Slides
Page 1
JANUARY 28, 2026 Fourth Quarter 2025 Results
Page 2
2 Disclaimer Some of the statements in this presentation, including statements regarding our competitive advantages, loan and financial performance,business outlook, implications of the Fair Value Option accounting methodology, 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. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward- looking statements, and you should not place undue reliance on 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 Tangible Book Value Per Common Share and Return on Tangible 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. You can find the reconciliation of these non-GAAP financial measure to the most directly comparable GAAP measures on pages 15, 24, 25, and 26, as applicable, of this presentation. LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC.
Page 3
3 Award-Winning, Member-Focused Digital Marketplace Bank 1) Total members and originations based on lifetime volume across all consumer products as of December 31, 2025. “Members” defined as consumers who have taken a LendingClub product or service. 2) Based on over 68,000 reviews collected and authenticated by BazaarVoice. 3) LendingClub internal data as of December 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 Average Customer Review2 4.83 Out of 5 stars Net Promoter Score (NPS)3 84 Best Personal Loan for Debt Consolidation 2025-2026 Best Checking Account Overall Best High Yield Savings Account
Page 4
4 Distinct Advantages Over Competitors An Unmatched Underwriting Advantage SUPERIOR CREDIT 1 Products that Attract Members for Life COMPELLING PRODUCTS 2 Experiences that Keep Members Coming Back ENGAGING EXPERIENCES 3 Best of Both Worlds: Digital Marketplace Bank WINNING MODEL 5 Engineered for Innovation POWERFUL TECHNOLOGY 4
Page 5
5 Consumer Strategy: Building Lifetime Lending Relationships 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 debt visibility and highlight LendingClub 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 and features that uniquely meet member needs ▪ Offer an integrated system of products that work together to unlock additional member value Deeper Relationship
Page 6
6 LendingClub Offers Compelling Value CREDIT CARDS VS. LENDINGCLUB PERSONAL LOANS1 LendingClub members SAVE over 700bps on interest vs. credit cards LendingClub members EARN 400X more on their savings vs. leading national banks LendingClub LevelUp Savings SAVINGS ACCOUNT APY2 Chase Savings Wells Fargo Platinum Savings BofA Advantage Savings 0.01% 0.01% 0.01% 4.00% Average Credit Card APR on Balances Assessed Interest LendingClub Personal Loan Average APR 16% 23% 1. St. Louis Federal Reserve, Commercial Bank Interest Rate on Credit Card Plans, Accounts Assessed Interest, October 7, 2025. Average LendingClub personal loan APR represents current internal estimates across 2024 and 2025 originations. 2. Bank posted savings rates as of December 31, 2025. LevelUp Savings APY as of December 31, 2025.
Page 7
7 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 1. As of December 31, 2025; 2. Visit lendingclub.com for terms and conditions; 3. Average daily account openings June 2025 through December 31, 2025 vs. May 2025 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 borrowers1 Competitive base APY with a higher rate for members who deposit at least $250 per month Over 70K accounts totaling $3.2 billion in deposits since August 2024 launch1 75% 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
Page 8
8 4Q25 Highlights: Achieved Financial Targets 1) PPNR is a non-GAAP financial measure. See pages 2, 24, 25, and 26 for additional information on our use of non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measures. TOTAL ORIGINATIONS PRE-PROVISION NET REVENUE (PPNR)1 Guidance: $2.5B to $2.6B Guidance: $90M to $100M $2.6B Total originations of $2.6B consisting of approximately: ▪ $1.3B of marketplace whole-loan sales and loans sold through structured certificates program ▪ $1.3B of held-for-sale extended seasoning loans and retained held-for-investment loans $97.2M +31% Year over year Pre-Provision Net Revenue Growth driven by: ▪ Higher Net Interest Income from balance sheet growth and expanding net interest margin ▪ Higher Non-Interest Income driven by higher marketplace originations and improvement in loan sale pricing +40% Year over year
Page 9
0% 1% 2% 3% 4% 5% 6% 7% 0% 1% 2% 3% 4% 5% 6% 7% 0% 1% 2% 3% 4% 5% 6% 7% 9 Over 5 Years of Outperformance Across Credit Segments LENDINGCLUB VS. COMPETITIVE 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 50% 46% 4.5% 2.2% 2.4% 1.3% 1.8% 1.0% 42% 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) Competitor 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 November 2025. 6) Data for historical periods may be updated periodically by dv01.
Page 10
$1,846 $1,989 $2,391 $2,622 $2,587 4Q24 1Q25 2Q25 3Q25 4Q25 10 Driving Strong Originations Growth Structured Certificates and Extended Seasoning HFS increase driven by growing investor demand 1) There may be differences between the sum of the quarterly results due to rounding. Consumer Loan Originations1 ($ in millions) +40% YoY 54% 46% 61% 39% 56% 44% 54% 46% 50% 50% Whole Loan Sales + Structured Certificates Program Extended Seasoning HFS + Retained HFI
Page 11
11 23% Revenue Growth Year-Over-Year Total Net Revenue ($ in millions) NET INTEREST INCOME 14% year-over-year increase in Net Interest Income driven by balance sheet growth and expanding net interest margin NON-INTEREST INCOME 38% year-over-year increase driven by higher marketplace originations and improvement in loan sale pricing Net Interest Income Non-Interest Income Risk-Adjusted Revenue1 RISK-ADJUSTED REVENUE1 42% year-over-year increase driven by revenue growth described above and lower provision for credit losses from strong credit performance and fewer HFI loans Provision for Credit Losses +23% 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. $142.4 $158.4 $163.0 $74.8 $107.8 $103.4 $217.2 $266.2 $266.5 4Q24 3Q25 4Q25 $154.0 $219.3$220.0 ($63.2) ($47.2)($46.3)
Page 12
12 Growing Balance Sheet with Net Interest Margin Expansion YoY to 6.0% Average Balances3 Average Yield3 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Cash and Other Interest-Earning Assets1 $1,194 $893 $680 $604 $905 4.76% 4.30% 4.19% 4.23% 3.90% Securities Available for Sale at Fair Value $3,390 $3,398 $3,411 $3,565 $3,696 6.76% 6.63% 6.49% 6.31% 6.06% Loans Held for Sale at Fair Value $673 $724 $1,062 $1,199 $1,531 12.30% 12.05% 12.24% 12.56% 13.33% Unsecured Consumer Loans $3,081 $3,097 $3,177 $3,268 $3,252 13.50% 13.53% 13.57% 13.48% 13.13% Secured Consumer and Commercial Loans $1,023 $1,012 $999 $1,070 $1,060 5.55% 5.62% 5.83% 6.01% 5.96% Loans Held for Investment at Fair Value $1,153 $921 $723 $553 $455 10.49% 11.04% 10.94% 11.08% 10.80% Total Interest-Earning Assets $10,514 $10,045 $10,052 $10,258 $10,900 9.15% 9.24% 9.44% 9.43% 9.20% Total Interest-Bearing Deposits and Liabilities2 $9,021 $8,521 $8,577 $8,713 $9,276 4.33% 3.91% 3.87% 3.80% 3.75% Net Interest Margin 5.42% 5.97% 6.14% 6.18% 5.98% Lower deposit costs supporting YoY Net Interest Margin expansion Higher cash levels to support balance sheet growth in 2026 1) Includes cash, cash equivalents, restricted cash and all other interest-earning assets. 2) Primarily consists of interest-bearing deposits for each of the periods presented. 3) There may be differences between the sum of the quarterly results due to rounding. Note: $300M of growth in cash reduced 4Q’25 Net Interest Marginby approximately 17bps
Page 13
13 Disciplined Expense Management Continued expansion of paid marketing to drive growth in loan originations 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) 4Q24 1Q25 2Q25 3Q25 4Q25 Compensation& Benefits 58.7 58.4 62.0 60.8 60.6 Marketing 23.4 29.2 33.6 40.7 45.7 Equipment & Software 13.4 14.6 14.5 13.5 14.4 Depreciation & Amortization2 19.7 13.9 15.5 16.9 16.6 Professional Services 9.1 9.8 10.3 10.9 11.4 Occupancy 4.0 4.3 4.8 5.2 5.5 Other Non-interest Expense 14.5 13.6 14.1 14.7 15.1 Total Non-Interest Expense 142.9 143.9 154.7 162.7 169.3 65.8% 66.1% 62.3% 61.1% 63.5% 55.0% 52.7% 48.8% 45.8% 46.4% 10.8% 13.4% 13.5% 15.3% 17.1% 4Q24 1Q25 2Q25 3Q25 4Q25 Efficiency Ratio Non-Interest Expense Less Marketing Marketing as % of Net Revenue
Page 14
9.1% 9.2% 7.4% 7.7% 2.4% 3.5% 0.6% 0.2% 0.1% 1.0% 0.7% 5.4% 4.4% 6.2% 0.1% 0.1% 0.8% 0.4% 14 Held for Investment Personal Loan Credit Performance by Vintage Continue to expect marginal ROEs exceeding 20% for all annual vintages Expected Personal Loans Lifetime Net Loss Rate1,3 $17.5M $21.1M Gross Allowance (as of 12/31/25) 09/30/25 2023 Vintage2022 Vintage 09/30/25 2024 Vintage $58.8M 12/31/25 12/31/25 09/30/25 LEGEND Net Charge-offs to Date Allowance on Book (reserve taken for expected future charge-offs + qualitative reserve, net of future recoveries) Total allowance for loan losses in 2022, 2023, 2024 and 2025 is $177M, comprised of gross allowance of $206M for future estimated charge-offs on existing portfolio balances, net of $29M of estimated recoveries on previously charged-off loans 12/31/25 9.3%9.3% 8.5% 8.6%8.5% 8.3% 1) Estimates at 12/31/25 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. 2025 Vintage $108.5M 7.9% - 8.3% 12/31/25 Future Provision Estimate2 (to be recognized in future periods) 1.1% - 1.5% ▪ Continued improvement in expected lifetime losses ▪ 2025 vintage still maturing and contains significant qualitative overlay
Page 15
$74.3 $103.5 $97.2 4Q24 3Q25 4Q25 $0.08 $0.37 $0.35 4Q24 3Q25 4Q25 15 More than Quadrupled Diluted EPS Year-over-Year Expanding profitability and increasing book value per share ($ in millions) Pre-Provision Net Revenue (PPNR)1 +31% Diluted EPS Provision for Credit Losses ($63.2) ($46.3) ($47.2) Income before income tax expense $11.1 $57.2 $50.0 Income Tax Expense ($1.4) ($13.0) ($8.5) GAAP Net Income ($ in millions) $9.7 $44.3 $41.6 Book Value Per Common Share $11.83 $12.68 $13.01 Tangible Book Value Per Common Share1 $11.09 $11.95 $12.30 Return on Average Equity 2.9% 12.4% 11.3% Return on Tangible Common Equity1 3.1% 13.2% 11.9% 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, 24, 25, and 26 for additional information on our use of non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measures. +338%
Page 16
16 First Quarter and Full Year 2026 Guidance Outlook Context ▪ Assumes a stable economic operating environment and Fed funds rate near 3% at year-end ▪ Continued investments in paid marketing to drive originations growth ▪ Move to fair value option for all loans starting January 1, 2026 FY 2026 Q1 2026 TOTAL ORIGINATIONS $11.6B to $12.6B $2.55B to $2.65B +21% to +31% YoY +28% YoY to +33% YoY DILUTED EARNINGS PER SHARE (EPS) $1.65 to $1.80 $0.34 to $0.39 +42% to +55% YoY +240% to +290% YoY
Page 17
Understanding Fair Value Option 17
Page 18
18 Simplifying Our Financials Aligning on Fair Value Option Makes Sense for a Digital Marketplace Bank Benefits of Fair Value Option 1. Better aligns timing of revenue recognition with timing of losses 2. Creates consistency of marketplace and bank financials D1 Y1 Y2 Y3 Y4 Y5 Cumulative Timing of Earnings Recognition CECL vs. FVO CECL For the same loans, Fair Value Option generates a +50% higher return on invested capital Fair Value Option Day 1 We have elected Fair Value Option for all newly-originated loans beginning January 2026 $0 Return on Invested Capital (ROIC)is a non-GAAP financial measurecalculated by dividing net operating profit by invested capital. We do not provide a reconciliation of forward-looking ROIC to the most directly comparable GAAP reported financial measure on a forward-looking basis because we are unable to predict future invested capital with reasonable certainty without unreasonable effort.
Page 19
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 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 Day 2: discounting impacts and changes in loss expectations None 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 19 CECL vs. Fair Value Option: 2026 P&L Impacts Under Fair Value Option, credit cost moves from provision to non-interest income 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 Revenue declines 1) The discount rate is the market required return for each loan type
Page 20
20 Four Key Inputs for Fair Value Option Accounting All fair value adjustments will directly impact the carrying value of loans DAY 1: MARK Fair value adjustment at the time of origination reflects reflects the difference between the expected loan yield relative to the discount rate1 DAY 2: REVENUE YIELD = DISCOUNT RATE 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 CHANGES TO DISCOUNT RATE As benchmark rates and spreads move in any given period, the loan portfolio will be marked (via a fair value adjustment) to reflect the new discount rate; the portfolio revenue yield will then reflect the new discount rate CHANGES TO EXPECTED CASH FLOWS If there are changes to expected future cash flows, the portfolio’s fair value will be adjusted to reflect the new cash flow estimates OTHER 1) The discount rate is the market required return for each loan type
Page 21
21 Understanding Fair Value Option (illustrative for a single hypothetical loan vintage1) Day-2 revenue yield should equal the discount rate throughout the life of the loan 1. Day-1 Mark: Fair value adjustment at the time of origination reflects the difference between the expected loan yield relative to the discount rate 2. Day-2: Revenue Yield = Discount Rate: 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 3. Revenue Yield = Discount Rate 4. Illustration assumes other factors remain constant (i.e. constant discount rate with no changes to expected cash flows); changes in either of these items will result in additional fair value adjustments and corresponding changes in carrying value Metric Day-1 Year 1 (ex. Day-1) Year 2 Year 3 Year 4+ Total Ending Balance $100 $65.2 $33.2 $10.6 $0.0 NA Unpaid Principal Balance Carrying Value $99.0 $62.1 $31.9 $10.3 $0.0 NA Ending Balance net of Fair Value Adjustments Carrying Value % 99.0% 95.3% 96.1% 97.9% 100.0% -- Carrying Value as a percentage of Ending Balance Origination Fee $5.0 $5.0 Origination fee recognized on Day-1 Interest Income - $9.9 $5.9 $2.6 $0.6 $19.1 Interest Rate (12%) x Average Balance FV Adjustments ($1.0) ($4.0) ($2.5) ($1.1) ($0.3) ($8.7) Day-1 Impact = reflects the difference between the expected loan yield relative to the discount rate Day-2 Impact = (Discount Rate 7.3% - Interest Rate 12%) x Avg. Carrying Value Total Revenue $4.0 $5.9 $3.5 $1.5 $0.4 $15.4 Revenue Yield = Discount Rate -- 7.3% 7.3% 7.3% 7.3% -- For illustrative purposes, we have assumed a constant discount rate; actual changes to the discount rate will result in changes in revenue and portfolio fair value adjustments 1) Illustrative of a hypothetical personal loan and may not be representativeof the composition or performance of the Company's loan portfolio, which may vary materially from the illustration. Estimates assume a stable credit and interest rate environment 1 2 3 4 Key Drivers Origination fee 5.0% Loan Coupon 12.0% Discount Rate 7.3% Duration 1.5
Page 22
22 Fair ValueAdjustment: Historical View For the three months ended In millions December 31, 2025 September 30, 2025 Average balance of loans held for sale at fair value $ 1,531 $ 1,199 Average yield 13.33% 12.56% Discount rate 7.1% 7.6% Day-2 fair value adjustment $ (21.18) $ (14.12) Total Fair Value Adjustments (reconciliation to total) $ (39.45) $ (38.38) Day-1 fair value adjustment & other adjustments $ (18.27) $ (24.26) Day-2 fair value adjustment $ (21.18) $ (14.12) The following table illustrates the Day-1 fair value & other adjustments and the Day-2 component of total fair value adjustment with respect to loans held for sale at fair value on the Company's balance sheet for each of the three months ended December 31, 2025 and September 30, 2025. Note that interest income is offset by the Day-2 fair value adjustments in Non-interest income, resulting in a revenue yield equal to the discount rate.
Page 23
Financial Reconciliations 23
Page 24
24 Reconciliation of GAAP to Non-GAAP Measures: Pre-Provision Net Revenue1 For the three months ended In thousands December 31, 2025 September 30, 2025 December 31, 2024 GAAP Net Income $ 41,554 $ 44,274 $ 9,720 Less: Provision for Credit Losses (47,158) (46,280) (63,238) Less: Income Tax Expense (8,475) (12,964) (1,388) Pre-Provision Net Revenue $ 97,187 $ 103,518 $ 74,346 For the three months ended In thousands December 31, 2025 September 30, 2025 December 31, 2024 Non-Interest Income $ 103,444 $ 107,792 $ 74,817 Net Interest Income 163,027 158,439 142,384 Total Net Revenue 266,471 266,231 217,201 Non-Interest Expense (169,284) (162,713) (142,855) Pre-Provision Net Revenue $ 97,187 $ 103,518 $ 74,346 Provision for Credit Losses (47,158) (46,280) (63,238) Income Before Income Tax Expense 50,029 57,238 11,108 Income Tax Expense (8,475) (12,964) (1,388) GAAP Net Income $ 41,554 $ 44,274 $ 9,720 1) We believe Pre-Provision Net Revenue (PPNR) is an important measurereflecting the financial performance of our business operations.
Page 25
25 Reconciliation of GAAP to Non-GAAP Measures: Tangible Book Value Per Common Share1 In thousands, except share and per share data. December 31, 2025 September 30, 2025 December 31, 2024 Tangible Common Equity: GAAP Common Equity $ 1,500,428 $ 1,462,213 $ 1,341,731 Less: Goodwill (75,717) (75,717) (75,717) Less: Customer Relationship Intangible Assets (5,685) (8,206) (8,586) Tangible Common Equity $ 1,419,026 $ 1,378,290 $ 1,257,428 Book Value Per Common Share: GAAP Common Equity $ 1,500,428 $ 1,462,213 $ 1,341,731 Common Shares Issued And Outstanding 115,368,987 115,301,440 113,383,917 Book Value Per Common Share $ 13.01 $ 12.68 $ 11.83 Tangible Book Value Per Common Share: Tangible Common Equity $ 1,419,026 $ 1,378,290 $ 1,257,428 Common Shares Issued And Outstanding 115,368,987 115,301,440 113,383,917 Tangible Book Value Per Common Share $ 12.30 $ 11.95 $ 11.09 1) We believe Tangible Book Value (TBV) Per Common Share is an important measure used to evaluate the company's use of equity.
Page 26
26 Reconciliation of GAAP to Non-GAAP Measures: Return On Tangible Common Equity1 In thousands, except ratios. December 31, 2025 September 30, 2025 December 31, 2024 Average Tangible Common Equity: Average GAAP Common Equity $ 1,473,356 $ 1,424,538 $ 1,335,730 Less: Average Goodwill (75,717) (75,717) (75,717) Less: Average Customer Relationship Intangible Assets (6,031) (6,722) (9,013) Average Tangible Common Equity $ 1,391,608 $ 1,342,099 $ 1,251,000 Return On Average Equity: Annualized GAAP Net Income $ 166,216 $ 177,096 $ 38,880 Average GAAP Common Equity $ 1,473,356 $ 1,424,538 $ 1,335,730 Return On Average Equity 11.3% 12.4% 2.9% Return On Tangible Common Equity: Annualized GAAP Net Income $ 166,216 $ 177,096 $ 38,880 Average Tangible Common Equity $ 1,391,608 $ 1,342,099 $ 1,251,000 Return On Tangible Common Equity 11.9% 13.2% 3.1% 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.