レンディングクラブの適時開示・決算・その他

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): July 30, 2024


LendingClub Corporation
(Exact name of registrant as specified in its charter)

Commission File Number: 001-36771



Delaware			51-0605731
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

595 Market Street, Suite 200,

San Francisco,

94105

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: 415 930-7440

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 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 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 2.02						Results of Operations and Financial Condition

On July 30, 2024, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the second quarter ended June 30, 2024. A copy of the Earnings Press Release is attached as Exhibit 99.1 to this Form 8-K.

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 9.01						Financial Statements and Exhibits
(d)						Exhibits


Exhibit Number						Exhibit Title or Description
99.1						Press Release dated July 30, 2024
104						Cover 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:	July 30, 2024	By:	/s/ ANDREW LABENNE
			Andrew LaBenne
			Chief Financial Officer
			(duly authorized officer)

EX-99.1 2 q224exhibit991er.htm EX-99.1 Document

EXHIBIT 99.1

LendingClub Reports Second Quarter 2024 Results

10% Sequential Originations Growth

Strong Balance Sheet Growth with Stable Net Interest Margin Drives Increase in Revenue

SAN FRANCISCO – July 30, 2024 – LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the second quarter ended June 30, 2024.

“Our second quarter results mark an inflection point, with our business calibrated to the current rate environment and positioned to accelerate as conditions improve,” said Scott Sanborn, LendingClub CEO. “Thanks to our unique product innovations, we were able to capture strong borrower and marketplace investor demand, delivering growth in originations, revenue, and profitability. I look forward to building on our momentum in the quarters ahead.”

Second Quarter 2024 Results

Balance Sheet:

•Total assets of $9.6 billion compared to $9.2 billion in the prior quarter, primarily due to growth in securities related to the structured certificates program and growth in the extended seasoning portfolio.

•Securities available for sale of $2.8 billion, compared to $2.2 billion in the prior quarter, primarily reflecting growth in the structured certificates program.

•Whole loans held on the balance sheet of $5.1 billion, which consists of loans and leases held for investment and loans held for sale, were roughly flat compared to the prior quarter.

•Deposits of $8.1 billion compared to $7.5 billion in the prior quarter, primarily due to an increase in high-yield savings and certificates of deposit.

◦87% of total deposits are FDIC-insured.

•Strong liquidity profile with $3.0 billion in readily available liquidity.

•Strong capital position with a consolidated Tier 1 leverage ratio of 12.1% and consolidated Common Equity Tier 1 capital ratio of 17.9%.

•Book value per common share increased to $11.52, compared to $11.40 in the prior quarter.

•Tangible book value per common share increased to $10.75, compared to $10.61 in the prior quarter.

Financial Performance:

•Loan originations of $1.8 billion, compared to $1.6 billion in the prior quarter, driven by the successful execution of new consumer loan initiatives combined with marketplace investor demand for structured certificates and higher whole loan retention.

•Total net revenue of $187.2 million, compared to $180.7 million in the prior quarter, driven by:

◦Marketplace revenue of $56.4 million, compared to $55.9 million in the prior quarter, primarily reflecting higher marketplace loan originations and improved loan sale pricing partially offset by the expected fair value adjustments on the maturing Held for Sale portfolio.

◦Net interest income of $128.5 million, compared to $122.9 million in the prior quarter, primarily reflecting growth in total interest-earning assets at a stable net interest margin of 5.75%.

•Provision for credit losses of $35.6 million, compared to $31.9 million in the prior quarter.

•Net income increased to $14.9 million, with diluted EPS of $0.13, compared to $12.3 million, with diluted EPS of $0.11, in the prior quarter. The increase was primarily driven by higher net interest income from growth in the balance sheet.

•Pre-Provision Net Revenue (PPNR) of $55.0 million, compared to $48.5 million in the prior quarter, primarily driven by higher total net revenue while maintaining stable expenses.


	Three Months Ended
($ in millions, except per share amounts)	June 30, 2024		March 31, 2024		June 30, 2023




Total net revenue	$	187.2	$	180.7	$	232.5
Non-interest expense	132.3		132.2		151.1
Pre-provision net revenue (1)	55.0		48.5		81.4
Provision for credit losses	35.6		31.9		66.6
Income before income tax expense	19.4		16.5		14.8
Income tax expense	(4.5)		(4.3)		(4.7)
Net income	$	14.9	$	12.3	$	10.1
Diluted EPS	$	0.13	$	0.11	$	0.09

(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 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


			Third Quarter 2024
Loan originations			$1.8B to $1.9B
Pre-provision net revenue (PPNR)			$40M to $50M

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 hundreds of billions of 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 4.9 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 second quarter 2024 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, July 30, 2024. 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 895739, 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 August 6, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 305717. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), X (formerly 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 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 is an important measure because it reflects 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.

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.

For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on page 13 of this release.

We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense with reasonable certainty without unreasonable effort.

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; 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.

*****

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS

(In thousands, except percentages or as noted)

(Unaudited)


	As of and for the three months ended															% Change
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			Q/Q		Y/Y
Operating Highlights:
Non-interest income	$	58,713		$	57,800		$	54,129		$	63,844		$	85,818		2	%	(32)	%
Net interest income	128,528			122,888			131,477			137,005			146,652			5	%	(12)	%
Total net revenue	187,241			180,688			185,606			200,849			232,470			4	%	(19)	%
Non-interest expense	132,258			132,233			130,015			128,035			151,079			0	%	(12)	%
Pre-provision net revenue(1)	54,983			48,455			55,591			72,814			81,391			13	%	(32)	%
Provision for credit losses	35,561			31,927			41,907			64,479			66,595			11	%	(47)	%
Income before income tax expense	19,422			16,528			13,684			8,335			14,796			18	%	31	%
Income tax expense	(4,519)			(4,278)			(3,529)			(3,327)			(4,686)			6	%	(4)	%
Net income	$	14,903		$	12,250		$	10,155		$	5,008		$	10,110		22	%	47	%

Basic EPS	$	0.13		$	0.11		$	0.09		$	0.05		$	0.09		18	%	44	%
Diluted EPS	$	0.13		$	0.11		$	0.09		$	0.05		$	0.09		18	%	44	%











LendingClub Corporation Performance Metrics:
Net interest margin	5.75		%	5.75		%	6.40		%	6.91		%	7.09		%
Efficiency ratio(2)	70.6		%	73.2		%	70.0		%	63.7		%	65.0		%


Return on average equity (ROE)(3)	4.7		%	3.9		%	3.3		%	1.7		%	3.4		%


Return on average total assets (ROA)(4)	0.6		%	0.5		%	0.5		%	0.2		%	0.5		%

Marketing expense as a % of loan originations	1.47		%	1.47		%	1.44		%	1.30		%	1.19		%

LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio	17.9		%	17.6		%	17.9		%	16.9		%	16.1		%
Tier 1 leverage ratio	12.1		%	12.5		%	12.9		%	13.2		%	12.4		%
Book value per common share	$	11.52		$	11.40		$	11.34		$	11.02		$	11.09		1	%	4	%
Tangible book value per common share(1)	$	10.75		$	10.61		$	10.54		$	10.21		$	10.26		1	%	5	%

Loan Originations (in millions)(5):
Total loan originations	$	1,813		$	1,646		$	1,630		$	1,508		$	2,011		10	%	(10)	%
Marketplace loans	$	1,477		$	1,361		$	1,432		$	1,182		$	1,353		9	%	9	%
Loan originations held for investment	$	336		$	285		$	198		$	326		$	657		18	%	(49)	%
Loan originations held for investment as a % of total loan originations	19		%	17		%	12		%	22		%	33		%

Servicing Portfolio AUM (in millions)(6):
Total servicing portfolio	$	12,999		$	13,437		$	14,122		$	14,818		$	15,669		(3)	%	(17)	%
Loans serviced for others	$	8,337		$	8,671		$	9,336		$	9,601		$	10,204		(4)	%	(18)	%

(1) Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”

(2) Calculated as the ratio of non-interest expense to total net revenue.

(3) Calculated as annualized net income divided by average equity for the period presented.

(4) Calculated as annualized net income divided by average total assets for the period presented.

(5) Includes unsecured personal loans and auto loans only.

(6) 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.

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)


	As of and for the three months ended										% Change
	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		Q/Q		Y/Y
Balance Sheet Data:
Securities available for sale	$	2,814,383	$	2,228,500	$	1,620,262	$	795,669	$	523,579	26	%	438	%
Loans held for sale at fair value	$	791,059	$	550,415	$	407,773	$	362,789	$	250,361	44	%	216	%
Loans and leases held for investment at amortized cost	$	4,228,391	$	4,505,816	$	4,850,302	$	5,237,277	$	5,533,349	(6)	%	(24)	%
Gross allowance for loan and lease losses (1)	$	(285,368)	$	(311,794)	$	(355,773)	$	(388,156)	$	(383,960)	(8)	%	(26)	%
Recovery asset value (2)	$	56,459	$	52,644	$	45,386	$	37,661	$	28,797	7	%	96	%
Allowance for loan and lease losses	$	(228,909)	$	(259,150)	$	(310,387)	$	(350,495)	$	(355,163)	(12)	%	(36)	%
Loans and leases held for investment at amortized cost, net	$	3,999,482	$	4,246,666	$	4,539,915	$	4,886,782	$	5,178,186	(6)	%	(23)	%
Loans held for investment at fair value (3)	$	339,222	$	427,396	$	272,678	$	344,417	$	430,956	(21)	%	(21)	%
Total loans and leases held for investment (3)	$	4,338,704	$	4,674,062	$	4,812,593	$	5,231,199	$	5,609,142	(7)	%	(23)	%
Whole loans held on balance sheet (4)	$	5,129,763	$	5,224,477	$	5,220,366	$	5,593,988	$	5,859,503	(2)	%	(12)	%
Total assets	$	9,586,050	$	9,244,828	$	8,827,463	$	8,472,351	$	8,342,506	4	%	15	%
Total deposits	$	8,095,328	$	7,521,655	$	7,333,486	$	7,000,263	$	6,843,535	8	%	18	%
Total liabilities	$	8,298,105	$	7,978,542	$	7,575,641	$	7,264,132	$	7,136,983	4	%	16	%
Total equity	$	1,287,945	$	1,266,286	$	1,251,822	$	1,208,219	$	1,205,523	2	%	7	%

(1) Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2) Represents the negative allowance for expected recoveries of amounts previously charged-off.

(3) Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amounts have been reclassified to conform to the current period presentation.

(4) Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.

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
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost	5.4		%	5.8		%	6.4		%	6.7		%	6.4		%

Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost	2.7		%	1.9		%	1.8		%	2.0		%	1.9		%
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	5.9		%	6.4		%	7.2		%	7.4		%	7.1		%
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost	7.5		%	7.8		%	8.3		%	8.2		%	7.7		%
Net charge-offs	$	66,818		$	80,483		$	82,511		$	68,795		$	59,884
Net charge-off ratio (2)	6.2		%	6.9		%	6.6		%	5.1		%	4.4		%

(1) Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.

(2) Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.

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:


	June 30, 2024		December 31, 2023
Unsecured personal	$	3,144,504	$	3,726,830
Residential mortgages	178,290		183,050
Secured consumer	244,288		250,039

Total consumer loans held for investment	3,567,082		4,159,919
Equipment finance (1)	83,770		110,992
Commercial real estate	381,873		380,322
Commercial and industrial	195,666		199,069
Total commercial loans and leases held for investment	661,309		690,383
Total loans and leases held for investment at amortized cost	4,228,391		4,850,302
Allowance for loan and lease losses	(228,909)		(310,387)
Loans and leases held for investment at amortized cost, net	$	3,999,482	$	4,539,915
Loans held for investment at fair value (2)	339,222		272,678
Total loans and leases held for investment	$	4,338,704	$	4,812,593

(1) Comprised of sales-type leases for equipment.

(2) Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amount has been reclassified to conform to the current period presentation.

LENDINGCLUB CORPORATION

ALLOWANCE FOR LOAN AND LEASE LOSSES

(In thousands)

(Unaudited)

The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:


	June 30, 2024		December 31, 2023
Gross allowance for loan and lease losses (1)	$	285,368	$	355,773
Recovery asset value (2)	(56,459)		(45,386)
Allowance for loan and lease losses	$	228,909	$	310,387

(1) Represents the allowance for future estimated net charge-offs on existing portfolio balances.

(2) Represents the negative allowance for expected recoveries of amounts previously charged-off.

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
	June 30, 2024						March 31, 2024
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	246,280	$	12,870	$	259,150	$	298,061	$	12,326	$	310,387
Credit loss expense for loans and leases held for investment	30,760		5,817		36,577		27,686		1,560		29,246

Charge-offs	(77,494)		(594)		(78,088)		(89,110)		(1,232)		(90,342)
Recoveries	11,183		87		11,270		9,643		216		9,859
Allowance for loan and lease losses, end of period	$	210,729	$	18,180	$	228,909	$	246,280	$	12,870	$	259,150


	Three Months Ended
	June 30, 2023
	Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	333,546	$	15,311	$	348,857
Credit loss expense (benefit) for loans and leases held for investment	66,874		(684)		66,190

Charge-offs	(63,345)		(924)		(64,269)
Recoveries	4,086		299		4,385
Allowance for loan and lease losses, end of period	$	341,161	$	14,002	$	355,163

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:


June 30, 2024	30-59 Days		60-89 Days		90 or More Days		Total Days Past Due		Guaranteed Amount (1)
Unsecured personal	$	24,837	$	22,869	$	23,825	$	71,531	$	—
Residential mortgages	—		147		—		147		—
Secured consumer	1,825		622		258		2,705		—
Total consumer loans held for investment	$	26,662	$	23,638	$	24,083	$	74,383	$	—

Equipment finance	$	18	$	—	$	8	$	26	$	—
Commercial real estate	7,422		384		8,569		16,375		10,894
Commercial and industrial	8,715		774		5,869		15,358		12,736
Total commercial loans and leases held for investment	$	16,155	$	1,158	$	14,446	$	31,759	$	23,630
Total loans and leases held for investment at amortized cost	$	42,817	$	24,796	$	38,529	$	106,142	$	23,630


December 31, 2023	30-59 Days		60-89 Days		90 or More Days		Total Days Past Due		Guaranteed Amount (1)
Unsecured personal	$	32,716	$	29,556	$	30,132	$	92,404	$	—
Residential mortgages	1,751		—		—		1,751		—
Secured consumer	2,076		635		217		2,928		—
Total consumer loans held for investment	$	36,543	$	30,191	$	30,349	$	97,083	$	—

Equipment finance	$	1,265	$	—	$	—	$	1,265	$	—
Commercial real estate	—		3,566		1,618		5,184		4,047
Commercial and industrial	12,261		1,632		1,515		15,408		11,260
Total commercial loans and leases held for investment	$	13,526	$	5,198	$	3,133	$	21,857	$	15,307
Total loans and leases held for investment at amortized cost	$	50,069	$	35,389	$	33,482	$	118,940	$	15,307

(1) Represents loan balances guaranteed by the Small Business Association.

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended						Change (%)
	June 30, 2024		March 31, 2024		June 30, 2023		Q2 2024 vs Q1 2024		Q2 2024 vs Q2 2023
Non-interest income:
Origination fees	$	77,131	$	70,079	$	70,989	10	%	9	%
Servicing fees	19,869		19,592		22,015		1	%	(10)	%
Gain on sales of loans	10,748		10,909		13,221		(1)	%	(19)	%
Net fair value adjustments	(51,395)		(44,689)		(23,442)		15	%	119	%
Marketplace revenue	56,353		55,891		82,783		1	%	(32)	%
Other non-interest income	2,360		1,909		3,035		24	%	(22)	%
Total non-interest income	58,713		57,800		85,818		2	%	(32)	%








Total interest income	219,634		207,351		214,486		6	%	2	%






Total interest expense	91,106		84,463		67,834		8	%	34	%
Net interest income	128,528		122,888		146,652		5	%	(12)	%

Total net revenue	187,241		180,688		232,470		4	%	(19)	%

Provision for credit losses	35,561		31,927		66,595		11	%	(47)	%

Non-interest expense:
Compensation and benefits	56,540		59,554		71,553		(5)	%	(21)	%
Marketing	26,665		24,136		23,940		10	%	11	%
Equipment and software	12,360		12,684		13,968		(3)	%	(12)	%
Depreciation and amortization	13,072		12,673		11,638		3	%	12	%
Professional services	7,804		7,091		9,974		10	%	(22)	%
Occupancy	3,941		3,861		4,684		2	%	(16)	%
Other non-interest expense	11,876		12,234		15,322		(3)	%	(22)	%
Total non-interest expense	132,258		132,233		151,079		—	%	(12)	%

Income before income tax expense	19,422		16,528		14,796		18	%	31	%
Income tax expense	(4,519)		(4,278)		(4,686)		6	%	(4)	%
Net income	$	14,903	$	12,250	$	10,110	22	%	47	%

Net income per share:
Basic EPS	$	0.13	$	0.11	$	0.09	18	%	44	%
Diluted EPS	$	0.13	$	0.11	$	0.09	18	%	44	%
Weighted-average common shares – Basic	111,395,025		110,685,796		107,892,590		1	%	3	%
Weighted-average common shares – Diluted	111,466,497		110,687,380		107,895,072		1	%	3	%

LENDINGCLUB CORPORATION

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)


	Consolidated LendingClub Corporation (1)
	Three Months Ended June 30, 2024						Three Months Ended March 31, 2024						Three Months Ended June 30, 2023
	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	$	976,330	$	13,168	5.40	%	$	1,217,395	$	16,503	5.42	%	$	1,512,700	$	19,134	5.06	%
Securities available for sale at fair value	2,406,767		42,879		7.13	%	1,972,561		35,347		7.17	%	437,473		5,948		5.44	%
Loans held for sale at fair value	838,143		26,721		12.75	%	467,275		14,699		12.58	%	106,865		4,433		16.59	%
Loans and leases held for investment:
Unsecured personal loans	3,243,161		108,425		13.37	%	3,518,101		116,055		13.20	%	4,360,506		145,262		13.33	%
Commercial and other consumer loans	1,097,846		16,394		5.97	%	1,115,931		16,338		5.86	%	1,156,751		16,823		5.82	%
Loans and leases held for investment at amortized cost	4,341,007		124,819		11.50	%	4,634,032		132,393		11.43	%	5,517,257		162,085		11.75	%
Loans held for investment at fair value (3)	383,872		12,047		12.55	%	256,335		8,409		13.12	%	703,729		22,886		13.01	%
Total loans and leases held for investment (3)	4,724,879		136,866		11.59	%	4,890,367		140,802		11.52	%	6,220,986		184,971		11.89	%
Total interest-earning assets	8,946,119		219,634		9.82	%	8,547,598		207,351		9.70	%	8,278,024		214,486		10.36	%

Cash and due from banks and restricted cash	55,906						58,440						78,221
Allowance for loan and lease losses	(245,478)						(291,168)						(354,348)
Other non-interest earning assets	632,253						631,468						686,956
Total assets	$	9,388,800					$	8,946,338					$	8,688,853

Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts	$	1,097,696	$	10,084	3.69	%	$	1,054,614	$	9,410	3.59	%	$	1,397,302	$	7,760	2.23	%
Savings accounts and certificates of deposit	6,449,061		80,109		5.00	%	6,069,942		74,553		4.94	%	5,546,862		58,761		4.25	%
Interest-bearing deposits	7,546,757		90,193		4.81	%	7,124,556		83,963		4.74	%	6,944,164		66,521		3.84	%
Other interest-bearing liabilities (3)	56,628		913		6.45	%	26,571		500		7.53	%	64,169		1,313		8.18	%
Total interest-bearing liabilities	7,603,385		91,106		4.82	%	7,151,127		84,463		4.75	%	7,008,333		67,834		3.88	%

Non-interest bearing deposits	303,199						317,430						205,750
Other liabilities	215,608						220,544						272,142
Total liabilities	$	8,122,192					$	7,689,101					$	7,486,225

Total equity	$	1,266,608					$	1,257,237					$	1,202,628
Total liabilities and equity	$	9,388,800					$	8,946,338					$	8,688,853

Interest rate spread					5.00	%					4.95	%					6.48	%

Net interest income and net interest margin			$	128,528	5.75	%			$	122,888	5.75	%			$	146,652	7.09	%

(1) Consolidated presentation reflects intercompany eliminations.

(2) Nonaccrual loans and any related income are included in their respective loan categories.

(3) Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Other interest-bearing liabilities.” Prior period amounts have been reclassified to conform to the current period presentation.

LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)


	June 30, 2024		December 31, 2023
Assets
Cash and due from banks	$	19,099	$	14,993
Interest-bearing deposits in banks	919,020		1,237,511
Total cash and cash equivalents	938,119		1,252,504
Restricted cash	31,332		41,644
Securities available for sale at fair value ($2,869,880 and $1,663,990 at amortized cost, respectively)	2,814,383		1,620,262
Loans held for sale at fair value	791,059		407,773
Loans and leases held for investment	4,228,391		4,850,302
Allowance for loan and lease losses	(228,909)		(310,387)
Loans and leases held for investment, net	3,999,482		4,539,915
Loans held for investment at fair value (1)	339,222		272,678
Property, equipment and software, net	166,150		161,517
Goodwill	75,717		75,717
Other assets	430,586		455,453
Total assets	$	9,586,050	$	8,827,463
Liabilities and Equity
Deposits:
Interest-bearing	$	7,759,632	$	7,001,680
Noninterest-bearing	335,696		331,806
Total deposits	8,095,328		7,333,486
Borrowings (1)	5,474		19,354

Other liabilities	197,303		222,801
Total liabilities	8,298,105		7,575,641
Equity

Common stock, $0.01 par value; 180,000,000 shares authorized; 111,812,215 and 110,410,602 shares issued and outstanding, respectively	1,118		1,104
Additional paid-in capital	1,685,865		1,669,828
Accumulated deficit	(361,653)		(388,806)

Accumulated other comprehensive loss	(37,385)		(30,304)


Total equity	1,287,945		1,251,822
Total liabilities and equity	$	9,586,050	$	8,827,463

(1) Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Borrowings.” Prior period amounts have been reclassified to conform to the current period presentation.

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
	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
GAAP Net income	$	14,903	$	12,250	$	10,155	$	5,008	$	10,110
Less: Provision for credit losses	(35,561)		(31,927)		(41,907)		(64,479)		(66,595)
Less: Income tax expense	(4,519)		(4,278)		(3,529)		(3,327)		(4,686)
Pre-provision net revenue	$	54,983	$	48,455	$	55,591	$	72,814	$	81,391


	For the three months ended
	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Non-interest income	$	58,713	$	57,800	$	54,129	$	63,844	$	85,818
Net interest income	128,528		122,888		131,477		137,005		146,652
Total net revenue	187,241		180,688		185,606		200,849		232,470
Non-interest expense	(132,258)		(132,233)		(130,015)		(128,035)		(151,079)
Pre-provision net revenue	54,983		48,455		55,591		72,814		81,391
Provision for credit losses	(35,561)		(31,927)		(41,907)		(64,479)		(66,595)
Income before income tax expense	19,422		16,528		13,684		8,335		14,796
Income tax expense	(4,519)		(4,278)		(3,529)		(3,327)		(4,686)
GAAP Net income	$	14,903	$	12,250	$	10,155	$	5,008	$	10,110

Tangible Book Value Per Common Share


	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
GAAP common equity	$	1,287,945	$	1,266,286	$	1,251,822	$	1,208,219	$	1,205,523
Less: Goodwill	(75,717)		(75,717)		(75,717)		(75,717)		(75,717)
Less: Intangible assets	(10,293)		(11,165)		(12,135)		(13,151)		(14,167)
Tangible common equity	$	1,201,935	$	1,179,404	$	1,163,970	$	1,119,351	$	1,115,639

Book value per common share
GAAP common equity	$	1,287,945	$	1,266,286	$	1,251,822	$	1,208,219	$	1,205,523
Common shares issued and outstanding	111,812,215		111,120,415		110,410,602		109,648,769		108,694,120
Book value per common share	$	11.52	$	11.40	$	11.34	$	11.02	$	11.09

Tangible book value per common share
Tangible common equity	$	1,201,935	$	1,179,404	$	1,163,970	$	1,119,351	$	1,115,639
Common shares issued and outstanding	111,812,215		111,120,415		110,410,602		109,648,769		108,694,120
Tangible book value per common share	$	10.75	$	10.61	$	10.54	$	10.21	$	10.26