Lendingclub Corporation · NYSE:LC
Lendingclub — Q1 2026 Earnings Presentation
27 slides from Lendingclub's earnings presentation, Apr 27, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results APRIL 27, 2026* * This presentation is updated as of April 28, 2026 solely to address a correction on Page 23
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation, including statements regarding our competitive advantages, our rebranding initiative, loan and financial performance, business outlook, implications of the Fair Value Option accounting methodology, and demand for our loan programs, are “forward
Slide 3: Introducing new brand
TM Introducing We’ve outgrown the LendingClub name and we’re launching a new brand to reflect our expanded banking capabilities and our core mission: Anticipate brand transition to be completed in summer 2026. Learn more at www.MeetHappen.com. 3
Slide 4: 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 4.7 Out of 5 stars 85 Banking In
Slide 5: Distinct Advantages Over Competitors
Distinct Advantages Over Competitors 1 2 3 Advanced Proprietary 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
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: LendingClub Offers Compelling Value
LendingClub Offers Compelling Value CREDIT CARDS VS. LENDINGCLUB PERSONAL LOANS1 SAVINGS ACCOUNT APY2 22% LendingClub members LendingClub members EARN SAVE over 15% 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 8: 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 9: Underwriting & Originating Home Improvement Loans
Underwriting & Originating Home Improvement Loans Bringing LendingClub’s distinct advantages to a $500B industry ▪ LendingClub now underwriting and originating home improvement loans ▪ Our first partnership embeds LendingClub in the software of over 40,000 contractor merchants ▪ LendingClub’s expert
Slide 10: 1Q26 Highlights: Exceeded Financial Targets
1Q26 Highlights: Exceeded Financial Targets TOTAL ORIGINATIONS DILUTED EARNINGS PER SHARE (EPS) Guidance: $2.55B to $2.65B Guidance: $0.34 to $0.39 $2.67B $0.44 1 +31% +340% Year over year Year over year Total originations of $2.67B consisting of approximately: Diluted Earnings Per Share Growth driv
Slide 11: 31% Originations Growth
31% Originations Growth Originations growth driven by strong borrower demand and marketing and product initiatives Total Loan Originations1,2 ($ in millions) Whole Loan Sales + Structured Certificates Program Retained HFI + Extended Seasoning HFS +31% YoY $2,656 $2,637 $2,669 $2,433 $2,032 54% 49% 5
Slide 12: Revenue Growth Continues
Revenue Growth Continues 1Q26 Under FVO Accounting: Risk-adjusted revenue reflects benefit of lower provision for credit losses Total Net Revenue ($ in millions) +16% $266.5 $252.3 NON-INTEREST INCOME $217.7 12% year-over-year increase driven by growth in origination $103.4 $76.0 volumes, partially
Slide 13: 5 Years of Outperformance Across Credit Segments
5 Years of Outperformance Across Credit Segments LENDINGCLUB VS. COMPETITOR 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% 4.8% 5% 5% 5% 4% 4% 47% 4% 3% 3% 2.5% 3% 46% 1.9% 2% 2%
Slide 14: Growing Balance Sheet with Net Interest Margin Expansion to 6.3%
Growing Balance Sheet with Net Interest Margin Expansion to 6.3% Average Balances3 Average Yield 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 Cash and Other Interest-Earning Assets1 $893 $680 $604 $905 $775 4.30% 4.19% 4.23% 3.90% 3.56% Securities Available for Sale $3,398 $3,411 $3,565 $3,696
Slide 15: Investing for Growth While Expanding Profit Margin
Investing for Growth While Expanding Profit Margin Profit Margin % (pre-tax) 2 Total Non-Interest 26.7% Expense1 & Profit Margin 18.8% ($ in millions) COMPENSATION & BENEFITS 12% year-over-year increase in Compensation & Benefits driven by headcount growth to support new business 7.2% verticals and
Slide 16: More than Quadrupled Diluted EPS Year Over Year
More than Quadrupled Diluted EPS Year Over Year Expanding profitability and increasing Return on Tangible Common Equity GAAP Diluted EPS Net Income ($ in millions) +342% +340% $51.6 $41.6 $0.44 $0.35 $11.7 $0.10 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 Book Value Per Provision for ($58.1) ($47.2) ($0.4) Common
Slide 17: Second Quarter & Full Year 2026 Guidance
Second Quarter & Full Year 2026 Guidance FY 2026 Q2 2026 Outlook Context ▪ Maintaining 2026 full year outlook TOTAL ORIGINATIONS $11.6B to $12.6B $3.0B to $3.1B ▪ Assumes stable consumer and interest rate environment ▪ Continued investments to build out home DILUTED EPS $1.65 to $1.80 $0.40 to $0.45
Slide 18: Understanding Fair Value Option
Understanding Fair Value Option 18
Slide 19: Simplifying Our Financials
Simplifying Our Financials 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 marketplace an
Slide 20: 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 21: 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 CHANGES TO DISCOUNT RATE of origination reflects the difference As benchmark rates and spreads move in any between the expe
Slide 22: 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 Year 2 Year 3 Year 4+ Total (ex. Day-1) Origination fee 5.0% Ending Balance $100 $65.2 $33.2 $10
Slide 23: Fair Value Adjustment: Historical View
Fair Value Adjustment: Historical View The following table illustrates 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 in No
Slide 24: Financial Reconciliations
Financial Reconciliations 24
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. March 31, 2026 December 31, 2025 March 31, 2025 Tangible Common Equity: GAAP Common Equity $ 1,523,528 $ 1,500,428 $ 1,364,517 Less: Goodwill (75,717) (75,717) (75,717) L
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. March 31, 2026 December 31, 2025 March 31, 2025 Average Tangible Common Equity: Average GAAP Common Equity $ 1,507,711 $ 1,473,356 $ 1,349,473 Less: Average Goodwill (75,717) (75,717) (75,717)
Slide 27: LendingClub is becoming Happen
-: LendingClub isla Happen