Technology

LendingClub Reports First Quarter 2025 Results

Published

1 year ago

April 29, 2025

Grew Originations +21%, Revenue +20%, and Total Assets +13% in First Quarter Compared to Prior Year

Exceeded $100 Billion in Lifetime Originations

SAN FRANCISCO, April 29, 2025 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the first quarter ended March 31, 2025.

“We’re off to a great start for 2025, growing total net revenue and originations more than 20% year over year to cross $100 billion in lifetime originations,” said Scott Sanborn, LendingClub CEO. “We’ll continue to build on that momentum with additional investments in marketing to further originations growth while maintaining strong credit discipline and innovating on member products and experiences.”

First Quarter 2025 Results

Highlights:

Achieved $2.0 billion in origination volumeImproved marketplace loan sales pricing for fifth straight quarterDelivered four years of credit outperformance enabled by proprietary underwriting models informed by billions of cells of data through economic cyclesImproved consumer held-for-investment portfolio net charge-off rate to 4.7%, compared to 8.1% in the prior yearClosed first rated Structured Certificates transaction for $100 million with a major insurance companyEnhanced popular TopUp feature to enable refinancing of competitor’s loansAcquired the intellectual property and select talent behind Cushion, an AI-powered spending intelligence platformPurchased a San Francisco headquarters in April at a fraction of the pre-pandemic cost with potential future upside and no material financial impact

Balance Sheet:

Total assets of $10.5 billion increased 13% compared to $9.2 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as the purchase of a $1.3 billion LendingClub-issued loan portfolio in the third quarter of 2024.Deposits of $8.9 billion increased 18% compared to $7.5 billion in the prior year, driven by the continued success of our savings and CD offerings.Multi-award winning LevelUp Savings account, which launched in the third quarter of 2024, reached $1.9 billion in balances at quarter end.87% of total deposits are FDIC-insured.Robust available liquidity of $3.1 billion.Strong capital position with a consolidated Tier 1 leverage ratio of 11.7% and a CET1 capital ratio of 17.8%.Book value per common share was $11.95, compared to $11.40 in the prior year.Tangible book value per common share was $11.22, compared to $10.61 in the prior year.

Financial Performance:

Loan originations grew 21% to $2.0 billion, compared to $1.6 billion in the prior year, driven by the successful execution of product and marketing initiatives combined with strong marketplace investor demand.Total net revenue increased 20% to $217.7 million, compared to $180.7 million in the prior year, driven by higher net interest income on a larger balance sheet with lower deposit funding costs and improved marketplace loan sales pricing.Net Interest Margin increased to 5.97%, compared to 5.75% in the prior year.Provision for credit losses of $58.1 million, compared to $31.9 million in the prior year, primarily driven by a 136% increase in held-for-investment whole loan retention and additional economic qualitative allowance to reflect macroeconomic uncertainty.Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $48.9 million, compared to $80.5 million in the prior year.Net income of $11.7 million, compared to $12.3 million in the prior year.Net income for the first quarter of 2025 included the negative impact of $8.1 million on allowance and net fair value adjustments due to macroeconomic uncertainty.Return on Equity (ROE) of 3.5%, with a Return on Tangible Common Equity (ROTCE) of 3.7%, compared to an ROE of 3.9% in the prior year, with an ROTCE of 4.2%.Pre-Provision Net Revenue (PPNR) increased 52% to $73.8 million, compared to $48.5 million in the prior year.

Three Months Ended

($ in millions, except per share amounts)

March 31,
2025

December 31,
2024

March 31,
2024

Total net revenue

$ 217.7

$ 217.2

$ 180.7

Non-interest expense

143.9

142.9

132.2

Pre-provision net revenue (1)

73.8

74.3

48.5

Provision for credit losses

58.1

63.2

31.9

Income before income tax expense

15.7

11.1

16.5

Income tax expense

(4.0)

(1.4)

(4.3)

Net income

$ 11.7

$ 9.7

$ 12.3

Diluted EPS

$ 0.10

$ 0.08

$ 0.11

(1)

See page 3 of this release for additional information on our use of non-GAAP financial measures.

For a calculation of Pre-Provision Net Revenue, Tangible Book Value Per Common Share, and Return on Tangible Common Equity, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.

Financial Outlook

Second Quarter 2025

Loan originations

$2.1B to $2.3B

Pre-provision net revenue (PPNR)

$70M to $80M

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 $100 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 first quarter 2025 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, April 29, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 691326, 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 May 6, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 161474. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts
For Investors:
IR@lendingclub.com

Media Contact:
Press@lendingclub.com

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR), Tangible Book Value (TBV) Per Common Share, and Return on Tangible Common Equity (ROTCE). Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe PPNR is an important measure because it reflects the financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe TBV Per Common Share is an important measure used to evaluate the company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing tangible common equity (common equity reduced by goodwill and customer relationship intangible assets), divided by the ending number of common shares issued and outstanding.

We believe ROTCE is an important measure because it reflects the company’s ability to generate income from its core assets. ROTCE is a non-GAAP financial measure calculated by dividing annualized net income by the average tangible common equity for the applicable period.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 13 and 14 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue and Return on Tangible Common Equity to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort.

Safe Harbor Statement

Some of the statements above, including statements regarding 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

March 31,
2025

December 31,
2024

September 30,

2024

June 30,

2024

March 31,
2024

Q/Q

Y/Y

Operating Highlights:

Non-interest income

$ 67,754

$ 74,817

$ 61,640

$ 58,713

$ 57,800

(9) %

17 %

Net interest income

149,957

142,384

140,241

128,528

122,888

5 %

22 %

Total net revenue

217,711

217,201

201,881

187,241

180,688

— %

20 %

Non-interest expense

143,867

142,855

136,332

132,258

132,233

1 %

9 %

Pre-provision net revenue(1)

73,844

74,346

65,549

54,983

48,455

(1) %

52 %

Provision for credit losses

58,149

63,238

47,541

35,561

31,927

(8) %

82 %

Income before income tax expense

15,695

11,108

18,008

19,422

16,528

41 %

(5) %

Income tax expense

(4,024)

(1,388)

(3,551)

(4,519)

(4,278)

190 %

(6) %

Net income

$ 11,671

$ 9,720

$ 14,457

$ 14,903

$ 12,250

20 %

(5) %

Basic EPS

$ 0.10

$ 0.09

$ 0.13

$ 0.11

11 %

(9) %

Diluted EPS

$ 0.10

$ 0.08

$ 0.13

$ 0.11

25 %

(9) %

LendingClub Corporation Performance Metrics:

Net interest margin

5.97 %

5.42 %

5.63 %

5.75 %

Efficiency ratio(2)

66.1 %

65.8 %

67.5 %

70.6 %

73.2 %

Return on average equity (ROE)(3)

3.5 %

2.9 %

4.4 %

4.7 %

3.9 %

Return on tangible common equity (ROTCE)(1)(4)

3.7 %

3.1 %

4.7 %

5.1 %

4.2 %

Return on average total assets (ROA)(5)

0.4 %

0.6 %

0.5 %

Marketing expense as a % of loan originations

1.47 %

1.27 %

1.37 %

1.47 %

LendingClub Corporation Capital Metrics:

Common equity Tier 1 capital ratio

17.8 %

17.3 %

15.9 %

17.9 %

17.6 %

Tier 1 leverage ratio

11.7 %

11.0 %

11.3 %

12.1 %

12.5 %

Book value per common share

$ 11.95

$ 11.83

$ 11.95

$ 11.52

$ 11.40

1 %

5 %

Tangible book value per common share(1)

$ 11.22

$ 11.09

$ 11.19

$ 10.75

$ 10.61

1 %

6 %

Loan Originations (in millions)(6):

Total loan originations

$ 1,989

$ 1,846

$ 1,913

$ 1,813

$ 1,646

8 %

21 %

Marketplace loans

$ 1,314

$ 1,241

$ 1,403

$ 1,477

$ 1,361

6 %

(3) %

Loan originations held for investment

$ 675

$ 605

$ 510

$ 336

$ 285

12 %

137 %

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

34 %

33 %

27 %

19 %

17 %

Servicing Portfolio AUM (in millions)(7):

Total servicing portfolio

$ 12,241

$ 12,371

$ 12,674

$ 12,999

$ 13,437

(1) %

(9) %

Loans serviced for others

$ 7,130

$ 7,207

$ 7,028

$ 8,337

$ 8,671

(1) %

(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 tangible common equity for the period presented.

(5)

Calculated as annualized net income divided by average total assets for the period presented.

(6)

Includes unsecured personal loans and auto loans only.

(7)

Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained by the Company.

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

As of and for the three months ended

% Change

March 31,
2025

December 31,
2024

September 30,

2024

June 30,

2024

March 31,
2024

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$ 3,426,571

$ 3,452,648

$ 3,311,418

$ 2,814,383

$ 2,228,500

(1) %

54 %

Loans held for sale at fair value

$ 703,378

$ 636,352

$ 849,967

$ 791,059

$ 550,415

11 %

28 %

Loans and leases held for investment at amortized cost

$ 4,215,449

$ 4,125,818

$ 4,108,329

$ 4,228,391

$ 4,505,816

2 %

(6) %

Gross allowance for loan and lease losses (1)

$ (288,308)

$ (285,686)

$ (274,538)

$ (285,368)

$ (311,794)

1 %

(8) %

Recovery asset value (2)

$ 44,115

$ 48,952

$ 53,974

$ 56,459

$ 52,644

(10) %

(16) %

Allowance for loan and lease losses

$ (244,193)

$ (236,734)

$ (220,564)

$ (228,909)

$ (259,150)

3 %

(6) %

Loans and leases held for investment at amortized cost, net

$ 3,971,256

$ 3,889,084

$ 3,887,765

$ 3,999,482

$ 4,246,666

2 %

(6) %

Loans held for investment at fair value (3)

$ 818,882

$ 1,027,798

$ 1,287,495

$ 339,222

$ 427,396

(20) %

92 %

Total loans and leases held for investment (3)

$ 4,790,138

$ 4,916,882

$ 5,175,260

$ 4,338,704

$ 4,674,062

(3) %

2 %

Whole loans held on balance sheet (4)

$ 5,493,516

$ 5,553,234

$ 6,025,227

$ 5,129,763

$ 5,224,477

(1) %

5 %

Total assets

$ 10,483,096

$ 10,630,509

$ 11,037,507

$ 9,586,050

$ 9,244,828

(1) %

13 %

Total deposits

$ 8,905,902

$ 9,068,237

$ 9,459,608

$ 8,095,328

$ 7,521,655

(2) %

18 %

Total liabilities

$ 9,118,579

$ 9,288,778

$ 9,694,612

$ 8,298,105

$ 7,978,542

(2) %

14 %

Total equity

$ 1,364,517

$ 1,341,731

$ 1,342,895

$ 1,287,945

$ 1,266,286

2 %

8 %

(1)

Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2)

Represents the negative allowance for expected recoveries of amounts previously charged-off.

(3)

The balances at March 31, 2025, December 31, 2024 and September 30, 2024 include a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

(4)

Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.

The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

As of and for the three months ended

March 31,
2025

December 31,
2024

September 30,
2024

June 30,
2024

March 31,
2024

Asset Quality Metrics (1):

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

5.8 %

5.7 %

5.4 %

5.8 %

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

2.7 %

3.9 %

3.1 %

2.7 %

1.9 %

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

6.3 %

6.1 %

5.8 %

5.9 %

6.4 %

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

7.5 %

7.3 %

7.5 %

7.8 %

Net charge-offs

$ 48,923

$ 45,977

$ 55,805

$ 66,818

$ 80,483

Net charge-off ratio (2)

4.8 %

4.5 %

5.4 %

6.2 %

6.9 %

(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:

March 31,
2025

December 31,
2024

Unsecured personal

$ 3,212,638

$ 3,106,472

Residential mortgages

170,138

172,711

Secured consumer

228,904

230,232

Total consumer loans held for investment

3,611,680

3,509,415

Equipment finance (1)

56,883

64,232

Commercial real estate

374,246

373,785

Commercial and industrial

172,640

178,386

Total commercial loans and leases held for investment

603,769

616,403

Total loans and leases held for investment at amortized cost

4,215,449

4,125,818

Allowance for loan and lease losses

(244,193)

(236,734)

Loans and leases held for investment at amortized cost, net

$ 3,971,256

$ 3,889,084

Loans held for investment at fair value

818,882

1,027,798

Total loans and leases held for investment

$ 4,790,138

$ 4,916,882

(1)

Comprised of sales-type leases for equipment.

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:

March 31, 2025

December 31, 2024

Gross allowance for loan and lease losses (1)

$ 288,308

$ 285,686

Recovery asset value (2)

(44,115)

(48,952)

Allowance for loan and lease losses

$ 244,193

$ 236,734

(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

March 31, 2025

December 31, 2024

Consumer

Commercial

Total

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$ 212,598

$ 24,136

$ 236,734

$ 200,899

$ 19,665

$ 220,564

Credit loss expense for loans and leases held for investment

55,948

434

56,382

56,322

5,825

62,147

Charge-offs

(58,344)

(8,232)

(66,576)

(64,167)

(1,887)

(66,054)

Recoveries

17,406

247

17,653

19,544

533

20,077

Allowance for loan and lease losses, end of period

$ 227,608

$ 16,585

$ 244,193

$ 212,598

$ 24,136

$ 236,734

Three Months Ended

March 31, 2024

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$ 298,061

$ 12,326

$ 310,387

Credit loss expense for loans and leases held for investment

27,686

1,560

29,246

Charge-offs

(89,110)

(1,232)

(90,342)

Recoveries

9,643

216

9,859

Allowance for loan and lease losses, end of period

$ 246,280

$ 12,870

$ 259,150

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:

March 31, 2025

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$ 21,851

$ 16,040

$ 15,507

$ 53,398

$ —

Residential mortgages

678

—

766

—

Secured consumer

2,087

482

226

2,795

—

Total consumer loans held for investment

$ 24,616

$ 16,522

$ 15,821

$ 56,959

$ —

Equipment finance

$ 15

$ —

$ 4,279

$ 4,294

$ —

Commercial real estate

1,171

718

9,619

11,508

8,456

Commercial and industrial

896

3,408

19,888

24,192

19,679

Total commercial loans and leases held for investment

$ 2,082

$ 4,126

$ 33,786

$ 39,994

$ 28,135

Total loans and leases held for investment at amortized cost

$ 26,698

$ 20,648

$ 49,607

$ 96,953

$ 28,135

December 31, 2024

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$ 23,530

$ 19,293

$ 21,387

$ 64,210

$ —

Residential mortgages

151

—

239

—

Secured consumer

2,342

600

337

3,279

—

Total consumer loans held for investment

$ 26,023

$ 19,981

$ 21,724

$ 67,728

$ —

Equipment finance

$ 67

$ —

$ 4,551

$ 4,618

$ —

Commercial real estate

8,320

483

9,731

18,534

8,456

Commercial and industrial

6,257

1,182

15,971

23,410

18,512

Total commercial loans and leases held for investment

$ 14,644

$ 1,665

$ 30,253

$ 46,562

$ 26,968

Total loans and leases held for investment at amortized cost

$ 40,667

$ 21,646

$ 51,977

$ 114,290

$ 26,968

(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 (%)

March 31,
2025

December 31,
2024

March 31,
2024

Q1 2025

Q4 2024

Q1 2025

Q1 2024

Non-interest income:

Origination fees

$ 69,944

$ 64,745

$ 70,079

8 %

— %

Servicing fees

12,748

17,391

19,592

(27) %

(35) %

Gain on sales of loans

12,202

15,007

10,909

(19) %

12 %

Net fair value adjustments

(29,251)

(24,980)

(44,689)

(17) %

35 %

Marketplace revenue

65,643

72,163

55,891

(9) %

17 %

Other non-interest income

2,111

2,654

1,909

(20) %

11 %

Total non-interest income

67,754

74,817

57,800

(9) %

17 %

Total interest income

232,059

240,596

207,351

(4) %

12 %

Total interest expense

82,102

98,212

84,463

(16) %

(3) %

Net interest income

149,957

142,384

122,888

5 %

22 %

Total net revenue

217,711

217,201

180,688

— %

20 %

Provision for credit losses

58,149

63,238

31,927

(8) %

82 %

Non-interest expense:

Compensation and benefits

58,389

58,656

59,554

— %

(2) %

Marketing

29,239

23,415

24,136

25 %

21 %

Equipment and software

14,644

13,361

12,684

10 %

15 %

Depreciation and amortization

13,909

19,748

12,673

(30) %

10 %

Professional services

9,764

9,136

7,091

7 %

38 %

Occupancy

4,345

3,991

3,861

9 %

13 %

Other non-interest expense

13,577

14,548

12,234

(7) %

11 %

Total non-interest expense

143,867

142,855

132,233

1 %

9 %

Income before income tax expense

15,695

11,108

16,528

41 %

(5) %

Income tax expense

(4,024)

(1,388)

(4,278)

190 %

(6) %

Net income

$ 11,671

$ 9,720

$ 12,250

20 %

(5) %

Net income per share:

Basic EPS

$ 0.10

$ 0.09

$ 0.11

11 %

(9) %

Diluted EPS

$ 0.10

$ 0.08

$ 0.11

25 %

(9) %

Weighted-average common shares – Basic

113,693,399

112,788,050

110,685,796

1 %

3 %

Weighted-average common shares – Diluted

116,176,898

116,400,285

110,687,380

— %

5 %

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

Consolidated LendingClub Corporation (1)

Three Months Ended

March 31, 2025

Three Months Ended

December 31, 2024

Three Months Ended

March 31, 2024

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Interest-earning assets (2)

Cash, cash equivalents, restricted cash and other

$ 893,058

$ 9,606

4.30 %

$ 1,193,570

$ 14,194

4.76 %

$ 1,217,395

$ 16,503

5.42 %

Securities available for sale at fair value

3,397,720

56,280

6.63 %

3,390,315

57,259

6.76 %

1,972,561

35,347

7.17 %

Loans held for sale at fair value

723,972

21,814

12.05 %

673,279

20,696

12.30 %

467,275

14,699

12.58 %

Loans and leases held for investment:

Unsecured personal loans

3,097,136

104,722

13.53 %

3,080,934

104,011

13.50 %

3,518,101

116,055

13.20 %

Commercial and other consumer loans

1,012,060

14,227

5.62 %

1,023,041

14,203

5.55 %

1,115,931

16,338

5.86 %

Loans and leases held for investment at amortized cost

4,109,196

118,949

11.58 %

4,103,975

118,214

11.52 %

4,634,032

132,393

11.43 %

Loans held for investment at fair value (3)

921,008

25,410

11.04 %

1,153,204

30,233

10.49 %

256,335

8,409

13.12 %

Total loans and leases held for investment (3)

5,030,204

144,359

11.48 %

5,257,179

148,447

11.29 %

4,890,367

140,802

11.52 %

Total interest-earning assets

10,044,954

232,059

9.24 %

10,514,343

240,596

9.15 %

8,547,598

207,351

9.70 %

Cash and due from banks and restricted cash

30,084

51,555

58,440

Allowance for loan and lease losses

(239,608)

(227,673)

(291,168)

Other non-interest earning assets

593,740

597,609

631,468

Total assets

$ 10,429,170

$ 10,935,834

$ 8,946,338

Interest-bearing liabilities

Interest-bearing deposits:

Checking and money market accounts

$ 565,981

$ 2,317

1.66 %

$ 805,362

$ 5,502

2.72 %

$ 1,054,614

$ 9,410

3.59 %

Savings accounts and certificates of deposit

7,954,562

79,783

4.07 %

8,214,866

92,698

4.49 %

6,069,942

74,553

4.94 %

Interest-bearing deposits

8,520,543

82,100

3.91 %

9,020,228

98,200

4.33 %

7,124,556

83,963

4.74 %

Other interest-bearing liabilities

222

4.47 %

615

7.20 %

26,571

500

7.53 %

Total interest-bearing liabilities

8,520,765

82,102

3.91 %

9,020,843

98,212

4.33 %

7,151,127

84,463

4.75 %

Noninterest-bearing deposits

321,777

328,022

317,430

Other liabilities

237,155

251,239

220,544

Total liabilities

$ 9,079,697

$ 9,600,104

$ 7,689,101

Total equity

$ 1,349,473

$ 1,335,730

$ 1,257,237

Total liabilities and equity

$ 10,429,170

$ 10,935,834

$ 8,946,338

Interest rate spread

5.33 %

4.82 %

4.95 %

Net interest income and net interest margin

$ 149,957

5.97 %

$ 142,384

5.42 %

$ 122,888

5.75 %

(1)

Consolidated presentation reflects intercompany eliminations.

(2)

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

(3)

The average balance for the first quarter of 2025 and fourth quarter of 2024 includes a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

March 31,
2025

December 31,
2024

Assets

Cash and due from banks

$ 20,191

$ 15,524

Interest-bearing deposits in banks

875,324

938,534

Total cash and cash equivalents

895,515

954,058

Restricted cash

24,732

23,338

Securities available for sale at fair value ($3,462,166 and $3,492,264 at amortized cost, respectively)

3,426,571

3,452,648

Loans held for sale at fair value

703,378

636,352

Loans and leases held for investment

4,215,449

4,125,818

Allowance for loan and lease losses

(244,193)

(236,734)

Loans and leases held for investment, net

3,971,256

3,889,084

Loans held for investment at fair value

818,882

1,027,798

Property, equipment and software, net

168,899

167,532

Goodwill

75,717

Other assets

398,146

403,982

Total assets

$ 10,483,096

$ 10,630,509

Liabilities and Equity

Deposits:

Interest-bearing

$ 8,540,068

$ 8,676,119

Noninterest-bearing

365,834

392,118

Total deposits

8,905,902

9,068,237

Other liabilities

212,677

220,541

Total liabilities

9,118,579

9,288,778

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 114,199,832 and 113,383,917 shares issued and outstanding, respectively

1,142

1,134

Additional paid-in capital

1,711,429

1,702,316

Accumulated deficit

(325,805)

(337,476)

Accumulated other comprehensive loss

(22,249)

(24,243)

Total equity

1,364,517

1,341,731

Total liabilities and equity

$ 10,483,096

$ 10,630,509

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

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

GAAP Net income

$ 11,671

$ 9,720

$ 14,457

$ 14,903

$ 12,250

Less: Provision for credit losses

(58,149)

(63,238)

(47,541)

(35,561)

(31,927)

Less: Income tax expense

(4,024)

(1,388)

(3,551)

(4,519)

(4,278)

Pre-provision net revenue

$ 73,844

$ 74,346

$ 65,549

$ 54,983

$ 48,455

For the three months ended

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

Non-interest income

$ 67,754

$ 74,817

$ 61,640

$ 58,713

$ 57,800

Net interest income

149,957

142,384

140,241

128,528

122,888

Total net revenue

217,711

217,201

201,881

187,241

180,688

Non-interest expense

(143,867)

(142,855)

(136,332)

(132,258)

(132,233)

Pre-provision net revenue

73,844

74,346

65,549

54,983

48,455

Provision for credit losses

(58,149)

(63,238)

(47,541)

(35,561)

(31,927)

Income before income tax expense

15,695

11,108

18,008

19,422

16,528

Income tax expense

(4,024)

(1,388)

(3,551)

(4,519)

(4,278)

GAAP Net income

$ 11,671

$ 9,720

$ 14,457

$ 14,903

$ 12,250

Tangible Book Value Per Common Share

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

GAAP common equity

$ 1,364,517

$ 1,341,731

$ 1,342,895

$ 1,287,945

$ 1,266,286

Less: Goodwill

(75,717)

Less: Customer relationship intangible assets

(7,778)

(8,586)

(9,439)

(10,293)

(11,165)

Tangible common equity

$ 1,281,022

$ 1,257,428

$ 1,257,739

$ 1,201,935

$ 1,179,404

Book value per common share

GAAP common equity

$ 1,364,517

$ 1,341,731

$ 1,342,895

$ 1,287,945

$ 1,266,286

Common shares issued and outstanding

114,199,832

113,383,917

112,401,990

111,812,215

111,120,415

Book value per common share

$ 11.95

$ 11.83

$ 11.95

$ 11.52

$ 11.40

Tangible book value per common share

Tangible common equity

$ 1,281,022

$ 1,257,428

$ 1,257,739

$ 1,201,935

$ 1,179,404

Common shares issued and outstanding

114,199,832

113,383,917

112,401,990

111,812,215

111,120,415

Tangible book value per common share

$ 11.22

$ 11.09

$ 11.19

$ 10.75

$ 10.61

LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)

(In thousands, except ratios)

(Unaudited)

Return On Tangible Common Equity

For the three months ended

March 31,
2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,
2024

Average GAAP common equity

$ 1,349,473

$ 1,335,730

$ 1,307,521

$ 1,266,608

$ 1,257,237

Less: Average goodwill

(75,717)

Less: Average customer relationship intangible assets

(8,182)

(9,013)

(9,866)

(10,729)

(11,650)

Average tangible common equity

$ 1,265,574

$ 1,251,000

$ 1,221,938

$ 1,180,162

$ 1,169,870

Return on average equity

Annualized GAAP net income

$ 46,684

$ 38,880

$ 57,828

$ 59,612

$ 49,000

Average GAAP common equity

$ 1,349,473

$ 1,335,730

$ 1,307,521

$ 1,266,608

$ 1,257,237

Return on average equity

3.5 %

2.9 %

4.4 %

4.7 %

3.9 %

Return on tangible common equity

Annualized GAAP net income

$ 46,684

$ 38,880

$ 57,828

$ 59,612

$ 49,000

Average tangible common equity

$ 1,265,574

$ 1,251,000

$ 1,221,938

$ 1,180,162

$ 1,169,870

Return on tangible common equity

3.7 %

3.1 %

4.7 %

5.1 %

4.2 %

View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-first-quarter-2025-results-302441666.html

SOURCE LendingClub Corporation

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

2 hours ago

July 18, 2026

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html

SOURCE HUAWEI

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

3 hours ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html

SOURCE Laifen

Technology

Pillsbury Notice of Data Breach

Published

6 hours ago

July 18, 2026

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html

SOURCE Pillsbury Winthrop Shaw Pittman LLP