LendingClub Reports Third Quarter 2021 Results
Record Revenues Up 20% Sequentially
Net Income up 190% Sequentially
Raising Full Year Outlook
SAN FRANCISCO, Oct. 27, 2021 /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, 2021.
"Our strong revenue and earnings growth trajectory has become evident following our transformation into a digital marketplace bank," said Scott Sanborn, LendingClub's CEO. "Our success continues to be driven by our competitive advantages, including our growing base of 3.8 million members, our exceptional data science capabilities, and our proven marketplace model. With our enhanced operating leverage, digital first infrastructure, and the ongoing move of consumers toward online banking, there's no better time to grow a next generation digital bank like LendingClub."
Record Revenue and Net Income Reflects Strong Execution and Business Model Transformation.
- Record revenue of $246.2 million with total sequential revenue growth of 20% outpacing origination growth of 14%.
- New recurring stream of net interest income grew 42% sequentially to $65.3 million, as the bank's loan portfolio (excluding PPP loans) grew 25% from June 30, 2021.
- Marketplace revenue grew 15% sequentially, reflecting higher origination fees associated with loan origination growth.
- Deposits grew 12% sequentially to $2.8 billion, in line with growth in our loans held for investment.
- Record net income of $27.2 million, up 190% sequentially, highlighting positive operating leverage in the fully integrated digital bank business model.
- Net income of $27.2 million and earnings per share of $0.26 were negatively impacted by $51.5 million of notable items: $34.0 million of Current Expected Credit Loss (CECL) provisioning and $17.5 million of net revenue deferrals both driven by strong retained loan growth. These items reduced our earnings per share by $0.49 in the third quarter of 2021.
Three Months Ended | ||||||||||||||
($ in millions) | September 30, | June 30, | QoQ | QoQ | ||||||||||
Loan originations(1) | $ | 3,106.7 | $ | 2,722.4 | $ | 384.3 | 14 | % | ||||||
Total revenue | $ | 246.2 | $ | 204.4 | $ | 41.8 | 20 | % | ||||||
Consolidated net income | $ | 27.2 | $ | 9.4 | $ | 17.8 | 190 | % | ||||||
(1) | Includes unsecured personal loans, auto loans, and education and patient finance loans only. |
Financial Outlook – Raising Full Year Targets
(millions) | Fourth Quarter 2021 | Full Year 2021 | Versus Prior Full Year 2021 Guidance |
Loan originations(1) | $2.8B to $3.0B | $10.1B to $10.3B | +$100M to +$300M |
Total revenue | $240M to $250M | $796M to $806M | +$26M to +$46M |
Consolidated net income | $20M to $25M | $9M to $14M | +$17M to +$22M |
(1) | Includes unsecured personal loans, auto loans, and education and patient finance loans only. |
Notable Items Impacting Q3'21 Consolidated Net Income
(millions) | Consolidated Net | Per | Commentary |
Revenue deferrals, net of amortization | $(17.5) | $0.17 | Origination fee and cost deferrals, |
Provision for credit losses, less net charge-offs | $(34.0) | $0.32 | Primarily for consumer loans originated |
Total | $(51.5) | $0.49 |
(1) | Amounts presented net of tax. |
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 $65 billion in loans, our artificial intelligence-driven credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 3.8 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 third quarter 2021 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 27, 2021. 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 (888) 317-6003, or outside the U.S. +1 (412) 317-6061, with conference ID 3514635, 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 November 3, 2021, by calling +1 (877) 344-7529 or outside the U.S. +1 (412) 317-0088, with Conference ID 10160701. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), Twitter handle (@LendingClub) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
Contacts
For Investors:
IR@lendingclub.com
Media Contact:
Press@lendingclub.com
Safe Harbor Statement
Some of the statements above, including statements regarding our competitive advantages, ability to grow our business, 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 Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each as filed with the Securities and Exchange Commission, as well as our subsequent reports on Form 10-Q and 10-K each as filed 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 | |||||||||||||||||||||||||
The information in the following tables is presented for the consolidated LendingClub Corporation, unless specifically noted for LendingClub Bank, the company's wholly-owned subsidiary: | |||||||||||||||||||||||||
As of and for the three months ended | % Change | ||||||||||||||||||||||||
September 30, | June 30, | March 31, 2021 | December 31, 2020 | September 30, | Q/Q | Y/Y | |||||||||||||||||||
Operating Highlights: | |||||||||||||||||||||||||
Non-interest income | $ | 180,878 | $ | 158,476 | $ | 87,334 | $ | 72,597 | $ | 57,750 | 14 | % | 213 | % | |||||||||||
Net interest income | $ | 65,288 | $ | 45,905 | $ | 18,506 | $ | 2,899 | 13,294 | 42 | % | 391 | % | ||||||||||||
Total net revenue | $ | 246,166 | $ | 204,381 | $ | 105,840 | $ | 75,496 | $ | 71,044 | 20 | % | 246 | % | |||||||||||
Consolidated net income (loss) | $ | 27,185 | $ | 9,371 | $ | (47,084) | $ | (26,655) | $ | (34,325) | 190 | % | N/M | ||||||||||||
EPS – basic | $ | 0.27 | $ | 0.10 | $ | (0.49) | $ | (0.29) | $ | (0.38) | 170 | % | N/M | ||||||||||||
EPS – diluted | $ | 0.26 | $ | 0.09 | $ | (0.49) | $ | (0.29) | $ | (0.38) | 189 | % | N/M | ||||||||||||
LendingClub Bank Performance Metrics: | |||||||||||||||||||||||||
Net interest margin | 7.1 | % | 5.5 | % | 3.3 | % | N/A | N/A | |||||||||||||||||
Efficiency ratio (1) | 67.5 | % | 69.0 | % | 104.8 | % | N/A | N/A | |||||||||||||||||
Return on average equity (ROE) | 26.5 | % | 34.7 | % | N/A | N/A | N/A | ||||||||||||||||||
Return on average total assets (ROA) | 3.7 | % | 4.7 | % | N/A | N/A | N/A | ||||||||||||||||||
LendingClub Bank Capital Ratios: | |||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | 18.0 | % | 18.7 | % | 20.9 | % | N/A | N/A | |||||||||||||||||
Tier 1 Leverage Ratio | 14.1 | % | 13.5 | % | 12.9 | % | N/A | N/A | |||||||||||||||||
Consolidated LendingClub Corporation Performance Metrics: | |||||||||||||||||||||||||
Net interest margin | 6.3 | % | 4.7 | % | 1.8 | % | 0.7 | % | 2.9 | % | |||||||||||||||
Efficiency ratio (1) | 72.6 | % | 78.4 | % | 126.8 | % | N/A | N/A | |||||||||||||||||
Return on average equity (ROE) | 13.8 | % | 5.0 | % | N/A | N/A | N/A | ||||||||||||||||||
Return on average total assets (ROA) | 2.4 | % | 0.8 | % | N/A | N/A | N/A | ||||||||||||||||||
Marketing expense as a % of loan originations | 1.6 | % | 1.3 | % | 1.3 | % | 0.9 | % | 0.4 | % | |||||||||||||||
Loan originations (in millions) (2): | |||||||||||||||||||||||||
Marketplace loans | $ | 2,471 | $ | 2,182 | $ | 1,139 | $ | 912 | $ | 584 | 13 | % | 323 | % | |||||||||||
Loan originations held for investment | $ | 636 | $ | 541 | $ | 344 | $ | — | $ | — | 18 | % | N/A | ||||||||||||
Total loan originations | $ | 3,107 | $ | 2,722 | $ | 1,483 | $ | 912 | $ | 584 | 14 | % | 432 | % | |||||||||||
Servicing portfolio AUM (in millions) (3) | $ | 11,592 | $ | 10,741 | $ | 10,271 | $ | 11,002 | $ | 12,267 | 8 | % | (6) | % | |||||||||||
Balance Sheet Data: | |||||||||||||||||||||||||
Loans and leases held for investment, net, excluding PPP loans | $ | 2,235,698 | $ | 1,791,492 | $ | 1,414,900 | $ | — | $ | — | 25 | % | N/A | ||||||||||||
PPP loans | $ | 367,558 | $ | 507,553 | $ | 664,400 | $ | — | $ | — | (28) | % | N/A | ||||||||||||
Total loans and leases held for investment, net | $ | 2,603,256 | $ | 2,299,045 | $ | 2,079,300 | $ | — | $ | — | 13 | % | N/A | ||||||||||||
Total assets | $ | 4,750,760 | $ | 4,370,101 | $ | 4,491,089 | $ | 1,863,293 | $ | 1,979,457 | 9 | % | 140 | % | |||||||||||
Total deposits | $ | 2,838,719 | $ | 2,539,704 | $ | 2,373,437 | $ | — | $ | — | 12 | % | N/A | ||||||||||||
Total liabilities | $ | 3,945,970 | $ | 3,607,742 | $ | 3,757,954 | $ | 1,139,122 | $ | 1,245,565 | 9 | % | 217 | % | |||||||||||
Total equity | $ | 804,790 | $ | 762,359 | $ | 733,135 | $ | 724,171 | $ | 733,892 | 6 | % | 10 | % | |||||||||||
Allowance Ratios: | |||||||||||||||||||||||||
Allowance for loan and lease losses to total loans and leases held for investment | 3.9 | % | 3.0 | % | 1.7 | % | N/A | N/A | |||||||||||||||||
Allowance for loan and lease losses to total loans and leases held for investment, excluding PPP loans | 4.5 | % | 3.8 | % | 2.5 | % | N/A | N/A | |||||||||||||||||
Allowance for loan and lease losses to consumer loans and leases held for investment | 5.2 | % | 4.3 | % | 2.3 | % | N/A | N/A | |||||||||||||||||
Allowance for loan and lease losses to commercial loans and leases held for investment | 1.6 | % | 1.5 | % | 1.3 | % | N/A | N/A | |||||||||||||||||
Allowance for loan and lease losses to commercial loans and leases held for investment, excluding PPP loans | 2.6 | % | 2.8 | % | 1.7 | % | N/A | N/A | |||||||||||||||||
N/M – Not meaningful | |
N/A – Not applicable | |
(1) | Calculated as the ratio of non-interest expense to total net revenue. |
(2) | Includes unsecured personal loans, auto loans, and education and patient finance loans only. |
(3) | Loans serviced on our platform, which includes personal and auto loans serviced for others and retained for investment by the Company. |
LENDINGCLUB CORPORATION | |||||||
September 30, | June 30, | ||||||
Unsecured personal | $ | 1,258,279 | $ | 776,338 | |||
Residential mortgages | 141,200 | 152,528 | |||||
Secured consumer | 314,539 | 326,318 | |||||
Other consumer | 1,220 | 157 | |||||
Total consumer loans held for investment | 1,715,238 | 1,255,341 | |||||
Equipment finance (1) | 157,457 | 161,465 | |||||
Commercial real estate | 316,135 | 294,954 | |||||
Commercial and industrial (2) | 519,162 | 658,366 | |||||
Total commercial loans and leases held for investment | 992,754 | 1,114,785 | |||||
Total loans and leases held for investment | 2,707,992 | 2,370,126 | |||||
Allowance for loan and lease losses | (104,736) | (71,081) | |||||
Loans and leases held for investment, net | $ | 2,603,256 | $ | 2,299,045 | |||
(1) | Comprised of sales-type leases for equipment. |
(2) | Includes $367.6 million of Paycheck Protection Program (PPP) loans. The Company determined no allowance for expected credit losses is needed on these loans. |
LENDINGCLUB CORPORATION ALLOWANCE FOR LOAN AND LEASE LOSSES (In thousands, except percentages or as noted) (Unaudited) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | ||||||||||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | ||||||||||||||||||
Allowance for loan and lease losses, beginning of period | $ | 54,058 | $ | 17,023 | $ | 71,081 | $ | 19,785 | $ | 16,347 | $ | 36,132 | |||||||||||
Credit loss expense for loans and leases held for investment | 37,695 | (562) | 37,133 | 34,317 | 659 | 34,976 | |||||||||||||||||
Charge-offs | (3,142) | (1,194) | (4,336) | (90) | (156) | (246) | |||||||||||||||||
Recoveries | 20 | 838 | 858 | 46 | 173 | 219 | |||||||||||||||||
Allowance for loan and lease losses, end of period | $ | 88,631 | $ | 16,105 | $ | 104,736 | $ | 54,058 | $ | 17,023 | $ | 71,081 | |||||||||||
LENDINGCLUB CORPORATION | ||||||||||
Three Months Ended | ||||||||||
September 30, | June 30, 2021 | Change (%) | ||||||||
Non-interest income: | ||||||||||
Marketplace revenue (1) | $ | 174,556 | $ | 151,735 | 15 | % | ||||
Other non-interest income | 6,322 | 6,741 | (6) | % | ||||||
Total non-interest income | 180,878 | 158,476 | 14 | % | ||||||
Interest income: | ||||||||||
Interest on loans held for sale | 8,536 | 8,694 | (2) | % | ||||||
Interest and fees on loans and leases held for investment | 57,644 | 39,068 | 48 | % | ||||||
Interest on retail and certificate loans held for investment at fair value | 12,172 | 16,014 | (24) | % | ||||||
Interest on other loans held for investment at fair value | 973 | 1,222 | (20) | % | ||||||
Interest on securities available for sale | 3,180 | 2,539 | 25 | % | ||||||
Other interest income | 355 | 190 | 87 | % | ||||||
Total interest income | 82,860 | 67,727 | 22 | % | ||||||
Interest expense: | ||||||||||
Interest on deposits | 1,899 | 1,699 | 12 | % | ||||||
Interest on short-term borrowings | 849 | 1,003 | (15) | % | ||||||
Interest on retail notes, certificates and secured borrowings | 12,172 | 16,014 | (24) | % | ||||||
Interest on Structured Program borrowings | 2,120 | 2,668 | (21) | % | ||||||
Interest on other long-term debt | 532 | 438 | 21 | % | ||||||
Total interest expense | 17,572 | 21,822 | (19) | % | ||||||
Net interest income | 65,288 | 45,905 | 42 | % | ||||||
Total net revenue | 246,166 | 204,381 | 20 | % | ||||||
Provision for credit losses | 37,524 | 34,634 | 8 | % | ||||||
Non-interest expense: | ||||||||||
Compensation and benefits | 73,304 | 71,925 | 2 | % | ||||||
Marketing | 50,782 | 35,107 | 45 | % | ||||||
Equipment and software | 10,297 | 9,281 | 11 | % | ||||||
Occupancy | 6,486 | 6,157 | 5 | % | ||||||
Depreciation and amortization | 10,549 | 11,508 | (8) | % | ||||||
Professional services | 11,750 | 11,520 | 2 | % | ||||||
Other non-interest expense | 15,607 | 14,641 | 7 | % | ||||||
Total non-interest expense | 178,775 | 160,139 | 12 | % | ||||||
Income before income tax expense | 29,867 | 9,608 | 211 | % | ||||||
Income tax expense | 2,682 | 237 | N/M | |||||||
Consolidated net income | $ | 27,185 | $ | 9,371 | 190 | % | ||||
Net income per share attributable to common stockholders – Basic | $ | 0.27 | $ | 0.10 | ||||||
Net income per share attributable to common stockholders – Diluted | $ | 0.26 | $ | 0.09 | ||||||
Weighted-average common shares – Basic | 99,073,507 | 97,785,089 | ||||||||
Weighted-average common shares – Diluted | 106,108,662 | 102,031,088 | ||||||||
N/M – Not meaningful |
LENDINGCLUB CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) (In thousands, except share and per share data) (Unaudited)
| ||||||||||
(1) Marketplace revenue consists of the following: | ||||||||||
Three Months Ended | ||||||||||
September 30, | June 30, | Change (%) | ||||||||
Origination fees | $ | 129,125 | $ | 113,802 | 13 | % | ||||
Servicing fees | 20,819 | 22,714 | (8) | % | ||||||
Gain on sales of loans | 21,907 | 19,317 | 13 | % | ||||||
Net fair value adjustments | 2,705 | (4,098) | N/M | |||||||
Total marketplace revenue | $ | 174,556 | $ | 151,735 | 15 | % | ||||
LENDINGCLUB CORPORATION | |||||||||||||||
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 | |||||||||||
Reversal of (provision for) 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) | |||||||||||
Consolidated net income (loss) | $ | 35,048 | $ | 2,756 | $ | (10,619) | $ | 27,185 | |||||||
Three Months Ended June 30, 2021 | ||||||||||||||
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Total | |||||||||||
Non-interest income: | ||||||||||||||
Marketplace revenue | $ | 128,714 | $ | 23,021 | $ | — | $ | 151,735 | ||||||
Other non-interest income | 28,340 | 4,281 | (25,880) | 6,741 | ||||||||||
Total non-interest income | 157,054 | 27,302 | (25,880) | 158,476 | ||||||||||
Interest income: | ||||||||||||||
Interest income | 45,325 | 22,402 | — | 67,727 | ||||||||||
Interest expense | (1,972) | (19,850) | — | (21,822) | ||||||||||
Net interest income | 43,353 | 2,552 | — | 45,905 | ||||||||||
Total net revenue | 200,407 | 29,854 | (25,880) | 204,381 | ||||||||||
Reversal of (provision for) credit losses | (34,956) | 322 | — | (34,634) | ||||||||||
Non-interest expense | (138,182) | (47,837) | 25,880 | (160,139) | ||||||||||
Income (Loss) before income tax benefit | 27,269 | (17,661) | — | 9,608 | ||||||||||
Income tax benefit (expense) | 12,513 | 8,922 | (21,672) | (237) | ||||||||||
Consolidated net income (loss) | $ | 39,782 | $ | (8,739) | $ | (21,672) | $ | 9,371 | ||||||
LENDINGCLUB BANK | |||||||||||||||||||||
LendingClub Bank | |||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended June 30, 2021 | ||||||||||||||||||||
Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | ||||||||||||||||
Interest-earning assets (1) | |||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 695,294 | $ | 352 | 0.20 | % | $ | 551,895 | $ | 186 | 0.13 | % | |||||||||
Securities available for sale at fair value | 182,882 | 632 | 1.38 | % | 165,579 | 348 | 0.84 | % | |||||||||||||
Loans held for sale | 145,262 | 5,978 | 16.46 | % | 144,037 | 5,723 | 15.89 | % | |||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||
Unsecured personal loans | 991,297 | 39,532 | 15.95 | % | 511,787 | 19,499 | 15.24 | % | |||||||||||||
Secured consumer loans | 464,194 | 4,688 | 4.04 | % | 532,426 | 5,173 | 3.89 | % | |||||||||||||
Commercial loans and leases | 616,823 | 7,887 | 5.11 | % | 623,735 | 9,062 | 5.81 | % | |||||||||||||
PPP loans | 436,785 | 5,537 | 5.07 | % | 615,942 | 5,334 | 3.46 | % | |||||||||||||
Loans and leases held for investment | 2,509,099 | 57,644 | 9.19 | % | 2,283,890 | 39,068 | 6.84 | % | |||||||||||||
Total interest-earning assets | 3,532,537 | 64,606 | 7.32 | % | 3,145,401 | 45,325 | 5.76 | % | |||||||||||||
Cash and due from banks | 29,290 | 34,612 | |||||||||||||||||||
Allowance for loan and lease losses | (86,686) | (51,109) | |||||||||||||||||||
Other non-interest earning assets | 270,594 | 221,870 | |||||||||||||||||||
Total assets | $ | 3,745,735 | $ | 3,350,774 | |||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||
Checking and money market accounts | $ | 2,221,365 | $ | 1,707 | 0.30 | % | $ | 2,071,112 | $ | 1,618 | 0.31 | % | |||||||||
Savings accounts and certificates of deposit | 307,807 | 192 | 0.25 | % | 301,939 | 81 | 0.11 | % | |||||||||||||
Interest-bearing deposits | 2,529,172 | 1,899 | 0.30 | % | 2,373,051 | 1,699 | 0.29 | % | |||||||||||||
Short-term borrowings | 321 | — | — | % | 2,138 | 1 | 0.06 | % | |||||||||||||
Advances from PPPLF | 416,748 | 371 | 0.36 | % | 312,168 | 272 | 0.35 | % | |||||||||||||
Other long-term debt | — | — | — | % | 708 | — | — | % | |||||||||||||
Total interest-bearing liabilities | 2,946,241 | 2,270 | 0.31 | % | 2,688,065 | 1,972 | 0.29 | % | |||||||||||||
Non-interest bearing deposits | 114,065 | 102,709 | |||||||||||||||||||
Other liabilities | 155,806 | 100,835 | |||||||||||||||||||
Total liabilities | $ | 3,216,112 | $ | 2,891,609 | |||||||||||||||||
Total equity | $ | 529,623 | $ | 459,165 | |||||||||||||||||
Total liabilities and equity | $ | 3,745,735 | $ | 3,350,774 | |||||||||||||||||
Interest rate spread | 7.01 | % | 5.47 | % | |||||||||||||||||
Net interest income and net interest margin | $ | 62,336 | 7.06 | % | $ | 43,353 | 5.51 | % | |||||||||||||
(1) | Nonaccrual loans and any related income are included in their respective loan categories. |
LENDINGCLUB CORPORATION | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
LendingClub Bank | LendingClub Corporation (Parent only) | Consolidated LendingClub Corporation | ||||||||||||||||||||||||||||||
Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | ||||||||||||||||||||||||
Interest-earning assets (1) | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 695,294 | $ | 352 | 0.20 | % | $ | 83,405 | $ | 3 | 0.01 | % | $ | 778,667 | $ | 355 | 0.18 | % | ||||||||||||||
Securities available for sale at fair value | 182,882 | 632 | 1.38 | % | 83,804 | 2,548 | 12.16 | % | 266,686 | 3,180 | 4.77 | % | ||||||||||||||||||||
Loans held for sale at fair value | 145,262 | 5,978 | 16.46 | % | 81,160 | 2,558 | 12.60 | % | 226,422 | 8,536 | 15.08 | % | ||||||||||||||||||||
Loans and leases held for investment: | ||||||||||||||||||||||||||||||||
Unsecured personal loans | 991,297 | 39,532 | 15.95 | % | — | — | — | % | 991,297 | 39,532 | 15.95 | % | ||||||||||||||||||||
Secured consumer loans | 464,194 | 4,688 | 4.04 | % | — | — | — | % | 464,194 | 4,688 | 4.04 | % | ||||||||||||||||||||
Commercial loans and leases | 616,823 | 7,887 | 5.11 | % | — | — | — | % | 616,823 | 7,887 | 5.11 | % | ||||||||||||||||||||
PPP loans | 436,785 | 5,537 | 5.07 | % | — | — | — | % | 436,785 | 5,537 | 5.07 | % | ||||||||||||||||||||
Loans and leases held for investment | 2,509,099 | 57,644 | 9.19 | % | — | — | — | % | 2,509,099 | 57,644 | 9.19 | % | ||||||||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | — | % | 344,205 | 12,172 | 14.15 | % | 344,205 | 12,172 | 14.15 | % | ||||||||||||||||||||
Other loans held for investment at fair value | — | — | — | % | 30,981 | 973 | 12.58 | % | 30,981 | 973 | 12.58 | % | ||||||||||||||||||||
Total interest-earning assets | 3,532,537 | 64,606 | 7.32 | % | 623,555 | 18,254 | 11.71 | % | 4,156,060 | 82,860 | 7.97 | % | ||||||||||||||||||||
Cash and due from banks and restricted cash | 29,290 | 99,985 | 96,733 | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | (86,686) | — | (86,686) | |||||||||||||||||||||||||||||
Other non-interest earning assets | 270,594 | 760,131 | 449,964 | |||||||||||||||||||||||||||||
Total assets | $ | 3,745,735 | $ | 1,483,671 | $ | 4,616,071 | ||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Checking and money market accounts | $ | 2,221,365 | $ | 1,707 | 0.30 | % | $ | — | $ | — | — | % | $ | 2,221,365 | $ | 1,707 | 0.30 | % | ||||||||||||||
Savings accounts and certificates of deposit | 307,807 | 192 | 0.25 | % | — | — | — | % | 307,807 | 192 | 0.25 | % | ||||||||||||||||||||
Interest-bearing deposits | 2,529,172 | 1,899 | 0.30 | % | — | — | — | % | 2,529,172 | 1,899 | 0.30 | % | ||||||||||||||||||||
Short-term borrowings | 321 | — | — | % | 56,903 | 849 | 5.97 | % | 57,224 | 849 | 5.93 | % | ||||||||||||||||||||
Advances from PPPLF | 416,748 | 371 | 0.36 | % | — | — | — | % | 416,748 | 371 | 0.36 | % | ||||||||||||||||||||
Retail notes, certificates and secured borrowings | — | — | — | % | 344,087 | 12,173 | 14.15 | % | 344,087 | 12,173 | 14.15 | % | ||||||||||||||||||||
Structured Program borrowings | — | — | — | % | 100,178 | 2,119 | 8.46 | % | 100,178 | 2,119 | 8.46 | % | ||||||||||||||||||||
Other long-term debt | — | — | — | % | 15,606 | 161 | 4.13 | % | 15,606 | 161 | 4.13 | % | ||||||||||||||||||||
Total interest-bearing liabilities | 2,946,241 | 2,270 | 0.31 | % | 516,774 | 15,302 | 11.84 | % | 3,463,015 | 17,572 | 2.03 | % | ||||||||||||||||||||
Non-interest bearing deposits | 114,065 | — | 81,491 | |||||||||||||||||||||||||||||
Other liabilities | 155,806 | 183,962 | 285,292 | |||||||||||||||||||||||||||||
Total liabilities | $ | 3,216,112 | $ | 700,736 | $ | 3,829,798 | ||||||||||||||||||||||||||
Total equity | $ | 529,623 | $ | 782,935 | $ | 786,273 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 3,745,735 | $ | 1,483,671 | $ | 4,616,071 | ||||||||||||||||||||||||||
Interest rate spread | 7.01 | % | (0.13) | % | 5.95 | % | ||||||||||||||||||||||||||
Net interest income and net interest margin | $ | 62,336 | 7.06 | % | $ | 2,952 | 1.89 | % | $ | 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 | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
LendingClub Bank | LendingClub Corporation (Parent only) | Consolidated LendingClub Corporation(1) | ||||||||||||||||||||||||||||||
Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | ||||||||||||||||||||||||
Interest-earning assets(2) | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | 551,895 | $ | 186 | 0.13 | % | $ | 99,419 | $ | 4 | 0.02 | % | $ | 642,182 | $ | 190 | 0.12 | % | ||||||||||||||
Securities available for sale at fair value | 165,579 | 348 | 0.84 | % | 108,377 | 2,191 | 8.09 | % | 273,956 | 2,539 | 3.71 | % | ||||||||||||||||||||
Loans held for sale | 144,037 | 5,723 | 15.89 | % | 99,408 | 2,971 | 11.96 | % | 243,445 | 8,694 | 14.29 | % | ||||||||||||||||||||
Loans and leases held for investment: | ||||||||||||||||||||||||||||||||
Unsecured personal loans | 511,787 | 19,499 | 15.24 | % | — | — | — | % | 511,787 | 19,499 | 15.24 | % | ||||||||||||||||||||
Secured consumer loans | 532,426 | 5,173 | 3.89 | % | — | — | — | % | 532,426 | 5,173 | 3.89 | % | ||||||||||||||||||||
Commercial loans and leases | 623,735 | 9,062 | 5.81 | % | — | — | — | % | 623,735 | 9,062 | 5.81 | % | ||||||||||||||||||||
PPP loans | 615,942 | 5,334 | 3.46 | % | — | — | — | % | 615,942 | 5,334 | 3.46 | % | ||||||||||||||||||||
Loans and leases held for investment | 2,283,890 | 39,068 | 6.84 | % | — | — | — | % | 2,283,890 | 39,068 | 6.84 | % | ||||||||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | — | % | 448,822 | 16,014 | 14.27 | % | 448,822 | 16,014 | 14.27 | % | ||||||||||||||||||||
Other loans held for investment at fair value | — | — | — | % | 38,662 | 1,222 | 12.64 | % | 38,662 | 1,222 | 12.64 | % | ||||||||||||||||||||
Total interest-earning assets | 3,145,401 | 45,325 | 5.76 | % | 794,688 | 22,402 | 11.28 | % | 3,930,957 | 67,727 | 6.89 | % | ||||||||||||||||||||
Cash and due from banks and restricted cash | 34,612 | 111,274 | 144,897 | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | (51,109) | — | (51,109) | |||||||||||||||||||||||||||||
Other non-interest earning assets | 221,870 | 749,674 | 447,826 | |||||||||||||||||||||||||||||
Total assets | $ | 3,350,774 | $ | 1,655,636 | $ | 4,472,571 | ||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||
Checking and money market accounts | $ | 2,071,112 | $ | 1,618 | 0.31 | % | $ | — | $ | — | — | % | $ | 2,071,112 | $ | 1,618 | 0.31 | % | ||||||||||||||
Savings accounts and certificates of deposit | 301,939 | 81 | 0.11 | % | — | — | — | % | 301,939 | 81 | 0.11 | % | ||||||||||||||||||||
Interest-bearing deposits | 2,373,051 | 1,699 | 0.29 | % | — | — | — | % | 2,373,051 | 1,699 | 0.29 | % | ||||||||||||||||||||
Short-term borrowings | 2,138 | 1 | 0.06 | % | 77,373 | 1,002 | 5.19 | % | 79,511 | 1,003 | 5.05 | % | ||||||||||||||||||||
Advances from PPPLF | 312,168 | 272 | 0.35 | % | — | — | — | % | 312,168 | 272 | 0.35 | % | ||||||||||||||||||||
Retail notes, certificates and secured borrowings | — | — | — | % | 449,057 | 16,014 | 14.27 | % | 449,057 | 16,014 | 14.27 | % | ||||||||||||||||||||
Structured Program borrowings | — | — | — | % | 121,738 | 2,668 | 8.77 | % | 121,738 | 2,668 | 8.77 | % | ||||||||||||||||||||
Other long-term debt | 708 | — | — | % | 15,696 | 166 | 4.22 | % | 16,404 | 166 | 4.04 | % | ||||||||||||||||||||
Total interest-bearing liabilities | 2,688,065 | 1,972 | 0.29 | % | 663,864 | 19,850 | 11.96 | % | 3,351,929 | 21,822 | 2.61 | % | ||||||||||||||||||||
Non-interest bearing deposits | 102,709 | — | 92,588 | |||||||||||||||||||||||||||||
Other liabilities | 100,835 | 225,521 | 276,723 | |||||||||||||||||||||||||||||
Total liabilities | $ | 2,891,609 | $ | 889,385 | $ | 3,721,240 | ||||||||||||||||||||||||||
Total equity | $ | 459,165 | $ | 766,251 | $ | 751,331 | ||||||||||||||||||||||||||
Total liabilities and equity | $ | 3,350,774 | $ | 1,655,636 | $ | 4,472,571 | ||||||||||||||||||||||||||
Interest rate spread | 5.47 | % | (0.68) | % | 4.29 | % | ||||||||||||||||||||||||||
Net interest income and net interest margin | $ | 43,353 | 5.51 | % | $ | 2,552 | 1.28 | % | $ | 45,905 | 4.67 | % | ||||||||||||||||||||
(1) | Consolidated presentation reflects intercompany eliminations. |
(2) | Nonaccrual loans and any related income are included in their respective loan categories. |
LENDINGCLUB CORPORATION | |||||||
September 30, | December 31, | ||||||
Assets | |||||||
Cash and due from banks | $ | 22,604 | $ | 5,197 | |||
Interest-bearing deposits in banks | 839,547 | 519,766 | |||||
Total cash and cash equivalents | 862,151 | 524,963 | |||||
Restricted cash | 77,577 | 103,522 | |||||
Securities available for sale at fair value (includes $268,732 and $159,164 at amortized cost, respectively) | 274,930 | 142,226 | |||||
Loans held for sale at fair value | 152,160 | 121,902 | |||||
Loans and leases held for investment | 2,707,992 | — | |||||
Allowance for loan and lease losses | (104,736) | — | |||||
Loans and leases held for investment, net | 2,603,256 | — | |||||
Retail and certificate loans held for investment at fair value | 298,541 | 636,686 | |||||
Other loans held for investment at fair value | 27,229 | 49,954 | |||||
Property, equipment and software, net | 96,073 | 96,641 | |||||
Goodwill | 75,717 | — | |||||
Other assets | 283,126 | 187,399 | |||||
Total assets | $ | 4,750,760 | $ | 1,863,293 | |||
Liabilities and Equity | |||||||
Deposits: | |||||||
Interest-bearing | $ | 2,614,663 | $ | — | |||
Noninterest-bearing | 224,056 | — | |||||
Total deposits | 2,838,719 | — | |||||
Short-term borrowings | 46,110 | 104,989 | |||||
Advances from Paycheck Protection Program Liquidity Facility (PPPLF) | 391,945 | — | |||||
Retail notes, certificates and secured borrowings at fair value | 298,541 | 636,774 | |||||
Payable on Structured Program borrowings | 89,252 | 152,808 | |||||
Other long-term debt | 15,563 | — | |||||
Other liabilities | 265,840 | 244,551 | |||||
Total liabilities | 3,945,970 | 1,139,122 | |||||
Equity | |||||||
Series A Preferred stock, $0.01 par value; 1,200,000 shares authorized; 0 and 43,000 shares issued and outstanding, respectively | — | — | |||||
Common stock, $0.01 par value; 180,000,000 shares authorized; 99,782,192 and 88,149,510 shares issued and outstanding, respectively | 998 | 881 | |||||
Additional paid-in capital | 1,594,646 | 1,508,020 | |||||
Accumulated deficit | (796,742) | (786,214) | |||||
Treasury stock, at cost; 4,251 and 0 shares, respectively | (92) | — | |||||
Accumulated other comprehensive income | 5,980 | 1,484 | |||||
Total equity | 804,790 | 724,171 | |||||
Total liabilities and equity | $ | 4,750,760 | $ | 1,863,293 | |||
LENDINGCLUB CORPORATION | |||||||||||||||||||||||||||||||
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Total | ||||||||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 825,538 | $ | — | $ | 100,815 | $ | 524,963 | $ | (64,202) | $ | — | $ | 862,151 | $ | 524,963 | |||||||||||||||
Restricted cash | — | — | 84,827 | 103,522 | (7,250) | — | 77,577 | 103,522 | |||||||||||||||||||||||
Securities available for sale at fair value | 201,438 | — | 73,492 | 142,226 | — | — | 274,930 | 142,226 | |||||||||||||||||||||||
Loans held for sale at fair value | 82,483 | — | 69,677 | 121,902 | — | — | 152,160 | 121,902 | |||||||||||||||||||||||
Loans and leases held for investment, net | 2,603,256 | — | — | — | — | — | 2,603,256 | — | |||||||||||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | 298,541 | 636,686 | — | — | 298,541 | 636,686 | |||||||||||||||||||||||
Other loans held for investment at fair value | — | — | 27,229 | 49,954 | — | — | 27,229 | 49,954 | |||||||||||||||||||||||
Property, equipment and software, net | 26,457 | — | 69,616 | 96,641 | — | — | 96,073 | 96,641 | |||||||||||||||||||||||
Investment in subsidiary | — | — | 511,394 | — | (511,394) | — | — | — | |||||||||||||||||||||||
Goodwill | 75,717 | — | — | — | — | — | 75,717 | — | |||||||||||||||||||||||
Other assets | 199,050 | — | 176,994 | 187,399 | (92,918) | — | 283,126 | 187,399 | |||||||||||||||||||||||
Total assets | 4,013,939 | — | 1,412,585 | 1,863,293 | (675,764) | — | 4,750,760 | 1,863,293 | |||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||
Total deposits | 2,910,171 | — | — | — | (71,452) | — | 2,838,719 | — | |||||||||||||||||||||||
Short-term borrowings | 321 | — | 45,789 | 104,989 | — | — | 46,110 | 104,989 | |||||||||||||||||||||||
Advances from PPPLF | 391,945 | — | — | — | — | — | 391,945 | — | |||||||||||||||||||||||
Retail notes, certificates and secured borrowings at fair value | — | — | 298,541 | 636,774 | — | — | 298,541 | 636,774 | |||||||||||||||||||||||
Payable on Structured Program borrowings | — | — | 89,252 | 152,808 | — | — | 89,252 | 152,808 | |||||||||||||||||||||||
Other long-term debt | — | — | 15,563 | — | — | — | 15,563 | — | |||||||||||||||||||||||
Other liabilities | 154,521 | — | 171,764 | 244,551 | (60,445) | — | 265,840 | 244,551 | |||||||||||||||||||||||
Total liabilities | 3,456,958 | — | 620,909 | 1,139,122 | (131,897) | — | 3,945,970 | 1,139,122 | |||||||||||||||||||||||
Total equity | 556,981 | — | 791,676 | 724,171 | (543,867) | — | 804,790 | 724,171 | |||||||||||||||||||||||
Total liabilities and equity | $ | 4,013,939 | $ | — | $ | 1,412,585 | $ | 1,863,293 | $ | (675,764) | $ | — | $ | 4,750,760 | $ | 1,863,293 | |||||||||||||||
LENDINGCLUB CORPORATION | |||||||||||||||||||||||||
The following table is provided to delineate between the assets and liabilities belonging to our member payment dependent self-directed retail program (Retail Program) note holders and certain VIEs that we are required to consolidate in accordance with GAAP. Such assets are not legally ours and the associated liabilities are payable only from the cash flows generated by those assets (i.e. Pass-throughs). As such, these debt holders do not have a secured interest in any other assets of LendingClub. We believe this is a useful measure because it illustrates the overall financial stability and operating leverage of the Company. | |||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Retail Program (1) | Consolidated VIEs (2)(4) | All Other LendingClub (3) | Condensed Consolidated Balance Sheet | Retail Program (1) | Consolidated VIEs (2)(4) | All Other LendingClub (3) | Condensed Consolidated Balance Sheet | ||||||||||||||||||
Assets | |||||||||||||||||||||||||
Total cash and cash equivalents | $ | — | $ | — | $ | 862,151 | $ | 862,151 | $ | — | $ | — | $ | 524,963 | $ | 524,963 | |||||||||
Restricted cash | — | 12,537 | 65,040 | 77,577 | — | 13,473 | 90,049 | 103,522 | |||||||||||||||||
Securities available for sale at fair value | — | — | 274,930 | 274,930 | — | — | 142,226 | 142,226 | |||||||||||||||||
Loans held for sale at fair value (4) | — | 52,175 | 99,985 | 152,160 | — | 92,802 | 29,100 | 121,902 | |||||||||||||||||
Loans and leases held for investment, net | — | — | 2,603,256 | 2,603,256 | — | — | — | — | |||||||||||||||||
Retail and certificate loans held for investment at fair value | 283,153 | 15,388 | — | 298,541 | 584,066 | 52,620 | — | 636,686 | |||||||||||||||||
Other loans held for investment at fair value (4) | — | 24,333 | 2,896 | 27,229 | — | 46,120 | 3,834 | 49,954 | |||||||||||||||||
Property, equipment and software, net | — | — | 96,073 | 96,073 | — | — | 96,641 | 96,641 | |||||||||||||||||
Goodwill | — | — | 75,717 | 75,717 | — | — | — | — | |||||||||||||||||
Other assets | 1,761 | 491 | 280,874 | 283,126 | 3,797 | 1,134 | 182,468 | 187,399 | |||||||||||||||||
Total assets | $ | 284,914 | $ | 104,924 | $ | 4,360,922 | $ | 4,750,760 | $ | 587,863 | $ | 206,149 | $ | 1,069,281 | $ | 1,863,293 | |||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Total deposits | $ | — | $ | — | $ | 2,838,719 | $ | 2,838,719 | $ | — | $ | — | $ | — | $ | — | |||||||||
Short-term borrowings | — | — | 46,110 | 46,110 | — | — | 104,989 | 104,989 | |||||||||||||||||
Advances from PPPLF | — | — | 391,945 | 391,945 | — | — | — | — | |||||||||||||||||
Retail notes, certificates and secured borrowings at fair value | 283,153 | 15,388 | — | 298,541 | 584,066 | 52,620 | 88 | 636,774 | |||||||||||||||||
Payable on Structured Program borrowings (4) | — | 89,252 | — | 89,252 | — | 152,808 | — | 152,808 | |||||||||||||||||
Other long-term debt | — | — | 15,563 | 15,563 | — | — | — | — | |||||||||||||||||
Other liabilities | 1,761 | 284 | 263,795 | 265,840 | 3,797 | 721 | 240,033 | 244,551 | |||||||||||||||||
Total liabilities | 284,914 | 104,924 | 3,556,132 | 3,945,970 | 587,863 | 206,149 | 345,110 | 1,139,122 | |||||||||||||||||
Total equity | — | — | 804,790 | 804,790 | — | — | 724,171 | 724,171 | |||||||||||||||||
Total liabilities and equity | $ | 284,914 | $ | 104,924 | $ | 4,360,922 | $ | 4,750,760 | $ | 587,863 | $ | 206,149 | $ | 1,069,281 | $ | 1,863,293 | |||||||||
(1) | Represents loans held for investment at fair value that are funded directly by our Retail Program notes. The liabilities are only payable from the cash flows generated by the associated assets. We do not assume principal or interest rate risk on loans facilitated through our lending marketplace that are funded by our Retail Program because loan balances, interest rates and maturities are matched and offset by an equal balance of notes with the exact same interest rates and maturities. We do not retain any economic interests from our Retail Program. Interest expense on Retail Program notes of $44.5 million and $77.2 million was equally matched and offset by interest income from the related loans of $44.5 million and $77.2 million for the first nine months of 2021 and 2020, respectively, resulting in no net effect on our net interest income. |
(2) | Represents assets and equal and offsetting liabilities of certain VIEs that we are required to consolidate in accordance with GAAP, but which are not legally ours. The liabilities are only payable from the cash flows generated by the associated assets. The creditors of the VIEs have no recourse to the general credit of the Company. Interest expense on these liabilities owned by third parties of $11.9 million and $106.4 million was equally matched and offset by interest income on the loans of $11.9 million and $106.4 million for the first nine months of 2021 and 2020, respectively, resulting in no net effect on our net interest income. Economic interests held by LendingClub, including retained interests, residuals and equity of the VIEs, are reflected in "Loans held for sale at fair value," "Other loans held for investment at fair value" and "Restricted cash," respectively, within the "All Other LendingClub" column. |
(3) | Represents all other assets and liabilities of LendingClub, other than those related to our Retail Program and certain consolidated VIEs, but includes any economic interests held by LendingClub, including retained interests, residuals and equity of those consolidated VIEs. |
(4) | The Company has sponsored Structured Program transactions that have been consolidated, resulting in an increase to "Other loans held for investment at fair value," "Loans held for sale at fair value" and the related "Payable on Structured Program borrowings." |
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SOURCE LendingClub Corporation