LC 10-Q report for 2026-03-31

LendingClub Corporation (LC) filed a Form 10‑Q for the quarter ended March 31, 2026. The filing includes consolidated financial statements, notes, MD&A and regulatory disclosures. Q1 2026 highlights from the condensed statements: net income $51.6M, net interest income $176.2M, total assets $11.94B, total deposits $10.19B, and diluted EPS $0.44.

LC 10-Q report for 2026-03-31 lc-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 Commission File Number: 001-36771 LendingClub Corporation (Exact name of registrant as specified in its charter) Delaware 51-0605731 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 88 Kearny Street, Suite 600, San Francisco, CA 94108 (Address of principal executive offices and zip code) Registrant’s telephone number, including area code: ( 415 )  930-7440 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common stock, par value $0.01 per share LC New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒    No  ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes   ☒    No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No   ☒ As of April 24, 2026, there were 115,350,925 shares of the registrant’s common stock outstanding. LENDINGCLUB CORPORATION TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Income 7 Condensed Consolidated Statements of Comprehensive Income 8 Condensed Consolidated Statements of Changes in Equity 9 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 12 Note 1. Summary of Significant Accounting Policies 12 Note 2. Earnings Per Share 14 Note 3. Securities Available for Sale 15 Note 4. Loans 19 Note 5. Fair Value Measurements 28 Note 6. Structured Program Transactions and Variable Interest Entities 39 Note 7. Derivative Instruments and Hedging Activities 40 Note 8. Property, Equipment and Software, net 42 Note 9. Goodwill and Intangible Assets 42 Note 10. Other Assets 43 Note 11. Deposits 44 Note 12. Borrowings 44 Note 13. Other Liabilities 45 Note 14. Equity 45 Note 15. Income Taxes 47 Note 16. Leases 47 Note 17. Commitments and Contingencies 49 Note 18. Regulatory Requirements 50 Note 19. Segment Reporting 52 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 55 Item 3. Quantitative and Qualitative Disclosures About Market Risk 82 Item 4. Controls and Procedures 82 PART II. OTHER INFORMATION Item 1. Legal Proceedings 82 Item 1A. Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 85 Item 6. Exhibits 86 Signatures 87 1 Glossary The following is a list of common acronyms and terms LendingClub Corporation regularly uses in its financial reporting: ACL Allowance for Credit Losses (includes both the allowance for loan and lease losses, allowance for securities available for sale and the reserve for unfunded lending commitments) AFS Available for Sale ALLL Allowance for Loan and Lease Losses Annual Report Annual Report on Form 10-K for the year ended December 31, 2025 ASU Accounting Standards Update AUM Assets Under Management (outstanding balances of Loan Originations serviced on the Company’s platform including loans sold to investors as well as loans retained by the Company) Balance Sheet Condensed Consolidated Balance Sheets CECL Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) CET1 Common Equity T Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 55 Item 3. Quantitative and Qualitative Disclosures About Market Risk 82 Item 4. Controls and Procedures 82 PART II. OTHER INFORMATION Item 1. Legal Proceedings 82 Item 1A. Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 85 Item 6. Exhibits 86 Signatures 87 1 Glossary The following is a list of common acronyms and terms LendingClub Corporation regularly uses in its financial reporting: ACL Allowance for Credit Losses (includes both the allowance for loan and lease losses, allowance for securities available for sale and the reserve for unfunded lending commitments) AFS Available for Sale ALLL Allowance for Loan and Lease Losses Annual Report Annual Report on Form 10-K for the year ended December 31, 2025 ASU Accounting Standards Update AUM Assets Under Management (outstanding balances of Loan Originations serviced on the Company’s platform including loans sold to investors as well as loans retained by the Company) Balance Sheet Condensed Consolidated Balance Sheets CECL Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) CET1 Common Equity Tier 1 CET1 Capital Ratio Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the Basel III capital framework DCF Discounted Cash Flow EPS Earnings Per Share Exchange Act Securities Exchange Act of 1934, as amended FRB or Federal Reserve Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) GAAP Accounting Principles Generally Accepted in the United States of America HFI Loans which are retained by the Company and held for investment HFS Held for sale loans expected to be sold to investors Income Statement Condensed Consolidated Statements of Income LC Bank or LendingClub Bank LendingClub Bank, National Association LendingClub, LC, the Company, we, us, or our LendingClub Corporation and its subsidiaries Loan Originations Unsecured consumer loans, secured consumer auto loans and small business loans originated by the Company or facilitated by third-party issuing banks N/M Not meaningful Parent LendingClub Corporation (the Parent Company of LendingClub Bank, National Association and other subsidiaries) SEC United States Securities and Exchange Commission Securities Act Securities Act of 1933, as amended Statement of Cash Flow Condensed Consolidated Statements of Cash Flows Structured Program transactions Asset-backed securitization transactions where certain accredited investors and qualified institutional buyers have the opportunity to invest in securities backed by a pool of unsecured consumer loans Tier 1 Capital Ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the Basel III capital framework Tier 1 Leverage Ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the Basel III capital framework 2 Total Capital Ratio Total capital, which includes Common Equity Tier 1 capital, Tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as Tier 2 capital, divided by total risk-weighted assets as defined under the Basel III capital framework Unsecured consumer loans Unsecured consumer loans originated on the Company’s platforms, including an online direct to consumer platform (unsecured personal loans) and platforms connected with networks of education and patient finance providers and home improvement merchants and contractors (purchase finance loans) VIE Variable Interest Entity 3 LENDINGCLUB CORPORATION Except as the context requires otherwise, as used herein, “LendingClub,” “Company,” “we,” “us,” and “our,” refer to LendingClub Corporation, a Delaware corporation, and, where appropriate, its consolidated subsidiaries, including LendingClub Bank, National Association (LC Bank), and various entities established to facilitate loan sale transactions under LendingClub’s Structured Program. Forward-looking Statements This Quarterly Report on Form 10-Q (Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements in this Report include, without limitation, statements regarding borrowers, credit scoring, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and the impact on our business. You can identify these forward-looking statements by words such as “anticipate,” “appear,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or similar expressions. These forward-looking statements include, among other things, statements about: • our compliance, and that of third-party partners or providers, with applicable local, state and federal laws, regulations and regulatory developments or court decisions affecting our business; • the impact of accounting standards, policies, elections or methodologies; • the results of examinations of us by regulatory authorities and the possibility that any such regulatory authority may, among other things, require us to limit our business activities, increase our allowance for loan losses, increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits; • our ability to effectively manage capital or liquidity to support our evolving business or operational needs, while remaining compliant with regulatory or supervisory requirements and appropriate risk-management standards; • the impact of changes to our deposit base; • the impact of the continuation of, or changes in, the interest rate environment and economic climate; • the ability and willingness of borrowers to repay loans; • our belief that certain loans and leases in our commercial loan portfolio will be fully repaid in accordance with the contractual loan terms; • our ability to maintain investor confidence in the operation of our platform; • the performance of our loan products and expected rates of return for investors; • the impact of, and our ability to resolve, pending litigation and governmental inquiries and investigations; • our intention not to sell our available for sale (AFS) investment portfolio securities in loss positions; • our financial condition and performance, including the impact that management’s estimates have on our financial performance and the relationship between interim period and full year results; • the inputs used in the fair value measurement of our financial instruments; • our estimate of our interest rate sensitivity; • our calculation of expected credit losses for our collateral-dependent loans; • our estimated maximum exposure to losses; • our expectation of loan servicing fee revenue based on forecasted prepayments and estimated market rate of servicing at the time of loan sale; • capital expenditures; • our compliance with contractual obligations or restrictions; • our ability to develop and maintain effective internal controls; • our ability to continue to realize the financial and strategic benefits of our digital marketplace bank business model; • our tax profile; • the effects of natural disasters, public health issues, acts of war or terrorism, geopolitical uncertainty and other external events on our customers and business; • shares acquired under, and the impact of, our share repurchase and acquisition program; and 4 LENDINGCLUB CORPORATION • other risk factors listed from time to ti Results of Operations 55 Item 3. Quantitative and Qualitative Disclosures About Market Risk 82 Item 4. Controls and Procedures 82 PART II. OTHER INFORMATION Item 1. Legal Proceedings 82 Item 1A. Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 85 Item 6. Exhibits 86 Signatures 87 1 Glossary The following is a list of common acronyms and terms LendingClub Corporation regularly uses in its financial reporting: ACL Allowance for Credit Losses (includes both the allowance for loan and lease losses, allowance for securities available for sale and the reserve for unfunded lending commitments) AFS Available for Sale ALLL Allowance for Loan and Lease Losses Annual Report Annual Report on Form 10-K for the year ended December 31, 2025 ASU Accounting Standards Update AUM Assets Under Management (outstanding balances of Loan Originations serviced on the Company’s platform including loans sold to investors as well as loans retained by the Company) Balance Sheet Condensed Consolidated Balance Sheets CECL Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) CET1 Common Equity Tier 1 CET1 Capital Ratio Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the Basel III capital framework DCF Discounted Cash Flow EPS Earnings Per Share Exchange Act Securities Exchange Act of 1934, as amended FRB or Federal Reserve Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) GAAP Accounting Principles Generally Accepted in the United States of America HFI Loans which are retained by the Company and held for investment HFS Held for sale loans expected to be sold to investors Income Statement Condensed Consolidated Statements of Income LC Bank or LendingClub Bank LendingClub Bank, National Association LendingClub, LC, the Company, we, us, or our LendingClub Corporation and its subsidiaries Loan Originations Unsecured consumer loans, secured consumer auto loans and small business loans originated by the Company or facilitated by third-party issuing banks N/M Not meaningful Parent LendingClub Corporation (the Parent Company of LendingClub Bank, National Association and other subsidiaries) SEC United States Securities and Exchange Commission Securities Act Securities Act of 1933, as amended Statement of Cash Flow Condensed Consolidated Statements of Cash Flows Structured Program transactions Asset-backed securitization transactions where certain accredited investors and qualified institutional buyers have the opportunity to invest in securities backed by a pool of unsecured consumer loans Tier 1 Capital Ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the Basel III capital framework Tier 1 Leverage Ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the Basel III capital framework 2 Total Capital Ratio Total capital, which includes Common Equity Tier 1 capital, Tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as Tier 2 capital, divided by total risk-weighted assets as defined under the Basel III capital framework Unsecured consumer loans Unsecured consumer loans originated on the Company’s platforms, including an online direct to consumer platform (unsecured personal loans) and platforms connected with networks of education and patient finance providers and home improvement merchants and contractors (purchase finance loans) VIE Variable Interest Entity 3 LENDINGCLUB CORPORATION Except as the context requires otherwise, as used herein, “LendingClub,” “Company,” “we,” “us,” and “our,” refer to LendingClub Corporation, a Delaware corporation, and, where appropriate, its consolidated subsidiaries, including LendingClub Bank, National Association (LC Bank), and various entities established to facilitate loan sale transactions under LendingClub’s Structured Program. Forward-looking Statements This Quarterly Report on Form 10-Q (Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements in this Report include, without limitation, statements regarding borrowers, credit scoring, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and the impact on our business. You can identify these forward-looking statements by words such as “anticipate,” “appear,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or similar expressions. These forward-looking statements include, among other things, statements about: • our compliance, and that of third-party partners or providers, with applicable local, state and federal laws, regulations and regulatory developments or court decisions affecting our business; • the impact of accounting standards, policies, elections or methodologies; • the results of examinations of us by regulatory authorities and the possibility that any such regulatory authority may, among other things, require us to limit our business activities, increase our allowance for loan losses, increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits; • our ability to effectively manage capital or liquidity to support our evolving business or operational needs, while remaining compliant with regulatory or supervisory requirements and appropriate risk-management standards; • the impact of changes to our deposit base; • the impact of the continuation of, or changes in, the interest rate environment and economic climate; • the ability and willingness of borrowers to repay loans; • our belief that certain loans and leases in our commercial loan portfolio will be fully repaid in accordance with the contractual loan terms; • our ability to maintain investor confidence in the operation of our platform; • the performance of our loan products and expected rates of return for investors; • the impact of, and our ability to resolve, pending litigation and governmental inquiries and investigations; • our intention not to sell our available for sale (AFS) investment portfolio securities in loss positions; • our financial condition and performance, including the impact that management’s estimates have on our financial performance and the relationship between interim period and full year results; • the inputs used in the fair value measurement of our financial instruments; • our estimate of our interest rate sensitivity; • our calculation of expected credit losses for our collateral-dependent loans; • our estimated maximum exposure to losses; • our expectation of loan servicing fee revenue based on forecasted prepayments and estimated market rate of servicing at the time of loan sale; • capital expenditures; • our compliance with contractual obligations or restrictions; • our ability to develop and maintain effective internal controls; • our ability to continue to realize the financial and strategic benefits of our digital marketplace bank business model; • our tax profile; • the effects of natural disasters, public health issues, acts of war or terrorism, geopolitical uncertainty and other external events on our customers and business; • shares acquired under, and the impact of, our share repurchase and acquisition program; and 4 LENDINGCLUB CORPORATION • other risk factors listed from time to ti

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