Highlights

  • Second quarter 2026 total net revenue was $262.9 million, net income was $58.1 million, and diluted EPS was $0.50.
  • Second quarter 2026 loan originations were $3,145 million, and total deposits were $10,765,267 thousand at June 30, 2026.
  • Non-interest expense was $198,115 thousand, against $154,718 thousand a year earlier, and the net charge-off ratio was 3.2%.
  • Since November 2025, the company has used $50.3 million of a $100 million repurchase authorization to acquire 2,991,083 shares.

Happen, Inc. (NASDAQ: HAPN) shares were trading at USD 14.27 on October 27, 2026, up 3.63%, with a relative volume at time of 4.29. The bank holding company, formerly LendingClub Corporation, changed its corporate name on June 22, 2026, filed its 10-Q for the quarter ended June 30, 2026 on July 30, 2026, and reported second quarter 2026 results in that filing.

Happen is incorporated in Delaware and lists its principal executive offices in San Francisco, California. It is registered as a bank holding company and runs the large majority of its business through its wholly owned subsidiary, Happen Bank, National Association, formerly LendingClub Bank. The company describes a digital marketplace bank that uses data and technology to offer consumer, auto and small business loans, deposit products and savings to members. It also services loans for others. Its fiscal year ends December 31.

Second Quarter 2026 Results

Total net revenue was $262,855 thousand, against $248,435 thousand in the second quarter of 2025. Net interest income was $179,017 thousand, against $154,249 thousand, and non-interest income was $83,838 thousand, against $94,186 thousand. The company said revenue growth came primarily from higher loan origination volume, higher loan sales and loan sale pricing, and higher net interest income on a larger base of interest-earning assets.

Non-interest expense was $198,115 thousand, against $154,718 thousand. The provision for credit losses was a benefit of $10,917 thousand, against an expense of $39,733 thousand a year earlier. Income before income tax expense was $75,657 thousand, and income tax expense was $17,509 thousand. Net income was $58,148 thousand, against $38,178 thousand, and diluted EPS was $0.50, against $0.33.

For the six months ended June 30, 2026, net income was $109,751 thousand and diluted EPS was $0.94, against $49,849 thousand and $0.43 a year earlier. Net interest margin was 6.14% for the quarter, and return on average equity was 15.1%.

Loans, Credit and Capital

Total loan originations were $3,145 million, against $2,433 million in the second quarter of 2025. The total servicing portfolio was $14,596 million. Loans and leases held for investment were $5,078,318 thousand at June 30, 2026, and loans held for sale were $1,773,052 thousand.

The net charge-off ratio for loans and leases held for investment was 3.2%, against 3.8%. Net charge-offs were $40,599 thousand. Loans and leases held for investment 90 or more days past due totaled $48,530 thousand at June 30, 2026, against $53,754 thousand at December 31, 2025.

Effective January 1, 2026, the company elected the fair value option for held for investment loans originated on or after that date. Under that election, origination fee revenue and marketing costs are recognized in earnings at origination rather than deferred, and fair value adjustments include credit losses that would have been recorded as provision expense under CECL.

Total assets were $12,549,040 thousand and total deposits were $10,765,267 thousand, with approximately 88% of deposits FDIC-insured. Total equity was $1,567,465 thousand. The common equity tier 1 capital ratio was 16.9%, the Tier 1 leverage ratio was 11.9%, and book value per common share was $13.58.

Corporate Developments and Plans

On November 4, 2025, the Board of Directors approved a program to repurchase up to $100 million of common stock through December 31, 2026. Through June 30, 2026, the company had used $50.3 million of the authorization to acquire 2,991,083 shares at an average price of $16.81, a figure that includes shares held back for employee tax withholding. Timing and amounts are discretionary.

Stockholders approved declassification of the Board of Directors and removal of supermajority voting requirements at the June 2, 2026 annual meeting. The company filed its Ninth Amended and Restated Certificate of Incorporation on July 28, 2026. The filing does not include numerical guidance for the remainder of 2026.