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LendingClub SAN FRANCISCO - October 27 , 2021 - LendingClub Corporation ( NYSE : LC ) , the parent company of LendingClub Bank , America's leading digital marketplace bank , today announced financial results for the third quarter ended September 30 , 2021 . " Our strong revenue and earnings growth trajectory has become evident following our transformation into a digital marketplace bank , " said Scott Sanborn , LendingClub's CEO . " Our success continues to be driven by our competitive advantages , including our growing base of 3.8 million members , our exceptional data science capabilities , and our proven marketplace model . With our enhanced operating leverage , digital first infrastructure , and the ongoing move of consumers toward online banking , there's no better time to grow a next generation digital bank like LendingClub . " Record Revenue and Net Income Reflects Strong Execution and Business Model Transformation . • Record revenue of $ 246.2 million with total sequential revenue growth of 20 % outpacing origination growth of 14 % . ( 1 ) • New recurring stream of net interest income grew 42 % sequentially to $ 65.3 million , as the bank's loan portfolio ( excluding PPP loans ) grew 25 % from June 30 , 2021 . Marketplace revenue grew 15 % sequentially , reflecting higher origination fees associated with loan origination growth . Deposits grew 12 % sequentially to $ 2.8 billion , in line with growth in our loans held for investment . O ( 1 ) LendingClub Reports Third Quarter 2021 Results Record Revenues Up 20 % Sequentially Net Income up 190 % Sequentially Raising Full Year Outlook 0 Record net income of $ 27.2 million , up 190 % sequentially , highlighting positive operating leverage in the fully integrated digital bank business model . • Net income of $ 27.2 million and earnings per share of $ 0.26 were negatively impacted by $ 51.5 million of notable items : $ 34.0 million of Current Expected Credit Loss ( CECL ) provisioning and $ 17.5 million of net revenue deferrals both driven by strong retained loan growth . These items reduced our earnings per share by $ 0.49 in the third quarter of 2021 . ( millions ) Loan originations ( ¹ ) Total revenue ( $ in millions ) Loan originations ( ¹ ) $ 2,722.4 $ 384.3 Total revenue $ 41.8 204.4 $ 9.4 $ Consolidated net income $ 17.8 Includes unsecured personal loans , auto loans , and education and patient finance loans only . Financial Outlook – Raising Full Year Targets Fourth Quarter 2021 $ 2.8B to $ 3.0B Consolidated net income September 30 , 2021 3,106.7 $ 246.2 $ 27.2 $ $ 240M to $ 250M Three Months Ended June 30 , QoQ 2021 $ Change $ 20M to $ 25M Full Year 2021 $ 10.1B to $ 10.3B $ 796M to $ 806M $ 9M to $ 14M QoQ % Change Includes unsecured personal loans , auto loans , and education and patient finance loans only . 14 % 20 % 190 % Versus Prior Full Year 2021 Guidance + $ 100M to + $ 300M + $ 26M to + $ 46M + $ 17M to + $ 22M