Document

“Our strong revenue and earnings growth trajectory has become evident following our transformation into a digital marketplace bank,” said Scott Sanborn, LendingClub’s CEO. “Our success continues to be driven by our competitive advantages, including our growing base of 3.8 million members, our exceptional data science capabilities, and our proven marketplace model. With our enhanced operating leverage, digital first infrastructure, and the ongoing move of consumers toward online banking, there’s no better time to grow a next generation digital bank like 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 $65 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 3.8 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

The LendingClub third quarter 2021 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Wednesday, October 27, 2021. 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 (888) 317-6003, or outside the U.S. +1 (412) 317-6061, with conference ID 3514635, 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 November 3, 2021, by calling +1 (877) 344-7529 or outside the U.S. +1 (412) 317-0088, with Conference ID 10160701. 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.

Some of the statements above, including statements regarding our competitive advantages, ability to grow our business, 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 Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each as filed with the Securities and Exchange Commission, as well as our subsequent reports on Form 10-Q and 10-K each as filed 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.


	As of and for the three months ended															% Change
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			Q/Q		Y/Y
Operating Highlights:
Non-interest income	$	180,878		$	158,476		$	87,334		$	72,597		$	57,750		14	%	213	%
Net interest income	$	65,288		$	45,905		$	18,506		$	2,899		13,294			42	%	391	%
Total net revenue	$	246,166		$	204,381		$	105,840		$	75,496		$	71,044		20	%	246	%

Consolidated net income (loss)	$	27,185		$	9,371		$	(47,084)		$	(26,655)		$	(34,325)		190	%	N/M

EPS – basic	$	0.27		$	0.10		$	(0.49)		$	(0.29)		$	(0.38)		170	%	N/M
EPS – diluted	$	0.26		$	0.09		$	(0.49)		$	(0.29)		$	(0.38)		189	%	N/M

LendingClub Bank Performance Metrics:
Net interest margin	7.1		%	5.5		%	3.3		%	N/A			N/A
Efficiency ratio (1)	67.5		%	69.0		%	104.8		%	N/A			N/A
Return on average equity (ROE)	26.5		%	34.7		%	N/A			N/A			N/A
Return on average total assets (ROA)	3.7		%	4.7		%	N/A			N/A			N/A

LendingClub Bank Capital Ratios:
Common Equity Tier 1 Capital Ratio	18.0		%	18.7		%	20.9		%	N/A			N/A
Tier 1 Leverage Ratio	14.1		%	13.5		%	12.9		%	N/A			N/A

Consolidated LendingClub Corporation Performance Metrics:
Net interest margin	6.3		%	4.7		%	1.8		%	0.7		%	2.9		%
Efficiency ratio (1)	72.6		%	78.4		%	126.8		%	N/A			N/A


Return on average equity (ROE)	13.8		%	5.0		%	N/A			N/A			N/A


Return on average total assets (ROA)	2.4		%	0.8		%	N/A			N/A			N/A

Marketing expense as a % of loan originations	1.6		%	1.3		%	1.3		%	0.9		%	0.4		%













Loan originations (in millions) (2):
Marketplace loans	$	2,471		$	2,182		$	1,139		$	912		$	584		13	%	323	%
Loan originations held for investment	$	636		$	541		$	344		$	—		$	—		18	%	N/A
Total loan originations	$	3,107		$	2,722		$	1,483		$	912		$	584		14	%	432	%

Servicing portfolio AUM (in millions) (3)	$	11,592		$	10,741		$	10,271		$	11,002		$	12,267		8	%	(6)	%

Balance Sheet Data:
Loans and leases held for investment, net, excluding PPP loans	$	2,235,698		$	1,791,492		$	1,414,900		$	—		$	—		25	%	N/A
PPP loans	$	367,558		$	507,553		$	664,400		$	—		$	—		(28)	%	N/A
Total loans and leases held for investment, net	$	2,603,256		$	2,299,045		$	2,079,300		$	—		$	—		13	%	N/A
Total assets	$	4,750,760		$	4,370,101		$	4,491,089		$	1,863,293		$	1,979,457		9	%	140	%
Total deposits	$	2,838,719		$	2,539,704		$	2,373,437		$	—		$	—		12	%	N/A
Total liabilities	$	3,945,970		$	3,607,742		$	3,757,954		$	1,139,122		$	1,245,565		9	%	217	%
Total equity	$	804,790		$	762,359		$	733,135		$	724,171		$	733,892		6	%	10	%


	As of and for the three months ended								% Change
	September 30, 2021		June 30, 2021		March 31, 2021		December 31, 2020	September 30, 2020	Q/Q	Y/Y
Allowance Ratios:
Allowance for loan and lease losses to total loans and leases held for investment	3.9	%	3.0	%	1.7	%	N/A	N/A
Allowance for loan and lease losses to total loans and leases held for investment, excluding PPP loans	4.5	%	3.8	%	2.5	%	N/A	N/A
Allowance for loan and lease losses to consumer loans and leases held for investment	5.2	%	4.3	%	2.3	%	N/A	N/A
Allowance for loan and lease losses to commercial loans and leases held for investment	1.6	%	1.5	%	1.3	%	N/A	N/A
Allowance for loan and lease losses to commercial loans and leases held for investment, excluding PPP loans	2.6	%	2.8	%	1.7	%	N/A	N/A


	September 30, 2021		June 30, 2021
Unsecured personal	$	1,258,279	$	776,338
Residential mortgages	141,200		152,528
Secured consumer	314,539		326,318
Other consumer	1,220		157
Total consumer loans held for investment	1,715,238		1,255,341
Equipment finance (1)	157,457		161,465
Commercial real estate	316,135		294,954
Commercial and industrial (2)	519,162		658,366
Total commercial loans and leases held for investment	992,754		1,114,785
Total loans and leases held for investment	2,707,992		2,370,126
Allowance for loan and lease losses	(104,736)		(71,081)
Loans and leases held for investment, net	$	2,603,256	$	2,299,045


	Three Months Ended
	September 30, 2021						June 30, 2021
	Consumer		Commercial		Total		Consumer		Commercial		Total
Allowance for loan and lease losses, beginning of period	$	54,058	$	17,023	$	71,081	$	19,785	$	16,347	$	36,132
Credit loss expense for loans and leases held for investment	37,695		(562)		37,133		34,317		659		34,976

Charge-offs	(3,142)		(1,194)		(4,336)		(90)		(156)		(246)
Recoveries	20		838		858		46		173		219
Allowance for loan and lease losses, end of period	$	88,631	$	16,105	$	104,736	$	54,058	$	17,023	$	71,081


	Three Months Ended
	September 30, 2021		June 30, 2021		Change (%)
Non-interest income:
Marketplace revenue (1)	$	174,556	$	151,735	15	%
Other non-interest income	6,322		6,741		(6)	%
Total non-interest income	180,878		158,476		14	%

Interest income:
Interest on loans held for sale	8,536		8,694		(2)	%
Interest and fees on loans and leases held for investment	57,644		39,068		48	%
Interest on retail and certificate loans held for investment at fair value	12,172		16,014		(24)	%
Interest on other loans held for investment at fair value	973		1,222		(20)	%
Interest on securities available for sale	3,180		2,539		25	%
Other interest income	355		190		87	%
Total interest income	82,860		67,727		22	%

Interest expense:
Interest on deposits	1,899		1,699		12	%
Interest on short-term borrowings	849		1,003		(15)	%
Interest on retail notes, certificates and secured borrowings	12,172		16,014		(24)	%
Interest on Structured Program borrowings	2,120		2,668		(21)	%
Interest on other long-term debt	532		438		21	%
Total interest expense	17,572		21,822		(19)	%

Net interest income	65,288		45,905		42	%

Total net revenue	246,166		204,381		20	%

Provision for credit losses	37,524		34,634		8	%

Non-interest expense:
Compensation and benefits	73,304		71,925		2	%
Marketing	50,782		35,107		45	%
Equipment and software	10,297		9,281		11	%
Occupancy	6,486		6,157		5	%
Depreciation and amortization	10,549		11,508		(8)	%
Professional services	11,750		11,520		2	%
Other non-interest expense	15,607		14,641		7	%
Total non-interest expense	178,775		160,139		12	%

Income before income tax expense	29,867		9,608		211	%
Income tax expense	2,682		237		N/M
Consolidated net income	$	27,185	$	9,371	190	%

Net income per share attributable to common stockholders – Basic	$	0.27	$	0.10
Net income per share attributable to common stockholders – Diluted	$	0.26	$	0.09
Weighted-average common shares – Basic	99,073,507		97,785,089
Weighted-average common shares – Diluted	106,108,662		102,031,088


	Three months ended September 30, 2021
	LendingClub Bank		LendingClub Corporation (Parent only)		Intercompany Eliminations		Total
Non-interest income:
Marketplace revenue	$	151,109	$	23,447	$	—	$	174,556
Other non-interest income	25,393		4,140		(23,211)		6,322
Total non-interest income	176,502		27,587		(23,211)		180,878

Interest income:
Interest income	64,606		18,254		—		82,860
Interest expense	(2,270)		(15,302)		—		(17,572)
Net interest income	62,336		2,952		—		65,288

Total net revenue	238,838		30,539		(23,211)		246,166

Reversal of (provision for) credit losses	(38,019)		495		—		(37,524)
Non-interest expense	(161,101)		(40,885)		23,211		(178,775)
Income (Loss) before income tax benefit (expense)	39,718		(9,851)		—		29,867
Income tax benefit (expense)	(4,670)		12,607		(10,619)		(2,682)
Consolidated net income (loss)	$	35,048	$	2,756	$	(10,619)	$	27,185


	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	27,269		(17,661)		—		9,608
Income tax benefit (expense)	12,513		8,922		(21,672)		(237)
Consolidated net income (loss)	$	39,782	$	(8,739)	$	(21,672)	$	9,371


	LendingClub Bank
	Three Months Ended September 30, 2021						Three Months Ended June 30, 2021
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Interest-earning assets (1)
Cash, cash equivalents and restricted cash	$	695,294	$	352	0.20	%	$	551,895	$	186	0.13	%
Securities available for sale at fair value	182,882		632		1.38	%	165,579		348		0.84	%
Loans held for sale	145,262		5,978		16.46	%	144,037		5,723		15.89	%
Loans and leases held for investment:
Unsecured personal loans	991,297		39,532		15.95	%	511,787		19,499		15.24	%
Secured consumer loans	464,194		4,688		4.04	%	532,426		5,173		3.89	%
Commercial loans and leases	616,823		7,887		5.11	%	623,735		9,062		5.81	%
PPP loans	436,785		5,537		5.07	%	615,942		5,334		3.46	%
Loans and leases held for investment	2,509,099		57,644		9.19	%	2,283,890		39,068		6.84	%
Total interest-earning assets	3,532,537		64,606		7.32	%	3,145,401		45,325		5.76	%

Cash and due from banks	29,290						34,612
Allowance for loan and lease losses	(86,686)						(51,109)
Other non-interest earning assets	270,594						221,870
Total assets	$	3,745,735					$	3,350,774

Interest-bearing liabilities
Interest-bearing deposits
Checking and money market accounts	$	2,221,365	$	1,707	0.30	%	$	2,071,112	$	1,618	0.31	%
Savings accounts and certificates of deposit	307,807		192		0.25	%	301,939		81		0.11	%
Interest-bearing deposits	2,529,172		1,899		0.30	%	2,373,051		1,699		0.29	%
Short-term borrowings	321		—		—	%	2,138		1		0.06	%
Advances from PPPLF	416,748		371		0.36	%	312,168		272		0.35	%
Other long-term debt	—		—		—	%	708		—		—	%
Total interest-bearing liabilities	2,946,241		2,270		0.31	%	2,688,065		1,972		0.29	%

Non-interest bearing deposits	114,065						102,709
Other liabilities	155,806						100,835
Total liabilities	$	3,216,112					$	2,891,609
Total equity	$	529,623					$	459,165
Total liabilities and equity	$	3,745,735					$	3,350,774

Interest rate spread					7.01	%					5.47	%

Net interest income and net interest margin			$	62,336	7.06	%			$	43,353	5.51	%


	Three Months Ended September 30, 2021
	LendingClub Bank						LendingClub Corporation (Parent only)						Consolidated LendingClub Corporation
	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 and restricted cash	$	695,294	$	352	0.20	%	$	83,405	$	3	0.01	%	$	778,667	$	355	0.18	%
Securities available for sale at fair value	182,882		632		1.38	%	83,804		2,548		12.16	%	266,686		3,180		4.77	%
Loans held for sale at fair value	145,262		5,978		16.46	%	81,160		2,558		12.60	%	226,422		8,536		15.08	%
Loans and leases held for investment:
Unsecured personal loans	991,297		39,532		15.95	%	—		—		—	%	991,297		39,532		15.95	%
Secured consumer loans	464,194		4,688		4.04	%	—		—		—	%	464,194		4,688		4.04	%
Commercial loans and leases	616,823		7,887		5.11	%	—		—		—	%	616,823		7,887		5.11	%
PPP loans	436,785		5,537		5.07	%	—		—		—	%	436,785		5,537		5.07	%
Loans and leases held for investment	2,509,099		57,644		9.19	%	—		—		—	%	2,509,099		57,644		9.19	%
Retail and certificate loans held for investment at fair value	—		—		—	%	344,205		12,172		14.15	%	344,205		12,172		14.15	%
Other loans held for investment at fair value	—		—		—	%	30,981		973		12.58	%	30,981		973		12.58	%
Total interest-earning assets	3,532,537		64,606		7.32	%	623,555		18,254		11.71	%	4,156,060		82,860		7.97	%

Cash and due from banks and restricted cash	29,290						99,985						96,733
Allowance for loan and lease losses	(86,686)						—						(86,686)
Other non-interest earning assets	270,594						760,131						449,964
Total assets	$	3,745,735					$	1,483,671					$	4,616,071

Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts	$	2,221,365	$	1,707	0.30	%	$	—	$	—	—	%	$	2,221,365	$	1,707	0.30	%
Savings accounts and certificates of deposit	307,807		192		0.25	%	—		—		—	%	307,807		192		0.25	%
Interest-bearing deposits	2,529,172		1,899		0.30	%	—		—		—	%	2,529,172		1,899		0.30	%
Short-term borrowings	321		—		—	%	56,903		849		5.97	%	57,224		849		5.93	%
Advances from PPPLF	416,748		371		0.36	%	—		—		—	%	416,748		371		0.36	%
Retail notes, certificates and secured borrowings	—		—		—	%	344,087		12,173		14.15	%	344,087		12,173		14.15	%
Structured Program borrowings	—		—		—	%	100,178		2,119		8.46	%	100,178		2,119		8.46	%
Other long-term debt	—		—		—	%	15,606		161		4.13	%	15,606		161		4.13	%
Total interest-bearing liabilities	2,946,241		2,270		0.31	%	516,774		15,302		11.84	%	3,463,015		17,572		2.03	%


	Three Months Ended September 30, 2021
	LendingClub Bank						LendingClub Corporation (Parent only)						Consolidated LendingClub Corporation
	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	114,065						—						81,491
Other liabilities	155,806						183,962						285,292
Total liabilities	$	3,216,112					$	700,736					$	3,829,798

Total equity	$	529,623					$	782,935					$	786,273
Total liabilities and equity	$	3,745,735					$	1,483,671					$	4,616,071

Interest rate spread					7.01	%					(0.13)	%					5.95	%

Net interest income and net interest margin			$	62,336	7.06	%			$	2,952	1.89	%			$	65,288	6.28	%


	Three Months Ended June 30, 2021
	LendingClub Bank						LendingClub Corporation (Parent only)						Consolidated LendingClub Corporation(1)
	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 and restricted cash	$	551,895	$	186	0.13	%	$	99,419	$	4	0.02	%	$	642,182	$	190	0.12	%
Securities available for sale at fair value	165,579		348		0.84	%	108,377		2,191		8.09	%	273,956		2,539		3.71	%
Loans held for sale	144,037		5,723		15.89	%	99,408		2,971		11.96	%	243,445		8,694		14.29	%
Loans and leases held for investment:
Unsecured personal loans	511,787		19,499		15.24	%	—		—		—	%	511,787		19,499		15.24	%
Secured consumer loans	532,426		5,173		3.89	%	—		—		—	%	532,426		5,173		3.89	%
Commercial loans and leases	623,735		9,062		5.81	%	—		—		—	%	623,735		9,062		5.81	%
PPP loans	615,942		5,334		3.46	%	—		—		—	%	615,942		5,334		3.46	%
Loans and leases held for investment	2,283,890		39,068		6.84	%	—		—		—	%	2,283,890		39,068		6.84	%
Retail and certificate loans held for investment at fair value	—		—		—	%	448,822		16,014		14.27	%	448,822		16,014		14.27	%
Other loans held for investment at fair value	—		—		—	%	38,662		1,222		12.64	%	38,662		1,222		12.64	%
Total interest-earning assets	3,145,401		45,325		5.76	%	794,688		22,402		11.28	%	3,930,957		67,727		6.89	%

Cash and due from banks and restricted cash	34,612						111,274						144,897
Allowance for loan and lease losses	(51,109)						—						(51,109)
Other non-interest earning assets	221,870						749,674						447,826
Total assets	$	3,350,774					$	1,655,636					$	4,472,571

Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts	$	2,071,112	$	1,618	0.31	%	$	—	$	—	—	%	$	2,071,112	$	1,618	0.31	%
Savings accounts and certificates of deposit	301,939		81		0.11	%	—		—		—	%	301,939		81		0.11	%
Interest-bearing deposits	2,373,051		1,699		0.29	%	—		—		—	%	2,373,051		1,699		0.29	%
Short-term borrowings	2,138		1		0.06	%	77,373		1,002		5.19	%	79,511		1,003		5.05	%
Advances from PPPLF	312,168		272		0.35	%	—		—		—	%	312,168		272		0.35	%
Retail notes, certificates and secured borrowings	—		—		—	%	449,057		16,014		14.27	%	449,057		16,014		14.27	%
Structured Program borrowings	—		—		—	%	121,738		2,668		8.77	%	121,738		2,668		8.77	%
Other long-term debt	708		—		—	%	15,696		166		4.22	%	16,404		166		4.04	%
Total interest-bearing liabilities	2,688,065		1,972		0.29	%	663,864		19,850		11.96	%	3,351,929		21,822		2.61	%


	Three Months Ended June 30, 2021
	LendingClub Bank						LendingClub Corporation (Parent only)						Consolidated LendingClub Corporation(1)
	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	102,709						—						92,588
Other liabilities	100,835						225,521						276,723
Total liabilities	$	2,891,609					$	889,385					$	3,721,240

Total equity	$	459,165					$	766,251					$	751,331
Total liabilities and equity	$	3,350,774					$	1,655,636					$	4,472,571

Interest rate spread					5.47	%					(0.68)	%					4.29	%

Net interest income and net interest margin			$	43,353	5.51	%			$	2,552	1.28	%			$	45,905	4.67	%


	September 30, 2021		December 31, 2020
Assets
Cash and due from banks	$	22,604	$	5,197
Interest-bearing deposits in banks	839,547		519,766
Total cash and cash equivalents	862,151		524,963
Restricted cash	77,577		103,522
Securities available for sale at fair value (includes $268,732 and $159,164 at amortized cost, respectively)	274,930		142,226
Loans held for sale at fair value	152,160		121,902
Loans and leases held for investment	2,707,992		—
Allowance for loan and lease losses	(104,736)		—
Loans and leases held for investment, net	2,603,256		—
Retail and certificate loans held for investment at fair value	298,541		636,686
Other loans held for investment at fair value	27,229		49,954
Property, equipment and software, net	96,073		96,641
Goodwill	75,717		—
Other assets	283,126		187,399
Total assets	$	4,750,760	$	1,863,293
Liabilities and Equity
Deposits:
Interest-bearing	$	2,614,663	$	—
Noninterest-bearing	224,056		—
Total deposits	2,838,719		—
Short-term borrowings	46,110		104,989
Advances from Paycheck Protection Program Liquidity Facility (PPPLF)	391,945		—
Retail notes, certificates and secured borrowings at fair value	298,541		636,774
Payable on Structured Program borrowings	89,252		152,808
Other long-term debt	15,563		—
Other liabilities	265,840		244,551
Total liabilities	3,945,970		1,139,122
Equity
Series A Preferred stock, $0.01 par value; 1,200,000 shares authorized; 0 and 43,000 shares issued and outstanding, respectively	—		—
Common stock, $0.01 par value; 180,000,000 shares authorized; 99,782,192 and 88,149,510 shares issued and outstanding, respectively	998		881
Additional paid-in capital	1,594,646		1,508,020
Accumulated deficit	(796,742)		(786,214)
Treasury stock, at cost; 4,251 and 0 shares, respectively	(92)		—
Accumulated other comprehensive income	5,980		1,484


Total equity	804,790		724,171
Total liabilities and equity	$	4,750,760	$	1,863,293


	LendingClub Bank				LendingClub Corporation (Parent only)				Intercompany Eliminations				Total
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Assets
Total cash and cash equivalents	$	825,538	$	—	$	100,815	$	524,963	$	(64,202)	$	—	$	862,151	$	524,963
Restricted cash	—		—		84,827		103,522		(7,250)		—		77,577		103,522
Securities available for sale at fair value	201,438		—		73,492		142,226		—		—		274,930		142,226
Loans held for sale at fair value	82,483		—		69,677		121,902		—		—		152,160		121,902
Loans and leases held for investment, net	2,603,256		—		—		—		—		—		2,603,256		—
Retail and certificate loans held for investment at fair value	—		—		298,541		636,686		—		—		298,541		636,686
Other loans held for investment at fair value	—		—		27,229		49,954		—		—		27,229		49,954
Property, equipment and software, net	26,457		—		69,616		96,641		—		—		96,073		96,641
Investment in subsidiary	—		—		511,394		—		(511,394)		—		—		—
Goodwill	75,717		—		—		—		—		—		75,717		—
Other assets	199,050		—		176,994		187,399		(92,918)		—		283,126		187,399
Total assets	4,013,939		—		1,412,585		1,863,293		(675,764)		—		4,750,760		1,863,293
Liabilities and Equity
Total deposits	2,910,171		—		—		—		(71,452)		—		2,838,719		—
Short-term borrowings	321		—		45,789		104,989		—		—		46,110		104,989
Advances from PPPLF	391,945		—		—		—		—		—		391,945		—
Retail notes, certificates and secured borrowings at fair value	—		—		298,541		636,774		—		—		298,541		636,774
Payable on Structured Program borrowings	—		—		89,252		152,808		—		—		89,252		152,808
Other long-term debt	—		—		15,563		—		—		—		15,563		—
Other liabilities	154,521		—		171,764		244,551		(60,445)		—		265,840		244,551
Total liabilities	3,456,958		—		620,909		1,139,122		(131,897)		—		3,945,970		1,139,122
Total equity	556,981		—		791,676		724,171		(543,867)		—		804,790		724,171
Total liabilities and equity	$	4,013,939	$	—	$	1,412,585	$	1,863,293	$	(675,764)	$	—	$	4,750,760	$	1,863,293

The following table is provided to delineate between the assets and liabilities belonging to our member payment dependent self-directed retail program (Retail Program) note holders and certain VIEs that we are required to consolidate in accordance with GAAP. Such assets are not legally ours and the associated liabilities are payable only from the cash flows generated by those assets (i.e. Pass-throughs). As such, these debt holders do not have a secured interest in any other assets of LendingClub. We believe this is a useful measure because it illustrates the overall financial stability and operating leverage of the Company.


	September 30, 2021								December 31, 2020
	Retail Program (1)		Consolidated VIEs (2)(4)		All Other LendingClub (3)		Condensed Consolidated Balance Sheet		Retail Program (1)		Consolidated VIEs (2)(4)		All Other LendingClub (3)		Condensed Consolidated Balance Sheet
Assets
Total cash and cash equivalents	$	—	$	—	$	862,151	$	862,151	$	—	$	—	$	524,963	$	524,963
Restricted cash	—		12,537		65,040		77,577		—		13,473		90,049		103,522
Securities available for sale at fair value	—		—		274,930		274,930		—		—		142,226		142,226
Loans held for sale at fair value (4)	—		52,175		99,985		152,160		—		92,802		29,100		121,902
Loans and leases held for investment, net	—		—		2,603,256		2,603,256		—		—		—		—
Retail and certificate loans held for investment at fair value	283,153		15,388		—		298,541		584,066		52,620		—		636,686
Other loans held for investment at fair value (4)	—		24,333		2,896		27,229		—		46,120		3,834		49,954
Property, equipment and software, net	—		—		96,073		96,073		—		—		96,641		96,641
Goodwill	—		—		75,717		75,717		—		—		—		—
Other assets	1,761		491		280,874		283,126		3,797		1,134		182,468		187,399
Total assets	$	284,914	$	104,924	$	4,360,922	$	4,750,760	$	587,863	$	206,149	$	1,069,281	$	1,863,293
Liabilities and Equity
Total deposits	$	—	$	—	$	2,838,719	$	2,838,719	$	—	$	—	$	—	$	—
Short-term borrowings	—		—		46,110		46,110		—		—		104,989		104,989
Advances from PPPLF	—		—		391,945		391,945		—		—		—		—
Retail notes, certificates and secured borrowings at fair value	283,153		15,388		—		298,541		584,066		52,620		88		636,774
Payable on Structured Program borrowings (4)	—		89,252		—		89,252		—		152,808		—		152,808
Other long-term debt	—		—		15,563		15,563		—		—		—		—
Other liabilities	1,761		284		263,795		265,840		3,797		721		240,033		244,551
Total liabilities	284,914		104,924		3,556,132		3,945,970		587,863		206,149		345,110		1,139,122
Total equity	—		—		804,790		804,790		—		—		724,171		724,171
Total liabilities and equity	$	284,914	$	104,924	$	4,360,922	$	4,750,760	$	587,863	$	206,149	$	1,069,281	$	1,863,293

(1) Represents loans held for investment at fair value that are funded directly by our Retail Program notes. The liabilities are only payable from the cash flows generated by the associated assets. We do not assume principal or interest rate risk on loans facilitated through our lending marketplace that are funded by our Retail Program because loan balances, interest rates and maturities are matched and offset by an equal balance of notes with the exact same interest rates and maturities. We do not retain any economic interests from our Retail Program. Interest expense on Retail Program notes of $44.5 million and $77.2 million was equally matched and offset by interest income from the related loans of $44.5 million and $77.2 million for the first nine months of 2021 and 2020, respectively, resulting in no net effect on our net interest income.

(2) Represents assets and equal and offsetting liabilities of certain VIEs that we are required to consolidate in accordance with GAAP, but which are not legally ours. The liabilities are only payable from the cash flows generated by the associated assets. The creditors of the VIEs have no recourse to the general credit of the Company. Interest expense on these liabilities owned by third parties of $11.9 million and $106.4 million was equally matched and offset by interest income on the loans of $11.9 million and $106.4 million for the first nine months of 2021 and 2020, respectively, resulting in no net effect on our net interest income. Economic interests held by LendingClub, including retained interests, residuals and equity of the VIEs, are reflected in “Loans held for sale at fair value,” “Other loans held for investment at fair value” and “Restricted cash,” respectively, within the “All Other LendingClub” column.


	Three Months Ended
($ in millions)	September 30, 2021		June 30, 2021		QoQ $ Change		QoQ % Change
Loan originations(1)	$	3,106.7	$	2,722.4	$	384.3	14	%
Total revenue	$	246.2	$	204.4	$	41.8	20	%
Consolidated net income	$	27.2	$	9.4	$	17.8	190	%


(millions)	Fourth Quarter 2021	Full Year 2021	Versus Prior Full Year 2021 Guidance
Loan originations(1)	$2.8B to $3.0B	$10.1B to $10.3B	+$100M to +$300M
Total revenue	$240M to $250M	$796M to $806M	+$26M to +$46M

Consolidated net income	$20M to $25M	$9M to $14M	+$17M to +$22M


(millions)	Consolidated Net Income Impact(1)	Per Diluted Share Impact	Commentary
Revenue deferrals, net of amortization	$(17.5)	$0.17	Origination fee and cost deferrals, net of interest income amortization during the period
Provision for credit losses, less net charge-offs	$(34.0)	$0.32	Primarily for consumer loans originated and retained in the quarter
Total	$(51.5)	$0.49


	Three Months Ended
	September 30, 2021		June 30, 2021		Change (%)
Origination fees	$	129,125	$	113,802	13	%
Servicing fees	20,819		22,714		(8)	%
Gain on sales of loans	21,907		19,317		13	%
Net fair value adjustments	2,705		(4,098)		N/M
Total marketplace revenue	$	174,556	$	151,735	15	%