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美国
证券交易委员会
华盛顿特区20549
格式
10-Q
☒根据1934年证券交易法第13或15(d)节的季度报告
截至季度结束日期的财务报告2024年9月30日
委托文件编号：001-39866001-36771
 
lendingclub 公司
(根据其章程规定的注册人准确名称)
特拉华州51-0605731
（国家或其他管辖区的
公司成立或组织）		（IRS雇主
唯一识别号码）
595 Market Street, Suite 200,
旧金山,加利福尼亚州94105
（总部地址及邮政编码）
公司电话号码，包括区号：（415) 930-7440
在法案第12(b)条的规定下注册的证券：
每一类的名称交易代码在其上注册的交易所的名称
普通股，每股面值0.01美元LC请使用moomoo账号登录查看New York Stock Exchange
请在以下空格内打勾，以表示注册人：(1)在过去12个月(或注册人所要求提交此类报告的更短期间内)已提交了根据1934年证券交易法第13或15(d)条规定需要提交的所有报告；并且(2)在过去90个天内一直遵守此类提交要求。是  ☒    否  ☐
请检查标记，指示发行人是否已根据S-t条例（本章节第232.405条）的规定，在过去的12个月内（或发行人需提交此类文件的较短期间）按规定提交了每个交互式数据文件。是☒  否 ☐
请在交易所法规则120.2规定的“大型加速申报人”、“加速申报人”、“小型报告公司”和“新兴成长公司”的定义中选中相应选项。
大型加速报告人 ☒加速文件提交人☐
非加速文件提交人 ☐更小的报告公司☐
新兴成长公司☐
如果是新兴成长型公司，请在复选框中打勾，以确定注册人是否选择不使用在1934年证券交易法第13(a)条项下提供的任何新的或修订的财务会计准准则的延长过渡期。☐
请通过复选标记来指示注册人是否为壳公司（如《交易所法》规则120亿.2所定义）。 是 ☐ 否 ☒
截至2024年10月18日，共有 112,401,990 股。


LENDINGCLUB公司
目录

1

术语简介

以下是lendingclub公司在财务报告中经常使用的常见缩略词和术语列表：
ACL
信用损失准备金（包括贷款和租赁损失准备金、可供出售证券准备金和未拨款放款承诺准备金）
收购收购Radius Bancorp，Inc。
可供出售金融资产可供出售
贷款和租赁损失拨备贷款及租赁损失拨备
年度报告
公司的《第II部分第7项》年度报告于2023年12月31日结束。
会计准则更新会计准则更新
资产管理规模
管理资产（公司服务的贷款发放未偿余额，包括出售给投资者的贷款，以及公司持有的用于投资和出售的贷款）
资产负债表：汇编的综合资产负债表
CECL（Current expected credit losses，预期信贷损失）当前预期信用损失（会计准则更新2016-13，金融工具-信用损失（326号课题）：金融工具信用损失的计量）
普通股股本的风险调整资本率一级资本
CET1资本比例
按照巴塞尔III资本框架下定义的普通股一级资本与总风险加权资产比率
DCF贴现现金流
每股收益每股收益
使拥有公司注册证券类别10%以上股权的官员、董事或实际股东代表签署人递交表格3、4和5（包括修正版及有关联合递交协议）,符合证券交易法案第16(a)条及其下属规则规定的要求；证券交易所法(1934年修改)第425条规定
FRb或联邦储备银行美国联邦储备系统理事会，以及相应的联邦储备银行
通用会计原则(GAAP)美国通用会计准则
持有至到期投资公司保留并用于投资的贷款
持有待售投资预计将出售给投资者的待售贷款，包括市场贷款
损益表收入简明合并表格
LC 银行或 lendingclub 银行lendingclub 银行，全国协会
lendingclub, LC, 公司, 我们, 我们, 或 我们的lendingclub银行及其子公司
贷款发放
公司发放或由第三方发卡银行协助发放的无抵押个人贷款和汽车再融资贷款
市场贷款
包括被指定为HFS并随后出售给投资者的贷款发放，以及由第三方发卡银行协助发放的贷款发放
N/M不具有意义
OCC运用其专业知识为每个终端用户应用程序提供最适合性能要求的电缆和连接产品及集成解决方案。 OCC的解决方案涵盖广泛的应用范围-从商业，企业网络，数据中心，住宅和校园安装到为军事，工业，采矿业，石化和广播应用以及无线运营商市场定制产品到恶劣环境，包括。华盛顿特区，邮编20219
母公司。
lendingclub公司 (lendingclub银行全国协会及其他子公司的母公司)
PPNR 或 预计净收入
一种非通用会计准则财务指标，通过从净利润中减去信贷损失准备和所得税收益/费用计算得出
RadiusRadius Bancorp，Inc.
SEC美国证券交易所委员会
证券法1933年证券法, 经修订版
现金流量表
简明的综合现金流量表
2

结构化证券
资产支持证券化交易，公司于交易时保留高级票据安全保证，以预定价格将剩余证书出售给市场投资者
结构化计划交易
资产支持证券化交易，包括结构化证券交易，在这些交易中，特定的认可投资者和合格的机构投资者有机会投资于由一揽子无抵押个人整个贷款支持的证券
一级资本充足率
第一层资本，包括普通股一级资本以及符合额外第一层资本标准的不累积永久优先股权，按照巴塞尔Ⅲ资本框架下定义的总风险加权资产计算
一级杠杆比率
第一层资本，包括普通股一级资本以及符合额外第一层资本标准的不累积永久优先股权，按照巴塞尔Ⅲ资本框架下定义的季度调整平均资产计算
总资本充足率
总资本，包括普通股第一级资本、第一级资本、信贷损失准备金和符合第二级资本标准的资格次级债务，除以根据巴塞尔III资本框架定义的总风险加权资产
无抵押个人贷款
公司平台上发起的无抵押个人贷款，包括面向消费者的在线直接平台和与一系列教育和患者金融提供者联接的平台
VIE可变利益实体
3

LENDINGCLUB公司

除非上下文另有要求，在本文件中，“lendingclub”，“公司”，“我们”，“我们”，及“我们的”指代LendingClub Corporation，一家特拉华州的公司，情况适用时还包括其合并子公司和合并变量利益实体（VIEs），包括LendingClub银行，国家协会（LC银行），以及各种旨在促进LendingClub结构化计划下贷款销售交易的实体。

前瞻性声明

本季度10-Q表格报告（报告）包含根据《证券法》第27A条和《证券交易法》第21E条的定义属于前瞻性声明。在本报告中的前瞻性声明包括但不限于关于借款人、信用评分、我们的策略、未来业务、预期损失、未来财务状况、未来营业收入、预期成本、前景、计划、管理目标、预期市场增长和对我们业务的影响的描述。您可以通过诸如“预期”、“表现”、“相信”、“继续”、“可能”、“估计”、“期望”、“预测”、“未来”、“打算”、“可能”、“机会”、“计划”、“预测”、“项目”、“应该”、“策略”、“目标”、“将”、“将会”或类似表达来识别这些前瞻性声明。

这些前瞻性声明包括但不限于以下内容：

•我们及第三方合作伙伴或提供商需遵守适用的地方、州和联邦法律、法规以及影响我们业务的监管发展或法院裁决。
•会计准则或政策的影响，包括当前预期信用损失（CECL）标准；
•美国监管机构对我们的审查结果以及任何此类监管机构可能要求我们限制业务活动、增加贷款准备金、增加资本水平或影响我们借款能力或保持或增加存款的可能性。
•我们有能力有效管理资本或流动性，以支持我们不断发展的业务或运营需求，同时保持符合监管要求和适当的风险管理标准；
•对我们存入资金基础的变化影响;
•持续或改变短期和开多时间利率环境和经济氛围的影响;
•借款人偿还贷款的能力和意愿；
•我们相信我们商业贷款组合中的某些贷款和租赁将按合同贷款条款完全偿还;
•我们有能力维持投资者对我们平台的信恳智能；
•我们贷款产品的表现和投资者预期收益率；
•对待决诉讼和政府调查以及调查能力的影响及我们的解决能力;
•使用我们自己的资金购买贷款;
•我们的意图是不卖出我们可供出售（AFS）的投资组合；
•我们的财务状况和表现，包括管理层估计对我们财务表现的影响以及中期和全年业绩之间的关系；
•用于估值我们金融工具的公允价值估计；
•我们对利率敏感度的估计；
•我们对依赖抵押品的贷款预期信用损失的计算；
•我们估计的最大损失承受能力;
•我们对贷款服务费收入的预期是基于预测的提前偿还和贷款出售时估计的市场服务费率。
•资本支出；
•我们遵守合同义务或限制；
•我们能够开发和维护有效的内部控制能力；
•我们继续实现我们数字化市场银行业务模式的财务和战略收益的能力；和
•其他风险因素会不时在我们向美国证券交易委员会提交的报告中列出。
4

LENDINGCLUB公司


我们提醒您，前述列表可能并未包含本报告中所有的前瞻性声明。我们可能无法真正实现前瞻性声明中披露的计划、意图或期望，您不应过度依赖前瞻性声明。我们已在本报告的“风险因素”部分，以及截至2023年12月31日的年度10-k形式报告中，以及在本报告及我们向SEC提交的其他文件中出现的简明综合财务报表、相关附注和其他信息中，包含了重要因素，这些因素可能导致真实结果或事件与本报告中的前瞻性声明实质性不符。前瞻性声明不反映我们未来任何收购、合并、剥离、合资或投资可能造成的潜在影响。

您应该仔细完整地阅读这份报告，并理解实际未来结果可能会大不相同于我们的预期。除非法律要求，我们不承担更新或修订任何前瞻性声明的义务，无论是基于新信息、实际结果、未来事件或其他原因。

5

第一部分 财务信息
项目1.基本报表
LENDINGCLUB公司
简明合并资产负债表
（以千为单位，股份和每股金额除外）
(未经审计)
2022年9月30日
2024		12月31日
2023
资产
现金和存放在银行的款项$25,558 $14,993 
银行中的 bearing 存款991,372 1,237,511 
现金及现金等价物总额1,016,930 1,252,504 
限制性现金(1)
33,347 41,644 
可供出售证券按公允价值计量（$3,319,988 和 $1,663,990 分别以摊销成本计量
3,311,418 1,620,262 
按公允价值计量的待售贷款849,967 407,773 
持有投资贷款和租赁融资4,108,329 4,850,302 
贷款和租赁损失拨备(220,564)(310,387)
投资持有的贷款和租赁净额3,887,765 4,539,915 
按公允价值持有的投资贷款 (1)(2)
1,287,495 272,678 
资产、设备及软件净额167,809 161,517 
商誉75,717 75,717 
其他 (1)
407,059 455,453 
总资产$11,037,507 $8,827,463 
负债和股东权益
存款：
计息账户$9,099,092 $7,001,680 
非计息账户360,516 331,806 
存款总额9,459,608 7,333,486 
借款(1)(2)
2,683 19,354 
其他负债 (1)
232,321 222,801 
负债合计9,694,612 7,575,641 
股权
普通股，每股面值为 $0.0001；0.01面值;180,000,000.01股已发行并流通；112,401,990和页面。110,410,602 已发行和未流通股份
1,124 1,104 
额外实收资本
1,692,538 1,669,828 
累积赤字(347,196)(388,806)
累计其他综合损失(3,571)(30,304)
股东权益总计1,342,895 1,251,822 
负债和所有者权益总额$11,037,507 $8,827,463 
(1)    包括2023年12月31日的以合并可变利益实体记载的金额。请参见“简明合并财务报表注释 - 注6.证券化和变量利益实体.”
(2)    之前的金额已按照当前期间的格式重新分类。

请参阅简明合并财务报表中的说明。
6

LENDINGCLUB公司
收入简明合并表格
（以千为单位，股份和每股金额除外）
(未经审计)
截至三个月结束
2022年9月30日		九个月结束
2022年9月30日
 2024202320242023
非息收入：
市场收入$58,384 $60,886 $170,628 $239,303 
其他非利息收入3,256 2,958 7,525 9,349 
总非利息收入61,640 63,844 178,153 248,652 
利息收入：
持有待售贷款的利息30,326 9,582 71,746 19,772 
投资持有的贷款和租赁的利息和费用118,788 158,960 376,000 471,512 
公允价值投资持有的贷款利息 (1)
26,345 12,605 46,801 64,066 
可供出售证券的利息52,476 9,467 130,702 19,315 
其他利息收入12,442 16,798 42,113 49,646 
总利息收入240,377 207,412 667,362 624,311 
利息支出:
赎回Baskets的日元数量。如果Trust的日元被提取以支付Trust的开支，需要创建篮子或在篮子赎回时发生的，用于表示Baskets的日元数量的代币的日元数量可能会随着时间的推移而逐渐减少。96,863 69,509 271,019 189,303 
其他利息费用 (1)
3,273 898 4,686 4,647 
总利息支出100,136 70,407 275,705 193,950 
净利息收入140,241 137,005 391,657 430,361 
营业收入总额201,881 200,849 569,810 679,013 
拨备47,541 64,479 115,029 201,658 
非利息支出：
薪酬和福利57,408 58,497 173,502 203,357 
市场营销26,186 19,555 76,987 70,375 
设备和软件12,789 12,631 37,833 40,295 
折旧和摊销13,341 11,250 39,086 35,242 
专业服务8,014 8,414 22,909 27,446 
占用率4,005 4,612 11,807 13,606 
其他非利息支出14,589 13,076 38,699 46,101 
非利息支出总额136,332 128,035 400,823 436,422 
税前收入
18,008 8,335 53,958 40,933 
所得税费用
(3,551)(3,327)(12,348)(12,149)
净收入$14,457 $5,008 $41,610 $28,784 
每股收益: (2)
每股收益$0.13 $0.05 $0.37 $0.27 
摊薄后每股收益$0.13 $0.05 $0.37 $0.27 
加权平均普通股-基本112,042,202 109,071,180 111,376,778 107,966,544 
加权平均普通股-摊薄113,922,256 109,073,194 112,027,815 107,969,920 
(1)    之前的金额已按照当前期间的格式重新分类。
(2)    参见“”了解证券交易委员会对此类赔偿条款的立场基本报表附注-第3条。每股收益附加信息请参阅。

请参阅简明合并财务报表中的说明。
7

LENDINGCLUB公司
综合收益（损失）的简明合并报表
（以千为单位）
(未经审计)
截至三个月结束
2022年9月30日		九个月结束
2022年9月30日
2024202320242023
净收入$14,457 $5,008 $41,610 $28,784 
其他综合收益（损失）：
证券可供出售金融资产公允价值变动影响净利润
47,012 (20,547)37,326 (22,706)
税前其他综合收益(亏损)
47,012 (20,547)37,326 (22,706)
所得税影响(13,198)5,583 (10,593)6,170 
其他综合收益（亏损），净额
33,814 (14,964)26,733 (16,536)
总综合收益（损失）
$48,271 $(9,956)$68,343 $12,248 

请参阅简明合并财务报表中的说明。
8

LENDINGCLUB公司
压缩的综合权益变动表
股票数量
(未经审计)
普通股额外的
实收资本
资本		其他积累
综合
损失		累积的
$		总费用
股权
 股份数量
2024年6月30日余额
111,812,215 $1,118 $1,685,865 $(37,385)$(361,653)$1,287,945 
以股票为基础的报酬计划— — 11,248 — — 11,248 
股权激励计划下的净发行589,775 6 (4,575)— — (4,569)
可供出售证券的未实现收益，税后净额
— — — 33,814 — 33,814 
净收入— — — — 14,457 14,457 
2024年9月30日余额
112,401,990 $1,124 $1,692,538 $(3,571)$(347,196)$1,342,895 
普通股额外的
实收资本
资本
其他积累
综合
损失
累积的
$		总费用
股权
股份数量
2023年12月31日的余额
110,410,602 $1,104 $1,669,828 $(30,304)$(388,806)$1,251,822 
以股票为基础的报酬计划— — 36,162 — — 36,162 
股权激励计划下的净发行量1,991,388 20 (13,452)— — (13,432)
可供出售证券的未实现账面收益净额，税后
— — — 26,733 — 26,733 
净收入
— — — — 41,610 41,610 
2024年9月30日余额
112,401,990 $1,124 $1,692,538 $(3,571)$(347,196)$1,342,895 
普通股额外的
实收资本
资本
其他积累
综合
损失
累积的
$		总费用
股权
股份数量
6,749.7
108,694,120 $1,087 $1,647,593 $(39,188)$(403,969)$1,205,523 
以股票为基础的报酬计划— — 16,783 — — 16,783 
股权激励计划下的净发行量954,649 9 (4,140)— — (4,131)
可供出售证券未实现损失净额（税后）
— — — (14,964)— (14,964)
净收入— — — — 5,008 5,008 
2023年9月30日余额
109,648,769 $1,096 $1,660,236 $(54,152)$(398,961)$1,208,219 
 普通股额外的
实收资本
资本
其他积累
综合
损失
累积的
$		总费用
股权
 股份数量
2022年12月31日的余额为
106,546,995 $1,065 $1,628,590 $(37,616)$(427,745)$1,164,294 
以股票为基础的报酬计划— — 48,874 — — 48,874 
股权激励计划下的净发行量3,101,774 31 (17,228)— — (17,197)
可供出售证券的净未实现损失，扣除税款
— — — (16,536)— (16,536)
净收入— — — — 28,784 28,784 
2023年9月30日余额
109,648,769 $1,096 $1,660,236 $(54,152)$(398,961)$1,208,219 

参阅简明合并基本报表附注。
9

LENDINGCLUb CORPORATION
简化合并现金流量表
(以千为单位)
（未经审计）
截至九个月
9月30日,
 20242023
经营活动产生的现金流:
净利润$41,610 $28,784 
对净利润与经营活动使用的现金之间进行调整:
公允价值调整129,679 80,222 
贷款服务资产公允价值变动60,068 41,750 
贷款销售收益(34,090)(35,918)
信用损失准备115,029 201,658 
贷款递延费用和成本的增值(52,980)(74,486)
基于股票的补偿，净额30,527 42,122 
折旧和摊销39,086 35,242 
其他，净额6,368 (8,474)
待售贷款的净变化(2,806,609)(590,400)
经营性资产和负债的净变化：
其他资产19,747 23,622 
其他负债2,764 (65,917)
经营活动中使用的净现金
(2,448,801)(321,795)
投资活动产生的现金流：
贷款和租赁的净变动 (1)
(427,412)141,221 
购买可出售证券(31,749)(59,336)
出售、到期和偿还可出售证券的收益
607,651 42,856 
购买物业、设备和软件，净额(37,082)(48,239)
其他投资活动(1,685)(8,606)
投资活动提供的净现金
109,723 67,896 
融资活动的现金流：
存款的净变动2,124,304 599,054 
借款的本金还款 (1)
(16,284)(102,187)
50,000(12,813)(17,195)
融资活动提供的净现金2,095,207 479,672 
现金、现金等价物及受限制现金的净（减少）增加
$(243,871)$225,773 
现金、现金等价物及受限制现金，期初余额$1,294,148 $1,124,484 
现金、现金等价物及受限制现金，期末$1,050,277 $1,350,257 
补充现金流信息：
支付的利息$278,159 $180,167 
支付的税款$111 $7,757 
支付的经营租赁费用已包含在租赁负债的计量中$9,580 $9,581 
补充非现金投资活动：
从结构化计划交易中保留的净证券$2,228,307 $454,831 
(1)    前期金额已被重新分类，以符合本期的呈现。

10

LENDINGCLUb CORPORATION
浓缩合并现金流量表（续）
(以千为单位)
（未经审计）
The following presents cash, cash equivalents and restricted cash by category within the Balance Sheet:
 September 30,
2024		December 31,
2023
Cash and cash equivalents$1,016,930 $1,252,504 
Restricted cash33,347 41,644 
Total cash, cash equivalents and restricted cash
$1,050,277 $1,294,148 

See Notes to Condensed Consolidated Financial Statements.

11

LENDINGCLUb CORPORATION
附注至简明综合财务报表
(以千为单位的表格金额，除分享和每股金额、比率或特别注明的情况外)
（未经审计）


1. 重要会计政策的总结

财务报表基础

LendingClub公司（LendingClub）成立于2006年，通过利用科技、数据科学和独特的市场模型，将传统信用产品——分期贷款——带入数字时代。2021年2月，LendingClub完成了对Radius的收购，成为一家银行控股公司，并成立了LC Bank作为其全资子公司。该公司通过LC Bank开展其绝大多数的业务，作为贷款人和贷款发起人，作为美国的一家受监管银行。

所有板块间余额和交易在合并中已被消除。 这些合并的基本报表是按照美国通用会计原则（GAAP）编制的，适用于中期财务信息，并且在管理层的意见中，包含了所有必要的调整，包括正常的经常性调整，以公正地陈述所呈现期间的结果和财务状况。 这些会计原则要求管理层做出某些估计和假设，这会影响附带的基本报表中的金额。这些估计和假设本质上是主观的，实际结果可能与这些估计和假设有所不同，且差异可能是重要的。 报告的中期结果不一定能反映全年或任何其他中期的结果。

公司在2024年前九个月的简明合并基本报表及附带注释中进行了以下呈现更改：
•合并的综合资产负债表（资产负债表） – “按公允价值持有的零售和证书贷款”与“按公允价值持有的贷款”合并，而“按公允价值的零售票据和证书”则与“借款”合并；
•合并的综合收益表（利润表）– "按公允价值计入投资的零售贷款和凭证的利息"与"按公允价值计入投资的贷款的利息"合并在一起，"按公允价值计入的零售票据和凭证的利息"合并在"其他利息费用"中；并且
•合并现金流量表 - “零售和证书贷款的净减少”与“贷款和租赁的净变化”合并在一起，“零售票据和证书的本金偿还”合并在“借款的本金偿还”中。

在所有情况下，相应的前期金额已被重新分类，以符合当前期间的展示。

附带的中期简明合并基本报表及相关附注应与公司于2023年12月31日结束的年度报告（在2024年2月16日提交的10-K报告中包含的合并基本报表及相关附注）一起阅读。

重要的会计政策

公司的重大会计政策在“第二部分 - 第8项 基本报表和补充数据 - 注释1 重大会计政策摘要”中进行了讨论。在截至2024年9月30日的九个月内，这些重大会计政策没有变化。

12

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

新会计准则的采用

公司在截至2024年9月30日的九个月期间没有采用新的会计标准。

尚未采用的新会计准则

在2023年11月，FASB发布了ASU 2023-07， 分部报告（主题280）– 可报告分部披露的改进，该标准改善了可报告分部的披露要求，主要通过增强对重要分部费用的披露。新标准适用于在2023年12月15日之后开始的年度期间，以及在2024年12月15日之后开始的中期期间。本标准的修订应当追溯适用，允许提前采用。公司正在评估此ASU的影响，但预计不会产生重大影响。

在2023年12月，财务会计准则委员会发布了ASU 2023-09， 所得税（主题740）— 改进所得税披露该标准改善了所得税的披露要求，主要通过增强与税率调节和已支付所得税相关的披露。新的标准在2024年12月15日之后开始适用于年度报告。该标准的修订应采用前瞻性应用，允许追溯应用。也允许提前采用。公司正在评估该ASU的影响，但预计不会对财务产生重大影响。

2. 市场营业收入

市场营业收入包括（i）起源费用，（ii）服务费用，（iii）贷款销售收益和（iv）净公允价值调整，具体如下。

创始费用： 创始费用主要是与发放和发行无担保个人贷款相关的费用，这些贷款将被持有以供出售（HFS）。

服务费用： 公司收取服务费用，以补偿其代表投资者为贷款提供服务的费用，包括管理借款人的付款和收款，以及向这些投资者付款。服务费用的营业收入主要受投资者支付的服务费率以及为投资者服务的贷款未偿本金余额的影响。与已售贷款相关的服务费收入还包括与服务资产公允价值变化相关的金额。

贷款销售收益： 与贷款销售相关，公司根据合同服务费高于或低于估计市场服务费的程度确认贷款销售的收益或损失。此外，公司还确认交易费用（如有），作为贷款销售的损失。

净公允价值调整： 公司对以公允价值计量的贷款记录公允价值调整，这包括超过或低于出售贷款本金金额的售价所产生的收益或损失以及已实现的净冲销。此外，由于贷款保留在资产负债表上，对贷款的增量公允价值损失调整记录在“市场收入”中的“净公允价值调整”项下，而根据贷款的合同利率计算的相关利息收入则记录在“净利息收入”中。

13

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

下表列出了所示时期的市场营业收入构成：
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
起源费用$71,465 $60,912 $218,675 $202,444 
服务费用8,081 32,768 47,542 81,163 
贷款销售收入12,433 8,572 34,090 35,918 
净公允价值调整(33,595)(41,366)(129,679)(80,222)
总市场营业收入$58,384 $60,886 $170,628 $239,303 

3. 每股收益

下表详细列出了公司的基本和摊薄后每股收益的计算：
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
基本每股收益：
归属于股东的净利润$14,457 $5,008 $41,610 $28,784 
加权平均普通股 – 基本112,042,202 109,071,180 111,376,778 107,966,544 
基本每股收益$0.13 $0.05 $0.37 $0.27 
摊薄后每股收益：
归属于股东的净利润$14,457 $5,008 $41,610 $28,784 
加权平均普通股 - 摊薄113,922,256 109,073,194 112,027,815 107,969,920 
摊薄后每股收益$0.13 $0.05 $0.37 $0.27 

14

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

4. 可供出售证券

可供出售（AFS）证券的摊销成本、未实现的总收益和损失，以及公允价值如下所示：
2024年9月30日摊销
成本		毛利
未实现
收益		毛利
未实现
亏损
补贴
信用损失
公平
价值
与结构化项目交易相关的高级资产支持证券 (1)
$2,717,915 $42,520 $— $— $2,760,435 
美国机构住宅抵押贷款支持证券257,602 333 (32,334)— 225,601 
与结构化项目交易相关的其他资产支持证券 (2)
164,831 42 (306)(2,263)162,304 
美国机构证券90,457 — (10,881)— 79,576 
抵押贷款支持证券63,300 310 (4,891)— 58,719 
其他资产支持证券22,641 36 (496)— 22,181 
市政证券3,242 — (640)— 2,602 
可供出售的总证券 (3)
$3,319,988 $43,241 $(49,548)$(2,263)$3,311,418 
2023年12月31日摊销
成本		毛利
未实现
收益		毛利
未实现
亏损		公平
价值
与结构化计划交易相关的高级资产支持证券
$1,165,513 $10,932 $(42)$1,176,403 
美国机构住宅抵押贷款支持证券261,885 208 (37,497)224,596 
美国机构证券93,452 — (13,348)80,104 
与结构化计划交易相关的其他资产支持证券 (2)
70,662 2,731 — 73,393 
抵押贷款支持证券42,511 — (5,435)37,076 
其他资产支持证券26,710 25 (634)26,101 
市政证券3,257 — (668)2,589 
可供出售的证券总额 (3)
$1,663,990 $13,896 $(57,624)$1,620,262 
(1)排除了一个$95针对在2024年9月30日指定为活跃公允价值对冲关系的证券的千级组合基础调整。见“注释 8. 衍生工具和对冲活动”以获取更多信息。
(2)截至2024年9月30日和2023年12月31日，$162.3 百万和$70.1 与结构性项目交易相关的其他资产支持证券的公允价值分别为百万美元，受限于公司作为“赞助商”根据美国风险保留规则的义务的转让限制。
(3)截至2024年9月30日和2023年12月31日，包括$378.8百万和$359.5百万，分别是以公允价值作为抵押的证券。

15

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

以下是按持续未实现损失的期间汇总的AFS证券未实现损失的总结：
少于
12个月		12个月
或更长		总计
2024年9月30日公平
价值		未实现
亏损		公平
价值		未实现
亏损		公平
价值		未实现
亏损
美国机构住宅抵押贷款支持证券$6,520 $(9)$199,638 $(32,325)$206,158 $(32,334)
与结构化计划交易相关的其他资产支持证券41,075 (306)— — 41,075 (306)
美国机构证券— — 79,576 (10,881)79,576 (10,881)
抵押贷款支持证券— — 33,663 (4,891)33,663 (4,891)
其他资产支持证券— — 13,123 (496)13,123 (496)
市政证券— — 2,602 (640)2,602 (640)
总证券未实现损失$47,595 $(315)$328,602 $(49,233)$376,197 $(49,548)
少于
12个月		12个月
或更长		总计
2023年12月31日公平
价值		未实现
亏损		公平
价值		未实现
亏损		公平
价值		未实现
亏损
与结构化计划交易相关的高级资产支持证券
$38,359 $(42)$— $— $38,359 $(42)
美国机构住宅抵押贷款支持证券6,497 (149)201,426 (37,348)207,923 (37,497)
美国机构证券— — 80,104 (13,348)80,104 (13,348)
抵押贷款支持证券13,973 (740)23,103 (4,695)37,076 (5,435)
其他资产支持证券12,911 (50)8,538 (584)21,449 (634)
市政证券— — 2,589 (668)2,589 (668)
总证券未实现损失$71,740 $(981)$315,760 $(56,643)$387,500 $(57,624)

截至2024年9月30日，公司AFS投资组合的主要部分由与结构化程序交易相关的高级资产支持证券和美国机构支持的证券组成。管理层认为，美国机构支持证券因某些美国政府机构对本金和利息的担保而具有最高的信用质量和评级。截至2024年9月30日，公司AFS投资组合中大多数处于未实现亏损状态的证券被评为投资级。AFS投资组合中几乎所有未实现亏损均是由利率上升造成的。公司不打算出售该投资组合，也不太可能在其摊销成本回收之前被要求出售任何投资。有关管理层对处于未实现亏损状态的AFS证券的季度评估的描述，请参见“第二部分 – 第8项 基本报表与补充数据 – 注释1 重要会计政策摘要”在我们的年度报告中。

下表展示了AFS证券的信用损失准备金的活动，按证券类型分类：
与结构化项目交易相关的其他资产支持证券

截至2024年9月30日的三个月截至2024年9月的九个月
期初信贷损失准备金
$2,083 $— 
可供出售证券的信贷损失费用
180 2,263 
期末信贷损失准备金
$2,263 $2,263 

16

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

2023年第三季度和前九个月，AFS证券的信贷损失准备金没有任何活动。

可供出售证券的合同到期日如下：
2024年9月30日摊销成本公允价值
加权-
平均
收益率 (1)
到期时间在一年内：
美国机构证券$3,000 $2,983 
一年内到期总额3,000 2,983 3.50 %
一年后至五年内到期：
与结构性计划交易相关的高级资产支持证券2,717,915 2,760,435 
与结构性计划交易相关的其他资产支持证券164,831 162,304 
美国机构证券7,850 7,701 
抵押贷款支持证券2,701 2,471 
其他资产支持证券335 334 
市政证券
154 143 
1年到5年后的总到期金额2,893,786 2,933,388 7.62 %
5年到10年后的到期金额：
美国机构证券21,998 20,144 
其他资产支持证券13,115 13,112 
美国机构住宅抵押贷款证券4,013 3,869 
抵押贷款支持证券923 799 
市政证券464 410 
5年到10年后的总到期金额40,513 38,334 4.28 %
到期时间为10年后：
美国机构的住宅抵押贷款支持证券253,589 221,732 
美国机构证券57,609 48,748 
抵押贷款支持证券59,676 55,449 
其他资产支持证券9,191 8,735 
市政证券2,624 2,049 
10年后到期总计382,689 336,713 2.87 %
可供出售的总证券$3,319,988 $3,311,418 6.86 %
(1)加权平均收益是通过计算截至2024年9月30日的九个月期间的平均月末摊销成本来得出的。

在2024年第三季度和前九个月，公司确认了收益为$30.1百万，来自与结构化项目交易相关的高级资产支持证券销售的总实现收益为$114千。在2023年第三季度和前九个月中，没有AFS证券的销售。

17

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

5. 按摊余成本计量的投资贷款和租赁，扣除贷款和租赁损失准备金

LendingClub将某些持有投资的贷款和租赁按摊余成本确认。其他HFI和所有HFS贷款根据公司的公允价值选择记录为公允价值。A应计利息应收款不包括在贷款和租赁HFI的摊余成本基础上，并在“其他资产”中报告， 资产负债表。截至2024年9月30日，按摊余成本计算的与贷款和租赁HFI相关的净应计利息应收款为$28.2百万和$32.2百万。 2023年12月31日，分别.

以摊余成本计量的投资贷款和租赁

公司将其贷款和租赁HFI组合划分为（i）消费和（ii）商业。下表展示了每个组合按融资应收款类别的元件：
2024年9月30日2023年12月31日
无担保个人贷款$3,068,078 $3,726,830 
住宅抵押贷款175,345 183,050 
有担保消费贷款239,206 250,039 
持有投资的消费贷款总额3,482,629 4,159,919 
设备融资 (1)
74,674 110,992 
商业房地产371,796 380,322 
商业和工业179,230 199,069 
总持有投资的商业贷款和租赁625,700 690,383 
总持有投资的贷款和租赁4,108,329 4,850,302 
贷款和租赁损失准备金(220,564)(310,387)
持有投资的贷款和租赁，净值 (2)
$3,887,765 $4,539,915 
(1)    由设备的销售类型租赁组成。请参见“注17. 租赁”以获取更多信息。
(2)    截至2024年9月30日，公司在循环信贷工具、定期贷款和高级票据下分别有$3.9以十亿美元作为抵押的贷款，包含$3.5在联邦储备银行(FRB)折扣窗口下承诺的十亿美元以及 $463.4百万 承诺给联邦住房贷款银行(德梅因的FHLB。截至2023年12月31日，公司有$4.0以十亿美元作为抵押的贷款，包含$3.5在FRB折扣窗口下承诺的十亿美元以及 $479.0百万 承诺给 得梅因的FHLb。

下表显示了贷款和租赁损失准备金（ALLL）的元件：
2024年9月30日2023年12月31日
贷款和租赁损失的总拨备 (1)
$274,538 $355,773 
回收资产价值 (2)
(53,974)(45,386)
贷款和租赁损失准备金$220,564 $310,387 
(1)    代表对现有投资组合余额未来估计的净冲销的准备金。
(2)    代表对先前冲销金额预期回收的负拨备。

2024年9月30日消费商业总计
用于投资的贷款和租赁$3,482,629 $625,700 $4,108,329 
贷款和租赁损失准备金$200,899 $19,665 $220,564 
拨备比例 (1)
5.8 %3.1 %5.4 %
贷款和租赁损失的总拨备$254,873 $19,665 $274,538 
毛拨备率 (1)
7.3 %3.1 %6.7 %
18

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

2023年12月31日消费商业总计
用于投资的贷款和租赁
$4,159,919 $690,383 $4,850,302 
贷款和租赁损失准备金
$298,061 $12,326 $310,387 
允许比例 (1)
7.2 %1.8 %6.4 %
贷款和租赁损失的总拨备
$343,447 $12,326 $355,773 
总允许比率 (1)
8.3 %1.8 %7.3 %
(1)按适用情况计算为ALLL或总ALLL，针对以摊销成本持有的投资贷款和租赁的相应投资组合部分余额。

19

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

按投资组合细分的信用损失准备金活动如下：
截至9月30日三个月
20242023
消费商业总计消费商业总计
贷款和租赁损失准备金，期初余额$210,729 $18,180 $228,909 $341,161 $14,002 $355,163 
用于投资的贷款和租赁的信贷损失费用
45,813 1,647 47,460 63,733 394 64,127 
减值 (1)
(68,388)(721)(69,109)(73,644)(534)(74,178)
回收12,745 559 13,304 5,038 345 5,383 
贷款和租赁损失准备金，期末$200,899 $19,665 $220,564 $336,288 $14,207 $350,495 
未提供贷款承诺准备金，期初$— $1,455 $1,455 $— $2,017 $2,017 
未提供贷款承诺的信贷损失费用（收益）
— (99)(99)— 352 352 
未提供贷款承诺准备金，期末 (2)
$— $1,356 $1,356 $— $2,369 $2,369 
截至9月30日的九个月
20242023
消费商业总计消费商业总计
贷款和租赁损失准备金，期初余额$298,061 $12,326 $310,387 $312,489 $15,363 $327,852 
投资性贷款和租赁的信用损失费用（收益）
104,259 9,024 113,283 201,291 (124)201,167 
减值 (1)
(234,992)(2,547)(237,539)(189,201)(1,809)(191,010)
回收33,571 862 34,433 11,709 777 12,486 
贷款和租赁损失准备金，期末$200,899 $19,665 $220,564 $336,288 $14,207 $350,495 
未资金贷款承诺准备金，期初$— $1,873 $1,873 $18 $1,860 $1,878 
未资金贷款承诺的信用损失费用（收益）
— (517)(517)(18)509 491 
未资金贷款承诺准备金，期末 (2)
$— $1,356 $1,356 $— $2,369 $2,369 
(1)无担保个人贷款在借款人出现以下情况时被注销：(i) 合同逾期120天或(ii) 逾期两期并已申请破产或已去世。
(2)与$105.3百万和$89.5截至2024年9月30日和2023年9月30日，未资助承诺为$百万。11.4截至2024年9月30日，$105.3$百万未资助承诺中，有$百万是无条件可取消的，因此没有相关的储备。

20

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

下表列出了2024年前九个月按起始年份计算的核销情况:
按发放年份的贷款损失总额
20242023202220212020以前总计
无担保个人贷款$2,033 $72,410 $119,341 $39,714 $— $— $233,498 
住宅抵押贷款— — — — — — — 
有担保消费贷款— 341 765 388 — — 1,494 
持有投资的总消费贷款2,033 72,751 120,106 40,102 — — 234,992 
设备融资— — — — — — — 
商业房地产— — — — — — — 
商业和工业— 421 507 403 — 1,216 2,547 
投资持有的商业贷款和租赁总额— 421 507 403 — 1,216 2,547 
投资持有的贷款和租赁总额$2,033 $73,172 $120,613 $40,505 $— $1,216 $237,539 

消费贷款信用质量因子

公司根据贷款的逾期状况和还款活动评估其消费贷款组合的信用质量。贷款逾期报告基于借款人相对于贷款合同条款的还款活动。 下表展示了消费组合部分按逾期状况和贷款发放年份的信用质量指标分类的融资应收款项。
2024年9月30日按发放年份划分的定期贷款和租赁
20242023202220212020以前总计
无担保个人贷款
流动 $898,427 $950,003 $957,619 $187,075 $— $— $2,993,124 
逾期30-59天 2,564 9,135 10,989 3,061 — — 25,749 
逾期60-89天 1,681 7,234 8,617 2,624 — — 20,156 
逾期90天或更长时间 1,119 8,520 10,002 2,711 — — 22,352 
总无抵押个人贷款 (1)
903,791 974,892 987,227 195,471 — — 3,061,381 
住宅抵押贷款
流动 — — 46,466 53,068 29,117 46,382 175,033 
逾期30-59天 — — — — — — — 
逾期60-89天 — — — — — 145 145 
逾期90天或更长时间 — — — — — 167 167 
总住宅抵押贷款 — — 46,466 53,068 29,117 46,694 175,345 
担保消费
当前65,997 89,220 65,564 12,830 — 2,395 236,006 
逾期30-59天61 679 1,177 366 — — 2,283 
逾期60-89天25 174 409 67 — — 675 
逾期90天或以上22 13 135 72 — — 242 
总担保消费66,105 90,086 67,285 13,335 — 2,395 239,206 
持有投资的总消费贷款$969,896 $1,064,978 $1,100,978 $261,874 $29,117 $49,089 $3,475,932 
(1)排除了按组合层方法指定为公允价值对冲的贷款的累计基础调整。截至2024年9月30日，基础调整总额为$6.7百万，代表了对对冲贷款的摊余成本的增加。参见“注释 8. 衍生工具和对冲活动”以获取更多信息。

21

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

2023年12月31日按origination年份划分的定期贷款和租赁
2023
2022202120202019以前总计
无担保个人贷款
流动 $1,498,737 $1,688,512 $438,296 $— $— $— $3,625,545 
逾期30-59天 9,034 17,017 6,665 — — — 32,716 
逾期60-89天 7,767 15,538 6,251 — — — 29,556 
逾期90天或更长时间 6,924 16,564 6,644 — — — 30,132 
总无担保个人贷款 (1)
1,522,462 1,737,631 457,856 — — — 3,717,949 
住宅抵押贷款
流动 53 48,473 54,855 29,960 18,917 29,041 181,299 
逾期30-59天 — — — — 1,331 420 1,751 
逾期60-89天 — — — — — — — 
逾期90天或更长时间 — — — — — — — 
总住宅抵押贷款 53 48,473 54,855 29,960 20,248 29,461 183,050 
担保消费
当前125,618 97,084 21,949 — 2,460 — 247,111 
逾期30-59天364 1,295 417 — — — 2,076 
逾期60-89天94 373 168 — — — 635 
逾期90天或以上— 153 64 — — — 217 
总担保消费126,076 98,905 22,598 — 2,460 — 250,039 
总消费贷款持有投资$1,648,591 $1,885,009 $535,309 $29,960 $22,708 $29,461 $4,151,038 
(1)    不包括按投资组合层次法在公允价值对冲下指定的贷款的累积基础调整。截至2023年12月31日，基础调整总额为$8.9百万，并代表对被对冲贷款的摊余成本的增加。见“注释 8. 衍生工具和对冲活动”以获取更多信息。

商业贷款信用质量因子

公司根据监管风险评级评估其商业贷款组合的信用质量。公司根据有关抵押品的质量和可实现价值（如有）以及债务人偿还债务的能力（例如当前的财务信息、历史还款经验、信用文件、公共信息和当前经济趋势等因素），将贷款和租赁分类为风险评级。公司通过根据相关的信用风险对贷款和租赁进行分类，单独分析贷款和租赁，并在每次信贷延续、续期或修改时进行此分析，或在发生可观察事件表明信用质量可能下降时进行分析，并且对大额贷款至少每年进行一次。风险评级分类包括以下内容：

通过 – 公司认为将按照合同贷款条款全额偿还的贷款和租赁。

特别关注 – 贷款和租赁中存在潜在弱点，需要管理层的密切关注。如果不加以纠正，这些潜在的弱点可能会导致贷款的还款前景或公司的信用状况在未来某个时候恶化。

次级贷款 – 贷款和租赁因债务人或抵押品的当前实际价值和支付能力不足而保护不充分。被分类为此的贷款和租赁存在明确的弱点，可能危及债务的偿还和清算。如果缺陷未得到纠正，公司的损失可能性明显。借款人的正常支付处于危险之中，虽然本金损失仍然可能，但并非迫在眉睫。

22

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

疑似 – 贷款和租赁存在与分类为次级的所有固有弱点，且添加了这一特征：根据目前已知的事实、条件和价值，这些弱点使得全额收回或清算变得高度可疑和不太可能。

Loss - 被认为无法收回且价值不大的贷款和租赁。

以下表格展示了商业投资组合细分中按风险评级和起始年份分类的融资应收款项。
2024年9月30日按发放年份划分的定期贷款和租赁
20242023202220212020以前总计
担保金额 (1)
设备融资
通过 $— $1,882 $35,734 $9,384 $10,220 $10,004 $67,224 $— 
特别提及— — 374 693 — — 1,067 — 
次级 — — 1,060 5,323 — — 6,383 — 
可疑 — — — — — — — — 
Loss— — — — — — — — 
设备融资总额— 1,882 37,168 15,400 10,220 10,004 74,674 — 
商业房地产业
通过 15,826 61,965 90,147 24,024 27,866 112,087 331,915 30,761 
特别提及— — — — 562 6,316 6,878 422 
次级 — — 2,437 8,487 8,856 11,139 30,919 8,945 
可疑 — — — — — — — — 
Loss— — 1,121 496 — 467 2,084 1,768 
总商业房地产15,826 61,965 93,705 33,007 37,284 130,009 371,796 41,896 
商业和工业
通过 22,397 33,634 40,493 31,277 6,215 14,125 148,141 94,664 
特别提及— — 1,842 — — 27 1,869 1,485 
不合格 — 3,302 11,411 2,352 1,472 1,691 20,228 12,620 
可疑 — — 3,279 1,510 505 285 5,579 4,684 
Loss— — 2,651 568 — 194 3,413 3,407 
总商业和工业22,397 36,936 59,676 35,707 8,192 16,322 179,230 116,860 
总商业贷款和租赁持有投资$38,223 $100,783 $190,549 $84,114 $55,696 $156,335 $625,700 $158,756 
(1)    代表由小企业管理局（SBA）担保的贷款余额。

23

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

2023年12月31日按发放年份分类的定期贷款和租赁
2023
2022202120202019以前总计
担保金额 (1)
设备融资
通过 $2,945 $33,430 $26,311 $7,754 $9,411 $6,288 $86,139 $— 
特别提及— 15,235 1,962 5,873 1,335 — 24,405 — 
不合格 — — — 448 — — 448 — 
可疑 — — — — — — — — 
Loss— — — — — — — — 
设备融资总额2,945 48,665 28,273 14,075 10,746 6,288 110,992 — 
商业房地产业
通过 49,067 94,247 34,535 43,058 52,160 78,062 351,129 33,423 
特别提及— — — — — 13,706 13,706 — 
不合格 — 3,598 7,716 — — 2,139 13,453 9,425 
可疑 — — — — — — — — 
Loss— — 1,515 — — 519 2,034 1,471 
总商业房地产49,067 97,845 43,766 43,058 52,160 94,426 380,322 44,319 
商业和工业
通过 40,636 60,352 39,304 9,525 10,282 11,626 171,725 104,928 
特别提及— 10,881 1,532 729 137 444 13,723 9,384 
不合格 — 2,304 5,426 673 1,045 1,434 10,882 6,908 
可疑 — 649 — 548 — 286 1,483 1,214 
Loss— — — — — 1,256 1,256 1,229 
总商业和工业40,636 74,186 46,262 11,475 11,464 15,046 199,069 123,663 
总持有投资的商业贷款和租赁$92,648 $220,696 $118,301 $68,608 $74,370 $115,760 $690,383 $167,982 
(1)    代表由小企业管理局（SBA）担保的贷款余额。

以下表格展示了商业组合部分内按摊余成本计提的逾期贷款和租赁的分析：
2024年9月30日30-59
天		60-89
天		90天或更多
天
过期总天数
担保金额 (1)
设备融资$— $— $4,850 $4,850 $— 
商业房地产3,882 678 6,106 10,666 8,681 
商业和工业
417 8,207 7,232 15,856 12,347 
总持有投资的商业贷款和租赁$4,299 $8,885 $18,188 $31,372 $21,028 
2023年12月31日30-59
天		60-89
天		90天或更多
天
逾期总天数
担保金额 (1)
设备融资$1,265 $— $— $1,265 $— 
商业房地产— 3,566 1,618 5,184 4,047 
商业和工业
12,261 1,632 1,515 15,408 11,260 
总持有投资的商业贷款和租赁$13,526 $5,198 $3,133 $21,857 $15,307 
(1)    代表由小企业管理局（SBA）担保的贷款余额。

24

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

贷款修改

公司拥有贷款修改计划，以帮助面临财务困难的借款人，减轻损失并最大化公司服务贷款的回收。 下表展示了在所示期间内按修改类型修改的贷款的摊销成本：
截至9月30日三个月截至9月30日的九个月
2024202320242023
开空期支付减少
$7,384 $448 $24,106 $770 
永久贷款修改
2,281 860 4,721 2,020 
债务和解
5,521 9,177 5,713 9,355 
总贷款修改 – 无担保个人贷款
$15,186 $10,485 $34,540 $12,145 
截至期末的无担保个人贷款按摊销成本的百分比
0.5 %0.3 %1.1 %0.3 %

在2023年第三季度，公司扩大了其数字渠道，帮助遭遇财务困难的借款人申请开空支付减少修改计划。在该计划下，借款人可能会获得临时支付减少。 三个月如果借款人在前三个月内满足临时支付减少的要求，他们可能会获得额外的支付减少。 三个月 期限，他们可能有资格获得额外的 三个月。获得额外的 三个月 付款减免被视为其他非微不足道的付款延迟，并成为开空付款减免修改。开空付款减免修改导致期限延长 五 至 八个月 与贷款的原到期日相比，并不包括任何本金或利息的豁免。在收到付款减免时，逾期贷款变更为正常状态。然而，如果借款人未能遵守修改后的条款，逾期状态将恢复为贷款的原合同条款。处于临时付款减免的前三个月的借款人，截至2024年9月30日，尚有总计16.8百万的贷款余额以摊销成本形式尚未偿还，并可能随后有资格获得开空付款减免修改。

永久贷款修改包括降低合同利率和延长合同到期日期，最长可达 作为收入确认，时间跨度为十二个月 且不包括任何本金豁免。为了符合这种修改，借款人必须满足公司的债务收入比要求。在2024年第三季度和前九个月，基于该计划的加权平均利率降低约为 7.0% 7.8%，分别。在2023年第三季度和前九个月，基于该计划的加权平均利率降低约为 7.2% 9.2%，分别。加权平均到期日期延长约为 作为收入确认，时间跨度为十二个月 针对所有时期。

债务和解修改包括与第三方债务和解公司进行接洽，这会减少借款人所欠的本金和利息。公司通常会在修改后的几个月内注销这些贷款，因为根据修改协议的还款金额低于原合同金额。

25

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

下表展示了截至以下所示期间的贷款修改的摊销成本的逾期状态，这些修改是在过去十二个月内进行的：
2024年9月30日
2023年9月30日(1)
开空期付款减免永久贷款修改债务和解开空期付款减免永久贷款修改债务和解
无抵押个人贷款
当前$21,281 $5,049 $133 $672 $1,807 $55 
30-59天2,064 188 9 22 154 11 
60-89天1,619 284 832 28 22 2,798 
90天或更长时间1,243 265 4,824 48 37 6,491 
总贷款修改$26,207 $5,786 $5,798 $770 $2,020 $9,355 
(1)     反映了在前九个月内进行修改的贷款修改的摊余成本的拖欠状态，因为相关的ASU 2022-02于2023年1月1日被前瞻性采用。

如果借款人在逾期120天后违约，那么修改后的贷款将在违约时计入坏账。 下表显示了在计入坏账前的十二个月内进入的贷款修改的期间总计坏账金额：
截至9月30日三个月截至9月30日的九个月
2024
2023(1)
2024
2023(1)
开空期支付减少
$2,986 $24 $4,546 $38 
永久贷款修改
551 86 1,479 164 
债务和解
15,631 15,158 57,603 33,621 
总贷款修改 – 无担保个人贷款
$19,168 $15,268 $63,628 $33,823 
(1)     反映了在减值期间内，对在减值前九个月内进行的贷款修改的总减值金额，因为相关的ASU 2022-02于2023年1月1日起前瞻性地被采纳。

非应计资产

不计息贷款和租赁是指其利息的计提已被暂停的贷款和租赁。当贷款和租赁合同逾期90天或更长时间时，通常会被列为不计息状态；如果管理层认为回收的可能性不足以支持继续计提，亦可提前列为不计息状态，并且不迟于逾期120天时将其冲销。

某些处于非累积状态的贷款可能被视为依赖担保的贷款，如果借款人面临财务困难且预计贷款的偿还主要通过出售或操作担保物来实现。公司的依赖担保贷款的预期信用损失计算为摊销成本基础与基础担保物的公允价值之间的差额，减去销售成本（如适用）。
26

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

下表展示了非应计贷款和租赁：
2024年9月30日2023年12月31日
非应计
未计利息且没有相关的ACL (1)
非应计
未计利息且没有相关的ACL (1)
无担保个人贷款$22,352 $— $30,132 $— 
住宅抵押贷款467 377 312 312 
有担保消费贷款242 — 217 — 
持有投资的总非 accrual 消费贷款23,061 377 30,661 312 
设备融资4,814 — — — 
商业房地产15,412 1,607 9,663 2,187 
商业和工业21,671 4,645 4,058 1,590 
持有投资的总非 accrual 商业贷款和租赁 (2)
41,897 6,252 13,721 3,777 
持有投资的总非 accrual 贷款和租赁$64,958 $6,629 $44,382 $4,089 
(1)     Subset of total nonaccrual loans and leases.
(2)     Includes $22.8 million and $10.4 million in loan balances guaranteed by the SBA as of September 30, 2024 and December 31, 2023, respectively.

September 30, 2024December 31, 2023
Nonaccrual
Nonaccrual Ratios (1)
Nonaccrual
Nonaccrual Ratios (1)
Total nonaccrual consumer loans held for investment$23,061 0.7 %$30,661 0.7 %
Total nonaccrual commercial loans and leases held for investment41,897 6.7 %13,721 2.0 %
Total nonaccrual loans and leases held for investment$64,958 1.6 %$44,382 0.9 %
(1)     Calculated as the ratio of non-accruing loans and leases to loans and leases HFI at amortized cost.




27

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

6. 证券化和变量利益实体

下表列出了公司资产和负债在与VIEs的交易中的分类，包括结构化计划交易。公司还以多种形式参与VIEs，包括服务贷款和持有VIEs的高级资产支持证券或次级权益。此外，下面表格中资产和负债的账面金额不包括在合并中被抵消的公司内部余额。
2024年9月30日2023年12月31日
综合 (1)
非合并的 总计合并非合并的总计
资产
受限制现金$— $— $— $3,454 $— $3,454 
按公允价值计量的可供出售证券— 2,922,740 2,922,740 — 1,249,796 1,249,796 
按公允价值计量的投资性贷款 (2)
— — — 970 — 970 
其他资产— 53,154 53,154 14 31,531 31,545 
总资产$— $2,975,894 $2,975,894 $4,438 $1,281,327 $1,285,765 
负债
借款 (2)
— — — 2,888 — 2,888 
其他负债— 6,608 6,608 4 3,301 3,305 
总负债$— $6,608 $6,608 $2,892 $3,301 $6,193 
总净资产（最大损失风险）$— $2,969,286 $2,969,286 $1,546 $1,278,026 $1,279,572 
(1)    During the third quarter of 2024, the Company deconsolidated its previously consolidated VIEs.
(2)    Prior period amounts have been reclassified to conform to the current period presentation.

Maximum loss exposure represents estimated loss that would be incurred under severe, hypothetical circumstances, for which the Company believes the possibility is extremely remote, such as where the value of interests and any associated collateral declines to zero. Accordingly, this required disclosure is not an indication of expected losses.

28

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

下表总结了与未合并VIE相关的活动，其中转让在公司的基本报表中被视为销售：
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
收到的对价公允价值：
现金$131,358 $40,994 $322,248 $59,045 
从结构化项目交易中保留的净证券
730,182 301,602 2,228,307 454,831 
其他资产，净值
9,427 3,790 29,066 6,089 
总对价870,967 346,386 2,579,621 519,965 
贷款出售的公允价值(832,421)(343,142)(2,523,631)(514,701)
与结构性计划交易相关的高级证券的出售
(30,000)— (30,000)— 
债务的非合并处理
880 — 880 — 
从证券化或出售的贷款中撤回的本金
(737)— (737)— 
贷款和证券出售的收益 (1)
$8,689 $3,244 $26,133 $5,264 
持续参与的现金收益：
服务和其他管理费用$7,675 $1,234 $18,380 $3,110 
从结构化项目交易中保留的证券所获得的利息
$46,153 $5,142 $113,206 $8,736 
(1)    主要由贷款销售时确认的服务资产组成，扣除任何交易费用，并排除在售前确认的发起费用和公允价值调整。

自2023年第二季度开始，公司恢复了其结构化计划交易，推出了新的结构化证券，在交易时以固定利率保留高级证券，除此之外，还需要根据美国风险保留规则要求的金额，并出售剩余证券。对公司的资产没有直接追索权，证券持有人只能向发行其证券的VIE资产寻求付款。剩余证券主要面临来自基础无担保个人贷款的信用和提前还款风险。见“注4：可供出售证券”以获取与这些证券相关的额外信息。

截至2024年9月30日，未合并可变利益实体持有的未偿还本金总余额为$3.3十亿美元，其中$32.6百万被归因于逾期30天或以上的表外贷款。截止2023年12月31日，未合并可变利益实体持有的未偿还本金总余额为$1.6十亿美元，其中$9.5百万被归因于逾期30天或以上的表外贷款。对于这些贷款，如果因违反与其贷款出售或服务合同相关的陈述和保证而被要求回购贷款，公司的损失才会发生。

7. 公允价值计量

有关公允价值层级和公司的公允价值方法的描述，请参见“第二部分 – 第8项 基本报表与补充数据 – 注释1 重要会计政策摘要” 在 年度报告。 公司将某些资产和负债按公允价值记录，如下表所列。

29

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

持续公平价值计量

下表按公允价值等级列出了公司定期按公允价值计量的资产和 liabilities：
2024年9月30日
一级
二级
第三级
截至
公允价值
资产:
以公允价值出售的贷款$— $— $849,967 $849,967 
以公允价值计入的投资贷款
— — 1,287,495 1,287,495 
可供出售的证券：
与结构化计划交易相关的高级资产支持证券— — 2,760,435 2,760,435 
美国机构住宅抵押贷款支持证券— 225,601 — 225,601 
与结构化计划交易相关的其他资产支持证券— — 162,304 162,304 
美国机构证券— 79,576 — 79,576 
抵押贷款支持证券— 58,719 — 58,719 
其他资产支持证券— 22,181 — 22,181 
市政证券— 2,602 — 2,602 
可供出售的总证券— 388,679 2,922,739 3,311,418 
服务资产— — 60,133 60,133 
其他资产— 2,465 — 2,465 
总资产$— $391,144 $5,120,334 $5,511,478 
负债：
借款
— — 2,683 2,683 
其他负债— 8,678 12,276 20,954 
总负债$— $8,678 $14,959 $23,637 

30

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

2023年12月31日
一级
二级
第三级
截至
公允价值
资产:
按公允价值出售的贷款$— $— $407,773 $407,773 
按公允价值持有的投资贷款 (1)
— — 272,678 272,678 
可供出售的证券：
与结构化计划交易相关的高级资产支持证券— — 1,176,403 1,176,403 
美国机构住宅抵押贷款支持证券— 224,596 — 224,596 
美国机构证券— 80,104 — 80,104 
与结构化计划交易相关的其他资产支持证券
— — 73,393 73,393 
抵押贷款支持证券
— 37,076 — 37,076 
其他资产支持证券— 26,101 — 26,101 
市政证券— 2,589 — 2,589 
可供出售的总证券— 370,466 1,249,796 1,620,262 
服务资产— — 77,680 77,680 
其他资产— 3,525 — 3,525 
总资产$— $373,991 $2,007,927 $2,381,918 
负债：
借款 (1)
— — 12,956 12,956
其他负债— 12,072 7,655 19,727
总负债$— $12,072 $20,611 $32,683 
(1)前期金额已重新分类，以符合当前期间的呈报格式。

金融工具在估值层次中根据可观察或不可观察因素在整体公允价值测量中的重要性进行分类。对于上述表格中列出的不在活跃市场中以可观察价格交易的金融工具，公司使用重要的不可观察输入来测量这些资产和负债的公允价值。这些公允价值估算也可能包括来自外部来源的可观察、积极报价的元件。因此，属于第2级或第3级类别的资产和负债的公允价值变动可能包括因可观察和不可观察输入而引起的公允价值变化。公司主要使用折现现金流（DCF）模型来估计第3级工具的公允价值，该模型基于预计未来现金流的现值。该模型使用的输入本质上是判断性的，并反映了公司对市场参与者计算公允价值时使用的假设的最佳估计。在2024年或2023年的第三季度和前九个月内，公司没有将任何资产或负债转入或转出第3级。

在公司第3级资产的公允价值测量中使用了以下重要的不可观察输入：
•折扣率 – 期望现金流折现至贷款净现值的加权平均利率。折现率主要根据市场投资者的回报预期来确定。
•年化净核销率 – 年化的平均核销率，扣除回收，以贷款池的平均本金余额作为相似风险特征的百分比表示。计算方式
31

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

这一年化利率还包含了基于公司当前宏观经济前景的信用损失的定性估计。
•年化提前偿还率 – 年化提前偿还率以相似风险特征的贷款池的平均本金余额的百分比表示。

以上每项输入的单独增加将导致公允价值测量的下降。

灵敏度计算是理论上的，不应被视为对未来表现的预测。假设变化对公允价值的影响通常无法确定，因为假设变化与公允价值之间的关系可能不是线性的。一个因素的变化可能导致其他因素的变化，从而影响假设结果。

以公允价值计量的待售贷款

重大不可观察输入

在贷款公允价值计量中使用了以下重要不可观察输入：
2024年9月30日2023年12月31日
最小值最大加权-
平均		最小值最大加权-
平均
折现率7.5 %13.8 %8.3 %8.1 %10.3 %9.0 %
年化净违约率 (1)
1.7 %19.6 %6.5 %2.7 %12.9 %6.5 %
年化提前还款率 (1)
14.4 %22.5 %19.2 %15.7 %22.5 %19.9 %
(1)    加权平均利率是基于每个贷款组合的原始本金余额计算的。

公允价值敏感性

按公允价值计量的贷款HFS对关键假设不利变动的敏感性如下：
2024年9月30日2023年12月31日
以公允价值出售的贷款
$849,967 $407,773 
预计剩余加权平均期限（以年为单位）
1.41.5
折现率：
100个基点的增加$(10,868)$(5,093)
200个基点的增加$(21,005)$(10,051)
年化净核销率：
10%的增加$(10,797)$(5,102)
20%的增加$(21,673)$(10,184)
年化预付款率：
10%的增加$(2,116)$(851)
20%的增加$(4,162)$(1,628)

32

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

公允价值调整

下表展示了按公允价值计量的HFS贷款活动：
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
期初公允价值$791,059 $250,361 $407,773 $110,400 
新产生的贷款和购买1,331,058 1,107,771 4,011,238 3,584,918 
销售(1,162,662)(950,451)(3,264,476)(3,435,949)
本金支付(75,695)(22,372)(173,572)(33,972)
转让— 3,299 — 195,106 
已实现的减值损失，净额扣除回收款，已记录于收益中
(4,819)(2,757)(13,255)(10,477)
公允价值调整已记录于收益中(28,974)(23,062)(117,741)(47,237)
期末公允价值$849,967 $362,789 $849,967 $362,789 

下表总结了公司持有的HFS贷款的总公平价值，以及逾期90天或更久的金额：
2024年9月30日2023年12月31日
总计90天或以上
过期天数		总计90天或以上
过期天数
累计未偿还本金余额$884,507 $2,476 $431,955 $1,395 
累计公允价值调整(34,540)(2,001)(24,182)(1,102)
待售贷款的公允价值
$849,967 $475 $407,773 $293 

以公允价值计量的投资贷款

按公允价值计算的HFI贷款主要包括在2024年第三季度收购的贷款组合，未偿本金余额为$1.3由于收购贷款组合剩余期限短，公司选择将HFI贷款组合按公允价值选项进行会计处理。

该公司不承担由其成员支付依赖的自我导向零售计划（零售计划）资助的贷款的本金或利率风险，因为贷款余额、利率和到期日是相匹配且通过相同利率和到期日的等额票据进行抵消。因此，下面呈现的表格不包括以公允价值持有的零售和存款证贷款，这些贷款在2024年9月30日和2023年12月31日分别为$2.7百万和$10.5 百万。

重大不可观察输入

以下重要的不可观察输入在HFI贷款的公允价值计量中使用：
2024年9月30日2023年12月31日
最小值最大加权-
平均		最小值最大加权-
平均
折现率7.1 %22.0 %10.5 %8.4 %16.2 %12.8 %
年化净核销率 (1)
2.8 %19.9 %6.4 %1.9 %5.9 %3.7 %
年化提前偿还率 (1)
15.4 %21.3 %19.3 %18.6 %27.7 %22.6 %
(1)    加权平均利率是基于每个贷款组合的原始本金余额计算的。
33

LENDINGCLUB CORPORATION
附注至简明合并财务报表
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(未经审计)


公允价值敏感性

按公允价值计量的贷款HFI对关键假设不利变动的敏感性如下：
2024年9月30日2023年12月31日
以公允价值计入的投资贷款$1,284,812 $262,190 
预期剩余加权平均寿命（以年为单位）
0.90.9
折现率：
100个基点的增加$(10,420)$(1,957)
200个基点的增加$(20,688)$(3,888)
年化净冲销率：
10% 增加$(7,373)$(1,753)
20% 增加$(15,612)$(3,595)
年化预付款率：
10% 增加$(2,629)$(857)
20% 增加$(5,184)$(1,675)

公允价值调整

下表展示了公允价值下的HFI贷款活动：
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
期初公允价值$334,642 $404,119 $262,190 $925,938 
采购1,162,845 112 1,395,629 4,149 
本金支付(206,847)(76,495)(366,777)(419,233)
转让— (3,472)— (195,106)
利息收入的累积和公平价值调整记录在收益中
(5,828)2,035 (6,230)10,551 
期末的公平价值$1,284,812 $326,299 $1,284,812 $326,299 

下表总结了公司持有的按公允价值计量的HFI贷款的总公允价值，以及逾期90天或更久的贷款金额：
2024年9月30日2023年12月31日
总计90天或以上
逾期天数		总计90天或以上
逾期天数
累计未偿还本金余额$1,384,752 $16,953 $281,031 $3,774 
累计公允价值调整(99,940)(13,693)(18,841)(3,037)
持有投资的贷款的公允价值$1,284,812 $3,260 $262,190 $737 

34

LENDINGCLUB CORPORATION
附注至简明合并财务报表
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(未经审计)

与结构化程序交易相关的资产支持证券

与结构化项目交易相关的高级资产支持证券

重要的不可观察输入

在对与结构化程序交易相关的高级资产支持证券的公允价值计量中，使用了以下重要的不可观察输入，包括信用利差：
2024年9月30日2023年12月31日
最小值最大加权-
平均		最小值最大加权-
平均
折现率5.8 %6.0 %5.9 %7.0 %7.0 %7.0 %

公允价值敏感性

与结构化程序交易相关的高级资产支持证券的公允价值对关键假设的不利变化的敏感性如下：
2024年9月30日2023年12月31日
持有利益的公允价值$2,760,435 $1,176,403 
预计剩余加权平均寿命（以年为单位）
1.31.5
折现率：
增加100个基点$(36,141)$(18,016)
增加200个基点$(72,282)$(36,033)

公允价值调整

下表展示了与结构化项目交易活动相关的高级资产支持证券：
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
期初公允价值$2,312,114 $142,785 $1,176,403 $— 
新增688,692 284,704 2,102,338 429,384 
销售
(30,114)— (30,114)— 
收到的现金(241,555)(14,244)(519,822)(15,534)
未实现收益（损失）的变动
31,298 (848)31,630 (1,453)
期末公允价值$2,760,435 $412,397 $2,760,435 $412,397 

35

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

其他与结构化融资交易相关的资产支持证券

重要的不可观察输入

在与结构化程序交易相关的其他资产支持证券的公允价值测量中使用了以下重大不可观察输入：
2024年9月30日2023年12月31日
最小值最大加权-
平均		最小值最大加权-
平均
折现率7.5 %11.0 %8.0 %8.1 %10.3 %9.0 %
年化净核销率 (1)
3.3 %6.3 %4.8 %4.9 %5.9 %5.5 %
年化提前偿还率 (1)
18.0 %20.4 %19.6 %19.2 %21.0 %20.1 %
(1)    加权平均利率是根据每个证券的原始本金余额计算的。

公允价值敏感性

与结构化项目交易相关的其他资产支持证券公允价值对关键假设的不利变动的敏感性如下：
2024年9月30日2023年12月31日
持有权益的公允价值$162,304 $73,393 
预计剩余加权平均寿命（以年为单位）
1.41.5
折扣率：
100个基点的增加$(1,985)$(927)
200个基点的增加$(3,870)$(1,836)
年化净减值率：
10%的增加$(1,661)$(882)
20%的增加$(3,331)$(1,771)
年化提前还款率：
10%的增加$(359)$(203)
20%的增加$(708)$(430)

公允价值调整

下表展示了与结构化计划交易活动相关的其他资产支持证券：
截止三个月
9月30日，		截至9月30日的九个月
2024202320242023
期初公允价值$135,545 $16,980 $73,393 $12,469 
新增42,562 17,190 129,187 25,970 
收到的现金(15,641)(2,812)(37,707)(7,081)
可供出售证券的信贷损失费用
(180)— (2,263)— 
未实现收益（损失）的变动
18 (296)(306)(296)
期末公允价值$162,304 $31,062 $162,304 $31,062 

36

LENDINGCLUB CORPORATION
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(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

S服务资产

重大不可观察输入

在向投资者出售贷款的服务资产的公允价值测量中，使用了以下重要的不可观察输入：
2024年9月30日2023年12月31日
最小值最大加权-
平均		最小值最大加权-
平均
折现率8.7 %17.3 %10.8 %8.7 %17.3 %11.3 %
年化净损失率 (1)
1.7 %21.0 %8.2 %1.9 %24.0 %8.7 %
年化提前偿还率 (1)
13.9 %24.5 %19.6 %15.6 %25.7 %20.3 %
市场服务费率 (2)
0.62 %0.62 %0.62 %0.62 %0.62 %0.62 %
(1)    加权平均利率是基于每个贷款组合的原始本金余额计算的。
(2)    愿意的市场参与者对于提供与公司服务的贷款组合具有相似特征的贷款所需的费用。

公允价值敏感性

服务资产公允价值对关键假设不利变化的敏感性如下：
2024年9月30日2023年12月31日
服务资产的公允价值$60,133 $77,680 
预计剩余加权平均寿命（以年为单位）
1.21.2
折现率：
100个基点的增加$(545)$(675)
200个基点的增加$(1,089)$(1,349)
年度净呆账率：
10%的增加$(546)$(878)
20%的增加$(1,093)$(1,756)
年化提前还款率：
10%的增加$(1,269)$(1,550)
20%的增加$(2,538)$(3,100)

The Company’s selection of the most representative market servicing rates for servicing assets is inherently judgmental. The Company reviews third-party servicing rates for its loans, loans in similar credit sectors, and market servicing benchmarking analyses provided by third-party valuation firms, when available. The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
September 30, 2024December 31, 2023
Weighted-average market servicing rate assumptions
0.62 %0.62 %
Change in fair value from:
Servicing rate increase by 0.10%
$(6,843)$(8,719)
Servicing rate decrease by 0.10%
$6,843 $8,719 
37

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


Fair Value Reconciliation

The following table presents servicing assets activity:
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
期初公允价值$69,709 $85,387 $77,680 $84,308 
发行 (1)
15,202 11,568 42,539 39,269 
公允价值变动，包含在市场营收中(24,772)(12,100)(60,068)(41,750)
其他净变动(6)(3,095)(18)(67)
期末公允价值$60,133 $81,760 $60,133 $81,760 
(1)    代表在贷款出售时记录的服务资产。包含在利润表中“市场营收”下的“贷款销售收益”中。

未按照公允价值记录的金融工具

下表显示了公司资产及负债的账面金额和按公允价值层级估计的公允价值，这些资产和负债并不是以公允价值定期记录的：
2024年9月30日账面价值
第1级
二级
第三级
截至
公允价值
资产:
持有投资的贷款和租赁，净值$3,887,765 $— $— $4,036,611 $4,036,611 
其他资产42,035 — 41,655 702 42,357 
总资产$3,929,800 $— $41,655 $4,037,313 $4,078,968 
负债：
存入资金 (1)
$2,865,207 $— $— $2,869,785 $2,869,785 
其他负债53,629 — 32,577 21,052 53,629 
总负债$2,918,836 $— $32,577 $2,890,837 $2,923,414 
2023年12月31日账面价值
一级
二级
第三级
截至
公允价值
资产:
持有投资的贷款和租赁，净值$4,539,915 $— $— $4,675,354 $4,675,354 
其他资产37,605 — 36,884 1,017 37,901 
总资产$4,577,520 $— $36,884 $4,676,371 $4,713,255 
负债：
存入资金 (1)
$1,714,889 $— $— $1,714,203 $1,714,203 
借款6,398 — — 6,398 6,398 
其他负债59,015 — 36,823 22,192 59,015 
总负债$1,780,302 $— $36,823 $1,742,793 $1,779,616 
(1)    不包括没有定义或合同到期日的存入资金负债。

38

LENDINGCLUB CORPORATION
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(未经审计)

8. 衍生工具和对冲活动

公司使用衍生工具，包括利率互换和利率上限，来管理与其固定利率资产相关的利率风险。此外，公司还向有限数量的战略投资者提供信用支持协议，这些协议被视为信用衍生负债。

未指定为会计对冲的衍生工具

The table below presents the notional and gross fair value amounts of the Company’s derivatives that are not designated as accounting hedges:
September 30, 2024December 31, 2023
Notional
Derivative Asset (1)
Derivative Liability (1)
Notional
Derivative Liability (1)
Credit derivatives (2)
$12,267 $— $(11,404)$7,307 $(6,372)
Interest rate caps200,000 40 — — — 
Total
$212,267 $40 $(11,404)$7,307 $(6,372)
(1)    Recorded in “Other assets” or “Other liabilities,” as applicable, on the Balance Sheet and in “Operating activities” on the Statement of Cash Flow.
(2)    Represent credit support agreements related to loan sales, whereby the Company is obligated to make payments to a limited number of strategic investors approximately 18 months after sale if credit losses exceed certain initial agreed-upon thresholds, subject to a maximum dollar amount. The notional amount represents the Company’s maximum dollar exposure. The fair value of the credit derivatives is based on the combined impact of both the quantitative and qualitative credit loss forecast.

The table below presents the losses recognized on the Company’s derivatives that are not designated as accounting hedges:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Credit derivatives (1)
$(1,590)$(2,312)$(5,032)$(3,257)
Interest rate caps (2)
(363)— (426)— 
Total losses
$(1,953)$(2,312)$(5,458)$(3,257)
(1)    The initial fair value of the credit derivative liabilities is recorded in “Gain on sales of loans” with changes in the fair value recorded in “Net fair value adjustments,” both within “Marketplace revenue” on the Income Statement.
(2)    Changes in the fair value of the interest rate cap are recorded in “Net fair value adjustments” within “Marketplace revenue” on the Income Statement.

Derivatives Designated as Accounting Hedges

The Company is exposed to changes in the fair value of its fixed-rate assets due to changes in benchmark interest rates. The Company enters into interest rate swaps to manage its exposure to changes in fair value of these assets attributable to changes in the Secured Overnight Financing Rate (SOFR). The interest rate swaps qualify as fair value hedges and involve the payment of fixed-rate amounts to a counterparty in exchange for the receipt of variable-rate payments over the life of the agreements, ranging from approximately one to three years.

39

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)

下表显示了公司用于对冲的利率掉期的名义和总公允价值金额：
2024年9月30日2023年12月31日
名义
衍生资产 (1)
衍生负债 (1)
名义
衍生负债 (1)
无抵押个人贷款
$1,075,000 $63 $(6,429)$1,500,000 $(8,547)
可供出售的证券
225,000 114 — — — 
总利率掉期
$1,300,000 $177 $(6,429)$1,500,000 $(8,547)
(1)    在资产负债表的“其他资产”或“其他负债”中记录，并在现金流量表的“经营活动”中记录。

下表总结了公司公允价值对冲所确认的收益（损失）：
截止三个月
9月30日，		截至九个月
9月30日，
2024202320242023
无抵押个人贷款：
对冲项目
$8,273 $(3,020)$(2,184)$(3,020)
用于对冲的衍生品(7,734)3,483 2,181 3,483 
衍生品的利息结算 (1)
1,490 883 4,259 883 
对冲的无担保个人贷款的总收益 (2)
2,029 1,346 4,256 1,346 
可供出售的证券：
对冲项目
95 — 95 — 
用于对冲的衍生品
114 — 114 — 
衍生品的利息结算 (1)
54 — 54 — 
可供出售的对冲证券总收益 (3)
263 — 263 — 
公允价值对冲的总收益
$2,292 $1,346 $4,519 $1,346 
(1)    包括应收利息和应付利息。
(2)    在损益表中记录为“投资性贷款和租赁产生的利息和费用”。
(3)    在损益表中记录为“可供出售证券的利息”。

下表列出了公允价值对冲的累计基础调整：
2024年9月30日2023年12月31日
资产负债表项目
已关闭投资组合的账面价值 (1)
包含在对冲项目账面价值中的累计公允价值调整
已关闭投资组合的账面价值 (1)
包含在对冲项目账面价值中的累计公允价值调整
可供出售证券
$2,544,974 $95 $— $— 
用于投资的贷款和租赁
$1,744,465 $6,697 $3,109,854 $8,881 
(1)    代表在组合方法对冲关系中，按照摊余成本计算的总闭合资产组合，其中对冲项目是预计在对冲关系结束时仍然存在的特定层。到2024年9月30日，指定为对冲项目的可供出售证券和无担保个人贷款的摊余成本为$225百万和$1.075十亿，分别为。到2023年12月31日，指定为组合层对冲关系中对冲项目的无担保个人贷款的摊余成本为$1.5十亿。
40

LENDINGCLUB CORPORATION
附注至简明合并财务报表
(表格金额以千为单位，除分享和每股金额、比率或另有说明外)
(未经审计)


9. 资产、设备和软件净值

净资产、设备和软件由以下内容组成：
2024年9月30日2023年12月31日
软件 (1)
$244,619 $209,260 
租赁改善30,699 30,764 
计算机设备21,777 21,654 
家具和固定装置5,554 5,845 
总资产、设备和软件302,649 267,523 
累计折旧和摊销(134,840)(106,006)
总资产、设备和软件净额$167,809 $161,517 
(1)    Includes $38.7 million and $66.9 million of development in progress for internally-developed software and $2.5 million and $4.6 million of development in progress to customize purchased software as of September 30, 2024 and December 31, 2023, respectively.

Depreciation and amortization expense on property, equipment and software was $12.5 million and $36.4 million for the third quarter and first nine months of 2024, respectively. Depreciation and amortization expense on property, equipment and software was $10.3 million and $32.1 million for the third quarter and first nine months of 2023, respectively.

10. Goodwill and Intangible Assets

Goodwill

The Company’s goodwill balance was $75.7 million as of both September 30, 2024 and December 31, 2023. The Company did not record any goodwill impairment expense for the third quarters and first nine months of 2024 and 2023. Goodwill is not amortized, but is subject to annual impairment tests that are performed in the fourth quarter of each calendar year. For additional detail, see “Part II – Item 8. Financial Statements and Supplementary Data – Note 1. Summary of Significant Accounting Policies” in the Annual Report.

Intangible Assets

Intangible assets consist of customer relationships. Intangible assets, net of accumulated amortization, are included in “Other assets” on the Balance Sheet. The gross and net carrying values and accumulated amortization were as follows:
September 30, 2024December 31, 2023
Gross carrying value$54,500 $54,500 
Accumulated amortization(45,061)(42,365)
Net carrying value$9,439 $12,135 

The customer relationship intangible assets are amortized on an accelerated basis from ten to fourteen years. Amortization expense associated with intangible assets for the third quarter and first nine months of 2024 was $0.9 million and $2.7 million, respectively. Amortization expense associated with intangible assets for the third quarter and first nine months of 2023 was $1.0 million and $3.2 million, respectively. There was no impairment loss for the third quarters and first nine months of 2024 and 2023.
41

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


The expected future amortization expense for intangible assets as of September 30, 2024, is as follows:
2024$853 
20252,901 
20262,252 
20271,603 
2028945 
Thereafter885 
Total$9,439 

11. Other Assets

Other assets consist of the following:
September 30, 2024December 31, 2023
Deferred tax assets, net (1)
$128,648 $151,411 
Servicing assets (2)
60,514 78,401 
Accrued interest receivable
43,662 35,793 
Nonmarketable equity investments43,147 42,891 
Operating lease assets21,198 26,611 
Intangible assets, net (3)
9,439 12,135 
Other100,451 108,211 
Total other assets$407,059 $455,453 
(1)    See “Note 16. Income Taxes” for additional detail.
(2)    Loans underlying servicing assets had a total outstanding principal balance of $7.1 billion and $9.5 billion as of September 30, 2024 and December 31, 2023, respectively.
(3)    See “Note 10. Goodwill and Intangible Assets” for additional detail.

12. Deposits

Deposits consist of the following:
September 30, 2024December 31, 2023
Interest-bearing deposits:
Savings and money market accounts$5,257,239 $4,349,239 
Certificates of deposit2,865,207 1,714,889 
Checking accounts976,646 937,552 
Total9,099,092 7,001,680 
Noninterest-bearing deposits360,516 331,806 
Total deposits$9,459,608 $7,333,486 

42

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

Total certificates of deposit at September 30, 2024 are scheduled to mature as follows:
2024$803,943 
20251,588,306 
2026443,356 
202717,724 
20282,039 
Thereafter9,839 
Total certificates of deposit$2,865,207 

The following table presents the amount of certificates of deposit with denominations exceeding the Federal Deposit Insurance Corporation (FDIC) limit of $250 thousand, segregated by time remaining until maturity, as of September 30, 2024:
Three months or lessOver 3 months through
6 months		Over 6 months through
12 months		Over
12 months		Total
Certificates of deposit$102,110 $36,946 $135,647 $45,972 $320,675 

13. Borrowings

Borrowing Capacity

The following table summarizes the Company’s available borrowing capacity and the related pledged collateral:
September 30, 2024December 31, 2023
Available Borrowing Capacity
Pledged Collateral
Available Borrowing CapacityPledged Collateral
FRB Discount Window
$2,942,472 $3,482,695 $2,816,501 $3,507,541 
FHLB of Des Moines
663,439 842,163 661,337 838,511 
Total
$3,605,911 $4,324,858 $3,477,838 $4,346,052 

Long-term Debt

As of September 30, 2024 and December 31, 2023, the Company had $2.7 million and $10.5 million, respectively, in debt outstanding related to the Retail Program. The Company does not assume principal or interest rate risk on loans that were funded through the Retail Program because loan balances, interest rates and maturities were matched and offset by an equal balance of notes and certificates with the exact same interest rates and maturities. As of December 31, 2020, LendingClub ceased offering and selling retail notes and certificates under the Retail Program. As such, the total balance will continue to decline as underlying borrower payments are made.

As of December 31, 2023, in addition to the above, the Company had debt outstanding of $8.9 million, consisting of advances from Paycheck Protection Program Liquidity Facility of $6.4 million (with pledged collateral of $6.4 million) and payable on Structured Program borrowings of $2.5 million (with pledged collateral of $3.9 million).

43

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

14. Other Liabilities

Other liabilities consist of the following:
September 30, 2024December 31, 2023
Accounts payable and accrued expenses$68,429 $54,619 
Payable to investors (1)
32,577 36,823 
Operating lease liabilities29,441 37,869 
Other101,874 93,490 
Total other liabilities$232,321 $222,801 
(1)    Represents principal and interest on loans collected by the Company and pending disbursement to investors.

15. Employee Incentive Plans

The Company’s equity incentive plans provide for granting awards, including restricted stock units (RSUs), performance-based restricted stock units (PBRSUs), cash awards and stock options to employees, officers and directors.

Stock-based Compensation

Stock-based compensation expense, included in “Compensation and benefits” expense on the Income Statement, was as follows for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
RSUs
$10,290 $15,384 $33,845 $45,357 
PBRSUs958 1,471 2,317 3,935 
Stock-based compensation expense, gross11,248 16,855 36,162 49,292 
Less: Capitalized stock-based compensation expense1,714 2,449 5,635 7,170 
Stock-based compensation expense, net$9,534 $14,406 $30,527 $42,122 

Restricted Stock Units

The following table summarizes the Company’s RSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2023
6,999,831 $9.42 
Granted4,252,647 $8.87 
Vested(3,390,746)$10.12 
Forfeited/expired(1,151,204)$9.12 
Unvested at September 30, 2024
6,710,528 $8.77 

During the first nine months of 2024, the Company granted 4,252,647 RSUs with an aggregate fair value of $37.7 million.
44

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


As of September 30, 2024, there was $52.8 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.8 years, subject to any forfeitures.

Performance-based Restricted Stock Units

The Company’s outstanding PBRSU awards have a market-based metric and/or an operating-based metric, each with a three-year performance period, following which any earned portion is immediately vested. With respect to PBRSU awards with a market-based metric, the compensation expense of the award is fixed at the time of grant (incorporating the probability of achieving the market-based metric) and expensed over the performance period. With respect to PBRSU awards with an operating-based metric, the compensation expense of the award is set at the time of grant (assuming a target level of achievement), subsequently adjusted for actual performance during the performance period and expensed over the performance/vesting period.

The following table summarizes the Company’s PBRSU activity:
Number
of Units		Weighted-
Average
Grant Date
Fair Value
Unvested at December 31, 2023
1,469,813 $12.60 
Granted462,060 $8.59 
Forfeited/expired(719,664)$16.64 
Unvested at September 30, 2024
1,212,209 $8.68 

During the first nine months of 2024, the Company granted 462,060 PBRSUs with an aggregate fair value of $4.0 million.

As of September 30, 2024, there was $4.6 million of unrecognized compensation cost related to unvested PBRSUs, which is expected to be recognized over a weighted-average period of approximately 1.3 years, subject to any forfeitures.

16. Income Taxes

For the third quarter and first nine months of 2024, the Company recorded an income tax expense of $3.6 million and $12.3 million, respectively, representing an effective tax rate of 19.7% and 22.9%, respectively. For the third quarter and first nine months of 2023, the Company recorded an income tax expense of $3.3 million and $12.1 million, respectively, representing an effective tax rate of 39.9% and 29.7%, respectively. The effective tax rate differs from the statutory rate due to the favorable impact of recurring items such as tax credits, the unfavorable impact of the non-deductible portions of executive compensation, and the net discrete impact of stock-based compensation. The decrease in effective tax rates for the 2024 periods compared to the same periods in 2023 is primarily due to the net discrete impact of stock-based compensation.

45

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

The following table summarizes the Company’s net deferred tax assets:
September 30, 2024December 31, 2023
Deferred tax assets, net of liabilities$175,051 $197,519 
Valuation allowance(46,403)(46,108)
Deferred tax assets, net of valuation allowance$128,648 $151,411 

17. Leases

Lessor Arrangements

The Company has lessor arrangements which consist of sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the third quarter and first nine months of 2024, interest earned on Equipment Finance was $1.2 million and $4.3 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the third quarter and first nine months of 2023, interest earned on Equipment Finance was $2.0 million and $7.2 million, respectively.

The components of Equipment Finance assets are as follows:
September 30, 2024December 31, 2023
Lease receivables$59,045 $92,546 
Unguaranteed residual asset values22,116 28,913 
Unearned income(6,887)(11,072)
Deferred fees400 605 
Total$74,674 $110,992 

Future minimum lease payments based on maturity of the Company’s lessor arrangements as of September 30, 2024 were as follows:
2024$8,717 
202524,096 
202614,555 
20277,941 
20284,030 
Thereafter1,539 
Total lease payments$60,878 
Discount effect(1,833)
Present value of future minimum lease payments$59,045 

Lessee Arrangements

The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah, and Boston, Massachusetts areas. As of September 30, 2024, the lease agreements have remaining lease terms ranging from approximately two years to five years. Some of the lease agreements include options to extend the lease term for up to an additional fifteen years. As of September 30, 2024,
46

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

the Company pledged $0.4 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements.

Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationSeptember 30, 2024December 31, 2023
Operating lease assetsOther assets$21,198 $26,611 
Operating lease liabilitiesOther liabilities$29,441 $37,869 

Net lease costs were $2.7 million and $7.9 million during the third quarter and first nine months of 2024, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $3.1 million and $9.4 million during the third quarter and first nine months of 2023, respectively.

Supplemental cash flow information related to the Company’s operating leases was as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Non-cash operating activity:
Leased assets obtained or adjusted in exchange for new, amended, and modified operating lease liabilities (1)
$— $— $— $(4,664)
(1)    Amounts include noncash remeasurements of the operating lease ROU asset.

The Company’s future minimum undiscounted lease payments under operating leases as of September 30, 2024 were as follows:
Operating Lease
Payments
2024$3,223 
202513,129 
20267,228 
20274,265 
20283,922 
Thereafter909 
Total lease payments$32,676 
Discount effect(3,235)
Present value of future minimum lease payments$29,441 

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lease Term and Discount RateSeptember 30, 2024December 31, 2023
Weighted-average remaining lease term (in years)3.133.72
Weighted-average discount rate4.96 %5.04 %

47

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

18. Commitments and Contingencies

Operating Lease Commitments

For discussion regarding the Company’s operating lease commitments, see “Note 17. Leases.”

Loan Repurchase Obligations

The Company is generally required to repurchase loans or interests therein in the event of identity theft or certain other types of fraud on the part of the borrower or education and patient service providers. The Company may also repurchase loans or interests therein in connection with certain customer accommodations. In connection with certain loan sales, the Company agreed to repurchase loans if representations and warranties made with respect to such loans were breached under certain circumstances. The Company believes such provisions are customary and consistent with institutional loan and securitization market standards.

Unfunded Loan Commitments

As of September 30, 2024 and December 31, 2023, the contractual amount of unfunded loan commitments was $105.3 million and $78.1 million, respectively. See “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses” for additional detail related to the reserve for unfunded lending commitments.

Legal

The Company is subject to various claims brought in a litigation or regulatory context. These matters include lawsuits, including but not limited to, putative class action lawsuits and routine litigation matters arising in the ordinary course of business. In addition, the Company, and its business practices and compliance with licensing and other regulatory requirements, is subject to periodic exams, investigations, inquiries or requests, enforcement actions and other proceedings from federal and state regulatory and/or law enforcement agencies, including from the federal banking regulators that directly regulate the Company and/or LC Bank. The majority of these claims and proceedings relate to or arise from alleged state or federal law and regulatory violations, or are alleged commercial disputes or consumer complaints. The Company accrues for costs related to contingencies when a loss from such claims is probable and the amount of loss can be reasonably estimated. In determining whether a loss from a claim is probable and the loss can be reasonably estimated, the Company reviews and evaluates its litigation and regulatory matters on at least a quarterly basis in light of potentially relevant factual and legal developments. If the Company determines an unfavorable outcome is not probable or the amount of loss cannot be reasonably estimated, the Company does not accrue for a potential litigation loss. In those situations, the Company discloses an estimate or range of the reasonably possible losses, if such estimates can be made.

Regulatory Examinations and Actions Relating to the Company’s Business Practices, Licensing and Compliance with Applicable Laws

The Company is and has been subject to periodic inquiries, exams and enforcement actions brought by federal and state regulatory agencies relating to the Company’s business practices, the required licenses to operate its business, and operating in compliance with applicable laws, including the requirements of its licenses and the regulatory framework applicable to its business.

In the past, the Company has successfully resolved such matters in a manner that was not material to its results of financial operations in any period and that did not materially limit the Company’s ability to conduct its business.
48

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

However, no assurances can be given as to the timing, outcome or consequences of these matters or other similar matters if or as they arise.

19. Regulatory Requirements

LendingClub and LC Bank are subject to comprehensive supervision, examination and enforcement, and regulation by the FRB and the Office of the Comptroller of the Currency (OCC), including generally similar capital adequacy requirements adopted by the FRB and the OCC, respectively. These requirements establish required minimum ratios for Common Equity Tier 1 (CET1) risk-based capital, Tier 1 risk-based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; and define what qualifies as capital for purposes of meeting the capital requirements. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company.

The minimum capital requirements under the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (Basel III) capital framework are: a CET1 risk-based capital ratio of 4.5%, a Tier 1 risk-based capital ratio of 6.0%, a total risk-based capital ratio of 8.0%, and a Tier 1 leverage ratio of 4.0%. Additionally, a Capital Conservation Buffer (CCB) of 2.5% must be maintained above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases, and certain discretionary bonus payments. In addition to these guidelines, the regulators assess any particular institution’s capital adequacy based on numerous factors and may require a particular banking organization to maintain capital at levels higher than the generally applicable minimums prescribed under the Basel III capital framework.

The following table summarizes the Company’s and LC Bank’s regulatory capital amounts (in millions) and ratios:
September 30, 2024December 31, 2023
Required Minimum plus Required CCB for
Non-Leverage Ratios
AmountRatioAmountRatio
LendingClub Corporation:
CET1 capital (1)
$1,157.2 15.9 %$1,090.2 17.9 %7.0 %
Tier 1 capital$1,157.2 15.9 %$1,090.2 17.9 %8.5 %
Total capital$1,249.8 17.1 %$1,169.2 19.2 %10.5 %
Tier 1 leverage$1,157.2 11.3 %$1,090.2 12.9 %4.0 %
Risk-weighted assets$7,289.3 N/A$6,104.5 N/AN/A
Quarterly adjusted average assets$10,270.0 N/A$8,476.1 N/AN/A
LendingClub Bank:
CET1 capital (1)
$1,050.8 14.5 %$949.4 15.8 %7.0 %
Tier 1 capital$1,050.8 14.5 %$949.4 15.8 %8.5 %
Total capital$1,142.8 15.8 %$1,027.4 17.1 %10.5 %
Tier 1 leverage$1,050.8 10.3 %$949.4 11.4 %4.0 %
Risk-weighted assets$7,235.1 N/A$6,022.2 N/AN/A
Quarterly adjusted average assets$10,195.1 N/A$8,337.4 N/AN/A
N/A – Not applicable
(1)     Consists of common stockholders’ equity as defined under U.S. GAAP and certain adjustments made in accordance with regulatory capital guidelines, including the addition of the CECL transitional benefit and deductions for goodwill and other intangible assets.

In response to the COVID-19 pandemic, the FRB, OCC, and FDIC adopted a final rule related to the regulatory
49

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

capital treatment of the allowance for credit losses under CECL. As permitted by the rule, the Company elected to delay the estimated impact of CECL on regulatory capital resulting in a CET1 capital benefit of $35 million at December 31, 2021. This benefit is phased out over a three-year transition period that commenced on January 1, 2022 at a rate of 25% each year through January 1, 2025.

The Federal Deposit Insurance Act provides for a system of “prompt corrective action” (PCA). The PCA regime provides for capitalization categories ranging from “well-capitalized” to “critically undercapitalized.” An institution’s PCA category is determined primarily by its regulatory capital ratios. The PCA requires remedial actions and imposes limitations that become increasingly stringent as its PCA capitalization category declines, including the ability to accept and/or rollover brokered deposits. At September 30, 2024 and December 31, 2023, the Company’s and LC Bank’s regulatory capital ratios exceeded the thresholds required to be regarded as well-capitalized institutions and met all capital adequacy requirements to which they are subject. There have been no events or conditions since September 30, 2024 that management believes would change the Company’s categorization.

Federal laws and regulations limit the dividends that a national bank may pay. Dividends that may be paid by a national bank without the express approval of the OCC are limited to that bank’s retained net profits for the preceding two calendar years plus retained net profits up to the date of any dividend declaration in the current calendar year. Retained net profits, as defined by the OCC, consist of net income less dividends declared during the period. No dividends were declared by LC Bank during the first nine months of 2024 or during 2023.

Federal law restricts the amount and the terms of both credit and non-credit transactions between a bank and its nonbank affiliates. These covered transactions may not exceed 10% of the bank’s capital and surplus (which for this purpose represents tier 1 and tier 2 capital, as calculated under the risk-based capital rules, plus the balance of the allowance for credit losses excluded from tier 2 capital) with any single nonbank affiliate and 20% of the bank’s capital and surplus with all its nonbank affiliates. Covered transactions that are extensions of credit may require collateral to be pledged to provide added security to the bank.

20. Segment Reporting

The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Company’s Chief Executive Officer and Chief Financial Officer to allocate resources and evaluate financial performance. This information is reviewed according to the legal organizational structure of the Company’s operations with products and services presented separately for the parent bank holding company and its wholly-owned subsidiary, LC Bank. Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return.

All of the Company’s revenue is generated in the United States. The Company has experienced reductions in marketplace investor demand in connection with increases in interest rates and volatility in the macro economy. However, no individual borrower or marketplace investor accounted for 10% or more of total net revenue during the third quarter and first nine months of 2024 and the third quarter of 2023. During the first nine months of 2023, one marketplace bank investor accounted for 12% of total net revenue. No other individual borrower or marketplace investor accounted for 10% or more of total net revenue for any of the periods presented.

LendingClub Bank

The LC Bank operating segment represents the national bank legal entity and reflects post-Acquisition operating activities. This segment provides a full complement of financial products and solutions, including loans, leases and deposits. It originates loans to individuals and businesses, retains loans for investment, sells loans to investors and manages relationships with deposit holders.
50

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)


LendingClub Corporation (Parent Only)

The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the Acquisition. This activity includes, but is not limited to, servicing fee revenue on purchased servicing assets, and interest income and interest expense related to the Retail Program and Structured Program transactions entered into prior to the Acquisition.

Financial information for the segments is presented in the following tables:
LendingClub
Bank		LendingClub
Corporation
(Parent only)		Intercompany
Eliminations		Consolidated Total
Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,
20242023202420232024202320242023
Non-interest income:
Marketplace revenue$42,583 $37,439 $9,125 $12,320 $6,676 $11,127 $58,384 $60,886 
Other non-interest income13,047 18,783 2,793 2,478 (12,584)(18,303)3,256 2,958 
Total non-interest income55,630 56,222 11,918 14,798 (5,908)(7,176)61,640 63,844 
Interest income:
Interest income239,880 203,961 497 3,451 — — 240,377 207,412 
Interest expense(100,005)(69,517)(131)(890)— — (100,136)(70,407)
Net interest income139,875 134,444 366 2,561 — — 140,241 137,005 
Total net revenue195,505 190,666 12,284 17,359 (5,908)(7,176)201,881 200,849 
Provision for credit losses(47,541)(64,463)— (16)— — (47,541)(64,479)
Non-interest expense(129,685)(122,142)(12,555)(13,069)5,908 7,176 (136,332)(128,035)
Income (Loss) before income tax benefit (expense)
18,279 4,061 (271)4,274 — — 18,008 8,335 
Income tax benefit (expense)(3,657)(2,380)106 (947)— — (3,551)(3,327)
Net income (loss)
$14,622 $1,681 $(165)$3,327 $— $— $14,457 $5,008 
Capital expenditures$12,436 $15,984 $— $— $— $— $12,436 $15,984 
Depreciation and amortization$11,278 $7,579 $2,063 $3,671 $— $— $13,341 $11,250 
51

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

LendingClub
Bank		LendingClub
Corporation
(Parent only)		Intercompany
Eliminations		Consolidated Total
Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,
20242023202420232024202320242023
Non-interest income:
Marketplace revenue$120,631 $172,133 $29,899 $33,200 $20,098 $33,970 $170,628 $239,303 
Other non-interest income39,129 59,687 6,642 7,462 (38,246)(57,800)7,525 9,349 
Total non-interest income159,760 231,820 36,541 40,662 (18,148)(23,830)178,153 248,652 
Interest income:
Interest income662,501 612,805 4,861 11,506 — — 667,362 624,311 
Interest expense(275,016)(189,959)(689)(3,991)— — (275,705)(193,950)
Net interest income387,485 422,846 4,172 7,515 — — 391,657 430,361 
Total net revenue547,245 654,666 40,713 48,177 (18,148)(23,830)569,810 679,013 
Provision for credit losses(115,029)(201,658)— — — — (115,029)(201,658)
Non-interest expense(383,038)(413,088)(35,933)(47,164)18,148 23,830 (400,823)(436,422)
Income before income tax expense
49,178 39,920 4,780 1,013 — — 53,958 40,933 
Income tax expense
(11,214)(12,065)(1,134)(84)— — (12,348)(12,149)
Net income
$37,964 $27,855 $3,646 $929 $— $— $41,610 $28,784 
Capital expenditures$37,082 $48,239 $— $— $— $— $37,082 $48,239 
Depreciation and amortization$32,340 $21,546 $6,746 $13,696 $— $— $39,086 $35,242 
52

LENDINGCLUB CORPORATION
Notes to Condensed Consolidated Financial Statements
(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)
(Unaudited)

LendingClub BankLendingClub Corporation
(Parent only)		Intercompany
Eliminations		Consolidated Total
 September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Assets
Total cash and cash equivalents$989,612 $1,230,206 $89,967 $110,273 $(62,649)$(87,975)$1,016,930 $1,252,504 
Restricted cash— — 43,432 46,628 (10,085)(4,984)33,347 41,644 
Securities available for sale at fair value3,311,418 1,617,309 — 2,953 — — 3,311,418 1,620,262 
Loans held for sale at fair value849,967 407,773 — — — — 849,967 407,773 
Loans and leases held for investment, net3,887,765 4,539,915 — — — — 3,887,765 4,539,915 
Loans held for investment at fair value (1)
1,281,219 253,800 6,276 18,878 — — 1,287,495 272,678 
Property, equipment and software, net157,494 144,439 10,315 17,078 — — 167,809 161,517 
Investment in subsidiary— — 865,724 816,703 (865,724)(816,703)— — 
Goodwill75,717 75,717 — — — — 75,717 75,717 
Other assets295,059 341,680 136,780 131,135 (24,780)(17,362)407,059 455,453 
Total assets10,848,251 8,610,839 1,152,494 1,143,648 (963,238)(927,024)11,037,507 8,827,463 
Liabilities and Equity
Total deposits9,532,342 7,426,445 — — (72,734)(92,959)9,459,608 7,333,486 
Borrowings (1)
— 6,398 2,683 12,956 — — 2,683 19,354 
Other liabilities175,752 154,077 81,349 86,086 (24,780)(17,362)232,321 222,801 
Total liabilities9,708,094 7,586,920 84,032 99,042 (97,514)(110,321)9,694,612 7,575,641 
Total equity1,140,157 1,023,919 1,068,462 1,044,606 (865,724)(816,703)1,342,895 1,251,822 
Total liabilities and equity$10,848,251 $8,610,839 $1,152,494 $1,143,648 $(963,238)$(927,024)$11,037,507 $8,827,463 
(1)    Prior period amounts have been reclassified to conform to the current period presentation.

53

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes that appear in this Quarterly Report on Form 10-Q (Report). In addition to historical condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report, and in “Part I – Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (Annual Report) and, if applicable, as modified by “Part II – Item 1A. Risk Factors” in this Report. The forward-looking statements included in this Report are made only as of the date hereof and 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.

54

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Overview

LendingClub operates a leading digital marketplace bank and is one of a small number of fintech companies with a national bank charter. We are building a new of kind of bank, one that aims to advantage our members with the information, tools, and guidance they need to achieve their own version of financial success. We do this by leveraging data and technology to increase access to credit, lower borrowing costs, and improve the return on savings – all through a smart, simple, and rewarding digital experience.

Executive Summary

The following results for the third quarter of 2024 reflect growth in originations and improved loan sales pricing. In addition, during the third quarter of 2024, we acquired a loan portfolio with a $1.3 billion outstanding principal balance which drove growth in total assets.

•Loan originations: Loan originations for the third quarter of 2024 increased $100.1 million, or 6%, sequentially and $404.8 million, or 27%, year over year. The increases were driven by an increase in unsecured personal loan origination volume combined with investor demand for Structured Certificates.
◦Loan originations held for investment (HFI) at amortized cost for the third quarter of 2024 increased $173.9 million, or 52%, sequentially and $183.3 million, or 56%, year over year.
◦Loan originations HFI at amortized cost as a percentage of loan originations was 27% and 19% for the third and second quarters of 2024, respectively, and 22% for the third quarter of 2023. The percentage of loan originations HFI in any period is dependent on many factors, including quarterly loan origination volume, risk-adjusted returns, liquidity and general regulatory capital considerations.

•Total net revenue: Total net revenue for the third quarter of 2024 increased $14.6 million, or 8%, sequentially and $1.0 million, or 1%, year over year.
◦Marketplace revenue: Marketplace revenue for the third quarter of 2024 increased $2.0 million, or 4%, sequentially and decreased $2.5 million, or 4%, year over year. The sequential increase was primarily due to improved loan sales prices. The year-over-year decrease was primarily due to a decrease in loan balances serviced for others, partially offset by improved loan sales prices. In addition, both the sequential and year-over-year changes reflect a $7.7 million servicing asset write-off related to the loan portfolio purchase during the third quarter of 2024.
◦Net interest income: Net interest income for the third quarter of 2024 increased $11.7 million, or 9%, sequentially and $3.2 million, or 2%, year over year. The increases were primarily due to growth in total interest-earning assets driven by the $1.3 billion loan portfolio purchase during the third quarter of 2024, partially offset by an increase in interest expense associated with growth in interest-bearing deposits.
◦Net interest margin: Net interest margin for the third quarter of 2024 was 5.63%, decreasing from 5.75% in the second quarter of 2024 and from 6.91% in the third quarter of 2023.

•Provision for credit losses: Provision for credit losses for the third quarter of 2024 increased $12.0 million, or 34%, sequentially and decreased $16.9 million, or 26%, year over year. The sequential increase was primarily driven by an increase in initial provision from a higher volume of originated loans retained as HFI at amortized cost, partially offset by the impact of a $5.3 million provision in our Commercial Real Estate (CRE) portfolio due to one office loan, which was recognized in the second quarter of 2024. Excluding this one office loan, the CRE office loan portfolio balance was under $35 million as of September 30, 2024. The majority of office loans were originated prior to the Acquisition. The year-over-year decrease was primarily driven by a higher quantitative and qualitative allowance in the third quarter of 2023 due to an increase in expected losses and a less favorable economic outlook, partially offset by an increase in the initial provision for credit losses from a higher volume of originated loans retained as HFI at amortized cost.
55

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

•Total non-interest expense: Total non-interest expense for the third quarter of 2024 increased $4.1 million, or 3%, sequentially and $8.3 million, or 6%, year over year. The year-over-year increase was primarily due to an increase in marketing expense based on higher origination volume of marketplace loans and an increase in depreciation and amortization expense, partially offset by a decrease in compensation and benefits expense due to the workforce reduction plans we implemented in 2023.

•Net income: Net income for the third quarter of 2024 decreased $0.4 million, or 3%, sequentially and increased $9.4 million, or 189%, year over year.

•Diluted earnings per share (EPS): Diluted EPS was $0.13 for both the third and second quarters of 2024 and $0.05 for the third quarter of 2023.

•Pre-provision net revenue (PPNR): Pre-provision net revenue for the third quarter of 2024 increased $10.6 million, or 19%, sequentially and decreased $7.3 million, or 10%, year over year. The sequential increase was driven by an increase in total net revenue, partially offset by an increase in non-interest expense. The year-over-year decrease was driven by an increase in non-interest expense.

•Total assets: Total assets as of September 30, 2024 increased $1.5 billion, or 15%, sequentially and $2.6 billion, or 30%, year over year. The increases primarily reflect growth in loans held for investment at fair value, including the acquisition of a loan portfolio during the third quarter of 2024 with a $1.3 billion outstanding principal balance, securities related to our Structured Certificates program, and loans held for sale (HFS) related to our extended seasoning program.

•Deposits: Total deposits as of September 30, 2024 increased $1.4 billion, or 17%, sequentially, and $2.5 billion, or 35%, year over year. The increases primarily reflect growth in high-yield savings and certificates of deposit. Federal Deposit Insurance Corporation (FDIC)-insured deposits represent approximately 88% of total deposits as of September 30, 2024.

The above summary should be read in conjunction with this Management’s Discussion and Analysis of Financial Condition and Results of Operations in its entirety. For additional discussion related to our operating segments, see “Segment Information.”

56

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Financial Highlights
We regularly review several metrics to evaluate our business, measure our performance, identify trends, formulate financial projections and make strategic decisions. The following presents our select financial metrics for the periods presented:
As of and for the Three Months Ended
As of and for the Nine Months Ended September 30,
September 30,
2024		June 30,
2024		September 30,
2023		20242023
Non-interest income$61,640 $58,713 $63,844 $178,153 $248,652 
Net interest income140,241 128,528 137,005 391,657 430,361 
Total net revenue201,881 187,241 200,849 569,810 679,013 
Non-interest expense136,332 132,258 128,035 400,823 436,422 
Pre-provision net revenue (1)
65,549 54,983 72,814 168,987 242,591 
Provision for credit losses47,541 35,561 64,479 115,029 201,658 
Income before income tax expense
18,008 19,422 8,335 53,958 40,933 
Income tax expense
(3,551)(4,519)(3,327)(12,348)(12,149)
Net income14,457 14,903 5,008 41,610 28,784 
Basic EPS$0.13 $0.13 $0.05 $0.37 $0.27 
Diluted EPS$0.13 $0.13 $0.05 $0.37 $0.27 
LendingClub Corporation Performance Metrics:
Net interest margin5.63 %5.75 %6.91 %5.70 %7.17 %
Efficiency ratio (2)
67.5 %70.6 %63.7 %70.3 %64.3 %
Return on average equity (ROE)4.4 %4.7 %1.7 %4.3 %3.2 %
Return on average total assets (ROA)0.6 %0.6 %0.2 %0.6 %0.5 %
Marketing as a % of loan originations1.37 %1.47 %1.30 %1.43 %1.21 %
LendingClub Corporation Capital Metrics:
Common equity tier 1 capital ratio15.9 %17.9 %16.9 %
Tier 1 leverage ratio11.3 %12.1 %13.2 %
Book value per common share$11.95 $11.52 $11.02 
Tangible book value per common share (1)
$11.19 $10.75 $10.21 
Loan Originations (in millions) (3):
Marketplace loans$1,403 $1,477 $1,182 $4,242 $3,821 
Loan originations held for investment510 336 326 1,131 1,986 
Total loan originations$1,913 $1,813 $1,508 $5,372 $5,806 
Loan originations held for investment as % of total loan originations27 %19 %22 %21 %34 %
Servicing portfolio AUM (in millions) (4):
Total servicing portfolio$12,674 $12,999 $14,818 
Loans serviced for others$7,028 $8,337 $9,601 
(1)    Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information.
(2)    Calculated as the ratio of non-interest expense to total net revenue.
(3)    Includes unsecured personal loans and auto loans only.
(4)    Assets under management (AUM) reflects loans serviced on our platform, which includes outstanding balances of unsecured personal loans, auto refinance loans and education and patient finance loans serviced for others and retained for investment by the Company.

57

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
As of and for the Three Months Ended
September 30,
2024		June 30,
2024		September 30,
2023
Balance Sheet Data:
Securities available for sale
$3,311,418 $2,814,383 $795,669 
Loans held for sale at fair value
$849,967 $791,059 $362,789 
Loans and leases held for investment at amortized cost
$4,108,329 $4,228,391 $5,237,277 
Gross allowance for loan and lease losses (1)
$(274,538)$(285,368)$(388,156)
Recovery asset value (2)
$53,974 $56,459 $37,661 
Allowance for loan and lease losses
$(220,564)$(228,909)$(350,495)
Loans and leases held for investment at amortized cost, net
$3,887,765 $3,999,482 $4,886,782 
Loans held for investment at fair value (3)(4)
$1,287,495 $339,222 $344,417 
Total loans and leases held for investment (3)(4)
$5,175,260 $4,338,704 $5,231,199 
Total assets$11,037,507 $9,586,050 $8,472,351 
Total deposits$9,459,608 $8,095,328 $7,000,263 
Total liabilities$9,694,612 $8,298,105 $7,264,132 
Total equity$1,342,895 $1,287,945 $1,208,219 
Allowance Ratios (5):
ALLL to total loans and leases held for investment at amortized cost
5.4 %5.4 %6.7 %
ALLL to commercial loans and leases held for investment at amortized cost
3.1 %2.7 %2.0 %
ALLL to consumer loans and leases held for investment at amortized cost
5.8 %5.9 %7.4 %
Gross ALLL to consumer loans and leases held for investment at amortized cost
7.3 %7.5 %8.2 %
Net charge-offs$55,805 $66,818 $68,795 
Net charge-off ratio (6)
5.4 %6.2 %5.1 %
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents the negative allowance for expected recoveries of amounts previously charged-off.
(3)    Prior period amounts have been reclassified to conform to the current period presentation.
(4)    The balance at September 30, 2024 includes a loan portfolio acquired during the third quarter of 2024 with a $1.3 billion outstanding principal balance.
(5)    Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
(6)    Calculated as annualized net charge-offs divided by average outstanding loans and leases HFI at amortized cost, net, during the period.
58

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Results of Operations
The following table sets forth the Condensed Consolidated Statements of Income (Income Statement) data for each of the periods presented:
Three Months EndedChange (%)
September 30,
2024		June 30,
2024		September 30,
2023
Q3 2024
vs
Q2 2024
Q3 2024
vs
Q3 2023
Non-interest income:
Marketplace revenue$58,384 $56,353 $60,886 4 %(4)%
Other non-interest income3,256 2,360 2,958 38 %10 %
Total non-interest income61,640 58,713 63,844 5 %(3)%
Interest income:
Interest on loans held for sale30,326 26,721 9,582 13 %216 %
Interest and fees on loans and leases held for investment118,788 124,819 158,960 (5)%(25)%
Interest on loans held for investment at fair value (1)
26,345 12,047 12,605 119 %109 %
Interest on securities available for sale52,476 42,879 9,467 22 %454 %
Other interest income
12,442 13,168 16,798 (6)%(26)%
Total interest income240,377 219,634 207,412 9 %16 %
Interest expense:
Interest on deposits96,863 90,193 69,509 7 %39 %
Other interest expense (1)
3,273 913 898 258 %264 %
Total interest expense100,136 91,106 70,407 10 %42 %
Net interest income140,241 128,528 137,005 9 %2 %
Total net revenue201,881 187,241 200,849 8 %1 %
Provision for credit losses47,541 35,561 64,479 34 %(26)%
Non-interest expense:
Compensation and benefits57,408 56,540 58,497 2 %(2)%
Marketing26,186 26,665 19,555 (2)%34 %
Equipment and software12,789 12,360 12,631 3 %1 %
Depreciation and amortization13,341 13,072 11,250 2 %19 %
Professional services8,014 7,804 8,414 3 %(5)%
Occupancy4,005 3,941 4,612 2 %(13)%
Other non-interest expense14,589 11,876 13,076 23 %12 %
Total non-interest expense136,332 132,258 128,035 3 %6 %
Income before income tax expense
18,008 19,422 8,335 (7)%116 %
Income tax expense
(3,551)(4,519)(3,327)(21)%7 %
Net income$14,457 $14,903 $5,008 (3)%189 %
59

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Nine Months Ended September 30,
20242023Change (%)
Non-interest income:
Marketplace revenue$170,628 $239,303 (29)%
Other non-interest income7,525 9,349 (20)%
Total non-interest income178,153 248,652 (28)%
Interest income:
Interest on loans held for sale71,746 19,772 263 %
Interest and fees on loans and leases held for investment376,000 471,512 (20)%
Interest on loans held for investment at fair value (1)
46,801 64,066 (27)%
Interest on securities available for sale130,702 19,315 577 %
Other42,113 49,646 (15)%
Total interest income667,362 624,311 7 %
Interest expense:
Interest on deposits271,019 189,303 43 %
Other interest expense (1)
4,686 4,647 1 %
Total interest expense275,705 193,950 42 %
Net interest income391,657 430,361 (9)%
Total net revenue569,810 679,013 (16)%
Provision for credit losses115,029 201,658 (43)%
Non-interest expense:
Compensation and benefits173,502 203,357 (15)%
Marketing76,987 70,375 9 %
Equipment and software37,833 40,295 (6)%
Depreciation and amortization39,086 35,242 11 %
Professional services22,909 27,446 (17)%
Occupancy11,807 13,606 (13)%
Other non-interest expense38,699 46,101 (16)%
Total non-interest expense400,823 436,422 (8)%
Income before income tax expense
53,958 40,933 32 %
Income tax expense
(12,348)(12,149)2 %
Net income$41,610 $28,784 45 %
(1)    Prior period amounts have been reclassified to conform to the current period presentation.

The analysis below is presented for the following periods: Third quarter of 2024 compared to the second quarter of 2024 (sequential), third quarter of 2024 compared to the third quarter of 2023 (year over year) and the first nine months of 2024 compared to the first nine months of 2023 (nine months over nine months).

60

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Marketplace Revenue

Marketplace revenue consists of the following:
Three Months EndedChange (%)
September 30,
2024		June 30,
2024		September 30,
2023
Q3 2024
vs
Q2 2024
Q3 2024
vs
Q3 2023
Origination fees$71,465 $77,131 $60,912 (7)%17 %
Servicing fees8,081 19,869 32,768 (59)%(75)%
Gain on sales of loans12,433 10,748 8,572 16 %45 %
Net fair value adjustments(33,595)(51,395)(41,366)(35)%(19)%
Total marketplace revenue$58,384 $56,353 $60,886 4 %(4)%

Nine Months Ended September 30,
20242023Change (%)
Origination fees$218,675 $202,444 8 %
Servicing fees47,542 81,163 (41)%
Gain on sales of loans34,090 35,918 (5)%
Net fair value adjustments(129,679)(80,222)62 %
Total marketplace revenue$170,628 $239,303 (29)%

We elected to account for HFS loans under the fair value option. With the election of the fair value option, origination fees, net fair value adjustments prior to the sales of the loans, and servicing asset gains on the sales of the loans, are reported as separate components within “Marketplace revenue.”

Origination Fees

Origination fees recorded as a component of marketplace revenue are primarily fees earned related to originating and issuing unsecured personal loans that are HFS.

The following tables present loan origination volume during each of the periods set forth below:
Three Months EndedChange (%)
September 30,
2024		June 30,
2024		September 30,
2023
Q3 2024
vs
Q2 2024
Q3 2024
vs
Q3 2023
Marketplace loans$1,403,330 $1,477,116 $1,181,858 (5)%19 %
Loan originations held for investment509,569 335,646326,290 52 %56 %
Total loan originations (1)
$1,912,899 $1,812,762 $1,508,148 6 %27 %
Nine Months Ended September 30,
20242023Change (%)
Marketplace loans$4,241,623 $3,820,640 11 %
Loan originations held for investment1,130,537 1,985,659 (43)%
Total loan originations (1)
$5,372,160 $5,806,299 (7)%
(1)    Includes unsecured personal loans and auto loans only.

61

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Sequential: Origination fees were $71.5 million and $77.1 million for the third and second quarters of 2024, respectively, a decrease of 7%.

Year Over Year: Origination fees were $71.5 million and $60.9 million for the third quarters of 2024 and 2023, respectively, an increase of 17%.

Nine Months Over Nine Months: Origination fees were $218.7 million and $202.4 million for the first nine months of 2024 and 2023, respectively, an increase of 8%.

The changes in origination fees were primarily driven by the increase or decrease in the origination volume of marketplace loans.

Servicing Fees

We receive servicing fees to compensate us for servicing loans on behalf of investors, including managing payments from borrowers, collections and payments to those investors. Servicing fee revenue related to loans sold also includes the change in fair value of servicing assets associated with the loans.

The table below illustrates AUM serviced on our platform by the method in which the loans were financed as of the periods presented. Loans sold and subsequently serviced on behalf of the investor represent a key driver of our servicing fee revenue.
As of the period ended
Change (%)
September 30,
2024		June 30,
2024		September 30,
2023
Q3 2024
vs
Q2 2024
Q3 2024
vs
Q3 2023
AUM (in millions):
Loans sold$7,033 $8,345 $9,629 (16)%(27)%
Loans held by LendingClub Bank5,641 4,654 5,189 21 %9 %
Total$12,674 $12,999 $14,818 (3)%(14)%

In addition to the loans serviced on our marketplace platform, we serviced $106.5 million, $111.6 million and $138.8 million in outstanding principal balance of commercial loans sold as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

Sequential: Servicing fees were $8.1 million and $19.9 million for the third and second quarters of 2024, respectively, a decrease of 59%.

Year Over Year: Servicing fees were $8.1 million and $32.8 million for the third quarters of 2024 and 2023, respectively, a decrease of 75%.

Nine Months Over Nine Months: Servicing fees were $47.5 million and $81.2 million for the first nine months of 2024 and 2023, respectively, a decrease of 41%.
62

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

The decreases in servicing fees were primarily due to a decrease in loan balances serviced for others as well as a $7.7 million servicing asset write-off related to the loan portfolio purchase during the third quarter of 2024. In addition, the year over year and nine months over nine months decreases were also driven by a one-time benefit related to recouping volume-based purchase incentives during the third quarter of 2023 as well as an increase in the fair value of the servicing asset based on higher expected servicing fee revenue in 2023.

Gain on Sales of Loans

In connection with loan sales, we recognize a gain or loss on the sale of loans based on the level to which the contractual servicing fee is above or below an estimated market rate of servicing at the time of sale. Additionally, we recognize transaction costs, if any, as a loss on sale of loans.

The following tables present the unpaid principal balance of the volume of marketplace loans sold, which is a key driver of our gain on sales revenue, during each of the periods set forth below:
Three Months EndedChange (%)
September 30,
2024		June 30,
2024		September 30,
2023
Q3 2024
vs
Q2 2024
Q3 2024
vs
Q3 2023
Marketplace loans sold (1)
$1,195,128 $1,078,287 $964,285 11 %24 %
Nine Months Ended September 30,
20242023Change (%)
Marketplace loans sold (1)
$3,371,859 $3,478,666 (3)%
(1)    Includes unsecured personal loans and auto loans only.

Sequential: Gain on sales of loans was $12.4 million and $10.7 million for the third and second quarters of 2024, respectively, an increase of 16%.

Year Over Year: Gain on sales of loans was $12.4 million and $8.6 million for the third quarters of 2024 and 2023, respectively, an increase of 45%.

Nine Months Over Nine Months: Gain on sales of loans was $34.1 million and $35.9 million for the first nine months of 2024 and 2023, respectively, a decrease of 5%.

The changes in the gain on sales of loans were primarily driven by the increase or decrease in the volume of marketplace loans sold.

Net Fair Value Adjustments

We record fair value adjustments on loans that are recorded at fair value, which include gains or losses from sale prices in excess of or less than the loan principal amount sold and realized net charge-offs. In addition, as loans are held on the Balance Sheet, incremental fair value loss adjustments on the loans are recorded in “Net fair value adjustments” within “Marketplace revenue,” whereas the associated interest income, based on the loans’ contractual interest rate, is recorded within “Net interest income.”

Sequential: Net fair value adjustments were $(33.6) million and $(51.4) million for the third and second quarters of 2024, respectively, a decreased loss of $17.8 million.

63

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Year Over Year: Net fair value adjustments were $(33.6) million and $(41.4) million for the third quarters of 2024 and 2023, respectively, a decreased loss of $7.8 million.

Nine Months Over Nine Months: Net fair value adjustments were $(129.7) million and $(80.2) million for the first nine months of 2024 and 2023, respectively, an increased loss of $49.5 million.

The changes in net fair value adjustments were primarily driven by the increase or decrease in the origination volume of marketplace loans. In addition, the decreased losses sequentially and year over year were attributable to higher loan sales prices, resulting from lower interest rates and increased investor demand.

Net fair value adjustments primarily consist of fair value adjustments on our loans HFS portfolio. See “Notes to Condensed Consolidated Financial Statements – Note 7. Fair Value Measurements” for additional information related to the significant unobservable inputs used in the fair value measurement of loans HFS and activity within the loans HFS portfolio.
64

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Net Interest Income

The table below presents net interest income information corresponding to interest-earning assets and interest-bearing funding sources. The average yield/rate is calculated by dividing the annualized period-end interest income/expense by the average balance.
Three Months Ended
September 30, 2024
Three Months Ended
June 30, 2024
Three Months Ended
September 30, 2023
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, restricted cash and other$939,611 $12,442 5.30 %$976,330 $13,168 5.40 %$1,249,087 $16,798 5.38 %
Securities available for sale at fair value3,047,305 52,476 6.89 %2,406,767 42,879 7.13 %601,512 9,467 6.30 %
Loans held for sale at fair value899,434 30,326 13.49 %838,143 26,721 12.75 %286,111 9,582 13.40 %
Loans and leases held for investment at amortized cost:
Unsecured personal loans
3,045,150 103,291 13.57 %3,243,161 108,425 13.37 %4,257,360 142,118 13.35 %
Commercial and other consumer loans (2)
1,057,688 15,497 5.86 %1,097,846 16,394 5.97 %1,147,130 16,842 5.87 %
Loans and leases held for investment at amortized cost4,102,838 118,788 11.58 %4,341,007 124,819 11.50 %5,404,490 158,960 11.76 %
Loans held for investment at fair value (2)
972,698 26,345 10.83 %383,872 12,047 12.55 %385,148 12,605 13.09 %
Total loans and leases held for investment (2)
5,075,536 145,133 11.44 %4,724,879 136,866 11.59 %5,789,638 171,565 11.85 %
Total interest-earning assets9,961,886 240,377 9.65 %8,946,119 219,634 9.82 %7,926,348 207,412 10.47 %
Cash and due from banks and restricted cash41,147 55,906 69,442 
Allowance for loan and lease losses(225,968)(245,478)(354,263)
Other non-interest earning assets624,198 632,253 691,641 
Total assets$10,401,263 $9,388,800 $8,333,168 
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts$1,092,376 $10,146 3.70 %$1,097,696 $10,084 3.69 %$1,271,720 $9,541 2.98 %
Savings accounts and certificates of deposit6,944,586 86,717 4.97 %6,449,061 80,109 5.00 %5,357,717 59,968 4.44 %
Interest-bearing deposits
8,036,962 96,863 4.79 %7,546,757 90,193 4.81 %6,629,437 69,509 4.16 %
Other interest-bearing liabilities (2)
486,736 3,273 2.69 %56,628 913 6.45 %35,878 898 10.03 %
Total interest-bearing liabilities8,523,698 100,136 4.67 %7,603,385 91,106 4.82 %6,665,315 70,407 4.19 %
65

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Three Months Ended
September 30, 2024
Three Months Ended
June 30, 2024
Three Months Ended
September 30, 2023
Average
Balance		Interest Income/
Expense		Average Yield/
Rate		Average
Balance		Interest Income/
Expense		Average Yield/
Rate		Average
Balance		Interest Income/
Expense		Average Yield/
Rate
Noninterest-bearing deposits
344,577 303,199 183,728 
Other liabilities225,467 215,608 271,118 
Total liabilities$9,093,742 $8,122,192 $7,120,161 
Total equity$1,307,521 $1,266,608 $1,213,007 
Total liabilities and equity$10,401,263 $9,388,800 $8,333,168 
Interest rate spread4.98 %5.00 %6.28 %
Net interest income and net interest margin$140,241 5.63 %$128,528 5.75 %$137,005 6.91 %
(1)    Nonaccrual loans and any related income are included in their respective loan categories.
(2)    Prior period amounts have been reclassified to conform to the current period presentation.

An analysis of the sequential and year-over-year changes in the categories of interest revenue and interest expense resulting from changes in volume and rate is as follows:
Three Months Ended September 30, 2024
Compared to
Three Months Ended June 30, 2024
Increase (Decrease) Due to Change in:
Average Volume(1)
Average
Yield/Rate(1)
Total
Interest-earning assets
Cash, cash equivalents, restricted cash and other$(486)$(240)$(726)
Securities available for sale at fair value11,074 (1,477)9,597 
Loans held for sale at fair value2,016 1,589 3,605 
Loans and leases held for investment at amortized cost(6,892)861 (6,031)
Loans held for investment at fair value
16,155 (1,857)14,298 
Total increase (decrease) in interest income on interest-earning assets
$21,867 $(1,124)$20,743 
Interest-bearing liabilities
Checking and money market accounts$59 $3 $62 
Savings accounts and certificates of deposit7,005 (397)6,608 
Interest-bearing deposits7,064 (394)6,670 
Other interest-bearing liabilities
3,182 (822)2,360 
Total increase (decrease) in interest expense on interest-bearing liabilities
$10,246 $(1,216)$9,030 
Increase in net interest income
$11,621 $92 $11,713 
(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.
66

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Three Months Ended September 30, 2024
Compared to
Three Months Ended September 30, 2023
Increase (Decrease) Due to Change in:
Average Volume(1)
Average
Yield/Rate(1)
Total
Interest-earning assets
Cash, cash equivalents, restricted cash and other$(4,100)$(256)$(4,356)
Securities available for sale at fair value42,036 973 43,009 
Loans held for sale at fair value20,679 65 20,744 
Loans and leases held for investment at amortized cost(37,724)(2,448)(40,172)
Loans held for investment at fair value (2)
16,250 (2,510)13,740 
Total increase (decrease) in interest income on interest-earning assets
$37,141 $(4,176)$32,965 
Interest-bearing liabilities
Checking and money market accounts$(1,462)$2,067 $605 
Savings accounts and certificates of deposit19,097 7,652 26,749 
Interest-bearing deposits17,635 9,719 27,354 
Other interest-bearing liabilities (2)
3,488 (1,113)2,375 
Total increase in interest expense on interest-bearing liabilities
$21,123 $8,606 $29,729 
Increase (decrease) in net interest income
$16,018 $(12,782)$3,236 
(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.
(2)    Prior period amounts have been reclassified to conform to the current period presentation.

67

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023
Average
Balance		Interest Income/
Expense		Average Yield/
Rate		Average
Balance		Interest Income/
Expense		Average Yield/
Rate
Interest-earning assets (1)
Cash, cash equivalents, restricted cash and other$1,044,063 $42,113 5.38 %$1,327,592 $49,646 4.99 %
Securities available for sale at fair value2,477,631 130,702 7.03 %468,189 19,315 5.50 %
Loans held for sale at fair value735,551 71,746 13.01 %168,495 19,772 15.65 %
Loans and leases held for investment at amortized cost:
Unsecured personal loans
3,267,988 327,771 13.37 %4,228,891 421,066 13.28 %
Commercial and other consumer loans (2)
1,090,368 48,229 5.90 %1,159,691 50,446 5.80 %
Loans and leases held for investment at amortized cost4,358,356 376,000 11.50 %5,388,582 471,512 11.67 %
Loans held for investment at fair value (2)
539,223 46,801 11.57 %655,415 64,066 13.03 %
Total loans and leases held for investment (2)
4,897,579 422,801 11.51 %6,043,997 535,578 11.82 %
Total interest-earning assets9,154,824 667,362 9.72 %8,008,273 624,311 10.39 %
Cash and due from banks and restricted cash51,792 73,171 
Allowance for loan and lease losses(254,102)(349,049)
Other non-interest earning assets629,288 681,841 
Total assets$9,581,802 $8,414,236 
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts$1,081,601 $29,641 3.66 %$1,432,912 $24,869 2.32 %
Savings accounts and certificates of deposit6,489,530 241,378 4.97 %5,219,587 164,434 4.21 %
Interest-bearing deposits
7,571,131 271,019 4.78 %6,652,499 189,303 3.80 %
Other interest-bearing liabilities (2)
191,061 4,686 3.28 %84,265 4,647 7.37 %
Total interest-bearing liabilities7,762,192 275,705 4.74 %6,736,764 193,950 3.85 %
Noninterest-bearing deposits
321,819 210,264 
Other liabilities220,558 269,068 
Total liabilities$8,304,569 $7,216,096 
Total equity$1,277,233 $1,198,140 
Total liabilities and equity$9,581,802 $8,414,236 
Interest rate spread4.98 %6.55 %
Net interest income and net interest margin$391,657 5.70 %$430,361 7.17 %
(1)    Nonaccrual loans and any related income are included in their respective loan categories.
(2)    Prior period amounts have been reclassified to conform to the current period presentation.













68

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
An analysis of the nine months over nine months changes in the categories of interest revenue and interest expense resulting from changes in volume and rate is as follows:
Nine Months Ended September 30, 2024
Compared to
Nine Months Ended September 30, 2023
Increase (Decrease) Due to Change in:
Average Volume(1)
Average
Yield/Rate(1)
Total
Interest-earning assets
Cash, cash equivalents, restricted cash and other$(11,211)$3,678 $(7,533)
Securities available for sale at fair value104,595 6,792 111,387 
Loans held for sale at fair value55,848 (3,874)51,974 
Loans and leases held for investment at amortized cost(88,966)(6,546)(95,512)
Loans held for investment at fair value (2)
(10,578)(6,687)(17,265)
Total increase (decrease) in interest income on interest-earning assets
$49,688 $(6,637)$43,051 
Interest-bearing liabilities
Checking and money market accounts$(7,162)$11,934 $4,772 
Savings accounts and certificates of deposit44,268 32,676 76,944 
Interest-bearing deposits37,106 44,610 81,716 
Other interest-bearing liabilities (2)
3,628 (3,589)39 
Total increase in interest expense on interest-bearing liabilities
$40,734 $41,021 $81,755 
Increase (decrease) in net interest income
$8,954 $(47,658)$(38,704)
(1)    Volume and rate changes have been allocated on a consistent basis using the respective percentage changes in average balances and average rates.
(2)    Prior period amounts have been reclassified to conform to the current period presentation.
69

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Provision for Credit Losses

The allowance for loan and lease losses (ALLL) for lifetime expected losses under CECL on HFI loans and leases at amortized cost is initially recognized as “Provision for credit losses” at the time of origination. The ALLL is estimated using a discounted cash flow (DCF) approach, where effective interest rates are used to calculate the NPV of expected cash flows. The effective interest rates are calculated based on the periodic interest income received from the loan’s contractual cash flows and the net investment in the loan, which includes deferred origination fees and costs, to provide a constant rate of return over the loan term. The NPV from the DCF approach is then compared to the amortized cost basis of the loans and leases to derive expected credit losses. Under the DCF approach, the provision for credit losses in subsequent periods includes a credit loss expense related to the discounting effect due to the passage of time after the initial recognition of ALLL on originated HFI loans at amortized cost.

The provision for credit losses includes the credit loss expense for HFI loans and leases at amortized cost, available for sale (AFS) securities and unfunded lending commitments. The table below illustrates the composition of the provision for credit losses for each period presented, as well as the loan originations held for investment in each period, which is a key driver for credit loss expense:
Three Months EndedNine Months Ended September 30,
September 30,
2024		June 30,
2024		September 30,
2023		20242023
Credit loss expense for loans and leases held for investment$47,460 $36,577 $64,127 $113,283 $201,167 
Credit loss expense (benefit) for securities available for sale
180 (809)— 2,263 — 
Credit loss expense (benefit) for unfunded lending commitments
(99)(207)352 (517)491 
Total provision for credit losses$47,541 $35,561 $64,479 $115,029 $201,658 
Loan originations held for investment$509,569 $335,646 $326,290 $1,130,537 $1,985,659 

Sequential: The provision for credit losses was $47.5 million and $35.6 million for the third and second quarters of 2024, respectively, an increase of 34%. The increase was primarily driven by an increase in initial provision from a higher volume of originated loans retained as HFI at amortized cost, partially offset by the impact of a $5.3 million provision in our Commercial Real Estate (CRE) portfolio due to one office loan, which was recognized in the second quarter of 2024. Excluding this one office loan, the CRE office loan portfolio balance was under $35 million as of September 30, 2024. The majority of office loans were originated prior to the Acquisition.

Year Over Year: The provision for credit losses was $47.5 million and $64.5 million for the third quarters of 2024 and 2023, respectively, a decrease of 26%. The decrease was primarily driven by a higher quantitative and qualitative allowance in the third quarter of 2023 due to an increase in expected losses and a less favorable economic outlook, partially offset by an increase in the initial provision for credit losses from a higher volume of originated loans retained as HFI at amortized cost.

Nine Months Over Nine Months: The provision for credit losses was $115.0 million and $201.7 million for the first nine months of 2024 and 2023, respectively, a decrease of 43%. The decrease was primarily driven by a decrease in the initial provision for credit losses from a lower volume of originated loans retained as HFI at amortized cost.


70

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Allowance for Credit Losses

The activity in the allowance for credit losses (ACL) was as follows:
Three Months EndedNine Months Ended September 30,
September 30,
2024		June 30,
2024		September 30,
2023		20242023
Allowance for loan and lease losses, beginning of period$228,909 $259,150 $355,163 $310,387 $327,852 
Credit loss expense for loans and leases held for investment47,460 36,577 64,127 113,283 201,167 
Charge-offs(69,109)(78,088)(74,178)(237,539)(191,010)
Recoveries13,304 11,270 5,383 34,433 12,486 
Allowance for loan and lease losses, end of period
$220,564 $228,909 $350,495 $220,564 $350,495 
Allowance for securities available for sale, beginning of period$2,083 $2,892 $— $— $— 
Credit loss expense (benefit) for securities available for sale
180 (809)— 2,263 — 
Allowance for securities available for sale, end of period$2,263 $2,083 $— $2,263 $— 
Reserve for unfunded lending commitments, beginning of period$1,455 $1,662 $2,017 $1,873 $1,878 
Credit loss expense (benefit) for unfunded lending commitments
(99)(207)352 (517)491 
Reserve for unfunded lending commitments, end of period (1)
$1,356 $1,455 $2,369 $1,356 $2,369 
(1)    Relates to $105.3 million, $91.5 million and $89.5 million of unfunded commitments as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively. As of September 30, 2024, $11.4 million of the $105.3 million of unfunded commitments is unconditionally cancellable and therefore has no associated reserve.

The following table presents the components of the allowance for loan and lease losses:
September 30,
2024		June 30,
2024		September 30,
2023
Gross allowance for loan and lease losses (1)
$274,538 $285,368 $388,156 
Recovery asset value (2)
(53,974)(56,459)(37,661)
Allowance for loan and lease losses$220,564 $228,909 $350,495 
(1)    Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)    Represents a negative allowance for expected recoveries of amounts previously charged-off.

71

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
September 30,
2024		June 30,
2024		September 30,
2023
Total loans and leases held for investment$4,108,329 $4,228,391 $5,237,277 
Allowance for loan and lease losses
$220,564 $228,909 $350,495 
Allowance ratio (1)
5.4 %5.4 %6.7 %
Gross allowance for loan and lease losses
$274,538 $285,368 $388,156 
Gross allowance ratio (1)
6.7 %6.7 %7.4 %
(1)    Calculated as ALLL or gross ALLL, where applicable, to total loans and leases held for investment at amortized cost.

Net Charge-Offs

The following table presents information regarding average loan and lease balances, net charge-offs and the annualized ratio of net charge-offs to average outstanding loans and leases HFI at amortized cost, net, during the period:
Three Months EndedNine Months Ended September 30,
September 30,
2024		June 30,
2024		September 30,
2023		20242023
Average loans and leases held for investment at amortized cost
$4,102,838$4,341,007$5,404,490$4,358,356$5,388,582
Net charge-offs
$55,805$66,818$68,795$203,106$178,524
Net charge-off ratio
5.4 %6.2 %5.1 %6.2 %4.4 %

Nonaccrual

Loans and leases are generally placed on nonaccrual status when contractually past due 90 days or more, or earlier if management believes that the probability of collection does not warrant further accrual. Unsecured personal loans are charged-off no later than 120 days past due.

The following table presents information regarding total nonaccrual loans and leases:
September 30,
2024		June 30,
2024		September 30,
2023
Nonaccrual loans and leases held for investment at amortized cost
$64,958 $65,146 $49,999 
% of total loans and leases held for investment
1.6 %1.5 %1.0 %

For additional information on the ACL and nonaccrual loans and leases, see “Item 8. Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies” in our Annual Report and “Note 5. Loans and Leases Held for Investment at Amortized Cost, Net of Allowance for Loan and Lease Losses” in this Report.

72

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Non-Interest Expense

Non-interest expense primarily consists of (i) compensation and benefits, which include salaries and wages, benefits and stock-based compensation expense, (ii) marketing, which includes costs attributable to borrower and deposit customer acquisition efforts and building general brand awareness, (iii) equipment and software, (iv) depreciation and amortization, (v) professional services, which primarily consist of consulting fees, and (vi) occupancy, which includes rent expense and all other costs related to occupying our office spaces.
Three Months EndedChange (%)
September 30,
2024		June 30,
2024		September 30,
2023		Q3 2024
vs
Q2 2024
Q3 2024
vs
Q3 2023
Non-interest expense:
Compensation and benefits$57,408 $56,540 $58,497 2 %(2)%
Marketing26,186 26,665 19,555 (2)%34 %
Equipment and software12,789 12,360 12,631 3 %1 %
Depreciation and amortization13,341 13,072 11,250 2 %19 %
Professional services8,014 7,804 8,414 3 %(5)%
Occupancy4,005 3,941 4,612 2 %(13)%
Other non-interest expense14,589 11,876 13,076 23 %12 %
Total non-interest expense$136,332 $132,258 $128,035 3 %6 %

Nine Months Ended September 30,
20242023Change (%)
Non-interest expense:
Compensation and benefits$173,502 $203,357 (15)%
Marketing76,987 70,375 9 %
Equipment and software37,833 40,295 (6)%
Depreciation and amortization39,086 35,242 11 %
Professional services22,909 27,446 (17)%
Occupancy11,807 13,606 (13)%
Other non-interest expense38,699 46,101 (16)%
Total non-interest expense$400,823 $436,422 (8)%

Compensation and Benefits

Sequential: Compensation and benefits expense increased $0.9 million, or 2%, for the third quarter of 2024 compared to the second quarter of 2024.

Year Over Year: Compensation and benefits expense decreased $1.1 million, or 2%, for the third quarter of 2024 compared to the same period in 2023.

Nine Months Over Nine Months: Compensation and benefits expense decreased $29.9 million, or 15%, for the first nine months of 2024 compared to the same period in 2023. The decrease was primarily due to a decrease in headcount as a result of the workforce reduction plans we implemented in 2023.

73

LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Marketing

Sequential: Marketing expense decreased $0.5 million, or 2%, for the third quarter of 2024 compared to the second quarter of 2024.

Year Over Year: Marketing expense increased $6.6 million, or 34%, for the third quarter of 2024 compared to the same period in 2023.

Nine Months Over Nine Months: Marketing expense increased $6.6 million, or 9%, for the first nine months of 2024 compared to the same period in 2023.

The increases year over year and nine months over nine months in marketing expense were primarily due to an increase in variable marketing expenses based on higher origination volume of marketplace loans.

Equipment and Software

Sequential: Equipment and software expense increased $0.4 million, or 3%, for the third quarter of 2024 compared to the second quarter of 2024.

Year Over Year: Equipment and software expense increased $0.2 million, or 1%, for the third quarter of 2024 compared to the same period in 2023.

Nine Months Over Nine Months: Equipment and software expense decreased $2.5 million, or 6%, for the first nine months of 2024 compared to the same period in 2023. The decrease was primarily due to a decrease in software license expense.

Depreciation and Amortization

Sequential: Depreciation and amortization expense increased $0.3 million, or 2%, for the third quarter of 2024 compared to the second quarter of 2024.

Year Over Year: Depreciation and amortization expense increased $2.1 million, or 19%, for the third quarter of 2024 compared to the same period in 2023.

Nine Months Over Nine Months: Depreciation and amortization expense increased $3.8 million, or 11%, for the first nine months of 2024 compared to the same period in 2023.

The increases in depreciation and amortization expense were primarily due to an increase in the amortization of internally-developed software.

Professional Services

Sequential: Professional services increased $0.2 million, or 3%, for the third quarter of 2024 compared to the second quarter of 2024.

Year Over Year: Professional services decreased $0.4 million, or 5%, for the third quarter of 2024 compared to the same period in 2023.

Nine Months Over Nine Months: Professional services decreased $4.5 million, or 17%, for the first nine months of 2024 compared to the same period in 2023.
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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

The changes in professional services expense were primarily due to an increase or decrease in consulting fees.

Occupancy

Sequential: Occupancy expense increased $0.1 million, or 2%, for the third quarter of 2024 compared to the second quarter of 2024.

Year Over Year: Occupancy expense decreased $0.6 million, or 13%, for the third quarter of 2024 compared to the same period in 2023.

Nine Months Over Nine Months: Occupancy expense decreased $1.8 million, or 13%, for the first nine months of 2024 compared to the same period in 2023.

The year over year and nine months over nine months decreases in occupancy expense were primarily due to a decrease in rent expense.

Other non-interest expense

Sequential: Other non-interest expense increased $2.7 million, or 23%, for the third quarter of 2024 compared to the second quarter of 2024.

Year Over Year: Other non-interest expense increased $1.5 million, or 12%, for the third quarter of 2024 compared to the same period in 2023.

Nine Months Over Nine Months: Other non-interest expense decreased $7.4 million, or 16%, for the first nine months of 2024 compared to the same period in 2023.

The changes in other non-interest expense were primarily due to increases or decreases in miscellaneous operating expenses.

Income Taxes

For the third quarter and first nine months of 2024, we recorded an income tax expense of $3.6 million and $12.3 million, respectively, representing an effective tax rate of 19.7% and 22.9%, respectively. For the third quarter and first nine months of 2023, we recorded an income tax expense of $3.3 million and $12.1 million, respectively, representing an effective tax rate of 39.9% and 29.7%, respectively. The effective tax rate differs from the statutory rate due to the favorable impact of recurring items such as tax credits, the unfavorable impact of the non-deductible portions of executive compensation, and the net discrete impact of stock-based compensation. The decrease in effective tax rates for the 2024 periods compared to the same periods in 2023 is primarily due to the net discrete impact of stock-based compensation.

As of September 30, 2024, we maintained a valuation allowance of $46.4 million related to certain state net operating loss carryforwards (NOLs) and state tax credit carryforwards. The realization and timing of any remaining state NOLs and state tax credit carryforwards is uncertain and may expire before being utilized, based primarily on the allocation of taxable income constraints to the Parent and not related to the earnings of the Company. Changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions are recorded as current period income tax expense or benefit.

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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Income taxes are recorded on a separate entity basis whereby each operating segment determines income tax expense or benefit as if it filed a separate tax return. Differences between separate entity and consolidated tax returns are eliminated upon consolidation.

Segment Information

The Company defines operating segments to be components of the Company for which discrete financial information is evaluated regularly by the Company’s Chief Executive Officer and Chief Financial Officer to allocate resources and evaluate financial performance. This information is reviewed according to the legal organizational structure of the Company’s operations with products and services presented separately for the parent bank holding company and its wholly-owned subsidiary, LC Bank.

LendingClub Bank

The LC Bank operating segment represents the national bank legal entity and reflects post-Acquisition operating activities. This segment provides a full complement of financial products and solutions, including loans, leases and deposits. It originates loans to individuals and businesses, retains loans for investment, sells loans to investors and manages relationships with deposit holders.

LendingClub Corporation (Parent Only)

The LendingClub Corporation (Parent only) operating segment represents the holding company legal entity and predominately reflects the operations of the Company prior to the Acquisition. This activity includes, but is not limited to, servicing fee revenue on purchased servicing assets, and interest income and interest expense related to the Retail Program and Structured Program transactions entered into prior to the Acquisition.

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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Financial information for the segments is presented in the following table:
LendingClub
Bank		LendingClub
Corporation
(Parent only)		Intercompany
Eliminations		Consolidated Total
Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,Three Months Ended September 30,
 20242023202420232024202320242023
Non-interest income:
Marketplace revenue$42,583 $37,439 $9,125 $12,320 $6,676 $11,127 $58,384 $60,886 
Other non-interest income13,047 18,783 2,793 2,478 (12,584)(18,303)3,256 2,958 
Total non-interest income55,630 56,222 11,918 14,798 (5,908)(7,176)61,640 63,844 
Interest income:
Interest income239,880 203,961 497 3,451 — — 240,377 207,412 
Interest expense(100,005)(69,517)(131)(890)— — (100,136)(70,407)
Net interest income139,875 134,444 366 2,561 — — 140,241 137,005 
Total net revenue195,505 190,666 12,284 17,359 (5,908)(7,176)201,881 200,849 
Provision for credit losses(47,541)(64,463)— (16)— — (47,541)(64,479)
Non-interest expense(129,685)(122,142)(12,555)(13,069)5,908 7,176 (136,332)(128,035)
Income (Loss) before income tax benefit (expense)
18,279 4,061 (271)4,274 — — 18,008 8,335 
Income tax benefit (expense) (3,657)(2,380)106 (947)— — (3,551)(3,327)
Net income (loss)
$14,622 $1,681 $(165)$3,327 $— $— $14,457 $5,008 
Capital expenditures$12,436 $15,984 $— $— $— $— $12,436 $15,984 
Depreciation and amortization$11,278 $7,579 $2,063 $3,671 $— $— $13,341 $11,250 
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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
LendingClub
Bank		LendingClub
Corporation
(Parent only)		Intercompany
Eliminations		Consolidated Total
Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,Nine Months Ended September 30,
20242023202420232024202320242023
Non-interest income:
Marketplace revenue$120,631 $172,133 $29,899 $33,200 $20,098 $33,970 $170,628 $239,303 
Other non-interest income39,129 59,687 6,642 7,462 (38,246)(57,800)7,525 9,349 
Total non-interest income159,760 231,820 36,541 40,662 (18,148)(23,830)178,153 248,652 
Interest income:
Interest income662,501 612,805 4,861 11,506 — — 667,362 624,311 
Interest expense(275,016)(189,959)(689)(3,991)— — (275,705)(193,950)
Net interest income387,485 422,846 4,172 7,515 — — 391,657 430,361 
Total net revenue547,245 654,666 40,713 48,177 (18,148)(23,830)569,810 679,013 
Provision for credit losses(115,029)(201,658)— — — — (115,029)(201,658)
Non-interest expense(383,038)(413,088)(35,933)(47,164)18,148 23,830 (400,823)(436,422)
Income before income tax expense
49,178 39,920 4,780 1,013 — — 53,958 40,933 
Income tax expense
(11,214)(12,065)(1,134)(84)— — (12,348)(12,149)
Net income
$37,964 $27,855 $3,646 $929 $— $— $41,610 $28,784 
Capital expenditures$37,082 $48,239 $— $— $— $— $37,082 $48,239 
Depreciation and amortization$32,340 $21,546 $6,746 $13,696 $— $— $39,086 $35,242 

The material drivers and trends of the financial results of the segments presented above are consistent with those provided on a consolidated basis in "Results of Operations."

Non-GAAP Financial Measures

To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue (PPNR) and Tangible Book Value (TBV) Per Common Share. Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.

We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.

We believe PPNR is an important measure because it reflects the underlying financial performance of our business operations. PPNR is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.

We believe TBV Per Common Share is an important measure used to evaluate the Company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing the book value of common equity reduced by goodwill and intangible assets, divided by ending number of common shares issued and outstanding.

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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
The following tables provide a reconciliation of PPNR to the nearest GAAP measure:
Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
GAAP Net income$14,457 $14,903 $5,008 $41,610 $28,784 
Less: Provision for credit losses(47,541)(35,561)(64,479)(115,029)(201,658)
Less: Income tax expense
(3,551)(4,519)(3,327)(12,348)(12,149)
Pre-provision net revenue$65,549 $54,983 $72,814 $168,987 $242,591 

Three Months EndedNine Months Ended
September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Non-interest income$61,640 $58,713 $63,844 $178,153 $248,652 
Net interest income140,241 128,528 137,005 391,657 430,361 
Total net revenue201,881 187,241 200,849 569,810 679,013 
Non-interest expense(136,332)(132,258)(128,035)(400,823)(436,422)
Pre-provision net revenue65,549 54,983 72,814 168,987 242,591 
Provision for credit losses(47,541)(35,561)(64,479)(115,029)(201,658)
Income before income tax expense
18,008 19,422 8,335 53,958 40,933 
Income tax expense
(3,551)(4,519)(3,327)(12,348)(12,149)
GAAP Net income$14,457 $14,903 $5,008 $41,610 $28,784 

The following table provides a reconciliation of TBV Per Common Share to the nearest GAAP measure:
As ofSeptember 30,
2024		June 30,
2024		September 30,
2023
GAAP common equity$1,342,895 $1,287,945 $1,208,219 
Less: Goodwill(75,717)(75,717)(75,717)
Less: Intangible assets(9,439)(10,293)(13,151)
Tangible common equity$1,257,739 $1,201,935 $1,119,351 
Book value per common share
GAAP common equity$1,342,895 $1,287,945 $1,208,219 
Common shares issued and outstanding112,401,990 111,812,215 109,648,769 
Book value per common share$11.95 $11.52 $11.02 
Tangible book value per common share
Tangible common equity$1,257,739 $1,201,935 $1,119,351 
Common shares issued and outstanding112,401,990 111,812,215 109,648,769 
Tangible book value per common share$11.19 $10.75 $10.21 

Supervision and Regulatory Environment

We are subject to periodic exams, investigations, inquiries or requests, enforcement actions and other proceedings from federal and state regulatory and/or law enforcement agencies, including the federal banking regulators that directly regulate the Company and/or LC Bank. Further, we are subject to claims, individual and class action lawsuits, and lawsuits alleging regulatory violations. Although historically the Company has generally resolved
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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
these matters in a manner that was not materially adverse to its financial results or business operations, no assurance can be given as to the timing, outcome or consequences of any of these matters in the future.

We are subject to supervision, regulation, examination and enforcement by multiple federal banking regulatory bodies. Specifically, as a bank holding company, the Company is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Board of Governors of the Federal Reserve System (FRB). Further, as a national bank, LC Bank is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Office of the Comptroller of the Currency (OCC). Accordingly, we have been and continue to invest in regulatory compliance and be subject to certain parameters, obligations and/or limitations set forth by the banking regulations and regulators with respect to the operation of our business.

If we are found to not have complied with applicable laws, regulations or requirements, we could: (i) lose one or more of our licenses or authorizations, or be required to obtain a new license or authorization, (ii) become subject to a consent order or administrative enforcement action, (iii) face lawsuits (including class action lawsuits), sanctions, penalties, or other monetary losses due to judgments, orders, or settlements, (iv) be in breach of certain contracts, which may void or cancel such contracts, (v) decide or be compelled to modify or suspend certain of our business practices and/or (vi) be unable to execute on certain Company initiatives, which may have an adverse effect on our ability to operate and/or evolve our lending marketplace and other products and/or services; any of which may harm our business or financial results.

See “Part I – Item 1. Business – Regulation and Supervision,” “Part I – Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance,” and “Part I – Item 1A. Risk Factors – Risks Related to Operating Our Business” in our Annual Report for further discussion regarding our supervision and regulatory environment.

Capital Management

The prudent management of capital is fundamental to the successful achievement of our business initiatives. We actively review capital through a process that continuously assesses and monitors the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations.

The formation of LC Bank as a nationally chartered association and the organization of the Company as a bank holding company subjects us to various capital adequacy guidelines issued by the OCC and the FRB, including the requirement to maintain regulatory capital ratios in accordance with the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations (Basel III). As a Basel III standardized approach institution, we selected the one-time election to opt-out of the requirements to include all the components of accumulated other comprehensive income included in common stockholder’s equity. The minimum capital requirements under the Basel III capital framework are: a Common Equity Tier 1 (CET1) risk-based capital ratio of 4.5%, a Tier 1 risk-based capital ratio of 6.0%, a total risk-based capital ratio of 8.0%, and a Tier 1 leverage ratio of 4.0%. Additionally, a Capital Conservation Buffer (CCB) of 2.5% must be maintained above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases, and certain discretionary bonus payments. In addition to these guidelines, the banking regulators may require a banking organization to maintain capital at levels higher than the minimum ratios prescribed under the Basel III capital framework. See “Part I – Item 1. Business – Regulation and Supervision – Capital and Liquidity Requirements and Prompt Corrective Action” in our Annual Report and “Notes to Condensed Consolidated Financial Statements – Note 19. Regulatory Requirements” in this Report for additional information.

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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
The following table summarizes the Company’s and LC Bank’s regulatory capital amounts (in millions) and ratios:
September 30, 2024December 31, 2023
Required Minimum plus Required CCB for
Non-Leverage Ratios
AmountRatioAmountRatio
LendingClub Corporation:
CET1 capital (1)
$1,157.2 15.9 %$1,090.2 17.9 %7.0 %
Tier 1 capital$1,157.2 15.9 %$1,090.2 17.9 %8.5 %
Total capital$1,249.8 17.1 %$1,169.2 19.2 %10.5 %
Tier 1 leverage$1,157.2 11.3 %$1,090.2 12.9 %4.0 %
Risk-weighted assets$7,289.3 N/A$6,104.5 N/AN/A
Quarterly adjusted average assets$10,270.0 N/A$8,476.1 N/AN/A
LendingClub Bank:
CET1 capital (1)
$1,050.8 14.5 %$949.4 15.8 %7.0 %
Tier 1 capital$1,050.8 14.5 %$949.4 15.8 %8.5 %
Total capital$1,142.8 15.8 %$1,027.4 17.1 %10.5 %
Tier 1 leverage$1,050.8 10.3 %$949.4 11.4 %4.0 %
Risk-weighted assets$7,235.1 N/A$6,022.2 N/AN/A
Quarterly adjusted average assets$10,195.1 N/A$8,337.4 N/AN/A
N/A – Not applicable
(1)    Consists of common stockholders’ equity as defined under U.S. GAAP and certain adjustments made in accordance with regulatory capital guidelines, including the addition of the CECL transitional benefit and deductions for goodwill and other intangible assets.

The higher risk-based capital ratios for the Company reflect generally lower risk-weights for assets held by LendingClub Corporation as compared with LC Bank.

In response to the COVID-19 pandemic, the FRB, OCC, and FDIC adopted a final rule related to the regulatory capital treatment of the allowance for credit losses under CECL. As permitted by the rule, the Company elected to delay the estimated impact of CECL on regulatory capital resulting in a capital benefit of $35 million at December 31, 2021. This benefit is phased out over a three-year transition period that commenced on January 1, 2022 at a rate of 25% each year through January 1, 2025.

Liquidity

We manage liquidity to meet our cash flow and collateral obligations in a timely manner at a reasonable cost. We must maintain operating liquidity to meet our expected daily and forecasted cash flow requirements, as well as contingent liquidity to meet unexpected funding requirements.

As our primary business at LC Bank involves taking deposits and originating loans, a key role of liquidity management is to ensure that customers have timely access to funds from deposits and for loans. Liquidity management also involves maintaining sufficient liquidity to repay borrowings, pay operating expenses and support extraordinary funding requirements when necessary.

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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
LendingClub Bank Liquidity

The following table summarizes LC Bank’s primary sources of short-term liquidity as of the periods presented:
September 30, 2024December 31, 2023
Cash and cash equivalents$989,612 $1,230,206 
Securities available for sale (1)
$388,679 $370,466 
Deposits$9,532,342 $7,426,445 
Available borrowing capacity:
FRB Discount Window borrowing capacity
$2,942,472 $2,816,501 
FHLB of Des Moines borrowing capacity (2)
$663,439 $661,337 
Total available borrowing capacity$3,605,911 $3,477,838 
(1)    Excludes illiquid securities available for sale.
(2)    Includes both loans and securities available for sale pledged as collateral.

The primary uses of LC Bank liquidity include the funding/acquisition of loans and securities purchases; withdrawals, maturities and the payment of interest on deposits; compensation and benefits expense; taxes; capital expenditures, including internally developed software, leasehold improvements and computer equipment; and costs associated with the continued development and support of our online lending marketplace platform.

Net capital expenditures were $37.1 million, or 6.8% of total net revenue, and $48.2 million, or 7.4% of total net revenue, for the first nine months of 2024 and 2023, respectively. Capital expenditures in 2024 are expected to be approximately $60 million, primarily related to costs associated with the continued development and support of our online lending marketplace platform.

LendingClub Holding Company Liquidity

The primary source of liquidity at the holding company is $90.0 million and $110.3 million in cash and cash equivalents as of September 30, 2024 and December 31, 2023, respectively. Additionally, the holding company has the ability to access the capital markets through additional registrations and public equity offerings.

Uses of cash at the holding company include the routine cash flow requirements as a bank holding company, such as interest and expenses (including those associated with our office leases), the needs of LC Bank for additional equity and, as required, its need for debt financing and support for extraordinary funding requirements when necessary.

Factors Impacting Liquidity

The Company’s liquidity could be adversely impacted by deteriorating financial and market conditions, the inability or unwillingness of a creditor to provide funding, an idiosyncratic event (e.g., a major loss, causing a perceived or actual deterioration in its financial condition), an adverse systemic event (e.g., default or bankruptcy of a significant capital markets participant), or others.

We believe, based on our projections, that our cash on hand, liquid AFS securities, available borrowing capacity, and net cash flows from operating, investing and financing activities are sufficient to meet our liquidity needs for the next twelve months, as well as beyond the next twelve months. See “Item 1. Financial Statements – Condensed Consolidated Statements of Cash Flows” for additional detail regarding our cash flows.

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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
Market Risk

Market risk represents the risk of potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices, and/or other relevant market rates or prices. The primary market risk to which we are exposed is interest rate risk. Interest rate risk arises from financial instruments including loans, securities and borrowings, all entered into for purposes other than trading.

Interest Rate Sensitivity

LendingClub Bank

Our net interest income is affected by changes in the level of interest rates, the impact of interest rate fluctuations on asset prepayments, and the level and composition of deposits and liabilities, among other factors.

Loans HFI at LC Bank are funded primarily through our deposit base. The majority of loans HFI are fixed-rate instruments over the term of the loans. As a result, the primary component of interest rate risk on our financial instruments at LC Bank arises from the impact of fluctuations in loan and deposit rates on our net interest income. Therefore, we use a sensitivity analysis to assess the impact of hypothetical changes in interest rates on our net interest income results. The outcome of the analysis is influenced by a variety of assumptions, including the maturity profile and prepayment level of our unsecured consumer loans and expected consumer responses to changes in rates paid on non-maturity deposit products. Our assumptions are periodically calibrated to observed data and/or expected outcomes. We actively monitor the level of exposure to movements in interest rates and have entered into interest rate hedging instruments, some of which qualify for hedge accounting treatment, to manage such risk. See “Note 8. Derivative Instruments and Hedging Activities” for additional information.

The following table presents the change in projected net interest income for the next twelve months due to a hypothetical instantaneous parallel change in interest rates relative to current rates:
 September 30, 2024December 31, 2023
Instantaneous Change in Interest Rates:
 + 200 basis points(6.6)%(4.8)%
 + 100 basis points(3.2)%(2.2)%
 – 100 basis points1.2 %— %
 – 200 basis points1.9 %(0.4)%

As illustrated in the table above, net interest income is projected to decrease over the next twelve months during hypothetical rising interest rate environments primarily as a result of higher rates paid on interest-bearing deposits, partially offset by higher rates earned on new loans, investment purchases, and cash and cash equivalents as well as by the impact of our hedging activity. Conversely, net interest income is projected to increase over the next twelve months during hypothetical declining interest rate environments. The increase in sensitivity as of September 30, 2024 relative to December 31, 2023 is primarily due to the composition of our loans, deposits and hedging instruments and assumes no replacement of maturing interest rate hedges. Furthermore, during fluctuating interest rate environments, the increased sensitivity of repricing interest-bearing deposits is more impactful than that of repricing fixed-rate loans.

Although we believe that these measurements provide an estimate of our interest rate sensitivity, they do not account for potential changes in credit quality, balance sheet mix, size of our balance sheet, or other business developments that could affect net income. Actual results could differ materially from the estimated outcomes of our simulations.

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LENDINGCLUB CORPORATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)
For additional details regarding maturities of loans and leases HFI, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk” in our Annual Report.

For the contractual maturities and weighted-average yields on the Company’s AFS securities portfolio, see “Notes to Condensed Consolidated Financial Statements – Note 4. Securities Available for Sale.”

LendingClub Holding Company

At the holding company level, we continue to measure interest rate sensitivity by evaluating the change in fair value of certain assets and liabilities due to a hypothetical change in interest rates. Principal payments on our loans HFI continue to reduce the outstanding balance of this portfolio, and, as a result, the fair value impact from changes in interest rates continues to diminish.

Contingencies

For a comprehensive discussion of contingencies as of September 30, 2024, see “Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 18. Commitments and Contingencies.”

Critical Accounting Estimates

Certain of the Company’s accounting policies that involve a higher degree of judgment and complexity are discussed in “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in our Annual Report. There have been no significant changes to these critical accounting estimates during the first nine months of 2024.

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LENDINGCLUB CORPORATION

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For a comprehensive discussion regarding quantitative and qualitative disclosures about market risk, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk.”

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management evaluated, with the participation of the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of September 30, 2024. In designing and evaluating its disclosure controls and procedures, the Company’s management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance, not absolute assurance, of achieving the desired control objectives, and is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Based on the evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures as of September 30, 2024, were designed and functioned effectively to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to management, including the principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

No change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during the third quarter of 2024, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For a comprehensive discussion of legal proceedings, see “Part I. Financial Information – Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 18. Commitments and Contingencies – Legal,” which is incorporated herein by reference.

Item 1A. Risk Factors

The risks described in “Part I – Item 1A. Risk Factors” in our Annual Report, could materially and adversely affect our business, financial condition, operating results and prospects, and the trading price of our common stock could decline. While we believe the risks and uncertainties described therein include all material risks currently known by us, it is possible that these may not be the only ones we face. Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. The Risk Factors section of our Annual Report remains current in all material respects.


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LENDINGCLUB CORPORATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans


The following table shows the trading arrangements intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted by the Company’s directors and executive officers during the third quarter of 2024:
Name and Title
Adoption Date
Expiration Date
Aggregate Number of Shares to be Sold
Jordan Cheng, General Counsel and Corporate Secretary
August 1, 2024
February 8, 2025
Up to 25,000

Other than disclosed above, during the third quarter of 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

In the Form 10-Q filed on May 1, 2024 (the May 2024 10-Q), the Company disclosed a Rule 10b5-1 Trading Plan entered into by Erin Selleck (the Selleck Trading Plan). The expiration date of the Selleck Trading Plan, per its original terms, is February 5, 2025, not January 31, 2025, as disclosed in the May 2024 10-Q.

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LENDINGCLUB CORPORATION

Item 6. Exhibits

Exhibit Index

The exhibits noted in the accompanying Exhibit Index are filed or incorporated by reference as a part of this Report and such Exhibit Index is incorporated herein by reference.
Incorporated by Reference
Exhibit
Number		Exhibit DescriptionFormFile No.ExhibitFiling
Date		Filed Herewith
101.INSXBRL Instance Document‡X
101.SCHXBRL Taxonomy Extension Schema DocumentX
101.CALXBRL Taxonomy Extension Calculation LinkbaseX
101.DEFXBRL Taxonomy Extension Definition LinkbaseX
101.LABXBRL Taxonomy Extension Label LinkbaseX
101.PREXBRL Taxonomy Extension Presentation LinkbaseX
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
‡    The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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LENDINGCLUB CORPORATION

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LENDINGCLUB CORPORATION
(Registrant)
Date:October 30, 2024/s/ SCOTT SANBORN
Scott Sanborn
Chief Executive Officer
Date:October 30, 2024/s/ ANDREW LABENNE
Andrew LaBenne
Chief Financial Officer

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