LC LendingClub Corporation

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FORM			10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

LendingClub Corporation
(Exact name of registrant as specified in its charter)

Delaware			51-0605731
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

595 Market Street, Suite 200,

San Francisco,

CA

94105

(Address of principal executive offices and zip code)

Title of each class			Trading Symbol			Name of each exchange on which registered
Common stock, par value $0.01 per share			LC			New York Stock Exchange

Large accelerated filer

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Accelerated filer

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Non-accelerated filer

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Smaller reporting company

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Emerging growth company

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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.

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PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements
			Condensed Consolidated Balance Sheets			3
			Condensed Consolidated Statements of Income			4
			Condensed Consolidated Statements of Comprehensive Income			5
			Condensed Consolidated Statements of Changes in Equity			6
			Condensed Consolidated Statements of Cash Flows			7
			Notes to Condensed Consolidated Financial Statements			9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			44
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			68
Item 4.			Controls and Procedures			68
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			68
Item 1A.			Risk Factors			68
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			68
Item 3.			Defaults Upon Senior Securities			69
Item 4.			Mine Safety Disclosures			69
Item 5.			Other Information			69
Item 6.			Exhibits			70
Signatures						71

Acquisition			Acquisition of Radius Bancorp, Inc.
AFS			Available for Sale
ACL			Allowance for Credit Losses (includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments)
ALLL			Allowance for Loan and Lease Losses
Annual Report			Annual Report on Form 10-K for the year ended December 31, 2022
ASU			Accounting Standards Update
AUM			Assets Under Management (outstanding balances of Loan Originations serviced by the Company including loans serviced for others as well as loans held for investment and held for sale by the Company)
Balance Sheet			Condensed Consolidated Balance Sheets
LC Bank or LendingClub Bank			LendingClub Bank, National Association
CECL			Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)
CET1			Common Equity Tier 1
CET1 Capital Ratio			Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III capital framework
DCF			Discounted Cash Flow
Earnings Per Share or EPS			Net Income (Loss) Per Share
Exchange Act			Securities Exchange Act of 1934, as amended
FRB or Federal Reserve			Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
GAAP			Accounting Principles Generally Accepted in the United States of America
HFI			Loans which are retained by the Company and held for investment
HFS			Held for sale loans expected to be sold to investors, including Marketplace Loans
Income Statement			Condensed Consolidated Statements of Income
LendingClub, LC, the Company, we, us, or our			LendingClub Corporation and its subsidiaries
Loan Originations			Unsecured personal loans and auto refinance loans originated by the Company or facilitated by third-party issuing banks
Marketplace Loans			Loan Originations designated as HFS and subsequently sold to investors
N/M			Not meaningful
Parent			LendingClub Corporation (the parent company of LendingClub Bank, National Association and other subsidiaries)
PPP Loans			Loans originated pursuant to the U.S. Small Business Administration’s Paycheck Protection Program
Radius			Radius Bancorp, Inc.
ROA			Return on Average Total Assets
ROE			Return on Average Equity
SEC			United States Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
Structured Program transactions			Asset-backed securitization transactions and Certificate Program transactions (CLUB and Levered certificates), where certain accredited investors and qualified institutional buyers have the opportunity to invest in securities backed by a pool of unsecured personal whole loans.

Tier 1 Capital Ratio			Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III capital framework.
Tier 1 Leverage Ratio			Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III capital framework.
Total Capital Ratio			Total capital, which includes Common Equity Tier 1 capital, Tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as Tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III capital framework.
Unsecured personal loans			Unsecured personal loans originated on the Company’s platforms, including an online direct to consumer platform and a platform connected with a network of education and patient finance providers.
VIE			Variable Interest Entity

			March 31, 2023						December 31, 2022
Assets
Cash and due from banks			$	22,732					$	23,125
Interest-bearing deposits in banks			1,614,265						1,033,905
Total cash and cash equivalents			1,636,997						1,057,030
Restricted cash (1)			47,342						67,454
Securities available for sale at fair value ($428,395 and $399,668 at amortized cost, respectively)			380,028						345,702
Loans held for sale at fair value			44,647						110,400
Loans and leases held for investment			5,491,938						5,033,154
Allowance for loan and lease losses			(348,857)						(327,852)
Loans and leases held for investment, net			5,143,081						4,705,302
Loans held for investment at fair value (1)			748,618						925,938
Retail and certificate loans held for investment at fair value (1)			38,855						55,425
Property, equipment and software, net			144,041						136,473
Goodwill			75,717						75,717
Other assets (1)			494,692						500,306
Total assets			$	8,754,018					$	7,979,747
Liabilities and Equity
Deposits:
Interest-bearing			$	7,018,014					$	6,158,560
Noninterest-bearing			200,840						233,993
Total deposits			7,218,854						6,392,553
Borrowings (1)			52,980						74,858
Retail notes, certificates and secured borrowings at fair value (1)			38,855						55,425
Other liabilities (1)			252,587						292,617
Total liabilities			7,563,276						6,815,453
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 107,460,734 and 106,546,995 shares issued and outstanding, respectively			1,075						1,065
Additional paid-in capital			1,637,283						1,628,590
Accumulated deficit			(414,079)						(427,745)
Accumulated other comprehensive loss			(33,537)						(37,616)
Total equity			1,190,742						1,164,294
Total liabilities and equity			$	8,754,018					$	7,979,747

(1)    Includes amounts in consolidated variable interest entities (VIEs). See “Notes to Condensed Consolidated Financial Statements – Note 6. Securitizations and Variable Interest Entities.”

									Three Months Ended March 31,
															2023						2022
Non-interest income:
Marketplace revenue															$	95,634					$	179,966
Other non-interest income															3,356						9,891
Total non-interest income															98,990						189,857
Interest income:
Interest on loans held for sale															5,757						7,450
Interest and fees on loans and leases held for investment															150,467						91,442
Interest on loans held for investment at fair value															26,892						593
Interest on retail and certificate loans held for investment at fair value															1,683						6,969
Interest on securities available for sale															3,900						4,511
Other interest income															13,714						688
Total interest income															202,413						111,653
Interest expense:
Interest on deposits															53,273						3,438
Interest on retail notes, certificates and secured borrowings															1,683						6,969
Other interest expense															753						1,566
Total interest expense															55,709						11,973
Net interest income															146,704						99,680
Total net revenue															245,694						289,537
Provision for credit losses															70,584						52,509
Non-interest expense:
Compensation and benefits															73,307						81,610
Marketing															26,880						55,080
Equipment and software															13,696						11,046
Depreciation and amortization															12,354						11,039
Professional services															9,058						12,406
Occupancy															4,310						6,019
Other non-interest expense															17,703						14,004
Total non-interest expense															157,308						191,204
Income before income tax expense															17,802						45,824
Income tax expense															(4,136)						(4,988)
Net income															$	13,666					$	40,836
Earnings per share: (1)
Basic EPS – common stockholders															$	0.13					$	0.40
Diluted EPS – common stockholders															$	0.13					$	0.39
Weighted-average common shares – Basic															106,912,139						101,493,561
Weighted-average common shares – Diluted															106,917,770						105,052,904

(1)    See “Notes to Condensed Consolidated Financial Statements – Note 3. Earnings Per Share” for additional information.

									Three Months Ended March 31,
															2023						2022
Net income															$	13,666					$	40,836
Other comprehensive income (loss):
Net unrealized gain (loss) on securities available for sale															5,599						(19,987)
Other comprehensive income (loss), before tax															5,599						(19,987)
Income tax effect															(1,520)						(200)
Other comprehensive income (loss), net of tax															4,079						(20,187)
Total comprehensive income															$	17,745					$	20,649

									Common Stock												Additional Paid-in Capital												Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Total Equity
															Shares												Amount
Balance at December 31, 2022															106,546,995						$	1,065					$	1,628,590																	$	(37,616)					$	(427,745)					$	1,164,294
Stock-based compensation															—						—						14,070																		—						—						14,070
Net issuances under equity incentive plans															913,739						10						(5,377)																		—						—						(5,367)
Net unrealized gain on securities available for sale, net of tax															—						—						—																		4,079						—						4,079
Net income															—						—						—																		—						13,666						13,666
Balance at March 31, 2023															107,460,734						$	1,075					$	1,637,283																	$	(33,537)					$	(414,079)					$	1,190,742
									Common Stock												Additional Paid-in Capital												Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Total Equity
															Shares												Amount
Balance at December 31, 2021															101,043,924						$	1,010					$	1,559,616																	$	7,046					$	(717,430)					$	850,242
Stock-based compensation															—						—						17,187																		—						—						17,187
Net issuances under equity incentive plans															1,150,113						12						(656)																		—						—						(644)
Net unrealized loss on securities available for sale, net of tax															—						—						—																		(20,187)						—						(20,187)
Net income															—						—						—																		—						40,836						40,836
Balance at March 31, 2022															102,194,037						$	1,022					$	1,576,147																	$	(13,141)					$	(676,594)					$	887,434

			Three Months Ended March 31,
			2023						2022
Cash Flows from Operating Activities:
Net income			$	13,666					$	40,836
Adjustments to reconcile net income to net cash provided by operating activities:
Net fair value adjustments			15,414						(15,249)
Provision for credit losses			70,584						52,509
Change in fair value of loan servicing assets			12,576						16,979
Accretion of loan deferred fees and costs			(24,110)						(19,252)
Stock-based compensation, net			11,888						15,694
Depreciation and amortization			12,354						11,039
Gain on sales of loans			(14,125)						(24,110)
Other, net			(3,670)						1,559
Net change to loans held for sale			50,738						(29,601)
Net change in operating assets and liabilities:
Other assets			14,591						443
Other liabilities			(45,414)						(10,174)
Net cash provided by operating activities			114,492						40,673
Cash Flows from Investing Activities:
Net change in loans and leases			(302,580)						(258,829)
Net decrease in retail and certificate loans			17,480						64,280
Purchases of securities available for sale			(37,245)						(166,123)
Proceeds from maturities and paydowns of securities available for sale			9,000						24,990
Purchases of property, equipment and software, net			(16,398)						(21,575)
Other investing activities			(6,671)						(2,967)
Net cash used for investing activities			(336,414)						(360,224)
Cash Flows from Financing Activities:
Net change in deposits			826,117						841,689
Principal payments on borrowings			(21,493)						(102,650)
Principal payments on retail notes and certificates			(17,480)						(64,358)
Other financing activities			(5,367)						(4,984)
Net cash provided by financing activities			781,777						669,697
Net Increase in Cash, Cash Equivalents and Restricted Cash			$	559,855					$	350,146
Cash, Cash Equivalents and Restricted Cash, Beginning of Period			$	1,124,484					$	763,586
Cash, Cash Equivalents and Restricted Cash, End of Period			$	1,684,339					$	1,113,732
Supplemental Cash Flow Information:
Cash paid for interest			$	51,608					$	10,223
Cash paid for operating leases included in the measurement of lease liabilities			$	3,156					$	4,895
Cash paid for taxes			$	4,526					$	670
Non-cash financing activity:
Derecognition of payable to securitization note and residual certificate holders held in consolidated VIE			$	—					$	36,072

			March 31, 2023						December 31, 2022
Cash and cash equivalents			$	1,636,997					$	1,057,030
Restricted cash			47,342						67,454
Total cash, cash equivalents and restricted cash			$	1,684,339					$	1,124,484

In March 2022, the FASB issued Accounting Standards Update (ASU) 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance on troubled debt restructurings (TDRs) for creditors that have adopted the Current Expected Credit Losses (CECL) model and adds a requirement to disclose current period gross charge-offs by year of origination. The Company adopted ASU 2022-02 as of January 1, 2023, on a prospective basis. The ASU updates the requirements related to accounting for credit losses under Accounting Standards Codification 326, including removing anticipatory TDRs and requiring the use of the post-modified effective interest rate when a discounted cash flow method is used in the CECL calculation. The ASU updates disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty.

The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date

of Topic 848, which, if certain criteria are met, provide optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform. The provisions of this topic are elective and may be applied prospectively as of the beginning of the reporting period when the election is made through December 31, 2024. The Company has plans to adopt this standard and concluded it does not have a material impact to the financial statements.

Origination Fees: Origination fees are primarily fees earned related to originating and issuing unsecured personal loans that are held for sale.

Servicing Fees: The Company receives servicing fees to compensate it for servicing loans on behalf of investors, including managing payments and collections from borrowers and payments to those investors. The amount of servicing fee revenue earned is predominantly affected by the servicing rates paid by investors and the outstanding principal balance of loans serviced for investors. Servicing fee revenue related to loans sold also includes the associated change in the fair value of servicing assets.

Gain (Loss) on Sales of Loans: In connection with loan sales, the Company recognizes a gain or loss on the sale of loans based on the level to which the contractual servicing fee is above or below an estimated market rate of servicing. Additionally, the Company recognizes transaction costs, if any, as a loss on sale of loans.

Net Fair Value Adjustments: The Company records fair value adjustments on loans that are recorded at fair value, including gains or losses from sale prices in excess of or less than the loan principal amount sold.

									Three Months Ended March 31,
															2023						2022
Origination fees															$	70,543					$	122,093
Servicing fees															26,380						18,514
Gain on sales of loans															14,125						24,110
Net fair value adjustments															(15,414)						15,249
Total marketplace revenue															$	95,634					$	179,966

			Three Months Ended March 31,
			2023															2022
Basic EPS:
Net income attributable to stockholders			$	13,666														$	40,836
Weighted-average common shares – Basic			106,912,139															101,493,561
Basic EPS			$	0.13														$	0.40
Diluted EPS:
Net income attributable to stockholders			$	13,666														$	40,836
Weighted-average common shares – Diluted			106,917,770															105,052,904
Diluted EPS			$	0.13														$	0.39

March 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
U.S. agency residential mortgage-backed securities			$	259,748					$	—					$	(37,404)											$	222,344
U.S. agency securities			93,448						6						(13,245)												80,209
Commercial mortgage-backed securities			41,514						—						(4,623)												36,891
Other asset-backed securities			25,629						50						(739)												24,940
Asset-backed securities related to Structured Program transactions			4,784						8,309						—												13,093
Municipal securities			3,272						—						(721)												2,551
Total securities available for sale (1)			$	428,395					$	8,365					$	(56,732)											$	380,028

December 31, 2022			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value
U.S. agency residential mortgage-backed securities			$	255,675					$	—					$	(41,248)											$	214,427
U.S. agency securities			90,447						—						(16,053)												74,394
Commercial mortgage-backed securities			26,988						—						(4,470)												22,518
Asset-backed securities related to Structured Program transactions			8,322						9,395						—												17,717
Other asset-backed securities			14,959						29						(785)												14,203
Municipal securities			3,277						—						(834)												2,443
Total securities available for sale (1)			$	399,668					$	9,424					$	(63,390)											$	345,702

(1)    As of March 31, 2023 and December 31, 2022, includes $356.9 million and $319.0 million, respectively, of fair value securities pledged as collateral.

			Less than 12 months												12 months or longer												Total
March 31, 2023			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. agency residential mortgage-backed securities			$	26,101					$	(1,125)					$	196,243					$	(36,279)					$	222,344					$	(37,404)
U.S. agency securities			8,759						(241)						68,443						(13,004)						77,202						(13,245)
Commercial mortgage-backed securities			14,602						(314)						22,289						(4,309)						36,891						(4,623)
Other asset-backed securities			4,021						(14)						9,433						(725)						13,454						(739)
Municipal securities			—						—						2,551						(721)						2,551						(721)
Total securities with unrealized losses			$	53,483					$	(1,694)					$	298,959					$	(55,038)					$	352,442					$	(56,732)
			Less than 12 months												12 months or longer												Total
December 31, 2022			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
U.S. agency residential mortgage-backed securities			$	111,843					$	(15,831)					$	102,584					$	(25,417)					$	214,427					$	(41,248)
U.S. agency securities			50,352						(7,213)						24,042						(8,840)						74,394						(16,053)
Commercial mortgage-backed securities			2,441						(229)						20,077						(4,241)						22,518						(4,470)
Other asset-backed securities			4,086						(73)						6,945						(712)						11,031						(785)
Municipal securities			—						—						2,443						(834)						2,443						(834)
Total securities with unrealized losses			$	168,722					$	(23,346)					$	156,091					$	(40,044)					$	324,813					$	(63,390)

March 31, 2023			Amortized Cost						Fair Value						Weighted- average Yield(1)
Due after 1 year through 5 years:
U.S. agency securities			$	9,000					$	8,675
Commercial mortgage-backed securities			1,026						939
U.S. agency residential mortgage-backed securities			4						4
Total due after 1 year through 5 years			10,030						9,618						3.33		%
Due after 5 years through 10 years:
U.S. agency securities			15,848						14,642
Other asset-backed securities			11,900						11,919
U.S. agency residential mortgage-backed securities			5,872						5,528
Commercial mortgage-backed securities			2,835						2,411
Municipal securities			623						550
Total due after 5 years through 10 years			37,078						35,050						3.81		%
Due after 10 years:
U.S. agency residential mortgage-backed securities			253,872						216,812
U.S. agency securities			68,600						56,892
Commercial mortgage-backed securities			37,653						33,541
Other asset-backed securities			13,729						13,021
Municipal securities			2,649						2,001
Total due after 10 years			376,503						322,267						2.67		%
Asset-backed securities related to Structured Program transactions			4,784						13,093						99.40		%
Total securities available for sale			$	428,395					$	380,028					3.87		%

LendingClub records certain loans and leases held for investment (HFI) at amortized cost, whereas certain HFI and all held for sale (HFS) loans are recorded at fair value with the Company’s election of the fair value option. Net accrued interest receivable is excluded from the amortized cost basis of loans and leases HFI and is reported within “Other assets” on the Balance Sheet. Net accrued interest receivable related to loans and leases HFI at amortized cost was $31.2 million and $27.9 million as of March 31, 2023 and December 31, 2022, respectively.

			March 31, 2023						December 31, 2022
Unsecured personal			$	4,319,148					$	3,866,373
Residential mortgages			197,728						199,601
Secured consumer			212,748						194,634
Total consumer loans held for investment			4,729,624						4,260,608
Equipment finance (1)			153,905						160,319
Commercial real estate			372,770						373,501
Commercial and industrial (2)			235,639						238,726
Total commercial loans and leases held for investment			762,314						772,546
Total loans and leases held for investment			5,491,938						5,033,154
Allowance for loan and lease losses			(348,857)						(327,852)
Loans and leases held for investment, net (3)			$	5,143,081					$	4,705,302

(1)    Comprised of sales-type leases for equipment. See “Note 16. Leases” for additional information.

(3)    As of March 31, 2023 and December 31, 2022, the Company had $278.6 million and $283.6 million in loans pledged as collateral under the Federal Reserve Bank (FRB) Discount Window, respectively. In addition, as of both March 31, 2023 and December 31, 2022, the Company had $156.2 million in loans pledged to the Federal Home Loan Bank (FHLB) of Des Moines.

March 31, 2023			Gross			ALLL			Net			Allowance Ratios (1)
Total consumer loans held for investment			$	4,729,624		$	333,546		$	4,396,078		7.1		%
Total commercial loans and leases held for investment			762,314			15,311			747,003			2.0		%
Total loans and leases held for investment			$	5,491,938		$	348,857		$	5,143,081		6.4		%

December 31, 2022			Gross			ALLL			Net			Allowance Ratios (1)
Total consumer loans held for investment			$	4,260,608		$	312,489		$	3,948,119		7.3		%
Total commercial loans and leases held for investment			772,546			15,363			757,183			2.0		%
Total loans and leases held for investment			$	5,033,154		$	327,852		$	4,705,302		6.5		%

(1)    Calculated as the ratio of allowance for loan and lease losses (ALLL) to loans and leases HFI at amortized cost.

			Three Months Ended March 31,
			2023																		2022
			Consumer						Commercial						Total						Consumer						Commercial						Total
Allowance for loan and lease losses, beginning of period			$	312,489					$	15,363					$	327,852					$	128,812					$	15,577					$	144,389
Credit loss expense for loans and leases held for investment			70,684						166						70,850						53,718						(1,490)						52,228
Charge-offs (1)			(52,212)						(351)						(52,563)						(9,017)						(72)						(9,089)
Recoveries			2,585						133						2,718						344						113						457
Allowance for loan and lease losses, end of period			$	333,546					$	15,311					$	348,857					$	173,857					$	14,128					$	187,985
Reserve for unfunded lending commitments, beginning of period			$	18					$	1,860					$	1,878					$	—					$	1,231					$	1,231
Credit loss expense for unfunded lending commitments			49						(315)						(266)						—						281						281
Reserve for unfunded lending commitments, end of period (2)			$	67					$	1,545					$	1,612					$	—					$	1,512					$	1,512

(1)    Unsecured personal loans are charged-off when a borrower is (i) contractually 120 days past due or (ii) two payments past due and has filed for bankruptcy or is deceased.

The following table presents gross charge-offs by origination year for the period presented:

						Three Months Ended March 31, 2023
						Gross Charge-Offs by Origination Year
						2023						2022						2021						2020						2019						Prior												Total
Unsecured personal						$	—					$	25,413					$	26,123					$	—					$	—					$	—											$	51,536
Residential mortgages						—						—						—						—						—						—												—
Secured consumer						—						468						208						—						—						—												676
Total consumer loans held for investment						—						25,881						26,331						—						—						—												52,212
Equipment finance						—						—						—						—						—						—												—
Commercial real estate						—						—						—						—						—						—												—
Commercial and industrial						—						—						—						—						318						33												351
Total commercial loans and leases held for investment						—						—						—						—						318						33												351
Total loans and leases held for investment						$	—					$	25,881					$	26,331					$	—					$	318					$	33											$	52,563