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LendingClub Corp (LC.N)

LC.N on New York Stock Exchange

5.64USD
7 Aug 2020
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Latest Key Developments (Source: Significant Developments)

LendingClub Says Targeting An Approximately 5% Return For The Total Prime Portfolio
Friday, 26 Jun 2020 

June 25 (Reuters) - LendingClub Corp ::LENDINGCLUB SAYS TARGETING AN APPROXIMATELY 5% RETURN FOR THE TOTAL PRIME PORTFOLIO - SEC FILING.LENDINGCLUB SAYS EXTENDED WAIVING OF LATE FEES FOR BORROWERS TO PROVIDE IMMEDIATE RELIEF.LENDINGCLUB SAYS ABOUT 90% OF PRIME BORROWERS ARE NOT ENROLLED IN HARDSHIP PLANS, REPAYMENT RATES REMAIN HIGH.LENDINGCLUB SAYS PRIME BORROWERS ROLL RATES ARE LOW.LENDINGCLUB SAYS ESTIMATING ABOUT 3% IRR FOR VINTAGES MOST EXPOSED TO IMPACTS OF COVID-19.  Full Article

LendingClub Reports Q1 Adjusted Loss Per Share Of $0.44
Wednesday, 6 May 2020 

May 5 (Reuters) - LendingClub Corp ::LENDINGCLUB REPORTS FIRST QUARTER 2020 RESULTS.Q1 ADJUSTED LOSS PER SHARE $0.44.Q1 GAAP LOSS PER SHARE $1.10.Q1 REVENUE FELL 31 PERCENT TO $120.2 MILLION.Q1 REVENUE ESTIMATE $174.6 MILLION -- REFINITIV IBES DATA.Q1 EARNINGS PER SHARE ESTIMATE $-0.07 -- REFINITIV IBES DATA.QTRLY GAAP CONSOLIDATED NET LOSS FOR QUARTER OF $48.1 MILLION PRIMARILY REFLECTED NEGATIVE FAIR VALUE MARK OF $101.7 MILLION.LENDINGCLUB - Q1 NEGATIVE FAIR VALUE MARK INCLUDED ABOUT $64 MILLION ATTRIBUTABLE TO COVID-19 RELATED REVALUATION OF LOANS HELD FOR SALE AT FAIR VALUE, SECURITIES FOR SALE.QTRLY LOAN ORIGINATIONS OF $2.5 BILLION, DOWN 8% YEAR-OVER-YEAR.  Full Article

Lendingclub Says Restructuring Plan Includes Workforce Reductions Affecting About 460 Employees
Wednesday, 22 Apr 2020 

April 21 (Reuters) - LendingClub Corp ::LENDINGCLUB - ON APRIL 20, BOARD APPROVED A RESTRUCTURING PLAN TO FURTHER ADDRESS IMPACT OF COVID-19 ON CO'S BUSINESS.LENDINGCLUB CORP - PLAN INCLUDES WORKFORCE REDUCTIONS AFFECTING APPROXIMATELY 460 EMPLOYEES.LENDINGCLUB - REGARDING WORKFORCE REDUCTIONS, EXPECTS TO INCUR TOTAL PRE-TAX RESTRUCTURING, RELATED CHARGES OF ABOUT $10 MILLION DURING REMAINDER OF YEAR ENDING DEC 31.LENDINGCLUB CORP - ON APRIL 20, AS PART OF PLAN, BOARD DETERMINED TO TERMINATE POSITION HELD BY STEVEN ALLOCCA.LENDINGCLUB CORP - INSTITUTED TEMPORARY SALARY REDUCTIONS IN CONNECTION WITH PLAN.LENDINGCLUB - CONTINUING NAMED EXECUTIVE OFFICERS AGREED TO TEMPORARY 25% REDUCTION (OR 30% WITH RESPECT TO CO'S CEO) IN BASE SALARY.LENDINGCLUB CORP - BOARD VOLUNTARILY REDUCED BASE CASH RETAINER NON-EMPLOYEE DIRECTORS RECEIVE FOR SERVING ON BOARD IN 2020 BY 30%.  Full Article

LendingClub Corp Says To Date Have Not Observed Changes In Application Trends Or Deterioration In Loan Performance Due To Novel Coronavirus Situation
Monday, 16 Mar 2020 

March 16 (Reuters) - LendingClub Corp ::LENDINGCLUB CORP - TO DATE HAVE NOT OBSERVED CHANGES IN APPLICATION TRENDS OR DETERIORATION IN LOAN PERFORMANCE DUE TO NOVEL CORONAVIRUS SITUATION.LENDINGCLUB CORP - TO DATE HAVE NOT OBSERVED SIGNIFICANT SHIFTS IN INVESTOR DEMAND ON LENDINGCLUB PLATFORM DUE TO NOVEL CORONAVIRUS SITUATION.LENDINGCLUB CORP SAYS REDUCING APPROVAL RATES FOR CERTAIN HIGHER-RISK BORROWER POPULATIONS - SEC FILING.LENDINGCLUB CORP - INCREASING BREADTH AND SCOPE OF INCOME AND EMPLOYMENT VERIFICATION REQUIREMENTS FOR SOME HIGHER-RISK BORROWERS.LENDINGCLUB CORP - HAVE NOT OBSERVED CHANGES IN APPLICATION TRENDS OR DETERIORATION IN LOAN PERFORMANCE DUE TO IMPACT OF NOVEL CORONAVIRUS.LENDINGCLUB CORP - TO ENSURE EMPLOYEES' SAFETY AND SAFETY OF COMMUNITIES, WE HAVE IMPLEMENTED LIMITATIONS ON TRAVEL AND WORK FROM HOME PROGRAM.  Full Article

Lendingclub Corp On February 24, Unit Entered Into Amended And Restated Warehouse Credit Agreement
Thursday, 27 Feb 2020 

Feb 26 (Reuters) - LendingClub Corp ::LENDINGCLUB CORP - ON FEBRUARY 24, UNIT ENTERED INTO AMENDED AND RESTATED WAREHOUSE CREDIT AGREEMENT.LENDINGCLUB CORP - UNDER AMENDED AGREEMENT LENDERS AGREED TO PROVIDE A $250 MILLION SECURED REVOLVING CREDIT FACILITY TO UNIT.LENDINGCLUB - AMENDED AGREEMENT EXTENDS TERM OF CREDIT FACILITY SUCH THAT UNIT MAY DRAW UPON CREDIT FACILITY UNTIL EARLIER OF FEB 24, 2022.  Full Article

LendingClub Reports Q4 Adjusted Earnings Per Share $0.08
Wednesday, 19 Feb 2020 

Feb 18 (Reuters) - LendingClub Corp ::LENDINGCLUB REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS.Q4 REVENUE $188.5 MILLION VERSUS REFINITIV IBES ESTIMATE OF $198.8 MILLION.Q4 ADJUSTED EARNINGS PER SHARE $0.08.Q4 EARNINGS PER SHARE $0.00.SEES FY 2020 REVENUE $790 MILLION TO $820 MILLION.Q4 EARNINGS PER SHARE ESTIMATE $0.04 -- REFINITIV IBES DATA.SEES GAAP CONSOLIDATED NET INCOME AND ADJUSTED NET INCOME BOTH IN RANGE OF $17 MILLION TO $37 MILLION IN 2020.EXPECT NET REVENUE TO BE IN RANGE OF $170 MILLION TO $180 MILLION IN Q1.SEES Q1 GAAP CONSOLIDATED NET INCOME/LOSS AND ADJUSTED NET INCOME/LOSS BOTH IN RANGE OF $0 MILLION TO $5 MILLION.Q1 EARNINGS PER SHARE VIEW $0.01 -- REFINITIV IBES DATA.FY2019 EARNINGS PER SHARE VIEW $-0.02 -- REFINITIV IBES DATA.  Full Article

Lendingclub Reports Q3 Adjusted Earnings Per Share $0.09
Wednesday, 6 Nov 2019 

Nov 5 (Reuters) - LendingClub Corp ::LENDINGCLUB REPORTS THIRD QUARTER 2019 RESULTS.Q3 ADJUSTED EARNINGS PER SHARE $0.09.Q3 GAAP EARNINGS PER SHARE $0.00.Q3 REVENUE $204.9 MILLION VERSUS REFINITIV IBES ESTIMATE OF $204.8 MILLION.Q3 EARNINGS PER SHARE ESTIMATE $0.02 -- REFINITIV IBES DATA.SEES Q4 2019 REVENUE $190 MILLION TO $200 MILLION.Q4 REVENUE VIEW $208.9 MILLION -- REFINITIV IBES DATA.QTRLY LOAN ORIGINATIONS OF $3.3 BILLION, UP 16% YEAR-OVER-YEAR.NARROWING FULL YEAR 2019 NET REVENUE RANGE TO $760 MILLION TO $770 MILLION.UPDATING FULL YEAR GAAP CONSOLIDATED NET LOSS RANGE TO $31 MILLION TO $26 MILLION.IMPROVING FULL YEAR ADJUSTED NET INCOME LOSS RANGE TO $5 MILLION TO $0 MILLION.  Full Article

LendingClub Reports Q2 2019 Results
Wednesday, 7 Aug 2019 

Aug 6 (Reuters) - LendingClub Corp ::LENDINGCLUB REPORTS SECOND QUARTER 2019 RESULTS.Q2 REVENUE $190.8 MILLION VERSUS REFINITIV IBES ESTIMATE OF $193 MILLION.Q2 ADJUSTED LOSS PER SHARE $0.01.Q2 LOSS PER SHARE $0.12.SEES Q3 2019 REVENUE $200 MILLION TO $210 MILLION.Q2 EARNINGS PER SHARE ESTIMATE $-0.08 -- REFINITIV IBES DATA.MAINTAINING FULL YEAR 2019 NET REVENUE RANGE OF $765 MILLION TO $795 MILLION.SEES FULL YEAR 2019 GAAP CONSOLIDATED NET LOSS RANGE TO $38 MILLION TO $23 MILLION.SEES FULL YEAR 2019 ADJUSTED NET LOSS RANGE TO $20 MILLION TO $5 MILLION.ON TRACK TO BE ADJUSTED NET INCOME PROFITABLE IN Q3 OF 2019.SEES FULL YEAR 2019 ADJUSTED EBITDA RANGE TO $120 MILLION TO $135 MILLION.FY2019 REVENUE VIEW $784.2 MILLION -- REFINITIV IBES DATA.Q3 REVENUE VIEW $205.4 MILLION -- REFINITIV IBES DATA.  Full Article

LendingClub Announces Reverse Stock Split Effective Date
Saturday, 29 Jun 2019 

June 28 (Reuters) - LendingClub Corp ::LENDINGCLUB ANNOUNCES REVERSE STOCK SPLIT EFFECTIVE DATE.ANNOUNCES 1 FOR 5 REVERSE STOCK SPLIT.LENDINGCLUB - EXPECTS REVERSE STOCK SPLIT WILL BECOME EFFECTIVE AT 4:30 PM (EST) ON JULY 5.  Full Article

Lendingclub Corp Says CEO Scott Sanborn's 2018 Total Compensation Was $6 Million Versus $6.8 Million In 2017
Friday, 26 Apr 2019 

April 25 (Reuters) - LendingClub Corp ::LENDINGCLUB CORP SAYS CEO SCOTT SANBORN'S 2018 TOTAL COMPENSATION WAS $6 MILLION VERSUS $6.8 MILLION IN 2017 – SEC FILING.LENDINGCLUB CORP SAYS CFO THOMAS CASEY'S 2018 TOTAL COMPENSATION WAS $5.7 MILLION VERSUS $4 MILLION IN 2017 – SEC FILING.LENDINGCLUB CORP - FOR 2018, RATIO OF CEO TOTAL COMPENSATION TO MEDIAN EMPLOYEE TOTAL COMPENSATION: 45 TO 1.  Full Article

UPDATE 1-LendingClub to lay off about a third of employees due to coronavirus

April 21 Online lender LendingClub Corp said on Tuesday it would lay off 460 employees, including President Steven Allocca, as part of a restructuring plan to slash costs amid the economic fallout of the COVID-19 pandemic.