0001409970FALSE00014099702024-01-302024-01-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2024
LendingClub Corporation
(Exact name of registrant as specified in its charter)
 
Commission File Number: 001-36771
Delaware51-0605731
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
595 Market Street, Suite 200,
San Francisco,CA94105
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: 415 632-5600
Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.01 per shareLCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 2.02Results of Operations and Financial Condition

On January 30, 2024, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the fourth quarter and year ended December 31, 2023. A copy of the Earnings Press Release is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference herein.

The information set forth in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01Financial Statements and Exhibits
(d)Exhibits

Exhibit
Number		Exhibit Title or Description
104Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)



SIGNATURE(S)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LendingClub Corporation
Date: January 30, 2024By:/s/ ANDREW LABENNE
Andrew LaBenne
Chief Financial Officer
(duly authorized officer)


                                    EXHIBIT 99.1
lendingclublogonewa02a.jpg
LendingClub Reports Fourth Quarter and Full Year 2023 Results
Increased Marketplace Originations 21% QoQ with $1B of Structured Certificates Sold
Continued GAAP Profitability with Strong Capital & Liquidity Levels

SAN FRANCISCO – January 30, 2024 – LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the fourth quarter and full year ended December 31, 2023.

“Thanks to our differentiated business model, strong execution, data advantage, and ongoing innovation, we have remained one of the few fintechs to sustain GAAP profitability throughout this turbulent macro environment, which positions us well for future acceleration,” said Scott Sanborn, LendingClub CEO. “Since acquiring our bank charter three years ago, we have transformed our financial profile and business – tripling our balance sheet, building tangible book value by approximately 2X, growing deposits by almost 4X, and delivering 12 straight quarters of credit out performance. Furthermore, we continue to innovate with offerings like our structured certificates and we’ve made tangible progress towards a multi-product mobile-first experience. This foundation will enable us to capture the ongoing historic multi-billion-dollar refinance opportunity, engage our members in entirely new ways, and build long-term shareholder value.”

Fourth Quarter 2023 Results
Balance Sheet:
•Total assets of $8.8 billion compared to $8.5 billion in the prior quarter, primarily reflecting growth in securities related to the structured certificate program.
•Deposits of $7.3 billion compared to $7.0 billion in the prior quarter, primarily due to an increase in customer certificates of deposit.
◦FDIC-insured deposits represent approximately 87% of total deposits.
•Securities available for sale of $1.6 billion compared to $0.8 billion in the prior quarter, primarily reflecting growth in the structured certificate program.
•Loans and leases held for investment of $4.8 billion compared to $5.2 billion in the prior quarter as the Company grew the structured certificate and extended seasoning programs while retaining fewer held for investment loans.
•Strong capital position with a consolidated Tier 1 leverage ratio of 12.9% and consolidated Common Equity Tier 1 capital ratio of 17.9%.
•Book value per common share of $11.34 compared to $11.02 in the prior quarter.
•Tangible book value per common share of $10.54 compared to $10.21 in the prior quarter.

Financial Performance:
•Loan originations of $1.6 billion compared to $1.5 billion in the prior quarter as a result of increased purchases by loan investors; Marketplace originations of $1.4 billion grew 21% compared to the prior quarter.
•Total net revenue of $185.6 million compared to $200.8 million in the prior quarter driven by:
◦Marketplace revenue of $52.2 million compared to $60.9 million in the prior quarter, primarily reflecting a $10.4 million one-time benefit in the prior quarter related to recouping volume-based purchase incentives from the bank investor channel.
◦Net interest income of $131.5 million compared to $137.0 million in the prior quarter reflecting a shift in asset mix from held for investment loans to senior securities and higher deposit funding costs.
•Provision for credit losses of $41.9 million compared to $64.5 million in the prior quarter driven by lower volume of retained loans and lower incremental provision on older vintages.
•Net income of $10.2 million, or diluted EPS of $0.09, compared to $5.0 million, or diluted EPS of $0.05, in the prior quarter.
•Pre-provision net revenue (PPNR) of $55.6 million compared to $72.8 million in the prior quarter.
•Efficiency ratio of 70.0% compared to 63.7% in the prior quarter.

1

Three Months EndedYear Ended
($ in millions, except per share amounts)December 31,
2023		September 30,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Total net revenue$185.6 $200.8 $262.7 $864.6 $1,187.2 
Non-interest expense130.0 128.0 180.0 566.4 766.9 
Pre-provision net revenue (1)
55.6 72.8 82.7 298.2 420.3 
Provision for credit losses41.9 64.5 61.5 243.6 267.3 
Income before income tax benefit (expense)13.7 8.3 21.2 54.6 153.0 
Income tax benefit (expense)(3.5)(3.3)2.4 (15.7)136.6 
Net income$10.2 $5.0 $23.6 $38.9 $289.7 
Diluted EPS$0.09 $0.05 $0.22 $0.36 $2.79 
Income tax benefit from release of tax valuation allowance$— $— $3.2 $— $143.5 
Net income excluding income tax benefit(1)(2)
$10.2 $5.0 $20.4 $38.9 $146.2 
Diluted EPS excluding income tax benefit(1)(2)
$0.09 $0.05 $0.19 $0.36 $1.41 
(1)    See page 3 of this release for additional information on our use of non-GAAP financial measures.
(2)    Fourth quarter of 2022 and the year ended December 31, 2022 exclude income tax benefit of $3.2 million and $143.5 million, respectively, due to the release of a deferred tax asset valuation allowance.

For a calculation of Pre-Provision Net Revenue, 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

First Quarter 2024
Loan Originations
$1.5B to $1.7B
Pre-Provision Net Revenue (PPNR)
$30M to $40M

2

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 $90 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 4.8 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 fourth quarter 2023 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, January 30, 2024. 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 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 634284, 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 February 6, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 705298. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), X (formerly Twitter) handles (@LendingClub and @LendingClubIR) 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: Pre-Provision Net Revenue, 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 Pre-Provision Net Revenue, 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. Pre-Provision Net Revenue is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income. Net Income Excluding Income Tax Benefit adjusts for the release of a deferred tax asset valuation allowance in 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.
3


For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables beginning on page 14 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 borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. 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.

*****
4
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended% Change
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		Q/QY/Y
Operating Highlights:
Non-interest income$54,129 $63,844 $85,818 $98,990 $127,465 (15)%(58)%
Net interest income131,477 137,005 146,652 146,704 135,243 (4)%(3)%
Total net revenue185,606 200,849 232,470 245,694 262,708 (8)%(29)%
Non-interest expense130,015 128,035 151,079 157,308 180,044 2 %(28)%
Pre-provision net revenue(1)
55,591 72,814 81,391 88,386 82,664 (24)%(33)%
Provision for credit losses41,907 64,479 66,595 70,584 61,512 (35)%(32)%
Income before income tax benefit (expense)13,684 8,335 14,796 17,802 21,152 64 %(35)%
Income tax benefit (expense)(3,529)(3,327)(4,686)(4,136)2,439 6 %(245)%
Net income10,155 5,008 10,110 13,666 23,591 103 %(57)%
Income tax benefit from release of tax valuation allowance— — — — 3,180 N/MN/M
Net income excluding income tax benefit(1)(2)
$10,155 $5,008 $10,110 $13,666 $20,411 103 %(50)%
Basic EPS$0.09 $0.05 $0.09 $0.13 $0.22 80 %(59)%
Diluted EPS$0.09 $0.05 $0.09 $0.13 $0.22 80 %(59)%
Diluted EPS excluding income tax benefit(1)(2)
$0.09 $0.05 $0.09 $0.13 $0.19 80 %(53)%
LendingClub Corporation Performance Metrics:
Net interest margin6.4 %6.9 %7.1 %7.5 %7.8 %
Efficiency ratio(3)
70.0 %63.7 %65.0 %64.0 %68.5 %
Return on average equity (ROE)(4)
3.3 %1.7 %3.4 %4.6 %7.2 %
Return on average total assets (ROA)(5)
0.5 %0.2 %0.5 %0.7 %1.1 %
Marketing expense as a % of loan originations1.4 %1.3 %1.2 %1.2 %1.4 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio17.9 %16.9 %16.1 %15.6 %15.8 %
Tier 1 leverage ratio12.9 %13.2 %12.4 %12.8 %14.1 %
Book value per common share$11.34 $11.02 $11.09 $11.08 $10.93 3 %4 %
Tangible book value per common share(1)
$10.54 $10.21 $10.26 $10.23 $10.06 3 %5 %
Loan Originations (in millions)(6):
Total loan originations$1,630 $1,508 $2,011 $2,288 $2,524 8 %(35)%
Marketplace loans$1,432 $1,182 $1,353 $1,286 $1,824 21 %(21)%
Loan originations held for investment$198 $326 $657 $1,002 $701 (39)%(72)%
Loan originations held for investment as a % of total loan originations12 %22 %33 %44 %28 %
Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio$14,122$14,818$15,669$16,060$16,157(5)%(13)%
Loans serviced for others$9,336$9,601$10,204$10,504$10,819(3)%(14)%
5
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended% Change
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		Q/QY/Y
Balance Sheet Data:
Loans and leases held for investment at amortized cost, net, excluding PPP loans$4,533,523 $4,879,222 $5,160,546 $5,091,969 $4,638,331 (7)%(2)%
PPP loans$6,392 $7,560 $17,640 $51,112 $66,971 (15)%(90)%
Total loans and leases held for investment at amortized cost, net(8)
$4,539,915 $4,886,782 $5,178,186 $5,143,081 $4,705,302 (7)%(4)%
Loans held for investment at fair value$262,190 $326,299 $404,119 $748,618 $925,938 (20)%(72)%
Total loans and leases held for investment$4,802,105 $5,213,081 $5,582,305 $5,891,699 $5,631,240 (8)%(15)%
Total assets$8,827,463 $8,472,351 $8,342,506 $8,754,018 $7,979,747 4 %11 %
Total deposits$7,333,486 $7,000,263 $6,843,535 $7,218,854 $6,392,553 5 %15 %
Total liabilities$7,575,641 $7,264,132 $7,136,983 $7,563,276 $6,815,453 4 %11 %
Total equity$1,251,822 $1,208,219 $1,205,523 $1,190,742 $1,164,294 4 %8 %
N/M – Not meaningful
(1)    Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”
(2)    Excludes fourth quarter 2022 income tax benefit of $3.2 million due to the release of a deferred tax asset valuation allowance.
(3)    Calculated as the ratio of non-interest expense to total net revenue.
(4)    Calculated as annualized net income (which excludes the income tax benefit from the release of the deferred tax asset valuation allowance in the periods it did not occur) divided by average equity for the period presented.
(5)    Calculated as annualized net income (which excludes the income tax benefit from the release of the deferred tax asset valuation allowance in the periods it did not occur) divided by average total assets for the period presented.
(6)    Includes unsecured personal loans and auto loans only.
(7)    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.
(8)    Excludes loans held for investment at fair value, which primarily consists of a loan portfolio that was acquired in the fourth quarter of 2022.

The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
As of and for the three months ended
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
Asset Quality Metrics:
Allowance for loan and lease losses to total loans and leases held for investment6.7 %6.7 %6.4 %6.4 %6.5 %
Allowance for loan and lease losses to consumer loans and leases held for investment7.2 %7.4 %7.1 %7.1 %7.3 %
Allowance for loan and lease losses to commercial loans and leases held for investment1.8 %2.0 %1.9 %2.0 %2.0 %
Net charge-offs$82,511 $68,795 $59,884 $49,845 $37,148 
Net charge-off ratio(1)
6.6 %5.1 %4.4 %3.8 %3.0 %
(1)    Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period, excluding PPP loans.

6
LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:
December 31,
2023		December 31,
2022
Unsecured personal$3,726,830 $3,866,373 
Residential mortgages183,050 199,601 
Secured consumer250,039 194,634 
Total consumer loans held for investment4,159,919 4,260,608 
Equipment finance (1)
110,992 160,319 
Commercial real estate380,322 373,501 
Commercial and industrial (2)
199,069 238,726 
Total commercial loans and leases held for investment690,383 772,546 
Total loans and leases held for investment at amortized cost4,850,302 5,033,154 
Allowance for loan and lease losses(310,387)(327,852)
Loans and leases held for investment at amortized cost, net$4,539,915 $4,705,302 
Loans held for investment at fair value262,190 925,938 
Total loans and leases held for investment$4,802,105 $5,631,240 
(1)    Comprised of sales-type leases for equipment.
(2)    Includes $6.4 million and $67.0 million of Paycheck Protection Program (PPP) loans as of December 31, 2023 and 2022, 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)
The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
Three Months Ended
December 31, 2023September 30, 2023
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$336,288 $14,207 $350,495 $341,161 $14,002 $355,163 
Credit loss expense for loans and leases held for investment43,227 (824)42,403 63,733 394 64,127 
Charge-offs(88,904)(1,193)(90,097)(73,644)(534)(74,178)
Recoveries7,450 136 7,586 5,038 345 5,383 
Allowance for loan and lease losses, end of period$298,061 $12,326 $310,387 $336,288 $14,207 $350,495 
Three Months Ended
December 31, 2022
ConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$288,138 $15,063 $303,201 
Credit loss expense for loans and leases held for investment61,392 407 61,799 
Charge-offs(38,579)(225)(38,804)
Recoveries1,538 118 1,656 
Allowance for loan and lease losses, end of period$312,489 $15,363 $327,852 
7
LENDINGCLUB CORPORATION
PAST DUE LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
December 31, 202330-59
Days		60-89
Days		90 or More
Days		Total Days Past Due
Unsecured personal$32,716 $29,556 $30,132 $92,404 
Residential mortgages1,751 — — 1,751 
Secured consumer2,076 635 217 2,928 
Total consumer loans held for investment$36,543 $30,191 $30,349 $97,083 
Equipment finance$1,265 $— $— $1,265 
Commercial real estate— 3,566 1,618 5,184 
Commercial and industrial (1)
12,261 1,632 1,515 15,408 
Total commercial loans and leases held for investment (1)
$13,526 $5,198 $3,133 $21,857 
Total loans and leases held for investment at amortized cost (1)
$50,069 $35,389 $33,482 $118,940 
December 31, 202230-59
Days		60-89
Days		90 or More
Days		Total Days Past Due
Unsecured personal$21,016 $16,418 $16,255 $53,689 
Residential mortgages— 254 331 585 
Secured consumer1,720 382 188 2,290 
Total consumer loans held for investment$22,736 $17,054 $16,774 $56,564 
Equipment finance$3,172 $— $859 $4,031 
Commercial real estate— 102 — 102 
Commercial and industrial (1)
— — 1,643 1,643 
Total commercial loans and leases held for investment (1)
$3,172 $102 $2,502 $5,776 
Total loans and leases held for investment at amortized cost (1)
$25,908 $17,156 $19,276 $62,340 
(1)    Past due PPP loans are excluded from the tables.
8
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months EndedChange (%)
 December 31,
2023		September 30,
2023		December 31,
2022		Q4 2023
vs
Q3 2023		Q4 2023
vs
Q4 2022
Non-interest income:
Origination fees$76,702 $60,912 $100,692 26 %(24)%
Servicing fees17,450 32,768 20,169 (47)%(13)%
Gain on sales of loans11,921 8,572 18,352 39 %(35)%
Net fair value adjustments(53,892)(41,366)(15,774)30 %242 %
Marketplace revenue52,181 60,886 123,439 (14)%(58)%
Other non-interest income1,948 2,958 4,026 (34)%(52)%
Total non-interest income54,129 63,844 127,465 (15)%(58)%
Total interest income208,319 207,412 173,999 — %20 %
Total interest expense76,842 70,407 38,756 9 %98 %
Net interest income131,477 137,005 135,243 (4)%(3)%
Total net revenue185,606 200,849 262,708 (8)%(29)%
Provision for credit losses41,907 64,479 61,512 (35)%(32)%
Non-interest expense:
Compensation and benefits58,591 58,497 87,768 — %(33)%
Marketing23,465 19,555 35,139 20 %(33)%
Equipment and software13,190 12,631 13,200 4 %— %
Depreciation and amortization11,953 11,250 11,554 6 %3 %
Professional services7,727 8,414 10,029 (8)%(23)%
Occupancy3,926 4,612 4,698 (15)%(16)%
Other non-interest expense11,163 13,076 17,656 (15)%(37)%
Total non-interest expense130,015 128,035 180,044 2 %(28)%
Income before income tax benefit (expense)13,684 8,335 21,152 64 %(35)%
Income tax benefit (expense)(3,529)(3,327)2,439 6 %(245)%
Net income$10,155 $5,008 $23,591 103 %(57)%
Net income per share:
Basic EPS$0.09 $0.05 $0.22 80 %(59)%
Diluted EPS$0.09 $0.05 $0.22 80 %(59)%
Weighted-average common shares – Basic109,948,785 109,071,180 105,650,177 1 %4 %
Weighted-average common shares – Diluted109,949,371 109,073,194 105,984,612 1 %4 %


9
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Continued)
(In thousands, except share and per share data)
(Unaudited)
Year Ended December 31,
 20232022Change (%)
Non-interest income:
Origination fees$279,146 $499,179 (44)%
Servicing fees98,613 80,609 22 %
Gain on sales of loans47,839 95,335 (50)%
Net fair value adjustments(134,114)8,503 N/M
Marketplace revenue291,484 683,626 (57)%
Other non-interest income11,297 28,765 (61)%
Total non-interest income302,781 712,391 (57)%
Total interest income832,630 557,340 49 %
Total interest expense270,792 82,515 228 %
Net interest income561,838 474,825 18 %
Total net revenue864,619 1,187,216 (27)%
Provision for credit losses243,565 267,326 (9)%
Non-interest expense:
Compensation and benefits261,948 339,397 (23)%
Marketing93,840 197,747 (53)%
Equipment and software53,485 49,198 9 %
Depreciation and amortization47,195 43,831 8 %
Professional services35,173 50,516 (30)%
Occupancy17,532 21,977 (20)%
Other non-interest expense57,264 64,187 (11)%
Total non-interest expense566,437 766,853 (26)%
Income before income tax benefit (expense)54,617 153,037 (64)%
Income tax benefit (expense)(15,678)136,648 (111)%
Net income$38,939 $289,685 (87)%
Net income per share:
Basic EPS$0.36 $2.80 (87)%
Diluted EPS$0.36 $2.79 (87)%
Weighted-average common shares – Basic108,466,179 103,547,305 5 %
Weighted-average common shares – Diluted108,468,857 104,001,288 4 %
N/M – Not meaningful
10
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
December 31, 2023		Three Months Ended
September 30, 2023		Three Months Ended
December 31, 2022
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$1,190,539 $16,271 5.47 %$1,249,087 $16,798 5.38 %$1,139,887 $10,595 3.72 %
Securities available for sale at fair value1,197,625 20,920 6.99 %601,512 9,467 6.30 %349,512 3,359 3.84 %
Loans held for sale at fair value501,850 15,883 12.66 %286,111 9,582 13.40 %114,851 5,724 19.93 %
Loans and leases held for investment:
Unsecured personal loans3,890,041 128,190 13.18 %4,257,360 142,118 13.35 %3,825,808 125,872 13.16 %
Commercial and other consumer loans1,126,010 17,033 6.05 %1,147,130 16,842 5.87 %1,164,326 15,197 5.22 %
Loans and leases held for investment at amortized cost5,016,051 145,223 11.58 %5,404,490 158,960 11.76 %4,990,134 141,069 11.31 %
Loans held for investment at fair value292,101 9,494 13.00 %362,837 11,788 13.00 %308,570 10,862 14.08 %
Total loans and leases held for investment5,308,152 154,717 11.66 %5,767,327 170,748 11.84 %5,298,704 151,931 11.47 %
Retail and certificate loans held for investment at fair value14,535 528 14.54 %22,311 817 14.65 %66,469 2,390 14.38 %
Total interest-earning assets8,212,701 208,319 10.15 %7,926,348 207,412 10.47 %6,969,423 173,999 9.99 %
Cash and due from banks and restricted cash63,181 69,442 64,907 
Allowance for loan and lease losses(334,711)(354,263)(314,861)
Other non-interest earning assets659,995 691,641 613,664 
Total assets$8,601,166 $8,333,168 $7,333,133 
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts$1,081,875 $9,593 3.52 %$1,271,720 $9,541 2.98 %$1,929,260 $7,500 1.54 %
Savings accounts and certificates of deposit5,720,058 66,660 4.62 %5,357,717 59,968 4.44 %3,576,205 28,251 3.13 %
Interest-bearing deposits6,801,933 76,253 4.45 %6,629,437 69,509 4.16 %5,505,465 35,751 2.58 %
Retail notes and certificates
14,535 528 14.54 %22,311 817 14.65 %66,469 2,390 14.38 %
Other interest-bearing liabilities9,645 61 2.51 %13,567 81 2.42 %105,834 615 2.33 %
Total interest-bearing liabilities6,826,113 76,842 4.47 %6,665,315 70,407 4.19 %5,677,768 38,756 2.71 %
Non-interest bearing deposits314,822 183,728 251,686 
Other liabilities238,806 271,118 266,558 
Total liabilities$7,379,741 $7,120,161 $6,196,012 
11
LENDINGCLUB CORPORATION
NET INTEREST INCOME (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
December 31, 2023		Three Months Ended
September 30, 2023		Three Months Ended
December 31, 2022
Average
Balance		Interest Income/
Expense		Average Yield/
Rate		Average
Balance		Interest Income/
Expense		Average Yield/
Rate		Average
Balance		Interest Income/
Expense		Average Yield/
Rate
Total equity$1,221,425 $1,213,007 $1,137,121 
Total liabilities and equity$8,601,166 $8,333,168 $7,333,133 
Interest rate spread5.68 %6.28 %7.28 %
Net interest income and net interest margin$131,477 6.40 %$137,005 6.91 %$135,243 7.76 %
(1)    Consolidated presentation reflects intercompany eliminations.
(2)    Nonaccrual loans and any related income are included in their respective loan categories.

12
LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
December 31,
2023		December 31,
2022
Assets
Cash and due from banks$14,993 $23,125 
Interest-bearing deposits in banks1,237,511 1,033,905 
Total cash and cash equivalents1,252,504 1,057,030 
Restricted cash41,644 67,454 
Securities available for sale at fair value ($1,663,990 and $399,668 at amortized cost, respectively)
1,620,262 345,702 
Loans held for sale at fair value407,773 110,400 
Loans and leases held for investment4,850,302 5,033,154 
Allowance for loan and lease losses(310,387)(327,852)
Loans and leases held for investment, net4,539,915 4,705,302 
Loans held for investment at fair value262,190 925,938 
Retail and certificate loans held for investment at fair value10,488 55,425 
Property, equipment and software, net161,517 136,473 
Goodwill75,717 75,717 
Other assets455,453 500,306 
Total assets$8,827,463 $7,979,747 
Liabilities and Equity
Deposits:
Interest-bearing$7,001,680 $6,158,560 
Noninterest-bearing331,806 233,993 
Total deposits7,333,486 6,392,553 
Borrowings8,866 74,858 
Retail notes and certificates at fair value
10,488 55,425 
Other liabilities222,801 292,617 
Total liabilities7,575,641 6,815,453 
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 110,410,602 and 106,546,995 shares issued and outstanding, respectively
1,104 1,065 
Additional paid-in capital1,669,828 1,628,590 
Accumulated deficit(388,806)(427,745)
Accumulated other comprehensive loss(30,304)(37,616)
Total equity1,251,822 1,164,294 
Total liabilities and equity$8,827,463 $7,979,747 

13
LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)
Pre-Provision Net Revenue
For the three months endedFor the year ended
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		December 31,
2023		December 31,
2022
GAAP Net income$10,155 $5,008 $10,110 $13,666 $23,591 $38,939 $289,685 
Less: Provision for credit losses(41,907)(64,479)(66,595)(70,584)(61,512)(243,565)(267,326)
Less: Income tax benefit (expense)(3,529)(3,327)(4,686)(4,136)2,439 (15,678)136,648 
Pre-provision net revenue$55,591 $72,814 $81,391 $88,386 $82,664 $298,182 $420,363 

For the three months endedFor the year ended
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Non-interest income$54,129 $63,844 $85,818 $98,990 $127,465 $302,781 $712,391 
Net interest income131,477 137,005 146,652 146,704 135,243 561,838 474,825 
Total net revenue185,606 200,849 232,470 245,694 262,708 864,619 1,187,216 
Non-interest expense(130,015)(128,035)(151,079)(157,308)(180,044)(566,437)(766,853)
Pre-provision net revenue55,591 72,814 81,391 88,386 82,664 298,182 420,363 
Provision for credit losses(41,907)(64,479)(66,595)(70,584)(61,512)(243,565)(267,326)
Income before income tax benefit (expense)13,684 8,335 14,796 17,802 21,152 54,617 153,037 
Income tax benefit (expense)(3,529)(3,327)(4,686)(4,136)2,439 (15,678)136,648 
GAAP Net income$10,155 $5,008 $10,110 $13,666 $23,591 $38,939 $289,685 

Net Income Excluding Income Tax Benefit and Diluted EPS Excluding Income Tax Benefit
For the three months ended December 31, 2022For the year ended
December 31, 2022
GAAP Net income$23,591 $289,685 
Less: Income tax benefit from release of tax valuation allowance3,180 143,495 
Net income excluding income tax benefit$20,411 $146,190 
GAAP Diluted EPS$0.22 $2.79 
(A)Income tax benefit from release of tax valuation allowance$3,180 $143,495 
(B)Weighted-average common shares – Diluted105,984,612 104,001,288 
(A/B)Diluted EPS impact of income tax benefit$0.03 $1.38 
Diluted EPS excluding income tax benefit$0.19 $1.41 

14
LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Continued)
(In thousands, except share and per share data)
(Unaudited)
Tangible Book Value Per Common Share
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022
GAAP common equity$1,251,822 $1,208,219 $1,205,523 $1,190,742 $1,164,294 
Less: Goodwill(75,717)(75,717)(75,717)(75,717)(75,717)
Less: Intangible assets(12,135)(13,151)(14,167)(15,201)(16,334)
Tangible common equity$1,163,970 $1,119,351 $1,115,639 $1,099,824 $1,072,243 
Book value per common share
GAAP common equity$1,251,822 $1,208,219 $1,205,523 $1,190,742 $1,164,294 
Common shares issued and outstanding110,410,602 109,648,769 108,694,120 107,460,734 106,546,995 
Book value per common share$11.34 $11.02 $11.09 $11.08 $10.93 
Tangible book value per common share
Tangible common equity$1,163,970 $1,119,351 $1,115,639 $1,099,824 $1,072,243 
Common shares issued and outstanding110,410,602 109,648,769 108,694,120 107,460,734 106,546,995 
Tangible book value per common share$10.54 $10.21 $10.26 $10.23 $10.06 

15
v3.24.0.1
Cover Page Statement
Jan. 30, 2024
Cover Page [Abstract]  
Entity Central Index Key 0001409970
Entity Emerging Growth Company false
Written Communications false
Document Period End Date Jan. 30, 2024
Entity Address, Address Line One 595 Market Street, Suite 200,
Entity Incorporation, State or Country Code DE
Entity File Number 001-36771
Entity Registrant Name LendingClub Corporation
Document Type 8-K
Entity Tax Identification Number 51-0605731
Entity Address, City or Town San Francisco,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94105
City Area Code 415
Local Phone Number 632-5600
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Trading Symbol LC
Security Exchange Name NYSE
Amendment Flag false
Title of 12(b) Security Common stock, par value $0.01 per share
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