secwatch.observer — SEC 8-K summary
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Issuer:     LendingClub Corp (LC)
CIK:        0001409970
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0001409970-23-000054
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

LendingClub Q3 net income $5M, EPS $0.05; revenue down 14% QoQ
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- Net income $5.0M ($0.05 diluted EPS) vs $10.1M ($0.09) prior quarter and $43.2M ($0.41) year ago.
- Total net revenue $200.8M, down from $232.5M QoQ and $304.9M YoY, driven by lower marketplace revenue.
- Loan originations fell to $1.5B from $2.0B QoQ due to reduced bank investor purchases.
- Deposits $7.0B; Tier 1 leverage ratio 13.2%; tangible book value $10.21 per share.
- CEO cites 'difficult but necessary actions' on expenses; structured certificate issuance doubled.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1409970/000140997023000054/0001409970-23-000054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1409970/000140997023000054/lc-20231025.htm
  HTML page:      https://secwatch.observer/filing/0001409970-23-000054

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