26.10.2022 22:06:00

LendingClub Reports Third Quarter 2022 Results

Revenue Increased 24% Year Over Year to $304.9 Million

Diluted Earnings Per Share Increased 58% Year Over Year to $0.41

Total Assets Grew 43% Year Over Year to $6.8 Billion

SAN FRANCISCO, Oct. 26, 2022  /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today announced financial results for the third quarter ended September 30, 2022.

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 delivered solid results as we leaned into the strategic advantages of our digital bank in the face of a less favorable economic environment. We drove growth in recurring interest income supported by strong credit performance of our retained high-quality prime loan portfolio," said Scott Sanborn, LendingClub CEO. "As we anticipated, marketplace volumes were impacted by higher funding costs for certain loan investors, driven by rapidly increasing interest rates. Over time, as rates stabilize and we continue to reprice personal loans, we expect this impact to gradually moderate. Our digital bank and other strategic advantages position us to continue to effectively navigate the evolving economy and to capitalize on attractive growth opportunities as they emerge."

Third Quarter 2022 Results

  • Loan originations were $3.5 billion, up 14% year over year.

  • Total net revenue of $304.9 million grew 24% year over year, driven by growth in net interest income.

  •  
    • Net interest income, a recurring stream of earnings for the company, increased 89% year over year to $123.7 million.

  •  
    •  
      • Total loans held for investment (excluding PPP) grew 97% to $4.4 billion from September 30, 2021, reflecting growth in personal loan originations held for investment in the quarter of $1.2 billion, or 33% of total originations.

  •  
    •  
      • Net interest margin expanded to 8.3% from 6.3% a year earlier, primarily reflecting a greater mix of personal loans which generate a higher yield than the rest of the loans held for investment.

  •  
    • Marketplace revenue of $173.8 million remained flat year over year, roughly in line with marketplace sales as the company retained a higher percentage of loan originations to drive growth in recurring revenue.

  • Deposits of $5.1 billion were up 80% from September 30, 2021, primarily reflecting growth in online savings deposits.

  • Credit quality of the company's held-for-investment loan portfolio remained strong, with delinquency rates gradually normalizing as the portfolio seasons. The strong credit performance of the held-for-investment portfolio reflects the high quality credit profile of our borrowers with an average FICO of 730.

  • Provision for credit losses of $82.7 million primarily reflects $1.2 billion of quarterly loan originations held for investment and loan portfolio growth of 97% year over year.

  • The efficiency ratio improved to 61% from 73% in the third quarter of 2021 due to improved marketing efficiency, prudent management of non-marketing expenses and strong growth in net interest income.

  • Net income of $43.2 million increased $16.0 million year over year. Net income for the third quarter of 2022 included an income tax benefit of $7.2 million. The earnings from the tax benefit enabled higher loan retention.

  • Diluted earnings per share of $0.41 grew 58% year over year. The improvement from a year earlier primarily reflected revenue growth and improved operating efficiency, as well as a $0.05 per share benefit from the reversal of the deferred tax asset valuation allowance.

  • Total equity of $1.1 billion was up $316.6 million, or 39%, from September 30, 2021, primarily reflecting net income generated over the period and the release of the deferred tax asset valuation allowance.

  • Book value per common share of $10.67 increased 32% from September 30, 2021. Tangible book value per common share of $9.78 increased 38% from September 30, 2021.

  • Substantial capital with a consolidated Tier 1 leverage ratio of 15.7% and consolidated Common Equity Tier 1 capital ratio of 18.3%.

  • Pre-tax, pre-provision income of $118.7 million increased 76% year over year, driven by revenue growth and improved operating efficiency.

 


Three Months Ended

($ in millions, except per share amounts)

September 30,
2022


June 30,
2022


September 30,
2021

Total net revenue

$            304.9


$          330.1


$            246.2

Non-interest expense

186.2


209.4


178.8

Pre-tax, pre-provision income

118.7


120.7


67.4







Provision for credit losses

82.7


70.6


37.5







Income before income tax benefit (expense)

36.0


50.1


29.9

Income tax benefit (expense)

7.2


132.0


(2.7)

Net income

$              43.2


$          182.1


$              27.2

Diluted EPS

$              0.41


$            1.73


$              0.26







Income tax benefit from release of tax valuation allowance

$               5.0


$          135.3


$                —

Net income excluding income tax benefit (1)

$              38.2


$            46.8


$              27.2

Diluted EPS excluding income tax benefit (1)

$              0.36


$            0.45


$              0.26



(1)   

Third and second quarters of 2022 include income tax benefit of $5.0 million and $135.3 million, respectively, due to the release of a deferred tax asset valuation allowance. See page 3 of this release for additional information on our use of non-GAAP financial measures.

For a calculation of Net Income Excluding Income Tax Benefit, Diluted EPS Excluding Income Tax Benefit, and Tangible Book Value Per Common Share, refer to the "Reconciliation of GAAP to Non-GAAP Financial Measures" tables at the end of this release.

Financial Outlook

The company provided full year net revenue and net income guidance for 2022.


Fourth Quarter

2022

Full Year

2022

Total net revenue

$255M to $265M

$1,180M to $1,190M

Net income

$15M to $25M

$280M to $290M

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 $80 billion in loans, our advanced 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 third 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, October 26, 2022. A live webcast of the call will be available at https://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 659586, 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 https://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until November 2, 2022, by calling +1 (866) 813-9403 or outside the U.S. +44 (204) 525-0658, with Access Code 037801. LendingClub has used, and intends to use, its investor relations website, blog (https://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

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Net Income Excluding Income Tax Benefit, Diluted EPS Excluding Income Tax Benefit, and Tangible Book Value Per Common Share. Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under 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.

We believe Net Income Excluding Income Tax Benefit and Diluted EPS Excluding Income Tax Benefit are important measures because they reflect the financial performance of our business operations. Net Income Excluding Income Tax Benefit adjusts for the release of a deferred tax asset valuation allowance in the third and second quarters of 2022. Diluted EPS Excluding Income Tax Benefit is a non-GAAP financial measure calculated by dividing Net Income Excluding Income Tax Benefit by the weighted-average diluted common shares outstanding.

We believe Tangible Book Value (TBV) Per Common Share is an important measure used to evaluate the company's use of equity. TBV Per Common Share is a non-GAAP financial measure representing common equity reduced by goodwill and intangible assets, divided by ending common shares issued and outstanding.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on page 16 of this release.

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)



As of and for the three months ended


% Change


September 30,
2022


June 30,
2022


March 31,

2022


December 31,

2021


September 30,
2021


Q/Q


Y/Y

Operating Highlights:

Non-interest income

$      181,237


$  213,832


$  189,857


$     179,111


$      180,878


(15) %


— %

Net interest income

123,676


116,226


99,680


83,132


65,288


6 %


89 %

Total net revenue

304,913


330,058


289,537


262,243


246,166


(8) %


24 %

Non-interest expense

186,219


209,386


191,204


188,220


178,775


(11) %


4 %

Pre-tax, pre-provision income

118,694


120,672


98,333


74,023


67,391


(2) %


76 %

Provision for credit losses

82,739


70,566


52,509


45,149


37,524


17 %


120 %

Income before income tax benefit (expense)

35,955


50,106


45,824


28,874


29,867


(28) %


20 %

Income tax benefit (expense)

7,243


131,954


(4,988)


234


(2,682)


N/M


N/M

Net income

43,198


182,060


40,836


29,108


27,185


(76) %


59 %

Income tax benefit from release of tax
valuation allowance

5,015


135,300


—


—


—


N/M


N/M

Net income excluding income tax
benefit(1)(2)

$        38,183


$    46,760


$    40,836


$       29,108


$        27,185


(18) %


40 %















Basic EPS – common stockholders

$            0.41


$        1.77


$        0.40


$           0.29


$            0.27


(77) %


52 %

Diluted EPS – common stockholders

$            0.41


$        1.73


$        0.39


$           0.27


$            0.26


(76) %


58 %

Diluted EPS excluding income tax
benefit(1)(2)

$            0.36


$        0.45


$        0.39


$           0.27


$            0.26


(20) %


38 %















LendingClub Corporation Performance Metrics:

Net interest margin

8.3 %


8.5 %


8.3 %


7.6 %


6.3 %





Efficiency ratio(3)

61.1 %


63.4 %


66.0 %


71.8 %


72.6 %





Return on average equity (ROE)

14.2 %


33.8 %


18.7 %


14.1 %


13.8 %





Return on average total assets (ROA)

2.5 %


5.5 %


3.1 %


2.4 %


2.4 %





Marketing expense as a % of loan
originations

1.3 %


1.6 %


1.7 %


1.7 %


1.6 %



















LendingClub Corporation Capital Metrics:

Common Equity Tier 1 Capital Ratio

18.3 %


20.0 %


20.6 %


21.3 %


22.8 %





Tier 1 Leverage Ratio

15.7 %


16.2 %


15.6 %


16.5 %


16.2 %





Book Value per Common Share

$          10.67


$      10.41


$        8.68


$           8.41


$            8.07


2 %


32 %

Tangible Book Value per Common Share(2)

$            9.78


$        9.50


$        7.75


$           7.46


$            7.08


3 %


38 %















Loan originations (in millions)(4):














Total loan originations

$          3,539


$      3,840


$      3,217


$         3,069


$          3,107


(8) %


14 %

Marketplace loans

$          2,386


$      2,819


$      2,360


$         2,308


$          2,471


(15) %


(3) %

Loan originations held for investment

$          1,153


$      1,021


$         856


$            761


$             636


13 %


81 %

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

33 %


27 %


27 %


25 %


20 %



















Servicing portfolio AUM (in millions)(5):

Total servicing portfolio

$          15,929


$    14,783


$    13,341


$         12,463


$          11,592


8 %


37 %

Loans serviced for others

$          11,807


$    11,382


$    10,475


$         10,124


$            9,744


4 %


21 %















Balance Sheet Data:

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

$   4,414,347


$  3,692,667


$  3,049,325


$  2,486,440


$   2,235,698


20 %


97 %

PPP loans

$        89,379


$  118,794


$  184,986


$     268,297


$      367,558


(25) %


(76) %

Total loans and leases held for investment,
net

$   4,503,726


$  3,811,461


$  3,234,311


$  2,754,737


$   2,603,256


18 %


73 %

Total assets

$   6,775,074


$  6,186,765


$  5,574,425


$  4,900,319


$   4,750,760


10 %


43 %

Total deposits

$   5,123,506


$  4,527,672


$  3,977,477


$  3,135,788


$   2,838,719


13 %


80 %

Total liabilities

$   5,653,664


$  5,107,648


$  4,686,991


$  4,050,077


$   3,945,970


11 %


43 %

Total equity

$   1,121,410


$  1,079,117


$  887,434


$     850,242


$      804,790


4 %


39 %















Allowance Ratios:

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

6.3 %


6.0 %


5.5 %


5.0 %


3.9 %





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

6.4 %


6.2 %


5.8 %


5.5 %


4.5 %





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

7.2 %


6.9 %


6.6 %


6.4 %


5.2 %





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

1.9 %


2.0 %


1.8 %


1.8 %


1.6 %





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

2.2 %


2.3 %


2.3 %


2.6 %


2.6 %







N/M

– Not meaningful

N/A

– Not applicable

(1)

Excludes third and second quarter 2022 income tax benefit of $5.0 million and $135.3 million, respectively, due to the release of a deferred tax asset valuation allowance.

(2)

Represents a non-GAAP financial measure. See "Reconciliation of GAAP to Non-GAAP Financial Measures."

(3)

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

(4)

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

(5)

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

 

LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)



September 30,
2022


December 31,
2021

Unsecured personal

$         3,642,254


$         1,804,578

Residential mortgages

197,776


151,362

Secured consumer

180,768


65,976

Total consumer loans held for investment

4,020,798


2,021,916

Equipment finance (1)

167,447


149,155

Commercial real estate

372,406


310,399

Commercial and industrial (2)

246,276


417,656

Total commercial loans and leases held for investment

786,129


877,210

Total loans and leases held for investment

4,806,927


2,899,126

Allowance for loan and lease losses

(303,201)


(144,389)

Loans and leases held for investment, net

$         4,503,726


$         2,754,737



(1)

Comprised of sales-type leases for equipment.

(2)

Includes $89.4 million and $268.3 million of Paycheck Protection Program (PPP) loans as of September 30, 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)
(Unaudited)



Three Months Ended


September 30, 2022


June 30, 2022


Consumer


Commercial


Total


Consumer


Commercial


Total

Allowance for loan and lease
losses, beginning of period

$    228,184


$        15,076


$ 243,260


$    173,857


$        14,128


$ 187,985

Credit loss expense for loans
and leases held for investment

81,935


664


82,599


68,314


1,739


70,053

Charge-offs

(22,944)


(784)


(23,728)


(14,707)


(1,145)


(15,852)

Recoveries

963


107


1,070


720


354


1,074

Allowance for loan and lease
losses, end of period

$    288,138


$        15,063


$ 303,201


$    228,184


$        15,076


$ 243,260

 


Three Months Ended


September 30, 2021


Consumer


Commercial


Total

Allowance for loan and lease losses, beginning of period

$      54,058


$        17,023


$   71,081

Credit loss expense for loans and leases held for investment

37,695


(562)


37,133

Charge-offs

(3,142)


(1,194)


(4,336)

Recoveries

20


838


858

Allowance for loan and lease losses, end of period

$      88,631


$        16,105


$ 104,736

 

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)



Three Months Ended


Change (%)


September 30,
2022


June 30,
2022


September 30,
2021


Q3 2022

vs

Q3 2021


Q3 2022

vs

Q2 2022

Non-interest income:










Marketplace revenue (1)

$        173,837


$      206,384


$        174,556


— %


(16) %

Other non-interest income

7,400


7,448


6,322


17 %


(1) %

Total non-interest income

181,237


213,832


180,878


— %


(15) %











Interest income:










Interest on loans held for sale

5,879


7,130


8,536


(31) %


(18) %

Interest and fees on loans and leases held
for investment

124,028


108,911


57,644


115 %


14 %

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

3,685


5,091


12,172


(70) %


(28) %

Interest on other loans held for investment
at fair value

791


631


973


(19) %


25 %

Interest on securities available for sale

3,820


4,426


3,180


20 %


(14) %

Other interest income

5,017


2,279


355


N/M


120 %

Total interest income

143,220


128,468


82,860


73 %


11 %











Interest expense:










Interest on deposits

15,184


6,078


1,899


700 %


150 %

Interest on short-term borrowings

87


417


849


(90) %


(79) %

Interest on retail notes, certificates and
secured borrowings

3,685


5,091


12,172


(70) %


(28) %

Interest on Structured Program borrowings

225


360


2,120


(89) %


(38) %

Interest on other long-term debt

363


296


532


(32) %


23 %

Total interest expense

19,544


12,242


17,572


11 %


60 %











Net interest income

123,676


116,226


65,288


89 %


6 %











Total net revenue

304,913


330,058


246,166


24 %


(8) %











Provision for credit losses

82,739


70,566


37,524


120 %


17 %











Non-interest expense:










Compensation and benefits

84,916


85,103


73,304


16 %


— %

Marketing

46,031


61,497


50,782


(9) %


(25) %

Equipment and software

12,491


12,461


10,297


21 %


— %

Occupancy

5,051


6,209


6,486


(22) %


(19) %

Depreciation and amortization

10,681


10,557


10,549


1 %


1 %

Professional services

11,943


16,138


11,750


2 %


(26) %

Other non-interest expense

15,106


17,421


15,607


(3) %


(13) %

Total non-interest expense

186,219


209,386


178,775


4 %


(11) %











Income before income tax benefit (expense)

35,955


50,106


29,867


20 %


(28) %

Income tax benefit (expense)

7,243


131,954


(2,682)


N/M


N/M

Net income

$          43,198


$      182,060


$          27,185


59 %


(76) %











Net income per share: 










Basic EPS – common stockholders

$              0.41


$           1.77


$             0.27


52 %


(77) %

Diluted EPS – common stockholders

$              0.41


$           1.73


$             0.26


58 %


(76) %

Weighted-average common shares – Basic

104,215,594


102,776,867


99,073,507


5 %


1 %

Weighted-average common shares – Diluted

105,853,938


105,042,626


106,108,662


— %


1 %



N/M

– Not meaningful

(1)

Marketplace revenue consists of the following:

 


Three Months Ended


Change (%)


September 30,
2022


June 30,
2022


September 30,
2021


Q3 2022

vs

Q3 2021


Q3 2022

vs

Q2 2022

Origination fees

$        127,142


$     149,252


$       129,125


(2) %


(15) %

Servicing fees

23,760


18,166


20,819


14 %


31 %

Gain on sales of loans

23,554


29,319


21,907


8 %


(20) %

Net fair value adjustments

(619)


9,647


2,705


(123) %


(106) %

Total marketplace revenue

$        173,837


$     206,384


$       174,556


— %


(16) %

 

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS BY SEGMENT
(In Thousands)
(Unaudited)



LendingClub

Bank


LendingClub

Corporation

(Parent only)


Intercompany

Eliminations


Total


September 30,
2022


December 31, 2021


September 30,
2022


December 31, 2021


September 30,
2022


December 31, 2021


September 30,
2022


December 31, 2021

Assets
















Total cash and cash equivalents

$        896,519


$       659,919


$        109,200


$         88,268


$        (52,878)


$        (61,061)


$        952,841


$       687,126

Restricted cash

—


—


78,746


76,540


(12,461)


(80)


66,285


76,460

Securities available for sale at fair value

338,096


205,730


21,061


57,800


—


—


359,157


263,530

Loans held for sale

90,058


335,449


—


55,799


—


—


90,058


391,248

Loans and leases held for investment, net

4,503,726


2,754,737


—


—


—


—


4,503,726


2,754,737

Retail and certificate loans held for investment at fair value

—


—


87,144


229,719


—


—


87,144


229,719

Other loans held for investment at fair value

—


—


15,057


21,240


—


—


15,057


21,240

Property, equipment and software, net

89,576


36,424


40,381


61,572


—


—


129,957


97,996

Investment in subsidiary

—


—


671,574


557,577


(671,574)


(557,577)


—


—

Goodwill

75,717


75,717


—


—


—


—


75,717


75,717

Other assets

305,456


254,075


207,556


168,042


(17,880)


(119,571)


495,132


302,546

Total assets

6,299,148


4,322,051


1,230,719


1,316,557


(754,793)


(738,289)


6,775,074


4,900,319

Liabilities and Equity
















Total deposits

5,188,845


3,196,929


—


—


(65,339)


(61,141)


5,123,506


3,135,788

Short-term borrowings

165


165


4,638


27,615


—


—


4,803


27,780

Advances from PPPLF

91,671


271,933


—


—


—


—


91,671


271,933

Retail notes, certificates and secured borrowings at fair value

—


—


87,144


229,719


—


—


87,144


229,719

Payable on Structured Program borrowings

—


—


11,185


65,451


—


—


11,185


65,451

Other long-term debt

—


—


15,300


15,455


—


—


15,300


15,455

Other liabilities

205,814


218,775


132,121


150,727


(17,880)


(65,551)


320,055


303,951

Total liabilities

5,486,495


3,687,802


250,388


488,967


(83,219)


(126,692)


5,653,664


4,050,077

Total equity

812,653


634,249


980,331


827,590


(671,574)


(611,597)


1,121,410


850,242

Total liabilities and equity

$     6,299,148


$     4,322,051


$     1,230,719


$     1,316,557


$      (754,793)


$      (738,289)


$     6,775,074


$     4,900,319

 

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME BY SEGMENT
(In thousands)
(Unaudited)



Three Months Ended September 30, 2022


LendingClub

Bank


LendingClub

Corporation

(Parent only)


Intercompany

Eliminations


Total

Non-interest income:








Marketplace revenue

$           153,504


$              9,015


$             11,318


$           173,837

Other non-interest income

25,240


4,794


(22,634)


7,400

Total non-interest income

178,744


13,809


(11,316)


181,237









Interest income:








Interest income

137,142


6,078


—


143,220

Interest expense

(15,277)


(4,267)


—


(19,544)

Net interest income

121,865


1,811


—


123,676









Total net revenue

300,609


15,620


(11,316)


304,913









Provision for credit losses

(82,739)


—


—


(82,739)

Non-interest expense

(177,714)


(19,821)


11,316


(186,219)

Income (Loss) before income tax benefit (expense)

40,156


(4,201)


—


35,955

Income tax benefit (expense)

(9,440)


16,683


—


7,243

Net income

$             30,716


$             12,482


$                   —


$             43,198



Three Months Ended June 30, 2022


LendingClub

Bank


LendingClub

Corporation

(Parent only)


Intercompany

Eliminations


Total

Non-interest income:








Marketplace revenue

$           191,087


$             11,167


$              4,130


$           206,384

Other non-interest income

20,041


3,914


(16,507)


7,448

Total non-interest income

211,128


15,081


(12,377)


213,832









Interest income:








Interest income

120,152


8,316


—


128,468

Interest expense

(6,213)


(6,029)


—


(12,242)

Net interest income

113,939


2,287


—


116,226









Total net revenue

325,067


17,368


(12,377)


330,058









Provision for credit losses

(70,566)


—


—


(70,566)

Non-interest expense

(196,636)


(25,127)


12,377


(209,386)

Income (Loss) before income tax benefit (expense)

57,865


(7,759)


—


50,106

Income tax benefit (expense)

(17,318)


85,864


63,408


131,954

Net income

$             40,547


$             78,105


$             63,408


$           182,060



Three Months Ended September 30, 2021


LendingClub

Bank


LendingClub

Corporation

(Parent only)


Intercompany

Eliminations


Total

Non-interest income:








Marketplace revenue

$           151,109


$             23,447


$                   —


$           174,556

Other non-interest income

25,393


4,140


(23,211)


6,322

Total non-interest income

176,502


27,587


(23,211)


180,878









Interest income:








Interest income

64,606


18,254


—


82,860

Interest expense

(2,270)


(15,302)


—


(17,572)

Net interest income

62,336


2,952


—


65,288









Total net revenue

238,838


30,539


(23,211)


246,166









(Provision for) reversal of credit losses

(38,019)


495


—


(37,524)

Non-interest expense

(161,101)


(40,885)


23,211


(178,775)

Income (Loss) before income tax benefit (expense)

39,718


(9,851)


—


29,867

Income tax benefit (expense)

(4,670)


12,607


(10,619)


(2,682)

Net income

$             35,048


$              2,756


$            (10,619)


$             27,185

 

LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)





Consolidated LendingClub Corporation (1)



Three Months Ended

September 30, 2022


Three Months Ended

June 30, 2022


Three Months Ended

September 30, 2021



Average
Balance


Interest Income/
Expense


Average Yield/
Rate


Average
Balance


Interest Income/
Expense


Average Yield/
Rate


Average
Balance


Interest Income/
Expense


Average Yield/
Rate


Interest-earning assets (2)



















Cash, cash equivalents, restricted cash and other

$    893,655


$    5,017


2.25 %


$ 1,023,192


$     2,279


0.89 %


$    778,667


$       355


0.18 %


Securities available for sale at fair value

396,556


3,820


3.85 %


409,327


4,426


4.32 %


266,686


3,180


4.77 %


Loans held for sale

126,487


5,879


18.59 %


156,503


7,130


18.22 %


226,422


8,536


15.08 %


Loans and leases held for investment:



















Unsecured personal loans

3,268,649


110,446


13.52 %


2,692,148


95,529


14.19 %


991,297


39,532


15.95 %


Secured consumer loans

337,191


3,039


3.60 %


268,091


2,351


3.51 %


464,194


4,688


4.04 %


Commercial loans and leases

692,783


9,262


5.35 %


644,002


8,732


5.42 %


616,823


7,887


5.11 %


PPP loans

105,500


1,281


4.86 %


149,454


2,299


6.15 %


436,785


5,537


5.07 %


Loans and leases held for investment

4,404,123


124,028


11.26 %


3,753,695


108,911


11.61 %


2,509,099


57,644


9.19 %


Retail and certificate loans held for investment at fair value

104,010


3,685


14.17 %


144,613


5,091


14.08 %


344,205


12,172


14.15 %


Other loans held for investment at fair value

17,763


791


17.83 %


16,991


631


14.85 %


30,981


973


12.58 %


Total interest-earning assets

5,942,594


143,220


9.64 %


5,504,321


128,468


9.34 %


4,156,060


82,860


7.97 %





















Cash and due from banks and restricted cash

58,411






75,517






96,733






Allowance for loan and lease losses

(254,849)






(202,904)






(86,686)






Other non-interest earning assets

597,169






490,412






449,964






Total assets

$ 6,343,325






$ 5,867,346






$ 4,616,071

























Interest-bearing liabilities



















Interest-bearing deposits:



















Checking and money market accounts

$ 2,192,904


$    4,575


0.83 %


$ 2,463,710


$     2,664


0.43 %


$ 2,221,365


$    1,707


0.30 %


Savings accounts and certificates of deposit

2,260,170


10,609


1.86 %


1,555,607


3,414


0.88 %


307,807


192


0.25 %


Interest-bearing deposits

4,453,074


15,184


1.35 %


4,019,317


6,078


0.61 %


2,529,172


1,899


0.30 %


Short-term borrowings

6,848


87


5.09 %


10,874


417


15.35 %


57,224


849


5.93 %


Advances from PPPLF

104,897


93


0.36 %


151,278


135


0.36 %


416,748


371


0.36 %


Retail notes, certificates and secured borrowings

104,010


3,685


14.17 %


144,613


5,091


14.08 %


344,087


12,172


14.15 %


Structured Program borrowings

13,859


225


6.50 %


18,439


360


7.81 %


100,178


2,120


8.46 %


Other long-term debt

15,300


270


7.04 %


15,357


161


4.20 %


15,606


161


4.13 %


Total interest-bearing liabilities

4,697,988


19,544


1.65 %


4,359,878


12,242


1.12 %


3,463,015


17,572


2.03 %





















Non-interest bearing deposits

284,134






292,750






81,491






Other liabilities

250,086






261,796






285,292






Total liabilities

$ 5,232,208






$ 4,914,424






$ 3,829,798

























Total equity

$ 1,111,117






$    952,922






$    786,273






Total liabilities and equity

$ 6,343,325






$ 5,867,346






$ 4,616,071

























Interest rate spread





7.99 %






8.21 %






5.95 %





















Net interest income and net interest margin



$  123,676


8.32 %




$ 116,226


8.45 %




$  65,288


6.28 %




(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)





September 30,
2022


December 31,
2021


Assets





Cash and due from banks

$            23,211


$         35,670


Interest-bearing deposits in banks

929,630


651,456


Total cash and cash equivalents

952,841


687,126


Restricted cash

66,285


76,460


Securities available for sale at fair value ($415,726 and $256,170 at amortized cost,
respectively)

359,157


263,530


Loans held for sale (includes $90,058 and $142,370 at fair value, respectively)

90,058


391,248


Loans and leases held for investment

4,806,927


2,899,126


Allowance for loan and lease losses

(303,201)


(144,389)


Loans and leases held for investment, net

4,503,726


2,754,737


Retail and certificate loans held for investment at fair value

87,144


229,719


Other loans held for investment at fair value

15,057


21,240


Property, equipment and software, net

129,957


97,996


Goodwill

75,717


75,717


Other assets

495,132


302,546


Total assets

$        6,775,074


$     4,900,319


Liabilities and Equity





Deposits:





Interest-bearing

$        4,868,132


$     2,919,203


Noninterest-bearing

255,374


216,585


Total deposits

5,123,506


3,135,788


Short-term borrowings

4,803


27,780


Advances from Paycheck Protection Program Liquidity Facility (PPPLF)

91,671


271,933


Retail notes, certificates and secured borrowings at fair value

87,144


229,719


Payable on Structured Program borrowings

11,185


65,451


Other long-term debt

15,300


15,455


Other liabilities

320,055


303,951


Total liabilities

5,653,664


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; 105,088,761 and
101,043,924 shares issued and outstanding, respectively

1,051


1,010


Additional paid-in capital

1,611,627


1,559,616


Accumulated deficit

(451,336)


(717,430)


Treasury stock, at cost; 7,751 and 0 shares, respectively

(98)


—


Accumulated other comprehensive income (loss)

(39,834)


7,046


Total equity

1,121,410


850,242


Total liabilities and equity

$        6,775,074


$     4,900,319


 

LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)




As of and for the three months ended




September 30,
2022


June 30,
2022


March 31,

2022


December 31,

2021


September 30,
2021


GAAP Net income

$            43,198


$     182,060


$       40,836


$            29,108


$            27,185


Income tax benefit from release of tax valuation allowance

5,015


135,300


—


—


—


Net income excluding income tax benefit

$            38,183


$       46,760


$       40,836


$            29,108


$            27,185














GAAP Diluted EPS – common stockholders

$                 0.41


$            1.73


$            0.39


$                 0.27


$                 0.26














(A)

Income tax benefit from release of tax valuation allowance

$              5,015


$     135,300








(B)

Weighted-average common shares – Diluted

105,853,938


105,042,626








(A/B)

Diluted EPS impact of income tax benefit

$                 0.05


$            1.29




















Diluted EPS excluding income tax benefit

$                 0.36


$            0.44


$            0.39


$                 0.27


$                 0.26






September 30,
2022


June 30,
2022


March 31,

2022


December 31,

2021


September 30,
2021


GAAP common equity

$       1,121,410


$  1,079,117


$     887,434


$          850,242


$          804,790


Less: Goodwill

(75,717)


(75,717)


(75,717)


(75,717)


(75,717)


Less: Intangible assets

(17,512)


(18,690)


(19,886)


(21,181)


(22,521)


 

Tangible common equity

$       1,028,181


$     984,710


$     791,831


$          753,344


$          706,552














 

Book value per common share









 

GAAP common equity

$       1,121,410


$  1,079,117


$     887,434


$          850,242


$          804,790


Common shares issued and outstanding

105,088,761


103,630,776


102,194,037


101,043,924


99,782,192


 

Book value per common share

$              10.67


$          10.41


$            8.68


$                 8.41


$                 8.07














 

Tangible book value per common share











Tangible common equity

$       1,028,181


$     984,710


$     791,831


$          753,344


$          706,552


Common shares issued and outstanding

105,088,761


103,630,776


102,194,037


101,043,924


99,782,192


 

Tangible book value per common share

$                 9.78


$            9.50


$            7.75


$                 7.46


$                 7.08


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-third-quarter-2022-results-301660372.html

SOURCE LendingClub Corporation

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