Lendingclub Corporation · NYSE:LC
Lendingclub — Happen — Q3 2026 Earnings Presentation
20 slides from Lendingclub's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results October 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: 3Q26 Highlights: Strong Originations and Earnings Growth
3Q26 Highlights: Strong Originations and Earnings Growth TOTAL ORIGINATIONS DILUTED EARNINGS PER SHARE (EPS) Guidance: $3.20 to $3.35B Guidance: $0.43 to $0.48 $3.34B $0.50 1 +26% Year over year +35% Year over year Driven by channel expansion and product optimization: Strong outperformance, overcomi
Slide 4: 26% Annual Originations Growth
26% Annual Originations Growth Enabling balance sheet growth of 20% year-over-year +26% YoY $3,336 $3,145 Total Loan $2,656 24% Originations1 26% ($ in millions) 25% 25% Whole Loan & Rated Structured 28% Certificates2 29% Standard Structured Certificates Program (A-Note retained) 2 36% Retained HFI
Slide 5: Revenue Reflects Transition to Fair Value Option Accounting
Revenue Reflects Transition to Fair Value Option Accounting Risk-adjusted revenue up 27% year-over-year, in line with originations growth Total Net Revenue2 ($ in millions) $266.2 $262.9 $263.2 Non-Interest Income NON-INTEREST INCOME Net Interest Income 26% year-over-year decline driven by the elect
Slide 6: 6+ Years of Outperformance Across Credit Segments
6+ 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% 4.5% 5% 5% 4.5% 4% 4% 42% 4% 3% 3% 2.6% 3% 36%
Slide 7: Growing Balance Sheet with Attractive Net Interest Margin of 6.05%
Growing Balance Sheet with Attractive Net Interest Margin of 6.05% Average Balances3 Average Yield 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Cash and Other Interest-Earning Assets1 $604 $905 $775 $825 $738 4.23% 3.90% 3.56% 3.60% 3.65% Securities Available for Sale $3,565 $3,696 $3,737 $3,88
Slide 8: Expanding Profit Margin While Investing for Growth
Expanding Profit Margin While Investing for Growth Total Non-Interest Expense1 & Profit Margin $280.0 ($ in millions) 28.8% 29.2% Profit Margin % 30.0% (pre-tax) 2 Compensation & Benefits COMPENSATION & BENEFITS $230.0 Increased 6% year-over-year to support originations growth 25.0% Marketing Expens
Slide 9: 35% Diluted EPS Growth Year-Over-Year
35% Diluted EPS Growth Year-Over-Year Return on Tangible Common Equity (ROTCE) of 15.8%, up from 13.2% a year ago GAAP Net Income2 Diluted EPS ($ in millions) +34% +35% $58.1 $59.3 $0.50 $0.50 $44.3 $0.37 3Q 25 2Q 26 3Q 26 3Q 25 2Q 26 3Q 26 Income before Book Value Per income tax $57.2 $75.7 $76.8 C
Slide 10: Fourth Quarter & Full Year 2026 Guidance
Fourth Quarter & Full Year 2026 Guidance Raising full year Diluted EPS guidance to $1.87-$1.92 Q4 2026 FY 2026 • Narrowing FY26 originations guidance, prioritizing unit margins in the elevated rate environment while TOTAL ORIGINATIONS $3.1B to $3.2B $12.3B to $12.4B driving 26-27% annual growth Prio
Slide 11: Understanding Fair Value Option
Understanding Fair Value Option Happen, Inc. Q3 2026 Earnings 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 single 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 Year 2 Year 3 Year 4+ Total (ex. Day-1) Origination fee 5.0% Ending Balance $100 $65.2 $33.2 $10
Slide 16: Fair Value Adjustment: Trended Illustration
Fair Value Adjustment: Trended 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 adjustments
Slide 17: Financial Reconciliations
Financial Reconciliations Happen, Inc. Q3 2026 Earnings 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 September 30, 2026 June 30, 2026 September 30, 2025 Tangible Common Equity: GAAP Common Equity $1,593,073 $1,567,465 $1,462,213 Less: Goodwill ($75,717) ($75,717) ($75,717
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 September 30, 2026 June 30, 2026 September 30, 2025 Average Tangible Common Equity: Average GAAP Common Equity $1,583,105 $1,544,238 $1,424,538 Less: Average Goodwill
Slide 20: Visit us at www.Happen.com
Visit us at www.Happen.com