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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Regional Management Corp | NYSE:RM | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.91 | -2.63% | 33.72 | 35.01 | 33.545 | 34.32 | 34,755 | 22:21:25 |
From Oct 2024 to Dec 2024
- Net income of $7.7 million and diluted earnings per share of $0.76, inclusive of a $4.3 million, or $0.42 per share, impact due to hurricane events occurring in the third quarter of 2024 -
- Record revenue and ending net receivables driven by $46 million of sequential portfolio growth, an annualized growth rate of 10% -
- Net credit loss rate of 10.6% and 30+ day contractual delinquency rate of 6.9% as of September 30, 2024, both 40 basis points better than the prior-year period -
- Continued expense discipline with operating expense increasing only 0.6% from the prior-year period and an operating expense ratio of 13.9%, a 50 basis point improvement year-over-year -
Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced results for the third quarter ended September 30, 2024.
“Our team once again delivered strong results in the third quarter, and our credit performance continues to improve,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “We generated net income of $7.7 million and diluted EPS of $0.76, inclusive of a $4.3 million impact to net income from third quarter hurricane activity. On a pre-tax basis, we reserved $2.1 million for incremental net credit losses and $3.5 million for estimated personal property insurance claims caused by the hurricanes. While these charges created a drag on our third quarter results, we are pleased to be able to provide our customers with special borrower assistance programs and valuable personal property insurance benefits that will help them rebuild their lives.”
“Despite the hurricane challenges, we grew our portfolio by $46 million sequentially, or 2.6%, to $1.82 billion in the quarter, an annualized growth rate of just above 10%,” added Mr. Beck. “Quality portfolio growth drove our quarterly revenue to a record high of $146 million, and we improved our interest and fee yield by 90 basis points year-over-year to 29.9%—the highest it has been in over two years—from a combination of increased pricing, growth of our higher-margin small loan portfolio, and improved credit performance. Meanwhile, we kept a tight grip on G&A expense while still investing in our growth and strategic initiatives. We improved our operating expense ratio by 50 basis points from the prior-year period to 13.9%, and year-over-year revenue growth outpaced expense growth by 15 times.”
“Overall, our credit quality has improved and we have observed positive trends in our credit metrics in recent quarters, as we have maintained a tight credit box while also increasing the growth of our higher-margin small loan portfolio,” continued Mr. Beck. “Higher-quality originations in our front book continue to perform in line with our expectations, make up a larger portion of our portfolio, and are delivering at lower loss levels than our stressed back book vintages. Looking ahead, we will continue to monitor the economic environment, competitive dynamics, consumer health, and other factors as we allocate capital to grow the different pieces of our portfolio. Ultimately, we will build our portfolio in a way that will generate strong margins that meet our return hurdles and optimize short- and long-term results, while also appropriately balancing credit outcomes and customer needs.”
Third Quarter 2024 Highlights
Fourth Quarter 2024 Dividend
The company’s Board of Directors has declared a dividend of $0.30 per common share for the fourth quarter of 2024. The dividend will be paid on December 11, 2024 to shareholders of record as of the close of business on November 21, 2024. The declaration and payment of any future dividend is subject to the discretion of the Board of Directors and will depend on a variety of factors, including the company’s financial condition and results of operations.
Liquidity and Capital Resources
As of September 30, 2024, the company had net finance receivables of $1.8 billion and debt of $1.4 billion. The debt consisted of:
As of September 30, 2024, the company’s unused capacity to fund future growth on its revolving credit facilities (subject to the borrowing base) was $482 million, or 66.1%, and the company had available liquidity of $154.7 million, including unrestricted cash on hand and immediate availability to draw down cash from its revolving credit facilities. As of September 30, 2024, the company’s fixed-rate debt as a percentage of total debt was 82%, with a weighted-average coupon of 4.3% and a weighted-average revolving duration of 1.1 years.
The company had a funded debt-to-equity ratio of 4.0 to 1.0 and a stockholders’ equity ratio of 19.4%, each as of September 30, 2024. On a non-GAAP basis, the company had a funded debt-to-tangible equity ratio of 4.2 to 1.0, as of September 30, 2024. Please refer to the reconciliations of non-GAAP measures to comparable GAAP measures included at the end of this press release.
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) 327-6837 (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’s website prior to the earnings call at www.RegionalManagement.com. ***
In addition, a live webcast of the conference call will be available on Regional’s website at www.RegionalManagement.com.
A webcast replay of the call will be available at www.RegionalManagement.com for one year following the call.
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” online and in branch locations in 19 states across the 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, and its consumer website. For more information, please visit www.RegionalManagement.com.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead represent Regional Management Corp.’s expectations or beliefs concerning future events. Forward-looking statements include, without limitation, statements concerning financial outlooks or future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. 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 speak only as of the date on which they were made and are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. As a result, actual performance and results may differ materially from those contemplated by these forward-looking statements. Therefore, investors should not place undue reliance on forward-looking statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in forward-looking statements include, but are not limited to, the following: managing growth effectively, implementing Regional Management’s growth strategy, and opening new branches as planned; Regional Management’s convenience check strategy; Regional Management’s policies and procedures for underwriting, processing, and servicing loans; Regional Management’s ability to collect on its loan portfolio; Regional Management’s insurance operations; exposure to credit risk and repayment risk, which risks may increase in light of adverse or recessionary economic conditions; the implementation of evolving underwriting models and processes, including as to the effectiveness of Regional Management's custom scorecards; changes in the competitive environment in which Regional Management operates or a decrease in the demand for its products; the geographic concentration of Regional Management’s loan portfolio; the failure of third-party service providers, including those providing information technology products; changes in economic conditions in the markets Regional Management serves, including levels of unemployment and bankruptcies; the ability to achieve successful acquisitions and strategic alliances; the ability to make technological improvements as quickly as competitors; security breaches, cyber-attacks, failures in information systems, or fraudulent activity; the ability to originate loans; reliance on information technology resources and providers, including the risk of prolonged system outages; changes in current revenue and expense trends, including trends affecting delinquencies and credit losses; any future public health crises, including the impact of such crisis on our operations and financial condition; changes in operating and administrative expenses; the departure, transition, or replacement of key personnel; the ability to timely and effectively implement, transition to, and maintain the necessary information technology systems, infrastructure, processes, and controls to support Regional Management’s operations and initiatives; changes in interest rates; existing sources of liquidity may become insufficient or access to these sources may become unexpectedly restricted; exposure to financial risk due to asset-backed securitization transactions; risks related to regulation and legal proceedings, including changes in laws or regulations or in the interpretation or enforcement of laws or regulations; changes in accounting standards, rules, and interpretations and the failure of related assumptions and estimates; the impact of changes in tax laws and guidance, including the timing and amount of revenues that may be recognized; risks related to the ownership of Regional Management’s common stock, including volatility in the market price of shares of Regional Management’s common stock; the timing and amount of future cash dividend payments; and anti-takeover provisions in Regional Management’s charter documents and applicable state law.
The foregoing factors and others are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management will not update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Regional Management is not responsible for changes made to this document by wire services or Internet services.
Regional Management Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share amounts)
Better (Worse)
Better (Worse)
3Q 24
3Q 23
$
%
YTD 24
YTD 23
$
%
Revenue
Interest and fee income
$
133,932
$
125,018
$
8,914
7.1
%
$
390,648
$
363,508
$
27,140
7.5
%
Insurance income, net
7,422
11,382
(3,960
)
(34.8
)%
28,903
33,544
(4,641
)
(13.8
)%
Other income
4,984
4,478
506
11.3
%
14,120
12,688
1,432
11.3
%
Total revenue
146,338
140,878
5,460
3.9
%
433,671
409,740
23,931
5.8
%
Expenses
Provision for credit losses
54,349
50,930
(3,419
)
(6.7
)%
154,574
151,149
(3,425
)
(2.3
)%
Personnel
38,323
39,832
1,509
3.8
%
113,240
114,848
1,608
1.4
%
Occupancy
6,551
6,315
(236
)
(3.7
)%
19,075
18,761
(314
)
(1.7
)%
Marketing
5,078
4,077
(1,001
)
(24.6
)%
14,229
11,300
(2,929
)
(25.9
)%
Other
12,516
11,880
(636
)
(5.4
)%
36,508
33,414
(3,094
)
(9.3
)%
Total general and administrative
62,468
62,104
(364
)
(0.6
)%
183,052
178,323
(4,729
)
(2.7
)%
Interest expense
19,356
16,947
(2,409
)
(14.2
)%
54,725
49,953
(4,772
)
(9.6
)%
Income before income taxes
10,165
10,897
(732
)
(6.7
)%
41,320
30,315
11,005
36.3
%
Income taxes
2,502
2,077
(425
)
(20.5
)%
10,007
6,783
(3,224
)
(47.5
)%
Net income
$
7,663
$
8,820
$
(1,157
)
(13.1
)%
$
31,313
$
23,532
$
7,781
33.1
%
Net income per common share:
Basic
$
0.79
$
0.94
$
(0.15
)
(16.0
)%
$
3.25
$
2.51
$
0.74
29.5
%
Diluted
$
0.76
$
0.91
$
(0.15
)
(16.5
)%
$
3.16
$
2.45
$
0.71
29.0
%
Weighted-average common shares outstanding:
Basic
9,683
9,429
(254
)
(2.7
)%
9,622
9,385
(237
)
(2.5
)%
Diluted
10,090
9,650
(440
)
(4.6
)%
9,900
9,613
(287
)
(3.0
)%
Return on average assets (annualized)
1.7
%
2.0
%
2.3
%
1.8
%
Return on average equity (annualized)
8.7
%
10.8
%
12.3
%
9.8
%
Regional Management Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except par value amounts)
Increase (Decrease)
3Q 24
3Q 23
$
%
Assets
Cash
$
4,745
$
7,413
$
(2,668
)
(36.0
)%
Net finance receivables
1,819,756
1,751,009
68,747
3.9
%
Unearned insurance premiums
(46,508
)
(48,764
)
2,256
4.6
%
Allowance for credit losses
(192,100
)
(184,900
)
(7,200
)
(3.9
)%
Net finance receivables, less unearned insurance premiums and allowance for credit losses
1,581,148
1,517,345
63,803
4.2
%
Restricted cash
115,576
117,029
(1,453
)
(1.2
)%
Lease assets
37,229
34,864
2,365
6.8
%
Intangible assets
22,250
15,048
7,202
47.9
%
Restricted available-for-sale investments
21,727
22,510
(783
)
(3.5
)%
Property and equipment
13,425
14,157
(732
)
(5.2
)%
Deferred tax assets, net
11,833
14,140
(2,307
)
(16.3
)%
Other assets
13,898
22,834
(8,936
)
(39.1
)%
Total assets
$
1,821,831
$
1,765,340
$
56,491
3.2
%
Liabilities and Stockholders’ Equity
Liabilities:
Debt
$
1,395,892
$
1,372,748
$
23,144
1.7
%
Unamortized debt issuance costs
(4,645
)
(5,647
)
1,002
17.7
%
Net debt
1,391,247
1,367,101
24,146
1.8
%
Lease liabilities
39,350
37,095
2,255
6.1
%
Accounts payable and accrued expenses
38,306
30,559
7,747
25.4
%
Total liabilities
1,468,903
1,434,755
34,148
2.4
%
Stockholders’ equity:
Preferred stock ($0.10 par value, 100,000 shares authorized, none issued or outstanding)
—
—
—
—
Common stock ($0.10 par value, 1,000,000 shares authorized, 14,971 shares issued and 10,164 shares outstanding at September 30, 2024 and 14,642 shares issued and 9,835 shares outstanding at September 30, 2023)
1,497
1,464
33
2.3
%
Additional paid-in capital
129,936
119,507
10,429
8.7
%
Retained earnings
371,725
360,155
11,570
3.2
%
Accumulated other comprehensive loss
(87
)
(398
)
311
78.1
%
Treasury stock (4,807 shares at September 30, 2024 and September 30, 2023)
(150,143
)
(150,143
)
—
—
Total stockholders’ equity
352,928
330,585
22,343
6.8
%
Total liabilities and stockholders’ equity
$
1,821,831
$
1,765,340
$
56,491
3.2
%
Regional Management Corp. and Subsidiaries
Selected Financial Data
(Unaudited)
(dollars in thousands, except per share amounts)
Net Finance Receivables
3Q 24
2Q 24
QoQ $ Inc (Dec)
QoQ % Inc (Dec)
3Q 23
YoY $ Inc (Dec)
YoY % Inc (Dec)
Large loans
$
1,293,410
$
1,266,032
$
27,378
2.2
%
$
1,271,891
$
21,519
1.7
%
Small loans
524,826
505,640
19,186
3.8
%
474,181
50,645
10.7
%
Retail loans
1,520
2,071
(551
)
(26.6
)%
4,937
(3,417
)
(69.2
)%
Total net finance receivables
$
1,819,756
$
1,773,743
$
46,013
2.6
%
$
1,751,009
$
68,747
3.9
%
Number of branches at period end
340
343
(3
)
(0.9
)%
347
(7
)
(2.0
)%
Net finance receivables per branch
$
5,352
$
5,171
$
181
3.5
%
$
5,046
$
306
6.1
%
Averages and Yields
3Q 24
2Q 24
3Q 23
Average Net Finance Receivables
Average Yield (1)
Average Net Finance Receivables
Average Yield (1)
Average Net Finance Receivables
Average Yield (1)
Large loans
$
1,279,720
26.7
%
$
1,255,729
26.1
%
$
1,257,168
26.3
%
Small loans
511,294
37.8
%
490,615
37.3
%
459,320
36.6
%
Retail loans
1,795
16.3
%
2,433
16.6
%
5,647
16.9
%
Total interest and fee yield
$
1,792,809
29.9
%
$
1,748,777
29.3
%
$
1,722,135
29.0
%
Total revenue yield
$
1,792,809
32.6
%
$
1,748,777
32.7
%
$
1,722,135
32.7
%
(1) Annualized interest and fee income as a percentage of average net finance receivables.
Components of Increase in Interest and Fee Income
3Q 24 Compared to 3Q 23
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
1,484
$
1,246
$
23
$
2,753
Small loans
4,757
1,410
159
6,326
Retail loans
(162
)
(8
)
5
(165
)
Product mix
(948
)
986
(38
)
—
Total increase in interest and fee income
$
5,131
$
3,634
$
149
$
8,914
Loans Originated (1)
3Q 24
2Q 24
QoQ $ Inc (Dec)
QoQ % Inc (Dec)
3Q 23
YoY $ Inc (Dec)
YoY % Inc (Dec)
Large loans
$
251,563
$
254,779
$
(3,216
)
(1.3
)%
$
251,999
$
(436
)
(0.2
)%
Small loans
174,632
171,282
3,350
2.0
%
173,074
1,558
0.9
%
Total loans originated
$
426,195
$
426,061
$
134
—
$
425,073
$
1,122
0.3
%
(1) Represents the principal balance of loan originations and refinancings.
Other Key Metrics
3Q 24
2Q 24
3Q 23
Net credit losses
$
47,649
$
55,502
$
47,430
Percentage of average net finance receivables (annualized)
10.6
%
12.7
%
11.0
%
Provision for credit losses
$
54,349
$
53,802
$
50,930
Percentage of average net finance receivables (annualized)
12.1
%
12.3
%
11.8
%
Percentage of total revenue
37.1
%
37.6
%
36.2
%
General and administrative expenses
$
62,468
$
60,136
$
62,104
Percentage of average net finance receivables (annualized)
13.9
%
13.8
%
14.4
%
Percentage of total revenue
42.7
%
42.0
%
44.1
%
Same store results (1):
Net finance receivables at period-end
$
1,815,187
$
1,759,075
$
1,684,757
Net finance receivable growth rate
3.7
%
4.5
%
4.9
%
Number of branches in calculation
337
338
330
(1) Same store sales reflect the change in year-over-year sales for the comparable branch base. The comparable branch base includes those branches open for at least one year.
Contractual Delinquency
3Q 24
2Q 24
3Q 23
Allowance for credit losses
$
192,100
10.6
%
$
185,400
10.5
%
$
184,900
10.6
%
Current
1,529,171
84.1
%
1,497,219
84.4
%
1,472,931
84.2
%
1 to 29 days past due
164,568
9.0
%
153,788
8.7
%
149,648
8.5
%
Delinquent accounts:
30 to 59 days
35,300
1.9
%
34,924
1.9
%
36,502
2.1
%
60 to 89 days
27,704
1.5
%
27,689
1.6
%
28,130
1.6
%
90 to 119 days
23,964
1.4
%
21,607
1.2
%
23,420
1.3
%
120 to 149 days
22,544
1.2
%
19,333
1.1
%
21,309
1.2
%
150 to 179 days
16,505
0.9
%
19,183
1.1
%
19,069
1.1
%
Total contractual delinquency
$
126,017
6.9
%
$
122,736
6.9
%
$
128,430
7.3
%
Total net finance receivables
$
1,819,756
100.0
%
$
1,773,743
100.0
%
$
1,751,009
100.0
%
1 day and over past due
$
290,585
15.9
%
$
276,524
15.6
%
$
278,078
15.8
%
Contractual Delinquency by Product
3Q 24
2Q 24
3Q 23
Large loans
$
76,435
5.9
%
$
76,432
6.0
%
$
82,256
6.5
%
Small loans
49,351
9.4
%
46,015
9.1
%
45,438
9.6
%
Retail loans
231
15.2
%
289
14.0
%
736
14.9
%
Total contractual delinquency
$
126,017
6.9
%
$
122,736
6.9
%
$
128,430
7.3
%
Income Statement Quarterly Trend
3Q 23
4Q 23
1Q 24
2Q 24
3Q 24
QoQ $ B(W)
YoY $ B(W)
Revenue
Interest and fee income
$
125,018
$
126,190
$
128,818
$
127,898
$
133,932
$
6,034
$
8,914
Insurance income, net
11,382
10,985
10,974
10,507
7,422
(3,085
)
(3,960
)
Other income
4,478
4,484
4,516
4,620
4,984
364
506
Total revenue
140,878
141,659
144,308
143,025
146,338
3,313
5,460
Expenses
Provision for credit losses
50,930
68,885
46,423
53,802
54,349
(547
)
(3,419
)
Personnel
39,832
42,024
37,820
37,097
38,323
(1,226
)
1,509
Occupancy
6,315
6,268
6,375
6,149
6,551
(402
)
(236
)
Marketing
4,077
4,474
4,315
4,836
5,078
(242
)
(1,001
)
Other
11,880
12,030
11,938
12,054
12,516
(462
)
(636
)
Total general and administrative
62,104
64,796
60,448
60,136
62,468
(2,332
)
(364
)
Interest expense
16,947
17,510
17,504
17,865
19,356
(1,491
)
(2,409
)
Income (loss) before income taxes
10,897
(9,532
)
19,933
11,222
10,165
(1,057
)
(732
)
Income taxes
2,077
(1,958
)
4,728
2,777
2,502
275
(425
)
Net income (loss)
$
8,820
$
(7,574
)
$
15,205
$
8,445
$
7,663
$
(782
)
$
(1,157
)
Net income (loss) per common share:
Basic
$
0.94
$
(0.80
)
$
1.59
$
0.88
$
0.79
$
(0.09
)
$
(0.15
)
Diluted
$
0.91
$
(0.80
)
$
1.56
$
0.86
$
0.76
$
(0.10
)
$
(0.15
)
Weighted-average shares outstanding:
Basic
9,429
9,437
9,569
9,613
9,683
(70
)
(254
)
Diluted
9,650
9,437
9,746
9,863
10,090
(227
)
(440
)
Balance Sheet Quarterly Trend
3Q 23
4Q 23
1Q 24
2Q 24
3Q 24
QoQ $ Inc (Dec)
YoY $ Inc (Dec)
Total assets
$
1,765,340
$
1,794,527
$
1,756,748
$
1,789,052
$
1,821,831
$
32,779
$
56,491
Net finance receivables
$
1,751,009
$
1,771,410
$
1,744,286
$
1,773,743
$
1,819,756
$
46,013
$
68,747
Allowance for credit losses
$
184,900
$
187,400
$
187,100
$
185,400
$
192,100
$
6,700
$
7,200
Debt
$
1,372,748
$
1,399,814
$
1,358,795
$
1,378,449
$
1,395,892
$
17,443
$
23,144
Other Key Metrics Quarterly Trend
3Q 23
4Q 23
1Q 24
2Q 24
3Q 24
QoQ Inc (Dec)
YoY Inc (Dec)
Interest and fee yield (annualized)
29.0
%
28.8
%
29.3
%
29.3
%
29.9
%
0.6
%
0.9
%
Efficiency ratio (1)
44.1
%
45.7
%
41.9
%
42.0
%
42.7
%
0.7
%
(1.4
)%
Operating expense ratio (2)
14.4
%
14.8
%
13.7
%
13.8
%
13.9
%
0.1
%
(0.5
)%
30+ contractual delinquency
7.3
%
6.9
%
7.1
%
6.9
%
6.9
%
—
(0.4
)%
Net credit loss ratio (3)
11.0
%
15.1
%
10.6
%
12.7
%
10.6
%
(2.1
)%
(0.4
)%
Book value per share
$
33.61
$
33.02
$
34.10
$
33.96
$
34.72
$
0.76
$
1.11
(1) General and administrative expenses as a percentage of total revenue. (2) Annualized general and administrative expenses as a percentage of average net finance receivables. (3) Annualized net credit losses as a percentage of average net finance receivables.
Averages and Yields
YTD 24
YTD 23
Average Net Finance Receivables
Average Yield (1)
Average Net Finance Receivables
Average Yield (1)
Large loans
$
1,266,363
26.3
%
$
1,232,170
26.1
%
Small loans
497,987
37.7
%
456,893
35.4
%
Retail loans
2,521
16.2
%
7,252
17.5
%
Total interest and fee yield
$
1,766,871
29.5
%
$
1,696,315
28.6
%
Total revenue yield
$
1,766,871
32.7
%
$
1,696,315
32.2
%
Components of Increase in Interest and Fee Income
YTD 24 Compared to YTD 23
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
6,695
$
1,651
$
46
$
8,392
Small loans
10,910
7,784
700
19,394
Retail loans
(621
)
(72
)
47
(646
)
Product mix
(1,864
)
2,177
(313
)
—
Total increase in interest and fee income
$
15,120
$
11,540
$
480
$
27,140
Loans Originated (1)
YTD 24
YTD 23
YTD $ Inc (Dec)
YTD % Inc (Dec)
Large loans
$
691,416
$
695,084
$
(3,668
)
(0.5
)%
Small loans
487,195
432,018
55,177
12.8
%
Retail loans
—
146
(146
)
(100.0
)%
Total loans originated
$
1,178,611
$
1,127,248
$
51,363
4.6
%
(1) Represents the principal balance of loan originations and refinancings.
Other Key Metrics
YTD 24
YTD 23
Net credit losses
$
149,874
$
145,049
Percentage of average net finance receivables (annualized)
11.3
%
11.4
%
Provision for credit losses
$
154,574
$
151,149
Percentage of average net finance receivables (annualized)
11.7
%
11.9
%
Percentage of total revenue
35.6
%
36.9
%
General and administrative expenses
$
183,052
$
178,323
Percentage of average net finance receivables (annualized)
13.8
%
14.0
%
Percentage of total revenue
42.2
%
43.5
%
Non-GAAP Financial Measures
In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The company’s management utilizes non-GAAP measures as additional metrics to aid in, and enhance, its understanding of the company’s financial results. Tangible equity and the funded debt-to-tangible equity ratio are non-GAAP measures that adjust GAAP measures to exclude intangible assets. Management uses these equity measures to evaluate and manage the company’s capital and leverage position. The company also believes that these equity measures are commonly used in the financial services industry and provide useful information to users of the company’s financial statements in the evaluation of its capital and leverage position.
This non-GAAP financial information should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies. The following tables provide a reconciliation of GAAP measures to non-GAAP measures.
3Q 24
Debt
$
1,395,892
Total stockholders' equity
352,928
Less: Intangible assets
22,250
Tangible equity (non-GAAP)
$
330,678
Funded debt-to-equity ratio
4.0
x
Funded debt-to-tangible equity ratio (non-GAAP)
4.2
x
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106633278/en/
Investor Relations Garrett Edson, (203) 682-8331 investor.relations@regionalmanagement.com
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