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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 September 30, 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: (415) 632-5600
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 October 27, 2022, there were 105,088,696 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 serviced for others 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 Income
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;
•our expectations on the interplay among origination volume, underwriting standards and interest rates;
1

LENDINGCLUB CORPORATION

•the ability of borrowers to repay loans and the plans of borrowers;
•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)
September 30, 2022December 31, 2021
Assets
Cash and due from banks$23,211 $35,670 
Interest-bearing deposits in banks929,630 651,456 
Total cash and cash equivalents952,841 687,126 
Restricted cash (1)
66,285 76,460 
Securities available for sale at fair value ($415,726 and $256,170 at amortized cost, respectively)
359,157 263,530 
Loans held for sale (includes $90,058 and $142,370 at fair value, respectively) (1)
90,058 391,248 
Loans and leases held for investment4,806,927 2,899,126 
Allowance for loan and lease losses(303,201)(144,389)
Loans and leases held for investment, net4,503,726 2,754,737 
Retail and certificate loans held for investment at fair value (1)
87,144 229,719 
Other loans held for investment at fair value (1)
15,057 21,240 
Property, equipment and software, net129,957 97,996 
Goodwill75,717 75,717 
Other assets (1)
495,132 302,546 
Total assets$6,775,074 $4,900,319 
Liabilities and Equity
Deposits:
Interest-bearing$4,868,132 $2,919,203 
Noninterest-bearing255,374 216,585 
Total deposits5,123,506 3,135,788 
Short-term borrowings4,803 27,780 
Advances from Paycheck Protection Program Liquidity Facility (PPPLF)91,671 271,933 
Retail notes, certificates and secured borrowings at fair value (1)
87,144 229,719 
Payable on Structured Program borrowings (1)
11,185 65,451 
Other long-term debt15,300 15,455 
Other liabilities (1)
320,055 303,951 
Total liabilities5,653,664 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; 105,088,761 and 101,043,924 shares issued and outstanding, respectively
1,051 1,010 
Additional paid-in capital
1,611,627 1,559,616 
Accumulated deficit(451,336)(717,430)
Treasury stock, at cost; 7,751 and 0 shares, respectively
(98)— 
Accumulated other comprehensive income (loss)(39,834)7,046 
Total equity1,121,410 850,242 
Total liabilities and equity$6,775,074 $4,900,319 
(1)    Includes amounts in consolidated variable interest entities (VIEs) presented separately in the table below.
3
LENDINGCLUB CORPORATION
Condensed Consolidated Balance Sheets (Continued)
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)


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.
September 30, 2022December 31, 2021
Assets of consolidated VIEs, included in total assets above
Restricted cash$8,600 $13,462 
Loans held for sale at fair value— 41,734 
 Retail and certificate loans held for investment at fair value 2,940 10,281 
Other loans held for investment at fair value6,375 20,929 
Other assets 218 584 
Total assets of consolidated VIEs$18,133 $86,990 
Liabilities of consolidated VIEs, included in total liabilities above
Retail notes, certificates and secured borrowings at fair value$2,940 $10,281 
Payable on Structured Program borrowings11,185 65,451 
Other liabilities39 467 
Total liabilities of consolidated VIEs$14,164 $76,199 

See Notes to Condensed Consolidated Financial Statements.
4

LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Income
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Non-interest income:
Marketplace revenue$173,837 $174,556 $560,187 $408,018 
Other non-interest income7,400 6,322 24,739 18,670 
Total non-interest income181,237 180,878 584,926 426,688 
Interest income:
Interest on loans held for sale5,879 8,536 20,459 22,387 
Interest and fees on loans and leases held for investment124,028 57,644 324,381 112,013 
Interest on retail and certificate loans held for investment at fair value3,685 12,172 15,745 48,448 
Interest on other loans held for investment at fair value791 973 2,015 3,674 
Interest on securities available for sale3,820 3,180 12,757 7,954 
Other interest income5,017 355 7,984 701 
Total interest income143,220 82,860 383,341 195,177 
Interest expense:
Interest on deposits15,184 1,899 24,700 4,612 
Interest on short-term borrowings87 849 939 3,116 
Interest on retail notes, certificates and secured borrowings3,685 12,172 15,745 48,448 
Interest on Structured Program borrowings225 2,120 1,349 7,996 
Interest on other long-term debt363 532 1,026 1,306 
Total interest expense19,544 17,572 43,759 65,478 
Net interest income123,676 65,288 339,582 129,699 
Total net revenue304,913 246,166 924,508 556,387 
Provision for credit losses82,739 37,524 205,814 93,651 
Non-interest expense:
Compensation and benefits84,916 73,304 251,629 209,649 
Marketing46,031 50,782 162,608 105,434 
Equipment and software12,491 10,297 35,998 27,471 
Occupancy5,051 6,486 17,279 19,543 
Depreciation and amortization10,681 10,549 32,277 33,823 
Professional services11,943 11,750 40,487 34,873 
Other non-interest expense15,106 15,607 46,531 42,373 
Total non-interest expense186,219 178,775 586,809 473,166 
Income (Loss) before income tax benefit (expense)35,955 29,867 131,885 (10,430)
Income tax benefit (expense)7,243 (2,682)134,209 (98)
Net income (loss)$43,198 $27,185 $266,094 $(10,528)
5

LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Income (Continued)
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2022202120222021
Net income (loss)$43,198 $27,185 $266,094 $(10,528)
Net income (loss) per share: (1)
Basic EPS – common stockholders$0.41 $0.27 $2.59 $(0.11)
Diluted EPS – common stockholders$0.41 $0.26 $2.56 $(0.11)
Weighted-average common shares – Basic104,215,594 99,073,507 102,838,645 96,531,725 
Weighted-average common shares – Diluted105,853,938 106,108,662 104,116,240 96,531,725 
Basic EPS – preferred stockholders$— $— $— $(0.11)
Diluted EPS – preferred stockholders$— $— $— $(0.11)
Weighted-average common shares, as converted – Basic— — — 873,217 
Weighted-average common shares, as converted – Diluted— — — 873,217 
(1)    See “Notes to Condensed Consolidated Financial Statements – Note 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
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income (loss)$43,198 $27,185 $266,094 $(10,528)
Other comprehensive income (loss):
Net unrealized gain (loss) on securities available for sale(24,112)1,106 (63,929)4,496 
Other comprehensive income (loss), before tax(24,112)1,106 (63,929)4,496 
Income tax effect (1)
(6,121)— (17,049)— 
Other comprehensive income (loss), net of tax(17,991)1,106 (46,880)4,496 
Total comprehensive income (loss)$25,207 $28,291 $219,214 $(6,032)
(1)    Income tax effect for the three and nine months ended September 30, 2022 after the release in the second quarter of 2022 of the valuation allowance against the deferred tax asset on available for sale securities.

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 LossAccumulated
Deficit		Total
Equity
 SharesAmountSharesAmountSharesAmount
Balance at
June 30, 2022
— $— 103,630,776 $1,036 $1,594,458 — $— $(21,843)$(494,534)$1,079,117 
Stock-based compensation— — — — 18,757 — — — — 18,757 
Net issuances under equity incentive plans, net of tax (1)
— — 1,457,985 15 (1,588)7,751 (98)— — (1,671)
Net unrealized loss on securities available for sale, net of tax— — — — — — — (17,991)— (17,991)
Net income— — — — — — — — 43,198 43,198 
Balance at
September 30, 2022
— $— 105,088,761 $1,051 $1,611,627 7,751 $(98)$(39,834)$(451,336)1,121,410 
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— — — — 55,608 — — — — 55,608 
Net issuances under equity incentive plans, net of tax (1)
— — 4,044,837 41 (3,597)7,751 (98)— — (3,654)
Net unrealized loss on securities available for sale, net of tax— — — — — — — (46,880)— (46,880)
Net income— — — — — — — — 266,094 266,094 
Balance at
September 30, 2022
— $— 105,088,761 $1,051 $1,611,627 7,751 $(98)$(39,834)$(451,336)$1,121,410 
Preferred StockCommon StockAdditional
Paid-in
Capital		Treasury StockAccumulated Other Comprehensive IncomeAccumulated
Deficit		Total
Equity
SharesAmountSharesAmountSharesAmount
Balance at
June 30, 2021
— $— 98,601,148 $986 $1,530,314 4,251 $(92)$4,874 $(773,723)$762,359 
Stock-based compensation— — — — 17,971 — — — — 17,971 
Net issuances under equity incentive plans, net of tax— — 1,181,044 12 (3,843)— — — — (3,831)
Net unrealized gain on securities available for sale, net of tax— — — — — — — 1,106 — 1,106 
Net income— — — — — — — — 27,185 27,185 
Balance at
September 30, 2021
— $— 99,782,192 $998 $1,544,442 4,251 $(92)$5,980 $(746,538)$804,790 
 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— — — — 52,637 — — — — 52,637 
Net issuances under equity incentive plans, net of tax (1)
— — 3,571,568 36 (7,392)4,251 (92)— — (7,448)
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— — — — — — — 4,496 —