LendingClub reported first-quarter 2026 net income of $51.6 million, up from $11.7 million a year earlier, as diluted earnings per share climbed to $0.44 from $0.10.
Pre-tax income rose to a record $67.3 million from $15.7 million in the first quarter of 2025, while the pre-tax margin widened to 26.7% from 7.2%.
Originations increased 31% year over year to $2.7 billion from $2.0 billion. The company said the growth was driven by product and marketing initiatives.
Total net revenue advanced 16% to $252.3 million from $217.7 million. Net interest margin improved to 6.28% from 5.97%.
Provision for credit losses fell sharply to $0.4 million from $58.1 million a year earlier. Net charge-offs on loans and leases held for investment declined to $42.5 million from $76.1 million.
Non-interest expense rose to $184.5 million from $143.9 million.
Return on equity was 13.7%, and return on tangible common equity was 14.5%.
On the balance sheet, total assets increased 14% year over year to $11.9 billion, and deposits also rose 14% to $10.2 billion. Available liquidity was $3.7 billion, with 88% of deposits FDIC-insured.
The company executed $26 million of its $100 million stock repurchase and acquisition program during the quarter, bringing cumulative utilization to $38 million through March.
LendingClub said it began underwriting and originating home improvement loans in April. It also announced a rebrand to Happen Bank, set for summer 2026. For the second quarter, it projected loan originations of $3.0 billion to $3.1 billion and diluted EPS of $0.40 to $0.45. For full-year 2026, it forecast loan originations of $11.6 billion to $12.6 billion and diluted EPS of $1.65 to $1.80. Today the company's shares have moved 0.87% to a price of $17.47. For more information, read the company's full 8-K submission here.
