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LendingClub Reports Third Quarter 2024 Results

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2 years ago

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Originations and Revenue Growth Supported by Return of Bank Buyers

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

Acquired Tally’s Technology in October to Accelerate Product Roadmap

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

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

Third Quarter 2024 Results

Balance Sheet:

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

Financial Performance:

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

Three Months Ended

($ in millions, except per share amounts)

September 30,
2024

June 30,
2024

September 30,
2023

Total net revenue

$              201.9

$              187.2

$              200.8

Non-interest expense

136.3

132.3

128.0

Pre-provision net revenue (1)

65.5

55.0

72.8

Provision for credit losses

47.5

35.6

64.5

Income before income tax expense

18.0

19.4

8.3

Income tax expense

(3.6)

(4.5)

(3.3)

Net income

$                14.5

$                14.9

$                  5.0

Diluted EPS

$                0.13

$                0.13

$                0.05

(1)

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

 

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

Financial Outlook

Fourth Quarter 2024

Loan originations

$1.8B to $1.9B

Pre-provision net revenue (PPNR)

$60M to $70M

 

About LendingClub

LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on hundreds of billions of cells of data and over $90 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 5 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub third quarter 2024 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 23, 2024. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 834946, ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until October 30, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 106763. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts
For Investors:
IR@lendingclub.com

Media Contact:
Press@lendingclub.com

Non-GAAP Financial Measures

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

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

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

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

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

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

Safe Harbor Statement

Some of the statements above, including statements regarding our competitive advantages, macroeconomic outlook, anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to continue to attract and retain new and existing borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)

As of and for the three months ended

% Change

September 30,
2024

June 30,
2024

March 31,

2024

December 31,

2023

September 30,
2023

Q/Q

Y/Y

Operating Highlights:

Non-interest income

$         61,640

$    58,713

$    57,800

$         54,129

$         63,844

5 %

(3) %

Net interest income

140,241

128,528

122,888

131,477

137,005

9 %

2 %

Total net revenue

201,881

187,241

180,688

185,606

200,849

8 %

1 %

Non-interest expense

136,332

132,258

132,233

130,015

128,035

3 %

6 %

Pre-provision net revenue(1)

65,549

54,983

48,455

55,591

72,814

19 %

(10) %

Provision for credit losses

47,541

35,561

31,927

41,907

64,479

34 %

(26) %

Income before income tax expense

18,008

19,422

16,528

13,684

8,335

(7) %

116 %

Income tax expense

(3,551)

(4,519)

(4,278)

(3,529)

(3,327)

(21) %

7 %

Net income

$         14,457

$    14,903

$    12,250

$         10,155

$           5,008

(3) %

189 %

Basic EPS

$             0.13

$        0.13

$        0.11

$             0.09

$             0.05

— %

160 %

Diluted EPS

$             0.13

$        0.13

$        0.11

$             0.09

$             0.05

— %

160 %

LendingClub Corporation Performance Metrics:

Net interest margin

5.63 %

5.75 %

5.75 %

6.40 %

6.91 %

Efficiency ratio(2)

67.5 %

70.6 %

73.2 %

70.0 %

63.7 %

Return on average equity (ROE)(3)

4.4 %

4.7 %

3.9 %

3.3 %

1.7 %

Return on average total assets (ROA)(4)

0.6 %

0.6 %

0.5 %

0.5 %

0.2 %

Marketing expense as a % of loan originations

1.37 %

1.47 %

1.47 %

1.44 %

1.30 %

LendingClub Corporation Capital Metrics:

Common equity Tier 1 capital ratio

15.9 %

17.9 %

17.6 %

17.9 %

16.9 %

Tier 1 leverage ratio

11.3 %

12.1 %

12.5 %

12.9 %

13.2 %

Book value per common share

$           11.95

$      11.52

$      11.40

$           11.34

$           11.02

4 %

8 %

Tangible book value per common share(1)

$           11.19

$      10.75

$      10.61

$           10.54

$           10.21

4 %

10 %

Loan Originations (in millions)(5):

Total loan originations

$           1,913

$      1,813

$      1,646

$           1,630

$           1,508

6 %

27 %

Marketplace loans

$           1,403

$      1,477

$      1,361

$           1,432

$           1,182

(5) %

19 %

Loan originations held for investment

$              510

$         336

$         285

$              198

$              326

52 %

56 %

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

27 %

19 %

17 %

12 %

22 %

Servicing Portfolio AUM (in millions)(6):

Total servicing portfolio

$          12,674

$     12,999

$     13,437

$          14,122

$          14,818

(3) %

(14) %

Loans serviced for others

$            7,028

$       8,337

$       8,671

$            9,336

$            9,601

(16) %

(27) %

(1)

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

(2)

Calculated as the ratio of non-interest expense to total net revenue.

(3)

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

(4)

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

(5)

Includes unsecured personal loans and auto loans only.

(6)

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

 

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

As of and for the three months ended

% Change

September 30,
2024

June 30,
2024

March 31,

2024

December 31,

2023

September 30,
2023

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$       3,311,418

$    2,814,383

$    2,228,500

$        1,620,262

$           795,669

18 %

316 %

Loans held for sale at fair value

$          849,967

$       791,059

$       550,415

$           407,773

$           362,789

7 %

134 %

Loans and leases held for investment at amortized cost

$       4,108,329

$    4,228,391

$    4,505,816

$        4,850,302

$        5,237,277

(3) %

(22) %

Gross allowance for loan and lease losses (1)

$        (274,538)

$     (285,368)

$     (311,794)

$         (355,773)

$         (388,156)

(4) %

(29) %

Recovery asset value (2)

$            53,974

$         56,459

$         52,644

$             45,386

$             37,661

(4) %

43 %

Allowance for loan and lease losses

$        (220,564)

$     (228,909)

$     (259,150)

$         (310,387)

$         (350,495)

(4) %

(37) %

Loans and leases held for investment at amortized cost, net

$       3,887,765

$    3,999,482

$    4,246,666

$        4,539,915

$        4,886,782

(3) %

(20) %

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

$       1,287,495

$       339,222

$       427,396

$           272,678

$           344,417

280 %

274 %

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

$       5,175,260

$    4,338,704

$    4,674,062

$        4,812,593

$        5,231,199

19 %

(1) %

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

$       6,025,227

$    5,129,763

$    5,224,477

$        5,220,366

$        5,593,988

17 %

8 %

Total assets

$     11,037,507

$    9,586,050

$    9,244,828

$        8,827,463

$        8,472,351

15 %

30 %

Total deposits

$       9,459,608

$    8,095,328

$    7,521,655

$        7,333,486

$        7,000,263

17 %

35 %

Total liabilities

$       9,694,612

$    8,298,105

$    7,978,542

$        7,575,641

$        7,264,132

17 %

33 %

Total equity

$       1,342,895

$    1,287,945

$    1,266,286

$        1,251,822

$        1,208,219

4 %

11 %

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

 

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

As of and for the three months ended

September 30,
2024

June 30,
2024

March 31,
2024

December 31,
2023

September 30,
2023

Asset Quality Metrics (1):

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

5.4 %

5.4 %

5.8 %

6.4 %

6.7 %

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

3.1 %

2.7 %

1.9 %

1.8 %

2.0 %

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

5.8 %

5.9 %

6.4 %

7.2 %

7.4 %

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

7.3 %

7.5 %

7.8 %

8.3 %

8.2 %

Net charge-offs

$          55,805

$          66,818

$          80,483

$          82,511

$          68,795

Net charge-off ratio (2)

5.4 %

6.2 %

6.9 %

6.6 %

5.1 %

(1)

Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

(2)

Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

 

LENDINGCLUB CORPORATION

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:

September 30,
2024

December 31,
2023

Unsecured personal

$       3,068,078

$       3,726,830

Residential mortgages

175,345

183,050

Secured consumer

239,206

250,039

Total consumer loans held for investment

3,482,629

4,159,919

Equipment finance (1)

74,674

110,992

Commercial real estate

371,796

380,322

Commercial and industrial

179,230

199,069

Total commercial loans and leases held for investment

625,700

690,383

Total loans and leases held for investment at amortized cost

4,108,329

4,850,302

Allowance for loan and lease losses

(220,564)

(310,387)

Loans and leases held for investment at amortized cost, net

$       3,887,765

$       4,539,915

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

1,287,495

272,678

Total loans and leases held for investment (3)

$       5,175,260

$       4,812,593

(1)

Comprised of sales-type leases for equipment.

(2)

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

(3)

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

 

LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES

(In thousands)

(Unaudited)

The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:

September 30, 2024

December 31, 2023

Gross allowance for loan and lease losses (1)

$                 274,538

$                 355,773

Recovery asset value (2)

(53,974)

(45,386)

Allowance for loan and lease losses

$                 220,564

$                 310,387

(1)

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

(2)

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

 

The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

Three Months Ended

September 30, 2024

June 30, 2024

Consumer

Commercial

Total

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    210,729

$        18,180

$ 228,909

$    246,280

$        12,870

$ 259,150

Credit loss expense for loans and leases held for investment

45,813

1,647

47,460

30,760

5,817

36,577

Charge-offs

(68,388)

(721)

(69,109)

(77,494)

(594)

(78,088)

Recoveries

12,745

559

13,304

11,183

87

11,270

Allowance for loan and lease losses, end of period

$    200,899

$        19,665

$ 220,564

$    210,729

$        18,180

$ 228,909

Three Months Ended

September 30, 2023

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$    341,161

$        14,002

$ 355,163

Credit loss expense for loans and leases held for investment

63,733

394

64,127

Charge-offs

(73,644)

(534)

(74,178)

Recoveries

5,038

345

5,383

Allowance for loan and lease losses, end of period

$    336,288

$        14,207

$ 350,495

 

 

 

LENDINGCLUB CORPORATION

PAST DUE LOANS AND LEASES HELD FOR INVESTMENT

(In thousands)

(Unaudited)

 

The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:

September 30, 2024

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$      25,749

$      20,156

$      22,352

$             68,257

$                     —

Residential mortgages

—

145

167

312

—

Secured consumer

2,283

675

242

3,200

—

Total consumer loans held for investment

$      28,032

$      20,976

$      22,761

$             71,769

$                     —

Equipment finance

$              —

$              —

$         4,850

$               4,850

$                     —

Commercial real estate

3,882

678

6,106

10,666

8,681

Commercial and industrial

417

8,207

7,232

15,856

12,347

Total commercial loans and leases held for investment

$         4,299

$         8,885

$      18,188

$             31,372

$             21,028

Total loans and leases held for investment at amortized cost

$      32,331

$      29,861

$      40,949

$           103,141

$             21,028

December 31, 2023

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$      32,716

$      29,556

$      30,132

$             92,404

$                     —

Residential mortgages

1,751

—

—

1,751

—

Secured consumer

2,076

635

217

2,928

—

Total consumer loans held for investment

$      36,543

$      30,191

$      30,349

$             97,083

$                     —

Equipment finance

$         1,265

$              —

$              —

$               1,265

$                     —

Commercial real estate

—

3,566

1,618

5,184

4,047

Commercial and industrial

12,261

1,632

1,515

15,408

11,260

Total commercial loans and leases held for investment

$      13,526

$         5,198

$         3,133

$             21,857

$             15,307

Total loans and leases held for investment at amortized cost

$      50,069

$      35,389

$      33,482

$           118,940

$             15,307

(1)

Represents loan balances guaranteed by the Small Business Association.

 

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

Change (%)

September 30,
2024

June 30,
2024

September 30,
2023

Q3 2024

vs

Q2 2024

Q3 2024

vs

Q3 2023

Non-interest income:

Origination fees

$          71,465

$        77,131

$          60,912

(7) %

17 %

Servicing fees

8,081

19,869

32,768

(59) %

(75) %

Gain on sales of loans

12,433

10,748

8,572

16 %

45 %

Net fair value adjustments

(33,595)

(51,395)

(41,366)

(35) %

(19) %

Marketplace revenue

58,384

56,353

60,886

4 %

(4) %

Other non-interest income

3,256

2,360

2,958

38 %

10 %

Total non-interest income

61,640

58,713

63,844

5 %

(3) %

Total interest income

240,377

219,634

207,412

9 %

16 %

Total interest expense

100,136

91,106

70,407

10 %

42 %

Net interest income

140,241

128,528

137,005

9 %

2 %

Total net revenue

201,881

187,241

200,849

8 %

1 %

Provision for credit losses

47,541

35,561

64,479

34 %

(26) %

Non-interest expense:

Compensation and benefits

57,408

56,540

58,497

2 %

(2) %

Marketing

26,186

26,665

19,555

(2) %

34 %

Equipment and software

12,789

12,360

12,631

3 %

1 %

Depreciation and amortization

13,341

13,072

11,250

2 %

19 %

Professional services

8,014

7,804

8,414

3 %

(5) %

Occupancy

4,005

3,941

4,612

2 %

(13) %

Other non-interest expense

14,589

11,876

13,076

23 %

12 %

Total non-interest expense

136,332

132,258

128,035

3 %

6 %

Income before income tax expense

18,008

19,422

8,335

(7) %

116 %

Income tax expense

(3,551)

(4,519)

(3,327)

(21) %

7 %

Net income

$          14,457

$        14,903

$            5,008

(3) %

189 %

Net income per share: 

Basic EPS

$              0.13

$           0.13

$              0.05

— %

160 %

Diluted EPS

$              0.13

$           0.13

$              0.05

— %

160 %

Weighted-average common shares – Basic

112,042,202

111,395,025

109,071,180

1 %

3 %

Weighted-average common shares – Diluted

113,922,256

111,466,497

109,073,194

2 %

4 %

 

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

Consolidated LendingClub Corporation (1)

Three Months Ended

September 30, 2024

Three Months Ended

June 30, 2024

Three Months Ended

September 30, 2023

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Interest-earning assets (2)

Cash, cash equivalents, restricted cash and other

$     939,611

$  12,442

5.30 %

$    976,330

$  13,168

5.40 %

$ 1,249,087

$  16,798

5.38 %

Securities available for sale at fair value

3,047,305

52,476

6.89 %

2,406,767

42,879

7.13 %

601,512

9,467

6.30 %

Loans held for sale at fair value

899,434

30,326

13.49 %

838,143

26,721

12.75 %

286,111

9,582

13.40 %

Loans and leases held for investment:

Unsecured personal loans

3,045,150

103,291

13.57 %

3,243,161

108,425

13.37 %

4,257,360

142,118

13.35 %

Commercial and other consumer loans

1,057,688

15,497

5.86 %

1,097,846

16,394

5.97 %

1,147,130

16,842

5.87 %

Loans and leases held for investment at amortized cost

4,102,838

118,788

11.58 %

4,341,007

124,819

11.50 %

5,404,490

158,960

11.76 %

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

972,698

26,345

10.83 %

383,872

12,047

12.55 %

385,148

12,605

13.09 %

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

5,075,536

145,133

11.44 %

4,724,879

136,866

11.59 %

5,789,638

171,565

11.85 %

Total interest-earning assets

9,961,886

240,377

9.65 %

8,946,119

219,634

9.82 %

7,926,348

207,412

10.47 %

Cash and due from banks and restricted cash

41,147

55,906

69,442

Allowance for loan and lease losses

(225,968)

(245,478)

(354,263)

Other non-interest earning assets

624,198

632,253

691,641

Total assets

$  10,401,263

$ 9,388,800

$ 8,333,168

Interest-bearing liabilities

Interest-bearing deposits:

Checking and money market accounts

$  1,092,376

$  10,146

3.70 %

$ 1,097,696

$  10,084

3.69 %

$ 1,271,720

$    9,541

2.98 %

Savings accounts and certificates of deposit

6,944,586

86,717

4.97 %

6,449,061

80,109

5.00 %

5,357,717

59,968

4.44 %

Interest-bearing deposits

8,036,962

96,863

4.79 %

7,546,757

90,193

4.81 %

6,629,437

69,509

4.16 %

Other interest-bearing liabilities (3)

486,736

3,273

2.69 %

56,628

913

6.45 %

35,878

898

10.03 %

Total interest-bearing liabilities

8,523,698

100,136

4.67 %

7,603,385

91,106

4.82 %

6,665,315

70,407

4.19 %

Non-interest bearing deposits

344,577

303,199

183,728

Other liabilities

225,467

215,608

271,118

Total liabilities

$  9,093,742

$ 8,122,192

$ 7,120,161

Total equity

$  1,307,521

$ 1,266,608

$ 1,213,007

Total liabilities and equity

$  10,401,263

$ 9,388,800

$ 8,333,168

Interest rate spread

4.98 %

5.00 %

6.28 %

Net interest income and net interest margin

$  140,241

5.63 %

$ 128,528

5.75 %

$ 137,005

6.91 %

(1)

Consolidated presentation reflects intercompany eliminations.

(2)

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

(3)

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

(4)

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

 

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

September 30,
2024

December 31,
2023

Assets

Cash and due from banks

$            25,558

$         14,993

Interest-bearing deposits in banks

991,372

1,237,511

Total cash and cash equivalents

1,016,930

1,252,504

Restricted cash

33,347

41,644

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

3,311,418

1,620,262

Loans held for sale at fair value

849,967

407,773

Loans and leases held for investment

4,108,329

4,850,302

Allowance for loan and lease losses

(220,564)

(310,387)

Loans and leases held for investment, net

3,887,765

4,539,915

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

1,287,495

272,678

Property, equipment and software, net

167,809

161,517

Goodwill

75,717

75,717

Other assets

407,059

455,453

Total assets

$      11,037,507

$     8,827,463

Liabilities and Equity

Deposits:

Interest-bearing

$        9,099,092

$     7,001,680

Noninterest-bearing

360,516

331,806

Total deposits

9,459,608

7,333,486

Borrowings (1)

2,683

19,354

Other liabilities

232,321

222,801

Total liabilities

9,694,612

7,575,641

Equity

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

1,124

1,104

Additional paid-in capital

1,692,538

1,669,828

Accumulated deficit

(347,196)

(388,806)

Accumulated other comprehensive loss

(3,571)

(30,304)

Total equity

1,342,895

1,251,822

Total liabilities and equity

$      11,037,507

$     8,827,463

(1)

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

(2)

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

 

LENDINGCLUB CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, except share and per share data)

(Unaudited)

Pre-Provision Net Revenue

For the three months ended

September 30,
2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,
2023

GAAP Net income

$                14,457

$                14,903

$                12,250

$                10,155

$                  5,008

Less: Provision for credit losses

(47,541)

(35,561)

(31,927)

(41,907)

(64,479)

Less: Income tax expense

(3,551)

(4,519)

(4,278)

(3,529)

(3,327)

Pre-provision net revenue

$                65,549

$                54,983

$                48,455

$                55,591

$                72,814

For the three months ended

September 30,
2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,
2023

Non-interest income

$                61,640

$                58,713

$                57,800

$                54,129

$                63,844

Net interest income

140,241

128,528

122,888

131,477

137,005

Total net revenue

201,881

187,241

180,688

185,606

200,849

Non-interest expense

(136,332)

(132,258)

(132,233)

(130,015)

(128,035)

Pre-provision net revenue

65,549

54,983

48,455

55,591

72,814

Provision for credit losses

(47,541)

(35,561)

(31,927)

(41,907)

(64,479)

Income before income tax expense

18,008

19,422

16,528

13,684

8,335

Income tax expense

(3,551)

(4,519)

(4,278)

(3,529)

(3,327)

GAAP Net income

$                14,457

$                14,903

$                12,250

$                10,155

$                  5,008

Tangible Book Value Per Common Share

September 30,
2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,
2023

GAAP common equity

$         1,342,895

$          1,287,945

$          1,266,286

$          1,251,822

$          1,208,219

Less: Goodwill

(75,717)

(75,717)

(75,717)

(75,717)

(75,717)

Less: Intangible assets

(9,439)

(10,293)

(11,165)

(12,135)

(13,151)

Tangible common equity

$         1,257,739

$          1,201,935

$          1,179,404

$          1,163,970

$          1,119,351

Book value per common share

GAAP common equity

$         1,342,895

$          1,287,945

$          1,266,286

$          1,251,822

$          1,208,219

Common shares issued and outstanding

112,401,990

111,812,215

111,120,415

110,410,602

109,648,769

Book value per common share

$                11.95

$                 11.52

$                 11.40

$                 11.34

$                 11.02

Tangible book value per common share

Tangible common equity

$         1,257,739

$          1,201,935

$          1,179,404

$          1,163,970

$          1,119,351

Common shares issued and outstanding

112,401,990

111,812,215

111,120,415

110,410,602

109,648,769

Tangible book value per common share

$                11.19

$                 10.75

$                 10.61

$                 10.54

$                 10.21

 

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

SOURCE LendingClub Corporation

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Technology

Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

Published

12 hours ago

on

May 9, 2026

By

NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

 

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

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Technology

BOE continues to launch new products and solutions in the field of high-end displays

Published

13 hours ago

on

May 9, 2026

By

LOS ANGELES, May 9, 2026 /PRNewswire/ — 

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization，which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation.  BOE takes the lead in integrating such optics into displays，achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions，supported by 7 core BNL technologies， to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association，and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

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Technology

BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

Published

16 hours ago

on

May 9, 2026

By

LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital

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