Slides
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Second Quarter 2025 Results July 29, 2025
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Disclaimer 2 Some of the statements in this presentation, including statements regarding our competitive advantages, loan and financial performance,business outlook, and demand for our loan programs, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include:our ability to continue to attract new and retain existing borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This presentation contains non-GAAP financial measures relating to our performance – Risk-Adjusted Revenue, Pre-Provision NetRevenue and T angible Book Value Per Common Share and Return on T angible Common Equity. Our non-GAAP financial measures have limitations as analytical tools, are not prepared under any comprehensive set of accounting rules or principles and should not be considered inisolation or as a substitute for our results under accounting principles generally accepted in the United States (GAAP).We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies. Y ou can find the reconciliation of thesenon-GAAP financial measure to the most directly comparable GAAP measures on pages 16, 19, 20, and 21, as applicable, of this presentation. We do not provide a reconciliation of the forward-looking Pre-Provision Net Revenue and Return on T angible Common Equity, as disclosed on page 18 of this presentation, to the most directly comparable GAAP reported financial measure on a forward-looking basis because we are unable to predict future provision expense and goodwill, respectively, with reasonable certainty without unreasonable effort. LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC.
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Award-Winning, Member-Focused Digital Marketplace Bank 3 1) Total members and originations based on lifetime volume across all consumer products as of March 31, 2025. “Members” defined as consumers who have taken a LendingClub product. 2) Based on over 68,000 reviews collected and authenticated by BazaarVoice. 3) LendingClub internal data as of March 31, 2025. NPS measures customers’ willingness to not only return for another purchase or service but also make a recommendation to their family, friends or colleagues. Members1 5+ Million Originations1 $100+ Billion Best Personal Loan for Debt Consolidation Best Checking Account Overall Average Customer Review2 4.83 Out of 5 stars Net Promoter Score (NPS)3 80 Best High Yield Savings Account
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11 13 15 17 19 21 23 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 $750 $850 $950 $1,050 $1,150 $1,250 $1,350 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 Historically High Credit Card Interest Rates2 (May 2010 to May 2025) Historically High Outstanding Revolving Consumer Credit1 (in thousands; May 2010 to May 2025, seasonally adjusted) Historically Large Total Addressable Market 1) Revolving Consumer Credit Owned and Securitized, seasonally adjusted, G.19 Release, Federal Reserve Bank of St. Louis, July 2025. 2) Commercial Bank Interest Rate on Credit Card Plans, G.19 Release, Federal Reserve Bank of St. Louis, July 2025. 4 $1.3T Total outstanding revolving consumer credit (May 2025) 21.2% Commercial bank average interest rate on credit card plans (May 2025)
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Compelling Value Proposition for Consumers 5 48% of American households carry revolving debt1 Since November 2021, average credit card rates have increased by over 650bps to more than 21%1 A quarter of Americans direct 20-40% of their paycheck toward paying off credit card debt3 Historically Large TAM Totaling $1.3T2 Members save on average over 30% when they consolidate credit card debt through LendingClub4 Members who consolidate debt see an average 48-point improvement in their credit score5 Over 85% of loans require no human intervention6 and applications can be funded in under 24 hours7 LendingClub Delivers Compelling Value Our Net Promoter Score (NPS) is 80 and our mobile app is rated 4.8 in the Apple app store8 87% of our members feel more confident managing their debt after joining us3 83% of our members want to do more with us And Our Members Love Us for It 1. Bankrate’s 2025 Credit Card Debt Survey 2. Revolving Consumer Credit Owned and Securitized, seasonally adjusted, G.19 Release, Federal Reserve Bank of St. Louis, July 2025. 3. LendingClub Consumer Debt Survey conducted with Propeller Insights of 1,013 consumers May 13-21, 2024. 4. On average, prime Personal Loans from LendingClub Bank are offered at an APR of 14.3%, based an analysis of historical borrower data between April 2024 and June 2024. This is compared to an average credit card APR of 21.8% for August 2024, according to Commercial Bank Interest Rate on Credit Card Plans, G.19 Release, Federal Reserve Bank of St. Louis. 5. Based on borrowers who were issued a loan between October 2021 and May 2023, and have completed a Balance Transfer loan for debt consolidation. This assumes borrowers refinance at least 51% of their outstanding debt within the first three months of taking a loan, and no new debt is incurred. Data is subject to change. 6. Based on LendingClub internal data. 7. LendingClub internal data as of June 30, 2025 and based on review of loans funded within 24 business hours from the time loan funding is approved. 8. LendingClub internal data as of June 30, 2025. NPS measures customers’ willingness to not only return for another purchase or service but also make a recommendation to their family, friends, or colleagues.
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Consumer Strategy: Building Lifetime Lending Relationships 6 1Acquire new members through our core personal loans franchise ▪ Competitive rates / terms ▪ Compelling value ▪ Proprietary underwriting ▪ Differentiated features ▪ Membership benefits ▪ World-class experience 2Drive member engagement with compelling products, tools, and features ▪ Mobile app combining lending and deposits ▪ Tools like DebtIQ to increase transparency and highlight value ▪ High-engagement products like LevelUp Savings and LevelUp Checking Member Growth Member Performance 3Offer additional products and features to meet their evolving needs ▪ Highlight existing products ▪ Launch new products that uniquely meet member needs ▪ Offer an integrated system of products that work together to unlock additional member value Deeper Relationship
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7 Products Designed to Deeply Engage Members & Improve Financial Outcomes Award-winning high yield savings account that rewards members for positive savings behavior Competitive base APY with a higher rate for members who contribute at least $250 per month 60,000 accounts totaling $2.7 billion in deposits since August 2024 launch1 ~80% of LevelUp Savings account holders, representing ~95% of total balances, are meeting the $250 monthly savings threshold1 LevelUp Savings customers visit us on average nine times per month, a 30% increase over our prior savings product1 The first checking product in market to offer cash back for on-time loan payments 1. As of June 30, 2025 Offers 2% cash back for on-time payments from the LevelUp Checking account and 1% cash back when using the LevelUp 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 nearly 60% of those accounts coming from borrowers4 2. Visit lendingclub.com for terms and conditions 3. Daily account openings May 2025 vs. June 2025 4. As of July 15, 2025
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Strategically Positioned for Long-term Success Fintechs Traditional Banks Economics Ability to efficiently serve a broad range of customers Industry-leading marketing efficiency; 5M members ✓ ✓ ✗ Capital-light, high-ROE marketplace earnings stream $94.2M Non-Interest Income ✓ ✓ ✗ Profitable earnings via high NIM loan portfolio $154.2M Net Interest Income / 6.14% NIM ✓ ✗ ✓ Lower-cost deposit funding 3.87% avg. cost of interest-bearing deposits ✓ ✗ ✓ Scale & Scalability National digital-first consumer footprint Multi-award-winning digital experience ✓ ✓ ✗ Vast data advantage from serving millions of PL customers 150B+ cells of data; 2K+ attributes; 15+ years ✓ ✗ ✗ Unencumbered by high-cost branches or legacy systems Tech-first highly automated marketplace platform ✓ ✓ ✗ Bank balance sheet growth 39% CAGR since bank acquisition in Q1’21 ✓ ✗ ✓ Resiliency Recurring revenue stream 69% recurring revenue (NII + Loan Servicing Fees) ✓ ✗ ✓ Stability of funding Lower-cost deposits (86% insured) and diverse investor funding; with $3.8B in additional borrowing capacity available ✓ ✗ ✓ Clear and consistent regulatory framework Strong governance and compliance infrastructure ✓ ✗ ✓ 8 1 1) Data as of June 30, 2025; all financials quarterly unless otherwise noted.
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2Q25 Highlights: Continuing to Exceed Financial Targets 9 2Q25 Guidance Targets Actuals Commentary Total Originations $2.1B to $2.3B $2.4B +32% YoY Total originations of $2.4B consisting of approximately: ▪ $690M of held-for-investment loans ▪ $550M of marketplace whole-loan sales ▪ $775M loans sold through structured certificates program ▪ $375M of held-for-sale extended seasoning loans Pre-Provision Net Revenue (PPNR)1 $70M to $80M $93.7M +70% YoY Pre-Provision Net Revenue Growth driven by: ▪ Higher Net Interest Income from higher interest-earning assets and expanding net interest margin ▪ Higher Non-Interest Income driven by higher marketplace originations and improved fair value of the Held-for-sale loan portfolio ▪ Strong operating leverage with year-over-year revenue growth of 33% compared to expense growth of 17% 1) PPNR is a non-GAAP financial measure. See pages 2, 19, 20, and 21 for additional information on our use of non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measures.
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0% 1% 2% 3% 4% 5% 6% 7% 0% 1% 2% 3% 4% 5% 6% 7% 0% 1% 2% 3% 4% 5% 6% 7% Ongoing Credit Outperformance vs. Competitive Set 10 LendingClub vs. Competitive Set: 30-day+ Delinquencies & Hardships at Month on Book 9 by Quarterly Vintage1,2,3,4 1) 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. 2) 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) Competitive set includes information with respect to marketplace lenders and direct competitors as reported by dv01's Marketplace Personal Loan benchmarking data as of end-of-month May 2025. LendingClub Competitive Set5 FICO 660-719 FICO 720-779 FICO 780-850 45% 42% 44% 4.1% 2.3% 2.2% 1.3% 1.6% 0.9%
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Multiple Loan Disposition Channels Available to Optimize In-Period Earnings and Return on Capital 11 Graphic is for illustrative purposes only 1) Day-1 Contribution = Day-1 Revenue – variable expenses – provision for loan losses; Post Day-1 Contribution = Total net revenue – variable expenses – provision for loan losses – Day-1 Contribution. 2) Structured Certificates lifetime value is representative of agreements where LendingClub retains the senior security. 3) Loans in Extended Seasoning are categorized as Held for Sale; It is the Company’s intention to sell these loans before maturity, but for comparative purposes the above chart depicts lifetime economics. $0 WHOLE LOAN SALES STRUCTURED CERTIFICA TES2 EXTENDED SEASONING3 HELD FOR INVESTMENT LIFETIME VALUE (Illustrative Economics) HIGHER Day-1 Contribution LOWER lifetime value, capital usage, and credit risk LOWER Day-1 Contribution HIGHER lifetime value, capital usage, and credit risk Maximum LTV if held to maturityDay-1 Contribution1 Post Day-1 Contribution1 ✓ Most capital efficient ✓ Highly scalable ✓ Serves broadest credit spectrum ✓ Preferred structure for bank partners ✓ Credit risk remote for LC ✓ Highest returns on risk- based capital ✓ Removes friction for loan investors ✓ Preferred structure for private credit ✓ Highest Post Day-1 Contribution ✓ Not marketplace dependent ✓ Provides investors opportunity for larger purchases ✓ Strong returns while on balance sheet ✓ No CECL provision Post Day-1 Contribution Day-1 CECL Provision Impact
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Driving Strong Originations Growth Structured Certificates Increase Driven by Growing Investor Demand 12 1) There may be differences between the sum of the quarterly results due to rounding. $2,391 $1,813 $1,913 $1,846 $1,989 Consumer Loan Originations1 ($ in millions) 3Q242Q24 4Q24 1Q25 $2,500 to $2,600 +32% YoY Ext. Seasoning HFS + Retained HFI 40% Whole Loan Sales + Structured Certificates Program 60% 3Q25 Estimate Whole Loan Sales 27% Structured Certificates Program 26% Ext. Seasoning HFS 12% Retained HFI 34% Whole Loan Sales 15% Structured Certificates Program 49% Ext. Seasoning HFS 18% Retained HFI 19% Whole Loan Sales 17% Structured Certificates Program 43% Ext. Seasoning HFS 12% Retained HFI 27% Whole Loan Sales 31% Structured Certificates Program 30% Ext. Seasoning HFS 6% Retained HFI 33% 2Q25 Whole Loan Sales 23% Structured Certificates Program 32% Ext. Seasoning HFS 16% Retained HFI 29%
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$128.5 $150.0 $154.2 $58.7 $67.8 $94.2$187.2 $217.7 $248.4 2Q24 1Q25 2Q25 33% Revenue Growth Year-over-Year Total Net Revenue ($ in millions) 13 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 reconciledabove to Total Net Revenue (the most directly comparable GAAP measure).We believe Risk-Adjusted Revenue is an important measurereflecting the credit risk-adjusted financial performance of our business operations. NET INTEREST INCOME 20% year-over-year increase in Net Interest Income driven by higher average interest-earning assets and expanding net interest margin NON-INTEREST INCOME 60% year-over-year increase driven by higher marketplace originations and improved fair value of the Held-for-sale loan portfolio Net Interest Income Non-Interest Income Risk-Adjusted Revenue1 $151.7 $208.7$159.6 RISK-ADJUSTED REVENUE1 38% year-over-year increase driven by revenue growth described above, partially offset by Day-1 provision for future credit losses on a higher volume of retained loans Provision for Credit Losses ($35.6) ($39.7)($58.1) +33%
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Average Balances3 Average Yield3 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Cash and Other Interest-Earning Assets1 $976 $940 $1,194 $893 $680 5.40% 5.30% 4.76% 4.30% 4.19% Securities Available for Sale at Fair Value $2,407 $3,047 $3,390 $3,398 $3,411 7.13% 6.89% 6.76% 6.63% 6.49% Loans Held for Sale at Fair Value $838 $899 $673 $724 $1,062 12.75% 13.49% 12.30% 12.05% 12.24% Unsecured Consumer Loans $3,243 $3,045 $3,081 $3,097 $3,177 13.37% 13.57% 13.50% 13.53% 13.57% Secured Consumer and Commercial Loans $1,098 $1,058 $1,023 $1,012 $999 5.97% 5.86% 5.55% 5.62% 5.83% Loans Held for Investment at Fair Value $384 $973 $1,153 $921 $723 12.55% 10.83% 10.49% 11.04% 10.94% Total Interest-Earning Assets $8,946 $9,962 $10,514 $10,045 $10,052 9.82% 9.65% 9.15% 9.24% 9.44% Interest-Bearing Deposits $7,547 $8,037 $9,020 $8,521 $8,577 4.81% 4.79% 4.33% 3.91% 3.87% All Other Interest-Bearing Liabilities2 $57 $487 $1 $0 $0 6.45% 2.69% nm nm nm Total Interest-Bearing Liabilities $7,603 $8,524 $9,021 $8,521 $8,577 4.82% 4.67% 4.33% 3.91% 3.87% Net Interest Margin 5.75% 5.63% 5.42% 5.97% 6.14% Balance Sheet Growing 12% YoY with Net Interest Margin Expanding to 6.14% 14 1) Includes cash, cash equivalents, restricted cash and all other interest-earning assets. 2) In 3Q24, the seller provided low-cost short-term financing to support the $1.3B loan portfolio purchase of previously issued LendingClub loans. 3) There may be differences between the sum of the quarterly results due to rounding. Lower funding costs supporting Net Interest Margin expansion 12% YoY growth in interest-earning assets driving higher interest income
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70.6% 67.5% 65.8% 66.1% 62.3% 56.4% 54.6% 55.0% 52.7% 48.8% 14.2% 13.0% 10.8% 13.4% 13.5% 2Q24 3Q24 4Q24 1Q25 2Q25 Efficiency Ratio Non-Interest Expense Less Marketing Marketing as % of Net Revenue Efficiency Ratio Improved 8pts YoY Disciplined expense management delivering expanding operating leverage 15 1) There may be differences between the sum of the quarterly results due to rounding. 2) 4Q24 included a non-cash $4.4 million pre-tax impairment of internally-developed software which became obsoletedue to the Tally code-base acquisition. Total Non-Interest Expense1 ($ in millions) Efficiency Ratio (Non-Interest Expense as a % of Net Revenue) 2Q24 3Q24 4Q24 1Q25 2Q25 Compensation& Benefits 56.5 57.4 58.7 58.4 62.0 Marketing 26.7 26.2 23.4 29.2 33.6 Equipment & Software 12.4 12.8 13.4 14.6 14.5 Depreciation & Amortization2 13.1 13.3 19.7 13.9 15.5 Professional Services 7.8 8.0 9.1 9.8 10.3 Occupancy 3.9 4.0 4.0 4.3 4.8 Other Non-interest Expense 11.9 14.6 14.5 13.6 14.1 Total Non-Interest Expense 132.3 136.3 142.9 143.9 154.7
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$14.9 $11.7 $38.2 2Q24 1Q25 2Q25 $55.0 $73.8 $93.7 2Q24 1Q25 2Q25 16 156% Year-over-Year Growth in Net Income Expanding profitability and increasing book value and tangible book value per common share ($ in millions) Pre-Provision Net Revenue (PPNR)1 +70% Net Income ($ in millions) 1) Pre-Provision Net Revenue ,Tangible Book Value per Common Share and Return on Tangible Common Equity are non-GAAP financial measures. Please see pages 2, 19, 20, and 21 for additional information on our use of non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measures. +156% Provision for Credit Losses ($35.6) ($58.1) ($39.7) Income Tax Expense ($4.5) ($4.0) ($15.8) Diluted EPS $0.13 $0.10 $0.33 Book Value Per Common Share $11.52 $11.95 $12.25 Tangible Book Value Per Common Share1 $10.75 $11.22 $11.53 Return on Average Equity 4.7% 3.5% 11.1% Return on Tangible Common Equity1 5.1% 3.7% 11.8%
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Held for Investment Personal Loan Credit Performance by Vintage Continue to expect marginal ROEs exceeding 20% for all annual vintages 17 1) Estimates at 06/30/25 reflect current loss forecast expectations, including qualitative loss estimates; future results could differ materially from estimates, including impacts from economic outlook 2) Future provision estimate primarily reflects ongoing recognition of provision expense for discounted lifetime losses at origination (using discounted CECL methodology) 3) There may be differences between the sum of the quarterly results due to rounding. Expected Personal Loans Lifetime Net Loss Rate1,3 $32.3M $37.5M ▪ Improvement in 2024 vintage driven by strong credit performance ▪ Excluding qualitative reserves, the expected lifetime net loss rate for 2024 is lower than earlier vintages ▪ 2022 and 2023 vintages continue to have stable credit performance Gross Allowance (as of 06/30/25) 03/31/25 2023 Vintage2022 Vintage 03/31/24 2024 Vintage $81.9M 06/30/25 06/30/25 03/31/25 LEGEND Net Charge-offs to Date Allowance on Book (reserve taken for expected future charge-offs + qualitative reserve, net of future recoveries) Future Provision Estimate2 (to be recognized in future periods) Total allowance for loan losses in 2022, 2023, and 2024 is $121M, comprised of gross allowance of $152M for future estimated charge-offs on existing portfolio balances, net of $31M of estimated recoveries on previously charged-off loans 06/30/25 9.3%9.3% 8.6% 9.5% 8.6% 8.9% 8.8% 9.0% 6.4% 7.0% 0.7% 1.5% 0.5% 0.3% 2.2% 1.6% 7.5% 6.5% 1.3% 0.9%
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3Q25 Guidance 18 3Q’25 Guidance Total Originations $2.5B to $2.6B +31% to +36% YoY Pre-Provision Net Revenue (PPNR) $90M to $100M +37% to +53% YoY Return on Tangible Common Equity (ROTCE) 10% to 11.5% +111% to +143% YoY Outlook Context ▪ Continued positive momentum in originations ▪ 3Q25 PPNR guidance assumes growing revenue partially offset by investment in marketing channel expansion ▪ Guidance assumes stable economic operating environment
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Reconciliation of GAAP to Non-GAAP Measures: Pre-Provision Net Revenue1 19 For the three months ended In thousands June 30, 2025 March 31, 2025 June 30, 2024 GAAP Net Income $ 38,178 $ 11,671 $ 14,903 Less: Provision for Credit Losses (39,733) (58,149) (35,561) Less: Income Tax Expense (15,806) (4,024) (4,519) Pre-Provision Net Revenue $ 93,717 $ 73,844 $ 54,983 For the three months ended In thousands June 30, 2025 March 31, 2025 June 30, 2024 Non-Interest Income $ 94,186 $ 67,754 $ 58,713 Net Interest Income 154,249 149,957 128,528 Total Net Revenue 248,435 217,711 187,241 Non-Interest Expense (154,718) (143,867) (132,258) Pre-Provision Net Revenue $ 93,717 $ 73,844 $ 54,983 Provision for Credit Losses (39,733) (58,149) (35,561) Income Before Income Tax Expense 53,984 15,695 19,422 Income Tax Expense (15,806) (4,024) (4,519) GAAP Net Income $ 38,178 $ 11,671 $ 14,903 1) We believe Pre-Provision Net Revenue (PPNR) is an important measurereflecting the financial performance of our business operations.
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Reconciliation of GAAP to Non-GAAP Measures: Tangible Book Value Per Common Share1 In thousands, except share and per share data. June 30, 2025 March 31, 2025 June 30, 2024 Tangible Common Equity: GAAP Common Equity $ 1,406,035 $ 1,364,517 $ 1,287,945 Less: Goodwill (75,717) (75,717) (75,717) Less: Customer Relationship Intangible Assets (7,068) (7,778) (10,293) Tangible Common Equity $ 1,323,250 $ 1,281,022 $ 1,201,935 Book Value Per Common Share: GAAP Common Equity $ 1,406,035 $ 1,364,517 $ 1,287,945 Common Shares Issued And Outstanding 114,740,147 114,199,832 111,812,215 Book Value Per Common Share $ 12.25 $ 11.95 $ 11.52 Tangible Book Value Per Common Share: Tangible Common Equity $ 1,323,250 $ 1,281,022 $ 1,201,935 Common Shares Issued And Outstanding 114,740,147 114,199,832 111,812,215 Tangible Book Value Per Common Share $ 11.53 $ 11.22 $ 10.75 20 1) We believe Tangible Book Value (TBV) Per Common Share is an important measure used to evaluate the company's use of equity.
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Reconciliation of GAAP to Non-GAAP Measures: Return On Tangible Common Equity1 In thousands, except ratios. June 30, 2025 March 31, 2025 June 30, 2024 Average Tangible Common Equity: Average GAAP Common Equity $ 1,381,199 $ 1,349,473 $ 1,266,608 Less: Average Goodwill (75,717) (75,717) (75,717) Less: Average Customer Relationship Intangible Assets (7,423) (8,182) (10,729) Average Tangible Common Equity $ 1,298,059 $ 1,265,574 $ 1,180,162 Return On Average Equity: Annualized GAAP Net Income $ 152,712 $ 46,684 $ 59,612 Average GAAP Common Equity $ 1,381,199 $ 1,349,473 $ 1,266,608 Return On Average Equity 11.1% 3.5% 4.7% Return On Tangible Common Equity: Annualized GAAP Net Income $ 152,712 $ 46,684 $ 59,612 Average Tangible Common Equity $ 1,298,059 $ 1,265,574 $ 1,180,162 Return On Tangible Common Equity 11.8% 3.7% 5.1% 21 1) We believe Return on Tangible Common Equity (ROTCE) is an important measure because it reflects the company's ability to generate income from its core assets.