participants to race side-by-side, encouraging teamwork and lighthearted rivalry. Spectators can easily watch the progress of their friends, creating a lively, supportive environment. According to the HelloNation feature, these setups foster both group participation and peer encouragement, helping teens stay active while maintaining the social connection that defines many youth gatherings. Obstacle courses provide movement and conversation in equal measure, promoting community and engagement without pressure.

Flexibility also makes inflatable obstacle courses valuable for event planning. While they appeal primarily to teens, their design accommodates a range of ages and ability levels. Older children can join in without disrupting the flow, and the built-in structure helps organizers manage lines and participation safely. Limiting the number of participants on the course at a time prevents overcrowding, maintaining a steady pace that works well for both small and large groups. Event planners across Dallas appreciate how this natural pacing supports order and keeps energy levels balanced.

The article highlights that safety remains central to inflatable obstacle course design. Cushioned surfaces reduce impact during climbing and sliding, while enclosed lanes guide participants along a safe, predictable path.

Physical challenge is another reason inflatable obstacle courses stand out at Dallas teen events. The layout offers difficulty without risk, encouraging teens to test their balance and coordination. Short climbing walls, squeeze tunnels, and controlled slides all contribute to a sense of progress and accomplishment. Tebbutt explains that these challenges provide just enough resistance to keep participants engaged while maintaining an atmosphere of fun. Each successful run through the course gives teens a sense of confidence and enjoyment, reinforcing the appeal of active engagement.

Indoor and outdoor adaptability adds further value. Inflatable obstacle courses can fit inside gyms, auditoriums, and recreational spaces during cooler or rainy seasons. During warmer months, they transition easily to outdoor parks, fields, and school grounds. Installation crews in Dallas review ceiling height, floor type, and available power to confirm compatibility with each venue. This flexibility allows event organizers to schedule activities year-round without worrying about weather disruptions.

Another advantage discussed in the HelloNation article is how obstacle courses help manage energy at large gatherings. Teens often bring high levels of enthusiasm that can become difficult to channel during long events. The structured design of an obstacle course provides a focused activity that transforms that energy into positive movement. After completing a run, participants leave smiling, comparing times, and encouraging others. The result is an upbeat environment that keeps everyone engaged while minimizing downtime or restlessness.

Durability also contributes to the reliability of inflatable obstacle courses for Dallas teen events. Units built for older participants feature reinforced seams, thick vinyl materials, and heavier stitching to support faster movement and higher weight capacity. Professional crews inspect each unit before delivery to ensure all surfaces remain firm and responsive. This attention to equipment maintenance supports consistent performance and helps teens feel secure as they move through each obstacle.

The HelloNation feature concludes that inflatable obstacle courses deliver an ideal combination of structured play and social engagement. They challenge teens physically while promoting teamwork, laughter, and community. With professional supervision, safe design, and thoughtful event planning, these inflatables provide dependable entertainment that fits a wide range of Dallas gatherings. Whether at school events, church functions, or graduation celebrations, obstacle courses offer a safe, energetic centerpiece that keeps teens active and connected.

Why Inflatable Obstacle Courses Are Great for Teens features insights from Myla Tebbutt, Party Expert of Dallas, TX, in HelloNation.

About HelloNation

HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/party-expert-myla-tebbutt-explains-why-inflatable-obstacle-courses-are-great-for-teens-in-hellonation-302870050.html

SOURCE HelloNation

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xTool Brings “The Human Age of Making” to IFA 2026, Empowering a New Generation of Creators

Published

56 minutes ago

on

September 4, 2026

By

BERLIN, Sept. 4, 2026 /PRNewswire/ — At IFA 2026, xTool will present the European debut of its next-generation xTool X1 professional laser, alongside the O1 Omni Printer and M2 Colour Craft Laser, two new products launched in Q2, demonstrating how digital fabrication is evolving from a specialist technology into a creative tool for a much broader generation of makers.

Building on the momentum of its Berlin brand conference, xTool will use IFA 2026 to put the spotlight not simply on what machines can do, but on what people can create with them.

At the heart of the xTool’s vision is a simple belief: the next era of making will be defined by human creativity, amplified by technology that is increasingly accessible, intuitive and capable.

As IFA 2026 explores “The Future Is Now”, xTool will demonstrate how advances in hardware, software and connected creative ecosystems are lowering the barriers between imagination and physical creation.

From professional-grade capability to everyday creativity

For years, advanced digital fabrication technologies have largely been associated with professional makers, specialist workshops and industrial environments. xTool is challenging that model by bringing increasingly powerful capabilities into consumer and prosumer spaces.

The company’s approach is built around three principles:

Accessibility, lowering the technical and financial barriers to advanced creation. Intuitiveness, making complex processes easier to understand and use. Expressiveness, giving people greater freedom to transform ideas, designs and imagination into physical creations.

This philosophy is reflected across xTool’s expanding portfolio, which combines hardware, software, AI-powered creation tools and a connected content ecosystem.

xTool X1 laser makes its first European debut at IFA 2026

One of the key highlights at IFA 2026 will be the European debut of the xTool X1, xTool’s next-generation all-in-one laser platform.

Designed around the philosophy “All the Best Lasers, Built into One,” the X1 addresses one of the long-standing limitations of digital fabrication: the fragmentation of different laser technologies across separate machines.

Its new architecture combines high-speed engraving, large-format processing and expandable multi-laser capabilities within a single platform.

At its core is Hybrid Motion™, which combines gantry motion with high-speed galvo scanning to bring speed and scale together in one system. Laser Swap™ further expands the platform across different laser sources and materials, creating an architecture designed to evolve alongside users’ creative ambitions.

The X1 represents xTool’s vision for the future of desktop fabrication: moving away from fragmented, single-purpose machines towards more integrated and scalable creation platforms.

IFA 2026 visitors will be among the first in Europe to see the xTool X1 in person. Further product details will be revealed at a later stage.

xTool O1 UV printer: Breaking down the boundaries between materials

Another key highlight at IFA will be the xTool Omni 1 UV Printer, whose launch reflects growing demand for more versatile digital creation tools.

The O1 Omni generated more than $20 million in first-day revenue, with more than 6,000 units sold, demonstrating strong early demand for a new generation of integrated fabrication tools.

By combining UV, DTG (direct-to-garment), DTF (direct-to-film) and UV DTF technologies within a single desktop ecosystem, the O1 Omni breaks down the traditional divide between rigid-material customisation and textile printing.

For creators, this means fewer boundaries between an idea, a material and the final object they want to make.

M2 Colour Craft Laser: Making advanced creation more accessible

Alongside its latest innovations, xTool will showcase the M2 Colour Craft Laser, designed to make advanced laser technology accessible to a broader generation of creators.

Combining colour printing, laser cutting and engraving in one device, the M2 supports more than 300 materials and a wide range of applications, from personalised crafts and home projects to creative side businesses.

Its integrated CMYK printing, dual cameras and ACS™ (Auto-Creation System) simplify the creative process, while its enclosed Class 1 design makes it suitable for home studios.

The M2 reflects a broader ambition at xTool: bringing digital fabrication into the mainstream of creative tools and giving more people the ability to move from an idea to something they can hold in their hands.

The future of making is human

As technology continues to reshape the creative landscape, xTool believes the most important evolution is not technological alone.

It is human.

The Human Age of Making is about giving more people the freedom and capability to create, personalise, experiment and bring ideas into the physical world.

About xTool

xTool is a global premium consumer-tech brand dedicated to empowering digital-to-physical creation. xTool provides a comprehensive ecosystem of laser-based personal creative tools, material printers, user-friendly software, accessories and consumables.

Through these innovations, xTool empowers people to turn imagination into meaningful creations that deliver emotional fulfilment, commercial opportunity and personal achievement.

Discover more at xTool.com.

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/xtool-brings-the-human-age-of-making-to-ifa-2026-empowering-a-new-generation-of-creators-302870054.html

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