On Deck Capital (ONDK) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	On Deck Capital, Inc.
Entity Central Index Key	0001420811
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		75,918,756
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 60,085	$ 59,859
Restricted cash	44,632	37,779
Loans held for investment	1,202,531	1,169,157
Less: Allowance for loan losses	(147,406)	(140,040)
Loans held for investment, net	1,055,125	1,029,117
Property, equipment and software, net	16,180	16,700
Other assets	48,636	18,115
Total assets	1,224,658	1,161,570
Liabilities:
Accounts payable	4,847	4,011
Interest payable	2,808	2,385
Debt	842,314	816,231
Accrued expenses and other liabilities	61,097	34,654
Total liabilities	911,066	857,281
Commitments and contingencies
Stockholders’ equity:
Common stock—$0.005 par value, 1,000,000,000 shares authorized and 79,706,639 and 79,135,510 shares issued and 75,907,393 and 75,375,341 outstanding at March 31, 2019 and December 31 2018, respectively.	399	396
Treasury stock—at cost	(10,113)	(9,822)
Additional paid-in capital	510,616	506,169
Accumulated deficit	(189,297)	(195,155)
Accumulated other comprehensive loss	(2,234)	(1,832)
Total On Deck Capital, Inc. stockholders' equity	309,371	299,756
Noncontrolling interest	4,221	4,533
Total equity	313,592	304,289
Total liabilities and equity	$ 1,224,658	$ 1,161,570

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	79,706,639	79,135,510
Common stock, shares outstanding (in shares)	75,907,393	75,375,341

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
Interest income	$ 105,991	$ 86,369
Other revenue	4,176	3,911
Gross revenue	110,167	90,280
Cost of revenue:
Provision for loan losses	43,291	36,293
Interest expense	11,332	11,872
Total cost of revenue	54,623	48,165
Net revenue	55,544	42,115
Operating expense:
Sales and marketing	11,960	10,598
Technology and analytics	16,806	11,007
Processing and servicing	5,489	5,221
General and administrative	14,029	17,725
Total operating expense	48,284	44,551
Income (loss) from operations, before provision for income taxes	7,260	(2,436)
Provision for income taxes	1,740	0
Net income (loss)	5,520	(2,436)
Less: Net income (loss) attributable to noncontrolling interest	(338)	(518)
Net income (loss) attributable to On Deck Capital, Inc. common stockholders	$ 5,858	$ (1,918)
Net income (loss) per share attributable to On Deck Capital, Inc. common stockholders:
Basic (in dollars per share)	$ 0.08	$ (0.03)
Diluted (in dollars per share)	$ 0.07	$ (0.03)
Weighted-average common shares outstanding:
Basic (in shares)	75,539,535	73,977,241
Diluted (in shares)	79,115,037	73,977,241
Comprehensive income (loss):
Net Income (loss)	$ 5,520	$ (2,436)
Unrealized (loss) on derivative instrument	(742)
Unrealized (loss) on derivative instrument		0
Foreign currency translation adjustment	366	(113)
Comprehensive income (loss)	5,144	(2,549)
Less: Comprehensive income (loss) attributable to noncontrolling interests	26	(50)
Less: Net income (loss) attributable to noncontrolling interest	(338)	(518)
Comprehensive income (loss) attributable to On Deck Capital, Inc. common stockholders	$ 5,456	$ (1,981)

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling interest
Beginning balance (in shares) at Dec. 31, 2017		73,822,001
Beginning balance at Dec. 31, 2017	$ 266,056	$ 386	$ 492,509	$ (222,833)	$ (7,965)	$ (52)	$ 262,045	$ 4,011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3,122		3,122				3,122
Issuance of common stock through vesting of restricted stock units and option exercises (in shares)		271,517
Issuance of common stock through vesting of restricted stock units and option exercises	41	$ 2	39				41
Employee stock purchase plan (in shares)		196,360
Employee stock purchase plan	919	$ 1	918				919
Repurchases of common stock (in shares)		(25,387)
Repurchases of common stock	(118)				(118)		(118)
Foreign currency translation adjustment	(113)					(63)	(63)	(50)
Net Income (loss)	(2,436)			(1,918)			(1,918)	(518)
Other	(4)			(1)		(3)	(4)
Ending balance (in shares) at Mar. 31, 2018		74,264,491
Ending balance at Mar. 31, 2018	267,467	$ 389	496,588	(224,752)	(8,083)	(118)	264,024	3,443
Beginning balance (in shares) at Dec. 31, 2017		73,822,001
Beginning balance at Dec. 31, 2017	$ 266,056	$ 386	492,509	(222,833)	(7,965)	(52)	262,045	4,011
Ending balance (in shares) at Dec. 31, 2018	75,375,341	75,375,341
Ending balance at Dec. 31, 2018	$ 304,289	$ 396	506,169	(195,155)	(9,822)	(1,832)	299,756	4,533
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,743		2,743				2,743
Issuance of common stock through vesting of restricted stock units and option exercises (in shares)		303,441
Issuance of common stock through vesting of restricted stock units and option exercises	47	$ 2	45				47
Employee stock purchase plan (in shares)		267,688
Employee stock purchase plan	1,660	$ 1	1,659				1,660
Repurchases of common stock (in shares)		(39,077)
Repurchases of common stock	(291)				(291)		(291)
Foreign currency translation adjustment	366					340	340	26
Unrealized (loss) on derivative instrument	(742)					(742)	(742)
Net Income (loss)	$ 5,520			5,858			5,858	(338)
Ending balance (in shares) at Mar. 31, 2019	75,907,393	75,907,393
Ending balance at Mar. 31, 2019	$ 313,592	$ 399	$ 510,616	$ (189,297)	$ (10,113)	$ (2,234)	$ 309,371	$ 4,221

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net Income (loss)	$ 5,520	$ (2,436)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for loan losses	43,291	36,293
Depreciation and amortization	1,748	2,174
Amortization of debt issuance costs	802	1,230
Stock-based compensation	2,743	3,210
Amortization of net deferred origination costs	17,640	12,399
Changes in servicing rights, at fair value	69	131
Unfunded loan commitment reserve	48	171
Gain on lease termination	0	(1,481)
Loss on disposal of fixed assets	674	5,668
Changes in operating assets and liabilities:
Other assets	(3,781)	(3,484)
Accounts payable	859	364
Interest payable	369	99
Accrued expenses and other liabilities	(1,189)	(471)
Net cash provided by operating activities	68,793	53,867
Cash flows from investing activities
Purchases of property, equipment and software	(536)	(313)
Capitalized internal-use software	(1,379)	(1,398)
Originations of term loans and lines of credit, excluding rollovers into new originations	(537,147)	(499,775)
Payments of net deferred origination costs	(18,347)	(14,193)
Principal repayments of term loans and lines of credit	469,894	417,034
Net cash used in investing activities	(87,515)	(98,645)
Cash flows from financing activities
Purchase of treasury shares	(291)	(119)
Proceeds from exercise of stock options and warrants	45	39
Issuance of common stock under employee stock purchase plan	1,281	764
Proceeds from the issuance of debt	210,789	69,373
Payments of debt issuance costs	(3,097)	(74)
Repayments of debt principal	(182,849)	(24,602)
Net cash provided by financing activities	25,878	45,381
Effect of exchange rate changes on cash and cash equivalents	(77)	(303)
Net increase in cash, cash equivalents and restricted cash	7,079	300
Cash, cash equivalents, and restricted cash at beginning of year	97,638	114,824
Cash, cash equivalents, and restricted cash at end of period	104,717	115,124
Reconciliation to amounts on consolidated balance sheets
Total cash, cash equivalents and restricted cash	97,638	114,824
Supplemental disclosure of other cash flow information
Cash paid for interest	9,887	10,483
Supplemental disclosures of non-cash investing and financing activities
Stock-based compensation included in capitalized internal-use software	57	68
Unpaid principal balance of term loans rolled into new originations	$ 98,481	$ 90,810

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies On Deck Capital, Inc.’s principal activity is providing financing to small businesses located throughout the United States as well as Canada and Australia, through term loans and lines of credit. We use technology and analytics to aggregate data about a business and then quickly and efficiently analyze the creditworthiness of the business using our proprietary credit-scoring model. We originate most of the loans in our portfolio and also purchase loans from an issuing bank partner. We subsequently transfer most of our loan volume into one of our wholly-owned subsidiaries. In October 2018, we announced the launch of ODX, a wholly-owned subsidiary that will focus on helping banks digitize their small business lending process. ODX offers a combination of software, analytic insights, and professional services that allow banks to bring their small business lending process online. Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements and footnotes in accordance with accounting principles generally accepted in the United States of America, or GAAP, as contained in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC. All intercompany transactions and accounts have been eliminated in consolidation. When used in these notes to consolidated financial statements, the terms "we," "us," "our" or similar terms refers to On Deck Capital, Inc. and its consolidated subsidiaries. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Significant estimates include allowance for loan losses, stock-based compensation expense, capitalized software development costs, interest rate cap, the useful lives of long-lived assets, our effective income tax rate and valuation allowance for deferred tax assets. We base our estimates on historical experience, current events and other factors we believe to be reasonable under the circumstances. These estimates and assumptions are inherently subjective in nature; actual results may differ from these estimates and assumptions. Recently Adopted Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance. The amendments in this update better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The effective date for the standard is for fiscal years beginning after December 15, 2018. We elected to early adopt this ASU in fiscal 2018. See Note 9 for a discussion of our derivatives. In February 2016, the FASB issued ASU 2016-02, Leases , which creates ASC 842, Leases , and supersedes ASC 840, Leases . ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months . The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . We elected the prospective transition option provided by the ASU that would not require earlier periods to be restated upon adoption. We elected the package of practical expedients afforded under the standard which permit an entity not to: (i) reassess whether existing or expired contracts are or contain a lease, (ii) reassess the lease classification, and (iii) reassess any initial direct costs for any existing leases. Our operating lease commitments, which were primarily real estate leases, were recognized as a $37.5 million lease liability which is included in Other Liabilities on the Consolidated Balance Sheet at March 31, 2019. We simultaneously recognized a $37.5 million right of use asset. Our right-of-use asset was partially offset by $10.1 million of existing deferred rent and lease incentives resulting in a net right-of-use asset of $27.6 million which is included in Other Assets on the Consolidate Balance Sheet at March 31, 2019. Our total operating lease cost for the three months ended March 31, 2019 was $1.5 million and allocated within operating expenses. The weighted average remaining lease term is 7.2 years and we utilized a weighted average discount rate of approximately 7% Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments . ASU 2016-13 will change the impairment model and how entities measure credit losses for most financial assets. The standard requires entities to use the new expected credit loss impairment model which will replace the incurred loss model used today. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted, although we do not intend to do so. We are currently assessing the impact that the adoption of this guidance will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements under ASC 820, Fair Value Measurement. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. We are currently evaluating the impact the new standard may have on our disclosures, but we do not expect it to have a material impact.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic and diluted net income (loss) per common share is calculated as follows (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net Income (loss) $ 5,520 $ (2,436 ) Less: Net income (loss) attributable to noncontrolling interest (338 ) (518 ) Net income (loss) attributable to On Deck Capital, Inc. common stockholders $ 5,858 $ (1,918 ) Denominator: Weighted-average common shares outstanding, basic 75,539,535 73,977,241 Net income (loss) per common share, basic $ 0.08 $ (0.03 ) Effect of dilutive securities 3,575,502 — Weighted-average common shares outstanding, diluted 79,115,037 73,977,241 Net income (loss) per common share, diluted $ 0.07 $ (0.03 ) Anti-dilutive securities excluded 4,863,474 12,163,804 The difference between basic and diluted net income per common share has been calculated using the Treasury Stock Method based on the assumed exercise of outstanding stock options, the vesting of restricted stock units, or RSUs, performance restricted stock units, or PRSUs, and the issuance of stock under our employee stock purchase plan. For the three months ended March 31, 2018 the effects of potentially dilutive items were anti-dilutive given our net losses. The following common share equivalent securities have been included in the calculation of dilutive weighted-average common shares outstanding: Three Months Ended March 31, Dilutive Common Share Equivalents 2019 2018 Weighted-average common shares outstanding 75,539,535 73,977,241 RSUs and PRSUs 1,024,301 — Stock options 2,549,887 — Employee stock purchase plan 1,314 — Total dilutive common share equivalents 79,115,037 73,977,241 The following common share equivalent securities were excluded from the calculation of diluted net income per share attributable to common stockholders. Their effect would have been antidilutive for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Anti-Dilutive Common Share Equivalents Warrants to purchase common stock 22,000 22,000 RSUs and PRSUs 669,075 3,874,666 Stock options 4,172,399 8,234,689 Employee stock purchase plan — 32,449 Total anti-dilutive common share equivalents 4,863,474 12,163,804 The weighted-average exercise price for warrants to purchase 22,000 shares of common stock was $14.50 as of March 31, 2019 .

Interest Income

Interest Income	3 Months Ended
	Mar. 31, 2019
Banking and Thrift, Interest [Abstract]
Interest Income	Interest Income Interest income was comprised of the following components for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Interest on Unpaid Principal Balance $ 123,434 $ 98,755 Amortization of net deferred origination costs (17,700 ) (12,407 ) Interest income on loans, net 105,734 86,348 Interest on deposits and investments 257 21 Total interest income $ 105,991 $ 86,369

Loans Held for Investment and A

Loans Held for Investment and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Loans Held for Investment and Allowance for Loan Losses	Loans Held for Investment and Allowance for Loan Losses Loans Held for Investment and Allowance for Loan Losses Loans held for investment consisted of the following as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Term loans $ 962,777 $ 956,755 Lines of credit 214,832 188,199 Total Unpaid Principal Balance 1,177,609 1,144,954 Net deferred origination costs 24,922 24,203 Total loans held for investment $ 1,202,531 $ 1,169,157 We include both loans we originate and loans funded by our issuing bank partners and later purchased by us as part of our originations. During the three months ended March 31, 2019 and 2018 we purchased loans from our issuing bank partner in the amount of $111.5 million and $139.2 million , respectively. The change in the allowance for loan losses for the three months ended March 31, 2019 and 2018 consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Balance at beginning of period $ 140,040 $ 109,015 Recoveries of loans previously charged off 3,914 3,345 Loans charged off (39,839 ) (29,732 ) Provision for loan losses 43,291 36,293 Allowance for loan losses at end of period $ 147,406 $ 118,921 When loans are charged off, we typically continue to attempt to recover amounts from the respective borrowers and guarantors, including, when we deem it appropriate, through formal legal action. Alternatively, we may sell previously charged-off loans to a third-party debt collector. The proceeds from these sales are recorded as a component of the recoveries of loans previously charged off. We did not sell any previously charged-off loans for the three months ended March 31, 2019 . For the three months ended March 31, 2018 loans sold accounted for $0.5 million of recoveries of loans previously charged off. As of March 31, 2019 and December 31, 2018 , our off-balance sheet credit exposure related to the undrawn line of credit balances wa s $269.3 million and $264.2 million , respectively. The related reserve on unfunded loan commitments was $5.9 million as of March 31, 2019 and December 31, 2018 , respectively. Net adjustments to the liability for unfunded loan c ommitments are included in general and administrative expense. Th e following table contains information, on a combined basis, regarding the Unpaid Principal Balance of loans we originated related to non-delinquent, paying and non-paying delinquent loans as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Current loans $ 1,053,903 $ 1,031,449 Delinquent: paying (accrual status) 55,613 54,427 Delinquent: non-paying (non-accrual status) 68,093 59,078 Total $ 1,177,609 $ 1,144,954 The portion of the allowance for loan losses attributable to current loans was $69.5 million and $85.7 million as of March 31, 2019 and December 31, 2018 , respectively, while the portion of the allowance for loan losses attributable to delinquent loans was $77.9 million and $54.3 million as of March 31, 2019 and December 31, 2018 , respectively. The following table shows an aging analysis of the unpaid principal balance related to loans held for investment by delinquency statu s as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 By delinquency status: Current loans $ 1,053,903 $ 1,031,449 1-14 calendar days past due 21,051 27,655 15-29 calendar days past due 17,749 14,665 30-59 calendar days past due 26,815 21,470 60-89 calendar days past due 18,811 19,031 90 + calendar days past due 39,280 30,684 Total unpaid principal balance $ 1,177,609 $ 1,144,954

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our outstanding debt as of March 31, 2019 and December 31, 2018 (in thousands): Outstanding Type Maturity Date Weighted Average Interest March 31, 2019 December 31, 2018 Debt: OnDeck Asset Securitization Trust II Securitization April 2022 (1) 3.8% $ 225,000 $ 225,000 OnDeck Account Receivables Trust 2013-1 Revolving March 2022 (2) 4.2% 114,425 117,664 Receivable Assets of OnDeck, LLC Revolving September 2021 (3) 4.7% 111,569 113,631 OnDeck Asset Funding II LLC Revolving August 2022 (4) 5.5% 106,413 109,568 Prime OnDeck Receivable Trust II Revolving March 2022 (5) 4.6% 116,812 108,816 Loan Assets of OnDeck, LLC Revolving October 2022 (6) 4.2% 106,625 100,000 Corporate Debt Revolving January 2021 5.5% 20,000 — Other Agreements Various Various (7) 5.6% 49,351 47,318 4.5% 850,195 821,997 Deferred debt issuance cost (7,881 ) (5,766 ) Total Debt $ 842,314 $ 816,231 (1) The period during which new loans may be purchased under this securitization transaction expires in March 2020 . (2) The period during which new borrowings may be made under this facility was extended to March 2021 pursuant to an amendment described in more detail below. (3) The period during which new borrowings of Class A revolving loans may be made under this debt facility expires in December 2020 . The $19.7 million of Class B borrowing capacity matures in December 2019 . (4) The period during which new borrowings may be made under this facility expires in August 2021 . (5) The period during which new borrowings may be made under this facility was extended to March 2021 pursuant to an amendment described in more detail below. (6) The period during which new borrowings may be made under this debt facility expires in April 2022 . (7) The periods during which new borrowings may be made under the various agreements expire between December 2019 and June 2021 . Maturity dates range from June 2020 through December 2022 . Certai n of our loans held for investment are pledged as collateral for borrowings in our funding debt facilities. These loans totaled $1.0 billion and $1.0 billion as of March 31, 2019 and December 31, 2018 , respectively. Our corporate debt facility is collateralized by substantially all of our assets. Recent Amendments to Debt Facilities On January 28, 2019, we established a new corporate revolving debt facility with a commitment amount of $85 million , an interest rate of 1-month LIBOR plus 3% and a final maturity date in January 2021 .The facility may be used for working capital and other general corporate purposes. Concurrently with closing this facility, we optionally prepaid in full and terminated our corporate revolving debt facility with Pacific Western Bank (successor by merger to Square 1 Bank). On February 8, 2019, Loan Assets of OnDeck, LLC, our wholly-owned subsidiary, entered into an amendment to further modify its asset-backed revolving debt facility. The Amendment primarily increased the revolving commitment amount by $50 million and reduced the interest rate margin over 1-month LIBOR by 0.25% and made various technical, definitional, conforming and other changes. On March 12, 2019, we amended the OnDeck Account Receivables Trust 2013-1 facility to a commitment amount of $180 million , a borrowing rate of 1-month LIBOR + 1.75% , a borrowing base advance rate of 80% , and made various technical, definitional, conforming and other changes. Additionally, the period during which new borrowings may be made under this facility was extended to March 2021 and the final maturity date was extended to March 2022 . On March 12, 2019, we amended the Prime OnDeck Receivable Trust II facility to increase the borrowing capacity from $125 million to $180 million , a borrowing rate of the CP Conduit Rate + 1.75% , a borrowing base advance rate of 80% , and made various technical, definitional, conforming and other changes. Additionally, the period during which new borrowings may be made under this facility was extended to March 2021 and the final maturity date was extended to March 2022 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period. Our interest rate cap is reported at fair value utilizing Level 2 inputs. The fair value is determined using third party valuations that are based on discounted cash flow analysis using observed market inputs. The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Level 1 Level 2 Level 3 Total Assets : Interest rate cap — 369 — 369 Total assets $ — $ 369 $ — $ 369 December 31, 2018 Level 1 Level 2 Level 3 Total Assets : Interest rate cap $ — $ 1,253 $ — $ 1,253 Total assets $ — $ 1,253 $ — $ 1,253 There were no transfers between levels for the three months ended March 31, 2019 and December 31, 2018 . Assets and Liabilities Disclosed at Fair Value Because our loans held for investment and fixed-rate debt are not measured at fair value, we are required to disclose their fair value in accordance with ASC 825. Due to the lack of transparency and comparable loans, we utilize an income valuation technique to estimate fair value. We utilize industry-standard modeling, such as discounted cash flow models, to arrive at an estimate of fair value and may utilize third-party service providers to assist in the valuation process. This determination requires significant judgments to be made. The following tables summarize the carrying value and fair value of our loans held for investment and fixed-rate debt (in thousands): March 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans held for investment, net $ 1,055,125 $ 1,182,910 $ — $ — $ 1,182,910 Total assets $ 1,055,125 $ 1,182,910 $ — $ — $ 1,182,910 Liabilities: Fixed-rate debt $ 225,021 $ 219,350 $ — $ — $ 219,350 Total fixed-rate debt $ 225,021 $ 219,350 $ — $ — $ 219,350 December 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans held for investment, net $ 1,029,117 $ 1,155,464 $ — $ — $ 1,155,464 Total assets $ 1,029,117 $ 1,155,464 $ — $ — $ 1,155,464 Liabilities: Fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965 Total fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For interim periods, the income tax provision is comprised of tax on ordinary income provided at the most recent estimated annual effective tax rate, adjusted for the tax effect of discrete items. We use an estimated annual effective tax rate which is based on expected annual income and statutory tax rates to determine our quarterly provision for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. Our provision for income taxes for the three months ended March 31, 2019 was $1.7 million , representing an effective income tax rate of 24% . The effective income tax rate for the full year 2018 was 0% due to the availability of net operating loss carryforwards.

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefit Plans	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation and Employee Benefit Plans	Stock-Based Compensation and Employee Benefit Plans Options The following is a summary of option activity for the three months ended March 31, 2019 : Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2019 7,932,782 $ 5.86 — — Exercised (315,959 ) $ 3.15 — — Expired (182,492 ) $ 12.19 — — Outstanding at March 31, 2019 7,434,331 $ 5.82 5.5 $ 13,360 Exercisable at March 31, 2019 6,207,892 $ 5.79 4.9 $ 13,165 Vested or expected to vest as of March 31, 2019 7,372,107 $ 5.82 5.5 $ 13,351 Total compensation cost related to nonvested option awards not yet recognized as of March 31, 2019 was $2.5 million and will be recognized over a weighted-average period of 2.1 years. The aggregate intrinsic value of employee options exercised during the three months ended March 31, 2019 and 2018 was $1.1 million and $1.0 million , respectively. Restricted Stock Units The following table is a summary of activity in RSUs and PRSUs for the three months ended March 31, 2019 : Number of RSUs Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 3,307,561 $ 6.00 RSUs and PRSUs granted 1,323,978 $ 6.07 RSUs and PRSUs vested (116,798 ) $ 6.06 RSUs and PRSUs forfeited/expired (87,635 ) $ 5.59 Unvested at March 31, 2019 4,427,106 $ 6.03 Expected to vest after March 31, 2019 3,537,088 $ 6.04 As of March 31, 2019 , there was $16 million of unrecognized compensation cost related to unvested RSUs and PRSUs, which is expected to be recognized over a weighted-average period of 3.0 years . Stock-based compensation expense related to stock options, RSUs, PRSUs and the employee stock purchase plan are included in the following line items in our accompanying consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands): March 31, 2019 March 31, 2018 Sales and marketing $ 559 $ 535 Technology and analytics 828 597 Processing and servicing 90 105 General and administrative 1,606 1,973 Total $ 3,083 $ 3,210

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging We are subject to interest rate risk in connection with borrowings under our debt agreements which are subject to variable interest rates. In December 2018 we entered into an interest rate cap, which is a derivative instrument, to manage our interest rate risk on a portion of our variable-rate debt. We do not use derivatives for speculative purposes. The interest rate cap is designated as a cash flow hedge. In exchange for our up-front premium, we would receive variable amounts from a counterparty if interest rates rise above the strike rate on the contract. The interest rate cap agreement is for a notional amount of $300 million and a maturity date of January 2021. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in the fair value of the derivative are recorded in Accumulated Other Comprehensive Income, or AOCI, and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We estimate that $ 1.0 million will be reclassified as an increase to interest expense over the next 12 months. The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2019 and December 31, 2018 (in thousands): Derivative Type Classification March 31, 2019 December 31, 2018 Assets: Interest rate cap agreement Other Assets $ 369 $ 1,253 The table below presents the effect of cash flow hedge accounting on AOCI as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Amount Recognized in OCI on Derivative: Interest rate cap agreement 742 $ 456 The table below presents the effect of our derivative financial instruments on the Income Statement as of three months ended March 31, 2019 and 2018 (in thousands): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended March 31, 2019 2018 Interest expense $ (135 ) $ —

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and loans. We hold cash, cash equivalents and restricted cash in accounts at regulated domestic financial institutions in amounts that exceed or may exceed FDIC insured amounts and at non-U.S. financial institutions where deposited amounts may be uninsured. We believe these institutions to be of acceptable credit quality and we have not experienced any related losses to date. We are exposed to default risk on loans we originate and hold and that we purchase from our issuing bank partner. We perform an evaluation of each customer's financial condition and during the term of the customer's loan(s), we have the contractual right to limit a customer's ability to take working capital loans or other financing from other lenders that may cause a material adverse change in the financial condition of the customer. Contingencies From time to time we are subject to legal proceedings and claims in the ordinary course of business. The results of such matters cannot be predicted with certainty. However, we believe that the final outcome of any such current matters will not result in a material adverse effect on our consolidated financial condition, consolidated results of operations or consolidated cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2019, we combined our Canadian operations with Evolocity Financial Group, or Evolocity, a Montreal-based online small business lender. The purpose of the transaction was to accelerate the growth of our Canadian operations and to enable us to provide a broader range of financing options to Canadian small businesses nationwide. In the transaction, Evolocity contributed its business to a holding company, and we contributed our Canadian business plus cash to that holding company such that we own a 58.5% majority interest in the holding company. The remainder is owned by former Evolocity stockholders.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation We prepare our consolidated financial statements and footnotes in accordance with accounting principles generally accepted in the United States of America, or GAAP, as contained in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC. All intercompany transactions and accounts have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Significant estimates include allowance for loan losses, stock-based compensation expense, capitalized software development costs, interest rate cap, the useful lives of long-lived assets, our effective income tax rate and valuation allowance for deferred tax assets. We base our estimates on historical experience, current events and other factors we believe to be reasonable under the circumstances. These estimates and assumptions are inherently subjective in nature; actual results may differ from these estimates and assumptions.
Recently Adopted Accounting Standards and Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance. The amendments in this update better align an entity's risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and presentation of hedge results. The effective date for the standard is for fiscal years beginning after December 15, 2018. We elected to early adopt this ASU in fiscal 2018. See Note 9 for a discussion of our derivatives. In February 2016, the FASB issued ASU 2016-02, Leases , which creates ASC 842, Leases , and supersedes ASC 840, Leases . ASU 2016-02 requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months . The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . We elected the prospective transition option provided by the ASU that would not require earlier periods to be restated upon adoption. We elected the package of practical expedients afforded under the standard which permit an entity not to: (i) reassess whether existing or expired contracts are or contain a lease, (ii) reassess the lease classification, and (iii) reassess any initial direct costs for any existing leases. Our operating lease commitments, which were primarily real estate leases, were recognized as a $37.5 million lease liability which is included in Other Liabilities on the Consolidated Balance Sheet at March 31, 2019. We simultaneously recognized a $37.5 million right of use asset. Our right-of-use asset was partially offset by $10.1 million of existing deferred rent and lease incentives resulting in a net right-of-use asset of $27.6 million which is included in Other Assets on the Consolidate Balance Sheet at March 31, 2019. Our total operating lease cost for the three months ended March 31, 2019 was $1.5 million and allocated within operating expenses. The weighted average remaining lease term is 7.2 years and we utilized a weighted average discount rate of approximately 7% Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments . ASU 2016-13 will change the impairment model and how entities measure credit losses for most financial assets. The standard requires entities to use the new expected credit loss impairment model which will replace the incurred loss model used today. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted, although we do not intend to do so. We are currently assessing the impact that the adoption of this guidance will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements under ASC 820, Fair Value Measurement. The new guidance will be effective for annual reporting periods beginning after December 15, 2019. We are currently evaluating the impact the new standard may have on our disclosures, but we do not expect it to have a material impact.
Fair Value Measurement	Because our loans held for investment and fixed-rate debt are not measured at fair value, we are required to disclose their fair value in accordance with ASC 825. Due to the lack of transparency and comparable loans, we utilize an income valuation technique to estimate fair value. We utilize industry-standard modeling, such as discounted cash flow models, to arrive at an estimate of fair value and may utilize third-party service providers to assist in the valuation process. This determination requires significant judgments to be made. We evaluate our financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them for each reporting period.

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net income (loss) per common share is calculated as follows (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net Income (loss) $ 5,520 $ (2,436 ) Less: Net income (loss) attributable to noncontrolling interest (338 ) (518 ) Net income (loss) attributable to On Deck Capital, Inc. common stockholders $ 5,858 $ (1,918 ) Denominator: Weighted-average common shares outstanding, basic 75,539,535 73,977,241 Net income (loss) per common share, basic $ 0.08 $ (0.03 ) Effect of dilutive securities 3,575,502 — Weighted-average common shares outstanding, diluted 79,115,037 73,977,241 Net income (loss) per common share, diluted $ 0.07 $ (0.03 ) Anti-dilutive securities excluded 4,863,474 12,163,804
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method	The following common share equivalent securities have been included in the calculation of dilutive weighted-average common shares outstanding: Three Months Ended March 31, Dilutive Common Share Equivalents 2019 2018 Weighted-average common shares outstanding 75,539,535 73,977,241 RSUs and PRSUs 1,024,301 — Stock options 2,549,887 — Employee stock purchase plan 1,314 — Total dilutive common share equivalents 79,115,037 73,977,241
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following common share equivalent securities were excluded from the calculation of diluted net income per share attributable to common stockholders. Their effect would have been antidilutive for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Anti-Dilutive Common Share Equivalents Warrants to purchase common stock 22,000 22,000 RSUs and PRSUs 669,075 3,874,666 Stock options 4,172,399 8,234,689 Employee stock purchase plan — 32,449 Total anti-dilutive common share equivalents 4,863,474 12,163,804

Interest Income (Tables)

Interest Income (Tables)	3 Months Ended
	Mar. 31, 2019
Banking and Thrift, Interest [Abstract]
Summary of Interest Income	Interest income was comprised of the following components for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Interest on Unpaid Principal Balance $ 123,434 $ 98,755 Amortization of net deferred origination costs (17,700 ) (12,407 ) Interest income on loans, net 105,734 86,348 Interest on deposits and investments 257 21 Total interest income $ 105,991 $ 86,369

Loans Held for Investment and_2

Loans Held for Investment and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Schedule of Loans	Loans held for investment consisted of the following as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Term loans $ 962,777 $ 956,755 Lines of credit 214,832 188,199 Total Unpaid Principal Balance 1,177,609 1,144,954 Net deferred origination costs 24,922 24,203 Total loans held for investment $ 1,202,531 $ 1,169,157
Schedule of Allowance for Loan Losses	The change in the allowance for loan losses for the three months ended March 31, 2019 and 2018 consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Balance at beginning of period $ 140,040 $ 109,015 Recoveries of loans previously charged off 3,914 3,345 Loans charged off (39,839 ) (29,732 ) Provision for loan losses 43,291 36,293 Allowance for loan losses at end of period $ 147,406 $ 118,921
Schedule of Non-delinquent and Delinquent Loans	Th e following table contains information, on a combined basis, regarding the Unpaid Principal Balance of loans we originated related to non-delinquent, paying and non-paying delinquent loans as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Current loans $ 1,053,903 $ 1,031,449 Delinquent: paying (accrual status) 55,613 54,427 Delinquent: non-paying (non-accrual status) 68,093 59,078 Total $ 1,177,609 $ 1,144,954 The following table shows an aging analysis of the unpaid principal balance related to loans held for investment by delinquency statu s as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 By delinquency status: Current loans $ 1,053,903 $ 1,031,449 1-14 calendar days past due 21,051 27,655 15-29 calendar days past due 17,749 14,665 30-59 calendar days past due 26,815 21,470 60-89 calendar days past due 18,811 19,031 90 + calendar days past due 39,280 30,684 Total unpaid principal balance $ 1,177,609 $ 1,144,954

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The following table summarizes our outstanding debt as of March 31, 2019 and December 31, 2018 (in thousands): Outstanding Type Maturity Date Weighted Average Interest March 31, 2019 December 31, 2018 Debt: OnDeck Asset Securitization Trust II Securitization April 2022 (1) 3.8% $ 225,000 $ 225,000 OnDeck Account Receivables Trust 2013-1 Revolving March 2022 (2) 4.2% 114,425 117,664 Receivable Assets of OnDeck, LLC Revolving September 2021 (3) 4.7% 111,569 113,631 OnDeck Asset Funding II LLC Revolving August 2022 (4) 5.5% 106,413 109,568 Prime OnDeck Receivable Trust II Revolving March 2022 (5) 4.6% 116,812 108,816 Loan Assets of OnDeck, LLC Revolving October 2022 (6) 4.2% 106,625 100,000 Corporate Debt Revolving January 2021 5.5% 20,000 — Other Agreements Various Various (7) 5.6% 49,351 47,318 4.5% 850,195 821,997 Deferred debt issuance cost (7,881 ) (5,766 ) Total Debt $ 842,314 $ 816,231 (1) The period during which new loans may be purchased under this securitization transaction expires in March 2020 . (2) The period during which new borrowings may be made under this facility was extended to March 2021 pursuant to an amendment described in more detail below. (3) The period during which new borrowings of Class A revolving loans may be made under this debt facility expires in December 2020 . The $19.7 million of Class B borrowing capacity matures in December 2019 . (4) The period during which new borrowings may be made under this facility expires in August 2021 . (5) The period during which new borrowings may be made under this facility was extended to March 2021 pursuant to an amendment described in more detail below. (6) The period during which new borrowings may be made under this debt facility expires in April 2022 . (7) The periods during which new borrowings may be made under the various agreements expire between December 2019 and June 2021 . Maturity dates range from June 2020 through December 2022 .

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 Level 1 Level 2 Level 3 Total Assets : Interest rate cap — 369 — 369 Total assets $ — $ 369 $ — $ 369 December 31, 2018 Level 1 Level 2 Level 3 Total Assets : Interest rate cap $ — $ 1,253 $ — $ 1,253 Total assets $ — $ 1,253 $ — $ 1,253
Schedule of Assets and Liabilities Disclosed at Fair Value	The following tables summarize the carrying value and fair value of our loans held for investment and fixed-rate debt (in thousands): March 31, 2019 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans held for investment, net $ 1,055,125 $ 1,182,910 $ — $ — $ 1,182,910 Total assets $ 1,055,125 $ 1,182,910 $ — $ — $ 1,182,910 Liabilities: Fixed-rate debt $ 225,021 $ 219,350 $ — $ — $ 219,350 Total fixed-rate debt $ 225,021 $ 219,350 $ — $ — $ 219,350 December 31, 2018 Carrying Value Fair Value Level 1 Level 2 Level 3 Assets : Loans held for investment, net $ 1,029,117 $ 1,155,464 $ — $ — $ 1,155,464 Total assets $ 1,029,117 $ 1,155,464 $ — $ — $ 1,155,464 Liabilities: Fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965 Total fixed-rate debt $ 232,972 $ 226,965 $ — $ — $ 226,965

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Option Activity	The following is a summary of option activity for the three months ended March 31, 2019 : Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2019 7,932,782 $ 5.86 — — Exercised (315,959 ) $ 3.15 — — Expired (182,492 ) $ 12.19 — — Outstanding at March 31, 2019 7,434,331 $ 5.82 5.5 $ 13,360 Exercisable at March 31, 2019 6,207,892 $ 5.79 4.9 $ 13,165 Vested or expected to vest as of March 31, 2019 7,372,107 $ 5.82 5.5 $ 13,351
Schedule of Activities of RSUs	The following table is a summary of activity in RSUs and PRSUs for the three months ended March 31, 2019 : Number of RSUs Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 3,307,561 $ 6.00 RSUs and PRSUs granted 1,323,978 $ 6.07 RSUs and PRSUs vested (116,798 ) $ 6.06 RSUs and PRSUs forfeited/expired (87,635 ) $ 5.59 Unvested at March 31, 2019 4,427,106 $ 6.03 Expected to vest after March 31, 2019 3,537,088 $ 6.04
Schedule of Stock-based Compensation Expense	Stock-based compensation expense related to stock options, RSUs, PRSUs and the employee stock purchase plan are included in the following line items in our accompanying consolidated statements of operations for the three months ended March 31, 2019 and 2018 (in thousands): March 31, 2019 March 31, 2018 Sales and marketing $ 559 $ 535 Technology and analytics 828 597 Processing and servicing 90 105 General and administrative 1,606 1,973 Total $ 3,083 $ 3,210

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2019 and December 31, 2018 (in thousands): Derivative Type Classification March 31, 2019 December 31, 2018 Assets: Interest rate cap agreement Other Assets $ 369 $ 1,253
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The table below presents the effect of cash flow hedge accounting on AOCI as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Amount Recognized in OCI on Derivative: Interest rate cap agreement 742 $ 456
Derivative Instruments, Gain (Loss)	The table below presents the effect of our derivative financial instruments on the Income Statement as of three months ended March 31, 2019 and 2018 (in thousands): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended March 31, 2019 2018 Interest expense $ (135 ) $ —

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 27.6
Deferred rent and lease incentives	10.1
Operating lease, cost	$ 1.5
Operating lease, weighted average remaining lease term	7 years 2 months 6 days
Operating lease, weighted average discount rate, percent	7.00%
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, liability	$ 37.5
Operating lease, right-of-use asset	$ 37.5

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share (Basic and Diluted Net Loss per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net Income (loss)	$ 5,520	$ (2,436)
Less: Net income (loss) attributable to noncontrolling interest	(338)	(518)
Net income (loss) attributable to On Deck Capital, Inc. common stockholders	$ 5,858	$ (1,918)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	75,539,535	73,977,241
Net income (loss) per common share, basic (in dollars per share)	$ 0.08	$ (0.03)
Effect of dilutive securities (in shares)	3,575,502	0
Weighted-average common shares outstanding, diluted (in shares)	79,115,037	73,977,241
Net income (loss) per common share, diluted (in dollars per share)	$ 0.07	$ (0.03)
Anti-dilutive securities excluded (in shares)	4,863,474	12,163,804

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share (Dilutive Common Share Equivalents) (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	75,539,535	73,977,241
Effect of dilutive securities (in shares)	3,575,502	0
Weighted-average common shares outstanding, diluted (in shares)	79,115,037	73,977,241
RSUs and PRSUs
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	1,024,301	0
Stock options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	2,549,887	0
Employee stock purchase plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	1,314	0

Net Income (Loss) Per Common _5

Net Income (Loss) Per Common Share (Anti-Dilutive Common Share Equivalents) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded (in shares)	4,863,474	12,163,804
Weighted Average
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Price of shares entitled to purchase (in dollars per share)	$ 14.50
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded (in shares)	4,172,399	8,234,689
Common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded (in shares)	22,000
Common stock | Warrants to purchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded (in shares)	22,000	22,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded (in shares)	669,075	3,874,666
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded (in shares)	0	32,449

Interest Income (Details)

Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Banking and Thrift, Interest [Abstract]
Interest on Unpaid Principal Balance	$ 123,434	$ 98,755
Amortization of net deferred origination costs	(17,700)	(12,407)
Interest income on loans, net	105,734	86,348
Interest on deposits and investments	257	21
Total interest income	$ 105,991	$ 86,369

Loans Held for Investment and_3

Loans Held for Investment and Allowance for Loan Losses (Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	$ 1,177,609	$ 1,144,954
Net deferred origination costs	24,922	24,203
Total loans held for investment	1,202,531	1,169,157
Term loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	962,777	956,755
Lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	$ 214,832	$ 188,199

Loans Held for Investment and_4

Loans Held for Investment and Allowance for Loan Losses (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of previously charged-off loans	$ 0	$ 500,000
Allowance for loan losses for non-delinquent loans	69,500,000		$ 85,700,000
Allowance for loan losses for delinquent loans	77,900,000		54,300,000
Unused lines of Credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Off-balance sheet credit exposure	269,300,000		264,200,000
Reserve for Off-balance Sheet Activities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Related accrual for unfunded loan commitments	5,900,000		$ 5,900,000
Financial Institutions Borrower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Originations of loans held for investment, modified	$ 111,500,000	$ 139,200,000

Loans Held for Investment and_5

Loans Held for Investment and Allowance for Loan Losses (Allowance Roll Forward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan losses, beginning balance	$ 140,040	$ 109,015
Recoveries of loans previously charged off	3,914	3,345
Loans charged off	(39,839)	(29,732)
Provision for loan losses	43,291	36,293
Allowance for loan losses, ending balance	$ 147,406	$ 118,921

Loans Held for Investment and_6

Loans Held for Investment and Allowance for Loan Losses (Non-delinquent, Paying and Non-paying Delinquent Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Current loans	$ 1,053,903	$ 1,031,449
Delinquent: paying (accrual status)	55,613	54,427
Delinquent: non-paying (non-accrual status)	68,093	59,078
Total unpaid principal balance	$ 1,177,609	$ 1,144,954

Loans Held for Investment and_7

Loans Held for Investment and Allowance for Loan Losses (Aging Analysis of Term Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current loans	$ 1,053,903	$ 1,031,449
Total unpaid principal balance	1,177,609	1,144,954
1-14 calendar days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due loans	21,051	27,655
15-29 calendar days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due loans	17,749	14,665
30-59 calendar days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due loans	26,815	21,470
60-89 calendar days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due loans	18,811	19,031
90 calendar days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past due loans	$ 39,280	$ 30,684

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	4.50%
Total	$ 842,314	$ 816,231
OnDeck Asset Securitization Trust II | Secured Debt
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	3.80%
Debt	$ 225,000		$ 225,000
OnDeck Account Receivables Trust 2013-1 | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	4.20%
Debt	$ 114,425		117,664
Receivable Assets of OnDeck, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	4.70%
Debt	$ 111,569		113,631
OnDeck Asset Funding II LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	5.50%
Debt	$ 106,413		109,568
Prime OnDeck Receivable Trust II | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	4.60%
Debt	$ 116,812		108,816
Loan Assets of OnDeck, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	4.20%
Debt	$ 106,625		100,000
Corporate Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	5.50%
Debt	$ 20,000		0
Other Agreements
Debt Instrument [Line Items]
Weighted Average Interest Rate at March 31, 2019	5.60%
Debt	$ 49,351		47,318
Debt
Debt Instrument [Line Items]
Debt	850,195		821,997
Deferred debt issuance cost	(7,881)		(5,766)
Total	$ 842,314		$ 816,231

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Mar. 12, 2019	Feb. 08, 2019	Jan. 28, 2019	Dec. 17, 2018	Mar. 31, 2019	Dec. 31, 2018	Dec. 08, 2016
Debt Instrument [Line Items]
Loans held for investment that are pledged as collateral					$ 1,000,000,000	$ 1,000,000,000
Credit Facility Due December 2019 | Revolving Credit Facility
Debt Instrument [Line Items]
Increase in line of credit				$ 19,700,000
Debt Facility, Sun Trust Facility Agreement, Due January 2021 | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit			$ 85,000,000
Debt Facility, Sun Trust Facility Agreement, Due January 2021 | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable interest spread			3.00%
Debt Facility, Loan Assets of OnDeck, LLC, Due April 2022 | Revolving Credit Facility
Debt Instrument [Line Items]
Increase in line of credit		$ 50,000,000
Variable interest spread		(0.25%)
Credit Facility Due March 2022 | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit	$ 180,000,000
Borrowing base	80.00%
Credit Facility Due March 2022 | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable interest spread	1.75%
Credit Facility, PORT II Agreement, Due March 2022 | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit	$ 180,000,000						$ 125,000,000
Borrowing base	80.00%
Credit Facility, PORT II Agreement, Due March 2022 | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable interest spread	1.75%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	1,182,910	1,155,464
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	369	1,253
Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	369	1,253
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Interest Rate Cap | Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	369	1,253
Interest Rate Cap | Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	0	0
Interest Rate Cap | Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	369	1,253
Interest Rate Cap | Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cap	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	$ 0	$ 0
Total assets	0	0
Fixed-rate debt	0	0
Total fixed-rate debt	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	0	0
Total assets	0	0
Fixed-rate debt	0	0
Total fixed-rate debt	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	1,182,910	1,155,464
Total assets	1,182,910	1,155,464
Fixed-rate debt	219,350	226,965
Total fixed-rate debt	219,350	226,965
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	1,055,125	1,029,117
Total assets	1,055,125	1,029,117
Fixed-rate debt	225,021	232,972
Total fixed-rate debt	225,021	232,972
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, net	1,182,910	1,155,464
Total assets	1,182,910	1,155,464
Fixed-rate debt	219,350	226,965
Total fixed-rate debt	$ 219,350	$ 226,965

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,740	$ 0
Income tax provision effective rate	24.00%		0.00%

Stock-Based Compensation and _3

Stock-Based Compensation and Employee Benefit Plans (Summary of Option Activity) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Number of Options
Beginning balance (in shares) | shares	7,932,782
Exercised (in shares) | shares	(315,959)
Expired (in shares) | shares	(182,492)
Ending balance (in shares) | shares	7,434,331
Exercisable, number of options (in shares) | shares	6,207,892
Vested or expected to vest, number of options (in shares) | shares	7,372,107
Weighted- Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 5.86
Exercised (in dollars per share) | $ / shares	3.15
Expired (in dollars per share) | $ / shares	12.19
Ending balance (in dollars per share) | $ / shares	5.82
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares	5.79
Vested or expected to vest, weighted-average exercise price (in dollars per share) | $ / shares	$ 5.82
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, weighted-average remaining contractual term	5 years 6 months
Outstanding, aggregate intrinsic value | $	$ 13,360
Exercisable, weighted-average remaining contractual term	4 years 10 months 24 days
Exercisable, aggregate intrinsic value | $	$ 13,165
Vested or expected to vest, weighted-average remaining contractual term	5 years 6 months
Vested or expected to vest, aggregate intrinsic value | $	$ 13,351

Stock-Based Compensation and _4

Stock-Based Compensation and Employee Benefit Plans (Options) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation cost for nonvested option awards not yet recognized	$ 2.5
Weighted-average recognition period	2 years 1 month 20 days
Aggregate intrinsic value	$ 1.1	$ 1

Stock-Based Compensation and _5

Stock-Based Compensation and Employee Benefit Plans (Restricted Stock Unit Activity) (Details) - RSUs and PRSUs	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Number of RSUs
Unvested beginning balance (in shares) | shares	3,307,561
RSUs and PRSUs granted (in shares) | shares	1,323,978
RSUs and PRSUs vested (in shares) | shares	(116,798)
RSUs and PRSUs forfeited/expired (in shares) | shares	(87,635)
Unvested ending balance (in shares) | shares	4,427,106
Expected to vest after March 31, 2019 (in shares) | shares	3,537,088
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 6
RSUs and PRSUs granted (in dollars per share) | $ / shares	6.07
RSUs and PRSUs vested (in dollars per share) | $ / shares	6.06
RSUs and PRSUs forfeited/expired (in dollars per share) | $ / shares	5.59
Unvested, ending balance (in dollars per share) | $ / shares	6.03
Expected to vest after March 31, 2019 (in dollars per share) | $ / shares	$ 6.04

Stock-Based Compensation and _6

Stock-Based Compensation and Employee Benefit Plans (Restricted Stock Units) (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognition period	2 years 1 month 20 days
RSUs and PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 16
Recognition period	3 years

Stock-Based Compensation and _7

Stock-Based Compensation and Employee Benefit Plans (Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 3,083	$ 3,210
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	559	535
Technology and analytics
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	828	597
Processing and servicing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	90	105
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 1,606	$ 1,973

Derivatives and Hedging (Narrat

Derivatives and Hedging (Narrative) (Details) - Designated as Hedging Instrument - Interest Rate Cap	3 Months Ended
	Mar. 31, 2019USD ($)
Derivative [Line Items]
Derivative, notional amount	$ 300,000,000
Reclassification out of Accumulated Other Comprehensive Income
Derivative [Line Items]
Reclassified interest expense	$ 1,000,000

Derivative and Hedging (Fair Va

Derivative and Hedging (Fair Value by Balance Sheet Location) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Interest Rate Cap | Other Assets
Derivatives, Fair Value [Line Items]
Interest rate cap agreement	$ 369	$ 1,253

Derivatives and Hedging (Deriva

Derivatives and Hedging (Derivative Instruments, Gain (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate cap agreement	$ (742)
Interest Rate Cap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate cap agreement	$ 742	$ 456

Derivative and Hedging (Effects

Derivative and Hedging (Effects of Cash Flow Hedges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investment Income (Expense) | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ (135)	$ 0

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 01, 2019
On Deck Capital Canada | Subsequent Event
Subsequent Event [Line Items]
Ownership percentage	58.50%