0001409970FALSE00014099702023-10-252023-10-25

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): October 25, 2023
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 October 25, 2023, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the third quarter ended September 30, 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: October 25, 2023By:/s/ ANDREW LABENNE
Andrew LaBenne
Chief Financial Officer
(duly authorized officer)


                                    EXHIBIT 99.1
lendingclublogonewa02.jpg
LendingClub Reports Third Quarter 2023 Results
Continued GAAP Profitability With Strong Capital & Liquidity Levels
Doubles Issuance of Structured Certificates With New Buyers Added to Platform

SAN FRANCISCO – October 25, 2023 – 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, 2023.

“Our disciplined execution has resulted in our tenth consecutive quarter of GAAP profitability. We are successfully leveraging our proprietary structured certificates program to drive marketplace issuance, while also taking difficult but necessary actions to align our expense base to current market conditions,” said Scott Sanborn, LendingClub CEO. “Looking ahead, these actions combined with our strong foundation and capital base have us well positioned to capture a historic refinance opportunity as market conditions stabilize.”

Third Quarter 2023 Results
Balance Sheet:
•Total assets of $8.5 billion compared to $8.3 billion in the prior quarter, primarily reflecting growth in securities related to the structured certificate program.
•Deposits of $7.0 billion compared to $6.8 billion in the prior quarter, primarily due to an increase in customer certificates of deposit.
◦FDIC-insured deposits represent approximately 86% of total deposits.
•Loans and leases held for investment of $5.2 billion compared to $5.6 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 13.2% and consolidated Common Equity Tier 1 capital ratio of 16.9%.
•Book value per common share of $11.02 compared to $11.09 in the prior quarter.
•Tangible book value per common share of $10.21 compared to $10.26 in the prior quarter.

Financial Performance:
•Loan originations of $1.5 billion compared to $2.0 billion in the prior quarter as a result of reduced purchases by bank loan investors.
•Total net revenue of $200.8 million compared to $232.5 million in the prior quarter due to:
◦Marketplace revenue of $60.9 million compared to $82.8 million in the prior quarter, primarily reflecting lower pricing on sold marketplace volumes, partially offset by a one-time benefit related to recouping volume-based purchase incentives from the bank investor channel.
◦Net interest income of $137.0 million compared to $146.7 million in the prior quarter reflecting a lower balance of held for investment loans and higher deposit funding costs.
•Net income of $5.0 million, or diluted EPS of $0.05, compared to $10.1 million, or diluted EPS of $0.09, in the prior quarter.
•Pre-provision net revenue (PPNR) of $72.8 million compared to $81.4 million in the prior quarter. PPNR in the third quarter of 2023 is inclusive of:
◦A non-recurring $10.4 million revenue benefit related to customer forfeitures of purchase incentives from the bank investor channel
◦A non-recurring $8.9 million benefit from lower accrued variable compensation
◦Severance charges of $5.4 million, partially offset by a $4.0 million reversal of previously accrued compensation
•Provision for credit losses of $64.5 million compared to $66.6 million in the prior quarter driven by lower volume of retained loans, offset by an increase in provision on the Held for Investment loan portfolio.
•Efficiency ratio improved to 63.7% compared to 65.0% in the prior quarter, driven by lower non-interest expense.

1

Three Months Ended
($ in millions, except per share amounts)September 30,
2023		June 30,
2023		September 30,
2022
Total net revenue$200.8 $232.5 $304.9 
Non-interest expense128.0 151.1 186.2 
Pre-provision net revenue (1)
72.8 81.4 118.7 
Provision for credit losses64.5 66.6 82.7 
Income before income tax benefit (expense)8.3 14.8 36.0 
Income tax benefit (expense)(3.3)(4.7)7.2 
Net income$5.0 $10.1 $43.2 
Diluted EPS$0.05 $0.09 $0.41 
Income tax benefit from release of tax valuation allowance$— $— $5.0 
Net income excluding income tax benefit (1)
$5.0 $10.1 $38.2 
Diluted EPS excluding income tax benefit (1)
$0.05 $0.09 $0.36 
(1)    See page 3 of this release for additional information on our use of non-GAAP financial measures.

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

Fourth Quarter 2023
Loan Originations
$1.5B to $1.7B
Pre-Provision Net Revenue (PPNR)
$35M to $45M

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 4.7 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 2023 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 25, 2023. 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 896211, 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 1, 2023, by calling +1 (929) 458-6194 or outside the U.S. +1 (833) 470-1428, with Access Code 963754. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), 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 13 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; our ability to realize the expected benefits from recent initiatives; 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
September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022		Q/QY/Y
Operating Highlights:
Non-interest income$63,844 $85,818 $98,990 $127,465 $181,237 (26)%(65)%
Net interest income137,005 146,652 146,704 135,243 123,676 (7)%11 %
Total net revenue200,849 232,470 245,694 262,708 304,913 (14)%(34)%
Non-interest expense128,035 151,079 157,308 180,044 186,219 (15)%(31)%
Pre-provision net revenue(1)
72,814 81,391 88,386 82,664 118,694 (11)%(39)%
Provision for credit losses64,479 66,595 70,584 61,512 82,739 (3)%(22)%
Income before income tax benefit (expense)8,335 14,796 17,802 21,152 35,955 (44)%(77)%
Income tax benefit (expense)(3,327)(4,686)(4,136)2,439 7,243 (29)%N/M
Net income5,008 10,110 13,666 23,591 43,198 (50)%(88)%
Income tax benefit from release of tax valuation allowance— — — 3,180 5,015 N/MN/M
Net income excluding income tax benefit(1)(2)
$5,008 $10,110 $13,666 $20,411 $38,183 (50)%(87)%
Basic EPS$0.05 $0.09 $0.13 $0.22 $0.41 (44)%(88)%
Diluted EPS$0.05 $0.09 $0.13 $0.22 $0.41 (44)%(88)%
Diluted EPS excluding income tax benefit(1)(2)
$0.05 $0.09 $0.13 $0.19 $0.36 (44)%(86)%
LendingClub Corporation Performance Metrics:
Net interest margin6.9 %7.1 %7.5 %7.8 %8.3 %
Efficiency ratio(3)
63.7 %65.0 %64.0 %68.5 %61.1 %
Return on average equity (ROE)(4)
1.7 %3.4 %4.6 %7.2 %14.2 %
Return on average total assets (ROA)(5)
0.2 %0.5 %0.7 %1.1 %2.5 %
Marketing expense as a % of loan originations1.3 %1.2 %1.2 %1.4 %1.3 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio16.9 %16.1 %15.6 %15.8 %18.3 %
Tier 1 leverage ratio13.2 %12.4 %12.8 %14.1 %15.7 %
Book value per common share$11.02 $11.09 $11.08 $10.93 $10.67 (1)%3 %
Tangible book value per common share(1)
$10.21 $10.26 $10.23 $10.06 $9.78 — %4 %
Loan Originations (in millions)(6):
Total loan originations$1,508 $2,011 $2,288 $2,524 $3,539 (25)%(57)%
Marketplace loans$1,182 $1,353 $1,286 $1,824 $2,386 (13)%(50)%
Loan originations held for investment$326 $657 $1,002 $701 $1,153 (50)%(72)%
Loan originations held for investment as a % of total loan originations22 %33 %44 %28 %33 %
Servicing Portfolio AUM (in millions)(7):
Total servicing portfolio$14,818$15,669$16,060$16,157$15,929(5)%(7)%
Loans serviced for others$9,601$10,204$10,504$10,819$11,807(6)%(19)%
5
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended% Change
September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022		Q/QY/Y
Balance Sheet Data:
Loans and leases held for investment at amortized cost, net, excluding PPP loans$4,879,222 $5,160,546 $5,091,969 $4,638,331 $4,414,347 (5)%11 %
PPP loans$7,560 $17,640 $51,112 $66,971 $89,379 (57)%(92)%
Total loans and leases held for investment at amortized cost, net(8)
$4,886,782 $5,178,186 $5,143,081 $4,705,302 $4,503,726 (6)%9 %
Loans held for investment at fair value$326,299 $404,119 $748,618 $925,938 $15,057 (19)%N/M
Total loans and leases held for investment$5,213,081 $5,582,305 $5,891,699 $5,631,240 $4,518,783 (7)%15 %
Total assets$8,472,351 $8,342,506 $8,754,018 $7,979,747 $6,775,074 2 %25 %
Total deposits$7,000,263 $6,843,535 $7,218,854 $6,392,553 $5,123,506 2 %37 %
Total liabilities$7,264,132 $7,136,983 $7,563,276 $6,815,453 $5,653,664 2 %28 %
Total equity$1,208,219 $1,205,523 $1,190,742 $1,164,294 $1,121,410 — %8 %
N/M – Not meaningful
(1)    Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”
(2)    Excludes fourth and third quarter 2022 income tax benefit of $3.2 million and $5.0 million, respectively, 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
September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022
Asset Quality Metrics:
Allowance for loan and lease losses to total loans and leases held for investment6.7 %6.4 %6.4 %6.5 %6.3 %
Allowance for loan and lease losses to consumer loans and leases held for investment7.4 %7.1 %7.1 %7.3 %7.2 %
Allowance for loan and lease losses to commercial loans and leases held for investment2.0 %1.9 %2.0 %2.0 %1.9 %
Net charge-offs$68,795 $59,884 $49,845 $37,148 $22,658 
Net charge-off ratio(1)
5.1 %4.4 %3.8 %3.0 %2.1 %
(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:
September 30,
2023		December 31,
2022
Unsecured personal$4,094,748 $3,866,373 
Residential mortgages186,510 199,601 
Secured consumer254,105 194,634 
Total consumer loans held for investment4,535,363 4,260,608 
Equipment finance (1)
125,289 160,319 
Commercial real estate373,246 373,501 
Commercial and industrial (2)
203,379 238,726 
Total commercial loans and leases held for investment701,914 772,546 
Total loans and leases held for investment at amortized cost5,237,277 5,033,154 
Allowance for loan and lease losses(350,495)(327,852)
Loans and leases held for investment at amortized cost, net$4,886,782 $4,705,302 
Loans held for investment at fair value326,299 925,938 
Total loans and leases held for investment$5,213,081 $5,631,240 
(1)    Comprised of sales-type leases for equipment.
(2)    Includes $7.6 million and $67.0 million of Paycheck Protection Program (PPP) loans as of September 30, 2023 and December 31, 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
September 30, 2023June 30, 2023
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$341,161 $14,002 $355,163 $333,546 $15,311 $348,857 
Credit loss expense for loans and leases held for investment63,733 394 64,127 66,874 (684)66,190 
Charge-offs(73,644)(534)(74,178)(63,345)(924)(64,269)
Recoveries5,038 345 5,383 4,086 299 4,385 
Allowance for loan and lease losses, end of period$336,288 $14,207 $350,495 $341,161 $14,002 $355,163 
Three Months Ended
September 30, 2022
ConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$228,184 $15,076 $243,260 
Credit loss expense for loans and leases held for investment81,935 664 82,599 
Charge-offs(22,944)(784)(23,728)
Recoveries963 107 1,070 
Allowance for loan and lease losses, end of period$288,138 $15,063 $303,201 
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:
September 30, 202330-59
Days		60-89
Days		90 or More
Days		Total Days Past Due
Unsecured personal$33,476 $26,668 $29,398 $89,542 
Residential mortgages— — 163 163 
Secured consumer1,678 790 209 2,677 
Total consumer loans held for investment$35,154 $27,458 $29,770 $92,382 
Equipment finance$— $3,150 $— $3,150 
Commercial real estate4,493 434 1,618 6,545 
Commercial and industrial (1)
1,514 29 1,515 3,058 
Total commercial loans and leases held for investment (1)
$6,007 $3,613 $3,133 $12,753 
Total loans and leases held for investment at amortized cost (1)
$41,161 $31,071 $32,903 $105,135 
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 (%)
 September 30,
2023		June 30,
2023		September 30,
2022
Q3 2023
vs
Q2 2023
Q3 2023
vs
Q3 2022
Non-interest income:
Origination fees$60,912 $70,989 $127,142 (14)%(52)%
Servicing fees32,768 22,015 23,760 49 %38 %
Gain on sales of loans8,572 13,221 23,554 (35)%(64)%
Net fair value adjustments(41,366)(23,442)(619)76 %N/M
Marketplace revenue60,886 82,783 173,837 (26)%(65)%
Other non-interest income2,958 3,035 7,400 (3)%(60)%
Total non-interest income63,844 85,818 181,237 (26)%(65)%
Total interest income207,412 214,486 143,220 (3)%45 %
Total interest expense70,407 67,834 19,544 4 %260 %
Net interest income137,005 146,652 123,676 (7)%11 %
Total net revenue200,849 232,470 304,913 (14)%(34)%
Provision for credit losses64,479 66,595 82,739 (3)%(22)%
Non-interest expense:
Compensation and benefits58,497 71,553 84,916 (18)%(31)%
Marketing19,555 23,940 46,031 (18)%(58)%
Equipment and software12,631 13,968 12,491 (10)%1 %
Depreciation and amortization11,250 11,638 10,681 (3)%5 %
Professional services8,414 9,974 11,943 (16)%(30)%
Occupancy4,612 4,684 5,051 (2)%(9)%
Other non-interest expense13,076 15,322 15,106 (15)%(13)%
Total non-interest expense128,035 151,079 186,219 (15)%(31)%
Income before income tax benefit (expense)8,335 14,796 35,955 (44)%(77)%
Income tax benefit (expense)(3,327)(4,686)7,243 (29)%N/M
Net income$5,008 $10,110 $43,198 (50)%(88)%
Net income per share:
Basic EPS$0.05 $0.09 $0.41 (44)%(88)%
Diluted EPS$0.05 $0.09 $0.41 (44)%(88)%
Weighted-average common shares – Basic109,071,180 107,892,590 104,215,594 1 %5 %
Weighted-average common shares – Diluted109,073,194 107,895,072 105,853,938 1 %3 %
N/M – Not meaningful

9
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
September 30, 2023
Three Months Ended
June 30, 2023
Three Months Ended
September 30, 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$1,249,087 $16,798 5.38 %$1,512,700 $19,134 5.06 %$893,655 $5,017 2.25 %
Securities available for sale at fair value601,512 9,467 6.30 %437,473 5,948 5.44 %396,556 3,820 3.85 %
Loans held for sale at fair value286,111 9,582 13.40 %106,865 4,433 16.59 %126,487 5,879 18.59 %
Loans and leases held for investment:
Unsecured personal loans4,257,360 142,118 13.35 %4,360,506 145,262 13.33 %3,268,649 110,446 13.52 %
Commercial and other consumer loans1,147,130 16,842 5.87 %1,156,751 16,823 5.82 %1,135,474 13,582 4.78 %
Loans and leases held for investment at amortized cost5,404,490 158,960 11.76 %5,517,257 162,085 11.75 %4,404,123 124,028 11.26 %
Loans held for investment at fair value362,837 11,788 13.00 %670,969 21,692 12.93 %17,763 791 17.83 %
Total loans and leases held for investment5,767,327 170,748 11.84 %6,188,226 183,777 11.88 %4,421,886 124,819 11.29 %
Retail and certificate loans held for investment at fair value22,311 817 14.65 %32,760 1,194 14.57 %104,010 3,685 14.17 %
Total interest-earning assets7,926,348 207,412 10.47 %8,278,024 214,486 10.36 %5,942,594 143,220 9.64 %
Cash and due from banks and restricted cash69,442 78,221 58,411 
Allowance for loan and lease losses(354,263)(354,348)(254,849)
Other non-interest earning assets691,641 686,956 597,169 
Total assets$8,333,168 $8,688,853 $6,343,325 
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts$1,271,720 $9,541 2.98 %$1,397,302 $7,760 2.23 %$2,192,904 $4,575 0.83 %
Savings accounts and certificates of deposit5,357,717 59,968 4.44 %5,546,862 58,761 4.25 %2,260,170 10,609 1.86 %
Interest-bearing deposits6,629,437 69,509 4.16 %6,944,164 66,521 3.84 %4,453,074 15,184 1.35 %
Retail notes, certificates and secured borrowings22,311 817 14.65 %32,760 1,194 14.57 %104,010 3,685 14.17 %
Other interest-bearing liabilities13,567 81 2.42 %31,409 119 1.51 %140,904 675 1.92 %
Total interest-bearing liabilities6,665,315 70,407 4.19 %7,008,333 67,834 3.88 %4,697,988 19,544 1.65 %
Non-interest bearing deposits183,728 205,750 284,134 
Other liabilities271,118 272,142 250,086 
Total liabilities$7,120,161 $7,486,225 $5,232,208 
10
LENDINGCLUB CORPORATION
NET INTEREST INCOME (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
September 30, 2023
Three Months Ended
June 30, 2023
Three Months Ended
September 30, 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$1,213,007 $1,202,628 $1,111,117 
Total liabilities and equity$8,333,168 $8,688,853 $6,343,325 
Interest rate spread6.28 %6.48 %7.99 %
Net interest income and net interest margin$137,005 6.91 %$146,652 7.09 %$123,676 8.32 %
(1)    Consolidated presentation reflects intercompany eliminations.
(2)    Nonaccrual loans and any related income are included in their respective loan categories.

11
LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
September 30,
2023		December 31,
2022
Assets
Cash and due from banks$19,220 $23,125 
Interest-bearing deposits in banks1,288,550 1,033,905 
Total cash and cash equivalents1,307,770 1,057,030 
Restricted cash42,487 67,454 
Securities available for sale at fair value ($872,341 and $399,668 at amortized cost, respectively)
795,669 345,702 
Loans held for sale at fair value362,789 110,400 
Loans and leases held for investment5,237,277 5,033,154 
Allowance for loan and lease losses(350,495)(327,852)
Loans and leases held for investment, net4,886,782 4,705,302 
Loans held for investment at fair value326,299 925,938 
Retail and certificate loans held for investment at fair value18,118 55,425 
Property, equipment and software, net159,768 136,473 
Goodwill75,717 75,717 
Other assets496,952 500,306 
Total assets$8,472,351 $7,979,747 
Liabilities and Equity
Deposits:
Interest-bearing$6,687,069 $6,158,560 
Noninterest-bearing313,194 233,993 
Total deposits7,000,263 6,392,553 
Borrowings10,717 74,858 
Retail notes, certificates and secured borrowings at fair value18,118 55,425 
Other liabilities235,034 292,617 
Total liabilities7,264,132 6,815,453 
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 109,648,769 and 106,546,995 shares issued and outstanding, respectively
1,096 1,065 
Additional paid-in capital1,660,236 1,628,590 
Accumulated deficit(398,961)(427,745)
Accumulated other comprehensive loss(54,152)(37,616)
Total equity1,208,219 1,164,294 
Total liabilities and equity$8,472,351 $7,979,747 

12
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 ended
September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022
GAAP Net income$5,008 $10,110 $13,666 $23,591 $43,198 
Less: Provision for credit losses(64,479)(66,595)(70,584)(61,512)(82,739)
Less: Income tax benefit (expense)(3,327)(4,686)(4,136)2,439 7,243 
Pre-provision net revenue$72,814 $81,391 $88,386 $82,664 $118,694 

For the three months ended
September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022
Non-interest income$63,844 $85,818 $98,990 $127,465 $181,237 
Net interest income137,005 146,652 146,704 135,243 123,676 
Total net revenue200,849 232,470 245,694 262,708 304,913 
Non-interest expense(128,035)(151,079)(157,308)(180,044)(186,219)
Pre-provision net revenue72,814 81,391 88,386 82,664 118,694 
Provision for credit losses(64,479)(66,595)(70,584)(61,512)(82,739)
Income before income tax benefit (expense)8,335 14,796 17,802 21,152 35,955 
Income tax benefit (expense)(3,327)(4,686)(4,136)2,439 7,243 
GAAP Net income$5,008 $10,110 $13,666 $23,591 $43,198 

Net Income Excluding Income Tax Benefit and Diluted EPS Excluding Income Tax Benefit
For the three months ended
December 31,
2022		September 30,
2022
GAAP Net income$23,591 $43,198 
Less: Income tax benefit from release of tax valuation allowance (1)
3,180 5,015 
Net income excluding income tax benefit$20,411 $38,183 
GAAP Diluted EPS$0.22 $0.41 
(A)Income tax benefit from release of tax valuation allowance$3,180 $5,015 
(B)Weighted-average common shares – Diluted105,984,612 105,853,938 
(A/B)Diluted EPS impact of income tax benefit$0.03 $0.05 
Diluted EPS excluding income tax benefit$0.19 $0.36 
(1)    There was no income tax benefit from the release of a tax valuation allowance during the nine months ended September 30, 2023.
13
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
September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022
GAAP common equity$1,208,219 $1,205,523 $1,190,742 $1,164,294 $1,121,410 
Less: Goodwill(75,717)(75,717)(75,717)(75,717)(75,717)
Less: Intangible assets(13,151)(14,167)(15,201)(16,334)(17,512)
Tangible common equity$1,119,351 $1,115,639 $1,099,824 $1,072,243 $1,028,181 
Book value per common share
GAAP common equity$1,208,219 $1,205,523 $1,190,742 $1,164,294 $1,121,410 
Common shares issued and outstanding109,648,769 108,694,120 107,460,734 106,546,995 105,088,761 
Book value per common share$11.02 $11.09 $11.08 $10.93 $10.67 
Tangible book value per common share
Tangible common equity$1,119,351 $1,115,639 $1,099,824 $1,072,243 $1,028,181 
Common shares issued and outstanding109,648,769 108,694,120 107,460,734 106,546,995 105,088,761 
Tangible book value per common share$10.21 $10.26 $10.23 $10.06 $9.78 

14
v3.23.3
Cover Page Statement
Oct. 25, 2023
Cover Page [Abstract]  
Entity Central Index Key 0001409970
Entity Emerging Growth Company false
Written Communications false
Document Period End Date Oct. 25, 2023
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
LendingClub (NYSE:LC)
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