FORM | 10-Q |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
LendingClub Corporation | ||
(Exact name of registrant as specified in its charter) |
Delaware | 51-0605731 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
595 Market Street, Suite 200, | ||||||||||||||
San Francisco, | CA | 94105 | ||||||||||||
(Address of principal executive offices and zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common stock, par value $0.01 per share | LC | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ | |||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Acquisition | Acquisition of Radius Bancorp, Inc. | ||||
AFS | Available for Sale | ||||
ACL | Allowance for Credit Losses (includes both the allowance for loan and lease losses and the reserve for unfunded lending commitments) | ||||
ALLL | Allowance for Loan and Lease Losses | ||||
Annual Report | Annual Report on Form 10-K for the year ended December 31, | ||||
ASU | Accounting Standards Update | ||||
AUM | Assets Under Management (outstanding balances of Loan Originations serviced by the Company including loans serviced for others as well as loans held for investment and held for sale by the Company) | ||||
Balance Sheet | Condensed Consolidated Balance Sheets | ||||
LC Bank or LendingClub Bank | LendingClub Bank, National Association | ||||
CECL | Current Expected Credit Losses (Accounting Standards Update 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) | ||||
CET1 | Common Equity Tier 1 | ||||
CET1 Capital Ratio | Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III capital framework | ||||
DCF | Discounted Cash Flow | ||||
EPS | |||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FRB or Federal Reserve | Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) | ||||
GAAP | Accounting Principles Generally Accepted in the United States of America | ||||
HFI | Loans which are retained by the Company and held for investment | ||||
HFS | Held for sale loans expected to be sold to investors, including Marketplace Loans | ||||
Income Statement | Condensed Consolidated Statements of Income | ||||
LendingClub, LC, the Company, we, us, or our | LendingClub Corporation and its subsidiaries | ||||
Loan Originations | Unsecured personal loans and auto refinance loans originated by the Company or facilitated by third-party issuing banks | ||||
Marketplace Loans | Loan Originations designated as HFS and subsequently sold to investors | ||||
N/M | Not meaningful | ||||
OCC | Office of the Comptroller of the Currency | ||||
Parent | LendingClub Corporation (the parent company of LendingClub Bank, National Association and other subsidiaries) | ||||
PPP Loans | Loans originated pursuant to the U.S. Small Business Administration’s Paycheck Protection Program | ||||
Radius | Radius Bancorp, Inc. | ||||
ROA | Return on Average Total Assets | ||||
ROE | Return on Average Equity | ||||
SEC | United States Securities and Exchange Commission | ||||
Securities Act | Securities Act of 1933, as amended | ||||
Structured Program transactions | Asset-backed securitization transactions | ||||
Tier 1 Capital Ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III capital framework. | ||||
Tier 1 Leverage Ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III capital framework. | ||||
Total Capital Ratio | Total capital, which includes Common Equity Tier 1 capital, Tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as Tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III capital framework. | ||||
Unsecured personal loans | Unsecured personal loans originated on the Company’s platforms, including an online direct to consumer platform and a platform connected with a network of education and patient finance providers. | ||||
VIE | Variable Interest Entity |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 23,211 | $ | 35,670 | Cash and due from banks | $ | 20,950 | $ | 23,125 | ||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 929,630 | 651,456 | Interest-bearing deposits in banks | 1,182,974 | 1,033,905 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 952,841 | 687,126 | Total cash and cash equivalents | 1,203,924 | 1,057,030 | ||||||||||||||||
Restricted cash (1) | Restricted cash (1) | 66,285 | 76,460 | Restricted cash (1) | 34,792 | 67,454 | ||||||||||||||||
Securities available for sale at fair value ($415,726 and $256,170 at amortized cost, respectively) | 359,157 | 263,530 | ||||||||||||||||||||
Loans held for sale (includes $90,058 and $142,370 at fair value, respectively) (1) | 90,058 | 391,248 | ||||||||||||||||||||
Securities available for sale at fair value ($579,704 and $399,668 at amortized cost, respectively) | Securities available for sale at fair value ($579,704 and $399,668 at amortized cost, respectively) | 523,579 | 345,702 | |||||||||||||||||||
Loans held for sale at fair value | Loans held for sale at fair value | 250,361 | 110,400 | |||||||||||||||||||
Loans and leases held for investment | Loans and leases held for investment | 4,806,927 | 2,899,126 | Loans and leases held for investment | 5,533,349 | 5,033,154 | ||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (303,201) | (144,389) | Allowance for loan and lease losses | (355,163) | (327,852) | ||||||||||||||||
Loans and leases held for investment, net | Loans and leases held for investment, net | 4,503,726 | 2,754,737 | Loans and leases held for investment, net | 5,178,186 | 4,705,302 | ||||||||||||||||
Loans held for investment at fair value (1) | Loans held for investment at fair value (1) | 404,119 | 925,938 | |||||||||||||||||||
Retail and certificate loans held for investment at fair value (1) | Retail and certificate loans held for investment at fair value (1) | 87,144 | 229,719 | Retail and certificate loans held for investment at fair value (1) | 26,837 | 55,425 | ||||||||||||||||
Other loans held for investment at fair value (1) | 15,057 | 21,240 | ||||||||||||||||||||
Property, equipment and software, net | Property, equipment and software, net | 129,957 | 97,996 | Property, equipment and software, net | 151,608 | 136,473 | ||||||||||||||||
Goodwill | Goodwill | 75,717 | 75,717 | Goodwill | 75,717 | 75,717 | ||||||||||||||||
Other assets (1) | Other assets (1) | 495,132 | 302,546 | Other assets (1) | 493,383 | 500,306 | ||||||||||||||||
Total assets | Total assets | $ | 6,775,074 | $ | 4,900,319 | Total assets | $ | 8,342,506 | $ | 7,979,747 | ||||||||||||
Liabilities and Equity | Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Interest-bearing | Interest-bearing | $ | 4,868,132 | $ | 2,919,203 | Interest-bearing | $ | 6,653,749 | $ | 6,158,560 | ||||||||||||
Noninterest-bearing | Noninterest-bearing | 255,374 | 216,585 | Noninterest-bearing | 189,786 | 233,993 | ||||||||||||||||
Total deposits | Total deposits | 5,123,506 | 3,135,788 | Total deposits | 6,843,535 | 6,392,553 | ||||||||||||||||
Short-term borrowings | 4,803 | 27,780 | ||||||||||||||||||||
Advances from Paycheck Protection Program Liquidity Facility (PPPLF) | 91,671 | 271,933 | ||||||||||||||||||||
Borrowings (1) | Borrowings (1) | 15,675 | 74,858 | |||||||||||||||||||
Retail notes, certificates and secured borrowings at fair value (1) | Retail notes, certificates and secured borrowings at fair value (1) | 87,144 | 229,719 | Retail notes, certificates and secured borrowings at fair value (1) | 26,837 | 55,425 | ||||||||||||||||
Payable on Structured Program borrowings (1) | 11,185 | 65,451 | ||||||||||||||||||||
Other long-term debt | 15,300 | 15,455 | ||||||||||||||||||||
Other liabilities (1) | Other liabilities (1) | 320,055 | 303,951 | Other liabilities (1) | 250,936 | 292,617 | ||||||||||||||||
Total liabilities | Total liabilities | 5,653,664 | 4,050,077 | Total liabilities | 7,136,983 | 6,815,453 | ||||||||||||||||
Equity | Equity | Equity | ||||||||||||||||||||
Series A Preferred stock, $0.01 par value; 1,200,000 shares authorized; 0 shares issued and outstanding | — | — | ||||||||||||||||||||
Common stock, $0.01 par value; 180,000,000 shares authorized; 105,088,761 and 101,043,924 shares issued and outstanding, respectively | 1,051 | 1,010 | ||||||||||||||||||||
Common stock, $0.01 par value; 180,000,000 shares authorized; 108,694,120 and 106,546,995 shares issued and outstanding, respectively | Common stock, $0.01 par value; 180,000,000 shares authorized; 108,694,120 and 106,546,995 shares issued and outstanding, respectively | 1,087 | 1,065 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,611,627 | 1,559,616 | Additional paid-in capital | 1,647,593 | 1,628,590 | ||||||||||||||||
Accumulated deficit | Accumulated deficit | (451,336) | (717,430) | Accumulated deficit | (403,969) | (427,745) | ||||||||||||||||
Treasury stock, at cost; 7,751 and 0 shares, respectively | (98) | — | ||||||||||||||||||||
Accumulated other comprehensive income (loss) | (39,834) | 7,046 | ||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (39,188) | (37,616) | |||||||||||||||||||
Total equity | Total equity | 1,121,410 | 850,242 | Total equity | 1,205,523 | 1,164,294 | ||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 6,775,074 | $ | 4,900,319 | Total liabilities and equity | $ | 8,342,506 | $ | 7,979,747 |
September 30, 2022 | December 31, 2021 | ||||||||||
Assets of consolidated VIEs, included in total assets above | |||||||||||
Restricted cash | $ | 8,600 | $ | 13,462 | |||||||
Loans held for sale at fair value | — | 41,734 | |||||||||
Retail and certificate loans held for investment at fair value | 2,940 | 10,281 | |||||||||
Other loans held for investment at fair value | 6,375 | 20,929 | |||||||||
Other assets | 218 | 584 | |||||||||
Total assets of consolidated VIEs | $ | 18,133 | $ | 86,990 | |||||||
Liabilities of consolidated VIEs, included in total liabilities above | |||||||||||
Retail notes, certificates and secured borrowings at fair value | $ | 2,940 | $ | 10,281 | |||||||
Payable on Structured Program borrowings | 11,185 | 65,451 | |||||||||
Other liabilities | 39 | 467 | |||||||||
Total liabilities of consolidated VIEs | $ | 14,164 | $ | 76,199 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Marketplace revenue | $ | 173,837 | $ | 174,556 | $ | 560,187 | $ | 408,018 | |||||||||||||||
Other non-interest income | 7,400 | 6,322 | 24,739 | 18,670 | |||||||||||||||||||
Total non-interest income | 181,237 | 180,878 | 584,926 | 426,688 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest on loans held for sale | 5,879 | 8,536 | 20,459 | 22,387 | |||||||||||||||||||
Interest and fees on loans and leases held for investment | 124,028 | 57,644 | 324,381 | 112,013 | |||||||||||||||||||
Interest on retail and certificate loans held for investment at fair value | 3,685 | 12,172 | 15,745 | 48,448 | |||||||||||||||||||
Interest on other loans held for investment at fair value | 791 | 973 | 2,015 | 3,674 | |||||||||||||||||||
Interest on securities available for sale | 3,820 | 3,180 | 12,757 | 7,954 | |||||||||||||||||||
Other interest income | 5,017 | 355 | 7,984 | 701 | |||||||||||||||||||
Total interest income | 143,220 | 82,860 | 383,341 | 195,177 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest on deposits | 15,184 | 1,899 | 24,700 | 4,612 | |||||||||||||||||||
Interest on short-term borrowings | 87 | 849 | 939 | 3,116 | |||||||||||||||||||
Interest on retail notes, certificates and secured borrowings | 3,685 | 12,172 | 15,745 | 48,448 | |||||||||||||||||||
Interest on Structured Program borrowings | 225 | 2,120 | 1,349 | 7,996 | |||||||||||||||||||
Interest on other long-term debt | 363 | 532 | 1,026 | 1,306 | |||||||||||||||||||
Total interest expense | 19,544 | 17,572 | 43,759 | 65,478 | |||||||||||||||||||
Net interest income | 123,676 | 65,288 | 339,582 | 129,699 | |||||||||||||||||||
Total net revenue | 304,913 | 246,166 | 924,508 | 556,387 | |||||||||||||||||||
Provision for credit losses | 82,739 | 37,524 | 205,814 | 93,651 | |||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and benefits | 84,916 | 73,304 | 251,629 | 209,649 | |||||||||||||||||||
Marketing | 46,031 | 50,782 | 162,608 | 105,434 | |||||||||||||||||||
Equipment and software | 12,491 | 10,297 | 35,998 | 27,471 | |||||||||||||||||||
Occupancy | 5,051 | 6,486 | 17,279 | 19,543 | |||||||||||||||||||
Depreciation and amortization | 10,681 | 10,549 | 32,277 | 33,823 | |||||||||||||||||||
Professional services | 11,943 | 11,750 | 40,487 | 34,873 | |||||||||||||||||||
Other non-interest expense | 15,106 | 15,607 | 46,531 | 42,373 | |||||||||||||||||||
Total non-interest expense | 186,219 | 178,775 | 586,809 | 473,166 | |||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 35,955 | 29,867 | 131,885 | (10,430) | |||||||||||||||||||
Income tax benefit (expense) | 7,243 | (2,682) | 134,209 | (98) | |||||||||||||||||||
Net income (loss) | $ | 43,198 | $ | 27,185 | $ | 266,094 | $ | (10,528) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) | $ | 43,198 | $ | 27,185 | $ | 266,094 | $ | (10,528) | |||||||||||||||
Net income (loss) per share: (1) | |||||||||||||||||||||||
Basic EPS – common stockholders | $ | 0.41 | $ | 0.27 | $ | 2.59 | $ | (0.11) | |||||||||||||||
Diluted EPS – common stockholders | $ | 0.41 | $ | 0.26 | $ | 2.56 | $ | (0.11) | |||||||||||||||
Weighted-average common shares – Basic | 104,215,594 | 99,073,507 | 102,838,645 | 96,531,725 | |||||||||||||||||||
Weighted-average common shares – Diluted | 105,853,938 | 106,108,662 | 104,116,240 | 96,531,725 | |||||||||||||||||||
Basic EPS – preferred stockholders | $ | — | $ | — | $ | — | $ | (0.11) | |||||||||||||||
Diluted EPS – preferred stockholders | $ | — | $ | — | $ | — | $ | (0.11) | |||||||||||||||
Weighted-average common shares, as converted – Basic | — | — | — | 873,217 | |||||||||||||||||||
Weighted-average common shares, as converted – Diluted | — | — | — | 873,217 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Marketplace revenue | $ | 82,783 | $ | 206,384 | $ | 178,417 | $ | 386,350 | |||||||||||||||
Other non-interest income | 3,035 | 7,448 | 6,391 | 17,339 | |||||||||||||||||||
Total non-interest income | 85,818 | 213,832 | 184,808 | 403,689 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest on loans held for sale | 4,433 | 7,130 | 10,190 | 14,580 | |||||||||||||||||||
Interest and fees on loans and leases held for investment | 162,085 | 108,911 | 312,552 | 200,353 | |||||||||||||||||||
Interest on loans held for investment at fair value | 21,692 | 631 | 48,584 | 1,224 | |||||||||||||||||||
Interest on retail and certificate loans held for investment at fair value | 1,194 | 5,091 | 2,877 | 12,060 | |||||||||||||||||||
Interest on securities available for sale | 5,948 | 4,426 | 9,848 | 8,937 | |||||||||||||||||||
Other interest income | 19,134 | 2,279 | 32,848 | 2,967 | |||||||||||||||||||
Total interest income | 214,486 | 128,468 | 416,899 | 240,121 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest on deposits | 66,521 | 6,078 | 119,794 | 9,516 | |||||||||||||||||||
Interest on retail notes, certificates and secured borrowings | 1,194 | 5,091 | 2,877 | 12,060 | |||||||||||||||||||
Other interest expense | 119 | 1,073 | 872 | 2,639 | |||||||||||||||||||
Total interest expense | 67,834 | 12,242 | 123,543 | 24,215 | |||||||||||||||||||
Net interest income | 146,652 | 116,226 | 293,356 | 215,906 | |||||||||||||||||||
Total net revenue | 232,470 | 330,058 | 478,164 | 619,595 | |||||||||||||||||||
Provision for credit losses | 66,595 | 70,566 | 137,179 | 123,075 | |||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and benefits | 71,553 | 85,103 | 144,860 | 166,713 | |||||||||||||||||||
Marketing | 23,940 | 61,497 | 50,820 | 116,577 | |||||||||||||||||||
Equipment and software | 13,968 | 12,461 | 27,664 | 23,507 | |||||||||||||||||||
Depreciation and amortization | 11,638 | 10,557 | 23,992 | 21,596 | |||||||||||||||||||
Professional services | 9,974 | 16,138 | 19,032 | 28,544 | |||||||||||||||||||
Occupancy | 4,684 | 6,209 | 8,994 | 12,228 | |||||||||||||||||||
Other non-interest expense | 15,322 | 17,421 | 33,025 | 31,425 | |||||||||||||||||||
Total non-interest expense | 151,079 | 209,386 | 308,387 | 400,590 | |||||||||||||||||||
Income before income tax benefit (expense) | 14,796 | 50,106 | 32,598 | 95,930 | |||||||||||||||||||
Income tax benefit (expense) | (4,686) | 131,954 | (8,822) | 126,966 | |||||||||||||||||||
Net income | $ | 10,110 | $ | 182,060 | $ | 23,776 | $ | 222,896 | |||||||||||||||
Earnings per share: (1) | |||||||||||||||||||||||
Basic EPS | $ | 0.09 | $ | 1.77 | $ | 0.22 | $ | 2.18 | |||||||||||||||
Diluted EPS | $ | 0.09 | $ | 1.73 | $ | 0.22 | $ | 2.13 | |||||||||||||||
Weighted-average common shares – Basic | 107,892,590 | 102,776,867 | 107,405,072 | 102,138,760 | |||||||||||||||||||
Weighted-average common shares – Diluted | 107,895,072 | 105,042,626 | 107,409,129 | 104,644,825 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income (loss) | $ | 43,198 | $ | 27,185 | $ | 266,094 | $ | (10,528) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Net unrealized gain (loss) on securities available for sale | (24,112) | 1,106 | (63,929) | 4,496 | |||||||||||||||||||
Other comprehensive income (loss), before tax | (24,112) | 1,106 | (63,929) | 4,496 | |||||||||||||||||||
Income tax effect (1) | (6,121) | — | (17,049) | — | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (17,991) | 1,106 | (46,880) | 4,496 | |||||||||||||||||||
Total comprehensive income (loss) | $ | 25,207 | $ | 28,291 | $ | 219,214 | $ | (6,032) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 10,110 | $ | 182,060 | $ | 23,776 | $ | 222,896 | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Net unrealized loss on securities available for sale | (7,758) | (19,830) | (2,159) | (39,817) | |||||||||||||||||||
Other comprehensive loss, before tax | (7,758) | (19,830) | (2,159) | (39,817) | |||||||||||||||||||
Income tax effect (1) | 2,107 | 11,128 | 587 | 10,928 | |||||||||||||||||||
Other comprehensive loss, net of tax | (5,651) | (8,702) | (1,572) | (28,889) | |||||||||||||||||||
Total comprehensive income | $ | 4,459 | $ | 173,358 | $ | 22,204 | $ | 194,007 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | — | $ | — | 103,630,776 | $ | 1,036 | $ | 1,594,458 | — | $ | — | $ | (21,843) | $ | (494,534) | $ | 1,079,117 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 18,757 | — | — | — | — | 18,757 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans, net of tax (1) | — | — | 1,457,985 | 15 | (1,588) | 7,751 | (98) | — | — | (1,671) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | — | — | — | — | (17,991) | — | (17,991) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 43,198 | 43,198 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | — | $ | — | 105,088,761 | $ | 1,051 | $ | 1,611,627 | 7,751 | $ | (98) | $ | (39,834) | $ | (451,336) | 1,121,410 | |||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | $ | — | 101,043,924 | $ | 1,010 | $ | 1,559,616 | — | $ | — | $ | 7,046 | $ | (717,430) | $ | 850,242 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 55,608 | — | — | — | — | 55,608 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans, net of tax (1) | — | — | 4,044,837 | 41 | (3,597) | 7,751 | (98) | — | — | (3,654) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | — | — | — | — | (46,880) | — | (46,880) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 266,094 | 266,094 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | — | $ | — | 105,088,761 | $ | 1,051 | $ | 1,611,627 | 7,751 | $ | (98) | $ | (39,834) | $ | (451,336) | $ | 1,121,410 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | — | $ | — | 98,601,148 | $ | 986 | $ | 1,530,314 | 4,251 | $ | (92) | $ | 4,874 | $ | (773,723) | $ | 762,359 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 17,971 | — | — | — | — | 17,971 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans, net of tax | — | — | 1,181,044 | 12 | (3,843) | — | — | — | — | (3,831) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gain on securities available for sale, net of tax | — | — | — | — | — | — | — | 1,106 | — | 1,106 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | 27,185 | 27,185 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | — | $ | — | 99,782,192 | $ | 998 | $ | 1,544,442 | 4,251 | $ | (92) | $ | 5,980 | $ | (746,538) | $ | 804,790 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 43,000 | $ | — | 88,149,510 | $ | 881 | $ | 1,457,816 | — | $ | — | $ | 1,484 | $ | (736,010) | $ | 724,171 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 52,637 | — | — | — | — | 52,637 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans, net of tax (1) | — | — | 3,571,568 | 36 | (7,392) | 4,251 | (92) | — | — | (7,448) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances of stock related to acquisition (2) | — | — | 3,761,114 | 38 | 41,424 | — | — | — | — | 41,462 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of preferred stock for common stock | (43,000) | — | 4,300,000 | 43 | (43) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gain on securities available for sale, net of tax | — | — | — | — | — | — | — | 4,496 | — | 4,496 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (10,528) | (10,528) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | — | $ | — | 99,782,192 | $ | 998 | $ | 1,544,442 | 4,251 | $ | (92) | $ | 5,980 | $ | (746,538) | $ | 804,790 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | — | $ | — | 88,757,406 | $ | 892 | $ | 1,467,882 | 461,391 | $ | (19,550) | $ | (565) | $ | (548,472) | $ | 900,187 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 51,492 | — | — | — | — | 51,492 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans, net of tax (1) | — | — | 2,744,469 | 27 | (6,067) | 5,658 | (71) | — | — | (6,111) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock in exchange for common stock | 149,904 | 1 | (14,990,481) | (150) | (50,055) | — | — | — | — | (50,204) | |||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | — | — | — | (4) | (19,617) | (467,049) | 19,621 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | — | — | — | — | (589) | — | (589) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (160,883) | (160,883) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 (3) | 149,904 | $ | 1 | 76,511,394 | $ | 765 | $ | 1,443,635 | — | $ | — | $ | (1,154) | $ | (709,355) | $ | 733,892 |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 107,460,734 | $ | 1,075 | $ | 1,637,283 | $ | (33,537) | $ | (414,079) | $ | 1,190,742 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 18,021 | — | — | 18,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans | 1,233,386 | 12 | (7,711) | — | — | (7,699) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | (5,651) | — | (5,651) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 10,110 | 10,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 108,694,120 | $ | 1,087 | $ | 1,647,593 | $ | (39,188) | $ | (403,969) | $ | 1,205,523 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 106,546,995 | $ | 1,065 | $ | 1,628,590 | $ | (37,616) | $ | (427,745) | $ | 1,164,294 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 32,091 | — | — | 32,091 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans | 2,147,125 | 22 | (13,088) | — | — | (13,066) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | (1,572) | — | (1,572) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 23,776 | 23,776 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 108,694,120 | $ | 1,087 | $ | 1,647,593 | $ | (39,188) | $ | (403,969) | $ | 1,205,523 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 102,194,037 | $ | 1,022 | $ | 1,576,147 | $ | (13,141) | $ | (676,594) | $ | 887,434 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 19,664 | — | — | 19,664 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans | 1,436,739 | 14 | (1,353) | — | — | (1,339) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | (8,702) | — | (8,702) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 182,060 | 182,060 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 103,630,776 | $ | 1,036 | $ | 1,594,458 | $ | (21,843) | $ | (494,534) | $ | 1,079,117 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 101,043,924 | $ | 1,010 | $ | 1,559,616 | $ | 7,046 | $ | (717,430) | $ | 850,242 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 36,851 | — | — | 36,851 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net issuances under equity incentive plans | 2,586,852 | 26 | (2,009) | — | — | (1,983) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale, net of tax | — | — | — | (28,889) | — | (28,889) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 222,896 | 222,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 103,630,776 | $ | 1,036 | $ | 1,594,458 | $ | (21,843) | $ | (494,534) | $ | 1,079,117 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income (loss) | $ | 266,094 | $ | (10,528) | ||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Net income | Net income | $ | 23,776 | $ | 222,896 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Net fair value adjustments | Net fair value adjustments | (24,277) | 6,714 | Net fair value adjustments | 38,856 | (24,896) | ||||||||||||||||
Change in fair value of loan servicing assets | Change in fair value of loan servicing assets | 29,650 | 38,013 | |||||||||||||||||||
Gain on sales of loans | Gain on sales of loans | (27,346) | (53,429) | |||||||||||||||||||
Provision for credit losses | Provision for credit losses | 205,814 | 93,651 | Provision for credit losses | 137,179 | 123,075 | ||||||||||||||||
Change in fair value of loan servicing assets | 53,928 | 39,584 | ||||||||||||||||||||
Accretion of loan deferred fees and costs(1) | (63,486) | (24,996) | ||||||||||||||||||||
Accretion of loan deferred fees and costs | Accretion of loan deferred fees and costs | (50,292) | (41,392) | |||||||||||||||||||
Stock-based compensation, net | Stock-based compensation, net | 50,210 | 49,321 | Stock-based compensation, net | 27,716 | 33,467 | ||||||||||||||||
Depreciation and amortization(1) | 32,277 | 33,823 | ||||||||||||||||||||
Gain on sales of loans | (76,983) | (49,547) | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 23,992 | 21,596 | |||||||||||||||||||
Income tax benefit from release of tax valuation allowance | Income tax benefit from release of tax valuation allowance | (140,315) | — | Income tax benefit from release of tax valuation allowance | — | (135,300) | ||||||||||||||||
Other, net | Other, net | 515 | 8,631 | Other, net | (6,363) | 2,520 | ||||||||||||||||
Net change to loans held for sale | Net change to loans held for sale | 42,991 | (14,756) | Net change to loans held for sale | (138,347) | 66,787 | ||||||||||||||||
Net change in operating assets and liabilities: | Net change in operating assets and liabilities: | Net change in operating assets and liabilities: | ||||||||||||||||||||
Other assets | Other assets | (11,152) | (7,610) | Other assets | 14,065 | (6,648) | ||||||||||||||||
Other liabilities | Other liabilities | 6,602 | (6,000) | Other liabilities | (49,751) | (14,734) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 342,218 | 118,287 | Net cash provided by operating activities | 23,135 | 231,955 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Acquisition of company | — | (145,344) | ||||||||||||||||||||
Cash received from acquisition | — | 668,236 | ||||||||||||||||||||
Net change in loans and leases | Net change in loans and leases | (1,630,858) | (1,072,274) | Net change in loans and leases | (222,167) | (881,279) | ||||||||||||||||
Net decrease in retail and certificate loans | Net decrease in retail and certificate loans | 148,963 | 362,005 | Net decrease in retail and certificate loans | 30,222 | 113,422 | ||||||||||||||||
Purchases of securities available for sale | Purchases of securities available for sale | (222,534) | (78,914) | Purchases of securities available for sale | (45,120) | (222,534) | ||||||||||||||||
Proceeds from sales of securities available for sale | — | 106,192 | ||||||||||||||||||||
Proceeds from maturities and paydowns of securities available for sale | Proceeds from maturities and paydowns of securities available for sale | 69,776 | 108,640 | Proceeds from maturities and paydowns of securities available for sale | 19,022 | 49,645 | ||||||||||||||||
Purchases of property, equipment and software, net | Purchases of property, equipment and software, net | (54,659) | (24,435) | Purchases of property, equipment and software, net | (32,255) | (37,358) | ||||||||||||||||
Other investing activities | Other investing activities | (5,704) | 480 | Other investing activities | (7,600) | (4,023) | ||||||||||||||||
Net cash used for investing activities | Net cash used for investing activities | (1,695,016) | (75,414) | Net cash used for investing activities | (257,898) | (982,127) | ||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Net change in demand deposits and savings accounts | 1,987,718 | 809,488 | ||||||||||||||||||||
Proceeds from PPPLF | — | 325,194 | ||||||||||||||||||||
Repayment on PPPLF | (180,262) | (354,211) | ||||||||||||||||||||
Net change in deposits | Net change in deposits | 450,559 | 1,391,884 | |||||||||||||||||||
Principal payments on borrowings | Principal payments on borrowings | (58,276) | (183,244) | |||||||||||||||||||
Principal payments on retail notes and certificates | Principal payments on retail notes and certificates | (149,115) | (362,160) | Principal payments on retail notes and certificates | (30,222) | (113,498) | ||||||||||||||||
Principal payments on Structured Program borrowings | (18,613) | (70,496) | ||||||||||||||||||||
Principal payments on short-term borrowings | (23,396) | (69,163) | ||||||||||||||||||||
Principal payments on long-term debt | — | (2,834) | ||||||||||||||||||||
Other financing activities | Other financing activities | (7,994) | (7,448) | Other financing activities | (13,066) | (6,324) | ||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 1,608,338 | 268,370 | Net cash provided by financing activities | 348,995 | 1,088,818 | ||||||||||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | Net Increase in Cash, Cash Equivalents and Restricted Cash | $ | 255,540 | $ | 311,243 | Net Increase in Cash, Cash Equivalents and Restricted Cash | $ | 114,232 | $ | 338,646 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | Cash, Cash Equivalents and Restricted Cash, Beginning of Period | $ | 763,586 | $ | 628,485 | Cash, Cash Equivalents and Restricted Cash, Beginning of Period | $ | 1,124,484 | $ | 763,586 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 1,019,126 | $ | 939,728 | Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 1,238,716 | $ | 1,102,232 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid for interest | $ | 43,623 | $ | 62,926 | |||||||
Cash paid for income taxes | $ | 14,003 | $ | 3,295 | |||||||
Cash paid for operating leases included in the measurement of lease liabilities | $ | 12,394 | $ | 15,895 | |||||||
Non-cash investing activity: | |||||||||||
Loans and leases held for investment transferred to loans held for sale | $ | — | $ | 154,082 | |||||||
Non-cash investing and financing activity: | |||||||||||
Net issuances of stock related to acquisition | $ | — | $ | 41,462 | |||||||
Non-cash financing activity: | |||||||||||
Derecognition of payable to securitization note and residual certificate holders held in consolidated VIE | $ | 36,072 | $ | — | |||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental Cash Flow Information: | |||||||||||
Cash paid for interest | $ | 115,112 | $ | 19,463 | |||||||
Cash paid for taxes | $ | 7,245 | $ | 10,840 | |||||||
Cash paid for operating leases included in the measurement of lease liabilities | $ | 6,364 | $ | 9,253 | |||||||
Non-cash investing activity: | |||||||||||
Net securities retained from Structured Program transactions | $ | 153,229 | $ | — | |||||||
Non-cash financing activity: | |||||||||||
Derecognition of payable to securitization note and residual certificate holders held in consolidated VIE | $ | — | $ | 36,072 | |||||||
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 952,841 | $ | 687,126 | Cash and cash equivalents | $ | 1,203,924 | $ | 1,057,030 | ||||||||||||
Restricted cash | Restricted cash | 66,285 | 76,460 | Restricted cash | 34,792 | 67,454 | ||||||||||||||||
Total cash, cash equivalents and restricted cash | Total cash, cash equivalents and restricted cash | $ | 1,019,126 | $ | 763,586 | Total cash, cash equivalents and restricted cash | $ | 1,238,716 | $ | 1,124,484 |
Nine Months Ended September 30, 2020 | Additional Paid-in Capital | Accumulated Deficit | |||||||||
Issuance of preferred stock in exchange for common stock, as originally reported | $ | 149 | $ | (50,204) | |||||||
Adoption of ASU 2020-06 | (50,204) | 50,204 | |||||||||
Issuance of preferred stock in exchange for common stock, as adjusted | $ | (50,055) | $ | — |
Nine Months Ended September 30, 2020 | Common Stock | Preferred Stock | |||||||||
Net income (loss) attributable to stockholders, as originally reported | $ | (180,172) | $ | 19,289 | |||||||
Adoption of ASU 2020-06 | 42,851 | (42,851) | |||||||||
Net loss attributable to stockholders, as adjusted | $ | (137,321) | $ | (23,562) | |||||||
Basic and Diluted EPS, as originally reported | $ | (2.35) | $ | 1.46 | |||||||
Adoption of ASU 2020-06 | 0.56 | (3.25) | |||||||||
Basic and Diluted EPS, as adjusted | $ | (1.79) | $ | (1.79) |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Origination fees | Origination fees | $ | 127,142 | $ | 129,125 | $ | 398,487 | $ | 298,486 | Origination fees | $ | 70,989 | $ | 149,252 | $ | 141,532 | $ | 271,345 | ||||||||||||||||||||||||||||
Servicing fees | Servicing fees | 23,760 | 20,819 | 60,440 | 66,699 | Servicing fees | 22,015 | 18,166 | 48,395 | 36,680 | ||||||||||||||||||||||||||||||||||||
Gain on sales of loans | Gain on sales of loans | 23,554 | 21,907 | 76,983 | 49,547 | Gain on sales of loans | 13,221 | 29,319 | 27,346 | 53,429 | ||||||||||||||||||||||||||||||||||||
Net fair value adjustments | Net fair value adjustments | (619) | 2,705 | 24,277 | (6,714) | Net fair value adjustments | (23,442) | 9,647 | (38,856) | 24,896 | ||||||||||||||||||||||||||||||||||||
Total marketplace revenue | Total marketplace revenue | $ | 173,837 | $ | 174,556 | $ | 560,187 | $ | 408,018 | Total marketplace revenue | $ | 82,783 | $ | 206,384 | $ | 178,417 | $ | 386,350 |
Three Months Ended September 30, | 2022 | 2021 | |||||||||||||||||||||
Common Stock | Common Stock | ||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||
Net income attributable to stockholders | $ | 43,198 | $ | 27,185 | |||||||||||||||||||
Weighted-average common shares – Basic | 104,215,594 | 99,073,507 | |||||||||||||||||||||
Basic EPS | $ | 0.41 | $ | 0.27 | |||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||
Net income attributable to stockholders | $ | 43,198 | $ | 27,185 | |||||||||||||||||||
Weighted-average common shares – Diluted | 105,853,938 | 106,108,662 | |||||||||||||||||||||
Diluted EPS | $ | 0.41 | $ | 0.26 | |||||||||||||||||||
Nine Months Ended September 30, | 2022 | 2021 | |||||||||||||||||||||
Common Stock | Common Stock | Preferred Stock (1) | |||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | 266,094 | $ | (10,434) | $ | (94) | |||||||||||||||||
Weighted-average common shares – Basic | 102,838,645 | 96,531,725 | 873,217 | ||||||||||||||||||||
Basic EPS | $ | 2.59 | $ | (0.11) | $ | (0.11) | |||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||
Net income (loss) attributable to stockholders | $ | 266,094 | $ | (10,434) | $ | (94) | |||||||||||||||||
Weighted-average common shares – Diluted | 104,116,240 | 96,531,725 | 873,217 | ||||||||||||||||||||
Diluted EPS | $ | 2.56 | $ | (0.11) | $ | (0.11) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||
Net income attributable to stockholders | $ | 10,110 | $ | 182,060 | $ | 23,776 | $ | 222,896 | |||||||||||||||
Weighted-average common shares – Basic | 107,892,590 | 102,776,867 | 107,405,072 | 102,138,760 | |||||||||||||||||||
Basic EPS | $ | 0.09 | $ | 1.77 | $ | 0.22 | $ | 2.18 | |||||||||||||||
Diluted EPS: | |||||||||||||||||||||||
Net income attributable to stockholders | $ | 10,110 | $ | 182,060 | $ | 23,776 | $ | 222,896 | |||||||||||||||
Weighted-average common shares – Diluted | 107,895,072 | 105,042,626 | 107,409,129 | 104,644,825 | |||||||||||||||||||
Diluted EPS | $ | 0.09 | $ | 1.73 | $ | 0.22 | $ | 2.13 | |||||||||||||||
September 30, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | $ | 260,286 | $ | — | $ | (43,576) | $ | 216,710 | |||||||||||||||||||||
U.S. agency securities | 90,445 | — | (15,060) | 75,385 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | 28,007 | — | (4,275) | 23,732 | |||||||||||||||||||||||||
Other asset-backed securities | 19,313 | 38 | (818) | 18,533 | |||||||||||||||||||||||||
Asset-backed senior securities | 9,154 | — | — | 9,154 | |||||||||||||||||||||||||
Asset-backed subordinated securities | 2,221 | 5,223 | — | 7,444 | |||||||||||||||||||||||||
CLUB Certificate asset-backed securities | 3,018 | 2,830 | — | 5,848 | |||||||||||||||||||||||||
Municipal securities | 3,282 | — | (931) | 2,351 | |||||||||||||||||||||||||
Total securities available for sale (1) | $ | 415,726 | $ | 8,091 | $ | (64,660) | $ | 359,157 |
June 30, 2023 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | $ | 254,999 | $ | — | $ | (40,483) | $ | 214,516 | |||||||||||||||||||||
Senior asset-backed securities related to Structured Program transactions | 144,529 | — | (605) | 143,924 | |||||||||||||||||||||||||
U.S. agency securities | 93,449 | — | (14,409) | 79,040 | |||||||||||||||||||||||||
Mortgage-backed securities | 43,723 | — | (5,580) | 38,143 | |||||||||||||||||||||||||
Other asset-backed securities | 29,187 | 44 | (765) | 28,466 | |||||||||||||||||||||||||
Other asset-backed securities related to Structured Program transactions (1) | 10,550 | 6,452 | (22) | 16,980 | |||||||||||||||||||||||||
Municipal securities | 3,267 | — | (757) | 2,510 | |||||||||||||||||||||||||
Total securities available for sale (2) | $ | 579,704 | $ | 6,496 | $ | (62,621) | $ | 523,579 |
December 31, 2021 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | $ | 125,985 | $ | — | $ | (2,286) | $ | 123,699 | |||||||||||||||||||||
Asset-backed senior securities | 28,057 | 72 | — | 28,129 | |||||||||||||||||||||||||
U.S. agency securities | 26,902 | 1 | (731) | 26,172 | |||||||||||||||||||||||||
Other asset-backed securities | 26,112 | 151 | (130) | 26,133 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | 26,649 | 1 | (552) | 26,098 | |||||||||||||||||||||||||
CLUB Certificate asset-backed securities | 15,049 | 3,236 | — | 18,285 | |||||||||||||||||||||||||
Asset-backed subordinated securities | 4,119 | 7,643 | — | 11,762 | |||||||||||||||||||||||||
Municipal securities | 3,297 | — | (45) | 3,252 | |||||||||||||||||||||||||
Total securities available for sale (1) | $ | 256,170 | $ | 11,104 | $ | (3,744) | $ | 263,530 |
December 31, 2022 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | $ | 255,675 | $ | — | $ | (41,248) | $ | 214,427 | |||||||||||||||||||||
U.S. agency securities | 90,447 | — | (16,053) | 74,394 | |||||||||||||||||||||||||
Mortgage-backed securities | 26,988 | — | (4,470) | 22,518 | |||||||||||||||||||||||||
Asset-backed securities related to Structured Program transactions | 8,322 | 9,395 | — | 17,717 | |||||||||||||||||||||||||
Other asset-backed securities | 14,959 | 29 | (785) | 14,203 | |||||||||||||||||||||||||
Municipal securities | 3,277 | — | (834) | 2,443 | |||||||||||||||||||||||||
Total securities available for sale (2) | $ | 399,668 | $ | 9,424 | $ | (63,390) | $ | 345,702 |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | U.S. agency residential mortgage-backed securities | $ | 142,629 | $ | (23,204) | $ | 74,081 | $ | (20,372) | $ | 216,710 | $ | (43,576) | U.S. agency residential mortgage-backed securities | $ | 22,653 | $ | (1,331) | $ | 191,863 | $ | (39,152) | $ | 214,516 | $ | (40,483) | ||||||||||||||||||||||||||||||||||||||||||||
Senior asset-backed securities related to Structured Program transactions | Senior asset-backed securities related to Structured Program transactions | 94,552 | (605) | — | — | 94,552 | (605) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | U.S. agency securities | 61,949 | (9,608) | 13,436 | (5,452) | 75,385 | (15,060) | U.S. agency securities | 5,878 | (122) | 73,162 | (14,287) | 79,040 | (14,409) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 6,388 | (1,013) | 17,344 | (3,262) | 23,732 | (4,275) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 16,946 | (787) | 21,197 | (4,793) | 38,143 | (5,580) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 8,973 | (156) | 5,388 | (662) | 14,361 | (818) | Other asset-backed securities | 14,035 | (48) | 8,479 | (717) | 22,514 | (765) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities related to Structured Program transactions | Other asset-backed securities related to Structured Program transactions | 5,703 | (22) | — | — | 5,703 | (22) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | — | — | 2,351 | (931) | 2,351 | (931) | Municipal securities | — | — | 2,510 | (757) | 2,510 | (757) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities with unrealized losses | Total securities with unrealized losses | $ | 219,939 | $ | (33,981) | $ | 112,600 | $ | (30,679) | $ | 332,539 | $ | (64,660) | Total securities with unrealized losses | $ | 159,767 | $ | (2,915) | $ | 297,211 | $ | (59,706) | $ | 456,978 | $ | (62,621) | ||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | U.S. agency residential mortgage-backed securities | $ | 123,668 | $ | (2,286) | $ | — | $ | — | $ | 123,668 | $ | (2,286) | U.S. agency residential mortgage-backed securities | $ | 111,843 | $ | (15,831) | $ | 102,584 | $ | (25,417) | $ | 214,427 | $ | (41,248) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | U.S. agency securities | 24,175 | (731) | — | — | 24,175 | (731) | U.S. agency securities | 50,352 | (7,213) | 24,042 | (8,840) | 74,394 | (16,053) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 2,441 | (229) | 20,077 | (4,241) | 22,518 | (4,470) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 13,224 | (130) | — | — | 13,224 | (130) | Other asset-backed securities | 4,086 | (73) | 6,945 | (712) | 11,031 | (785) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 25,927 | (552) | — | — | 25,927 | (552) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 3,252 | (45) | — | — | 3,252 | (45) | Municipal securities | — | — | 2,443 | (834) | 2,443 | (834) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities with unrealized losses | Total securities with unrealized losses | $ | 190,246 | $ | (3,744) | $ | — | $ | — | $ | 190,246 | $ | (3,744) | Total securities with unrealized losses | $ | 168,722 | $ | (23,346) | $ | 156,091 | $ | (40,044) | $ | 324,813 | $ | (63,390) |
Credit Valuation Allowance | CLUB Certificate asset-backed securities | Asset-backed subordinated securities | Total | ||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | (40) | $ | (552) | $ | (592) | |||||||||||||||||||||||
Reversal of credit loss expense | 40 | 456 | 496 | ||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | — | $ | (96) | $ | (96) |
Credit Valuation Allowance | CLUB Certificate asset-backed securities | Asset-backed subordinated securities | Total | ||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | (4,190) | $ | (14,546) | $ | (18,736) | |||||||||||||||||||||||
Reversal of credit loss expense | 236 | 3,052 | 3,288 | ||||||||||||||||||||||||||
Reversal of allowance arising from PCD financial assets | 3,954 | 11,398 | 15,352 | ||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | — | $ | (96) | $ | (96) |
September 30, 2022 | Amortized Cost | Fair Value | Weighted- average Yield(1) | |||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Amortized Cost | Fair Value | Weighted- average Yield (1) | ||||||||||||||||||||||||||||||
Due after 1 year through 5 years: | Due after 1 year through 5 years: | Due after 1 year through 5 years: | ||||||||||||||||||||||||||||||||
Senior asset-backed securities related to Structured Program transactions | Senior asset-backed securities related to Structured Program transactions | $ | 144,529 | $ | 143,924 | |||||||||||||||||||||||||||||
Other asset-backed securities related to Structured Program transactions | Other asset-backed securities related to Structured Program transactions | 10,550 | 16,980 | |||||||||||||||||||||||||||||||
U.S. agency securities | U.S. agency securities | 9,000 | 8,640 | U.S. agency securities | 9,000 | 8,595 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1,042 | 919 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 1,788 | 1,583 | |||||||||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | U.S. agency residential mortgage-backed securities | 4 | 4 | |||||||||||||||||||||||||||||||
Total due after 1 year through 5 years | Total due after 1 year through 5 years | 10,042 | 9,559 | 3.33 | % | Total due after 1 year through 5 years | 165,871 | 171,086 | 5.19 | % | ||||||||||||||||||||||||
Due after 5 years through 10 years: | Due after 5 years through 10 years: | Due after 5 years through 10 years: | ||||||||||||||||||||||||||||||||
U.S. agency securities | U.S. agency securities | 18,847 | 17,257 | |||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 16,491 | 16,471 | |||||||||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | U.S. agency residential mortgage-backed securities | 6,604 | 6,093 | U.S. agency residential mortgage-backed securities | 5,512 | 5,127 | ||||||||||||||||||||||||||||
U.S. agency securities | 12,847 | 11,287 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 2,871 | 2,367 | ||||||||||||||||||||||||||||||||
Other asset-backed securities | 649 | 656 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 2,047 | 1,693 | |||||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 625 | 516 | Municipal securities | 622 | 541 | ||||||||||||||||||||||||||||
Total due after 5 years through 10 years | Total due after 5 years through 10 years | 23,596 | 20,919 | 2.63 | % | Total due after 5 years through 10 years | 43,519 | 41,089 | 4.19 | % | ||||||||||||||||||||||||
Due after 10 years: | Due after 10 years: | Due after 10 years: | ||||||||||||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | U.S. agency residential mortgage-backed securities | 253,682 | 210,617 | U.S. agency residential mortgage-backed securities | 249,483 | 209,385 | ||||||||||||||||||||||||||||
U.S. agency securities | U.S. agency securities | 68,598 | 55,458 | U.S. agency securities | 65,602 | 53,188 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 24,094 | 20,446 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 39,888 | 34,867 | |||||||||||||||||||||||||||||||
Other asset-backed securities | Other asset-backed securities | 18,664 | 17,877 | Other asset-backed securities | 12,696 | 11,995 | ||||||||||||||||||||||||||||
Municipal securities | Municipal securities | 2,657 | 1,835 | Municipal securities | 2,645 | 1,969 | ||||||||||||||||||||||||||||
Total due after 10 years | Total due after 10 years | 367,695 | 306,233 | 2.44 | % | Total due after 10 years | 370,314 | 311,404 | 2.69 | % | ||||||||||||||||||||||||
Asset-backed securities related to Structured Program transactions | 14,393 | 22,446 | 56.16 | % | ||||||||||||||||||||||||||||||
Total securities available for sale | Total securities available for sale | $ | 415,726 | $ | 359,157 | 4.33 | % | Total securities available for sale | $ | 579,704 | $ | 523,579 | 3.52 | % |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Unsecured personal | Unsecured personal | $ | 3,642,254 | $ | 1,804,578 | Unsecured personal | $ | 4,371,330 | $ | 3,866,373 | ||||||||||||
Residential mortgages | Residential mortgages | 197,776 | 151,362 | Residential mortgages | 192,256 | 199,601 | ||||||||||||||||
Secured consumer | Secured consumer | 180,768 | 65,976 | Secured consumer | 237,372 | 194,634 | ||||||||||||||||
Total consumer loans held for investment | Total consumer loans held for investment | 4,020,798 | 2,021,916 | Total consumer loans held for investment | 4,800,958 | 4,260,608 | ||||||||||||||||
Equipment finance (1) | Equipment finance (1) | 167,447 | 149,155 | Equipment finance (1) | 142,073 | 160,319 | ||||||||||||||||
Commercial real estate | Commercial real estate | 372,406 | 310,399 | Commercial real estate | 382,738 | 373,501 | ||||||||||||||||
Commercial and industrial (2) | Commercial and industrial (2) | 246,276 | 417,656 | Commercial and industrial (2) | 207,580 | 238,726 | ||||||||||||||||
Total commercial loans and leases held for investment | Total commercial loans and leases held for investment | 786,129 | 877,210 | Total commercial loans and leases held for investment | 732,391 | 772,546 | ||||||||||||||||
Total loans and leases held for investment | Total loans and leases held for investment | 4,806,927 | 2,899,126 | Total loans and leases held for investment | 5,533,349 | 5,033,154 | ||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (303,201) | (144,389) | Allowance for loan and lease losses | (355,163) | (327,852) | ||||||||||||||||
Loans and leases held for investment, net (3) | Loans and leases held for investment, net (3) | $ | 4,503,726 | $ | 2,754,737 | Loans and leases held for investment, net (3) | $ | 5,178,186 | $ | 4,705,302 |
September 30, 2022 | Gross | ALLL | Net | Allowance Ratios (1) | ||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Gross | ALLL | Net | Allowance Ratios (1) | |||||||||||||||||||||||
Total consumer loans held for investment | Total consumer loans held for investment | $ | 4,020,798 | $ | 288,138 | $ | 3,732,660 | 7.2 | % | Total consumer loans held for investment | $ | 4,800,958 | $ | 341,161 | $ | 4,459,797 | 7.1 | % | ||||||||||
Total commercial loans and leases held for investment | Total commercial loans and leases held for investment | 786,129 | 15,063 | 771,066 | 1.9 | % | Total commercial loans and leases held for investment | 732,391 | 14,002 | 718,389 | 1.9 | % | ||||||||||||||||
Total loans and leases held for investment | Total loans and leases held for investment | $ | 4,806,927 | $ | 303,201 | $ | 4,503,726 | 6.3 | % | Total loans and leases held for investment | $ | 5,533,349 | $ | 355,163 | $ | 5,178,186 | 6.4 | % |
December 31, 2021 | Gross | ALLL | Net | Allowance Ratios (1) | ||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | Gross | ALLL | Net | Allowance Ratios (1) | |||||||||||||||||||||||
Total consumer loans held for investment | Total consumer loans held for investment | $ | 2,021,916 | $ | 128,812 | $ | 1,893,104 | 6.4 | % | Total consumer loans held for investment | $ | 4,260,608 | $ | 312,489 | $ | 3,948,119 | 7.3 | % | ||||||||||
Total commercial loans and leases held for investment | Total commercial loans and leases held for investment | 877,210 | 15,577 | 861,633 | 1.8 | % | Total commercial loans and leases held for investment | 772,546 | 15,363 | 757,183 | 2.0 | % | ||||||||||||||||
Total loans and leases held for investment | Total loans and leases held for investment | $ | 2,899,126 | $ | 144,389 | $ | 2,754,737 | 5.0 | % | Total loans and leases held for investment | $ | 5,033,154 | $ | 327,852 | $ | 4,705,302 | 6.5 | % |
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | Consumer | Commercial | Total | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period | Allowance for loan and lease losses, beginning of period | $ | 228,184 | $ | 15,076 | $ | 243,260 | $ | 54,058 | $ | 17,023 | $ | 71,081 | Allowance for loan and lease losses, beginning of period | $ | 333,546 | $ | 15,311 | $ | 348,857 | $ | 173,857 | $ | 14,128 | $ | 187,985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense for loans and leases held for investment | Credit loss expense for loans and leases held for investment | 81,935 | 664 | 82,599 | 37,695 | (562) | 37,133 | Credit loss expense for loans and leases held for investment | 66,874 | (684) | 66,190 | 68,314 | 1,739 | 70,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs (1) | Charge-offs (1) | (22,944) | (784) | (23,728) | (3,142) | (1,194) | (4,336) | Charge-offs (1) | (63,345) | (924) | (64,269) | (14,707) | (1,145) | (15,852) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 963 | 107 | 1,070 | 20 | 838 | 858 | Recoveries | 4,086 | 299 | 4,385 | 720 | 354 | 1,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, end of period | Allowance for loan and lease losses, end of period | $ | 288,138 | $ | 15,063 | $ | 303,201 | $ | 88,631 | $ | 16,105 | $ | 104,736 | Allowance for loan and lease losses, end of period | $ | 341,161 | $ | 14,002 | $ | 355,163 | $ | 228,184 | $ | 15,076 | $ | 243,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | Reserve for unfunded lending commitments, beginning of period | $ | 136 | $ | 1,889 | $ | 2,025 | $ | — | $ | 390 | $ | 390 | Reserve for unfunded lending commitments, beginning of period | $ | 67 | $ | 1,545 | $ | 1,612 | $ | — | $ | 1,512 | $ | 1,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense for unfunded lending commitments | Credit loss expense for unfunded lending commitments | (78) | 218 | 140 | 50 | 837 | 887 | Credit loss expense for unfunded lending commitments | (67) | 472 | 405 | 136 | 377 | 513 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period (2) | Reserve for unfunded lending commitments, end of period (2) | $ | 58 | $ | 2,107 | $ | 2,165 | $ | 50 | $ | 1,227 | $ | 1,277 | Reserve for unfunded lending commitments, end of period (2) | $ | — | $ | 2,017 | $ | 2,017 | $ | 136 | $ | 1,889 | $ | 2,025 |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Commercial | Total | Consumer | Commercial | Total | Consumer | Commercial | Total | Consumer | Commercial | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period | Allowance for loan and lease losses, beginning of period | $ | 128,812 | $ | 15,577 | $ | 144,389 | $ | — | $ | — | $ | — | Allowance for loan and lease losses, beginning of period | $ | 312,489 | $ | 15,363 | $ | 327,852 | $ | 128,812 | $ | 15,577 | $ | 144,389 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense for loans and leases held for investment (3) | 203,967 | 913 | 204,880 | 91,194 | 4,468 | 95,662 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance for PCD loans acquired during the period (4) | — | — | — | 603 | 11,837 | 12,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense for loans and leases held for investment | Credit loss expense for loans and leases held for investment | 137,558 | (518) | 137,040 | 122,032 | 249 | 122,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs (1) | Charge-offs (1) | (46,668) | (2,001) | (48,669) | (3,232) | (1,350) | (4,582) | Charge-offs (1) | (115,557) | (1,275) | (116,832) | (23,724) | (1,217) | (24,941) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 2,027 | 574 | 2,601 | 66 | 1,150 | 1,216 | Recoveries | 6,671 | 432 | 7,103 | 1,064 | 467 | 1,531 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, end of period | Allowance for loan and lease losses, end of period | $ | 288,138 | $ | 15,063 | $ | 303,201 | $ | 88,631 | $ | 16,105 | $ | 104,736 | Allowance for loan and lease losses, end of period | $ | 341,161 | $ | 14,002 | $ | 355,163 | $ | 228,184 | $ | 15,076 | $ | 243,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | Reserve for unfunded lending commitments, beginning of period | $ | — | $ | 1,231 | $ | 1,231 | $ | — | $ | — | $ | — | Reserve for unfunded lending commitments, beginning of period | $ | 18 | $ | 1,860 | $ | 1,878 | $ | — | $ | 1,231 | $ | 1,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense for unfunded lending commitments | Credit loss expense for unfunded lending commitments | 58 | 876 | 934 | 50 | 1,227 | 1,277 | Credit loss expense for unfunded lending commitments | (18) | 157 | 139 | 136 | 658 | 794 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period (2) | Reserve for unfunded lending commitments, end of period (2) | $ | 58 | $ | 2,107 | $ | 2,165 | $ | 50 | $ | 1,227 | $ | 1,277 | Reserve for unfunded lending commitments, end of period (2) | $ | — | $ | 2,017 | $ | 2,017 | $ | 136 | $ | 1,889 | $ | 2,025 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Charge-Offs by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Unsecured personal | $ | 1,596 | $ | 63,295 | $ | 49,331 | $ | — | $ | — | $ | — | $ | 114,222 | ||||||||||||||||||||||||||||||||||||
Residential mortgages | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Secured consumer | 19 | 1,026 | 290 | — | — | — | 1,335 | |||||||||||||||||||||||||||||||||||||||||||
Total consumer loans held for investment | 1,615 | 64,321 | 49,621 | — | — | — | 115,557 | |||||||||||||||||||||||||||||||||||||||||||
Equipment finance | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | 923 | — | 318 | 34 | 1,275 | |||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases held for investment | — | — | 923 | — | 318 | 34 | 1,275 | |||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment | $ | 1,615 | $ | 64,321 | $ | 50,544 | $ | — | $ | 318 | $ | 34 | $ | 116,832 |
September 30, 2022 | Term Loans and Leases by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Term Loans and Leases by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured personal | Unsecured personal | Unsecured personal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | $ | 2,458,166 | $ | 1,146,225 | $ | — | $ | — | $ | — | $ | — | $ | 3,604,391 | Current | $ | 1,374,603 | $ | 2,240,402 | $ | 679,211 | $ | — | $ | — | $ | — | $ | 4,294,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | 5,758 | 9,041 | — | — | — | — | 14,799 | 30-59 days past due | 3,279 | 17,474 | 9,013 | — | — | — | 29,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | 4,038 | 8,425 | — | — | — | — | 12,463 | 60-89 days past due | 1,865 | 14,153 | 7,933 | — | — | — | 23,951 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 or more days past due | 90 or more days past due | 2,520 | 8,081 | — | — | — | — | 10,601 | 90 or more days past due | 1,213 | 13,852 | 8,332 | — | — | — | 23,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unsecured personal | Total unsecured personal | 2,470,482 | 1,171,772 | — | — | — | — | 3,642,254 | Total unsecured personal | 1,380,960 | 2,285,881 | 704,489 | — | — | — | 4,371,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 43,130 | 59,682 | 33,680 | 21,835 | 4,573 | 34,539 | 197,439 | Current | 5 | 49,346 | 56,510 | 30,442 | 21,358 | 34,430 | 192,091 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | — | — | — | — | — | — | — | 30-59 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | — | — | — | — | — | — | — | 60-89 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 or more days past due | 90 or more days past due | — | — | — | — | 4 | 333 | 337 | 90 or more days past due | — | — | — | — | — | 165 | 165 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | Total residential mortgages | 43,130 | 59,682 | 33,680 | 21,835 | 4,577 | 34,872 | 197,776 | Total residential mortgages | 5 | 49,346 | 56,510 | 30,442 | 21,358 | 34,595 | 192,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured consumer | Secured consumer | Secured consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 133,644 | 42,910 | — | 2,563 | — | — | 179,117 | Current | 80,331 | 124,585 | 29,849 | — | 2,502 | — | 237,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | 596 | 389 | — | — | — | — | 985 | 30-59 days past due | — | 35 | 19 | — | — | — | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | 270 | 234 | — | — | — | — | 504 | 60-89 days past due | — | 51 | — | — | — | — | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 or more days past due | 90 or more days past due | 67 | 95 | — | — | — | — | 162 | 90 or more days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total secured consumer | Total secured consumer | 134,577 | 43,628 | — | 2,563 | — | — | 180,768 | Total secured consumer | 80,331 | 124,671 | 29,868 | — | 2,502 | — | 237,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans held for investment | Total consumer loans held for investment | $ | 2,648,189 | $ | 1,275,082 | $ | 33,680 | $ | 24,398 | $ | 4,577 | $ | 34,872 | $ | 4,020,798 | Total consumer loans held for investment | $ | 1,461,296 | $ | 2,459,898 | $ | 790,867 | $ | 30,442 | $ | 23,860 | $ | 34,595 | $ | 4,800,958 |
December 31, 2021 | Term Loans and Leases by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | Term Loans and Leases by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Within Revolving Period | Total | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured personal | Unsecured personal | Unsecured personal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | $ | 1,796,678 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,796,678 | Current | $ | 2,835,460 | $ | 977,224 | $ | — | $ | — | $ | — | $ | — | $ | 3,812,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | 3,624 | — | — | — | — | — | — | 3,624 | 30-59 days past due | 11,149 | 9,867 | — | — | — | — | 21,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | 2,600 | — | — | — | — | — | — | 2,600 | 60-89 days past due | 7,785 | 8,633 | — | — | — | — | 16,418 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 or more days past due | 90 or more days past due | 1,676 | — | — | — | — | — | — | 1,676 | 90 or more days past due | 6,813 | 9,442 | — | — | — | — | 16,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unsecured personal | Total unsecured personal | 1,804,578 | — | — | — | — | — | — | 1,804,578 | Total unsecured personal | 2,861,207 | 1,005,166 | — | — | — | — | 3,866,373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | Residential mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 36,732 | 37,620 | 26,798 | 7,277 | 2,682 | 37,685 | 1,265 | 150,059 | Current | 49,721 | 58,353 | 31,465 | 21,683 | 4,546 | 33,248 | 199,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | — | — | — | — | — | 142 | — | 142 | 30-59 days past due | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | — | — | — | — | 92 | — | — | 92 | 60-89 days past due | — | — | — | — | — | 254 | 254 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 or more days past due | 90 or more days past due | — | — | — | — | 251 | 818 | — | 1,069 | 90 or more days past due | — | — | — | — | — | 331 | 331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgages | Total residential mortgages | 36,732 | 37,620 | 26,798 | 7,277 | 3,025 | 38,645 | 1,265 | 151,362 | Total residential mortgages | 49,721 | 58,353 | 31,465 | 21,683 | 4,546 | 33,833 | 199,601 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured consumer | Secured consumer | Secured consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 62,731 | — | — | — | — | — | 10 | 62,741 | Current | 151,725 | 38,076 | — | 2,543 | — | — | 192,344 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | 171 | — | — | — | — | — | — | 171 | 30-59 days past due | 1,017 | 703 | — | — | — | — | 1,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | 53 | — | — | — | — | — | — | 53 | 60-89 days past due | 235 | 147 | — | — | — | — | 382 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90 or more days past due | 90 or more days past due | — | — | — | 2,629 | 382 | — | — | 3,011 | 90 or more days past due | 116 | 72 | — | — | — | — | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total secured consumer | Total secured consumer | 62,955 | — | — | 2,629 | 382 | — | 10 | 65,976 | Total secured consumer | 153,093 | 38,998 | — | 2,543 | — | — | 194,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans held for investment | Total consumer loans held for investment | $ | 1,904,265 | $ | 37,620 | $ | 26,798 | $ | 9,906 | $ | 3,407 | $ | 38,645 | $ | 1,275 | $ | 2,021,916 | Total consumer loans held for investment | $ | 3,064,021 | $ | 1,102,517 | $ | 31,465 | $ | 24,226 | $ | 4,546 | $ | 33,833 | $ | 4,260,608 |
September 30, 2022 | Term Loans and Leases by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Term Loans and Leases by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 55,947 | $ | 42,853 | $ | 28,066 | $ | 20,145 | $ | 12,751 | $ | 3,704 | $ | 163,466 | Pass | $ | 3,596 | $ | 38,634 | $ | 32,754 | $ | 13,836 | $ | 13,458 | $ | 12,394 | $ | 114,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | 2,198 | — | 1,603 | — | — | 3,801 | Special mention | — | 15,369 | 1,881 | 6,295 | 3,173 | — | 26,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | 180 | — | 180 | Substandard | — | — | — | 683 | — | — | 683 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | Doubtful | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | Loss | — | — | — | — | — | — | — | Loss | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equipment finance | Total equipment finance | 55,947 | 45,051 | 28,066 | 21,748 | 12,931 | 3,704 | 167,447 | Total equipment finance | 3,596 | 54,003 | 34,635 | 20,814 | 16,631 | 12,394 | 142,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 84,608 | 56,575 | 50,985 | 52,967 | 38,941 | 63,589 | 347,665 | Pass | 32,401 | 94,456 | 38,291 | 44,179 | 52,001 | 79,403 | 340,731 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | — | 8,415 | 262 | 1,242 | 842 | 10,761 | Special mention | — | — | — | — | 259 | 9,389 | 9,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | 658 | 2,403 | 10,364 | 13,425 | Substandard | — | 3,761 | 6,785 | 8,415 | 231 | 10,577 | 29,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | Doubtful | — | — | 2,043 | — | — | — | 2,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | Loss | — | — | — | — | — | 555 | 555 | Loss | — | — | — | — | — | 547 | 547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | 84,608 | 56,575 | 59,400 | 53,887 | 42,586 | 75,350 | 372,406 | Total commercial real estate | 32,401 | 98,217 | 47,119 | 52,594 | 52,491 | 99,916 | 382,738 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 37,626 | 126,661 | 26,382 | 15,190 | 4,702 | 12,710 | 223,271 | Pass | 24,054 | 76,240 | 48,898 | 19,968 | 9,959 | 12,337 | 191,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | Special mention | — | 176 | 1,962 | 1,852 | 166 | 473 | 4,629 | Special mention | — | 770 | 29 | 96 | 214 | 558 | 1,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 4,746 | 4,678 | 3,812 | 1,668 | 1,839 | 16,743 | Substandard | — | — | 4,634 | 713 | 3,780 | 3,688 | 12,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | 111 | — | — | 287 | 398 | Doubtful | — | — | — | — | — | 286 | 286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | Loss | — | — | — | — | 6 | 1,229 | 1,235 | Loss | — | — | — | — | — | 1,356 | 1,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | Total commercial and industrial | 37,626 | 131,583 | 33,133 | 20,854 | 6,542 | 16,538 | 246,276 | Total commercial and industrial | 24,054 | 77,010 | 53,561 | 20,777 | 13,953 | 18,225 | 207,580 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases held for investment | Total commercial loans and leases held for investment | $ | 178,181 | $ | 233,209 | $ | 120,599 | $ | 96,489 | $ | 62,059 | $ | 95,592 | $ | 786,129 | Total commercial loans and leases held for investment | $ | 60,051 | $ | 229,230 | $ | 135,315 | $ | 94,185 | $ | 83,075 | $ | 130,535 | $ | 732,391 |
December 31, 2021 | Term Loans and Leases by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Within Revolving Period | Total | |||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 52,440 | $ | 35,398 | $ | 26,918 | $ | 15,457 | $ | 6,184 | $ | 8,814 | $ | — | $ | 145,211 | ||||||||||||||||||||||||||||||||||
Special mention | 1,531 | — | 1,810 | — | — | — | — | 3,341 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 603 | — | — | — | 603 | ||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total equipment finance | 53,971 | 35,398 | 28,728 | 16,060 | 6,184 | 8,814 | — | 149,155 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 55,613 | 55,202 | 54,460 | 39,981 | 22,366 | 57,235 | — | 284,857 | ||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 8,397 | — | 1,366 | 1,018 | 7,242 | — | 18,023 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 277 | 2,496 | — | 4,179 | — | 6,952 | ||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 567 | — | 567 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 55,613 | 63,599 | 54,737 | 43,843 | 23,384 | 69,223 | — | 310,399 | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 241,368 | 108,574 | 24,106 | 7,874 | 14,756 | 8,058 | 599 | 405,335 | ||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 2,207 | 463 | 1,467 | 40 | — | 4,177 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 1,122 | 862 | 1,858 | 1,525 | 1,571 | 87 | 7,025 | ||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | 52 | 4 | 1,063 | — | 1,119 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial (1) | 241,368 | 109,696 | 27,175 | 10,247 | 17,752 | 10,732 | 686 | 417,656 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases held for investment | $ | 350,952 | $ | 208,693 | $ | 110,640 | $ | 70,150 | $ | 47,320 | $ | 88,769 | $ | 686 | $ | 877,210 |
December 31, 2022 | Term Loans and Leases by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 59,227 | $ | 38,218 | $ | 25,014 | $ | 15,785 | $ | 11,880 | $ | 3,444 | $ | 153,568 | ||||||||||||||||||||||||||||||||||||
Special mention | — | 2,094 | — | 3,759 | — | — | 5,853 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 859 | — | 39 | — | 898 | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total equipment finance | 59,227 | 40,312 | 25,873 | 19,544 | 11,919 | 3,444 | 160,319 | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 100,602 | 53,445 | 47,497 | 52,834 | 35,992 | 60,976 | 351,346 | |||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 8,415 | 260 | 1,237 | 405 | 10,317 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 643 | 2,404 | 8,215 | 11,262 | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | 576 | 576 | |||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 100,602 | 53,445 | 55,912 | 53,737 | 39,633 | 70,172 | 373,501 | |||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 61,076 | 99,264 | 24,726 | 13,866 | 5,174 | 10,831 | 214,937 | |||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | 483 | 163 | 455 | 1,101 | |||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 9,361 | 4,529 | 3,623 | 797 | 2,820 | 21,130 | |||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 286 | 286 | |||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | 1 | 1,271 | 1,272 | |||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 61,076 | 108,625 | 29,255 | 17,972 | 6,135 | 15,663 | 238,726 | |||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases held for investment | $ | 220,905 | $ | 202,382 | $ | 111,040 | $ | 91,253 | $ | 57,687 | $ | 89,279 | $ | 772,546 |
September 30, 2022 | 30-59 Days | 60-89 Days | 90 or More Days | Total | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | 30-59 Days | 60-89 Days | 90 or More Days | Total | |||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | $ | — | $ | — | $ | — | $ | — | Equipment finance | $ | 485 | $ | — | $ | 683 | $ | 1,168 | ||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | 101 | 452 | 553 | Commercial real estate | 2,115 | — | 10,561 | 12,676 | ||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | Commercial and industrial (1) | — | — | 1,650 | 1,650 | Commercial and industrial (1) | 184 | 358 | 1,608 | 2,150 | ||||||||||||||||||||||||||||||||||||
Total commercial loans and leases held for investment | Total commercial loans and leases held for investment | $ | — | $ | 101 | $ | 2,102 | $ | 2,203 | Total commercial loans and leases held for investment | $ | 2,784 | $ | 358 | $ | 12,852 | $ | 15,994 |
December 31, 2021 | 30-59 Days | 60-89 Days | 90 or More Days | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 30-59 Days | 60-89 Days | 90 or More Days | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | $ | — | $ | — | $ | — | $ | — | Equipment finance | $ | 3,172 | $ | — | $ | 859 | $ | 4,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 104 | — | 609 | 713 | Commercial real estate | — | 102 | — | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | Commercial and industrial (1) | — | — | 1,410 | 1,410 | Commercial and industrial (1) | — | — | 1,643 | 1,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases held for investment | Total commercial loans and leases held for investment | $ | 104 | $ | — | $ | 2,019 | $ | 2,123 | Total commercial loans and leases held for investment | $ | 3,172 | $ | 102 | $ | 2,502 | $ | 5,776 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual(1) | Nonaccrual with no related ACL(2) | Nonaccrual(1) | Nonaccrual with no related ACL(2) | Nonaccrual (1) | Nonaccrual with no related ACL (2) | Nonaccrual (1) | Nonaccrual with no related ACL (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured personal | Unsecured personal | $ | 10,601 | $ | — | $ | 1,676 | $ | — | Unsecured personal | $ | 23,397 | $ | — | $ | 16,255 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | Residential mortgages | 337 | 337 | 1,373 | 1,373 | Residential mortgages | 322 | 322 | 331 | 331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured consumer | Secured consumer | 162 | — | 3,011 | 3,011 | Secured consumer | — | — | 188 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual consumer loans held for investment | Total nonaccrual consumer loans held for investment | 11,100 | 337 | 6,060 | 4,384 | Total nonaccrual consumer loans held for investment | 23,719 | 322 | 16,774 | 331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | 180 | — | 603 | — | Equipment finance | 683 | — | 898 | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 1,013 | 1,013 | 989 | 989 | Commercial real estate | 19,298 | 9,360 | 1,018 | 1,018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 12,214 | 1,338 | 2,333 | 1,061 | Commercial and industrial | 7,683 | 2,043 | 16,137 | 1,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual commercial loans and leases held for investment | Total nonaccrual commercial loans and leases held for investment | 13,407 | 2,351 | 3,925 | 2,050 | Total nonaccrual commercial loans and leases held for investment | 27,664 | 11,403 | 18,053 | 2,286 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans and leases held for investment | Total nonaccrual loans and leases held for investment | $ | 24,507 | $ | 2,688 | $ | 9,985 | $ | 6,434 | Total nonaccrual loans and leases held for investment | $ | 51,383 | $ | 11,725 | $ | 34,827 | $ | 2,617 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | Nonaccrual Ratios (1) | Nonaccrual | Nonaccrual Ratios (1) | Nonaccrual | Nonaccrual Ratios (1) | Nonaccrual | Nonaccrual Ratios (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual consumer loans held for investment | Total nonaccrual consumer loans held for investment | $ | 11,100 | 0.28 | % | $ | 6,060 | 0.30 | % | Total nonaccrual consumer loans held for investment | $ | 23,719 | 0.5 | % | $ | 16,774 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual commercial loans and leases held for investment | Total nonaccrual commercial loans and leases held for investment | 13,407 | 1.71 | % | 3,925 | 0.45 | % | Total nonaccrual commercial loans and leases held for investment | 27,664 | 3.8 | % | 18,053 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans and leases held for investment | Total nonaccrual loans and leases held for investment | $ | 24,507 | 0.51 | % | $ | 9,985 | 0.34 | % | Total nonaccrual loans and leases held for investment | $ | 51,383 | 0.9 | % | $ | 34,827 | 0.7 | % |
September 30, 2022 | Consolidated VIEs | Unconsolidated VIEs | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 8,600 | $ | — | $ | 8,600 | |||||||||||
Securities available for sale at fair value | — | 22,445 | 22,445 | ||||||||||||||
Retail and certificate loans held for investment at fair value | 2,940 | — | 2,940 | ||||||||||||||
Other loans held for investment at fair value | 6,375 | — | 6,375 | ||||||||||||||
Other assets | 218 | 11,351 | 11,569 | ||||||||||||||
Total assets | $ | 18,133 | $ | 33,796 | $ | 51,929 | |||||||||||
Liabilities | |||||||||||||||||
Retail notes, certificates and secured borrowings at fair value | $ | 2,940 | $ | — | $ | 2,940 | |||||||||||
Payable on Structured Program borrowings | 11,185 | — | 11,185 | ||||||||||||||
Other liabilities | 39 | — | 39 | ||||||||||||||
Total liabilities | 14,164 | — | 14,164 | ||||||||||||||
Total net assets | $ | 3,969 | $ | 33,796 | $ | 37,765 |
December 31, 2021 | Consolidated VIEs | Unconsolidated VIEs | Total | ||||||||||||||
Assets | |||||||||||||||||
Restricted cash | $ | 13,462 | $ | — | $ | 13,462 | |||||||||||
Securities available for sale at fair value | — | 58,177 | 58,177 | ||||||||||||||
Loans held for sale at fair value | 41,734 | — | 41,734 | ||||||||||||||
Retail and certificate loans held for investment at fair value | 10,281 | — | 10,281 | ||||||||||||||
Other loans held for investment at fair value | 20,929 | — | 20,929 | ||||||||||||||
Other assets | 584 | 17,156 | 17,740 | ||||||||||||||
Total assets | $ | 86,990 | $ | 75,333 | $ | 162,323 | |||||||||||
Liabilities | |||||||||||||||||
Retail notes, certificates and secured borrowings at fair value | $ | 10,281 | $ | — | $ | 10,281 | |||||||||||
Payable on Structured Program borrowings | 65,451 | — | 65,451 | ||||||||||||||
Other liabilities | 467 | — | 467 | ||||||||||||||
Total liabilities | 76,199 | — | 76,199 | ||||||||||||||
Total net assets | $ | 10,791 | $ | 75,333 | $ | 86,124 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Consolidated | Unconsolidated | Total | Consolidated | Unconsolidated | Total | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Restricted cash | $ | 4,330 | $ | — | $ | 4,330 | $ | 8,048 | $ | — | $ | 8,048 | |||||||||||||||||||||||
Securities available for sale at fair value | — | 160,905 | 160,905 | — | 17,717 | 17,717 | |||||||||||||||||||||||||||||
Loans held for investment at fair value | 1,753 | — | 1,753 | 3,994 | — | 3,994 | |||||||||||||||||||||||||||||
Retail and certificate loans held for investment at fair value | 932 | — | 932 | 1,946 | — | 1,946 | |||||||||||||||||||||||||||||
Other assets | 23 | 11,695 | 11,718 | 206 | 10,464 | 10,670 | |||||||||||||||||||||||||||||
Total assets | $ | 7,038 | $ | 172,600 | $ | 179,638 | $ | 14,194 | $ | 28,181 | $ | 42,375 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Borrowings | $ | 4,460 | $ | — | $ | 4,460 | $ | 8,085 | $ | — | $ | 8,085 | |||||||||||||||||||||||
Retail notes, certificates and secured borrowings at fair value | 932 | — | 932 | 1,946 | — | 1,946 | |||||||||||||||||||||||||||||
Other liabilities | 9 | — | 9 | 29 | — | 29 | |||||||||||||||||||||||||||||
Total liabilities | 5,401 | — | 5,401 | 10,060 | — | 10,060 | |||||||||||||||||||||||||||||
Total net assets (maximum loss exposure) | $ | 1,637 | $ | 172,600 | $ | 174,237 | $ | 4,134 | $ | 28,181 | $ | 32,315 |
September 30, 2022 | Total VIE Assets | Securities Available for Sale | Other Assets | Net Assets | |||||||||||||||||||||||||||||||
Carrying value | $ | 625,017 | $ | 22,445 | $ | 11,351 | $ | 33,796 | |||||||||||||||||||||||||||
Total exposure | N/A | $ | 22,445 | $ | 11,351 | $ | 33,796 |
December 31, 2021 | Total VIE Assets | Securities Available for Sale | Other Assets | Net Assets | |||||||||||||||||||||||||||||||
Carrying value | $ | 1,386,279 | $ | 58,177 | $ | 17,156 | $ | 75,333 | |||||||||||||||||||||||||||
Total exposure | N/A | $ | 58,177 | $ | 17,156 | $ | 75,333 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Principal derecognized from loans securitized or sold | $ | — | $ | — | $ | 41,023 | $ | — | |||||||||||||||||||||
Net gains recognized from loans securitized or sold | $ | — | $ | — | $ | 259 | $ | — | |||||||||||||||||||||
Fair value of asset-backed senior and subordinated securities, and CLUB Certificate asset-backed securities retained upon settlement | $ | — | $ | — | $ | 2,180 | $ | — | |||||||||||||||||||||
Cash proceeds from servicing and other administrative fees on loans securitized or sold | $ | 1,782 | $ | 5,152 | $ | 7,294 | $ | 19,600 | |||||||||||||||||||||
Proceeds from sale of securities by consolidated VIE | $ | — | $ | — | $ | 5,320 | $ | — | |||||||||||||||||||||
Cash proceeds for interest received on senior securities and subordinated securities | $ | 1,294 | $ | 975 | $ | 6,373 | $ | 6,586 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Fair value of consideration received: | |||||||||||||||||||||||||||||
Cash | $ | 18,051 | $ | — | $ | 18,051 | $ | 5,320 | |||||||||||||||||||||
Asset-backed securities retained | 153,229 | — | 153,229 | 2,180 | |||||||||||||||||||||||||
Other assets (liabilities) | 2,299 | — | 2,299 | (3,794) | |||||||||||||||||||||||||
Total consideration | 173,579 | — | 173,579 | 3,706 | |||||||||||||||||||||||||
Deconsolidation of debt | — | — | — | 36,072 | |||||||||||||||||||||||||
Fair value of loans sold | (171,559) | — | (171,559) | (39,519) | |||||||||||||||||||||||||
Gain on sales of loans (1) | $ | 2,020 | $ | — | $ | 2,020 | $ | 259 | |||||||||||||||||||||
Cash proceeds from continuing involvement: | |||||||||||||||||||||||||||||
Servicing and other administrative fees | $ | 862 | $ | 2,407 | $ | 1,876 | $ | 5,512 | |||||||||||||||||||||
Interest received on asset-backed securities retained | $ | 2,406 | $ | 2,384 | $ | 3,594 | $ | 5,079 | |||||||||||||||||||||
September 30, 2022 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Loans held for sale at fair value | $ | — | $ | — | $ | 90,058 | $ | 90,058 | |||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | 87,144 | 87,144 | |||||||||||||||||||
Other loans held for investment at fair value | — | — | 15,057 | 15,057 | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | — | 216,710 | — | 216,710 | |||||||||||||||||||
U.S. agency securities | — | 75,385 | — | 75,385 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 23,732 | — | 23,732 | |||||||||||||||||||
Asset-backed senior securities and subordinated securities | — | 9,154 | 7,444 | 16,598 | |||||||||||||||||||
Other asset-backed securities | — | 18,533 | — | 18,533 | |||||||||||||||||||
CLUB Certificate asset-backed securities | — | — | 5,848 | 5,848 | |||||||||||||||||||
Municipal securities | — | 2,351 | — | 2,351 | |||||||||||||||||||
Total securities available for sale | — | 345,865 | 13,292 | 359,157 | |||||||||||||||||||
Servicing assets | — | — | 86,518 | 86,518 | |||||||||||||||||||
Other assets | — | — | 5,437 | 5,437 | |||||||||||||||||||
Total assets | $ | — | $ | 345,865 | $ | 297,506 | $ | 643,371 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Retail notes, certificates and secured borrowings | $ | — | $ | — | $ | 87,144 | $ | 87,144 | |||||||||||||||
Payable on Structured Program borrowings | — | — | 11,185 | 11,185 | |||||||||||||||||||
Other liabilities | — | — | 11,042 | 11,042 | |||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 109,371 | $ | 109,371 |
December 31, 2021 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Loans held for sale at fair value | $ | — | $ | — | $ | 142,370 | $ | 142,370 | |||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | 229,719 | 229,719 | |||||||||||||||||||
Other loans held for investment at fair value | — | — | 21,240 | 21,240 | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | — | 123,699 | — | 123,699 | |||||||||||||||||||
Asset-backed senior securities and subordinated securities | — | 28,129 | 11,762 | 39,891 | |||||||||||||||||||
U.S. agency securities | — | 26,172 | — | 26,172 | |||||||||||||||||||
Other asset-backed securities | — | 26,133 | — | 26,133 | |||||||||||||||||||
Commercial mortgaged-backed securities | — | 26,098 | — | 26,098 | |||||||||||||||||||
CLUB Certificate asset-backed securities | — | — | 18,285 | 18,285 | |||||||||||||||||||
Municipal securities | — | 3,252 | — | 3,252 | |||||||||||||||||||
Total securities available for sale | — | 233,483 | 30,047 | 263,530 | |||||||||||||||||||
Servicing assets | — | — | 67,726 | 67,726 | |||||||||||||||||||
Other assets | — | 2,812 | 3,312 | 6,124 | |||||||||||||||||||
Total assets | $ | — | $ | 236,295 | $ | 494,414 | $ | 730,709 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Retail notes, certificates and secured borrowings | $ | — | $ | — | $ | 229,719 | $ | 229,719 | |||||||||||||||
Payable on Structured Program borrowings | — | — | 65,451 | 65,451 | |||||||||||||||||||
Other liabilities | — | — | 12,911 | 12,911 | |||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 308,081 | $ | 308,081 |
June 30, 2023 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Loans held for sale at fair value | $ | — | $ | — | $ | 250,361 | $ | 250,361 | |||||||||||||||
Loans held for investment at fair value | — | — | 404,119 | 404,119 | |||||||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | 26,837 | 26,837 | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | — | 214,516 | — | 214,516 | |||||||||||||||||||
Senior asset-backed securities related to Structured Program transactions | — | 1,139 | 142,785 | 143,924 | |||||||||||||||||||
U.S. agency securities | — | 79,040 | — | 79,040 | |||||||||||||||||||
Mortgage-backed securities | — | 38,143 | — | 38,143 | |||||||||||||||||||
Other asset-backed securities | — | 28,466 | — | 28,466 | |||||||||||||||||||
Other asset-backed securities related to Structured Program transactions | — | — | 16,980 | 16,980 | |||||||||||||||||||
Municipal securities | — | 2,510 | — | 2,510 | |||||||||||||||||||
Total securities available for sale | — | 363,814 | 159,765 | 523,579 | |||||||||||||||||||
Servicing assets | — | — | 85,387 | 85,387 | |||||||||||||||||||
Other assets | — | 4,726 | — | 4,726 | |||||||||||||||||||
Total assets | $ | — | $ | 368,540 | $ | 926,469 | $ | 1,295,009 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Borrowings | $ | — | $ | — | $ | 4,460 | $ | 4,460 | |||||||||||||||
Retail notes, certificates and secured borrowings | — | — | 26,837 | 26,837 | |||||||||||||||||||
Other liabilities | — | 4,726 | 2,570 | 7,296 | |||||||||||||||||||
Total liabilities | $ | — | $ | 4,726 | $ | 33,867 | $ | 38,593 |
December 31, 2022 | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Loans held for sale at fair value | $ | — | $ | — | $ | 110,400 | $ | 110,400 | |||||||||||||||
Loans held for investment at fair value | — | — | 925,938 | 925,938 | |||||||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | 55,425 | 55,425 | |||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. agency residential mortgage-backed securities | — | 214,427 | — | 214,427 | |||||||||||||||||||
U.S. agency securities | — | 74,394 | — | 74,394 | |||||||||||||||||||
Mortgaged-backed securities | — | 22,518 | — | 22,518 | |||||||||||||||||||
Other asset-backed securities | — | 14,203 | — | 14,203 | |||||||||||||||||||
Asset-backed securities related to Structured Program transactions | — | 5,248 | 12,469 | 17,717 | |||||||||||||||||||
Municipal securities | — | 2,443 | — | 2,443 | |||||||||||||||||||
Total securities available for sale | — | 333,233 | 12,469 | 345,702 | |||||||||||||||||||
Servicing assets | — | — | 84,308 | 84,308 | |||||||||||||||||||
Other assets | — | — | 5,099 | 5,099 | |||||||||||||||||||
Total assets | $ | — | $ | 333,233 | $ | 1,193,639 | $ | 1,526,872 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Borrowings | $ | — | $ | — | $ | 8,085 | 8,085 | ||||||||||||||||
Retail notes, certificates and secured borrowings | — | — | 55,425 | 55,425 | |||||||||||||||||||
Other liabilities | — | — | 8,583 | 8,583 | |||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | 72,093 | $ | 72,093 |
Outstanding Principal Balance | Valuation Adjustment | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 62,761 | $ | 50 | $ | 62,811 | |||||||||||||||||||||||||||||||||||||||||||||||
Originations and purchases | 2,298,086 | — | 2,298,086 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (2,264,859) | (188) | (2,265,047) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments and retirements | (4,592) | — | (4,592) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (17) | 17 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in earnings | — | (1,200) | (1,200) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 91,379 | $ | (1,321) | $ | 90,058 | |||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Principal Balance | Valuation Adjustment | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 147,193 | $ | (4,823) | $ | 142,370 | |||||||||||||||||||||||||||||||||||||||||||||||
Originations and purchases | 7,297,510 | — | 7,297,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to loans held for investment | (11,888) | — | (11,888) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (7,315,612) | (18,979) | (7,334,591) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments and retirements | (24,990) | — | (24,990) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (834) | (628) | (1,462) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in earnings | — | 23,109 | 23,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 91,379 | $ | (1,321) | $ | 90,058 | |||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Principal Balance | Valuation Adjustment | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 186,988 | $ | (6,927) | $ | 180,061 | |||||||||||||||||||||||||||||||||||||||||||||||
Originations and purchases | 2,339,869 | — | 2,339,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (2,342,158) | (85) | (2,342,243) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments and retirements | (27,211) | — | (27,211) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (1,138) | (209) | (1,347) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in earnings | — | 3,031 | 3,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 156,350 | $ | (4,190) | $ | 152,160 | |||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Principal Balance | Valuation Adjustment | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 132,600 | $ | (10,698) | $ | 121,902 | |||||||||||||||||||||||||||||||||||||||||||||||
Originations and purchases | 5,320,264 | (1,629) | 5,318,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (5,210,803) | 10,568 | (5,200,235) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments and retirements | (78,946) | — | (78,946) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (6,765) | 3,711 | (3,054) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value recorded in earnings | — | (6,142) | (6,142) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 156,350 | $ | (4,190) | $ | 152,160 | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Fair value at beginning of period | $ | 44,647 | $ | 156,730 | $ | 110,400 | $ | 142,370 | |||||||||||||||
Originations and purchases | 1,272,118 | 2,728,499 | 2,477,147 | 4,999,424 | |||||||||||||||||||
Sales | (1,238,252) | (2,811,843) | (2,485,498) | (5,069,544) | |||||||||||||||||||
Principal payments | (5,135) | (8,524) | (11,600) | (21,860) | |||||||||||||||||||
Transfers | 191,807 | (11,888) | 191,807 | (11,888) | |||||||||||||||||||
Fair value adjustments recorded in earnings | (14,824) | 9,837 | (31,895) | 24,309 | |||||||||||||||||||
Fair value at end of period | $ | 250,361 | $ | 62,811 | $ | 250,361 | $ | 62,811 | |||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Weighted- Average | Minimum | Maximum | Weighted- Average | ||||||||||||||||||||||||||||||||||||||||||||||||
Discount rates | 8.6 | % | 16.7 | % | 12.7 | % | 8.8 | % | 17.1 | % | 12.7 | % | |||||||||||||||||||||||||||||||||||||||||
Net cumulative expected loss rates (1) | 2.2 | % | 10.2 | % | 6.3 | % | 2.1 | % | 9.8 | % | 5.7 | % | |||||||||||||||||||||||||||||||||||||||||
Cumulative expected prepayment rates (1) | 22.0 | % | 30.7 | % | 27.3 | % | 26.2 | % | 35.3 | % | 30.8 | % |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
Loans held for investment at fair value | $ | 404,119 | $ | 925,938 | |||||||||||||
Expected weighted-average life (in years) | 1.0 | 0.9 | |||||||||||||||
Discount rates: | |||||||||||||||||
100 basis point increase | $ | (3,057) | $ | (7,471) | |||||||||||||
200 basis point increase | $ | (6,071) | $ | (14,830) | |||||||||||||
Expected credit loss rates on underlying loans: | |||||||||||||||||
10% increase | $ | (2,454) | $ | (5,574) | |||||||||||||
20% increase | $ | (5,006) | $ | (11,307) | |||||||||||||
Expected prepayment rates: | |||||||||||||||||
10% increase | $ | (2,146) | $ | (4,311) | |||||||||||||
20% increase | $ | (4,157) | $ | (7,480) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Fair value at beginning of period | $ | 748,618 | $ | 15,384 | $ | 925,938 | $ | 21,240 | |||||||||||||||
Purchases | — | — | 4,037 | 14 | |||||||||||||||||||
Principal payments | (156,287) | (5,724) | (342,738) | (11,747) | |||||||||||||||||||
Transfers | (191,634) | 11,966 | (191,634) | 11,966 | |||||||||||||||||||
Interest income accretion and fair value adjustments recorded in earnings | 3,422 | (1,043) | 8,516 | (890) | |||||||||||||||||||
Fair value at end of period | $ | 404,119 | $ | 20,583 | $ | 404,119 | $ | 20,583 | |||||||||||||||
Three and Six Months Ended | |||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Fair value at beginning of period | $ | — | |||||||||||||||||||||
Additions | 144,680 | ||||||||||||||||||||||
Cash received | (1,290) | ||||||||||||||||||||||
Change in unrealized loss | (605) | ||||||||||||||||||||||
Fair value at end of period | $ | 142,785 | |||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Weighted- Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rates | 5.5 | % | 6.6 | % | 5.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cumulative expected loss rates (1) | 7.2 | % | 9.1 | % | 8.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative expected prepayment rates (1) | 33.0 | % | 34.0 | % | 33.4 | % |
June 30, 2023 | |||||||||||
Fair value of interests held | $ | 16,980 | |||||||||
Expected weighted-average life (in years) | 1.6 | ||||||||||
Discount rates | |||||||||||
100 basis point increase | $ | (193) | |||||||||
200 basis point increase | $ | (388) | |||||||||
Expected loss rates | |||||||||||
10% increase | $ | (390) | |||||||||
20% increase | $ | (798) | |||||||||
Expected prepayment rates | |||||||||||
10% increase | $ | (216) | |||||||||
20% increase | $ | (496) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Fair value at beginning of period | $ | 10,397 | $ | 12,469 | |||||||||||||||||||
Additions | 8,667 | 8,780 | |||||||||||||||||||||
Cash received | (2,084) | (4,269) | |||||||||||||||||||||
Fair value at end of period | $ | 16,980 | $ | 16,980 | |||||||||||||||||||
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Weighted- Average | Minimum | Maximum | Weighted- Average | Minimum | Maximum | Weighted- Average | Minimum | Maximum | Weighted- Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rates | Discount rates | 7.5 | % | 16.4 | % | 10.0 | % | 7.5 | % | 16.4 | % | 10.0 | % | Discount rates | 7.5 | % | 16.4 | % | 9.9 | % | 7.5 | % | 16.4 | % | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cumulative expected loss rates (1) | Net cumulative expected loss rates (1) | 1.0 | % | 29.8 | % | 12.7 | % | 2.4 | % | 26.4 | % | 10.2 | % | Net cumulative expected loss rates (1) | 2.0 | % | 36.4 | % | 15.4 | % | 2.1 | % | 36.7 | % | 15.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative expected prepayment rates (1) | Cumulative expected prepayment rates (1) | 30.6 | % | 47.0 | % | 39.1 | % | 32.1 | % | 45.9 | % | 38.4 | % | Cumulative expected prepayment rates (1) | 17.0 | % | 47.7 | % | 32.9 | % | 15.8 | % | 47.2 | % | 35.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total market servicing rates (% per annum on outstanding principal balance) (2) | Total market servicing rates (% per annum on outstanding principal balance) (2) | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | Total market servicing rates (% per annum on outstanding principal balance) (2) | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Weighted-average market servicing rate assumptions | Weighted-average market servicing rate assumptions | 0.62 | % | 0.62 | % | Weighted-average market servicing rate assumptions | 0.62 | % | 0.62 | % | ||||||||||||
Change in fair value from: | Change in fair value from: | Change in fair value from: | ||||||||||||||||||||
Servicing rate increase by 0.10% | Servicing rate increase by 0.10% | $ | (11,563) | $ | (9,495) | Servicing rate increase by 0.10% | $ | (9,923) | $ | (10,505) | ||||||||||||
Servicing rate decrease by 0.10% | Servicing rate decrease by 0.10% | $ | 11,563 | $ | 9,495 | Servicing rate decrease by 0.10% | $ | 9,923 | $ | 10,505 |
June 30, 2023 | December 31, 2022 | ||||||||||
Fair value of servicing assets | $ | 85,387 | $ | 84,308 | |||||||
Discount rates | |||||||||||
100 basis point increase | $ | (726) | $ | (726) | |||||||
200 basis point increase | $ | (1,453) | $ | (1,451) | |||||||
Expected loss rates | |||||||||||
10% increase | $ | (1,069) | $ | (1,037) | |||||||
20% increase | $ | (2,137) | $ | (2,074) | |||||||
Expected prepayment rates | |||||||||||
10% increase | $ | (1,790) | $ | (1,994) | |||||||
20% increase | $ | (3,581) | $ | (3,989) |
September 30, 2022 | December 31, 2021 | ||||||||||
Fair value of Servicing Assets | $ | 86,518 | $ | 67,726 | |||||||
Discount rates | |||||||||||
100 basis point increase | $ | (745) | $ | (558) | |||||||
200 basis point increase | $ | (1,489) | $ | (1,115) | |||||||
Expected loss rates | |||||||||||
10% adverse change | $ | (837) | $ | (693) | |||||||
20% adverse change | $ | (1,673) | $ | (1,386) | |||||||
Expected prepayment rates | |||||||||||
10% adverse change | $ | (2,178) | $ | (2,401) | |||||||
20% adverse change | $ | (4,356) | $ | (4,802) |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Fair value at beginning of period | Fair value at beginning of period | $ | 79,427 | $ | 58,728 | $ | 67,726 | $ | 56,347 | Fair value at beginning of period | $ | 89,241 | $ | 72,112 | $ | 84,308 | $ | 67,726 | ||||||||||||||||||||||||||||
Issuances (1) | Issuances (1) | 22,319 | 21,071 | 73,774 | 46,274 | Issuances (1) | 13,576 | 29,090 | 27,701 | 51,455 | ||||||||||||||||||||||||||||||||||||
Change in fair value, included in Marketplace revenue | Change in fair value, included in Marketplace revenue | (14,689) | (14,984) | (52,702) | (39,584) | Change in fair value, included in Marketplace revenue | (17,074) | (21,034) | (29,650) | (38,013) | ||||||||||||||||||||||||||||||||||||
Other net changes included in Deferred revenue | (539) | (1,242) | (2,280) | 536 | ||||||||||||||||||||||||||||||||||||||||||
Other net changes | Other net changes | (356) | (741) | 3,028 | (1,741) | |||||||||||||||||||||||||||||||||||||||||
Fair value at end of period | Fair value at end of period | $ | 86,518 | $ | 63,573 | $ | 86,518 | $ | 63,573 | Fair value at end of period | $ | 85,387 | $ | 79,427 | $ | 85,387 | $ | 79,427 |
September 30, 2022 | Carrying Amount | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | Carrying Amount | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | Loans and leases held for investment, net | $ | 4,503,726 | $ | — | $ | — | $ | 4,786,152 | $ | 4,786,152 | Loans and leases held for investment, net | $ | 5,178,186 | $ | — | $ | — | $ | 5,408,746 | $ | 5,408,746 | ||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 28,638 | — | 27,018 | 1,649 | 28,667 | Other assets | 37,375 | — | 36,393 | 1,359 | 37,752 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 4,532,364 | $ | — | $ | 27,018 | $ | 4,787,801 | $ | 4,814,819 | Total assets | $ | 5,215,561 | $ | — | $ | 36,393 | $ | 5,410,105 | $ | 5,446,498 | ||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (1) | Deposits (1) | $ | 242,126 | $ | — | $ | — | $ | 242,126 | $ | 242,126 | Deposits (1) | $ | 829,798 | $ | — | $ | — | $ | 826,478 | $ | 826,478 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 4,803 | — | 4,803 | — | 4,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from PPPLF | 91,671 | — | — | 91,671 | 91,671 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | 15,300 | — | — | 15,300 | 15,300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 11,215 | — | 561 | 10,654 | 11,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 63,758 | — | 28,310 | 35,448 | 63,758 | Other liabilities | 59,342 | — | 28,260 | 31,082 | 59,342 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 417,658 | $ | — | $ | 33,113 | $ | 384,545 | $ | 417,658 | Total liabilities | $ | 900,355 | $ | — | $ | 28,821 | $ | 868,214 | $ | 897,035 |
December 31, 2021 | Carrying Amount | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | Carrying Amount | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Balance at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | $ | 248,878 | $ | — | $ | — | $ | 251,101 | $ | 251,101 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | Loans and leases held for investment, net | 2,754,737 | — | — | 2,964,691 | 2,964,691 | Loans and leases held for investment, net | $ | 4,705,302 | $ | — | $ | — | $ | 4,941,825 | $ | 4,941,825 | |||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 18,274 | — | 15,630 | 2,644 | 18,274 | Other assets | 36,646 | — | 35,300 | 1,397 | 36,697 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 3,021,889 | $ | — | $ | 15,630 | $ | 3,218,436 | $ | 3,234,066 | Total assets | $ | 4,741,948 | $ | — | $ | 35,300 | $ | 4,943,222 | $ | 4,978,522 | ||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits (1) | Deposits (1) | $ | 68,405 | $ | — | $ | — | $ | 68,405 | $ | 68,405 | Deposits (1) | $ | 860,808 | $ | — | $ | — | $ | 860,808 | $ | 860,808 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 27,780 | — | 17,595 | 10,185 | 27,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from PPPLF | 271,933 | — | — | 271,933 | 271,933 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | 15,455 | — | — | 15,455 | 15,455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings | 66,773 | — | 2,619 | 64,154 | 66,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 51,655 | — | 22,187 | 29,468 | 51,655 | Other liabilities | 62,247 | — | 30,311 | 31,936 | 62,247 | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 435,228 | $ | — | $ | 39,782 | $ | 395,446 | $ | 435,228 | Total liabilities | $ | 989,828 | $ | — | $ | 32,930 | $ | 956,898 | $ | 989,828 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Software (1) | Software (1) | $ | 168,545 | $ | 121,102 | Software (1) | $ | 188,817 | $ | 174,360 | ||||||||||||
Leasehold improvements | Leasehold improvements | 31,213 | 37,347 | Leasehold improvements | 31,214 | 31,214 | ||||||||||||||||
Computer equipment | Computer equipment | 27,660 | 29,598 | Computer equipment | 24,234 | 27,410 | ||||||||||||||||
Furniture and fixtures | Furniture and fixtures | 6,064 | 8,346 | Furniture and fixtures | 6,088 | 6,088 | ||||||||||||||||
Total property, equipment and software | Total property, equipment and software | 233,482 | 196,393 | Total property, equipment and software | 250,353 | 239,072 | ||||||||||||||||
Accumulated depreciation and amortization | Accumulated depreciation and amortization | (103,525) | (98,397) | Accumulated depreciation and amortization | (98,745) | (102,599) | ||||||||||||||||
Total property, equipment and software, net | Total property, equipment and software, net | $ | 129,957 | $ | 97,996 | Total property, equipment and software, net | $ | 151,608 | $ | 136,473 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Gross carrying value | Gross carrying value | $ | 54,500 | $ | 54,500 | Gross carrying value | $ | 54,500 | $ | 54,500 | ||||||||||||
Accumulated amortization | Accumulated amortization | (36,988) | (33,319) | Accumulated amortization | (40,333) | (38,166) | ||||||||||||||||
Net carrying value | Net carrying value | $ | 17,512 | $ | 21,181 | Net carrying value | $ | 14,167 | $ | 16,334 |
2022 | $ | 1,178 | ||||||||
2023 | 2023 | 4,198 | 2023 | $ | 2,031 | |||||
2024 | 2024 | 3,549 | 2024 | 3,549 | ||||||
2025 | 2025 | 2,901�� | 2025 | 2,901 | ||||||
2026 | 2026 | 2,252 | 2026 | 2,252 | ||||||
2027 | 2027 | 1,603 | ||||||||
Thereafter | Thereafter | 3,434 | Thereafter | 1,831 | ||||||
Total | Total | $ | 17,512 | Total | $ | 14,167 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Deferred tax asset, net (1) | Deferred tax asset, net (1) | $ | 171,206 | $ | — | Deferred tax asset, net (1) | $ | 169,317 | $ | 173,687 | ||||||||||||
Servicing assets (2) | Servicing assets (2) | 88,138 | 70,370 | Servicing assets (2) | 86,369 | 85,654 | ||||||||||||||||
Operating lease assets | Operating lease assets | 69,936 | 77,316 | Operating lease assets | 55,436 | 63,872 | ||||||||||||||||
Nonmarketable equity investments | Nonmarketable equity investments | 39,569 | 31,726 | Nonmarketable equity investments | 45,825 | 38,320 | ||||||||||||||||
Intangible assets, net (3) | Intangible assets, net (3) | 17,512 | 21,181 | Intangible assets, net (3) | 14,167 | 16,334 | ||||||||||||||||
Other | Other | 108,771 | 101,953 | Other | 122,269 | 122,439 | ||||||||||||||||
Total other assets | Total other assets | $ | 495,132 | $ | 302,546 | Total other assets | $ | 493,383 | $ | 500,306 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Savings and money market accounts | $ | 2,486,469 | $ | 856,989 | |||||||||||||
Checking accounts | 2,139,537 | 1,993,809 | |||||||||||||||
Certificates of deposit (1) | 242,126 | 68,405 | |||||||||||||||
Total | $ | 4,868,132 | $ | 2,919,203 | |||||||||||||
Noninterest-bearing deposits | 255,374 | 216,585 | |||||||||||||||
Total deposits | $ | 5,123,506 | $ | 3,135,788 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||
Savings and money market accounts | $ | 4,638,377 | $ | 3,616,657 | |||||||||||||
Checking accounts | 1,185,574 | 1,681,095 | |||||||||||||||
Certificates of deposit | 829,798 | 860,808 | |||||||||||||||
Total | $ | 6,653,749 | $ | 6,158,560 | |||||||||||||
Noninterest-bearing deposits | 189,786 | 233,993 | |||||||||||||||
Total deposits | $ | 6,843,535 | $ | 6,392,553 |
2022 | $ | 10,496 | ||||||||
2023 | 2023 | 137,586 | 2023 | $ | 460,024 | |||||
2024 | 2024 | 75,236 | 2024 | 347,992 | ||||||
2025 | 2025 | 9,336 | 2025 | 10,528 | ||||||
2026 | 2026 | 945 | 2026 | 1,139 | ||||||
2027 | 2027 | 9,217 | ||||||||
Thereafter | Thereafter | 8,527 | Thereafter | 898 | ||||||
Total certificates of deposit | Total certificates of deposit | $ | 242,126 | Total certificates of deposit | $ | 829,798 |
Three months or less | Over 3 months through 6 months | Over 6 months through 12 months | Over 12 months | Total | |||||||||||||||||||||||||
Certificates of deposit | $ | 2,351 | $ | 4,658 | $ | 3,536 | $ | 3,913 | $ | 14,458 |
June 30, 2023 | December 31, 2022 | ||||||||||
Advances from PPPLF (1): | |||||||||||
Aggregate debt outstanding (fixed interest rate of 0.35%) | $ | 10,654 | $ | 64,154 | |||||||
Pledged collateral | $ | 17,640 | $ | 66,971 | |||||||
Retail notes, certificates and secured borrowings (2): | |||||||||||
Aggregate debt outstanding | $ | 26,837 | $ | 55,425 | |||||||
Payable on Structured Program borrowings (3): | |||||||||||
Aggregate debt outstanding | $ | 4,460 | $ | 8,085 | |||||||
Pledged collateral | $ | 5,972 | $ | 9,708 |
September 30, 2022 | December 31, 2021 | ||||||||||
Retail notes | $ | 84,203 | $ | 219,435 | |||||||
Certificates and secured borrowings | 2,941 | 10,284 | |||||||||
Total retail notes, certificates and secured borrowings | $ | 87,144 | $ | 229,719 |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Accounts payable and accrued expenses | $ | 92,796 | $ | 100,972 | ||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 83,561 | 91,588 | Operating lease liabilities | $ | 68,095 | $ | 77,291 | ||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 60,815 | 98,173 | |||||||||||||||||||
Payable to investors | Payable to investors | 28,310 | 22,187 | Payable to investors | 28,260 | 30,311 | ||||||||||||||||
Other | Other | 115,388 | 89,204 | Other | 93,766 | 86,842 | ||||||||||||||||
Total other liabilities | Total other liabilities | $ | 320,055 | $ | 303,951 | Total other liabilities | $ | 250,936 | $ | 292,617 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
RSUs and PBRSUs | RSUs and PBRSUs | $ | 16,737 | $ | 16,691 | $ | 50,164 | $ | 49,130 | RSUs and PBRSUs | $ | 18,145 | $ | 19,804 | $ | 32,437 | $ | 37,167 | ||||||||||||||||||||||||||||
Stock options | Stock options | 6 | 118 | 46 | 582 | Stock options | — | 20 | — | 40 | ||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 16,743 | $ | 16,809 | $ | 50,210 | $ | 49,712 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense, gross | Stock-based compensation expense, gross | 18,145 | 19,824 | 32,437 | 37,207 | |||||||||||||||||||||||||||||||||||||||||
Less: Capitalized stock-based compensation expense | Less: Capitalized stock-based compensation expense | 2,317 | 2,051 | 4,721 | 3,740 | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense, net | Stock-based compensation expense, net | $ | 15,828 | $ | 17,773 | $ | 27,716 | $ | 33,467 |
Number of Units | Weighted- Average Grant Date Fair Value | ||||||||||
Unvested at December 31, 2021 | 9,703,751 | $ | 12.44 | ||||||||
Granted | 5,216,789 | $ | 14.26 | ||||||||
Vested | (3,773,222) | $ | 12.59 | ||||||||
Forfeited/expired | (1,351,990) | $ | 14.09 | ||||||||
Unvested at September 30, 2022 | 9,795,328 | $ | 13.09 | ||||||||
Number of Units | Weighted- Average Grant Date Fair Value | ||||||||||
Unvested at December 31, 2022 | 8,672,626 | $ | 12.94 | ||||||||
Granted | 6,299,789 | $ | 7.71 | ||||||||
Vested | (2,761,401) | $ | 11.96 | ||||||||
Forfeited/expired | (1,480,127) | $ | 12.72 | ||||||||
Unvested at June 30, 2023 | 10,730,887 | $ | 10.15 | ||||||||
Number of Units | Weighted- Average Grant Date Fair Value | Number of Units | Weighted- Average Grant Date Fair Value | |||||||||||||||||||
Unvested at December 31, 2021 | 1,771,869 | $ | 9.72 | |||||||||||||||||||
Unvested at December 31, 2022 | Unvested at December 31, 2022 | 1,754,898 | $ | 11.19 | ||||||||||||||||||
Granted | Granted | 743,074 | $ | 8.83 | Granted | 807,499 | $ | 7.15 | ||||||||||||||
Vested | Vested | (506,696) | $ | 5.48 | Vested | (870,766) | $ | 4.22 | ||||||||||||||
Forfeited/expired | Forfeited/expired | (104,084) | $ | 11.77 | ||||||||||||||||||
Unvested at June 30, 2023 | Unvested at June 30, 2023 | 1,587,547 | $ | 12.63 | ||||||||||||||||||
Unvested at September 30, 2022 | 2,008,247 | $ | 10.47 |
September 30, 2022 | December 31, 2021 | ||||||||||
Deferred tax assets (liabilities), net | $ | 229,269 | $ | 223,367 | |||||||
Valuation allowance | (58,063) | (223,367) | |||||||||
Deferred tax assets, net of valuation allowance | $ | 171,206 | $ | — |
June 30, 2023 | December 31, 2022 | ||||||||||
Deferred tax assets, net of liabilities | $ | 216,929 | $ | 221,408 | |||||||
Valuation allowance | (47,612) | (47,721) | |||||||||
Deferred tax assets, net of valuation allowance | $ | 169,317 | $ | 173,687 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Lease receivables | $ | 144,433 | $ | 122,927 | |||||||||||||
Unguaranteed residual asset values | 40,375 | 36,837 | |||||||||||||||
Unearned income | (18,253) | (10,989) | |||||||||||||||
Deferred fees | 892 | 380 | |||||||||||||||
Total | $ | 167,447 | $ | 149,155 |
2022 | $ | 12,639 | |||
2023 | 47,231 | ||||
2024 | 39,093 | ||||
2025 | 26,387 | ||||
2026 | 15,988 | ||||
Thereafter | 12,412 | ||||
Total lease payments | $ | 153,750 | |||
Discount effect | (9,317) | ||||
Present value of future minimum lease payments | $ | 144,433 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
Lease receivables | $ | 120,046 | $ | 137,969 | |||||||||||||
Unguaranteed residual asset values | 35,105 | 39,262 | |||||||||||||||
Unearned income | (13,816) | (17,786) | |||||||||||||||
Deferred fees | 738 | 874 | |||||||||||||||
Total | $ | 142,073 | $ | 160,319 |
2023 | $ | 24,987 | |||
2024 | 40,333 | ||||
2025 | 29,078 | ||||
2026 | 17,503 | ||||
2027 | 7,881 | ||||
Thereafter | 5,539 | ||||
Total lease payments | $ | 125,321 | |||
Discount effect | (5,275) | ||||
Present value of future minimum lease payments | $ | 120,046 |
ROU Assets and Lease Liabilities | Balance Sheet Classification | September 30, 2022 | December 31, 2021 | ||||||||||||||
Operating lease assets | Other assets | $ | 69,936 | $ | 77,316 | ||||||||||||
Operating lease liabilities (1) | Other liabilities | $ | 83,561 | $ | 91,588 |
ROU Assets and Lease Liabilities | Balance Sheet Classification | June 30, 2023 | December 31, 2022 | ||||||||||||||
Operating lease assets | Other assets | $ | 55,436 | $ | 63,872 | ||||||||||||
Operating lease liabilities | Other liabilities | $ | 68,095 | $ | 77,291 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Net Lease Costs | Income Statement Classification | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Operating lease costs (1) | Occupancy | $ | (3,195) | $ | (4,561) | $ | (12,041) | $ | (14,315) | |||||||||||||||||
Sublease revenue | Other non-interest income | — | 1,538 | 2,847 | 4,612 | |||||||||||||||||||||
Net lease costs | $ | (3,195) | $ | (3,023) | $ | (9,194) | $ | (9,703) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Net Lease Costs | Income Statement Classification | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Operating lease costs | Occupancy | $ | (3,334) | $ | (4,366) | $ | (6,262) | $ | (8,846) | |||||||||||||||||
Sublease revenue | Other non-interest income | — | 1,310 | — | 2,847 | |||||||||||||||||||||
Net lease costs | $ | (3,334) | $ | (3,056) | $ | (6,262) | $ | (5,999) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Non-cash operating activity: | |||||||||||||||||||||||
Leased assets obtained in exchange for new and amended operating lease liabilities (1) | $ | — | $ | — | $ | — | $ | 12,914 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Non-cash operating activity: | |||||||||||||||||||||||
Leased assets obtained or adjusted in exchange for new, amended, and modified operating lease liabilities | $ | — | $ | — | $ | (4,664) | $ | — |
Operating Lease Payments | |||||||||||||||||
2022 | $ | 3,143 | |||||||||||||||
2023 | 12,798 | ||||||||||||||||
2024 | 13,054 | ||||||||||||||||
2025 | 13,184 | ||||||||||||||||
2026 | 13,375 | ||||||||||||||||
Thereafter | 48,974 | ||||||||||||||||
Total lease payments | $ | 104,528 | |||||||||||||||
Discount effect | (20,967) | ||||||||||||||||
Present value of future minimum lease payments | $ | 83,561 |
Operating Lease Payments | |||||||||||||||||
2023 | $ | 6,434 | |||||||||||||||
2024 | 12,798 | ||||||||||||||||
2025 | 13,129 | ||||||||||||||||
2026 | 11,710 | ||||||||||||||||
2027 | 10,987 | ||||||||||||||||
Thereafter | 27,238 | ||||||||||||||||
Total lease payments | $ | 82,296 | |||||||||||||||
Discount effect | (14,201) | ||||||||||||||||
Present value of future minimum lease payments | $ | 68,095 |
Lease Term and Discount Rate | |||||||||||||||||
Weighted-average remaining lease term (in years) | |||||||||||||||||
Weighted-average discount rate | % |
LendingClub Bank | September 30, 2022 | December 31, 2021 | Required Minimum plus Required CCB for Non-Leverage Ratios | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LendingClub | LendingClub | June 30, 2023 | December 31, 2022 | Required Minimum plus Required CCB for Non-Leverage Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (1) | CET1 capital (1) | $ | 760.4 | 15.2 | % | $ | 523.7 | 16.7 | % | 7.0 | % | CET1 capital (1) | $ | 1,053.5 | 16.1 | % | $ | 1,005.8 | 15.8 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | $ | 760.4 | 15.2 | % | $ | 523.7 | 16.7 | % | 8.5 | % | Tier 1 capital | $ | 1,053.5 | 16.1 | % | $ | 1,005.8 | 15.8 | % | 8.5 | % | ||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 825.8 | 16.5 | % | $ | 563.7 | 18.0 | % | 10.5 | % | Total capital | $ | 1,138.3 | 17.4 | % | $ | 1,088.1 | 17.1 | % | 10.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | $ | 760.4 | 13.4 | % | $ | 523.7 | 14.3 | % | 4.0 | % | Tier 1 leverage | $ | 1,053.5 | 12.4 | % | $ | 1,005.8 | 14.1 | % | 4.0 | % | ||||||||||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | $ | 5,018.3 | N/A | $ | 3,130.4 | N/A | N/A | Risk-weighted assets | $ | 6,526.5 | N/A | $ | 6,360.7 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | $ | 5,692.0 | N/A | $ | 3,667.7 | N/A | N/A | Quarterly adjusted average assets | $ | 8,522.6 | N/A | $ | 7,119.0 | N/A | N/A |
LendingClub | September 30, 2022 | December 31, 2021 | Required Minimum plus Required CCB for Non-Leverage Ratios | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LendingClub Bank | LendingClub Bank | June 30, 2023 | December 31, 2022 | Required Minimum plus Required CCB for Non-Leverage Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (1) | CET1 capital (1) | $ | 953.2 | 18.3 | % | $ | 710.0 | 21.3 | % | 7.0 | % | CET1 capital (1) | $ | 939.3 | 14.7 | % | $ | 852.2 | 13.8 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | $ | 953.2 | 18.3 | % | $ | 710.0 | 21.3 | % | 8.5 | % | Tier 1 capital | $ | 939.3 | 14.7 | % | $ | 852.2 | 13.8 | % | 8.5 | % | ||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 1,033.2 | 19.8 | % | $ | 767.9 | 23.0 | % | 10.5 | % | Total capital | $ | 1,022.6 | 16.0 | % | $ | 932.4 | 15.1 | % | 10.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | $ | 953.2 | 15.7 | % | $ | 710.0 | 16.5 | % | 4.0 | % | Tier 1 leverage | $ | 939.3 | 11.3 | % | $ | 852.2 | 12.5 | % | 4.0 | % | ||||||||||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | $ | 5,210.2 | N/A | $ | 3,333.2 | N/A | N/A | Risk-weighted assets | $ | 6,406.5 | N/A | $ | 6,194.0 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | $ | 6,061.4 | N/A | $ | 4,301.7 | N/A | N/A | Quarterly adjusted average assets | $ | 8,300.0 | N/A | $ | 6,795.2 | N/A | N/A |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Referral revenue | Referral revenue | $ | 3,144 | $ | 4,293 | $ | 10,860 | $ | 9,649 | Referral revenue | $ | 1,531 | $ | 4,025 | $ | 2,979 | $ | 7,716 | ||||||||||||||||||||||||||||
Realized gains (losses) on sales of securities available for sale and other investments | — | — | 36 | (96) | ||||||||||||||||||||||||||||||||||||||||||
Realized gains on sales of securities available for sale | Realized gains on sales of securities available for sale | — | — | — | 36 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,256 | 2,029 | 13,843 | 9,117 | Other | 1,504 | 3,423 | 3,412 | 9,587 | ||||||||||||||||||||||||||||||||||||
Total other non-interest income | Total other non-interest income | $ | 7,400 | $ | 6,322 | $ | 24,739 | $ | 18,670 | Total other non-interest income | $ | 3,035 | $ | 7,448 | $ | 6,391 | $ | 17,339 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Consumer credit services | Consumer credit services | $ | 4,610 | $ | 4,266 | $ | 15,804 | $ | 11,798 | Consumer credit services | $ | 2,480 | $ | 5,670 | $ | 7,447 | $ | 11,194 | ||||||||||||||||||||||||||||
Other | Other | 10,496 | 11,341 | 30,727 | 30,575 | Other | 12,842 | 11,751 | 25,578 | 20,231 | ||||||||||||||||||||||||||||||||||||
Total other non-interest expense | Total other non-interest expense | $ | 15,106 | $ | 15,607 | $ | 46,531 | $ | 42,373 | Total other non-interest expense | $ | 15,322 | $ | 17,421 | $ | 33,025 | $ | 31,425 |
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | $ | 62,006 | $ | 191,087 | $ | 7,772 | $ | 11,167 | $ | 13,005 | $ | 4,130 | $ | 82,783 | $ | 206,384 | |||||||||||||||||||||||||||||||
Other non-interest income | 21,743 | 20,041 | 2,431 | 3,914 | (21,139) | (16,507) | 3,035 | 7,448 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 83,749 | 211,128 | 10,203 | 15,081 | (8,134) | (12,377) | 85,818 | 213,832 | |||||||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 210,514 | 120,152 | 3,972 | 8,316 | — | — | 214,486 | 128,468 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (66,546) | (6,213) | (1,288) | (6,029) | — | — | (67,834) | (12,242) | |||||||||||||||||||||||||||||||||||||||
Net interest income | 143,968 | 113,939 | 2,684 | 2,287 | — | — | 146,652 | 116,226 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 227,717 | 325,067 | 12,887 | 17,368 | (8,134) | (12,377) | 232,470 | 330,058 | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (66,611) | (70,566) | 16 | — | — | — | (66,595) | (70,566) | |||||||||||||||||||||||||||||||||||||||
Non-interest expense | (142,563) | (196,636) | (16,650) | (25,127) | 8,134 | 12,377 | (151,079) | (209,386) | |||||||||||||||||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 18,543 | 57,865 | (3,747) | (7,759) | — | — | 14,796 | 50,106 | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (5,429) | (17,318) | 743 | 85,864 | — | 63,408 | (4,686) | 131,954 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 13,114 | $ | 40,547 | $ | (3,004) | $ | 78,105 | $ | — | $ | 63,408 | $ | 10,110 | $ | 182,060 | |||||||||||||||||||||||||||||||
Capital expenditures | $ | 15,857 | $ | 15,783 | $ | — | $ | — | $ | — | $ | — | $ | 15,857 | $ | 15,783 | |||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 7,073 | $ | 3,510 | $ | 4,565 | $ | 7,047 | $ | — | $ | — | $ | 11,638 | $ | 10,557 | |||||||||||||||||||||||||||||||
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | $ | 134,694 | $ | 355,922 | $ | 20,880 | $ | 26,298 | $ | 22,843 | $ | 4,130 | $ | 178,417 | $ | 386,350 | |||||||||||||||||||||||||||||||
Other non-interest income | 40,904 | 39,539 | 4,984 | 8,137 | (39,497) | (30,337) | 6,391 | 17,339 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 175,598 | 395,461 | 25,864 | 34,435 | (16,654) | (26,207) | 184,808 | 403,689 | |||||||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 408,844 | 219,975 | 8,055 | 20,146 | — | — | 416,899 | 240,121 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (120,442) | (9,857) | (3,101) | (14,358) | — | — | (123,543) | (24,215) | |||||||||||||||||||||||||||||||||||||||
Net interest income | 288,402 | 210,118 | 4,954 | 5,788 | — | — | 293,356 | 215,906 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 464,000 | 605,579 | 30,818 | 40,223 | (16,654) | (26,207) | 478,164 | 619,595 | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (137,195) | (123,075) | 16 | — | — | — | (137,179) | (123,075) | |||||||||||||||||||||||||||||||||||||||
Non-interest expense | (290,946) | (375,095) | (34,095) | (51,702) | 16,654 | 26,207 | (308,387) | (400,590) | |||||||||||||||||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 35,859 | 107,409 | (3,261) | (11,479) | — | — | 32,598 | 95,930 | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (9,685) | (29,673) | 863 | 103,591 | — | 53,048 | (8,822) | 126,966 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 26,174 | $ | 77,736 | $ | (2,398) | $ | 92,112 | $ | — | $ | 53,048 | $ | 23,776 | $ | 222,896 | |||||||||||||||||||||||||||||||
Capital expenditures | $ | 32,255 | $ | 37,358 | $ | — | $ | — | $ | — | $ | — | $ | 32,255 | $ | 37,358 | |||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 13,967 | $ | 7,010 | $ | 10,025 | $ | 14,586 | $ | — | $ | — | $ | 23,992 | $ | 21,596 |
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, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | $ | 153,504 | $ | 151,109 | $ | 9,015 | $ | 23,447 | $ | 11,318 | $ | — | $ | 173,837 | $ | 174,556 | |||||||||||||||||||||||||||||||
Other non-interest income | 25,240 | 25,393 | 4,794 | 4,140 | (22,634) | (23,211) | 7,400 | 6,322 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 178,744 | 176,502 | 13,809 | 27,587 | (11,316) | (23,211) | 181,237 | 180,878 | |||||||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 137,142 | 64,606 | 6,078 | 18,254 | — | — | 143,220 | 82,860 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (15,277) | (2,270) | (4,267) | (15,302) | — | — | (19,544) | (17,572) | |||||||||||||||||||||||||||||||||||||||
Net interest income | 121,865 | 62,336 | 1,811 | 2,952 | — | — | 123,676 | 65,288 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 300,609 | 238,838 | 15,620 | 30,539 | (11,316) | (23,211) | 304,913 | 246,166 | |||||||||||||||||||||||||||||||||||||||
(Provision for) reversal of credit losses | (82,739) | (38,019) | — | 495 | — | — | (82,739) | (37,524) | |||||||||||||||||||||||||||||||||||||||
Non-interest expense | (177,714) | (161,101) | (19,821) | (40,885) | 11,316 | 23,211 | (186,219) | (178,775) | |||||||||||||||||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 40,156 | 39,718 | (4,201) | (9,851) | — | — | 35,955 | 29,867 | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (9,440) | (4,670) | 16,683 | 12,607 | — | (10,619) | 7,243 | (2,682) | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 30,716 | $ | 35,048 | $ | 12,482 | $ | 2,756 | $ | — | $ | (10,619) | $ | 43,198 | $ | 27,185 | |||||||||||||||||||||||||||||||
Capital expenditures | $ | 17,301 | $ | 9,451 | $ | — | $ | — | $ | — | $ | — | $ | 17,301 | $ | 9,451 | |||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 4,099 | $ | 1,220 | $ | 6,582 | $ | 9,329 | $ | — | $ | — | $ | 10,681 | $ | 10,549 |
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Eight Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Eight Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | $ | 509,426 | $ | 315,885 | $ | 35,313 | $ | 92,133 | $ | 15,448 | $ | — | $ | 560,187 | $ | 408,018 | |||||||||||||||||||||||||||||||
Other non-interest income | 64,779 | 73,433 | 12,931 | 12,519 | (52,971) | (67,282) | 24,739 | 18,670 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 574,205 | 389,318 | 48,244 | 104,652 | (37,523) | (67,282) | 584,926 | 426,688 | |||||||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 357,117 | 127,429 | 26,224 | 67,748 | — | — | 383,341 | 195,177 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (25,134) | (5,489) | (18,625) | (59,989) | — | — | (43,759) | (65,478) | |||||||||||||||||||||||||||||||||||||||
Net interest income | 331,983 | 121,940 | 7,599 | 7,759 | — | — | 339,582 | 129,699 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 906,188 | 511,258 | 55,843 | 112,411 | (37,523) | (67,282) | 924,508 | 556,387 | |||||||||||||||||||||||||||||||||||||||
(Provision for) reversal of credit losses | (205,814) | (96,938) | — | 3,287 | — | — | (205,814) | (93,651) | |||||||||||||||||||||||||||||||||||||||
Non-interest expense | (552,809) | (374,782) | (71,523) | (165,666) | 37,523 | 67,282 | (586,809) | (473,166) | |||||||||||||||||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 147,565 | 39,538 | (15,680) | (49,968) | — | — | 131,885 | (10,430) | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (39,113) | 7,866 | 120,274 | 23,821 | 53,048 | (31,785) | 134,209 | (98) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 108,452 | $ | 47,404 | $ | 104,594 | $ | (26,147) | $ | 53,048 | $ | (31,785) | $ | 266,094 | $ | (10,528) | |||||||||||||||||||||||||||||||
Capital expenditures | $ | 54,659 | $ | 22,624 | $ | — | $ | 1,811 | $ | — | $ | — | $ | 54,659 | $ | 24,435 | |||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 11,109 | $ | 2,810 | $ | 21,168 | $ | 31,013 | $ | — | $ | — | $ | 32,277 | $ | 33,823 |
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 1,176,563 | $ | 1,020,874 | $ | 74,632 | $ | 56,475 | $ | (47,271) | $ | (20,319) | $ | 1,203,924 | $ | 1,057,030 | |||||||||||||||||||||||||||||||
Restricted cash | — | — | 41,206 | 75,409 | (6,414) | (7,955) | 34,792 | 67,454 | |||||||||||||||||||||||||||||||||||||||
Securities available for sale at fair value | 515,466 | 329,287 | 8,113 | 16,415 | — | — | 523,579 | 345,702 | |||||||||||||||||||||||||||||||||||||||
Loans held for sale at fair value | 250,361 | 110,400 | — | — | — | — | 250,361 | 110,400 | |||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | 5,178,186 | 4,705,302 | — | — | — | — | 5,178,186 | 4,705,302 | |||||||||||||||||||||||||||||||||||||||
Loans held for investment at fair value | 390,654 | 906,711 | 13,465 | 19,227 | — | — | 404,119 | 925,938 | |||||||||||||||||||||||||||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | 26,837 | 55,425 | — | — | 26,837 | 55,425 | |||||||||||||||||||||||||||||||||||||||
Property, equipment and software, net | 127,438 | 102,274 | 24,170 | 34,199 | — | — | 151,608 | 136,473 | |||||||||||||||||||||||||||||||||||||||
Investment in subsidiary | — | — | 797,899 | 755,319 | (797,899) | (755,319) | — | — | |||||||||||||||||||||||||||||||||||||||
Goodwill | 75,717 | 75,717 | — | — | — | — | 75,717 | 75,717 | |||||||||||||||||||||||||||||||||||||||
Other assets | 335,118 | 339,341 | 177,798 | 173,851 | (19,533) | (12,886) | 493,383 | 500,306 | |||||||||||||||||||||||||||||||||||||||
Total assets | 8,049,503 | 7,589,906 | 1,164,120 | 1,186,320 | (871,117) | (796,479) | 8,342,506 | 7,979,747 | |||||||||||||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 6,897,220 | 6,420,827 | — | — | (53,685) | (28,274) | 6,843,535 | 6,392,553 | |||||||||||||||||||||||||||||||||||||||
Borrowings | 10,654 | 64,154 | 5,021 | 10,704 | — | — | 15,675 | 74,858 | |||||||||||||||||||||||||||||||||||||||
Retail notes, certificates and secured borrowings at fair value | — | — | 26,837 | 55,425 | — | — | 26,837 | 55,425 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | 156,563 | 189,185 | 113,921 | 116,318 | (19,548) | (12,886) | 250,936 | 292,617 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 7,064,437 | 6,674,166 | 145,779 | 182,447 | (73,233) | (41,160) | 7,136,983 | 6,815,453 | |||||||||||||||||||||||||||||||||||||||
Total equity | 985,066 | 915,740 | 1,018,341 | 1,003,873 | (797,884) | (755,319) | 1,205,523 | 1,164,294 | |||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 8,049,503 | $ | 7,589,906 | $ | 1,164,120 | $ | 1,186,320 | $ | (871,117) | $ | (796,479) | $ | 8,342,506 | $ | 7,979,747 |
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Total cash and cash equivalents | $ | 896,519 | $ | 659,919 | $ | 109,200 | $ | 88,268 | $ | (52,878) | $ | (61,061) | $ | 952,841 | $ | 687,126 | |||||||||||||||||||||||||||||||
Restricted cash | — | — | 78,746 | 76,540 | (12,461) | (80) | 66,285 | 76,460 | |||||||||||||||||||||||||||||||||||||||
Securities available for sale at fair value | 338,096 | 205,730 | 21,061 | 57,800 | — | — | 359,157 | 263,530 | |||||||||||||||||||||||||||||||||||||||
Loans held for sale | 90,058 | 335,449 | — | 55,799 | — | — | 90,058 | 391,248 | |||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net | 4,503,726 | 2,754,737 | — | — | — | — | 4,503,726 | 2,754,737 | |||||||||||||||||||||||||||||||||||||||
Retail and certificate loans held for investment at fair value | — | — | 87,144 | 229,719 | — | — | 87,144 | 229,719 | |||||||||||||||||||||||||||||||||||||||
Other loans held for investment at fair value | — | — | 15,057 | 21,240 | — | — | 15,057 | 21,240 | |||||||||||||||||||||||||||||||||||||||
Property, equipment and software, net | 89,576 | 36,424 | 40,381 | 61,572 | — | — | 129,957 | 97,996 | |||||||||||||||||||||||||||||||||||||||
Investment in subsidiary | — | — | 671,574 | 557,577 | (671,574) | (557,577) | — | — | |||||||||||||||||||||||||||||||||||||||
Goodwill | 75,717 | 75,717 | — | — | — | — | 75,717 | 75,717 | |||||||||||||||||||||||||||||||||||||||
Other assets | 305,456 | 254,075 | 207,556 | 168,042 | (17,880) | (119,571) | 495,132 | 302,546 | |||||||||||||||||||||||||||||||||||||||
Total assets | 6,299,148 | 4,322,051 | 1,230,719 | 1,316,557 | (754,793) | (738,289) | 6,775,074 | 4,900,319 | |||||||||||||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 5,188,845 | 3,196,929 | — | — | (65,339) | (61,141) | 5,123,506 | 3,135,788 | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 165 | 165 | 4,638 | 27,615 | — | — | 4,803 | 27,780 | |||||||||||||||||||||||||||||||||||||||
Advances from PPPLF | 91,671 | 271,933 | — | — | — | — | 91,671 | 271,933 | |||||||||||||||||||||||||||||||||||||||
Retail notes, certificates and secured borrowings at fair value | — | — | 87,144 | 229,719 | — | — | 87,144 | 229,719 | |||||||||||||||||||||||||||||||||||||||
Payable on Structured Program borrowings | — | — | 11,185 | 65,451 | — | — | 11,185 | 65,451 | |||||||||||||||||||||||||||||||||||||||
Other long-term debt | — | — | 15,300 | 15,455 | — | — | 15,300 | 15,455 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | 205,814 | 218,775 | 132,121 | 150,727 | (17,880) | (65,551) | 320,055 | 303,951 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 5,486,495 | 3,687,802 | 250,388 | 488,967 | (83,219) | (126,692) | 5,653,664 | 4,050,077 | |||||||||||||||||||||||||||||||||||||||
Total equity | 812,653 | 634,249 | 980,331 | 827,590 | (671,574) | (611,597) | 1,121,410 | 850,242 | |||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 6,299,148 | $ | 4,322,051 | $ | 1,230,719 | $ | 1,316,557 | $ | (754,793) | $ | (738,289) | $ | 6,775,074 | $ | 4,900,319 |
As Of and For The Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Non-interest income | $ | 181,237 | $ | 213,832 | $ | 180,878 | $ | 584,926 | $ | 426,688 | |||||||||||||||||||
Net interest income | 123,676 | 116,226 | 65,288 | 339,582 | 129,699 | ||||||||||||||||||||||||
Total net revenue | 304,913 | 330,058 | 246,166 | 924,508 | 556,387 | ||||||||||||||||||||||||
Non-interest expense | 186,219 | 209,386 | 178,775 | 586,809 | 473,166 | ||||||||||||||||||||||||
Pre-tax, pre-provision income | 118,694 | 120,672 | 67,391 | 337,699 | 83,221 | ||||||||||||||||||||||||
Provision for credit losses | 82,739 | 70,566 | 37,524 | 205,814 | 93,651 | ||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 35,955 | 50,106 | 29,867 | 131,885 | (10,430) | ||||||||||||||||||||||||
Income tax benefit (expense) | 7,243 | 131,954 | (2,682) | 134,209 | (98) | ||||||||||||||||||||||||
Net income (loss) | 43,198 | 182,060 | 27,185 | 266,094 | (10,528) | ||||||||||||||||||||||||
Income tax benefit from release of tax valuation allowance | 5,015 | 135,300 | — | 140,315 | — | ||||||||||||||||||||||||
Net income (loss) excluding income tax benefit (1)(3) | $ | 38,183 | $ | 46,760 | $ | 27,185 | $ | 125,779 | $ | (10,528) | |||||||||||||||||||
Basic EPS | $ | 0.41 | $ | 1.77 | $ | 0.27 | $ | 2.59 | $ | (0.11) | |||||||||||||||||||
Diluted EPS | $ | 0.41 | $ | 1.73 | $ | 0.26 | $ | 2.56 | $ | (0.11) | |||||||||||||||||||
Diluted EPS impact of income tax benefit from release of tax valuation allowance | $ | 0.05 | $ | 1.28 | — | $ | 1.35 | — | |||||||||||||||||||||
Diluted EPS excluding income tax benefit (1)(3) | $ | 0.36 | $ | 0.45 | $ | 0.26 | $ | 1.21 | $ | (0.11) | |||||||||||||||||||
LendingClub Corporation Performance Metrics: | |||||||||||||||||||||||||||||
Net interest margin | 8.3 | % | 8.5 | % | 6.3 | % | 8.3 | % | 4.8 | % | |||||||||||||||||||
Efficiency ratio (2) | 61.1 | % | 63.4 | % | 72.6 | % | 63.5 | % | 85.0 | % | |||||||||||||||||||
Return on average equity (ROE) | 14.2 | % | 33.8 | % | 13.8 | % | 40.6 | % | N/A | ||||||||||||||||||||
Return on average total assets (ROA) | 2.5 | % | 5.5 | % | 2.4 | % | 6.8 | % | N/A | ||||||||||||||||||||
Marketing as a % of loan originations | 1.3 | % | 1.6 | % | 1.6 | % | 1.5 | % | 1.4 | % | |||||||||||||||||||
LendingClub Corporation Capital Metrics: | |||||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | 18.3 | % | 20.0 | % | 22.8 | % | |||||||||||||||||||||||
Tier 1 Leverage Ratio | 15.7 | % | 16.2 | % | 16.2 | % | |||||||||||||||||||||||
Book Value per Common Share | $ | 10.67 | $ | 10.41 | $ | 8.07 | |||||||||||||||||||||||
Tangible Book Value per Common Share(3) | $ | 9.78 | $ | 9.50 | $ | 7.08 | |||||||||||||||||||||||
Loan Originations (in millions): | |||||||||||||||||||||||||||||
Marketplace loans | $ | 2,386 | $ | 2,819 | $ | 2,471 | $ | 7,566 | $ | 5,792 | |||||||||||||||||||
Loan originations held for investment | 1,153 | 1,021 | 636 | 3,030 | 1,521 | ||||||||||||||||||||||||
Total loan originations | $ | 3,539 | $ | 3,840 | $ | 3,107 | $ | 10,596 | $ | 7,312 | |||||||||||||||||||
Loan originations held for investment as % of total loan originations | 33 | % | 27 | % | 20 | % | 29 | % | 21 | % | |||||||||||||||||||
Servicing portfolio AUM (in millions) (4): | |||||||||||||||||||||||||||||
Total servicing portfolio | $ | 15,929 | $ | 14,783 | $ | 11,592 | |||||||||||||||||||||||
Loans serviced for others | $ | 11,807 | $ | 11,382 | $ | 9,744 |
As of and for the Three Months Ended | As of and for the Six Months Ended June 30, | ||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Non-interest income | $ | 85,818 | $ | 98,990 | $ | 213,832 | $ | 184,808 | $ | 403,689 | |||||||||||||||||||
Net interest income | 146,652 | 146,704 | 116,226 | 293,356 | 215,906 | ||||||||||||||||||||||||
Total net revenue | 232,470 | 245,694 | 330,058 | 478,164 | 619,595 | ||||||||||||||||||||||||
Non-interest expense | 151,079 | 157,308 | 209,386 | 308,387 | 400,590 | ||||||||||||||||||||||||
Pre-provision net revenue (1) | 81,391 | 88,386 | 120,672 | 169,777 | 219,005 | ||||||||||||||||||||||||
Provision for credit losses | 66,595 | 70,584 | 70,566 | 137,179 | 123,075 | ||||||||||||||||||||||||
Income before income tax benefit (expense) | 14,796 | 17,802 | 50,106 | 32,598 | 95,930 | ||||||||||||||||||||||||
Income tax benefit (expense) | (4,686) | (4,136) | 131,954 | (8,822) | 126,966 | ||||||||||||||||||||||||
Net income | 10,110 | 13,666 | 182,060 | 23,776 | 222,896 | ||||||||||||||||||||||||
Income tax benefit from release of tax valuation allowance | N/A | N/A | 135,300 | N/A | 135,300 | ||||||||||||||||||||||||
Net income excluding income tax benefit (1)(2) | $ | 10,110 | $ | 13,666 | $ | 46,760 | $ | 23,776 | $ | 87,596 | |||||||||||||||||||
Basic EPS | $ | 0.09 | $ | 0.13 | $ | 1.77 | $ | 0.22 | $ | 2.18 | |||||||||||||||||||
Diluted EPS | $ | 0.09 | $ | 0.13 | $ | 1.73 | $ | 0.22 | $ | 2.13 | |||||||||||||||||||
Diluted EPS excluding income tax benefit (1)(2) | $ | 0.09 | $ | 0.13 | $ | 0.45 | $ | 0.22 | $ | 0.85 | |||||||||||||||||||
LendingClub Corporation Performance Metrics: | |||||||||||||||||||||||||||||
Net interest margin | 7.1 | % | 7.5 | % | 8.5 | % | 7.3 | % | 8.4 | % | |||||||||||||||||||
Efficiency ratio (3) | 65.0 | % | 64.0 | % | 63.4 | % | 64.5 | % | 64.7 | % | |||||||||||||||||||
Return on average equity (ROE) | 3.4 | % | 4.6 | % | 33.8 | % | 4.0 | % | 24.4 | % | |||||||||||||||||||
Return on average total assets (ROA) | 0.5 | % | 0.7 | % | 5.5 | % | 0.6 | % | 4.0 | % | |||||||||||||||||||
Marketing as a % of loan originations | 1.2 | % | 1.2 | % | 1.6 | % | 1.2 | % | 1.7 | % | |||||||||||||||||||
LendingClub Corporation Capital Metrics: | |||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | 16.1 | % | 15.6 | % | 20.0 | % | |||||||||||||||||||||||
Tier 1 leverage ratio | 12.4 | % | 12.8 | % | 16.2 | % | |||||||||||||||||||||||
Book value per common share | $ | 11.09 | $ | 11.08 | $ | 10.41 | |||||||||||||||||||||||
Tangible book value per common share(1) | $ | 10.26 | $ | 10.23 | $ | 9.50 | |||||||||||||||||||||||
Loan Originations (in millions) (4): | |||||||||||||||||||||||||||||
Marketplace loans | $ | 1,353 | $ | 1,286 | $ | 2,819 | $ | 2,639 | $ | 5,180 | |||||||||||||||||||
Loan originations held for investment | 657 | 1,002 | 1,021 | 1,659 | 1,877 | ||||||||||||||||||||||||
Total loan originations | $ | 2,011 | $ | 2,288 | $ | 3,840 | $ | 4,298 | $ | 7,057 | |||||||||||||||||||
Loan originations held for investment as % of total loan originations | 33 | % | 44 | % | 27 | % | 39 | % | 27 | % | |||||||||||||||||||
Servicing portfolio AUM (in millions) (5): | |||||||||||||||||||||||||||||
Total servicing portfolio | $ | 15,669 | $ | 16,060 | $ | 14,783 | |||||||||||||||||||||||
Loans serviced for others | $ | 10,204 | $ | 10,504 | $ | 11,382 |
As of the Three Months Ended | As of and for the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Data: | Balance Sheet Data: | Balance Sheet Data: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment, net, excluding PPP loans | $ | 4,414,347 | $ | 3,692,667 | $ | 2,235,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment at amortized cost, net, excluding PPP loans | Loans and leases held for investment at amortized cost, net, excluding PPP loans | $ | 5,160,546 | $ | 5,091,969 | $ | 3,692,667 | |||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans | PPP loans | $ | 89,379 | $ | 118,794 | $ | 367,558 | PPP loans | $ | 17,640 | $ | 51,112 | $ | 118,794 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment, net | $ | 4,503,726 | $ | 3,811,461 | $ | 2,603,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment at amortized cost, net (1) | Total loans and leases held for investment at amortized cost, net (1) | $ | 5,178,186 | $ | 5,143,081 | $ | 3,811,461 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment at fair value | Loans held for investment at fair value | $ | 404,119 | $ | 748,618 | $ | 20,583 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment | Total loans and leases held for investment | $ | 5,582,305 | $ | 5,891,699 | $ | 3,832,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,775,074 | $ | 6,186,765 | $ | 4,750,760 | Total assets | $ | 8,342,506 | $ | 8,754,018 | $ | 6,186,765 | ||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 5,123,506 | $ | 4,527,672 | $ | 2,838,719 | Total deposits | $ | 6,843,535 | $ | 7,218,854 | $ | 4,527,672 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 5,653,664 | $ | 5,107,648 | $ | 3,945,970 | Total liabilities | $ | 7,136,983 | $ | 7,563,276 | $ | 5,107,648 | ||||||||||||||||||||||||||||||||||||||||||||
Total equity | Total equity | $ | 1,121,410 | $ | 1,079,117 | $ | 804,790 | Total equity | $ | 1,205,523 | $ | 1,190,742 | $ | 1,079,117 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance Ratios: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance Ratios(1): | Allowance Ratios(1): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLL to total loans and leases held for investment | ALLL to total loans and leases held for investment | 6.3 | % | 6.0 | % | 3.9 | % | ALLL to total loans and leases held for investment | 6.4 | % | 6.4 | % | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
ALLL to total loans and leases held for investment, excluding PPP loans | 6.4 | % | 6.2 | % | 4.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLL to consumer loans and leases held for investment | ALLL to consumer loans and leases held for investment | 7.2 | % | 6.9 | % | 5.2 | % | ALLL to consumer loans and leases held for investment | 7.1 | % | 7.1 | % | 6.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
ALLL to commercial loans and leases held for investment | ALLL to commercial loans and leases held for investment | 1.9 | % | 2.0 | % | 1.6 | % | ALLL to commercial loans and leases held for investment | 1.9 | % | 2.0 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
ALLL to commercial loans and leases held for investment, excluding PPP loans | 2.2 | % | 2.3 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | Net charge-offs | $ | 59,884 | $ | 49,845 | $ | 14,778 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-off ratio(2) | Net charge-off ratio(2) | 4.4 | % | 3.8 | % | 1.6 | % |
Three Months Ended | Change (%) | Three Months Ended | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | Q3 2022 vs Q2 2022 | Q3 2022 vs Q3 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | Q2 2023 vs Q1 2023 | Q2 2023 vs Q2 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income: | Non-interest income: | Non-interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | Marketplace revenue | $ | 173,837 | $ | 206,384 | $ | 174,556 | (16) | % | — | % | Marketplace revenue | $ | 82,783 | $ | 95,634 | $ | 206,384 | (13) | % | (60) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest income | Other non-interest income | 7,400 | 7,448 | 6,322 | (1) | % | 17 | % | Other non-interest income | 3,035 | 3,356 | 7,448 | (10) | % | (59) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 181,237 | 213,832 | 180,878 | (15) | % | — | % | Total non-interest income | 85,818 | 98,990 | 213,832 | (13) | % | (60) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on loans held for sale | Interest on loans held for sale | 5,879 | 7,130 | 8,536 | (18) | % | (31) | % | Interest on loans held for sale | 4,433 | 5,757 | 7,130 | (23) | % | (38) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans and leases held for investment | Interest and fees on loans and leases held for investment | 124,028 | 108,911 | 57,644 | 14 | % | 115 | % | Interest and fees on loans and leases held for investment | 162,085 | 150,467 | 108,911 | 8 | % | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on loans held for investment at fair value | Interest on loans held for investment at fair value | 21,692 | 26,892 | 631 | (19) | % | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on retail and certificate loans held for investment at fair value | Interest on retail and certificate loans held for investment at fair value | 3,685 | 5,091 | 12,172 | (28) | % | (70) | % | Interest on retail and certificate loans held for investment at fair value | 1,194 | 1,683 | 5,091 | (29) | % | (77) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on other loans held for investment at fair value | 791 | 631 | 973 | 25 | % | (19) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on securities available for sale | Interest on securities available for sale | 3,820 | 4,426 | 3,180 | (14) | % | 20 | % | Interest on securities available for sale | 5,948 | 3,900 | 4,426 | 53 | % | 34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 5,017 | 2,279 | 355 | 120 | % | N/M | Other | 19,134 | 13,714 | 2,279 | 40 | % | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 143,220 | 128,468 | 82,860 | 11 | % | 73 | % | Total interest income | 214,486 | 202,413 | 128,468 | 6 | % | 67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposits | Interest on deposits | 15,184 | 6,078 | 1,899 | 150 | % | 700 | % | Interest on deposits | 66,521 | 53,273 | 6,078 | 25 | % | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on short-term borrowings | 87 | 417 | 849 | (79) | % | (90) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on retail notes, certificates and secured borrowings | Interest on retail notes, certificates and secured borrowings | 3,685 | 5,091 | 12,172 | (28) | % | (70) | % | Interest on retail notes, certificates and secured borrowings | 1,194 | 1,683 | 5,091 | (29) | % | (77) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on Structured Program borrowings | 225 | 360 | 2,120 | (38) | % | (89) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on other long-term debt | 363 | 296 | 532 | 23 | % | (32) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest expense | Other interest expense | 119 | 753 | 1,073 | (84) | % | (89) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 19,544 | 12,242 | 17,572 | 60 | % | 11 | % | Total interest expense | 67,834 | 55,709 | 12,242 | 22 | % | 454 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 123,676 | 116,226 | 65,288 | 6 | % | 89 | % | Net interest income | 146,652 | 146,704 | 116,226 | — | % | 26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | Total net revenue | 304,913 | 330,058 | 246,166 | (8) | % | 24 | % | Total net revenue | 232,470 | 245,694 | 330,058 | (5) | % | (30) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 82,739 | 70,566 | 37,524 | 17 | % | 120 | % | Provision for credit losses | 66,595 | 70,584 | 70,566 | (6) | % | (6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense: | Non-interest expense: | Non-interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 84,916 | 85,103 | 73,304 | — | % | 16 | % | Compensation and benefits | 71,553 | 73,307 | 85,103 | (2) | % | (16) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 46,031 | 61,497 | 50,782 | (25) | % | (9) | % | Marketing | 23,940 | 26,880 | 61,497 | (11) | % | (61) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment and software | Equipment and software | 12,491 | 12,461 | 10,297 | — | % | 21 | % | Equipment and software | 13,968 | 13,696 | 12,461 | 2 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | 5,051 | 6,209 | 6,486 | (19) | % | (22) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 10,681 | 10,557 | 10,549 | 1 | % | 1 | % | Depreciation and amortization | 11,638 | 12,354 | 10,557 | (6) | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 11,943 | 16,138 | 11,750 | (26) | % | 2 | % | Professional services | 9,974 | 9,058 | 16,138 | 10 | % | (38) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 4,684 | 4,310 | 6,209 | 9 | % | (25) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest expense | Other non-interest expense | 15,106 | 17,421 | 15,607 | (13) | % | (3) | % | Other non-interest expense | 15,322 | 17,703 | 17,421 | (13) | % | (12) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | 186,219 | 209,386 | 178,775 | (11) | % | 4 | % | Total non-interest expense | 151,079 | 157,308 | 209,386 | (4) | % | (28) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax benefit (expense) | Income before income tax benefit (expense) | 35,955 | 50,106 | 29,867 | (28) | % | 20 | % | Income before income tax benefit (expense) | 14,796 | 17,802 | 50,106 | (17) | % | (70) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | 7,243 | 131,954 | (2,682) | N/M | N/M | Income tax benefit (expense) | (4,686) | (4,136) | 131,954 | 13 | % | (104) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 43,198 | $ | 182,060 | $ | 27,185 | (76) | % | 59 | % | Net income | $ | 10,110 | $ | 13,666 | $ | 182,060 | (26) | % | (94) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change (%) | |||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Marketplace revenue | $ | 560,187 | $ | 408,018 | 37 | % | |||||||||||||||||
Other non-interest income | 24,739 | 18,670 | 33 | % | |||||||||||||||||||
Total non-interest income | 584,926 | 426,688 | 37 | % | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Interest on loans held for sale | 20,459 | 22,387 | (9) | % | |||||||||||||||||||
Interest and fees on loans and leases held for investment | 324,381 | 112,013 | 190 | % | |||||||||||||||||||
Interest on retail and certificate loans held for investment at fair value | 15,745 | 48,448 | (68) | % | |||||||||||||||||||
Interest on other loans held for investment at fair value | 2,015 | 3,674 | (45) | % | |||||||||||||||||||
Interest on securities available for sale | 12,757 | 7,954 | 60 | % | |||||||||||||||||||
Other | 7,984 | 701 | N/M | ||||||||||||||||||||
Total interest income | 383,341 | 195,177 | 96 | % | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Interest on deposits | 24,700 | 4,612 | 436 | % | |||||||||||||||||||
Interest on short-term borrowings | 939 | 3,116 | (70) | % | |||||||||||||||||||
Interest on retail notes, certificates and secured borrowings | 15,745 | 48,448 | (68) | % | |||||||||||||||||||
Interest on Structured Program borrowings | 1,349 | 7,996 | (83) | % | |||||||||||||||||||
Interest on other long-term debt | 1,026 | 1,306 | (21) | % | |||||||||||||||||||
Total interest expense | 43,759 | 65,478 | (33) | % | |||||||||||||||||||
Net interest income | 339,582 | 129,699 | 162 | % | |||||||||||||||||||
Total net revenue | 924,508 | 556,387 | 66 | % | |||||||||||||||||||
Provision for credit losses | 205,814 | 93,651 | 120 | % | |||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and benefits | 251,629 | 209,649 | 20 | % | |||||||||||||||||||
Marketing | 162,608 | 105,434 | 54 | % | |||||||||||||||||||
Equipment and software | 35,998 | 27,471 | 31 | % | |||||||||||||||||||
Occupancy | 17,279 | 19,543 | (12) | % | |||||||||||||||||||
Depreciation and amortization | 32,277 | 33,823 | (5) | % | |||||||||||||||||||
Professional services | 40,487 | 34,873 | 16 | % | |||||||||||||||||||
Other non-interest expense | 46,531 | 42,373 | 10 | % | |||||||||||||||||||
Total non-interest expense | 586,809 | 473,166 | 24 | % | |||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 131,885 | (10,430) | N/M | ||||||||||||||||||||
Income tax benefit (expense) | 134,209 | (98) | N/M | ||||||||||||||||||||
Net income (loss) | $ | 266,094 | $ | (10,528) | N/M |
Six Months Ended June 30, | ||||||||||||||||||||
2023 | 2022 | Change (%) | ||||||||||||||||||
Non-interest income: | ||||||||||||||||||||
Marketplace revenue | $ | 178,417 | $ | 386,350 | (54) | % | ||||||||||||||
Other non-interest income | 6,391 | 17,339 | (63) | % | ||||||||||||||||
Total non-interest income | 184,808 | 403,689 | (54) | % | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Interest on loans held for sale | 10,190 | 14,580 | (30) | % | ||||||||||||||||
Interest and fees on loans and leases held for investment | 312,552 | 200,353 | 56 | % | ||||||||||||||||
Interest on loans held for investment at fair value | 48,584 | 1,224 | N/M | |||||||||||||||||
Interest on retail and certificate loans held for investment at fair value | 2,877 | 12,060 | (76) | % | ||||||||||||||||
Interest on securities available for sale | 9,848 | 8,937 | 10 | % | ||||||||||||||||
Other | 32,848 | 2,967 | N/M | |||||||||||||||||
Total interest income | 416,899 | 240,121 | 74 | % | ||||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on deposits | 119,794 | 9,516 | N/M | |||||||||||||||||
Interest on retail notes, certificates and secured borrowings | 2,877 | 12,060 | (76) | % | ||||||||||||||||
Other interest expense | 872 | 2,639 | (67) | % | ||||||||||||||||
Total interest expense | 123,543 | 24,215 | 410 | % | ||||||||||||||||
Net interest income | 293,356 | 215,906 | 36 | % | ||||||||||||||||
Total net revenue | 478,164 | 619,595 | (23) | % | ||||||||||||||||
Provision for credit losses | 137,179 | 123,075 | 11 | % | ||||||||||||||||
Non-interest expense: | ||||||||||||||||||||
Compensation and benefits | 144,860 | 166,713 | (13) | % | ||||||||||||||||
Marketing | 50,820 | 116,577 | (56) | % | ||||||||||||||||
Equipment and software | 27,664 | 23,507 | 18 | % | ||||||||||||||||
Depreciation and amortization | 23,992 | 21,596 | 11 | % | ||||||||||||||||
Professional services | 19,032 | 28,544 | (33) | % | ||||||||||||||||
Occupancy | 8,994 | 12,228 | (26) | % | ||||||||||||||||
Other non-interest expense | 33,025 | 31,425 | 5 | % | ||||||||||||||||
Total non-interest expense | 308,387 | 400,590 | (23) | % | ||||||||||||||||
Income before income tax benefit (expense) | 32,598 | 95,930 | (66) | % | ||||||||||||||||
Income tax benefit (expense) | (8,822) | 126,966 | (107) | % | ||||||||||||||||
Net income | $ | 23,776 | $ | 222,896 | (89) | % | ||||||||||||||
Three Months Ended | Change (%) | Three Months Ended | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | Q3 2022 vs Q2 2022 | Q3 2022 vs Q3 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | Q2 2023 vs Q1 2023 | Q2 2023 vs Q2 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Origination fees | Origination fees | $ | 127,142 | $ | 149,252 | $ | 129,125 | (15) | % | (2) | % | Origination fees | $ | 70,989 | $ | 70,543 | $ | 149,252 | 1 | % | (52) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Servicing fees | Servicing fees | 23,760 | 18,166 | 20,819 | 31 | % | 14 | % | Servicing fees | 22,015 | 26,380 | 18,166 | (17) | % | 21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sales of loans | Gain on sales of loans | 23,554 | 29,319 | 21,907 | (20) | % | 8 | % | Gain on sales of loans | 13,221 | 14,125 | 29,319 | (6) | % | (55) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net fair value adjustments | Net fair value adjustments | (619) | 9,647 | 2,705 | N/M | N/M | Net fair value adjustments | (23,442) | (15,414) | 9,647 | 52 | % | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total marketplace revenue | Total marketplace revenue | $ | 173,837 | $ | 206,384 | $ | 174,556 | (16) | % | — | % | Total marketplace revenue | $ | 82,783 | $ | 95,634 | $ | 206,384 | (13) | % | (60) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change (%) | |||||||||||||||||||||
Origination fees | $ | 398,487 | $ | 298,486 | 34 | % | |||||||||||||||||
Servicing fees | 60,440 | 66,699 | (9) | % | |||||||||||||||||||
Gain on sales of loans | 76,983 | 49,547 | 55 | % | |||||||||||||||||||
Net fair value adjustments | 24,277 | (6,714) | N/M | ||||||||||||||||||||
Total marketplace revenue | $ | 560,187 | $ | 408,018 | 37 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | Change (%) | |||||||||||||||||||||
Origination fees | $ | 141,532 | $ | 271,345 | (48) | % | |||||||||||||||||
Servicing fees | 48,395 | 36,680 | 32 | % | |||||||||||||||||||
Gain on sales of loans | 27,346 | 53,429 | (49) | % | |||||||||||||||||||
Net fair value adjustments | (38,856) | 24,896 | N/M | ||||||||||||||||||||
Total marketplace revenue | $ | 178,417 | $ | 386,350 | (54) | % |
Three Months Ended | Nine Months Ended | Three Months Ended | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | Q2 2023 vs Q1 2023 | Q2 2023 vs Q2 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace loans | Marketplace loans | $ | 2,386,319 | $ | 2,819,263 | $ | 2,471,152 | $ | 7,565,820 | $ | 5,791,508 | Marketplace loans | $ | 1,353,134 | $ | 1,285,648 | $ | 2,819,263 | 5 | % | (52) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Loan originations held for investment | Loan originations held for investment | 1,152,870 | 1,021,110 | 635,514 | 3,030,292 | 1,520,751 | Loan originations held for investment | 657,380 | 1,001,989 | 1,021,110 | (34) | % | (36) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loan originations | Total loan originations | $ | 3,539,189 | $ | 3,840,373 | $ | 3,106,666 | $ | 10,596,112 | $ | 7,312,259 | Total loan originations | $ | 2,010,514 | $ | 2,287,637 | $ | 3,840,373 | (12) | % | (48) | % |
Six Months Ended June 30, | |||||||||||||||||
2023 | 2022 | Change (%) | |||||||||||||||
Marketplace loans | $ | 2,638,782 | $ | 5,179,501 | (49) | % | |||||||||||
Loan originations held for investment | 1,659,369 | 1,877,422 | (12) | % | |||||||||||||
Total loan originations (1) | $ | 4,298,151 | $ | 7,056,923 | (39) | % |
Three Months Ended | Change (%) | Change (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | Q3 2022 vs Q2 2022 | Q3 2022 vs Q3 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | Q2 2023 vs Q1 2023 | Q2 2023 vs Q2 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AUM (in millions): | AUM (in millions): | AUM (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans serviced for others | Loans serviced for others | $ | 11,807 | $ | 11,382 | $ | 9,744 | 4 | % | 21 | % | Loans serviced for others | $ | 10,204 | $ | 10,504 | $ | 11,382 | (3) | % | (10) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans held by LendingClub Bank | Loans held by LendingClub Bank | 4,019 | 3,258 | 1,438 | 23 | % | 179 | % | Loans held by LendingClub Bank | 5,425 | 5,499 | 3,258 | (1) | % | 67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail notes, certificates and secured borrowings | Retail notes, certificates and secured borrowings | 92 | 127 | 314 | (28) | % | (71) | % | Retail notes, certificates and secured borrowings | 28 | 41 | 127 | (32) | % | (78) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans invested in by the Company | Other loans invested in by the Company | 11 | 16 | 96 | (31) | % | (89) | % | Other loans invested in by the Company | 12 | 16 | 16 | (25) | % | (25) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 15,929 | $ | 14,783 | $ | 11,592 | 8 | % | 37 | % | Total | $ | 15,669 | $ | 16,060 | $ | 14,783 | (2) | % | 6 | % |
Three Months Ended | Change (%) | Three Months Ended | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | Q3 2022 vs Q2 2022 | Q3 2022 vs Q3 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | Q2 2023 vs Q1 2023 | Q2 2023 vs Q2 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Referral revenue | Referral revenue | $ | 3,144 | $ | 4,025 | $ | 4,293 | (22) | % | (27) | % | Referral revenue | $ | 1,531 | $ | 1,448 | $ | 4,025 | 6 | % | (62) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,256 | 3,423 | 2,029 | 24 | % | 110 | % | Other | 1,504 | 1,908 | 3,423 | (21) | % | (56) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest income | Other non-interest income | $ | 7,400 | $ | 7,448 | $ | 6,322 | (1) | % | 17 | % | Other non-interest income | $ | 3,035 | $ | 3,356 | $ | 7,448 | (10) | % | (59) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change (%) | |||||||||||||||||||||
Referral revenue | $ | 10,860 | $ | 9,649 | 13 | % | |||||||||||||||||
Realized gains (losses) on sales of securities available for sale and other investments | 36 | (96) | N/M | ||||||||||||||||||||
Other | 13,843 | 9,117 | 52 | % | |||||||||||||||||||
Other non-interest income | $ | 24,739 | $ | 18,670 | 33 | % |
Six Months Ended June 30, | Change (%) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | Q2 2023 vs Q2 2022 | |||||||||||||||||||||||||||||||||
Referral revenue | $ | 2,979 | $ | 7,716 | (61) | % | |||||||||||||||||||||||||||||
Realized gains on sales of securities available for sale | — | 36 | (100) | % | |||||||||||||||||||||||||||||||
Other | 3,412 | 9,587 | (64) | % | |||||||||||||||||||||||||||||||
Other non-interest income | $ | 6,391 | $ | 17,339 | (63) | % |
Three Months Ended September 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended September 30, 2021 | Three Months Ended June 30, 2023 | Three Months Ended March 31, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | 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) | Interest-earning assets (1) | Interest-earning assets (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash and other | Cash, cash equivalents, restricted cash and other | $ | 893,655 | $ | 5,017 | 2.25 | % | $ | 1,023,192 | $ | 2,279 | 0.89 | % | $ | 778,667 | $ | 355 | 0.18 | % | Cash, cash equivalents, restricted cash and other | $ | 1,512,700 | $ | 19,134 | 5.06 | % | $ | 1,220,677 | $ | 13,714 | 4.49 | % | $ | 1,023,192 | $ | 2,279 | 0.89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale at fair value | Securities available for sale at fair value | 396,556 | 3,820 | 3.85 | % | 409,327 | 4,426 | 4.32 | % | 266,686 | 3,180 | 4.77 | % | Securities available for sale at fair value | 437,473 | 5,948 | 5.44 | % | 362,960 | 3,900 | 4.30 | % | 409,327 | 4,426 | 4.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 126,487 | 5,879 | 18.59 | % | 156,503 | 7,130 | 18.22 | % | 226,422 | 8,536 | 15.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale at fair value | Loans held for sale at fair value | 106,865 | 4,433 | 16.59 | % | 110,580 | 5,757 | 20.83 | % | 156,503 | 7,130 | 18.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment at amortized cost: | Loans and leases held for investment at amortized cost: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured personal loans (2) | Unsecured personal loans (2) | 3,268,649 | 110,446 | 13.52 | % | 2,692,148 | 95,529 | 14.19 | % | 991,297 | 39,532 | 15.95 | % | Unsecured personal loans (2) | 4,360,506 | 145,262 | 13.33 | % | 4,066,713 | 133,687 | 13.15 | % | 2,692,148 | 95,529 | 14.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured consumer loans | Secured consumer loans | 337,191 | 3,039 | 3.60 | % | 268,091 | 2,351 | 3.51 | % | 464,194 | 4,688 | 4.04 | % | Secured consumer loans | 399,488 | 4,088 | 4.09 | % | 381,760 | 3,706 | 3.88 | % | 268,091 | 2,351 | 3.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | Commercial loans and leases | 692,783 | 9,262 | 5.35 | % | 644,002 | 8,732 | 5.42 | % | 616,823 | 7,887 | 5.11 | % | Commercial loans and leases | 728,588 | 11,605 | 6.37 | % | 735,911 | 12,185 | 6.62 | % | 644,002 | 8,732 | 5.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans | PPP loans | 105,500 | 1,281 | 4.86 | % | 149,454 | 2,299 | 6.15 | % | 436,785 | 5,537 | 5.07 | % | PPP loans | 28,675 | 1,130 | 15.76 | % | 57,833 | 889 | 6.15 | % | 149,454 | 2,299 | 6.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment | 4,404,123 | 124,028 | 11.26 | % | 3,753,695 | 108,911 | 11.61 | % | 2,509,099 | 57,644 | 9.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment at amortized cost | Loans and leases held for investment at amortized cost | 5,517,257 | 162,085 | 11.75 | % | 5,242,217 | 150,467 | 11.48 | % | 3,753,695 | 108,911 | 11.61 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment at fair value | Loans held for investment at fair value | 670,969 | 21,692 | 12.93 | % | 836,313 | 26,892 | 12.86 | % | 16,991 | 631 | 14.85 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment | Total loans and leases held for investment | 6,188,226 | 183,777 | 11.88 | % | 6,078,530 | 177,359 | 11.67 | % | 3,770,686 | 109,542 | 11.62 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail and certificate loans held for investment at fair value | Retail and certificate loans held for investment at fair value | 104,010 | 3,685 | 14.17 | % | 144,613 | 5,091 | 14.08 | % | 344,205 | 12,172 | 14.15 | % | Retail and certificate loans held for investment at fair value | 32,760 | 1,194 | 14.57 | % | 46,525 | 1,683 | 14.47 | % | 144,613 | 5,091 | 14.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for investment at fair value | 17,763 | 791 | 17.83 | % | 16,991 | 631 | 14.85 | % | 30,981 | 973 | 12.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 5,942,594 | 143,220 | 9.64 | % | 5,504,321 | 128,468 | 9.34 | % | 4,156,060 | 82,860 | 7.97 | % | Total interest-earning assets | 8,278,024 | 214,486 | 10.36 | % | 7,819,272 | 202,413 | 10.35 | % | 5,504,321 | 128,468 | 9.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks and restricted cash | Cash and due from banks and restricted cash | 58,411 | 75,517 | 96,733 | Cash and due from banks and restricted cash | 78,221 | 71,878 | 75,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (254,849) | (202,904) | (86,686) | Allowance for loan and lease losses | (354,348) | (338,359) | (202,904) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning assets | Other non-interest earning assets | 597,169 | 490,412 | 449,964 | Other non-interest earning assets | 686,956 | 666,650 | 490,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 6,343,325 | $ | 5,867,346 | $ | 4,616,071 | Total assets | $ | 8,688,853 | $ | 8,219,441 | $ | 5,867,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | Interest-bearing deposits: | Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market accounts | Checking and money market accounts | $ | 2,192,904 | $ | 4,575 | 0.83 | % | $ | 2,463,710 | $ | 2,664 | 0.43% | $ | 2,221,365 | $ | 1,707 | 0.30 | % | Checking and money market accounts | $ | 1,397,302 | $ | 7,760 | 2.23 | % | $ | 1,633,691 | $ | 7,568 | 1.88 | % | $ | 2,463,710 | $ | 2,664 | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts and certificates of deposit | Savings accounts and certificates of deposit | 2,260,170 | 10,609 | 1.86 | % | 1,555,607 | 3,414 | 0.88% | 307,807 | 192 | 0.25 | % | Savings accounts and certificates of deposit | 5,546,862 | 58,761 | 4.25 | % | 4,747,478 | 45,705 | 3.90 | % | 1,555,607 | 3,414 | 0.88 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits (2) | Interest-bearing deposits (2) | 4,453,074 | 15,184 | 1.35 | % | 4,019,317 | 6,078 | 0.61% | 2,529,172 | 1,899 | 0.30 | % | Interest-bearing deposits (2) | 6,944,164 | 66,521 | 3.84 | % | 6,381,169 | 53,273 | 3.39 | % | 4,019,317 | 6,078 | 0.61 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 6,848 | 87 | 5.09 | % | 10,874 | 417 | 15.35% | 57,224 | 849 | 5.93 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from PPPLF | 104,897 | 93 | 0.36 | % | 151,278 | 135 | 0.36% | 416,748 | 371 | 0.36 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail notes, certificates and secured borrowings | Retail notes, certificates and secured borrowings | 104,010 | 3,685 | 14.17 | % | 144,613 | 5,091 | 14.08 | % | 344,087 | 12,172 | 14.15 | % | Retail notes, certificates and secured borrowings | 32,760 | 1,194 | 14.57 | % | 46,525 | 1,683 | 14.47 | % | 144,613 | 5,091 | 14.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured Program borrowings | 13,859 | 225 | 6.50 | % | 18,439 | 360 | 7.81 | % | 100,178 | 2,120 | 8.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | 15,300 | 270 | 7.04 | % | 15,357 | 161 | 4.20 | % | 15,606 | 161 | 4.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-bearing liabilities | Other interest-bearing liabilities | 31,409 | 119 | 1.51 | % | 107,520 | 753 | 2.80 | % | 195,948 | 1,073 | 2.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,697,988 | 19,544 | 1.65 | % | 4,359,878 | 12,242 | 1.12 | % | 3,463,015 | 17,572 | 2.03 | % | Total interest-bearing liabilities | 7,008,333 | 67,834 | 3.88 | % | 6,535,214 | 55,709 | 3.46 | % | 4,359,878 | 12,242 | 1.12 | % |
Three Months Ended September 30, 2022 | Three Months Ended June 30, 2022 | Three Months Ended September 30, 2021 | Three Months Ended June 30, 2023 | Three Months Ended March 31, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | Average Balance | Interest Income/ Expense | Average Yield/ Rate | 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | 284,134 | 292,750 | 81,491 | Non-interest bearing deposits | 205,750 | 241,954 | 292,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 250,086 | 261,796 | 285,292 | Other liabilities | 272,142 | 263,868 | 261,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 5,232,208 | $ | 4,914,424 | $ | 3,829,798 | Total liabilities | $ | 7,486,225 | $ | 7,041,036 | $ | 4,914,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | Total equity | $ | 1,111,117 | $ | 952,922 | $ | 786,273 | Total equity | $ | 1,202,628 | $ | 1,178,405 | $ | 952,922 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 6,343,325 | $ | 5,867,346 | $ | 4,616,071 | Total liabilities and equity | $ | 8,688,853 | $ | 8,219,441 | $ | 5,867,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 7.99 | % | 8.21 | % | 5.95 | % | Interest rate spread | 6.48 | % | 6.90 | % | 8.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin | Net interest income and net interest margin | $ | 123,676 | 8.32 | % | $ | 116,226 | 8.45 | % | $ | 65,288 | 6.28 | % | Net interest income and net interest margin | $ | 146,652 | 7.09 | % | $ | 146,704 | 7.50 | % | $ | 116,226 | 8.45 | % |
Three Months Ended June 30, 2023 Compared to Three Months Ended March 31, 2023 | |||||||||||||||||
Increase (Decrease) Due to Change in: | |||||||||||||||||
Average Volume(1) | Average Rate(1) | Total | |||||||||||||||
Interest-earning assets | |||||||||||||||||
Cash, cash equivalents, restricted cash and other | $ | 3,550 | $ | 1,870 | $ | 5,420 | |||||||||||
Securities available for sale at fair value | 893 | 1,155 | 2,048 | ||||||||||||||
Loans held for sale at fair value | (188) | (1,136) | (1,324) | ||||||||||||||
Loans and leases held for investment at amortized cost | 9,205 | 2,413 | 11,618 | ||||||||||||||
Loans and leases held for investment at fair value | (5,344) | 144 | (5,200) | ||||||||||||||
Retail and certificate loans held for investment at fair value | (501) | 12 | (489) | ||||||||||||||
Total increase in interest income on interest-earning assets | $ | 7,615 | $ | 4,458 | $ | 12,073 | |||||||||||
Interest-bearing liabilities | |||||||||||||||||
Checking and money market accounts | $ | (1,164) | $ | 1,356 | $ | 192 | |||||||||||
Savings accounts and certificates of deposit | 8,566 | 4,490 | 13,056 | ||||||||||||||
Interest-bearing deposits | 7,402 | 5,846 | 13,248 | ||||||||||||||
Retail notes, certificates and secured borrowings | (501) | 12 | (489) | ||||||||||||||
Other interest-bearing liabilities | (384) | (250) | (634) | ||||||||||||||
Total increase in interest expense on interest-bearing liabilities | $ | 6,517 | $ | 5,608 | $ | 12,125 | |||||||||||
Increase (Decrease) in net interest income | $ | 1,098 | $ | (1,150) | $ | (52) |
Three Months Ended September 30, 2022 Compared to Three Months Ended June 30, 2022 | Three Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||
Increase (Decrease) Due to Change in: | Increase (Decrease) Due to Change in: | |||||||||||||||||||||||||||||||||
Average Volume(1) | Average Rate(1) | Total | Average Volume(1) | Average Rate(1) | Total | |||||||||||||||||||||||||||||
Interest-earning assets | Interest-earning assets | Interest-earning assets | ||||||||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash and other | Cash, cash equivalents, restricted cash and other | $ | (322) | $ | 3,060 | $ | 2,738 | Cash, cash equivalents, restricted cash and other | $ | 1,564 | $ | 15,291 | $ | 16,855 | ||||||||||||||||||||
Securities available for sale at fair value | Securities available for sale at fair value | (135) | (471) | (606) | Securities available for sale at fair value | 321 | 1,201 | 1,522 | ||||||||||||||||||||||||||
Loans held for sale | (1,392) | 141 | (1,251) | |||||||||||||||||||||||||||||||
Loans and leases held for investment | 18,398 | (3,281) | 15,117 | |||||||||||||||||||||||||||||||
Loans held for sale at fair value | Loans held for sale at fair value | (2,103) | (594) | (2,697) | ||||||||||||||||||||||||||||||
Loans and leases held for investment at amortized cost | Loans and leases held for investment at amortized cost | 55,585 | (2,411) | 53,174 | ||||||||||||||||||||||||||||||
Loans and leases held for investment at fair value | Loans and leases held for investment at fair value | 21,153 | (92) | 21,061 | ||||||||||||||||||||||||||||||
Retail and certificate loans held for investment at fair value | Retail and certificate loans held for investment at fair value | (1,438) | 32 | (1,406) | Retail and certificate loans held for investment at fair value | (4,069) | 172 | (3,897) | ||||||||||||||||||||||||||
Other loans held for investment at fair value | 30 | 130 | 160 | |||||||||||||||||||||||||||||||
Total increase (decrease) in interest income on interest-earning assets | $ | 15,141 | $ | (389) | $ | 14,752 | ||||||||||||||||||||||||||||
Total increase in interest income on interest-earning assets | Total increase in interest income on interest-earning assets | $ | 72,451 | $ | 13,567 | $ | 86,018 | |||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||
Checking and money market accounts | Checking and money market accounts | $ | (318) | $ | 2,229 | $ | 1,911 | Checking and money market accounts | $ | (1,611) | $ | 6,707 | $ | 5,096 | ||||||||||||||||||||
Savings accounts and certificates of deposit | Savings accounts and certificates of deposit | 2,078 | 5,117 | 7,195 | Savings accounts and certificates of deposit | 22,212 | 33,135 | 55,347 | ||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 1,760 | 7,346 | 9,106 | Interest-bearing deposits | 20,601 | 39,842 | 60,443 | ||||||||||||||||||||||||||
Short-term borrowings | (118) | (212) | (330) | |||||||||||||||||||||||||||||||
Advances from PPPLF | (42) | — | (42) | |||||||||||||||||||||||||||||||
Retail notes, certificates and secured borrowings | Retail notes, certificates and secured borrowings | (1,438) | 32 | (1,406) | Retail notes, certificates and secured borrowings | (4,069) | 172 | (3,897) | ||||||||||||||||||||||||||
Structured Program borrowings | (81) | (54) | (135) | |||||||||||||||||||||||||||||||
Other long-term debt | (1) | 110 | 109 | |||||||||||||||||||||||||||||||
Other interest-bearing liabilities | Other interest-bearing liabilities | (696) | (258) | (954) | ||||||||||||||||||||||||||||||
Total increase in interest expense on interest-bearing liabilities | Total increase in interest expense on interest-bearing liabilities | $ | 80 | $ | 7,222 | $ | 7,302 | Total increase in interest expense on interest-bearing liabilities | $ | 15,836 | $ | 39,756 | $ | 55,592 | ||||||||||||||||||||
Increase (decrease) in net interest income | $ | 15,061 | $ | (7,611) | $ | 7,450 | ||||||||||||||||||||||||||||
Increase (Decrease) in net interest income | Increase (Decrease) in net interest income | $ | 56,615 | $ | (26,189) | $ | 30,426 |
Three Months Ended September 30, 2022 Compared to Three Months Ended September 30, 2021 | |||||||||||||||||
Increase (Decrease) Due to Change in: | |||||||||||||||||
Average Volume(1) | Average Rate(1) | Total | |||||||||||||||
Interest-earning assets | |||||||||||||||||
Cash, cash equivalents, restricted cash and other | $ | 60 | $ | 4,602 | $ | 4,662 | |||||||||||
Securities available for sale at fair value | 1,335 | (695) | 640 | ||||||||||||||
Loans held for sale | (4,342) | 1,685 | (2,657) | ||||||||||||||
Loans and leases held for investment | 51,105 | 15,279 | 66,384 | ||||||||||||||
Retail and certificate loans held for investment at fair value | (8,510) | 23 | (8,487) | ||||||||||||||
Other loans held for investment at fair value | (503) | 321 | (182) | ||||||||||||||
Total increase in interest income on interest-earning assets | $ | 39,145 | $ | 21,215 | $ | 60,360 | |||||||||||
Interest-bearing liabilities | |||||||||||||||||
Checking and money market accounts | $ | (22) | $ | 2,890 | $ | 2,868 | |||||||||||
Savings accounts and certificates of deposit | 5,135 | 5,282 | 10,417 | ||||||||||||||
Interest-bearing deposits | 5,113 | 8,172 | 13,285 | ||||||||||||||
Short-term borrowings | (656) | (106) | (762) | ||||||||||||||
Advances from PPPLF | (278) | — | (278) | ||||||||||||||
Retail notes, certificates and secured borrowings | (8,506) | 19 | (8,487) | ||||||||||||||
Structured Program borrowings | (1,493) | (402) | (1,895) | ||||||||||||||
Other long-term debt | (3) | 112 | 109 | ||||||||||||||
Total increase (decrease) in interest expense on interest-bearing liabilities | $ | (5,823) | $ | 7,795 | $ | 1,972 | |||||||||||
Increase in net interest income | $ | 44,968 | $ | 13,420 | $ | 58,388 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate | 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) | Interest-earning assets (1) | Interest-earning assets (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, restricted cash and other | Cash, cash equivalents, restricted cash and other | $ | 936,592 | $ | 7,984 | 1.14 | % | $ | 769,759 | $ | 701 | 0.12 | % | Cash, cash equivalents, restricted cash and other | $ | 1,367,495 | $ | 32,848 | 4.80 | % | $ | 958,057 | $ | 2,967 | 0.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale at fair value | Securities available for sale at fair value | 377,274 | 12,757 | 4.51 | % | 295,949 | 7,954 | 3.58 | % | Securities available for sale at fair value | 400,422 | 9,848 | 4.92 | % | 367,241 | 8,937 | 4.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 178,905 | 20,459 | 15.25 | % | 229,785 | 22,387 | 12.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale at fair value | Loans held for sale at fair value | 108,712 | 10,190 | 18.75 | % | 205,821 | 14,580 | 14.17 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment at amortized cost: | Loans and leases held for investment at amortized cost: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured personal loans (2) | Unsecured personal loans (2) | 2,678,133 | 284,350 | 14.16 | % | 605,126 | 62,423 | 15.47 | % | Unsecured personal loans (2) | 4,214,421 | 278,949 | 13.24 | % | 2,376,236 | 173,905 | 14.64 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured consumer loans | Secured consumer loans | 279,556 | 7,665 | 3.66 | % | 503,798 | 13,076 | 3.89 | % | Secured consumer loans | 390,673 | 7,794 | 3.99 | % | 250,163 | 4,626 | 3.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases | Commercial loans and leases | 652,745 | 25,583 | 5.23 | % | 616,660 | 22,068 | 5.37 | % | Commercial loans and leases | 732,229 | 23,790 | 6.50 | % | 632,331 | 16,320 | 5.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans | PPP loans | 158,729 | 6,783 | 5.70 | % | 549,137 | 14,446 | 3.95 | % | PPP loans | 43,173 | 2,019 | 9.35 | % | 185,986 | 5,502 | 5.92 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment | 3,769,163 | 324,381 | 11.47 | % | 2,274,721 | 112,013 | 7.39 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases held for investment at amortized cost | Loans and leases held for investment at amortized cost | 5,380,496 | 312,552 | 11.62 | % | 3,444,716 | 200,353 | 11.63 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment at fair value | Loans held for investment at fair value | 753,184 | 48,584 | 12.90 | % | 17,757 | 1,224 | 13.78 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases held for investment | Total loans and leases held for investment | 6,133,680 | 361,136 | 11.78 | % | 3,462,473 | 201,577 | 11.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail and certificate loans held for investment at fair value | Retail and certificate loans held for investment at fair value | 148,798 | 15,745 | 14.11 | % | 454,886 | 48,448 | 14.20 | % | Retail and certificate loans held for investment at fair value | 39,604 | 2,877 | 14.53 | % | 171,713 | 12,060 | 14.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other loans held for investment at fair value | 17,756 | 2,015 | 15.13 | % | 38,563 | 3,674 | 12.71 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 5,428,488 | 383,341 | 9.42 | % | 4,063,663 | 195,177 | 6.86 | % | Total interest-earning assets | 8,049,913 | 416,899 | 10.36 | % | 5,165,305 | 240,121 | 9.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks and restricted cash | Cash and due from banks and restricted cash | 75,412 | 125,310 | Cash and due from banks and restricted cash | 75,067 | 84,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | Allowance for loan and lease losses | (207,462) | (59,262) | Allowance for loan and lease losses | (346,398) | (183,268) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest earning assets | Other non-interest earning assets | 525,053 | 413,309 | Other non-interest earning assets | 676,861 | 488,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 5,821,491 | $ | 4,543,020 | Total assets | $ | 8,455,443 | $ | 5,554,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities | Interest-bearing liabilities | Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | Interest-bearing deposits: | Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and money market accounts | Checking and money market accounts | $ | 2,298,847 | $ | 8,964 | 0.52 | % | $ | 2,046,355 | $ | 4,238 | 0.31 | % | Checking and money market accounts | $ | 1,514,843 | $ | 15,328 | 2.04 | % | $ | 2,352,080 | $ | 4,388 | 0.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts and certificates of deposit | Savings accounts and certificates of deposit | 1,633,325 | 15,736 | 1.29 | % | 309,500 | 374 | 0.18 | % | Savings accounts and certificates of deposit | 5,149,379 | 104,466 | 4.09 | % | 1,313,370 | 5,128 | 0.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits (2) | Interest-bearing deposits (2) | 3,932,172 | 24,700 | 0.84 | % | 2,355,855 | 4,612 | 0.30 | % | Interest-bearing deposits (2) | 6,664,222 | 119,794 | 3.62 | % | 3,665,450 | 9,516 | 0.52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 12,648 | 939 | 9.90 | % | 78,467 | 3,116 | 5.30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from PPPLF | 163,206 | 434 | 0.35 | % | 374,841 | 876 | 0.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail notes, certificates and secured borrowings | Retail notes, certificates and secured borrowings | 148,798 | 15,745 | 14.11 | % | 455,779 | 48,448 | 14.18 | % | Retail notes, certificates and secured borrowings | 39,604 | 2,877 | 14.53 | % | 171,713 | 12,060 | 14.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured Program borrowings | 24,671 | 1,349 | 7.29 | % | 121,654 | 7,996 | 8.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | 15,359 | 592 | 5.14 | % | 16,665 | 430 | 3.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other interest-bearing liabilities | Other interest-bearing liabilities | 69,254 | 872 | 2.52 | % | 254,320 | 2,639 | 2.08 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 4,296,854 | 43,759 | 1.36 | % | 3,403,261 | 65,478 | 2.59 | % | Total interest-bearing liabilities | 6,773,080 | 123,543 | 3.68 | % | 4,091,483 | 24,215 | 1.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | 268,281 | 93,813 | Non-interest bearing deposits | 223,752 | 260,043 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 276,788 | 287,868 | Other liabilities | 268,028 | 290,518 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 4,841,923 | $ | 3,784,942 | Total liabilities | $ | 7,264,860 | $ | 4,642,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | Total equity | $ | 979,568 | $ | 758,078 | Total equity | $ | 1,190,583 | $ | 912,480 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 5,821,491 | $ | 4,543,020 | Total liabilities and equity | $ | 8,455,443 | $ | 5,554,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | Interest rate spread | 8.06 | % | 4.27 | % | Interest rate spread | 6.68 | % | 8.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income and net interest margin | Net interest income and net interest margin | $ | 339,582 | 8.34 | % | $ | 129,699 | 4.76 | % | Net interest income and net interest margin | $ | 293,356 | 7.29 | % | $ | 215,906 | 8.36 | % |
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Credit loss expense for Radius loans at acquisition | $ | — | $ | — | $ | — | $ | — | $ | 6,929 | |||||||||||||||||||
Credit loss expense for loans and leases held for investment | 82,599 | 70,053 | 37,133 | 204,880 | 88,733 | ||||||||||||||||||||||||
Credit loss expense for unfunded lending commitments | 140 | 513 | 887 | 934 | 1,277 | ||||||||||||||||||||||||
Total credit loss expense | 82,739 | 70,566 | 38,020 | 205,814 | 96,939 | ||||||||||||||||||||||||
Reversal of credit loss expense on securities available for sale | — | — | (496) | — | (3,288) | ||||||||||||||||||||||||
Total provision for credit losses | $ | 82,739 | $ | 70,566 | $ | 37,524 | $ | 205,814 | $ | 93,651 |
Three Months Ended | Six Months Ended June 30, | ||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Credit loss expense for loans and leases held for investment | $ | 66,190 | $ | 70,850 | $ | 70,053 | $ | 137,040 | $ | 122,281 | |||||||||||||||||||
Credit loss (reversal of) expense for unfunded lending commitments | 405 | (266) | 513 | 139 | 794 | ||||||||||||||||||||||||
Total provision for credit losses | $ | 66,595 | $ | 70,584 | $ | 70,566 | $ | 137,179 | $ | 123,075 | |||||||||||||||||||
Loan originations held for investment | $ | 657,380 | $ | 1,001,989 | $ | 1,021,110 | $ | 1,659,369 | $ | 1,877,422 |
Three Months Ended | Nine Months Ended September 30, | Three Months Ended | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | 2022 | 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, beginning of period | Allowance for loan and lease losses, beginning of period | $ | 243,260 | $ | 187,985 | $ | 71,081 | $ | 144,389 | $ | — | Allowance for loan and lease losses, beginning of period | $ | 348,857 | $ | 327,852 | $ | 187,985 | $ | 327,852 | $ | 144,389 | ||||||||||||||||||||||||||||||||||||
Credit loss expense for loans and leases held for investment | Credit loss expense for loans and leases held for investment | 82,599 | 70,053 | 37,133 | 204,880 | 95,662 | Credit loss expense for loans and leases held for investment | 66,190 | 70,850 | 70,053 | 137,040 | 122,281 | ||||||||||||||||||||||||||||||||||||||||||||||
Initial allowance for purchased credit deteriorated (PCD) loans acquired during the period (1) | — | — | — | — | 12,440 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | (23,728) | (15,852) | (4,336) | (48,669) | (4,582) | Charge-offs | (64,269) | (52,563) | (15,852) | (116,832) | (24,941) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,070 | 1,074 | 858 | 2,601 | 1,216 | Recoveries | 4,385 | 2,718 | 1,074 | 7,103 | 1,531 | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses, end of period | Allowance for loan and lease losses, end of period | $ | 303,201 | $ | 243,260 | $ | 104,736 | $ | 303,201 | $ | 104,736 | Allowance for loan and lease losses, end of period | $ | 355,163 | $ | 348,857 | $ | 243,260 | $ | 355,163 | $ | 243,260 | ||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments, beginning of period | Reserve for unfunded lending commitments, beginning of period | $ | 2,025 | $ | 1,512 | $ | 390 | $ | 1,231 | $ | — | Reserve for unfunded lending commitments, beginning of period | $ | 1,612 | $ | 1,878 | $ | 1,512 | $ | 1,878 | $ | 1,231 | ||||||||||||||||||||||||||||||||||||
Credit loss expense for unfunded lending commitments | 140 | 513 | 887 | 934 | 1,277 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss (reversal of) expense for unfunded lending commitments | Credit loss (reversal of) expense for unfunded lending commitments | 405 | (266) | 513 | 139 | 794 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve for unfunded lending commitments, end of period | Reserve for unfunded lending commitments, end of period | $ | 2,165 | $ | 2,025 | $ | 1,277 | $ | 2,165 | $ | 1,277 | Reserve for unfunded lending commitments, end of period | $ | 2,017 | $ | 1,612 | $ | 2,025 | $ | 2,017 | $ | 2,025 |
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Ratio of allowance for loan and lease losses to total loans and leases held for investment | 6.31 | % | 6.00 | % | 3.87 | % | 6.31 | % | 3.87 | % | |||||||||||||||||||||||||
Ratio of allowance for loan and lease losses to total loans and leases held for investment, excluding PPP loans | 6.43 | % | 6.18 | % | 4.48 | % | 6.43 | % | 4.48 | % | |||||||||||||||||||||||||
Average loans and leases held for investment | $ | 4,404,123 | $ | 3,753,695 | $ | 2,509,099 | $ | 3,769,163 | $ | 2,274,721 | |||||||||||||||||||||||||
Ratio of net charge-offs to average loans and leases held for investment | 0.51 | % | 0.39 | % | 0.14 | % | 1.22 | % | 0.15 | % |
Three Months Ended | Six Months Ended June 30, | ||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Ratio of allowance for loan and lease losses to total loans and leases held for investment at amortized cost | 6.4 | % | 6.4 | % | 6.0 | % | 6.4 | % | 6.0 | % | |||||||||||||||||||
Average loans and leases held for investment at amortized cost, excluding PPP loans | $ | 5,488,582 | $ | 5,184,384 | $ | 3,604,241 | $ | 5,337,323 | $ | 3,258,730 | |||||||||||||||||||
Net charge-off ratio (1) | 4.4 | % | 3.8 | % | 1.6 | % | 4.1 | % | 1.4 | % |
September 30, 2022 | December 31, 2021 | June 30, 2023 | December 31, 2022 | |||||||||||||
Total nonaccrual loans and leases held for investment | Total nonaccrual loans and leases held for investment | $ | 24,507 | $ | 9,985 | Total nonaccrual loans and leases held for investment | $ | 51,383 | $ | 34,827 | ||||||
Ratio of total nonaccrual loans and leases held for investment to total loans and leases held for investment | Ratio of total nonaccrual loans and leases held for investment to total loans and leases held for investment | 0.51 | % | 0.34 | % | Ratio of total nonaccrual loans and leases held for investment to total loans and leases held for investment | 0.9 | % | 0.7 | % | ||||||
Ratio of total nonaccrual loans and leases held for investment to total loans and leases held for investment, excluding PPP loans | 0.52 | % | 0.38 | % |
Three Months Ended | Change (%) | Three Months Ended | Change (%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | Q3 2022 vs Q2 2022 | Q3 2022 vs Q3 2021 | June 30, 2023 | March 31, 2023 | June 30, 2022 | Q2 2023 vs Q1 2023 | Q2 2023 vs Q2 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense: | Non-interest expense: | Non-interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 84,916 | $ | 85,103 | $ | 73,304 | — | % | 16 | % | Compensation and benefits | $ | 71,553 | $ | 73,307 | $ | 85,103 | (2) | % | (16) | % | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 46,031 | 61,497 | 50,782 | (25) | % | (9) | % | Marketing | 23,940 | 26,880 | 61,497 | (11) | % | (61) | % | ||||||||||||||||||||||||||||||||||||||||||
Equipment and software | Equipment and software | 12,491 | 12,461 | 10,297 | — | % | 21 | % | Equipment and software | 13,968 | 13,696 | 12,461 | 2 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||||
Occupancy | 5,051 | 6,209 | 6,486 | (19) | % | (22) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 10,681 | 10,557 | 10,549 | 1 | % | 1 | % | Depreciation and amortization | 11,638 | 12,354 | 10,557 | (6) | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||
Professional services | Professional services | 11,943 | 16,138 | 11,750 | (26) | % | 2 | % | Professional services | 9,974 | 9,058 | 16,138 | 10 | % | (38) | % | ||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 4,684 | 4,310 | 6,209 | 9 | % | (25) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest expense | Other non-interest expense | 15,106 | 17,421 | 15,607 | (13) | % | (3) | % | Other non-interest expense | 15,322 | 17,703 | 17,421 | (13) | % | (12) | % | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | $ | 186,219 | $ | 209,386 | $ | 178,775 | (11) | % | 4 | % | Total non-interest expense | $ | 151,079 | $ | 157,308 | $ | 209,386 | (4) | % | (28) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2022 | 2021 | Change (%) | |||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and benefits | $ | 251,629 | $ | 209,649 | 20 | % | |||||||||||||||||
Marketing | 162,608 | 105,434 | 54 | % | |||||||||||||||||||
Equipment and software | 35,998 | 27,471 | 31 | % | |||||||||||||||||||
Occupancy | 17,279 | 19,543 | (12) | % | |||||||||||||||||||
Depreciation and amortization | 32,277 | 33,823 | (5) | % | |||||||||||||||||||
Professional services | 40,487 | 34,873 | 16 | % | |||||||||||||||||||
Other non-interest expense | 46,531 | 42,373 | 10 | % | |||||||||||||||||||
Total non-interest expense | $ | 586,809 | $ | 473,166 | 24 | % |
Six Months Ended June 30, | |||||||||||||||||
2023 | 2022 | Change (%) | |||||||||||||||
Non-interest expense: | |||||||||||||||||
Compensation and benefits | $ | 144,860 | $ | 166,713 | (13) | % | |||||||||||
Marketing | 50,820 | 116,577 | (56) | % | |||||||||||||
Equipment and software | 27,664 | 23,507 | 18 | % | |||||||||||||
Depreciation and amortization | 23,992 | 21,596 | 11 | % | |||||||||||||
Professional services | 19,032 | 28,544 | (33) | % | |||||||||||||
Occupancy | 8,994 | 12,228 | (26) | % | |||||||||||||
Other non-interest expense | 33,025 | 31,425 | 5 | % | |||||||||||||
Total non-interest expense | $ | 308,387 | $ | 400,590 | (23) | % |
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | $ | 62,006 | $ | 191,087 | $ | 7,772 | $ | 11,167 | $ | 13,005 | $ | 4,130 | $ | 82,783 | $ | 206,384 | |||||||||||||||||||||||||||||||
Other non-interest income | 21,743 | 20,041 | 2,431 | 3,914 | (21,139) | (16,507) | 3,035 | 7,448 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 83,749 | 211,128 | 10,203 | 15,081 | (8,134) | (12,377) | 85,818 | 213,832 | |||||||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 210,514 | 120,152 | 3,972 | 8,316 | — | — | 214,486 | 128,468 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (66,546) | (6,213) | (1,288) | (6,029) | — | — | (67,834) | (12,242) | |||||||||||||||||||||||||||||||||||||||
Net interest income | 143,968 | 113,939 | 2,684 | 2,287 | — | — | 146,652 | 116,226 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 227,717 | 325,067 | 12,887 | 17,368 | (8,134) | (12,377) | 232,470 | 330,058 | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (66,611) | (70,566) | 16 | — | — | — | (66,595) | (70,566) | |||||||||||||||||||||||||||||||||||||||
Non-interest expense | (142,563) | (196,636) | (16,650) | (25,127) | 8,134 | 12,377 | (151,079) | (209,386) | |||||||||||||||||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 18,543 | 57,865 | (3,747) | (7,759) | — | — | 14,796 | 50,106 | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (5,429) | (17,318) | 743 | 85,864 | — | 63,408 | (4,686) | 131,954 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 13,114 | $ | 40,547 | $ | (3,004) | $ | 78,105 | $ | — | $ | 63,408 | $ | 10,110 | $ | 182,060 | |||||||||||||||||||||||||||||||
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, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | $ | 153,504 | $ | 151,109 | $ | 9,015 | $ | 23,447 | $ | 11,318 | $ | — | $ | 173,837 | $ | 174,556 | |||||||||||||||||||||||||||||||
Other non-interest income | 25,240 | 25,393 | 4,794 | 4,140 | (22,634) | (23,211) | 7,400 | 6,322 | |||||||||||||||||||||||||||||||||||||||
Total non-interest income | 178,744 | 176,502 | 13,809 | 27,587 | (11,316) | (23,211) | 181,237 | 180,878 | |||||||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 137,142 | 64,606 | 6,078 | 18,254 | — | — | 143,220 | 82,860 | |||||||||||||||||||||||||||||||||||||||
Interest expense | (15,277) | (2,270) | (4,267) | (15,302) | — | — | (19,544) | (17,572) | |||||||||||||||||||||||||||||||||||||||
Net interest income | 121,865 | 62,336 | 1,811 | 2,952 | — | — | 123,676 | 65,288 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 300,609 | 238,838 | 15,620 | 30,539 | (11,316) | (23,211) | 304,913 | 246,166 | |||||||||||||||||||||||||||||||||||||||
(Provision for) reversal of credit losses | (82,739) | (38,019) | — | 495 | — | — | (82,739) | (37,524) | |||||||||||||||||||||||||||||||||||||||
Non-interest expense | (177,714) | (161,101) | (19,821) | (40,885) | 11,316 | 23,211 | (186,219) | (178,775) | |||||||||||||||||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | 40,156 | 39,718 | (4,201) | (9,851) | — | — | 35,955 | 29,867 | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (9,440) | (4,670) | 16,683 | 12,607 | — | (10,619) | 7,243 | (2,682) | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 30,716 | $ | 35,048 | $ | 12,482 | $ | 2,756 | $ | — | $ | (10,619) | $ | 43,198 | $ | 27,185 | |||||||||||||||||||||||||||||||
LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | LendingClub Bank | LendingClub Corporation (Parent only) | Intercompany Eliminations | Consolidated Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | Eight Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Eight Months Ended September 30, | Nine Months Ended September 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income: | Non-interest income: | Non-interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace revenue | Marketplace revenue | $ | 509,426 | $ | 315,885 | $ | 35,313 | $ | 92,133 | $ | 15,448 | $ | — | $ | 560,187 | $ | 408,018 | Marketplace revenue | $ | 134,694 | $ | 355,922 | $ | 20,880 | $ | 26,298 | $ | 22,843 | $ | 4,130 | $ | 178,417 | $ | 386,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest income | Other non-interest income | 64,779 | 73,433 | 12,931 | 12,519 | (52,971) | (67,282) | 24,739 | 18,670 | Other non-interest income | 40,904 | 39,539 | 4,984 | 8,137 | (39,497) | (30,337) | 6,391 | 17,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 574,205 | 389,318 | 48,244 | 104,652 | (37,523) | (67,282) | 584,926 | 426,688 | Total non-interest income | 175,598 | 395,461 | 25,864 | 34,435 | (16,654) | (26,207) | 184,808 | 403,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 357,117 | 127,429 | 26,224 | 67,748 | — | — | 383,341 | 195,177 | Interest income | 408,844 | 219,975 | 8,055 | 20,146 | — | — | 416,899 | 240,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (25,134) | (5,489) | (18,625) | (59,989) | — | — | (43,759) | (65,478) | Interest expense | (120,442) | (9,857) | (3,101) | (14,358) | — | — | (123,543) | (24,215) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 331,983 | 121,940 | 7,599 | 7,759 | — | — | 339,582 | 129,699 | Net interest income | 288,402 | 210,118 | 4,954 | 5,788 | — | — | 293,356 | 215,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | Total net revenue | 906,188 | 511,258 | 55,843 | 112,411 | (37,523) | (67,282) | 924,508 | 556,387 | Total net revenue | 464,000 | 605,579 | 30,818 | 40,223 | (16,654) | (26,207) | 478,164 | 619,595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Provision for) reversal of credit losses | (205,814) | (96,938) | — | 3,287 | — | — | (205,814) | (93,651) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (137,195) | (123,075) | 16 | — | — | — | (137,179) | (123,075) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (552,809) | (374,782) | (71,523) | (165,666) | 37,523 | 67,282 | (586,809) | (473,166) | Non-interest expense | (290,946) | (375,095) | (34,095) | (51,702) | 16,654 | 26,207 | (308,387) | (400,590) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) before income tax benefit (expense) | Income (Loss) before income tax benefit (expense) | 147,565 | 39,538 | (15,680) | (49,968) | — | — | 131,885 | (10,430) | Income (Loss) before income tax benefit (expense) | 35,859 | 107,409 | (3,261) | (11,479) | — | — | 32,598 | 95,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | (39,113) | 7,866 | 120,274 | 23,821 | 53,048 | (31,785) | 134,209 | (98) | Income tax benefit (expense) | (9,685) | (29,673) | 863 | 103,591 | — | 53,048 | (8,822) | 126,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 108,452 | $ | 47,404 | $ | 104,594 | $ | (26,147) | $ | 53,048 | $ | (31,785) | $ | 266,094 | $ | (10,528) | Net income (loss) | $ | 26,174 | $ | 77,736 | $ | (2,398) | $ | 92,112 | $ | — | $ | 53,048 | $ | 23,776 | $ | 222,896 |
As of and For The Three Months Ended | As of and For The Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||
GAAP Net income (loss) | $ | 43,198 | $ | 182,060 | $ | 27,185 | $ | 266,094 | $ | (10,528) | ||||||||||||||||||||||
Income tax benefit from release of tax valuation allowance | 5,015 | 135,300 | — | 140,315 | — | |||||||||||||||||||||||||||
Net income (loss) excluding income tax benefit | $ | 38,183 | $ | 46,760 | $ | 27,185 | $ | 125,779 | $ | (10,528) | ||||||||||||||||||||||
GAAP Diluted EPS – common stockholders | $ | 0.41 | $ | 1.73 | $ | 0.26 | $ | 2.56 | $ | (0.11) | ||||||||||||||||||||||
(A) | Income tax benefit from release of tax valuation allowance | $ | 5,015 | $ | 135,300 | N/A | 140,315 | N/A | ||||||||||||||||||||||||
(B) | Weighted-average common shares – Diluted | 105,853,938 | 105,042,626 | N/A | $ | 104,116,240 | N/A | |||||||||||||||||||||||||
(A/B) | Diluted EPS impact of income tax benefit | $ | 0.05 | $ | 1.29 | N/A | $ | 1.35 | N/A | |||||||||||||||||||||||
Diluted EPS excluding income tax benefit | $ | 0.36 | $ | 0.44 | $ | 0.26 | $ | 1.21 | $ | (0.11) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||
GAAP Net income | $ | 10,110 | $ | 13,666 | $ | 182,060 | $ | 23,776 | $ | 222,896 | |||||||||||||||||||||||||||||||
Less: Provision for credit losses | (66,595) | (70,584) | (70,566) | (137,179) | (123,075) | ||||||||||||||||||||||||||||||||||||
Less: Income tax benefit (expense) | (4,686) | (4,136) | 131,954 | (8,822) | 126,966 | ||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 81,391 | $ | 88,386 | $ | 120,672 | $ | 169,777 | $ | 219,005 | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Non-interest income | $ | 85,818 | $ | 98,990 | $ | 213,832 | $ | 184,808 | $ | 403,689 | |||||||||||||||||||||||||||||||
Net interest income | 146,652 | 146,704 | 116,226 | 293,356 | 215,906 | ||||||||||||||||||||||||||||||||||||
Total net revenue | 232,470 | 245,694 | 330,058 | 478,164 | 619,595 | ||||||||||||||||||||||||||||||||||||
Non-interest expense | (151,079) | (157,308) | (209,386) | (308,387) | (400,590) | ||||||||||||||||||||||||||||||||||||
Pre-provision net revenue | 81,391 | 88,386 | 120,672 | 169,777 | 219,005 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | (66,595) | (70,584) | (70,566) | (137,179) | (123,075) | ||||||||||||||||||||||||||||||||||||
Income before income tax benefit (expense) | 14,796 | 17,802 | 50,106 | 32,598 | 95,930 | ||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (4,686) | (4,136) | 131,954 | (8,822) | 126,966 | ||||||||||||||||||||||||||||||||||||
GAAP Net income | $ | 10,110 | $ | 13,666 | $ | 182,060 | $ | 23,776 | $ | 222,896 | |||||||||||||||||||||||||||||||
As of and For The Three Months Ended | As of and For The Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
GAAP Net income | $ | 10,110 | $ | 13,666 | $ | 182,060 | $ | 23,776 | $ | 222,896 | ||||||||||||||||||||||||||||||||||
Income tax benefit from release of tax valuation allowance | — | — | 135,300 | — | 135,300 | |||||||||||||||||||||||||||||||||||||||
Net income excluding income tax benefit | $ | 10,110 | $ | 13,666 | $ | 46,760 | $ | 23,776 | $ | 87,596 | ||||||||||||||||||||||||||||||||||
GAAP Diluted EPS – common stockholders | $ | 0.09 | $ | 0.13 | $ | 1.73 | $ | 0.22 | $ | 2.13 | ||||||||||||||||||||||||||||||||||
(A) | Income tax benefit from release of tax valuation allowance | N/A | N/A | $ | 135,300 | N/A | $ | 135,300 | ||||||||||||||||||||||||||||||||||||
(B) | Weighted-average common shares – Diluted | N/A | N/A | 105,042,626 | N/A | 104,644,825 | ||||||||||||||||||||||||||||||||||||||
(A/B) | Diluted EPS impact of income tax benefit | N/A | N/A | $ | 1.28 | N/A | $ | 1.28 | ||||||||||||||||||||||||||||||||||||
Diluted EPS excluding income tax benefit | $ | 0.09 | $ | 0.13 | $ | 0.45 | $ | 0.22 | $ | 0.85 |
September 30, 2022 | June 30, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||
GAAP common equity | $ | 1,121,410 | $ | 1,079,117 | $ | 850,242 | $ | 804,790 | |||||||||||||||||||||
Less: Goodwill | (75,717) | (75,717) | (75,717) | (75,717) | |||||||||||||||||||||||||
Less: Intangible assets | (17,512) | (18,690) | (21,181) | (22,521) | |||||||||||||||||||||||||
Tangible common equity | $ | 1,028,181 | $ | 984,710 | $ | 753,344 | $ | 706,552 | |||||||||||||||||||||
Book value per common share | |||||||||||||||||||||||||||||
GAAP common equity | $ | 1,121,410 | $ | 1,079,117 | $ | 850,242 | $ | 804,790 | |||||||||||||||||||||
Common shares issued and outstanding | 105,088,761 | 103,630,776 | 101,043,924 | 99,782,192 | |||||||||||||||||||||||||
Book value per common share | $ | 10.67 | $ | 10.41 | $ | 8.41 | $ | 8.07 | |||||||||||||||||||||
Tangible book value per common share | |||||||||||||||||||||||||||||
Tangible common equity | $ | 1,028,181 | $ | 984,710 | $ | 753,344 | $ | 706,552 | |||||||||||||||||||||
Common shares issued and outstanding | 105,088,761 | 103,630,776 | 101,043,924 | 99,782,192 | |||||||||||||||||||||||||
Tangible book value per common share | $ | 9.78 | $ | 9.50 | $ | 7.46 | $ | 7.08 |
As of | June 30, 2023 | March 31, 2023 | June 30, 2022 | ||||||||||||||||||||||||||
GAAP common equity | $ | 1,205,523 | $ | 1,190,742 | $ | 1,079,117 | |||||||||||||||||||||||
Less: Goodwill | (75,717) | (75,717) | (75,717) | ||||||||||||||||||||||||||
Less: Intangible assets | (14,167) | (15,201) | (18,690) | ||||||||||||||||||||||||||
Tangible common equity | $ | 1,115,639 | $ | 1,099,824 | $ | 984,710 | |||||||||||||||||||||||
Book value per common share | |||||||||||||||||||||||||||||
GAAP common equity | $ | 1,205,523 | $ | 1,190,742 | $ | 1,079,117 | |||||||||||||||||||||||
Common shares issued and outstanding | 108,694,120 | 107,460,734 | 103,630,776 | ||||||||||||||||||||||||||
Book value per common share | $ | 11.09 | $ | 11.08 | $ | 10.41 | |||||||||||||||||||||||
Tangible book value per common share | |||||||||||||||||||||||||||||
Tangible common equity | $ | 1,115,639 | $ | 1,099,824 | $ | 984,710 | |||||||||||||||||||||||
Common shares issued and outstanding | 108,694,120 | 107,460,734 | 103,630,776 | ||||||||||||||||||||||||||
Tangible book value per common share | $ | 10.26 | $ | 10.23 | $ | 9.50 |
LendingClub Bank | September 30, 2022 | December 31, 2021 | Required Minimum plus Required CCB for Non-Leverage Ratios | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | Required Minimum plus Required CCB for Non-Leverage Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LendingClub | LendingClub | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (1) | CET1 capital (1) | $ | 760.4 | 15.2 | % | $ | 523.7 | 16.7 | % | 7.0 | % | CET1 capital (1) | $ | 1,053.5 | 16.1 | % | $ | 1,005.8 | 15.8 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | $ | 760.4 | 15.2 | % | $ | 523.7 | 16.7 | % | 8.5 | % | Tier 1 capital | $ | 1,053.5 | 16.1 | % | $ | 1,005.8 | 15.8 | % | 8.5 | % | ||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 825.8 | 16.5 | % | $ | 563.7 | 18.0 | % | 10.5 | % | Total capital | $ | 1,138.3 | 17.4 | % | $ | 1,088.1 | 17.1 | % | 10.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | $ | 760.4 | 13.4 | % | $ | 523.7 | 14.3 | % | 4.0 | % | Tier 1 leverage | $ | 1,053.5 | 12.4 | % | $ | 1,005.8 | 14.1 | % | 4.0 | % | ||||||||||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | $ | 5,018.3 | N/A | $ | 3,130.4 | N/A | N/A | Risk-weighted assets | $ | 6,526.5 | N/A | $ | 6,360.7 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | $ | 5,692.0 | N/A | $ | 3,667.7 | N/A | N/A | Quarterly adjusted average assets | $ | 8,522.6 | N/A | $ | 7,119.0 | N/A | N/A |
September 30, 2022 | December 31, 2021 | Required Minimum plus Required CCB for Non-Leverage Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LendingClub | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
LendingClub Bank | LendingClub Bank | June 30, 2023 | December 31, 2022 | Required Minimum plus Required CCB for Non-Leverage Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 capital (1) | CET1 capital (1) | $ | 953.2 | 18.3 | % | $ | 710.0 | 21.3 | % | 7.0 | % | CET1 capital (1) | $ | 939.3 | 14.7 | % | $ | 852.2 | 13.8 | % | 7.0 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 capital | Tier 1 capital | $ | 953.2 | 18.3 | % | $ | 710.0 | 21.3 | % | 8.5 | % | Tier 1 capital | $ | 939.3 | 14.7 | % | $ | 852.2 | 13.8 | % | 8.5 | % | ||||||||||||||||||||||||||||||||||||
Total capital | Total capital | $ | 1,033.2 | 19.8 | % | $ | 767.9 | 23.0 | % | 10.5 | % | Total capital | $ | 1,022.6 | 16.0 | % | $ | 932.4 | 15.1 | % | 10.5 | % | ||||||||||||||||||||||||||||||||||||
Tier 1 leverage | Tier 1 leverage | $ | 953.2 | 15.7 | % | $ | 710.0 | 16.5 | % | 4.0 | % | Tier 1 leverage | $ | 939.3 | 11.3 | % | $ | 852.2 | 12.5 | % | 4.0 | % | ||||||||||||||||||||||||||||||||||||
Risk-weighted assets | Risk-weighted assets | $ | 5,210.2 | N/A | $ | 3,333.2 | N/A | N/A | Risk-weighted assets | $ | 6,406.5 | N/A | $ | 6,194.0 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Quarterly adjusted average assets | Quarterly adjusted average assets | $ | 6,061.4 | N/A | $ | 4,301.7 | N/A | N/A | Quarterly adjusted average assets | $ | 8,300.0 | N/A | $ | 6,795.2 | N/A | N/A |
June 30, 2023 | December 31, 2022 | ||||||||||
Cash and cash equivalents | $ | 1,176,563 | $ | 1,020,874 | |||||||
Securities available for sale (1) | $ | 362,675 | $ | 329,287 | |||||||
Deposits | $ | 6,897,220 | $ | 6,420,827 | |||||||
Available borrowing capacity: | |||||||||||
FHLB of Des Moines borrowing capacity (2) | $ | 427,877 | $ | 414,528 | |||||||
FRB Discount Window borrowing capacity (3) | $ | 3,674,308 | $ | 191,021 | |||||||
Total available borrowing capacity | $ | 4,102,185 | $ | 605,549 |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Instantaneous Change in Interest Rates: | ||||||||||||||||||||
+ 200 basis points | (9.1) | % | (6.9) | % | ||||||||||||||||
+ 100 basis points | (4.4) | % | (3.3) | % | ||||||||||||||||
– 100 basis points | 2.7 | % | 1.9 | % | ||||||||||||||||
– 200 basis points | 5.1 | % | 3.5 | % |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
July 1 - July 31 (1) | 3,326 | $ | 14.70 | — | $ | — | ||||||||||||||||||||
August 1 - August 31 | — | $ | — | — | $ | — | ||||||||||||||||||||
September 1 - September 30 (1) | 4,425 | $ | 11.05 | — | $ | — | ||||||||||||||||||||
Total | 7,751 | $ | 12.62 | — | $ | — |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||
101.INS | XBRL Instance Document‡ | X | ||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | ||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | X | ||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | X | ||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | ||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||
101.INS | XBRL Instance Document‡ | X | ||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | ||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | X | ||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | X | ||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | ||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
LENDINGCLUB CORPORATION | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | /s/ SCOTT SANBORN | |||||||||||||
Scott Sanborn | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: | /s/ ANDREW LABENNE | |||||||||||||
Andrew LaBenne | ||||||||||||||
Chief Financial Officer |