Business Acquisitions - Summary of Income Statement Reclassification Adjustments (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Compensation and benefits |
|
$ (4,098,000)
|
$ (6,032,000)
|
$ (9,419,000)
|
[1] |
$ (95,818,000)
|
[1] |
Net interest income and fair value adjustments |
|
45,905,000
|
18,937,000
|
64,411,000
|
|
43,135,000
|
|
Gain on sales of loans |
|
19,317,000
|
1,724,000
|
27,640,000
|
|
15,985,000
|
|
Non-interest income |
|
|
|
|
|
|
|
Marketplace revenue |
[2] |
151,735,000
|
18,881,000
|
233,462,000
|
|
121,358,000
|
|
Other non-interest income |
[2] |
6,741,000
|
2,540,000
|
12,348,000
|
|
7,051,000
|
|
Total non-interest income |
[2] |
158,476,000
|
21,421,000
|
245,810,000
|
|
128,409,000
|
|
Interest income |
|
|
|
|
|
|
|
Interest on loans held for sale |
[2] |
8,694,000
|
25,287,000
|
13,851,000
|
|
52,663,000
|
|
Interest on retail and certificate loans held for investment at fair value |
[2] |
16,014,000
|
29,700,000
|
36,276,000
|
|
65,076,000
|
|
Interest on other loans held for investment at fair value |
[2] |
1,222,000
|
2,074,000
|
2,701,000
|
|
4,073,000
|
|
Interest on securities available for sale |
[2] |
2,539,000
|
3,397,000
|
4,774,000
|
|
7,176,000
|
|
Other interest income |
[2] |
190,000
|
102,000
|
346,000
|
|
983,000
|
|
Total interest income |
[2] |
67,727,000
|
60,560,000
|
112,317,000
|
|
129,971,000
|
|
Interest expense |
|
|
|
|
|
|
|
Interest on short-term borrowings |
[2] |
1,003,000
|
5,755,000
|
2,267,000
|
|
13,153,000
|
|
Interest on retail notes, certificates and secured borrowings |
[2] |
16,014,000
|
29,700,000
|
36,276,000
|
|
65,076,000
|
|
Interest on Structured Program borrowings |
[2] |
2,668,000
|
6,073,000
|
5,876,000
|
|
8,372,000
|
|
Interest on other long-term debt |
[2] |
438,000
|
95,000
|
774,000
|
|
235,000
|
|
Total interest expense |
[2] |
21,822,000
|
41,623,000
|
47,906,000
|
|
86,836,000
|
|
Net interest income |
[2] |
45,905,000
|
18,937,000
|
64,411,000
|
|
43,135,000
|
|
Total net revenue |
[2] |
204,381,000
|
40,358,000
|
310,221,000
|
|
171,544,000
|
|
Provision for credit losses |
[2] |
34,634,000
|
(3,511,000)
|
56,127,000
|
[1] |
7,469,000
|
[1] |
Non-interest expense |
|
|
|
|
|
|
|
Compensation and benefits |
[2] |
71,925,000
|
65,797,000
|
136,345,000
|
|
141,342,000
|
|
Marketing |
[2] |
35,107,000
|
1,814,000
|
54,652,000
|
|
40,895,000
|
|
Equipment and software |
[2] |
9,281,000
|
8,011,000
|
17,174,000
|
|
14,501,000
|
|
Occupancy |
[2] |
6,157,000
|
8,962,000
|
13,057,000
|
|
15,775,000
|
|
Depreciation and amortization |
[2] |
11,508,000
|
16,611,000
|
23,274,000
|
|
29,484,000
|
|
Professional services |
[2] |
11,520,000
|
9,765,000
|
23,123,000
|
|
23,906,000
|
|
Other non-interest expense |
[2] |
14,641,000
|
11,380,000
|
26,766,000
|
|
24,411,000
|
|
Total non-interest expense |
[2] |
160,139,000
|
122,340,000
|
294,391,000
|
|
290,314,000
|
|
Income (Loss) before income tax expense |
|
9,608,000
|
(78,471,000)
|
(40,297,000)
|
|
(126,239,000)
|
|
Income tax expense |
|
237,000
|
0
|
(2,584,000)
|
|
319,000
|
|
Consolidated net loss |
|
9,371,000
|
(78,471,000)
|
(37,713,000)
|
[1] |
(126,558,000)
|
[1] |
LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Total interest income |
|
|
0
|
|
|
0
|
|
Compensation and benefits |
|
|
0
|
|
|
0
|
|
Gain on sales of loans |
|
|
0
|
|
|
0
|
|
Net investor revenue |
|
|
0
|
|
|
0
|
|
Other revenue |
|
|
0
|
|
|
0
|
|
Total net revenue |
|
|
0
|
|
|
0
|
|
Non-interest income |
|
|
|
|
|
|
|
Marketplace revenue |
|
|
18,881,000
|
|
|
121,358,000
|
|
Other non-interest income |
|
|
2,540,000
|
|
|
7,051,000
|
|
Total non-interest income |
|
|
21,421,000
|
|
|
128,409,000
|
|
Interest income |
|
|
|
|
|
|
|
Interest on loans held for sale |
|
|
25,287,000
|
|
|
52,663,000
|
|
Interest on retail and certificate loans held for investment at fair value |
|
|
29,700,000
|
|
|
65,076,000
|
|
Interest on other loans held for investment at fair value |
|
|
2,074,000
|
|
|
4,073,000
|
|
Interest on securities available for sale |
|
|
3,397,000
|
|
|
7,176,000
|
|
Other interest income |
|
|
102,000
|
|
|
983,000
|
|
Total interest income |
|
|
60,560,000
|
|
|
129,971,000
|
|
Interest expense |
|
|
|
|
|
|
|
Interest on short-term borrowings |
|
|
5,755,000
|
|
|
13,153,000
|
|
Interest on retail notes, certificates and secured borrowings |
|
|
29,700,000
|
|
|
65,076,000
|
|
Interest on Structured Program borrowings |
|
|
6,073,000
|
|
|
8,372,000
|
|
Interest on other long-term debt |
|
|
95,000
|
|
|
235,000
|
|
Total interest expense |
|
|
41,623,000
|
|
|
86,836,000
|
|
Net interest income |
|
|
18,937,000
|
|
|
43,135,000
|
|
Total net revenue |
|
|
40,358,000
|
|
|
171,544,000
|
|
Provision for credit losses |
|
|
(3,511,000)
|
|
|
7,469,000
|
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
|
0
|
|
|
0
|
|
Origination and servicing |
|
|
0
|
|
|
0
|
|
Engineering and product development |
|
|
0
|
|
|
0
|
|
Other general and administrative |
|
|
0
|
|
|
0
|
|
Total operating expenses |
|
|
0
|
|
|
0
|
|
Non-interest expense |
|
|
|
|
|
|
|
Compensation and benefits |
|
|
65,797,000
|
|
|
141,342,000
|
|
Marketing |
|
|
1,814,000
|
|
|
40,895,000
|
|
Equipment and software |
|
|
8,011,000
|
|
|
14,501,000
|
|
Occupancy |
|
|
8,962,000
|
|
|
15,775,000
|
|
Depreciation and amortization |
|
|
16,611,000
|
|
|
29,484,000
|
|
Professional services |
|
|
9,765,000
|
|
|
23,906,000
|
|
Other non-interest expense |
|
|
11,380,000
|
|
|
24,411,000
|
|
Total non-interest expense |
|
|
122,340,000
|
|
|
290,314,000
|
|
Income (Loss) before income tax expense |
|
|
(78,471,000)
|
|
|
(126,239,000)
|
|
Income tax expense |
|
|
0
|
|
|
319,000
|
|
Consolidated net loss |
|
|
(78,471,000)
|
|
|
(126,558,000)
|
|
Transaction fees |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Net Revenue |
|
$ 113,802,000
|
3,874,000
|
$ 169,361,000
|
|
140,117,000
|
|
Transaction fees | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Net Revenue |
|
|
0
|
|
|
0
|
|
Investor fees | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Net Revenue |
|
|
0
|
|
|
0
|
|
LendingClub Historical Presentation | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Total interest income |
|
|
60,560,000
|
|
|
129,971,000
|
|
Interest expense |
|
|
(37,766,000)
|
|
|
(82,007,000)
|
|
Compensation and benefits |
|
|
(6,378,000)
|
|
|
(108,116,000)
|
|
Net interest income and fair value adjustments |
|
|
16,416,000
|
|
|
(60,152,000)
|
|
Gain on sales of loans |
|
|
1,724,000
|
|
|
15,985,000
|
|
Net investor revenue |
|
|
37,455,000
|
|
|
16,907,000
|
|
Other revenue |
|
|
2,540,000
|
|
|
7,051,000
|
|
Total net revenue |
|
|
43,869,000
|
|
|
164,075,000
|
|
Non-interest income |
|
|
|
|
|
|
|
Marketplace revenue |
|
|
0
|
|
|
0
|
|
Other non-interest income |
|
|
0
|
|
|
0
|
|
Total non-interest income |
|
|
0
|
|
|
0
|
|
Interest income |
|
|
|
|
|
|
|
Interest on loans held for sale |
|
|
0
|
|
|
0
|
|
Interest on retail and certificate loans held for investment at fair value |
|
|
0
|
|
|
0
|
|
Interest on other loans held for investment at fair value |
|
|
0
|
|
|
0
|
|
Interest on securities available for sale |
|
|
0
|
|
|
0
|
|
Other interest income |
|
|
0
|
|
|
0
|
|
Total interest income |
|
|
0
|
|
|
0
|
|
Interest expense |
|
|
|
|
|
|
|
Interest on short-term borrowings |
|
|
0
|
|
|
0
|
|
Interest on retail notes, certificates and secured borrowings |
|
|
0
|
|
|
0
|
|
Interest on Structured Program borrowings |
|
|
0
|
|
|
0
|
|
Interest on other long-term debt |
|
|
0
|
|
|
0
|
|
Total net revenue |
|
|
0
|
|
|
0
|
|
Provision for credit losses |
|
|
0
|
|
|
0
|
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
|
8,723,000
|
|
|
58,507,000
|
|
Origination and servicing |
|
|
17,830,000
|
|
|
38,824,000
|
|
Engineering and product development |
|
|
39,167,000
|
|
|
77,877,000
|
|
Other general and administrative |
|
|
56,620,000
|
|
|
115,106,000
|
|
Total operating expenses |
|
|
122,340,000
|
|
|
290,314,000
|
|
Non-interest expense |
|
|
|
|
|
|
|
Compensation and benefits |
|
|
0
|
|
|
0
|
|
Marketing |
|
|
0
|
|
|
0
|
|
Equipment and software |
|
|
0
|
|
|
0
|
|
Occupancy |
|
|
0
|
|
|
0
|
|
Depreciation and amortization |
|
|
0
|
|
|
0
|
|
Professional services |
|
|
0
|
|
|
0
|
|
Other non-interest expense |
|
|
0
|
|
|
0
|
|
Total non-interest expense |
|
|
0
|
|
|
0
|
|
Income (Loss) before income tax expense |
|
|
(78,471,000)
|
|
|
(126,239,000)
|
|
Income tax expense |
|
|
0
|
|
|
319,000
|
|
Consolidated net loss |
|
|
(78,471,000)
|
|
|
(126,558,000)
|
|
LendingClub Historical Presentation | Transaction fees | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Net Revenue |
|
|
3,874,000
|
|
|
140,117,000
|
|
LendingClub Historical Presentation | Investor fees | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Net Revenue |
|
|
19,315,000
|
|
|
61,074,000
|
|
Reclassification Adjustments | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Total interest income |
|
|
(60,560,000)
|
|
|
(129,971,000)
|
|
Interest expense |
|
|
37,766,000
|
|
|
82,007,000
|
|
Compensation and benefits |
|
|
6,378,000
|
|
|
108,116,000
|
|
Net interest income and fair value adjustments |
|
|
(16,416,000)
|
|
|
60,152,000
|
|
Gain on sales of loans |
|
|
(1,724,000)
|
|
|
(15,985,000)
|
|
Net investor revenue |
|
|
(37,455,000)
|
|
|
(16,907,000)
|
|
Other revenue |
|
|
(2,540,000)
|
|
|
(7,051,000)
|
|
Total net revenue |
|
|
(43,869,000)
|
|
|
(164,075,000)
|
|
Non-interest income |
|
|
|
|
|
|
|
Marketplace revenue |
|
|
18,881,000
|
|
|
121,358,000
|
|
Other non-interest income |
|
|
2,540,000
|
|
|
7,051,000
|
|
Total non-interest income |
|
|
21,421,000
|
|
|
128,409,000
|
|
Interest income |
|
|
|
|
|
|
|
Interest on loans held for sale |
|
|
25,287,000
|
|
|
52,663,000
|
|
Interest on retail and certificate loans held for investment at fair value |
|
|
29,700,000
|
|
|
65,076,000
|
|
Interest on other loans held for investment at fair value |
|
|
2,074,000
|
|
|
4,073,000
|
|
Interest on securities available for sale |
|
|
3,397,000
|
|
|
7,176,000
|
|
Other interest income |
|
|
102,000
|
|
|
983,000
|
|
Total interest income |
|
|
60,560,000
|
|
|
129,971,000
|
|
Interest expense |
|
|
|
|
|
|
|
Interest on short-term borrowings |
|
|
5,755,000
|
|
|
13,153,000
|
|
Interest on retail notes, certificates and secured borrowings |
|
|
29,700,000
|
|
|
65,076,000
|
|
Interest on Structured Program borrowings |
|
|
6,073,000
|
|
|
8,372,000
|
|
Interest on other long-term debt |
|
|
95,000
|
|
|
235,000
|
|
Total interest expense |
|
|
41,623,000
|
|
|
86,836,000
|
|
Net interest income |
|
|
18,937,000
|
|
|
43,135,000
|
|
Total net revenue |
|
|
40,358,000
|
|
|
171,544,000
|
|
Provision for credit losses |
|
|
(3,511,000)
|
|
|
7,469,000
|
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
|
(8,723,000)
|
|
|
(58,507,000)
|
|
Origination and servicing |
|
|
(17,830,000)
|
|
|
(38,824,000)
|
|
Engineering and product development |
|
|
(39,167,000)
|
|
|
(77,877,000)
|
|
Other general and administrative |
|
|
(56,620,000)
|
|
|
(115,106,000)
|
|
Total operating expenses |
|
|
(122,340,000)
|
|
|
(290,314,000)
|
|
Non-interest expense |
|
|
|
|
|
|
|
Compensation and benefits |
|
|
65,797,000
|
|
|
141,342,000
|
|
Marketing |
|
|
1,814,000
|
|
|
40,895,000
|
|
Equipment and software |
|
|
8,011,000
|
|
|
14,501,000
|
|
Occupancy |
|
|
8,962,000
|
|
|
15,775,000
|
|
Depreciation and amortization |
|
|
16,611,000
|
|
|
29,484,000
|
|
Professional services |
|
|
9,765,000
|
|
|
23,906,000
|
|
Other non-interest expense |
|
|
11,380,000
|
|
|
24,411,000
|
|
Total non-interest expense |
|
|
122,340,000
|
|
|
290,314,000
|
|
Income (Loss) before income tax expense |
|
|
0
|
|
|
0
|
|
Income tax expense |
|
|
0
|
|
|
0
|
|
Consolidated net loss |
|
|
0
|
|
|
0
|
|
Reclassification Adjustments | Transaction fees | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Net Revenue |
|
|
(3,874,000)
|
|
|
(140,117,000)
|
|
Reclassification Adjustments | Investor fees | LendingClub |
|
|
|
|
|
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] |
|
|
|
|
|
|
|
Net Revenue |
|
|
$ (19,315,000)
|
|
|
$ (61,074,000)
|
|
|
|