Technology

LendingClub Reports Fourth Quarter and Full Year 2024 Results

Published

1 year ago

January 28, 2025

Grew Originations +13%, Revenue +17%, and Total Assets +20% in Fourth Quarter Compared to Prior Year

Executed $400 Million Loan Sale out of the Held-for-Sale Portfolio to a New Bank Buyer

SAN FRANCISCO, Jan. 28, 2025 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“We executed well in 2024, exiting the year with growth in originations, continued credit outperformance, successful new products and experiences, and more than five million members,” said Scott Sanborn, LendingClub CEO. “From this strong foundation, we are well-positioned to accelerate as we move through 2025 and further grow originations, revenue, and return on equity while continuing to innovate for our members.”

Fourth Quarter 2024 Results

Balance Sheet:

Total assets of $10.6 billion increased 20% compared to $8.8 billion in the prior year, driven primarily by the success of the Structured Certificates program as well as the purchase of a $1.3 billion LendingClub-issued loan portfolio in the third quarter of 2024.Deposits of $9.1 billion increased 24% compared to $7.3 billion in the prior year, driven by the continued success of our savings and CD offerings.LevelUp Savings, launched in the third quarter of 2024, reached balances of nearly $1.2 billion at year end.87% of total deposits are FDIC-insured.Robust available liquidity of $3.3 billion.Strong capital position with a consolidated Tier 1 leverage ratio of 11.0% and a CET1 capital ratio of 17.3%.Book value per common share was $11.83, compared to $11.34 in the prior year.Tangible book value per common share was $11.09, compared to $10.54 in the prior year.

Financial Performance:

Loan originations increased 13% to $1.85 billion, compared to $1.63 billion in the prior year, driven by the successful execution of new consumer loan initiatives combined with strong marketplace investor demand.Total net revenue increased 17% to $217.2 million, compared to $185.6 million in the prior year, driven by improved marketplace loan sales pricing and higher net interest income on a larger balance sheet.Provision for credit losses of $63.2 million, compared to $41.9 million in the prior year, primarily driven by higher held-for-investment whole loan retention.Improved net charge-offs in the held-for-investment at amortized cost loan portfolio to $46.0 million, compared to $82.5 million in the prior year.Net charge-off ratio of 4.5% compared to 6.6% in the prior year.Net income of $9.7 million, compared to $10.2 million in the prior year.Net income for the fourth quarter of 2024 includes a one-time, post-tax $3.2 million non-cash impairment expense, as a result of the Tally acquisition, for internally-developed software.Return on Equity (ROE) of 2.9%, with a Return on Tangible Common Equity (ROTCE) of 3.1%, compared to an ROE of 3.3% in the prior year, with an ROTCE of 3.6%.Pre-Provision Net Revenue (PPNR) increased 34% to $74.3 million, compared to $55.6 million in the prior year.

Three Months Ended

Year Ended

($ in millions, except per share amounts)

December 31,
2024

September 30,
2024

December 31,
2023

December 31,
2024

December 31,
2023

Total net revenue

$ 217.2

$ 201.9

$ 185.6

$ 787.0

$ 864.6

Non-interest expense

142.9

136.3

130.0

543.7

566.4

Pre-provision net revenue (1)

74.3

65.5

55.6

243.3

298.2

Provision for credit losses

63.2

47.5

41.9

178.3

243.6

Income before income tax expense

11.1

18.0

13.7

65.1

54.6

Income tax expense

(1.4)

(3.6)

(3.5)

(13.7)

(15.7)

Net income

$ 9.7

$ 14.5

$ 10.2

$ 51.3

$ 38.9

Diluted EPS

$ 0.08

$ 0.13

$ 0.09

$ 0.45

$ 0.36

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

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

Financial Outlook

First Quarter 2025

Loan originations

$1.8B to $1.9B

Pre-provision net revenue (PPNR)

$60M to $70M

Fourth Quarter 2025

Loan originations

>$2.3B

Return on tangible common equity (ROTCE)

>8%

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 $95 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 fourth quarter 2024 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, January 28, 2025. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 507312, 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 February 4, 2025, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 167509. LendingClub has used, and intends to use, its investor relations website, X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts
For Investors:
IR@lendingclub.com

Media Contact:
Press@lendingclub.com

Non-GAAP Financial Measures

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

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

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

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

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

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on pages 14 and 15 of this release.

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

Safe Harbor Statement

Some of the statements above, including statements regarding 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

December 31,
2024

September 30,
2024

June 30,

2024

March 31,

2024

December 31,
2023

Q/Q

Y/Y

Operating Highlights:

Non-interest income

$ 74,817

$ 61,640

$ 58,713

$ 57,800

$ 54,129

21 %

38 %

Net interest income

142,384

140,241

128,528

122,888

131,477

2 %

8 %

Total net revenue

217,201

201,881

187,241

180,688

185,606

8 %

17 %

Non-interest expense

142,855

136,332

132,258

132,233

130,015

5 %

10 %

Pre-provision net revenue(1)

74,346

65,549

54,983

48,455

55,591

13 %

34 %

Provision for credit losses

63,238

47,541

35,561

31,927

41,907

33 %

51 %

Income before income tax expense

11,108

18,008

19,422

16,528

13,684

(38) %

(19) %

Income tax expense

(1,388)

(3,551)

(4,519)

(4,278)

(3,529)

(61) %

Net income

$ 9,720

$ 14,457

$ 14,903

$ 12,250

$ 10,155

(33) %

(4) %

Basic EPS

$ 0.09

$ 0.13

$ 0.11

$ 0.09

(31) %

— %

Diluted EPS

$ 0.08

$ 0.13

$ 0.11

$ 0.09

(38) %

(11) %

LendingClub Corporation Performance Metrics:

Net interest margin

5.42 %

5.63 %

5.75 %

6.40 %

Efficiency ratio(2)

65.8 %

67.5 %

70.6 %

73.2 %

70.0 %

Return on average equity (ROE)(3)

2.9 %

4.4 %

4.7 %

3.9 %

3.3 %

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

3.1 %

4.7 %

5.1 %

4.2 %

3.6 %

Return on average total assets (ROA)(5)

0.4 %

0.6 %

0.5 %

Marketing expense as a % of loan originations

1.27 %

1.37 %

1.47 %

1.44 %

LendingClub Corporation Capital Metrics:

Common equity Tier 1 capital ratio

17.3 %

15.9 %

17.9 %

17.6 %

17.9 %

Tier 1 leverage ratio

11.0 %

11.3 %

12.1 %

12.5 %

12.9 %

Book value per common share

$ 11.83

$ 11.95

$ 11.52

$ 11.40

$ 11.34

(1) %

4 %

Tangible book value per common share(1)

$ 11.09

$ 11.19

$ 10.75

$ 10.61

$ 10.54

(1) %

5 %

Loan Originations (in millions)(6):

Total loan originations

$ 1,846

$ 1,913

$ 1,813

$ 1,646

$ 1,630

(4) %

13 %

Marketplace loans

$ 1,241

$ 1,403

$ 1,477

$ 1,361

$ 1,432

(12) %

(13) %

Loan originations held for investment

$ 605

$ 510

$ 336

$ 285

$ 198

19 %

206 %

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

33 %

27 %

19 %

17 %

12 %

Servicing Portfolio AUM (in millions)(7):

Total servicing portfolio

$ 12,371

$ 12,674

$ 12,999

$ 13,437

$ 14,122

(2) %

(12) %

Loans serviced for others

$ 7,207

$ 7,028

$ 8,337

$ 8,671

$ 9,336

3 %

(23) %

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

Includes unsecured personal loans and auto loans only.

(7)

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

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

As of and for the three months ended

% Change

December 31,
2024

September 30,
2024

June 30,

2024

March 31,

2024

December 31,
2023

Q/Q

Y/Y

Balance Sheet Data:

Securities available for sale

$ 3,452,648

$ 3,311,418

$ 2,814,383

$ 2,228,500

$ 1,620,262

4 %

113 %

Loans held for sale at fair value

$ 636,352

$ 849,967

$ 791,059

$ 550,415

$ 407,773

(25) %

56 %

Loans and leases held for investment at amortized cost

$ 4,125,818

$ 4,108,329

$ 4,228,391

$ 4,505,816

$ 4,850,302

— %

(15) %

Gross allowance for loan and lease losses (1)

$ (285,686)

$ (274,538)

$ (285,368)

$ (311,794)

$ (355,773)

4 %

(20) %

Recovery asset value (2)

$ 48,952

$ 53,974

$ 56,459

$ 52,644

$ 45,386

(9) %

8 %

Allowance for loan and lease losses

$ (236,734)

$ (220,564)

$ (228,909)

$ (259,150)

$ (310,387)

7 %

(24) %

Loans and leases held for investment at amortized cost, net

$ 3,889,084

$ 3,887,765

$ 3,999,482

$ 4,246,666

$ 4,539,915

— %

(14) %

Loans held for investment at fair value (3)

$ 1,027,798

$ 1,287,495

$ 339,222

$ 427,396

$ 272,678

(20) %

277 %

Total loans and leases held for investment (3)

$ 4,916,882

$ 5,175,260

$ 4,338,704

$ 4,674,062

$ 4,812,593

(5) %

2 %

Whole loans held on balance sheet (4)

$ 5,553,234

$ 6,025,227

$ 5,129,763

$ 5,224,477

$ 5,220,366

(8) %

6 %

Total assets

$ 10,630,509

$ 11,037,507

$ 9,586,050

$ 9,244,828

$ 8,827,463

(4) %

20 %

Total deposits

$ 9,068,237

$ 9,459,608

$ 8,095,328

$ 7,521,655

$ 7,333,486

(4) %

24 %

Total liabilities

$ 9,288,778

$ 9,694,612

$ 8,298,105

$ 7,978,542

$ 7,575,641

(4) %

23 %

Total equity

$ 1,341,731

$ 1,342,895

$ 1,287,945

$ 1,266,286

$ 1,251,822

— %

7 %

(1)

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

(2)

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

(3)

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

(4)

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

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

As of and for the three months ended

December 31,
2024

September 30,
2024

June 30,
2024

March 31,
2024

December 31,
2023

Asset Quality Metrics (1):

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

5.7 %

5.4 %

5.8 %

6.4 %

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

3.9 %

3.1 %

2.7 %

1.9 %

1.8 %

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

6.1 %

5.8 %

5.9 %

6.4 %

7.2 %

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

7.5 %

7.3 %

7.5 %

7.8 %

8.3 %

Net charge-offs

$ 45,977

$ 55,805

$ 66,818

$ 80,483

$ 82,511

Net charge-off ratio (2)

4.5 %

5.4 %

6.2 %

6.9 %

6.6 %

(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:

December 31,
2024

December 31,
2023

Unsecured personal

$ 3,106,472

$ 3,726,830

Residential mortgages

172,711

183,050

Secured consumer

230,232

250,039

Total consumer loans held for investment

3,509,415

4,159,919

Equipment finance (1)

64,232

110,992

Commercial real estate

373,785

380,322

Commercial and industrial

178,386

199,069

Total commercial loans and leases held for investment

616,403

690,383

Total loans and leases held for investment at amortized cost

4,125,818

4,850,302

Allowance for loan and lease losses

(236,734)

(310,387)

Loans and leases held for investment at amortized cost, net

$ 3,889,084

$ 4,539,915

Loans held for investment at fair value (2)

1,027,798

272,678

Total loans and leases held for investment (2)

$ 4,916,882

$ 4,812,593

(1)

Comprised of sales-type leases for equipment.

(2)

The balance at December 31, 2024 includes a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

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:

December 31, 2024

December 31, 2023

Gross allowance for loan and lease losses (1)

$ 285,686

$ 355,773

Recovery asset value (2)

(48,952)

(45,386)

Allowance for loan and lease losses

$ 236,734

$ 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

December 31, 2024

September 30, 2024

Consumer

Commercial

Total

Consumer

Commercial

Total

Allowance for loan and lease
losses, beginning of period

$ 200,899

$ 19,665

$ 220,564

$ 210,729

$ 18,180

$ 228,909

Credit loss expense for loans
and leases held for investment

56,322

5,825

62,147

45,813

1,647

47,460

Charge-offs

(64,167)

(1,887)

(66,054)

(68,388)

(721)

(69,109)

Recoveries

19,544

533

20,077

12,745

559

13,304

Allowance for loan and lease
losses, end of period

$ 212,598

$ 24,136

$ 236,734

$ 200,899

$ 19,665

$ 220,564

Three Months Ended

December 31, 2023

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$ 336,288

$ 14,207

$ 350,495

Credit loss expense for loans and leases held for investment

43,227

(824)

42,403

Charge-offs

(88,904)

(1,193)

(90,097)

Recoveries

7,450

136

7,586

Allowance for loan and lease losses, end of period

$ 298,061

$ 12,326

$ 310,387

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:

December 31, 2024

30-59
Days

60-89
Days

90 or More
Days

Total Days
Past Due

Guaranteed
Amount (1)

Unsecured personal

$ 23,530

$ 19,293

$ 21,387

$ 64,210

$ —

Residential mortgages

151

—

239

—

Secured consumer

2,342

600

337

3,279

—

Total consumer loans held for investment

$ 26,023

$ 19,981

$ 21,724

$ 67,728

$ —

Equipment finance

$ 67

$ —

$ 4,551

$ 4,618

$ —

Commercial real estate

8,320

483

9,731

18,534

8,456

Commercial and industrial

6,257

1,182

15,971

23,410

18,512

Total commercial loans and leases held for investment

$ 14,644

$ 1,665

$ 30,253

$ 46,562

$ 26,968

Total loans and leases held for investment at amortized cost

$ 40,667

$ 21,646

$ 51,977

$ 114,290

$ 26,968

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 (%)

December 31,
2024

September 30,
2024

December 31,
2023

Q4 2024

Q3 2024

Q4 2024

Q4 2023

Non-interest income:

Origination fees

$ 64,745

$ 71,465

$ 76,702

(9) %

(16) %

Servicing fees

17,391

8,081

17,450

115 %

— %

Gain on sales of loans

15,007

12,433

11,921

21 %

26 %

Net fair value adjustments

(24,980)

(33,595)

(53,892)

26 %

54 %

Marketplace revenue

72,163

58,384

52,181

24 %

38 %

Other non-interest income

2,654

3,256

1,948

(18) %

36 %

Total non-interest income

74,817

61,640

54,129

21 %

38 %

Total interest income

240,596

240,377

208,319

— %

15 %

Total interest expense

98,212

100,136

76,842

(2) %

28 %

Net interest income

142,384

140,241

131,477

2 %

8 %

Total net revenue

217,201

201,881

185,606

8 %

17 %

Provision for credit losses

63,238

47,541

41,907

33 %

51 %

Non-interest expense:

Compensation and benefits

58,656

57,408

58,591

2 %

— %

Marketing

23,415

26,186

23,465

(11) %

— %

Equipment and software

13,361

12,789

13,190

4 %

1 %

Depreciation and amortization

19,748

13,341

11,953

48 %

65 %

Professional services

9,136

8,014

7,727

14 %

18 %

Occupancy

3,991

4,005

3,926

— %

2 %

Other non-interest expense

14,548

14,589

11,163

— %

30 %

Total non-interest expense

142,855

136,332

130,015

5 %

10 %

Income before income tax expense

11,108

18,008

13,684

(38) %

(19) %

Income tax expense

(1,388)

(3,551)

(3,529)

(61) %

Net income

$ 9,720

$ 14,457

$ 10,155

(33) %

(4) %

Net income per share:

Basic EPS

$ 0.09

$ 0.13

$ 0.09

(31) %

— %

Diluted EPS

$ 0.08

$ 0.13

$ 0.09

(38) %

(11) %

Weighted-average common shares – Basic

112,788,050

112,042,202

109,948,785

1 %

3 %

Weighted-average common shares – Diluted

116,400,285

113,922,256

109,949,371

2 %

6 %

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

Year Ended December 31,

2024

2023

Change (%)

Non-interest income:

Origination fees

$ 283,420

$ 279,146

2 %

Servicing fees

64,933

98,613

(34) %

Gain on sales of loans

49,097

47,839

3 %

Net fair value adjustments

(154,659)

(134,114)

(15) %

Marketplace revenue

242,791

291,484

(17) %

Other non-interest income

10,179

11,297

(10) %

Total non-interest income

252,970

302,781

(16) %

Total interest income

907,958

832,630

9 %

Total interest expense

373,917

270,792

38 %

Net interest income

534,041

561,838

(5) %

Total net revenue

787,011

864,619

(9) %

Provision for credit losses

178,267

243,565

(27) %

Non-interest expense:

Compensation and benefits

232,158

261,948

(11) %

Marketing

100,402

93,840

7 %

Equipment and software

51,194

53,485

(4) %

Depreciation and amortization

58,834

47,195

25 %

Professional services

32,045

35,173

(9) %

Occupancy

15,798

17,532

(10) %

Other non-interest expense

53,247

57,264

(7) %

Total non-interest expense

543,678

566,437

(4) %

Income before income tax expense

65,066

54,617

19 %

Income tax expense

(13,736)

(15,678)

(12) %

Net income

$ 51,330

$ 38,939

32 %

Net income per share:

Basic EPS

$ 0.46

$ 0.36

28 %

Diluted EPS

$ 0.45

$ 0.36

25 %

Weighted-average common shares – Basic

111,731,523

108,466,179

3 %

Weighted-average common shares – Diluted

113,122,859

108,468,857

4 %

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

Consolidated LendingClub Corporation (1)

Three Months Ended

December 31, 2024

Three Months Ended

September 30, 2024

Three Months Ended

December 31, 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

$ 1,193,570

$ 14,194

4.76 %

$ 939,611

$ 12,442

5.30 %

$ 1,190,539

$ 16,271

5.47 %

Securities available for sale at fair value

3,390,315

57,259

6.76 %

3,047,305

52,476

6.89 %

1,197,625

20,920

6.99 %

Loans held for sale at fair value

673,279

20,696

12.30 %

899,434

30,326

13.49 %

501,850

15,883

12.66 %

Loans and leases held for investment:

Unsecured personal loans

3,080,934

104,011

13.50 %

3,045,150

103,291

13.57 %

3,890,041

128,190

13.18 %

Commercial and other consumer loans

1,023,041

14,203

5.55 %

1,057,688

15,497

5.86 %

1,126,010

17,033

6.05 %

Loans and leases held for investment at amortized cost

4,103,975

118,214

11.52 %

4,102,838

118,788

11.58 %

5,016,051

145,223

11.58 %

Loans held for investment at fair value (3)

1,153,204

30,233

10.49 %

972,698

26,345

10.83 %

306,636

10,022

13.07 %

Total loans and leases held for investment (3)

5,257,179

148,447

11.29 %

5,075,536

145,133

11.44 %

5,322,687

155,245

11.67 %

Total interest-earning assets

10,514,343

240,596

9.15 %

9,961,886

240,377

9.65 %

8,212,701

208,319

10.15 %

Cash and due from banks and restricted cash

51,555

41,147

63,181

Allowance for loan and lease losses

(227,673)

(225,968)

(334,711)

Other non-interest earning assets

597,609

624,198

659,995

Total assets

$ 10,935,834

$ 10,401,263

$ 8,601,166

Interest-bearing liabilities

Interest-bearing deposits:

Checking and money market accounts

$ 805,362

$ 5,502

2.72 %

$ 1,092,376

$ 10,146

3.70 %

$ 1,081,875

$ 9,593

3.52 %

Savings accounts and certificates of deposit

8,214,866

92,698

4.49 %

6,944,586

86,717

4.97 %

5,720,058

66,660

4.62 %

Interest-bearing deposits

9,020,228

98,200

4.33 %

8,036,962

96,863

4.79 %

6,801,933

76,253

4.45 %

Other interest-bearing liabilities

615

7.20 %

486,736

3,273

2.69 %

24,180

589

9.74 %

Total interest-bearing liabilities

9,020,843

98,212

4.33 %

8,523,698

100,136

4.67 %

6,826,113

76,842

4.47 %

Non-interest bearing deposits

328,022

344,577

314,822

Other liabilities

251,239

225,467

238,806

Total liabilities

$ 9,600,104

$ 9,093,742

$ 7,379,741

Total equity

$ 1,335,730

$ 1,307,521

$ 1,221,425

Total liabilities and equity

$ 10,935,834

$ 10,401,263

$ 8,601,166

Interest rate spread

4.82 %

4.98 %

5.68 %

Net interest income and net interest margin

$ 142,384

5.42 %

$ 140,241

5.63 %

$ 131,477

6.40 %

(1)

Consolidated presentation reflects intercompany eliminations.

(2)

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

(3)

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

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

December 31,
2024

December 31,
2023

Assets

Cash and due from banks

$ 15,524

$ 14,993

Interest-bearing deposits in banks

938,534

1,237,511

Total cash and cash equivalents

954,058

1,252,504

Restricted cash

23,338

41,644

Securities available for sale at fair value ($3,492,264 and $1,663,990 at amortized cost, respectively)

3,452,648

1,620,262

Loans held for sale at fair value

636,352

407,773

Loans and leases held for investment

4,125,818

4,850,302

Allowance for loan and lease losses

(236,734)

(310,387)

Loans and leases held for investment, net

3,889,084

4,539,915

Loans held for investment at fair value (1)

1,027,798

272,678

Property, equipment and software, net

167,532

161,517

Goodwill

75,717

Other assets

403,982

455,453

Total assets

$ 10,630,509

$ 8,827,463

Liabilities and Equity

Deposits:

Interest-bearing

$ 8,676,119

$ 7,001,680

Noninterest-bearing

392,118

331,806

Total deposits

9,068,237

7,333,486

Borrowings

—

19,354

Other liabilities

220,541

222,801

Total liabilities

9,288,778

7,575,641

Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 113,383,917 and 110,410,602 shares issued and outstanding, respectively

1,134

1,104

Additional paid-in capital

1,702,316

1,669,828

Accumulated deficit

(337,476)

(388,806)

Accumulated other comprehensive loss

(24,243)

(30,304)

Total equity

1,341,731

1,251,822

Total liabilities and equity

$ 10,630,509

$ 8,827,463

(1)

The balance at December 31, 2024 includes a loan portfolio that was purchased during the third quarter of 2024 of loans that we previously originated and sold.

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

For the year ended

December 31,
2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,
2023

December 31,
2024

December 31,
2023

GAAP Net income

$ 9,720

$ 14,457

$ 14,903

$ 12,250

$ 10,155

$ 51,330

$ 38,939

Less: Provision for credit losses

(63,238)

(47,541)

(35,561)

(31,927)

(41,907)

(178,267)

(243,565)

Less: Income tax expense

(1,388)

(3,551)

(4,519)

(4,278)

(3,529)

(13,736)

(15,678)

Pre-provision net revenue

$ 74,346

$ 65,549

$ 54,983

$ 48,455

$ 55,591

$ 243,333

$ 298,182

For the three months ended

For the year ended

December 31,
2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,
2023

December 31,
2024

December 31,
2023

Non-interest income

$ 74,817

$ 61,640

$ 58,713

$ 57,800

$ 54,129

$ 252,970

$ 302,781

Net interest income

142,384

140,241

128,528

122,888

131,477

534,041

561,838

Total net revenue

217,201

201,881

187,241

180,688

185,606

787,011

864,619

Non-interest expense

(142,855)

(136,332)

(132,258)

(132,233)

(130,015)

(543,678)

(566,437)

Pre-provision net revenue

74,346

65,549

54,983

48,455

55,591

243,333

298,182

Provision for credit losses

(63,238)

(47,541)

(35,561)

(31,927)

(41,907)

(178,267)

(243,565)

Income before income tax expense

11,108

18,008

19,422

16,528

13,684

65,066

54,617

Income tax expense

(1,388)

(3,551)

(4,519)

(4,278)

(3,529)

(13,736)

(15,678)

GAAP Net income

$ 9,720

$ 14,457

$ 14,903

$ 12,250

$ 10,155

$ 51,330

$ 38,939

Tangible Book Value Per Common Share

December 31,
2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,
2023

GAAP common equity

$ 1,341,731

$ 1,342,895

$ 1,287,945

$ 1,266,286

$ 1,251,822

Less: Goodwill

(75,717)

Less: Customer relationship intangible assets

(8,586)

(9,439)

(10,293)

(11,165)

(12,135)

Tangible common equity

$ 1,257,428

$ 1,257,739

$ 1,201,935

$ 1,179,404

$ 1,163,970

Book value per common share

GAAP common equity

$ 1,341,731

$ 1,342,895

$ 1,287,945

$ 1,266,286

$ 1,251,822

Common shares issued and outstanding

113,383,917

112,401,990

111,812,215

111,120,415

110,410,602

Book value per common share

$ 11.83

$ 11.95

$ 11.52

$ 11.40

$ 11.34

Tangible book value per common share

Tangible common equity

$ 1,257,428

$ 1,257,739

$ 1,201,935

$ 1,179,404

$ 1,163,970

Common shares issued and outstanding

113,383,917

112,401,990

111,812,215

111,120,415

110,410,602

Tangible book value per common share

$ 11.09

$ 11.19

$ 10.75

$ 10.61

$ 10.54

LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)
(In thousands, except ratios)
(Unaudited)

Return On Tangible Common Equity

For the three months ended

For the year ended

December 31,
2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,
2023

December 31,
2024

December 31,
2023

Average GAAP common equity

$ 1,335,730

$ 1,307,521

$ 1,266,608

$ 1,257,237

$ 1,221,425

$ 1,291,938

$ 1,204,050

Less: Average goodwill

(75,717)

Less: Average customer relationship intangible assets

(9,013)

(9,866)

(10,729)

(11,650)

(12,643)

(10,324)

(14,198)

Average tangible common equity

$ 1,251,000

$ 1,221,938

$ 1,180,162

$ 1,169,870

$ 1,133,065

$ 1,205,897

$ 1,114,135

Return on average equity

Annualized GAAP net income

$ 38,880

$ 57,828

$ 59,612

$ 49,000

$ 40,620

$ 51,330

$ 38,939

Average GAAP common equity

$ 1,335,730

$ 1,307,521

$ 1,266,608

$ 1,257,237

$ 1,221,425

$ 1,291,938

$ 1,204,050

Return on average equity

2.9 %

4.4 %

4.7 %

3.9 %

3.3 %

4.0 %

3.2 %

Return on tangible common equity

Annualized GAAP net income

$ 38,880

$ 57,828

$ 59,612

$ 49,000

$ 40,620

$ 51,330

$ 38,939

Average tangible common equity

$ 1,251,000

$ 1,221,938

$ 1,180,162

$ 1,169,870

$ 1,133,065

$ 1,205,897

$ 1,114,135

Return on tangible common equity

3.1 %

4.7 %

5.1 %

4.2 %

3.6 %

4.3 %

3.5 %

View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-fourth-quarter-and-full-year-2024-results-302362517.html

SOURCE LendingClub Corporation

Technology

Lahaina art gallery turns tragedy into technology with FIRST LOOK

Published

53 minutes ago

April 22, 2026

Harte International Galleries to launch first of its kind “gallery in your pocket”.

LAHAINA, Hawaii, April 21, 2026 /PRNewswire/ — Following the devastating Maui wildfire of August 8, 2023, which destroyed its Lahaina gallery, Harte International Galleries announces the launch of FIRST LOOK, an innovative digital application designed to bring investment grade art directly to collectors. This new “gallery in your pocket” app ensures continued access to masterworks and new releases, embodying the gallery’s resilience and commitment to its clientele.

Maui art gallery turns tragedy into innovation with a fine art APP that’s a gallery in your pocket, called FIRST LOOK.

To explore the FIRST LOOK app and discover its unique offerings, please visit: www.hartegalleries.com

Reimagining Art Access

“FIRST LOOK from Harte International Galleries is not just an app; it’s a vibrant new chapter for art enthusiasts, offering an engaging and informative way to discover masterpieces by iconic artists such as Picasso, Chagall, Miro, Salvador Dali and even Sir Anthony Hopkins at discounted prices, thanks to the elimination of traditional gallery overheads, making world-class art more accessible and enjoyable than ever before,” said Glenn Harte.

With physical rebuilding efforts in Lahaina currently stalled, Glenn and Devon Harte, owners of Harte International Galleries, developed FIRST LOOK as a direct response to the loss of their physical space. This digital platform allows the gallery to rebuild its inventory and continue serving loyal collectors without the overhead of a traditional brick-and-mortar location. The app provides a fun, informative, and accessible way to engage with fine art.

Direct Access to Masterworks

FIRST LOOK offers collectors unparalleled, immediate access to new acquisitions and exclusive releases. Members receive instant notifications on their mobile phones, complete with images, detailed descriptions, and pricing for each piece. This direct communication channel allows members to inquire about art with a single tap, connecting them directly with the gallery owners.

The app features a curated selection of renowned artists and masterworks, including:

Masterworks: Picasso, Chagall, Miro, Matisse, Rembrandt, Durer, Salvador Dali.New Releases: Sir Anthony Hopkins and famed graffiti artist Rascal.

By leveraging FIRST LOOK, Harte International Galleries continues its legacy of providing access to exceptional art, adapting to new realities while maintaining the highest standards of quality and authenticity. Further information about the app and its offerings is available at: www.hartegalleries.com

Harte International Galleries, formerly of Lahaina, Maui has rebuilt with a digital gallery for serious collectors, called FIRST LOOK.

Known for offering museum grade art from Picasso, Chagall, Miro, Matisse, Dali, Rembrandt, Durer, Sir Anthony Hopkins and Rascal – Harte International Galleries uses innovation to create a digital gallery.

go to: www.hartegalleries.com

Media Contact:
Glenn Harte
glennharte@hartegalleries.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/lahaina-art-gallery-turns-tragedy-into-technology-with-first-look-302749439.html

SOURCE Harte International Galleries

Technology

As homes get smarter, new global research names Aiper as the world’s No.1 smart robotic pool cleaner brand

Published

53 minutes ago

April 22, 2026

New research reveals Aiper holds the position of the world’s No.1 brand of smart robotic pool cleaners based on 2026 manufacturer sales volume worldwide

SYDNEY, April 22, 2026 /PRNewswire/ — As technologies like artificial intelligence (AI) become embedded in everyday life1, homeowners are embracing innovation more than ever. This trend is reflected in new global research which names Aiper the world’s No.1 brand of smart robotic pool cleaners*. From robot vacuums indoors to smart security, lighting and energy systems, homeowners are now seeking systems that help optimise energy use, align with cost-saving goals and reduce environmental impact, without sacrificing comfort or convenience.

According to independent research by Euromonitor International, completed in December 2025, Aiper ranked No.1 globally based on manufacturer sales volume worldwide. The findings come as smart home adoption accelerates globally, valued at more than $147 billion USD in 2025 and projected to grow rapidly over the next decade2, as households prioritise automation that improves efficiency and supports sustainability goals.

Pool care is following the same trajectory. With more than 3.1 million Australians living in homes with a swimming pool or spa3, demand is growing for intelligent, low-effort systems that can operate autonomously, efficiently and reliably, while helping households manage energy use and ongoing maintenance costs.

Aiper’s innovation-led approach was formally recognised at the 2026 Consumer Electronics Show (CES) in Las Vegas, where Euromonitor International presented Aiper with an official certificate acknowledging its global sales leadership. The recognition highlights not only the brand’s growth, but the accelerating mainstream adoption of intelligent robotics in outdoor living.

Aiper’s next innovation, the Scuba V3, is the world’s first cognitive AI-powered robotic pool cleaner. Lightweight and easy to use, it cleans 10x faster with AI vision that identifies 20+ debris types in 3 seconds. Using Cognitive AI Navium™ mode, it automatically adapts cleaning paths, suction, and frequency to each pool, delivering a true set-it-and-forget-it experience for crystal-clear water. Demonstrating how robotics and AI can support more sustainable, low-effort outdoor living while helping households better manage energy and water use.This model will be available in the Australia market during Spring season.

This growing momentum is also being recognised by Aiper’s key retail partner in Australia, Clark Rubber. “At Clark Rubber, we’re seeing strong growth in demand for smarter, more efficient pool care solutions as Australian households look to reduce maintenance time, energy use and overall costs. Aiper’s global recognition reflects the increasing role that innovation and intelligent technology are playing in outdoor living. As a key retail partner, we’re excited to bring these advanced solutions to Australian consumers and support the shift toward more sustainable, low-effort pool ownership.” said Anthony Grice, CEO Clark Rubber.

For Australian households, long swimming seasons, outdoor lifestyles, and rising energy costs make smart, efficient systems a practical necessity. Aiper’s global recognition marks a turning point for smart outdoor living, where advanced robotics and AI are increasingly powerful, accessible, and sustainable, shaping the way modern homes evolve. For more information, visit https://aiper.com/au/home

Research and Citations

https://hai.stanford.edu/ai-index/2025-ai-index-report https://www.fortunebusinessinsights.com/industry-reports/smart-home-market-101900 https://www.roymorgan.com/findings/9311-australian-swimming-pool-ownership-march-2023

About Aiper

Aiper is the global pioneer of cordless robotic pool cleaning technology and a leader in smart yard product solutions. Aiper empowers homeowners to transform their backyards into a personal vacation retreat with the help of innovative, smarter, and greener product solutions. Aiper has been recognised as a CES Innovation Awards honouree in 2023, 2024, and 2025, underscoring its commitment to pioneering smart yard solutions.

*Aiper is the No.1 brand of smart robotic pool cleaner in the world in terms of sales volume.

Source: Euromonitor International Co., Ltd., in terms of 2025 manufacturer sales volume (units) in the world. Smart robotic pool cleaner is
defined as: intelligent service robots integrating mechanical, electronic, software algorithm and sensor technologies. They autonomously or
with minimal human intervention perform pool cleaning and maintenance tasks, typically featuring smart navigation, path planning, and
multiple cleaning modes. Research completed in 2026/3.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/as-homes-get-smarter-new-global-research-names-aiper-as-the-worlds-no1-smart-robotic-pool-cleaner-brand-302748601.html

SOURCE Aiper

Technology

Slip And Fall Vs Premises Liability Explained By HelloNation Featuring Personal Injury Attorney Joe Stanley

Published

53 minutes ago

April 22, 2026

The article clarifies how property owner responsibility and legal negligence affect injury claims under New York law.

WATERTOWN, N.Y., April 21, 2026 /PRNewswire/ — What is the difference between slip and fall incidents and premises liability when someone is injured on another person’s property? The answer is addressed in a HelloNation article featuring insights from Joe Stanley of Stanley Law Offices LLP in Watertown, New York.

The HelloNation article explains that, while slip-and-fall and premises liability are often used interchangeably, they are not the same under New York law. A slip and fall refers to the actual event in which a person slips, trips, or falls due to a condition on a property. Premises liability, however, is the legal framework used to determine whether a property owner is responsible for an injury. This distinction is important because not every slip-and-fall incident results in a valid injury claim.

According to the article, property owner responsibility in Watertown NY, depends on whether the owner knew or should have known about a hazardous condition. New York law requires property owners to maintain safe premises and to warn visitors about known dangers. This duty applies broadly to commercial properties, rental units, and private homes that welcome guests. The article notes that hazards such as wet floors, icy walkways, or poor lighting may result in premises liability if they are not addressed in a reasonable time.

The article further emphasizes that legal negligence is the key factor in determining liability. Courts evaluating injury claims consider whether a property owner took reasonable steps to inspect and maintain the property. This includes reviewing maintenance practices, prior complaints, and the foreseeability of the risk. If a hazard appeared suddenly and the property owner had no reasonable opportunity to correct it, premises liability may not apply, even if a slip and fall occurred.

The HelloNation article also highlights how property owner responsibility extends to regular inspections, timely repairs, and proper warning signs. In Watertown NY, failing to clear snow or ice, ignoring spills, or neglecting adequate lighting can contribute to legal negligence. At the same time, the article explains that property owners who actively maintain their premises and provide clear warnings are less likely to face liability under New York law.

For individuals pursuing injury claims, understanding the distinction between slip-and-fall incidents and premises liability is essential. The article advises that documenting the scene, taking photographs, and seeking prompt medical attention can help support a claim. These steps are important in establishing whether legal negligence played a role and whether the property owner’s responsibility can be demonstrated.

The article also explains that not all accidents meet the legal threshold for premises liability. A slip and fall caused by an unexpected personal item or hazard that could not have been anticipated may not result in a valid claim. This reinforces the importance of evaluating each case based on the facts and the standards set by New York law.

By clarifying these distinctions, the HelloNation article provides readers in Watertown NY with practical guidance on how slip and fall incidents are evaluated within the broader concept of premises liability. Understanding how legal negligence and property owner responsibility are applied can help individuals better navigate injury claims and make informed decisions after an accident.

Slip and Fall vs. Premises Liability in Watertown, NY features insights from Joe Stanley, an attorney in Watertown, New York, on HelloNation.

About HelloNation
HelloNation is a premier media platform that connects readers with trusted professionals and businesses across various industries. Through its innovative “edvertising” approach that blends educational content with storytelling, HelloNation delivers expert-driven, good-news articles that inform, inspire, and empower. Covering topics from home improvement and health to business strategy and lifestyle, HelloNation highlights leaders making a meaningful impact in their communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/slip-and-fall-vs-premises-liability-explained-by-hellonation-featuring-personal-injury-attorney-joe-stanley-302749443.html

SOURCE HelloNation