v3.23.2

Segment Reporting | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting | Segment ReportingThe Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Company’s Chief Executive Officer and Chief Financial Officer to allocate resources and evaluate financial performance. This information is reviewed according to the legal organizational structure of the Company’s operations with products and services presented separately for the parent bank holding company and its wholly-owned subsidiary, LC Bank. Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return. All of the Company’s revenue is generated in the United States. The Company has experienced reductions in marketplace investor demand in connection with increases in interest rates and volatility in the macro economy. Accordingly, during both the second quarter and first half of 2023, one marketplace bank investor accounted for 14% of total net revenue. No other individual borrower or marketplace investor accounted for 10% or more of total net revenue for any of the periods presented. LendingClub Bank The LC Bank operating segment represents the national bank legal entity and reflects post-Acquisition operating activities. This segment provides a full complement of financial products and solutions, including loans, leases and deposits. It originates loans to individuals and businesses, retains loans for investment, sells loans to investors and manages relationships with deposit holders. LendingClub Corporation (Parent Only) The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the Acquisition. This activity includes, but is not limited to, servicing fee revenue for loans serviced prior to the Acquisition, and interest income and interest expense related to the Retail Program and Structured Program transactions entered into prior to the Acquisition. Financial information for the segments is presented in the following tables:
| LendingClub Bank |  | LendingClub Corporation (Parent only) |  | Intercompany Eliminations |  | Consolidated Total
| Three Months Ended June 30, |  | Three Months Ended June 30, |  | Three Months Ended June 30, |  | Three Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Non-interest income:
Marketplace revenue | $ | 62,006 |  |  | $ | 191,087 |  |  | $ | 7,772 |  |  | $ | 11,167 |  |  | $ | 13,005 |  |  | $ | 4,130 |  |  | $ | 82,783 |  |  | $ | 206,384 |
Other non-interest income | 21,743 |  |  | 20,041 |  |  | 2,431 |  |  | 3,914 |  |  | (21,139) |  |  | (16,507) |  |  | 3,035 |  |  | 7,448 |
Total non-interest income | 83,749 |  |  | 211,128 |  |  | 10,203 |  |  | 15,081 |  |  | (8,134) |  |  | (12,377) |  |  | 85,818 |  |  | 213,832 |
Interest income:
Interest income | 210,514 |  |  | 120,152 |  |  | 3,972 |  |  | 8,316 |  |  | — |  |  | — |  |  | 214,486 |  |  | 128,468 |
Interest expense | (66,546) |  |  | (6,213) |  |  | (1,288) |  |  | (6,029) |  |  | — |  |  | — |  |  | (67,834) |  |  | (12,242) |
Net interest income | 143,968 |  |  | 113,939 |  |  | 2,684 |  |  | 2,287 |  |  | — |  |  | — |  |  | 146,652 |  |  | 116,226 |
Total net revenue | 227,717 |  |  | 325,067 |  |  | 12,887 |  |  | 17,368 |  |  | (8,134) |  |  | (12,377) |  |  | 232,470 |  |  | 330,058 |
Provision for credit losses | (66,611) |  |  | (70,566) |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | (66,595) |  |  | (70,566) |
Non-interest expense | (142,563) |  |  | (196,636) |  |  | (16,650) |  |  | (25,127) |  |  | 8,134 |  |  | 12,377 |  |  | (151,079) |  |  | (209,386) |
Income (Loss) before income tax benefit (expense) | 18,543 |  |  | 57,865 |  |  | (3,747) |  |  | (7,759) |  |  | — |  |  | — |  |  | 14,796 |  |  | 50,106 |
Income tax benefit (expense) | (5,429) |  |  | (17,318) |  |  | 743 |  |  | 85,864 |  |  | — |  |  | 63,408 |  |  | (4,686) |  |  | 131,954 |
Net income (loss) | $ | 13,114 |  |  | $ | 40,547 |  |  | $ | (3,004) |  |  | $ | 78,105 |  |  | $ | — |  |  | $ | 63,408 |  |  | $ | 10,110 |  |  | $ | 182,060 |
Capital expenditures | $ | 15,857 |  |  | $ | 15,783 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,857 |  |  | $ | 15,783 |
Depreciation and amortization | $ | 7,073 |  |  | $ | 3,510 |  |  | $ | 4,565 |  |  | $ | 7,047 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,638 |  |  | $ | 10,557 |
| LendingClub Bank |  | LendingClub Corporation (Parent only) |  | Intercompany Eliminations |  | Consolidated Total
| Six Months Ended June 30, |  | Six Months Ended June 30, |  | Six Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Non-interest income:
Marketplace revenue | $ | 134,694 |  |  | $ | 355,922 |  |  | $ | 20,880 |  |  | $ | 26,298 |  |  | $ | 22,843 |  |  | $ | 4,130 |  |  | $ | 178,417 |  |  | $ | 386,350 |
Other non-interest income | 40,904 |  |  | 39,539 |  |  | 4,984 |  |  | 8,137 |  |  | (39,497) |  |  | (30,337) |  |  | 6,391 |  |  | 17,339 |
Total non-interest income | 175,598 |  |  | 395,461 |  |  | 25,864 |  |  | 34,435 |  |  | (16,654) |  |  | (26,207) |  |  | 184,808 |  |  | 403,689 |
Interest income:
Interest income | 408,844 |  |  | 219,975 |  |  | 8,055 |  |  | 20,146 |  |  | — |  |  | — |  |  | 416,899 |  |  | 240,121 |
Interest expense | (120,442) |  |  | (9,857) |  |  | (3,101) |  |  | (14,358) |  |  | — |  |  | — |  |  | (123,543) |  |  | (24,215) |
Net interest income | 288,402 |  |  | 210,118 |  |  | 4,954 |  |  | 5,788 |  |  | — |  |  | — |  |  | 293,356 |  |  | 215,906 |
Total net revenue | 464,000 |  |  | 605,579 |  |  | 30,818 |  |  | 40,223 |  |  | (16,654) |  |  | (26,207) |  |  | 478,164 |  |  | 619,595 |
Provision for credit losses | (137,195) |  |  | (123,075) |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | (137,179) |  |  | (123,075) |
Non-interest expense | (290,946) |  |  | (375,095) |  |  | (34,095) |  |  | (51,702) |  |  | 16,654 |  |  | 26,207 |  |  | (308,387) |  |  | (400,590) |
Income (Loss) before income tax benefit (expense) | 35,859 |  |  | 107,409 |  |  | (3,261) |  |  | (11,479) |  |  | — |  |  | — |  |  | 32,598 |  |  | 95,930 |
Income tax benefit (expense) | (9,685) |  |  | (29,673) |  |  | 863 |  |  | 103,591 |  |  | — |  |  | 53,048 |  |  | (8,822) |  |  | 126,966 |
Net income (loss) | $ | 26,174 |  |  | $ | 77,736 |  |  | $ | (2,398) |  |  | $ | 92,112 |  |  | $ | — |  |  | $ | 53,048 |  |  | $ | 23,776 |  |  | $ | 222,896 |
Capital expenditures | $ | 32,255 |  |  | $ | 37,358 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,255 |  |  | $ | 37,358 |
Depreciation and amortization | $ | 13,967 |  |  | $ | 7,010 |  |  | $ | 10,025 |  |  | $ | 14,586 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,992 |  |  | $ | 21,596 |
| LendingClub Bank |  | LendingClub Corporation (Parent only) |  | Intercompany Eliminations |  | Consolidated Total
| June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022 |  | June 30, 2023 |  | December 31, 2022
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total cash and cash equivalents | $ | 1,176,563 |  |  | $ | 1,020,874 |  |  | $ | 74,632 |  |  | $ | 56,475 |  |  | $ | (47,271) |  |  | $ | (20,319) |  |  | $ | 1,203,924 |  |  | $ | 1,057,030 |
Restricted cash | — |  |  | — |  |  | 41,206 |  |  | 75,409 |  |  | (6,414) |  |  | (7,955) |  |  | 34,792 |  |  | 67,454 |
Securities available for sale at fair value | 515,466 |  |  | 329,287 |  |  | 8,113 |  |  | 16,415 |  |  | — |  |  | — |  |  | 523,579 |  |  | 345,702 |
Loans held for sale at fair value | 250,361 |  |  | 110,400 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 250,361 |  |  | 110,400 |
Loans and leases held for investment, net | 5,178,186 |  |  | 4,705,302 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,178,186 |  |  | 4,705,302 |
Loans held for investment at fair value | 390,654 |  |  | 906,711 |  |  | 13,465 |  |  | 19,227 |  |  | — |  |  | — |  |  | 404,119 |  |  | 925,938 |
Retail and certificate loans held for investment at fair value | — |  |  | — |  |  | 26,837 |  |  | 55,425 |  |  | — |  |  | — |  |  | 26,837 |  |  | 55,425 |
Property, equipment and software, net | 127,438 |  |  | 102,274 |  |  | 24,170 |  |  | 34,199 |  |  | — |  |  | — |  |  | 151,608 |  |  | 136,473 |
Investment in subsidiary | — |  |  | — |  |  | 797,899 |  |  | 755,319 |  |  | (797,899) |  |  | (755,319) |  |  | — |  |  | — |
Goodwill | 75,717 |  |  | 75,717 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 75,717 |  |  | 75,717 |
Other assets | 335,118 |  |  | 339,341 |  |  | 177,798 |  |  | 173,851 |  |  | (19,533) |  |  | (12,886) |  |  | 493,383 |  |  | 500,306 |
Total assets | 8,049,503 |  |  | 7,589,906 |  |  | 1,164,120 |  |  | 1,186,320 |  |  | (871,117) |  |  | (796,479) |  |  | 8,342,506 |  |  | 7,979,747 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total deposits | 6,897,220 |  |  | 6,420,827 |  |  | — |  |  | — |  |  | (53,685) |  |  | (28,274) |  |  | 6,843,535 |  |  | 6,392,553 |
Borrowings | 10,654 |  |  | 64,154 |  |  | 5,021 |  |  | 10,704 |  |  | — |  |  | — |  |  | 15,675 |  |  | 74,858 |
Retail notes, certificates and secured borrowings at fair value | — |  |  | — |  |  | 26,837 |  |  | 55,425 |  |  | — |  |  | — |  |  | 26,837 |  |  | 55,425 |
Other liabilities | 156,563 |  |  | 189,185 |  |  | 113,921 |  |  | 116,318 |  |  | (19,548) |  |  | (12,886) |  |  | 250,936 |  |  | 292,617 |
Total liabilities | 7,064,437 |  |  | 6,674,166 |  |  | 145,779 |  |  | 182,447 |  |  | (73,233) |  |  | (41,160) |  |  | 7,136,983 |  |  | 6,815,453 |
Total equity | 985,066 |  |  | 915,740 |  |  | 1,018,341 |  |  | 1,003,873 |  |  | (797,884) |  |  | (755,319) |  |  | 1,205,523 |  |  | 1,164,294 |
Total liabilities and equity | $ | 8,049,503 |  |  | $ | 7,589,906 |  |  | $ | 1,164,120 |  |  | $ | 1,186,320 |  |  | $ | (871,117) |  |  | $ | (796,479) |  |  | $ | 8,342,506 |  |  | $ | 7,979,747 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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