LendingClub Corporation - LC STOCK NEWS

LendingClub Corporation (NYSE: LC) reported Q1 2023 financial results, highlighting a net income of $13.7 million and a diluted EPS of $0.13, both down from the previous quarter's $23.6 million and $0.22 respectively. Total net revenue decreased to $245.7 million, a drop from $262.7 million in the prior quarter, attributed to lower marketplace revenue despite an 8% increase in net interest income. Deposits surged 13% sequentially to $7.2 billion. The company’s balance sheet showed total assets up 10% to $8.8 billion. Loans and leases held for investment grew by 4.6% to $5.9 billion. Pre-Provision Net Revenue (PPNR) rose 7% to $88.4 million, bolstered by cost reduction initiatives. Looking ahead, LendingClub projects loan originations between $1.9 billion and $2.1 billion for Q2 2023.

LendingClub Corporation (NYSE: LC) announced the appointment of Janey Whiteside to its Board of Directors, effective April 20, 2023. Whiteside, recognized for her transformative leadership in major consumer brands, previously served as Walmart's Executive Vice President and Chief Customer Officer, where she led significant initiatives including Walmart's membership program and advertising platform. She also held senior roles at American Express, contributing to the re-launch of the Platinum card. LendingClub's CEO, Scott Sanborn, expressed excitement about her joining, highlighting her experience as a valuable asset as the company pursues growth in the digital banking sector.

LendingClub Corporation (NYSE: LC) has announced its first-quarter 2023 earnings report, which will be released after market close on April 26, 2023. A conference call is scheduled for 2:00 p.m. Pacific Time that day to discuss the results. Analysts can submit questions via email until 12:00 p.m. Pacific Time on April 25, 2023. The earnings release will be accessible through a live webcast on the company's investor relations site. Since its inception in 2007, LendingClub has served over 4.5 million members, utilizing machine-learning models to provide credit access and achieve attractive risk-adjusted returns for investors. Further details on the company's financial performance and strategic direction will be revealed during the earnings call.

LendingClub Corporation (NYSE: LC) announced the appointment of Stephen Cutler to its Board of Directors, effective March 23, 2023. Cutler, who brings extensive experience from JPMorgan Chase & Co. and Simpson Thacher & Bartlett LLP, is expected to enhance the company's strategic direction. CEO Scott Sanborn praised Cutler's expertise in banking as pivotal for navigating growth in the evolving digital marketplace banking environment. Cutler will serve on the Audit and Operational Risk Committees, underscoring his influential role in ensuring compliance and risk management within the organization.

LendingClub Corporation (NYSE: LC) released findings from its latest report indicating that U.S. consumers are increasingly relying on supplemental income to enhance their financial stability. As of February 2023, 62% of U.S. consumers live paycheck to paycheck, a slight increase from January. Notably, 60% of consumers are employed, with nearly half pursuing side jobs or alternate income sources. Consumers could collectively generate $52 billion in cash payments monthly through side incomes. The necessity for supplemental income sources remains pressing, as financial pressures from inflation and reduced pandemic-related support push consumers to seek alternative earnings.

LendingClub Corporation (NYSE: LC) released findings from its 2023 Reality Check report, revealing that 60% of U.S. adults live paycheck to paycheck, a decrease from 64% a month prior. Notably, 70% of surveyed cardholders took measures to manage credit card debt over the last year. The report highlights that consumers are adapting their spending habits amidst inflation, with 72% using credit cards for holiday purchases. However, some consumers still face significant debt burdens, with outstanding credit card balances averaging 35% of their savings. The findings reflect a cautious yet optimistic consumer sentiment towards financial recovery in 2023.

LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, will have its CEO Scott Sanborn and CFO Drew LaBenne participate in a fireside chat at the 2023 KBW Fintech Payments Conference on March 1 from 2:10 PM to 2:50 PM EST.

A live webcast of the event will be accessible, and the recording will be available post-event for one year. LendingClub is known for its advanced credit decisioning and offers various financial products, having facilitated over $80 billion in loans since its inception in 2007. This event will provide insights into LendingClub's strategies and performance outlook.

LendingClub Corporation (NYSE: LC) announced that its CFO, Drew LaBenne, will participate in a fireside chat at the Credit Suisse 24th Annual Financial Services Forum on February 14, 2023, from 3:15 PM to 3:55 PM EST. A live webcast will be available at this link, with registration required. A replay will be accessible an hour after the event's conclusion for 90 days via LendingClub's investor relations page. LendingClub, the leading digital marketplace bank in the U.S., aims to streamline access to credit while providing competitive returns for investors.