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May 4, 2022, 4:49 p.m. EDT

10-Q: LENDINGCLUB CORP

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(EDGAR Online via COMTEX) -- Management's Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes that appear in this Quarterly Report on Form 10-Q (Report). In addition to historical condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report, and in "Part I - Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (Annual Report) as modified by "Part II - Item 1A. Risk Factors" in this Report. The forward-looking statements included in this Report are made only as of the date hereof.

LENDINGCLUB CORPORATION Management's Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) Overview

LendingClub is America's leading digital marketplace bank. The Company was founded in 2006 and brought a traditional credit product - the installment loan

Executive Summary

Loan originations: Total loan originations for the first quarter of 2022 were $3.2 billion, improving 117% year-over-year and 5% sequentially. The increase was primarily driven by the growth in unsecured personal loan origination volume.

Total net revenue: Total net revenue for the first quarter of 2022 was $289.5 million, improving 174% year-over-year and 10% sequentially, outpacing origination growth of 117% and 5%, respectively. The increase was primarily due to the growth in marketplace revenue and increased net interest income.

Marketplace revenue: Marketplace revenue for the first quarter of 2022 was $180.0 million, improving 120% year-over-year and 6% sequentially. The increase was primarily driven by a higher volume of marketplace loans sold.

Net interest income: Net interest income for the first quarter of 2022 was $99.7 million, improving 439% year-over-year and 20% sequentially. The increase was primarily due to an increase in unsecured personal loans retained in current and prior periods as held for investment (HFI).

Provision for credit losses: Provision for credit losses for the first quarter of 2022 was $52.5 million, increasing 144% year-over-year and 16% sequentially. The increase was primarily due to an increase in unsecured personal loans retained as HFI.

Total non-interest expense: Total non-interest expense for the first quarter of 2022 was $191.2 million, increasing 42% year-over-year and 2% sequentially. The increase was primarily driven by an increase in variable marketing expenses based on higher origination volume.

Consolidated net income: Consolidated net income for the first quarter of 2022 was $40.8 million, improving by $87.9 million year-over-year and 40% sequentially.

Loans and leases held for investment: Loans and leases held for investment, net of allowance for loan and lease losses, were $3.2 billion at March 31, 2022, growing 56% year-over-year and 17% sequentially.

Deposits: Total deposits at March 31, 2022 were $4.0 billion, growing 68% year-over-year and 27% sequentially, supporting growth in loans HFI.

The above summary should be read in conjunction with this Management's Discussion and Analysis of Financial Condition and Results of Operations in its entirety. For additional discussion related to our operating segments, see "Segment Information."

May 04, 2022

COMTEX_406701999/2041/2022-05-04T16:49:11

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