LendingClub Q1 2024 net income $12.3M, diluted EPS $0.11; originations $1.6B

LendingClub Corp

2024-Q1 EPS reported $0.11

Loan originations of $1.6B, comparable to prior quarter; net revenue $180.7M (down from $245.7M YoY).
Net income increased 21% sequentially to $12.3M; diluted EPS $0.11 vs $0.09 prior quarter.
Provision for credit losses $31.9M, down 24% from $41.9M; pre-provision net revenue $48.5M.
Total assets $9.2B, deposits $7.5B; FDIC-insured deposits ~87% of total deposits.
Book value per share $11.40, tangible book value $10.61; Tier 1 leverage ratio 12.5%.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LendingClub Corp reported the first quarter ended March 31, 2024 results: revenue $ 180.7, net income $ 12.3, EPS $ 0.11.

Period: the first quarter ended March 31, 2024
Revenue: $ 180.7
Net income: $ 12.3
EPS: $ 0.11
Result: reported results

Exact text from the filing

Three Months Ended ($ in millions, except per share amounts) March 31, 2024 December 31, 2023 March 31, 2023 Total net revenue $ 180.7 $ 185.6 $ 245.7 Non-interest expense 132.2 130.0 157.3 Pre-provision net revenue (1) 48.5 55.6 88.4 Provision for credit losses 31.9 41.9 70.6 Income before income tax expense 16.5 13.7 17.8 Income tax expense (4.3) (3.5) (4.1) Net income $ 12.3 $ 10.2 $ 13.7 Diluted EPS $ 0.11 $ 0.09 $ 0.13

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Source: SEC EDGAR

accession 0001409970-24-000021

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