Lendingclub Corporation · NYSE:LC
Lendingclub — Happen (formerly LendingClub) — Q2 2026 Earnings Presentation
20 slides from Lendingclub's earnings presentation, July 2026
Slide 1: Second Quarter 2026 Results
Formerly Second Quarter 2026 Results July 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: 2Q26 Highlights: Exceeded Financial Targets
2Q26 Highlights: Exceeded Financial Targets TOTAL ORIGINATIONS DILUTED EARNINGS PER SHARE (EPS) Guidance: $3.0 to $3.1B Guidance: $0.40 to $0.45 $3.15B $0.50 1 +29% Year over year +52% Year over year Driven by channel expansion and product optimization: Strong outperformance, overcoming rate headwin
Slide 4: 29% Annual Originations Growth
29% Annual Originations Growth Funding channels scaling with origination volumes +29% YoY $3,145 Total Loan $2,669 Originations1 $2,433 26% ($ in millions) 26% 27% 28% Whole Loan & Rated Structured Certificates2 26% Standard Structured Certificates 28% Program (A-Note retained) 2 Retained HFI 35% 30
Slide 5: Revenue Growth of 6% Reflects Transition to FV Accounting
Revenue Growth of 6% Reflects Transition to FV Accounting Risk-adjusted revenue up 31% year-over-year, in line with originations growth Total Net Revenue2 +6% ($ in millions) $252.3 $262.9 Non-Interest Income $248.4 NON-INTEREST INCOME Net Interest Income 11% year-over-year decline driven by the ele
Slide 6: 5+ Years of Outperformance Across Credit Segments
5+ Years of Outperformance Across Credit Segments Happen Bank vs. Competitive Set: 30-day+ Delinquencies & Hardships at Month on Book 9 by Quarterly Vintage Happen Bank Competitive Set FICO 660-719 FICO 720-779 FICO 780-850 7% 7% 7% 6% 48% 6% 6% 5.0% 5% 4.8% 4.5% 5% 5% 4% 4% 46% 4% 3% 3% 2.6% 3% 45%
Slide 7: Growing Balance Sheet with Attractive Net Interest Margin of 6.1%
Growing Balance Sheet with Attractive Net Interest Margin of 6.1% Average Balances3 Average Yield 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Cash and Other Interest-Earning Assets1 $680 $604 $905 $775 $825 4.19% 4.23% 3.90% 3.56% 3.60% ~$190M Marketplace Securities Available for Sale $3,411 $
Slide 8: Expanding Profit Margin While Investing for Growth
$4 00.0 60 . 0% Expanding Profit Margin While Investing for Growth $3 50.0 50 . 0% Total Non-Interest Expense1 $3 00.0 40 . 0% & Profit Margin ($ in millions) Profit Margin % 28.8% $2 50.0 (pre-tax) 2 26.7% 30 . 0% Compensation & Benefits COMPENSATION & BENEFITS Marketing Expenses 21.7% Increased 10
Slide 9: 52% Diluted EPS Growth Year-Over-Year
52% Diluted EPS Growth Year-Over-Year Return on Tangible Common Equity (ROTCE) approaching 16%, up from 11.8% a year ago GAAP Net Income2 Diluted EPS ($ in millions) +52% +52% $58.1 $0.50 $51.6 $0.44 $38.2 $0.33 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 Income before Book Value Per income tax $54.0 $67.3 $75.7
Slide 10: Third Quarter & Full Year 2026 Guidance
Third Quarter & Full Year 2026 Guidance Raising full year Diluted EPS guidance to $1.80-$1.90 Q3 2026 FY 2026 • Tightening FY26 originations guidance toward high end given performance YTD, TOTAL ORIGINATIONS $3.20B to $3.35B $12.2B to $12.6B reflecting 25% to 29% Prior: $11.6B to $12.6B growth YoY •
Slide 11: Understanding Fair Value Option
Understanding Fair Value Option Confidential 11
Slide 12: Simplifying Our Financials
Simplifying Our Financials Fair Value Option Makes Sense for a Digital Marketplace Bank Benefits of Cumulative Timing of Earnings Recognition Fair Value Option CECL vs. FVO • Better aligns timing of revenue recognition with Fair Value timing of losses Option • Creates consistency of For the same loa
Slide 13: 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-interest
Slide 14: 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 CHANGES TO DISCOUNT RATE origination reflects the difference As benchmark rates and spreads move in any between the expe
Slide 15: 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 Key Drivers Metric Day-1 (ex. Day-1) Year 2 Year 3 Year 4+ Total Origination fee 5.0% Ending Balance $100 $65.2 $33.2 $10
Slide 16: Fair Value Adjustment: Historical Illustration
Fair Value Adjustment: Historical Illustration The following table approximates the Day-1 fair value and other adjustments and the Day-2 fair value adjustment with respect to loans held at fair value on the Company's balance sheet. Note that Interest Income is offset by the Day-2 fair value adjustme
Slide 17: Financial Reconciliations
Financial Reconciliations Confidential 17
Slide 18: 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, 2026 March 31, 2026 June 30, 2025 Tangible Common Equity: GAAP Common Equity $1,567,465 $1,523,528 $1,406,035 Less: Goodwill ($75,717) ($75,717) ($75,717) Less: C
Slide 19: Return on Tangible Common Equity
Reconciliation of GAAP to Non-GAAP Measures: Return on Tangible Common Equity1 For the three months ended In thousands, except ratios June 30, 2026 March 31, 2026 June 30, 2025 Average Tangible Common Equity: Average GAAP Common Equity $1,544,238 $1,507,711 $1,381,199 Less: Average Goodwill ($75,717
Slide 20: Visit us at www.Happen.com
Formerly Visit us at www.Happen.com Learn more about our new brand at www.MeetHappen.com Contact Investor Relations: IR@Happen.com
Happen (formerly LendingClub) — Q2 2026 Earnings Presentation on 6ix