0001409970FALSE00014099702022-04-272022-04-2700014099702022-04-132022-04-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM			8-K

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

Date of Report (Date of earliest event reported): April 27, 2022

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

 

Commission File Number: 001-36771

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

595 Market Street, Suite 200,

San Francisco,

CA

94105

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: 415 632-5600

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐			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))

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.			☐

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Item 2.02						Results of Operations and Financial Condition

On April 27, 2022, LendingClub Corporation (“LendingClub”) issued a press release (the “Earnings Press Release”) regarding its financial results for the quarter ended March 31, 2022. A copy of the Earnings Press Release is attached as Exhibit 99.1 to this Form 8-K and is incorporated by reference herein.

The information set forth in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01						Financial Statements and Exhibits
(d)						Exhibits

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

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SIGNATURE(S)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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

                                    EXHIBIT 99.1

LendingClub Reports First Quarter 2022 Results

Delivers Record Revenue and Net Income

Revenue More than Doubles and Net Income Increases Over $85 million Year-over-Year

Raises 2022 Outlook

SAN FRANCISCO – April 27, 2022 – 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, 2022

“We grew our member base beyond four million to serve more everyday Americans who are looking to refinance out of higher cost credit card debt, save more of what they earn and find a better way to bank,” said Scott Sanborn, LendingClub’s CEO. “With another quarter of record results, we are clearly demonstrating the power of our loyal customers, significant data advantage and differentiated marketplace bank model. We believe we are well positioned to execute on our strategy and outperform the competition while helping our members effectively navigate the ever changing economic landscape.”

Record First Quarter 2022 Results

•Revenue of $289.5 million grew 174% year-over-year, outpacing originations growth of 117%.

◦Recurring stream of net interest income grew 20% sequentially to $99.7 million and increased 439% year-over-year.

▪LendingClub Bank’s net interest margin increased sequentially to 8.6% from 8.3% and was up from 3.3% a year earlier, primarily reflecting growth in personal loans which generate a higher yield.

▪Total loans held for investment (excluding PPP) grew 23% from December 31, 2021 and 116% from March 31, 2021.

◦Marketplace revenue of $180.0 million grew 6% sequentially and 120% year-over-year, reflecting growth in marketplace originations and strong platform investor demand.

•Deposits of $4.0 billion were up 27% from December 31, 2021 and 68% from March 31, 2021, supporting growth in loans held for investment.

•Provision for credit losses was $52.5 million, reflecting 23% growth in loans held for investment (excluding PPP) from December 31, 2021. Credit quality of our retained portfolio remained strong given the credit profile of our borrowers with an average FICO of 727.

•Net income of $40.8 million rose 40% sequentially and by $87.9 million year-over-year.

•Diluted earnings per share of $0.39 was up 44% sequentially and compared to a loss of $0.49 per share in the first quarter of 2021. The improvement in diluted earnings per share reflected increased revenue and greater operating efficiency.

•Pre-tax, pre-provision income of $98.3 million increased 33% sequentially and by $126.8 million from the first quarter of 2021, consistent with revenue growth and operating efficiency which drove earnings growth for the same periods.

			Three Months Ended
($ in millions)			March 31, 2022						December 31, 2021						March 31, 2021
Total net revenue			$	289.5					$	262.2					$	105.8
Non-interest expense			191.2						188.2						134.3
Pre-tax, pre-provision income (loss)			98.3						74.0						(28.5)
Provision for credit losses			52.5						45.1						21.5
Income tax benefit (expense)			(5.0)						0.2						2.8
Consolidated net income (loss)			$	40.8					$	29.1					$	(47.1)
Diluted EPS			$	0.39					$	0.27					$	(0.49)

1

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Financial Outlook

(millions)

Second Quarter 2022

Full Year 2022

Versus Prior Full Year 2022 Guidance

Total revenue

$295M to $305M

$1.15B to $1.25B

+$50M

Consolidated net income

$40M to $45M

$145M to $165M

+$15M

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 $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 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 first 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, April 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 007261, 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 4, 2022, by calling +1 (866) 813-9403 or outside the U.S. +44 (204) 525-0658, with Access Code 997383. 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]

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.

*****

2

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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
			March 31, 2022						December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021						Q/Q						Y/Y
Operating Highlights:
Non-interest income			$	189,857					$	179,111					$	180,878					$	158,476					$	87,334					6		%				117		%
Net interest income			99,680						83,132						65,288						45,905						18,506						20		%				439		%
Total net revenue			289,537						262,243						246,166						204,381						105,840						10		%				174		%
Non-interest expense			191,204						188,220						178,775						160,139						134,252						2		%				42		%
Pre-tax, pre-provision income (loss)			98,333						74,023						67,391						44,242						(28,412)						33		%				N/M
Provision for credit losses			52,509						45,149						37,524						34,634						21,493						16		%				144		%
Income tax benefit (expense)			(4,988)						234						(2,682)						(237)						2,821						N/M						N/M
Consolidated net income (loss)			$	40,836					$	29,108					$	27,185					$	9,371					$	(47,084)					40		%				N/M
Basic EPS – common stockholders			$	0.40					$	0.29					$	0.27					$	0.10					$	(0.49)					38		%				N/M
Diluted EPS – common stockholders			$	0.39					$	0.27					$	0.26					$	0.09					$	(0.49)					44		%				N/M
LendingClub Bank Performance Metrics:
Net interest margin			8.6		%				8.3		%				7.1		%				5.5		%				3.3		%
Efficiency ratio (1)			63.6		%				69.5		%				67.5		%				69.0		%				104.8		%
Return on average equity (ROE)			22.5		%				21.7		%				26.5		%				34.7		%				N/A
Return on average total assets (ROA)			3.1		%				3.1		%				3.7		%				4.7		%				N/A
LendingClub Bank Capital Ratios:
Common Equity Tier 1 Capital Ratio			16.0		%				16.7		%				18.0		%				18.7		%				20.9		%
Tier 1 Leverage Ratio			13.2		%				14.3		%				14.1		%				13.5		%				12.9		%
Consolidated LendingClub Corporation Performance Metrics:
Net interest margin			8.3		%				7.6		%				6.3		%				4.7		%				1.8		%
Efficiency ratio (1)			66.0		%				71.8		%				72.6		%				78.4		%				126.8		%
Return on average equity (ROE)			18.7		%				14.1		%				13.8		%				5.0		%				N/A
Return on average total assets (ROA)			3.1		%				2.4		%				2.4		%				0.8		%				N/A
Marketing expense as a % of loan originations			1.7		%				1.7		%				1.6		%				1.3		%				1.3		%
Loan originations (in millions) (2):
Total loan originations			$	3,217					$	3,069					$	3,107					$	2,722					$	1,483					5		%				117		%
Marketplace loans			$	2,360					$	2,308					$	2,471					$	2,182					$	1,139					2		%				107		%
Loan originations held for investment			$	856					$	761					$	636					$	541					$	344					12		%				149		%
Loan originations held for investment as a % of total loan originations			27		%				25		%				20		%				20		%				23		%
Servicing portfolio AUM (in millions) (3)			$	13,341					$	12,463					$	11,592					$	10,741					$	10,271					7		%				30		%
Balance Sheet Data:
Loans and leases held for investment, net, excluding PPP loans			$	3,049,325					$	2,486,440					$	2,235,698					$	1,791,492					$	1,414,900					23		%				116		%
PPP loans			$	184,986					$	268,297					$	367,558					$	507,553					$	664,400					(31)		%				(72)		%
Total loans and leases held for investment, net			$	3,234,311					$	2,754,737					$	2,603,256					$	2,299,045					$	2,079,300					17		%				56		%
Total assets			$	5,574,425					$	4,900,319					$	4,750,760					$	4,370,101					$	4,491,089					14		%				24		%

3

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LENDINGCLUB CORPORATION

OPERATING HIGHLIGHTS (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

			As of and for the three months ended																														% Change
			March 31, 2022						December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021						Q/Q						Y/Y
Total deposits			$	3,977,477					$	3,135,788					$	2,838,719					$	2,539,704					$	2,373,437					27		%				68		%
Total liabilities			$	4,686,991					$	4,050,077					$	3,945,970					$	3,607,742					$	3,757,954					16		%				25		%
Total equity			$	887,434					$	850,242					$	804,790					$	762,359					$	733,135					4		%				21		%
Allowance Ratios:
Allowance for loan and lease losses to total loans and leases held for investment			5.5		%				5.0		%				3.9		%				3.0		%				1.7		%
Allowance for loan and lease losses to total loans and leases held for investment, excluding PPP loans			5.8		%				5.5		%				4.5		%				3.8		%				2.5		%
Allowance for loan and lease losses to consumer loans and leases held for investment			6.6		%				6.4		%				5.2		%				4.3		%				2.3		%
Allowance for loan and lease losses to commercial loans and leases held for investment			1.8		%				1.8		%				1.6		%				1.5		%				1.3		%
Allowance for loan and lease losses to commercial loans and leases held for investment, excluding PPP loans			2.3		%				2.6		%				2.6		%				2.8		%				1.7		%

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 unsecured personal loans, auto loans and education and patient finance loans serviced for others and retained for investment by the Company.

4

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LENDINGCLUB CORPORATION

LOANS AND LEASES HELD FOR INVESTMENT

(In thousands, except percentages or as noted)

(Unaudited)

			March 31, 2022						December 31, 2021
Unsecured personal			$	2,358,792					$	1,804,578
Residential mortgages			169,117						151,362
Secured consumer			93,600						65,976
Total consumer loans held for investment			2,621,509						2,021,916
Equipment finance (1)			143,780						149,155
Commercial real estate			313,710						310,399
Commercial and industrial (2)			343,297						417,656
Total commercial loans and leases held for investment			800,787						877,210
Total loans and leases held for investment			3,422,296						2,899,126
Allowance for loan and lease losses			(187,985)						(144,389)
Loans and leases held for investment, net			$	3,234,311					$	2,754,737

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

(2)    Includes $185.0 million and $268.3 million of Paycheck Protection Program (PPP) loans as of March 31, 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
			March 31, 2022																		December 31, 2021
			Consumer						Commercial						Total						Consumer						Commercial						Total
Allowance for loan and lease losses, beginning of period			$	128,812					$	15,577					$	144,389					$	88,631					$	16,105					$	104,736
Credit loss expense for loans and leases held for investment			53,718						(1,490)						52,228						45,595						(306)						45,289
Charge-offs			(9,017)						(72)						(9,089)						(5,557)						(313)						(5,870)
Recoveries			344						113						457						143						91						234
Allowance for loan and lease losses, end of period			$	173,857					$	14,128					$	187,985					$	128,812					$	15,577					$	144,389

5

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LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

			Three Months Ended																		Change (%)
			March 31, 2022						December 31, 2021						March 31, 2021						Q1 2022 vs Q1 2021						Q1 2022 vs Q4 2021
Non-interest income:
Marketplace revenue (1)			$	179,966					$	170,562					$	81,727					120		%				6		%
Other non-interest income			9,891						8,549						5,607						76		%				16		%
Total non-interest income			189,857						179,111						87,334						117		%				6		%
Interest income:
Interest on loans held for sale			7,450						7,153						5,157						44		%				4		%
Interest and fees on loans and leases held for investment			91,442						76,964						15,301						N/M						19		%
Interest on retail and certificate loans held for investment at fair value			6,969						9,236						20,262						(66)		%				(25)		%
Interest on other loans held for investment at fair value			593						762						1,479						(60)		%				(22)		%
Interest on securities available for sale			4,511						3,071						2,235						102		%				47		%
Other interest income			688						469						156						N/M						47		%
Total interest income			111,653						97,655						44,590						150		%				14		%
Interest expense:
Interest on deposits			3,438						2,616						1,014						239		%				31		%
Interest on short-term borrowings			435						561						1,264						(66)		%				(22)		%
Interest on retail notes, certificates and secured borrowings			6,969						9,236						20,262						(66)		%				(25)		%
Interest on Structured Program borrowings			764						1,642						3,208						(76)		%				(53)		%
Interest on other long-term debt			367						468						336						9		%				(22)		%
Total interest expense			11,973						14,523						26,084						(54)		%				(18)		%
Net interest income			99,680						83,132						18,506						N/M						20		%
Total net revenue			289,537						262,243						105,840						174		%				10		%
Provision for credit losses			52,509						45,149						21,493						144		%				16		%
Non-interest expense:
Compensation and benefits			81,610						78,741						64,420						27		%				4		%
Marketing			55,080						50,708						19,545						182		%				9		%
Equipment and software			11,046						12,019						7,893						40		%				(8)		%
Occupancy			6,019						4,706						6,900						(13)		%				28		%
Depreciation and amortization			11,039						10,462						11,766						(6)		%				6		%
Professional services			12,406						12,699						11,603						7		%				(2)		%
Other non-interest expense			14,004						18,885						12,125						15		%				(26)		%
Total non-interest expense			191,204						188,220						134,252						42		%				2		%
Income before income tax benefit (expense)			45,824						28,874						(49,905)						N/M						59		%
Income tax benefit (expense)			(4,988)						234						2,821						N/M						N/M
Consolidated net income (loss)			$	40,836					$	29,108					$	(47,084)					N/M						40		%

6

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LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(In thousands, except share and per share data)

(Unaudited)

			Three Months Ended																		Change (%)
			March 31, 2022						December 31, 2021						March 31, 2021						Q1 2022 vs Q1 2021						Q1 2022 vs Q4 2021
Basic EPS – common stockholders			$	0.40					$	0.29					$	(0.49)
Diluted EPS – common stockholders			$	0.39					$	0.27					$	(0.49)
Weighted-average common shares – Basic			101,493,561						100,320,691						92,666,169
Weighted-average common shares – Diluted			105,052,904						108,096,823						92,666,169

N/M – Not meaningful

(1)    Marketplace revenue consists of the following:

			Three Months Ended																		Change (%)
			March 31, 2022						December 31, 2021						March 31, 2021						Q1 2022 vs Q1 2021						Q1 2022 vs Q4 2021
Origination fees			$	122,093					$	118,353					$	55,559					120		%				3		%
Servicing fees			18,514						20,940						23,166						(20)		%				(12)		%
Gain on sales of loans			24,110						20,569						8,323						190		%				17		%
Net fair value adjustments			15,249						10,700						(5,321)						N/M						43		%
Total marketplace revenue			$	179,966					$	170,562					$	81,727					120		%				6		%

7

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LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT

(In thousands, except share and per share data)

(Unaudited)

			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)
Consolidated net income			$	37,189					$	14,007								$	(10,360)					$	40,836

			Three Months Ended December 31, 2021
			LendingClub Bank						LendingClub Corporation (Parent only)									Intercompany Eliminations						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			30,582						(1,708)									—						28,874
Income tax benefit			1,305						20,192									(21,263)						234
Consolidated net income			$	31,887					$	18,484								$	(21,263)					$	29,108

8

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LENDINGCLUB CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY SEGMENT (Continued)

(In thousands, except share and per share data)

(Unaudited)

			Three Months Ended March 31, 2021
			LendingClub Bank						LendingClub Corporation (Parent only)									Intercompany Eliminations						Total
Non-interest income:
Marketplace revenue			$	36,062					$	45,665								$	—					$	81,727
Other non-interest income			19,700						4,098									(18,191)						5,607
Total non-interest income			55,762						49,763									(18,191)						87,334
Interest income:
Interest income			17,498						27,092									—						44,590
Interest expense			(1,247)						(24,837)									—						(26,084)
Net interest income			16,251						2,255									—						18,506
Total net revenue			72,013						52,018									(18,191)						105,840
Reversal of (Provision for) credit losses			(23,963)						2,470									—						(21,493)
Non-interest expense			(75,499)						(76,944)									18,191						(134,252)
Loss before income tax benefit			(27,449)						(22,456)									—						(49,905)
Income tax benefit			23						2,292									506						2,821
Consolidated net loss			$	(27,426)					$	(20,164)								$	506					$	(47,084)

9

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LENDINGCLUB BANK

NET INTEREST INCOME

(In thousands, except percentages or as noted)

(Unaudited)

			LendingClub Bank
			Three Months Ended March 31, 2022																		Three Months Ended December 31, 2021																		Two Months Ended March 31, 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			$	829,707					$	683					0.33		%				$	651,003					$	468					0.29		%				$	737,555					$	138					0.11		%
Securities available for sale at fair value			274,089						1,276						1.86		%				200,091						680						1.36		%				232,001						444						1.15		%
Loans held for sale			228,529						6,422						11.24		%				122,007						5,199						17.04		%				64,720						1,615						14.97		%
Loans and leases held for investment:
Unsecured personal loans			2,060,323						78,376						15.22		%				1,542,285						60,383						15.66		%				146,925						3,392						13.85		%
Secured consumer loans			232,235						2,275						3.92		%				436,260						4,029						3.69		%				521,399						3,215						3.70		%
Commercial loans and leases			620,660						7,588						4.89		%				619,648						8,663						5.59		%				605,495						5,119						5.07		%
PPP loans			222,517						3,203						5.76		%				325,133						3,888						4.78		%				621,292						3,575						3.45		%
Loans and leases held for investment			3,135,735						91,442						11.66		%				2,923,326						76,963						10.53		%				1,895,111						15,301						4.84		%
Total interest-earning assets			4,468,060						99,823						8.94		%				3,896,427						83,310						8.55		%				2,929,387						17,498						3.58		%
Cash and due from banks			46,117																		23,362																		42,683
Allowance for loan and lease losses			(163,631)																		(125,120)																		(30,357)
Other non-interest earning assets			390,066																		326,402																		187,785
Total assets			$	4,740,612																	$	4,121,071																	$	3,129,498
Interest-bearing liabilities
Interest-bearing deposits
Checking and money market accounts			$	2,240,450					$	1,724					0.31		%				$	2,146,687					$	1,716					0.32		%				$	1,735,274					$	913					0.33		%
Savings accounts and certificates of deposit			1,071,133						1,714						0.65		%				580,361						900						0.62		%				323,800						101						0.19		%
Interest-bearing deposits			3,311,583						3,438						0.42		%				2,727,048						2,616						0.38		%				2,059,074						1,014						0.30		%
Short-term borrowings			165						—						—		%				282						—						—		%				1,829						0.3						0.09		%
Advances from PPPLF			234,872						206						0.35		%				342,335						307						0.36		%				405,989						233						0.35		%
Total interest-bearing liabilities			3,546,620						3,644						0.42		%				3,069,665						2,923						0.38		%				2,469,726						1,247						0.31		%
Non-interest bearing deposits			300,218																		283,066																		156,034
Other liabilities			232,018																		179,752																		68,510
Total liabilities			$	4,078,856																	$	3,532,483																	$	2,694,270
Total equity			$	661,756																	$	588,588																	$	435,228
Total liabilities and equity			$	4,740,612																	$	4,121,071																	$	3,129,498
Interest rate spread															8.52		%																8.17		%																3.27		%
Net interest income and net interest margin									$	96,179					8.61		%										$	80,387					8.25		%										$	16,251					3.33		%

(1)    Nonaccrual loans and any related income are included in their respective loan categories.

10

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LENDINGCLUB CORPORATION

NET INTEREST INCOME (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

			Consolidated LendingClub Corporation (1)
			Three Months Ended March 31, 2022																		Three Months Ended December 31, 2021																		Three Months Ended March 31, 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			$	892,921					$	688					0.31		%				$	710,472					$	469					0.26		%				$	918,148					$	156					0.10		%
Securities available for sale at fair value			325,155						4,511						5.55		%				265,140						3,071						4.63		%				362,621						2,235						2.71		%
Loans held for sale			255,139						7,450						11.68		%				184,708						7,153						15.49		%				198,592						5,157						12.01		%
Loans and leases held for investment:
Unsecured personal loans			2,060,323						78,376						15.22		%				1,542,285						60,384						15.66		%				146,925						3,392						13.85		%
Secured consumer loans			232,235						2,275						3.92		%				436,260						4,029						3.69		%				521,399						3,215						3.70		%
Commercial loans and leases			620,660						7,588						4.89		%				619,648						8,663						5.59		%				605,495						5,119						5.07		%
PPP loans			222,517						3,203						5.76		%				325,133						3,888						4.78		%				621,292						3,575						3.45		%
Loans and leases held for investment			3,135,735						91,442						11.66		%				2,923,326						76,964						10.53		%				1,895,111						15,301						4.84		%
Retail and certificate loans held for investment at fair value			198,813						6,969						14.02		%				262,548						9,236						14.07		%				574,158						20,262						14.12		%
Other loans held for investment at fair value			18,523						593						12.80		%				24,184						762						12.60		%				46,212						1,479						12.80		%
Total interest-earning assets			4,826,286						111,653						9.25		%				4,370,378						97,655						8.94		%				3,994,842						44,590						5.34		%
Cash and due from banks and restricted cash			92,683																		73,258																		137,216
Allowance for loan and lease losses			(163,631)																		(125,120)																		(30,357)
Other non-interest earning assets			486,363																		465,010																		326,040
Total assets			$	5,241,701																	$	4,783,526																	$	4,427,741
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts			$	2,240,450					$	1,724					0.31		%				$	2,146,687					$	1,716					0.32		%				$	1,735,274					$	913					0.33		%
Savings accounts and certificates of deposit			1,071,133						1,714						0.64		%				580,361						900						0.62		%				323,800						101						0.19		%
Interest-bearing deposits			3,311,583						3,438						0.42		%				2,727,048						2,616						0.38		%				2,059,074						1,014						0.30		%
Short-term borrowings			20,371						435						8.56		%				36,823						561						6.08		%				98,818						1,264						5.12		%
Advances from PPPLF			234,872						206						0.35		%				342,335						307						0.36		%				405,989						233						0.35		%
Retail notes, certificates and secured borrowings			198,813						6,969						14.02		%				262,548						9,236						14.07		%				574,192						20,262						14.12		%
Structured Program borrowings			42,026						764						7.29		%				77,354						1,642						8.49		%				143,045						3,208						8.97		%
Other long-term debt			15,421						161						4.19		%				15,514						161						4.15		%				18,605						103						2.21		%
Total interest-bearing liabilities			3,823,086						11,973						1.25		%				3,461,622						14,523						1.68		%				3,299,723						26,084						3.24		%

11

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LENDINGCLUB CORPORATION

NET INTEREST INCOME (Continued)

(In thousands, except percentages or as noted)

(Unaudited)

			Consolidated LendingClub Corporation (1)
			Three Months Ended March 31, 2022																		Three Months Ended December 31, 2021																		Three Months Ended March 31, 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			227,337																		211,692																		119,272
Other liabilities			319,241																		282,339																		286,907
Total liabilities			$	4,369,664																	$	3,955,653																	$	3,705,902
Total equity			$	872,037																	$	827,873																	$	721,839
Total liabilities and equity			$	5,241,701																	$	4,783,526																	$	4,427,741
Interest rate spread															8.00		%																7.26		%																2.11		%
Net interest income and net interest margin									$	99,680					8.26		%										$	83,132					7.61		%										$	18,506					2.67		%

(1)    Consolidated presentation reflects intercompany eliminations.

(2)    Nonaccrual loans and any related income are included in their respective loan categories.

12

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LENDINGCLUB CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

			March 31, 2022						December 31, 2021
Assets
Cash and due from banks			$	30,986					$	35,670
Interest-bearing deposits in banks			1,022,239						651,456
Total cash and cash equivalents			1,053,225						687,126
Restricted cash			60,507						76,460
Securities available for sale at fair value (includes $402,944 and $256,170 at amortized cost, respectively)			390,317						263,530
Loans held for sale (includes $156,730 and $142,370 at fair value, respectively)			156,730						391,248
Loans and leases held for investment			3,422,296						2,899,126
Allowance for loan and lease losses			(187,985)						(144,389)
Loans and leases held for investment, net			3,234,311						2,754,737
Retail and certificate loans held for investment at fair value			168,906						229,719
Other loans held for investment at fair value			15,384						21,240
Property, equipment and software, net			111,503						97,996
Goodwill			75,717						75,717
Other assets			307,825						302,546
Total assets			$	5,574,425					$	4,900,319
Liabilities and Equity
Deposits:
Interest-bearing			$	3,715,847					$	2,919,203
Noninterest-bearing			261,630						216,585
Total deposits			3,977,477						3,135,788
Short-term borrowings			13,188						27,780
Advances from Paycheck Protection Program Liquidity Facility (PPPLF)			193,371						271,933
Retail notes, certificates and secured borrowings at fair value			168,906						229,719
Payable on Structured Program borrowings			20,347						65,451
Other long-term debt			15,388						15,455
Other liabilities			298,314						303,951
Total liabilities			4,686,991						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; 102,194,037 and 101,043,924 shares issued and outstanding, respectively			1,022						1,010
Additional paid-in capital (1)			1,576,147						1,609,820
Accumulated deficit (1)			(676,594)						(767,634)
Accumulated other comprehensive income			(13,141)						7,046
Total equity			887,434						850,242
Total liabilities and equity			$	5,574,425					$	4,900,319

(1)     As a result of the adoption of Accounting Standards Update 2020-06, reflects a reclassification in the first quarter of 2021 from Accumulated Deficit to Additional Paid-in Capital of the $50.2 million deemed dividend that was recorded in the first quarter of 2020 related to the convertible Series A preferred stock.

13

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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
			March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021						March 31, 2022						December 31, 2021
Assets
Total cash and cash equivalents			$	1,014,464					$	659,919					$	119,711					$	88,268					$	(80,950)					$	(61,061)					$	1,053,225					$	687,126
Restricted cash			—						—						64,165						76,540						(3,658)						(80)						60,507						76,460
Securities available for sale at fair value			345,964						205,730						44,353						57,800						—						—						390,317						263,530
Loans held for sale			145,117						335,449						11,613						55,799						—						—						156,730						391,248
Loans and leases held for investment, net			3,234,311						2,754,737						—						—						—						—						3,234,311						2,754,737
Retail and certificate loans held for investment at fair value			—						—						168,906						229,719						—						—						168,906						229,719
Other loans held for investment at fair value			—						—						15,384						21,240						—						—						15,384						21,240
Property, equipment and software, net			57,482						36,424						54,021						61,572						—						—						111,503						97,996
Investment in subsidiary			—						—						591,051						557,577						(591,051)						(557,577)						—						—
Goodwill			75,717						75,717						—						—						—						—						75,717						75,717
Other assets			292,043						254,075						149,099						168,042						(133,317)						(119,571)						307,825						302,546
Total assets			5,165,098						4,322,051						1,218,303						1,316,557						(808,976)						(738,289)						5,574,425						4,900,319
Liabilities and Equity
Total deposits			4,062,084						3,196,929						—						—						(84,607)						(61,141)						3,977,477						3,135,788
Short-term borrowings			164						165						13,024						27,615						—						—						13,188						27,780
Advances from PPPLF			193,371						271,933						—						—						—						—						193,371						271,933
Retail notes, certificates and secured borrowings at fair value			—						—						168,906						229,719						—						—						168,906						229,719
Payable on Structured Program borrowings			—						—						20,347						65,451						—						—						20,347						65,451
Other long-term debt			—						—						15,388						15,455						—						—						15,388						15,455
Other liabilities			218,365						218,775						143,701						150,727						(63,752)						(65,551)						298,314						303,951
Total liabilities			4,473,984						3,687,802						361,366						488,967						(148,359)						(126,692)						4,686,991						4,050,077
Total equity			691,114						634,249						856,937						827,590						(660,617)						(611,597)						887,434						850,242
Total liabilities and equity			$	5,165,098					$	4,322,051					$	1,218,303					$	1,316,557					$	(808,976)					$	(738,289)					$	5,574,425					$	4,900,319

14