Regional Management Corp. (NYSE:RM), a diversified consumer finance company, today announced results for the first quarter ended March 31, 2017.
First Quarter 2017 Highlights
- Net income for the first quarter of 2017 was $7.6 million, an increase of 47.5% from the prior-year period. The net income increase was due to growth in the core loan portfolios, as well as a $1.5 million tax benefit from share-based compensation in the first quarter of 2017. Diluted earnings per share for the first quarter of 2017 were $0.65, based on a diluted share count of 11.7 million.
-
Total finance receivables as of March 31, 2017 were $695.0 million, an
increase of 14.4%, or $87.6 million, from the prior year, and down
3.2%, or $22.8 million, sequentially due to normal seasonality:
- Eighth consecutive quarter that total finance receivables have increased at least 10% over the prior-year period.
- Large loan finance receivables of $242.4 million increased $80.1 million, or 49.3%, from the prior-year period and now represent 35% of the total loan portfolio. Branch small loan finance receivables as of March 31, 2017 were $335.6 million, an increase of 8.1% over the prior year and a decrease of 6.4% sequentially due to typical seasonality.
-
Total revenue for the first quarter of 2017 was $65.8 million, a $9.1
million, or 16.1%, increase from the prior-year period, and a $1.8
million, or 2.8%, increase sequentially.
- Strong interest and fee income increase of 15.5% driven by a 14.4% increase in receivables compared to the prior-year period.
- Insurance income for the first quarter of 2017 increased $0.9 million from the prior-year period and $2.2 million sequentially. The sequential increase is related to a temporary shift of certain claims expense into provision for credit losses during the Company’s transition to a new insurance provider.
- Overall yield increase of 40 basis points on a year-over-year basis and 90 basis points sequentially.
-
Provision for credit losses for the first quarter of 2017 was $19.1
million, an increase of $5.3 million compared to the prior-year
period. The provision for credit losses included $2.2 million related
to a temporary shift of insurance claims expense, as noted above. This
line shift had no impact on the Company’s net income.
- Annualized net credit losses as a percentage of finance receivables were 10.9% (inclusive of 0.5% attributable to the insurance losses noted above), an increase from 9.7% in the prior-year period.
-
Total delinquencies as a percentage of total finance receivables as of
March 31, 2017 were 15.7%, a significant reduction from 18.1% as of
December 31, 2016 and an improvement from 16.7% as of March 31, 2016.
- 30+ day contractual delinquencies were 6.5%, an improvement sequentially from 7.4% as of December 31, 2016 and a slight increase from 6.2% as of March 31, 2016.
“We continued to experience double-digit year-over-year top-line and overall finance receivables growth during the first quarter,” said Peter R. Knitzer, Chief Executive Officer of Regional Management Corp. “Total finance receivables increased 14% from the prior year, allowing us to generate 16% year-over-year growth in our interest and fee income. Most notably, we continued to successfully grow within our existing footprint, as we generated 13% growth in our same-store finance receivables. Further, the ongoing focus on our core loan categories helped alleviate our typical portfolio seasonal liquidation and puts us in a strong position to grow the business in subsequent quarters.”
“In terms of our credit performance, while our provision and net credit losses were elevated in the quarter as expected, we worked diligently to significantly reduce our total and 30+ day delinquencies during the quarter from their levels at the end of 2016, and our total delinquency of 15.7% is a historic low for Regional Management,” added Mr. Knitzer. “With respect to our new operating platform, we successfully completed the buildout of our enhanced functionality, and we are on schedule to resume converting branches in our remaining states in the second quarter. Overall, we continue to move forward with our growth strategy and the build of our operating system in order to drive long-term shareholder value.”
First Quarter 2017 Results
Finance receivables outstanding at March 31, 2017 were $695.0 million, a 14.4% increase from $607.4 million in the prior year. Finance receivables increased primarily due to an increase in both the core small and large loan portfolios, enhanced marketing, and the net addition of branches in Virginia. On a sequential basis, finance receivables decreased by $22.8 million from the fourth quarter of 2016 due to normal seasonality.
For the first quarter ended March 31, 2017, the Company reported total revenue of $65.8 million, a 16.1% increase from $56.7 million in the prior-year period. Interest and fee income for the first quarter of 2017 was $59.3 million, a 15.5% increase from $51.3 million in the prior-year period, primarily due to an increase in the portfolios of both small and large loans compared to the prior-year period. Insurance income, net for the first quarter of 2017 was $3.8 million, an increase of $0.9 million from the prior-year period primarily due to a transition in insurance carriers, causing some of the Company’s insurance claims to impact net credit losses instead of insurance income. Other income for the first quarter of 2017 was $2.8 million, a 12.3% increase from the prior-year period and consistent with portfolio growth.
The provision for credit losses in the first quarter of 2017 was $19.1 million, compared to $13.8 million in the prior-year period. The $5.3 million increase was primarily due to an increase in net credit losses of $4.4 million and the temporary shift of insurance claims expense. In the first quarter of 2017, the Company released $0.3 million of allowance for credit losses, compared to $1.2 million in the first quarter of 2016.
Net credit losses were $19.4 million in the first quarter of 2017, compared to $15.0 million in the prior-year period, consistent with portfolio growth and the elevated levels of the last three delinquency buckets in the fourth quarter of 2016. Net credit losses for the first quarter of 2017 included $1.0 million of losses attributable to a temporary shift of certain insurance claims expense into net credit losses during a transition in the Company’s insurance provider. Annualized net credit losses as a percentage of average finance receivables in the first quarter of 2017 were 10.9% (inclusive of 0.5% attributable to the insurance losses noted above), an increase from 9.7% in the prior-year period.
General and administrative expenses for the first quarter of 2017 were $31.5 million, an increase of 5.5%, or $1.6 million, from the prior-year period. General and administrative expenses for both the first quarters of 2017 and 2016 include $0.4 million of loan system conversion costs. Sequentially, general and administrative expenses increased $2.6 million, or 9.1%, from the fourth quarter of 2016 due to higher personnel costs (consistent with seasonally fewer originations that drive lower salary deferral for loan origination costs), as well as increased other expenses.
Net income for the first quarter of 2017 was $7.6 million, an increase from $5.2 million in the prior-year period. The net income increase in the first quarter of 2017 was partially due to a $1.5 million tax benefit from share-based compensation that occurred during the quarter. Diluted earnings per share for the first quarter of 2017 were $0.65, an increase from $0.40 in the prior-year period.
2017 De Novo Outlook
As of March 31, 2017, the Company’s branch network consisted of 344 locations. Regional Management opened 5 de novo branches in the first quarter of 2017 and, for the full year 2017, maintains its plan to open between 10 and 15 de novo branches.
Liquidity and Capital Resources
As of March 31, 2017, the Company had finance receivables of $695.0 million and outstanding long-term debt of $463.0 million (consisting of $430.8 million of long-term debt on its $585.0 million senior revolving credit facility and $32.2 million of long-term debt on its $75.7 million amortizing loan).
Conference Call Information
Regional Management Corp. will host a conference call and webcast today at 5:00 PM ET to discuss these results.
The dial-in number for the conference call is (855) 590-2959 (toll-free) or (503) 343-6651 (direct), passcode 4626895. Please dial the number 10 minutes prior to the scheduled start time.
*** A supplemental slide presentation will be made available on Regional Management’s website prior to the earnings call at www.RegionalManagement.com. ***
In addition, a live webcast of the conference call will also be available on Regional Management’s website at www.RegionalManagement.com.
A replay will be available following the end of the call through Tuesday, May 9, 2017, by telephone at (855) 859-2056 (toll-free) or (404) 537-3406 (direct), passcode 4626895. A webcast replay of the call will be available at www.RegionalManagement.com for one year following the call.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Regional Management Corp.’s expectations or beliefs concerning future events. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook,” and similar expressions may be used to identify these forward-looking statements. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the following: changes in general economic conditions, including levels of unemployment and bankruptcies; risks associated with Regional Management’s transition to a new loan origination and servicing software system; risks related to opening new branches, including the ability or inability to open new branches as planned; risks inherent in making loans, including repayment risks and value of collateral, which risks may increase in light of adverse or recessionary economic conditions; changes in interest rates; the risk that Regional Management’s existing sources of liquidity become insufficient to satisfy its needs or that its access to these sources becomes unexpectedly restricted; changes in federal, state, or local laws, regulations, or regulatory policies and practices, and risks associated with the manner in which laws and regulations are interpreted, implemented, and enforced; the timing and amount of revenues that may be recognized by Regional Management; changes in current revenue and expense trends (including trends affecting delinquencies and credit losses); changes in Regional Management’s markets and general changes in the economy (particularly in the markets served by Regional Management); changes in the competitive environment in which Regional Management operates or in the demand for its products; risks related to acquisitions; changes in operating and administrative expenses; and the departure, transition, or replacement of key personnel. Such factors and others are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management will not update the information contained in this press release beyond the publication date, except to the extent required by law, and is not responsible for changes made to this document by wire services or Internet services.
About Regional Management Corp.
Regional Management Corp. (NYSE:RM) is a diversified consumer finance company providing a broad array of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other traditional lenders. Regional Management began operations in 1987 with four branches in South Carolina and has since expanded its branch network across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma, New Mexico, Georgia, and Virginia. Each of its loan products is structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments and is repayable at any time without penalty. Regional Management’s loans are sourced through its multiple channel platform, including in its branches, through direct mail campaigns, independent and franchise automobile dealerships, online credit application networks, retailers, and its consumer website. For more information, please visit www.RegionalManagement.com.
Regional Management Corp. and Subsidiaries Consolidated Statements of Income (Unaudited) (in thousands, except per share amounts) | |||||||||||||||
| Better (Worse) | |||||||||||||||
| 1Q’17 | 1Q’16 | $ | % | ||||||||||||
| Revenue | |||||||||||||||
| Interest and fee income | $ | 59,255 | $ | 51,300 | $ | 7,955 | 15.5 | % | |||||||
| Insurance income, net | 3,805 | 2,939 | 866 | 29.5 | % | ||||||||||
| Other income | 2,760 | 2,458 | 302 | 12.3 | % | ||||||||||
| Total revenue | 65,820 | 56,697 | 9,123 | 16.1 | % | ||||||||||
| Expenses | |||||||||||||||
| Provision for credit losses | 19,134 | 13,791 | (5,343 | ) | (38.7 | )% | |||||||||
| Personnel | 18,168 | 17,127 | (1,041 | ) | (6.1 | )% | |||||||||
| Occupancy | 5,285 | 4,863 | (422 | ) | (8.7 | )% | |||||||||
| Marketing | 1,205 | 1,515 | 310 | 20.5 | % | ||||||||||
| Other | 6,796 | 6,300 | (496 | ) | (7.9 | )% | |||||||||
| Total general and administrative | 31,454 | 29,805 | (1,649 | ) | (5.5 | )% | |||||||||
| Interest expense | 5,213 | 4,710 | (503 | ) | (10.7 | )% | |||||||||
| Income before income taxes | 10,019 | 8,391 | 1,628 | 19.4 | % | ||||||||||
| Income taxes | 2,385 | 3,215 | 830 | 25.8 | % | ||||||||||
| Net income | $ | 7,634 | $ | 5,176 | $ | 2,458 | 47.5 | % | |||||||
| Net income per common share: | |||||||||||||||
| Basic | $ | 0.66 | $ | 0.41 | $ | 0.25 | 61.0 | % | |||||||
| Diluted | $ | 0.65 | $ | 0.40 | $ | 0.25 | 62.5 | % | |||||||
| Weighted-average shares outstanding: | |||||||||||||||
| Basic | 11,494 | 12,756 | 1,262 | 9.9 | % | ||||||||||
| Diluted | 11,715 | 12,949 | 1,234 | 9.5 | % | ||||||||||
| Return on average assets (annualized) | 4.3 | % | 3.4 | % | |||||||||||
| Return on average equity (annualized) | 14.5 | % | 10.1 | % | |||||||||||
Regional Management Corp. and Subsidiaries Consolidated Balance Sheets (Unaudited) (in thousands, except par value amounts) | |||||||||||||||
| Increase (Decrease) | |||||||||||||||
| 1Q’17 | 1Q’16 | $ | % | ||||||||||||
| Assets | |||||||||||||||
| Cash | $ | 3,505 | $ | 7,436 | $ | (3,931 | ) | (52.9 | )% | ||||||
| Gross finance receivables | 886,350 | 761,294 | 125,056 | 16.4 | % | ||||||||||
| Unearned finance charges and insurance premiums | (191,346 | ) | (153,931 | ) | (37,415 | ) | (24.3 | )% | |||||||
| Finance receivables | 695,004 | 607,363 | 87,641 | 14.4 | % | ||||||||||
| Allowance for credit losses | (41,000 | ) | (36,230 | ) | (4,770 | ) | (13.2 | )% | |||||||
| Net finance receivables | 654,004 | 571,133 | 82,871 | 14.5 | % | ||||||||||
| Property and equipment | 11,878 | 9,991 | 1,887 | 18.9 | % | ||||||||||
| Restricted cash | 8,889 | 10,818 | (1,929 | ) | (17.8 | )% | |||||||||
| Intangible assets | 6,981 | 3,520 | 3,461 | 98.3 | % | ||||||||||
| Deferred tax asset | 725 | 2,453 | (1,728 | ) | (70.4 | )% | |||||||||
| Other assets | 4,450 | 4,356 | 94 | 2.2 | % | ||||||||||
| Total assets | $ | 690,432 | $ | 609,707 | $ | 80,725 | 13.2 | % | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||
| Liabilities: | |||||||||||||||
| Long-term debt | $ | 462,994 | $ | 396,543 | $ | 66,451 | 16.8 | % | |||||||
| Unamortized debt issuance costs | (2,051 | ) | (2,443 | ) | 392 | 16.0 | % | ||||||||
| Net long-term debt | 460,943 | 394,100 | 66,843 | 17.0 | % | ||||||||||
| Accounts payable and accrued expenses | 15,310 | 13,685 | 1,625 | 11.9 | % | ||||||||||
| Total liabilities | 476,253 | 407,785 | 68,468 | 16.8 | % | ||||||||||
| Commitments and Contingencies | |||||||||||||||
| Stockholders’ equity: | |||||||||||||||
| Preferred stock, $0.10 par value, 100,000 shares authorized, no shares issued or outstanding | — | — | — | — | |||||||||||
| Common stock, $0.10 par value, 1,000,000 shares authorized, 13,170 shares issued and 11,624 shares outstanding at March 31, 2017 and 12,939 shares issued and 12,367 shares outstanding at March 31, 2016 | 1,317 | 1,294 | 23 | 1.8 | % | ||||||||||
| Additional paid-in-capital | 91,485 | 89,565 | 1,920 | 2.1 | % | ||||||||||
| Retained earnings | 146,423 | 119,934 | 26,489 | 22.1 | % | ||||||||||
| Treasury stock, 1,546 and 572 shares at March 31, 2017 and 2016, respectively | (25,046 | ) | (8,871 | ) | (16,175 | ) | (182.3 | )% | |||||||
| Total stockholders’ equity | 214,179 | 201,922 | 12,257 | 6.1 | % | ||||||||||
| Total liabilities and stockholders’ equity | $ | 690,432 | $ | 609,707 | $ | 80,725 | 13.2 | % | |||||||
Regional Management Corp. and Subsidiaries Selected Financial Data (Unaudited) (in thousands, except per share amounts) | ||||||||||||||||||
| Averages and Yields | ||||||||||||||||||
| 1Q’17 | 4Q’16 | 1Q’16 | ||||||||||||||||
| Average Finance Receivables | Average Yield (Annualized) | Average Finance Receivables | Average Yield | Average Finance Receivables | Average Yield | |||||||||||||
| Small loans | $ | 349,521 | 42.3 | % | $ | 354,276 | 42.6 | % | $ | 325,649 | 41.9 | % | ||||||
| Large loans | 239,033 | 28.7 | % | 225,786 | 29.0 | % | 152,938 | 28.2 | % | |||||||||
| Automobile loans | 88,150 | 16.6 | % | 93,866 | 17.0 | % | 111,008 | 18.2 | % | |||||||||
| Retail loans | 32,560 | 18.7 | % | 33,013 | 19.0 | % | 27,923 | 19.2 | % | |||||||||
| Total interest and fee yield | $ | 709,264 | 33.4 | % | $ | 706,941 | 33.8 | % | $ | 617,518 | 33.2 | % | ||||||
| Total revenue yield | $ | 709,264 | 37.1 | % | $ | 706,941 | 36.2 | % | $ | 617,518 | 36.7 | % | ||||||
Components of Increase in Interest and Fee Income | ||||||||||||||
| Volume | Rate | Net | ||||||||||||
| Small loans | $ | 2,520 | $ | 272 | $ | 2,792 | ||||||||
| Large loans | 6,176 | 211 | 6,387 | |||||||||||
| Automobile loans | (975 | ) | (431 | ) | (1,406 | ) | ||||||||
| Retail loans | 218 | (36 | ) | 182 | ||||||||||
| Total increase in interest and fee income | $ | 7,939 | $ | 16 | $ | 7,955 | ||||||||
| Net Loans Originated (1) | |||||||||||||||||||||||
| 1Q’17 | 4Q’16 | QoQ $ | QoQ % | 1Q’16 | YoY $ | YoY % | |||||||||||||||||
| Small loans | $ | 115,359 | $ | 152,868 | $ | (37,509 | ) | (24.5 | )% | $ | 114,377 | $ | 982 | 0.9 | % | ||||||||
| Large loans | 57,020 | 67,273 | (10,253 | ) | (15.2 | )% | 48,569 | 8,451 | 17.4 | % | |||||||||||||
| Automobile loans | 8,789 | 8,099 | 690 | 8.5 | % | 8,485 | 304 | 3.6 | % | ||||||||||||||
| Retail loans | 6,264 | 8,043 | (1,779 | ) | (22.1 | )% | 8,701 | (2,437 | ) | (28.0 | )% | ||||||||||||
| Total net loans originated | $ | 187,432 | $ | 236,283 | $ | (48,851 | ) | (20.7 | )% | $ | 180,132 | $ | 7,300 | 4.1 | % | ||||||||
(1) Represents the balance of loan origination and refinancing net of unearned finance charges | |||||||||||||||||||||||
| Other Key Metrics | ||||||||||||||
| 1Q’17 | 4Q’16 | 1Q’16 | ||||||||||||
| Net credit losses | $ | 19,384 | $ | 17,277 | $ | 15,013 | ||||||||
| Percentage of average finance receivables (annualized) | 10.9 | % | 9.8 | % | 9.7 | % | ||||||||
| Provision for credit losses | $ | 19,134 | $ | 19,427 | $ | 13,791 | ||||||||
| Percentage of average finance receivables (annualized) | 10.8 | % | 11.0 | % | 8.9 | % | ||||||||
| Percentage of total revenue | 29.1 | % | 30.3 | % | 24.3 | % | ||||||||
| General and administrative expenses | $ | 31,454 | $ | 28,826 | $ | 29,805 | ||||||||
| Percentage of average finance receivables (annualized) | 17.7 | % | 16.3 | % | 19.3 | % | ||||||||
| Percentage of total revenue | 47.8 | % | 45.0 | % | 52.6 | % | ||||||||
| Same store results: | ||||||||||||||
| Finance receivables at period-end | $ | 682,218 | $ | 697,004 | $ | 552,313 | ||||||||
| Finance receivable growth rate | 12.6 | % | 11.0 | % | 7.3 | % | ||||||||
| Number of branches in calculation | 329 | 321 | 306 | |||||||||||
| Finance Receivables by Product | |||||||||||||||||||||||
| 1Q’17 | 4Q’16 | QoQ $ | QoQ % | 1Q’16 | YoY $ | YoY % | |||||||||||||||||
| Small loans | $ | 335,552 | $ | 358,471 | $ | (22,919 | ) | (6.4 | )% | $ | 310,502 | $ | 25,050 | 8.1 | % | ||||||||
| Large loans | 242,380 | 235,349 | 7,031 | 3.0 | % | 162,301 | 80,079 | 49.3 | % | ||||||||||||||
| Total core loans | 577,932 | 593,820 | (15,888 | ) | (2.7 | )% | 472,803 | 105,129 | 22.2 | % | |||||||||||||
| Automobile loans | 85,869 | 90,432 | (4,563 | ) | (5.0 | )% | 106,297 | (20,428 | ) | (19.2 | )% | ||||||||||||
| Retail loans | 31,203 | 33,523 | (2,320 | ) | (6.9 | )% | 28,263 | 2,940 | 10.4 | % | |||||||||||||
| Total finance receivables | $ | 695,004 | $ | 717,775 | $ | (22,771 | ) | (3.2 | )% | $ | 607,363 | $ | 87,641 | 14.4 | % | ||||||||
| Number of branches at period end | 344 | 339 | 5 | 1.5 | % | 339 | 5 | 1.5 | % | ||||||||||||||
| Average finance receivables per branch | $ | 2,020 | $ | 2,117 | $ | (97 | ) | (4.6 | )% | $ | 1,792 | $ | 228 | 12.7 | % | ||||||||
| Contractual Delinquency by Aging | ||||||||||||||||||
| 1Q’17 | 4Q’16 | 1Q’16 | ||||||||||||||||
| Allowance for credit losses | $ | 41,000 | 5.9 | % | $ | 41,250 | 5.7 | % | $ | 36,230 | 6.0 | % | ||||||
| Current | 586,085 | 84.3 | % | 587,202 | 81.9 | % | 505,801 | 83.3 | % | |||||||||
| 1 to 29 days past due | 63,978 | 9.2 | % | 77,106 | 10.7 | % | 63,686 | 10.5 | % | |||||||||
| Delinquent accounts: | ||||||||||||||||||
| 30 to 59 days | 13,860 | 2.1 | % | 16,727 | 2.3 | % | 11,986 | 1.9 | % | |||||||||
| 60 to 89 days | 9,889 | 1.4 | % | 11,641 | 1.6 | % | 7,640 | 1.3 | % | |||||||||
| 90 to 119 days | 7,569 | 1.0 | % | 10,021 | 1.4 | % | 7,099 | 1.1 | % | |||||||||
| 120 to 149 days | 6,975 | 1.0 | % | 8,205 | 1.1 | % | 5,914 | 1.0 | % | |||||||||
| 150 to 179 days | 6,648 | 1.0 | % | 6,873 | 1.0 | % | 5,237 | 0.9 | % | |||||||||
| Total contractual delinquency | $ | 44,941 | 6.5 | % | $ | 53,467 | 7.4 | % | $ | 37,876 | 6.2 | % | ||||||
| Total finance receivables | $ | 695,004 | 100.0 | % | $ | 717,775 | 100.0 | % | $ | 607,363 | 100.0 | % | ||||||
| 1 day and over past due | $ | 108,919 | 15.7 | % | $ | 130,573 | 18.1 | % | $ | 101,562 | 16.7 | % | ||||||
| Contractual Delinquency by Product | ||||||||||||||||||
| 1Q’17 | 4Q’16 | 1Q’16 | ||||||||||||||||
| Small loans | $ | 26,573 | 7.9 | % | $ | 32,955 | 9.2 | % | $ | 24,978 | 8.0 | % | ||||||
| Large loans | 12,142 | 5.0 | % | 12,114 | 5.1 | % | 5,561 | 3.4 | % | |||||||||
| Automobile loans | 4,513 | 5.3 | % | 6,300 | 7.0 | % | 6,120 | 5.8 | % | |||||||||
| Retail loans | 1,713 | 5.5 | % | 2,098 | 6.3 | % | 1,217 | 4.3 | % | |||||||||
| Total contractual delinquency | $ | 44,941 | 6.5 | % | $ | 53,467 | 7.4 | % | $ | 37,876 | 6.2 | % | ||||||
| Quarterly Trend | |||||||||||||||||||||||
| 1Q’16 | 2Q’16 | 3Q’16 | 4Q’16 | 1Q’17 | QoQ $ | YoY $ | |||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Interest and fee income | $ | 51,300 | $ | 52,589 | $ | 57,420 | $ | 59,654 | $ | 59,255 | $ | (399 | ) | $ | 7,955 | ||||||||
| Insurance income, net | 2,939 | 2,601 | 2,346 | 1,570 | 3,805 | 2,235 | 866 | ||||||||||||||||
| Other income | 2,458 | 2,135 | 2,709 | 2,797 | 2,760 | (37 | ) | 302 | |||||||||||||||
| Total revenue | 56,697 | 57,325 | 62,475 | 64,021 | 65,820 | 1,799 | 9,123 | ||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Provision for credit losses | 13,791 | 13,386 | 16,410 | 19,427 | 19,134 | 293 | (5,343 | ) | |||||||||||||||
| Personnel | 17,127 | 16,674 | 18,180 | 16,998 | 18,168 | (1,170 | ) | (1,041 | ) | ||||||||||||||
| Occupancy | 4,863 | 4,770 | 5,175 | 5,251 | 5,285 | (34 | ) | (422 | ) | ||||||||||||||
| Marketing | 1,515 | 2,062 | 1,786 | 1,474 | 1,205 | 269 | 310 | ||||||||||||||||
| Other | 6,300 | 6,042 | 5,312 | 5,103 | 6,796 | (1,693 | ) | (496 | ) | ||||||||||||||
| Total general and administrative | 29,805 | 29,548 | 30,453 | 28,826 | 31,454 | (2,628 | ) | (1,649 | ) | ||||||||||||||
| Interest expense | 4,710 | 4,811 | 5,116 | 5,287 | 5,213 | 74 | (503 | ) | |||||||||||||||
| Income before income taxes | 8,391 | 9,580 | 10,496 | 10,481 | 10,019 | (462 | ) | 1,628 | |||||||||||||||
| Income taxes | 3,215 | 3,668 | 4,020 | 4,014 | 2,385 | 1,629 | 830 | ||||||||||||||||
| Net income | $ | 5,176 | $ | 5,912 | $ | 6,476 | $ | 6,467 | $ | 7,634 | $ | 1,167 | $ | 2,458 | |||||||||
| Net income per common share: | |||||||||||||||||||||||
| Basic | $ | 0.41 | $ | 0.50 | $ | 0.57 | $ | 0.57 | $ | 0.66 | $ | 0.09 | $ | 0.25 | |||||||||
| Diluted | $ | 0.40 | $ | 0.49 | $ | 0.56 | $ | 0.55 | $ | 0.65 | $ | 0.10 | $ | 0.25 | |||||||||
| Weighted-average shares outstanding: | |||||||||||||||||||||||
| Basic | 12,756 | 11,756 | 11,384 | 11,408 | 11,494 | (86 | ) | 1,262 | |||||||||||||||
| Diluted | 12,949 | 11,974 | 11,664 | 11,763 | 11,715 | 48 | 1,234 | ||||||||||||||||
| Net interest margin | $ | 51,987 | $ | 52,514 | $ | 57,359 | $ | 58,734 | $ | 60,607 | $ | 1,873 | $ | 8,620 | |||||||||
| Net credit margin | $ | 38,196 | $ | 39,128 | $ | 40,949 | $ | 39,307 | $ | 41,473 | $ | 2,166 | $ | 3,277 | |||||||||
| 1Q’16 | 2Q’16 | 3Q’16 | 4Q’16 | 1Q’17 | QoQ $ | YoY $ | |||||||||||||||||
| Total assets | $ | 609,707 | $ | 642,803 | $ | 691,329 | $ | 712,224 | $ | 690,432 | $ | (21,792 | ) | $ | 80,725 | ||||||||
| Finance receivables | $ | 607,363 | $ | 645,744 | $ | 696,149 | $ | 717,775 | $ | 695,004 | $ | (22,771 | ) | $ | 87,641 | ||||||||
| Allowance for credit losses | $ | 36,230 | $ | 36,200 | $ | 39,100 | $ | 41,250 | $ | 41,000 | $ | (250 | ) | $ | 4,770 | ||||||||
| Long-term debt | $ | 396,543 | $ | 441,147 | $ | 481,766 | $ | 491,678 | $ | 462,994 | $ | (28,684 | ) | $ | 66,451 | ||||||||
| General & Administrative Expenses Trend | |||||||||||||||||||||||
| 1Q’16 | 2Q’16 | 3Q’16 | 4Q’16 | 1Q’17 | QoQ $ | YoY $ | |||||||||||||||||
| Legacy operations expenses | $ | 19,811 | $ | 18,224 | $ | 19,596 | $ | 19,238 | $ | 20,497 | $ | (1,259 | ) | $ | (686 | ) | |||||||
| 2017 new branch expenses | 276 | (276 | ) | (276 | ) | ||||||||||||||||||
| Total operations expenses | 19,811 | 18,224 | 19,596 | 19,238 | 20,773 | (1,535 | ) | (962 | ) | ||||||||||||||
| Marketing expenses | 1,515 | 2,062 | 1,786 | 1,474 | 1,205 | 269 | 310 | ||||||||||||||||
| Home office expenses | 8,479 | 9,262 | 9,071 | 8,114 | 9,476 | (1,362 | ) | (997 | ) | ||||||||||||||
| Total G&A expenses | $ | 29,805 | $ | 29,548 | $ | 30,453 | $ | 28,826 | $ | 31,454 | $ | (2,628 | ) | $ | (1,649 | ) | |||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170502006631/en/
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