Lendingclub Corporation · NYSE:LC
Lendingclub — Q2 2025 Earnings Presentation
22 slides from Lendingclub's earnings presentation, Jul 29, 2025
Slide 1: Second Quarter 2025 Results
Second Quarter 2025 Results July 29, 2025
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation, including statements regarding our competitive advantages, loan and financial performance, business outlook, and demand for our loan programs, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,”
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 for Savings Account Account Overall Debt Consolidation Average Customer Net Promoter Review2 Score (NPS)3 4.83 Out of 5 stars 80 1) Total members an
Slide 4: Historically Large Total Addressable Market
Historically Large Total Addressable Market Historically High Outstanding Historically High Credit Card Revolving Consumer Credit1 Interest Rates2 (in thousands; May 2010 to May 2025, seasonally adjusted) (May 2010 to May 2025) $1.3T 21.2% 23 $1,350 21 Total outstanding Commercial bank average $1,25
Slide 5: Compelling Value Proposition for Consumers
Compelling Value Proposition for Consumers Historically Large LendingClub Delivers And Our Members TAM Totaling $1.3T2 Compelling Value Love Us for It 48% of American households carry Members save on average over 30% Our Net Promoter Score (NPS) is revolving debt1 when they consolidate credit card d
Slide 6: 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 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: Strategically Positioned for Long-term Success
Strategically Positioned for Long-term Success 1 Traditional Fintechs Banks Ability to efficiently serve a broad range of customers Industry-leading marketing efficiency; 5M members ✓ ✓ ✗ Capital-light, high-ROE marketplace earnings stream $94.2M Non-Interest Income ✓ ✓ ✗ Economics Profitable earnin
Slide 9: 2Q25 Highlights: Continuing to Exceed Financial Targets
2Q25 Highlights: Continuing to Exceed Financial Targets 2Q25 Guidance Targets Actuals Commentary Total originations of $2.4B consisting of approximately: ▪ $690M of held-for-investment loans Total $2.1B to $2.3B $2.4B ▪ $550M of marketplace whole-loan sales Originations +32% YoY ▪ $775M loans sold t
Slide 10: Ongoing Credit Outperformance vs. Competitive Set
Ongoing Credit Outperformance vs. Competitive Set LendingClub vs. Competitive Set: 30-day+ Delinquencies & Hardships at Month on Book 9 by Quarterly Vintage1,2,3,4 LendingClub Competitive Set5 FICO 660-719 FICO 720-779 FICO 780-850 7% 45% 7% 7% 6% 6% 6% 5% 5% 5% 4.1% 4% 4% 42% 4% 3% 3% 2.2% 3% 44% 2
Slide 11: Multiple Loan Disposition Channels Available to Optimize Earnings and Return on Capital
Multiple Loan Disposition Channels Available to Optimize In-Period Earnings and Return on Capital HIGHER Day-1 Contribution LOWER Day-1 Contribution LOWER lifetime value, capital usage, and credit risk HIGHER lifetime value, capital usage, and credit risk WHOLE LOAN STRUCTURED EXTENDED HELD FOR SALE
Slide 12: Driving Strong Originations Growth
Driving Strong Originations Growth Structured Certificates Increase Driven by Growing Investor Demand Consumer Loan Originations1 ($ in millions) +32% YoY $2,500 to $2,600 $2,391 Whole Loan Sales $1,913 $1,989 23% $1,813 $1,846 Whole Loan Sales Whole Loan Sales + Structured Whole Loan Sales Whole Lo
Slide 13: 33% Revenue Growth Year-over-Year
33% Revenue Growth Year-over-Year Total Net Revenue ($ in millions) +33% $248.4 NON-INTEREST INCOME $217.7 60% year-over-year increase driven by higher marketplace $187.2 $94.2 originations and improved fair value of the Held-for-sale loan $67.8 portfolio $58.7 NET INTEREST INCOME $150.0 $154.2 20%
Slide 14: Balance Sheet Growing 12% YoY with Net Interest Margin Expanding to 6.14%
Balance Sheet Growing 12% YoY with Net Interest Margin Expanding to 6.14% Average Balances3 Average Yield3 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Cash and Other Interest-Earning Assets1 $976 $940 $1,194 $893 $680 5.40% 5.30% 4.76% 4.30% 4.19% Securities Available for Sale at Fair Value $2
Slide 15: Efficiency Ratio Improved 8pts YoY
Efficiency Ratio Improved 8pts YoY Disciplined expense management delivering expanding operating leverage Efficiency Ratio Total Non-Interest Expense1 (Non-Interest Expense as a % of Net Revenue) ($ in millions) Efficiency Ratio 2Q24 3Q24 4Q24 1Q25 2Q25 Non-Interest Expense Less Marketing Marketing
Slide 16: 156% Year-over-Year Growth in Net Income
156% Year-over-Year Growth in Net Income Expanding profitability and increasing book value and tangible book value per common share Pre-Provision Net Income Net Revenue (PPNR)1 ($ in millions) ($ in millions) +70% +156% $93.7 $38.2 $73.8 $55.0 $14.9 $11.7 2Q24 1Q25 2Q25 2Q24 1Q25 2Q25 Provision for
Slide 17: 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 ▪ Improvement in 2024 vintage Future 9.3% 9.3% 9.5% driven by strong
Slide 18: 3Q25 Guidance
3Q25 Guidance 3Q’25 Guidance Outlook Context Total $2.5B to $2.6B ▪ Continued positive momentum in Originations +31% to +36% YoY originations ▪ 3Q25 PPNR guidance assumes Pre-Provision $90M to $100M growing revenue partially offset by Net Revenue investment in marketing channel (PPNR) +37% to +53% Y
Slide 19: 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 June 30, 2025 March 31, 2025 June 30, 2024 GAAP Net Income $ 38,178 $ 11,671 $ 14,903 Less: Provision for Credit Losses (39,733) (58,149) (35,561) Less: Income Tax Expense (15,806) (4,024)
Slide 20: 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. June 30, 2025 March 31, 2025 June 30, 2024 Tangible Common Equity: GAAP Common Equity $ 1,406,035 $ 1,364,517 $ 1,287,945 Less: Goodwill (75,717) (75,717) (75,717) Less:
Slide 21: 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. June 30, 2025 March 31, 2025 June 30, 2024 Average Tangible Common Equity: Average GAAP Common Equity $ 1,381,199 $ 1,349,473 $ 1,266,608 Less: Average Goodwill (75,717) (75,717) (75,717) Less
Slide 22: LendingClub
-: LendingClub