LendingClub Reports First Quarter 2022 Results

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April 27, 2022 4:06 PM EDT

Delivers Record Revenue and Net Income  Revenue More than Doubles and Net Income Increases Over $85 million Year-over-YearRaises 2022 Outlook

SAN FRANCISCO, April 27, 2022 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today announced financial results for the first quarter ended March 31, 2022

LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S." alt="LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S." />

"We grew our member base beyond four million to serve more everyday Americans who are looking to refinance out of higher cost credit card debt, save more of what they earn and find a better way to bank," said Scott Sanborn, LendingClub's CEO. "With another quarter of record results, we are clearly demonstrating the power of our loyal customers, significant data advantage and differentiated marketplace bank model. We believe we are well positioned to execute on our strategy and outperform the competition while helping our members effectively navigate the ever changing economic landscape."

Record First Quarter 2022 Results

  • Revenue of $289.5 million grew 174% year-over-year, outpacing originations growth of 117%.
    • Recurring stream of net interest income grew 20% sequentially to $99.7 million and increased 439% year-over-year.
      • LendingClub Bank's net interest margin increased sequentially to 8.6% from 8.3% and was up from 3.3% a year earlier, primarily reflecting growth in personal loans which generate a higher yield.
      • Total loans held for investment (excluding PPP) grew 23% from December 31, 2021 and 116% from March 31, 2021.
    •  Marketplace revenue of $180.0 million grew 6% sequentially and 120% year-over-year, reflecting growth in marketplace originations and strong platform investor demand.
  • Deposits of $4.0 billion were up 27% from December 31, 2021 and 68% from March 31, 2021, supporting growth in loans held for investment.
  • Provision for credit losses was $52.5 million, reflecting 23% growth in loans held for investment (excluding PPP) from December 31, 2021. Credit quality of our retained portfolio remained strong given the credit profile of our borrowers with an average FICO of 727.
  • Net income of $40.8 million rose 40% sequentially and by $87.9 million year-over-year.
  • Diluted earnings per share of $0.39 was up 44% sequentially and compared to a loss of $0.49 per share in the first quarter of 2021. The improvement in diluted earnings per share reflected increased revenue and greater operating efficiency.
  • Pre-tax, pre-provision income of $98.3 million increased 33% sequentially and by $126.8 million from the first quarter of 2021, consistent with revenue growth and operating efficiency which drove earnings growth for the same periods.

Three Months Ended

($ in millions)

March 31,2022

December 31,2021

March 31,2021

Total net revenue

$              289.5

$                262.2

$              105.8

Non-interest expense

191.2

188.2

134.3

Pre-tax, pre-provision income (loss)

98.3

74.0

(28.5)

Provision for credit losses

52.5

45.1

21.5

Income tax benefit (expense)

(5.0)

0.2

2.8

Consolidated net income (loss)

$                 40.8

$                  29.1

$               (47.1)

Diluted EPS

$                 0.39

$                  0.27

$               (0.49)

 

Financial Outlook

(millions)

Second Quarter2022

Full Year2022

Versus Prior Full Year 2022Guidance

Total revenue

$295M to $305M

$1.15B to $1.25B

 +$50M

Consolidated net income

$40M to $45M

$145M to $165M

 +$15M

 

About LendingClub

LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on more than 150 billion cells of data and over $70 billion in loans, our artificial intelligence-driven credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 4 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

Conference Call and Webcast Information

The LendingClub first quarter 2022 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, April 27, 2022. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (844) 200-6205, or outside the U.S. +1 (929) 526-1599, with Access Code 007261, ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until May 4, 2022, by calling +1 (866) 813-9403 or outside the U.S. +44 (204) 525-0658, with Access Code 997383. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), Twitter handle (@LendingClub) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Contacts

For Investors:[email protected]

Media Contact:[email protected] 

Safe Harbor Statement

Some of the statements above, including statements regarding our competitive advantages, macroeconomic outlook, anticipated future performance and financial results, 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 and retain new and existing customers; competition; overall economic conditions; the regulatory environment; demand for the types of loans facilitated by us; 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.

 

 

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)

The information in the following tables is presented for the consolidated LendingClub Corporation, unless specifically noted for LendingClub Bank, the company's wholly-owned subsidiary:

As of and for the three months ended

% Change

March 31,2022

December 31,2021

September 30,

2021

June 30,

2021

March 31,2021

Q/Q

Y/Y

Operating Highlights:

Non-interest income

$   189,857

$     179,111

$      180,878

$   158,476

$     87,334

6 %

117 %

Net interest income

99,680

83,132

65,288

45,905

18,506

20 %

439 %

Total net revenue

289,537

262,243

246,166

204,381

105,840

10 %

174 %

Non-interest expense

191,204

188,220

178,775

160,139

134,252

2 %

42 %

Pre-tax, pre-provision income (loss)

98,333

74,023

67,391

44,242

(28,412)

33 %

N/M

Provision for credit losses

52,509

45,149

37,524

34,634

21,493

16 %

144 %

Income tax benefit (expense)

(4,988)

234

(2,682)

(237)

2,821

N/M

N/M

Consolidated net income (loss)

$     40,836

$       29,108

$        27,185

$       9,371

$    (47,084)

40 %

N/M

Basic EPS – common stockholders

$         0.40

$           0.29

$            0.27

$         0.10

$        (0.49)

38 %

N/M

Diluted EPS – common stockholders

$         0.39

$           0.27

$            0.26

$         0.09

$        (0.49)

44 %

N/M

LendingClub Bank Performance Metrics:

Net interest margin

8.6 %

8.3 %

7.1 %

5.5 %

3.3 %

Efficiency ratio (1)

63.6 %

69.5 %

67.5 %

69.0 %

104.8 %

Return on average equity (ROE)

22.5 %

21.7 %

26.5 %

34.7 %

N/A

Return on average total assets (ROA)

3.1 %

3.1 %

3.7 %

4.7 %

N/A

LendingClub Bank Capital Ratios:

Common Equity Tier 1 Capital Ratio

16.0 %

16.7 %

18.0 %

18.7 %

20.9 %

Tier 1 Leverage Ratio

13.2 %

14.3 %

14.1 %

13.5 %

12.9 %

Consolidated LendingClub Corporation Performance Metrics:

Net interest margin

8.3 %

7.6 %

6.3 %

4.7 %

1.8 %

Efficiency ratio (1)

66.0 %

71.8 %

72.6 %

78.4 %

126.8 %

Return on average equity (ROE)

18.7 %

14.1 %

13.8 %

5.0 %

N/A

Return on average total assets (ROA)

3.1 %

2.4 %

2.4 %

0.8 %

N/A

Marketing expense as a % of loan originations

1.7 %

1.7 %

1.6 %

1.3 %

1.3 %

Loan originations (in millions) (2):

Total loan originations

$       3,217

$         3,069

$          3,107

$       2,722

$       1,483

5 %

117 %

Marketplace loans

$       2,360

$         2,308

$          2,471

$       2,182

$       1,139

2 %

107 %

Loan originations held for investment

$          856

$            761

$             636

$          541

$          344

12 %

149 %

Loan originations held for investment as a % of total loan originations

27 %

25 %

20 %

20 %

23 %

Servicing portfolio AUM (in millions) (3)

$     13,341

$       12,463

$        11,592

$     10,741

$     10,271

7 %

30 %

Balance Sheet Data:

Loans and leases held for investment, net, excluding PPP loans

$ 3,049,325

$  2,486,440

$   2,235,698

$  1,791,492

$  1,414,900

23 %

116 %

PPP loans

$    184,986

$     268,297

$      367,558

$     507,553

$     664,400

(31) %

(72) %

Total loans and leases held for investment, net

$ 3,234,311

$  2,754,737

$   2,603,256

$  2,299,045

$  2,079,300

17 %

56 %

Total assets

$ 5,574,425

$  4,900,319

$   4,750,760

$  4,370,101

$  4,491,089

14 %

24 %

Total deposits

$ 3,977,477

$  3,135,788

$   2,838,719

$  2,539,704

$  2,373,437

27 %

68 %

Total liabilities

$ 4,686,991

$  4,050,077

$   3,945,970

$  3,607,742

$  3,757,954

16 %

25 %

Total equity

$    887,434

$     850,242

$      804,790

$     762,359

$     733,135

4 %

21 %

Allowance Ratios:

Allowance for loan and lease losses to total loans and leases held for investment

5.5 %

5.0 %

3.9 %

3.0 %

1.7 %

Allowance for loan and lease losses to total loans and leases held for investment, excluding PPP loans

5.8 %

5.5 %

4.5 %

3.8 %

2.5 %

Allowance for loan and lease losses to consumer loans and leases held for investment

6.6 %

6.4 %

5.2 %

4.3 %

2.3 %

Allowance for loan and lease losses to commercial loans and leases held for investment

1.8 %

1.8 %

1.6 %

1.5 %

1.3 %

Allowance for loan and lease losses to commercial loans and leases held for investment, excluding PPP loans

2.3 %

2.6 %

2.6 %

2.8 %

1.7 %

N/M – Not meaningful

N/A – Not applicable

(1)

Calculated as the ratio of non-interest expense to total net revenue.

(2)

Includes unsecured personal loans, auto loans, and education and patient finance loans only.

(3) 

Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained for investment by the Company.

 

 

LENDINGCLUB CORPORATION

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands, except percentages or as noted)

(Unaudited)

 

March 31,2022

December 31,2021

Unsecured personal

$            2,358,792

$            1,804,578

Residential mortgages

169,117

151,362

Secured consumer

93,600

65,976

Total consumer loans held for investment

2,621,509

2,021,916

Equipment finance (1)

143,780

149,155

Commercial real estate

313,710

310,399

Commercial and industrial (2)

343,297

417,656

Total commercial loans and leases held for investment

800,787

877,210

Total loans and leases held for investment

3,422,296

2,899,126

Allowance for loan and lease losses

(187,985)

(144,389)

Loans and leases held for investment, net

$            3,234,311

$            2,754,737

(1)

Comprised of sales-type leases for equipment.

(2)  

Includes $185.0 million and $268.3 million of Paycheck Protection Program (PPP) loans as of March 31, 2022 and December 31, 2021, respectively. Such loans are guaranteed by the Small Business Association and, therefore, the Company determined no allowance for expected credit losses is required on these loans.

 

LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES

(In thousands, except percentages or as noted)

(Unaudited)

Three Months Ended

March 31, 2022

December 31, 2021

Consumer

Commercial

Total

Consumer

Commercial

Total

Allowance for loan and lease losses, beginning of period

$     128,812

$          15,577

$ 144,389

$       88,631

$          16,105

$ 104,736

Credit loss expense for loans and leases held for investment

53,718

(1,490)

52,228

45,595

(306)

45,289

Charge-offs

(9,017)

(72)

(9,089)

(5,557)

(313)

(5,870)

Recoveries

344

113

457

143

91

234

Allowance for loan and lease losses, end of period

$     173,857

$          14,128

$ 187,985

$     128,812

$          15,577

$ 144,389

 

 

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

Three Months Ended

Change (%)

March 31,2022

December 31,2021

March 31,2021

Q1 2022

vs

Q1 2021

Q1 2022

vs

Q4 2021

Non-interest income:

Marketplace revenue (1)

$          179,966

$          170,562

$            81,727

120 %

6 %

Other non-interest income

9,891

8,549

5,607

76 %

16 %

Total non-interest income

189,857

179,111

87,334

117 %

6 %

Interest income:

Interest on loans held for sale

7,450

7,153

5,157

44 %

4 %

Interest and fees on loans and leases held for investment

91,442

76,964

15,301

N/M

19 %

Interest on retail and certificate loans held for investment at fair value

6,969

9,236

20,262

(66) %

(25) %

Interest on other loans held for investment at fair value

593

762

1,479

(60) %

(22) %

Interest on securities available for sale

4,511

3,071

2,235

102 %

47 %

Other interest income

688

469

156

N/M

47 %

Total interest income

111,653

97,655

44,590

150 %

14 %

Interest expense:

Interest on deposits

3,438

2,616

1,014

239 %

31 %

Interest on short-term borrowings

435

561

1,264

(66) %

(22) %

Interest on retail notes, certificates and secured borrowings

6,969

9,236

20,262

(66) %

(25) %

Interest on Structured Program borrowings

764

1,642

3,208

(76) %

(53) %

Interest on other long-term debt

367

468

336

9 %

(22) %

Total interest expense

11,973

14,523

26,084

(54) %

(18) %

Net interest income

99,680

83,132

18,506

N/M

20 %

Total net revenue

289,537

262,243

105,840

174 %

10 %

Provision for credit losses

52,509

45,149

21,493

144 %

16 %

Non-interest expense:

Compensation and benefits

81,610

78,741

64,420

27 %

4 %

Marketing

55,080

50,708

19,545

182 %

9 %

Equipment and software

11,046

12,019

7,893

40 %

(8) %

Occupancy

6,019

4,706

6,900

(13) %

28 %

Depreciation and amortization

11,039

10,462

11,766

(6) %

6 %

Professional services

12,406

12,699

11,603

7 %

(2) %

Other non-interest expense

14,004

18,885

12,125

15 %

(26) %

Total non-interest expense

191,204

188,220

134,252

42 %

2 %

Income before income tax benefit (expense)

45,824

28,874

(49,905)

N/M

59 %

Income tax benefit (expense)

(4,988)

234

2,821

N/M

N/M

Consolidated net income (loss)

$            40,836

$            29,108

$           (47,084)

N/M

40 %

Basic EPS – common stockholders

$                 0.40

$                 0.29

$               (0.49)

Diluted EPS – common stockholders

$                 0.39

$                 0.27

$               (0.49)

Weighted-average common shares – Basic

101,493,561

100,320,691

92,666,169

Weighted-average common shares – Diluted

105,052,904

108,096,823

92,666,169

N/M – Not meaningful

(1) 

Marketplace revenue consists of the following:

Three Months Ended

Change (%)

March 31, 2022

December 31,2021

March 31,2021

Q1 2022

vs

Q1 2021

Q1 2022

vs

Q4 2021

Origination fees

$         122,093

$         118,353

$           55,559

120 %

3 %

Servicing fees

18,514

20,940

23,166

(20) %

(12) %

Gain on sales of loans

24,110

20,569

8,323

190 %

17 %

Net fair value adjustments

15,249

10,700

(5,321)

N/M

43 %

Total marketplace revenue

$         179,966

$         170,562

$           81,727

120 %

6 %

 

 

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT

(In thousands, except share and per share data)

(Unaudited)

Three months ended March 31, 2022

LendingClub

Bank

LendingClub

Corporation

(Parent only)

Intercompany

Eliminations

Total

Non-interest income:

Marketplace revenue

$              164,835

$                 15,131

$                         —

$              179,966

Other non-interest income

19,498

4,223

(13,830)

9,891

Total non-interest income

184,333

19,354

(13,830)

189,857

Interest income:

Interest income

99,823

11,830

—

111,653

Interest expense

(3,644)

(8,329)

—

(11,973)

Net interest income

96,179

3,501

—

99,680

Total net revenue

280,512

22,855

(13,830)

289,537

Provision for credit losses

(52,509)

—

—

(52,509)

Non-interest expense

(178,459)

(26,575)

13,830

(191,204)

Income (Loss) before income tax benefit (expense)

49,544

(3,720)

—

45,824

Income tax benefit (expense)

(12,355)

17,727

(10,360)

(4,988)

Consolidated net income

$                 37,189

$                 14,007

$               (10,360)

$                 40,836

Three Months Ended December 31, 2021

LendingClub

Bank

LendingClub

Corporation

(Parent only)

Intercompany

Eliminations

Total

Non-interest income:

Marketplace revenue

$              146,936

$                 23,626

$                         —

$              170,562

Other non-interest income

21,520

4,199

(17,170)

8,549

Total non-interest income

168,456

27,825

(17,170)

179,111

Interest income:

Interest income

83,310

14,345

—

97,655

Interest expense

(2,923)

(11,600)

—

(14,523)

Net interest income

80,387

2,745

—

83,132

Total net revenue

248,843

30,570

(17,170)

262,243

Reversal of (Provision for) credit losses

(45,244)

95

—

(45,149)

Non-interest expense

(173,017)

(32,373)

17,170

(188,220)

Income (Loss) before income tax benefit

30,582

(1,708)

—

28,874

Income tax benefit

1,305

20,192

(21,263)

234

Consolidated net income

$                 31,887

$                 18,484

$               (21,263)

$                 29,108

Three Months Ended March 31, 2021

LendingClub

Bank

LendingClub

Corporation

(Parent only)

Intercompany

Eliminations

Total

Non-interest income:

Marketplace revenue

$                 36,062

$                 45,665

$                         —

$                 81,727

Other non-interest income

19,700

4,098

(18,191)

5,607

Total non-interest income

55,762

49,763

(18,191)

87,334

Interest income:

Interest income

17,498

27,092

—

44,590

Interest expense

(1,247)

(24,837)

—

(26,084)

Net interest income

16,251

2,255

—

18,506

Total net revenue

72,013

52,018

(18,191)

105,840

Reversal of (Provision for) credit losses

(23,963)

2,470

—

(21,493)

Non-interest expense

(75,499)

(76,944)

18,191

(134,252)

Loss before income tax benefit

(27,449)

(22,456)

—

(49,905)

Income tax benefit

23

2,292

506

2,821

Consolidated net loss

$               (27,426)

$               (20,164)

$                       506

$               (47,084)

 

LENDINGCLUB BANK

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

LendingClub Bank

Three Months Ended

March 31, 2022

Three Months Ended

December 31, 2021

Two Months Ended

March 31, 2021

AverageBalance

InterestIncome/Expense

Average Yield/Rate

AverageBalance

Interest Income/Expense

Average Yield/Rate

AverageBalance

Interest Income/Expense

AverageYield/Rate

Interest-earning assets (1)

Cash, cash equivalents, restricted cash and other

$    829,707

$       683

0.33 %

$    651,003

$       468

0.29 %

$    737,555

$       138

0.11 %

Securities available for sale at fair value

274,089

1,276

1.86 %

200,091

680

1.36 %

232,001

444

1.15 %

Loans held for sale

228,529

6,422

11.24 %

122,007

5,199

17.04 %

64,720

1,615

14.97 %

Loans and leases held for investment:

Unsecured personal loans

2,060,323

78,376

15.22 %

1,542,285

60,383

15.66 %

146,925

3,392

13.85 %

Secured consumer loans

232,235

2,275

3.92 %

436,260

4,029

3.69 %

521,399

3,215

3.70 %

Commercial loans and leases

620,660

7,588

4.89 %

619,648

8,663

5.59 %

605,495

5,119

5.07 %

PPP loans

222,517

3,203

5.76 %

325,133

3,888

4.78 %

621,292

3,575

3.45 %

Loans and leases held for investment

3,135,735

91,442

11.66 %

2,923,326

76,963

10.53 %

1,895,111

15,301

4.84 %

Total interest-earning assets

4,468,060

99,823

8.94 %

3,896,427

83,310

8.55 %

2,929,387

17,498

3.58 %

Cash and due from banks

46,117

23,362

42,683

Allowance for loan and lease losses

(163,631)

(125,120)

(30,357)

Other non-interest earning assets

390,066

326,402

187,785

Total assets

$ 4,740,612

$ 4,121,071

$ 3,129,498

Interest-bearing liabilities

Interest-bearing deposits

Checking and money market accounts

$ 2,240,450

$    1,724

0.31 %

$ 2,146,687

$    1,716

0.32 %

$ 1,735,274

$       913

0.33 %

Savings accounts and certificates of deposit

1,071,133

1,714

0.65 %

580,361

900

0.62 %

323,800

101

0.19 %

Interest-bearing deposits

3,311,583

3,438

0.42 %

2,727,048

2,616

0.38 %

2,059,074

1,014

0.30 %

Short-term borrowings

165

—

— %

282

—

— %

1,829

0.3

0.09 %

Advances from PPPLF

234,872

206

0.35 %

342,335

307

0.36 %

405,989

233

0.35 %

Total interest-bearing liabilities

3,546,620

3,644

0.42 %

3,069,665

2,923

0.38 %

2,469,726

1,247

0.31 %

Non-interest bearing deposits

300,218

283,066

156,034

Other liabilities

232,018

179,752

68,510

Total liabilities

$ 4,078,856

$ 3,532,483

$ 2,694,270

Total equity

$    661,756

$    588,588

$    435,228

Total liabilities and equity

$ 4,740,612

$ 4,121,071

$ 3,129,498

Interest rate spread

8.52 %

8.17 %

3.27 %

Net interest income and net interest margin

$  96,179

8.61 %

$  80,387

8.25 %

$  16,251

3.33 %

(1)

 Nonaccrual loans and any related income are included in their respective loan categories.

 

LENDINGCLUB CORPORATION

NET INTEREST INCOME (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

Consolidated LendingClub Corporation (1)

Three Months Ended

March 31, 2022

Three Months Ended

December 31, 2021

Three Months Ended

March 31, 2021

AverageBalance

InterestIncome/Expense

Average Yield/Rate

AverageBalance

InterestIncome/Expense

AverageYield/Rate

AverageBalance

InterestIncome/Expense

AverageYield/Rate

Interest-earning assets (2)

Cash, cash equivalents, restricted cash and other

$    892,921

$       688

0.31 %

$    710,472

$        469

0.26 %

$    918,148

$       156

0.10 %

Securities available for sale at fair value

325,155

4,511

5.55 %

265,140

3,071

4.63 %

362,621

2,235

2.71 %

Loans held for sale

255,139

7,450

11.68 %

184,708

7,153

15.49 %

198,592

5,157

12.01 %

Loans and leases held for investment:

Unsecured personal loans

2,060,323

78,376

15.22 %

1,542,285

60,384

15.66 %

146,925

3,392

13.85 %

Secured consumer loans

232,235

2,275

3.92 %

436,260

4,029

3.69 %

521,399

3,215

3.70 %

Commercial loans and leases

620,660

7,588

4.89 %

619,648

8,663

5.59 %

605,495

5,119

5.07 %

PPP loans

222,517

3,203

5.76 %

325,133

3,888

4.78 %

621,292

3,575

3.45 %

Loans and leases held for investment

3,135,735

91,442

11.66 %

2,923,326

76,964

10.53 %

1,895,111

15,301

4.84 %

Retail and certificate loans held for investment at fair value

198,813

6,969

14.02 %

262,548

9,236

14.07 %

574,158

20,262

14.12 %

Other loans held for investment at fair value

18,523

593

12.80 %

24,184

762

12.60 %

46,212

1,479

12.80 %

Total interest-earning assets

4,826,286

111,653

9.25 %

4,370,378

97,655

8.94 %

3,994,842

44,590

5.34 %

Cash and due from banks and restricted cash

92,683

73,258

137,216

Allowance for loan and lease losses

(163,631)

(125,120)

(30,357)

Other non-interest earning assets

486,363

465,010

326,040

Total assets

$ 5,241,701

$ 4,783,526

$ 4,427,741

Interest-bearing liabilities

Interest-bearing deposits:

Checking and money market accounts

$ 2,240,450

$    1,724

0.31 %

$ 2,146,687

$     1,716

0.32 %

$ 1,735,274

$       913

0.33 %

Savings accounts and certificates of deposit

1,071,133

1,714

0.64 %

580,361

900

0.62 %

323,800

101

0.19 %

Interest-bearing deposits

3,311,583

3,438

0.42 %

2,727,048

2,616

0.38 %

2,059,074

1,014

0.30 %

Short-term borrowings

20,371

435

8.56 %

36,823

561

6.08 %

98,818

1,264

5.12 %

Advances from PPPLF

234,872

206

0.35 %

342,335

307

0.36 %

405,989

233

0.35 %

Retail notes, certificates and secured borrowings

198,813

6,969

14.02 %

262,548

9,236

14.07 %

574,192

20,262

14.12 %

Structured Program borrowings

42,026

764

7.29 %

77,354

1,642

8.49 %

143,045

3,208

8.97 %

Other long-term debt

15,421

161

4.19 %

15,514

161

4.15 %

18,605

103

2.21 %

Total interest-bearing liabilities

3,823,086

11,973

1.25 %

3,461,622

14,523

1.68 %

3,299,723

26,084

3.24 %

Non-interest bearing deposits

227,337

211,692

119,272

Other liabilities

319,241

282,339

286,907

Total liabilities

$ 4,369,664

$ 3,955,653

$ 3,705,902

Total equity

$    872,037

$    827,873

$    721,839

Total liabilities and equity

$ 5,241,701

$ 4,783,526

$ 4,427,741

Interest rate spread

8.00 %

7.26 %

2.11 %

Net interest income and net interest margin

$  99,680

8.26 %

$   83,132

7.61 %

$  18,506

2.67 %

(1) 

Consolidated presentation reflects intercompany eliminations.

(2) 

Nonaccrual loans and any related income are included in their respective loan categories.

 

 

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

March 31,2022

December 31, 2021

Assets

Cash and due from banks

$                30,986

$            35,670

Interest-bearing deposits in banks

1,022,239

651,456

Total cash and cash equivalents

1,053,225

687,126

Restricted cash

60,507

76,460

Securities available for sale at fair value (includes $402,944 and $256,170 at amortized cost, respectively)

390,317

263,530

Loans held for sale (includes $156,730 and $142,370 at fair value, respectively)

156,730

391,248

Loans and leases held for investment

3,422,296

2,899,126

Allowance for loan and lease losses

(187,985)

(144,389)

Loans and leases held for investment, net

3,234,311

2,754,737

Retail and certificate loans held for investment at fair value

168,906

229,719

Other loans held for investment at fair value

15,384

21,240

Property, equipment and software, net

111,503

97,996

Goodwill

75,717

75,717

Other assets

307,825

302,546

Total assets

$          5,574,425

$      4,900,319

Liabilities and Equity

Deposits:

Interest-bearing

$          3,715,847

$      2,919,203

Noninterest-bearing

261,630

216,585

Total deposits

3,977,477

3,135,788

Short-term borrowings

13,188

27,780

Advances from Paycheck Protection Program Liquidity Facility (PPPLF)

193,371

271,933

Retail notes, certificates and secured borrowings at fair value

168,906

229,719

Payable on Structured Program borrowings

20,347

65,451

Other long-term debt

15,388

15,455

Other liabilities

298,314

303,951

Total liabilities

4,686,991

4,050,077

Equity

Series A Preferred stock, $0.01 par value; 1,200,000 shares authorized; 0 shares issued and outstanding

—

—

Common stock, $0.01 par value; 180,000,000 shares authorized; 102,194,037 and 101,043,924 shares issued and outstanding, respectively

1,022

1,010

Additional paid-in capital (1)

1,576,147

1,609,820

Accumulated deficit (1)

(676,594)

(767,634)

Accumulated other comprehensive income

(13,141)

7,046

Total equity

887,434

850,242

Total liabilities and equity

$          5,574,425

$      4,900,319

(1)

As a result of the adoption of Accounting Standards Update 2020-06, reflects a reclassification in the first quarter of 2021 from Accumulated Deficit to Additional Paid-in Capital of the $50.2 million deemed dividend that was recorded in the first quarter of 2020 related to the convertible Series A preferred stock.

 

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS BY SEGMENT

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

LendingClub

Bank

LendingClub

Corporation

(Parent only)

Intercompany

Eliminations

Total

March 31, 2022

December 31,2021

March 31, 2022

December 31, 2021

March 31, 2022

December 31, 2021

March 31, 2022

December 31,2021

Assets

Total cash and cash equivalents

$     1,014,464

$       659,919

$        119,711

$         88,268

$         (80,950)

$        (61,061)

$     1,053,225

$       687,126

Restricted cash

—

—

64,165

76,540

(3,658)

(80)

60,507

76,460

Securities available for sale at fair value

345,964

205,730

44,353

57,800

—

—

390,317

263,530

Loans held for sale

145,117

335,449

11,613

55,799

—

—

156,730

391,248

Loans and leases held for investment, net

3,234,311

2,754,737

—

—

—

—

3,234,311

2,754,737

Retail and certificate loans held for investment at fair value

—

—

168,906

229,719

—

—

168,906

229,719

Other loans held for investment at fair value

—

—

15,384

21,240

—

—

15,384

21,240

Property, equipment and software, net

57,482

36,424

54,021

61,572

—

—

111,503

97,996

Investment in subsidiary

—

—

591,051

557,577

(591,051)

(557,577)

—

—

Goodwill

75,717

75,717

—

—

—

—

75,717

75,717

Other assets

292,043

254,075

149,099

168,042

(133,317)

(119,571)

307,825

302,546

Total assets

5,165,098

4,322,051

1,218,303

1,316,557

(808,976)

(738,289)

5,574,425

4,900,319

Liabilities and Equity

Total deposits

4,062,084

3,196,929

—

—

(84,607)

(61,141)

3,977,477

3,135,788

Short-term borrowings

164

165

13,024

27,615

—

—

13,188

27,780

Advances from PPPLF

193,371

271,933

—

—

—

—

193,371

271,933

Retail notes, certificates and secured borrowings at fair value

—

—

168,906

229,719

—

—

168,906

229,719

Payable on Structured Program borrowings

—

—

20,347

65,451

—

—

20,347

65,451

Other long-term debt

—

—

15,388

15,455

—

—

15,388

15,455

Other liabilities

218,365

218,775

143,701

150,727

(63,752)

(65,551)

298,314

303,951

Total liabilities

4,473,984

3,687,802

361,366

488,967

(148,359)

(126,692)

4,686,991

4,050,077

Total equity

691,114

634,249

856,937

827,590

(660,617)

(611,597)

887,434

850,242

Total liabilities and equity

$     5,165,098

$     4,322,051

$     1,218,303

$     1,316,557

$       (808,976)

$      (738,289)

$     5,574,425

$     4,900,319

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-first-quarter-2022-results-301534656.html

SOURCE LendingClub Corporation


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