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LendingClub Reports Third Quarter 2024 Results

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2 years ago

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Originations and Revenue Growth Supported by Return of Bank Buyers

Total Assets Grew 25% Year to Date Driven by $1.3 Billion Purchase of LendingClub Loans

Acquired Tally’s Technology in October to Accelerate Product Roadmap

SAN FRANCISCO, Oct. 23, 2024 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the third quarter ended September 30, 2024.

“We had a standout quarter, with credit outperformance and the return of bank buyers driving improved loan sales pricing, our capital strategy delivering a 25% larger balance sheet year to date, and strong financial performance translating to a meaningful improvement in book value per common share over the past 12 months,” said Scott Sanborn, LendingClub CEO. “Looking ahead, our acquisition of Tally’s award-winning credit card debt monitoring and management technology will allow us to accelerate our product roadmap and further seize on the historically large $1.3 trillion credit card refinance opportunity.”

Third Quarter 2024 Results

Balance Sheet:

Total assets of $11.0 billion compared to $9.6 billion in the prior quarter, primarily due to growth in whole loans held on the balance sheet and securities related to the structured certificates program:Whole loans held on the balance sheet of $6.0 billion, compared to $5.1 billion in the prior quarter, primarily reflecting the purchase of a $1.3 billion LendingClub-issued loan portfolio.Securities available for sale of $3.3 billion, compared to $2.8 billion in the prior quarter, primarily reflecting growth in structured certificate securities.Deposits of $9.5 billion compared to $8.1 billion in the prior quarter, primarily due to an increase in consumer deposits and brokered certificates of deposit to fund the loan portfolio purchase.Launched new direct-to-consumer LevelUp Savings product and seeing positive consumer response.88% of total deposits are FDIC-insured.Strong liquidity profile with $3.6 billion in readily available liquidity.Strong capital position with a consolidated Tier 1 leverage ratio of 11.3% and consolidated Common Equity Tier 1 capital ratio of 15.9%.Book value per common share increased to $11.95, compared to $11.52 in the prior quarter.Tangible book value per common share increased to $11.19, compared to $10.75 in the prior quarter.

Financial Performance:

Loan originations grew to $1.9 billion, compared to $1.8 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 increased to $201.9 million, compared to $187.2 million in the prior quarter, driven by higher net interest income from a larger balance sheet and improved marketplace loan sales pricing.Provision for credit losses of $47.5 million, compared to $35.6 million in the prior quarter, driven by higher held-for-investment whole loan retention during the quarter.Decline in net charge-offs in the held-for-investment at amortized cost loan portfolio to $55.8 million, down from $66.8 million in the prior quarter; net charge-off ratio of 5.4% compared to 6.2% in the prior quarter.Net income was $14.5 million, compared to $14.9 million in the prior quarter, with diluted EPS of $0.13 in both periods.Pre-Provision Net Revenue (PPNR) increased to $65.5 million, compared to $55.0 million in the prior quarter, driven by a $14.7 million increase in total net revenue partially offset by a $4.0 million increase in non-interest expense.

Three Months Ended

($ in millions, except per share amounts)

September 30,
2024

June 30,
2024

September 30,
2023

Total net revenue

$              201.9

$              187.2

$              200.8

Non-interest expense

136.3

132.3

128.0

Pre-provision net revenue (1)

65.5

55.0

72.8

Provision for credit losses

47.5

35.6

64.5

Income before income tax expense

18.0

19.4

8.3

Income tax expense

(3.6)

(4.5)

(3.3)

Net income

$                14.5

$                14.9

$                  5.0

Diluted EPS

$                0.13

$                0.13

$                0.05

(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

Fourth Quarter 2024

Loan originations

$1.8B to $1.9B

Pre-provision net revenue (PPNR)

$60M to $70M

 

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 5 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub third quarter 2024 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 23, 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 834946, 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 October 30, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 106763. 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 13 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

September 30,
2024

June 30,
2024

March 31,

2024

December 31,

2023

September 30,
2023

Q/Q

Y/Y

Operating Highlights:

Non-interest income

$         61,640

$    58,713

$    57,800

$         54,129

$         63,844

5 %

(3) %

Net interest income

140,241

128,528

122,888

131,477

137,005

9 %

2 %

Total net revenue

201,881

187,241

180,688

185,606

200,849

8 %

1 %

Non-interest expense

136,332

132,258

132,233

130,015

128,035

3 %

6 %

Pre-provision net revenue(1)

65,549

54,983

48,455

55,591

72,814

19 %

(10) %

Provision for credit losses

47,541

35,561

31,927

41,907

64,479

34 %

(26) %

Income before income tax expense

18,008

19,422

16,528

13,684

8,335

(7) %

116 %

Income tax expense

(3,551)

(4,519)

(4,278)

(3,529)

(3,327)

(21) %

7 %

Net income

$         14,457

$    14,903

$    12,250

$         10,155

$           5,008

(3) %

189 %

Basic EPS

$             0.13

$        0.13

$        0.11

$             0.09

$             0.05

— %

160 %

Diluted EPS

$             0.13

$        0.13

$        0.11

$             0.09

$             0.05

— %

160 %

LendingClub Corporation Performance Metrics:

Net interest margin

5.63 %

5.75 %

5.75 %

6.40 %

6.91 %

Efficiency ratio(2)

67.5 %

70.6 %

73.2 %

70.0 %

63.7 %

Return on average equity (ROE)(3)

4.4 %

4.7 %

3.9 %

3.3 %

1.7 %

Return on average total assets (ROA)(4)

0.6 %

0.6 %

0.5 %

0.5 %

0.2 %

Marketing expense as a % of loan originations

1.37 %

1.47 %

1.47 %

1.44 %

1.30 %

LendingClub Corporation Capital Metrics:

Common equity Tier 1 capital ratio

15.9 %

17.9 %

17.6 %

17.9 %

16.9 %

Tier 1 leverage ratio

11.3 %

12.1 %

12.5 %

12.9 %

13.2 %

Book value per common share

$           11.95

$      11.52

$      11.40

$           11.34

$           11.02

4 %

8 %

Tangible book value per common share(1)

$           11.19

$      10.75

$      10.61

$           10.54

$           10.21

4 %

10 %

Loan Originations (in millions)(5):

Total loan originations

$           1,913

$      1,813

$      1,646

$           1,630

$           1,508

6 %

27 %

Marketplace loans

$           1,403

$      1,477

$      1,361

$           1,432

$           1,182

(5) %

19 %

Loan originations held for investment

$              510

$         336

$         285

$              198

$              326

52 %

56 %

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

27 %

19 %

17 %

12 %

22 %

Servicing Portfolio AUM (in millions)(6):

Total servicing portfolio

$          12,674

$     12,999

$     13,437

$          14,122

$          14,818

(3) %

(14) %

Loans serviced for others

$            7,028

$       8,337

$       8,671

$            9,336

$            9,601

(16) %

(27) %

(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

September 30,
2024

June 30,
2024

March 31,

2024

December 31,

2023

September 30,
2023

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$       3,311,418

$    2,814,383

$    2,228,500

$        1,620,262

$           795,669

18 %

316 %

Loans held for sale at fair value

$          849,967

$       791,059

$       550,415

$           407,773

$           362,789

7 %

134 %

Loans and leases held for investment at amortized cost

$       4,108,329

$    4,228,391

$    4,505,816

$        4,850,302

$        5,237,277

(3) %

(22) %

Gross allowance for loan and lease losses (1)

$        (274,538)

$     (285,368)

$     (311,794)

$         (355,773)

$         (388,156)

(4) %

(29) %

Recovery asset value (2)

$            53,974

$         56,459

$         52,644

$             45,386

$             37,661

(4) %

43 %

Allowance for loan and lease losses

$        (220,564)

$     (228,909)

$     (259,150)

$         (310,387)

$         (350,495)

(4) %

(37) %

Loans and leases held for investment at amortized cost, net

$       3,887,765

$    3,999,482

$    4,246,666

$        4,539,915

$        4,886,782

(3) %

(20) %

Loans held for investment at fair value (3)(4)

$       1,287,495

$       339,222

$       427,396

$           272,678

$           344,417

280 %

274 %

Total loans and leases held for investment (3)(4)

$       5,175,260

$    4,338,704

$    4,674,062

$        4,812,593

$        5,231,199

19 %

(1) %

Whole loans held on balance sheet (4)(5)

$       6,025,227

$    5,129,763

$    5,224,477

$        5,220,366

$        5,593,988

17 %

8 %

Total assets

$     11,037,507

$    9,586,050

$    9,244,828

$        8,827,463

$        8,472,351

15 %

30 %

Total deposits

$       9,459,608

$    8,095,328

$    7,521,655

$        7,333,486

$        7,000,263

17 %

35 %

Total liabilities

$       9,694,612

$    8,298,105

$    7,978,542

$        7,575,641

$        7,264,132

17 %

33 %

Total equity

$       1,342,895

$    1,287,945

$    1,266,286

$        1,251,822

$        1,208,219

4 %

11 %

(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)

The balance at September 30, 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the third quarter of 2024.

(5)

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

September 30,
2024

June 30,
2024

March 31,
2024

December 31,
2023

September 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 %

5.4 %

5.8 %

6.4 %

6.7 %

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

3.1 %

2.7 %

1.9 %

1.8 %

2.0 %

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

5.8 %

5.9 %

6.4 %

7.2 %

7.4 %

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

7.3 %

7.5 %

7.8 %

8.3 %

8.2 %

Net charge-offs

$          55,805

$          66,818

$          80,483

$          82,511

$          68,795

Net charge-off ratio (2)

5.4 %

6.2 %

6.9 %

6.6 %

5.1 %

(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:

September 30,
2024

December 31,
2023

Unsecured personal

$       3,068,078

$       3,726,830

Residential mortgages

175,345

183,050

Secured consumer

239,206

250,039

Total consumer loans held for investment

3,482,629

4,159,919

Equipment finance (1)

74,674

110,992

Commercial real estate

371,796

380,322

Commercial and industrial

179,230

199,069

Total commercial loans and leases held for investment

625,700

690,383

Total loans and leases held for investment at amortized cost

4,108,329

4,850,302

Allowance for loan and lease losses

(220,564)

(310,387)

Loans and leases held for investment at amortized cost, net

$       3,887,765

$       4,539,915

Loans held for investment at fair value (2)(3)

1,287,495

272,678

Total loans and leases held for investment (3)

$       5,175,260

$       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.

(3)

The balance at September 30, 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the third quarter of 2024.

 

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:

September 30, 2024

December 31, 2023

Gross allowance for loan and lease losses (1)

$                 274,538

$                 355,773

Recovery asset value (2)

(53,974)

(45,386)

Allowance for loan and lease losses

$                 220,564

$                 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

September 30, 2024

June 30, 2024

Consumer

Commercial

Total

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    210,729

$        18,180

$ 228,909

$    246,280

$        12,870

$ 259,150

Credit loss expense for loans and leases held for investment

45,813

1,647

47,460

30,760

5,817

36,577

Charge-offs

(68,388)

(721)

(69,109)

(77,494)

(594)

(78,088)

Recoveries

12,745

559

13,304

11,183

87

11,270

Allowance for loan and lease losses, end of period

$    200,899

$        19,665

$ 220,564

$    210,729

$        18,180

$ 228,909

Three Months Ended

September 30, 2023

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    341,161

$        14,002

$ 355,163

Credit loss expense for loans and leases held for investment

63,733

394

64,127

Charge-offs

(73,644)

(534)

(74,178)

Recoveries

5,038

345

5,383

Allowance for loan and lease losses, end of period

$    336,288

$        14,207

$ 350,495

 

 

 

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:

September 30, 2024

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$      25,749

$      20,156

$      22,352

$             68,257

$                     —

Residential mortgages

—

145

167

312

—

Secured consumer

2,283

675

242

3,200

—

Total consumer loans held for investment

$      28,032

$      20,976

$      22,761

$             71,769

$                     —

Equipment finance

$              —

$              —

$         4,850

$               4,850

$                     —

Commercial real estate

3,882

678

6,106

10,666

8,681

Commercial and industrial

417

8,207

7,232

15,856

12,347

Total commercial loans and leases held for investment

$         4,299

$         8,885

$      18,188

$             31,372

$             21,028

Total loans and leases held for investment at amortized cost

$      32,331

$      29,861

$      40,949

$           103,141

$             21,028

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 (%)

September 30,
2024

June 30,
2024

September 30,
2023

Q3 2024

vs

Q2 2024

Q3 2024

vs

Q3 2023

Non-interest income:

Origination fees

$          71,465

$        77,131

$          60,912

(7) %

17 %

Servicing fees

8,081

19,869

32,768

(59) %

(75) %

Gain on sales of loans

12,433

10,748

8,572

16 %

45 %

Net fair value adjustments

(33,595)

(51,395)

(41,366)

(35) %

(19) %

Marketplace revenue

58,384

56,353

60,886

4 %

(4) %

Other non-interest income

3,256

2,360

2,958

38 %

10 %

Total non-interest income

61,640

58,713

63,844

5 %

(3) %

Total interest income

240,377

219,634

207,412

9 %

16 %

Total interest expense

100,136

91,106

70,407

10 %

42 %

Net interest income

140,241

128,528

137,005

9 %

2 %

Total net revenue

201,881

187,241

200,849

8 %

1 %

Provision for credit losses

47,541

35,561

64,479

34 %

(26) %

Non-interest expense:

Compensation and benefits

57,408

56,540

58,497

2 %

(2) %

Marketing

26,186

26,665

19,555

(2) %

34 %

Equipment and software

12,789

12,360

12,631

3 %

1 %

Depreciation and amortization

13,341

13,072

11,250

2 %

19 %

Professional services

8,014

7,804

8,414

3 %

(5) %

Occupancy

4,005

3,941

4,612

2 %

(13) %

Other non-interest expense

14,589

11,876

13,076

23 %

12 %

Total non-interest expense

136,332

132,258

128,035

3 %

6 %

Income before income tax expense

18,008

19,422

8,335

(7) %

116 %

Income tax expense

(3,551)

(4,519)

(3,327)

(21) %

7 %

Net income

$          14,457

$        14,903

$            5,008

(3) %

189 %

Net income per share: 

Basic EPS

$              0.13

$           0.13

$              0.05

— %

160 %

Diluted EPS

$              0.13

$           0.13

$              0.05

— %

160 %

Weighted-average common shares – Basic

112,042,202

111,395,025

109,071,180

1 %

3 %

Weighted-average common shares – Diluted

113,922,256

111,466,497

109,073,194

2 %

4 %

 

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

Consolidated LendingClub Corporation (1)

Three Months Ended

September 30, 2024

Three Months Ended

June 30, 2024

Three Months Ended

September 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

$     939,611

$  12,442

5.30 %

$    976,330

$  13,168

5.40 %

$ 1,249,087

$  16,798

5.38 %

Securities available for sale at fair value

3,047,305

52,476

6.89 %

2,406,767

42,879

7.13 %

601,512

9,467

6.30 %

Loans held for sale at fair value

899,434

30,326

13.49 %

838,143

26,721

12.75 %

286,111

9,582

13.40 %

Loans and leases held for investment:

Unsecured personal loans

3,045,150

103,291

13.57 %

3,243,161

108,425

13.37 %

4,257,360

142,118

13.35 %

Commercial and other consumer loans

1,057,688

15,497

5.86 %

1,097,846

16,394

5.97 %

1,147,130

16,842

5.87 %

Loans and leases held for investment at amortized cost

4,102,838

118,788

11.58 %

4,341,007

124,819

11.50 %

5,404,490

158,960

11.76 %

Loans held for investment at fair value (3)(4)

972,698

26,345

10.83 %

383,872

12,047

12.55 %

385,148

12,605

13.09 %

Total loans and leases held for investment (3)(4)

5,075,536

145,133

11.44 %

4,724,879

136,866

11.59 %

5,789,638

171,565

11.85 %

Total interest-earning assets

9,961,886

240,377

9.65 %

8,946,119

219,634

9.82 %

7,926,348

207,412

10.47 %

Cash and due from banks and restricted cash

41,147

55,906

69,442

Allowance for loan and lease losses

(225,968)

(245,478)

(354,263)

Other non-interest earning assets

624,198

632,253

691,641

Total assets

$  10,401,263

$ 9,388,800

$ 8,333,168

Interest-bearing liabilities

Interest-bearing deposits:

Checking and money market accounts

$  1,092,376

$  10,146

3.70 %

$ 1,097,696

$  10,084

3.69 %

$ 1,271,720

$    9,541

2.98 %

Savings accounts and certificates of deposit

6,944,586

86,717

4.97 %

6,449,061

80,109

5.00 %

5,357,717

59,968

4.44 %

Interest-bearing deposits

8,036,962

96,863

4.79 %

7,546,757

90,193

4.81 %

6,629,437

69,509

4.16 %

Other interest-bearing liabilities (3)

486,736

3,273

2.69 %

56,628

913

6.45 %

35,878

898

10.03 %

Total interest-bearing liabilities

8,523,698

100,136

4.67 %

7,603,385

91,106

4.82 %

6,665,315

70,407

4.19 %

Non-interest bearing deposits

344,577

303,199

183,728

Other liabilities

225,467

215,608

271,118

Total liabilities

$  9,093,742

$ 8,122,192

$ 7,120,161

Total equity

$  1,307,521

$ 1,266,608

$ 1,213,007

Total liabilities and equity

$  10,401,263

$ 9,388,800

$ 8,333,168

Interest rate spread

4.98 %

5.00 %

6.28 %

Net interest income and net interest margin

$  140,241

5.63 %

$ 128,528

5.75 %

$ 137,005

6.91 %

(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.

(4)

The average balance for the third quarter of 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the quarter.

 

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

September 30,
2024

December 31,
2023

Assets

Cash and due from banks

$            25,558

$         14,993

Interest-bearing deposits in banks

991,372

1,237,511

Total cash and cash equivalents

1,016,930

1,252,504

Restricted cash

33,347

41,644

Securities available for sale at fair value ($3,319,988 and $1,663,990 at amortized cost, respectively)

3,311,418

1,620,262

Loans held for sale at fair value

849,967

407,773

Loans and leases held for investment

4,108,329

4,850,302

Allowance for loan and lease losses

(220,564)

(310,387)

Loans and leases held for investment, net

3,887,765

4,539,915

Loans held for investment at fair value (1)(2)

1,287,495

272,678

Property, equipment and software, net

167,809

161,517

Goodwill

75,717

75,717

Other assets

407,059

455,453

Total assets

$      11,037,507

$     8,827,463

Liabilities and Equity

Deposits:

Interest-bearing

$        9,099,092

$     7,001,680

Noninterest-bearing

360,516

331,806

Total deposits

9,459,608

7,333,486

Borrowings (1)

2,683

19,354

Other liabilities

232,321

222,801

Total liabilities

9,694,612

7,575,641

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 112,401,990 and 110,410,602 shares issued and outstanding, respectively

1,124

1,104

Additional paid-in capital

1,692,538

1,669,828

Accumulated deficit

(347,196)

(388,806)

Accumulated other comprehensive loss

(3,571)

(30,304)

Total equity

1,342,895

1,251,822

Total liabilities and equity

$      11,037,507

$     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.

(2)

The balance at September 30, 2024 includes a $1.3 billion loan outstanding principal portfolio that was acquired during the third quarter of 2024.

 

LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

Pre-Provision Net Revenue

For the three months ended

September 30,
2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,
2023

GAAP Net income

$                14,457

$                14,903

$                12,250

$                10,155

$                  5,008

Less: Provision for credit losses

(47,541)

(35,561)

(31,927)

(41,907)

(64,479)

Less: Income tax expense

(3,551)

(4,519)

(4,278)

(3,529)

(3,327)

Pre-provision net revenue

$                65,549

$                54,983

$                48,455

$                55,591

$                72,814

For the three months ended

September 30,
2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,
2023

Non-interest income

$                61,640

$                58,713

$                57,800

$                54,129

$                63,844

Net interest income

140,241

128,528

122,888

131,477

137,005

Total net revenue

201,881

187,241

180,688

185,606

200,849

Non-interest expense

(136,332)

(132,258)

(132,233)

(130,015)

(128,035)

Pre-provision net revenue

65,549

54,983

48,455

55,591

72,814

Provision for credit losses

(47,541)

(35,561)

(31,927)

(41,907)

(64,479)

Income before income tax expense

18,008

19,422

16,528

13,684

8,335

Income tax expense

(3,551)

(4,519)

(4,278)

(3,529)

(3,327)

GAAP Net income

$                14,457

$                14,903

$                12,250

$                10,155

$                  5,008

Tangible Book Value Per Common Share

September 30,
2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,
2023

GAAP common equity

$         1,342,895

$          1,287,945

$          1,266,286

$          1,251,822

$          1,208,219

Less: Goodwill

(75,717)

(75,717)

(75,717)

(75,717)

(75,717)

Less: Intangible assets

(9,439)

(10,293)

(11,165)

(12,135)

(13,151)

Tangible common equity

$         1,257,739

$          1,201,935

$          1,179,404

$          1,163,970

$          1,119,351

Book value per common share

GAAP common equity

$         1,342,895

$          1,287,945

$          1,266,286

$          1,251,822

$          1,208,219

Common shares issued and outstanding

112,401,990

111,812,215

111,120,415

110,410,602

109,648,769

Book value per common share

$                11.95

$                 11.52

$                 11.40

$                 11.34

$                 11.02

Tangible book value per common share

Tangible common equity

$         1,257,739

$          1,201,935

$          1,179,404

$          1,163,970

$          1,119,351

Common shares issued and outstanding

112,401,990

111,812,215

111,120,415

110,410,602

109,648,769

Tangible book value per common share

$                11.19

$                 10.75

$                 10.61

$                 10.54

$                 10.21

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-third-quarter-2024-results-302285005.html

SOURCE LendingClub Corporation

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Technology

JAMS Launches AI for Enterprise Job Scheduling: JAX and JAMS MCP, on the Model You Choose

Published

33 minutes ago

on

July 24, 2026

By

A new AI agent and an open-standard connector let IT teams query, diagnose, and manage automation in plain language, on the model they choose, with operational data staying inside their own network

LONDON, July 24, 2026 /PRNewswire/ — JAMS Software, an orchestration solution for scheduled and event-driven automation, today announced the general availability of two AI capabilities for enterprise job scheduling: JAX, an AI agent built into the JAMS Web Client, and JAMS MCP, a connector built on the open Model Context Protocol standard that brings JAMS into external AI coding tools. Both capabilities ship at no additional cost as part of JAMS Web.

Automation environments grow faster than the teams that run them. Jobs multiply across SQL Server, Azure Data Factory, Airflow, SAP, JDE, and Banner, and when one fails, finding the root cause often means searching several consoles at once, frequently outside business hours. At the same time, IT leaders carry pressure to adopt AI while staying accountable for where operational data goes. JAX and JAMS MCP close both gaps together.

Full details on how JAX and JAMS MCP work, including the control model behind every action, are available at jamsscheduler.com/product/ai.

JAX is an AI agent that runs inside the JAMS Web Client. It finds jobs, troubleshoots failures, and answers how-to questions in plain language, with each response grounded in the JAMS user guide and checked against a built-in glossary. JAX acts only when a user asks it to. Reads flow freely, and every write action pauses for the user’s explicit approval before it runs. JAX does not learn between sessions, and conversations are not retained on the server.

JAMS MCP is a connector, built on the open Model Context Protocol standard, that brings JAMS into the AI tools engineering teams already use, including Cursor, VS Code with Copilot, Claude Code, Claude Desktop, and Codex. Users query jobs, investigate failures, and manage runs in plain language without leaving their tool.

Both capabilities run inside the customer’s own network and act as the signed-in user, with that user’s exact JAMS permissions. There is no elevated AI account: whatever a user cannot do in the JAMS interface, JAX and JAMS MCP cannot do on that user’s behalf. Every JAX and MCP operation is recorded in its own dedicated log, and changes made through the JAMS API land in the JAMS audit trail like any other change. Customers choose their own AI model, whether a commercial provider such as OpenAI or Anthropic or a model running entirely on their own hardware, and JAMS never trains on customer data. In the current release, neither feature edits or deletes a job, folder, schedule, or agent definition. For teams that must keep operational data within a defined boundary, JAX runs on a local model entirely inside the customer’s own network, so nothing leaves at all.

“Adopting AI usually means giving something up, most often visibility into where your data goes,” said Pete Hegland, Chief Executive Officer of JAMS Software. “We built JAX and JAMS MCP so that trade does not have to happen. Every action runs as the signed-in user, every change waits for approval, and the model itself can run entirely inside your own network.”

“IT teams across the United Kingdom and EMEA tell us the same thing: they want the benefit of AI without losing sight of where their data goes,” said Greg McLaughlin, Account Executive for EMEA at JAMS Software. “JAX and JAMS MCP let them keep operational data inside their own network and still get answers in plain language. That combination is what makes this practical for the teams I work with.”

JAX and JAMS MCP are available now to all JAMS Web customers across the United Kingdom and EMEA, with no separate licence, SKU, or additional cost. AI-assisted creation of new jobs and workflows from a plain-language description is on the roadmap for a future release, gated by the same approvals and permissions as every other action.

Learn how JAX and JAMS MCP work at https://jamsscheduler.com/product/ai.

Fast facts

JAX is an AI agent built into the JAMS Web Client for job scheduling and workflow automation.JAMS MCP is a connector built on the open Model Context Protocol standard, for Cursor, VS Code with Copilot, Claude Code, Claude Desktop, and Codex.Both act as the signed-in user, with that user’s exact JAMS permissions, and there is no elevated AI account.Customers choose the AI model, including a local model that runs entirely inside their own network.JAMS never trains on customer data.Both are available now at no additional cost as part of JAMS Web.

About JAMS Software

Founded in 1987, JAMS Software is an orchestration solution that helps IT teams centralize, automate, and manage scheduled and event-driven jobs across complex, hybrid environments. Over 850 customers rely on JAMS to run their automated workloads. JAMS Software, LLC is headquartered at 108 Patriot Drive, Suite A, Middletown, DE 19709.

Media Contact
Bobby Schmidt, Vice President of Marketing
press@jamssoftware.com
800.261.4267

 

 

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Video: CNPC offers green chemical answer

Published

33 minutes ago

on

July 24, 2026

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BEIJING, July 24, 2026 /PRNewswire/ — A news report from chinadaily.com.cn:

Located on the edge of the Taklamakan Desert in Northwest China’s Xinjiang Uygur autonomous region, the Tarim 1.2 MTA Phase II Ethylene Project and its supporting green and low-carbon demonstration facility of PetroChina Dushanzi Petrochemical Company, a subsidiary of China National Petroleum Corporation, are offering a new example of China’s low-carbon industrial transformation.

Watch the video to discover how CNPC is exploring a cleaner and more circular future for the industry.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/video-cnpc-offers-green-chemical-answer-302834036.html

SOURCE chinadaily.com.cn

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Shanghai Electric showcases embodied intelligence robot matrix and AI-native smart factory solutions at WAIC 2026

Published

33 minutes ago

on

July 24, 2026

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Featuring humanoid robots with 41 degrees of freedom, pipe‑inspection robots with ±1mm positioning accuracy, and 51 industrial‑grade AI agents

SHANGHAI, July 24, 2026 /PRNewswire/ — Operations in high-end equipment manufacturing often involve confined spaces, complex objects, and fine manipulation tasks that demand sustained and stable precision. At the recent 2026 World Artificial Intelligence Conference and High-Level Meeting on Global AI Governance (WAIC 2026), Shanghai Electric (SEHK: 02727, SSE: 601727) showcased its comprehensive portfolio of embodied intelligence solutions tailored to a range of industrial scenarios.

Themed “AI for All: Smart Squad, Shining Without Limits,” Shanghai Electric highlighted its capabilities across embodied AI robots, robot core components, and AI-native smart factory solutions, demonstrating end-to-end capabilities spanning complete robot systems, critical parts, industrial software, and smart factory architecture.

“The true value of embodied intelligence lies in understanding real industrial tasks: combining the strength, precision, and stability of machines with human experience and judgment to drive a genuine paradigm of ‘machine-assisted, human-machine collaboration,'” said Wang Chunlei, deputy general manager of the Robotics Business Unit at Shanghai Electric Automation Group.

Shanghai Electric’s robotics portfolio covers five key industrial scenarios: connector insertion, electrical operations, flexible sorting, intelligent assembly, and pipe processing. Highlights include:

“SUYUAN” bipedal humanoid robot: With 41 degrees of freedom for enhanced mobility, it is equipped with a multimodal visual sensing system on the head and torso, along with a dual-battery hot-swap system. It is well-suited for inspection, material handling, and assembly tasks.”TUOYUAN” industrial wheeled humanoid robot: Powered by an embodied intelligence foundation model and force-position hybrid control, it is capable of multi-spec connector insertion, material sorting, and loading/unloading of automotive sheet metal parts.”Mermaid” bionic wheeled humanoid robot: Capable of autonomously identifying buttons, knobs, and air switches, it generates real-time operation paths.Autonomous pipe inner-wall chamfering robot: Designed for confined spaces, it can position and process thousands of hole edges with accuracy within 1 millimeter while transmitting data in real time.

Shanghai Electric also showcased its portfolio of core components ranging from power-output to end effectors. Among them, the planetary roller screw offers more than three times the load capacity of traditional ball screws, while the DexHand dexterous hand is designed to meet diverse gripping and manipulation requirements.

Shanghai Electric launched 51 AI models and agents under its “StarCloud Intelligent Manufacturing” series across three domains: R&D and design, production and manufacturing, and operations and maintenance—covering critical equipment processes such as process optimization and wind power facility maintenance.

These industrial agents are embedded in robotic decision-making systems and the operational logic of AI-native smart factories, transforming industrial expertise into digitized, reusable capabilities. They support production-line scheduling, quality inspection, and predictive maintenance, driving the evolution of manufacturing systems from experience-driven to data-driven operations.

Shanghai Electric also released the “AI-Native Smart Factory Technology White Paper,” proposing an active evolution architecture that enables real‑time, closed‑loop optimization of production data, giving the factory self‑perception, self‑decision, and self‑execution capabilities. Built on First Principles, the AI‑native smart factory vertically integrates process flows, industrial software, agents, and smart equipment to dismantle traditional hierarchies while horizontally bridging data silos. The architecture features three core layers: the AI factory brain as the “control center,” industrial agents and embodied robots as the “execution network,” and the physical twin as the “digital mirror.”

Leveraging its deep industrial expertise and comprehensive solution capabilities, Shanghai Electric will continue to drive the implementation of AI in industrial settings, tackle technical challenges facing embodied intelligence in complex scenarios, accelerate the large‑scale deployment of AI‑native smart factories, and deliver replicable solutions across diverse manufacturing environments.

SOURCE Shanghai Electric

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