LendingClub Corporation – Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Condensed Statements of Operations

Statement of Operations

Year Ended December 31,	2021
Non-interest income:
Marketplace revenue	$	115,759
Other non-interest income	16,718
Total non-interest income	132,477
Interest income:
Interest on loans held for sale at fair value	11,025
Interest on retail and certificate loans held for investment at fair value	57,684
Interest on other loans held for investment at fair value	4,436
Interest on securities available for sale	8,922
Other interest income	26
Total interest income	82,093
Interest expense:
Interest on short-term borrowings	3,676
Interest on retail notes, certificates and secured borrowings	57,684
Interest on Structured Program borrowings	9,638
Interest on other long-term debt	591
Total interest expense	71,589
Net interest income	10,504
Total net revenue	142,981
Reversal of credit losses	(3,382)
Non-interest expense:
Compensation and benefits	31,010
Marketing	5,460
Equipment and software	2,459
Occupancy	17,751
Depreciation and amortization	39,716
Professional services	14,666
Other non-interest expense	86,977
Total non-interest expense	198,039
Loss before income tax benefit	(51,676)
Income tax benefit	44,013
Loss before undistributed earnings of subsidiary	(7,663)
Equity in undistributed earnings of subsidiary	79,291
Net income	$	71,628

Condensed Statement of Comprehensive Income

Statement of Comprehensive Income

Year Ended December 31,	2021
Net income	$	71,628
Other comprehensive income, net of tax:
Net unrealized gain on securities available for sale	9,153
Equity in other comprehensive loss of subsidiary	(2,619)
Other comprehensive income, net of tax	6,534
Total comprehensive income	$	78,162

Condensed Balance Sheets

Balance Sheet

December 31,	2021
Assets
Cash and due from banks	$	58,284
Interest-bearing deposits in banks	29,984
Total cash and cash equivalents	88,268
Restricted cash	76,540
Securities available for sale at fair value ($47,225 at amortized cost)	57,800
Loans held for sale at fair value	55,799
Retail and certificate loans held for investment at fair value	229,719
Other loans held for investment at fair value	21,240
Property, equipment and software, net	61,572
Investment in subsidiary	634,249
Other assets	168,042
Total assets	$	1,393,229
Liabilities and Equity
Short-term borrowings	27,615
Retail notes, certificates and secured borrowings at fair value	229,719
Payable on Structured Program borrowings	65,451
Other long-term debt	15,455
Other liabilities	150,727
Total liabilities	488,967
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 101,043,924 shares issued and outstanding	1,010
Additional paid-in capital	1,609,820
Accumulated deficit	(714,586)
Accumulated other comprehensive income	8,018
Total equity	904,262
Total liabilities and equity	$	1,393,229

Condensed Statements of Cash Flows

Statement of Cash Flows

Year Ended December 31,	2021
Cash Flows from Operating Activities:
Parent company net income	$	71,628
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(79,291)
Income tax benefit	(44,013)
Net fair value adjustments	(5,936)
Reversal of credit losses	(3,382)
Change in fair value of loan servicing assets	37,138
Stock-based compensation, net	14,506
Depreciation, amortization, and accretion	39,935
Gain on sales of loans	(3,372)
Other, net	9,107
Net change to loans held for sale	90,609
Net change in operating assets and liabilities:
Other assets	(29,556)
Other liabilities	(95,737)
Net cash provided by operating activities	1,636
Cash Flows from Investing Activities:
Acquisition of company	(145,344)
Payments for investments in and advances to subsidiary	(250,001)
Cash received from Acquisition	658
Net change in loans and leases	1,360
Net decrease in retail and certificate loans	437,870
Proceeds from maturities and paydowns of securities available for sale	103,258
Purchases of property, equipment and software, net	(1,811)
Other investing activities	8,146
Net cash provided by investing activities	154,136
Cash Flows from Financing Activities:
Principal payments on Structured Program borrowings	(90,187)
Principal payments on retail notes and certificates	(438,032)
Principal payments on short-term borrowings	(81,935)
Other financing activities	(9,295)
Net cash used for financing activities	(619,449)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(463,677)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	628,485
Cash, Cash Equivalents and Restricted Cash, End of Period	$	164,808