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Business Acquisition
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Acquisition Business Acquisition
On February 1, 2021, the Company completed the Acquisition. Upon closing, LendingClub acquired all outstanding voting equity interests of Radius in exchange for total consideration as follows:
Cash paid$140,256 
Fair value of common stock issued (1)
40,808 
Consideration related to share-based payments (2)
5,742 
Total consideration paid$186,806 
(1)    Calculated using the closing stock price of $10.85 on January 29, 2021, the most recent trading day preceding the Acquisition, multiplied by 3,761,114 shares issued pursuant to the Plan of Merger.
(2)    In connection with the Acquisition, LendingClub agreed to convert equity awards held by Radius employees into cash and LendingClub awards pursuant to the Plan of Merger.

The Acquisition was accounted for as a purchase business combination. Accordingly, the assets acquired and liabilities assumed are presented at their fair values determined as of the Acquisition date. Determining fair value of identifiable assets, particularly intangibles, loans (including PCD loans), and liabilities acquired and assumed based on DCF analysis or other valuation techniques required management to make estimates that are highly subjective in nature based on available information.
The following table presents an allocation of the total consideration paid to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed:
Assets acquired:
Cash and due from banks$18,184 
Interest-bearing deposits in banks650,052 
Total cash and cash equivalents668,236 
Securities available for sale at fair value259,037 
Loans and leases held for investment1,589,054 
Allowance for loan and lease losses(12,440)
Loans and leases held for investment, net1,576,614 
Property, equipment and software1,926 
Goodwill75,717 
Other assets86,482 
Total assets2,668,012 
Liabilities assumed:
Non-interest bearing deposits146,187 
Interest-bearing deposits1,862,272 
Total deposits2,008,459 
Short-term borrowings9,870 
Advances from PPPLF420,962 
Other long-term debt18,630 
Other liabilities23,285 
Total liabilities2,481,206 
Total consideration paid$186,806 

The table below presents certain unaudited pro forma financial information for illustrative purposes only, for the year ended December 31, 2021, as if the Acquisition took place on the first day of the preceding year. The pro forma information combines the historical results of Radius with the Company’s, adjusting for the estimated impact of certain fair value adjustments for the respective periods. The pro forma information does not reflect changes to the provision for credit losses resulting from recording loan assets as fair value, cost savings, or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented and the differences could be significant.
Year Ended December 31,
2021
Total net revenue$825,701 
Net income
$11,644 

For the year ended December 31, 2021, total net revenue of $73.6 million from the Acquisition is included on the Income Statement.