Other Information
−Removed: Frequency of Say on Pay
−Removed: As previously reported on Form 8-K, in an advisory vote on the preferred frequency of future stockholder advisory votes on executive compensation held at the 2022 annual meeting on July 12, 2022, 407,528,398 shares voted for one year, 4,859,176 shares voted for two years, 2,696,243 shares voted for three years and 3,959,134 shares abstained.
−Removed: Our Company has considered the outcome of this advisory vote and has determined, as was recommended with respect to this proposal by our Board of Directors in the proxy statement for the 2022 annual meeting, that we will hold future votes to approve the compensation paid to the Company’s named executive officers (“say on pay votes”) on an annual basis until the next required vote on the frequency of say on pay votes.
−Removed: This disclosure is intended to satisfy Item 5.07(d) of Form 8-K.
−Removed: Resignation of Named Executive Officer
−Removed: On August 8, 2022, Ms.
−Removed: Michelle Gill, Executive Vice President and Group Business Unit Leader – Lending and Capital Markets, provided notice of her intention to resign from her position with the Company, effective at a date to be determined in September 2022.
−Removed: Gill resigned to pursue other opportunities and her resignation was not the result of any dispute or disagreement with the Company relating to the Company's operations, policies (including accounting or financial policies) or practices.
−Removed: Gill’s duties and responsibilities over lending will be assumed by Chad Borton, President, SoFi Bank, and her duties and responsibilities over capital markets will be assumed by Christopher Lapointe, Chief Financial Officer.
SoFi Technologies, Inc.
−Removed: The above disclosure is intended to satisfy the Company’s obligation under Item 5.02(b) of Form 8‐K.
Amended and Restated 2021 Stock Option and Incentive Plan and forms of agreement thereunder
+Added: First Amendment to Stadium Complex Cornerstone Naming Rights and Sponsorship Agreement
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
18 unchanged sentences
SoFi Technologies, Inc.
−Removed: August 9, 2022 By:
+Added: November 9, 2022 By:
/s/ Christopher Lapointe
15 unchanged sentences
Average Balances and Net Interest Earnings Analysis
−Removed: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
+Added: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
($ in thousands) Average Balances (1)
6 unchanged sentences
Securitization investments 275,863 2,633 3.82 386,236 2,999 3.11
−Removed: Related party receivables — — — — — —
Total interest-earning assets 10,723,022 197,151 7.35 % 6,301,489 93,089 5.91 %
21 unchanged sentences
(1) Average balances were calculated on four-month ending balances and include accrued interest.
−Removed: (2) Interest income on loans measured at amortized cost includes amortization of deferred loan fees, net of deferred loan costs, of $2.1 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively.
−Removed: Interest expense on debt includes debt issuance and discount expense of $3.9 million and $5.5 million during the three months ended June 30, 2022 and 2021, respectively.
+Added: (2) Interest income on loans measured at amortized cost includes amortization of deferred loan fees, net of deferred loan costs, of $2.2 million and $0.5 million for the three months ended September 30, 2022 and 2021, respectively.
+Added: Interest expense on debt includes debt issuance and discount expense of $4.0 million and $2.8 million during the three months ended September 30, 2022 and 2021, respectively.
(3) Net interest income is calculated as the excess of total interest income on interest-earning assets over total interest expense on interest-bearing liabilities.
1 unchanged sentence
SoFi Technologies, Inc.
−Removed: Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
+Added: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
($ in thousands) Average Balances (1)
29 unchanged sentences
__________________
−Removed: (1) Average balances were calculated on seven-month ending balances and include accrued interest.
−Removed: (2) Interest income on loans measured at amortized cost includes amortization of deferred loan fees, net of deferred loan costs, of $3.7 million and $0.1 million for the six months ended June 30, 2022 and 2021, respectively.
−Removed: Interest expense on debt includes debt issuance and discount expense of $8.1 million and $11.5 million during the six months ended June 30, 2022 and 2021, respectively.
+Added: (1) Average balances were calculated on ten-month ending balances and include accrued interest.
+Added: (2) Interest income on loans measured at amortized cost includes amortization of deferred loan fees, net of deferred loan costs, of $5.8 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively.
+Added: Interest expense on debt includes debt issuance and discount expense of $12.1 million and $14.2 million during the nine months ended September 30, 2022 and 2021, respectively.
(3) Net interest income is calculated as the excess of total interest income on interest-earning assets over total interest expense on interest-bearing liabilities.
3 unchanged sentences
The following table presents period-over-period changes in net interest income and the extent to which the variance is attributable to changes in the volume of our interest-earning assets and interest-bearing liabilities or changes in the interest rates related to these assets and liabilities:
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2021 2022 vs.
24 unchanged sentences
The following table presents the maturities of our loan portfolio, as well as the separate presentation of the total amount of loans in each loan category that are due after one year that have variable rates and fixed rates:
−Removed: As of June 30, 2022 (1)
+Added: As of September 30, 2022 (1)
($ in thousands) Within 1 year After 1 year through 5 years After 5 years through 15 years After 15 years Total
9 unchanged sentences
Student loans $ 52,563 $ 97,020 $ 5,412 $ 154,995
−Removed: Home loans — — — —
Personal loans 12,189 — — 12,189
10 unchanged sentences
Amounts represent unpaid principal balance of loans outstanding at period end.
−Removed: (2) Due to the revolving nature of credit card loans, we report all of our credit card loans as due in one year or less.
+Added: (2) Due to the revolving nature of credit card loans, we report all of our credit card loans as due within one year.
Analysis of Allowance for Credit Losses
Allowance for Credit Losses Ratios
−Removed: The following table presents the ratio of allowance for credit losses to total loans outstanding that are measured at amortized cost as of the dates indicated:
−Removed: ($ in thousands) June 30, 2022 June 30, 2021
+Added: The following table presents the ratio of allowance for credit losses to total loans outstanding that are measured at amortized cost:
+Added: ($ in thousands) September 30, 2022 September 30, 2021
Allowance for credit losses to total loans outstanding
10 unchanged sentences
Allocation of Allowance for Credit Losses
−Removed: The following table presents the allocation of the allowance for credit losses and the percentage of loans outstanding by category to total loans outstanding that are measured at amortized cost as of the dates indicated:
−Removed: June 30, 2022 June 30, 2021
+Added: The following table presents the allocation of the allowance for credit losses and the percentage of loans outstanding by category to total loans outstanding that are measured at amortized cost:
+Added: September 30, 2022 September 30, 2021
($ in thousands) Allowance for credit losses Percent of loans to total loans (1)
6 unchanged sentences
Analysis of Charge-offs
−Removed: The following tables present information regarding average loans outstanding during the period, net charge-offs during the period, and the annualized ratio of net charge-offs to average loans outstanding:
−Removed: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
+Added: The following tables present information regarding average loans outstanding, net charge-offs and the annualized ratio of net charge-offs to average loans outstanding:
+Added: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021
($ in thousands) Average Loans (1)
5 unchanged sentences
182,490 5,133 11.25 57,131 1,073 7.51
−Removed: Commercial and consumer banking 80,181 1 — — — —
+Added: Commercial and consumer banking 84,833 (5) n/m 2,510 — —
Total loans $ 9,150,847 $ 32,258 1.41 % $ 5,191,701 $ 6,709 0.52 %
−Removed: Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
+Added: Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021
($ in thousands) Average Loans (1)
5 unchanged sentences
156,295 12,438 10.61 31,392 1,073 4.56
−Removed: Commercial and consumer banking 57,788 1 — 2,359 — —
+Added: Commercial and consumer banking 66,460 (4) n/m 2,655 — —
Total loans $ 8,007,445 $ 63,316 1.05 % $ 4,998,549 $ 23,110 0.62 %
___________________
−Removed: (1) Average balances were calculated on four-month or seven-month ending balances and include accrued interest.
+Added: (1) Average balances were calculated on four-month or ten-month ending balances and include accrued interest.
Uninsured Deposits
−Removed: As of June 30, 2022, the amount of uninsured deposits totaled $241.0 million.
−Removed: We did not have any deposits as of June 30, 2021.
+Added: As of September 30, 2022, the amount of uninsured deposits totaled $566.6 million.
+Added: We did not have any deposits as of September 30, 2021.
The following table presents uninsured time deposits by remaining time to maturity:
−Removed: ($ in thousands) June 30, 2022
+Added: ($ in thousands) September 30, 2022
Uninsured Time Deposits
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.