Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Regional Management Corp. | |
Trading Symbol | RM | |
Entity Central Index Key | 0001519401 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-35477 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 57-0847115 | |
Entity Address, Address Line One | 979 Batesville Road | |
Entity Address, Address Line Two | Suite B | |
Entity Address, City or Town | Greer | |
Entity Address, Postal Zip Code | 29651 | |
City Area Code | 864 | |
Local Phone Number | 448-7000 | |
Security Exchange Name | NYSE | |
Entity Address, State or Province | SC | |
Title of 12(b) Security | Common Stock | |
Entity Common Stock, Shares Outstanding | 9,837,180 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 10,330 | $ 3,873 |
Net finance receivables | 1,688,937 | 1,699,393 |
Unearned insurance premiums | (49,059) | (51,008) |
Allowance for credit losses | (181,400) | (178,800) |
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 1,458,478 | 1,469,585 |
Restricted cash | 131,132 | 127,926 |
Lease assets | 34,996 | 34,521 |
Restricted available-for-sale investments | 20,298 | 20,416 |
Deferred tax assets, net | 15,278 | 13,810 |
Property and equipment | 14,689 | 14,526 |
Intangible assets | 13,949 | 12,122 |
Other assets | 24,466 | 28,208 |
Total assets | 1,723,616 | 1,724,987 |
Liabilities: | ||
Debt | 1,344,855 | 1,355,359 |
Unamortized debt issuance costs | (6,923) | (9,512) |
Net debt | 1,337,932 | 1,345,847 |
Lease liabilities | 37,150 | 36,712 |
Accounts payable and accrued expenses | 27,032 | 33,795 |
Total liabilities | 1,402,114 | 1,416,354 |
Commitments and contingencies (Note 12) | ||
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, 14,636 shares issued and 9,829 shares outstanding at June 30, 2023 and 14,330 shares issued and 9,523 shares outstanding at December 31, 2022) | 1,464 | 1,433 |
Additional paid-in capital | 116,202 | 112,384 |
Retained earnings | 354,346 | 345,545 |
Accumulated other comprehensive loss | (367) | (586) |
Treasury stock (4,807 shares at June 30, 2023 and December 31, 2022) | (150,143) | (150,143) |
Total stockholders’ equity | 321,502 | 308,633 |
Total liabilities and stockholders’ equity | 1,723,616 | 1,724,987 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 404 | 439 |
Net finance receivables | 1,311,107 | 1,296,078 |
Allowance for credit losses | (138,343) | (134,708) |
Restricted cash | 128,161 | 126,017 |
Other assets | 3,417 | 1,706 |
Total assets | 1,304,746 | 1,289,532 |
Liabilities: | ||
Net debt | 1,233,509 | 1,199,404 |
Accounts payable and accrued expenses | 187 | 167 |
Total liabilities | $ 1,233,696 | $ 1,199,571 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 14,636,000 | 14,330,000 |
Common stock, shares outstanding | 9,829,000 | 9,523,000 |
Treasury stock, shares | 4,807,000 | 4,807,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Interest and fee income | $ 118,083 | $ 109,771 | $ 238,490 | $ 217,402 |
Insurance income, net | 11,203 | 10,220 | 22,162 | 20,764 |
Other income | 4,198 | 2,880 | 8,210 | 5,553 |
Total revenue | 133,484 | 122,871 | 268,862 | 243,719 |
Expenses | ||||
Provision for credit losses | 52,551 | 45,400 | 100,219 | 76,258 |
Personnel | 36,419 | 33,941 | 75,016 | 69,595 |
Occupancy | 6,158 | 6,156 | 12,446 | 11,964 |
Marketing | 3,844 | 4,108 | 7,223 | 7,199 |
Other | 10,475 | 9,916 | 21,534 | 20,463 |
Total general and administrative expenses | 56,896 | 54,121 | 116,219 | 109,221 |
Interest expense | 16,224 | 7,564 | 33,006 | 7,505 |
Income before income taxes | 7,813 | 15,786 | 19,418 | 50,735 |
Income taxes | 1,790 | 3,804 | 4,706 | 11,970 |
Net income | $ 6,023 | $ 11,982 | $ 14,712 | $ 38,765 |
Net income per common share: | ||||
Basic | $ 0.64 | $ 1.29 | $ 1.57 | $ 4.13 |
Diluted | $ 0.63 | $ 1.24 | $ 1.53 | $ 3.94 |
Weighted-average common shares outstanding: | ||||
Basic | 9,399,000 | 9,261,000 | 9,363,000 | 9,396,000 |
Diluted | 9,566,000 | 9,669,000 | 9,595,000 | 9,845,000 |
Other comprehensive income, net of tax | ||||
Unrealized income on restricted available-for-sale investments | $ 14 | $ 277 | ||
Other comprehensive income, before tax | 14 | 277 | ||
Income taxes related to items of other comprehensive income | (3) | (58) | ||
Other comprehensive income, net of tax | 11 | 219 | ||
Total comprehensive income | $ 6,034 | $ 11,982 | $ 14,931 | $ 38,765 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2021 | $ 282,736,000 | $ 1,416,000 | $ 104,745,000 | $ 306,105,000 | $ (129,530,000) | |
Beginning Balance, shares at Dec. 31, 2021 | 14,157,000 | |||||
Cash dividends | (5,927,000) | (5,927,000) | ||||
Issuance of restricted stock awards | $ 22,000 | (22,000) | ||||
Issuance of restricted stock awards, shares | 218,000 | |||||
Exercise of stock options | 6,000 | $ 6,000 | ||||
Exercise of stock options, shares | 61,000 | |||||
Repurchase of common stock | (20,613,000) | (20,613,000) | ||||
Shares withheld related to net share settlement | (1,236,000) | $ (5,000) | (1,231,000) | |||
Shares withheld related to net share settlement, shares | (46,000) | |||||
Share-based compensation | 4,853,000 | 4,853,000 | ||||
Net Income (Loss) | 38,765,000 | 38,765,000 | ||||
Ending Balance at Jun. 30, 2022 | 298,584,000 | $ 1,439,000 | 108,345,000 | 338,943,000 | (150,143,000) | |
Ending Balance, shares at Jun. 30, 2022 | 14,390,000 | |||||
Beginning Balance at Mar. 31, 2022 | 298,742,000 | $ 1,436,000 | 105,989,000 | 329,878,000 | (138,561,000) | |
Beginning Balance, shares at Mar. 31, 2022 | 14,360,000 | |||||
Cash dividends | (2,917,000) | (2,917,000) | ||||
Issuance of restricted stock awards | $ 4,000 | (4,000) | ||||
Issuance of restricted stock awards, shares | 40,000 | |||||
Repurchase of common stock | (11,582,000) | (11,582,000) | ||||
Shares withheld related to net share settlement | (388,000) | $ (1,000) | (387,000) | |||
Shares withheld related to net share settlement, shares | (10,000) | |||||
Share-based compensation | 2,747,000 | 2,747,000 | ||||
Net Income (Loss) | 11,982,000 | 11,982,000 | ||||
Ending Balance at Jun. 30, 2022 | 298,584,000 | $ 1,439,000 | 108,345,000 | 338,943,000 | (150,143,000) | |
Ending Balance, shares at Jun. 30, 2022 | 14,390,000 | |||||
Beginning Balance at Dec. 31, 2022 | 308,633,000 | $ 1,433,000 | 112,384,000 | 345,545,000 | $ (586,000) | (150,143,000) |
Beginning Balance, shares at Dec. 31, 2022 | 14,330,000 | |||||
Cash dividends | (5,911,000) | (5,911,000) | ||||
Issuance of restricted stock awards | $ 32,000 | (32,000) | ||||
Issuance of restricted stock awards, shares | 322,000 | |||||
Exercise of stock options | $ 289,000 | $ 2,000 | 287,000 | |||
Exercise of stock options, shares | 18,000 | 18,000 | ||||
Shares withheld related to net share settlement | $ (880,000) | $ (3,000) | (877,000) | |||
Shares withheld related to net share settlement, shares | (34,000) | |||||
Share-based compensation | 4,440,000 | 4,440,000 | ||||
Net Income (Loss) | 14,712,000 | 14,712,000 | ||||
Other comprehensive income | 219,000 | 219,000 | ||||
Ending Balance at Jun. 30, 2023 | 321,502,000 | $ 1,464,000 | 116,202,000 | 354,346,000 | (367,000) | (150,143,000) |
Ending Balance, shares at Jun. 30, 2023 | 14,636,000 | |||||
Beginning Balance at Mar. 31, 2023 | 316,693,000 | $ 1,438,000 | 114,452,000 | 351,324,000 | (378,000) | (150,143,000) |
Beginning Balance, shares at Mar. 31, 2023 | 14,385,000 | |||||
Cash dividends | (3,001,000) | (3,001,000) | ||||
Issuance of restricted stock awards | $ 27,000 | (27,000) | ||||
Issuance of restricted stock awards, shares | 266,000 | |||||
Exercise of stock options | 289,000 | $ 2,000 | 287,000 | |||
Exercise of stock options, shares | 18,000 | |||||
Shares withheld related to net share settlement | (849,000) | $ (3,000) | (846,000) | |||
Shares withheld related to net share settlement, shares | (33,000) | |||||
Share-based compensation | 2,336,000 | 2,336,000 | ||||
Net Income (Loss) | 6,023,000 | 6,023,000 | ||||
Other comprehensive income | 11,000 | 11,000 | ||||
Ending Balance at Jun. 30, 2023 | $ 321,502,000 | $ 1,464,000 | $ 116,202,000 | $ 354,346,000 | $ (367,000) | $ (150,143,000) |
Ending Balance, shares at Jun. 30, 2023 | 14,636,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 14,712 | $ 38,765 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 100,219 | 76,258 |
Depreciation and amortization | 7,644 | 6,234 |
Amortization of deferred origination fees and costs | (7,246) | (7,881) |
Loss on disposal of property and equipment | 437 | 16 |
Share-based compensation | 4,440 | 4,853 |
Fair value adjustment on interest rate caps | (2,525) | |
Deferred income taxes, net | (1,526) | (1,378) |
Changes in operating assets and liabilities: | ||
Increase (decrease) in unearned insurance premiums | (1,949) | 1,149 |
(Increase) decrease in lease assets | (475) | 166 |
Decrease in other assets | 4,262 | 7,870 |
Decrease in accounts payable and accrued expenses | (6,231) | (14,521) |
Increase in lease liabilities | 438 | 417 |
Net cash provided by operating activities | 114,725 | 109,423 |
Cash flows from investing activities: | ||
Originations of finance receivables | (706,642) | (755,416) |
Repayments of finance receivables | 628,078 | 597,679 |
Purchases of intangible assets | (3,633) | (2,177) |
Purchases of property and equipment | (2,794) | (2,001) |
Purchase of restricted available-for-sale investments | (1,900) | |
Proceeds from maturities of restricted available-for-sale investments | 2,117 | |
Net cash used in investing activities | (84,774) | (161,915) |
Cash flows from financing activities: | ||
Advances on revolving credit facilities | 821,658 | 894,587 |
Payments on revolving credit facilities | (832,264) | (948,926) |
Advances on securitizations | 250,000 | |
Payments on securitizations | (109,228) | |
Payments for debt issuance costs | (2,763) | (2,733) |
Taxes paid related to net share settlement of equity awards | (998) | (1,231) |
Cash dividends | (6,210) | (5,823) |
Repurchases of common stock | (20,613) | |
Proceeds from exercise of stock options | 289 | |
Net cash provided by (used in) financing activities | (20,288) | 56,033 |
Net change in cash and restricted cash | 9,663 | 3,541 |
Cash and restricted cash at beginning of period | 131,799 | 149,189 |
Cash and restricted cash at end of period | 141,462 | 152,730 |
Supplemental cash flow information: | ||
Interest paid | 29,170 | 17,750 |
Income taxes paid | 1,188 | 22,694 |
Operating leases paid | 4,738 | 4,241 |
Non-cash lease assets and liabilities acquired | 4,370 | 3,802 |
Non-cash dividends payable | $ (299) | $ 104 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Cash Flows [Abstract] | ||||
Cash | $ 10,330 | $ 3,873 | $ 7,928 | |
Restricted cash | 131,132 | 127,926 | 144,802 | |
Total cash and restricted cash | $ 141,462 | $ 131,799 | $ 152,730 | $ 149,189 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 6,023 | $ 11,982 | $ 14,712 | $ 38,765 |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of Business Regional Management Corp. (the “ Company ”) was incorporated and began operations in 1987. The Company is engaged in the consumer finance business, offering small loans, large loans, and related payment and collateral protection insurance products. The Company formerly offered retail loans but ceased accepting applications for retail loan products effective November 2022. The Company continues to own and service its existing portfolio of retail loans. As of June 30, 2023, the Company operated under the name “Regional Finance” online and in branch locations in 19 states across the United States. The Company’s small loan portfolio is comprised of branch small loan receivables and convenience check receivables. Branch small loan receivables are direct loans to customers and are secured by non-essential household goods and, in some instances, an automobile. Convenience checks are direct loans originated by mailing checks to customers based on a pre-screening process that includes a review of the prospective customer’s credit profile provided by national credit reporting bureaus or data aggregators. A recipient of a convenience check is able to enter into a loan by endorsing and depositing or cashing the check. Large loan receivables are direct loans to customers, some of which are convenience check receivables and the vast majority of which are secured by non-essential household goods, automobiles, and/or other vehicles. Retail loan receivables consist principally of retail installment sales contracts collateralized by the purchased furniture, appliances, and other retail items and are initiated by and purchased from retailers, subject to the Company’s credit approval. The Company’s loan volume and contractual delinquency follow seasonal trends. Demand for the Company’s loans is typically highest during the second, third, and fourth quarters, which the Company believes is largely due to customers borrowing money for vacation, back-to-school, and holiday spending. Loan demand has generally been the lowest during the first quarter, which the Company believes is largely due to the timing of income tax refunds. Delinquencies generally reach their lowest point in the first half of the year and rise in the second half of the year. Changes in quarterly growth or liquidation could result in larger allowance for credit loss releases in periods of portfolio liquidation and larger provisions for credit losses in periods of portfolio growth. Consequently, the Company experiences seasonal fluctuations in its operating results. However, changes in macroeconomic factors, including inflation, rising interest rates, and geopolitical conflict, have impacted the Company’s typical seasonal trends for loan volume and delinquency. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 2. Basis of Presentation and Significant Accounting Policies Basis of presentation: The consolidated financial statements of the Company have been prepared in accordance with the Securities and Exchange Commission (the “ SEC ”) regulations and U.S. Generally Accepted Accounting Principles (“ GAAP ”) for interim financial information and, accordingly, do not include all information and note disclosures required by GAAP for complete financial statements. The interim financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm in accordance with standards of the Public Company Accounting Oversight Board (United States), but in the opinion of management, the interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 , as filed with the SEC. Significant accounting policies: The following is a description of significant accounting policies used in preparing the financial statements. The accounting and reporting policies of the Company are in accordance with GAAP. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate wholly owned subsidiary in each state. The Company also consolidates variable interest entities (each, a “ VIE ”) when it is considered to be the primary beneficiary of the VIE because it has (i) power over the significant activities of the VIE and (ii) the obligation to absorb losses or the right to receive returns that could be significant to the VIE. Variable interest entities: The Company transfers pools of loans to wholly owned, bankruptcy-remote, special purpose entities (each, an “ SPE ”) to secure debt for general funding purposes. These entities have the limited purpose of acquiring finance receivables and holding and making payments on the related debts. Assets transferred to each SPE are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, the assets of each SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. The Company continues to service the finance receivables transferred to the SPEs. The lenders and investors in the debt issued by the SPEs generally only have recourse to the assets of the SPEs and do not have recourse to the general credit of the Company. The SPEs’ debt arrangements are structured to provide credit enhancements to the lenders and investors, which may include overcollateralization, subordination of interests, excess spread, and reserve funds. These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of the SPEs. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. Use of estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Actual results could differ from those estimates. Estimates that are susceptible to change relate to the determination of the allowance for credit losses, the valuation of deferred tax assets and liabilities, and the fair value of financial instruments. Recent accounting pronouncements: In March 2022, the Financial Accounting Standards Board (“ FASB ”) issued an accounting update (" ASU 2022-02 ") eliminating the accounting for troubled debt restructurings (each, a “ TDR ”) by creditors while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendment also requires disclosure of gross credit losses by year of origination for finance receivables. The amendments in this update are effective for annual and interim periods beginning after December 15, 2022. The elimination of the TDR guidance may be adopted prospectively for loan modifications after adoption or on a modified retrospective basis, which would also apply to loans previously modified, resulting in a cumulative effect adjustment to retained earnings in the period of adoption for changes in the allowance for credit losses. The Company adopted the new standard on January 1, 2023 and elected to apply the new measurement and recognition guidance for TDRs under the modified retrospective transition method. Adoption did not have a material impact on the Company's consolidated financial statements. Net finance receivables: The Company’s small loan portfolio is comprised of branch small loan receivables and convenience check receivables. Branch small loan receivables are direct loans to customers and are secured by non-essential household goods and, in some instances, an automobile. Convenience checks are direct loans originated by mailing checks to customers based on a pre-screening process that includes a review of the prospective customer’s credit profile provided by national credit reporting bureaus or data aggregators. A recipient of a convenience check is able to enter into a loan by endorsing and depositing or cashing the check. Large loan receivables are direct loans to customers, some of which are convenience check receivables and the vast majority of which are secured by non-essential household goods, automobiles, and/or other vehicles. Retail loan receivables consist principally of retail installment sales contracts collateralized by the purchased furniture, appliances, and other retail items and are initiated by and purchased from retailers, subject to the Company’s credit approval. Loan renewals are a significant piece of new volume and are considered a terminal event of the previous loan. The Company may renew delinquent secured or unsecured loan accounts if the customer meets the Company’s underwriting criteria and it does not appear the cause of past delinquency will affect the customer’s ability to repay the renewed loan. Generally, the Company classifies finance receivables as held for investment based on management’s intent at the time of origination. The Company determines classification on a receivable-by-receivable basis. The Company classifies finance receivables as held for investment due to its ability and intent to hold them until their contractual maturities. Net finance receivables consist of the Company’s installment loans. The Company carries net finance receivables at amortized cost, which includes remaining principal balance, accrued interest, and net unamortized deferred origination costs and unamortized fees. Allowance for credit losses: The allowance for credit losses is based on historical credit experience, current conditions, and reasonable and supportable economic forecasts. The historical loss experience is adjusted for quantitative and qualitative factors that are not fully reflected in the historical data. In determining its estimate of expected credit losses, the Company evaluates information related to credit metrics, changes in its lending strategies and underwriting practices, and the current and forecasted direction of the economic and business environment. These metrics include, but are not limited to, loan portfolio mix and growth, unemployment, credit loss trends, delinquency trends, changes in underwriting, and operational risks. The Company selected a Probability of Default (" PD ") / Loss Given Default (" LGD ") model to estimate its base allowance for credit losses, in which the estimated loss is equal to the product of PD and LGD. Historical net finance receivables are tracked over the term of the pools to identify the instances of loss (PDs) and the average severity of losses (LGDs). To enhance the precision of the allowance for credit loss estimate, the Company evaluates its finance receivable portfolio on a pool basis and segments each pool of finance receivables with similar credit risk characteristics. As part of its evaluation, the Company considers loan portfolio characteristics such as product type, loan size, loan term, internal or external credit scores, delinquency status, geographical location, and vintage. Based on analysis of historical loss experience, the Company selected the following segmentation: product type, Fair Isaac Corporation (“ FICO ”) score, and delinquency status. As finance receivables are originated, provisions for credit losses are recorded in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for estimated losses over the contractual life of the finance receivables (considering the effect of prepayments). Subsequent changes to the contractual terms that are a result of re-underwriting are not included in the finance receivable’s contractual life (considering the effect of prepayments). The Company uses its segmentation loss experience to forecast expected credit losses. Historical information about losses generally provides a basis for the estimate of expected credit losses. The Company also considers the need to adjust historical information to reflect the extent to which current conditions differ from the conditions that existed for the period over which historical information was evaluated. These adjustments to historical loss information may be qualitative or quantitative in nature. Reasonable and supportable macroeconomic forecasts are required for the Company’s allowance for credit loss model. The Company engaged a major rating service to assist with compiling a reasonable and supportable forecast. The Company reviews macroeconomic forecasts to use in its allowance for credit losses. The Company adjusts the historical loss experience by relevant qualitative factors for these expectations. The Company does not require reversion adjustments, as the contractual lives of its portfolio are shorter than its available forecast periods. The Company charges credit losses against the allowance for all products when an account reaches 180 days contractually delinquent, subject to certain exceptions. The Company’s customer accounts without a lien on a vehicle in a confirmed bankruptcy are charged off in the month following the bankruptcy notification or at 60 days contractually delinquent, subject to certain exceptions. Deceased borrower accounts are charged off in the month following the proper notification of passing, with the exception of borrowers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance. Troubled debt restructurings: Prior to January 1, 2023, the Company classified a finance receivable as a TDR when the Company modified the finance receivable’s contractual terms for economic or other reasons related to the borrower’s financial difficulties and granted a concession that it would not have otherwise considered. Modifications primarily included an interest rate reduction and/or term extension to reduce the borrower’s monthly payment. Once a loan was classified as a TDR, it remained a TDR for the purpose of calculating the allowance for credit losses for the remainder of its contractual term. The Company established its allowance for credit losses related to its TDRs by calculating the present value of all expected cash flows (discounted at the finance receivable’s effective interest rate prior to modification) less the amortized costs of the aggregated pool. The Company used the modified interest rates and certain assumptions, including expected credit losses and recoveries, to estimate the expected cash flows from its TDRs. Following the adoption of ASU 2022-02 on January 1, 2023, as discussed above, the Company no longer separately measures the allowance for credit losses on TDRs, and the impact to the allowance for credit losses of loan modifications made to borrowers experiencing financial difficulties is incorporated into the overall portfolio assessment as further described in the allowance for credit losses significant accounting policy. Nonaccrual status: Accrual of interest income on finance receivables is suspended when an account becomes 90 days delinquent. If the account is charged off, the accrued interest income is reversed as a reduction of interest and fee income. Interest received on such loans is accounted for on the cash-basis method, until qualifying for return to accrual. Under the cash-basis method, interest income is recorded when the payment is received. Loans resume accruing interest when the past due status is brought below 90 days. The Company made a policy election to not record an allowance for credit losses related to accrued interest because it has nonaccrual and charge-off policies that result in the timely suspension and reversal of accrued interest. Finance receivable origination fees and costs: Non-refundable fees received and direct costs (personnel and digital loan origination costs) incurred for the origination of finance receivables are deferred and recognized to interest income over their contractual lives using the constant yield method . Unamortized amounts are recognized in interest income at the time that finance receivables are paid in full, renewed, or charged off. Restricted cash: Restricted cash includes cash and cash equivalents for which the Company’s ability to withdraw funds is contractually limited. The Company’s restricted cash consists of cash reserves that are maintained as collateral for potential credit life insurance claims and cash restricted for debt servicing of the Company’s revolving warehouse credit facilities and securitizations. Restricted available-for-sale investments: The Company classifies its investments in debt securities that were purchased with the Company’s restricted cash as restricted available-for-sale investments and carries the investments at fair value. Unrealized gains and losses, net of taxes, are excluded from earnings and reported in other comprehensive income or loss until realized. The unrealized gains and losses, net of taxes, are recorded on the consolidated balance sheet in accumulated other comprehensive income or loss in stockholders’ equity. Realized gains and losses from the sale of available-for-sale investments are specifically identified and reclassified from accumulated other comprehensive income or loss and included within earnings on the consolidated statement of income. Offsetting assets and liabilities: GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated Balance Sheet when a legally enforceable master netting agreement exists. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Company has elected to net such balances where it has determined that the specified conditions are met. Share-based compensation: The Company measures compensation cost for share-based awards at estimated fair value and recognizes compensation expense over the service period for awards expected to vest. The Company uses the closing stock price on the date of grant as the fair value of restricted stock awards and performance-contingent restricted stock units. The fair value of stock options is determined using the Black-Scholes valuation model, and the fair value of performance restricted stock units is determined using the Monte Carlo valuation model. The Black-Scholes and Monte Carlo models require the input of assumptions, including expected volatility, expected dividends, expected term, risk-free interest rate, and a discount associated with post-vest holding restrictions, changes to which can affect the fair value estimate. Expected volatility is based on the Company’s historical stock price volatility. Expected dividends are calculated using the expected dividend yield (annualized dividends divided by the grant date stock price). The expected term is calculated by using the simplified method (average of the vesting and original contractual terms) due to insufficient historical data to estimate the expected term. The risk-free rate is based on the zero-coupon U.S. Treasury bond rate over the expected term of the awards. The estimated discount associated with post-vest holding restrictions is calculated using a blend of the Finnerty and Chaffe models. In addition, the estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. |
Finance Receivables, Credit Qua
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | Note 3. Finance Receivables, Credit Quality Information, and Allowance for Credit Losses Net finance receivables for the periods indicated consisted of the following: Dollars in thousands June 30, 2023 December 31, 2022 Small loans $ 444,590 $ 481,605 Large loans 1,238,031 1,208,185 Retail loans 6,316 9,603 Net finance receivables $ 1,688,937 $ 1,699,393 Net finance receivables included net deferred origination fees and costs of $ 14.6 million and $ 16.0 million as of June 30, 2023 and December 31, 2022, respectively. The credit quality of the Company’s finance receivable portfolio is dependent on the Company’s ability to enforce sound underwriting standards, maintain diligent servicing of the portfolio, and respond to changing economic conditions as it grows its portfolio. The allowance for credit losses uses FICO scores and delinquency as key data points in estimating the allowance. The Company uses six FICO band categories to assess FICO scores. The first three FICO band categories include subprime FICO scores below 620. The fourth and fifth FICO band categories include near-prime FICO scores ranging from 620 to 659. The sixth FICO band category includes prime FICO scores of 660 or higher. Net finance receivables by product, FICO band at origination, and origination year as of June 30, 2023 are as follows: Net Finance Receivables by Origination Year Dollars in thousands 2023 (1) 2022 2021 2020 2019 Prior Total Net Finance Receivables Small Loans: FICO Band 1 $ 39,625 $ 28,693 $ 4,351 $ 511 $ 118 $ 31 $ 73,329 2 20,263 18,016 2,386 206 22 11 40,904 3 28,162 23,901 2,413 140 18 1 54,635 4 32,295 29,124 2,656 157 12 7 64,251 5 36,956 36,674 3,097 115 7 3 76,852 6 64,883 63,633 5,878 209 14 2 134,619 Total small loans $ 222,184 $ 200,041 $ 20,781 $ 1,338 $ 191 $ 55 $ 444,590 Current period credit losses (2) $ 196 $ 31,402 $ 7,711 $ 475 $ 41 $ 3 $ 39,828 Large Loans: FICO Band 1 $ 44,154 $ 43,553 $ 15,224 $ 4,435 $ 1,873 $ 699 $ 109,938 2 25,210 28,393 9,322 2,117 656 139 65,837 3 47,989 77,031 26,144 4,607 1,073 137 156,981 4 65,824 105,931 35,481 6,788 1,745 89 215,858 5 70,307 108,486 38,409 7,766 1,542 68 226,578 6 156,246 215,820 73,542 14,511 2,625 95 462,839 Total large loans $ 409,730 $ 579,214 $ 198,122 $ 40,224 $ 9,514 $ 1,227 $ 1,238,031 Current period credit losses (2) $ 243 $ 35,477 $ 21,693 $ 3,207 $ 970 $ 168 $ 61,758 Retail Loans: FICO Band 1 $ 2 $ 4 $ 3 $ 10 $ — $ 8 $ 27 2 — 334 60 — 1 — 395 3 — 948 371 27 3 3 1,352 4 — 1,025 602 112 2 4 1,745 5 — 783 482 90 3 5 1,363 6 — 817 508 104 5 — 1,434 Total retail loans $ 2 $ 3,911 $ 2,026 $ 343 $ 14 $ 20 $ 6,316 Current period credit losses (2) $ — $ 328 $ 233 $ 47 $ 22 $ 2 $ 632 Total Loans: FICO Band 1 $ 83,781 $ 72,250 $ 19,578 $ 4,956 $ 1,991 $ 738 $ 183,294 2 45,473 46,743 11,768 2,323 679 150 107,136 3 76,151 101,880 28,928 4,774 1,094 141 212,968 4 98,119 136,080 38,739 7,057 1,759 100 281,854 5 107,263 145,943 41,988 7,971 1,552 76 304,793 6 221,129 280,270 79,928 14,824 2,644 97 598,892 Total loans $ 631,916 $ 783,166 $ 220,929 $ 41,905 $ 9,719 $ 1,302 $ 1,688,937 Current period credit losses (2) $ 439 $ 67,207 $ 29,637 $ 3,729 $ 1,033 $ 173 $ 102,218 (1) Includes loans originated during the six months ended June 30, 2023 . (2) Represents credit losses for the six months ended June 30, 2023 . Net finance receivables by product, FICO band at origination, and origination year as of December 31, 2022 are as follows: Net Finance Receivables by Origination Year Dollars in thousands 2022 2021 2020 2019 2018 Prior Total Net Finance Receivables Small Loans: FICO Band 1 $ 63,362 $ 10,842 $ 1,388 $ 246 $ 47 $ 7 $ 75,892 2 41,683 6,785 664 56 26 2 49,216 3 53,444 7,659 520 39 — 1 61,663 4 62,609 8,980 544 33 — 1 72,167 5 71,448 10,650 505 22 — — 82,625 6 119,199 19,886 929 28 — — 140,042 Total small loans $ 411,745 $ 64,802 $ 4,550 $ 424 $ 73 $ 11 $ 481,605 Large Loans: FICO Band 1 $ 60,836 $ 20,653 $ 7,219 $ 3,286 $ 826 $ 539 $ 93,359 2 41,174 15,955 4,044 1,409 111 121 62,814 3 112,336 44,805 8,637 2,811 172 137 168,898 4 150,559 57,913 12,063 3,931 152 67 224,685 5 150,793 59,154 13,060 3,735 172 37 226,951 6 290,648 109,931 24,038 6,552 263 46 431,478 Total large loans $ 806,346 $ 308,411 $ 69,061 $ 21,724 $ 1,696 $ 947 $ 1,208,185 Retail Loans: FICO Band 1 $ 8 $ 7 $ 28 $ 12 $ 4 $ 3 $ 62 2 475 92 9 10 — — 586 3 1,310 599 71 14 1 3 1,998 4 1,389 979 263 28 2 4 2,665 5 1,083 775 218 27 3 5 2,111 6 1,123 802 224 31 — 1 2,181 Total retail loans $ 5,388 $ 3,254 $ 813 $ 122 $ 10 $ 16 $ 9,603 Total Loans: FICO Band 1 $ 124,206 $ 31,502 $ 8,635 $ 3,544 $ 877 $ 549 $ 169,313 2 83,332 22,832 4,717 1,475 137 123 112,616 3 167,090 53,063 9,228 2,864 173 141 232,559 4 214,557 67,872 12,870 3,992 154 72 299,517 5 223,324 70,579 13,783 3,784 175 42 311,687 6 410,970 130,619 25,191 6,611 263 47 573,701 Total loans $ 1,223,479 $ 376,467 $ 74,424 $ 22,270 $ 1,779 $ 974 $ 1,699,393 The contractual delinquency of the net finance receivables portfolio by product and aging for the periods indicated are as follows: June 30, 2023 Small Large Retail Total Dollars in thousands $ % $ % $ % $ % Current $ 362,595 81.6 % $ 1,066,517 86.2 % $ 4,675 74.0 % $ 1,433,787 84.9 % 1 to 29 days past due 41,101 9.2 % 96,877 7.8 % 832 13.2 % 138,810 8.2 % Delinquent accounts 30 to 59 days 11,089 2.5 % 22,355 1.8 % 232 3.7 % 33,676 2.0 % 60 to 89 days 8,852 2.0 % 15,890 1.3 % 189 3.0 % 24,931 1.5 % 90 to 119 days 7,155 1.6 % 12,759 1.0 % 127 1.9 % 20,041 1.1 % 120 to 149 days 6,579 1.5 % 11,371 0.9 % 137 2.2 % 18,087 1.1 % 150 to 179 days 7,219 1.6 % 12,262 1.0 % 124 2.0 % 19,605 1.2 % Total delinquency $ 40,894 9.2 % $ 74,637 6.0 % $ 809 12.8 % $ 116,340 6.9 % Total net finance receivables $ 444,590 100.0 % $ 1,238,031 100.0 % $ 6,316 100.0 % $ 1,688,937 100.0 % Net finance receivables in nonaccrual status $ 22,098 5.0 % $ 38,880 3.1 % $ 425 6.7 % $ 61,403 3.6 % December 31, 2022 Small Large Retail Total Dollars in thousands $ % $ % $ % $ % Current $ 388,978 80.7 % $ 1,034,981 85.7 % $ 7,543 78.6 % $ 1,431,502 84.2 % 1 to 29 days past due 48,924 10.2 % 97,855 8.1 % 1,269 13.2 % 148,048 8.7 % Delinquent accounts 30 to 59 days 13,144 2.8 % 22,712 1.8 % 352 3.7 % 36,208 2.2 % 60 to 89 days 12,251 2.5 % 18,828 1.6 % 273 2.8 % 31,352 1.8 % 90 to 119 days 8,714 1.8 % 15,427 1.3 % 152 1.6 % 24,293 1.4 % 120 to 149 days 5,572 1.2 % 10,675 0.9 % 10 0.1 % 16,257 1.0 % 150 to 179 days 4,022 0.8 % 7,707 0.6 % 4 0.0 % 11,733 0.7 % Total delinquency $ 43,703 9.1 % $ 75,349 6.2 % $ 791 8.2 % $ 119,843 7.1 % Total net finance receivables $ 481,605 100.0 % $ 1,208,185 100.0 % $ 9,603 100.0 % $ 1,699,393 100.0 % Net finance receivables in nonaccrual status $ 20,810 4.3 % $ 39,039 3.2 % $ 212 2.2 % $ 60,061 3.5 % The accrual of interest income on finance receivables is suspended when an account becomes 90 days delinquent. If a loan is charged off, the accrued interest is reversed as a reduction of interest and fee income. During the three months ended June 30, 2023 and 2022, the Company reversed $ 6.4 million and $ 4.4 million of accrued interest as reductions of interest and fee income, respectively. The Company reversed $ 11.1 million and $ 8.0 million of accrued interest as reductions of interest and fee income for the six months ended June 30, 2023 and 2022, respectively. The following is a reconciliation of the allowance for credit losses by product for the three and six months ended June 30, 2023 and 2022: Dollars in thousands Small Large Retail Total Beginning balance at April 1, 2023 $ 62,112 $ 120,382 $ 1,306 $ 183,800 Provision for credit losses 18,759 33,556 236 52,551 Credit losses ( 23,448 ) ( 33,661 ) ( 500 ) ( 57,609 ) Recoveries 1,045 1,596 17 2,658 Ending balance at June 30, 2023 $ 58,468 $ 121,873 $ 1,059 $ 181,400 Net finance receivables at June 30, 2023 $ 444,590 $ 1,238,031 $ 6,316 $ 1,688,937 Allowance as percentage of net finance receivables at June 30, 2023 13.2 % 9.8 % 16.8 % 10.7 % Dollars in thousands Small Large Retail Total Beginning balance at April 1, 2022 $ 58,330 $ 98,933 $ 1,537 $ 158,800 Provision for credit losses 17,469 27,569 362 45,400 Credit losses ( 18,372 ) ( 19,532 ) ( 354 ) ( 38,258 ) Recoveries 749 790 19 1,558 Ending balance at June 30, 2022 $ 58,176 $ 107,760 $ 1,564 $ 167,500 Net finance receivables at June 30, 2022 $ 455,253 $ 1,059,523 $ 10,883 $ 1,525,659 Allowance as percentage of net finance receivables at June 30, 2022 12.8 % 10.2 % 14.4 % 11.0 % Dollars in thousands Small Large Retail Total Beginning balance at January 1, 2023 $ 57,915 $ 119,592 $ 1,293 $ 178,800 Provision for credit losses 38,578 61,265 376 100,219 Credit losses ( 39,828 ) ( 61,758 ) ( 632 ) ( 102,218 ) Recoveries 1,803 2,774 22 4,599 Ending balance at June 30, 2023 $ 58,468 $ 121,873 $ 1,059 $ 181,400 Net finance receivables at June 30, 2023 $ 444,590 $ 1,238,031 $ 6,316 $ 1,688,937 Allowance as percentage of net finance receivables at June 30, 2023 13.2 % 9.8 % 16.8 % 10.7 % Dollars in thousands Small Large Retail Total Beginning balance at January 1, 2022 $ 61,294 $ 96,494 $ 1,512 $ 159,300 Provision for credit losses 30,117 45,520 621 76,258 Credit losses ( 34,627 ) ( 35,792 ) ( 619 ) ( 71,038 ) Recoveries 1,392 1,538 50 2,980 Ending balance at June 30, 2022 $ 58,176 $ 107,760 $ 1,564 $ 167,500 Net finance receivables at June 30, 2022 $ 455,253 $ 1,059,523 $ 10,883 $ 1,525,659 Allowance as percentage of net finance receivables at June 30, 2022 12.8 % 10.2 % 14.4 % 11.0 % T he Company uses certain loan modification programs for borrowers experiencing financial difficulties as a loss mitigation strategy to improve collectability of the loans and assist customers through financial setbacks. Programs consist of offering payment deferrals, refinancing, and, in limited instances, settlements. Customers may also pursue financial assistance through external sources, such as filing for bankruptcy protection. Modification programs available to our customers are described in more detail below: • Customers with temporary hardships may be offered payment deferrals related to past due payments. Such deferrals extend the customer’s maturity date and are generally considered insignificant delays. During the second quarter of 2023, the Company enhanced its policy for determining an insignificant delay in payment. The Company’s previous policy for an insignificant delay in payment was two or fewer deferrals in a rolling twelve-month period, which was updated to be three or fewer deferrals in a rolling twelve-month period. Such change had no material impact to the Company's disclosures. • Customers with delinquent loans who have made recent payments and have verified current employment are allowed to refinance their loan with a reduced interest rate and/or term extension, making the monthly payments more affordable. • The Company may also agree to settle a past-due loan by accepting less than the full principal balance owed in certain limited cases once it is determined that collection of the entire outstanding balance is unlikely. • Customers who receive bankruptcy protection may receive principal forgiveness, interest rate reductions, and/or term extensions. The information relating to modifications made to borrowers experiencing financial difficulty for the periods indicated are as follows: As of and for the Three Months Ended June 30, 2023 Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Total Dollars in thousands Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Small loans $ 16 — $ 678 0.2 % $ 694 0.2 % Large loans 109 — 3,162 0.3 % 3,271 0.3 % Total $ 125 — $ 3,840 0.2 % $ 3,965 0.2 % As of and for the Six Months Ended June 30, 2023 Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Total Dollars in thousands Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Small loans $ 19 — $ 1,568 0.4 % $ 1,587 0.4 % Large loans 131 — 7,706 0.6 % 7,837 0.6 % Total $ 150 — $ 9,274 0.5 % $ 9,424 0.6 % The financial effects of the modifications made to borrowers experiencing financial difficulty for the periods indicated are as follows: Three Months Ended June 30, 2023 Loan Modification Product Financial Effect Principal forgiveness Small loans Reduced the amortized cost basis of the loans by $ 0.2 million. Large loans Reduced the amortized cost basis of the loans by $ 0.3 million. Interest rate reduction Small loans Reduced the weighted-average contractual interest rate by 14.6 %. Large loans Reduced the weighted-average contractual interest rate by 10.0 %. Term extension Small loans Added a weighted-average 1.3 years to the life of loans. Large loans Added a weighted-average 1.4 years to the life of loans. Six Months Ended June 30, 2023 Loan Modification Product Financial Effect Principal forgiveness Small loans Reduced the amortized cost basis of the loans by $ 0.3 million. Large loans Reduced the amortized cost basis of the loans by $ 0.5 million. Interest rate reduction Small loans Reduced the weighted-average contractual interest rate by 13.5 %. Large loans Reduced the weighted-average contractual interest rate by 11.3 %. Term extension Small loans Added a weighted-average 1.3 years to the life of loans. Large loans Added a weighted-average 1.4 years to the life of loans. The following table provides the amortized cost basis for modifications made to borrowers experiencing financial difficulty on or after January 1, 2023 that subsequently defaulted. The Company defines payment default as 90 days past due for this disclosure. The respective amounts for each modification for the periods indicated are as follows: As of and for the Three and Six Months Ended June 30, 2023 Dollars in thousands Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Total Small loans $ — $ 70 $ 70 Large loans — 301 301 Total $ — $ 371 $ 371 The contractual delinquencies of loans that were modified to borrowers experiencing financial difficulty on or after January 1, 2023 for the period indicated are as follows: June 30, 2023 Dollars in thousands Current 30 - 89 Days Past Due 90+ Days Past Due Total Small loans $ 1,314 $ 229 $ 44 $ 1,587 Large loans 6,819 817 201 7,837 Total $ 8,133 $ 1,046 $ 245 $ 9,424 Prior to January 1, 2023, the Company classified a loan as a TDR finance receivable when the Company modified a loan’s contractual terms for economic or other reasons related to the borrower’s financial difficulties and granted a concession that it would not have otherwise considered. The amount of TDR net finance receivables and the related TDR allowance for credit losses for the period indicated are as follows: June 30, 2022 Dollars in thousands TDR Net Finance Receivables TDR Allowance for Credit Losses Small loans $ 3,333 $ 1,158 Large loans 13,743 4,138 Retail loans 48 17 Total $ 17,124 $ 5,313 The following tables provide the number and amount of net finance receivables modified and classified as TDRs during the periods presented: Three Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 743 $ 1,425 Large loans 737 4,283 Retail loans 1 3 Total 1,481 $ 5,711 Six Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 1,509 $ 2,889 Large loans 1,497 8,326 Retail loans 4 8 Total 3,010 $ 11,223 (1) Represents the post-modification net finance receivables balance of loans that have been modified during the period and resulted in a TDR. The following tables provide the number of accounts and amortized cost basis of finance receivables that subsequently defaulted within the periods indicated (that were modified as a TDR in the preceding 12 months). The Company defines payment default as 90 days past due for this disclosure. The respective amounts and activity for the periods indicated are as follows: Three Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 198 $ 384 Large loans 208 1,211 Retail loans 2 6 Total 408 $ 1,601 Six Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 452 $ 862 Large loans 418 2,423 Retail loans 4 12 Total 874 $ 3,297 (1) Only includes defaults occurring within 12 months of a loan being designated as a TDR. Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted. |
Restricted Available-for-Sale I
Restricted Available-for-Sale Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Restricted Available-for-Sale Investments | Note 4. Restricted Available-for-Sale Investments The following tables reconcile the amortized cost, gross unrealized gains and losses included in accumulated other comprehensive income or loss, and estimated fair value of the Company’s restricted available-for-sale investments as of the periods indicated: June 30, 2023 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Restricted investments $ 20,762 $ — $ ( 464 ) $ 20,298 December 31, 2022 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Restricted investments $ 21,158 $ — $ ( 742 ) $ 20,416 The following tables include the gross unrealized losses and estimated fair values of restricted available-for-sale investments that were in a continuous unrealized loss position, for which no allowance for credit loss has been recorded, as of the periods indicated: June 30, 2023 Less than 12 Months 12 Months or Longer Total Dollars in thousands Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Restricted investments $ 20,298 $ ( 464 ) $ — $ — $ 20,298 $ ( 464 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Dollars in thousands Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Restricted investments $ 20,416 $ ( 742 ) $ — $ — $ 20,416 $ ( 742 ) The restricted available-for-sale investments consist of U.S. Treasuries which are measured at fair value and include accrued interest receivables of $ 0.0 million and $ 0.3 million as of June 30, 2023 and December 31, 2022, respectively. The investments consist of highly rated securities backed by the U.S. federal government. As a result, the Company has not recorded an allowance for credit losses related to the restricted available-for-sale investments. Changes in fair value are the result of recent increases in interest rates by the Federal Reserve that occurred after the purchase of the investments. The following table includes the amortized cost and estimated fair values of restricted available-for-sale investments by contractual maturity as of the periods indicated: June 30, 2023 Dollars in thousands Amortized Cost Estimated Fair Value Due in one year $ 18,618 $ 18,231 Due within one year to five years 2,144 2,067 Due within five years to ten years — — Due after ten years — — Total restricted available-for-sale investments $ 20,762 $ 20,298 The following table includes the proceeds from sold or matured restricted available-for-sale investments for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Purchases of restricted available-for-sale investments $ — $ — $ 1,900 $ — Maturities of restricted available-for-sale investments 2,117 — 2,117 — The Company had no gross realized gains or losses during the three and six months ended June 30, 2023 and 2022 , respectively. For additional information on the Company's restricted available-for-sale investments, see Note 8, "Disclosure About Fair Value of Financial Instruments." |
Interest Rate Caps
Interest Rate Caps | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Caps | Note 5. Interest Rate Caps The Company previously purchased interest rate cap contracts to manage the risk associated with LIBOR-based borrowings. Each contract was collateralizable and contained a strike rate against the one-month LIBOR. When the one-month LIBOR exceeded the strike rate, the counterparty remitted to the Company for the excess over the strike rate. No payment was required by the Company or the counterparty when the one-month LIBOR was below the strike rate. As of September 30, 2022, the Company no longer maintained interest rate cap protections. The following is a summary of changes in fair value of the interest rate caps for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Dollars in thousands 2023 2022 2023 2022 Balance at beginning of period $ — $ 16,744 $ — $ 6,586 Purchases — — — — Sales — ( 14,687 ) — ( 14,687 ) Fair value adjustment included as a decrease in interest expense — 3,024 — 13,182 Balance at end of period $ — $ 5,081 $ — $ 5,081 The following table provides information regarding the offsetting of interest rate caps and cash collateral received or paid for the periods indicated: Dollars in thousands June 30, 2023 June 30, 2022 Interest rate caps $ — $ 5,081 Cash collateral received — ( 5,457 ) Net asset (liability) in the consolidated balance sheet $ — $ ( 376 ) |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. Debt The following is a summary of the Company’s debt as of the periods indicated: June 30, 2023 December 31, 2022 Dollars in thousands Debt Unamortized Debt Issuance Costs (1) Net Debt Debt Unamortized Debt Issuance Costs (1) Net Debt Senior revolving credit facility $ 105,426 $ ( 1,003 ) $ 104,423 $ 147,547 $ ( 1,104 ) $ 146,443 RMR II revolving warehouse credit facility — — — 189 — 189 RMR IV revolving warehouse credit facility 3,074 — 3,074 18,144 ( 338 ) 17,806 RMR V revolving warehouse credit facility 22,236 — 22,236 286 — 286 RMR VI revolving warehouse credit facility 20,512 — 20,512 — — — RMR VII revolving warehouse credit facility 4,414 — 4,414 — — — RMIT 2020-1 securitization 180,214 ( 208 ) 180,006 180,214 ( 618 ) 179,596 RMIT 2021-1 securitization 248,916 ( 563 ) 248,353 248,916 ( 985 ) 247,931 RMIT 2021-2 securitization 200,192 ( 1,320 ) 198,872 200,192 ( 1,534 ) 198,658 RMIT 2021-3 securitization 125,202 ( 1,021 ) 124,181 125,202 ( 1,178 ) 124,024 RMIT 2022-1 securitization 250,374 ( 1,416 ) 248,958 250,374 ( 1,841 ) 248,533 RMIT 2022-2B securitization 184,295 ( 1,392 ) 182,903 184,295 ( 1,914 ) 182,381 Total $ 1,344,855 $ ( 6,923 ) $ 1,337,932 $ 1,355,359 $ ( 9,512 ) $ 1,345,847 Unused amount of revolving credit facilities (subject to borrowing base) $ 640,723 $ 555,117 (1) Unamortized debt issuance costs related to the revolving warehouse credit facilities are presented within other assets in the consolidated balance sheets. RMR II had $ 0.9 million in such costs as of December 31, 2022 . RMR IV had $ 0.9 million of such costs as of June 30, 2023 . RMR V had $ 0.4 million of such costs for both June 30, 2023 and December 31, 2022 . RMR VI had $ 0.9 million of such costs as of June 30, 2023 . RMR VII had $ 0.8 million of such costs as of June 30, 2023 . Senior Revolving Credit Facility: In November 2022, the Company amended and restated its senior revolving credit facility to, among other things, decrease the availability under the facility from $ 500 million to $ 420 million . The senior revolving credit facility matures in September 2024 . Excluding the receivables held by the Company’s VIEs, the senior revolving credit facility is secured by substantially all of the Company’s finance receivables and equity interests of the majority of its subsidiaries. Advances on the senior revolving credit facility are capped at 83 % of eligible finance receivables ( 67 % of eligible finance receivables as of June 30, 2023). In September 2022, the Company amended and restated its senior revolving credit facility to replace LIBOR as the benchmark rate for the calculation of interest with a forward-looking term rate based on the secured overnight financing rate (" SOFR ") or, in certain limited circumstances, another alternative benchmark rate. The one-month LIBOR was replaced on October 1, 2022 by one-month SOFR with a floor of not less than 0.50 %, plus a 3.00 % margin and a benchmark adjustment. The effective interest rate was 8.26 % at June 30, 2023 . The Company pays an unused commitment fee between 0.50 % and 1.00 % based upon the average outstanding balance. As of June 30, 2023, the Company had $ 103.3 million of immediate available liquidity to draw down cash under the facility and held $ 10.3 million in unrestricted cash. Variable Interest Entity Debt: As part of its overall funding strategy, the Company has transferred certain finance receivables to affiliated VIEs for asset-backed financing transactions, including securitizations. The following debt arrangements are issued by the Company’s wholly-owned, bankruptcy-remote SPEs, which are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. These debts are supported by the expected cash flows from the underlying collateralized finance receivables. Collections on these finance receivables are remitted to restricted cash collection accounts, which totaled $ 114.1 million and $ 112.2 million as of June 30, 2023 and December 31, 2022, respectively. Cash inflows from the finance receivables are distributed to the lenders/investors, the service providers, and/or the residual interest that the Company owns in accordance with a monthly contractual priority of payments. The SPEs pay a servicing fee to the Company, which is eliminated in consolidation. Distributions from the SPEs to the Company are permitted under the debt arrangements. At each sale of receivables from the Company’s affiliates to the SPEs, the Company makes certain representations and warranties about the quality and nature of the collateralized receivables. The debt arrangements require the Company to repurchase the receivables in certain circumstances, including circumstances in which the representations and warranties made by the Company concerning the quality and characteristics of the receivables are inaccurate. Assets transferred to each SPE are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, the assets of each SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. RMR II Revolving Warehouse Credit Facility: In April 2021, the Company and its wholly-owned SPE, Regional Management Receivables II, LLC (“ RMR II ”), amended and restated the credit agreement that provides for a revolving warehouse credit facility to RMR II to, among other things, extend the date at which the facility converts to an amortizing loan and the termination date to March 2023 and March 2024 , respectively, decrease the total facility from $ 125 million to $ 75 million, increase the cap on facility advances from 80 % to 83 % of eligible finance receivables, and increase the rate at which borrowings under the facility bore interest, payable monthly, at a rate equal to three-month LIBOR, with a LIBOR floor of 0.25 %, plus a blended margin of 2.35 % ( 2.15 % prior to the April 2021 amendment). In September 2022 , the Company and RMR II amended and restated the credit agreement that provides for a revolving warehouse credit facility to RMR II to replace LIBOR as the benchmark rate for calculation of interest rate with a forward-looking term rate based on SOFR or, in certain limited circumstances, another alternative benchmark rate. The three-month LIBOR was replaced on October 1, 2022 by three-month SOFR with a floor of 0.25 %, plus a 2.35 % margin, and a benchmark adjustment. In March 2023, the Company and RMR II exercised the right to make an optional principal repayment in full, and in connection with such repayment, the facility terminated. RMR IV Revolving Warehouse Credit Facility: In April 2021, the Company and its wholly-owned SPE, Regional Management Receivables IV, LLC (“ RMR IV ”), entered into a credit agreement that provides for a $ 125 million revolving warehouse credit facility to RMR IV. The facility was to convert to an amortizing loan in April 2023 and terminate in April 2024 . In April and May 2023, the Company and its wholly-owned SPE, RMR IV, amended and restated the credit agreement that provides for a revolving warehouse credit facility to (i) extend the amortizing loan conversion date from April 2023 to May 2025 and the termination date from April 2024 to May 2026 ; (ii) decrease the capped advances on the facility from 81 % to 77 % of eligible finance receivables; and (iii) increase the margin from 2.35 % to 2.80 %. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR IV. In September 2022 , the Company RMR IV amended and restated the credit agreement that provides for a revolving warehouse credit facility to RMR IV to replace LIBOR as the benchmark rate for calculation of interest rate with a forward-looking term rate based on SOFR or, in certain limited circumstances, another alternative benchmark rate. The one-month LIBOR was replaced on October 1, 2022 by one-month SOFR with a margin of 2.35 % and a benchmark adjustment. The effective interest rate was 8.06 % as of June 30, 2023 . RMR IV pays an unused commitment fee between 0.35 % and 0.70 % based upon the average daily utilization of the facility. RMR IV had $ 18.1 million of immediate availability to draw down cash under the facility and held $ 0.3 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the credit agreement. RMR V Revolving Warehouse Credit Facility: In September 2022, the Company and its wholly owned SPE, Regional Management Receivables V, LLC (“ RMR V ”), amended and restated the credit agreement that provides for a $ 100 million revolving warehouse credit facility to RMR V to extend the date at which the facility converts to an amortizing loan and the termination date to November 2022 and November 2023 , respectively (October 2022 and October 2023, respectively, prior to the September 2022 amendment). Following a subsequent amendment in November 2022, the amortizing loan conversion date and termination date were extended to November 2024 and November 2025 , respectively. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR V. Advances on the facility are capped at 80 % of eligible finance receivables. Borrowings under the facility bear interest, payable monthly, at a per annum rate, which in the case of a conduit lender is the commercial paper rate, plus a margin of 2.75 % ( 2.20 % prior to the November 2022 amendment). The effective interest rate was 8.17 % as of June 30, 2023. RMR V pays an unused commitment fee between 0.45 % and 0.75 % based upon the average daily utilization of the facility. RMR V had $ 15.5 million of immediate availability to draw down cash under the facility and held $ 0.5 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the credit agreement. RMR VI Revolving Warehouse Credit Facility: In February 2023, the Company and its wholly-owned SPE, Regional Management Receivables VI, LLC (“ RMR VI ”), entered into a credit agreement that provides for a $ 75 million revolving warehouse credit facility to RMR VI. The facility converts to an amortizing loan in February 2025 and terminates in February 2026. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR VI. Advances on the facility are capped at 80 % of eligible finance receivables. Borrowings under the facility bear interest, payable monthly, at a rate equal to one-month SOFR, plus (i) 0.10% per annum, (ii) a margin of 2.50%, and (iii) the applicable step-up margin ( 0.00 % during the revolving period). The effective interest rate was 7.76 % as of June 30, 2023 . RMR VI pays a monthly unused commitment fee of 0.50 %. RMR VI had no immediate availability to draw down cash under the facility and held $ 0.3 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the credit agreement. RMR VII Revolving Warehouse Credit Facility: In April 2023, the Company and its wholly-owned SPE, Regional Management Receivables VII, LLC (“ RMR VII ”), entered into a credit agreement that provides for a $ 75 million revolving warehouse credit facility to RMR VII. The facility converts to an amortizing loan in October 2024 and terminates in October 2025. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR VII. Advances on the facility are capped at 80 % of eligible finance receivables. Borrowings under the facility bear interest, payable monthly, at a rate equal to one-month SOFR, plus (i) 0.10% per annum, (ii) a margin of 3.00%, and (iii) the applicable step-up margin ( 0.00 % during the revolving period). The effective interest rate was 8.26 % as of June 30, 2023. RMR VII pays a monthly unused commitment fee ranging between 0.45% and 0.65%. RMR VII had no immediate availability to draw down cash under the facility and held $ 0.1 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the credit agreement. RMIT 2020-1 Securitization: In September 2020, the Company, its wholly-owned SPE, Regional Management Receivables III, LLC (“ RMR III ”), and the Company’s indirect wholly-owned SPE, Regional Management Issuance Trust 2020-1 (“ RMIT 2020-1 ”), completed a private offering and sale of $ 180 million of asset-backed notes. The transaction consisted of the issuance of four classes of fixed-rate asset-backed notes by RMIT 2020-1. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sold and transferred to RMIT 2020-1. The notes have a revolving period ending in September 2023 , with a final maturity date in October 2030 . RMIT 2020-1 held $ 1.9 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the transaction documents. Borrowings under the RMIT 2020-1 securitization bear interest, payable monthly, at an effective interest rate of 2.85 % as of June 30, 2023 . Prior to maturity in October 2030 , the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in October 2023. No payments of principal of the notes will be made during the revolving period . RMIT 2021-1 Securitization: In February 2021, the Company, its wholly-owned SPE, RMR III, and the Company’s indirect wholly-owned SPE, Regional Management Issuance Trust 2021-1 (“ RMIT 2021-1 ”), completed a private offering and sale of $ 249 million of asset-backed notes. The transaction consisted of the issuance of four classes of fixed-rate asset-backed notes by RMIT 2021-1. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sold and transferred to RMIT 2021-1. The notes have a revolving period ending in February 2024 , with a final maturity date in March 2031 . RMIT 2021-1 held $ 2.6 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the transaction documents. Borrowings under the RMIT 2021-1 securitization bear interest, payable monthly, at an effective interest rate of 2.08 % as of June 30, 2023 . Prior to maturity in March 2031 , the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in March 2024. No payments of principal of the notes will be made during the revolving period . RMIT 2021-2 Securitization: In July 2021, the Company, its wholly-owned SPE, RMR III, and the Company’s indirect wholly-owned SPE, Regional Management Issuance Trust 2021-2 (“ RMIT 2021-2 ”), completed a private offering and sale of $ 200 million of asset-backed notes. The transaction consisted of the issuance of four classes of fixed-rate asset-backed notes by RMIT 2021-2. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sold and transferred to RMIT 2021-2. The notes have a revolving period ending in July 2026 , with a final maturity date in August 2033 . RMIT 2021-2 held $ 2.1 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the transaction documents. Borrowings under the RMIT 2021-2 securitization bear interest, payable monthly, at an effective interest rate of 2.30 % as of June 30, 2023 . Prior to maturity in August 2033, the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in August 2026. No payments of principal of the notes will be made during the revolving period . RMIT 2021-3 Securitization: In October 2021, the Company, its wholly-owned SPE, RMR III, and the Company’s indirect wholly-owned SPE, Regional Management Issuance Trust 2021-3 (“ RMIT 2021-3 ”), completed a private offering and sale of $ 125 million of asset-backed notes. The transaction consisted of the issuance of fixed-rate, asset-backed notes by RMIT 2021-3. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sold and transferred to RMIT 2021-3. The notes have a revolving period ending in September 2026 , with a final maturity date in October 2033 . RMIT 2021-3 held $ 1.5 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the transaction documents. Borrowings under the RMIT 2021-3 securitization bear interest, payable monthly, at an effective interest rate of 3.88 % as of June 30, 2023 . Prior to maturity in October 2033, the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in October 2024. No payments of principal of the notes will be made during the revolving period. RMIT 2022-1 Securitization: In February 2022, the Company, its wholly-owned SPE, RMR III, and the Company’s indirect wholly-owned SPE, Regional Management Issuance Trust 2022-1 (“ RMIT 2022-1 ”), completed a private offering and sale of $ 250 million of asset-backed notes. The transaction consisted of the issuance of four classes of fixed-rate asset-backed notes by RMIT 2022-1. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sold and transferred to RMIT 2022-1. The notes have a revolving period ending in February 2025 , with a final maturity date in March 2032 . RMIT 2022-1 held $ 2.6 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the transaction documents. Borrowings under the RMIT 2022-1 securitization bear interest, payable monthly, at an effective interest rate of 3.59 % as of June 30, 2023 . Prior to maturity in March 2032, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in March 2025. No payments of principal of the notes will be made during the revolving period. RMIT 2022-2B Securitization: In October 2022, the Company, its wholly-owned SPE, RMR III, and its indirect wholly-owned SPE, Regional Management Issuance Trust 2022-2B (“ RMIT 2022-2B ”), completed a private offering and sale of $ 200 million of asset-backed notes. The transaction consisted of the issuance of three classes of fixed-rate, asset-backed notes by RMIT 2022-2B. The asset-backed notes were secured by finance receivables and other related assets that RMR III purchased from the Company and have a revolving period ending in October 2024 , with a final maturity date in November 2031 . RMR III sold two classes of the asset-backed notes and transferred them to RMIT 2022-2B. RMIT 2022-2B held $ 2.3 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the transaction documents. Borrowings under the sold notes bear interest, payable monthly, at an effective interest rate of 7.51 % as of June 30, 2023 . The $ 16.3 million class of the fixed-rate, asset-backed notes was retained by RMR III on the closing date but may be sold in whole or in part. Prior to maturity in November 2031, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in November 2024. No payments of principal of the notes will be made during the revolving period. The Company’s debt arrangements are subject to certain covenants, including monthly and annual reporting, maintenance of specified interest coverage and debt ratios, restrictions on distributions, limitations on other indebtedness, and certain other restrictions. As of June 30, 2023 , the Company was in compliance with all debt covenants. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 7. Stockholders’ Equity Stock repurchase program: In May 2021, the Company announced that its Board of Directors (the " Board ") had authorized a $ 30.0 million stock repurchase program. In August 2021, the Company announced that the Board had approved a $ 20.0 million increase in the amount authorized under the stock repurchase program, from $ 30.0 million to $ 50.0 million. In January 2022, the Company completed the stock repurchase program, having repurchased a total of 945 thousand shares of common stock. In February 2022, the Company announced that the Board had authorized a new $ 20.0 million stock repurchase program. In May 2022, the Company completed the stock repurchase program, having repurchased a total of 426 thousand shares of common stock. The following is a summary of the Company’s repurchased shares of common stock for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, Dollars and shares in thousands, except per share amounts 2023 2022 2023 2022 Common stock repurchased — 253 — 437 Weighted-average cost per share $ — $ 45.75 $ — $ 47.14 Total cost of common stock repurchased $ — $ 11,582 $ — $ 20,613 Quarterly cash dividend: The Board may in its discretion declare and pay cash dividends on the Company’s common stock. The following table presents the dividends declared per share of common stock for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Dividends declared per common share $ 0.30 $ 0.30 $ 0.60 $ 0.60 See Note 13, “Subsequent Events,” for information regarding the Company’s cash dividend following the end of the fiscal quarter. |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Note 8. Disclosure About Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and restricted cash: Cash and restricted cash is recorded at cost, which approximates fair value due to its highly liquid nature. Restricted available-for-sale investments: The fair value of U.S. Treasury securities are priced using an external pricing service which the Company corroborates using a secondary external vendor. For additional information on the Company's restricted available-for-sale investments, see Note 4, "Restricted Available-for-Sale Investments." Net finance receivables: The Company determines the fair value of net finance receivables using a discounted cash flows methodology. The application of this methodology requires the Company to make certain estimates and judgments. These estimates and judgments include, but are not limited to, prepayment rates, default rates, loss severity, and risk-adjusted discount rates. Debt: The Company estimates the fair value of debt using estimated credit marks based on an index of similar financial instruments (credit facilities) and projected cash flows from the underlying collateralized finance receivables (securitizations), each discounted using a risk-adjusted discount rate. Certain of the Company’s assets estimated fair value are classified and disclosed in one of the following three categories: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs that are not corroborated by market data. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are estimated at fair value. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. The following table includes the carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value: June 30, 2023 December 31, 2022 Dollars in thousands Carrying Estimated Carrying Estimated Assets Level 1 Cash $ 10,330 $ 10,330 $ 3,873 $ 3,873 Restricted cash 131,132 131,132 127,926 127,926 Level 3 Net finance receivables, less unearned insurance 1,458,478 1,540,088 1,469,585 1,554,794 Liabilities Level 3 Debt 1,344,855 1,231,702 1,355,359 1,219,832 The following table includes the carrying amounts and estimated fair values of amounts the Company measures at fair value on a recurring basis: June 30, 2023 December 31, 2022 Dollars in thousands Carrying Estimated Carrying Estimated Assets Level 2 Restricted available-for-sale investments 20,298 20,298 20,416 20,416 As of the periods indicated above, there were no financial assets or liabilities measured at fair value on a non-recurring basis. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The Company records interim provisions for income taxes based on an estimated annual effective tax rate. The Company recognizes discrete tax benefits or deficiencies in the income tax line of the consolidated statements of income. These discrete benefits or deficiencies are primarily the result of exercises or vestings of share-based awards. The following table summarizes the components of income taxes for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Dollars in thousands 2023 2022 2023 2022 Provision for corporate taxes $ 1,758 $ 3,855 $ 4,660 $ 12,418 Discrete tax (benefits) deficiencies 32 ( 51 ) 46 ( 448 ) Total income taxes $ 1,790 $ 3,804 $ 4,706 $ 11,970 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Share The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per share amounts 2023 2022 2023 2022 Numerator: Net income $ 6,023 $ 11,982 $ 14,712 $ 38,765 Denominator: Weighted-average shares outstanding for basic earnings per share 9,399 9,261 9,363 9,396 Effect of dilutive securities 167 408 232 449 Weighted-average shares adjusted for dilutive securities 9,566 9,669 9,595 9,845 Earnings per share: Basic $ 0.64 $ 1.29 $ 1.57 $ 4.13 Diluted $ 0.63 $ 1.24 $ 1.53 $ 3.94 During the three and six months ended June 30, 2023 and 2022, 0.6 million and 0.2 million shares of common stock were outstanding, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. These anti-dilutive awards include Non-Qualified Stock Options, Restricted Stock Awards, Performance-Contingent Restricted Stock Units, and Performance Restricted Stock Units. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 11. Share-Based Compensation The Company previously adopted the 2007 Management Incentive Plan (the “ 2007 Plan ”) and the 2011 Stock Incentive Plan (the “ 2011 Plan ”). On April 22, 2015, the stockholders of the Company approved the 2015 Long-Term Incentive Plan (the “ 2015 Plan ”), and on each of April 27, 2017 and May 20, 2021, the stockholders of the Company re-approved the 2015 Plan, as amended and restated on each respective date. As of June 30, 2023 , subject to adjustments as provided in the 2015 Plan, the maximum aggregate number of shares of the Company’s common stock that could be issued under the 2015 Plan could not exceed the sum of (i) 2.6 million shares (such amount reflecting an increase of 1.05 million additional or “new” shares in connection with the May 20, 2021 re-approval of the 2015 Plan) plus (ii) any shares remaining available for the grant of awards as of the 2015 Plan effective date (April 22, 2015) under the 2007 Plan or the 2011 Plan, plus (iii) any shares subject to an award granted under the 2007 Plan or the 2011 Plan, which award is forfeited, cash-settled, cancelled, terminated, expires, or lapses for any reason without the issuance of shares or pursuant to which such shares are forfeited. As of the effective date of the 2015 Plan (April 22, 2015), there were 0.9 million shares available for grant under the 2015 Plan, inclusive of shares previously available for grant under the 2007 Plan and the 2011 Plan that were rolled over to the 2015 Plan. No further grants will be made under the 2007 Plan or the 2011 Plan. However, awards that are outstanding under the 2007 Plan and the 2011 Plan will continue in accordance with their respective terms. As of June 30, 2023, there were 0.5 million shares available for grant under the 2015 Plan. For the three months ended June 30, 2023 and 2022, the Company recorded share-based compensation expense of $ 2.3 million and $ 2.7 million , respectively. The Company recorded $ 4.4 million and $ 4.9 million in share-based compensation for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, unrecognized share-based compensation expense to be recognized over future periods approximated $ 19.2 million . This amount will be recognized as expense over a weighted-average period of 2.0 years. Share-based compensation expenses are recognized on a straight-line basis over the requisite service period of the agreement. All share-based compensation is classified as equity awards. The Company allows for the settlement of share-based awards on a net share basis. With net share settlement, the employee does not surrender any cash or shares upon the exercise of stock options or the vesting of stock awards or stock units. Rather, the Company withholds the number of shares with a value equivalent to the option exercise price (for stock options) and the statutory tax withholding (for all share-based awards). Net share settlements have the effect of reducing the number of shares that would have otherwise been issued as a result of exercise or vesting. Long-term incentive program: The Company issues performance restricted stock units (“ PRSUs ”) and restricted stock awards (“ RSAs ”) to certain members of senior management under a long-term incentive program (“ LTIP ”). Recurring annual grants are made at the discretion of the Board. The annual grants are subject to cliff- and graded-vesting, generally concluding at the end of the third calendar year and subject to continued employment or as otherwise provided in the underlying award agreements. Vested PRSUs are subject to an additional one-year holding period following the vesting date. The actual value of the PRSUs that may be earned can range from 0 % to 150 % of target based on positive or negative cumulative total shareholder return concluding at the end of the third calendar year . Prior to 2022, the Company issued non-qualified stock options, performance-contingent restricted stock units (“ RSUs ”), cash-settled performance units (“ CSPUs ”), and RSAs to certain members of senior management under the LTIP. The CSPUs are cash incentive awards, and the associated expense is not based on the market price of the Company’s common stock. The annual grants are subject to cliff- and graded-vesting, generally concluding at the end of the third calendar year and subject to continued employment or as otherwise provided in the underlying award agreements. The actual value of the RSUs and CSPUs that may be earned can range from 0 % to 150 % of target based on the percentile ranking of the Company’s compound annual growth rate of pre-provision net income and pre-provision net income per share compared to a public company peer group over a three-year performance period. Key team member incentive program: The Company also has a key team member incentive program for certain other members of senior management. Recurring annual participation in the program is at the discretion of the Board and executive management. Each participant in the program is eligible to earn an RSA, subject to performance over a one-year period. Payout under the program can range from 0 % to 150 % of target based on the achievement of five Company performance metrics and individual performance goals (subject to continued employment and certain other terms and conditions of the program). If earned, the RSA is issued following the one-year performance period and vests ratably over a subsequent two-year period (subject to continued employment or as otherwise provided in the underlying award agreement). Inducement and retention program: From time to time, the Company issues stock awards and other long-term incentive awards in conjunction with employment offers to select new employees and retention grants to select existing employees. The Company issues these awards to attract and retain talent and to provide market competitive compensation. The grants have various vesting terms, including fully-vested awards at the grant date, cliff-vesting, and graded-vesting over periods of up to five years (subject to continued employment or as otherwise provided in the underlying award agreements). Non-employee director compensation program: The Company awards its non-employee directors a cash retainer and shares of restricted common stock. The RSAs are granted on the fifth business day following the Company’s annual meeting of stockholders and fully vest upon the earlier of the first anniversary of the grant date or the completion of the directors’ annual service to the Company (so long as the period between the date of the annual stockholders’ meeting related to the grant date and the date of the next annual stockholders’ meeting is not less than 50 weeks). The following are the terms and amounts of the awards issued under the Company’s share-based incentive programs: Non-qualified stock options: The exercise price of all stock options is equal to the Company’s closing stock price on the date of grant. Stock options are subject to various vesting terms, including graded- and cliff-vesting over periods of up to five years . In addition, stock options vest and become exercisable in full or in part under certain circumstances, including following the occurrence of a change of control (as defined in the option award agreements). Participants who are awarded options must exercise their options within a maximum of ten years of the grant date. The fair value of option grants was estimated on the grant date using the Black-Scholes option-pricing model. Beginning in 2022, the Company no longer issues non-qualified stock options as part of its annual long-term incentive program. The following table summarizes the stock option activity for the six months ended June 30, 2023: Dollars and shares in thousands, except per share amounts Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Aggregate Intrinsic Value Options outstanding at January 1, 2023 527 $ 23.07 Granted — — Exercised ( 18 ) 16.09 Forfeited — — Expired — — Options outstanding at June 30, 2023 509 $ 23.32 5.5 $ 3,684 Options exercisable at June 30, 2023 457 $ 22.57 5.3 $ 3,641 The following table provides additional stock option information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per share amounts 2023 2022 2023 2022 Weighted-average grant date fair value per share $ — $ — $ — $ — Intrinsic value of options exercised $ 277 $ — $ 277 $ 2,142 Fair value of stock options that vested $ — $ — $ — $ — Performance restricted stock units: Compensation expense for PRSUs is based on the fair value of the award estimated on the grant date using the Monte Carlo valuation model. The following are the weighted-average assumptions for the PRSU grants during the periods indicated below: Six Months Ended 2023 2022 Expected volatility 40.18 % 39.24 % Expected dividends 2.24 % — Risk-free rate 5.21 % 1.05 % Discount for post-vesting restrictions 8.48 % 11.93 % The following table summarizes PRSU activity during the six months ended June 30, 2023: Dollars and units in thousands, except per unit amounts Units Weighted-Average Non-vested units at January 1, 2023 70 $ 52.07 Granted 118 32.40 Achieved performance adjustment — — Vested — — Forfeited — — Non-vested units at June 30, 2023 188 $ 39.72 The following table provides additional PRSU information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per unit amounts 2023 2022 2023 2022 Weighted-average grant date fair value per unit $ 32.40 $ — $ 32.40 $ 52.07 Fair value of PRSUs that vested $ — $ — $ — $ — Performance-contingent restricted stock units: Compensation expense for RSUs is based on the Company’s closing stock price on the date of grant and the probability that certain financial goals will be achieved over the performance period. Compensation expense is estimated based on expected performance and is adjusted at each reporting period. The following table summarizes RSU activity during the six months ended June 30, 2023: Dollars and units in thousands, except per unit amounts Units Weighted-Average Non-vested units at January 1, 2023 108 $ 21.87 Granted (target) — — Achieved performance adjustment 28 15.86 Vested ( 91 ) 15.86 Forfeited — — Non-vested units at June 30, 2023 45 $ 30.22 The following table provides additional RSU information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per unit amounts 2023 2022 2023 2022 Weighted-average grant date fair value per unit $ — $ — $ — $ — Fair value of RSUs that vested $ 1,445 $ 513 $ 1,445 $ 513 Restricted stock awards: The fair value and compensation expense of the primary portion of the Company’s RSAs are calculated using the Company’s closing stock price on the date of grant. These RSAs include director awards, inducement awards, and RSAs granted pursuant to the Company’s long-term incentive program. The fair value and compensation expense of RSAs granted pursuant to the Company’s performance-based key team member incentive program are calculated using the Company’s closing stock price on the date of grant and the probability that certain financial goals will be achieved over the performance period. Compensation expense is estimated based on expected performance and is adjusted at each reporting period. The following table summarizes RSA activity during the six months ended June 30, 2023: Dollars and shares in thousands, except per share amounts Shares Weighted-Average Non-vested shares at January 1, 2023 198 $ 38.99 Granted 233 34.50 Vested ( 28 ) 46.41 Forfeited ( 2 ) 53.04 Non-vested shares at June 30, 2023 401 $ 35.83 The following table provides additional RSA information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per share amounts 2023 2022 2023 2022 Weighted-average grant date fair value per share $ 28.97 $ 46.86 $ 34.50 $ 40.95 Fair value of RSAs that vested $ 1,127 $ 939 $ 1,281 $ 1,156 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies In the normal course of business, the Company has been named as a defendant in legal actions in connection with its activities. Some of the actual or threatened legal actions include claims for compensatory damages or claims for indeterminate amounts of damages. The Company contests liability and the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability has been incurred and the Company can reasonably estimate the amount of that loss, the Company accrues the estimated loss by a charge to net income. However, in many legal actions, it is inherently difficult to determine whether any loss is probable, or even reasonably possible, or to estimate the amount of loss. This is particularly true for actions that are in their early stages of development or where plaintiffs seek indeterminate damages. In addition, even where a loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued, it is not always possible to reasonably estimate the size of the possible loss or range of loss. Before a loss, additional loss, range of loss, or range of additional loss can be reasonably estimated for any given action, numerous issues may need to be resolved, including through lengthy discovery, following determination of important factual matters, and/or by addressing novel or unsettled legal questions. For certain other legal actions, the Company can estimate reasonably possible losses, additional losses, ranges of loss, or ranges of additional loss in excess of amounts accrued, but the Company does not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on the consolidated financial statements. While the Company will continue to identify legal actions where it believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that the Company has not yet been notified of or are not yet determined to be probable, or reasonably possible and reasonable to estimate. The Company expenses legal costs as they are incurred. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events Quarterly cash dividend: In August 2023 , the Company announced that the Board declared a quarterly cash dividend of $ 0.30 per share. The dividend will be paid on September 14, 2023 to shareholders of record at the close of business on August 23, 2023 . The declaration, amount, and payment of any future cash dividends on shares of the Company’s common stock will be at the discretion of the Board. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: The consolidated financial statements of the Company have been prepared in accordance with the Securities and Exchange Commission (the “ SEC ”) regulations and U.S. Generally Accepted Accounting Principles (“ GAAP ”) for interim financial information and, accordingly, do not include all information and note disclosures required by GAAP for complete financial statements. The interim financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm in accordance with standards of the Public Company Accounting Oversight Board (United States), but in the opinion of management, the interim financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 , as filed with the SEC. |
Significant accounting policies | Significant accounting policies: The following is a description of significant accounting policies used in preparing the financial statements. The accounting and reporting policies of the Company are in accordance with GAAP. |
Principles of consolidation | Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate wholly owned subsidiary in each state. The Company also consolidates variable interest entities (each, a “ VIE ”) when it is considered to be the primary beneficiary of the VIE because it has (i) power over the significant activities of the VIE and (ii) the obligation to absorb losses or the right to receive returns that could be significant to the VIE. |
Variable interest entities | Variable interest entities: The Company transfers pools of loans to wholly owned, bankruptcy-remote, special purpose entities (each, an “ SPE ”) to secure debt for general funding purposes. These entities have the limited purpose of acquiring finance receivables and holding and making payments on the related debts. Assets transferred to each SPE are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, the assets of each SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. The Company continues to service the finance receivables transferred to the SPEs. The lenders and investors in the debt issued by the SPEs generally only have recourse to the assets of the SPEs and do not have recourse to the general credit of the Company. The SPEs’ debt arrangements are structured to provide credit enhancements to the lenders and investors, which may include overcollateralization, subordination of interests, excess spread, and reserve funds. These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of the SPEs. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. |
Use of estimates | Use of estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Actual results could differ from those estimates. Estimates that are susceptible to change relate to the determination of the allowance for credit losses, the valuation of deferred tax assets and liabilities, and the fair value of financial instruments. |
Recent accounting pronouncements | Recent accounting pronouncements: In March 2022, the Financial Accounting Standards Board (“ FASB ”) issued an accounting update (" ASU 2022-02 ") eliminating the accounting for troubled debt restructurings (each, a “ TDR ”) by creditors while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendment also requires disclosure of gross credit losses by year of origination for finance receivables. The amendments in this update are effective for annual and interim periods beginning after December 15, 2022. The elimination of the TDR guidance may be adopted prospectively for loan modifications after adoption or on a modified retrospective basis, which would also apply to loans previously modified, resulting in a cumulative effect adjustment to retained earnings in the period of adoption for changes in the allowance for credit losses. The Company adopted the new standard on January 1, 2023 and elected to apply the new measurement and recognition guidance for TDRs under the modified retrospective transition method. Adoption did not have a material impact on the Company's consolidated financial statements. |
Net finance receivables | Net finance receivables: The Company’s small loan portfolio is comprised of branch small loan receivables and convenience check receivables. Branch small loan receivables are direct loans to customers and are secured by non-essential household goods and, in some instances, an automobile. Convenience checks are direct loans originated by mailing checks to customers based on a pre-screening process that includes a review of the prospective customer’s credit profile provided by national credit reporting bureaus or data aggregators. A recipient of a convenience check is able to enter into a loan by endorsing and depositing or cashing the check. Large loan receivables are direct loans to customers, some of which are convenience check receivables and the vast majority of which are secured by non-essential household goods, automobiles, and/or other vehicles. Retail loan receivables consist principally of retail installment sales contracts collateralized by the purchased furniture, appliances, and other retail items and are initiated by and purchased from retailers, subject to the Company’s credit approval. Loan renewals are a significant piece of new volume and are considered a terminal event of the previous loan. The Company may renew delinquent secured or unsecured loan accounts if the customer meets the Company’s underwriting criteria and it does not appear the cause of past delinquency will affect the customer’s ability to repay the renewed loan. Generally, the Company classifies finance receivables as held for investment based on management’s intent at the time of origination. The Company determines classification on a receivable-by-receivable basis. The Company classifies finance receivables as held for investment due to its ability and intent to hold them until their contractual maturities. Net finance receivables consist of the Company’s installment loans. The Company carries net finance receivables at amortized cost, which includes remaining principal balance, accrued interest, and net unamortized deferred origination costs and unamortized fees. |
Allowance for credit losses | Allowance for credit losses: The allowance for credit losses is based on historical credit experience, current conditions, and reasonable and supportable economic forecasts. The historical loss experience is adjusted for quantitative and qualitative factors that are not fully reflected in the historical data. In determining its estimate of expected credit losses, the Company evaluates information related to credit metrics, changes in its lending strategies and underwriting practices, and the current and forecasted direction of the economic and business environment. These metrics include, but are not limited to, loan portfolio mix and growth, unemployment, credit loss trends, delinquency trends, changes in underwriting, and operational risks. The Company selected a Probability of Default (" PD ") / Loss Given Default (" LGD ") model to estimate its base allowance for credit losses, in which the estimated loss is equal to the product of PD and LGD. Historical net finance receivables are tracked over the term of the pools to identify the instances of loss (PDs) and the average severity of losses (LGDs). To enhance the precision of the allowance for credit loss estimate, the Company evaluates its finance receivable portfolio on a pool basis and segments each pool of finance receivables with similar credit risk characteristics. As part of its evaluation, the Company considers loan portfolio characteristics such as product type, loan size, loan term, internal or external credit scores, delinquency status, geographical location, and vintage. Based on analysis of historical loss experience, the Company selected the following segmentation: product type, Fair Isaac Corporation (“ FICO ”) score, and delinquency status. As finance receivables are originated, provisions for credit losses are recorded in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for estimated losses over the contractual life of the finance receivables (considering the effect of prepayments). Subsequent changes to the contractual terms that are a result of re-underwriting are not included in the finance receivable’s contractual life (considering the effect of prepayments). The Company uses its segmentation loss experience to forecast expected credit losses. Historical information about losses generally provides a basis for the estimate of expected credit losses. The Company also considers the need to adjust historical information to reflect the extent to which current conditions differ from the conditions that existed for the period over which historical information was evaluated. These adjustments to historical loss information may be qualitative or quantitative in nature. Reasonable and supportable macroeconomic forecasts are required for the Company’s allowance for credit loss model. The Company engaged a major rating service to assist with compiling a reasonable and supportable forecast. The Company reviews macroeconomic forecasts to use in its allowance for credit losses. The Company adjusts the historical loss experience by relevant qualitative factors for these expectations. The Company does not require reversion adjustments, as the contractual lives of its portfolio are shorter than its available forecast periods. The Company charges credit losses against the allowance for all products when an account reaches 180 days contractually delinquent, subject to certain exceptions. The Company’s customer accounts without a lien on a vehicle in a confirmed bankruptcy are charged off in the month following the bankruptcy notification or at 60 days contractually delinquent, subject to certain exceptions. Deceased borrower accounts are charged off in the month following the proper notification of passing, with the exception of borrowers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance. |
Troubled debt restructurings | Troubled debt restructurings: Prior to January 1, 2023, the Company classified a finance receivable as a TDR when the Company modified the finance receivable’s contractual terms for economic or other reasons related to the borrower’s financial difficulties and granted a concession that it would not have otherwise considered. Modifications primarily included an interest rate reduction and/or term extension to reduce the borrower’s monthly payment. Once a loan was classified as a TDR, it remained a TDR for the purpose of calculating the allowance for credit losses for the remainder of its contractual term. The Company established its allowance for credit losses related to its TDRs by calculating the present value of all expected cash flows (discounted at the finance receivable’s effective interest rate prior to modification) less the amortized costs of the aggregated pool. The Company used the modified interest rates and certain assumptions, including expected credit losses and recoveries, to estimate the expected cash flows from its TDRs. Following the adoption of ASU 2022-02 on January 1, 2023, as discussed above, the Company no longer separately measures the allowance for credit losses on TDRs, and the impact to the allowance for credit losses of loan modifications made to borrowers experiencing financial difficulties is incorporated into the overall portfolio assessment as further described in the allowance for credit losses significant accounting policy. |
Nonaccrual status | Nonaccrual status: Accrual of interest income on finance receivables is suspended when an account becomes 90 days delinquent. If the account is charged off, the accrued interest income is reversed as a reduction of interest and fee income. Interest received on such loans is accounted for on the cash-basis method, until qualifying for return to accrual. Under the cash-basis method, interest income is recorded when the payment is received. Loans resume accruing interest when the past due status is brought below 90 days. The Company made a policy election to not record an allowance for credit losses related to accrued interest because it has nonaccrual and charge-off policies that result in the timely suspension and reversal of accrued interest. |
Finance receivable origination fees and costs | Finance receivable origination fees and costs: Non-refundable fees received and direct costs (personnel and digital loan origination costs) incurred for the origination of finance receivables are deferred and recognized to interest income over their contractual lives using the constant yield method . Unamortized amounts are recognized in interest income at the time that finance receivables are paid in full, renewed, or charged off. |
Restricted cash | Restricted cash: Restricted cash includes cash and cash equivalents for which the Company’s ability to withdraw funds is contractually limited. The Company’s restricted cash consists of cash reserves that are maintained as collateral for potential credit life insurance claims and cash restricted for debt servicing of the Company’s revolving warehouse credit facilities and securitizations. |
Restricted available-for-sale investments | Restricted available-for-sale investments: The Company classifies its investments in debt securities that were purchased with the Company’s restricted cash as restricted available-for-sale investments and carries the investments at fair value. Unrealized gains and losses, net of taxes, are excluded from earnings and reported in other comprehensive income or loss until realized. The unrealized gains and losses, net of taxes, are recorded on the consolidated balance sheet in accumulated other comprehensive income or loss in stockholders’ equity. Realized gains and losses from the sale of available-for-sale investments are specifically identified and reclassified from accumulated other comprehensive income or loss and included within earnings on the consolidated statement of income. |
Offsetting Assets and Liabilities | Offsetting assets and liabilities: GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated Balance Sheet when a legally enforceable master netting agreement exists. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Company has elected to net such balances where it has determined that the specified conditions are met. |
Share-based compensation | Share-based compensation: The Company measures compensation cost for share-based awards at estimated fair value and recognizes compensation expense over the service period for awards expected to vest. The Company uses the closing stock price on the date of grant as the fair value of restricted stock awards and performance-contingent restricted stock units. The fair value of stock options is determined using the Black-Scholes valuation model, and the fair value of performance restricted stock units is determined using the Monte Carlo valuation model. The Black-Scholes and Monte Carlo models require the input of assumptions, including expected volatility, expected dividends, expected term, risk-free interest rate, and a discount associated with post-vest holding restrictions, changes to which can affect the fair value estimate. Expected volatility is based on the Company’s historical stock price volatility. Expected dividends are calculated using the expected dividend yield (annualized dividends divided by the grant date stock price). The expected term is calculated by using the simplified method (average of the vesting and original contractual terms) due to insufficient historical data to estimate the expected term. The risk-free rate is based on the zero-coupon U.S. Treasury bond rate over the expected term of the awards. The estimated discount associated with post-vest holding restrictions is calculated using a blend of the Finnerty and Chaffe models. In addition, the estimation of share-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. |
Finance Receivables, Credit Q_2
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Summary of Net Finance Receivables | Net finance receivables for the periods indicated consisted of the following: Dollars in thousands June 30, 2023 December 31, 2022 Small loans $ 444,590 $ 481,605 Large loans 1,238,031 1,208,185 Retail loans 6,316 9,603 Net finance receivables $ 1,688,937 $ 1,699,393 |
Summary of Financing Receivable Credit Quality Indicators | Net finance receivables by product, FICO band at origination, and origination year as of June 30, 2023 are as follows: Net Finance Receivables by Origination Year Dollars in thousands 2023 (1) 2022 2021 2020 2019 Prior Total Net Finance Receivables Small Loans: FICO Band 1 $ 39,625 $ 28,693 $ 4,351 $ 511 $ 118 $ 31 $ 73,329 2 20,263 18,016 2,386 206 22 11 40,904 3 28,162 23,901 2,413 140 18 1 54,635 4 32,295 29,124 2,656 157 12 7 64,251 5 36,956 36,674 3,097 115 7 3 76,852 6 64,883 63,633 5,878 209 14 2 134,619 Total small loans $ 222,184 $ 200,041 $ 20,781 $ 1,338 $ 191 $ 55 $ 444,590 Current period credit losses (2) $ 196 $ 31,402 $ 7,711 $ 475 $ 41 $ 3 $ 39,828 Large Loans: FICO Band 1 $ 44,154 $ 43,553 $ 15,224 $ 4,435 $ 1,873 $ 699 $ 109,938 2 25,210 28,393 9,322 2,117 656 139 65,837 3 47,989 77,031 26,144 4,607 1,073 137 156,981 4 65,824 105,931 35,481 6,788 1,745 89 215,858 5 70,307 108,486 38,409 7,766 1,542 68 226,578 6 156,246 215,820 73,542 14,511 2,625 95 462,839 Total large loans $ 409,730 $ 579,214 $ 198,122 $ 40,224 $ 9,514 $ 1,227 $ 1,238,031 Current period credit losses (2) $ 243 $ 35,477 $ 21,693 $ 3,207 $ 970 $ 168 $ 61,758 Retail Loans: FICO Band 1 $ 2 $ 4 $ 3 $ 10 $ — $ 8 $ 27 2 — 334 60 — 1 — 395 3 — 948 371 27 3 3 1,352 4 — 1,025 602 112 2 4 1,745 5 — 783 482 90 3 5 1,363 6 — 817 508 104 5 — 1,434 Total retail loans $ 2 $ 3,911 $ 2,026 $ 343 $ 14 $ 20 $ 6,316 Current period credit losses (2) $ — $ 328 $ 233 $ 47 $ 22 $ 2 $ 632 Total Loans: FICO Band 1 $ 83,781 $ 72,250 $ 19,578 $ 4,956 $ 1,991 $ 738 $ 183,294 2 45,473 46,743 11,768 2,323 679 150 107,136 3 76,151 101,880 28,928 4,774 1,094 141 212,968 4 98,119 136,080 38,739 7,057 1,759 100 281,854 5 107,263 145,943 41,988 7,971 1,552 76 304,793 6 221,129 280,270 79,928 14,824 2,644 97 598,892 Total loans $ 631,916 $ 783,166 $ 220,929 $ 41,905 $ 9,719 $ 1,302 $ 1,688,937 Current period credit losses (2) $ 439 $ 67,207 $ 29,637 $ 3,729 $ 1,033 $ 173 $ 102,218 (1) Includes loans originated during the six months ended June 30, 2023 . (2) Represents credit losses for the six months ended June 30, 2023 . Net finance receivables by product, FICO band at origination, and origination year as of December 31, 2022 are as follows: Net Finance Receivables by Origination Year Dollars in thousands 2022 2021 2020 2019 2018 Prior Total Net Finance Receivables Small Loans: FICO Band 1 $ 63,362 $ 10,842 $ 1,388 $ 246 $ 47 $ 7 $ 75,892 2 41,683 6,785 664 56 26 2 49,216 3 53,444 7,659 520 39 — 1 61,663 4 62,609 8,980 544 33 — 1 72,167 5 71,448 10,650 505 22 — — 82,625 6 119,199 19,886 929 28 — — 140,042 Total small loans $ 411,745 $ 64,802 $ 4,550 $ 424 $ 73 $ 11 $ 481,605 Large Loans: FICO Band 1 $ 60,836 $ 20,653 $ 7,219 $ 3,286 $ 826 $ 539 $ 93,359 2 41,174 15,955 4,044 1,409 111 121 62,814 3 112,336 44,805 8,637 2,811 172 137 168,898 4 150,559 57,913 12,063 3,931 152 67 224,685 5 150,793 59,154 13,060 3,735 172 37 226,951 6 290,648 109,931 24,038 6,552 263 46 431,478 Total large loans $ 806,346 $ 308,411 $ 69,061 $ 21,724 $ 1,696 $ 947 $ 1,208,185 Retail Loans: FICO Band 1 $ 8 $ 7 $ 28 $ 12 $ 4 $ 3 $ 62 2 475 92 9 10 — — 586 3 1,310 599 71 14 1 3 1,998 4 1,389 979 263 28 2 4 2,665 5 1,083 775 218 27 3 5 2,111 6 1,123 802 224 31 — 1 2,181 Total retail loans $ 5,388 $ 3,254 $ 813 $ 122 $ 10 $ 16 $ 9,603 Total Loans: FICO Band 1 $ 124,206 $ 31,502 $ 8,635 $ 3,544 $ 877 $ 549 $ 169,313 2 83,332 22,832 4,717 1,475 137 123 112,616 3 167,090 53,063 9,228 2,864 173 141 232,559 4 214,557 67,872 12,870 3,992 154 72 299,517 5 223,324 70,579 13,783 3,784 175 42 311,687 6 410,970 130,619 25,191 6,611 263 47 573,701 Total loans $ 1,223,479 $ 376,467 $ 74,424 $ 22,270 $ 1,779 $ 974 $ 1,699,393 |
Amortized Cost Basis in Past-Due Loans | The contractual delinquency of the net finance receivables portfolio by product and aging for the periods indicated are as follows: June 30, 2023 Small Large Retail Total Dollars in thousands $ % $ % $ % $ % Current $ 362,595 81.6 % $ 1,066,517 86.2 % $ 4,675 74.0 % $ 1,433,787 84.9 % 1 to 29 days past due 41,101 9.2 % 96,877 7.8 % 832 13.2 % 138,810 8.2 % Delinquent accounts 30 to 59 days 11,089 2.5 % 22,355 1.8 % 232 3.7 % 33,676 2.0 % 60 to 89 days 8,852 2.0 % 15,890 1.3 % 189 3.0 % 24,931 1.5 % 90 to 119 days 7,155 1.6 % 12,759 1.0 % 127 1.9 % 20,041 1.1 % 120 to 149 days 6,579 1.5 % 11,371 0.9 % 137 2.2 % 18,087 1.1 % 150 to 179 days 7,219 1.6 % 12,262 1.0 % 124 2.0 % 19,605 1.2 % Total delinquency $ 40,894 9.2 % $ 74,637 6.0 % $ 809 12.8 % $ 116,340 6.9 % Total net finance receivables $ 444,590 100.0 % $ 1,238,031 100.0 % $ 6,316 100.0 % $ 1,688,937 100.0 % Net finance receivables in nonaccrual status $ 22,098 5.0 % $ 38,880 3.1 % $ 425 6.7 % $ 61,403 3.6 % December 31, 2022 Small Large Retail Total Dollars in thousands $ % $ % $ % $ % Current $ 388,978 80.7 % $ 1,034,981 85.7 % $ 7,543 78.6 % $ 1,431,502 84.2 % 1 to 29 days past due 48,924 10.2 % 97,855 8.1 % 1,269 13.2 % 148,048 8.7 % Delinquent accounts 30 to 59 days 13,144 2.8 % 22,712 1.8 % 352 3.7 % 36,208 2.2 % 60 to 89 days 12,251 2.5 % 18,828 1.6 % 273 2.8 % 31,352 1.8 % 90 to 119 days 8,714 1.8 % 15,427 1.3 % 152 1.6 % 24,293 1.4 % 120 to 149 days 5,572 1.2 % 10,675 0.9 % 10 0.1 % 16,257 1.0 % 150 to 179 days 4,022 0.8 % 7,707 0.6 % 4 0.0 % 11,733 0.7 % Total delinquency $ 43,703 9.1 % $ 75,349 6.2 % $ 791 8.2 % $ 119,843 7.1 % Total net finance receivables $ 481,605 100.0 % $ 1,208,185 100.0 % $ 9,603 100.0 % $ 1,699,393 100.0 % Net finance receivables in nonaccrual status $ 20,810 4.3 % $ 39,039 3.2 % $ 212 2.2 % $ 60,061 3.5 % |
Reconciliation of Allowance for Credit Losses | The following is a reconciliation of the allowance for credit losses by product for the three and six months ended June 30, 2023 and 2022: Dollars in thousands Small Large Retail Total Beginning balance at April 1, 2023 $ 62,112 $ 120,382 $ 1,306 $ 183,800 Provision for credit losses 18,759 33,556 236 52,551 Credit losses ( 23,448 ) ( 33,661 ) ( 500 ) ( 57,609 ) Recoveries 1,045 1,596 17 2,658 Ending balance at June 30, 2023 $ 58,468 $ 121,873 $ 1,059 $ 181,400 Net finance receivables at June 30, 2023 $ 444,590 $ 1,238,031 $ 6,316 $ 1,688,937 Allowance as percentage of net finance receivables at June 30, 2023 13.2 % 9.8 % 16.8 % 10.7 % Dollars in thousands Small Large Retail Total Beginning balance at April 1, 2022 $ 58,330 $ 98,933 $ 1,537 $ 158,800 Provision for credit losses 17,469 27,569 362 45,400 Credit losses ( 18,372 ) ( 19,532 ) ( 354 ) ( 38,258 ) Recoveries 749 790 19 1,558 Ending balance at June 30, 2022 $ 58,176 $ 107,760 $ 1,564 $ 167,500 Net finance receivables at June 30, 2022 $ 455,253 $ 1,059,523 $ 10,883 $ 1,525,659 Allowance as percentage of net finance receivables at June 30, 2022 12.8 % 10.2 % 14.4 % 11.0 % Dollars in thousands Small Large Retail Total Beginning balance at January 1, 2023 $ 57,915 $ 119,592 $ 1,293 $ 178,800 Provision for credit losses 38,578 61,265 376 100,219 Credit losses ( 39,828 ) ( 61,758 ) ( 632 ) ( 102,218 ) Recoveries 1,803 2,774 22 4,599 Ending balance at June 30, 2023 $ 58,468 $ 121,873 $ 1,059 $ 181,400 Net finance receivables at June 30, 2023 $ 444,590 $ 1,238,031 $ 6,316 $ 1,688,937 Allowance as percentage of net finance receivables at June 30, 2023 13.2 % 9.8 % 16.8 % 10.7 % Dollars in thousands Small Large Retail Total Beginning balance at January 1, 2022 $ 61,294 $ 96,494 $ 1,512 $ 159,300 Provision for credit losses 30,117 45,520 621 76,258 Credit losses ( 34,627 ) ( 35,792 ) ( 619 ) ( 71,038 ) Recoveries 1,392 1,538 50 2,980 Ending balance at June 30, 2022 $ 58,176 $ 107,760 $ 1,564 $ 167,500 Net finance receivables at June 30, 2022 $ 455,253 $ 1,059,523 $ 10,883 $ 1,525,659 Allowance as percentage of net finance receivables at June 30, 2022 12.8 % 10.2 % 14.4 % 11.0 % T |
Modifications Made to Borrowers Experiencing Financial Difficulty | The information relating to modifications made to borrowers experiencing financial difficulty for the periods indicated are as follows: As of and for the Three Months Ended June 30, 2023 Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Total Dollars in thousands Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Small loans $ 16 — $ 678 0.2 % $ 694 0.2 % Large loans 109 — 3,162 0.3 % 3,271 0.3 % Total $ 125 — $ 3,840 0.2 % $ 3,965 0.2 % As of and for the Six Months Ended June 30, 2023 Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Total Dollars in thousands Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Amortized Cost Basis % of Net Finance Receivables Small loans $ 19 — $ 1,568 0.4 % $ 1,587 0.4 % Large loans 131 — 7,706 0.6 % 7,837 0.6 % Total $ 150 — $ 9,274 0.5 % $ 9,424 0.6 % |
Summary of Financial Effects of Borrowers Experiencing Financial Difficulty | The financial effects of the modifications made to borrowers experiencing financial difficulty for the periods indicated are as follows: Three Months Ended June 30, 2023 Loan Modification Product Financial Effect Principal forgiveness Small loans Reduced the amortized cost basis of the loans by $ 0.2 million. Large loans Reduced the amortized cost basis of the loans by $ 0.3 million. Interest rate reduction Small loans Reduced the weighted-average contractual interest rate by 14.6 %. Large loans Reduced the weighted-average contractual interest rate by 10.0 %. Term extension Small loans Added a weighted-average 1.3 years to the life of loans. Large loans Added a weighted-average 1.4 years to the life of loans. Six Months Ended June 30, 2023 Loan Modification Product Financial Effect Principal forgiveness Small loans Reduced the amortized cost basis of the loans by $ 0.3 million. Large loans Reduced the amortized cost basis of the loans by $ 0.5 million. Interest rate reduction Small loans Reduced the weighted-average contractual interest rate by 13.5 %. Large loans Reduced the weighted-average contractual interest rate by 11.3 %. Term extension Small loans Added a weighted-average 1.3 years to the life of loans. Large loans Added a weighted-average 1.4 years to the life of loans. |
Summary of Amortized Cost Basis for Modifications Made to Borrowers Experiencing Financial Difficulty Subsequently Defaulted | The following table provides the amortized cost basis for modifications made to borrowers experiencing financial difficulty on or after January 1, 2023 that subsequently defaulted. The Company defines payment default as 90 days past due for this disclosure. The respective amounts for each modification for the periods indicated are as follows: As of and for the Three and Six Months Ended June 30, 2023 Dollars in thousands Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Total Small loans $ — $ 70 $ 70 Large loans — 301 301 Total $ — $ 371 $ 371 |
Summary of Contractual Delinquencies of Loans | The contractual delinquencies of loans that were modified to borrowers experiencing financial difficulty on or after January 1, 2023 for the period indicated are as follows: June 30, 2023 Dollars in thousands Current 30 - 89 Days Past Due 90+ Days Past Due Total Small loans $ 1,314 $ 229 $ 44 $ 1,587 Large loans 6,819 817 201 7,837 Total $ 8,133 $ 1,046 $ 245 $ 9,424 |
Summary of TDR Net Finance Receivables And TDR Allowance For Credit Losses | The amount of TDR net finance receivables and the related TDR allowance for credit losses for the period indicated are as follows: June 30, 2022 Dollars in thousands TDR Net Finance Receivables TDR Allowance for Credit Losses Small loans $ 3,333 $ 1,158 Large loans 13,743 4,138 Retail loans 48 17 Total $ 17,124 $ 5,313 |
Summary of Net Finance Receivables Modified and Classified as TDRs | The following tables provide the number and amount of net finance receivables modified and classified as TDRs during the periods presented: Three Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 743 $ 1,425 Large loans 737 4,283 Retail loans 1 3 Total 1,481 $ 5,711 Six Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 1,509 $ 2,889 Large loans 1,497 8,326 Retail loans 4 8 Total 3,010 $ 11,223 (1) Represents the post-modification net finance receivables balance of loans that have been modified during the period and resulted in a TDR. |
Summary of TDR Finance Receivables that Subsequently Defaulted | The following tables provide the number of accounts and amortized cost basis of finance receivables that subsequently defaulted within the periods indicated (that were modified as a TDR in the preceding 12 months). The Company defines payment default as 90 days past due for this disclosure. The respective amounts and activity for the periods indicated are as follows: Three Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 198 $ 384 Large loans 208 1,211 Retail loans 2 6 Total 408 $ 1,601 Six Months Ended June 30, 2022 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Small loans 452 $ 862 Large loans 418 2,423 Retail loans 4 12 Total 874 $ 3,297 (1) Only includes defaults occurring within 12 months of a loan being designated as a TDR. Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted. |
Restricted Available-for-Sale_2
Restricted Available-for-Sale Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Reconciliation of Restricted Available-for-sale Investments | The following tables reconcile the amortized cost, gross unrealized gains and losses included in accumulated other comprehensive income or loss, and estimated fair value of the Company’s restricted available-for-sale investments as of the periods indicated: June 30, 2023 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Restricted investments $ 20,762 $ — $ ( 464 ) $ 20,298 December 31, 2022 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Restricted investments $ 21,158 $ — $ ( 742 ) $ 20,416 |
Summary of Gross Unrealized Losses And Estimated Fair Values of Restricted Available-For-Sale Investments | The following tables include the gross unrealized losses and estimated fair values of restricted available-for-sale investments that were in a continuous unrealized loss position, for which no allowance for credit loss has been recorded, as of the periods indicated: June 30, 2023 Less than 12 Months 12 Months or Longer Total Dollars in thousands Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Restricted investments $ 20,298 $ ( 464 ) $ — $ — $ 20,298 $ ( 464 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Dollars in thousands Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Restricted investments $ 20,416 $ ( 742 ) $ — $ — $ 20,416 $ ( 742 ) |
Summary of Amortized Cost And Estimated Fair Values of Restricted Available-For-Sale Investments by Contractual Maturity | The following table includes the amortized cost and estimated fair values of restricted available-for-sale investments by contractual maturity as of the periods indicated: June 30, 2023 Dollars in thousands Amortized Cost Estimated Fair Value Due in one year $ 18,618 $ 18,231 Due within one year to five years 2,144 2,067 Due within five years to ten years — — Due after ten years — — Total restricted available-for-sale investments $ 20,762 $ 20,298 |
Summary of Proceeds from Sold or Matured Restricted Available-For-Sale Investments | The following table includes the proceeds from sold or matured restricted available-for-sale investments for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Purchases of restricted available-for-sale investments $ — $ — $ 1,900 $ — Maturities of restricted available-for-sale investments 2,117 — 2,117 — |
Interest Rate Caps (Tables)
Interest Rate Caps (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Changes in Fair Value of Interest Rate Caps | The following is a summary of changes in fair value of the interest rate caps for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Dollars in thousands 2023 2022 2023 2022 Balance at beginning of period $ — $ 16,744 $ — $ 6,586 Purchases — — — — Sales — ( 14,687 ) — ( 14,687 ) Fair value adjustment included as a decrease in interest expense — 3,024 — 13,182 Balance at end of period $ — $ 5,081 $ — $ 5,081 |
Summary of Information Regarding Offsetting of Interest Rate Caps and Cash Collateral Received or Paid | The following table provides information regarding the offsetting of interest rate caps and cash collateral received or paid for the periods indicated: Dollars in thousands June 30, 2023 June 30, 2022 Interest rate caps $ — $ 5,081 Cash collateral received — ( 5,457 ) Net asset (liability) in the consolidated balance sheet $ — $ ( 376 ) |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of the Company's Debt | The following is a summary of the Company’s debt as of the periods indicated: June 30, 2023 December 31, 2022 Dollars in thousands Debt Unamortized Debt Issuance Costs (1) Net Debt Debt Unamortized Debt Issuance Costs (1) Net Debt Senior revolving credit facility $ 105,426 $ ( 1,003 ) $ 104,423 $ 147,547 $ ( 1,104 ) $ 146,443 RMR II revolving warehouse credit facility — — — 189 — 189 RMR IV revolving warehouse credit facility 3,074 — 3,074 18,144 ( 338 ) 17,806 RMR V revolving warehouse credit facility 22,236 — 22,236 286 — 286 RMR VI revolving warehouse credit facility 20,512 — 20,512 — — — RMR VII revolving warehouse credit facility 4,414 — 4,414 — — — RMIT 2020-1 securitization 180,214 ( 208 ) 180,006 180,214 ( 618 ) 179,596 RMIT 2021-1 securitization 248,916 ( 563 ) 248,353 248,916 ( 985 ) 247,931 RMIT 2021-2 securitization 200,192 ( 1,320 ) 198,872 200,192 ( 1,534 ) 198,658 RMIT 2021-3 securitization 125,202 ( 1,021 ) 124,181 125,202 ( 1,178 ) 124,024 RMIT 2022-1 securitization 250,374 ( 1,416 ) 248,958 250,374 ( 1,841 ) 248,533 RMIT 2022-2B securitization 184,295 ( 1,392 ) 182,903 184,295 ( 1,914 ) 182,381 Total $ 1,344,855 $ ( 6,923 ) $ 1,337,932 $ 1,355,359 $ ( 9,512 ) $ 1,345,847 Unused amount of revolving credit facilities (subject to borrowing base) $ 640,723 $ 555,117 (1) Unamortized debt issuance costs related to the revolving warehouse credit facilities are presented within other assets in the consolidated balance sheets. RMR II had $ 0.9 million in such costs as of December 31, 2022 . RMR IV had $ 0.9 million of such costs as of June 30, 2023 . RMR V had $ 0.4 million of such costs for both June 30, 2023 and December 31, 2022 . RMR VI had $ 0.9 million of such costs as of June 30, 2023 . RMR VII had $ 0.8 million of such costs as of June 30, 2023 . |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Repurchased Shares of Common Stock | The following is a summary of the Company’s repurchased shares of common stock for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, Dollars and shares in thousands, except per share amounts 2023 2022 2023 2022 Common stock repurchased — 253 — 437 Weighted-average cost per share $ — $ 45.75 $ — $ 47.14 Total cost of common stock repurchased $ — $ 11,582 $ — $ 20,613 |
Schedule of Dividends Declared Per Share of Common Stock | The following table presents the dividends declared per share of common stock for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Dividends declared per common share $ 0.30 $ 0.30 $ 0.60 $ 0.60 |
Disclosure About Fair Value o_2
Disclosure About Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Carrying Amount and Estimated Fair Values of Company's Financial Instruments | The following table includes the carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value: June 30, 2023 December 31, 2022 Dollars in thousands Carrying Estimated Carrying Estimated Assets Level 1 Cash $ 10,330 $ 10,330 $ 3,873 $ 3,873 Restricted cash 131,132 131,132 127,926 127,926 Level 3 Net finance receivables, less unearned insurance 1,458,478 1,540,088 1,469,585 1,554,794 Liabilities Level 3 Debt 1,344,855 1,231,702 1,355,359 1,219,832 |
Fair Value, Recurring | |
Carrying Amount and Estimated Fair Values of Company's Financial Instruments | The following table includes the carrying amounts and estimated fair values of amounts the Company measures at fair value on a recurring basis: June 30, 2023 December 31, 2022 Dollars in thousands Carrying Estimated Carrying Estimated Assets Level 2 Restricted available-for-sale investments 20,298 20,298 20,416 20,416 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The following table summarizes the components of income taxes for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, Dollars in thousands 2023 2022 2023 2022 Provision for corporate taxes $ 1,758 $ 3,855 $ 4,660 $ 12,418 Discrete tax (benefits) deficiencies 32 ( 51 ) 46 ( 448 ) Total income taxes $ 1,790 $ 3,804 $ 4,706 $ 11,970 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per share amounts 2023 2022 2023 2022 Numerator: Net income $ 6,023 $ 11,982 $ 14,712 $ 38,765 Denominator: Weighted-average shares outstanding for basic earnings per share 9,399 9,261 9,363 9,396 Effect of dilutive securities 167 408 232 449 Weighted-average shares adjusted for dilutive securities 9,566 9,669 9,595 9,845 Earnings per share: Basic $ 0.64 $ 1.29 $ 1.57 $ 4.13 Diluted $ 0.63 $ 1.24 $ 1.53 $ 3.94 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the six months ended June 30, 2023: Dollars and shares in thousands, except per share amounts Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Aggregate Intrinsic Value Options outstanding at January 1, 2023 527 $ 23.07 Granted — — Exercised ( 18 ) 16.09 Forfeited — — Expired — — Options outstanding at June 30, 2023 509 $ 23.32 5.5 $ 3,684 Options exercisable at June 30, 2023 457 $ 22.57 5.3 $ 3,641 |
Summary of Additional Stock Option Information | The following table provides additional stock option information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per share amounts 2023 2022 2023 2022 Weighted-average grant date fair value per share $ — $ — $ — $ — Intrinsic value of options exercised $ 277 $ — $ 277 $ 2,142 Fair value of stock options that vested $ — $ — $ — $ — |
Award Grant Fair Value Assumptions | The following are the weighted-average assumptions for the PRSU grants during the periods indicated below: Six Months Ended 2023 2022 Expected volatility 40.18 % 39.24 % Expected dividends 2.24 % — Risk-free rate 5.21 % 1.05 % Discount for post-vesting restrictions 8.48 % 11.93 % |
Summary of PRSU Activity | The following table summarizes PRSU activity during the six months ended June 30, 2023: Dollars and units in thousands, except per unit amounts Units Weighted-Average Non-vested units at January 1, 2023 70 $ 52.07 Granted 118 32.40 Achieved performance adjustment — — Vested — — Forfeited — — Non-vested units at June 30, 2023 188 $ 39.72 |
Summary of Additional PRSU Information | The following table provides additional PRSU information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per unit amounts 2023 2022 2023 2022 Weighted-average grant date fair value per unit $ 32.40 $ — $ 32.40 $ 52.07 Fair value of PRSUs that vested $ — $ — $ — $ — |
Summary of RSU Activity | The following table summarizes RSU activity during the six months ended June 30, 2023: Dollars and units in thousands, except per unit amounts Units Weighted-Average Non-vested units at January 1, 2023 108 $ 21.87 Granted (target) — — Achieved performance adjustment 28 15.86 Vested ( 91 ) 15.86 Forfeited — — Non-vested units at June 30, 2023 45 $ 30.22 |
Summary of Additional RSU Information | The following table provides additional RSU information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per unit amounts 2023 2022 2023 2022 Weighted-average grant date fair value per unit $ — $ — $ — $ — Fair value of RSUs that vested $ 1,445 $ 513 $ 1,445 $ 513 |
Summary of RSA Activity | The following table summarizes RSA activity during the six months ended June 30, 2023: Dollars and shares in thousands, except per share amounts Shares Weighted-Average Non-vested shares at January 1, 2023 198 $ 38.99 Granted 233 34.50 Vested ( 28 ) 46.41 Forfeited ( 2 ) 53.04 Non-vested shares at June 30, 2023 401 $ 35.83 |
Summary of Additional RSA Information | The following table provides additional RSA information for the periods indicated: Three Months Ended Six Months Ended Dollars in thousands, except per share amounts 2023 2022 2023 2022 Weighted-average grant date fair value per share $ 28.97 $ 46.86 $ 34.50 $ 40.95 Fair value of RSAs that vested $ 1,127 $ 939 $ 1,281 $ 1,156 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | Jun. 30, 2023 State |
Accounting Policies [Abstract] | |
Number of states | 19 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Line Items] | |
Contractual delinquent period of loans | 180 days |
Bankruptcy delinquency threshold | 60 days |
Delinquency interest accrual cessation | 90 days |
Threshold period to write off financing receivable | 90 days |
Finance Receivables, Credit Q_3
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Finance Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | $ 1,688,937 | $ 1,699,393 | $ 1,525,659 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | 444,590 | 481,605 | 455,253 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | 1,238,031 | 1,208,185 | 1,059,523 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | $ 6,316 | $ 9,603 | $ 10,883 |
Finance Receivables, Credit Q_4
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Rating | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Net finance receivables included net deferred origination fees | $ 14,600 | $ 14,600 | $ 16,000 | |||||
Number of FICO band categories | Rating | 6 | |||||||
Accrued interest reversed as a reduction of interest and fee income | 6,400 | $ 4,400 | $ 11,100 | $ 8,000 | ||||
Allowance for credit losses | $ 181,400 | $ 167,500 | $ 181,400 | $ 167,500 | $ 183,800 | $ 178,800 | $ 158,800 | $ 159,300 |
Finance Receivables, Credit Q_5
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Financing Receivable Credit Quality Indicators (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | $ 631,916 | [1] | $ 1,223,479 | ||
2022 | 783,166 | 376,467 | |||
2021 | 220,929 | 74,424 | |||
2020 | 41,905 | 22,270 | |||
2019 | 9,719 | 1,779 | |||
Prior | 1,302 | 974 | |||
Net Finance Receivables | 1,688,937 | 1,699,393 | $ 1,525,659 | ||
Credit losses, 2023 | [1],[2] | 439 | |||
Credit losses, 2022 | [2] | 67,207 | |||
Credit losses, 2021 | [2] | 29,637 | |||
Credit losses, 2020 | [2] | 3,729 | |||
Credit losses, 2019 | [2] | 1,033 | |||
Credit losses, prior | [2] | 173 | |||
Credit losses, Total Net Finance Receivables | [2] | 102,218 | |||
FICO Band 1 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 83,781 | [1] | 124,206 | ||
2022 | 72,250 | 31,502 | |||
2021 | 19,578 | 8,635 | |||
2020 | 4,956 | 3,544 | |||
2019 | 1,991 | 877 | |||
Prior | 738 | 549 | |||
Net Finance Receivables | 183,294 | 169,313 | |||
FICO Band 2 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 45,473 | [1] | 83,332 | ||
2022 | 46,743 | 22,832 | |||
2021 | 11,768 | 4,717 | |||
2020 | 2,323 | 1,475 | |||
2019 | 679 | 137 | |||
Prior | 150 | 123 | |||
Net Finance Receivables | 107,136 | 112,616 | |||
FICO Band 3 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 76,151 | [1] | 167,090 | ||
2022 | 101,880 | 53,063 | |||
2021 | 28,928 | 9,228 | |||
2020 | 4,774 | 2,864 | |||
2019 | 1,094 | 173 | |||
Prior | 141 | 141 | |||
Net Finance Receivables | 212,968 | 232,559 | |||
FICO Band 4 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 98,119 | [1] | 214,557 | ||
2022 | 136,080 | 67,872 | |||
2021 | 38,739 | 12,870 | |||
2020 | 7,057 | 3,992 | |||
2019 | 1,759 | 154 | |||
Prior | 100 | 72 | |||
Net Finance Receivables | 281,854 | 299,517 | |||
FICO Band 5 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 107,263 | [1] | 223,324 | ||
2022 | 145,943 | 70,579 | |||
2021 | 41,988 | 13,783 | |||
2020 | 7,971 | 3,784 | |||
2019 | 1,552 | 175 | |||
Prior | 76 | 42 | |||
Net Finance Receivables | 304,793 | 311,687 | |||
FICO Band 6 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 221,129 | [1] | 410,970 | ||
2022 | 280,270 | 130,619 | |||
2021 | 79,928 | 25,191 | |||
2020 | 14,824 | 6,611 | |||
2019 | 2,644 | 263 | |||
Prior | 97 | 47 | |||
Net Finance Receivables | 598,892 | 573,701 | |||
Small Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 222,184 | [1] | 411,745 | ||
2022 | 200,041 | 64,802 | |||
2021 | 20,781 | 4,550 | |||
2020 | 1,338 | 424 | |||
2019 | 191 | 73 | |||
Prior | 55 | 11 | |||
Net Finance Receivables | 444,590 | 481,605 | 455,253 | ||
Credit losses, 2023 | [1],[2] | 196 | |||
Credit losses, 2022 | [2] | 31,402 | |||
Credit losses, 2021 | [2] | 7,711 | |||
Credit losses, 2020 | [2] | 475 | |||
Credit losses, 2019 | [2] | 41 | |||
Credit losses, prior | [2] | 3 | |||
Credit losses, Total Net Finance Receivables | [2] | 39,828 | |||
Small Loans [Member] | FICO Band 1 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 39,625 | [1] | 63,362 | ||
2022 | 28,693 | 10,842 | |||
2021 | 4,351 | 1,388 | |||
2020 | 511 | 246 | |||
2019 | 118 | 47 | |||
Prior | 31 | 7 | |||
Net Finance Receivables | 73,329 | 75,892 | |||
Small Loans [Member] | FICO Band 2 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 20,263 | [1] | 41,683 | ||
2022 | 18,016 | 6,785 | |||
2021 | 2,386 | 664 | |||
2020 | 206 | 56 | |||
2019 | 22 | 26 | |||
Prior | 11 | 2 | |||
Net Finance Receivables | 40,904 | 49,216 | |||
Small Loans [Member] | FICO Band 3 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 28,162 | [1] | 53,444 | ||
2022 | 23,901 | 7,659 | |||
2021 | 2,413 | 520 | |||
2020 | 140 | 39 | |||
2019 | 18 | ||||
Prior | 1 | 1 | |||
Net Finance Receivables | 54,635 | 61,663 | |||
Small Loans [Member] | FICO Band 4 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 32,295 | [1] | 62,609 | ||
2022 | 29,124 | 8,980 | |||
2021 | 2,656 | 544 | |||
2020 | 157 | 33 | |||
2019 | 12 | ||||
Prior | 7 | 1 | |||
Net Finance Receivables | 64,251 | 72,167 | |||
Small Loans [Member] | FICO Band 5 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 36,956 | [1] | 71,448 | ||
2022 | 36,674 | 10,650 | |||
2021 | 3,097 | 505 | |||
2020 | 115 | 22 | |||
2019 | 7 | ||||
Prior | 3 | ||||
Net Finance Receivables | 76,852 | 82,625 | |||
Small Loans [Member] | FICO Band 6 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 64,883 | [1] | 119,199 | ||
2022 | 63,633 | 19,886 | |||
2021 | 5,878 | 929 | |||
2020 | 209 | 28 | |||
2019 | 14 | ||||
Prior | 2 | ||||
Net Finance Receivables | 134,619 | 140,042 | |||
Large Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 409,730 | [1] | 806,346 | ||
2022 | 579,214 | 308,411 | |||
2021 | 198,122 | 69,061 | |||
2020 | 40,224 | 21,724 | |||
2019 | 9,514 | 1,696 | |||
Prior | 1,227 | 947 | |||
Net Finance Receivables | 1,238,031 | 1,208,185 | 1,059,523 | ||
Credit losses, 2023 | [1],[2] | 243 | |||
Credit losses, 2022 | [2] | 35,477 | |||
Credit losses, 2021 | [2] | 21,693 | |||
Credit losses, 2020 | [2] | 3,207 | |||
Credit losses, 2019 | [2] | 970 | |||
Credit losses, prior | [2] | 168 | |||
Credit losses, Total Net Finance Receivables | [2] | 61,758 | |||
Large Loans [Member] | FICO Band 1 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 44,154 | [1] | 60,836 | ||
2022 | 43,553 | 20,653 | |||
2021 | 15,224 | 7,219 | |||
2020 | 4,435 | 3,286 | |||
2019 | 1,873 | 826 | |||
Prior | 699 | 539 | |||
Net Finance Receivables | 109,938 | 93,359 | |||
Large Loans [Member] | FICO Band 2 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 25,210 | [1] | 41,174 | ||
2022 | 28,393 | 15,955 | |||
2021 | 9,322 | 4,044 | |||
2020 | 2,117 | 1,409 | |||
2019 | 656 | 111 | |||
Prior | 139 | 121 | |||
Net Finance Receivables | 65,837 | 62,814 | |||
Large Loans [Member] | FICO Band 3 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 47,989 | [1] | 112,336 | ||
2022 | 77,031 | 44,805 | |||
2021 | 26,144 | 8,637 | |||
2020 | 4,607 | 2,811 | |||
2019 | 1,073 | 172 | |||
Prior | 137 | 137 | |||
Net Finance Receivables | 156,981 | 168,898 | |||
Large Loans [Member] | FICO Band 4 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 65,824 | [1] | 150,559 | ||
2022 | 105,931 | 57,913 | |||
2021 | 35,481 | 12,063 | |||
2020 | 6,788 | 3,931 | |||
2019 | 1,745 | 152 | |||
Prior | 89 | 67 | |||
Net Finance Receivables | 215,858 | 224,685 | |||
Large Loans [Member] | FICO Band 5 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 70,307 | [1] | 150,793 | ||
2022 | 108,486 | 59,154 | |||
2021 | 38,409 | 13,060 | |||
2020 | 7,766 | 3,735 | |||
2019 | 1,542 | 172 | |||
Prior | 68 | 37 | |||
Net Finance Receivables | 226,578 | 226,951 | |||
Large Loans [Member] | FICO Band 6 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 156,246 | [1] | 290,648 | ||
2022 | 215,820 | 109,931 | |||
2021 | 73,542 | 24,038 | |||
2020 | 14,511 | 6,552 | |||
2019 | 2,625 | 263 | |||
Prior | 95 | 46 | |||
Net Finance Receivables | 462,839 | 431,478 | |||
Retail Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 2 | [1] | 5,388 | ||
2022 | 3,911 | 3,254 | |||
2021 | 2,026 | 813 | |||
2020 | 343 | 122 | |||
2019 | 14 | 10 | |||
Prior | 20 | 16 | |||
Net Finance Receivables | 6,316 | 9,603 | $ 10,883 | ||
Credit losses, 2022 | [2] | 328 | |||
Credit losses, 2021 | [2] | 233 | |||
Credit losses, 2020 | [2] | 47 | |||
Credit losses, 2019 | [2] | 22 | |||
Credit losses, prior | [2] | 2 | |||
Credit losses, Total Net Finance Receivables | [2] | 632 | |||
Retail Loans [Member] | FICO Band 1 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 2 | [1] | 8 | ||
2022 | 4 | 7 | |||
2021 | 3 | 28 | |||
2020 | 10 | 12 | |||
2019 | 4 | ||||
Prior | 8 | 3 | |||
Net Finance Receivables | 27 | 62 | |||
Retail Loans [Member] | FICO Band 2 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 475 | ||||
2022 | 334 | 92 | |||
2021 | 60 | 9 | |||
2020 | 10 | ||||
2019 | 1 | ||||
Net Finance Receivables | 395 | 586 | |||
Retail Loans [Member] | FICO Band 3 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 1,310 | ||||
2022 | 948 | 599 | |||
2021 | 371 | 71 | |||
2020 | 27 | 14 | |||
2019 | 3 | 1 | |||
Prior | 3 | 3 | |||
Net Finance Receivables | 1,352 | 1,998 | |||
Retail Loans [Member] | FICO Band 4 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 1,389 | ||||
2022 | 1,025 | 979 | |||
2021 | 602 | 263 | |||
2020 | 112 | 28 | |||
2019 | 2 | 2 | |||
Prior | 4 | 4 | |||
Net Finance Receivables | 1,745 | 2,665 | |||
Retail Loans [Member] | FICO Band 5 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 1,083 | ||||
2022 | 783 | 775 | |||
2021 | 482 | 218 | |||
2020 | 90 | 27 | |||
2019 | 3 | 3 | |||
Prior | 5 | 5 | |||
Net Finance Receivables | 1,363 | 2,111 | |||
Retail Loans [Member] | FICO Band 6 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
2023 | 1,123 | ||||
2022 | 817 | 802 | |||
2021 | 508 | 224 | |||
2020 | 104 | 31 | |||
2019 | 5 | ||||
Prior | 1 | ||||
Net Finance Receivables | $ 1,434 | $ 2,181 | |||
[1] Includes loans originated during the six months ended June 30, 2023 . Represents credit losses for the six months ended June 30, 2023 . |
Finance Receivables, Credit Q_6
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Amortized Cost Basis in Past-Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,688,937 | $ 1,699,393 | $ 1,525,659 |
Net finance receivables in nonaccrual status | $ 61,403 | $ 60,061 | |
Past due, Percent | 6.90% | 7.10% | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 3.60% | 3.50% | |
Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 444,590 | $ 481,605 | 455,253 |
Net finance receivables in nonaccrual status | $ 22,098 | $ 20,810 | |
Past due, Percent | 9.20% | 9.10% | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 5% | 4.30% | |
Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,238,031 | $ 1,208,185 | 1,059,523 |
Net finance receivables in nonaccrual status | $ 38,880 | $ 39,039 | |
Past due, Percent | 6% | 6.20% | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 3.10% | 3.20% | |
Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 6,316 | $ 9,603 | $ 10,883 |
Net finance receivables in nonaccrual status | $ 425 | $ 212 | |
Past due, Percent | 12.80% | 8.20% | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 6.70% | 2.20% | |
Financing Receivables, Current [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,433,787 | $ 1,431,502 | |
Current,Percent | 84.90% | 84.20% | |
Financing Receivables, Current [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 362,595 | $ 388,978 | |
Current,Percent | 81.60% | 80.70% | |
Financing Receivables, Current [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,066,517 | $ 1,034,981 | |
Current,Percent | 86.20% | 85.70% | |
Financing Receivables, Current [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 4,675 | $ 7,543 | |
Current,Percent | 74% | 78.60% | |
1 to 29 Days Past Due [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 138,810 | $ 148,048 | |
Past due, Percent | 8.20% | 8.70% | |
1 to 29 Days Past Due [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 41,101 | $ 48,924 | |
Past due, Percent | 9.20% | 10.20% | |
1 to 29 Days Past Due [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 96,877 | $ 97,855 | |
Past due, Percent | 7.80% | 8.10% | |
1 to 29 Days Past Due [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 832 | $ 1,269 | |
Past due, Percent | 13.20% | 13.20% | |
Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 33,676 | $ 36,208 | |
Past due, Percent | 2% | 2.20% | |
Delinquent Accounts 30 to 59 Days [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 11,089 | $ 13,144 | |
Past due, Percent | 2.50% | 2.80% | |
Delinquent Accounts 30 to 59 Days [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 22,355 | $ 22,712 | |
Past due, Percent | 1.80% | 1.80% | |
Delinquent Accounts 30 to 59 Days [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 232 | $ 352 | |
Past due, Percent | 3.70% | 3.70% | |
Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 24,931 | $ 31,352 | |
Past due, Percent | 1.50% | 1.80% | |
Delinquent Accounts 60 to 89 Days [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 8,852 | $ 12,251 | |
Past due, Percent | 2% | 2.50% | |
Delinquent Accounts 60 to 89 Days [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 15,890 | $ 18,828 | |
Past due, Percent | 1.30% | 1.60% | |
Delinquent Accounts 60 to 89 Days [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 189 | $ 273 | |
Past due, Percent | 3% | 2.80% | |
Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 20,041 | $ 24,293 | |
Past due, Percent | 1.10% | 1.40% | |
Delinquent Accounts 90 to 119 Days [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 7,155 | $ 8,714 | |
Past due, Percent | 1.60% | 1.80% | |
Delinquent Accounts 90 to 119 Days [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 12,759 | $ 15,427 | |
Past due, Percent | 1% | 1.30% | |
Delinquent Accounts 90 to 119 Days [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 127 | $ 152 | |
Past due, Percent | 1.90% | 1.60% | |
Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 18,087 | $ 16,257 | |
Past due, Percent | 1.10% | 1% | |
Delinquent Accounts 120 to 149 Days [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 6,579 | $ 5,572 | |
Past due, Percent | 1.50% | 1.20% | |
Delinquent Accounts 120 to 149 Days [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 11,371 | $ 10,675 | |
Past due, Percent | 0.90% | 0.90% | |
Delinquent Accounts 120 to 149 Days [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 137 | $ 10 | |
Past due, Percent | 2.20% | 0.10% | |
Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 19,605 | $ 11,733 | |
Past due, Percent | 1.20% | 0.70% | |
Delinquent Accounts 150 to 179 Days [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 7,219 | $ 4,022 | |
Past due, Percent | 1.60% | 0.80% | |
Delinquent Accounts 150 to 179 Days [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 12,262 | $ 7,707 | |
Past due, Percent | 1% | 0.60% | |
Delinquent Accounts 150 to 179 Days [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 124 | $ 4 | |
Past due, Percent | 2% | 0% | |
Total Delinquency Accounts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 116,340 | $ 119,843 | |
Total Delinquency Accounts [Member] | Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | 40,894 | 43,703 | |
Total Delinquency Accounts [Member] | Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | 74,637 | 75,349 | |
Total Delinquency Accounts [Member] | Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 809 | $ 791 |
Finance Receivables, Credit Q_7
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 183,800 | $ 158,800 | $ 178,800 | $ 159,300 | |
Provision for credit losses | 52,551 | 45,400 | 100,219 | 76,258 | |
Credit losses | (57,609) | (38,258) | (102,218) | (71,038) | |
Recoveries | 2,658 | 1,558 | 4,599 | 2,980 | |
Ending balance | 181,400 | 167,500 | 181,400 | 167,500 | |
Net finance receivables | $ 1,688,937 | $ 1,525,659 | $ 1,688,937 | $ 1,525,659 | $ 1,699,393 |
Allowance as Percentage of Finance Receivables | 10.70% | 11% | 10.70% | 11% | |
Small [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 62,112 | $ 58,330 | $ 57,915 | $ 61,294 | |
Provision for credit losses | 18,759 | 17,469 | 38,578 | 30,117 | |
Credit losses | (23,448) | (18,372) | (39,828) | (34,627) | |
Recoveries | 1,045 | 749 | 1,803 | 1,392 | |
Ending balance | 58,468 | 58,176 | 58,468 | 58,176 | |
Net finance receivables | $ 444,590 | $ 455,253 | $ 444,590 | $ 455,253 | 481,605 |
Allowance as Percentage of Finance Receivables | 13.20% | 12.80% | 13.20% | 12.80% | |
Large [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 120,382 | $ 98,933 | $ 119,592 | $ 96,494 | |
Provision for credit losses | 33,556 | 27,569 | 61,265 | 45,520 | |
Credit losses | (33,661) | (19,532) | (61,758) | (35,792) | |
Recoveries | 1,596 | 790 | 2,774 | 1,538 | |
Ending balance | 121,873 | 107,760 | 121,873 | 107,760 | |
Net finance receivables | $ 1,238,031 | $ 1,059,523 | $ 1,238,031 | $ 1,059,523 | 1,208,185 |
Allowance as Percentage of Finance Receivables | 9.80% | 10.20% | 9.80% | 10.20% | |
Retail [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 1,306 | $ 1,537 | $ 1,293 | $ 1,512 | |
Provision for credit losses | 236 | 362 | 376 | 621 | |
Credit losses | (500) | (354) | (632) | (619) | |
Recoveries | 17 | 19 | 22 | 50 | |
Ending balance | 1,059 | 1,564 | 1,059 | 1,564 | |
Net finance receivables | $ 6,316 | $ 10,883 | $ 6,316 | $ 10,883 | $ 9,603 |
Allowance as Percentage of Finance Receivables | 16.80% | 14.40% | 16.80% | 14.40% |
Finance Receivables, Credit Q_8
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Modification Made to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 3,965 | $ 9,424 |
% of Net finance receivables | 0.20% | 0.60% |
Principal Forgiveness, Interest Rate Reduction, & Term Extension [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 125 | $ 150 |
Interest Rate Reduction and Term Extension [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 3,840 | $ 9,274 |
% of Net finance receivables | 0.20% | 0.50% |
Small Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 694 | $ 1,587 |
% of Net finance receivables | 0.20% | 0.40% |
Small Loans [Member] | Principal Forgiveness, Interest Rate Reduction, & Term Extension [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 16 | $ 19 |
Small Loans [Member] | Interest Rate Reduction and Term Extension [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 678 | $ 1,568 |
% of Net finance receivables | 0.20% | 0.40% |
Large Loans [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 3,271 | $ 7,837 |
% of Net finance receivables | 0.30% | 0.60% |
Large Loans [Member] | Principal Forgiveness, Interest Rate Reduction, & Term Extension [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 109 | $ 131 |
Large Loans [Member] | Interest Rate Reduction and Term Extension [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized cost basis | $ 3,162 | $ 7,706 |
% of Net finance receivables | 0.30% | 0.60% |
Finance Receivables, Credit Q_9
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Financial Effects of Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Small Loans [Member] | Principal Forgiveness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reduced amortized cost basis | $ 0.2 | $ 0.3 |
Small Loans [Member] | Interest Rate Reduction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reduced weighted-average contractual interest | 14.60% | 13.50% |
Small Loans [Member] | Term Extension [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Added weighted-average period to loans | 1 year 3 months 18 days | 1 year 3 months 18 days |
Large Loans [Member] | Principal Forgiveness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reduced amortized cost basis | $ 0.3 | $ 0.5 |
Large Loans [Member] | Interest Rate Reduction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reduced weighted-average contractual interest | 10% | 11.30% |
Large Loans [Member] | Term Extension [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Added weighted-average period to loans | 1 year 4 months 24 days | 1 year 4 months 24 days |
Finance Receivables, Credit _10
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Amortized Cost Basis for Modifications Made to Borrowers Experiencing Financial Difficulty Subsequently Defaulted (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | [1] | Jun. 30, 2023 | Jun. 30, 2022 | [1] | |
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | $ 5,711,000 | $ 371 | $ 11,223,000 | ||
Small Loans [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 1,425,000 | 70,000 | 2,889,000 | ||
Large Loans [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | $ 4,283,000 | 301,000 | $ 8,326,000 | ||
Interest Rate Reduction & Term Extension [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 371,000 | ||||
Interest Rate Reduction & Term Extension [Member] | Small Loans [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 70,000 | ||||
Interest Rate Reduction & Term Extension [Member] | Large Loans [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | $ 301,000 | ||||
[1] Represents the post-modification net finance receivables balance of loans that have been modified during the period and resulted in a TDR. |
Finance Receivables, Credit _11
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Contractual Delinquencies of Loans that were Modified to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | $ 61,403 | $ 60,061 |
Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 9,424 | |
Small Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 22,098 | 20,810 |
Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 1,587 | |
Large Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 38,880 | $ 39,039 |
Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 7,837 | |
Financial Asset, Not Past Due [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 8,133 | |
Financial Asset, Not Past Due [Member] | Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 1,314 | |
Financial Asset, Not Past Due [Member] | Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 6,819 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 245 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 44 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 201 | |
Financing Receivables, 30 - 89 Days Past Due [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 1,046 | |
Financing Receivables, 30 - 89 Days Past Due [Member] | Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | 229 | |
Financing Receivables, 30 - 89 Days Past Due [Member] | Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Contractual delinquencies of loans | $ 817 |
Finance Receivables, Credit _12
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of TDR Net Finance Receivables And TDR Allowance For Credit Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | $ 1,688,937 | $ 1,699,393 | $ 1,525,659 | |||
TDR Allowance for Credit Losses | 181,400 | $ 183,800 | 178,800 | 167,500 | $ 158,800 | $ 159,300 |
Troubled Debt Restructurings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | 17,124 | |||||
TDR Allowance for Credit Losses | 5,313 | |||||
Small Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | 444,590 | 481,605 | 455,253 | |||
TDR Allowance for Credit Losses | 58,468 | 62,112 | 57,915 | 58,176 | 58,330 | 61,294 |
Small Loans [Member] | Troubled Debt Restructurings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | 3,333 | |||||
TDR Allowance for Credit Losses | 1,158 | |||||
Large Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | 1,238,031 | 1,208,185 | 1,059,523 | |||
TDR Allowance for Credit Losses | 121,873 | 120,382 | 119,592 | 107,760 | 98,933 | 96,494 |
Large Loans [Member] | Troubled Debt Restructurings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | 13,743 | |||||
TDR Allowance for Credit Losses | 4,138 | |||||
Retail Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | 6,316 | 9,603 | 10,883 | |||
TDR Allowance for Credit Losses | $ 1,059 | $ 1,306 | $ 1,293 | 1,564 | $ 1,537 | $ 1,512 |
Retail Loans [Member] | Troubled Debt Restructurings [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net finance receivables | 48 | |||||
TDR Allowance for Credit Losses | $ 17 |
Finance Receivables, Credit _13
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Net Finance Receivables Modified And Classified As TDRs (Detail) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) Loan | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 1,481 | 3,010 | ||||
TDR Net Finance Receivables | $ | $ 5,711,000 | [1] | $ 371 | $ 11,223,000 | [1] | |
Small Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 743 | 1,509 | ||||
TDR Net Finance Receivables | $ | $ 1,425,000 | [1] | 70,000 | $ 2,889,000 | [1] | |
Large Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 737 | 1,497 | ||||
TDR Net Finance Receivables | $ | $ 4,283,000 | [1] | $ 301,000 | $ 8,326,000 | [1] | |
Retail Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 1 | 4 | ||||
TDR Net Finance Receivables | $ | [1] | $ 3,000 | $ 8,000 | |||
[1] Represents the post-modification net finance receivables balance of loans that have been modified during the period and resulted in a TDR. |
Finance Receivables, Credit _14
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of TDR Finance Receivables that Subsequently Defaulted (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 USD ($) Loan | Jun. 30, 2022 USD ($) Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 408 | 874 | |
TDR Net Finance Receivables | $ | [1] | $ 1,601 | $ 3,297 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 198 | 452 | |
TDR Net Finance Receivables | $ | [1] | $ 384 | $ 862 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 208 | 418 | |
TDR Net Finance Receivables | $ | [1] | $ 1,211 | $ 2,423 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 2 | 4 | |
TDR Net Finance Receivables | $ | [1] | $ 6 | $ 12 |
[1] Only includes defaults occurring within 12 months of a loan being designated as a TDR. Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted. |
Restricted Available-for-Sale_3
Restricted Available-for-Sale Investments - Reconciliation of Restricted Available-for-sale Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | $ 20,298 | $ 20,416 |
Restricted Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total restricted available-for-sale investments | 20,762 | 21,158 |
Gross Unrealized Losses | (464) | (742) |
Estimated Fair Value | $ 20,298 | $ 20,416 |
Restricted Available-for-Sale_4
Restricted Available-for-Sale Investments - Summary of Gross Unrealized Losses And Estimated Fair Values of Restricted Available-For-Sale Investments (Details) - Restricted Investments - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | $ 20,298 | $ 20,416 |
Less than 12 Months, Gross Unrealized Losses | (464) | (742) |
Total Estimated Fair Value | 20,298 | 20,416 |
Total Gross Unrealized Losses | $ (464) | $ (742) |
Restricted Available-for-Sale_5
Restricted Available-for-Sale Investments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule Of Available For Sale Securities [Line Items] | |||||
Accrued interest receivable | $ 0 | $ 0 | $ 300 | ||
Restricted Investments | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Gross realized gains or losses | $ 0 | $ 0 | $ 0 | $ 0 |
Restricted Available-for-Sale_6
Restricted Available-for-Sale Investments - Summary of Amortized Cost And Estimated Fair Values of Restricted Available-For-Sale Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Total restricted available-for-sale investments | $ 20,298 | $ 20,416 |
Restricted Investments | ||
Amortized Cost | ||
Due in one year | 18,618 | |
Due within one year to five years | 2,144 | |
Total restricted available-for-sale investments | 20,762 | 21,158 |
Estimated Fair Value | ||
Due in one year | 18,231 | |
Due within one year to five years | 2,067 | |
Total restricted available-for-sale investments | $ 20,298 | $ 20,416 |
Restricted Available-for-Sale_7
Restricted Available-for-Sale Investments - Summary of Proceeds from Sold or Matured Restricted Available-For-Sale Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Maturities of restricted available-for-sale investments | $ 2,117 | |
Restricted Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Purchases of restricted available-for-sale investments | 1,900 | |
Maturities of restricted available-for-sale investments | $ 2,117 | $ 2,117 |
Interest Rate Caps - Additional
Interest Rate Caps - Additional Information (Detail) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | |||||
Remaining interest rate cap contracts | $ 5,081,000 | $ 5,081,000 | $ 16,744,000 | $ 6,586,000 | |
Interest Rate Cap Contracts | |||||
Derivative [Line Items] | |||||
Remaining interest rate cap contracts | $ 0 |
Interest Rate Caps - Summary of
Interest Rate Caps - Summary of Change in Fair Value of Interest Rate Caps (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Offsetting [Abstract] | ||
Balance at beginning of period | $ 16,744 | $ 6,586 |
Sales | (14,687) | (14,687) |
Fair value adjustment included as an (increase) decrease in interest expense | 3,024 | 13,182 |
Balance at end of period | $ 5,081 | $ 5,081 |
Interest Rate Caps - Summary _2
Interest Rate Caps - Summary of Information Regarding Offsetting of Interest Rate Caps and Cash Collateral Received or Paid (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting [Abstract] | ||||
Interest rate caps | $ 5,081 | $ 5,081 | $ 16,744 | $ 6,586 |
Cash collateral received | (5,457) | |||
Net asset (liabilty) in the consolidated balance sheet | $ (376) |
Debt - Summary of the Company's
Debt - Summary of the Company's Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt | $ 1,344,855 | $ 1,355,359 |
Unamortized debt issuance costs | (6,923) | (9,512) |
Net debt | 1,337,932 | 1,345,847 |
Unused amount of revolving credit facilities (subject to borrowing base) | 640,723 | 555,117 |
Senior Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | 105,426 | 147,547 |
Unamortized debt issuance costs | (1,003) | (1,104) |
Net debt | 104,423 | 146,443 |
RMR II revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 189 | |
Unamortized debt issuance costs | (900) | |
Net debt | 189 | |
RMR IV revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 3,074 | 18,144 |
Unamortized debt issuance costs | (900) | (338) |
Net debt | 3,074 | 17,806 |
RMR V revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 22,236 | 286 |
Unamortized debt issuance costs | (400) | (400) |
Net debt | 22,236 | 286 |
RMR VI revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 20,512 | |
Unamortized debt issuance costs | (900) | |
Net debt | 20,512 | |
RMR VII revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 4,414 | |
Unamortized debt issuance costs | (800) | |
Net debt | 4,414 | |
RMIT 2020-1 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 180,214 | 180,214 |
Unamortized debt issuance costs | (208) | (618) |
Net debt | 180,006 | 179,596 |
RMIT 2021-1 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 248,916 | 248,916 |
Unamortized debt issuance costs | (563) | (985) |
Net debt | 248,353 | 247,931 |
RMIT 2021-2 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 200,192 | 200,192 |
Unamortized debt issuance costs | (1,320) | (1,534) |
Net debt | 198,872 | 198,658 |
RMIT 2021-3 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 125,202 | 125,202 |
Unamortized debt issuance costs | (1,021) | (1,178) |
Net debt | 124,181 | 124,024 |
RMIT 2022-1 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 250,374 | 250,374 |
Unamortized debt issuance costs | (1,416) | (1,841) |
Net debt | 248,958 | 248,533 |
RMIT 2022-2B securitization | ||
Debt Instrument [Line Items] | ||
Debt | 184,295 | 184,295 |
Unamortized debt issuance costs | (1,392) | (1,914) |
Net debt | $ 182,903 | $ 182,381 |
Debt - Summary of the Company_2
Debt - Summary of the Company's Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 6,923 | $ 9,512 |
RMR II revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 900 | |
RMR IV revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 900 | 338 |
RMR V revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 400 | $ 400 |
RMR VI revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 900 | |
RMR VII revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 800 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||||||||
Oct. 01, 2022 | Apr. 30, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | Oct. 30, 2022 | Sep. 30, 2022 | Feb. 28, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 | Feb. 28, 2021 | Sep. 30, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||||||||||||||
Cash | $ 10,330 | $ 7,928 | $ 3,873 | ||||||||||||
Cash deposited to restricted cash reserve account | 131,132 | 144,802 | 127,926 | ||||||||||||
Advances on securitizations | $ 250,000 | ||||||||||||||
RMR II revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Secured line of credit | $ 125,000 | $ 75,000 | |||||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 80% | 83% | |||||||||||||
Interest rate, basis spread | 2.15% | ||||||||||||||
Debt revolving period end date | 2023-03 | ||||||||||||||
Debt maturity date | 2024-03 | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | which borrowings under the facility bore interest, payable monthly, at a rate equal to three-month LIBOR, with a LIBOR floor of 0.25%, plus a blended margin of 2.35% (2.15% prior to the April 2021 amendment). | ||||||||||||||
RMR III revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Advances on securitizations | $ 16,300 | ||||||||||||||
RMR IV revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Secured line of credit | $ 125,000 | ||||||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 81% | 77% | |||||||||||||
Credit facility, eligible borrowing capacity | $ 18,100 | ||||||||||||||
Effective interest rate | 8.06% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 300 | ||||||||||||||
Debt revolving period end date | 2023-04 | ||||||||||||||
Debt maturity date | 2024-04 | ||||||||||||||
Line of credit facility, description | The facility was to convert to an amortizing loan in April 2023 and terminate in April 2024. In April and May 2023, the Company and its wholly-owned SPE, RMR IV, amended and restated the credit agreement that provides for a revolving warehouse credit facility to (i) extend the amortizing loan conversion date from April 2023 to May 2025 and the termination date from April 2024 to May 2026; (ii) decrease the capped advances on the facility from 81% to 77% of eligible finance receivables; and (iii) increase the margin from 2.35% to 2.80%. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR IV. | ||||||||||||||
RMR V revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Secured line of credit | $ 100,000 | ||||||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 80% | ||||||||||||||
Credit facility, eligible borrowing capacity | $ 15,500 | ||||||||||||||
Effective interest rate | 8.17% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 500 | ||||||||||||||
Line of credit facility, description | amended and restated the credit agreement that provides for a $100 million revolving warehouse credit facility to RMR V to extend the date at which the facility converts to an amortizing loan and the termination date to November 2022 and November 2023, respectively (October 2022 and October 2023, respectively, prior to the September 2022 amendment). Following a subsequent amendment in November 2022, the amortizing loan conversion date and termination date were extended to November 2024 and November 2025, respectively. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR V. Advances on the facility are capped at 80% of eligible finance receivables. | ||||||||||||||
Line of credit facility, interest rate description | Borrowings under the facility bear interest, payable monthly, at a per annum rate, which in the case of a conduit lender is the commercial paper rate, plus a margin of 2.75% (2.20% prior to the November 2022 amendment). The effective interest rate was 8.17% as of June 30, 2023. RMR V pays an unused commitment fee between 0.45% and 0.75% based upon the average daily utilization of the facility. RMR V had $15.5 million of immediate availability to draw down cash under the facility and held $0.5 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the credit agreement. | ||||||||||||||
RMR VI revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Secured line of credit | $ 75,000 | ||||||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 80% | ||||||||||||||
Effective interest rate | 7.76% | ||||||||||||||
Interest rate, during revolving period | 0% | ||||||||||||||
Unused line fee | 0.50% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 300 | ||||||||||||||
Line of credit facility, description | The facility converts to an amortizing loan in February 2025 and terminates in February 2026. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR VI. Advances on the facility are capped at 80% of eligible finance receivables. | ||||||||||||||
Line of credit facility, interest rate description | Borrowings under the facility bear interest, payable monthly, at a rate equal to one-month SOFR, plus (i) 0.10% per annum, (ii) a margin of 2.50%, and (iii) the applicable step-up margin (0.00% during the revolving period). The effective interest rate was 7.76% as of June 30, 2023. RMR VI pays a monthly unused commitment fee of 0.50%. RMR VI had no immediate availability to draw down cash under the facility and held $0.3 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the credit agreement. | ||||||||||||||
RMR VII revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Secured line of credit | $ 75,000 | ||||||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 80% | ||||||||||||||
Effective interest rate | 8.26% | ||||||||||||||
Interest rate, during revolving period | 0% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 100 | ||||||||||||||
Line of credit facility, description | The facility converts to an amortizing loan in October 2024 and terminates in October 2025. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR VII. Advances on the facility are capped at 80% of eligible finance receivables. | ||||||||||||||
Line of credit facility, interest rate description | Borrowings under the facility bear interest, payable monthly, at a rate equal to one-month SOFR, plus (i) 0.10% per annum, (ii) a margin of 3.00%, and (iii) the applicable step-up margin (0.00% during the revolving period). The effective interest rate was 8.26% as of June 30, 2023. RMR VII pays a monthly unused commitment fee ranging between 0.45% and 0.65%. RMR VII had no immediate availability to draw down cash under the facility and held $0.1 million in restricted cash reserves as of June 30, 2023 to satisfy provisions of the credit agreement. | ||||||||||||||
RMIT 2020-1 securitization | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 2.85% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 1,900 | ||||||||||||||
Debt revolving period end date | 2023-09 | ||||||||||||||
Debt maturity date | 2030-10 | ||||||||||||||
Advances on securitizations | $ 180,000 | ||||||||||||||
Debt Instrument, Payment Terms | Prior to maturity in October 2030, the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in October 2023. No payments of principal of the notes will be made during the revolving period | ||||||||||||||
RMIT 2021-1 securitization | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 2.08% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 2,600 | ||||||||||||||
Debt revolving period end date | 2024-02 | ||||||||||||||
Debt maturity date | 2031-03 | ||||||||||||||
Advances on securitizations | $ 249,000 | ||||||||||||||
Debt Instrument, Payment Terms | Prior to maturity in March 2031, the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in March 2024. No payments of principal of the notes will be made during the revolving period | ||||||||||||||
RMIT 2021-2 securitization | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 2.30% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 2,100 | ||||||||||||||
Debt revolving period end date | 2026-07 | ||||||||||||||
Debt maturity date | 2033-08 | ||||||||||||||
Advances on securitizations | $ 200,000 | ||||||||||||||
Debt Instrument, Payment Terms | Prior to maturity in August 2033, the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in August 2026. No payments of principal of the notes will be made during the revolving period | ||||||||||||||
RMIT 2021-3 securitization | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 3.88% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 1,500 | ||||||||||||||
Debt revolving period end date | 2026-09 | ||||||||||||||
Debt maturity date | 2033-10 | ||||||||||||||
Advances on securitizations | $ 125,000 | ||||||||||||||
Debt Instrument, Payment Terms | Prior to maturity in October 2033, the Company may redeem the notes in full, but not in part, at its option on any business day on or after the payment date occurring in October 2024. No payments of principal of the notes will be made during the revolving period. | ||||||||||||||
RMIT 2022-1 securitization | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 3.59% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 2,600 | ||||||||||||||
Debt revolving period end date | 2025-02 | ||||||||||||||
Debt maturity date | 2032-03 | ||||||||||||||
Advances on securitizations | $ 250,000 | ||||||||||||||
Debt Instrument, Payment Terms | Prior to maturity in March 2032, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in March 2025. No payments of principal of the notes will be made during the revolving period. | ||||||||||||||
RMIT 2022-2B securitization | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 7.51% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 2,300 | ||||||||||||||
Debt revolving period end date | 2024-10 | ||||||||||||||
Debt maturity date | 2031-11 | ||||||||||||||
Advances on securitizations | $ 200,000 | ||||||||||||||
Debt Instrument, Payment Terms | Prior to maturity in November 2031, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in November 2024. No payments of principal of the notes will be made during the revolving period. | ||||||||||||||
Contractual Priority Payments [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Cash deposited to restricted cash reserve account | $ 114,100 | $ 112,200 | |||||||||||||
Minimum [Member] | RMR IV revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 2.35% | ||||||||||||||
Unused line fee | 0.35% | ||||||||||||||
Debt revolving period end date | 2023-04 | ||||||||||||||
Debt maturity date | 2024-04 | ||||||||||||||
Minimum [Member] | RMR V revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 2.20% | ||||||||||||||
Unused line fee | 0.45% | ||||||||||||||
Debt revolving period end date | 2022-11 | ||||||||||||||
Debt maturity date | 2024-11 | ||||||||||||||
Maximum [Member] | RMR IV revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 2.80% | ||||||||||||||
Unused line fee | 0.70% | ||||||||||||||
Debt revolving period end date | 2025-05 | ||||||||||||||
Debt maturity date | 2026-05 | ||||||||||||||
Maximum [Member] | RMR V revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 2.75% | ||||||||||||||
Unused line fee | 0.75% | ||||||||||||||
Debt revolving period end date | 2023-11 | ||||||||||||||
Debt maturity date | 2025-11 | ||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | RMR II revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 0.25% | ||||||||||||||
Interest rate, basis spread | 2.35% | ||||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | RMR IV revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 2.35% | ||||||||||||||
LIBOR | RMR II revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 0.25% | ||||||||||||||
Senior Revolving Credit Facility | Unrestricted Cash [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Cash | $ 10,300 | ||||||||||||||
Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 3% | ||||||||||||||
Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 0.50% | ||||||||||||||
Debt Instrument Variable Rate Base Condition Two | LIBOR | RMR II revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 2.35% | ||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Commitment fee description | The Company pays an unused commitment fee between 0.50% and 1.00% based upon the average outstanding balance. | ||||||||||||||
Effective interest rate | 8.26% | ||||||||||||||
Revolving Credit Facility [Member] | Senior Revolving Credit Facility Prior To November Thirty Two Thousand Twenty Two | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Secured line of credit | $ 500,000 | ||||||||||||||
Revolving Credit Facility [Member] | Senior Revolving Credit Facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Secured line of credit | $ 420,000 | ||||||||||||||
Debt agreement expiration date | Sep. 30, 2024 | ||||||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 83% | ||||||||||||||
Current percentage of advances on eligible secured finance receivables | 67% | ||||||||||||||
Credit facility, eligible borrowing capacity | $ 103,300 | ||||||||||||||
Revolving Credit Facility [Member] | Senior Revolving Credit Facility | Minimum [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Unused line fee | 0.50% | ||||||||||||||
Revolving Credit Facility [Member] | Senior Revolving Credit Facility | Maximum [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Unused line fee | 1% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Jun. 30, 2022 | May 31, 2022 | Jun. 30, 2022 | Jan. 31, 2022 | Feb. 28, 2022 | May 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||||||
Repurchase shares of common stock | $ 50 | $ 20 | $ 30 | ||||
Stock repurchased, shares | 253,000 | 426,000 | 437,000 | 945,000 | |||
Increase in authorized amount under stock repurchase program | $ 20 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Repurchased Shares of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended |
Jun. 30, 2022 | May 31, 2022 | Jun. 30, 2022 | Jan. 31, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Common stock repurchased | 253,000 | 426,000 | 437,000 | 945,000 |
Weighted-average cost per share | $ 45.75 | $ 47.14 | ||
Total cost of common stock repurchased | $ 11,582 | $ 20,613 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Dividends Declared Per Share of Common Stock (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Dividends declared per common share | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 |
Disclosure About Fair Value o_3
Disclosure About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | |||||
Net finance receivables | $ 1,458,478 | $ 1,469,585 | |||
Restricted available-for-sale investments | 20,298 | 20,416 | |||
Interest rate caps | 5,081 | $ 5,081 | $ 16,744 | $ 6,586 | |
Level 1 [Member] | Carrying Amount [Member] | |||||
Assets | |||||
Cash | 10,330 | 3,873 | |||
Restricted cash | 131,132 | 127,926 | |||
Level 1 [Member] | Estimated Fair Value [Member] | |||||
Assets | |||||
Cash | 10,330 | 3,873 | |||
Restricted cash | 131,132 | 127,926 | |||
Level 3 [Member] | Carrying Amount [Member] | |||||
Assets | |||||
Net finance receivables | 1,458,478 | 1,469,585 | |||
Liabilities: | |||||
Debt | 1,344,855 | 1,355,359 | |||
Level 3 [Member] | Estimated Fair Value [Member] | |||||
Assets | |||||
Net finance receivables | 1,540,088 | 1,554,794 | |||
Liabilities: | |||||
Debt | 1,231,702 | 1,219,832 | |||
Level 2 [Member] | Carrying Amount [Member] | Fair Value, Recurring | |||||
Assets | |||||
Restricted available-for-sale investments | 20,298 | 20,416 | |||
Level 2 [Member] | Estimated Fair Value [Member] | Fair Value, Recurring | |||||
Assets | |||||
Restricted available-for-sale investments | $ 20,298 | $ 20,416 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for corporate taxes | $ 1,758 | $ 3,855 | $ 4,660 | $ 12,418 |
Discrete tax (benefits) deficiencies | 32 | (51) | 46 | (448) |
Total income taxes | $ 1,790 | $ 3,804 | $ 4,706 | $ 11,970 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net Income (Loss) | $ 6,023 | $ 11,982 | $ 14,712 | $ 38,765 |
Denominator: | ||||
Weighted-average shares outstanding for basic earnings per share | 9,399,000 | 9,261,000 | 9,363,000 | 9,396,000 |
Effect of dilutive securities | 167,000 | 408,000 | 232,000 | 449,000 |
Weighted-average shares adjusted for dilutive securities | 9,566,000 | 9,669,000 | 9,595,000 | 9,845,000 |
Earnings per share: | ||||
Basic | $ 0.64 | $ 1.29 | $ 1.57 | $ 4.13 |
Diluted | $ 0.63 | $ 1.24 | $ 1.53 | $ 3.94 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Compensation Plans [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Options to purchase common stock, Shares | 600,000 | 200,000 | 600,000 | 200,000 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | Apr. 22, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Exercise period of options | 10 years | |||||
Non-Employee Directors [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Non-employee director compensation grant period | 5 days | |||||
Maximum [Member] | Graded and Cliff Vesting [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period of options | 5 years | |||||
2015 Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares available for grant | 500,000 | 500,000 | ||||
Long Term Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance target for achievement period | 3 years | 3 years | ||||
Holding period post vesting date | 1 year | |||||
Long Term Incentive Plan [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of performance target for achievement | 0% | 0% | ||||
Long Term Incentive Plan [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of performance target for achievement | 150% | 150% | ||||
Stock Compensation Plans [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 2.3 | $ 2.7 | $ 4.4 | $ 4.9 | ||
Unrecognized share-based compensation expense | $ 19.2 | $ 19.2 | ||||
Period of recognition of share-based compensation expense | 2 years | |||||
Stock Compensation Plans [Member] | 2015 Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Maximum aggregate number of shares | 2,600,000 | 2,600,000 | ||||
Number of additional shares,Maximum aggregate number of shares | 1,050,000 | |||||
Shares available for grant | 900,000 | |||||
Plan description | As of June 30, 2023, subject to adjustments as provided in the 2015 Plan, the maximum aggregate number of shares of the Company’s common stock that could be issued under the 2015 Plan could not exceed the sum of (i) 2.6 million shares (such amount reflecting an increase of 1.05 million additional or “new” shares in connection with the May 20, 2021 re-approval of the 2015 Plan) plus (ii) any shares remaining available for the grant of awards as of the 2015 Plan effective date (April 22, 2015) under the 2007 Plan or the 2011 Plan, plus (iii) any shares subject to an award granted under the 2007 Plan or the 2011 Plan, which award is forfeited, cash-settled, cancelled, terminated, expires, or lapses for any reason without the issuance of shares or pursuant to which such shares are forfeited. As of the effective date of the 2015 Plan (April 22, 2015), there were 0.9 million shares available for grant under the 2015 Plan, inclusive of shares previously available for grant under the 2007 Plan and the 2011 Plan that were rolled over to the 2015 Plan. | |||||
Restricted Stock [Member] | Key Team Member Incentive Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance target for achievement period | 1 year | |||||
Vesting period of options | 2 years | |||||
Deferred compensation arrangement with individual, description | Each participant in the program is eligible to earn an RSA, subject to performance over a one-year period. Payout under the program can range from 0% to 150% of target based on the achievement of five Company performance metrics and individual performance goals (subject to continued employment and certain other terms and conditions of the program). | |||||
Restricted Stock [Member] | Key Team Member Incentive Plan [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of performance target for achievement | 0% | |||||
Restricted Stock [Member] | Key Team Member Incentive Plan [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of performance target for achievement | 150% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | 527,000 |
Number of Shares, Exercised | (18,000) |
Number of Shares, Options outstanding, Ending balance | 509,000 |
Number of Shares, Options exercisable | 457,000 |
Weighted Average Exercise Price Per Share, Options outstanding, Beginning balance | $ 23.07 |
Weighted Average Exercise Price Per Share, Exercised | 16.09 |
Weighted Average Exercise Price Per Share, Options outstanding, Ending balance | 23.32 |
Weighted Average Exercise Price Per Share, Options exercisable | $ 22.57 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 5 years 6 months |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 5 years 3 months 18 days |
Aggregate Intrinsic Value, Options outstanding | $ 3,684 |
Aggregate Intrinsic Value, Options exercisable | $ 3,641 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Additional Stock Option Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |||
Weighted-average grant date fair value per share | $ 0 | ||
Intrinsic value of options exercised | $ 277 | $ 277 | $ 2,142 |
Fair value of stock options that vested | $ 0 |
Share-based Compensation - Awar
Share-based Compensation - Award Grant Fair Value Assumptions (Detail) - Performance Restricted Stock Units [Member] - Monte Carlo Valuation Model [Member] | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility | 40.18% | 39.24% |
Expected dividends | 2.24% | 0% |
Risk-free rate | 5.21% | 1.05% |
Discount for post-vesting restrictions | 8.48% | 11.93% |
Share-based Compensation - Su_3
Share-based Compensation - Summary of PRSU Activity (Detail) - Performance Restricted Stock Units [Member] - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Non-vested shares at January 1, 2023 | 70 | |||
Granted | 118 | |||
Achieved performance adjustment | 0 | |||
Vested | 0 | |||
Forfeited | 0 | |||
Non-vested shares at June 30, 2023 | 188 | 188 | ||
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2023 | $ 52.07 | |||
Weighted Average Grant Date Fair Value per Unit, Granted | $ 32.40 | $ 0 | 32.40 | $ 52.07 |
Weighted Average Grant Date Fair Value Per Unit, Achieved performance adjustment | 0 | |||
Weighted Average Grant Date Fair Value Per Unit, Vested | 0 | |||
Weighted Average Grant Date Fair Value Per Unit, Forfeited | 0 | |||
Weighted Average Grant Date Fair Value Non-vested units at June 30, 2023 | $ 39.72 | $ 39.72 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of Additional PRSU Information (Detail) - Performance Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Grant Date Fair Value per Unit, Granted | $ 32.40 | $ 0 | $ 32.40 | $ 52.07 |
Fair value of PRSUs that vested | $ 0 | $ 0 | $ 0 | $ 0 |
Share-based Compensation - Su_5
Share-based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested shares at January 1, 2023 | shares | 108 |
Granted | shares | 0 |
Achieved performance adjustment | shares | 28 |
Vested | shares | (91) |
Forfeited | shares | 0 |
Non-vested shares at June 30, 2023 | shares | 45 |
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2023 | $ / shares | $ 21.87 |
Weighted Average Grant Date Fair Value per Unit, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value Per Unit, Achieved performance adjustment | $ / shares | 15.86 |
Weighted Average Grant Date Fair Value Per Unit, Vested | $ / shares | 15.86 |
Weighted Average Grant Date Fair Value Per Unit, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value Non-vested units at June 30, 2023 | $ / shares | $ 30.22 |
Share-based Compensation - Su_6
Share-based Compensation - Summary of Additional RSU Information (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Grant Date Fair Value per Unit, Granted | $ 0 | |||
Fair value of RSUs that vested | $ 1,445 | $ 513 | $ 1,445 | $ 513 |
Share-based Compensation - Su_7
Share-based Compensation - Summary of RSA Activity (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Non-vested shares at January 1, 2023 | 198 | |||
Granted | 233 | |||
Vested | (28) | |||
Forfeited | (2) | |||
Non-vested shares at June 30, 2023 | 401 | 401 | ||
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2023 | $ 38.99 | |||
Weighted Average Grant Date Fair Value, Granted | $ 28.97 | $ 46.86 | 34.5 | $ 40.95 |
Weighted Average Grant Date Fair Value, Vested | 46.41 | |||
Weighted Average Grant Date Fair Value, Forfeited | 53.04 | |||
Weighted Average Grant Date Fair Value Non-vested units at June 30, 2023 | $ 35.83 | $ 35.83 |
Share-based Compensation - Su_8
Share-based Compensation - Summary of Additional RSA Information (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average grant date fair value per share | $ 28.97 | $ 46.86 | $ 34.5 | $ 40.95 |
Fair value of RSAs that vested | $ 1,127 | $ 939 | $ 1,281 | $ 1,156 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - Quarterly Cash Dividend | Aug. 04, 2023 $ / shares |
Subsequent Event [Line Items] | |
Cash dividend per share | $ 0.3 |
Dividends payable, date to be paid | Sep. 14, 2023 |
Dividend date of record | Aug. 23, 2023 |
Dividend date of declaration | 2023-08 |