- Net income of $6.1 million; diluted earnings per share of
$0.52 -
- Finance receivable growth of 12.5% from the prior year -
- 30+ day delinquencies as a percentage of finance receivables
of 6.5% -
GREENVILLE, S.C.--(BUSINESS WIRE)--Aug. 1, 2017--
Regional Management Corp. (NYSE:RM), a diversified consumer finance
company, today announced results for the second quarter ended June 30,
2017.
Second Quarter 2017 Highlights
-
Net income for the second quarter of 2017 was $6.1 million, an
increase of 3.8% from the prior-year period. Net income for the second
quarter of 2017 included $0.3 million of after-tax Chief Operating
Officer transition costs. Diluted earnings per share for the second
quarter of 2017 was $0.52, based on a diluted share count of 11.7
million.
-
Total finance receivables as of June 30, 2017 were $726.8 million, an
increase of 12.5%, or $81.0 million, from the prior year, and up 4.6%,
or $31.8 million, sequentially.
- Ninth consecutive quarter that total finance receivables have
increased at least 10% over the prior-year period.
- Large loan finance receivables of $267.9 million increased $73.1
million, or 37.5%, from the prior-year period and now represent 36.9% of
the total loan portfolio. Small loan finance receivables as of June 30,
2017 were $348.7 million, an increase of 9.0% over the prior-year period.
-
Total revenue for the second quarter of 2017 was $65.3 million, an
$8.0 million, or 14.0%, increase from the prior-year period.
- Interest and fee income increase of 13.7%, driven by a 12.5% increase
in receivables compared to the prior-year period.
- Overall yield increase of 20 basis points on a year-over-year basis.
-
Provision for credit losses for the second quarter of 2017 was $18.6
million, an increase of $5.2 million compared to the prior-year
period. The provision for credit losses included $1.0 million related
to a temporary shift of insurance claims expense. This line shift had
no impact on the Company’s net income.
- Annualized net credit losses as a percentage of finance receivables
were 9.9% (inclusive of 0.9% attributable to the shift in insurance
claims expense noted above), an increase from 8.6% in the prior-year
period. Sequentially, annualized net credit losses were down 100 basis
points from 10.9% in the first quarter of 2017.
-
Total delinquencies as a percentage of total finance receivables as of
June 30, 2017 were 17.5%, an improvement from 18.3% as of June 30,
2016, and an increase from 15.7% as of March 31, 2017.
- 30+ day contractual delinquencies were 6.5%, an improvement from 6.8%
as of June 30, 2016 and flat sequentially.
-
The Company entered into a $125.0 million revolving warehouse credit
facility, which is expandable to $150.0 million, and also increased
the committed line under its senior revolving credit facility to
$638.0 million from its previous amount of $585.0 million.
“We were pleased with our second quarter performance, driven once again
by double-digit top-line and finance receivables growth and further
improving credit trends,” said Peter R. Knitzer, President and Chief
Executive Officer of Regional Management. “Our ongoing focus on our core
small and large loan categories led us to generate a 14% year-over-year
increase in interest and fee income. In addition, we continued to
concentrate on stabilizing credit, and as a result, we managed to reduce
our net credit losses a full 100 basis points from the first quarter and
keep our 30+ day delinquency level flat.”
“In addition to our strong results, in June we announced that we had
entered into a $125 million warehouse credit facility, expandable to
$150 million, and further increased our committed line under our
revolving credit facility to $638 million,” added Mr. Knitzer. “Finally,
we successfully converted our branches in Oklahoma and South Carolina to
our new operating platform, and we remain on schedule to have all states
converted to the new platform by the end of 2017. Overall, we continue
to make good progress with our growth strategy and the buildout of our
infrastructure in order to deliver long-term shareholder value.”
Second Quarter 2017 Results
Finance receivables outstanding at June 30, 2017 were $726.8 million, a
12.5% increase from $645.7 million in the prior year. Finance
receivables increased primarily due to an increase in both the core
small and large loan portfolios and the addition of eight net new
branches.
For the second quarter ended June 30, 2017, the Company reported total
revenue of $65.3 million, a 14.0% increase from $57.3 million in the
prior-year period. Interest and fee income for the second quarter of
2017 was $59.8 million, a 13.7% increase from $52.6 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 second quarter of 2017 was $3.1 million, an increase
of $0.5 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 second quarter of 2017 was $2.5 million, a 15.5% increase from the
prior-year period and consistent with portfolio growth.
The provision for credit losses in the second quarter of 2017 was $18.6
million, compared to $13.4 million in the prior-year period. The
increase was primarily due to the $81.0 million increase in finance
receivables, the temporary shift of $1.0 million in insurance claims
expense, and a $1.0 million build in allowance for credit losses
compared to a slight release in the second quarter of 2016.
Net credit losses were $17.6 million in the second quarter of 2017,
compared to $13.4 million in the prior-year period, consistent with
portfolio growth. Net credit losses for the second quarter of 2017
included $1.6 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 second
quarter of 2017 were 9.9% (inclusive of 0.9% attributable to the shift
in insurance claims expense noted above), an increase from 8.6% in the
prior-year period, but an improvement from 10.9% in the first quarter of
2017.
General and administrative expenses for the second quarter of 2017 were
$31.6 million, an increase of 7.1%, or $2.1 million, from the prior-year
period. General and administrative expenses for the second quarters of
2017 and 2016 included $0.3 million and $0.6 million of loan system
conversion costs, respectively. Sequentially, general and administrative
expenses increased $0.2 million, or 0.6%, from the first quarter of 2017
as increased marketing and personnel costs were mostly offset by a
decrease in other expenses.
Net income for the second quarter of 2017 was $6.1 million, an increase
from $5.9 million in the prior-year period. Diluted earnings per share
for the second quarter of 2017 were $0.52, an increase from $0.49 in the
prior-year period.
First Half 2017 Results
For the six months ended June 30, 2017, the Company reported total
revenue of $131.2 million, a 15.0% increase from $114.0 million in the
prior-year period. Interest and fee income for the six months ended June
30, 2017 was $119.0 million, a 14.6% increase from $103.9 million in the
prior-year period, primarily due to an increase in the portfolios of
both small and large installment loans compared to the prior-year
period. Insurance income, net for the six months ended June 30, 2017 was
$6.9 million, a 24.4% increase from the prior-year period, in part due
to the temporary shift of certain claims expense into provision for
credit losses during the Company’s transition to a new insurance
provider. Other income for the six months ended June 30, 2017 was $5.2
million, a 13.8% increase from the prior-year period.
The provision for credit losses for the six months ended June 30, 2017
was $37.7 million versus $27.2 million in the prior-year period. Net
credit losses for the six months ended June 30, 2017 were $37.0 million,
which includes $2.6 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, compared to $28.4
million in the prior-year period. Annualized net credit losses as a
percentage of average finance receivables for the six months ended June
30, 2017 were 10.4% (inclusive of 0.7% attributable to the shift in
insurance claims expense noted above), an increase from 9.1% in the
prior-year period.
General and administrative expenses for the six months ended June 30,
2017 were $63.1 million, an increase of $3.7 million, or 6.3%, from
$59.4 million in the prior-year period. Included in the six months 2017
and 2016 results were $0.8 million and $1.0 million in loan system
conversion costs, respectively.
Net income for the six months ended June 30, 2017 was $13.8 million, a
24.2% increase compared to net income of $11.1 million in the prior-year
period. The net income increase for the six months ended June 30, 2017
was partially due to $1.5 million of tax benefits from the exercise or
vesting of share-based compensation that occurred during the first half
of 2017. Diluted earnings per share for the six months ended June 30,
2017 was $1.17 compared to $0.89 in the prior-year period.
2017 De Novo Outlook
As of June 30, 2017, the Company’s branch network consisted of 347
locations. Regional Management opened 3 net de novo branches in the
second quarter of 2017 and a total of 8 net de novo branches for the
first half of 2017. For the full year 2017, the Company maintains its
plan to open between 10 and 15 de novo branches.
Liquidity and Capital Resources
As of June 30, 2017, the Company had finance receivables of $726.8
million and outstanding long-term debt of $497.0 million (consisting of
$446.6 million of long-term debt on its $638.0 million senior revolving
credit facility, $24.0 million of long-term debt on its $125.0 million
revolving warehouse credit facility, and $26.4 million of long-term debt
on its $75.7 million amortizing loan). During the second quarter of
2017, the Company entered into a $125.0 million revolving warehouse
credit facility, which is expandable to $150.0 million and is secured by
certain large loan receivables. The warehouse credit facility has an
initial term of 18 months, to be followed by a 12-month amortization
period.
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 53608307. 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, August 8, 2017, by telephone at (855) 859-2056 (toll-free) or
(404) 537-3406 (direct), passcode 53608307. 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)
|
|
|
|
|
|
Better (Worse)
|
|
|
|
2Q 17
|
|
2Q 16
|
|
|
$
|
|
|
%
|
|
|
YTD 17
|
|
YTD 16
|
|
|
$
|
|
|
%
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fee income
|
|
$
|
59,787
|
|
|
$
|
52,589
|
|
|
$
|
7,198
|
|
|
13.7
|
%
|
|
$
|
119,042
|
|
|
$
|
103,889
|
|
|
$
|
15,153
|
|
|
14.6
|
%
|
|
Insurance income, net
|
|
|
3,085
|
|
|
|
2,601
|
|
|
|
484
|
|
|
18.6
|
%
|
|
|
6,890
|
|
|
|
5,540
|
|
|
|
1,350
|
|
|
24.4
|
%
|
|
Other income
|
|
|
2,466
|
|
|
|
2,135
|
|
|
|
331
|
|
|
15.5
|
%
|
|
|
5,226
|
|
|
|
4,593
|
|
|
|
633
|
|
|
13.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
65,338
|
|
|
|
57,325
|
|
|
|
8,013
|
|
|
14.0
|
%
|
|
|
131,158
|
|
|
|
114,022
|
|
|
|
17,136
|
|
|
15.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses
|
|
|
18,589
|
|
|
|
13,386
|
|
|
|
(5,203
|
)
|
|
(38.9
|
)%
|
|
|
37,723
|
|
|
|
27,177
|
|
|
|
(10,546
|
)
|
|
(38.8
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
18,387
|
|
|
|
16,674
|
|
|
|
(1,713
|
)
|
|
(10.3
|
)%
|
|
|
36,555
|
|
|
|
33,801
|
|
|
|
(2,754
|
)
|
|
(8.1
|
)%
|
|
Occupancy
|
|
|
5,419
|
|
|
|
4,770
|
|
|
|
(649
|
)
|
|
(13.6
|
)%
|
|
|
10,704
|
|
|
|
9,633
|
|
|
|
(1,071
|
)
|
|
(11.1
|
)%
|
|
Marketing
|
|
|
1,779
|
|
|
|
2,062
|
|
|
|
283
|
|
|
13.7
|
%
|
|
|
2,984
|
|
|
|
3,577
|
|
|
|
593
|
|
|
16.6
|
%
|
|
Other
|
|
|
6,057
|
|
|
|
6,042
|
|
|
|
(15
|
)
|
|
(0.2
|
)%
|
|
|
12,853
|
|
|
|
12,342
|
|
|
|
(511
|
)
|
|
(4.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total general and administrative
|
|
|
31,642
|
|
|
|
29,548
|
|
|
|
(2,094
|
)
|
|
(7.1
|
)%
|
|
|
63,096
|
|
|
|
59,353
|
|
|
|
(3,743
|
)
|
|
(6.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
5,221
|
|
|
|
4,811
|
|
|
|
(410
|
)
|
|
(8.5
|
)%
|
|
|
10,434
|
|
|
|
9,521
|
|
|
|
(913
|
)
|
|
(9.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
9,886
|
|
|
|
9,580
|
|
|
|
306
|
|
|
3.2
|
%
|
|
|
19,905
|
|
|
|
17,971
|
|
|
|
1,934
|
|
|
10.8
|
%
|
|
Income taxes
|
|
|
3,751
|
|
|
|
3,668
|
|
|
|
(83
|
)
|
|
(2.3
|
)%
|
|
|
6,136
|
|
|
|
6,883
|
|
|
|
747
|
|
|
10.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
6,135
|
|
|
$
|
5,912
|
|
|
$
|
223
|
|
|
3.8
|
%
|
|
$
|
13,769
|
|
|
$
|
11,088
|
|
|
$
|
2,681
|
|
|
24.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.53
|
|
|
$
|
0.50
|
|
|
$
|
0.03
|
|
|
6.0
|
%
|
|
$
|
1.19
|
|
|
$
|
0.90
|
|
|
$
|
0.29
|
|
|
32.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.52
|
|
|
$
|
0.49
|
|
|
$
|
0.03
|
|
|
6.1
|
%
|
|
$
|
1.17
|
|
|
$
|
0.89
|
|
|
$
|
0.28
|
|
|
31.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
11,554
|
|
|
|
11,756
|
|
|
|
202
|
|
|
1.7
|
%
|
|
|
11,524
|
|
|
|
12,256
|
|
|
|
732
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
11,730
|
|
|
|
11,974
|
|
|
|
244
|
|
|
2.0
|
%
|
|
|
11,723
|
|
|
|
12,462
|
|
|
|
739
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized)
|
|
|
3.5
|
%
|
|
|
3.8
|
%
|
|
|
|
|
|
|
3.9
|
%
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity (annualized)
|
|
|
11.3
|
%
|
|
|
12.0
|
%
|
|
|
|
|
|
|
12.9
|
%
|
|
|
11.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Management Corp. and Subsidiaries
|
|
Consolidated Balance Sheets
|
|
(Unaudited)
|
|
(in thousands, except par value amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
2Q 17
|
|
2Q 16
|
|
|
$
|
|
|
%
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
3,678
|
|
|
$
|
2,827
|
|
|
$
|
851
|
|
|
30.1
|
%
|
|
Gross finance receivables
|
|
|
933,257
|
|
|
|
820,688
|
|
|
|
112,569
|
|
|
13.7
|
%
|
|
Unearned finance charges and insurance premiums
|
|
|
(206,490
|
)
|
|
|
(174,944
|
)
|
|
|
(31,546
|
)
|
|
(18.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Finance receivables
|
|
|
726,767
|
|
|
|
645,744
|
|
|
|
81,023
|
|
|
12.5
|
%
|
|
Allowance for credit losses
|
|
|
(42,000
|
)
|
|
|
(36,200
|
)
|
|
|
(5,800
|
)
|
|
(16.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Net finance receivables
|
|
|
684,767
|
|
|
|
609,544
|
|
|
|
75,223
|
|
|
12.3
|
%
|
|
Property and equipment
|
|
|
11,653
|
|
|
|
9,208
|
|
|
|
2,445
|
|
|
26.6
|
%
|
|
Restricted cash
|
|
|
10,630
|
|
|
|
8,237
|
|
|
|
2,393
|
|
|
29.1
|
%
|
|
Intangible assets
|
|
|
8,480
|
|
|
|
4,601
|
|
|
|
3,879
|
|
|
84.3
|
%
|
|
Deferred tax asset
|
|
|
1,776
|
|
|
|
—
|
|
|
|
1,776
|
|
|
100.0
|
%
|
|
Other assets
|
|
|
6,549
|
|
|
|
8,386
|
|
|
|
(1,837
|
)
|
|
(21.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
727,533
|
|
|
$
|
642,803
|
|
|
$
|
84,730
|
|
|
13.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
$
|
497,049
|
|
|
$
|
441,147
|
|
|
$
|
55,902
|
|
|
12.7
|
%
|
|
Unamortized debt issuance costs
|
|
|
(5,539
|
)
|
|
|
(2,285
|
)
|
|
|
(3,254
|
)
|
|
(142.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Net long-term debt
|
|
|
491,510
|
|
|
|
438,862
|
|
|
|
52,648
|
|
|
12.0
|
%
|
|
Accounts payable and accrued expenses
|
|
|
14,656
|
|
|
|
10,571
|
|
|
|
4,085
|
|
|
38.6
|
%
|
|
Deferred tax liability
|
|
|
—
|
|
|
|
446
|
|
|
|
(446
|
)
|
|
(100.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
506,166
|
|
|
|
449,879
|
|
|
|
56,287
|
|
|
12.5
|
%
|
|
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, 13,201
shares issued and 11,655 shares outstanding at June 30, 2017 and
12,961 shares issued and 11,415 shares outstanding at June 30, 2016)
|
|
|
1,320
|
|
|
|
1,296
|
|
|
|
24
|
|
|
1.9
|
%
|
|
Additional paid-in-capital
|
|
|
92,535
|
|
|
|
90,828
|
|
|
|
1,707
|
|
|
1.9
|
%
|
|
Retained earnings
|
|
|
152,558
|
|
|
|
125,846
|
|
|
|
26,712
|
|
|
21.2
|
%
|
|
Treasury stock (1,546 shares at June 30, 2017 and 2016)
|
|
|
(25,046
|
)
|
|
|
(25,046
|
)
|
|
|
—
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
221,367
|
|
|
|
192,924
|
|
|
|
28,443
|
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
727,533
|
|
|
$
|
642,803
|
|
|
$
|
84,730
|
|
|
13.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional Management Corp. and Subsidiaries
|
|
Selected Financial Data
|
|
(Unaudited)
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
Averages and Yields
|
|
|
|
2Q 17
|
|
1Q 17
|
|
2Q 16
|
|
|
|
Average Finance
Receivables
|
|
Average Yield
(Annualized)
|
|
Average Finance
Receivables
|
|
Average Yield
(Annualized)
|
|
Average Finance
Receivables
|
|
Average Yield
(Annualized)
|
|
Small loans
|
|
$
|
341,184
|
|
42.9
|
%
|
|
$
|
349,521
|
|
42.3
|
%
|
|
$
|
313,388
|
|
43.0
|
%
|
|
Large loans
|
|
|
253,049
|
|
29.0
|
%
|
|
|
239,033
|
|
28.7
|
%
|
|
|
178,683
|
|
28.8
|
%
|
|
Automobile loans
|
|
|
83,082
|
|
16.5
|
%
|
|
|
88,150
|
|
16.6
|
%
|
|
|
103,626
|
|
17.9
|
%
|
|
Retail loans
|
|
|
30,486
|
|
19.1
|
%
|
|
|
32,560
|
|
18.7
|
%
|
|
|
29,007
|
|
19.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest and fee yield
|
|
$
|
707,801
|
|
33.8
|
%
|
|
$
|
709,264
|
|
33.4
|
%
|
|
$
|
624,704
|
|
33.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue yield
|
|
$
|
707,801
|
|
36.9
|
%
|
|
$
|
709,264
|
|
37.1
|
%
|
|
$
|
624,704
|
|
36.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Increase in Interest and Fee Income
2Q
17 Compared to 2Q 16
Increase (Decrease)
|
|
|
|
Volume
|
|
Rate
|
|
Volume & Rate
|
|
Net
|
|
Small loans
|
|
$
|
2,988
|
|
|
$
|
(81
|
)
|
|
$
|
(7
|
)
|
|
$
|
2,900
|
|
|
Large loans
|
|
|
5,358
|
|
|
|
60
|
|
|
|
26
|
|
|
|
5,444
|
|
|
Automobile loans
|
|
|
(921
|
)
|
|
|
(365
|
)
|
|
|
73
|
|
|
|
(1,213
|
)
|
|
Retail loans
|
|
|
71
|
|
|
|
(3
|
)
|
|
|
(1
|
)
|
|
|
67
|
|
|
Product mix
|
|
|
(501
|
)
|
|
|
568
|
|
|
|
(67
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase in interest and fee income
|
|
$
|
6,995
|
|
|
$
|
179
|
|
|
$
|
24
|
|
|
$
|
7,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loans Originated (1)
|
|
|
|
2Q 17
|
|
1Q 17
|
|
QoQ $
Inc (Dec)
|
|
QoQ %
Inc (Dec)
|
|
2Q 16
|
|
YoY $
Inc (Dec)
|
|
YoY %
Inc (Dec)
|
|
Small loans
|
|
$
|
160,380
|
|
$
|
115,359
|
|
$
|
45,021
|
|
|
39.0
|
%
|
|
$
|
153,049
|
|
$
|
7,331
|
|
|
4.8
|
%
|
|
Large loans
|
|
|
86,771
|
|
|
57,020
|
|
|
29,751
|
|
|
52.2
|
%
|
|
|
72,174
|
|
|
14,597
|
|
|
20.2
|
%
|
|
Automobile loans
|
|
|
5,828
|
|
|
8,789
|
|
|
(2,961
|
)
|
|
(33.7
|
)%
|
|
|
9,355
|
|
|
(3,527
|
)
|
|
(37.7
|
)%
|
|
Retail loans
|
|
|
6,353
|
|
|
6,264
|
|
|
89
|
|
|
1.4
|
%
|
|
|
8,627
|
|
|
(2,274
|
)
|
|
(26.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net loans originated
|
|
$
|
259,332
|
|
$
|
187,432
|
|
$
|
71,900
|
|
|
38.4
|
%
|
|
$
|
243,205
|
|
$
|
16,127
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Represents the balance of loan origination and refinancing net of
unearned finance charges
|
|
|
|
|
|
|
|
Other Key Metrics
|
|
|
|
2Q 17
|
|
1Q 17
|
|
2Q 16
|
|
Net credit losses
|
|
$
|
17,589
|
|
|
$
|
19,384
|
|
|
$
|
13,416
|
|
|
Percentage of average finance receivables (annualized)
|
|
|
9.9
|
%
|
|
|
10.9
|
%
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
Provision for credit losses
|
|
$
|
18,589
|
|
|
$
|
19,134
|
|
|
$
|
13,386
|
|
|
Percentage of average finance receivables (annualized)
|
|
|
10.5
|
%
|
|
|
10.8
|
%
|
|
|
8.6
|
%
|
|
Percentage of total revenue
|
|
|
28.5
|
%
|
|
|
29.1
|
%
|
|
|
23.4
|
%
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
$
|
31,642
|
|
|
$
|
31,454
|
|
|
$
|
29,548
|
|
|
Percentage of average finance receivables (annualized)
|
|
|
17.9
|
%
|
|
|
17.7
|
%
|
|
|
18.9
|
%
|
|
Percentage of total revenue
|
|
|
48.4
|
%
|
|
|
47.8
|
%
|
|
|
51.5
|
%
|
|
|
|
|
|
|
|
|
|
Same store results:
|
|
|
|
|
|
|
|
Finance receivables at period-end
|
|
$
|
723,547
|
|
|
$
|
682,218
|
|
|
$
|
611,589
|
|
|
Finance receivable growth rate
|
|
|
12.0
|
%
|
|
|
12.6
|
%
|
|
|
9.5
|
%
|
|
Number of branches in calculation
|
|
|
336
|
|
|
|
329
|
|
|
|
306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance Receivables by Product
|
|
|
|
2Q 17
|
|
1Q 17
|
|
QoQ $
Inc (Dec)
|
|
QoQ %
Inc (Dec)
|
|
2Q 16
|
|
YoY $
Inc (Dec)
|
|
YoY %
Inc (Dec)
|
|
Small loans
|
|
$
|
348,742
|
|
$
|
335,552
|
|
$
|
13,190
|
|
|
3.9
|
%
|
|
$
|
320,077
|
|
$
|
28,665
|
|
|
9.0
|
%
|
|
Large loans
|
|
|
267,921
|
|
|
242,380
|
|
|
25,541
|
|
|
10.5
|
%
|
|
|
194,857
|
|
|
73,064
|
|
|
37.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core loans
|
|
|
616,663
|
|
|
577,932
|
|
|
38,731
|
|
|
6.7
|
%
|
|
|
514,934
|
|
|
101,729
|
|
|
19.8
|
%
|
|
Automobile loans
|
|
|
79,861
|
|
|
85,869
|
|
|
(6,008
|
)
|
|
(7.0
|
)%
|
|
|
100,721
|
|
|
(20,860
|
)
|
|
(20.7
|
)%
|
|
Retail loans
|
|
|
30,243
|
|
|
31,203
|
|
|
(960
|
)
|
|
(3.1
|
)%
|
|
|
30,089
|
|
|
154
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total finance receivables
|
|
$
|
726,767
|
|
$
|
695,004
|
|
$
|
31,763
|
|
|
4.6
|
%
|
|
$
|
645,744
|
|
$
|
81,023
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of branches at period end
|
|
|
347
|
|
|
344
|
|
|
3
|
|
|
0.9
|
%
|
|
|
338
|
|
|
9
|
|
|
2.7
|
%
|
|
Average finance receivables per branch
|
|
$
|
2,094
|
|
$
|
2,020
|
|
$
|
74
|
|
|
3.7
|
%
|
|
$
|
1,910
|
|
$
|
184
|
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual Delinquency by Aging
|
|
|
|
2Q 17
|
|
1Q 17
|
|
2Q 16
|
|
Allowance for credit losses
|
|
$
|
42,000
|
|
5.8
|
%
|
|
$
|
41,000
|
|
5.9
|
%
|
|
$
|
36,200
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
599,344
|
|
82.5
|
%
|
|
|
586,085
|
|
84.3
|
%
|
|
|
527,080
|
|
81.7
|
%
|
|
1 to 29 days past due
|
|
|
80,064
|
|
11.0
|
%
|
|
|
63,978
|
|
9.2
|
%
|
|
|
74,439
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 to 59 days
|
|
|
17,018
|
|
2.3
|
%
|
|
|
13,860
|
|
2.1
|
%
|
|
|
16,710
|
|
2.5
|
%
|
|
60 to 89 days
|
|
|
10,726
|
|
1.5
|
%
|
|
|
9,889
|
|
1.4
|
%
|
|
|
10,045
|
|
1.6
|
%
|
|
90 to 119 days
|
|
|
7,793
|
|
1.0
|
%
|
|
|
7,569
|
|
1.0
|
%
|
|
|
7,237
|
|
1.1
|
%
|
|
120 to 149 days
|
|
|
6,302
|
|
0.9
|
%
|
|
|
6,975
|
|
1.0
|
%
|
|
|
5,358
|
|
0.8
|
%
|
|
150 to 179 days
|
|
|
5,520
|
|
0.8
|
%
|
|
|
6,648
|
|
1.0
|
%
|
|
|
4,875
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contractual delinquency
|
|
$
|
47,359
|
|
6.5
|
%
|
|
$
|
44,941
|
|
6.5
|
%
|
|
$
|
44,225
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total finance receivables
|
|
$
|
726,767
|
|
100.0
|
%
|
|
$
|
695,004
|
|
100.0
|
%
|
|
$
|
645,744
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 day and over past due
|
|
$
|
127,423
|
|
17.5
|
%
|
|
$
|
108,919
|
|
15.7
|
%
|
|
$
|
118,664
|
|
18.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual Delinquency by Product
|
|
|
|
2Q 17
|
|
1Q 17
|
|
2Q 16
|
|
Small loans
|
|
$
|
26,610
|
|
7.6
|
%
|
|
$
|
26,573
|
|
7.9
|
%
|
|
$
|
26,436
|
|
8.3
|
%
|
|
Large loans
|
|
|
13,839
|
|
5.2
|
%
|
|
|
12,142
|
|
5.0
|
%
|
|
|
8,459
|
|
4.3
|
%
|
|
Automobile loans
|
|
|
5,172
|
|
6.5
|
%
|
|
|
4,513
|
|
5.3
|
%
|
|
|
7,768
|
|
7.7
|
%
|
|
Retail loans
|
|
|
1,738
|
|
5.7
|
%
|
|
|
1,713
|
|
5.5
|
%
|
|
|
1,562
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contractual delinquency
|
|
$
|
47,359
|
|
6.5
|
%
|
|
$
|
44,941
|
|
6.5
|
%
|
|
$
|
44,225
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Trend
|
|
|
|
2Q 16
|
|
3Q 16
|
|
4Q 16
|
|
1Q 17
|
|
2Q 17
|
|
QoQ $
B(W)
|
|
YoY $
B(W)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fee income
|
|
$
|
52,589
|
|
$
|
57,420
|
|
$
|
59,654
|
|
$
|
59,255
|
|
$
|
59,787
|
|
$
|
532
|
|
|
$
|
7,198
|
|
|
Insurance income, net
|
|
|
2,601
|
|
|
2,346
|
|
|
1,570
|
|
|
3,805
|
|
|
3,085
|
|
|
(720
|
)
|
|
|
484
|
|
|
Other income
|
|
|
2,135
|
|
|
2,709
|
|
|
2,797
|
|
|
2,760
|
|
|
2,466
|
|
|
(294
|
)
|
|
|
331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
57,325
|
|
|
62,475
|
|
|
64,021
|
|
|
65,820
|
|
|
65,338
|
|
|
(482
|
)
|
|
|
8,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses
|
|
|
13,386
|
|
|
16,410
|
|
|
19,427
|
|
|
19,134
|
|
|
18,589
|
|
|
545
|
|
|
|
(5,203
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
16,674
|
|
|
18,180
|
|
|
16,998
|
|
|
18,168
|
|
|
18,387
|
|
|
(219
|
)
|
|
|
(1,713
|
)
|
|
Occupancy
|
|
|
4,770
|
|
|
5,175
|
|
|
5,251
|
|
|
5,285
|
|
|
5,419
|
|
|
(134
|
)
|
|
|
(649
|
)
|
|
Marketing
|
|
|
2,062
|
|
|
1,786
|
|
|
1,474
|
|
|
1,205
|
|
|
1,779
|
|
|
(574
|
)
|
|
|
283
|
|
|
Other
|
|
|
6,042
|
|
|
5,312
|
|
|
5,103
|
|
|
6,796
|
|
|
6,057
|
|
|
739
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total general and administrative
|
|
|
29,548
|
|
|
30,453
|
|
|
28,826
|
|
|
31,454
|
|
|
31,642
|
|
|
(188
|
)
|
|
|
(2,094
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
4,811
|
|
|
5,116
|
|
|
5,287
|
|
|
5,213
|
|
|
5,221
|
|
|
(8
|
)
|
|
|
(410
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
9,580
|
|
|
10,496
|
|
|
10,481
|
|
|
10,019
|
|
|
9,886
|
|
|
(133
|
)
|
|
|
306
|
|
|
Income taxes
|
|
|
3,668
|
|
|
4,020
|
|
|
4,014
|
|
|
2,385
|
|
|
3,751
|
|
|
(1,366
|
)
|
|
|
(83
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,912
|
|
$
|
6,476
|
|
$
|
6,467
|
|
$
|
7,634
|
|
$
|
6,135
|
|
$
|
(1,499
|
)
|
|
$
|
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.50
|
|
$
|
0.57
|
|
$
|
0.57
|
|
$
|
0.66
|
|
$
|
0.53
|
|
$
|
(0.13
|
)
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.49
|
|
$
|
0.56
|
|
$
|
0.55
|
|
$
|
0.65
|
|
$
|
0.52
|
|
$
|
(0.13
|
)
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
11,756
|
|
|
11,384
|
|
|
11,408
|
|
|
11,494
|
|
|
11,554
|
|
|
(60
|
)
|
|
|
202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
11,974
|
|
|
11,664
|
|
|
11,763
|
|
|
11,715
|
|
|
11,730
|
|
|
(15
|
)
|
|
|
244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
$
|
52,514
|
|
$
|
57,359
|
|
$
|
58,734
|
|
$
|
60,607
|
|
$
|
60,117
|
|
$
|
(490
|
)
|
|
$
|
7,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net credit margin
|
|
$
|
39,128
|
|
$
|
40,949
|
|
$
|
39,307
|
|
$
|
41,473
|
|
$
|
41,528
|
|
$
|
55
|
|
|
$
|
2,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q 16
|
|
3Q 16
|
|
4Q 16
|
|
1Q 17
|
|
2Q 17
|
|
QoQ $
Inc (Dec)
|
|
YoY $
Inc (Dec)
|
|
Total assets
|
|
$
|
642,803
|
|
$
|
691,329
|
|
$
|
712,224
|
|
$
|
690,432
|
|
$
|
727,533
|
|
$
|
37,101
|
|
|
$
|
84,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance receivables
|
|
$
|
645,744
|
|
$
|
696,149
|
|
$
|
717,775
|
|
$
|
695,004
|
|
$
|
726,767
|
|
$
|
31,763
|
|
|
$
|
81,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
$
|
36,200
|
|
$
|
39,100
|
|
$
|
41,250
|
|
$
|
41,000
|
|
$
|
42,000
|
|
$
|
1,000
|
|
|
$
|
5,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
$
|
441,147
|
|
$
|
481,766
|
|
$
|
491,678
|
|
$
|
462,994
|
|
$
|
497,049
|
|
$
|
34,055
|
|
|
$
|
55,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General & Administrative Expenses Trend
|
|
|
|
2Q 16
|
|
3Q 16
|
|
4Q 16
|
|
1Q 17
|
|
2Q 17
|
|
QoQ $
B(W)
|
|
YoY $
B(W)
|
|
Legacy operations expenses
|
|
$
|
18,224
|
|
$
|
19,596
|
|
$
|
19,238
|
|
$
|
20,497
|
|
$
|
19,208
|
|
$
|
1,289
|
|
|
$
|
(984
|
)
|
|
2017 new branch expenses
|
|
|
|
|
|
|
|
|
276
|
|
|
499
|
|
|
(223
|
)
|
|
|
(499
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operations expenses
|
|
|
18,224
|
|
|
19,596
|
|
|
19,238
|
|
|
20,773
|
|
|
19,707
|
|
|
1,066
|
|
|
|
(1,483
|
)
|
|
Marketing expenses
|
|
|
2,062
|
|
|
1,786
|
|
|
1,474
|
|
|
1,205
|
|
|
1,779
|
|
|
(574
|
)
|
|
|
283
|
|
|
Home office expenses
|
|
|
9,262
|
|
|
9,071
|
|
|
8,114
|
|
|
9,476
|
|
|
10,156
|
|
|
(680
|
)
|
|
|
(894
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total G&A expenses
|
|
$
|
29,548
|
|
$
|
30,453
|
|
$
|
28,826
|
|
$
|
31,454
|
|
$
|
31,642
|
|
$
|
(188
|
)
|
|
$
|
(2,094
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Averages and Yields
|
|
|
|
YTD 17
|
|
YTD 16
|
|
|
|
Average Finance
Receivables
|
|
Average Yield
|
|
Average Finance
Receivables
|
|
Average Yield
|
|
Small loans
|
|
$
|
346,752
|
|
42.4
|
%
|
|
$
|
320,806
|
|
42.3
|
%
|
|
Large loans
|
|
|
246,564
|
|
28.8
|
%
|
|
|
166,312
|
|
28.4
|
%
|
|
Automobile loans
|
|
|
85,580
|
|
16.5
|
%
|
|
|
107,463
|
|
18.1
|
%
|
|
Retail loans
|
|
|
31,569
|
|
18.8
|
%
|
|
|
28,494
|
|
19.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total interest and fee yield
|
|
$
|
710,465
|
|
33.5
|
%
|
|
$
|
623,075
|
|
33.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue yield
|
|
$
|
710,465
|
|
36.9
|
%
|
|
$
|
623,075
|
|
36.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Increase in Interest and Fee Income
YTD
17 Compared to YTD 16
Increase (Decrease)
|
|
|
|
Volume
|
|
Rate
|
|
Volume & Rate
|
|
Net
|
|
Small loans
|
|
$
|
5,485
|
|
|
$
|
192
|
|
|
$
|
15
|
|
|
$
|
5,692
|
|
|
Large loans
|
|
|
11,410
|
|
|
|
284
|
|
|
|
137
|
|
|
|
11,831
|
|
|
Automobile loans
|
|
|
(1,975
|
)
|
|
|
(809
|
)
|
|
|
165
|
|
|
|
(2,619
|
)
|
|
Retail loans
|
|
|
294
|
|
|
|
(41
|
)
|
|
|
(4
|
)
|
|
|
249
|
|
|
Product mix
|
|
|
(643
|
)
|
|
|
884
|
|
|
|
(241
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase in interest and fee income
|
|
$
|
14,571
|
|
|
$
|
510
|
|
|
$
|
72
|
|
|
$
|
15,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loans Originated (1)
|
|
|
|
YTD 17
|
|
YTD 16
|
|
YTD $
Inc (Dec)
|
|
YTD %
Inc (Dec)
|
|
Small loans
|
|
$
|
275,739
|
|
$
|
267,426
|
|
$
|
8,313
|
|
|
3.1
|
%
|
|
Large loans
|
|
|
143,791
|
|
|
120,743
|
|
|
23,048
|
|
|
19.1
|
%
|
|
Automobile loans
|
|
|
14,617
|
|
|
17,840
|
|
|
(3,223
|
)
|
|
(18.1
|
)%
|
|
Retail loans
|
|
|
12,617
|
|
|
17,328
|
|
|
(4,711
|
)
|
|
(27.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
Total net loans originated
|
|
$
|
446,764
|
|
$
|
423,337
|
|
$
|
23,427
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Represents the balance of loan origination and refinancing net of
unearned finance charges
|
|
|
|
|
|
|
|
Other Key Metrics
|
|
|
|
YTD 17
|
|
YTD 16
|
|
Net credit losses
|
|
$
|
36,973
|
|
|
$
|
28,429
|
|
|
Percentage of average finance receivables (annualized)
|
|
|
10.4
|
%
|
|
|
9.1
|
%
|
|
|
|
|
|
|
|
Provision for credit losses
|
|
$
|
37,723
|
|
|
$
|
27,177
|
|
|
Percentage of average finance receivables (annualized)
|
|
|
10.6
|
%
|
|
|
8.7
|
%
|
|
Percentage of total revenue
|
|
|
28.8
|
%
|
|
|
23.8
|
%
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
$
|
63,096
|
|
|
$
|
59,353
|
|
|
Percentage of average finance receivables (annualized)
|
|
|
17.8
|
%
|
|
|
19.1
|
%
|
|
Percentage of total revenue
|
|
|
48.1
|
%
|
|
|
52.1
|
%
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170801006502/en/
Source: Regional Management Corp.
For Regional Management Corp.
Investor Relations
Garrett
Edson, (203) 682-8331