Lendingclub Corporation · NYSE:LC
Lendingclub — Q4 2025 Earnings Presentation
27 slides from Lendingclub's earnings presentation, Jan 28, 2026
Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results JANUARY 28, 2026
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation, including statements regarding our competitive advantages, loan and financial performance, business outlook, implications of the Fair Value Option accounting methodology, and demand for our loan programs, are “forward-looking statements.” The w
Slide 3: Award-Winning, Member-Focused Digital Marketplace Bank
Award-Winning, Member-Focused Digital Marketplace Bank Members1 Originations1 5+ $100+ Million Billion Best High Yield Best Checking Best Personal Loan Savings Account Account Overall for Debt Consolidation 2025-2026 Average Customer Net Promoter Review2 Score (NPS)3 4.83 Out of 5 stars 84 1) Total
Slide 4: Distinct Advantages Over Competitors
Distinct Advantages Over Competitors 1 2 3 An Unmatched Products that Experiences that Underwriting Attract Members Keep Members Advantage for Life Coming Back SUPERIOR CREDIT COMPELLING PRODUCTS ENGAGING EXPERIENCES 4 5 Engineered Best of Both Worlds: for Innovation Digital Marketplace Bank POWERFU
Slide 5: Consumer Strategy: Building Lifetime Lending Relationships
Consumer Strategy: Building Lifetime Lending Relationships 1 2 3 Acquire new Drive member Offer additional members through engagement with products and our core personal compelling products, features to meet loans franchise tools, and features their evolving needs ▪ Competitive rates / terms ▪ Mobil
Slide 6: LendingClub Offers Compelling Value
LendingClub Offers Compelling Value CREDIT CARDS VS. LENDINGCLUB PERSONAL LOANS1 SAVINGS ACCOUNT APY2 23% LendingClub members LendingClub members EARN SAVE over 16% 700bps 400X more on their savings vs. on interest vs. leading national banks credit cards 4.00% 0.01% 0.01% 0.01% Average Credit Card L
Slide 7: Products Designed to Deeply Engage Members & Improve Financial Outcomes
Products Designed to Deeply Engage Members & Improve Financial Outcomes Award-winning high yield savings The first checking product in account that rewards members for market to offer cash back for positive savings behavior on-time loan payments Competitive base APY with a higher rate Offers 2% cash
Slide 8: 4Q25 Highlights: Achieved Financial Targets
4Q25 Highlights: Achieved Financial Targets TOTAL ORIGINATIONS PRE-PROVISION NET REVENUE (PPNR)1 Guidance: $2.5B to $2.6B Guidance: $90M to $100M $2.6B +40% Year over year $97.2M +31% Year over year Total originations of $2.6B consisting of approximately: Pre-Provision Net Revenue Growth driven by:
Slide 9: Over 5 Years of Outperformance Across Credit Segments
Over 5 Years of Outperformance Across Credit Segments LENDINGCLUB VS. COMPETITIVE SET: 30-day+ Delinquencies & Hardships at Month on Book 9 by Quarterly Vintage LendingClub Competitive Set FICO 660-719 FICO 720-779 FICO 780-850 7% 7% 7% 6% 50% 6% 6% 5% 4.5% 5% 5% 4% 4% 46% 4% 3% 3% 2.4% 3% 42% 1.8%
Slide 10: Driving Strong Originations Growth
Driving Strong Originations Growth Structured Certificates and Extended Seasoning HFS increase driven by growing investor demand Consumer Loan Originations1 ($ in millions) Whole Loan Sales + Structured Certificates Program Extended Seasoning HFS + Retained HFI +40% YoY $2,622 $2,587 $2,391 $1,989 $
Slide 11: 23% Revenue Growth Year-Over-Year
23% Revenue Growth Year-Over-Year Total Net Revenue ($ in millions) +23% $266.2 $266.5 NON-INTEREST INCOME $217.2 38% year-over-year increase driven by higher marketplace $107.8 $103.4 originations and improvement in loan sale pricing $74.8 NET INTEREST INCOME $158.4 $163.0 14% year-over-year increa
Slide 12: Growing Balance Sheet with Net Interest Margin Expansion YoY to 6.0%
Growing Balance Sheet with Net Interest Margin Expansion YoY to 6.0% Average Balances3 Average Yield3 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Higher cash levels Cash and Other Interest-Earning Assets1 $1,194 $893 $680 $604 $905 4.76% 4.30% 4.19% 4.23% 3.90% to support balance Securities Av
Slide 13: Disciplined Expense Management
Disciplined Expense Management Continued expansion of paid marketing to drive growth in loan originations Efficiency Ratio Total Non-Interest Expense1 (Non-Interest Expense as a % of Net Revenue) ($ in millions) Efficiency Ratio 4Q24 1Q25 2Q25 3Q25 4Q25 Non-Interest Expense Less Marketing Marketing
Slide 14: Held for Investment Personal Loan Credit Performance by Vintage
Held for Investment Personal Loan Credit Performance by Vintage Continue to expect marginal ROEs exceeding 20% for all annual vintages Expected Personal Loans Lifetime Net Loss Rate1,3 LEGEND 2022 Vintage 2023 Vintage 2024 Vintage 2025 Vintage ▪ Continued improvement in Future 9.3% 9.3% expected lif
Slide 15: More than Quadrupled Diluted EPS Year-over-Year
More than Quadrupled Diluted EPS Year-over-Year Expanding profitability and increasing book value per share Pre-Provision Diluted EPS Net Revenue (PPNR)1 ($ in millions) +31% +338% $103.5 $0.37 $0.35 $97.2 $74.3 $0.08 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 GAAP Net Income Provision for ($63.2) ($46.3) ($47.2
Slide 16: First Quarter and Full Year 2026 Guidance
First Quarter and Full Year 2026 Guidance FY 2026 Q1 2026 Outlook Context TOTAL $11.6B to $12.6B $2.55B to $2.65B ▪ Assumes a stable economic ORIGINATIONS operating environment and +21% to +31% YoY +28% YoY to +33% YoY Fed funds rate near 3% at year-end ▪ Continued investments in paid marketing to d
Slide 17: Understanding Fair Value Option
Understanding Fair Value Option 17
Slide 18: Simplifying Our Financials
Simplifying Our Financials Aligning on Fair Value Option Makes Sense for a Digital Marketplace Bank Cumulative Timing of Earnings Recognition Benefits of CECL vs. FVO Fair Value Option 1. Better aligns timing of revenue Fair Value recognition with timing of losses Option 2. Creates consistency of ma
Slide 19: CECL vs. Fair Value Option: 2026 P&L Impacts
CECL vs. Fair Value Option: 2026 P&L Impacts Under Fair Value Option, credit cost moves from provision to non-interest income Result Under CECL Under Fair Value Option under FVO Origination Fee Day 1: Deferred at origination Day 1: Recognized at origination through non-interest income (non-intere
Slide 20: Four Key Inputs for Fair Value Option Accounting
Four Key Inputs for Fair Value Option Accounting All fair value adjustments will directly impact the carrying value of loans DAY 1: MARK OTHER Fair value adjustment at the time of origination reflects reflects the CHANGES TO DISCOUNT RATE difference between the expected As benchmark rates and spread
Slide 21: Understanding Fair Value Option (illustrative for a single hypothetical loan vintage)
Understanding Fair Value Option (illustrative for a single hypothetical loan vintage ) 1 Day-2 revenue yield should equal the discount rate throughout the life of the loan Year 1 (ex. Metric Day-1 Day-1) Year 2 Year 3 Year 4+ Total Key Drivers Ending Balance $100 $65.2 $33.2 $10.6 $0.0 NA Unpaid Pri
Slide 22: Fair Value Adjustment: Historical View
Fair Value Adjustment: Historical View The following table illustrates the Day-1 fair value & other adjustments and the Day-2 component of total fair value adjustment with respect to loans held for sale at fair value on the Company's balance sheet for each of the three months ended December 31, 2025
Slide 23: Financial Reconciliations
Financial Reconciliations 23
Slide 24: Reconciliation of GAAP to Non-GAAP Measures: Pre-Provision Net Revenue
Reconciliation of GAAP to Non-GAAP Measures: Pre-Provision Net Revenue1 For the three months ended In thousands December 31, 2025 September 30, 2025 December 31, 2024 GAAP Net Income $ 41,554 $ 44,274 $ 9,720 Less: Provision for Credit Losses (47,158) (46,280) (63,238) Less: Income Tax Expense (8,47
Slide 25: Reconciliation of GAAP to Non-GAAP Measures: Tangible Book Value Per Common Share
Reconciliation of GAAP to Non-GAAP Measures: Tangible Book Value Per Common Share1 In thousands, except share and per share data. December 31, 2025 September 30, 2025 December 31, 2024 Tangible Common Equity: GAAP Common Equity $ 1,500,428 $ 1,462,213 $ 1,341,731 Less: Goodwill (75,717) (75,717) (75
Slide 26: Reconciliation of GAAP to Non-GAAP Measures: Return On Tangible Common Equity
Reconciliation of GAAP to Non-GAAP Measures: Return On Tangible Common Equity1 In thousands, except ratios. December 31, 2025 September 30, 2025 December 31, 2024 Average Tangible Common Equity: Average GAAP Common Equity $ 1,473,356 $ 1,424,538 $ 1,335,730 Less: Average Goodwill (75,717) (75,717) (
Slide 27: LendingClub
= LendingClub