Regional Management Corp. Announces First Quarter 2019 Results

Net income of $8.1 million and diluted earnings per share of
$0.67

16th consecutive quarter of
year-over-year
double-digit total finance receivables growth –

Announces authorization of new $25 million share repurchase
program –

GREENVILLE, S.C.–(BUSINESS WIRE)–Regional Management Corp. (NYSE:RM), a diversified consumer finance
company, today announced results for the first quarter ended March 31,
2019.

First Quarter 2019 Highlights

  • Net income for the first quarter of 2019 was $8.1 million, a 6.2%
    reduction from the prior-year period. Diluted earnings per share for
    the first quarter of 2019 was $0.67, compared to $0.72 in the
    prior-year period.
  • Total finance receivables as of March 31, 2019 were $912.3 million, an
    increase of 13.3%, or $107.3 million, from the prior-year period.

    • 16th consecutive quarter of year-over-year double-digit
      finance receivables growth.
    • Total core small and large loan finance receivables increased
      $138.0 million, or 19.1%, compared to the prior-year period.
    • Large loan finance receivables of $440.7 million increased $76.8
      million, or 21.1%, from the prior-year period and represented
      48.3% of the total loan portfolio. Small loan finance receivables
      as of March 31, 2019 were $421.7 million, an increase of 17.0%
      over the prior-year period.
  • Total revenue for the first quarter of 2019 was $81.7 million, a $9.1
    million, or 12.6%, increase from the prior-year period.

    • 11th consecutive quarter of year-over-year double-digit
      revenue growth.
    • Interest and fee income increased 12.4%, driven by a 13.3%
      increase in finance receivables compared to the prior-year period.
    • Insurance income, net increased $0.7 million, as the benefits of
      an increase in premium revenue and a decrease in non-file
      insurance claims expense (due to the change in business practice
      to lower utilization of non-file insurance) were partially offset
      by increases in life insurance and disability insurance claims.
  • Provision for credit losses for the first quarter of 2019 was $23.3
    million, an increase of $3.8 million, or 19.6%, from the prior-year
    period. $1.1 million of the increase related to the change in non-file
    insurance business practice, which grossed up the provision for credit
    losses and insurance income, net. This change had no impact on net
    income.
  • Annualized net credit losses as a percentage of average finance
    receivables were 10.9%, a 70 basis point increase from 10.2% in the
    prior-year period, primarily due to 40 basis points of additional
    non-file claims shifting to credit losses compared to the prior-year
    period. In addition, both the first quarter of 2019 and 2018 included
    40 basis points of hurricane-related credit losses.
  • 30+ day contractual delinquencies as of March 31, 2019 were 7.0%,
    compared to 6.5% as of March 31, 2018. 30+ day contractual
    delinquencies included 0.4% and 0.3% related to hurricane-affected
    branches as of March 31, 2019 and March 31, 2018, respectively.

“We opened 2019 with another quarter of consistent, double-digit top
line and finance receivable growth,” said Peter R. Knitzer, President
and Chief Executive Officer of Regional Management. “Highlighting the
quarter, we successfully completed the implementation of custom
scorecards in all of our branches. Additionally, we continued to improve
our overall expenses as a percentage of receivables, positioning us for
sustainable margin expansion.”

“With the implementation of custom scorecards, we have much greater
precision in our underwriting process,” added Mr. Knitzer. “This
resulted in a slightly elevated credit profile in the first quarter,
creating some downward pressure on yield and growth, since we are no
longer renewing customers who have now been identified as higher risk.
By year-end 2019, we expect our credit profile to improve from prior
periods, and we expect to return to year-over-year double-digit net
income growth in the second half of 2019 as these improvements take
further hold.”

“Lastly, we are pleased to announce that our Board of Directors has
approved a new $25 million share repurchase program. This program will
allow us to return value to our shareholders and underscores our belief
in our strong financial performance and future prospects, while still
providing ample capital to expand our operations,” concluded Mr. Knitzer.

First Quarter 2019 Results

Finance receivables outstanding at March 31, 2019 were $912.3 million, a
13.3% increase from $805.0 million in the prior year. Finance
receivables increased based on double-digit growth in both the core
small and large loan portfolios.

For the first quarter ended March 31, 2019, the Company reported total
revenue of $81.7 million, a 12.6% increase from $72.6 million in the
prior-year period. Interest and fee income for the first quarter of 2019
was $74.3 million, a 12.4% increase from $66.2 million in the prior-year
period, related to consistent gains in the small and large loan
portfolios.

The provision for credit losses in the first quarter of 2019 was $23.3
million, a $3.8 million, or 19.6%, increase compared to $19.5 million in
the prior-year period, primarily due to portfolio growth. $1.1 million
of the increase primarily related to the change in business practice to
lower utilization of non-file insurance.

Net credit losses were $25.2 million in the first quarter of 2019, an
increase of $4.6 million over the prior-year period. Net credit losses
included $0.9 million and $0.7 million of hurricane-related losses in
the first quarter of 2019 and 2018, respectively. Annualized net credit
losses as a percentage of average finance receivables in the first
quarter of 2019 were 10.9%, a 70 basis point increase from 10.2% in the
prior-year period, primarily due to 40 basis points of additional
non-file claims shifting to credit losses compared to the prior-year
period. In addition, both the first quarter of 2019 and 2018 included 40
basis points of hurricane-related credit losses.

General and administrative expenses for the first quarter of 2019 were
$38.2 million, an increase of $3.6 million, or 10.4%, from the
prior-year period. Annualized general and administrative expenses as a
percentage of average finance receivables improved 50 basis points, from
17.0% in the prior-year period to 16.5% for the first quarter of 2019.
General and administrative expenses for the first quarter of 2019
included higher personnel costs related to staffing increases in
information technology, centralized collections, de novo branch
openings, and existing branches to support ongoing loan portfolio
growth, as well as additional other expenses.

Interest expense was $9.7 million in the first quarter of 2019, compared
to $7.2 million in the prior-year period. The increase in interest
expense was due to higher cost of funding and larger long-term debt
amounts outstanding from growth in finance receivables. Cost of funding
has increased due to federal funds rate increases, larger unused lines
of credit, and incremental debt issuance costs associated with upsizing
the senior revolving credit facility, entering into the warehouse credit
facility, and the Company’s completion of its second asset-backed
securitization. Diversified sources of funding continue to position the
Company for long-term growth.

Net income for the first quarter of 2019 was $8.1 million, a decrease
from $8.6 million in the prior-year period. Diluted earnings per share
for the first quarter of 2019 was $0.67, a decrease from $0.72 in the
prior-year period.

2019 De Novo Outlook

As of March 31, 2019, the Company’s branch network consisted of 360
locations, including 1 net branch opened during the first quarter of
2019. For the full year 2019, the Company expects to open approximately
15 de novo branches.

Liquidity and Capital Resources

As of March 31, 2019, the Company had finance receivables of $912.3
million and outstanding long-term debt of $628.8 million, consisting of:

  • $300.4 million on its $638.0 million senior revolving credit facility,
  • $16.9 million on its amortizing loan,
  • $31.0 million on its $125.0 million revolving warehouse credit
    facility, and
  • $280.6 million through its asset-backed securitizations.

The Company had a debt-to-equity ratio of 2.3 to 1.0 and a shareholder
equity ratio of 30.2% as of March 31, 2019.

Share Repurchase Program

Regional Management also announced today that its Board of Directors has
authorized a new share repurchase program allowing for the repurchase of
up to $25 million of its outstanding common stock. The authorization is
effective immediately and will continue through May 6, 2021.

Stock repurchases under the program may be made in the open market at
prevailing market prices, through privately negotiated transactions, or
through other structures in accordance with applicable federal
securities laws, at times and in amounts as management deems
appropriate. The timing and the amount of any common stock repurchases
will be determined by the Company’s management based on its evaluation
of market conditions, the Company’s liquidity needs, legal and
contractual requirements and restrictions (including covenants in the
Company’s credit agreements), share price, and other factors.
Repurchases of common stock may be made under a Rule 10b5-1 plan, which
would permit common stock to be repurchased when the Company might
otherwise be precluded from doing so under insider trading laws. The
repurchase program does not obligate the Company to purchase any
particular number of shares and may be suspended, modified, or
discontinued at any time without prior notice.

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 (800) 319-4610 (toll-free)
or (631) 891-4304 (direct). 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
Wednesday, May 15, 2019, by telephone at (844) 512-2921 (toll-free) or
(412) 317-6671 (international), passcode 10006636. A webcast replay of
the call will be available at http://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 credit risk, repayment risk, and value of collateral,
which risks may increase in light of adverse or recessionary economic
conditions; risks associated with the implementation of new underwriting
models and processes, including as to the effectiveness of new custom
scorecards; risks relating to Regional Management’s asset-backed
securitization transactions; 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 impact of changes in tax laws, guidance,
and interpretations, including related to certain provisions of the Tax
Cuts and Jobs Act; 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 a decrease in the demand for its products; the impact of a
prolonged shutdown of the federal government; 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 that provides attractive, easy-to-understand installment loan
products primarily to customers with limited access to consumer credit
from banks, thrifts, credit card companies, and other lenders. Regional
Management operates under the name “Regional Finance” in 360 branch
locations across 11 states in the Southeastern, Southwestern,
Mid-Atlantic, and Midwestern United States. Most of its loan products
are secured, and each is structured on a fixed rate, fixed term basis
with fully amortizing equal monthly installment payments, repayable at
any time without penalty. Regional Management sources loans through its
multiple channel platform, which includes branches, centrally-managed
direct mail campaigns, digital partners, 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 19

1Q 18 $   %
Revenue
Interest and fee income $ 74,322 $ 66,151 $ 8,171 12.4 %
Insurance income, net 4,113 3,389 724 21.4 %
Other income   3,313     3,085     228   7.4 %
Total revenue   81,748     72,625     9,123   12.6 %
 
Expenses
Provision for credit losses 23,343 19,515 (3,828 ) (19.6 ) %
 
Personnel 22,393 21,228 (1,165 ) (5.5 ) %
Occupancy 6,165 5,618 (547 ) (9.7 ) %
Marketing 1,651 1,453 (198 ) (13.6 ) %
Other   7,974     6,293     (1,681 ) (26.7

) %

Total general and administrative 38,183 34,592 (3,591 ) (10.4 ) %
 
Interest expense   9,721     7,177     (2,544 ) (35.4 ) %
Income before income taxes 10,501 11,341 (840 ) (7.4 ) %
Income taxes   2,393     2,697     304   11.3 %
 
Net income $ 8,108   $ 8,644   $ (536 ) (6.2 ) %
Net income per common share:
Basic $ 0.69   $ 0.74   $ (0.05 ) (6.8 ) %
Diluted $ 0.67   $ 0.72   $ (0.05 ) (6.9 ) %
 
Weighted-average shares outstanding:
Basic   11,712     11,618     (94 ) (0.8 ) %
Diluted   12,076     12,030     (46 ) (0.4 ) %
 
 
Return on average assets (annualized)   3.4 %   4.2 %
 
Return on average equity (annualized)   11.5 %   14.1 %
 
         
Regional Management Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except par value amounts)
 
Increase (Decrease)
1Q 19 1Q 18 $   %
Assets
Cash $ 2,331 $ 3,247 $ (916 ) (28.2 ) %
Gross finance receivables 1,204,495 1,056,425 148,070 14.0 %
Unearned finance charges and insurance premiums   (292,245 )   (251,469 )   (40,776 ) (16.2 ) %
 
Finance receivables 912,250 804,956 107,294 13.3 %
Allowance for credit losses   (56,400 )   (47,750 )   (8,650 ) (18.1 ) %
 
Net finance receivables 855,850 757,206 98,644 13.0 %
Restricted cash 38,917 19,064 19,853 104.1 %
Lease assets 24,831 24,831 100.0 %
Property and equipment 14,181 12,214 1,967 16.1 %
Intangible assets 9,722 10,922 (1,200 ) (11.0 ) %
Other assets   7,635     12,156     (4,521 ) (37.2 ) %
Total assets $ 953,467   $ 814,809   $ 138,658   17.0 %
 
Liabilities and Stockholders’ Equity
Liabilities:
Long-term debt $ 628,786 $ 550,377 $ 78,409 14.2 %
Unamortized debt issuance costs   (8,338 )   (4,512 )   (3,826 ) (84.8 ) %
 
Net long-term debt 620,448 545,865 74,583 13.7 %
Lease liabilities 26,474 26,474 100.0 %
Accounts payable and accrued expenses 17,470 15,994 1,476 9.2 %
Deferred tax liability   1,259     3,999     (2,740 ) (68.5 ) %
Total liabilities 665,651 565,858 99,793 17.6 %
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, 13,465
shares issued and 11,919 shares outstanding at March 31, 2019 and
13,294 shares issued and 11,748 shares outstanding at March 31, 2018)
1,347 1,329 18 1.4 %
Additional paid-in-capital 99,310 95,272 4,038 4.2 %
Retained earnings 212,205 177,396 34,809 19.6 %
Treasury stock (1,546 shares at March 31, 2019 and 2018)   (25,046 )   (25,046 )     0.0 %
Total stockholders’ equity   287,816     248,951     38,865   15.6 %
Total liabilities and stockholders’ equity $ 953,467   $ 814,809   $ 138,658   17.0 %
 
     
Regional Management Corp. and Subsidiaries
Selected Financial Data
(Unaudited)
(in thousands, except per share amounts)
 
Finance Receivables by Product
1Q 19   4Q 18   QoQ $

Inc (Dec)

  QoQ %

Inc (Dec)

  1Q 18   YoY $

Inc (Dec)

  YoY %

Inc (Dec)

Small loans $ 421,712 $ 437,662 $ (15,950 ) (3.6 ) % $ 360,470 $ 61,242 17.0 %
Large loans   440,707   437,998   2,709   0.6 %   363,931   76,776   21.1 %
 
Total core loans 862,419 875,660 (13,241 ) (1.5 ) % 724,401 138,018 19.1 %
Automobile loans 20,511 26,154 (5,643 ) (21.6 ) % 48,704 (28,193 ) (57.9 ) %
Retail loans   29,320   30,429   (1,109 ) (3.6 ) %   31,851   (2,531 ) (7.9 ) %
 
Total finance receivables $ 912,250 $ 932,243 $ (19,993 ) (2.1 ) % $ 804,956 $ 107,294   13.3 %
 
 
Number of branches at period end 360 359 1 0.3 % 341 19 5.6 %
Average finance receivables per branch $ 2,534 $ 2,597 $ (63 ) (2.4 ) % $ 2,361 $ 173   7.3 %
 
     
Averages and Yields
1Q 19   4Q 18   1Q 18
Average Finance
Receivables
  Average Yield

(Annualized)

Average Finance
Receivables
  Average Yield

(Annualized)

Average Finance
Receivables
  Average Yield

(Annualized)

Small loans $ 434,195 38.2 % $ 426,901 39.5 % $ 370,513 40.1 %
Large loans 437,475 28.0 % 425,948 28.4 % 355,784 28.5 %
Automobile loans 23,226 14.8 % 29,114 15.0 % 55,515 15.4 %
Retail loans   30,052 18.6 %   30,555 19.1 %   32,657 18.5 %
 
Total interest and fee yield $ 924,948 32.1 % $ 912,518 32.9 % $ 814,469 32.5 %
Total revenue yield $ 924,948 35.4 % $ 912,518 36.7 % $ 814,469 35.7 %
 
     
Components of Increase in Interest and Fee Income

1Q 19 Compared to 1Q 18

Increase (Decrease)

Volume   Rate   Volume & Rate   Net
Small loans $ 6,391 $ (1,847 ) $ (317 ) $ 4,227
Large loans 5,811 (382 ) (87 ) 5,342
Automobile loans (1,246 ) (82 ) 48 (1,280 )
Retail loans (121 ) 3 (118 )
Product mix   (1,862 )   1,602     260      
Total increase in interest and fee income $ 8,973   $ (706 ) $ (96 ) $ 8,171  
 
     

 

Net Loans Originated (1) (2)
1Q 19   4Q 18   QoQ $

Inc (Dec)

  QoQ %

Inc (Dec)

  1Q 18   YoY $

Inc (Dec)

  YoY %

Inc (Dec)

Small loans $ 129,245 $ 172,820 $ (43,575 ) (25.2 ) % $ 123,756 $ 5,489 4.4 %
Large loans 84,068 115,805 (31,737 ) (27.4 ) % 88,773 (4,705 ) (5.3 ) %
Retail loans   6,197   6,593   (396 ) (6.0 ) %   7,302   (1,105 ) (15.1 ) %
Total net loans originated $ 219,510 $ 295,218 $ (75,708 ) (25.6 ) % $ 219,831 $ (321 ) (0.1 ) %
 
(1)   Represents the balance of loan origination and refinancing net of
unearned finance charges.
(2) The Company ceased originating automobile loans in November 2017.
 
                 

 

Other Key Metrics
1Q 19   4Q 18   1Q 18
Net credit losses $ 25,243 $ 20,698 $ 20,675
Percentage of average finance receivables (annualized) 10.9 % 9.1 % 10.2 %
 
Provision for credit losses (1) $ 23,343 $ 23,698 $ 19,515
Percentage of average finance receivables (annualized) 10.1 % 10.4 % 9.6 %
Percentage of total revenue 28.6 % 28.3 % 26.9 %
 
General and administrative expenses $ 38,183 $ 36,616 $ 34,592
Percentage of average finance receivables (annualized) 16.5 % 16.1 % 17.0 %
Percentage of total revenue 46.7 % 43.7 % 47.6 %
 
Same store results:
Finance receivables at period-end $ 892,909 $ 925,621 $ 792,495
Finance receivable growth rate 10.9 % 13.7 % 14.1 %
Number of branches in calculation 337 337 331
 
            (1)   Includes hurricane-related provision for credit losses of $(704),
$(174), and $(264) for 1Q 19, 4Q 18, and 1Q 18, respectively.
 
     
Contractual Delinquency by Aging
1Q 19   4Q 18   1Q 18
Allowance for credit losses (1) $ 56,400   6.2 % $ 58,300   6.3 % $ 47,750   5.9 %
 
Current 762,748 83.6 % 754,162 80.9 % 683,206 84.9 %
1 to 29 days past due   85,942 9.4 % 105,920 11.4 % 69,034 8.6 %
 
Delinquent accounts:
30 to 59 days 18,066 2.0 % 22,529 2.3 % 14,858 1.8 %
60 to 89 days 13,850 1.5 % 17,382 1.9 % 11,495 1.4 %
90 to 119 days 11,745 1.3 % 12,279 1.3 % 9,656 1.2 %
120 to 149 days 9,902 1.1 % 10,890 1.2 % 7,905 1.0 %
150 to 179 days   9,997 1.1 % 9,081 1.0 % 8,802 1.1 %
Total contractual delinquency (2) $ 63,560 7.0 % $ 72,161 7.7 % $ 52,716 6.5 %
Total finance receivables $ 912,250 100.0 % $ 932,243 100.0 % $ 804,956 100.0 %
 
1 day and over past due $ 149,502 16.4 % $ 178,081 19.1 % $ 121,750 15.1 %
 
 
Contractual Delinquency by Product
1Q 19 4Q 18 1Q 18
Small loans $ 34,990 8.3 % $ 40,663 9.3 % $ 29,586 8.2 %
Large loans 24,893 5.6 % 26,814 6.1 % 17,723 4.9 %
Automobile loans 1,534 7.5 % 2,083 8.0 % 3,132 6.4 %
Retail loans   2,143 7.3 %   2,601 8.5 %   2,275 7.1 %
Total contractual delinquency(2) $ 63,560 7.0 % $ 72,161 7.7 % $ 52,716 6.5 %
 
(1)   Includes incremental hurricane allowance for credit losses of
$2,000, 3,600, and $1,750 in 1Q 19, 4Q 18, and 1Q 18, respectively.
(2) Includes 0.4%, 0.5%, and 0.3% delinquency related to
hurricane-affected branches for 1Q 19, 4Q 18, and 1Q 18,
respectively.
 
      Income Statement Quarterly Trend
1Q 18   2Q 18   3Q 18   4Q 18   1Q 19   QoQ $
B(W)
  YoY $
B(W)
Revenue
Interest and fee income $ 66,151 $ 66,829 $ 72,128 $ 75,013 $ 74,322 $ (691 ) $ 8,171
Insurance income, net 3,389 2,882 2,898 5,624 4,113 (1,511 ) 724
Other income   3,085     2,705     2,890     3,112     3,313     201     228  
Total revenue   72,625     72,416     77,916     83,749     81,748     (2,001 )   9,123  
 
Expenses
Provision for credit losses 19,515 20,203 23,640 23,698 23,343 355 (3,828 )
 
Personnel 21,228 19,390 21,376 22,074 22,393 (319 ) (1,165 )
Occupancy 5,618 5,478 5,490 5,933 6,165 (232 ) (547 )
Marketing 1,453 2,258 2,132 1,902 1,651 251 (198 )
Other   6,293     6,089     6,863     6,707     7,974     (1,267 )   (1,681 )
Total general and administrative 34,592 33,215 35,861 36,616 38,183 (1,567 ) (3,591 )
 
Interest expense   7,177     7,915     8,729     9,643     9,721     (78 )   (2,544 )
 
Income before income taxes 11,341 11,083 9,686 13,792 10,501 (3,291 ) (840 )
Income taxes   2,697     2,601     2,237     3,022     2,393     629     304  
Net income $ 8,644   $ 8,482   $ 7,449   $ 10,770   $ 8,108   $ (2,662 ) $ (536 )
 
Net income per common share:
Basic $ 0.74   $ 0.73   $ 0.64   $ 0.92   $ 0.69   $ (0.23 ) $ (0.05 )
Diluted $ 0.72   $ 0.70   $ 0.61   $ 0.90   $ 0.67   $ (0.23 ) $ (0.05 )
 
Weighted-average shares outstanding:
Basic   11,618     11,658     11,672     11,672     11,712     (40 )   (94 )
Diluted   12,030     12,138     12,133     12,010     12,076     (66 )   (46 )
 
Net interest margin $ 65,448   $ 64,501   $ 69,187   $ 74,106   $ 72,027   $ (2,079 ) $ 6,579  
Net credit margin $ 45,933   $ 44,298   $ 45,547   $ 50,408   $ 48,684   $ (1,724 ) $ 2,751  
 
 
Balance Sheet Quarterly Trend
1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 QoQ $

Inc (Dec)

YoY $

Inc (Dec)

Total assets $ 814,809   $ 868,220   $ 893,279   $ 956,395   $ 953,467   $ (2,928 ) $ 138,658  
Finance receivables $ 804,956   $ 847,238   $ 888,076   $ 932,243   $ 912,250   $ (19,993 ) $ 107,294  
Allowance for credit losses $ 47,750   $ 48,450   $ 55,300   $ 58,300   $ 56,400   $ (1,900 ) $ 8,650  
Long-term debt $ 550,377   $ 595,765   $ 611,593   $ 660,507   $ 628,786   $ (31,721 ) $ 78,409  
 
 
Other Key Metrics Quarterly Trend
1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 QoQ $

Inc (Dec)

YoY $

Inc (Dec)

Interest and fee yield (annualized)   32.5 %   32.7 %   33.2 %   32.9 %   32.1 %   (0.8 ) %   (0.4 ) %
Efficiency ratio (1)   17.0 %   16.2 %   16.5 %   16.1 %   16.5 %   0.4 %   (0.5 ) %
30+ contractual delinquency percentage   6.5 %   6.3 %   7.1 %   7.7 %   7.0 %   (0.7 ) %   0.5 %
Net credit loss percentage (2)   10.2 %   9.5 %   7.7 %   9.1 %   10.9 %   1.8 %   0.7 %
Book value per share $ 21.19 $ 21.93 $ 22.68 $ 23.70 $ 24.15 $ 0.45 $ 2.96
 

Contacts

Investor Relations
Garrett Edson, (203) 682-8331

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