Regional Management Corp. Announces First Quarter 2026 Results

Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced results for the first quarter ended March 31, 2026.

“We delivered a strong start to 2026, with solid financial results, continued year-over-year portfolio growth, and further improvement in operating efficiency,” said Lakhbir S. Lamba, President and Chief Executive Officer of Regional Management Corp. “First quarter diluted EPS increased 69% year-over-year, driven by disciplined execution, stable credit performance, and the scalability of our operating model.”

“We continue to make good progress on our strategic priorities, including expanding our auto-secured portfolio, entering new markets, and advancing our bank partnership with Column,” added Mr. Lamba. “Early results from the partnership are encouraging, and we believe it will enhance our ability to grow the business, broaden our product offerings, and improve risk-adjusted returns over time.”

“Looking ahead, we remain focused on responsible portfolio growth, improving credit performance, and driving operating leverage,” continued Mr. Lamba. “We are confident in our outlook for 2026 and our ability to deliver sustainable, profitable growth and increasing returns for our shareholders.”

First Quarter 2026 Highlights

  • Net income for the first quarter of 2026 was $11.4 million and diluted earnings per share was $1.18, up 62.7% and 68.6% year-over-year, respectively.

  • Net finance receivables as of March 31, 2026 were $2.1 billion, an improvement of $213.7 million, or 11.3%, from the prior-year period, driven by strong performance from large loans, including demand for auto-secured products, and 10 new branches opened since March 31, 2025.

  • Total originations of $388.0 million, down 1.1% from the prior-year period, due to a stronger tax refund season and disciplined underwriting.

  • Large loan net finance receivables of $1.6 billion increased $245.7 million, or 18.3%, from the prior-year period and represented 75.6% of the total loan portfolio, compared to 71.2% in the prior-year period.

  • Auto-secured net finance receivables of $301.3 million increased $82.6 million, or 37.7%, from the prior-year period and represented 14.3% of the total loan portfolio, compared to 11.6% in the prior-year period.

  • Small loan net finance receivables of $512.5 million decreased $32.1 million, or 5.9%, from the prior-year period and represented 24.4% of the total loan portfolio, compared to 28.8% in the prior-year period.

  • Record first quarter total revenue of $167.3 million, an increase of $14.3 million, or 9.4%, from the prior-year period, primarily due to growth in average net finance receivables.

  • Total revenue yield (annualized total revenue as a percentage of average net finance receivables) for the first quarter of 2026 was 31.5%, compared to 32.4% in the prior-year period, a decrease of 90 basis points primarily due to product mix shift.

  • Interest and fee yield (annualized interest and fee income as a percentage of average net finance receivables) decreased 60 basis points from the prior-year period primarily due to product mix shift.

  • Provision for credit losses for the first quarter of 2026 was $64.9 million, an increase of $6.9 million, or 11.9%, from the prior-year period, driven by portfolio growth.

  • The net credit loss rate (annualized net credit losses as a percentage of average net finance receivables) for the first quarter of 2026 was 12.5%, a 10 basis point increase compared to 12.4% in the prior-year period. Higher portfolio liquidation in the first quarter of 2026 compared to the prior-year period impacted the net credit loss rate by 10 basis points.

  • The provision for credit losses for the first quarter of 2026 included a sequential reserve decrease of $1.4 million due to seasonal portfolio liquidation occurring during the first quarter of 2026.

  • The allowance for credit losses was $219.5 million as of March 31, 2026, or 10.4% of net finance receivables, a 10 basis point increase sequentially, reflecting updates to macroeconomic assumptions.

  • As of March 31, 2026, 30+ day contractual delinquencies totaled $150.9 million, or 7.2% of net finance receivables, a 30 basis point improvement sequentially due to seasonality and a 10 basis point increase from the prior-year period. Higher portfolio liquidation in the first quarter of 2026 compared to the prior-year period impacted the delinquency rate by 10 basis points.

  • General and administrative expenses for the first quarter of 2026 were $64.7 million, an improvement of $1.4 million from the prior-year period. The operating expense ratio (annualized general and administrative expenses as a percentage of average net finance receivables) for the first quarter of 2026 was 12.2%, an all-time best. The ratio reflected improvements of 20 basis points and 180 basis points from 12.4% and 14.0% in the prior-quarter and prior-year periods, respectively.

  • In the first quarter of 2026, the company repurchased 207,975 shares of its common stock at a weighted-average price of $36.06 per share under the company’s stock repurchase program.

Second Quarter 2026 Dividend

The company’s Board of Directors has declared a dividend of $0.30 per common share for the second quarter of 2026. The dividend will be paid on June 10, 2026 to shareholders of record as of the close of business on May 20, 2026. 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 March 31, 2026, the company had net finance receivables of $2.1 billion and debt of $1.6 billion. The debt consisted of:

  • $200.1 million on the company’s $355 million senior revolving credit facility,

  • $66.0 million on the company’s aggregate $425 million revolving warehouse credit facilities, and

  • $1.4 billion through the company’s asset-backed securitizations.

As of March 31, 2026, the company’s unused capacity to fund future growth on its revolving credit facilities (subject to the borrowing base) was $516 million, or 66.1%, and the company had available liquidity of $135.6 million, including unrestricted cash on hand and immediate availability to draw down cash from its revolving credit facilities. As of March 31, 2026, the company’s fixed-rate debt as a percentage of total debt was 84%, with a weighted-average coupon of 4.7%.

The company had a funded debt-to-equity ratio of 4.3 to 1.0 and a stockholders’ equity ratio of 18.1%, each as of March 31, 2026. On a non-GAAP basis, the company had a funded debt-to-tangible equity ratio of 4.7 to 1.0, as of March 31, 2026. 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 (877) 407-0752 (toll-free) or (201) 389-0912 (international). 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. Each of its loan products 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 realize the anticipated benefits from our lending partnership with Column N.A.; the ability to make technological improvements as quickly as competitors; security breaches, cyber-attacks, failures in information systems, or fraudulent activity; the development and use of artificial intelligence; 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)

 

 

1Q 26

 

1Q 25

 

$

 

%

 

Revenue

 

 

 

 

 

 

 

 

Interest and fee income

$

150,296

 

$

136,553

 

$

13,743

 

 

10.1

%

Insurance income, net

 

11,810

 

 

11,297

 

 

513

 

 

4.5

%

Other income

 

5,184

 

 

5,117

 

 

67

 

 

1.3

%

Total revenue

 

167,290

 

 

152,967

 

 

14,323

 

 

9.4

%

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Provision for credit losses

 

64,868

 

 

57,992

 

 

(6,876

)

 

(11.9

)%

 

 

 

 

 

 

 

 

 

Personnel

 

39,342

 

 

41,142

 

 

1,800

 

 

4.4

%

Occupancy

 

7,479

 

 

6,906

 

 

(573

)

 

(8.3

)%

Marketing

 

4,181

 

 

5,406

 

 

1,225

 

 

22.7

%

Other

 

13,662

 

 

12,589

 

 

(1,073

)

 

(8.5

)%

Total general and administrative

 

64,664

 

 

66,043

 

 

1,379

 

 

2.1

%

 

 

 

 

 

 

 

 

 

Interest expense

 

22,923

 

 

19,771

 

 

(3,152

)

 

(15.9

)%

Income before income taxes

 

14,835

 

 

9,161

 

 

5,674

 

 

61.9

%

Income taxes

 

3,434

 

 

2,154

 

 

(1,280

)

 

(59.4

)%

Net income

$

11,401

 

$

7,007

 

$

4,394

 

 

62.7

%

Net income per common share:

 

 

 

 

 

 

 

 

Basic

$

1.24

 

$

0.73

 

$

0.51

 

 

69.9

%

Diluted

$

1.18

 

$

0.70

 

$

0.48

 

 

68.6

%

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

9,163

 

 

9,610

 

 

447

 

 

4.7

%

Diluted

 

9,662

 

 

10,025

 

 

363

 

 

3.6

%

Return on average assets (annualized)

 

2.2

%

 

1.5

%

 

 

 

 

Return on average equity (annualized)

 

12.2

%

 

7.9

%

 

 

 

 

Regional Management Corp. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

(dollars in thousands, except par value amounts)

 

 

 

 

 

 

Increase (Decrease)

 

 

1Q 26

 

1Q 25

 

$

 

%

 

Assets

 

 

 

 

 

 

 

 

Cash

$

4,859

 

$

4,158

 

$

701

 

 

16.9

%

Net finance receivables

 

2,104,001

 

 

1,890,351

 

 

213,650

 

 

11.3

%

Unearned insurance premiums

 

(51,044

)

 

(47,107

)

 

(3,937

)

 

(8.4

)%

Allowance for credit losses

 

(219,500

)

 

(199,100

)

 

(20,400

)

 

(10.2

)%

Net finance receivables, less unearned insurance premiums and allowance for credit losses

 

1,833,457

 

 

1,644,144

 

 

189,313

 

 

11.5

%

Restricted cash

 

98,364

 

 

122,312

 

 

(23,948

)

 

(19.6

)%

Lease assets

 

44,174

 

 

40,699

 

 

3,475

 

 

8.5

%

Intangible assets

 

33,172

 

 

26,750

 

 

6,422

 

 

24.0

%

Restricted available-for-sale investments

 

24,390

 

 

21,687

 

 

2,703

 

 

12.5

%

Property and equipment

 

12,980

 

 

13,635

 

 

(655

)

 

(4.8

)%

Deferred tax assets, net

 

 

 

9,421

 

 

(9,421

)

 

(100.0

)%

Other assets

 

21,354

 

 

17,877

 

 

3,477

 

 

19.4

%

Total assets

$

2,072,750

 

$

1,900,683

 

$

172,067

 

 

9.1

%

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Debt

$

1,621,398

 

$

1,477,860

 

$

143,538

 

 

9.7

%

Unamortized debt issuance costs

 

(7,048

)

 

(7,924

)

 

876

 

 

11.1

%

Net debt

 

1,614,350

 

 

1,469,936

 

 

144,414

 

 

9.8

%

Lease liabilities

 

46,324

 

 

42,788

 

 

3,536

 

 

8.3

%

Deferred tax liabilities, net

 

3,883

 

 

 

 

3,883

 

 

100.0

%

Accounts payable and accrued expenses

 

32,344

 

 

30,083

 

 

2,261

 

 

7.5

%

Total liabilities

 

1,696,901

 

 

1,542,807

 

 

154,094

 

 

10.0

%

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, 15,160 shares issued and 9,338 shares outstanding at March 31, 2026 and 15,187 shares issued and 10,088 shares outstanding at March 31, 2025)

 

1,516

 

 

1,519

 

 

(3

)

 

(0.2

)%

Additional paid-in capital

 

140,555

 

 

134,206

 

 

6,349

 

 

4.7

%

Retained earnings

 

419,197

 

 

382,532

 

 

36,665

 

 

9.6

%

Accumulated other comprehensive loss

 

(31

)

 

(171

)

 

140

 

 

81.9

%

Treasury stock (5,822 shares at March 31, 2026 and 5,098 shares at

March 31, 2025)

 

(185,388

)

 

(160,210

)

 

(25,178

)

 

(15.7

)%

Total stockholders’ equity

 

375,849

 

 

357,876

 

 

17,973

 

 

5.0

%

Total liabilities and stockholders’ equity

$

2,072,750

 

$

1,900,683

 

$

172,067

 

 

9.1

%

Regional Management Corp. and Subsidiaries

Selected Financial Data

(Unaudited)

(dollars in thousands, except per share amounts)

 

 

 

Net Finance Receivables

 

 

 

1Q 26

 

 

4Q 25

 

 

QoQ $

Inc (Dec)

 

 

QoQ %

Inc (Dec)

 

 

1Q 25

 

 

YoY $

Inc (Dec)

 

 

YoY %

Inc (Dec)

 

Large loans

 

$

1,591,528

 

 

$

1,593,171

 

 

$

(1,643

)

 

 

(0.1

)%

 

$

1,345,825

 

 

$

245,703

 

 

 

18.3

%

Small loans

 

 

512,473

 

 

 

547,028

 

 

 

(34,555

)

 

 

(6.3

)%

 

 

544,526

 

 

 

(32,053

)

 

 

(5.9

)%

Total

 

$

2,104,001

 

 

$

2,140,199

 

 

$

(36,198

)

 

 

(1.7

)%

 

$

1,890,351

 

 

$

213,650

 

 

 

11.3

%

Number of branches

 

 

355

 

 

 

353

 

 

 

2

 

 

 

0.6

%

 

 

353

 

 

 

2

 

 

 

0.6

%

Net finance receivables per branch

 

$

5,927

 

 

$

6,063

 

 

$

(136

)

 

 

(2.2

)%

 

$

5,355

 

 

$

572

 

 

 

10.7

%

 

 

Average Net Finance Receivables

 

 

 

1Q 26

 

 

4Q 25

 

 

QoQ $

Inc (Dec)

 

 

QoQ %

Inc (Dec)

 

 

1Q 25

 

 

YoY $

Inc (Dec)

 

 

YoY %

Inc (Dec)

 

Large loans

 

$

1,592,493

 

 

$

1,552,956

 

 

$

39,537

 

 

 

2.5

%

 

$

1,340,122

 

 

$

252,371

 

 

 

18.8

%

Small loans

 

 

531,037

 

 

 

535,316

 

 

 

(4,279

)

 

 

(0.8

)%

 

 

548,983

 

 

 

(17,946

)

 

 

(3.3

)%

Total

 

$

2,123,530

 

 

$

2,088,272

 

 

$

35,258

 

 

 

1.7

%

 

$

1,889,105

 

 

$

234,425

 

 

 

12.4

%

 

 

Revenue Yields (1)

 

 

 

1Q 26

 

 

4Q 25

 

 

QoQ

Inc (Dec)

 

 

1Q 25

 

 

YoY

Inc (Dec)

 

Large loans

 

 

26.3

%

 

 

27.1

%

 

 

(0.8

)%

 

 

26.1

%

 

 

0.2

%

Small loans

 

 

34.3

%

 

 

35.8

%

 

 

(1.5

)%

 

 

35.9

%

 

 

(1.6

)%

Total interest and fee yield

 

 

28.3

%

 

 

29.3

%

 

 

(1.0

)%

 

 

28.9

%

 

 

(0.6

)%

Total revenue yield

 

 

31.5

%

 

 

32.5

%

 

 

(1.0

)%

 

 

32.4

%

 

 

(0.9

)%

(1)

Annualized as a percentage of average net finance receivables.

 

 

Components of Increase in Interest and Fee Income

 

 

 

1Q 26 Compared to 1Q 25

 

 

 

Increase (Decrease)

 

 

 

Volume

 

 

Rate

 

 

Volume & Rate

 

 

Total

 

Large loans

 

$

16,448

 

 

$

782

 

 

$

148

 

 

$

17,378

 

Small loans

 

 

(1,609

)

 

 

(2,095

)

 

 

69

 

 

 

(3,635

)

Product mix

 

 

2,106

 

 

 

(1,536

)

 

 

(570

)

 

 

 

Total

 

$

16,945

 

 

$

(2,849

)

 

$

(353

)

 

$

13,743

 

 

 

Loans Originated (1)

 

 

 

1Q 26

 

 

4Q 25

 

 

QoQ $

Inc (Dec)

 

 

QoQ %

Inc (Dec)

 

 

1Q 25

 

 

YoY $

Inc (Dec)

 

 

YoY %

Inc (Dec)

 

Large loans

 

$

265,460

 

 

$

364,194

 

 

$

(98,734

)

 

 

(27.1

)%

 

$

241,809

 

 

$

23,651

 

 

 

9.8

%

Small loans

 

 

122,493

 

 

 

173,122

 

 

 

(50,629

)

 

 

(29.2

)%

 

 

150,311

 

 

 

(27,818

)

 

 

(18.5

)%

Total

 

$

387,953

 

 

$

537,316

 

 

$

(149,363

)

 

 

(27.8

)%

 

$

392,120

 

 

$

(4,167

)

 

 

(1.1

)%

(1)

Represents the principal balance of loan originations, refinancings, and purchases.

 

 

Other Key Metrics

 

 

 

1Q 26

 

 

4Q 25

 

 

1Q 25

 

Net credit losses

 

$

66,268

 

 

$

57,479

 

 

$

58,392

 

Percentage of average net finance receivables (annualized)

 

 

12.5

%

 

 

11.0

%

 

 

12.4

%

Provision for credit losses

 

$

64,868

 

 

$

66,379

 

 

$

57,992

 

Percentage of average net finance receivables (annualized)

 

 

12.2

%

 

 

12.7

%

 

 

12.3

%

Percentage of total revenue

 

 

38.8

%

 

 

39.1

%

 

 

37.9

%

General and administrative expenses

 

$

64,664

 

 

$

64,519

 

 

$

66,043

 

Percentage of average net finance receivables (annualized)

 

 

12.2

%

 

 

12.4

%

 

 

14.0

%

Percentage of total revenue

 

 

38.7

%

 

 

38.0

%

 

 

43.2

%

Same store results (1):

 

 

 

 

 

 

 

 

 

Net finance receivables at period-end

 

$

2,087,752

 

 

$

2,087,903

 

 

$

1,858,140

 

Net finance receivable growth rate

 

 

10.7

%

 

 

10.9

%

 

 

6.5

%

Number of branches in calculation

 

 

345

 

 

 

336

 

 

 

336

 

(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

 

 

 

1Q 26

 

 

4Q 25

 

 

1Q 25

 

Allowance for credit losses

 

$

219,500

 

 

 

10.4

%

 

$

220,900

 

 

 

10.3

%

 

$

199,100

 

 

 

10.5

%

Current

 

 

1,801,192

 

 

 

85.6

%

 

 

1,809,107

 

 

 

84.5

%

 

 

1,624,072

 

 

 

85.9

%

1 to 29 days past due

 

 

151,875

 

 

 

7.2

%

 

 

169,858

 

 

 

8.0

%

 

 

132,302

 

 

 

7.0

%

Delinquent accounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30 to 59 days

 

 

35,235

 

 

 

1.7

%

 

 

41,235

 

 

 

1.9

%

 

 

32,790

 

 

 

1.8

%

60 to 89 days

 

 

32,251

 

 

 

1.5

%

 

 

37,158

 

 

 

1.7

%

 

 

28,778

 

 

 

1.5

%

90 to 119 days

 

 

28,331

 

 

 

1.4

%

 

 

30,818

 

 

 

1.5

%

 

 

24,204

 

 

 

1.3

%

120 to 149 days

 

 

27,198

 

 

 

1.3

%

 

 

27,765

 

 

 

1.3

%

 

 

22,866

 

 

 

1.2

%

150 to 179 days

 

 

27,919

 

 

 

1.3

%

 

 

24,258

 

 

 

1.1

%

 

 

25,339

 

 

 

1.3

%

Total delinquency

 

$

150,934

 

 

 

7.2

%

 

$

161,234

 

 

 

7.5

%

 

$

133,977

 

 

 

7.1

%

Total net finance receivables

 

$

2,104,001

 

 

 

100.0

%

 

$

2,140,199

 

 

 

100.0

%

 

$

1,890,351

 

 

 

100.0

%

1 day and over past due

 

$

302,809

 

 

 

14.4

%

 

$

331,092

 

 

 

15.5

%

 

$

266,279

 

 

 

14.1

%

 

 

Contractual Delinquency by Product

 

 

 

1Q 26

 

 

4Q 25

 

 

1Q 25

 

Large loans

 

$

95,192

 

 

 

6.0

%

 

$

99,956

 

 

 

6.3

%

 

$

79,401

 

 

 

5.9

%

Small loans

 

 

55,742

 

 

 

10.9

%

 

 

61,278

 

 

 

11.2

%

 

 

54,576

 

 

 

10.0

%

Total

 

$

150,934

 

 

 

7.2

%

 

$

161,234

 

 

 

7.5

%

 

$

133,977

 

 

 

7.1

%

 

Income Statement Quarterly Trend

 

 

1Q 25

 

2Q 25

 

3Q 25

 

4Q 25

 

1Q 26

 

QoQ $

B(W)

 

YoY $

B(W)

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fee income

$

136,553

 

$

140,695

 

$

148,672

 

$

153,029

 

$

150,296

 

$

(2,733

)

$

13,743

 

Insurance income, net

 

11,297

 

 

11,499

 

 

11,391

 

 

11,386

 

 

11,810

 

 

424

 

 

513

 

Other income

 

5,117

 

 

5,248

 

 

5,424

 

 

5,287

 

 

5,184

 

 

(103

)

 

67

 

Total revenue

 

152,967

 

 

157,442

 

 

165,487

 

 

169,702

 

 

167,290

 

 

(2,412

)

 

14,323

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

57,992

 

 

60,587

 

 

60,474

 

 

66,379

 

 

64,868

 

 

1,511

 

 

(6,876

)

Personnel

 

41,142

 

 

38,584

 

 

39,517

 

 

40,394

 

 

39,342

 

 

1,052

 

 

1,800

 

Occupancy

 

6,906

 

 

6,911

 

 

7,160

 

 

7,227

 

 

7,479

 

 

(252

)

 

(573

)

Marketing

 

5,406

 

 

5,059

 

 

4,212

 

 

3,874

 

 

4,181

 

 

(307

)

 

1,225

 

Other

 

12,589

 

 

12,391

 

 

13,179

 

 

13,024

 

 

13,662

 

 

(638

)

 

(1,073

)

Total general and administrative

 

66,043

 

 

62,945

 

 

64,068

 

 

64,519

 

 

64,664

 

 

(145

)

 

1,379

 

Interest expense

 

19,771

 

 

20,426

 

 

21,971

 

 

22,646

 

 

22,923

 

 

(277

)

 

(3,152

)

Income before income taxes

 

9,161

 

 

13,484

 

 

18,974

 

 

16,158

 

 

14,835

 

 

(1,323

)

 

5,674

 

Income taxes

 

2,154

 

 

3,344

 

 

4,618

 

 

3,249

 

 

3,434

 

 

(185

)

 

(1,280

)

Net income

$

7,007

 

$

10,140

 

$

14,356

 

$

12,909

 

$

11,401

 

$

(1,508

)

$

4,394

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.73

 

$

1.07

 

$

1.53

 

$

1.40

 

$

1.24

 

$

(0.16

)

$

0.51

 

Diluted

$

0.70

 

$

1.03

 

$

1.42

 

$

1.30

 

$

1.18

 

$

(0.12

)

$

0.48

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

9,610

 

 

9,504

 

 

9,370

 

 

9,233

 

 

9,163

 

 

70

 

 

447

 

Diluted

 

10,025

 

 

9,843

 

 

10,133

 

 

9,941

 

 

9,662

 

 

279

 

 

363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet & Other Key Metrics Quarterly Trends

 

 

1Q 25

 

2Q 25

 

3Q 25

 

4Q 25

 

1Q 26

 

QoQ $

Inc (Dec)

 

YoY $

Inc (Dec)

 

Total assets

$

1,900,683

 

$

1,967,131

 

$

2,028,266

 

$

2,103,930

 

$

2,072,750

 

$

(31,180

)

$

172,067

 

Net finance receivables

$

1,890,351

 

$

1,960,364

 

$

2,053,017

 

$

2,140,199

 

$

2,104,001

 

$

(36,198

)

$

213,650

 

Allowance for credit losses

$

199,100

 

$

202,800

 

$

212,000

 

$

220,900

 

$

219,500

 

$

(1,400

)

$

20,400

 

Debt

$

1,477,860

 

$

1,509,133

 

$

1,581,992

 

$

1,650,764

 

$

1,621,398

 

$

(29,366

)

$

143,538

 

Interest and fee yield (1)

 

28.9

%

 

29.4

%

 

29.7

%

 

29.3

%

 

28.3

%

 

(1.0

)%

 

(0.6

)%

Efficiency ratio (2)

 

43.2

%

 

40.0

%

 

38.7

%

 

38.0

%

 

38.7

%

 

0.7

%

 

(4.5

)%

Operating expense ratio (3)

 

14.0

%

 

13.2

%

 

12.8

%

 

12.4

%

 

12.2

%

 

(0.2

)%

 

(1.8

)%

Delinquency rate (4)

 

7.1

%

 

6.6

%

 

7.0

%

 

7.5

%

 

7.2

%

 

(0.3

)%

 

0.1

%

Net credit loss rate (5)

 

12.4

%

 

11.9

%

 

10.2

%

 

11.0

%

 

12.5

%

 

1.5

%

 

0.1

%

Book value per share

$

35.48

 

$

36.43

 

$

37.94

 

$

39.05

 

$

40.25

 

$

1.20

 

$

4.77

 

(1)

Annualized interest and fee income as a percentage of average net finance receivables.

(2)

General and administrative expenses as a percentage of total revenue.

(3)

Annualized general and administrative expenses as a percentage of average net finance receivables.

(4)

Delinquent loans outstanding as a percentage of ending net finance receivables.

(5)

Annualized net credit losses as a percentage of average net finance receivables.

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.

 

 

1Q 26

 

Debt

 

$

1,621,398

 

Total stockholders’ equity

 

 

375,849

 

Less: Intangible assets

 

 

33,172

 

Tangible equity (non-GAAP)

 

$

342,677

 

Funded debt-to-equity ratio

 

 

4.3

x

Funded debt-to-tangible equity ratio (non-GAAP)

 

 

4.7

x

 

Media gallery