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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
Commission File Number: 001-36771
 
LendingClub Corporation
(Exact name of registrant as specified in its charter)
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: (415632-5600
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
As of April 29, 2022, there were 102,194,037 shares of the registrant’s common stock outstanding.



LENDINGCLUB CORPORATION
TABLE OF CONTENTS




Glossary

The following is a list of common acronyms and terms LendingClub Corporation regularly uses in its financial reporting:
AcquisitionAcquisition of Radius Bancorp, Inc.
AFSAvailable for Sale
ACL
Allowance for Credit Losses (includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments)
ALLLAllowance for Loan and Lease Losses
Annual ReportAnnual Report on Form 10-K for the year ended December 31, 2021
ASUAccounting Standards Update
AUM
Assets Under Management (outstanding balances of Loan Originations serviced by the Company including loans sold to investors as well as loans held for investment and held for sale by the Company)
Balance SheetCondensed Consolidated Balance Sheets
LC Bank or LendingClub BankLendingClub Bank, National Association
CECLCurrent Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)
CET1Common Equity Tier 1
CET1 Capital RatioCommon Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III capital framework
DCFDiscounted Cash Flow
EPSNet Income (Loss) Per Share
Exchange ActSecurities Exchange Act of 1934, as amended
FRB or Federal ReserveBoard of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
GAAPAccounting Principles Generally Accepted in the United States of America
HFILoans which are retained by the Company and held for investment
HFSHeld for sale loans expected to be sold to investors, including Marketplace Loans
Income StatementCondensed Consolidated Statements of Operations
LendingClub, LC, the Company, we, us, or ourLendingClub 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 LoansLoan Originations designated as HFS and subsequently sold to investors
N/MNot meaningful
ParentLendingClub Corporation (the parent company of LendingClub Bank, National Association and other subsidiaries)
PPP LoansLoans originated pursuant to the U.S. Small Business Administration’s Paycheck Protection Program
RadiusRadius Bancorp, Inc.
ROAReturn on Average Total Assets
ROEReturn on Average Equity
SECUnited States Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Structured Program transactionsAsset-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 RatioTier 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 RatioTier 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 RatioTotal 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.
VIEVariable Interest Entity



LENDINGCLUB CORPORATION

Except as the context requires otherwise, as used herein, “LendingClub,” “Company,” “we,” “us,” and “our,” refer to LendingClub Corporation, a Delaware corporation, and, where appropriate, its consolidated subsidiaries and consolidated variable interest entities (VIEs), including LendingClub Bank, National Association (LC Bank), and various entities established to facilitate loan sale transactions under LendingClub’s Structured Program.

Forward-looking Statements

This Quarterly Report on Form 10-Q (Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements in this Report include, without limitation, statements regarding borrowers, credit scoring, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and the impact on our business. You can identify these forward-looking statements by words such as “anticipate,” “appear,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or similar expressions.

These forward-looking statements include, among other things, statements about:

our ability to integrate LC Bank and the timing and ability to realize the expected financial and strategic benefits of the acquisition of Radius Bancorp, Inc.;
our ability to attract new members, to expand our product offerings and services, to improve revenue and generate recurring earnings, to capture expense benefits, to increase resiliency, and to enhance regulatory clarity;
our ability, and that of third-party partners or providers, to address stricter or heightened regulatory or supervisory requirements and expectations;
our compliance, and that of third-party partners or providers, with applicable local, state and federal laws, regulations and regulatory developments or court decisions affecting our business;
the impact of COVID-19 and our ability to effectuate, and the effectiveness of, certain operational and strategic initiatives in light of COVID-19;
our ability to successfully navigate the current economic climate;
our ability to sustain the business under adverse circumstances;
the effects of natural disasters, public health crises, acts of war or terrorism and other external events on our customers and business, including the Ukrainian-Russian conflict;
the impact of changes in laws or the regulatory or supervisory environment, including as a result of legislation, regulation, policies or changes in government officials or other personnel;
the impact of changes in monetary, fiscal, or trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities;
the impact of new accounting standards or policies, including the Current Expected Credit Losses (CECL) standard;
the results of examinations of us by regulatory authorities and the possibility that any such regulatory authority may, among other things, limit our business activities, increase our allowance for loan losses, increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits;
our ability, and that of third-party partners or providers, to maintain an enterprise risk management framework that is effective in mitigating risk;
our ability to effectively manage capital or liquidity to support our evolving business or operational needs, while remaining compliant with regulatory or supervisory requirements and appropriate risk-management standards;
our ability to attract and retain loan borrowers;
our ability to develop and maintain a strong core deposit base or other low cost funding sources necessary to fund our activities;
the impact of changes in consumer spending, borrowing and saving habits;
the impact of the continuation of or changes in the short-term and long-term interest rate environment;
the ability of borrowers to repay loans and the plans of borrowers;
1


LENDINGCLUB CORPORATION

our ability to maintain investor confidence in the operation of our platform;
our ability to retain existing sources and secure new or additional sources of investor commitments for our platform;
the performance of our loan products and expected rates of return for investors;
platform volume, pricing and balance;
the effectiveness of our platform’s credit scoring models;
our ability to innovate and the adoption and success of new products and services;
the adequacy of our corporate governance, risk-management framework and compliance programs;
the impact of, and our ability to resolve, pending litigation and governmental inquiries and investigations;
the use of our own capital to purchase loans and the impact of holding loans on and our ability to sell loans off our balance sheet;
our financial condition and performance, including the impact that management’s estimates have on our financial performance and the relationship between interim period and full year results;
our ability, and that of third-party partners and providers, to maintain service and quality expectations;
capital expenditures;
our compliance with contractual obligations or restrictions;
the potential impact of macro-economic developments, including recessions, inflation or other adverse circumstances;
our ability to develop and maintain effective internal controls;
our ability to recruit and retain quality employees to support current operations and future growth;
changes in the effectiveness and reliability of our information technology and computer systems, including the impact of any security or privacy breach; the impact of expense initiatives and our ability to control our cost structure;
our ability to manage and repay our indebtedness; and
other risk factors listed from time to time in reports we file with the United States Securities and Exchange Commission (SEC).

We caution you that the foregoing list may not contain all of the forward-looking statements in this Report. 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. We have included important factors in the “Risk Factors” section of this Report and our Annual Report on Form 10-K for the year ended December 31, 2021, as well as in our condensed consolidated financial statements, related notes, and other information appearing elsewhere in this Report and our other filings with the SEC that could, among other things, cause actual results or events to differ materially from forward-looking statements contained in this Report. Forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this Report carefully and completely and with the understanding that actual future results may be materially different from what we expect. We do not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, actual results, future events or otherwise, other than as required by law.

2


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
LENDINGCLUB CORPORATION
Condensed Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
March 31, 2022December 31, 2021
Assets
Cash and due from banks$30,986 $35,670 
Interest-bearing deposits in banks1,022,239 651,456 
Total cash and cash equivalents1,053,225 687,126 
Restricted cash (1)
60,507 76,460 
Securities available for sale at fair value ($402,944 and $256,170 at amortized cost, respectively)
390,317 263,530 
Loans held for sale (includes $156,730 and $142,370 at fair value, respectively) (1)
156,730 391,248 
Loans and leases held for investment3,422,296 2,899,126 
Allowance for loan and lease losses(187,985)(144,389)
Loans and leases held for investment, net3,234,311 2,754,737 
Retail and certificate loans held for investment at fair value (1)
168,906 229,719 
Other loans held for investment at fair value (1)
15,384 21,240 
Property, equipment and software, net111,503 97,996 
Goodwill75,717 75,717 
Other assets (1)
307,825 302,546 
Total assets$5,574,425 $4,900,319 
Liabilities and Equity
Deposits:
Interest-bearing$3,715,847 $2,919,203 
Noninterest-bearing261,630 216,585 
Total deposits3,977,477 3,135,788 
Short-term borrowings13,188 27,780 
Advances from Paycheck Protection Program Liquidity Facility (PPPLF)193,371 271,933 
Retail notes, certificates and secured borrowings at fair value (1)
168,906 229,719 
Payable on Structured Program borrowings (1)
20,347 65,451 
Other long-term debt15,388 15,455 
Other liabilities (1)
298,314 303,951 
Total liabilities4,686,991 4,050,077 
Equity
Series A Preferred stock, $0.01 par value; 1,200,000 shares authorized; 0 shares issued and outstanding
  
Common stock, $0.01 par value; 180,000,000 shares authorized; 102,194,037 and 101,043,924 shares issued and outstanding, respectively
1,022 1,010 
Additional paid-in capital
1,576,147 1,559,616 
Accumulated deficit(676,594)(717,430)
Accumulated other comprehensive income (loss)(13,141)7,046 
Total equity887,434 850,242 
Total liabilities and equity$5,574,425 $4,900,319 
(1)    Includes amounts in consolidated variable interest entities (VIEs) presented separately in the table below.
3


The following table presents the assets and liabilities of consolidated VIEs, which are included in the Condensed Consolidated Balance Sheets (Balance Sheet) above. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. Additionally, the assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation.
March 31, 2022December 31, 2021
Assets of consolidated VIEs, included in total assets above
Restricted cash$9,602 $13,462 
Loans held for sale at fair value 41,734 
 Retail and certificate loans held for investment at fair value 6,733 10,281 
Other loans held for investment at fair value15,014 20,929 
Other assets 322 584 
Total assets of consolidated VIEs$31,671 $86,990 
Liabilities of consolidated VIEs, included in total liabilities above
Retail notes, certificates and secured borrowings at fair value$6,733 $10,281 
Payable on Structured Program borrowings20,347 65,451 
Other liabilities83 467 
Total liabilities of consolidated VIEs$27,163 $76,199 

See Notes to Condensed Consolidated Financial Statements.
4


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
Three Months Ended
March 31,
 20222021
Non-interest income:
Marketplace revenue$179,966 $81,727 
Other non-interest income9,891 5,607 
Total non-interest income189,857 87,334 
Interest income:
Interest on loans held for sale7,450 5,157 
Interest and fees on loans and leases held for investment91,442 15,301 
Interest on retail and certificate loans held for investment at fair value6,969 20,262 
Interest on other loans held for investment at fair value593 1,479 
Interest on securities available for sale4,511 2,235 
Other interest income688 156 
Total interest income111,653 44,590 
Interest expense:
Interest on deposits3,438 1,014 
Interest on short-term borrowings435 1,264 
Interest on retail notes, certificates and secured borrowings6,969 20,262 
Interest on Structured Program borrowings764 3,208 
Interest on other long-term debt367 336 
Total interest expense11,973 26,084 
Net interest income99,680 18,506 
Total net revenue289,537 105,840 
Provision for credit losses52,509 21,493 
Non-interest expense:
Compensation and benefits81,610 64,420 
Marketing55,080 19,545 
Equipment and software11,046 7,893 
Occupancy6,019 6,900 
Depreciation and amortization11,039 11,766 
Professional services12,406 11,603 
Other non-interest expense14,004 12,125 
Total non-interest expense191,204 134,252 
Income (Loss) before income tax benefit (expense)45,824 (49,905)
Income tax benefit (expense)(4,988)2,821 
Consolidated net income (loss)$40,836 $(47,084)
5


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Operations (Continued)
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
Three Months Ended
March 31,
 20222021
Consolidated net income (loss)$40,836 $(47,084)
Net income (loss) per share: (1)
Basic EPS – common stockholders$0.40 $(0.49)
Diluted EPS – common stockholders$0.39 $(0.49)
Weighted-average common shares – Basic101,493,561 92,666,169 
Weighted-average common shares – Diluted105,052,904 92,666,169 
Basic EPS – preferred stockholders$0.00 $(0.49)
Diluted EPS – preferred stockholders$0.00 $(0.49)
Weighted-average common shares, as converted – Basic 2,648,758 
Weighted-average common shares, as converted – Diluted 2,648,758 
(1)    See “Notes to Condensed Consolidated Financial StatementsNote 3. Net Income (Loss) Per Share” for additional information.

See Notes to Condensed Consolidated Financial Statements.
6


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
Three Months Ended
March 31,
20222021
Consolidated net income (loss)$40,836 $(47,084)
Other comprehensive income (loss):
Net unrealized gain (loss) on securities available for sale
(19,987)204 
Other comprehensive income (loss), before tax(19,987)204 
Income tax effect
200  
Other comprehensive income (loss), net of tax(20,187)204 
Total comprehensive income (loss)$20,649 $(46,880)

See Notes to Condensed Consolidated Financial Statements.
7


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Share Data)
(Unaudited)
 Preferred StockCommon StockAdditional
Paid-in
Capital
Treasury StockAccumulated Other Comprehensive Income (Loss)Accumulated
Deficit
Total
Equity
 SharesAmountSharesAmountSharesAmount
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, net of tax (1)
— — 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 
 Preferred StockCommon StockAdditional
Paid-in
Capital
Treasury StockAccumulated Other Comprehensive IncomeAccumulated
Deficit
Total
Equity
 SharesAmountSharesAmountSharesAmount
Balance at
December 31, 2020
43,000 $ 88,149,510 $881 $1,457,816  $ $1,484 $(736,010)$724,171 
Stock-based compensation— — — — 15,765 — — — — 15,765 
Net issuances under equity incentive plans, net of tax (1)
— — 1,017,502 10 (1,301)4,251 (92)— — (1,383)
Net issuances of stock related to
  acquisition (2)
— — 3,761,114 38 41,424 — — — — 41,462 
Exchange of preferred stock for common stock(43,000)— 4,300,000 43 (43)— — — —  
Net unrealized gain on securities available for sale, net of tax— — — — — — — 204 — 204 
Net loss— — — — — — — — (47,084)(47,084)
Balance at
March 31, 2021
 $ 97,228,126 $972 $1,513,661 4,251 $(92)$1,688 $(783,094)$733,135 
Preferred StockCommon StockAdditional
Paid-in
Capital
Treasury StockAccumulated Other Comprehensive LossAccumulated
Deficit
Total
Equity
SharesAmountSharesAmountSharesAmount
Balance at
December 31, 2019
 $ 88,757,406 $892 $1,467,882 461,391 $(19,550)$(565)$(548,472)$900,187 
Stock-based compensation— — — — 19,699 — — — — 19,699 
Net issuances under equity incentive plans, net of tax (1)
— — 674,689 7 (4,623)5,658 (71)— — (4,687)
Issuance of preferred stock in exchange for common stock195,628 2 (19,562,881)(196)(50,010)— — — — (50,204)
Retirement of treasury stock— — — (4)(19,617)(467,049)19,621 — —  
Net unrealized loss on securities available for sale, net of tax— — — — — — — (20,362)— (20,362)
Net loss— — — — — — — — (48,087)(48,087)
Balance at
March 31, 2020 (3)
195,628 $2 69,869,214 $699 $1,413,331  $ $(20,927)$(596,559)$796,546 
(1)    Includes shares that were transferred to the Company to satisfy payment of all or a portion of the exercise price in connection with the exercise of stock options.
(2)    Stock issued as part of the consideration paid related to the Acquisition.
(3)    The first quarter of 2020 is presented to reflect the full retrospective adoption of Accounting Standards Update (ASU) 2020-06. See “Note 1. Summary of Significant Accounting Policies” for additional information.
See Notes to Condensed Consolidated Financial Statements.
8


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Three Months Ended
March 31,
 20222021
Cash Flows from Operating Activities:
Consolidated net income (loss)$40,836 $(47,084)
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used for) operating activities:
Net fair value adjustments(15,249)5,321 
Provision for credit losses52,509 21,493 
Change in fair value of loan servicing assets16,979 11,837 
Accretion of loan deferred fees and costs(1)
(19,252)(3,273)
Stock-based compensation, net15,694 14,801 
Depreciation and amortization(1)
11,039 11,766 
Gain on sales of loans(24,110)(8,323)
Other, net(1)
1,559 5,505 
Net change to loans held for sale(29,601)(42,786)
Net change in operating assets and liabilities:
Other assets443 (10,290)
Other liabilities(10,174)(10,333)
Net cash provided by (used for) operating activities40,673 (51,366)
Cash Flows from Investing Activities:
Acquisition of company (145,344)
Cash received from acquisition 668,236 
Net change in loans and leases(258,829)(502,387)
Net decrease in retail and certificate loans64,280 138,288 
Purchases of securities available for sale(166,123)(9,911)
Proceeds from sales of securities available for sale 106,192 
Proceeds from maturities and paydowns of securities available for sale24,990 34,239 
Purchases of property, equipment and software, net
(21,575)(6,365)
Other investing activities(2,967)4,960 
Net cash (used for) provided by investing activities(360,224)287,908 
Cash Flows from Financing Activities:
Net change in demand deposits and savings accounts841,689 343,787 
Repayment on PPPLF(78,562)(50,876)
Principal payments on retail notes and certificates(64,358)(138,376)
Principal payments on Structured Program borrowings(9,356)(22,391)
Principal payments on short-term borrowings(14,732)(24,908)
Other financing activities
(4,984)(1,383)
Net cash provided by financing activities669,697 105,853 
Net Increase in Cash, Cash Equivalents and Restricted Cash350,146 342,395 
Cash, Cash Equivalents and Restricted Cash, Beginning of Period763,586 628,485 
Cash, Cash Equivalents and Restricted Cash, End of Period$1,113,732 $970,880 
9


LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Cash Flows (Continued)
(In Thousands)
(Unaudited)
Three Months Ended
March 31,
 20222021
Supplemental Cash Flow Information:
Cash paid for interest$10,223 $22,645 
Cash paid for operating leases included in the measurement of lease liabilities
$4,895 $4,291 
Non-cash investing and financing activity:
Net issuances of stock related to acquisition$ $41,462 
Non-cash financing activity:
Derecognition of payable to securitization note and residual certificate holders held in consolidated VIE$36,072 $ 
(1)    Prior period amounts have been reclassified to conform to the current period presentation.

The following presents cash, cash equivalents and restricted cash by category within the Balance Sheet:
 March 31, 2022December 31, 2021
Cash and cash equivalents$1,053,225 $687,126 
Restricted cash60,507 76,460 
Total cash, cash equivalents and restricted cash
$1,113,732 $763,586 

See Notes to Condensed Consolidated Financial Statements.
10


LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


1. Summary of Significant Accounting Policies

Basis of Presentation

On February 1, 2021, LendingClub Corporation (LendingClub) completed the acquisition (the Acquisition) of Radius Bancorp, Inc. (Radius), whereby LendingClub became a bank holding company and formed LendingClub Bank, National Association (LC Bank) as its wholly-owned subsidiary. The Company operates the vast majority of its business through LC Bank, as a lender and originator of loans and as a regulated bank in the United States.

All intercompany balances and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and, in the opinion of management, contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the results and financial position for the periods presented. These accounting principles require management to make certain estimates and assumptions that affect the amounts in the accompanying financial statements. These estimates and assumptions are inherently subjective in nature and actual results may differ from these estimates and assumptions, and the differences could be material. Results reported in interim periods are not necessarily indicative of results for the full year or any other interim period.

The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (Annual Report) filed on February 11, 2022.

Significant Accounting Policies

The Company’s significant accounting policies are discussed in “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report. There have been no changes to these significant accounting policies for the three month period ended March 31, 2022.

Adoption of New Accounting Standards

The Company did not adopt any new accounting standards during the three month period ended March 31, 2022, except as noted below.

In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity including convertible instruments and contracts on an entity’s own equity. The guidance allows for either full or modified retrospective adoption for fiscal periods beginning after December 15, 2021. The Company adopted this ASU on January 1, 2022 under the full retrospective approach. As a result of the adoption, the deemed dividend recorded in the first quarter of 2020 related to the beneficial conversion feature of the convertible Series A Preferred Stock, was reclassified from Accumulated Deficit to Additional Paid-in Capital within Equity, as shown in the following table:
Three Months Ended March 31, 2020Additional Paid-in CapitalAccumulated Deficit
Issuance of preferred stock in exchange for common stock, as originally reported$194 $(50,204)
Adoption of ASU 2020-06(50,204)50,204 
Issuance of preferred stock in exchange for common stock, as adjusted$(50,010)$ 
11


LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

In addition, since the beneficial conversion feature is no longer recorded as a deemed dividend the allocation of net income (loss) attributable to stockholders and the related Basic and Diluted net income (loss) per share (EPS) has been adjusted, as shown in the following table:
Three Months Ended March 31, 2020Common StockPreferred Stock
Net income (loss) attributable to stockholders, as originally reported$(95,444)$47,357 
Adoption of ASU 2020-0648,750 (48,750)
Net loss attributable to stockholders, as adjusted$(46,694)$(1,393)
Basic and Diluted EPS, as originally reported$(1.10)$18.36 
Adoption of ASU 2020-060.56 (18.90)
Basic and Diluted EPS, as adjusted$(0.54)$(0.54)

The adoption of this ASU did not impact the Company’s financial position and cash flows in the first quarter of 2020, nor did it change net loss reported in the period.

New Accounting Standards Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which, if certain criteria are met, provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform. These transactions include contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity. The provisions of the new standard may be adopted as of the beginning of the reporting period when the election is made until December 31, 2022. The Company is evaluating the impact of this ASU and does not expect it to have a material impact on the Company’s financial position, results of operations, cash flows and disclosures. The Company has not elected an adoption date.

In March 2022, the FASB issued 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 CECL model and amends the guidance on “vintage disclosures” to require disclosure of current period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under Accounting Standards Codification 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The provisions of this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating the impact of this ASU.

2. Marketplace Revenue

Marketplace revenue consists of (i) origination fees, (ii) servicing fees, (iii) gain (loss) on sales of loans and (iv) net fair value adjustments, as described below.

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 fair value of servicing assets.
12


LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

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.

The following table presents components of marketplace revenue for the periods presented:
Three Months Ended
March 31,
20222021
Origination fees$122,093 $55,559 
Servicing fees18,514 23,166 
Gain on sales of loans24,110 8,323 
Net fair value adjustments15,249 (