Technology

LendingClub Reports First Quarter 2026 Results

Published

2 months ago

April 27, 2026

Strong Performance Across Key Metrics
Delivered Record $67.3 Million Pre-Tax Income, 13.7% ROE, and 14.5% ROTCE
Increased Originations +31% and Delivered Diluted EPS of $0.44, +340%
Rebranding to Happen Bank in Summer 2026

SAN FRANCISCO, April 27, 2026 /PRNewswire/ — LendingClub Corporation (NYSE: LC) today announced financial results for the first quarter ended March 31, 2026.

“We’re starting 2026 with exceptional momentum, delivering 31% year-over-year growth in originations while achieving record pre-tax earnings of $67 million and ROTCE of 14.5%,” said Scott Sanborn, LendingClub CEO. “At the same time, we advanced key strategic priorities, including the upcoming rebrand to Happen Bank, expanding into the $500 billion home improvement loan category, and maintaining our credit outperformance. Our focused, proven strategy is successfully attracting and retaining high-quality members as we continue generating consistent, durable returns.”

First Quarter 2026 Results

Highlights:

Announced new brand, Happen Bank, launching summer 2026, reflecting both our expanded banking capabilities and our core mission: to clear the way for people going places.Began underwriting and originating home improvement loans in April, leveraging distinct advantages over incumbents and opening meaningful opportunity for growth.Achieved $2.7 billion in origination volume, up 31% compared to the prior year, driven in part by the successful execution of product and marketing initiatives.Diluted EPS of $0.44, more than quadrupled compared to the prior year.Continued credit outperformance vs. competitor set, with over 40% lower delinquencies.AI-powered automation and agent support tools led to record personal loans operations production efficiency in the first quarter and a record-high >90% automation rate for issued loans.Executed $26 million of the $100 million Stock Repurchase and Acquisition Program, with cumulative utilization through March totaling $38 million.

Balance Sheet:

Total assets of $11.9 billion, up 14% year-over-year, primarily due to growth in loans and securities.Deposits of $10.2 billion, up 14% year-over-year, with 88% of deposits FDIC-insured.Robust available liquidity of $3.7 billion.Strong capital position with a consolidated Tier 1 leverage ratio of 11.9% and a CET1 capital ratio of 17.0%.

Financial Performance:

Loan originations grew 31% to $2.7 billion, compared to $2.0 billion in the prior year, driven by the successful execution of product and marketing initiatives.Total net revenue increased 16% to $252.3 million, compared to $217.7 million in the prior year, driven by higher loan sales and loan sale pricing and higher net interest margin on a larger balance sheet.Net interest margin expanded to 6.28%, compared to 5.97% in the prior year, driven primarily by improved deposit funding costs. Provision for credit losses of $0.4 million, compared to $58.1 million in the prior year, due to strong credit performance and the 2026 election of fair value option (FVO) accounting for all new originations.Net charge-offs on total loans and leases held for investment improved to $42.5 million, compared to $76.1 million in the same quarter in the prior year, supported by strong credit performance.Net income and Diluted EPS more than quadrupled to $51.6 million and $0.44, respectively, compared to $11.7 million and $0.10 in the prior year, respectively.Profit margin (pre-tax) of 26.7%, compared to 7.2% in the prior year.Return on Equity (ROE) of 13.7% with a Return on Tangible Common Equity (ROTCE) of 14.5%.

Summary Financial Highlights:

Three Months Ended

($ in millions, except per share amounts)

March 31,
2026

December 31,
2025

March 31,
2025

Total net revenue

$ 252.3

$ 266.5

$ 217.7

Provision for credit losses

0.4

47.2

58.1

Non-interest expense

184.5

169.3

143.9

Income before income tax expense

67.3

50.0

15.7

Income tax expense

(15.7)

(8.5)

(4.0)

Net income

$ 51.6

$ 41.6

$ 11.7

Diluted EPS

$ 0.44

$ 0.35

$ 0.10

For a calculation of 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.

2026 Strategic Priorities & Investments

LendingClub has made important progress on several strategic initiatives:

Corporate Rebrand: Rebranding to Happen BankTM, a bank that clears the way for people going places, providing fast and easy access to award-winning products that help them save more of what they earn and earn more on what they save. The new brand reflects LendingClub’s transition from a pioneering online lender to a diversified digital-first bank that combines deposits, lending, and a capital-light marketplace bank model. The company will transition to the new brand this summer. Rebrand-related costs are included in the 2026 financial guidance.

Home Improvement Financing: Having previously acquired foundational technology and key talent, LendingClub is now underwriting and originating home improvement loans through its initial partnership with the Wisetack platform. Inbound interest from additional potential partners has been significant. Home improvement financing is a $500 billion market where LendingClub has distinct advantages over incumbents and a meaningful opportunity for growth.

AI and Operating Efficiency: The company has over 60 active AI initiatives underway across marketing, product, engineering, operations, customer experience, and compliance, with the goal of improving efficiency and supporting margin expansion over time. AI-powered automation and agent support tools have already led to record personal loans operations production efficiency and a record-high >90% automation rate for issued loans in the first quarter.

New Marketing Channel Investment: LendingClub accelerated investments in new acquisition channels, including paid social and display, ahead of normal seasonal timing in order to build attribution models and data capabilities for the full-year 2026 growth plan. Successful execution of marketing and product initiatives contributed to a 31% year-over-year increase in originations growth in the first quarter.

Transition to Fair Value Option Accounting: Starting first quarter of 2026, LendingClub has adopted FVO accounting for all new originations of loans held for investment. This change aligns the accounting treatment for loans held for investment and held for sale, creating a consistent framework across the business and removing the front-loaded CECL reserve impact that corresponds to balance sheet growth. The company expects this transition will, over time, result in higher return on invested capital.

From a financial reporting perspective, under FVO, new loans are marked to fair value at origination, with subsequent changes in fair value, reflecting both credit performance and market conditions, flowing through non-interest income each quarter rather than through a separate provision for credit losses. The company will no longer record a CECL provision on new loan originations.

Financial Outlook

Second Quarter 2026

Loan originations

$3.0B to $3.1B

Diluted EPS

$0.40 to $0.45

Full Year 2026

Loan originations

$11.6B to $12.6B

Diluted EPS

$1.65 to $1.80

About LendingClub

LendingClub Bank (soon to be Happen BankTM) is a digital bank built for the Motivated Middle: high-FICO, high-income, digitally savvy consumers actively managing their financial lives. Our difference? We make it easy for them to access award-winning products that help them keep more of what they earn and earn more on what they save. Our products are aligned by design to reward our five million plus members when they take positive financial steps, like saving regularly or making loan payments on time.

Our success is fueled by our advanced credit underwriting, a proprietary technology platform engineered for innovation, and a marketplace bank model that drives value for members, loan investors, and shareholders alike. The result is affordable credit, meaningful value, and a trusted banking relationship delivered consistently and profitably at scale.

As we look to our next chapter, we’re choosing a name that reflects why we exist: to clear the way for our members to make it happen. Learn more at https://www.meethappen.com.

LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub first quarter 2026 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Monday, April 27, 2026. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To listen to the call, register using this link: https://events.q4inc.com/attendee/442019885 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. 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.

Question Submissions

Prior to quarterly earnings, investors have the ability to submit and upvote questions for LendingClub’s management team to consider. To participate, visit the link provided in each quarter’s earnings date announcement.

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: 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 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 for the period (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 page 11 of this release.

Safe Harbor Statement

Some of the statements above, including statements regarding our entry into home improvement financing, our rebranding initiative, and anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “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 loan performance, our ability to continue to attract and retain new and existing borrowers and marketplace investors (including retaining long-term investors through the duration of their expected partnership and achieving the anticipated level of purchases); competition; overall economic conditions; our ability to integrate acquired technology; the interest rate and/or 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. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on 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,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

Q/Q

Y/Y

Operating Highlights:

Net interest income

$ 176,234

$ 163,027

$ 158,439

$ 154,249

$ 149,957

8 %

18 %

Non-interest income

76,017

103,444

107,792

94,186

67,754

(27) %

12 %

Total net revenue

252,251

266,471

266,231

248,435

217,711

(5) %

16 %

Provision for credit losses

390

47,158

46,280

39,733

58,149

(99) %

Non-interest expense

184,533

169,284

162,713

154,718

143,867

9 %

28 %

Income before income tax expense

67,328

50,029

57,238

53,984

15,695

35 %

329 %

Income tax expense

(15,725)

(8,475)

(12,964)

(15,806)

(4,024)

86 %

291 %

Net income

$ 51,603

$ 41,554

$ 44,274

$ 38,178

$ 11,671

24 %

342 %

Diluted EPS

$ 0.44

$ 0.35

$ 0.37

$ 0.33

$ 0.10

26 %

340 %

Total loan originations (in millions)(1)

$ 2,669

$ 2,637

$ 2,656

$ 2,433

$ 2,032

1 %

31 %

Current period originations sold or held
for sale

$ 1,717

$ 2,090

$ 2,027

$ 1,702

$ 1,314

(18) %

31 %

Current period originations held for
investment

$ 952

$ 547

$ 629

$ 731

$ 717

74 %

33 %

Total servicing portfolio (in millions)(2)

$ 13,854

$ 13,423

$ 12,986

$ 12,524

$ 12,241

3 %

13 %

Loans serviced for others

$ 7,750

$ 7,601

$ 7,612

$ 7,185

$ 7,130

2 %

9 %

Performance Metrics:

Net interest margin

6.28 %

5.98 %

6.18 %

6.14 %

5.97 %

Profit margin(3)

26.7 %

18.8 %

21.5 %

21.7 %

7.2 %

Return on average equity (ROE)(4)

13.7 %

11.3 %

12.4 %

11.1 %

3.5 %

Return on tangible common equity (ROTCE)(5)(6)

14.5 %

11.9 %

13.2 %

11.8 %

3.7 %

Return on average total assets (ROA)(7)

1.8 %

1.5 %

1.7 %

1.5 %

0.4 %

Marketing expense as a % of loan

originations(1)

2.08 %

1.73 %

1.53 %

1.38 %

1.44 %

Average balance – total loans and leases

held for investment

$ 4,797,639

$ 4,767,573

$ 4,890,619

$ 4,899,272

$ 5,030,204

1 %

(5) %

Net charge-offs – total loans and leases

held for investment

$ 42,493

$ 47,852

$ 41,899

$ 46,078

$ 76,128

(11) %

(44) %

Net charge-off ratio – total loans and leases

held for investment(8)

3.5 %

4.0 %

3.4 %

3.8 %

6.1 %

Capital Metrics:

Common equity Tier 1 capital ratio

17.0 %

17.4 %

18.0 %

17.5 %

17.8 %

Tier 1 leverage ratio

11.9 %

12.0 %

12.3 %

12.2 %

11.7 %

Book value per common share

$ 13.19

$ 13.01

$ 12.68

$ 12.25

$ 11.95

1 %

10 %

Tangible book value per common share(6)

$ 12.49

$ 12.30

$ 11.95

$ 11.53

$ 11.22

2 %

11 %

(1) Beginning in the first quarter of 2026, includes all loans originated during the respective periods (unsecured consumer loans, auto loans and

small business loans). Previously this included unsecured consumer loans and auto loans only. In the first quarter of 2026, this update

included $15 million of small business loan originations. Prior periods have been reclassified to conform to the current period presentation.

(2) Reflects loans serviced on our platform, which includes unsecured consumer loans and auto loans serviced for others for which servicing

rights are retained by the Company.

(3) Calculated as the ratio of income before income tax expense to total net revenue.

(4) Calculated as annualized net income divided by average equity for the period presented.

(5) Calculated as annualized net income divided by average tangible common equity for the period presented.

(6) Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”

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

(8) Beginning in the first quarter of 2026, the net charge-off ratio is calculated as annualized net charge-offs for total loans and leases held for

investment (at amortized cost and fair value) divided by average total outstanding loans and leases held for investment during the period.

Prior to the first quarter of 2026, this was calculated based on loans and leases held for investment at amortized cost only. Prior period

amounts have been reclassified to conform to the current period presentation.

LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)

As of the period ended

% Change

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$ 3,867,576

$ 3,706,709

$ 3,742,304

$ 3,527,142

$ 3,426,571

4 %

13 %

Loans held for sale

$ 1,836,121

$ 1,762,396

$ 1,213,140

$ 1,008,168

$ 703,378

4 %

161 %

Loans and leases held for investment

$ 4,700,990

$ 4,470,383

$ 4,573,425

$ 4,765,068

$ 4,790,138

5 %

(2) %

Total loans and leases

$ 6,537,111

$ 6,232,779

$ 5,786,565

$ 5,773,236

$ 5,493,516

5 %

19 %

Total assets

$ 11,939,839

$ 11,567,816

$ 11,072,515

$ 10,775,333

$ 10,483,096

3 %

14 %

Total deposits

$ 10,189,511

$ 9,833,870

$ 9,388,233

$ 9,136,124

$ 8,905,902

4 %

14 %

Total liabilities

$ 10,416,311

$ 10,067,388

$ 9,610,302

$ 9,369,298

$ 9,118,579

3 %

14 %

Total equity

$ 1,523,528

$ 1,500,428

$ 1,462,213

$ 1,406,035

$ 1,364,517

2 %

12 %

LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT BY DELINQUENCY STATUS
(In thousands)
(Unaudited)

The following tables present loans and leases held for investment (at amortized cost and fair value) by delinquency status(1):

March 31, 2026

Current

30-59
Days

60-89
Days

90 or More
Days

Total

Guaranteed
Amount (2)

Unsecured consumer (3)

$ 3,703,293

$ 22,006

$ 18,305

$ 16,826

$ 3,760,430

$ —

Residential mortgages

147,730

1,719

—

149,474

—

Secured consumer

341,829

3,012

545

237

345,623

—

Total consumer loans held for investment

4,192,852

26,737

18,850

17,088

4,255,527

—

Equipment finance (4)

32,824

—

3,623

36,447

—

Commercial real estate (5)

480,877

—

399

10,295

491,571

38,372

Commercial and industrial

129,103

3,662

1,417

20,122

154,304

107,816

Total commercial loans and leases held for

investment

642,804

$ 3,662

$ 1,816

$ 34,040

$ 682,322

$ 146,188

Total loans and leases held for investment

$ 4,835,656

$ 30,399

$ 20,666

$ 51,128

$ 4,937,849

$ 146,188

December 31, 2025

Current

30-59
Days

60-89
Days

90 or More
Days

Total

Guaranteed
Amount (2)

Unsecured consumer (3)

$ 3,600,434

$ 24,075

$ 19,685

$ 18,929

$ 3,663,123

$ —

Residential mortgages

150,099

—

888

151,073

—

Secured consumer

257,063

3,015

596

395

261,069

—

Total consumer loans held for investment

4,007,596

27,090

21,169

19,410

4,075,265

—

Equipment finance (4)

35,973

696

—

3,088

39,757

—

Commercial real estate (5)

461,307

—

11,182

472,489

39,507

Commercial and industrial

133,526

1,540

1,878

20,074

157,018

108,826

Total commercial loans and leases held for

investment

630,806

2,236

1,878

34,344

669,264

148,333

Total loans and leases held for investment

$ 4,638,402

$ 29,326

$ 23,047

$ 53,754

$ 4,744,529

$ 148,333

(1) Beginning in the first quarter of 2026, amounts include loans and leases held for investment measured at both

amortized cost and fair value. Prior to the first quarter of 2026, amounts included loans and leases held for

investment at amortized cost only.

(2) Represents loan balances guaranteed by the Small Business Association (SBA).

(3) Excludes basis adjustment for loans previously designated in fair value hedges under the portfolio layer

method of $0.8 million and $1.6 million as of March 31, 2026 and December 31, 2025, respectively.

(4) Comprised of sales-type leases for equipment.

(5) Includes $307.0 million and $286.8 million in loans originated through the SBA as of March 31, 2026 and

December 31, 2025, respectively.

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)

Three Months Ended

Change (%)

March 31,
2026

December 31,
2025

March 31,
2025

Q1 2026

Q4 2025

Q1 2026

Q1 2025

Interest income:

Interest on loans (1)

$ 199,897

$ 185,814

$ 166,173

8 %

20 %

Interest on securities available for sale

54,411

55,948

56,280

(3) %

Other interest income

6,899

8,824

9,606

(22) %

(28) %

Total interest income

$ 261,207

$ 250,586

$ 232,059

4 %

13 %

Interest expense:

Interest on deposits

84,971

87,558

82,100

(3) %

3 %

Other interest expense

100 %

— %

Total interest expense

84,973

87,559

82,102

(3) %

3 %

Net interest income

176,234

163,027

149,957

8 %

18 %

Non-interest income:

Origination fees (2)

130,088

109,562

69,944

19 %

86 %

Servicing fees (2)

13,113

12,845

12,748

2 %

3 %

Gain on sales of loans (2)

16,269

15,546

12,202

5 %

33 %

Net fair value adjustments (2)

(88,925)

(39,451)

(29,251)

(125) %

(204) %

Other non-interest income

5,472

4,942

2,111

11 %

159 %

Total non-interest income

76,017

103,444

67,754

(27) %

12 %

Total net revenue

252,251

266,471

217,711

(5) %

16 %

Provision for credit losses

390

47,158

58,149

(99) %

Non-interest expense:

Compensation and benefits

65,514

60,638

58,389

8 %

12 %

Marketing

55,415

45,680

29,239

21 %

90 %

Equipment and software

15,293

14,410

14,644

6 %

4 %

Depreciation and amortization

15,819

16,641

13,909

(5) %

14 %

Professional services

11,767

11,353

9,764

4 %

21 %

Occupancy

6,391

5,457

4,345

17 %

47 %

Other non-interest expense

14,334

15,105

13,577

(5) %

6 %

Total non-interest expense

184,533

169,284

143,867

9 %

28 %

Income before income tax expense

67,328

50,029

15,695

35 %

329 %

Income tax expense

(15,725)

(8,475)

(4,024)

86 %

291 %

Net income

$ 51,603

$ 41,554

$ 11,671

24 %

342 %

Net income per share:

Basic EPS

$ 0.45

$ 0.36

$ 0.10

25 %

350 %

Diluted EPS

$ 0.44

$ 0.35

$ 0.10

26 %

340 %

Weighted-average common shares – Basic

115,400,564

115,334,621

113,693,399

— %

2 %

Weighted-average common shares – Diluted

117,333,435

118,855,315

116,176,898

(1) %

1 %

(1) Beginning in the first quarter of 2026, we combined “Interest on loans held for sale,” “Interest and fees on loans and leases held for

investment,” and “Interest on loans held for investment at fair value,” into a single line item called “Interest on loans.” Prior period

amounts have been reclassified to conform to the current period presentation.

(2) Beginning in the first quarter of 2026, these components previously aggregated under “Marketplace revenue” on the Income Statement,

are now presented as separate line items. Prior period amounts have been reclassified to conform to the current period presentation.

LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)

Consolidated LendingClub Corporation (1)

Three Months Ended

March 31, 2026

Three Months Ended

December 31, 2025

Three Months Ended

March 31, 2025

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

$ 775,385

$ 6,899

3.56 %

$ 905,427

$ 8,824

3.90 %

$ 893,058

$ 9,606

4.30 %

Securities available for sale

at fair value

3,737,199

54,411

5.82 %

3,695,980

55,948

6.06 %

3,397,720

56,280

6.63 %

Loans held for sale at fair

value

1,910,017

64,531

13.51 %

1,530,624

51,006

13.33 %

723,972

21,814

12.05 %

Loans held for investment

at fair value

807,486

25,467

12.62 %

455,168

12,292

10.80 %

921,008

25,410

11.04 %

Loans and leases held for

investment at amortized

cost:

Unsecured consumer

loans

2,934,584

94,763

12.92 %

3,252,204

106,716

13.13 %

3,097,136

104,722

13.53 %

Commercial and

secured consumer loans

1,055,569

15,136

5.74 %

1,060,201

15,800

5.96 %

1,012,060

14,227

5.62 %

Loans and leases held for

investment at amortized

cost

3,990,153

109,899

11.02 %

4,312,405

122,516

11.36 %

4,109,196

118,949

11.58 %

Total loans and leases held

for investment

4,797,639

135,366

11.29 %

4,767,573

134,808

11.31 %

5,030,204

144,359

11.48 %

Total interest-earning

assets

11,220,240

261,207

9.31 %

10,899,604

250,586

9.20 %

10,044,954

232,059

9.24 %

Cash and due from banks

and restricted cash

26,343

32,308

30,084

Allowance for loan and

lease losses

(262,466)

(275,187)

(239,608)

Other non-interest earning

assets

668,486

644,221

593,740

Total assets

$ 11,652,603

$ 11,300,946

$ 10,429,170

Interest-bearing liabilities

Interest-bearing deposits (3):

Savings and money

market accounts

6,694,780

58,714

3.56 %

6,478,888

60,960

3.73 %

5,917,852

55,881

3.83 %

Certificates of deposit

2,488,015

25,174

4.10 %

2,400,374

25,377

4.19 %

2,172,242

24,866

4.64 %

Checking accounts

393,963

1,083

1.12 %

396,430

1,221

1.22 %

430,449

1,353

1.27 %

Interest-bearing deposits

9,576,758

84,971

3.60 %

9,275,692

87,558

3.75 %

8,520,543

82,100

3.91 %

Other interest-bearing

liabilities

222

3.79 %

109

4.28 %

222

4.47 %

Total interest-bearing

liabilities

9,576,980

84,973

3.60 %

9,275,801

87,559

3.75 %

8,520,765

82,102

3.91 %

Noninterest-bearing

deposits

334,136

311,147

321,777

Other liabilities

233,776

240,642

237,155

Total liabilities

$ 10,144,892

$ 9,827,590

$ 9,079,697

Total equity

$ 1,507,711

$ 1,473,356

$ 1,349,473

Total liabilities and equity

$ 11,652,603

$ 11,300,946

$ 10,429,170

Interest rate spread

5.71 %

5.45 %

5.33 %

Net interest income and

net interest margin

$ 176,234

6.28 %

$ 163,027

5.98 %

$ 149,957

5.97 %

(1) Consolidated presentation reflects intercompany eliminations.

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

(3) Prior period amounts have been reclassified to conform to the current period presentation.

LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)

March 31,
2026

December 31,
2025

Assets

Cash and due from banks

$ 19,528

$ 11,749

Interest-bearing deposits in banks

782,415

905,905

Total cash and cash equivalents

801,943

917,654

Restricted cash

19,919

12,783

Securities available for sale at fair value ($3,908,834 and $3,733,780 at amortized

cost, respectively)

3,867,576

3,706,709

Loans held for sale at fair value

1,836,121

1,762,396

Loans held for investment at fair value

1,237,850

473,314

Loans and leases held for investment

3,700,837

4,272,812

Allowance for loan and lease losses

(237,697)

(275,743)

Loans and leases held for investment, net

3,463,140

3,997,069

Property, equipment and software, net

273,472

254,088

Goodwill

75,717

Other assets

364,101

368,086

Total assets

$ 11,939,839

$ 11,567,816

Liabilities and Equity

Deposits:

Interest-bearing

$ 9,781,568

$ 9,459,483

Noninterest-bearing

407,943

374,387

Total deposits

10,189,511

9,833,870

Other liabilities

226,800

233,518

Total liabilities

10,416,311

10,067,388

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 115,497,890 and

115,368,987 shares issued and outstanding, respectively

1,155

1,154

Additional paid-in capital

1,701,280

1,719,233

Accumulated deficit

(150,196)

(201,799)

Accumulated other comprehensive loss

(28,711)

(18,160)

Total equity

1,523,528

1,500,428

Total liabilities and equity

$ 11,939,839

$ 11,567,816

LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)

Tangible Book Value Per Common Share

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

GAAP common equity

$ 1,523,528

$ 1,500,428

$ 1,462,213

$ 1,406,035

$ 1,364,517

Less: Goodwill

(75,717)

Less: Customer relationship intangible

assets

(5,039)

(5,685)

(8,206)

(7,068)

(7,778)

Tangible common equity

$ 1,442,772

$ 1,419,026

$ 1,378,290

$ 1,323,250

$ 1,281,022

Book value per common share

GAAP common equity

$ 1,523,528

$ 1,500,428

$ 1,462,213

$ 1,406,035

$ 1,364,517

Common shares issued and outstanding

115,497,890

115,368,987

115,301,440

114,740,147

114,199,832

Book value per common share

$ 13.19

$ 13.01

$ 12.68

$ 12.25

$ 11.95

Tangible book value per common share

Tangible common equity

$ 1,442,772

$ 1,419,026

$ 1,378,290

$ 1,323,250

$ 1,281,022

Common shares issued and outstanding

115,497,890

115,368,987

115,301,440

114,740,147

114,199,832

Tangible book value per common share

$ 12.49

$ 12.30

$ 11.95

$ 11.53

$ 11.22

Return On Tangible Common Equity

For the three months ended

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

Average GAAP common equity

$ 1,507,711

$ 1,473,356

$ 1,424,538

$ 1,381,199

$ 1,349,473

Less: Average goodwill

(75,717)

Less: Average customer relationship

intangible assets

(5,362)

(6,031)

(6,722)

(7,423)

(8,182)

Average tangible common equity

$ 1,426,632

$ 1,391,608

$ 1,342,099

$ 1,298,059

$ 1,265,574

Return on average equity

Annualized GAAP net income

$ 206,412

$ 166,216

$ 177,096

$ 152,712

$ 46,684

Average GAAP common equity

$ 1,507,711

$ 1,473,356

$ 1,424,538

$ 1,381,199

$ 1,349,473

Return on average equity

13.7 %

11.3 %

12.4 %

11.1 %

3.5 %

Return on tangible common equity

Annualized GAAP net income

$ 206,412

$ 166,216

$ 177,096

$ 152,712

$ 46,684

Average tangible common equity

$ 1,426,632

$ 1,391,608

$ 1,342,099

$ 1,298,059

$ 1,265,574

Return on tangible common equity

14.5 %

11.9 %

13.2 %

11.8 %

3.7 %

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SOURCE LendingClub Corporation

Technology

REPT BATTERO Deepens Inter Milan Partnership, Brings Latest Innovations to Intersolar Europe 2026

Published

1 hour ago

June 20, 2026

MUNICH, June 20, 2026 /PRNewswire/ — As global audiences follow the world’s biggest football tournament this summer, another international stage is preparing to bring together innovators, businesses and industry leaders from across the energy sector.

From June 23 to 25, REPT BATTERO will participate in Intersolar Europe 2026 in Munich, Germany, showcasing its latest developments in energy storage, sustainability and global business expansion.

Adding to the excitement, an Inter Milan legend will make a special appearance at the REPT BATTERO booth, meeting customers, partners and visitors from around the world. The appearance follows the company’s recent partnership with Inter Milan, which named REPT BATTERO as the club’s Global Official Battery and Energy Storage Partner.

But beyond products, exhibitions and football, the story REPT BATTERO hopes to tell is about something larger: how a young Chinese battery company is evolving into a global energy brand.

Growth Comes First

For any company looking to expand globally, one question comes before all others: is the business ready?

For REPT BATTERO, the answer is increasingly being reflected in its performance.

According to its 2025 annual results, the company reported revenue of approximately €3.1 billion, up 36.7% year on year, while net profit reached approximately €87 million, marking the company’s first full year of profitability. Annual battery shipments totaled 82.7GWh, representing year-on-year growth of 89.2%.

Energy storage continued to be a key growth driver, generating approximately €1.7 billion in revenue in 2025, an increase of 86.8% compared with the previous year.

The momentum has continued into 2026. In the first quarter, REPT BATTERO ranked No.1 globally in both residential energy storage cell shipments and commercial & industrial energy storage cell shipments, while ranking among the world’s top five in energy storage cell shipments overall. The company has also maintained BloombergNEF Tier 1 Energy Storage Supplier status for eleven consecutive quarters.

These achievements are not simply the result of rapid growth. They reflect years of investment in product development, manufacturing capability, customer relationships and operational excellence.

For REPT BATTERO, globalization is not a sudden ambition. It is the natural next stage of a business that has steadily built the foundations required to compete internationally.

Globalization Beyond Exporting Products

For many companies, globalization begins with exports.

But long-term success requires much more than shipping products overseas.

Customers increasingly evaluate suppliers not only on technology and price, but also on local service capabilities, supply chain resilience, regulatory readiness and long-term reliability. This is particularly true in Europe, where the energy transition continues to drive demand for trusted and sustainable partners.

Over the past several years, REPT BATTERO has been steadily strengthening its international footprint.

The company established its European subsidiary in Munich in 2023 and has since expanded its overseas presence across Germany, the United States, Indonesia, Australia and Japan. Today, REPT BATTERO’s business network spans six continents, supporting customers across a wide range of energy storage and mobility applications.

At the same time, the company is advancing construction of its first overseas manufacturing base in Indonesia, a major milestone in its global manufacturing strategy.

Europe remains one of REPT BATTERO’s most important markets. Earlier this year, during KEY – The Energy Transition Expo in Italy, the company signed energy storage supply agreements totaling 8.3GWh with seven European partners. REPT BATTERO has successfully delivered and deployed energy storage projects in Germany, Belgium, Slovakia, Romania, Bulgaria, Greece, Ukraine, Poland, Moldova and Latvia, further strengthening its presence in Europe.

Taken together, these developments demonstrate that REPT BATTERO’s global strategy extends far beyond exports. The company is building local presence, local partnerships and long-term capabilities designed to support customers worldwide.

Building a Global Brand

As technology, products and services enter global markets, another challenge emerges: building recognition and trust.

This is one of the reasons behind REPT BATTERO’s partnership with Inter Milan.

Announced in May 2026, the collaboration goes beyond traditional sponsorship. It includes brand campaigns, fan engagement initiatives, customer experiences and future activations across international markets.

For REPT BATTERO, the partnership represents a new approach to global brand building.

Historically, battery companies have communicated primarily through technical specifications, product performance and manufacturing capabilities. While these remain essential, global audiences increasingly connect with brands through stories, experiences and shared values.

Football provides a unique platform for that connection.

With one of the largest fan bases in world football, Inter Milan offers a global stage that transcends language, geography and culture. Through the partnership, REPT BATTERO aims to engage customers and communities in a more accessible, international and human-centered way.

The goal is not simply to increase visibility. It is to help a broader audience understand the innovation, ambition and long-term vision behind the company.

Youth Is About Agility, Not Image

Founded in 2017 and entering production just one year later, REPT BATTERO remains a relatively young company by industry standards.

Yet its development has been remarkably rapid.

The company became one of the fastest battery manufacturers in the industry to surpass RMB 10 billion in annual revenue. Since then, it has continued evolving—from rapid expansion to profitability, from domestic growth to international development, and from product exports to global brand building.

At REPT BATTERO, being young is not about image. It is about agility.

It means responding quickly to changing market conditions, adapting to customer needs and continuously improving across products, operations and organization.

Whether addressing growing demand for residential energy storage in Europe, preparing for emerging battery passport requirements, or navigating an industry increasingly focused on profitability and sustainable growth, REPT BATTERO has consistently demonstrated its ability to adapt and execute.

This combination of innovation, responsiveness and global ambition continues to shape the company’s identity as it enters its next stage of development.

See You in Munich

From SNEC in Shanghai to Intersolar Europe in Munich, the interaction between REPT BATTERO and INTER MILAN continues.

Yet the company’s story is about more than exhibitions or celebrity appearances. It is about the evolution of a young energy company building the capabilities, partnerships and brand needed to compete on a global stage.

This June, as the FIFA World Cup captures the attention of football fans around the world, REPT BATTERO will welcome an Inter Milan legend to its booth at Intersolar Europe in Munich.

When a player who once stood at the pinnacle of world football walks into the booth of a young Chinese energy company and exchanges handshakes and conversations with customers and partners from across the globe, the moment represents something larger than a partnership.

It reflects how far REPT BATTERO has come—and where it is heading next.

From a fast-growing battery manufacturer to an increasingly global energy brand, REPT BATTERO’s journey is still being written. And perhaps, that scene in Munich will be one of its most meaningful chapters yet.

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Technology

Felicitysolar Strengthens Brand Presence at SNEC 2026

Published

3 hours ago

June 20, 2026

GUANGZHOU, China, June 20 2026 /PRNewswire/ — Felicitysolar presented its energy storage product portfolio, technical progress, third-party recognition, and global cooperation achievements at SNEC 2026, held in Shanghai from June 3 to June 5.

During the exhibition, Felicitysolar showcased solutions for residential, commercial, and industrial energy applications, including the 50kW C&I ESS, 125kW/257kWh system, 125kW/261kWh liquid-cooled all-in-one system, and FLB Series low-voltage residential battery pack. These products reflected the company’s continued focus on system reliability, flexible deployment, and practical energy storage needs across different scenarios.

Felicitysolar also held Chinese and English product presentations on June 3 and June 4, covering commercial and industrial energy storage systems, low-voltage residential battery packs, intelligent management platforms, and the company’s newly developed AI management platform. Through application-oriented explanations, the presentations helped customers better understand the role of Felicitysolar’s products in residential, commercial, and industrial energy management.

Third-party activities during the exhibition added further depth to Felicitysolar’s brand presentation. Intertek issued ETL certificates for Felicitysolar’s energy storage system and photovoltaic inverter products and granted the company Intertek “Satellite Program” laboratory qualification, supporting product access to the North American market and recognizing Felicitysolar’s in-house testing capability. DEKRA presented certificates related to Felicitysolar’s hybrid inverter and energy storage battery system products for European and international standards. SGS granted an Australian grid-connection certificate for Felicitysolar’s IVGM25KHP3G3 Series high-voltage hybrid inverter. EUPD Research recognition was also presented during the exhibition.

In addition, Felicitysolar received three Global Smart Energy Award honors: ENTERPRISE OF THE YEAR, FRONTIER TECHNOLOGY, and INNOVATIVE SOLUTION. These awards recognized Felicitysolar’s overall development, the FLB Series low-voltage LiFePO4 battery pack, and the 50kW high-voltage hybrid energy storage system, respectively. Together with the third-party activities, the awards highlighted Felicitysolar’s continued progress in product development, quality systems, market readiness, and solution capabilities.

The company also held partner signing ceremonies for Argentina and Chile, strengthening communication and cooperation with partners in Latin America. As energy storage demand grows across regional markets, localized cooperation remains an important part of Felicitysolar’s global development.

To extend the exhibition experience beyond the venue, Felicitysolar launched an online VR booth tour, allowing customers to explore the booth layout, featured products, and related materials after the event:
https://www.felicitysolar.com/snec-pv-power-expo-shanghai-vr-tour/

Through product showcases, technical presentations, third-party activities, award recognition, localized partnerships, and digital exhibition tools, Felicitysolar used SNEC 2026 to present its brand capabilities in solar energy storage. The company will continue to focus on practical energy needs across residential, commercial, and industrial applications while strengthening its products, services, and global cooperation capabilities.

About Felicitysolar

Founded in 2007 and headquartered in Guangzhou, China, Felicitysolar provides solar energy storage solutions for residential, commercial, and industrial applications. Its product portfolio covers solar inverters, lithium battery packs, integrated solar street lights, commercial and industrial energy storage systems, and related smart energy solutions.

CONTACT:
Felicitysolar Marketing Department
pr@felicitysolar.com
+86-18620102298

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Technology

Alcott HR Appoints Michael Pascucci as Director of Strategic Projects

Published

6 hours ago

June 20, 2026

FARMINGDALE, N.Y., June 19, 2026 /PRNewswire/ — Alcott HR announces Michael Pascucci as Director of Strategic Projects. Michael brings over ten years of experience in HR operations and project management.

Before joining Alcott HR, he held senior roles leading technology upgrades and launching new employee benefits programs. This experience supports Alcott’s initiatives, helping the company grow while putting clients first.

As Director, Michael drives operational excellence at Alcott HR by leading strategic projects. He maintains processes to ensure Alcott stays flexible and personalized during growth. Michael focuses on projects that further enhance client support.

Improving Data Accuracy: Michael connects Alcott’s main systems with partners. Automating these connections streamlines onboarding and enrollment, ensuring benefits and payroll are accurate and secure. This gives clients confidence their information is in good hands.

Creating a Seamless Client Experience: Michael is improving how Alcott manages projects and client renewals. With consistency in these processes, Alcott delivers a seamless, dependable experience, especially during year-end reporting and enrollment.

Building for Growth: By replacing manual tasks with digital solutions, Michael helps Alcott grow with its clients. This allows the team to focus on building relationships and offering expert HR guidance to help clients achieve their goals.

“Michael doesn’t just manage projects, he builds systems that help our team excel,” said Kristen Bartolotta, Sr. Director of Operations at Alcott HR. “His ability to transform complex processes into streamlined solutions has improved our efficiency and enhanced our client service.”

“Working with the talented Alcott team has been a great experience,” said Michael Pascucci. “I’m excited to continue working across departments to improve our processes, boost efficiency, and help the company keep growing.”

Through these efforts, Michael helps Alcott deliver even greater value to clients by driving innovation, strengthening relationships, and ensuring every organization can reach its potential.

About Alcott HR: Alcott HR is an IRS Certified* and ESAC Accredited, Professional Employer Organization that provides a comprehensive range of human resources solutions to small and mid-sized businesses. With nearly four decades of experience, Alcott HR offers customized services that allow businesses to manage their workforce more effectively while staying compliant with state and federal regulations. Their services include payroll, benefits, risk management, and HR support, designed to help businesses grow and succeed.

The IRS does not endorse any particular certified professional employer organization.

Media Contact:
Sarah Zulawski
Marketing Specialist
szulawski@alcotthr.com
(716) 241-8893

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SOURCE Alcott HR