LendingClub(LC)2025-04-29 20:17Financial Performance - Originations grew by 21% year-over-year to $2.0 billion, compared to $1.6 billion in the prior year[6] - Total net revenue increased by 20% to $217.7 million, up from $180.7 million in the prior year[6] - Net income for Q1 2025 was $11.7 million, compared to $12.3 million in the prior year[7] - Total net revenue remained stable at $217,711, with no change quarter-over-quarter and a 20% increase year-over-year[22] - Net income for Q1 2025 was $11,671, representing a 20% increase quarter-over-quarter but a 5% decrease year-over-year[22] - GAAP net income for Q1 2025 was $11,671,000, an increase from $9,720,000 in Q4 2024[36] - Income before income tax expense for Q1 2025 was $15,695,000, an increase from $11,108,000 in Q4 2024[36] Asset and Liability Management - Total assets rose by 13% to $10.5 billion, compared to $9.2 billion in the prior year[6] - Total assets decreased from $10,630,509 in Q4 2024 to $10,483,096 in Q1 2025[35] - Total liabilities decreased from $9,288,778 in Q4 2024 to $9,118,579 in Q1 2025[35] - Total equity increased by 2% quarter-over-quarter to $1,364,517,000, and by 8% year-over-year[24] - Total equity increased to $1,364,517 in Q1 2025 from $1,341,731 in Q4 2024[35] Revenue Components - Pre-Provision Net Revenue (PPNR) increased by 52% to $73.8 million, compared to $48.5 million in the prior year[11] - Net interest income increased to $149,957 in Q1 2025, reflecting a 5% increase quarter-over-quarter and a 22% increase year-over-year[22] - Total interest income decreased by 4% to $232,059,000 in Q1 2025 from $240,596,000 in Q4 2024, but increased by 12% from $207,351,000 in Q1 2024[30] - Total non-interest income decreased by 9% to $67,754,000 in Q1 2025 from $74,817,000 in Q4 2024, but increased by 17% compared to $57,800,000 in Q1 2024[30] Loan and Deposit Activity - Deposits increased by 18% to $8.9 billion, compared to $7.5 billion in the prior year[6] - Total deposits decreased by 2% quarter-over-quarter to $8,905,902,000, but increased by 18% year-over-year[24] - Total loan originations reached $1,989 million, an 8% increase quarter-over-quarter and a 21% increase year-over-year[22] - Loan originations held for investment increased to $675 million, a 12% increase quarter-over-quarter and a significant 137% increase year-over-year[22] Credit Quality - Net charge-off rate improved to 4.7%, down from 8.1% in the prior year[6] - Net charge-offs for the quarter were $48,923,000, resulting in a net charge-off ratio of 4.8%[24] - The allowance for loan and lease losses increased by 3% quarter-over-quarter to $244,193,000, while it decreased by 6% year-over-year[24] - Provision for credit losses was $58,149,000 in Q1 2025, down 8% from $63,238,000 in Q4 2024, but up 82% from $31,927,000 in Q1 2024[30] Efficiency and Ratios - The efficiency ratio was reported at 66.1%, slightly up from 65.8% in the previous quarter[22] - Common equity Tier 1 capital ratio improved to 17.8%, compared to 17.3% in the previous quarter[22] - The net interest margin improved to 5.97% in Q1 2025, up from 5.42% in the previous quarter[22] - The interest rate spread improved to 5.33% in Q1 2025 from 4.82% in Q4 2024[32] Other Developments - The company acquired the intellectual property and talent behind Cushion, an AI-powered spending intelligence platform[6] - The LevelUp Savings account reached $1.9 billion in balances at quarter end[6] - Marketing expenses rose by 25% to $29,239,000 in Q1 2025 compared to $23,415,000 in Q4 2024, and increased by 21% from $24,136,000 in Q1 2024[30] - Tangible common equity as of March 31, 2025, was $1,281,022,000, an increase from $1,257,428,000 as of December 31, 2024[37]