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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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☒ | 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
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LendingClub Corporation |
(Exact name of registrant as specified in its charter) |
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Delaware | 51-0605731 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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| 595 Market Street, Suite 200, | |
| San Francisco, | CA | 94105 | |
(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:
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Title of each class | Trading Symbol | Name of each exchange on which registered |
Common stock, par value $0.01 per share | LC | New York Stock Exchange |
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.
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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:
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Acquisition | Acquisition of Radius Bancorp, Inc. |
AFS | Available for Sale |
ACL | Allowance for Credit Losses (includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments) |
ALLL | Allowance for Loan and Lease Losses |
Annual Report | Annual Report on Form 10-K for the year ended December 31, 2021 |
ASU | Accounting Standards Update |
AUM | Assets Under Management (outstanding balances of Loan Originations serviced by the Company including loans serviced for others as well as loans held for investment and held for sale by the Company) |
Balance Sheet | Condensed Consolidated Balance Sheets |
LC Bank or LendingClub Bank | LendingClub Bank, National Association |
CECL | Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) |
CET1 | Common Equity Tier 1 |
CET1 Capital Ratio | Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III capital framework |
DCF | Discounted Cash Flow |
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EPS | Net Income (Loss) Per Share |
Exchange Act | Securities Exchange Act of 1934, as amended |
FRB or Federal Reserve | Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) |
GAAP | Accounting Principles Generally Accepted in the United States of America |
HFI | Loans which are retained by the Company and held for investment |
HFS | Held for sale loans expected to be sold to investors, including Marketplace Loans |
Income Statement | Condensed Consolidated Statements of Income |
LendingClub, LC, the Company, we, us, or our | LendingClub Corporation and its subsidiaries |
Loan Originations | Unsecured personal loans and auto refinance loans originated by the Company or facilitated by third-party issuing banks |
Marketplace Loans | Loan Originations designated as HFS and subsequently sold to investors |
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N/M | Not meaningful |
Parent | LendingClub Corporation (the parent company of LendingClub Bank, National Association and other subsidiaries) |
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PPP Loans | Loans originated pursuant to the U.S. Small Business Administration’s Paycheck Protection Program |
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Radius | Radius Bancorp, Inc. |
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ROA | Return on Average Total Assets |
ROE | Return on Average Equity |
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SEC | United States Securities and Exchange Commission |
Securities Act | Securities Act of 1933, as amended |
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Structured Program transactions | Asset-backed securitization transactions and Certificate Program transactions (CLUB and Levered certificates), where certain accredited investors and qualified institutional buyers have the opportunity to invest in securities backed by a pool of unsecured personal whole loans. |
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Tier 1 Capital Ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III capital framework. |
Tier 1 Leverage Ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III capital framework. |
Total Capital Ratio | Total capital, which includes Common Equity Tier 1 capital, Tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as Tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III capital framework. |
Unsecured personal loans | Unsecured personal loans originated on the Company’s platforms, including an online direct to consumer platform and a platform connected with a network of education and patient finance providers. |
VIE | Variable Interest Entity |
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;
•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.
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, 2022 | | December 31, 2021 |
Assets | | | |
Cash and due from banks | $ | 23,211 | | | $ | 35,670 | |
Interest-bearing deposits in banks | 929,630 | | | 651,456 | |
Total cash and cash equivalents | 952,841 | | | 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 investment | 4,806,927 | | | 2,899,126 | |
Allowance for loan and lease losses | (303,201) | | | (144,389) | |
Loans and leases held for investment, net | 4,503,726 | | | 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, net | 129,957 | | | 97,996 | |
Goodwill | 75,717 | | | 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-bearing | 255,374 | | | 216,585 | |
Total deposits | 5,123,506 | | | 3,135,788 | |
Short-term borrowings | 4,803 | | | 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 debt | 15,300 | | | 15,455 | |
Other liabilities (1) | 320,055 | | | 303,951 | |
Total liabilities | 5,653,664 | | | 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 equity | 1,121,410 | | | 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.
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, 2022 | | December 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 value | 6,375 | | | 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 borrowings | 11,185 | | | 65,451 | |
Other liabilities | 39 | | | 467 | |
Total liabilities of consolidated VIEs | $ | 14,164 | | | $ | 76,199 | |
See Notes to Condensed Consolidated Financial Statements.
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, |
| 2022 | | 2021 | | 2022 | | 2021 |
Non-interest income: | | | | | | | |
Marketplace revenue | $ | 173,837 | | | $ | 174,556 | | | $ | 560,187 | | | $ | 408,018 | |
Other non-interest income | 7,400 | | | 6,322 | | | 24,739 | | | 18,670 | |
Total non-interest income | 181,237 | | | 180,878 | | | 584,926 | | | 426,688 | |
| | | | | | | |
Interest income: | | | | | | | |
Interest on loans held for sale | 5,879 | | | 8,536 | | | 20,459 | | | 22,387 | |
Interest and fees on loans and leases held for investment | 124,028 | | | 57,644 | | | 324,381 | | | 112,013 | |
Interest on retail and certificate loans held for investment at fair value | 3,685 | | | 12,172 | | | 15,745 | | | 48,448 | |
Interest on other loans held for investment at fair value | 791 | | | 973 | | | 2,015 | | | 3,674 | |
Interest on securities available for sale | 3,820 | | | 3,180 | | | 12,757 | | | 7,954 | |
Other interest income | 5,017 | | | 355 | | | 7,984 | | | 701 | |
Total interest income | 143,220 | | | 82,860 | | | 383,341 | | | 195,177 | |
| | | | | | | |
Interest expense: | | | | | | | |
Interest on deposits | 15,184 | | | 1,899 | | | 24,700 | | | 4,612 | |
Interest on short-term borrowings | 87 | | | 849 | | | 939 | | | 3,116 | |
Interest on retail notes, certificates and secured borrowings | 3,685 | | | 12,172 | | | 15,745 | | | 48,448 | |
Interest on Structured Program borrowings | 225 | | | 2,120 | | | 1,349 | | | 7,996 | |
Interest on other long-term debt | 363 | | | 532 | | | 1,026 | | | 1,306 | |
Total interest expense | 19,544 | | | 17,572 | | | 43,759 | | | 65,478 | |
| | | | | | | |
Net interest income | 123,676 | | | 65,288 | | | 339,582 | | | 129,699 | |
| | | | | | | |
Total net revenue | 304,913 | | | 246,166 | | | 924,508 | | | 556,387 | |
| | | | | | | |
Provision for credit losses | 82,739 | | | 37,524 | | | 205,814 | | | 93,651 | |
| | | | | | | |
Non-interest expense: | | | | | | | |
Compensation and benefits | 84,916 | | | 73,304 | | | 251,629 | | | 209,649 | |
Marketing | 46,031 | | | 50,782 | | | 162,608 | | | 105,434 | |
Equipment and software | 12,491 | | | 10,297 | | | 35,998 | | | 27,471 | |
Occupancy | 5,051 | | | 6,486 | | | 17,279 | | | 19,543 | |
Depreciation and amortization | 10,681 | | | 10,549 | | | 32,277 | | | 33,823 | |
Professional services | 11,943 | | | 11,750 | | | 40,487 | | | 34,873 | |
Other non-interest expense | 15,106 | | | 15,607 | | | 46,531 | | | 42,373 | |
Total non-interest expense | 186,219 | | | 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) | |
| | | | | | | |
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, |
| 2022 | | 2021 | | 2022 | | 2021 |
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 – Basic | 104,215,594 | | | 99,073,507 | | | 102,838,645 | | | 96,531,725 | |
Weighted-average common shares – Diluted | 105,853,938 | | | 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.
LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
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.
LENDINGCLUB CORPORATION
Condensed Consolidated Statements of Changes in Equity
(In Thousands, Except Share Data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Treasury Stock | | Accumulated Other Comprehensive Loss | | Accumulated Deficit | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | |
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 Stock | | Common Stock | | Additional Paid-in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Deficit | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | |
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 Stock | | Common Stock | | Additional Paid-in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income | | Accumulated Deficit | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | |
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 Stock | | Common Stock | | Additional Paid-in Capital | | Treasury Stock | | Accumulated Other Comprehensive Income | | Accumulated Deficit | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | |
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 | | | — | | | |