Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration Paid for 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.

Schedule of Allocation of Consideration Paid

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 banks	650,052
Total cash and cash equivalents	668,236
Securities available for sale at fair value	259,037
Loans and leases held for investment	1,589,054
Allowance for loan and lease losses	(12,440)
Loans and leases held for investment, net	1,576,614
Property, equipment and software	1,926
Goodwill	75,717
Other assets	86,482
Total assets	2,668,012
Liabilities assumed:
Non-interest bearing deposits	146,187
Interest-bearing deposits	1,862,272
Total deposits	2,008,459
Short-term borrowings	9,870
Advances from PPPLF	420,962
Other long-term debt	18,630
Other liabilities	23,285
Total liabilities	2,481,206
Total consideration paid	$	186,806

Schedule of Pro Forma Financial Information

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