LendingClub Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>LendingClub Corp has filed its Q1 2024 10-Q report, detailing financial performance and balance sheet figures.</b>

AI Summary

LendingClub Corp (LC) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. LendingClub Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data points and balance sheet information are included. The report details common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings as of March 31, 2024. Servicing fees for the first quarter of 2024 and 2023 are also noted.

Why It Matters

For investors and stakeholders tracking LendingClub Corp, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of LendingClub Corp, crucial for assessing performance and making investment decisions. The detailed breakdown of equity accounts and servicing fees offers insights into the company's operational and financial health during the first quarter of 2024.

Risk Assessment

Risk Level: low — LendingClub Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent negative or unusually positive financial indicators beyond routine reporting.

Analyst Insight

Monitor future filings for trends in servicing fees and changes in equity accounts to gauge LendingClub's financial trajectory.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 2024-05-01 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• Q1 2024 — Fiscal Quarter (The report pertains to the first quarter of the fiscal year 2024.)

Key Players & Entities

• LendingClub Corp (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — End of the reporting period.
• 2024-05-01 (date) — Filing date of the report.
• 595 Market Street, Suite 200, San Francisco, CA 94105 (address) — Business and mailing address of LendingClub Corp.

FAQ

Industry Context

LendingClub operates in the financial services sector, specifically focusing on personal credit and lending platforms.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Compare Q1 2024 servicing fees with Q1 2023 to identify any significant changes.
3. Analyze the balance sheet details for trends in equity accounts and assets.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-01: Filing Date — The date LendingClub Corp submitted its 10-Q to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Previous filings would be needed for direct comparison.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share LC New York Stock Exchange

Filing Documents

• lc-20240331.htm (10-Q) — 3849KB
• exhibit101asfiledon5124.htm (EX-10.1) — 22KB
• lc03312024q1ex311.htm (EX-31.1) — 10KB
• lc03312024q1ex312.htm (EX-31.2) — 8KB
• lc03312024q1ex321.htm (EX-32.1) — 6KB
• 0001409970-24-000024.txt (&nbsp;) — 19485KB
• lc-20240331.xsd (EX-101.SCH) — 92KB
• lc-20240331_cal.xml (EX-101.CAL) — 140KB
• lc-20240331_def.xml (EX-101.DEF) — 595KB
• lc-20240331_lab.xml (EX-101.LAB) — 994KB
• lc-20240331_pre.xml (EX-101.PRE) — 874KB
• lc-20240331_htm.xml (XML) — 4682KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Income 7 Condensed Consolidated Statements of Comprehensive Income 8 Condensed Consolidated Statements of Changes in Equity 9 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 12 Note 1. Summary of Significant Accounting Policies 12 Note 2. Marketplace Revenue 13 Note 3. Earnings Per Share 14 Note 4. Securities Available for Sale 15 Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance For Loan and Lease Losses 18 Note 6. Securitizations and Variable Interest Entities 27 Note 7. Fair Value Measurements 28 Note 8. Derivative Instruments and Hedging Activities 38 Note 9. Property, Equipment and Software, net 39 Note 10. Goodwill and Intangible Assets 40 Note 11. Other Assets 41 Note 12. Deposits 41 Note 13. Borrowings 42 Note 14. Other Liabilities 43 Note 15. Employee Incentive Plans 43 Note 16. Income Taxes 45 Note 17. Leases 45 Note 18. Commitments and Contingencies 47 Note 19. Regulatory Requirements 48 Note 20. Segment Reporting 50 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 4.

Controls and Procedures

Controls and Procedures 78

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 78 Item 1A.

Risk Factors

Risk Factors 78 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 79 Item 3. Defaults Upon Senior Securities 79 Item 4. Mine Safety Disclosures 79 Item 5. Other Information 79 Item 6. Exhibits 80

Signatures

Signatures 81 1 Glossary The following is a list of common acronyms and terms LendingClub Corporation regularly uses in its financial reporting: ACL Allowance for Credit Losses (includes the allowance for loan and lease losses, allowance for securities available for sale and reserve for unfunded lending commitments) Acquisition Acquisition of Radius Bancorp, Inc. AFS Available for Sale ALLL Allowance for Loan and Lease Losses Annual Report Annual Report on Form 10-K for the year ended December 31, 2023 ASU Accounting Standards Update AUM Assets Under Management (outstanding balances of Loan Originations serviced by the Company including loans sold to investors as well as loans held for investment and held for sale by the Company) Balance Sheet Condensed Consolidated Balance Sheets CECL Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) CET1 Common Equity Tier 1 CET1 Capital Ratio Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the Basel III capital framework DCF Discounted Cash Flow EPS Earnings Per Share Exchange Act Securities Exchange Act of 1934, as amended FRB or Federal Reserve Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) GAAP Accounting Principles Generally Accepted in the United States of America HFI Loans which are retained by the Company and held for investment HFS Held for sale loans expected to be sold to investors, including Marketplace Loans Income Statement Condensed Consolidated Statements of Income LC Bank or LendingClub Bank LendingClub Bank, National Association LendingClub, LC, the Company, we, us, or our LendingClub Corporation and its subsidiaries Loan Originations Unsecured personal loans and auto refinance loans originated by the Company or facilitated by third-party issuing banks Marketplace Loans Loan

Forward-looking Statements

Forward-looking Statements This Quarterly Report on Form 10-Q (Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements in this Report include, without limitation, statements regarding borrowers, credit scoring, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management, expected market growth and the impact on our business. You can identify these forward-looking statements by words such as "anticipate," "appear," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "intend," "may," "opportunity," "plan," "predict," "project," "should," "strategy," "target," "will," "would," or similar expressions. These forward-looking statements include, among other things, statements about: The impact of, and our ability to successfully navigate, the current interest rate and economic climate; our compliance, and that of third-party partners or providers, with applicable local, state and federal laws, regulations and regulatory developments or court decisions affecting our business; the impact of accounting standards or policies, including the Current Expected Credit Losses (CECL) standard; the results of examinations of us by regulatory authorities and the possibility that any such regulatory authority may, among other things, require us to limit our business activities, increase our allowance for loan losses, increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits; our ability to effectively manage capital or liquidity to support our evolving business or operational needs, while remaining compliant with regulatory or supervisory requirements and appropriate risk-management standards; the impact of changes to our deposit b

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LENDINGCLUB CORPORATION Condensed 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 banks 1,050,349 1,237,511 Total cash and cash equivalents 1,066,279 1,252,504 Restricted cash (1) 36,081 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 value 550,415 407,773 Loans and leases held for investment 4,505,816 4,850,302 Allowance for loan and lease losses ( 259,150 ) ( 310,387 ) Loans and leases held for investment, net 4,246,666 4,539,915 Loans held for investment at fair value (1)(2) 427,396 272,678 Property, equipment and software, net 163,632 161,517 Goodwill 75,717 75,717 Other assets (1) 450,142 455,453 Total assets $ 9,244,828 $ 8,827,463 Liabilities and Equity Deposits: Interest-bearing $ 7,214,029 $ 7,001,680 Noninterest-bearing 307,626 331,806 Total deposits 7,521,655 7,333,486 Borrowings (1)(2) 262,550 19,354 Other liabilities (1) 194,337 222,801 Total liabilities 7,978,542 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 capital 1,678,928 1,669,828 Accumulated deficit ( 376,556 ) ( 388,806 ) Accumulated other comprehensive loss ( 37,197 ) ( 30,304 ) Total equity 1,266,286 1,251,822 Total liabilities and equity $ 9,244,828 $ 8,827,463 (1) Includes amounts in consolidated variable interest entities (VIEs). See " Notes to Condensed Consolidated Financial Statements – Note 6. Securitizations and Variable Interest Entities ." (2) Prior period amounts have been reclassified to conform to the current period presentation. See Notes to Condensed Consolidated Financial Statements. 6 LENDINGCLUB

View Full Filing

View this 10-Q filing on SEC EDGAR