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Investor Alert

press release

Jan. 26, 2022, 4:06 p.m. EST

LendingClub Reports Fourth Quarter and Full Year 2021 Results

Record Q4 Revenue and Net Income Exceed High End of Guidance and Drive Full Year Profitability2022 Outlook Reflects Revenue Growth of approximately 40% and Net Income Growth of $100+ Million

SAN FRANCISCO, Jan. 26, 2022 /PRNewswire/ -- LendingClub Corporation /zigman2/quotes/202691252/composite LC -1.78% , the parent company of LendingClub Bank, America's leading digital marketplace bank, today announced financial results for the fourth quarter and full year ended December 31, 2021.

"We have closed out a transformative year at LC by delivering the growth, innovation, and efficiency of a fintech along with the funding advantages, revenue diversity, and regulatory clarity of a bank," said Scott Sanborn, LendingClub's CEO. "We expect our transformed business model and data and membership advantages to help drive more than $100 million in incremental earnings in 2022 as we continue to evolve our member-focused business into a multi-product, digital marketplace bank."

Record Full Year 2021 Results Driven by Return to Growth, Transformed Business Economics and Increased Operational Efficiency

  • Revenue of $818.6 million, up 157% compared to 2020, with marketplace revenue 136% higher and the new recurring stream of net interest income 259% higher year-over-year.

  • Achieved GAAP profitability during 2021, with net income of $18.6 million for the year ended December 31, 2021, compared to a net loss of $187.5 million in 2020.

  • Results driven by initiatives undertaken in 2021 and in prior years to improve efficiency, as well as the transformational business model changes with the bank acquisition, both of which position LendingClub well to generate continued strong revenue and earnings growth.

  • Key achievements for the year include acquiring and integrating the bank, consolidating the personal, auto refinance and purchase finance loans onto one origination platform, and accelerating membership acquisition.

Record Fourth Quarter 2021 Results Exceed Expectations

  • Revenue of $262.2 million, with sequential growth of 7% outpacing growth in originations.

  • Net income of $29.1 million, up 7% sequentially, and diluted earnings per share of $0.27 as strong revenue growth exceeded the impact of investments in loan retention, marketing and technology.

  • Net income was negatively impacted by $56.6 million of notable items: $39.5 million of Current Expected Credit Loss (CECL) provisioning, less net charge-offs, and $17.1 million of net revenue deferrals both driven by strong retained loan growth. These items reduced our earnings per share by $0.53 in the fourth quarter of 2021.

 


Three Months Ended  
Year Ended
($ in millions) December 31, 2021
September 30, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Loan originations(1) $ 3,069.1
$ 3,106.7
$ 912.0
$ 10,381.3
$ 4,343.4
Total revenue $ 262.2
$ 246.2
$ 75.9
$ 818.6
$ 318.1
Consolidated net income (loss) $ 29.1
$ 27.2
$ (26.7)
$ 18.6
$ (187.5)
(1) Includes unsecured personal loans, auto loans, and education and patient finance loans only.

 

Financial Outlook

(millions) First Quarter Full Year
Total revenue $255M to $265M $1.1B to $1.2B
Consolidated net income $25M to $30M $130M to $150M

 

Notable Items Impacting Fourth Quarter 2021 Consolidated Net Income

(millions) Consolidated Net Income Impact(1) Per Commentary
Revenue deferrals, net of amortization $(17.1) $0.16 Origination fee and cost deferrals, net of interest income amortization during the period
Provision for credit losses, less net charge-offs $(39.5) $0.37 Primarily for consumer loans originated and retained in the quarter
Total $(56.6) $0.53
(1)  Amounts presented net of tax.

About LendingClub

LendingClub Corporation /zigman2/quotes/202691252/composite LC -1.78% is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on more than 150 billion cells of data and over $70 billion in loans, our artificial intelligence-driven 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 3.9 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 fourth quarter 2021 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, January 26, 2022. 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 (888) 317-6003, or outside the U.S. +1 (412) 317-6061, with conference ID 1727043, 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 February 2, 2022, by calling +1 (877) 344-7529 or outside the U.S. +1 (412) 317-0088, with Conference ID 5387149. LendingClub has used, and intends to use, its investor relations website, blog ( http://blog.lendingclub.com ), Twitter handle (@LendingClub) 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

Safe Harbor Statement

Some of the statements above, including statements regarding our competitive advantages, ability to grow and evolve our business, 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 customers; competition; overall economic conditions; the regulatory environment; demand for the types of loans facilitated by us; default rates and those factors set forth in the section titled "Risk Factors" in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each as filed with the Securities and Exchange Commission, as well as our subsequent reports on Form 10-Q and 10-K each as filed 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)

The information in the following tables is presented for the consolidated LendingClub Corporation, unless specifically noted for LendingClub Bank, the company's wholly-owned subsidiary:

As of and for the three months ended
% Change

December 31, 2021
September 30, 2021
June 30,
March 31,
December 31, 2020
Q/Q
Y/Y
Operating Highlights:
Non-interest income $     179,111
$      180,878
$    158,476
$      87,334
$        72,597
(1) %
147 %
Net interest income $       83,132
$        65,288
$      45,905
$      18,506
2,899
27 %
N/M
Total net revenue $     262,243
$      246,166
$    204,381
$    105,840
$        75,496
7 %
247 %














Consolidated net income (loss) $       29,108
$        27,185
$        9,371
$     (47,084)
$       (26,655)
7 %
N/M














Basic EPS – common stockholders $           0.29
$            0.27
$          0.10
$         (0.49)
$           (0.29)
7 %
N/M
Diluted EPS – common stockholders $           0.27
$            0.26
$          0.09
$         (0.49)
$           (0.29)
4 %
N/M














LendingClub Bank Performance Metrics:
Net interest margin 8.3 %
7.1 %
5.5 %
3.3 %
N/A



Efficiency ratio (1) 69.5 %
67.5 %
69.0 %
104.8 %
N/A



Return on average equity (ROE) 21.7 %
26.5 %
34.7 %
N/A
N/A



Return on average total assets (ROA) 3.10 %
3.7 %
4.7 %
N/A
N/A

















LendingClub Bank Capital Ratios:
Common Equity Tier 1 Capital Ratio 16.7 %
18.0 %
18.7 %
20.9 %
N/A



Tier 1 Leverage Ratio 14.3 %
14.1 %
13.5 %
12.9 %
N/A

















Consolidated LendingClub Corporation Performance Metrics:
Net interest margin 7.6 %
6.3 %
4.7 %
1.8 %
0.7 %



Efficiency ratio (1) 71.8 %
72.6 %
78.4 %
126.8 %
N/A



Return on average equity (ROE) 14.1 %
13.8 %
5.0 %
N/A
N/A



Return on average total assets (ROA) 2.4 %
2.4 %
0.8 %
N/A
N/A



Marketing expense as a % of loan originations 1.7 %
1.6 %
1.3 %
1.3 %
0.9 %

















Loan originations (in millions) (2):












Marketplace loans $         2,308
$          2,471
$        2,182
$        1,139
$             912
(7) %
153 %
Loan originations held for investment $            761
$             636
$           541
$           344
$               —
20 %
N/A
Total loan originations $         3,069
$          3,107
$        2,722
$        1,483
$             912
(1) %
237 %














Servicing portfolio AUM $       12,463
$        11,592
$      10,741
$      10,271
$        11,002
8 %
(6) %














Balance Sheet Data:
Loans and leases held for investment, net, excluding PPP loans $  2,486,440
$   2,235,698
$ 1,791,492
$ 1,414,900
$               —
11 %
N/A
PPP loans $     268,297
$      367,558
$    507,553
$    664,400
$               —
(27) %
N/A
Total loans and leases held for investment, net $  2,754,737
$   2,603,256
$ 2,299,045
$ 2,079,300
$               —
6 %
N/A
Total assets $  4,900,319
$   4,750,760
$ 4,370,101
$ 4,491,089
$   1,863,293
3 %
163 %
Total deposits $  3,135,788
$   2,838,719
$ 2,539,704
$ 2,373,437
$               —
10 %
N/A
Total liabilities $  4,050,077
$   3,945,970
$ 3,607,742
$ 3,757,954
$   1,139,122
3 %
256 %
Total equity $     850,242
$      804,790
$    762,359
$    733,135
$      724,171
6 %
17 %














Allowance Ratios:
Allowance for loan and lease losses to total loans and leases held for investment 5.0 %
3.9 %
3.0 %
1.7 %
N/A



Allowance for loan and lease losses to total loans and leases held for investment, excluding PPP loans 5.5 %
4.5 %
3.8 %
2.5 %
N/A



Allowance for loan and lease losses to consumer loans and leases held for investment 6.4 %
5.2 %
4.3 %
2.3 %
N/A



Allowance for loan and lease losses to commercial loans and leases held for investment 1.8 %
1.6 %
1.5 %
1.3 %
N/A



Allowance for loan and lease losses to commercial loans and leases held for investment, excluding PPP loans 2.6 %
2.6 %
2.8 %
1.7 %
N/A



N/M – Not meaningful
N/A – Not applicable
(1) Calculated as the ratio of non-interest expense to total net revenue.
(2) Includes unsecured personal loans, auto loans, and education and patient finance loans only.
(3) Loans serviced on our platform, which includes personal and auto loans serviced for others and retained for investment by the Company.

 

LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT
(In thousands, except percentages or as noted)
(Unaudited)


December 31, 2021
September 30, 2021
Unsecured personal $            1,804,578
$            1,258,279
Residential mortgages 151,362
141,200
Secured consumer 65,976
314,539
Other consumer
1,220
Total consumer loans held for investment 2,021,916
1,715,238
Equipment finance (1) 149,155
157,457
Commercial real estate 310,399
316,135
Commercial and industrial (2) 417,656
519,162
Total commercial loans and leases held for investment 877,210
992,754
Total loans and leases held for investment 2,899,126
2,707,992
Allowance for loan and lease losses (144,389)
(104,736)
Loans and leases held for investment, net $            2,754,737
$            2,603,256
(1)  Comprised of sales-type leases for equipment.
(2) Includes $268.3 million and $367.6 million of Paycheck Protection Program (PPP) loans as of December 31, 2021 and September 30, 2021, respectively. Such loans are guaranteed by the Small Business Association and, therefore, the Company determined no allowance for expected credit losses is required on these loans.

 

LENDINGCLUB CORPORATION
ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands, except percentages or as noted)
(Unaudited)


Three Months Ended

December 31, 2021
September 30, 2021

Consumer
Commercial
Total
Consumer
Commercial
Total
Allowance for loan and lease losses, beginning of period $       88,631
$          16,105
$ 104,736
$       54,058
$          17,023
$   71,081
Credit loss expense for loans and leases held for investment 45,595
(306)
45,289
37,695
(562)
37,133
Charge-offs (5,557)
(313)
(5,870)
(3,142)
(1,194)
(4,336)
Recoveries 143
91
234
20
838
858
Allowance for loan and lease losses, end of period $     128,812
$          15,577
$ 144,389
$       88,631
$          16,105
$ 104,736

 

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)


Three Months Ended


December 31, 2021
September 30, 2021
Change (%)
Non-interest income:




Marketplace revenue (1) $           170,562
$           174,556
(2) %
Other non-interest income 8,549
6,322
35 %
Total non-interest income 179,111
180,878
(1) %






Interest income:




Interest on loans held for sale 7,153
8,536
(16) %
Interest and fees on loans and leases held for investment 76,964
57,644
34 %
Interest on retail and certificate loans held for investment at fair value 9,236
12,172
(24) %
Interest on other loans held for investment at fair value 762
973
(22) %
Interest on securities available for sale 3,071
3,180
(3) %
Other interest income 469
355
32 %
Total interest income 97,655
82,860
18 %






Interest expense:




Interest on deposits 2,616
1,899
38 %
Interest on short-term borrowings 561
849
(34) %
Interest on retail notes, certificates and secured borrowings 9,236
12,172
(24) %
Interest on Structured Program borrowings 1,642
2,120
(23) %
Interest on other long-term debt 468
532
(12) %
Total interest expense 14,523
17,572
(17) %






Net interest income 83,132
65,288
27 %






Total net revenue 262,243
246,166
7 %






Provision for credit losses 45,149
37,524
20 %






Non-interest expense:




Compensation and benefits 78,741
73,304
7 %
Marketing 50,708
50,782
%
Equipment and software 12,019
10,297
17 %
Occupancy 4,706
6,486
(27) %
Depreciation and amortization 10,462
10,549
(1) %
Professional services 12,699
11,750
8 %
Other non-interest expense 18,885
15,607
21 %
Total non-interest expense 188,220
178,775
5 %






Income before income tax expense (benefit) 28,874
29,867
(3) %
Income tax expense (benefit) (234)
2,682
N/M
Consolidated net income $              29,108
$              27,185
7 %






Net income per share attributable to common stockholders – Basic $                  0.29
$                  0.27

Net income per share attributable to common stockholders – Diluted $                  0.27
$                  0.26

Weighted-average common shares – Basic 100,320,691
99,073,507

Weighted-average common shares – Diluted 108,096,823
106,108,662

N/M – Not meaningful

 

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(In thousands, except share and per share data)
(Unaudited)

(1) Marketplace revenue consists of the following:

Three Months Ended


December 31, 2021
September 30, 2021
Change (%)
Origination fees $            118,353
$            129,125
(8) %
Servicing fees 20,940
20,819
1 %
Gain on sales of loans 20,569
21,907
(6) %
Net fair value adjustments 10,700
2,705
N/M
Total marketplace revenue $            170,562
$            174,556
(2) %

 

LENDINGCLUB CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)


Year Ended December 31,


2021
2020(1)
Change (%)
Non-interest income:




Marketplace revenue (2) $           578,580
$           245,314
136 %
Other non-interest income 27,219
13,442
102 %
Total non-interest income 605,799
258,756
134 %






Interest income:




Interest on loans held for sale 29,540
72,876
(59) %
Interest and fees on loans and leases held for investment 188,977

N/M
Interest on retail and certificate loans held for investment at fair value 57,684
115,952
(50) %
Interest on other loans held for investment at fair value 4,436
7,688
(42) %
Interest on securities available for sale 11,025
12,125
(9) %
Other interest income 1,170
1,053
11 %
Total interest income 292,832
209,694
40 %






Interest expense:




Interest on deposits 7,228

N/M
Interest on short-term borrowings 3,677
17,837
(79) %
Interest on retail notes, certificates and secured borrowings 57,684
115,952
(50) %
Interest on Structured Program borrowings 9,638
16,204
(41) %
Interest on other long-term debt 1,774
373
N/M
Total interest expense 80,001
150,366
(47) %






Net interest income 212,831
59,328
259 %






Total net revenue 818,630
318,084
157 %






Provision for credit losses 138,800
3,382
N/M






Non-interest expense:




Compensation and benefits 288,390
252,517
14 %
Marketing 156,142
51,518
203 %
Equipment and software 39,490
26,842
47 %
Occupancy 24,249
27,870
(13) %
Depreciation and amortization 44,285
54,030
(18) %
Professional services 47,572
41,780
14 %
Other non-interest expense 61,258
47,762
28 %
Total non-interest expense 661,386
502,319
32 %






Income (Loss) before income tax expense (benefit) 18,444
(187,617)
N/M
Income tax expense (benefit) (136)
(79)
N/M
Consolidated net income (loss) $              18,580
$          (187,538)
N/M






Basic EPS – common stockholders $                  0.19
$                 (2.63)

Diluted EPS – common stockholders $                  0.18
$                 (2.63)

Weighted-average common shares – Basic 97,486,754
77,934,302

Weighted-average common shares – Diluted 102,147,353
77,934,302







Basic EPS – preferred stockholders $                  0.19
$                  1.39

Diluted EPS – preferred stockholders $                  0.00
$                  1.39

Weighted-average common shares, as converted – Basic 653,118
12,505,393

Weighted-average common shares, as converted – Diluted
12,505,393


N/M – Not meaningful
(1)  Prior period amounts have been reclassified to conform to the current period presentation.
(2)  Marketplace revenue consists of the following:

Year Ended December 31,


2021
2020
Change (%)
Origination fees $            416,839
$            207,640
101 %
Servicing fees 87,639
111,864
(22) %
Gain on sales of loans 70,116
30,812
128 %
Net fair value adjustments 3,986
(105,002)
N/M
Total marketplace revenue $            578,580
$            245,314
136 %

 

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT
(In thousands, except share and per share data)
(Unaudited)


Three months ended December 31, 2021

LendingClub
LendingClub
Intercompany
Total
Non-interest income:






Marketplace revenue $              146,936
$                 23,626
$                         —
$              170,562
Other non-interest income 21,520
4,199
(17,170)
8,549
Total non-interest income 168,456
27,825
(17,170)
179,111








Interest income:






Interest income 83,310
14,345

97,655
Interest expense (2,923)
(11,600)

(14,523)
Net interest income 80,387
2,745

83,132








Total net revenue 248,843
30,570
(17,170)
262,243








Reversal of (provision for) credit losses (45,244)
95

(45,149)
Non-interest expense (173,017)
(32,373)
17,170
(188,220)
Income (Loss) before income tax benefit (expense) 30,582
(1,708)

28,874
Income tax benefit (expense) 1,305
20,192
(21,263)
234
Consolidated net income (loss) $                 31,887
$                 18,484
$               (21,263)
$                 29,108



Three Months Ended September 30, 2021

LendingClub
LendingClub
Intercompany
Total
Non-interest income:






Marketplace revenue $              151,109
$                 23,447
$                         —
$              174,556
Other non-interest income 25,393
4,140
(23,211)
6,322
Total non-interest income 176,502
27,587
(23,211)
180,878








Interest income:






Interest income 64,606
18,254

82,860
Interest expense (2,270)
(15,302)

(17,572)
Net interest income 62,336
2,952

65,288








Total net revenue 238,838
30,539
(23,211)
246,166








Reversal of (provision for) credit losses (38,019)
495

(37,524)
Non-interest expense (161,101)
(40,885)
23,211
(178,775)
Income (Loss) before income tax benefit 39,718
(9,851)

29,867
Income tax benefit (expense) (4,670)
12,607
(10,619)
(2,682)
Consolidated net income (loss) $                 35,048
$                   2,756
$               (10,619)
$                 27,185

 

LENDINGCLUB BANK
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)


LendingClub Bank

Three Months Ended
Three Months Ended

Average Balance
Interest Income/ Expense
Average Yield/ Rate
Average Balance
Interest Income/ Expense
Average Yield/ Rate
Interest-earning assets (1)










Cash, cash equivalents and restricted cash $       651,003
$              468
0.29 %
$       695,294
$              352
0.20 %
Securities available for sale at fair value 200,091
680
1.36 %
182,882
632
1.38 %
Loans held for sale 122,007
5,199
17.04 %
145,262
5,978
16.46 %
Loans and leases held for investment:










Unsecured personal loans 1,542,285
60,383
15.66 %
991,297
39,532
15.95 %
Secured consumer loans 436,260
4,029
3.69 %
464,194
4,688
4.04 %
Commercial loans and leases 619,648
8,663
5.59 %
616,823
7,887
5.11 %
PPP loans 325,133
3,888
4.78 %
436,785
5,537
5.07 %
Loans and leases held for investment 2,923,326
76,963
10.53 %
2,509,099
57,644
9.19 %
Total interest-earning assets 3,896,427
83,310
8.55 %
3,532,537
64,606
7.32 %












Cash and due from banks 23,362




29,290



Allowance for loan and lease losses (125,120)




(86,686)



Other non-interest earning assets 326,402




270,594



Total assets $    4,121,071




$    3,745,735















Interest-bearing liabilities










Interest-bearing deposits










Checking and money market accounts $    2,146,687
$           1,716
0.32 %
$    2,221,365
$           1,707
0.30 %
Savings accounts and certificates of deposit 580,361
900
0.62 %
307,807
192
0.25 %
Interest-bearing deposits 2,727,048
2,616
0.38 %
2,529,172
1,899
0.30 %
Short-term borrowings 282

%
321

%
Advances from PPPLF 342,335
307
0.36 %
416,748
371
0.36 %
Total interest-bearing liabilities 3,069,665
2,923
0.38 %
2,946,241
2,270
0.31 %












Non-interest bearing deposits 283,066




114,065



Other liabilities 179,752




155,806



Total liabilities $    3,532,483




$    3,216,112



Total equity $       588,588




$       529,623



Total liabilities and equity $    4,121,071




$    3,745,735















Interest rate spread



8.17 %




7.01 %












Net interest income and net interest margin

$         80,387
8.25 %


$         62,336
7.06 %
(1)     Nonaccrual loans and any related income are included in their respective loan categories.

 

LENDINGCLUB CORPORATION
NET INTEREST INCOME (Continued)
(In thousands, except percentages or as noted)
(Unaudited)


Three Months Ended December 31, 2021

LendingClub Bank
LendingClub Corporation
Consolidated

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 (1)
















Cash, cash equivalents and restricted cash $    651,003
$       467
0.29 %
$      59,469
$            2
0.01 %
$    710,472
$       469
0.26 %
Securities available for sale at fair value 200,091
680
1.36 %
65,049
2,391
14.70 %
265,140
3,071
4.63 %
Loans held for sale at fair value 122,007
5,199
17.04 %
62,701
1,954
12.47 %
184,708
7,153
15.49 %
Loans and leases held for investment:
















Unsecured personal loans 1,542,285
60,384
15.66 %


%
1,542,285
60,384
15.66 %
Secured consumer loans 436,260
4,029
3.69 %


%
436,260
4,029
3.69 %
Commercial loans and leases 619,648
8,663
5.59 %


%
619,648
8,663
5.59 %
PPP loans 325,133
3,888
4.78 %


%
325,133
3,888
4.78 %
Loans and leases held for investment 2,923,326
76,964
10.53 %


%
2,923,326
76,964
10.53 %
Retail and certificate loans held for investment at fair value

%
262,548
9,236
14.07 %
262,548
9,236
14.07 %
Other loans held for investment at fair value

%
24,184
762
12.60 %
24,184
762
12.60 %
Total interest-earning assets 3,896,427
83,310
8.55 %
473,951
14,345
12.11 %
4,370,378
97,655
8.94 %


















Cash and due from banks and restricted cash 23,362




121,270




73,258



Allowance for loan and lease losses (125,120)









(125,120)



Other non-interest earning assets 326,402




763,808




465,010



Total assets $ 4,121,071




$ 1,359,029




$ 4,783,526





















Interest-bearing liabilities
















Interest-bearing deposits:
















Checking and money market accounts $ 2,146,687
$    1,716
0.32 %
$             —
$          —
%
$ 2,146,687
$    1,716
0.32 %
Savings accounts and certificates of deposit 580,361
900
0.62 %


%
580,361
900
0.62 %
Interest-bearing deposits 2,727,048
2,616
0.38 %


%
2,727,048
2,616
0.38 %
Short-term borrowings 282

%
36,541
561
6.13 %
36,823
561
6.08 %
Advances from PPPLF 342,335
307
0.36 %


%
342,335
307
0.36 %
Retail notes, certificates and secured borrowings

%
262,548
9,236
14.07 %
262,548
9,236
14.07 %
Structured Program borrowings

%
77,354
1,642
8.49 %
77,354
1,642
8.49 %
Other long-term debt

%
15,514
161
4.15 %
15,514
161
4.15 %
Total interest-bearing liabilities 3,069,665
2,923
0.38 %
391,957
11,600
11.84 %
3,461,622
14,523
1.68 %


















Non-interest bearing deposits 283,066









211,692



Other liabilities 179,752




162,938




282,339



Total liabilities $ 3,532,483




$    554,895




$ 3,955,653





















Total equity $    588,588




$    804,134




$    827,873



Total liabilities and equity $ 4,121,071




$ 1,359,029




$ 4,783,526





















Interest rate spread



8.17 %




0.27 %




7.26 %


















Net interest income and net interest margin

$  80,387
8.25 %


$     2,745
2.32 %


$  83,132
7.61 %
(1) Consolidated presentation reflects intercompany eliminations.
(2) Nonaccrual loans and any related income are included in their respective loan categories.

 

LENDINGCLUB CORPORATION
NET INTEREST INCOME (Continued)
(In thousands, except percentages or as noted)
(Unaudited)


Three Months Ended September 30, 2021

LendingClub Bank
LendingClub Corporation
Consolidated

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 (1)
















Cash, cash equivalents and restricted cash $    695,294
$       352
0.20 %
$      83,405
$            3
0.01 %
$    778,667
$       355
0.18 %
Securities available for sale at fair value 182,882
632
1.38 %
83,804
2,548
12.16 %
266,686
3,180
4.77 %
Loans held for sale at fair value 145,262
5,978
16.46 %
81,160
2,558
12.60 %
226,422
8,536
15.08 %
Loans and leases held for investment:
















Unsecured personal loans 991,297
39,532
15.95 %


%
991,297
39,532
15.95 %
Secured consumer loans 464,194
4,688
4.04 %


%
464,194
4,688
4.04 %
Commercial loans and leases 616,823
7,887
5.11 %


%
616,823
7,887
5.11 %
PPP loans 436,785
5,537
5.07 %


%
436,785
5,537
5.07 %
Loans and leases held for investment 2,509,099
57,644
9.19 %


%
2,509,099
57,644
9.19 %
Retail and certificate loans held for investment at fair value

%
344,205
12,172
14.15 %
344,205
12,172
14.15 %
Other loans held for investment at fair value

%
30,981
973
12.58 %
30,981
973
12.58 %
Total interest-earning assets 3,532,537
64,606
7.32 %
623,555
18,254
11.71 %
4,156,060
82,860
7.97 %


















Cash and due from banks and restricted cash 29,290




99,985




96,733



Allowance for loan and lease losses (86,686)









(86,686)



Other non-interest earning assets 270,594




760,131




449,964



Total assets $ 3,745,735




$ 1,483,671




$ 4,616,071





















Interest-bearing liabilities
















Interest-bearing deposits:
















Checking and money market accounts $ 2,221,365
$    1,707
0.30 %
$             —
$          —
%
$ 2,221,365
$    1,707
0.30 %
Savings accounts and certificates of deposit 307,807
192
0.25 %


%
307,807
192
0.25 %
Interest-bearing deposits 2,529,172
1,899
0.30 %


%
2,529,172
1,899
0.30 %
Short-term borrowings 321

%
56,903
849
5.97 %
57,224
849
5.93 %
Advances from PPPLF 416,748
371
0.36 %


%
416,748
371
0.36 %
Retail notes, certificates and secured borrowings

%
344,087
12,173
14.15 %
344,087
12,173
14.15 %
Structured Program borrowings

%
100,178
2,119
8.46 %
100,178
2,119
8.46 %
Other long-term debt

%
15,606
161
4.13 %
15,606
161
4.13 %
Total interest-bearing liabilities 2,946,241
2,270
0.31 %
516,774
15,302
11.84 %
3,463,015
17,572
2.03 %


















Non-interest bearing deposits 114,065









81,491



Other liabilities 155,806




183,962




285,292



Total liabilities $ 3,216,112




$    700,736




$ 3,829,798





















Total equity $    529,623




$    782,935




$    786,273



Total liabilities and equity $ 3,745,735




$ 1,483,671




$ 4,616,071





















Interest rate spread



7.01 %




(0.13) %




5.95 %


















Net interest income and net interest margin

$  62,336
7.06 %


$     2,952
1.89 %


$  65,288
6.28 %
(1) Consolidated presentation reflects intercompany eliminations.
(2)  Nonaccrual loans and any related income are included in their respective loan categories.

 

LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)


December 31, 2021
December 31, 2020
Assets


Cash and due from banks $                35,670
$              5,197
Interest-bearing deposits in banks 651,456
519,766
Total cash and cash equivalents 687,126
524,963
Restricted cash 76,460
103,522
Securities available for sale at fair value (includes $256,170 and $159,164 at amortized cost, respectively) 263,530
142,226
Loans held for sale (includes $142,370 and $121,902 at fair value, respectively) 391,248
121,902
Loans and leases held for investment 2,899,126
Allowance for loan and lease losses (144,389)
Loans and leases held for investment, net 2,754,737
Retail and certificate loans held for investment at fair value 229,719
636,686
Other loans held for investment at fair value 21,240
49,954
Property, equipment and software, net 97,996
96,641
Goodwill 75,717
Other assets 302,546
187,399
Total assets $          4,900,319
$      1,863,293
Liabilities and Equity


Deposits:


Interest-bearing $          2,919,203
$                    —
Noninterest-bearing 216,585
Total deposits 3,135,788
Short-term borrowings 27,780
104,989
Advances from Paycheck Protection Program Liquidity Facility (PPPLF) 271,933
Retail notes, certificates and secured borrowings at fair value 229,719
636,774
Payable on Structured Program borrowings 65,451
152,808
Other long-term debt 15,455
Other liabilities 303,951
244,551
Total liabilities 4,050,077
1,139,122
Equity


Series A Preferred stock, $0.01 par value; 1,200,000 shares authorized; 0 and 43,000 shares issued and outstanding, respectively
Common stock, $0.01 par value; 180,000,000 shares authorized; 101,043,924 and 88,149,510 shares issued and outstanding, respectively 1,010
881
Additional paid-in capital  1,609,820
1,508,020
Accumulated deficit (767,634)
(786,214)
Accumulated other comprehensive income 7,046
1,484
Total equity 850,242
724,171
Total liabilities and equity $          4,900,319
$      1,863,293

 

LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS BY SEGMENT
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)


LendingClub
LendingClub
Intercompany
Total

December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Assets














Total cash and cash equivalents $        659,919
$               —
$          88,268
$       524,963
$         (61,061)
$               —
$        687,126
$       524,963
Restricted cash

76,540
103,522
(80)

76,460
103,522
Securities available for sale at fair value 205,730

57,800
142,226


263,530
142,226
Loans held for sale 335,449

55,799
121,902


391,248
121,902
Loans and leases held for investment, net 2,754,737





2,754,737
Retail and certificate loans held for investment at fair value

229,719
636,686


229,719
636,686
Other loans held for investment at fair value

21,240
49,954


21,240
49,954
Property, equipment and software, net 36,424

61,572
96,641


97,996
96,641
Investment in subsidiary

557,577

(557,577)


Goodwill 75,717





75,717
Other assets 254,075

168,042
187,399
(119,571)

302,546
187,399
Total assets 4,322,051

1,316,557
1,863,293
(738,289)

4,900,319
1,863,293
Liabilities and Equity














Total deposits 3,196,929



(61,141)

3,135,788
Short-term borrowings 165

27,615
104,989


27,780
104,989
Advances from PPPLF 271,933





271,933
Retail notes, certificates and secured borrowings at fair value

229,719
636,774


229,719
636,774
Payable on Structured Program borrowings

65,451
152,808


65,451
152,808
Other long-term debt

15,455



15,455
Other liabilities 218,775

150,727
244,551
(65,551)

303,951
244,551
Total liabilities 3,687,802

488,967
1,139,122
(126,692)

4,050,077
1,139,122
Total equity 634,249

827,590
724,171
(611,597)

850,242
724,171
Total liabilities and equity $     4,322,051
$               —
$     1,316,557
$     1,863,293
$       (738,289)
$               —
$     4,900,319
$     1,863,293

 

Cision
View original content to download multimedia: https://www.prnewswire.com/news-releases/lendingclub-reports-fourth-quarter-and-full-year-2021-results-301468963.html

SOURCE LendingClub Corporation

COMTEX_401241758/2454/2022-01-26T16:06:16

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Volume: 1.70M
Aug. 5, 2022 4:00p
P/E Ratio
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Market Cap
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Rev. per Employee
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/zigman2/quotes/202691252/composite
US : U.S.: NYSE
$ 14.89
-0.27 -1.78%
Volume: 1.70M
Aug. 5, 2022 4:00p
P/E Ratio
5.62
Dividend Yield
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Market Cap
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$838,871
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