secwatch.observer — SEC 8-K summary
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Issuer:     LendingClub Corp (LC)
CIK:        0001409970
Form:       8-K
Filed at:   2023-04-26T23:59:59+00:00
Accession:  0001409970-23-000029
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

LendingClub Q1 net income $13.7M, revenue $245.7M; deposits rise 13% sequentially
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- Net income of $13.7M ($0.13 diluted EPS), down 42% vs Q4 2022 net income of $23.6M.
- Total net revenue $245.7M, down 6% sequentially from $262.7M; net interest income up 8% to $146.7M.
- Deposits increased 13% to $7.2B; cash rose 55% to $1.6B; consolidated Tier 1 leverage ratio 12.8%.
- Loan originations of $2.3B vs $2.5B prior quarter; provision for credit losses $70.6M on portfolio growth.
- Pre-provision net revenue $88.4M, up 7% sequentially; efficiency ratio improved to 64.0% from 68.5%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1409970/000140997023000029/0001409970-23-000029-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1409970/000140997023000029/lc-20230426.htm
  HTML page:      https://secwatch.observer/filing/0001409970-23-000029

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