lc-20220727

EXHIBIT 99.1

LendingClub Reports Second Quarter 2022 Results

Record Revenue of $330 million

Reported Net Income of $182 million Including Income Tax Benefit of $135 million

Record Net Income of $47 million Excluding Income Tax Benefit

SAN FRANCISCO – July 27, 2022 – 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, 2022.

“Our strong execution, marketplace bank model, member and data advantages, and our continued focus on prudent underwriting have all contributed to an incredible first half of the year with records set for both revenue and profitability,” said Scott Sanborn, LendingClub CEO. “Despite the more challenging economic backdrop and increased uncertainty, we are well positioned to navigate through this dynamic environment.”

Record Second Quarter 2022 Results

•Revenue of $330.1 million grew 61% year-over-year, driven by growth in net interest income and marketplace revenue.

◦Recurring stream of net interest income increased 153% year-over-year to $116.2 million.

▪LendingClub Bank’s net interest margin expanded to 8.7% from 5.5% a year earlier, primarily reflecting growth in consumer loans which generate a higher yield.

▪Total loans held for investment (excluding PPP) grew 106% from June 30, 2021, reflecting growth in personal loan originations and an increase in originations retained in the held for investment portfolio. The percentage of originations held for investment increased to 27% from 20% a year earlier as the company reinvested earnings into loan retention to drive growth in recurring revenue.

◦Marketplace revenue of $206.4 million grew 36% year-over-year, reflecting growth in marketplace originations.

•Deposits of $4.5 billion were up 78% from June 30, 2021, supporting growth in loans held for investment.

•The efficiency ratio improved to 63% from 78% a year earlier as the company continued to manage expenses prudently while generating strong revenue growth.

•LendingClub’s credit quality remained better than the industry, with delinquency rates remaining below pre-pandemic levels. Credit quality of the company’s held for investment personal loan portfolio also remained strong reflecting the prime credit profile of its borrowers with an average FICO of 730.

•Provision for credit losses increased to $70.6 million from $34.6 million in the second quarter of 2021, primarily reflecting growth of 106% in loans held for investment (excluding PPP) from June 30, 2021.

•Net income of $182.1 million increased $172.7 million year-over-year. Net income for the second quarter of 2022 included an income tax benefit of $132.0 million, reflecting the release of a $135.3 million valuation allowance against the company’s deferred tax assets, partially offset by a $3.3 million state income tax expense, due to the company’s business model transition and resulting increase in profitability and the expectation of continued profitability.

•Net income excluding the income tax benefit was $46.8 million, up 399% year-over-year.

•Total equity was up $316.7 million or 42% from June 30, 2021 primarily reflecting net income generated over the period and the release of a deferred tax asset valuation allowance.

•Diluted earnings per share of $1.73 compared to earnings of $0.09 per share in the second quarter of 2021. Results in the second quarter of 2022 included an income tax benefit of $1.28 per share due to the release of a deferred tax asset valuation allowance.

•The improvement in diluted earnings per share from a year earlier reflected revenue growth and increased operating efficiency, as well as the benefit from the release of the deferred tax asset valuation allowance.

•Excluding the income tax benefit, diluted earnings per share of $0.45 was up 400% year-over-year.

•Pre-tax, pre-provision income of $120.7 million increased 173% year-over-year, consistent with revenue growth and improved operating efficiency which drove growth in net income.


	Three Months Ended
($ in millions)	June 30, 2022		March 31, 2022		June 30, 2021




Total net revenue	$	330.1	$	289.5	$	204.4
Non-interest expense	209.4		191.2		160.1
Pre-tax, pre-provision income	120.7		98.3		44.3

Provision for credit losses	70.6		52.5		34.6

Income before income tax benefit (expense)	50.1		45.8		9.6
Income tax benefit (expense)	132.0		(5.0)		(0.2)
Net income	$	182.1	$	40.8	$	9.4
Diluted EPS	$	1.73	$	0.39	$	0.09

Income tax benefit from release of tax valuation allowance	$	135.3	$	—	$	—
Net income excluding income tax benefit (1)	$	46.8	$	40.8	$	9.4
Diluted EPS excluding income tax benefit (1)	$	0.45	$	0.39	$	0.09

(1) Second quarter 2022 income tax benefit of $135.3 million due to the release of a deferred tax asset valuation allowance. See page 3 of this release for additional information on our use of Non-GAAP Financial Measures.

Financial Outlook

The company reaffirmed full year revenue and net income guidance for 2022 (excluding the income tax benefit from release of a deferred tax asset valuation allowance).


(millions)	Third Quarter 2022	Full Year 2022
Total revenue	$280M to $300M	$1.15B to $1.25B

Net income	$30M to $40M	$280M to $300M
Income tax benefit from release of tax valuation allowance	—	$135.3M
Net income excluding income tax benefit	$30M to $40M	$145M to $165M

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 $75 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 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 2022 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, July 27, 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 (844) 200-6205, or outside the U.S. +1 (929) 526-1599, with Access Code 696569, 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 3, 2022, by calling +1 (866) 813-9403 or outside the U.S. +44 (204) 525-0658, with Access Code 945301. 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:

[email protected]

Media Contact:

[email protected]

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: Net Income Excluding Income Tax Benefit and Diluted EPS Excluding Income Tax Benefit. Our non-GAAP 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 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 Net Income Excluding Income Tax Benefit and Diluted EPS Excluding Income Tax Benefit are important measures because they directly reflect the financial performance of our business operations. Net Income Excluding Income Tax Benefit adjusts for the release of a deferred tax asset valuation allowance in the second quarter of 2022. Diluted EPS Excluding Income Tax Benefit is a non-GAAP financial measure calculated by dividing Net Income Excluding Income Tax Benefit by the weighted-average diluted common shares outstanding.

For a reconciliation of such measures to the nearest GAAP measure, please refer to the table on page 2 of this release.

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 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 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)

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
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			Q/Q		Y/Y
Operating Highlights:
Non-interest income	$	213,832		$	189,857		$	179,111		$	180,878		$	158,476		13	%	35	%
Net interest income	116,226			99,680			83,132			65,288			45,905			17	%	153	%
Total net revenue	330,058			289,537			262,243			246,166			204,381			14	%	61	%
Non-interest expense	209,386			191,204			188,220			178,775			160,139			10	%	31	%
Pre-tax, pre-provision income	120,672			98,333			74,023			67,391			44,242			23	%	173	%
Provision for credit losses	70,566			52,509			45,149			37,524			34,634			34	%	104	%
Income before income tax benefit	50,106			45,824			28,874			29,867			9,608			9	%	422	%
Income tax benefit (expense)	131,954			(4,988)			234			(2,682)			(237)			N/M		N/M
Net income	182,060			40,836			29,108			27,185			9,371			N/M		N/M
Income tax benefit from release of tax valuation allowance	135,300			—			—			—			—			N/M		N/M
Net income excluding income tax benefit (1)	$	46,760		$	40,836		$	29,108		$	27,185		$	9,371		15	%	399	%

Basic EPS – common stockholders	$	1.77		$	0.40		$	0.29		$	0.27		$	0.10		N/M		N/M
Diluted EPS – common stockholders	$	1.73		$	0.39		$	0.27		$	0.26		$	0.09		N/M		N/M
Diluted EPS excluding income tax benefit (1)	$	0.45		$	0.39		$	0.27		$	0.26		$	0.09		15	%	400	%

LendingClub Bank Performance Metrics:
Net interest margin	8.7		%	8.6		%	8.3		%	7.1		%	5.5		%
Efficiency ratio (2)	60.5		%	63.6		%	69.5		%	67.5		%	69.0		%
Return on average equity (ROE)	21.5		%	22.5		%	21.7		%	26.5		%	34.7		%
Return on average total assets (ROA)	3.0		%	3.1		%	3.1		%	3.7		%	4.7		%

LendingClub Bank Capital Ratios:
Common Equity Tier 1 Capital Ratio	16.7		%	16.0		%	16.7		%	18.0		%	18.7		%
Tier 1 Leverage Ratio	13.4		%	13.2		%	14.3		%	14.1		%	13.5		%

Consolidated LendingClub Corporation Performance Metrics:
Net interest margin	8.5		%	8.3		%	7.6		%	6.3		%	4.7		%
Efficiency ratio (2)	63.4		%	66.0		%	71.8		%	72.6		%	78.4		%


Return on average equity (ROE)	33.8		%	18.7		%	14.1		%	13.8		%	5.0		%


Return on average total assets (ROA)	5.5		%	3.1		%	2.4		%	2.4		%	0.8		%

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













Loan originations (in millions) (3):
Total loan originations	$	3,840		$	3,217		$	3,069		$	3,107		$	2,722		19	%	41	%
Marketplace loans	$	2,819		$	2,360		$	2,308		$	2,471		$	2,182		19	%	29	%
Loan originations held for investment	$	1,021		$	856		$	761		$	636		$	541		19	%	89	%
Loan originations held for investment as a % of total loan originations	27		%	27		%	25		%	20		%	20		%

Servicing portfolio AUM (in millions) (4)	$	14,783		$	13,341		$	12,463		$	11,592		$	10,741		11	%	38	%

LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)


	As of and for the three months ended															% Change
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			Q/Q		Y/Y

Balance Sheet Data:
Loans and leases held for investment, net, excluding PPP loans	$	3,692,667		$	3,049,325		$	2,486,440		$	2,235,698		$	1,791,492		21	%	106	%
PPP loans	$	118,794		$	184,986		$	268,297		$	367,558		$	507,553		(36)	%	(77)	%
Total loans and leases held for investment, net	$	3,811,461		$	3,234,311		$	2,754,737		$	2,603,256		$	2,299,045		18	%	66	%
Total assets	$	6,186,765		$	5,574,425		$	4,900,319		$	4,750,760		$	4,370,101		11	%	42	%
Total deposits	$	4,527,672		$	3,977,477		$	3,135,788		$	2,838,719		$	2,539,704		14	%	78	%
Total liabilities	$	5,107,648		$	4,686,991		$	4,050,077		$	3,945,970		$	3,607,742		9	%	42	%
Total equity	$	1,079,117		$	887,434		$	850,242		$	804,790		$	762,359		22	%	42	%

Allowance Ratios:
Allowance for loan and lease losses to total loans and leases held for investment	6.0		%	5.5		%	5.0		%	3.9		%	3.0		%
Allowance for loan and lease losses to total loans and leases held for investment, excluding PPP loans	6.2		%	5.8		%	5.5		%	4.5		%	3.8		%
Allowance for loan and lease losses to consumer loans and leases held for investment	6.9		%	6.6		%	6.4		%	5.2		%	4.3		%
Allowance for loan and lease losses to commercial loans and leases held for investment	2.0		%	1.8		%	1.8		%	1.6		%	1.5		%
Allowance for loan and lease losses to commercial loans and leases held for investment, excluding PPP loans	2.3		%	2.3		%	2.6		%	2.6		%	2.8		%

N/M – Not meaningful

N/A – Not applicable

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

(3) Includes unsecured personal loans, auto loans, and education and patient finance loans only.

(4) 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

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands, except percentages or as noted)

(Unaudited)


	June 30, 2022		December 31, 2021
Unsecured personal	$	2,964,950	$	1,804,578
Residential mortgages	176,900		151,362
Secured consumer	142,824		65,976

Total consumer loans held for investment	3,284,674		2,021,916
Equipment finance (1)	164,104		149,155
Commercial real estate	339,524		310,399
Commercial and industrial (2)	266,419		417,656
Total commercial loans and leases held for investment	770,047		877,210
Total loans and leases held for investment	4,054,721		2,899,126
Allowance for loan and lease losses	(243,260)		(144,389)
Loans and leases held for investment, net	$	3,811,461	$	2,754,737

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

(2) Includes $118.8 million and $268.3 million of Paycheck Protection Program (PPP) loans as of June 30, 2022 and December 31, 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
	June 30, 2022						December 31, 2021
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	173,857	$	14,128	$	187,985	$	88,631	$	16,105	$	104,736
Credit loss expense for loans and leases held for investment	68,314		1,739		70,053		45,595		(306)		45,289

Charge-offs	(14,707)		(1,145)		(15,852)		(5,557)		(313)		(5,870)
Recoveries	720		354		1,074		143		91		234
Allowance for loan and lease losses, end of period	$	228,184	$	15,076	$	243,260	$	128,812	$	15,577	$	144,389

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended						Change (%)
	June 30, 2022		March 31, 2022		June 30, 2021		Q2 2022 vs Q2 2021		Q2 2022 vs Q1 2022
Non-interest income:
Marketplace revenue (1)	$	206,384	$	179,966	$	151,735	36	%	15	%
Other non-interest income	7,448		9,891		6,741		10	%	(25)	%
Total non-interest income	213,832		189,857		158,476		35	%	13	%

Interest income:
Interest on loans held for sale	7,130		7,450		8,694		(18)	%	(4)	%
Interest and fees on loans and leases held for investment	108,911		91,442		39,068		179	%	19	%
Interest on retail and certificate loans held for investment at fair value	5,091		6,969		16,014		(68)	%	(27)	%
Interest on other loans held for investment at fair value	631		593		1,222		(48)	%	6	%
Interest on securities available for sale	4,426		4,511		2,539		74	%	(2)	%
Other interest income	2,279		688		190		N/M		231	%
Total interest income	128,468		111,653		67,727		90	%	15	%

Interest expense:
Interest on deposits	6,078		3,438		1,699		258	%	77	%
Interest on short-term borrowings	417		435		1,003		(58)	%	(4)	%
Interest on retail notes, certificates and secured borrowings	5,091		6,969		16,014		(68)	%	(27)	%
Interest on Structured Program borrowings	360		764		2,668		(87)	%	(53)	%
Interest on other long-term debt	296		367		438		(32)	%	(19)	%
Total interest expense	12,242		11,973		21,822		(44)	%	2	%

Net interest income	116,226		99,680		45,905		153	%	17	%

Total net revenue	330,058		289,537		204,381		61	%	14	%

Provision for credit losses	70,566		52,509		34,634		104	%	34	%

Non-interest expense:
Compensation and benefits	85,103		81,610		71,925		18	%	4	%
Marketing	61,497		55,080		35,107		75	%	12	%
Equipment and software	12,461		11,046		9,281		34	%	13	%
Occupancy	6,209		6,019		6,157		1	%	3	%
Depreciation and amortization	10,557		11,039		11,508		(8)	%	(4)	%
Professional services	16,138		12,406		11,520		40	%	30	%
Other non-interest expense	17,421		14,004		14,641		19	%	24	%
Total non-interest expense	209,386		191,204		160,139		31	%	10	%

Income before income tax benefit (expense)	50,106		45,824		9,608		422	%	9	%
Income tax benefit (expense)	131,954		(4,988)		(237)		N/M		N/M
Net income	$	182,060	$	40,836	$	9,371	N/M		N/M

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended						Change (%)
	June 30, 2022		March 31, 2022		June 30, 2021		Q2 2022 vs Q2 2021		Q2 2022 vs Q1 2022
Net income per share:
Basic EPS – common stockholders	$	1.77	$	0.40	$	0.10	N/M		N/M
Diluted EPS – common stockholders	$	1.73	$	0.39	$	0.09	N/M		N/M
Weighted-average common shares – Basic	102,776,867		101,493,561		97,785,089		5	%	1	%
Weighted-average common shares – Diluted	105,042,626		105,052,904		102,031,088		3	%	—	%

N/M – Not meaningful

(1) Marketplace revenue consists of the following:


	Three Months Ended						Change (%)
	June 30, 2022		March 31, 2022		June 30, 2021		Q2 2022 vs Q2 2021		Q2 2022 vs Q1 2022
Origination fees	$	149,252	$	122,093	$	113,802	31	%	22	%
Servicing fees	18,166		18,514		22,714		(20)	%	(2)	%
Gain on sales of loans	29,319		24,110		19,317		52	%	22	%
Net fair value adjustments	9,647		15,249		(4,098)		N/M		(37)	%
Total marketplace revenue	$	206,384	$	179,966	$	151,735	36	%	15	%

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS BY SEGMENT

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)


	LendingClub Bank				LendingClub Corporation (Parent only)				Intercompany Eliminations				Total
	June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Assets
Total cash and cash equivalents	$	1,004,602	$	659,919	$	95,755	$	88,268	$	(58,377)	$	(61,061)	$	1,041,980	$	687,126
Restricted cash	—		—		66,044		76,540		(5,792)		(80)		60,252		76,460
Securities available for sale at fair value	370,567		205,730		32,427		57,800		—		—		402,994		263,530
Loans held for sale	62,811		335,449		—		55,799		—		—		62,811		391,248
Loans and leases held for investment, net	3,811,461		2,754,737		—		—		—		—		3,811,461		2,754,737
Retail and certificate loans held for investment at fair value	—		—		122,078		229,719		—		—		122,078		229,719
Other loans held for investment at fair value	—		—		20,583		21,240		—		—		20,583		21,240
Property, equipment and software, net	73,002		36,424		46,974		61,572		—		—		119,976		97,996
Investment in subsidiary	—		—		634,102		557,577		(634,102)		(557,577)		—		—
Goodwill	75,717		75,717		—		—		—		—		75,717		75,717
Other assets	264,600		254,075		230,379		168,042		(26,066)		(119,571)		468,913		302,546
Total assets	5,662,760		4,322,051		1,248,342		1,316,557		(724,337)		(738,289)		6,186,765		4,900,319
Liabilities and Equity
Total deposits	4,591,841		3,196,929		—		—		(64,169)		(61,141)		4,527,672		3,135,788
Short-term borrowings	165		165		7,818		27,615		—		—		7,983		27,780
Advances from PPPLF	123,444		271,933		—		—		—		—		123,444		271,933
Retail notes, certificates and secured borrowings at fair value	—		—		122,078		229,719		—		—		122,078		229,719
Payable on Structured Program borrowings	—		—		15,274		65,451		—		—		15,274		65,451
Other long-term debt	—		—		15,300		15,455		—		—		15,300		15,455
Other liabilities	187,089		218,775		134,874		150,727		(26,066)		(65,551)		295,897		303,951
Total liabilities	4,902,539		3,687,802		295,344		488,967		(90,235)		(126,692)		5,107,648		4,050,077
Total equity	760,221		634,249		952,998		827,590		(634,102)		(611,597)		1,079,117		850,242
Total liabilities and equity	$	5,662,760	$	4,322,051	$	1,248,342	$	1,316,557	$	(724,337)	$	(738,289)	$	6,186,765	$	4,900,319

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME BY SEGMENT

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended June 30, 2022
	LendingClub Bank		LendingClub Corporation (Parent only)		Intercompany Eliminations		Total
Non-interest income:
Marketplace revenue	$	191,087	$	11,167	$	4,130	$	206,384
Other non-interest income	20,041		3,914		(16,507)		7,448
Total non-interest income	211,128		15,081		(12,377)		213,832

Interest income:
Interest income	120,152		8,316		—		128,468
Interest expense	(6,213)		(6,029)		—		(12,242)
Net interest income	113,939		2,287		—		116,226

Total net revenue	325,067		17,368		(12,377)		330,058

Provision for credit losses	(70,566)		—		—		(70,566)
Non-interest expense	(196,636)		(25,127)		12,377		(209,386)
Income (Loss) before income tax benefit (expense)	57,865		(7,759)		—		50,106
Income tax benefit (expense)	(17,318)		85,864		63,408		131,954
Net income	$	40,547	$	78,105	$	63,408	$	182,060


	Three Months Ended March 31, 2022
	LendingClub Bank		LendingClub Corporation (Parent only)		Intercompany Eliminations		Total
Non-interest income:
Marketplace revenue	$	164,835	$	15,131	$	—	$	179,966
Other non-interest income	19,498		4,223		(13,830)		9,891
Total non-interest income	184,333		19,354		(13,830)		189,857

Interest income:
Interest income	99,823		11,830		—		111,653
Interest expense	(3,644)		(8,329)		—		(11,973)
Net interest income	96,179		3,501		—		99,680

Total net revenue	280,512		22,855		(13,830)		289,537

Provision for credit losses	(52,509)		—		—		(52,509)
Non-interest expense	(178,459)		(26,575)		13,830		(191,204)
Income (Loss) before income tax benefit (expense)	49,544		(3,720)		—		45,824
Income tax benefit (expense)	(12,355)		17,727		(10,360)		(4,988)
Net income	$	37,189	$	14,007	$	(10,360)	$	40,836

LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME BY SEGMENT (Continued)

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended June 30, 2021
	LendingClub Bank		LendingClub Corporation (Parent only)		Intercompany Eliminations		Total
Non-interest income:
Marketplace revenue	$	128,714	$	23,021	$	—	$	151,735
Other non-interest income	28,340		4,281		(25,880)		6,741
Total non-interest income	157,054		27,302		(25,880)		158,476

Interest income:
Interest income	45,325		22,402		—		67,727
Interest expense	(1,972)		(19,850)		—		(21,822)
Net interest income	43,353		2,552		—		45,905

Total net revenue	200,407		29,854		(25,880)		204,381

Reversal of (Provision for) credit losses	(34,956)		322		—		(34,634)
Non-interest expense	(138,182)		(47,837)		25,880		(160,139)
Income (Loss) before income tax benefit (expense)	27,269		(17,661)		—		9,608
Income tax benefit (expense)	12,513		8,922		(21,672)		(237)
Net income (loss)	$	39,782	$	(8,739)	$	(21,672)	$	9,371

LENDINGCLUB BANK

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)


	LendingClub Bank
	Three Months Ended June 30, 2022						Three Months Ended March 31, 2022						Three Months Ended June 30, 2021
	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, restricted cash and other	$	964,161	$	2,214	0.92	%	$	829,707	$	683	0.33	%	$	551,895	$	186	0.13	%
Securities available for sale at fair value	369,012		2,259		2.45	%	274,089		1,276		1.86	%	165,579		348		0.84	%
Loans held for sale	149,506		6,768		18.11	%	228,529		6,422		11.24	%	144,037		5,723		15.89	%
Loans and leases held for investment:
Unsecured personal loans	2,692,148		95,529		14.19	%	2,060,323		78,376		15.22	%	511,787		19,499		15.24	%
Secured consumer loans	268,091		2,351		3.51	%	232,235		2,275		3.92	%	532,426		5,173		3.89	%
Commercial loans and leases	644,002		8,732		5.42	%	620,660		7,588		4.89	%	623,735		9,062		5.81	%
PPP loans	149,454		2,299		6.15	%	222,517		3,203		5.76	%	615,942		5,334		3.46	%
Loans and leases held for investment	3,753,695		108,911		11.61	%	3,135,735		91,442		11.66	%	2,283,890		39,068		6.84	%
Total interest-earning assets	5,236,374		120,152		9.18	%	4,468,060		99,823		8.94	%	3,145,401		45,325		5.76	%

Cash and due from banks	31,142						46,117						34,612
Allowance for loan and lease losses	(202,904)						(163,631)						(51,109)
Other non-interest earning assets	424,586						390,066						221,870
Total assets	$	5,489,198					$	4,740,612					$	3,350,774

Interest-bearing liabilities
Interest-bearing deposits
Checking and money market accounts	$	2,463,710	$	2,664	0.43	%	$	2,240,450	$	1,724	0.31	%	$	2,071,112	$	1,618	0.31	%
Savings accounts and certificates of deposit	1,555,607		3,414		0.88	%	1,071,133		1,714		0.65	%	301,939		81		0.11	%
Interest-bearing deposits	4,019,317		6,078		0.61	%	3,311,583		3,438		0.42	%	2,373,051		1,699		0.29	%
Short-term borrowings	164		—		—	%	165		—		—	%	2,138		1		0.06	%
Advances from PPPLF	151,278		135		0.36	%	234,872		206		0.35	%	312,168		272		0.35	%
Other long-term debt	—		—		—	%	—		—		—	%	708		—		—	%
Total interest-bearing liabilities	4,170,759		6,213		0.60	%	3,546,620		3,644		0.42	%	2,688,065		1,972		0.29	%

Non-interest bearing deposits	399,949						300,218						102,709
Other liabilities	163,095						232,018						100,835
Total liabilities	$	4,733,803					$	4,078,856					$	2,891,609
Total equity	$	755,395					$	661,756					$	459,165
Total liabilities and equity	$	5,489,198					$	4,740,612					$	3,350,774

Interest rate spread					8.58	%					8.52	%					5.47	%

Net interest income and net interest margin			$	113,939	8.70	%			$	96,179	8.61	%			$	43,353	5.51	%

(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)


	Consolidated LendingClub Corporation (1)
	Three Months Ended June 30, 2022						Three Months Ended March 31, 2022						Three Months Ended June 30, 2021
	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	$	1,023,192	$	2,279	0.89	%	$	892,921	$	688	0.31	%	$	642,182		$	190	0.12	%
Securities available for sale at fair value	409,327		4,426		4.32	%	325,155		4,511		5.55	%	273,956			2,539		3.71	%
Loans held for sale	156,503		7,130		18.22	%	255,139		7,450		11.68	%	243,445			8,694		14.29	%
Loans and leases held for investment:
Unsecured personal loans	2,692,148		95,529		14.19	%	2,060,323		78,376		15.22	%	511,787			19,499		15.24	%
Secured consumer loans	268,091		2,351		3.51	%	232,235		2,275		3.92	%	532,426			5,173		3.89	%
Commercial loans and leases	644,002		8,732		5.42	%	620,660		7,588		4.89	%	623,735			9,062		5.81	%
PPP loans	149,454		2,299		6.15	%	222,517		3,203		5.76	%	615,942			5,334		3.46	%
Loans and leases held for investment	3,753,695		108,911		11.61	%	3,135,735		91,442		11.66	%	2,283,890		2,283,890	39,068		6.84	%
Retail and certificate loans held for investment at fair value	144,613		5,091		14.08	%	198,813		6,969		14.02	%	448,822			16,014		14.27	%
Other loans held for investment at fair value	16,991		631		14.85	%	18,523		593		12.80	%	38,662			1,222		12.64	%
Total interest-earning assets	5,504,321		128,468		9.34	%	4,826,286		111,653		9.25	%	3,930,957			67,727		6.89	%

Cash and due from banks and restricted cash	75,517						92,683						144,897
Allowance for loan and lease losses	(202,904)						(163,631)						(51,109)
Other non-interest earning assets	490,412						486,363						447,826
Total assets	$	5,867,346					$	5,241,701					$	4,472,571

Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts	$	2,463,710	$	2,664	0.43	%	$	2,240,450	$	1,724	0.31	%	$	2,071,112		$	1,618	0.31	%
Savings accounts and certificates of deposit	1,555,607		3,414		0.88	%	1,071,133		1,714		0.64	%	301,939			81		0.11	%
Interest-bearing deposits	4,019,317		6,078		0.61	%	3,311,583		3,438		0.42	%	2,373,051			1,699		0.29	%
Short-term borrowings	10,874		417		15.35	%	20,371		435		8.56	%	79,511			1,003		5.05	%
Advances from PPPLF	151,278		135		0.36	%	234,872		206		0.35	%	312,168			272		0.35	%
Retail notes, certificates and secured borrowings	144,613		5,091		14.08	%	198,813		6,969		14.02	%	449,057			16,014		14.27	%
Structured Program borrowings	18,439		360		7.81	%	42,026		764		7.29	%	121,738			2,668		8.77	%
Other long-term debt	15,357		161		4.20	%	15,421		161		4.19	%	16,404			166		4.04	%
Total interest-bearing liabilities	4,359,878		12,242		1.12	%	3,823,086		11,973		1.25	%	3,351,929			21,822		2.61	%

LENDINGCLUB CORPORATION

NET INTEREST INCOME (Continued)

(In thousands, except percentages or as noted)

(Unaudited)


	Consolidated LendingClub Corporation (1)
	Three Months Ended June 30, 2022						Three Months Ended March 31, 2022						Three Months Ended June 30, 2021
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Non-interest bearing deposits	292,750						227,337						92,588
Other liabilities	261,795						319,241						276,723
Total liabilities	$	4,914,423					$	4,369,664					$	3,721,240

Total equity	$	952,922					$	872,037					$	751,331
Total liabilities and equity	$	5,867,345					$	5,241,701					$	4,472,571

Interest rate spread					8.21	%					8.00	%					4.29	%

Net interest income and net interest margin			$	116,226	8.45	%			$	99,680	8.26	%			$	45,905	4.67	%

(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)


	June 30, 2022		December 31, 2021
Assets
Cash and due from banks	$	26,415	$	35,670
Interest-bearing deposits in banks	1,015,565		651,456
Total cash and cash equivalents	1,041,980		687,126
Restricted cash	60,252		76,460
Securities available for sale at fair value ($435,451 and $256,170 at amortized cost, respectively)	402,994		263,530
Loans held for sale (includes $62,811 and $142,370 at fair value, respectively)	62,811		391,248
Loans and leases held for investment	4,054,721		2,899,126
Allowance for loan and lease losses	(243,260)		(144,389)
Loans and leases held for investment, net	3,811,461		2,754,737
Retail and certificate loans held for investment at fair value	122,078		229,719
Other loans held for investment at fair value	20,583		21,240
Property, equipment and software, net	119,976		97,996
Goodwill	75,717		75,717
Other assets	468,913		302,546
Total assets	$	6,186,765	$	4,900,319
Liabilities and Equity
Deposits:
Interest-bearing	$	4,261,651	$	2,919,203
Noninterest-bearing	266,021		216,585
Total deposits	4,527,672		3,135,788
Short-term borrowings	7,983		27,780
Advances from Paycheck Protection Program Liquidity Facility (PPPLF)	123,444		271,933
Retail notes, certificates and secured borrowings at fair value	122,078		229,719
Payable on Structured Program borrowings	15,274		65,451
Other long-term debt	15,300		15,455
Other liabilities	295,897		303,951
Total liabilities	5,107,648		4,050,077
Equity
Series A Preferred stock, $0.01 par value; 1,200,000 shares authorized; 0 shares issued and outstanding	—		—
Common stock, $0.01 par value; 180,000,000 shares authorized; 103,630,776 and 101,043,924 shares issued and outstanding, respectively	1,036		1,010
Additional paid-in capital	1,594,458		1,559,616
Accumulated deficit	(494,534)		(717,430)
Accumulated other comprehensive income (loss)	(21,843)		7,046


Total equity	1,079,117		850,242
Total liabilities and equity	$	6,186,765	$	4,900,319



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


☐			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))


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


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 9.01						Financial Statements and Exhibits
(d)						Exhibits


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


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


Exhibit Number						Exhibit Title or Description
99.1						Press Release dated July 27, 2022
104						Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document)


		LendingClub Corporation
Date:	July 27, 2022	By:	/s/ Thomas W. Casey
			Thomas W. Casey
			Chief Financial Officer
			(duly authorized officer)


FORM			8-K