LendingClub : First Quarter 2026 Presentation

Published: 2026-04-27 16:49:09 ET LC

Published on 04/27/2026 at 04:49 pm EDT

APRIL 27, 2026

Introducing TM

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 https://www.MeetHappen.com.

3

Originations1

$100+

Billion

Members1

5+

Million

Award-Winning, Member-Focused Digital Marketplace Bank

Net Promoter

Score (NPS)3

85

Average Customer Review2

4.7

Out of 5 stars

Banking Innovation

Best High Yield Savings Account

Best Checking Account Overall

Best Personal Loan for Debt Consolidation 2025-2026

Total members and originations based on lifetime volume across all consumer products as of March 31, 2026. "Members" defined as consumers who have taken a LendingClub product or service.

Based on over 12,000 reviews collected and authenticated by TrustPilot.

4 3. LendingClub internal data as of March 31, 2026. NPS measures customers' willingness to not only return for another purchase or service but also make a recommendation to their family, friends, or colleagues.

Distinct Advantages Over Competitors

1

Advanced Proprietary Underwriting Advantage

SUPERIOR CREDIT

2

Products that Attract Members for Life

COMPELLING PRODUCTS

3

Experiences that Keep Members Coming Back

ENGAGING EXPERIENCES

4

Engineered for Innovation

POWERFUL TECHNOLOGY

5

Best of Both Worlds: Digital Marketplace Bank

WINNING MODEL

Consumer Strategy: Building Lifetime Lending Relationships

1

Acquire new

members through our core personal loans franchise

Competitive rates / terms

Compelling value

Proprietary underwriting

Differentiated features

Membership benefits

World-class experience

2

Drive member

engagement with compelling products, tools, and features

Mobile app combining lending and deposits

Tools like DebtIQ

to increase debt visibility and highlight LendingClub value

High-engagement products like LevelUp Savings and LevelUp Checking

3

Offer additional

products and features to meet their evolving needs

Highlight existing products

Launch new products and features that uniquely meet member needs

Offer an integrated system of products that work together to unlock additional member value

Member Growth

Member Performance

Deeper Relationship

LendingClub Offers Compelling Value

22%

CREDIT CARDS VS. LENDINGCLUB PERSONAL LOANS1

LendingClub members SAVE over

15%

on interest vs. credit cards

SAVINGS ACCOUNT APY2

LendingClub members EARN

more on their savings vs. leading national banks

4.00%

0.01% 0.01% 0.01%

Average Credit Card APR on Balances Assessed Interest

LendingClub Personal Loan Average APR

Chase Savings Wells Fargo Platinum Savings

BofA Advantage Savings

LendingClub LevelUp Savings

St. Louis Federal Reserve, Commercial Bank Interest Rate on Credit Card Plans, Accounts Assessed Interest, April 7, 2026. Average LendingClub personal loan APR represents current internal estimates across 2024 and 2025 originations.

Products Designed to Deeply Engage Members & Improve Financial Outcomes

Award-winning high yield savings account that rewards members for positive savings behavior

The first checking product in market to offer cash back for on-time loan payments

Competitive base APY with a higher rate for members who deposit at least $250 per month

Over 80K accounts totaling $3.5 billion in deposits since August 2024 launch1

70% of LevelUp Savings account holders, representing ~95% of total balances, are meeting the $250 monthly savings threshold1

LevelUp Savings customers visit us on average 30% more than those with our prior savings product1

Offers 2% cash back for on-time LendingClub loan payments made from the LevelUp Checking account and 1% cash back when using the LevelUp Checking debit card for qualifying gas, grocery, and pharmacy purchases2

Since launch in June 2025, LevelUp Checking has driven a 6X increase in account

openings over our prior product3 with 60% of those accounts coming from members1

8 1. As of March 31, 2026; 2. Visit lendingclub.com for terms and conditions; 3. Average daily account openings March 2026 vs. May 2025

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 expertise, proprietary credit

models, and bank balance sheet enable:

Real-time approvals and larger financing options for homeowners

Higher approval rates and improved conversion for contractors

Scalable, bank-funded originations through a seamless digital experience

1Q26 Highlights: Exceeded Financial Targets

TOTAL ORIGINATIONS

Guidance: $2.55B to $2.65B

1

+31%

Year over year

DILUTED EARNINGS PER SHARE (EPS)

Guidance: $0.34 to $0.39

+340%

Year over year

Total originations of $2.67B consisting of approximately:

$1.4B2of sold loans via whole-loan sales and through the

structured certificates program

$1.3B of retained held-for-sale extended seasoning loans and retained held-for-investment loans

Diluted Earnings Per Share Growth driven by:

Higher Net Interest Income from balance sheet growth and strong net

interest margin

Higher Non-Interest Income driven by higher marketplace originations and improvement in loan sale pricing,

Lower provision for credit losses due to:

Impact of the election of fair value option accounting for newly originated held-for-investment loans

Better-than-expected credit performance on the CECL portfolio

1) Beginning in the first quarter of 2026, includes all loans originated during the respective periods (unsecured consumer loans, auto loans and small business loans). Previously this included unsecured consumer loans and auto loans only. In the first quarter of 2026, this update included $15 million of small business loan originations.

31% Originations Growth

Originations growth driven by strong borrower demand and marketing and product initiatives

Total Loan Originations1,2 ($ in millions)

+31%

YoY

Whole Loan Sales + Structured Certificates Program Retained HFI + Extended Seasoning HFS

$2,656 $2,637 $2,669

51%

49%

48%

52%

46%

54%

$2,433

45%

55%

$2,032

47%

53%

1Q25 2Q25 3Q25 4Q25 1Q26

1. Beginning in the first quarter of 2026, includes all loans originated during the respective periods (unsecured consumer loans, auto loans and small business loans). Previously this included unsecured consumer loans and auto loans only. In the first quarter of 2026, this update included $15 million of small business loan originations. Prior periods have been reclassified to conform to the current period presentation.

11 2. There may be differences between the sum of the quarterly results due to rounding.

Revenue Growth Continues

1Q26 Under FVO Accounting: Risk-adjusted revenue reflects benefit of lower provision for credit losses

Total Net Revenue

($ in millions)

$217.7

+16%

$163.0

$103.4

NON-INTEREST INCOME

12% year-over-year increase driven by growth in origination volumes, partially offset by the impact of fair value option accounting for newly originated held-for-investment loans

$266.5 $252.3

$150.0

$67.8

$176.2

$76.0

NET INTEREST INCOME

18% year-over-year increase in Net Interest Income driven by

balance sheet growth and expanding net interest margin

Non-Interest Income

Net Interest Income

$251.9

$219.3

$159.6

Risk-Adjusted

Revenue1

($0.4)

($47.2)

($58.1)

RISK-ADJUSTED REVENUE1

58% year-over-year increase driven by revenue growth described above and reduction of provision for credit losses

1Q25 4Q25 1Q26

Provision for

Credit Losses

1. Risk-Adjusted Revenue is a non-GAAP financial measure and is equal to Total Net Revenue less Provision for Credit Losses, as reflected and reconciled above to Total Net Revenue (the most

12 directly comparable GAAP measure). We believe Risk-Adjusted Revenue is an important measure reflecting the credit risk-adjusted financial performance of our business operations.

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%

50%

6% 6% 6%

5% 4.8% 5% 5%

4%

4%

47% 4%

3%

3%

2.5% 3%

46%

2% 2%

2.4%

1% 1%

0% 0%

2%

1.3% 1%

0%

1.9%

1.0%

This data is provided by dv01 to be used for informational purposes only. dv01 is not liable for use of this data. The data is the property and confidential information of dv01. Distribution outside of this presentation is prohibited.

Delinquencies include 30+ day delinquencies for each respective quarterly vintage at month on book 9, including loans that are actively in hardship plans. 3) Numbers quoted are an average of the most recent 3 quarterly vintages. 4) There may be differences in the outperformance calculations due to rounding. 5) Competitor set includes information with respect to marketplace lenders and direct competitors as reported by dv01's Marketplace

13 Personal Loan benchmarking data as of end-of-month February 2026. 6) Data for historical periods may be updated periodically by dv01.

Growing Balance Sheet with

Net Interest Margin Expansion to 6.3%

Includes cash, cash equivalents, restricted cash and all other interest-earning assets.

Primarily consists of interest-bearing deposits for each of the periods presented.

Yield increase reflects alignment of interest income recognition on previously purchased portfolios to the same method as newly originated loans under fair value

Cash and Other Interest-Earning Assets1

Securities Available for Sale Loans HFS at Fair Value Loans HFI at Fair Value

Loans and Leases HFI at Amortized Cost

Unsecured Consumer Loans

Commercial and Secured Consumer Loans

Average Balances3

Average Yield

1Q25

2Q25

3Q25

4Q25

1Q26

1Q25

2Q25

3Q25

4Q25

1Q26

$893

$3,398

$680

$3,411

$604

$3,565

$905

$775

4.30%

6.63%

12.05%

11.04%

11.58%

13.53%

5.62%

4.19%

6.49%

12.24%

10.94%

11.72%

13.57%

5.83%

4.23%

6.31%

12.56%

11.08%

11.64%

13.48%

6.01%

3.90%

6.06%

13.33%

10.80%

11.36%

13.13%

5.96%

3.56%

5.82%

13.51%

$3,696

$3,737

$724

$921

$1,062

$723

$1,199

$553

$1,531

$455

$1,910

$807

12.62%

$4,109

$3,097

$1,012

$4,177

$3,177

$999

$4,338

$3,268

$1,070

$4,312

$3,252

$1,060

$3,990

$2,935

$1,056

11.02%

12.92%

5.74%

Total Interest-Earning Assets

$10,045

$10,052

$10,258

$10,900

$11,220

9.24%

9.44%

9.43%

9.20%

9.31%

Total Interest-Bearing Deposits & Liabilities2

$8,521

$8,577

$8,713

$9,276

$9,577

3.91%

3.87%

3.80%

3.75%

3.60%

Net Interest Margin

5.97%

6.14%

6.18%

5.98%

6.28%

Lower deposit costs supporting Net Interest Margin expansion

Investing for Growth While Expanding Profit Margin

Total Non-Interest Expense1 &

Profit Margin

($ in millions)

7.2%

18.8%

Profit Margin %

(pre-tax) 2

26.7%

COMPENSATION & BENEFITS

12% year-over-year increase in Compensation & Benefits driven by headcount growth to support new business verticals and continued core business expansion

$143.9

$169.3 $184.5

MARKETING EXPENSES

Compensation & Benefits Marketing Expenses

Other Non-Interest Expenses

$58.4

$29.2

$56.2

$60.6

$45.7

$63.0

$65.5

$55.4

$63.6

90% year-over-year increase in Marketing Expenses driven by higher originations, expansion of marketing channels and full recognition of marketing costs under fair value option accounting

OTHER NON-INTEREST EXPENSES

13% year-over-year increase in Other Non-Interest Expenses driven by growth across multiple categories

1Q25

4Q25 1Q26

to support continued business expansion

There may be differences between the sum of the quarterly results due to rounding.

More than Quadrupled Diluted EPS Year Over Year

Expanding profitability and increasing Return on Tangible Common Equity

GAAP

Net Income

($ in millions)

Diluted EPS

$41.6

$51.6

+340%

+342%

$0.44

$0.35

$11.7

$0.10

Provision for

1Q25 4Q25 1Q26

Book Value Per

1Q25 4Q25 1Q26

$11.95 $13.01 $13.19

Credit Losses ($58.1) ($47.2) ($0.4)

Common Share

Income before income tax expense

Income Tax Expense

$15.7 $50.0 $67.3

Tangible Book Value Per Common Share1

$11.22

$12.30

$12.49

Return on Average Equity

3.5%

11.3%

13.7%

Return on Tangible Common Equity1

3.7%

11.9%

14.5%

($4.0) ($8.5) ($15.7)

Tangible Book Value per Common Share and Return on Tangible Common Equity are non-GAAP financial measures. Please see pages 2, 25, and 26 for

Second Quarter & Full Year 2026 Guidance

FY 2026

Q2 2026

TOTAL ORIGINATIONS

$11.6B to $12.6B

$3.0B to $3.1B

DILUTED EPS

$1.65 to $1.80

$0.40 to $0.45

Outlook Context

Maintaining 2026 full year outlook

Assumes stable consumer and interest rate environment

Continued investments to build out home improvement, support rebrand, and expand marketing channels

18

Simplifying Our Financials

Fair Value Option Makes Sense for a Digital Marketplace Bank

Benefits of

Fair Value Option

Better aligns timing of revenue recognition with timing of losses

Creates consistency of marketplace and bank

CECL

financials $0

Cumulative Timing of Earnings Recognition

Fair Value Option

CECL vs. FVO

All newly-originated loans as of January 2026 are being accounted for using Fair Value Option

D1

For the same loans, Fair

Value Option generates a

+50% higher return on invested capital

Day 1

Y1 Y2 Y3 Y4 Y5

Return on Invested Capital (ROIC) is a non-GAAP financial measure calculated by dividing net operating profit by invested capital. We do not provide a reconciliation of forward-looking ROIC to the most directly

CECL vs. Fair Value Option: 2026 P&L Impacts

Under Fair Value Option, credit cost moves from provision to non-interest income

Under CECL

Under Fair Value Option

Result under FVO

Origination Fee (non-interest income)

Day 1: Deferred at origination

Day 2: Amortized over the life of the loan through interest income

Day 1: Recognized at origination through non-interest income

Fair Value Adjustment (non-interest income)

None

Day 1: Fair value adjustment at origination reflects the difference between the expected loan yield relative to the discount rate1

Day 2: Interest income is offset by fair value adjustments (including net charge-offs) in non-interest income, resulting in a revenue yield equal to the discount rate

Revenue declines

Changes to discount rate or loan cash flows to be reflected in additional fair value adjustments over the life of the loan

Interest

Income

Interest from loan coupon plus amortization of origination fee

and marketing expense deferrals

Interest from loan coupon

Provision for Loan Losses

Day 1: provision for lifetime net losses recognized at origination on a discounted basis

None

Day 2: discounting impacts and changes in loss expectations

Marketing Expense

Day 1: Deferred at origination

Day 2: Amortized over the life of the loan through interest income

Day 1: Recognized at origination through marketing expense

2026 Pre-tax Net Income will grow faster under fair value option compared to CECL, with modestly lower revenue due to fair value adjustments, more than offset by the lack of provision for loan losses

Disclaimer

Lending Club Corp. published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 20:48 UTC.