LendingClub Reports First Quarter 2022 Results
04/27/2022 - 04:06 PM
Delivers Record Revenue and Net Income Revenue More than Doubles and Net Income Increases Over $85 million Raises 2022 Outlook
SAN FRANCISCO , April 27, 2022 /PRNewswire/ -- LendingClub Corporation
"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 174% year-over-year, outpacing originations growth of 117% . Recurring stream of net interest income grew 20% sequentially to $99.7 million 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 6% sequentially and 120% year-over-year, reflecting growth in marketplace originations and strong platform investor demand. Deposits of $4.0 billion 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 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 40% sequentially and by $87.9 million 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 33% sequentially and by $126.8 million Three Months Ended
($ 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 Quarter 2022
Full Year 2022
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 http://ir.lendingclub.com 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:IR@lendingclub.com
Media Contact:Press@lendingclub.com
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,
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,
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
Average Balance
Interest Expense
Average Rate
Average Balance
Interest Expense
Average Rate
Average Balance
Interest Expense
Average 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
Average Balance
Interest Expense
Average Rate
Average Balance
Interest Expense
Average Rate
Average Balance
Interest Expense
Average 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,
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,
December 31,
March 31, 2
December 31,
March 31,
December 31,
March 31,
December 31,
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
https://www.prnewswire.com/news-releases/lendingclub-reports-first-quarter-2022-results-301534656.html
SOURCE LendingClub Corporation
LC Rankings
#4709 Ranked by Stock Gains
LC Stock Data
Industry
Credit Card Issuing
Sector
Finance and Insurance
Tags
Finance, Finance/Rental/Leasing, Finance and Insurance, Credit Card Issuing
Country
US
City
San Francisco
About LC
lending club is the world’s largest online credit marketplace, facilitating personal loans, business loans, and financing for elective medical procedures and k-12 education and tutoring. borrowers access lower interest rate loans through a fast and easy online or mobile interface. investors provide the capital to enable many of the loans in exchange for earning interest. we operate fully online with no branch infrastructure, and use technology to lower cost and deliver an amazing experience. we pass the cost savings to borrowers in the form of lower rates and investors in the form of attractive returns. we’re transforming the banking system into a frictionless, transparent and highly efficient online marketplace, helping people achieve their financial goals every day. since launching in 2007 we’ve built a trusted brand with a track record of delivering exceptional value and satisfaction to both borrowers and investors. lending club’s awards include being named to the inc. 500 in 2014
