EX-99.1 2 q124exhibit991er.htm EX-99.1 Document
                                    EXHIBIT 99.1
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LendingClub Reports First Quarter 2024 Results
Strong Originations and Credit Performance Drives 12th Consecutive Quarter of GAAP Profitability

SAN FRANCISCO – April 30, 2024 – LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the first quarter ended March 31, 2024.

“We’re pleased to have started 2024 with another strong quarter, executing well against the factors we can control,” said Scott Sanborn, LendingClub CEO. “Our operating discipline, strong credit performance, and continued innovation are resulting in a sustainable operating rhythm that is delivering real value to our members and has us well positioned to seize the historic opportunity in front of us.”

First Quarter 2024 Results
Balance Sheet:
•Total assets of $9.2 billion compared to $8.8 billion in the prior quarter, primarily reflecting growth in securities related to the structured certificate program.
•Deposits of $7.5 billion compared to $7.3 billion in the prior quarter, primarily due to an increase in high yield savings and certificates of deposit, partially offset by a decrease in brokered deposits.
◦FDIC-insured deposits represent approximately 87% of total deposits.
•Securities available for sale of $2.2 billion, compared to $1.6 billion in the prior quarter, primarily reflecting growth in the structured certificate program.
•Whole loans held on the balance sheet, which consists of loans and leases held for investment and loans held for sale, remained flat at $5.2 billion compared to the prior quarter, as the company increased loan retention and repurchased a portfolio of LendingClub-originated loans, largely offsetting amortization of the existing portfolio.
•Strong capital position with a consolidated Tier 1 leverage ratio of 12.5% and consolidated Common Equity Tier 1 capital ratio of 17.6%.
•Book value per common share increased to $11.40, compared to $11.34 in the prior quarter.
•Tangible book value per common share increased to $10.61, compared to $10.54 in the prior quarter.

Financial Performance:
•Loan originations of $1.6 billion, comparable to the prior quarter driven by promising initial results from new borrower initiatives, offsetting typical seasonal pressures.
•Total net revenue of $180.7 million, compared to $185.6 million in the prior quarter, driven by:
◦Marketplace revenue of $55.9 million, compared to $52.2 million in the prior quarter, primarily reflecting improved loan pricing of marketplace loans.
◦Net interest income of $122.9 million, compared to $131.5 million in the prior quarter, reflecting a shift in asset mix from held for investment loans to senior securities and higher deposit funding costs.
•Provision for credit losses of $31.9 million, compared to $41.9 million in the prior quarter due to lower incremental provision on seasoned vintages.
•Net income increased to $12.3 million, with diluted EPS of $0.11, compared to $10.2 million, or diluted EPS of $0.09, in the prior quarter. Net income was driven by strong execution, better-than-expected benchmark rates supporting loan sales pricing, and continued expense management combined with delays in expected expense increases.
•Pre-provision net revenue (PPNR) of $48.5 million, compared to $55.6 million in the prior quarter.

1

Three Months Ended
($ in millions, except per share amounts)March 31,
2024		December 31,
2023		March 31,
2023
Total net revenue$180.7 $185.6 $245.7 
Non-interest expense132.2 130.0 157.3 
Pre-provision net revenue (1)
48.5 55.6 88.4 
Provision for credit losses31.9 41.9 70.6 
Income before income tax expense
16.5 13.7 17.8 
Income tax expense
(4.3)(3.5)(4.1)
Net income$12.3 $10.2 $13.7 
Diluted EPS$0.11 $0.09 $0.13 
(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

Second Quarter 2024
Loan Originations
$1.6B to $1.8B
Pre-Provision Net Revenue (PPNR)
$30M to $40M

2

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 more than 150 billion 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 first 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, April 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 904235, 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 May 7, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 972670. 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.

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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.

*****
4
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended% Change
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		Q/QY/Y
Operating Highlights:
Non-interest income$57,800 $54,129 $63,844 $85,818 $98,990 7 %(42)%
Net interest income122,888 131,477 137,005 146,652 146,704 (7)%(16)%
Total net revenue180,688 185,606 200,849 232,470 245,694 (3)%(26)%
Non-interest expense132,233 130,015 128,035 151,079 157,308 2 %(16)%
Pre-provision net revenue(1)
48,455 55,591 72,814 81,391 88,386 (13)%(45)%
Provision for credit losses31,927 41,907 64,479 66,595 70,584 (24)%(55)%
Income before income tax expense
16,528 13,684 8,335 14,796 17,802 21 %(7)%
Income tax expense
(4,278)(3,529)(3,327)(4,686)(4,136)21 %3 %
Net income$12,250 $10,155 $5,008 $10,110 $13,666 21 %(10)%
Basic EPS$0.11 $0.09 $0.05 $0.09 $0.13 22 %(15)%
Diluted EPS$0.11 $0.09 $0.05 $0.09 $0.13 22 %(15)%
LendingClub Corporation Performance Metrics:
Net interest margin5.8 %6.4 %6.9 %7.1 %7.5 %
Efficiency ratio(2)
73.2 %70.0 %63.7 %65.0 %64.0 %
Return on average equity (ROE)(3)
3.9 %3.3 %1.7 %3.4 %4.6 %
Return on average total assets (ROA)(4)
0.5 %0.5 %0.2 %0.5 %0.7 %
Marketing expense as a % of loan originations1.47 %1.44 %1.30 %1.19 %1.18 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio17.6 %17.9 %16.9 %16.1 %15.6 %
Tier 1 leverage ratio12.5 %12.9 %13.2 %12.4 %12.8 %
Book value per common share$11.40 $11.34 $11.02 $11.09 $11.08 1 %3 %
Tangible book value per common share(1)
$10.61 $10.54 $10.21 $10.26 $10.23 1 %4 %
Loan Originations (in millions)(5):
Total loan originations$1,646 $1,630 $1,508 $2,011 $2,288 1 %(28)%
Marketplace loans$1,361 $1,432 $1,182 $1,353 $1,286 (5)%6 %
Loan originations held for investment$285 $198 $326 $657 $1,002 44 %(72)%
Loan originations held for investment as a % of total loan originations17 %12 %22 %33 %44 %
Servicing Portfolio AUM (in millions)(6):
Total servicing portfolio$13,437$14,122$14,818$15,669$16,060(5)%(16)%
Loans serviced for others$8,671$9,336$9,601$10,204$10,504(7)%(17)%
(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.
5
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended% Change
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		Q/QY/Y
Balance Sheet Data:
Securities available for sale$2,228,500 $1,620,262 $795,669 $523,579 $380,028 38 %486 %
Loans held for sale at fair value$550,415 $407,773 $362,789 $250,361 $44,647 35 %N/M
Loans and leases held for investment at amortized cost$4,505,816 $4,850,302 $5,237,277 $5,533,349 $5,491,938 (7)%(18)%
Gross allowance for loan and lease losses (1)
$(311,794)$(355,773)$(388,156)$(383,960)$(368,698)(12)%(15)%
Recovery asset value (2)
$52,644 $45,386 $37,661 $28,797 $19,841 16 %165 %
Allowance for loan and lease losses$(259,150)$(310,387)$(350,495)$(355,163)$(348,857)(17)%(26)%
Loans and leases held for investment at amortized cost, net$4,246,666 $4,539,915 $4,886,782 $5,178,186 $5,143,081 (6)%(17)%
Loans held for investment at fair value (3)
$427,396 $272,678 $344,417 $430,956 $787,473 57 %(46)%
Total loans and leases held for investment (3)
$4,674,062 $4,812,593 $5,231,199 $5,609,142 $5,930,554 (3)%(21)%
Whole loans held on balance sheet (4)
$5,224,477 $5,220,366 $5,593,988 $5,859,503 $5,975,201 — %(13)%
Total assets$9,244,828 $8,827,463 $8,472,351 $8,342,506 $8,754,018 5 %6 %
Total deposits$7,521,655 $7,333,486 $7,000,263 $6,843,535 $7,218,854 3 %4 %
Total liabilities$7,978,542 $7,575,641 $7,264,132 $7,136,983 $7,563,276 5 %5 %
Total equity$1,266,286 $1,251,822 $1,208,219 $1,205,523 $1,190,742 1 %6 %
N/M – Not meaningful
(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)    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
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held for investment at amortized cost
5.8 %6.4 %6.7 %6.4 %6.4 %
Allowance for loan and lease losses to commercial loans and leases held for investment at amortized cost1.9 %1.8 %2.0 %1.9 %2.0 %
Allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost
6.4 %7.2 %7.4 %7.1 %7.1 %
Gross allowance for loan and lease losses to consumer loans and leases held for investment at amortized cost
7.8 %8.3 %8.2 %7.7 %7.5 %
Net charge-offs$80,483 $82,511 $68,795 $59,884 $49,845 
Net charge-off ratio (2)
6.9 %6.6 %5.1 %4.4 %3.8 %
(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.
6
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:
March 31,
2024		December 31,
2023
Unsecured personal$3,397,853 $3,726,830 
Residential mortgages180,697 183,050 
Secured consumer253,241 250,039 
Total consumer loans held for investment3,831,791 4,159,919 
Equipment finance (1)
101,902 110,992 
Commercial real estate376,022 380,322 
Commercial and industrial
196,101 199,069 
Total commercial loans and leases held for investment674,025 690,383 
Total loans and leases held for investment at amortized cost4,505,816 4,850,302 
Allowance for loan and lease losses(259,150)(310,387)
Loans and leases held for investment at amortized cost, net$4,246,666 $4,539,915 
Loans held for investment at fair value (2)
427,396 272,678 
Total loans and leases held for investment$4,674,062 $4,812,593 
(1)    Comprised of sales-type leases for equipment.
(2)    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.

7
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:
March 31, 2024December 31, 2023
Gross allowance for loan and lease losses (1)
$311,794 $355,773 
Recovery asset value (2)
(52,644)(45,386)
Allowance for loan and lease losses$259,150 $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
March 31, 2024December 31, 2023
ConsumerCommercialTotalConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$298,061 $12,326 $310,387 $336,288 $14,207 $350,495 
Credit loss expense for loans and leases held for investment27,686 1,560 29,246 43,227 (824)42,403 
Charge-offs(89,110)(1,232)(90,342)(88,904)(1,193)(90,097)
Recoveries9,643 216 9,859 7,450 136 7,586 
Allowance for loan and lease losses, end of period$246,280 $12,870 $259,150 $298,061 $12,326 $310,387 
Three Months Ended
March 31, 2023
ConsumerCommercialTotal
Allowance for loan and lease losses, beginning of period$312,489 $15,363 $327,852 
Credit loss expense for loans and leases held for investment70,684 166 70,850 
Charge-offs(52,212)(351)(52,563)
Recoveries2,585 133 2,718 
Allowance for loan and lease losses, end of period$333,546 $15,311 $348,857 

8
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:
March 31, 202430-59
Days		60-89
Days		90 or More
Days		Total Days Past Due
Guaranteed Amount (1)
Unsecured personal$29,852 $24,694 $26,383 $80,929 $— 
Residential mortgages1,171 — 151 1,322 — 
Secured consumer2,332 393 243 2,968 — 
Total consumer loans held for investment$33,355 $25,087 $26,777 $85,219 $— 
Equipment finance$1,461 $— $— $1,461 $— 
Commercial real estate4,335 400 4,321 9,056 7,755 
Commercial and industrial
1,595 8,518 4,687 14,800 11,185 
Total commercial loans and leases held for investment
$7,391 $8,918 $9,008 $25,317 $18,940 
Total loans and leases held for investment at amortized cost
$40,746 $34,005 $35,785 $110,536 $18,940 
December 31, 202330-59
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 mortgages1,751 — — 1,751 — 
Secured consumer2,076 635 217 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.
9
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months EndedChange (%)
 March 31,
2024		December 31,
2023		March 31,
2023
Q1 2024
vs
Q4 2023
Q1 2024
vs
Q1 2023
Non-interest income:
Origination fees$70,079 $76,702 $70,543 (9)%(1)%
Servicing fees19,592 17,450 26,380 12 %(26)%
Gain on sales of loans10,909 11,921 14,125 (8)%(23)%
Net fair value adjustments(44,689)(53,892)(15,414)(17)%190 %
Marketplace revenue55,891 52,181 95,634 7 %(42)%
Other non-interest income1,909 1,948 3,356 (2)%(43)%
Total non-interest income57,800 54,129 98,990 7 %(42)%
Total interest income207,351 208,319 202,413 — %2 %
Total interest expense84,463 76,842 55,709 10 %52 %
Net interest income122,888 131,477 146,704 (7)%(16)%
Total net revenue180,688 185,606 245,694 (3)%(26)%
Provision for credit losses31,927 41,907 70,584 (24)%(55)%
Non-interest expense:
Compensation and benefits59,554 58,591 73,307 2 %(19)%
Marketing24,136 23,465 26,880 3 %(10)%
Equipment and software12,684 13,190 13,696 (4)%(7)%
Depreciation and amortization12,673 11,953 12,354 6 %3 %
Professional services7,091 7,727 9,058 (8)%(22)%
Occupancy3,861 3,926 4,310 (2)%(10)%
Other non-interest expense12,234 11,163 17,703 10 %(31)%
Total non-interest expense132,233 130,015 157,308 2 %(16)%
Income before income tax expense
16,528 13,684 17,802 21 %(7)%
Income tax expense
(4,278)(3,529)(4,136)21 %3 %
Net income$12,250 $10,155 $13,666 21 %(10)%
Net income per share:
Basic EPS$0.11 $0.09 $0.13 22 %(15)%
Diluted EPS$0.11 $0.09 $0.13 22 %(15)%
Weighted-average common shares – Basic110,685,796 109,948,785 106,912,139 1 %4 %
Weighted-average common shares – Diluted110,687,380 109,949,371 106,917,770 1 %4 %

10
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
March 31, 2024		Three Months Ended
December 31, 2023		Three Months Ended
March 31, 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$1,217,395 $16,503 5.42 %$1,190,539 $16,271 5.47 %$1,220,677 $13,714 4.49 %
Securities available for sale at fair value1,972,561 35,347 7.17 %1,197,625 20,920 6.99 %362,960 3,900 4.30 %
Loans held for sale at fair value467,275 14,699 12.58 %501,850 15,883 12.66 %110,580 5,757 20.83 %
Loans and leases held for investment:
Unsecured personal loans3,518,101 116,055 13.20 %3,890,041 128,190 13.18 %4,066,713 133,687 13.15 %
Commercial and other consumer loans1,115,931 16,338 5.86 %1,126,010 17,033 6.05 %1,175,504 16,780 5.71 %
Loans and leases held for investment at amortized cost4,634,032 132,393 11.43 %5,016,051 145,223 11.58 %5,242,217 150,467 11.48 %
Loans held for investment at fair value (3)
256,335 8,409 13.12 %306,636 10,022 13.07 %882,838 28,575 12.95 %
Total loans and leases held for investment (3)
4,890,367 140,802 11.52 %5,322,687 155,245 11.67 %6,125,055 179,042 11.69 %
Total interest-earning assets8,547,598 207,351 9.70 %8,212,701 208,319 10.15 %7,819,272 202,413 10.35 %
Cash and due from banks and restricted cash58,440 63,181 71,878 
Allowance for loan and lease losses(291,168)(334,711)(338,359)
Other non-interest earning assets631,468 659,995 666,650 
Total assets$8,946,338 $8,601,166 $8,219,441 
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts$1,054,614 $9,410 3.59 %$1,081,875 $9,593 3.52 %$1,633,691 $7,568 1.88 %
Savings accounts and certificates of deposit6,069,942 74,553 4.94 %5,720,058 66,660 4.62 %4,747,478 45,705 3.90 %
Interest-bearing deposits7,124,556 83,963 4.74 %6,801,933 76,253 4.45 %6,381,169 53,273 3.39 %
Other interest-bearing liabilities (3)
26,571 500 7.53 %24,180 589 9.74 %154,045 2,436 6.33 %
Total interest-bearing liabilities7,151,127 84,463 4.75 %6,826,113 76,842 4.47 %6,535,214 55,709 3.46 %
Non-interest bearing deposits317,430 314,822 241,954 
Other liabilities220,544 238,806 263,868 
Total liabilities$7,689,101 $7,379,741 $7,041,036 
Total equity$1,257,237 $1,221,425 $1,178,405 
Total liabilities and equity$8,946,338 $8,601,166 $8,219,441 
Interest rate spread4.95 %5.68 %6.90 %
Net interest income and net interest margin$122,888 5.75 %$131,477 6.40 %$146,704 7.50 %
(1)    Consolidated presentation reflects intercompany eliminations.
(2)    Nonaccrual loans and any related income are included in their respective loan categories.
(3)    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.
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LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
March 31,
2024		December 31,
2023
Assets
Cash and due from banks$15,930 $14,993 
Interest-bearing deposits in banks1,050,349 1,237,511 
Total cash and cash equivalents1,066,279 1,252,504 
Restricted cash36,081 41,644 
Securities available for sale at fair value ($2,284,550 and $1,663,990 at amortized cost, respectively)
2,228,500 1,620,262 
Loans held for sale at fair value550,415 407,773 
Loans and leases held for investment4,505,816 4,850,302 
Allowance for loan and lease losses(259,150)(310,387)
Loans and leases held for investment, net4,246,666 4,539,915 
Loans held for investment at fair value (1)
427,396 272,678 
Property, equipment and software, net163,632 161,517 
Goodwill75,717 75,717 
Other assets450,142 455,453 
Total assets$9,244,828 $8,827,463 
Liabilities and Equity
Deposits:
Interest-bearing$7,214,029 $7,001,680 
Noninterest-bearing307,626 331,806 
Total deposits7,521,655 7,333,486 
Borrowings (1)
262,550 19,354 
Other liabilities194,337 222,801 
Total liabilities7,978,542 7,575,641 
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 111,120,415 and 110,410,602 shares issued and outstanding, respectively
1,111 1,104 
Additional paid-in capital1,678,928 1,669,828 
Accumulated deficit(376,556)(388,806)
Accumulated other comprehensive loss(37,197)(30,304)
Total equity1,266,286 1,251,822 
Total liabilities and equity$9,244,828 $8,827,463 
(1)    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.
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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
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
GAAP Net income$12,250 $10,155 $5,008 $10,110 $13,666 
Less: Provision for credit losses(31,927)(41,907)(64,479)(66,595)(70,584)
Less: Income tax expense
(4,278)(3,529)(3,327)(4,686)(4,136)
Pre-provision net revenue$48,455 $55,591 $72,814 $81,391 $88,386 

For the three months ended
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
Non-interest income$57,800 $54,129 $63,844 $85,818 $98,990 
Net interest income122,888 131,477 137,005 146,652 146,704 
Total net revenue180,688 185,606 200,849 232,470 245,694 
Non-interest expense(132,233)(130,015)(128,035)(151,079)(157,308)
Pre-provision net revenue48,455 55,591 72,814 81,391 88,386 
Provision for credit losses(31,927)(41,907)(64,479)(66,595)(70,584)
Income before income tax expense
16,528 13,684 8,335 14,796 17,802 
Income tax expense
(4,278)(3,529)(3,327)(4,686)(4,136)
GAAP Net income$12,250 $10,155 $5,008 $10,110 $13,666 

Tangible Book Value Per Common Share
March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
GAAP common equity$1,266,286 $1,251,822 $1,208,219 $1,205,523 $1,190,742 
Less: Goodwill(75,717)(75,717)(75,717)(75,717)(75,717)
Less: Intangible assets(11,165)(12,135)(13,151)(14,167)(15,201)
Tangible common equity$1,179,404 $1,163,970 $1,119,351 $1,115,639 $1,099,824 
Book value per common share
GAAP common equity$1,266,286 $1,251,822 $1,208,219 $1,205,523 $1,190,742 
Common shares issued and outstanding111,120,415 110,410,602 109,648,769 108,694,120 107,460,734 
Book value per common share$11.40 $11.34 $11.02 $11.09 $11.08 
Tangible book value per common share
Tangible common equity$1,179,404 $1,163,970 $1,119,351 $1,115,639 $1,099,824 
Common shares issued and outstanding111,120,415 110,410,602 109,648,769 108,694,120 107,460,734 
Tangible book value per common share$10.61 $10.54 $10.21 $10.26 $10.23 

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