Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001519401 | ||
Entity Registrant Name | Regional Management Corp. | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 245,832,349 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 9,758,547 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, $0.10 par value | ||
Trading Symbol | RM | ||
Entity File Number | 001-35477 | ||
Security Exchange Name | NYSE | ||
Entity Incorporation State Country Code | DE | ||
Entity Tax Identification Number | 57-0847115 | ||
Entity Address Address Line1 | 979 Batesville Road | ||
Entity Address, Address Line Two | Suite B | ||
Entity Address, City or Town | Greer | ||
Entity Address, State or Province | SC | ||
Entity Address, Postal Zip Code | 29651 | ||
City Area Code | 864 | ||
Local Phone Number | 448-7000 | ||
Documents Incorporated by Reference | Certain information required by Part III of this Annual Report on Form 10-K is incorporated herein by reference to the Proxy Statement for the registrant’s 2024 Annual Meeting of Stockholders, which is expected to be filed pursuant to Regulation 14A within 120 days after the end of the registrant’s fiscal year ended December 31, 2023 . | ||
Auditor Firm ID | 34 | ||
Auditor Name | DELOITTE & TOUCHE LLP | ||
Auditor Location | Charlotte, North Carolina |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash | $ 4,509 | $ 3,873 |
Net finance receivables | 1,771,410 | 1,699,393 |
Unearned insurance premiums | (47,892) | (51,008) |
Allowance for credit losses | (187,400) | (178,800) |
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 1,536,118 | 1,469,585 |
Restricted cash | 124,164 | 127,926 |
Lease assets | 34,303 | 34,521 |
Restricted available-for-sale investments | 22,740 | 20,416 |
Intangible assets | 15,846 | 12,122 |
Property and equipment | 13,787 | 14,526 |
Deferred tax assets, net | 13,641 | 13,810 |
Other assets | 29,419 | 28,208 |
Total assets | 1,794,527 | 1,724,987 |
Liabilities: | ||
Debt | 1,399,814 | 1,355,359 |
Unamortized debt issuance costs | (4,578) | (9,512) |
Net debt | 1,395,236 | 1,345,847 |
Accounts payable and accrued expenses | 40,442 | 33,795 |
Lease liabilities | 36,576 | 36,712 |
Total liabilities | 1,472,254 | 1,416,354 |
Commitments and contingencies (Notes 7, 17, and 18) | ||
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, 14,566 shares issued and 9,759 shares outstanding at December 31, 2023 and 14,330 shares issued and 9,523 shares outstanding at December 31, 2022) | 1,457 | 1,433 |
Additional paid-in capital | 121,752 | 112,384 |
Retained earnings | 349,579 | 345,545 |
Accumulated other comprehensive loss | (372) | (586) |
Treasury stock (4,807 shares at December 31, 2023 and 2022) | (150,143) | (150,143) |
Total stockholders’ equity | 322,273 | 308,633 |
Total liabilities and stockholders’ equity | 1,794,527 | 1,724,987 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 378 | 439 |
Net finance receivables | 1,278,568 | 1,296,078 |
Allowance for credit losses | (133,207) | (134,708) |
Restricted cash | 123,899 | 126,017 |
Other assets | 2,880 | 1,706 |
Total assets | 1,272,518 | 1,289,532 |
Liabilities: | ||
Net debt | 1,200,380 | 1,199,404 |
Accounts payable and accrued expenses | 218 | 167 |
Total liabilities | $ 1,200,598 | $ 1,199,571 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 14,566,000 | 14,330,000 |
Common stock, shares outstanding | 9,759,000 | 9,523,000 |
Treasury stock, shares | 4,807,000 | 4,807,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Interest and fee income | $ 489,698 | $ 450,854 | $ 382,544 |
Insurance income, net | 44,529 | 43,502 | 35,482 |
Other income | 17,172 | 12,831 | 10,325 |
Total revenue | 551,399 | 507,187 | 428,351 |
Expenses | |||
Provision for credit losses | 220,034 | 185,115 | 89,015 |
Personnel | 156,872 | 141,243 | 119,833 |
Occupancy | 25,029 | 23,809 | 24,126 |
Marketing | 15,774 | 15,378 | 14,405 |
Other | 45,444 | 42,098 | 37,150 |
Total general and administrative expenses | 243,119 | 222,528 | 195,514 |
Interest expense | 67,463 | 34,223 | 31,349 |
Income before income taxes | 20,783 | 65,321 | 112,473 |
Income taxes | 4,825 | 14,097 | 23,786 |
Net income | $ 15,958 | $ 51,224 | $ 88,687 |
Net income per common share: | |||
Basic | $ 1.70 | $ 5.51 | $ 8.84 |
Diluted | $ 1.66 | $ 5.30 | $ 8.33 |
Weighted-average common shares outstanding: | |||
Basic | 9,398,000 | 9,296,000 | 10,034,000 |
Diluted | 9,593,000 | 9,656,000 | 10,643,000 |
Other comprehensive income (loss), net of tax: | |||
Unrealized income (loss) on restricted available-for-sale investments | $ 271 | $ (742) | |
Other comprehensive income (loss), before tax | 271 | (742) | |
Income taxes related to items of other comprehensive income (loss) | (57) | 156 | |
Other comprehensive income (loss), net of tax | 214 | (586) | |
Total comprehensive income | $ 16,172 | $ 50,638 | $ 88,687 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2020 | $ 272,123 | $ 1,385 | $ 105,483 | $ 227,343 | $ (62,088) | |
Beginning Balance, shares at Dec. 31, 2020 | 13,851 | |||||
Cash dividends | (9,925) | (9,925) | ||||
Issuance of restricted stock awards | $ 22 | (22) | ||||
Issuance of restricted stock awards, shares | 219 | |||||
Exercise of stock options | 46 | $ 46 | ||||
Exercise of stock options, shares | 453 | |||||
Repurchase of common stock | (67,442) | (67,442) | ||||
Shares withheld related to net share settlement | (8,233) | $ (37) | (8,196) | |||
Shares withheld related to net share settlement, shares | (366) | |||||
Share-based compensation | 7,399 | 7,399 | ||||
Short-swing profit disgorgement | 81 | 81 | ||||
Net income | 88,687 | 88,687 | ||||
Ending Balance at Dec. 31, 2021 | 282,736 | $ 1,416 | 104,745 | 306,105 | (129,530) | |
Ending Balance, shares at Dec. 31, 2021 | 14,157 | |||||
Cash dividends | (11,784) | (11,784) | ||||
Issuance of restricted stock awards | $ 22 | (22) | ||||
Issuance of restricted stock awards, shares | 224 | |||||
Exercise of stock options | 6 | $ 6 | ||||
Exercise of stock options, shares | 61 | |||||
Repurchase of common stock | (20,613) | (20,613) | ||||
Shares withheld related to net share settlement | (3,118) | $ (11) | (3,107) | |||
Shares withheld related to net share settlement, shares | (112) | |||||
Share-based compensation | 10,768 | 10,768 | ||||
Net income | 51,224 | 51,224 | ||||
Other comprehensive income (loss) | (586) | $ (586) | ||||
Ending Balance at Dec. 31, 2022 | 308,633 | $ 1,433 | 112,384 | 345,545 | (586) | (150,143) |
Ending Balance, shares at Dec. 31, 2022 | 14,330 | |||||
Cash dividends | (11,924) | (11,924) | ||||
Issuance of restricted stock awards | $ 32 | (32) | ||||
Issuance of restricted stock awards, shares | 322 | |||||
Exercise of stock options | $ 289 | $ 2 | 287 | |||
Exercise of stock options, shares | 18,000 | 18 | ||||
Shares withheld related to net share settlement | $ (2,652) | $ (10) | (2,642) | |||
Shares withheld related to net share settlement, shares | (104) | |||||
Share-based compensation | 11,755 | 11,755 | ||||
Net income | 15,958 | 15,958 | ||||
Other comprehensive income (loss) | 214 | 214 | ||||
Ending Balance at Dec. 31, 2023 | $ 322,273 | $ 1,457 | $ 121,752 | $ 349,579 | $ (372) | $ (150,143) |
Ending Balance, shares at Dec. 31, 2023 | 14,566 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 15,958 | $ 51,224 | $ 88,687 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 220,034 | 185,115 | 89,015 |
Depreciation and amortization | 14,634 | 12,689 | 11,653 |
Amortization of deferred originations fees and costs | (14,644) | (15,843) | (15,776) |
Loss on disposal of property and equipment | 867 | 143 | 161 |
Share-based compensation | 11,755 | 10,768 | 7,399 |
Fair value adjustment on interest rate caps | (2,721) | ||
Deferred income taxes, net | 112 | 4,766 | (4,299) |
Changes in operating assets and liabilities: | |||
Increase (decrease) in unearned insurance premiums | (3,116) | 3,171 | 13,292 |
(Increase) decrease in lease assets | 218 | (5,800) | (1,605) |
Increase in other assets | (4,144) | (13,271) | (8,443) |
Increase (decrease) in accounts payable and accrued expenses | 7,628 | (14,642) | 10,153 |
Increase (decrease) in lease liabilities | (136) | 6,012 | 1,499 |
Net cash provided by operating activities | 249,166 | 224,332 | 189,015 |
Cash flows from investing activities: | |||
Originations of finance receivables | (1,544,948) | (1,643,537) | (1,452,634) |
Repayments of finance receivables | 1,280,134 | 1,228,495 | 1,104,437 |
Purchases of intangible assets | (7,378) | (5,534) | (3,273) |
Purchases of property and equipment | (4,692) | (5,874) | (3,588) |
Purchase of restricted available-for-sale investments | (5,900) | (23,974) | |
Proceeds from sale of restricted available-for-sale investments | 3,130 | ||
Proceeds from maturities of restricted available-for-sale investments | 4,061 | ||
Net cash used in investing activities | (278,723) | (447,294) | (355,058) |
Cash flows from financing activities: | |||
Advances on revolving credit facilities | 1,645,346 | 1,832,412 | 1,901,870 |
Payments on revolving credit facilities | (1,566,736) | (1,910,717) | (1,985,601) |
Advances on securitizations | 433,720 | 573,700 | |
Payments on securitizations | (34,890) | (109,228) | (150,857) |
Payments for debt issuance costs | (2,769) | (5,656) | (8,907) |
Taxes paid related to net share settlement of equity awards | (2,923) | (2,993) | (9,951) |
Short-swing profit disgorgement | 81 | ||
Cash dividends | (11,886) | (11,353) | (9,537) |
Repurchases of common stock | (20,613) | (67,442) | |
Proceeds from exercise of stock options | 289 | ||
Net cash provided by financing activities | 26,431 | 205,572 | 243,356 |
Net change in cash and restricted cash | (3,126) | (17,390) | 77,313 |
Cash and restricted cash at beginning of period | 131,799 | 149,189 | 71,876 |
Cash and restricted cash at end of period | 128,673 | 131,799 | 149,189 |
Supplemental cash flow information: | |||
Interest paid | 60,083 | 40,475 | 29,428 |
Income taxes paid | 3,050 | 26,963 | 23,077 |
Operating leases paid | 10,193 | 9,071 | 9,729 |
Non-cash lease assets and liabilities acquired | $ 8,084 | $ 13,493 | $ 9,717 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Cash Flows [Abstract] | ||||
Cash | $ 4,509 | $ 3,873 | $ 10,507 | |
Restricted cash | 124,164 | 127,926 | 138,682 | |
Total cash and restricted cash | $ 128,673 | $ 131,799 | $ 149,189 | $ 71,876 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 15,958 | $ 51,224 | $ 88,687 |
Insider Trading Arrangements
Insider Trading Arrangements - shares | 3 Months Ended | |
Nov. 03, 2023 | Dec. 31, 2023 | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 3, 2023 , Robert W. Beck , the President and Chief Executive Officer of the Company and a member of the Board , terminated a Rule 10b5-1 trading arrangement that he had adopted on March 10, 2023 with respect to the sale of up to 20,000 shares of the Company’s common stock (the “ Beck 10b5-1 Trading Plan ”). The Beck 10b5-1 Trading Plan was scheduled to expire by its terms on May 31, 2024 . During the three months ended December 31, 2023 , none of the Company’s other officers or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S-K. | |
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 | |
Robert W. Beck [Member] | ||
Trading Arrangements, by Individual | ||
Name | Robert W. Beck | |
Title | President and Chief Executive Officer of the Company and a member of the Board | |
Adoption Date | March 10, 2023 | |
Rule 10b5-1 Arrangement Terminated | true | |
Termination Date | November 3, 2023 | |
Aggregate Available | 20,000 | |
Trd Arr Expiration Date | May 31, 2024 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 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 December 31, 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. 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 U.S. Generally Accepted Accounting Principles (“ GAAP ”). Business segments: The Company has one reportable segment, which is the consumer finance segment. 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, in addition to 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, (ii) the obligation to absorb losses that could be significant through note investment, if applicable, and (iii) 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 accounting standard 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. In November 2023, the FASB issued ASU 2023-07, improving the disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. These enhanced disclosures require reporting of incremental segment information on an annual and interim basis for all public entities, including public entities with only one reportable segment, to enable investors to develop more decision-useful financial analyses. The amendments in this update are effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024, and early adoption is permitted. The segment reporting guidance should be applied retrospectively to all prior periods presented in the financial statements, and upon transition, the expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, enhancing the transparency and decision usefulness of income tax disclosures. The amendment, among other things, improves transparency of income tax disclosures by requiring more consistent categories and greater disaggregation of information in rate reconciliations, and disaggregation of income taxes paid by jurisdiction. The amendments in this update are effective for annual periods beginning after December 15, 2024, and early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The income tax guidance should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. Treasury stock: The Company records the repurchase of shares of its common stock at cost on the settlement date of the transaction. These shares are considered treasury stock, which is a reduction to stockholders’ equity. Treasury stock is included in authorized and issued shares but excluded from outstanding shares. Net finance receivables: 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. 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. Delinquency: The Company determines past due status using the contractual terms of the finance receivable. Delinquency is one of the primary credit quality indicators used to evaluate the allowance for credit losses for each class of finance receivables. 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. 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. 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 incidences 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. Property and equipment: Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Furniture and equipment are depreciated on the straight-line method over their estimated useful lives, generally five to ten years . Maintenance and repairs are charged to expense as incurred. Leases: The Company leases its current headquarters building. Branch offices are leased under non-cancellable leases of three to seven years with renewal options. The Company’s lease liability is based on the present value of the remaining minimum rental payments using a discount rate that is based on the Company’s incremental borrowing rate on its senior revolving credit facility. The Company’s lease asset includes right-of-use assets equaling the lease liability, net of prepaid rent and deferred rents that existed as of the adoption of the current lease accounting standard. The Company assesses its leased assets for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If a lease is impaired, the impairment loss is recognized in lease costs and the right-of-use asset is reduced to the impaired value. Lease agreements with terms of twelve months or less are not capitalized as part of lease assets or liabilities and are expensed as incurred. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component for its branch leases. The Company has elected not to apply this policy in relation to the corporate headquarters lease. The Company has also determined that it is reasonably certain that the first option to extend lease contracts will be exercised for new branch locations; therefore, the first option to extend is included in the lease asset and liability calculation. 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. Derivative instruments: The Company held derivative instruments in the form of interest rate caps for the purpose of mitigating a portion of its exposure to interest rate risk. Derivative instruments are recorded at fair value and included in other assets, with their resulting gains or losses recognized in interest expense. Changes in fair value are reported as an adjustment to net income in computing cash flows from operating activities. 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. Income recognition: Interest income is recognized using the interest method (constant yield method). Therefore, the Company recognizes revenue from interest at an equal rate over the term of the loan. Unearned finance charges on pre-compute contracts are rebated to customers utilizing statutory methods, which in many cases is the sum-of-the-years’ digits method. The difference between income recognized under the constant yield method and the statutory method is recognized as an adjustment to interest income at the time of rebate. The Company recognizes income on credit life insurance, credit personal property insurance, and vehicle single interest insurance using the sum-of-the-years’ digits or straight-line methods over the terms of the policies. The Company recognizes income on credit accident and health insurance using the average of the sum-of-the-years’ digits and the straight-line methods over the terms of the policies. The Company recognizes income on credit involuntary unemployment insurance using the straight-line method over the terms of the policies. Rebates are computed using statutory methods, which in many cases match the GAAP method, and where it does not match, the difference between the GAAP method and the statutory method is recognized in income at the time of rebate. Fee income for non-file insurance is recognized using the sum-of-the-years’ digits method over the loan term. Charges for late fees are recognized as income when collected. 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. Marketing costs: Marketing costs are expensed as incurred. Income taxes: The Company records a tax provision for the anticipated tax consequences of its reported operating results. The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effects of future tax rate changes are recognized in the period when the enactment of new rates occurs. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on technical merits, the position will be sustained upon examination. The tax benefits of the position recognized in the consolidated financial statements are then measured based on the largest amount of benefit that is greater than 50% likely to be realized upon settlement with a taxing authority. The Company recognizes the tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of the consolidated statements of comprehensive income, in the period of exercise or vesting. Earnings per share: Earnings per share have been computed based on dividing net income by the weighted-average number of common shares outstanding during each reporting period presented. Common shares issuable upon the exercise of share-based compensation, which are computed using the treasury stock method, are included in the computation of diluted earnings per share. The Company uses the treasury stock method to calculate the effect of outstanding awards, by computing total employee proceeds as the sum of the amount employees must pay upon exercise of the awards and the amount of unearned share-based compensation costs attributable to future services. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | Note 3. Concentrations of Credit Risk Customers living in Texas, North Carolina, and South Carolina accounted for 32 % , 16 % , and 10 % , respectively, of the Company’s net finance receivables as of December 31, 2023 . Given the primary concentration of the Company’s portfolio of finance receivables in these states, such customers’ ability to honor their installment contracts may be affected by economic conditions in these states. The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts. |
Finance Receivables, Credit Qua
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | Note 4. Finance Receivables, Credit Quality Information, and Allowance for Credit Losses Net finance receivables for the periods indicated consisted of the following: December 31, Dollars in thousands 2023 2022 Small loans $ 493,473 $ 481,605 Large loans 1,274,137 1,208,185 Retail loans 3,800 9,603 Net finance receivables $ 1,771,410 $ 1,699,393 Net finance receivables included net deferred origination fees of $ 15.1 million and $ 16.0 million as of December 31, 2023 and 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, origination year, and current period credit losses as of and for the year ended December 31, 2023 are as follows: Net Finance Receivables by Origination Year Dollars in thousands 2023 2022 2021 2020 2019 Prior Total Net Finance Receivables Small Loans: FICO Band 1 $ 64,664 $ 10,459 $ 1,625 $ 172 $ 68 $ 18 $ 77,006 2 31,289 5,886 724 36 11 9 37,955 3 51,222 8,099 717 31 6 1 60,076 4 65,743 10,074 679 19 10 3 76,528 5 74,207 13,838 632 14 4 1 88,696 6 126,400 25,679 1,111 15 5 2 153,212 Total small loans $ 413,525 $ 74,035 $ 5,488 $ 287 $ 104 $ 34 $ 493,473 Current period credit losses $ 14,484 $ 60,298 $ 10,244 $ 599 $ 60 $ 7 $ 85,692 Large Loans: FICO Band 1 $ 83,107 $ 28,068 $ 9,542 $ 2,510 $ 980 $ 347 $ 124,554 2 46,855 16,964 5,342 1,077 309 83 70,630 3 86,191 45,778 14,999 2,201 316 66 149,551 4 120,054 65,753 20,712 3,481 592 55 210,647 5 128,901 69,706 23,779 4,043 496 22 226,947 6 291,795 144,663 46,630 7,936 732 52 491,808 Total large loans $ 756,903 $ 370,932 $ 121,004 $ 21,248 $ 3,425 $ 625 $ 1,274,137 Current period credit losses $ 14,529 $ 78,938 $ 33,616 $ 5,116 $ 1,465 $ 254 $ 133,918 Retail Loans: FICO Band 1 $ 1 $ — $ 2 $ 1 $ 1 $ 5 $ 10 2 — 213 30 — — — 243 3 — 634 211 3 1 1 850 4 — 650 352 36 — 4 1,042 5 — 508 278 24 — 4 814 6 — 524 286 28 2 1 841 Total retail loans $ 1 $ 2,529 $ 1,159 $ 92 $ 4 $ 15 $ 3,800 Current period credit losses $ — $ 776 $ 431 $ 88 $ 24 $ 4 $ 1,323 Total Loans: FICO Band 1 $ 147,772 $ 38,527 $ 11,169 $ 2,683 $ 1,049 $ 370 $ 201,570 2 78,144 23,063 6,096 1,113 320 92 108,828 3 137,413 54,511 15,927 2,235 323 68 210,477 4 185,797 76,477 21,743 3,536 602 62 288,217 5 203,108 84,052 24,689 4,081 500 27 316,457 6 418,195 170,866 48,027 7,979 739 55 645,861 Total loans $ 1,170,429 $ 447,496 $ 127,651 $ 21,627 $ 3,533 $ 674 $ 1,771,410 Current period credit losses $ 29,013 $ 140,012 $ 44,291 $ 5,803 $ 1,549 $ 265 $ 220,933 Net finance receivables by product, FICO band, 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 receivable portfolio by product and aging for the periods indicated are as follows: December 31, 2023 Small Large Retail Total Dollars in thousands $ % $ % $ % $ % Current $ 406,203 82.4 % $ 1,084,518 85.1 % $ 2,620 69.0 % $ 1,493,341 84.3 % 1 to 29 days past due 45,119 9.1 % 109,483 8.6 % 594 15.6 % 155,196 8.8 % Delinquent accounts 30 to 59 days 12,053 2.4 % 22,587 1.7 % 116 3.1 % 34,756 1.9 % 60 to 89 days 11,253 2.3 % 19,844 1.6 % 115 3.0 % 31,212 1.8 % 90 to 119 days 10,030 2.0 % 16,951 1.3 % 126 3.2 % 27,107 1.5 % 120 to 149 days 4,247 0.9 % 10,938 0.9 % 132 3.5 % 15,317 0.9 % 150 to 179 days 4,568 0.9 % 9,816 0.8 % 97 2.6 % 14,481 0.8 % Total delinquency $ 42,151 8.5 % $ 80,136 6.3 % $ 586 15.4 % $ 122,873 6.9 % Total net finance receivables $ 493,473 100.0 % $ 1,274,137 100.0 % $ 3,800 100.0 % $ 1,771,410 100.0 % Net finance receivables in nonaccrual status $ 21,850 4.4 % $ 44,627 3.5 % $ 394 10.4 % $ 66,871 3.8 % 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. The Company reversed $ 24.2 million , $ 20.2 million , and $ 8.9 million of accrued interest as a reduction of interest and fee income for the years ended December 31, 2023, 2022, and 2021, respectively. The following is a reconciliation of the allowance for credit losses by product for the years ended December 31, 2023, 2022, and 2021: 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 82,745 136,638 651 220,034 Credit losses ( 85,692 ) ( 133,918 ) ( 1,323 ) ( 220,933 ) Recoveries 3,768 5,680 51 9,499 Ending balance at December 31, 2023 $ 58,736 $ 127,992 $ 672 $ 187,400 Net finance receivables at December 31, 2023 $ 493,473 $ 1,274,137 $ 3,800 $ 1,771,410 Allowance as percentage of net finance receivables at December 31, 2023 11.9 % 10.0 % 17.7 % 10.6 % 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 76,513 106,925 1,677 185,115 Credit losses ( 82,842 ) ( 87,236 ) ( 1,985 ) ( 172,063 ) Recoveries 2,950 3,409 89 6,448 Ending balance at December 31, 2022 $ 57,915 $ 119,592 $ 1,293 $ 178,800 Net finance receivables at December 31, 2022 $ 481,605 $ 1,208,185 $ 9,603 $ 1,699,393 Allowance as percentage of net finance receivables at December 31, 2022 12.0 % 9.9 % 13.5 % 10.5 % Dollars in thousands Small Large Retail Total Beginning balance at January 1, 2021 $ 59,410 $ 88,058 $ 2,532 $ 150,000 Provision for credit losses 40,982 47,775 258 89,015 Credit losses ( 40,922 ) ( 41,379 ) ( 1,351 ) ( 83,652 ) Recoveries 1,824 2,040 73 3,937 Ending balance at December 31, 2021 $ 61,294 $ 96,494 $ 1,512 $ 159,300 Net finance receivables at December 31, 2021 $ 445,023 $ 970,694 $ 10,540 $ 1,426,257 Allowance as percentage of net finance receivables at December 31, 2021 13.8 % 9.9 % 14.3 % 11.2 % The 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. The 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. The 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 period indicated is as follows: As of and for the Year Ended December 31, 2023 Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension 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 Amortized Cost Basis % of Net Finance Receivables Small loans $ 37 — $ 2,112 0.4 % $ 346 0.1 % $ 2,495 0.5 % Large loans 288 — 12,687 1.0 % 930 0.1 % 13,905 1.1 % Total $ 325 — $ 14,799 0.8 % $ 1,276 0.1 % $ 16,400 0.9 % The financial effects of the modifications made to borrowers experiencing financial difficulty for the period indicated is as follows: Year Ended December 31, 2023 Loan Modification Product Financial Effect Principal forgiveness Small loans Reduced the amortized cost basis of the loans by $ 0.5 million. Large loans Reduced the amortized cost basis of the loans by $ 1.0 million. Interest rate reduction Small loans Reduced the weighted-average contractual interest rate by 13.6 %. Large loans Reduced the weighted-average contractual interest rate by 10.7 %. Term extension Small loans Added a weighted-average 1.4 years to the life of loans. Large loans Added a weighted-average 1.5 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 period indicated is as follows: As of and for the Year Ended December 31, 2023 Dollars in thousands Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Term Extension Total Small loans $ 3 $ 248 $ 3 $ 254 Large loans 16 1,334 27 1,377 Total $ 19 $ 1,582 $ 30 $ 1,631 The contractual delinquencies of loans that were modified to borrowers experiencing financial difficulty on or after January 1, 2023 for the period indicated is as follows: December 31, 2023 Dollars in thousands Current 30 - 89 Days Past Due 90+ Days Past Due Total Small loans $ 1,993 $ 325 $ 177 $ 2,495 Large loans 11,289 1,691 925 13,905 Total (1) $ 13,282 $ 2,016 $ 1,102 $ 16,400 (1) Excludes modified finance receivables that subsequently charged off of $ 0.4 million and $ 1.8 million in small and large loans, respectively. 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: December 31, 2022 Dollars in thousands TDR Net Finance Receivables TDR Allowance for Credit Losses Small loans $ 3,884 $ 1,008 Large loans 16,421 4,118 Retail loans 46 16 Total $ 20,351 $ 5,142 The following table provides the number and amount of net finance receivables modified and classified as TDRs during the periods presented: Year Ended December 31, 2022 2021 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Number of Loans TDR Net Finance Receivables (1) Small loans 3,651 $ 6,920 2,522 $ 4,761 Large loans 3,554 20,537 2,123 11,303 Retail loans 15 37 7 14 Total 7,220 $ 27,494 4,652 $ 16,078 (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 table provides 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: Year Ended December 31, 2022 2021 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Number of Loans TDR Net Finance Receivables (1) Small loans 1,365 $ 2,712 950 $ 1,740 Large loans 1,307 7,704 712 3,719 Retail loans 6 16 5 9 Total 2,678 $ 10,432 1,667 $ 5,468 (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 | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Restricted Available-for-Sale Investments | Note 5. 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: December 31, 2023 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Restricted investments $ 23,211 $ 1 $ ( 472 ) $ 22,740 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: December 31, 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 $ — $ — $ 18,633 $ ( 472 ) $ 18,633 $ ( 472 ) 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 $ 0.3 million as of December 31, 2023 and 2022 . 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 tables include the amortized cost and estimated fair values of restricted available-for-sale investments by contractual maturity as of the period indicated: December 31, 2023 Dollars in thousands Amortized Cost Estimated Fair Value Due in one year $ 21,035 $ 20,614 Due within one year to five years 2,176 2,126 Due within five years to ten years — — Due after ten years — — Total restricted available-for-sale investments $ 23,211 $ 22,740 The following table includes the proceeds from sold or matured restricted available-for-sale investments for the periods indicated: Year Ended December 31, Dollars in thousands 2023 2022 Proceeds from sale of restricted available-for-sale investments $ — $ 3,130 The Company had no gross realized gains or losses during the years ended December 31, 2023, 2022, and 2021 , respectively. For additional information on the Company's restricted available-for-sale investments, see Note 13, "Disclosure About Fair Value of Financial Instruments." |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment For the periods indicated, property and equipment consisted of the following: December 31, Dollars in thousands 2023 2022 Furniture, fixtures, and equipment $ 27,228 $ 27,011 Leasehold improvements 16,880 15,272 Property and equipment cost 44,108 42,283 Less accumulated depreciation 30,321 27,757 Property and equipment, net of accumulated depreciation $ 13,787 $ 14,526 Depreciation expense for the years ended December 31, 2023, 2022, and 2021 totaled $ 4.6 million , $ 4.1 million , and $ 4.5 million , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 7. Leases The Company maintains lease agreements related to its branch network and for its corporate headquarters. The branch lease agreements range from three to seven years and generally contain options to extend from three to five years . The corporate headquarters lease agreement is for eleven years and contains an option to extend for ten years . All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on an index that may change after the commencement date. Future maturities of the Company’s operating lease liabilities are as follows: Dollars in thousands December 31, 2023 2024 $ 9,681 2025 8,802 2026 7,000 2027 5,241 2028 3,767 Thereafter 8,475 Total future minimum lease payments 42,966 Present value adjustment ( 6,390 ) Operating lease liability $ 36,576 The Company’s operating and short-term lease expenses are presented below: Year Ended December 31, Dollars in thousands 2023 2022 2021 Operating leases $ 10,587 $ 9,457 $ 9,573 Short-term leases 447 745 648 Total lease expense $ 11,034 $ 10,202 $ 10,221 The Company’s weighted-average remaining lease term and discount rate for the periods indicated are as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years) 5.5 6.1 Weighted-average discount rate 5.75 % 5.46 % Rent expense for the years ended December 31, 2023, 2022, and 2021 equaled $ 11.0 million , $ 10.2 million , and $ 10.2 million , respectively. In addition to rent, the Company typically pays for all operating expenses, property taxes, and repairs and maintenance on properties that it leases. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 8. Intangible Assets The following table provides the gross carrying amount and related accumulated amortization of intangible assets: December 31, 2023 December 31, 2022 Dollars in thousands Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Software $ 30,825 $ ( 15,695 ) $ 15,130 $ 25,363 $ ( 13,957 ) $ 11,406 Other 950 ( 234 ) 716 950 ( 234 ) 716 Total intangible assets $ 31,775 $ ( 15,929 ) $ 15,846 $ 26,313 $ ( 14,191 ) $ 12,122 Intangible amortization expense for the years ended December 31, 2023, 2022, and 2021 totaled $ 3.7 million , $ 2.9 million , and $ 2.4 million , respectively. As of December 31, 2023 , the Company’s weighted-average amortization period for software was 6.1 years. The following table sets forth the future amortization of software: Dollars in thousands Amount 2024 $ 3,771 2025 3,152 2026 2,564 2027 1,804 2028 1,560 Thereafter 2,279 Total $ 15,130 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 9. Other Assets Other assets include the following as of the periods indicated: December 31, Dollars in thousands 2023 2022 Prepaid expenses $ 9,661 $ 9,115 Income tax receivable 7,260 8,598 Card payments receivable 5,666 5,118 Credit insurance receivable 2,759 2,748 Warehouse credit facilities debt issue costs 2,362 1,314 Other 1,711 1,315 Total other assets $ 29,419 $ 28,208 |
Interest Rate Caps
Interest Rate Caps | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Caps | Note 10. 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: Year Ended December 31, Dollars in thousands 2023 2022 2021 Balance at beginning of period $ — $ 6,586 $ 265 Purchases — — 3,600 Sales — ( 19,720 ) — Fair value adjustment included as a decrease in interest expense — 13,134 2,721 Balance at end of period $ — $ — $ 6,586 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 11. Debt The following is a summary of the Company’s debt as of the periods indicated: December 31, 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 $ 195,462 $ ( 606 ) $ 194,856 $ 147,547 $ ( 1,104 ) $ 146,443 RMR II revolving warehouse credit facility — — — 189 — 189 RMR IV revolving warehouse credit facility 3,197 — 3,197 18,144 ( 338 ) 17,806 RMR V revolving warehouse credit facility 26,718 — 26,718 286 — 286 RMR VI revolving warehouse credit facility 15,953 — 15,953 — — — RMR VII revolving warehouse credit facility 4,216 — 4,216 — — — RMIT 2020-1 securitization 145,290 — 145,290 180,214 ( 618 ) 179,596 RMIT 2021-1 securitization 248,915 ( 141 ) 248,774 248,916 ( 985 ) 247,931 RMIT 2021-2 securitization 200,192 ( 1,106 ) 199,086 200,192 ( 1,534 ) 198,658 RMIT 2021-3 securitization 125,202 ( 864 ) 124,338 125,202 ( 1,178 ) 124,024 RMIT 2022-1 securitization 250,374 ( 991 ) 249,383 250,374 ( 1,841 ) 248,533 RMIT 2022-2B securitization 184,295 ( 870 ) 183,425 184,295 ( 1,914 ) 182,381 Total $ 1,399,814 $ ( 4,578 ) $ 1,395,236 $ 1,355,359 $ ( 9,512 ) $ 1,345,847 Unused amount of revolving credit facilities $ 551,508 $ 555,117 (1) Unamortized debt issuance costs related to the revolving warehouse credit facilities are presented within other assets in the consolidated balance sheets. These credit facilities had $ 2.4 million and $ 1.3 million in such costs as of December 31, 2023 and 2022 , respectively. 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 secured finance receivables ( 65 % of eligible secured finance receivables as of December 31, 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 8.44 % at December 31, 2023 . The Company pays an unused commitment fee between 0.50% and 1.00% based upon the average outstanding balance. As of December 31, 2023, the Company had $ 76.2 million of immediate available liquidity to draw down cash under the facility and held $ 4.5 million in unrestricted cash. See Note 19, “Subsequent Events,” for information regarding the amendment of this facility following the end of the fiscal year. 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. 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 $ 109.9 million and $ 112.2 million as of December 31, 2023 and 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 bear interest, payable monthly, at a blended rate equal to three-month LIBOR, with a LIBOR floor of 0.25 %, plus a margin of 2.35 % ( 2.15 % prior to the April 2021 amendment). In September 2022, the Company and its wholly-owned SPE, 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 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 and 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 8.24 % at December 31, 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 $ 16.5 million of immediate availability to draw down cash under the facility and held $ 0.3 million in restricted cash reserves as of December 31, 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 8.34 % at December 31, 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 ha d $ 15.4 million of immediate availability to draw down cash under the facility and held $ 0.5 million in restricted cash reserves as of December 31, 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 a nnum, (ii) a margin of 2.50%, and (iii) the applicable step-up margin ( 0.00 % during the revolving period). The effective interest rate was 7.94 % as of December 31, 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 $ 0.2 million in restricted cash reserves as of December 31, 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 w as 8.44 % as of December 31, 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 December 31, 2023 to satisfy provisions of the credit agreement. RMIT 2020-1 Securitization: In September 2020, the Company, its wholly owned SPE, RMR III, and the Company’s indirect wholly owned SPE, Regional Management Issuance Trust (" 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 had 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 December 31, 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 2.97 % as of December 31, 2023 . Prior to maturity in October 2030 , the Company may redeem the notes in full, but not in part. During the year ended December 31, 2023, the Company made principal repayments of $ 34.9 million subsequent to the end of 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, 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 December 31, 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 December 31, 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, 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 December 31, 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 December 31, 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, 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 December 31, 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 December 31, 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, 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 December 31, 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 December 31, 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, 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 December 31, 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 December 31, 2023 . The $ 16.3 million Class C fixed-rate, asset-backed notes were 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 contain 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. The Company was in compliance with all debt covenants as of December 31, 2023. The following is a summary of estimated future principal payments required on outstanding debt: Dollars in thousands Amount 2024 $ 441,290 2025 412,988 2026 291,031 2027 202,473 2028 42,607 Thereafter 5,634 Total $ 1,396,023 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 12. 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: Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Common stock repurchased — 437 1,450 Weighted-average cost per share $ — $ 47.14 $ 46.47 Total cost of common stock repurchased $ — $ 20,613 $ 67,442 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: Year Ended December 31, 2023 2022 2021 Dividends declared per common share $ 1.20 $ 1.20 $ 0.95 See Note 19, “Subsequent Events,” for information regarding the Company’s cash dividend following the end of the fiscal year. |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Note 13. 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 is 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 5, "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: December 31, 2023 December 31, 2022 Dollars in thousands Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Level 1 Cash $ 4,509 $ 4,509 $ 3,873 $ 3,873 Restricted cash 124,164 124,164 127,926 127,926 Level 3 Net finance receivables, less unearned insurance 1,536,118 1,603,737 1,469,585 1,554,794 Liabilities Level 3 Debt 1,399,814 1,308,349 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: December 31, 2023 December 31, 2022 Dollars in thousands Carrying Estimated Carrying Estimated Assets Level 2 Restricted available-for-sale investments 22,740 22,740 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 | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. The Company files consolidated or separate state income tax returns as required by individual states in which it operates. The Company is generally no longer subject to federal, state, or local income tax examinations by taxing authorities before 2020. However, the Company remains subject to examination in Wisconsin for its 2019 tax return and in Texas for its 2018 and 2019 tax returns. Income tax expense attributable to total income before income taxes consists of the following for the periods indicated: Year Ended December 31, Dollars in thousands 2023 2022 2021 Current: Federal $ 3,567 $ 7,383 $ 24,735 State and local 1,146 1,948 3,350 4,713 9,331 28,085 Deferred: Federal 289 5,247 ( 4,169 ) State and local ( 177 ) ( 481 ) ( 130 ) 112 4,766 ( 4,299 ) Total $ 4,825 $ 14,097 $ 23,786 Income tax expense differed from the amount computed by applying the federal income tax rate to total income before income taxes as a result of the following: Year Ended December 31, 2023 2022 2021 Dollars in thousands $ % $ % $ % Federal tax expense at statutory rate $ 4,364 21.0 % $ 13,717 21.0 % $ 23,619 21.0 % Increase (reduction) in income taxes resulting State tax, net of federal benefit 882 4.2 % 1,134 1.7 % 2,620 2.3 % Non-deductible compensation 1,021 4.9 % 627 1.0 % 672 0.6 % Excess tax benefits from share-based awards 301 1.4 % ( 344 ) ( 0.5 )% ( 2,711 ) ( 2.4 )% Research and development ( 1,459 ) ( 7.0 )% ( 1,222 ) ( 1.9 )% — — Other ( 284 ) ( 1.3 )% 185 0.3 % ( 414 ) ( 0.4 )% Total tax expense $ 4,825 23.2 % $ 14,097 21.6 % $ 23,786 21.1 % Net deferred tax assets and liabilities consist of the following as of the periods indicated: December 31, Dollars in thousands 2023 2022 Deferred tax assets: Allowance for credit losses $ 44,200 $ 41,877 Lease liability 8,711 8,782 Unearned insurance commissions 7,729 8,345 Research and experimental expenditures 4,100 2,060 Share-based compensation 2,870 2,512 Accrued expenses 2,542 2,081 State net operating loss carryforward 1,548 1,478 Unearned premium reserves 225 653 Other 134 222 Gross deferred tax assets 72,059 68,010 Deferred tax liabilities: Fair market value adjustment of net finance receivables 42,713 37,415 Lease assets 8,173 8,268 Deferred loan costs 3,658 3,282 Depreciation and software amortization 2,353 4,076 Prepaid expenses 1,521 1,159 Gross deferred tax liabilities 58,418 54,200 Net deferred tax asset $ 13,641 $ 13,810 The Company had a state net operating loss carryforward of approximately $ 52.3 million as of December 31, 2023 . These carryforwards are available to offset future taxable income. If not used, the carryforward will expire beginning in 2032 . Companies are not permitted to recognize the tax benefit attributable to a tax position unless such position is more likely than not to be sustained upon examination by taxing authorities, based solely on the technical merits of the position. At December 31, 2023, the Company had $ 0.7 million of unrecognized tax benefits that, if recognized, would affect the effective tax rate. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in the income tax line of the consolidated statements of comprehensive income. During the year ended 2023, the Company recognized approximately $ 0.1 million of interest and penalties. The following schedule reconciles unrecognized tax positions for the periods indicated: Year Ended December 31, Dollars in thousands 2023 2022 2021 Balance at January 1 $ 414 $ — $ — Additions based on tax positions related to the current year 268 233 — Additions for tax positions of prior years 51 181 — Balance at December 31 $ 733 $ 414 $ — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15. Earnings Per Share The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Numerator: Net income $ 15,958 $ 51,224 $ 88,687 Denominator: Weighted-average shares outstanding for basic earnings per share 9,398 9,296 10,034 Effect of dilutive securities 195 360 609 Weighted-average shares adjusted for dilutive securities 9,593 9,656 10,643 Earnings per share: Basic $ 1.70 $ 5.51 $ 8.84 Diluted $ 1.66 $ 5.30 $ 8.33 The Company excluded outstanding shares of common stock totaling 0.4 million , 0.3 million, and 11 thousand for the years ended December 31, 2023, 2022, and 2021 , respectively, from 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 | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 16. 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 December 31, 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 December 31, 2023, there were 0.3 million shares available for grant under the 2015 Plan. For the years ended December 31, 2023, 2022, and 2021, the Company recorded share-based compensation expense of $ 11.8 million , $ 10.8 million , and $ 7.4 million , respectively. As of December 31, 2023, unrecognized share-based compensation expense to be recognized over future periods approximated $ 11.5 million . This amount will be recognized as expense over a weighted-average period of 1.6 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 weighted-average assumptions for option grants during the periods indicated: Year Ended December 31, 2023 2022 2021 Expected volatility — — 47.83 % Expected dividends — — 2.63 % Expected term (in years) — — 6.0 Risk-free rate — — 0.64 % The following table summarizes the stock option activity for the year ended December 31, 2023: Dollars in thousands, except per share amounts Number of Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Options outstanding at January 1, 2023 527 $ 23.07 Granted — — Exercised ( 18 ) 16.09 Forfeited — — Expired — — Options outstanding at December 31, 2023 509 $ 23.32 4.9 $ 1,954 Options exercisable at December 31, 2023 509 $ 23.32 4.9 $ 1,954 The following table provides additional stock option information for the periods indicated: Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Weighted-average grant date fair value per share $ — $ — $ 10.52 Intrinsic value of options exercised $ 277 $ 2,142 $ 11,711 Fair value of stock options that vested $ 544 $ 849 $ 1,063 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: Year Ended December 31, 2023 2022 2021 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 year ended December 31, 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 ( 13 ) 36.67 Non-vested units at December 31, 2023 175 $ 39.94 The following table provides additional PRSU information for the periods indicated: Year Ended December 31, Dollars in thousands, except per unit amounts 2023 2022 2021 Weighted-average grant date fair value per unit $ 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 year ended December 31, 2023: Dollars in thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested units at January 1, 2023 108 $ 21.87 Granted (target) — — Achieved performance adjustment (1) 28 15.86 Vested ( 91 ) 15.86 Forfeited — — Non-vested units at December 31, 2023 45 $ 30.22 (1) The 2020 LTIP RSUs were earned and vested at 145.0 % of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on April 12, 2023. The following table provides additional RSU information for the periods indicated: Year Ended December 31, Dollars in thousands, except per unit amounts 2023 2022 2021 Weighted-average grant date fair value per unit $ — $ — $ 30.22 Fair value of RSUs that vested $ 1,445 $ 513 $ 1,199 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 year ended December 31, 2023: Dollars in thousands, except per share amounts Shares Weighted-Average Grant Date Fair Value Per Share Non-vested shares at January 1, 2023 198 $ 38.99 Granted 248 34.25 Vested ( 239 ) 36.73 Forfeited ( 17 ) 36.37 Non-vested shares at December 31, 2023 190 $ 35.89 The following table provides additional RSA information for the periods indicated: Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Weighted-average grant date fair value per share $ 34.25 $ 40.76 $ 35.18 Fair value of RSAs that vested $ 8,787 $ 7,274 $ 4,874 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. 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. |
Insurance Products and Reinsura
Insurance Products and Reinsurance of Certain Risks | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Insurance Products and Reinsurance of Certain Risks | Note 18. Insurance Products and Reinsurance of Certain Risks RMC Reinsurance, Ltd. is a wholly-owned insurance subsidiary of the Company. The Company sells optional insurance products to its customers in connection with its lending operations. These optional products include credit life, credit accident and health, credit property, vehicle single interest, and credit involuntary unemployment insurance. The type and terms of our optional insurance products vary from state to state based on applicable laws and regulations. Insurance premiums are remitted to an unaffiliated company that issues the policy to the customer. This unaffiliated company cedes the premiums to RMC Reinsurance, Ltd. Life insurance premiums are ceded to the Company as written and non-life products are ceded as earned. Unearned insurance premiums represent insurance premiums, net of premiums held by the unaffiliated insurance underwriter, that will be earned over the terms of the policies. The Company maintains a restricted reserve comprised of restricted cash and restricted available-for-sale investments for life insurance claims in an amount determined by the ceding company. At December 31, 2023 and 2022, the restricted reserves consisted of $ 21.9 million and $ 21.2 million of unearned premium reserves and $ 1.2 million and $ 1.1 million of unpaid claim reserves, respectively. For non-life products, the Company had no unpaid claim reserves at both December 31, 2023 and 2022, as changes in claim reserves are settled between the Company and the unaffiliated insurance underwriter as they are incurred. For the year ended December 31, 2023, non-life unpaid claim reserves, included in insurance income, net as presented in the table below, decreased $ 0.2 million . For the year ended December 31, 2022, non-life unpaid claim reserves increased $ 0.5 million , and decreased $ 0.4 million for the year ended December 31, 2021. Insurance income, net consists primarily of earned premiums, net of certain direct costs, from the sale of various optional payment and collateral protection insurance products offered to customers who obtain loans directly from the Company. Earned premiums are accounted for over the period of the underlying reinsured policies using assumptions consistent with the policy terms. Direct costs included in insurance income, net are claims paid, changes in claims reserves, ceding fees, and premium taxes paid. The Company does not allocate to insurance income, net, any other head office or branch administrative costs associated with managing its insurance operations, managing its captive insurance company, marketing and selling insurance products, legal and compliance review, or internal audits. The following table summarizes the components of insurance income, net for the periods indicated: Insurance Premiums and Direct Expenses Dollars in thousands 2023 2022 2021 Earned premiums $ 59,830 $ 60,190 $ 53,218 Claims, reserves, and certain direct expenses ( 15,301 ) ( 16,688 ) ( 17,736 ) Insurance income, net $ 44,529 $ 43,502 $ 35,482 Apart from the various optional payment and collateral protection insurance products that the Company offers to customers, on certain loans, the Company also collects a fee from customers and, in turn, purchases non-file insurance from an unaffiliated insurance company for its benefit in lieu of recording and perfecting its security interest in personal property collateral. Non-file insurance protects the Company from credit losses where, following an event of default, it is unable to take possession of personal property collateral because its security interest is not perfected (for example, in certain instances where a customer files for bankruptcy). In such circumstances, non-file insurance generally will pay to the Company an amount equal to the lesser of the loan balance or the collateral value. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19. Subsequent Events Senior revolving credit facility amendment: In February 2024, the Company amended its senior revolving credit facility to, among other things, (i) extend the maturity date to September 2025 , (ii) increase the consolidated funded debt to consolidated tangible net worth covenant by 0.25 , (iii) reduce the consolidated interest coverage ratios applicable to certain time periods, (iv) remove BankUnited, N.A. and Synovus Bank as lenders and reduce the aggregate commitments by the amount of BankUnited, N.A. and Synovus Bank’s aggregate commitments of $ 65.0 million, and (v) add the ability to post cash collateral to secure hedging agreements. The amended senior revolving credit facility is described in greater detail in the Current Report on Form 8-K filed by the Company with the SEC on February 7, 2024. Quarterly cash dividend: In February 2024 , the Company announced that the Board declared a quarterly cash dividend of $ 0.30 per share. The dividend will be paid on March 14, 2024 to shareholders of record at the close of business on February 22, 2024 . 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Business segments | Business segments: The Company has one reportable segment, which is the consumer finance segment. |
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, in addition to 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, (ii) the obligation to absorb losses that could be significant through note investment, if applicable, and (iii) 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 accounting standard 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. In November 2023, the FASB issued ASU 2023-07, improving the disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. These enhanced disclosures require reporting of incremental segment information on an annual and interim basis for all public entities, including public entities with only one reportable segment, to enable investors to develop more decision-useful financial analyses. The amendments in this update are effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024, and early adoption is permitted. The segment reporting guidance should be applied retrospectively to all prior periods presented in the financial statements, and upon transition, the expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, enhancing the transparency and decision usefulness of income tax disclosures. The amendment, among other things, improves transparency of income tax disclosures by requiring more consistent categories and greater disaggregation of information in rate reconciliations, and disaggregation of income taxes paid by jurisdiction. The amendments in this update are effective for annual periods beginning after December 15, 2024, and early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The income tax guidance should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. |
Treasury Stock | Treasury stock: The Company records the repurchase of shares of its common stock at cost on the settlement date of the transaction. These shares are considered treasury stock, which is a reduction to stockholders’ equity. Treasury stock is included in authorized and issued shares but excluded from outstanding shares. |
Net Finance Receivables | Net finance receivables: 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. 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. |
Delinquency | Delinquency: The Company determines past due status using the contractual terms of the finance receivable. Delinquency is one of the primary credit quality indicators used to evaluate the allowance for credit losses for each class of finance receivables. |
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. |
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. |
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 incidences 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. |
Property and equipment | Property and equipment: Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Furniture and equipment are depreciated on the straight-line method over their estimated useful lives, generally five to ten years . Maintenance and repairs are charged to expense as incurred. |
Leases | Leases: The Company leases its current headquarters building. Branch offices are leased under non-cancellable leases of three to seven years with renewal options. The Company’s lease liability is based on the present value of the remaining minimum rental payments using a discount rate that is based on the Company’s incremental borrowing rate on its senior revolving credit facility. The Company’s lease asset includes right-of-use assets equaling the lease liability, net of prepaid rent and deferred rents that existed as of the adoption of the current lease accounting standard. The Company assesses its leased assets for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If a lease is impaired, the impairment loss is recognized in lease costs and the right-of-use asset is reduced to the impaired value. Lease agreements with terms of twelve months or less are not capitalized as part of lease assets or liabilities and are expensed as incurred. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component for its branch leases. The Company has elected not to apply this policy in relation to the corporate headquarters lease. The Company has also determined that it is reasonably certain that the first option to extend lease contracts will be exercised for new branch locations; therefore, the first option to extend is included in the lease asset and liability calculation. |
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. |
Derivative instruments | Derivative instruments: The Company held derivative instruments in the form of interest rate caps for the purpose of mitigating a portion of its exposure to interest rate risk. Derivative instruments are recorded at fair value and included in other assets, with their resulting gains or losses recognized in interest expense. Changes in fair value are reported as an adjustment to net income in computing cash flows from operating activities. |
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. |
Income recognition | Income recognition: Interest income is recognized using the interest method (constant yield method). Therefore, the Company recognizes revenue from interest at an equal rate over the term of the loan. Unearned finance charges on pre-compute contracts are rebated to customers utilizing statutory methods, which in many cases is the sum-of-the-years’ digits method. The difference between income recognized under the constant yield method and the statutory method is recognized as an adjustment to interest income at the time of rebate. The Company recognizes income on credit life insurance, credit personal property insurance, and vehicle single interest insurance using the sum-of-the-years’ digits or straight-line methods over the terms of the policies. The Company recognizes income on credit accident and health insurance using the average of the sum-of-the-years’ digits and the straight-line methods over the terms of the policies. The Company recognizes income on credit involuntary unemployment insurance using the straight-line method over the terms of the policies. Rebates are computed using statutory methods, which in many cases match the GAAP method, and where it does not match, the difference between the GAAP method and the statutory method is recognized in income at the time of rebate. Fee income for non-file insurance is recognized using the sum-of-the-years’ digits method over the loan term. Charges for late fees are recognized as income when collected. |
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. |
Marketing costs | Marketing costs: Marketing costs are expensed as incurred. |
Income taxes | Income taxes: The Company records a tax provision for the anticipated tax consequences of its reported operating results. The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effects of future tax rate changes are recognized in the period when the enactment of new rates occurs. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on technical merits, the position will be sustained upon examination. The tax benefits of the position recognized in the consolidated financial statements are then measured based on the largest amount of benefit that is greater than 50% likely to be realized upon settlement with a taxing authority. The Company recognizes the tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of the consolidated statements of comprehensive income, in the period of exercise or vesting. |
Earnings per share | Earnings per share: Earnings per share have been computed based on dividing net income by the weighted-average number of common shares outstanding during each reporting period presented. Common shares issuable upon the exercise of share-based compensation, which are computed using the treasury stock method, are included in the computation of diluted earnings per share. The Company uses the treasury stock method to calculate the effect of outstanding awards, by computing total employee proceeds as the sum of the amount employees must pay upon exercise of the awards and the amount of unearned share-based compensation costs attributable to future services. |
Finance Receivables, Credit Q_2
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Net Finance Receivables | Net finance receivables for the periods indicated consisted of the following: December 31, Dollars in thousands 2023 2022 Small loans $ 493,473 $ 481,605 Large loans 1,274,137 1,208,185 Retail loans 3,800 9,603 Net finance receivables $ 1,771,410 $ 1,699,393 |
Summary of Financing Receivable Credit Quality Indicators | Net finance receivables by product, FICO band at origination, origination year, and current period credit losses as of and for the year ended December 31, 2023 are as follows: Net Finance Receivables by Origination Year Dollars in thousands 2023 2022 2021 2020 2019 Prior Total Net Finance Receivables Small Loans: FICO Band 1 $ 64,664 $ 10,459 $ 1,625 $ 172 $ 68 $ 18 $ 77,006 2 31,289 5,886 724 36 11 9 37,955 3 51,222 8,099 717 31 6 1 60,076 4 65,743 10,074 679 19 10 3 76,528 5 74,207 13,838 632 14 4 1 88,696 6 126,400 25,679 1,111 15 5 2 153,212 Total small loans $ 413,525 $ 74,035 $ 5,488 $ 287 $ 104 $ 34 $ 493,473 Current period credit losses $ 14,484 $ 60,298 $ 10,244 $ 599 $ 60 $ 7 $ 85,692 Large Loans: FICO Band 1 $ 83,107 $ 28,068 $ 9,542 $ 2,510 $ 980 $ 347 $ 124,554 2 46,855 16,964 5,342 1,077 309 83 70,630 3 86,191 45,778 14,999 2,201 316 66 149,551 4 120,054 65,753 20,712 3,481 592 55 210,647 5 128,901 69,706 23,779 4,043 496 22 226,947 6 291,795 144,663 46,630 7,936 732 52 491,808 Total large loans $ 756,903 $ 370,932 $ 121,004 $ 21,248 $ 3,425 $ 625 $ 1,274,137 Current period credit losses $ 14,529 $ 78,938 $ 33,616 $ 5,116 $ 1,465 $ 254 $ 133,918 Retail Loans: FICO Band 1 $ 1 $ — $ 2 $ 1 $ 1 $ 5 $ 10 2 — 213 30 — — — 243 3 — 634 211 3 1 1 850 4 — 650 352 36 — 4 1,042 5 — 508 278 24 — 4 814 6 — 524 286 28 2 1 841 Total retail loans $ 1 $ 2,529 $ 1,159 $ 92 $ 4 $ 15 $ 3,800 Current period credit losses $ — $ 776 $ 431 $ 88 $ 24 $ 4 $ 1,323 Total Loans: FICO Band 1 $ 147,772 $ 38,527 $ 11,169 $ 2,683 $ 1,049 $ 370 $ 201,570 2 78,144 23,063 6,096 1,113 320 92 108,828 3 137,413 54,511 15,927 2,235 323 68 210,477 4 185,797 76,477 21,743 3,536 602 62 288,217 5 203,108 84,052 24,689 4,081 500 27 316,457 6 418,195 170,866 48,027 7,979 739 55 645,861 Total loans $ 1,170,429 $ 447,496 $ 127,651 $ 21,627 $ 3,533 $ 674 $ 1,771,410 Current period credit losses $ 29,013 $ 140,012 $ 44,291 $ 5,803 $ 1,549 $ 265 $ 220,933 Net finance receivables by product, FICO band, 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 receivable portfolio by product and aging for the periods indicated are as follows: December 31, 2023 Small Large Retail Total Dollars in thousands $ % $ % $ % $ % Current $ 406,203 82.4 % $ 1,084,518 85.1 % $ 2,620 69.0 % $ 1,493,341 84.3 % 1 to 29 days past due 45,119 9.1 % 109,483 8.6 % 594 15.6 % 155,196 8.8 % Delinquent accounts 30 to 59 days 12,053 2.4 % 22,587 1.7 % 116 3.1 % 34,756 1.9 % 60 to 89 days 11,253 2.3 % 19,844 1.6 % 115 3.0 % 31,212 1.8 % 90 to 119 days 10,030 2.0 % 16,951 1.3 % 126 3.2 % 27,107 1.5 % 120 to 149 days 4,247 0.9 % 10,938 0.9 % 132 3.5 % 15,317 0.9 % 150 to 179 days 4,568 0.9 % 9,816 0.8 % 97 2.6 % 14,481 0.8 % Total delinquency $ 42,151 8.5 % $ 80,136 6.3 % $ 586 15.4 % $ 122,873 6.9 % Total net finance receivables $ 493,473 100.0 % $ 1,274,137 100.0 % $ 3,800 100.0 % $ 1,771,410 100.0 % Net finance receivables in nonaccrual status $ 21,850 4.4 % $ 44,627 3.5 % $ 394 10.4 % $ 66,871 3.8 % 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 years ended December 31, 2023, 2022, and 2021: 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 82,745 136,638 651 220,034 Credit losses ( 85,692 ) ( 133,918 ) ( 1,323 ) ( 220,933 ) Recoveries 3,768 5,680 51 9,499 Ending balance at December 31, 2023 $ 58,736 $ 127,992 $ 672 $ 187,400 Net finance receivables at December 31, 2023 $ 493,473 $ 1,274,137 $ 3,800 $ 1,771,410 Allowance as percentage of net finance receivables at December 31, 2023 11.9 % 10.0 % 17.7 % 10.6 % 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 76,513 106,925 1,677 185,115 Credit losses ( 82,842 ) ( 87,236 ) ( 1,985 ) ( 172,063 ) Recoveries 2,950 3,409 89 6,448 Ending balance at December 31, 2022 $ 57,915 $ 119,592 $ 1,293 $ 178,800 Net finance receivables at December 31, 2022 $ 481,605 $ 1,208,185 $ 9,603 $ 1,699,393 Allowance as percentage of net finance receivables at December 31, 2022 12.0 % 9.9 % 13.5 % 10.5 % Dollars in thousands Small Large Retail Total Beginning balance at January 1, 2021 $ 59,410 $ 88,058 $ 2,532 $ 150,000 Provision for credit losses 40,982 47,775 258 89,015 Credit losses ( 40,922 ) ( 41,379 ) ( 1,351 ) ( 83,652 ) Recoveries 1,824 2,040 73 3,937 Ending balance at December 31, 2021 $ 61,294 $ 96,494 $ 1,512 $ 159,300 Net finance receivables at December 31, 2021 $ 445,023 $ 970,694 $ 10,540 $ 1,426,257 Allowance as percentage of net finance receivables at December 31, 2021 13.8 % 9.9 % 14.3 % 11.2 % |
Modifications Made to Borrowers Experiencing Financial Difficulty | The information relating to modifications made to borrowers experiencing financial difficulty for the period indicated is as follows: As of and for the Year Ended December 31, 2023 Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension 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 Amortized Cost Basis % of Net Finance Receivables Small loans $ 37 — $ 2,112 0.4 % $ 346 0.1 % $ 2,495 0.5 % Large loans 288 — 12,687 1.0 % 930 0.1 % 13,905 1.1 % Total $ 325 — $ 14,799 0.8 % $ 1,276 0.1 % $ 16,400 0.9 % |
Summary of Financial Effects of Borrowers Experiencing Financial Difficulty | The financial effects of the modifications made to borrowers experiencing financial difficulty for the period indicated is as follows: Year Ended December 31, 2023 Loan Modification Product Financial Effect Principal forgiveness Small loans Reduced the amortized cost basis of the loans by $ 0.5 million. Large loans Reduced the amortized cost basis of the loans by $ 1.0 million. Interest rate reduction Small loans Reduced the weighted-average contractual interest rate by 13.6 %. Large loans Reduced the weighted-average contractual interest rate by 10.7 %. Term extension Small loans Added a weighted-average 1.4 years to the life of loans. Large loans Added a weighted-average 1.5 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 period indicated is as follows: As of and for the Year Ended December 31, 2023 Dollars in thousands Principal Forgiveness, Interest Rate Reduction, & Term Extension Interest Rate Reduction & Term Extension Term Extension Total Small loans $ 3 $ 248 $ 3 $ 254 Large loans 16 1,334 27 1,377 Total $ 19 $ 1,582 $ 30 $ 1,631 |
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 is as follows: December 31, 2023 Dollars in thousands Current 30 - 89 Days Past Due 90+ Days Past Due Total Small loans $ 1,993 $ 325 $ 177 $ 2,495 Large loans 11,289 1,691 925 13,905 Total (1) $ 13,282 $ 2,016 $ 1,102 $ 16,400 (1) Excludes modified finance receivables that subsequently charged off of $ 0.4 million and $ 1.8 million in small and large loans, respectively. |
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: December 31, 2022 Dollars in thousands TDR Net Finance Receivables TDR Allowance for Credit Losses Small loans $ 3,884 $ 1,008 Large loans 16,421 4,118 Retail loans 46 16 Total $ 20,351 $ 5,142 |
Summary of Net Finance Receivables Modified and Classified as TDRs | The following table provides the number and amount of net finance receivables modified and classified as TDRs during the periods presented: Year Ended December 31, 2022 2021 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Number of Loans TDR Net Finance Receivables (1) Small loans 3,651 $ 6,920 2,522 $ 4,761 Large loans 3,554 20,537 2,123 11,303 Retail loans 15 37 7 14 Total 7,220 $ 27,494 4,652 $ 16,078 (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 table provides 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: Year Ended December 31, 2022 2021 Dollars in thousands Number of Loans TDR Net Finance Receivables (1) Number of Loans TDR Net Finance Receivables (1) Small loans 1,365 $ 2,712 950 $ 1,740 Large loans 1,307 7,704 712 3,719 Retail loans 6 16 5 9 Total 2,678 $ 10,432 1,667 $ 5,468 (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) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Reconciliation of Restricted Available-for-sale Investments | December 31, 2023 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Restricted investments $ 23,211 $ 1 $ ( 472 ) $ 22,740 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 | December 31, 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 $ — $ — $ 18,633 $ ( 472 ) $ 18,633 $ ( 472 ) 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 tables include the amortized cost and estimated fair values of restricted available-for-sale investments by contractual maturity as of the period indicated: December 31, 2023 Dollars in thousands Amortized Cost Estimated Fair Value Due in one year $ 21,035 $ 20,614 Due within one year to five years 2,176 2,126 Due within five years to ten years — — Due after ten years — — Total restricted available-for-sale investments $ 23,211 $ 22,740 |
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: Year Ended December 31, Dollars in thousands 2023 2022 Proceeds from sale of restricted available-for-sale investments $ — $ 3,130 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | For the periods indicated, property and equipment consisted of the following: December 31, Dollars in thousands 2023 2022 Furniture, fixtures, and equipment $ 27,228 $ 27,011 Leasehold improvements 16,880 15,272 Property and equipment cost 44,108 42,283 Less accumulated depreciation 30,321 27,757 Property and equipment, net of accumulated depreciation $ 13,787 $ 14,526 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Future Maturities of Operating Lease Liabilities | Future maturities of the Company’s operating lease liabilities are as follows: Dollars in thousands December 31, 2023 2024 $ 9,681 2025 8,802 2026 7,000 2027 5,241 2028 3,767 Thereafter 8,475 Total future minimum lease payments 42,966 Present value adjustment ( 6,390 ) Operating lease liability $ 36,576 |
Summary of Operating and Short-Term Lease Expenses | The Company’s operating and short-term lease expenses are presented below: Year Ended December 31, Dollars in thousands 2023 2022 2021 Operating leases $ 10,587 $ 9,457 $ 9,573 Short-term leases 447 745 648 Total lease expense $ 11,034 $ 10,202 $ 10,221 |
Summary of Weighted-average Remaining Lease Term and Discount Rate | The Company’s weighted-average remaining lease term and discount rate for the periods indicated are as follows: December 31, 2023 December 31, 2022 Weighted-average remaining lease term (in years) 5.5 6.1 Weighted-average discount rate 5.75 % 5.46 % |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Gross Carrying Amount and Related Accumulated Amortization of Intangible Assets | The following table provides the gross carrying amount and related accumulated amortization of intangible assets: December 31, 2023 December 31, 2022 Dollars in thousands Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount Software $ 30,825 $ ( 15,695 ) $ 15,130 $ 25,363 $ ( 13,957 ) $ 11,406 Other 950 ( 234 ) 716 950 ( 234 ) 716 Total intangible assets $ 31,775 $ ( 15,929 ) $ 15,846 $ 26,313 $ ( 14,191 ) $ 12,122 |
Summary of Future Amortization of Intangible Assets | Intangible amortization expense for the years ended December 31, 2023, 2022, and 2021 totaled $ 3.7 million , $ 2.9 million , and $ 2.4 million , respectively. As of December 31, 2023 , the Company’s weighted-average amortization period for software was 6.1 years. The following table sets forth the future amortization of software: Dollars in thousands Amount 2024 $ 3,771 2025 3,152 2026 2,564 2027 1,804 2028 1,560 Thereafter 2,279 Total $ 15,130 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | Other assets include the following as of the periods indicated: December 31, Dollars in thousands 2023 2022 Prepaid expenses $ 9,661 $ 9,115 Income tax receivable 7,260 8,598 Card payments receivable 5,666 5,118 Credit insurance receivable 2,759 2,748 Warehouse credit facilities debt issue costs 2,362 1,314 Other 1,711 1,315 Total other assets $ 29,419 $ 28,208 |
Interest Rate Caps (Tables)
Interest Rate Caps (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, Dollars in thousands 2023 2022 2021 Balance at beginning of period $ — $ 6,586 $ 265 Purchases — — 3,600 Sales — ( 19,720 ) — Fair value adjustment included as a decrease in interest expense — 13,134 2,721 Balance at end of period $ — $ — $ 6,586 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 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 $ 195,462 $ ( 606 ) $ 194,856 $ 147,547 $ ( 1,104 ) $ 146,443 RMR II revolving warehouse credit facility — — — 189 — 189 RMR IV revolving warehouse credit facility 3,197 — 3,197 18,144 ( 338 ) 17,806 RMR V revolving warehouse credit facility 26,718 — 26,718 286 — 286 RMR VI revolving warehouse credit facility 15,953 — 15,953 — — — RMR VII revolving warehouse credit facility 4,216 — 4,216 — — — RMIT 2020-1 securitization 145,290 — 145,290 180,214 ( 618 ) 179,596 RMIT 2021-1 securitization 248,915 ( 141 ) 248,774 248,916 ( 985 ) 247,931 RMIT 2021-2 securitization 200,192 ( 1,106 ) 199,086 200,192 ( 1,534 ) 198,658 RMIT 2021-3 securitization 125,202 ( 864 ) 124,338 125,202 ( 1,178 ) 124,024 RMIT 2022-1 securitization 250,374 ( 991 ) 249,383 250,374 ( 1,841 ) 248,533 RMIT 2022-2B securitization 184,295 ( 870 ) 183,425 184,295 ( 1,914 ) 182,381 Total $ 1,399,814 $ ( 4,578 ) $ 1,395,236 $ 1,355,359 $ ( 9,512 ) $ 1,345,847 Unused amount of revolving credit facilities $ 551,508 $ 555,117 (1) Unamortized debt issuance costs related to the revolving warehouse credit facilities are presented within other assets in the consolidated balance sheets. These credit facilities had $ 2.4 million and $ 1.3 million in such costs as of December 31, 2023 and 2022 , respectively. |
Summary of Estimated Principal Payments Required on Outstanding Debt | The following is a summary of estimated future principal payments required on outstanding debt: Dollars in thousands Amount 2024 $ 441,290 2025 412,988 2026 291,031 2027 202,473 2028 42,607 Thereafter 5,634 Total $ 1,396,023 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Repurchased Shares of Common Stock | Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Common stock repurchased — 437 1,450 Weighted-average cost per share $ — $ 47.14 $ 46.47 Total cost of common stock repurchased $ — $ 20,613 $ 67,442 |
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: Year Ended December 31, 2023 2022 2021 Dividends declared per common share $ 1.20 $ 1.20 $ 0.95 |
Disclosure About Fair Value o_2
Disclosure About Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2023 December 31, 2022 Dollars in thousands Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Level 1 Cash $ 4,509 $ 4,509 $ 3,873 $ 3,873 Restricted cash 124,164 124,164 127,926 127,926 Level 3 Net finance receivables, less unearned insurance 1,536,118 1,603,737 1,469,585 1,554,794 Liabilities Level 3 Debt 1,399,814 1,308,349 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: December 31, 2023 December 31, 2022 Dollars in thousands Carrying Estimated Carrying Estimated Assets Level 2 Restricted available-for-sale investments 22,740 22,740 20,416 20,416 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense Attributable to Total Income Before Income Taxes | Income tax expense attributable to total income before income taxes consists of the following for the periods indicated: Year Ended December 31, Dollars in thousands 2023 2022 2021 Current: Federal $ 3,567 $ 7,383 $ 24,735 State and local 1,146 1,948 3,350 4,713 9,331 28,085 Deferred: Federal 289 5,247 ( 4,169 ) State and local ( 177 ) ( 481 ) ( 130 ) 112 4,766 ( 4,299 ) Total $ 4,825 $ 14,097 $ 23,786 |
Schedule of Effective Income Tax Reconciliation | Income tax expense differed from the amount computed by applying the federal income tax rate to total income before income taxes as a result of the following: Year Ended December 31, 2023 2022 2021 Dollars in thousands $ % $ % $ % Federal tax expense at statutory rate $ 4,364 21.0 % $ 13,717 21.0 % $ 23,619 21.0 % Increase (reduction) in income taxes resulting State tax, net of federal benefit 882 4.2 % 1,134 1.7 % 2,620 2.3 % Non-deductible compensation 1,021 4.9 % 627 1.0 % 672 0.6 % Excess tax benefits from share-based awards 301 1.4 % ( 344 ) ( 0.5 )% ( 2,711 ) ( 2.4 )% Research and development ( 1,459 ) ( 7.0 )% ( 1,222 ) ( 1.9 )% — — Other ( 284 ) ( 1.3 )% 185 0.3 % ( 414 ) ( 0.4 )% Total tax expense $ 4,825 23.2 % $ 14,097 21.6 % $ 23,786 21.1 % |
Schedule of Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities consist of the following as of the periods indicated: December 31, Dollars in thousands 2023 2022 Deferred tax assets: Allowance for credit losses $ 44,200 $ 41,877 Lease liability 8,711 8,782 Unearned insurance commissions 7,729 8,345 Research and experimental expenditures 4,100 2,060 Share-based compensation 2,870 2,512 Accrued expenses 2,542 2,081 State net operating loss carryforward 1,548 1,478 Unearned premium reserves 225 653 Other 134 222 Gross deferred tax assets 72,059 68,010 Deferred tax liabilities: Fair market value adjustment of net finance receivables 42,713 37,415 Lease assets 8,173 8,268 Deferred loan costs 3,658 3,282 Depreciation and software amortization 2,353 4,076 Prepaid expenses 1,521 1,159 Gross deferred tax liabilities 58,418 54,200 Net deferred tax asset $ 13,641 $ 13,810 |
Summary of Income Tax Contingencies | The following schedule reconciles unrecognized tax positions for the periods indicated: Year Ended December 31, Dollars in thousands 2023 2022 2021 Balance at January 1 $ 414 $ — $ — Additions based on tax positions related to the current year 268 233 — Additions for tax positions of prior years 51 181 — Balance at December 31 $ 733 $ 414 $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Numerator: Net income $ 15,958 $ 51,224 $ 88,687 Denominator: Weighted-average shares outstanding for basic earnings per share 9,398 9,296 10,034 Effect of dilutive securities 195 360 609 Weighted-average shares adjusted for dilutive securities 9,593 9,656 10,643 Earnings per share: Basic $ 1.70 $ 5.51 $ 8.84 Diluted $ 1.66 $ 5.30 $ 8.33 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Option Grant Fair Value Assumptions | 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 weighted-average assumptions for option grants during the periods indicated: Year Ended December 31, 2023 2022 2021 Expected volatility — — 47.83 % Expected dividends — — 2.63 % Expected term (in years) — — 6.0 Risk-free rate — — 0.64 % |
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the year ended December 31, 2023: Dollars in thousands, except per share amounts Number of Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Options outstanding at January 1, 2023 527 $ 23.07 Granted — — Exercised ( 18 ) 16.09 Forfeited — — Expired — — Options outstanding at December 31, 2023 509 $ 23.32 4.9 $ 1,954 Options exercisable at December 31, 2023 509 $ 23.32 4.9 $ 1,954 |
Summary of Additional Stock Option Information | The following table provides additional stock option information for the periods indicated: Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Weighted-average grant date fair value per share $ — $ — $ 10.52 Intrinsic value of options exercised $ 277 $ 2,142 $ 11,711 Fair value of stock options that vested $ 544 $ 849 $ 1,063 |
Award Grant Fair Value Assumptions | The following are the weighted-average assumptions for the PRSU grants during the periods indicated: Year Ended December 31, 2023 2022 2021 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 year ended December 31, 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 ( 13 ) 36.67 Non-vested units at December 31, 2023 175 $ 39.94 |
Summary of Additional PRSU Information | The following table provides additional PRSU information for the periods indicated: Year Ended December 31, Dollars in thousands, except per unit amounts 2023 2022 2021 Weighted-average grant date fair value per unit $ 32.40 $ 52.07 $ — Fair value of PRSUs that vested $ — $ — $ — |
Summary of RSU Activity | The following table summarizes RSU activity during the year ended December 31, 2023: Dollars in thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested units at January 1, 2023 108 $ 21.87 Granted (target) — — Achieved performance adjustment (1) 28 15.86 Vested ( 91 ) 15.86 Forfeited — — Non-vested units at December 31, 2023 45 $ 30.22 (1) The 2020 LTIP RSUs were earned and vested at 145.0 % of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on April 12, 2023. |
Summary of Additional RSU Information | The following table provides additional RSU information for the periods indicated: Year Ended December 31, Dollars in thousands, except per unit amounts 2023 2022 2021 Weighted-average grant date fair value per unit $ — $ — $ 30.22 Fair value of RSUs that vested $ 1,445 $ 513 $ 1,199 |
Summary of RSA Activity | The following table summarizes RSA activity during the year ended December 31, 2023: Dollars in thousands, except per share amounts Shares Weighted-Average Grant Date Fair Value Per Share Non-vested shares at January 1, 2023 198 $ 38.99 Granted 248 34.25 Vested ( 239 ) 36.73 Forfeited ( 17 ) 36.37 Non-vested shares at December 31, 2023 190 $ 35.89 |
Summary of Additional RSA Information | The following table provides additional RSA information for the periods indicated: Year Ended December 31, Dollars in thousands, except per share amounts 2023 2022 2021 Weighted-average grant date fair value per share $ 34.25 $ 40.76 $ 35.18 Fair value of RSAs that vested $ 8,787 $ 7,274 $ 4,874 |
Insurance Products and Reinsu_2
Insurance Products and Reinsurance of Certain Risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Components of Insurance Income, Net | The following table summarizes the components of insurance income, net for the periods indicated: Insurance Premiums and Direct Expenses Dollars in thousands 2023 2022 2021 Earned premiums $ 59,830 $ 60,190 $ 53,218 Claims, reserves, and certain direct expenses ( 15,301 ) ( 16,688 ) ( 17,736 ) Insurance income, net $ 44,529 $ 43,502 $ 35,482 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | Dec. 31, 2023 State |
Accounting Policies [Abstract] | |
Number of states | 19 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of reportable segment | Segment | 1 | ||
Decrease in net cash provided by operating activities | $ 249,166 | $ 224,332 | $ 189,015 |
Decrease in net cash used in investing activities | (278,723) | (447,294) | (355,058) |
Increase in net cash provided by financing activities | $ 26,431 | $ 205,572 | $ 243,356 |
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 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Lease agreement term | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Lease agreement term | 7 years | ||
Furniture and Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
Furniture and Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years |
Concentrations of Credit Risk -
Concentrations of Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Concentration Risk [Line Items] | |
Concentration risk, geographic | Customers living in Texas, North Carolina, and South Carolina accounted for 32%, 16%, and 10%, respectively, of the Company’s net finance receivables as of December 31, 2023. |
Finance Receivables [Member] | Credit Concentration Risk [Member] | South Carolina [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10% |
Finance Receivables [Member] | Credit Concentration Risk [Member] | Texas [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 32% |
Finance Receivables [Member] | Credit Concentration Risk [Member] | North Carolina [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 16% |
Finance Receivables, Credit Q_3
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Finance Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | $ 1,771,410 | $ 1,699,393 | $ 1,426,257 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | 493,473 | 481,605 | 445,023 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | 1,274,137 | 1,208,185 | 970,694 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | $ 3,800 | $ 9,603 | $ 10,540 |
Finance Receivables, Credit Q_4
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Rating | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables included net deferred origination fees | $ 15,100 | $ 16,000 | ||
Number of FICO band categories | Rating | 6 | |||
Accrued interest reversed as a reduction of interest and fee income | $ 24,200 | 20,200 | $ 8,900 | |
Allowance for credit losses | $ 187,400 | $ 178,800 | $ 159,300 | $ 150,000 |
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | $ 1,170,429 | $ 1,223,479 | |
2022 | 447,496 | 376,467 | |
2021 | 127,651 | 74,424 | |
2020 | 21,627 | 22,270 | |
2019 | 3,533 | 1,779 | |
Prior | 674 | 974 | |
Net Finance Receivables | 1,771,410 | 1,699,393 | $ 1,426,257 |
Credit losses, 2023 | 29,013 | ||
Credit losses, 2022 | 140,012 | ||
Credit losses, 2021 | 44,291 | ||
Credit losses, 2020 | 5,803 | ||
Credit losses, 2019 | 1,549 | ||
Credit losses, prior | 265 | ||
Credit losses, Total Net Finance Receivables | 220,933 | ||
FICO Band 1 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 147,772 | 124,206 | |
2022 | 38,527 | 31,502 | |
2021 | 11,169 | 8,635 | |
2020 | 2,683 | 3,544 | |
2019 | 1,049 | 877 | |
Prior | 370 | 549 | |
Net Finance Receivables | 201,570 | 169,313 | |
FICO Band 2 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 78,144 | 83,332 | |
2022 | 23,063 | 22,832 | |
2021 | 6,096 | 4,717 | |
2020 | 1,113 | 1,475 | |
2019 | 320 | 137 | |
Prior | 92 | 123 | |
Net Finance Receivables | 108,828 | 112,616 | |
FICO Band 3 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 137,413 | 167,090 | |
2022 | 54,511 | 53,063 | |
2021 | 15,927 | 9,228 | |
2020 | 2,235 | 2,864 | |
2019 | 323 | 173 | |
Prior | 68 | 141 | |
Net Finance Receivables | 210,477 | 232,559 | |
FICO Band 4 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 185,797 | 214,557 | |
2022 | 76,477 | 67,872 | |
2021 | 21,743 | 12,870 | |
2020 | 3,536 | 3,992 | |
2019 | 602 | 154 | |
Prior | 62 | 72 | |
Net Finance Receivables | 288,217 | 299,517 | |
FICO Band 5 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 203,108 | 223,324 | |
2022 | 84,052 | 70,579 | |
2021 | 24,689 | 13,783 | |
2020 | 4,081 | 3,784 | |
2019 | 500 | 175 | |
Prior | 27 | 42 | |
Net Finance Receivables | 316,457 | 311,687 | |
FICO Band 6 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 418,195 | 410,970 | |
2022 | 170,866 | 130,619 | |
2021 | 48,027 | 25,191 | |
2020 | 7,979 | 6,611 | |
2019 | 739 | 263 | |
Prior | 55 | 47 | |
Net Finance Receivables | 645,861 | 573,701 | |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 413,525 | 411,745 | |
2022 | 74,035 | 64,802 | |
2021 | 5,488 | 4,550 | |
2020 | 287 | 424 | |
2019 | 104 | 73 | |
Prior | 34 | 11 | |
Net Finance Receivables | 493,473 | 481,605 | 445,023 |
Credit losses, 2023 | 14,484 | ||
Credit losses, 2022 | 60,298 | ||
Credit losses, 2021 | 10,244 | ||
Credit losses, 2020 | 599 | ||
Credit losses, 2019 | 60 | ||
Credit losses, prior | 7 | ||
Credit losses, Total Net Finance Receivables | 85,692 | ||
Small Loans [Member] | FICO Band 1 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 64,664 | 63,362 | |
2022 | 10,459 | 10,842 | |
2021 | 1,625 | 1,388 | |
2020 | 172 | 246 | |
2019 | 68 | 47 | |
Prior | 18 | 7 | |
Net Finance Receivables | 77,006 | 75,892 | |
Small Loans [Member] | FICO Band 2 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 31,289 | 41,683 | |
2022 | 5,886 | 6,785 | |
2021 | 724 | 664 | |
2020 | 36 | 56 | |
2019 | 11 | 26 | |
Prior | 9 | 2 | |
Net Finance Receivables | 37,955 | 49,216 | |
Small Loans [Member] | FICO Band 3 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 51,222 | 53,444 | |
2022 | 8,099 | 7,659 | |
2021 | 717 | 520 | |
2020 | 31 | 39 | |
2019 | 6 | ||
Prior | 1 | 1 | |
Net Finance Receivables | 60,076 | 61,663 | |
Small Loans [Member] | FICO Band 4 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 65,743 | 62,609 | |
2022 | 10,074 | 8,980 | |
2021 | 679 | 544 | |
2020 | 19 | 33 | |
2019 | 10 | ||
Prior | 3 | 1 | |
Net Finance Receivables | 76,528 | 72,167 | |
Small Loans [Member] | FICO Band 5 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 74,207 | 71,448 | |
2022 | 13,838 | 10,650 | |
2021 | 632 | 505 | |
2020 | 14 | 22 | |
2019 | 4 | ||
Prior | 1 | ||
Net Finance Receivables | 88,696 | 82,625 | |
Small Loans [Member] | FICO Band 6 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 126,400 | 119,199 | |
2022 | 25,679 | 19,886 | |
2021 | 1,111 | 929 | |
2020 | 15 | 28 | |
2019 | 5 | ||
Prior | 2 | ||
Net Finance Receivables | 153,212 | 140,042 | |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 756,903 | 806,346 | |
2022 | 370,932 | 308,411 | |
2021 | 121,004 | 69,061 | |
2020 | 21,248 | 21,724 | |
2019 | 3,425 | 1,696 | |
Prior | 625 | 947 | |
Net Finance Receivables | 1,274,137 | 1,208,185 | 970,694 |
Credit losses, 2023 | 14,529 | ||
Credit losses, 2022 | 78,938 | ||
Credit losses, 2021 | 33,616 | ||
Credit losses, 2020 | 5,116 | ||
Credit losses, 2019 | 1,465 | ||
Credit losses, prior | 254 | ||
Credit losses, Total Net Finance Receivables | 133,918 | ||
Large Loans [Member] | FICO Band 1 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 83,107 | 60,836 | |
2022 | 28,068 | 20,653 | |
2021 | 9,542 | 7,219 | |
2020 | 2,510 | 3,286 | |
2019 | 980 | 826 | |
Prior | 347 | 539 | |
Net Finance Receivables | 124,554 | 93,359 | |
Large Loans [Member] | FICO Band 2 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 46,855 | 41,174 | |
2022 | 16,964 | 15,955 | |
2021 | 5,342 | 4,044 | |
2020 | 1,077 | 1,409 | |
2019 | 309 | 111 | |
Prior | 83 | 121 | |
Net Finance Receivables | 70,630 | 62,814 | |
Large Loans [Member] | FICO Band 3 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 86,191 | 112,336 | |
2022 | 45,778 | 44,805 | |
2021 | 14,999 | 8,637 | |
2020 | 2,201 | 2,811 | |
2019 | 316 | 172 | |
Prior | 66 | 137 | |
Net Finance Receivables | 149,551 | 168,898 | |
Large Loans [Member] | FICO Band 4 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 120,054 | 150,559 | |
2022 | 65,753 | 57,913 | |
2021 | 20,712 | 12,063 | |
2020 | 3,481 | 3,931 | |
2019 | 592 | 152 | |
Prior | 55 | 67 | |
Net Finance Receivables | 210,647 | 224,685 | |
Large Loans [Member] | FICO Band 5 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 128,901 | 150,793 | |
2022 | 69,706 | 59,154 | |
2021 | 23,779 | 13,060 | |
2020 | 4,043 | 3,735 | |
2019 | 496 | 172 | |
Prior | 22 | 37 | |
Net Finance Receivables | 226,947 | 226,951 | |
Large Loans [Member] | FICO Band 6 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 291,795 | 290,648 | |
2022 | 144,663 | 109,931 | |
2021 | 46,630 | 24,038 | |
2020 | 7,936 | 6,552 | |
2019 | 732 | 263 | |
Prior | 52 | 46 | |
Net Finance Receivables | 491,808 | 431,478 | |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 1 | 5,388 | |
2022 | 2,529 | 3,254 | |
2021 | 1,159 | 813 | |
2020 | 92 | 122 | |
2019 | 4 | 10 | |
Prior | 15 | 16 | |
Net Finance Receivables | 3,800 | 9,603 | $ 10,540 |
Credit losses, 2022 | 776 | ||
Credit losses, 2021 | 431 | ||
Credit losses, 2020 | 88 | ||
Credit losses, 2019 | 24 | ||
Credit losses, prior | 4 | ||
Credit losses, Total Net Finance Receivables | 1,323 | ||
Retail Loans [Member] | FICO Band 1 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 1 | 8 | |
2022 | 7 | ||
2021 | 2 | 28 | |
2020 | 1 | 12 | |
2019 | 1 | 4 | |
Prior | 5 | 3 | |
Net Finance Receivables | 10 | 62 | |
Retail Loans [Member] | FICO Band 2 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 475 | ||
2022 | 213 | 92 | |
2021 | 30 | 9 | |
2020 | 10 | ||
Net Finance Receivables | 243 | 586 | |
Retail Loans [Member] | FICO Band 3 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 1,310 | ||
2022 | 634 | 599 | |
2021 | 211 | 71 | |
2020 | 3 | 14 | |
2019 | 1 | 1 | |
Prior | 1 | 3 | |
Net Finance Receivables | 850 | 1,998 | |
Retail Loans [Member] | FICO Band 4 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 1,389 | ||
2022 | 650 | 979 | |
2021 | 352 | 263 | |
2020 | 36 | 28 | |
2019 | 2 | ||
Prior | 4 | 4 | |
Net Finance Receivables | 1,042 | 2,665 | |
Retail Loans [Member] | FICO Band 5 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 1,083 | ||
2022 | 508 | 775 | |
2021 | 278 | 218 | |
2020 | 24 | 27 | |
2019 | 3 | ||
Prior | 4 | 5 | |
Net Finance Receivables | 814 | 2,111 | |
Retail Loans [Member] | FICO Band 6 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
2023 | 1,123 | ||
2022 | 524 | 802 | |
2021 | 286 | 224 | |
2020 | 28 | 31 | |
2019 | 2 | ||
Prior | 1 | 1 | |
Net Finance Receivables | $ 841 | $ 2,181 |
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,771,410 | $ 1,699,393 | $ 1,426,257 |
Net finance receivables in nonaccrual status | $ 66,871 | $ 60,061 | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 3.80% | 3.50% | |
Financing Receivables, Current [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,493,341 | $ 1,431,502 | |
Current,Percent | 84.30% | 84.20% | |
1 to 29 Days Past Due [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 155,196 | $ 148,048 | |
Past due, Percent | 8.80% | 8.70% | |
Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 34,756 | $ 36,208 | |
Past due, Percent | 1.90% | 2.20% | |
Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 31,212 | $ 31,352 | |
Past due, Percent | 1.80% | 1.80% | |
Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 27,107 | $ 24,293 | |
Past due, Percent | 1.50% | 1.40% | |
Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 15,317 | $ 16,257 | |
Past due, Percent | 0.90% | 1% | |
Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 14,481 | $ 11,733 | |
Past due, Percent | 0.80% | 0.70% | |
Total Delinquency Accounts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 122,873 | $ 119,843 | |
Past due, Percent | 6.90% | 7.10% | |
Small Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 493,473 | $ 481,605 | 445,023 |
Net finance receivables in nonaccrual status | $ 21,850 | $ 20,810 | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 4.40% | 4.30% | |
Small Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 406,203 | $ 388,978 | |
Current,Percent | 82.40% | 80.70% | |
Small Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 45,119 | $ 48,924 | |
Past due, Percent | 9.10% | 10.20% | |
Small Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 12,053 | $ 13,144 | |
Past due, Percent | 2.40% | 2.80% | |
Small Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 11,253 | $ 12,251 | |
Past due, Percent | 2.30% | 2.50% | |
Small Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 10,030 | $ 8,714 | |
Past due, Percent | 2% | 1.80% | |
Small Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 4,247 | $ 5,572 | |
Past due, Percent | 0.90% | 1.20% | |
Small Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 4,568 | $ 4,022 | |
Past due, Percent | 0.90% | 0.80% | |
Small Loans [Member] | Total Delinquency Accounts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 42,151 | $ 43,703 | |
Past due, Percent | 8.50% | 9.10% | |
Large Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,274,137 | $ 1,208,185 | 970,694 |
Net finance receivables in nonaccrual status | $ 44,627 | $ 39,039 | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 3.50% | 3.20% | |
Large Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 1,084,518 | $ 1,034,981 | |
Current,Percent | 85.10% | 85.70% | |
Large Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 109,483 | $ 97,855 | |
Past due, Percent | 8.60% | 8.10% | |
Large Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 22,587 | $ 22,712 | |
Past due, Percent | 1.70% | 1.80% | |
Large Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 19,844 | $ 18,828 | |
Past due, Percent | 1.60% | 1.60% | |
Large Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 16,951 | $ 15,427 | |
Past due, Percent | 1.30% | 1.30% | |
Large Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 10,938 | $ 10,675 | |
Past due, Percent | 0.90% | 0.90% | |
Large Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 9,816 | $ 7,707 | |
Past due, Percent | 0.80% | 0.60% | |
Large Loans [Member] | Total Delinquency Accounts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 80,136 | $ 75,349 | |
Past due, Percent | 6.30% | 6.20% | |
Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 3,800 | $ 9,603 | $ 10,540 |
Net finance receivables in nonaccrual status | $ 394 | $ 212 | |
Total net finance receivables | 100% | 100% | |
Net finance receivables in nonaccrual status | 10.40% | 2.20% | |
Retail Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 2,620 | $ 7,543 | |
Current,Percent | 69% | 78.60% | |
Retail Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 594 | $ 1,269 | |
Past due, Percent | 15.60% | 13.20% | |
Retail Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 116 | $ 352 | |
Past due, Percent | 3.10% | 3.70% | |
Retail Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 115 | $ 273 | |
Past due, Percent | 3% | 2.80% | |
Retail Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 126 | $ 152 | |
Past due, Percent | 3.20% | 1.60% | |
Retail Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 132 | $ 10 | |
Past due, Percent | 3.50% | 0.10% | |
Retail Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 97 | $ 4 | |
Past due, Percent | 2.60% | 0% | |
Retail Loans [Member] | Total Delinquency Accounts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Net finance receivables | $ 586 | $ 791 | |
Past due, Percent | 15.40% | 8.20% |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 178,800 | $ 159,300 | $ 150,000 |
Provision for credit losses | 220,034 | 185,115 | 89,015 |
Credit losses | (220,933) | (172,063) | (83,652) |
Recoveries | 9,499 | 6,448 | 3,937 |
Ending balance | 187,400 | 178,800 | 159,300 |
Net finance receivables | $ 1,771,410 | $ 1,699,393 | $ 1,426,257 |
Allowance as Percentage of Finance Receivables | 10.60% | 10.50% | 11.20% |
Small [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 57,915 | $ 61,294 | $ 59,410 |
Provision for credit losses | 82,745 | 76,513 | 40,982 |
Credit losses | (85,692) | (82,842) | (40,922) |
Recoveries | 3,768 | 2,950 | 1,824 |
Ending balance | 58,736 | 57,915 | 61,294 |
Net finance receivables | $ 493,473 | $ 481,605 | $ 445,023 |
Allowance as Percentage of Finance Receivables | 11.90% | 12% | 13.80% |
Large [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 119,592 | $ 96,494 | $ 88,058 |
Provision for credit losses | 136,638 | 106,925 | 47,775 |
Credit losses | (133,918) | (87,236) | (41,379) |
Recoveries | 5,680 | 3,409 | 2,040 |
Ending balance | 127,992 | 119,592 | 96,494 |
Net finance receivables | $ 1,274,137 | $ 1,208,185 | $ 970,694 |
Allowance as Percentage of Finance Receivables | 10% | 9.90% | 9.90% |
Retail [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 1,293 | $ 1,512 | $ 2,532 |
Provision for credit losses | 651 | 1,677 | 258 |
Credit losses | (1,323) | (1,985) | (1,351) |
Recoveries | 51 | 89 | 73 |
Ending balance | 672 | 1,293 | 1,512 |
Net finance receivables | $ 3,800 | $ 9,603 | $ 10,540 |
Allowance as Percentage of Finance Receivables | 17.70% | 13.50% | 14.30% |
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) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 16,400 |
% of Net finance receivables | 0.90% |
Principal Forgiveness, Interest Rate Reduction, & Term Extension [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 325 |
Interest Rate Reduction and Term Extension [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 14,799 |
% of Net finance receivables | 0.80% |
Term Extenstion [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 1,276 |
% of Net finance receivables | 0.10% |
Small Loans [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 2,495 |
% of Net finance receivables | 0.50% |
Small Loans [Member] | Principal Forgiveness, Interest Rate Reduction, & Term Extension [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 37 |
Small Loans [Member] | Interest Rate Reduction and Term Extension [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 2,112 |
% of Net finance receivables | 0.40% |
Small Loans [Member] | Term Extenstion [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 346 |
% of Net finance receivables | 0.10% |
Large Loans [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 13,905 |
% of Net finance receivables | 1.10% |
Large Loans [Member] | Principal Forgiveness, Interest Rate Reduction, & Term Extension [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 288 |
Large Loans [Member] | Interest Rate Reduction and Term Extension [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 12,687 |
% of Net finance receivables | 1% |
Large Loans [Member] | Term Extenstion [Member] | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 930 |
% of Net finance receivables | 0.10% |
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) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Small Loans [Member] | Principal Forgiveness [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Reduced amortized cost basis | $ 0.5 |
Small Loans [Member] | Interest Rate Reduction [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Reduced weighted-average contractual interest | 13.60% |
Small Loans [Member] | Term Extenstion [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Added weighted-average period to loans | 1 year 4 months 24 days |
Large Loans [Member] | Principal Forgiveness [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Reduced amortized cost basis | $ 1 |
Large Loans [Member] | Interest Rate Reduction [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Reduced weighted-average contractual interest | 10.70% |
Large Loans [Member] | Term Extenstion [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Added weighted-average period to loans | 1 year 6 months |
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 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | [1] | |
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | $ 1,631 | $ 27,494 | $ 16,078 | ||
Principal Forgiveness [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 19 | ||||
Term Extenstion [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 30 | ||||
Interest Rate Reduction and Term Extension [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 1,582 | ||||
Small Loans [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 254 | 6,920 | 4,761 | ||
Small Loans [Member] | Principal Forgiveness [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 3 | ||||
Small Loans [Member] | Term Extenstion [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 3 | ||||
Small Loans [Member] | Interest Rate Reduction and Term Extension [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 248 | ||||
Large Loans [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 1,377 | $ 20,537 | $ 11,303 | ||
Large Loans [Member] | Principal Forgiveness [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 16 | ||||
Large Loans [Member] | Term Extenstion [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | 27 | ||||
Large Loans [Member] | Interest Rate Reduction and Term Extension [Member] | |||||
Financing Receivable, Modified [Line Items] | |||||
Financial receivable subsequent default | $ 1,334 | ||||
[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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | $ 66,871 | $ 60,061 |
Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 16,400 | |
Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financial Receivables, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 13,282 | |
Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financing Receivables, 30 - 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 2,016 | |
Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 1,102 | |
Small Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 21,850 | 20,810 |
Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 2,495 | |
Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financial Receivables, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 1,993 | |
Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financing Receivables, 30 - 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 325 | |
Small Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 177 | |
Large Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 44,627 | $ 39,039 |
Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 13,905 | |
Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financial Receivables, Not Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 11,289 | |
Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financing Receivables, 30 - 89 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | 1,691 | |
Large Loans [Member] | Contractual Delinquencies of Loans that were Modified to Borrowers [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Contractual delinquencies of loans | $ 925 |
Finance Receivables, Credit _12
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Contractual Delinquencies of Loans that were Modified to Borrowers Experiencing Financial Difficulty (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Small Loans [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Modified finance receivables charged off | $ 0.4 |
Large Loans [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Modified finance receivables charged off | $ 1.8 |
Finance Receivables, Credit _13
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | $ 1,771,410 | $ 1,699,393 | $ 1,426,257 | |
TDR Allowance for Credit Losses | 187,400 | 178,800 | 159,300 | $ 150,000 |
Troubled Debt Restructurings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | 20,351 | |||
TDR Allowance for Credit Losses | 5,142 | |||
Small Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | 493,473 | 481,605 | 445,023 | |
TDR Allowance for Credit Losses | 58,736 | 57,915 | 61,294 | 59,410 |
Small Loans [Member] | Troubled Debt Restructurings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | 3,884 | |||
TDR Allowance for Credit Losses | 1,008 | |||
Large Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | 1,274,137 | 1,208,185 | 970,694 | |
TDR Allowance for Credit Losses | 127,992 | 119,592 | 96,494 | 88,058 |
Large Loans [Member] | Troubled Debt Restructurings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | 16,421 | |||
TDR Allowance for Credit Losses | 4,118 | |||
Retail Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | 3,800 | 9,603 | 10,540 | |
TDR Allowance for Credit Losses | $ 672 | 1,293 | $ 1,512 | $ 2,532 |
Retail Loans [Member] | Troubled Debt Restructurings [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Net finance receivables | 46 | |||
TDR Allowance for Credit Losses | $ 16 |
Finance Receivables, Credit _14
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Net Finance Receivables Modified And Classified As TDRs (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 7,220 | 4,652 | ||||
TDR Net Finance Receivables | $ | $ 1,631 | $ 27,494 | [1] | $ 16,078 | [1] | |
Small Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 3,651 | 2,522 | ||||
TDR Net Finance Receivables | $ | 254 | $ 6,920 | [1] | $ 4,761 | [1] | |
Large Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 3,554 | 2,123 | ||||
TDR Net Finance Receivables | $ | $ 1,377 | $ 20,537 | [1] | $ 11,303 | [1] | |
Retail Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 15 | 7 | ||||
TDR Net Finance Receivables | $ | [1] | $ 37 | $ 14 | |||
[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 _15
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of TDR Finance Receivables that Subsequently Defaulted (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 2,678 | 1,667 | |
TDR Net Finance Receivables | $ | [1] | $ 10,432 | $ 5,468 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 1,365 | 950 | |
TDR Net Finance Receivables | $ | [1] | $ 2,712 | $ 1,740 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 1,307 | 712 | |
TDR Net Finance Receivables | $ | [1] | $ 7,704 | $ 3,719 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 6 | 5 | |
TDR Net Finance Receivables | $ | [1] | $ 16 | $ 9 |
[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 | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | $ 22,740 | $ 20,416 |
Restricted Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 23,211 | 21,158 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (472) | (742) |
Estimated Fair Value | $ 22,740 | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Estimated Fair Value | $ 20,416 | |
Less than 12 Months, Gross Unrealized Losses | (742) | |
12 Months or Longer, Estimated Fair Value | $ 18,633 | |
12 Months or Longer, Gross Unrealized Losses | (472) | |
Total Estimated Fair Value | 18,633 | 20,416 |
Total Gross Unrealized Losses | $ (472) | $ (742) |
Restricted Available-for-Sale_5
Restricted Available-for-Sale Investments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Accrued interest receivable | $ 300 | $ 300 | |
Debt securities available for sale accrued interest after allowance for credit loss statement of financial position extensible list not disclosed flag | true | true | |
Restricted Investments | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Gross realized gains or losses | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Estimated Fair Value | ||
Total restricted available-for-sale investments | $ 22,740 | $ 20,416 |
Restricted Investments | ||
Amortized Cost | ||
Due in one year | 21,035 | |
Due within one year to five years | 2,176 | |
Total restricted available-for-sale investments | 23,211 | 21,158 |
Estimated Fair Value | ||
Due in one year | 20,614 | |
Due within one year to five years | 2,126 | |
Total restricted available-for-sale investments | $ 22,740 | $ 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) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |
Proceeds from sale of restricted available-for-sale investments | $ 3,130 |
Restricted Investments | |
Schedule Of Available For Sale Securities [Line Items] | |
Proceeds from sale of restricted available-for-sale investments | $ 3,130 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 44,108 | $ 42,283 |
Less accumulated depreciation | 30,321 | 27,757 |
Property and equipment, net of accumulated depreciation | 13,787 | 14,526 |
Furniture, Fixtures and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 27,228 | 27,011 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 16,880 | $ 15,272 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 4.6 | $ 4.1 | $ 4.5 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leased Assets [Line Items] | |||
Rent expense | $ 11 | $ 10.2 | $ 10.2 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease agreement term | 3 years | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease agreement term | 7 years | ||
Branch [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease agreement term | 3 years | ||
Extend lease agreement term | 3 years | ||
Branch [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease agreement term | 7 years | ||
Extend lease agreement term | 5 years | ||
Corporate Headquarters [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease agreement term | 11 years | ||
Extend lease agreement term | 10 years |
Leases - Future Maturities of O
Leases - Future Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2024 | $ 9,681 | |
2025 | 8,802 | |
2026 | 7,000 | |
2027 | 5,241 | |
2028 | 3,767 | |
Thereafter | 8,475 | |
Total future minimum lease payments | 42,966 | |
Present value adjustment | (6,390) | |
Operating lease liability | $ 36,576 | $ 36,712 |
Leases - Summary of Operating a
Leases - Summary of Operating and Short-Term Lease Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating leases | $ 10,587 | $ 9,457 | $ 9,573 |
Short-term leases | 447 | 745 | 648 |
Total lease expense | $ 11,034 | $ 10,202 | $ 10,221 |
Leases - Summary of Weighted-av
Leases - Summary of Weighted-average Remaining Lease Term and Discount Rate (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term (in years) | 5 years 6 months | 6 years 1 month 6 days |
Weighted-average discount rate | 5.75% | 5.46% |
Intangible Assets - Summary of
Intangible Assets - Summary of Gross Carrying Amount and Related Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible Assets Including Goodwill [Line Items] | ||
Total intangible assets, Gross Carrying Amount | $ 31,775 | $ 26,313 |
Total intangible assets, Accumulated Amortization | (15,929) | (14,191) |
Total intangible assets, Net Amount | 15,846 | 12,122 |
Software [Member] | ||
Intangible Assets Including Goodwill [Line Items] | ||
Total intangible assets, Gross Carrying Amount | 30,825 | 25,363 |
Total intangible assets, Accumulated Amortization | (15,695) | (13,957) |
Total intangible assets, Net Amount | 15,130 | 11,406 |
Other [Member] | ||
Intangible Assets Including Goodwill [Line Items] | ||
Total intangible assets, Gross Carrying Amount | 950 | 950 |
Total intangible assets, Accumulated Amortization | (234) | (234) |
Total intangible assets, Net Amount | $ 716 | $ 716 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets Including Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 3.7 | $ 2.9 | $ 2.4 |
Software [Member] | |||
Intangible Assets Including Goodwill [Line Items] | |||
Weighted-average amortization period | 6 years 1 month 6 days |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Future Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, Net Amount | $ 15,846 | $ 12,122 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2024 | 3,771 | |
2025 | 3,152 | |
2026 | 2,564 | |
2027 | 1,804 | |
2028 | 1,560 | |
Thereafter | 2,279 | |
Total intangible assets, Net Amount | $ 15,130 | $ 11,406 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 9,661 | $ 9,115 |
Income tax receivable | 7,260 | 8,598 |
Card payments receivable | 5,666 | 5,118 |
Credit insurance receivable | 2,759 | 2,748 |
Warehouse credit facilities debt issue costs | 2,362 | 1,314 |
Other | 1,711 | 1,315 |
Total other assets | $ 29,419 | $ 28,208 |
Interest Rate Caps - Additional
Interest Rate Caps - Additional Information (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | |||
Remaining interest rate cap contracts | $ 6,586,000 | $ 265,000 | |
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Offsetting [Abstract] | ||
Balance at beginning of period | $ 6,586 | $ 265 |
Purchases | 3,600 | |
Sales | (19,720) | |
Fair value adjustment included as a decrease in interest expense | $ 13,134 | 2,721 |
Balance at end of period | $ 6,586 |
Debt - Summary of the Company's
Debt - Summary of the Company's Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt | $ 1,399,814 | $ 1,355,359 |
Unamortized debt issuance costs | (4,578) | (9,512) |
Net debt | 1,395,236 | 1,345,847 |
Unused amount of revolving credit facilities (subject to borrowing base) | 551,508 | 555,117 |
Senior Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | 195,462 | 147,547 |
Unamortized debt issuance costs | (606) | (1,104) |
Net debt | 194,856 | 146,443 |
RMR II revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 189 | |
Net debt | 189 | |
RMR IV revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 3,197 | 18,144 |
Unamortized debt issuance costs | (338) | |
Net debt | 3,197 | 17,806 |
RMR V revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 26,718 | 286 |
Net debt | 26,718 | 286 |
RMR VI revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 15,953 | |
Net debt | 15,953 | |
RMR VII revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 4,216 | |
Net debt | 4,216 | |
RMIT 2020-1 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 145,290 | 180,214 |
Unamortized debt issuance costs | (618) | |
Net debt | 145,290 | 179,596 |
RMIT 2021-1 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 248,915 | 248,916 |
Unamortized debt issuance costs | (141) | (985) |
Net debt | 248,774 | 247,931 |
RMIT 2021-2 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 200,192 | 200,192 |
Unamortized debt issuance costs | (1,106) | (1,534) |
Net debt | 199,086 | 198,658 |
RMIT 2021-3 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 125,202 | 125,202 |
Unamortized debt issuance costs | (864) | (1,178) |
Net debt | 124,338 | 124,024 |
RMIT 2022-1 securitization | ||
Debt Instrument [Line Items] | ||
Debt | 250,374 | 250,374 |
Unamortized debt issuance costs | (991) | (1,841) |
Net debt | 249,383 | 248,533 |
RMIT 2022-2B securitization | ||
Debt Instrument [Line Items] | ||
Debt | 184,295 | 184,295 |
Unamortized debt issuance costs | (870) | (1,914) |
Net debt | $ 183,425 | $ 182,381 |
Debt - Summary of the Company_2
Debt - Summary of the Company's Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 4,578 | $ 9,512 |
RMR IV revolving warehouse credit facility | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 338 | |
Revolving warehouse credit facilities | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 2,400 | $ 1,300 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||||||||||||||
Cash | $ 4,509 | $ 3,873 | $ 10,507 | ||||||||||||
Cash deposited to restricted cash reserve account | 124,164 | 127,926 | 138,682 | ||||||||||||
Advances on securitizations | 433,720 | 573,700 | |||||||||||||
Payments on revolving credit facilities | 1,566,736 | 1,910,717 | $ 1,985,601 | ||||||||||||
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 bear interest, payable monthly, at a blended rate equal to three-month LIBOR, with a LIBOR floor of 0.25%, plus a 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 | $ 16,500 | ||||||||||||||
Effective interest rate | 8.24% | ||||||||||||||
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 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 | $ 15,400 | ||||||||||||||
Effective interest rate | 8.34% | ||||||||||||||
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 8.34% at December 31, 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 $15.4 million of immediate availability to draw down cash under the facility and held $0.5 million in restricted cash reserves as of December 31, 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 | 7.94% | ||||||||||||||
Interest rate, during revolving period | 0% | ||||||||||||||
Unused line fee | 0.50% | ||||||||||||||
Cash deposited to restricted cash reserve account | $ 200 | ||||||||||||||
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 7.94% as of December 31, 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 $0.2 million in restricted cash reserves as of December 31, 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 | 8.44% | ||||||||||||||
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 8.44% as of December 31, 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 December 31, 2023 to satisfy provisions of the credit agreement. | ||||||||||||||
RMIT 2020-1 securitization | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Effective interest rate | 2.97% | ||||||||||||||
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. During the year ended December 31, 2023, the Company made principal repayments of $34.9 million subsequent to the end of the revolving period. | ||||||||||||||
Payments on revolving credit facilities | $ 34,900 | ||||||||||||||
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 | $ 109,900 | $ 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% | ||||||||||||||
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 | $ 4,500 | ||||||||||||||
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 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | RMR II revolving warehouse credit facility | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Interest rate, basis spread | 2.35% | ||||||||||||||
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 | 8.44% | ||||||||||||||
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 | 65% | ||||||||||||||
Credit facility, eligible borrowing capacity | $ 76,200 |
Debt - Summary of Estimated Pri
Debt - Summary of Estimated Principal Payments Required on Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total | $ 1,399,814 | $ 1,355,359 |
Payments Of Principal Of Gross Debt Excludes Interest | ||
Debt Instrument [Line Items] | ||
2024 | 441,290 | |
2025 | 412,988 | |
2026 | 291,031 | |
2027 | 202,473 | |
2028 | 42,607 | |
Thereafter | 5,634 | |
Total | $ 1,396,023 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional information (Detail) - USD ($) $ in Millions | 1 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2021 | May 31, 2022 | Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2022 | May 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||||||
Repurchase shares of common stock | $ 50 | $ 20 | $ 30 | ||||
Stock repurchased, shares | 426,000 | 945,000 | 437,000 | 1,450,000 | |||
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 | 4 Months Ended | 9 Months Ended | 12 Months Ended | |
May 31, 2022 | Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | ||||
Common stock repurchased | 426,000 | 945,000 | 437,000 | 1,450,000 |
Weighted-average cost per share | $ 47.14 | $ 46.47 | ||
Total cost of common stock repurchased | $ 20,613 | $ 67,442 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Dividends Declared Per Share of Common Stock (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||
Dividends declared per common share | $ 1.20 | $ 1.20 | $ 0.95 |
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Restricted available-for-sale investments | $ 22,740 | $ 20,416 | ||
Interest rate caps | $ 6,586 | $ 265 | ||
Net finance receivables | 1,536,118 | 1,469,585 | ||
Level 1 [Member] | Carrying Amount [Member] | ||||
Assets | ||||
Cash | 4,509 | 3,873 | ||
Restricted cash | 124,164 | 127,926 | ||
Level 1 [Member] | Estimated Fair Value [Member] | ||||
Assets | ||||
Cash | 4,509 | 3,873 | ||
Restricted cash | 124,164 | 127,926 | ||
Level 3 [Member] | Carrying Amount [Member] | ||||
Assets | ||||
Net finance receivables | 1,536,118 | 1,469,585 | ||
Liabilities: | ||||
Debt | 1,399,814 | 1,355,359 | ||
Level 3 [Member] | Estimated Fair Value [Member] | ||||
Assets | ||||
Net finance receivables | 1,603,737 | 1,554,794 | ||
Liabilities: | ||||
Debt | 1,308,349 | 1,219,832 | ||
Level 2 [Member] | Carrying Amount [Member] | Fair Value, Recurring | ||||
Assets | ||||
Restricted available-for-sale investments | 22,740 | 20,416 | ||
Level 2 [Member] | Estimated Fair Value [Member] | Fair Value, Recurring | ||||
Assets | ||||
Restricted available-for-sale investments | $ 22,740 | $ 20,416 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense Attributable to Total Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 3,567 | $ 7,383 | $ 24,735 |
State and local | 1,146 | 1,948 | 3,350 |
Current total | 4,713 | 9,331 | 28,085 |
Deferred: | |||
Federal | 289 | 5,247 | (4,169) |
State and local | (177) | (481) | (130) |
Deferred total | 112 | 4,766 | (4,299) |
Total tax expense | $ 4,825 | $ 14,097 | $ 23,786 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal tax expense at statutory rate | $ 4,364 | $ 13,717 | $ 23,619 |
Increase (reduction) in income taxes resulting from: | |||
State tax, net of federal benefit | 882 | 1,134 | 2,620 |
Non-deductible compensation | 1,021 | 627 | 672 |
Excess tax benefits from share-based awards | 301 | (344) | (2,711) |
Research and development | (1,459) | (1,222) | |
Other | (284) | 185 | (414) |
Total tax expense | $ 4,825 | $ 14,097 | $ 23,786 |
Federal tax expense at statutory rate | 21% | 21% | 21% |
Increase (reduction) in income taxes resulting from: | |||
State tax, net of federal benefit | 4.20% | 1.70% | 2.30% |
Non-deductible compensation | 4.90% | 1% | 0.60% |
Excess tax benefits from share-based awards | 1.40% | (0.50%) | (2.40%) |
Research and development | (7.00%) | (1.90%) | |
Other | (1.30%) | 0.30% | (0.40%) |
Total tax expense | 23.20% | 21.60% | 21.10% |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses | $ 44,200 | $ 41,877 |
Lease liability | 8,711 | 8,782 |
Unearned insurance commissions | 7,729 | 8,345 |
Research and experimental expenditures | 4,100 | 2,060 |
Share-based compensation | 2,870 | 2,512 |
Accrued expenses | 2,542 | 2,081 |
State net operating loss carryforward | 1,548 | 1,478 |
Unearned premium reserves | 225 | 653 |
Other | 134 | 222 |
Gross deferred tax assets | 72,059 | 68,010 |
Deferred tax liabilities: | ||
Fair market value adjustment of net finance receivables | 42,713 | 37,415 |
Lease assets | 8,173 | 8,268 |
Depreciation and software amortization | 2,353 | 4,076 |
Deferred loan costs | 3,658 | 3,282 |
Prepaid expenses | 1,521 | 1,159 |
Gross deferred tax liabilities | 58,418 | 54,200 |
Net deferred tax asset | $ 13,641 | $ 13,810 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
State net operating loss carryforward | $ 52,300 | |
State net operating loss carryforwards expiration year | 2032 | |
Unrecognized tax benefits | $ 733 | $ 414 |
Interest and penalties, recognized tax benefits | $ 100 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Positions Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $ 414 | |
Additions based on tax positions related to the current year | 268 | $ 233 |
Additions for tax positions of prior years | 51 | 181 |
Balance at December 31 | $ 733 | $ 414 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net Income (Loss) | $ 15,958 | $ 51,224 | $ 88,687 |
Denominator: | |||
Weighted-average shares outstanding for basic earnings per share | 9,398,000 | 9,296,000 | 10,034,000 |
Effect of dilutive securities | 195,000 | 360,000 | 609,000 |
Weighted-average shares adjusted for dilutive securities | 9,593,000 | 9,656,000 | 10,643,000 |
Earnings per share: | |||
Basic | $ 1.70 | $ 5.51 | $ 8.84 |
Diluted | $ 1.66 | $ 5.30 | $ 8.33 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Compensation Plans [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Options to purchase common stock, Shares | 400,000 | 300,000 | 11,000 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 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 | 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 | 300,000 | |||
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 | 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 | $ 11.8 | $ 10.8 | $ 7.4 | |
Unrecognized share-based compensation expense | $ 11.5 | |||
Period of recognition of share-based compensation expense | 1 year 7 months 6 days | |||
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 | |||
Number of additional shares,Maximum aggregate number of shares | 1,050,000 | |||
Shares available for grant | 900,000 | |||
Plan description | As of December 31, 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 - Opti
Share-based Compensation - Option Grant Fair Value Assumptions (Detail) - Black Scholes Option Pricing Model [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 0% | 0% | 47.83% |
Expected dividends | 0% | 0% | 2.63% |
Expected term (in years) | 6 years | ||
Risk-free rate | 0% | 0% | 0.64% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | shares | 527,000 |
Number of Shares, Exercised | shares | (18,000) |
Number of Shares, Options outstanding, Ending balance | shares | 509,000 |
Number of Shares, Options exercisable | shares | 509,000 |
Weighted Average Exercise Price Per Share, Options outstanding, Beginning balance | $ / shares | $ 23.07 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 16.09 |
Weighted Average Exercise Price Per Share, Options outstanding, Ending balance | $ / shares | 23.32 |
Weighted Average Exercise Price Per Share, Options exercisable | $ / shares | $ 23.32 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 4 years 10 months 24 days |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 4 years 10 months 24 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 1,954 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 1,954 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Additional Stock Option Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |||
Weighted-average grant date fair value per share | $ 10.52 | ||
Intrinsic value of options exercised | $ 277 | $ 2,142 | $ 11,711 |
Fair value of stock options that vested | $ 544 | $ 849 | $ 1,063 |
Share-based Compensation - Awar
Share-based Compensation - Award Grant Fair Value Assumptions (Detail) - Performance Restricted Stock Units [Member] - Monte Carlo Valuation Model [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 40.18% | 39.24% | |
Expected dividends | 2.24% | 0% | 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 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 | (13) | |
Non-vested shares at December 31, 2023 | 175 | 70 |
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 | $ 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 | 36.67 | |
Weighted Average Grant Date Fair Value Non-vested units at December 31, 2023 | $ 39.94 | $ 52.07 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of Additional PRSU Information (Detail) - Performance Restricted Stock Units [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value per Unit, Granted | $ 32.40 | $ 52.07 | |
Fair value of PRSUs that vested | $ 0 | $ 0 | $ 0 |
Share-based Compensation - Su_5
Share-based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Non-vested shares at January 1, 2023 | 108 | |
Granted | 0 | |
Achieved performance adjustment | 28 | |
Vested | (91) | |
Non-vested shares at December 31, 2023 | 45 | |
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2023 | $ 21.87 | |
Weighted Average Grant Date Fair Value per Unit, Granted | 0 | $ 30.22 |
Weighted Average Grant Date Fair Value Per Unit, Achieved performance adjustment | 15.86 | |
Weighted Average Grant Date Fair Value Per Unit, Vested | 15.86 | |
Weighted Average Grant Date Fair Value Non-vested units at December 31, 2023 | $ 30.22 |
Share-based Compensation - Su_6
Share-based Compensation - Summary of RSU Activity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
The target percentage of RSUs earned and vested | 145% |
Share-based Compensation - Su_7
Share-based Compensation - Summary of Additional RSU Information (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value per Unit, Granted | $ 0 | $ 30.22 | |
Fair value of RSUs that vested | $ 1,445 | $ 513 | $ 1,199 |
Share-based Compensation - Su_8
Share-based Compensation - Summary of RSA Activity (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Non-vested shares at January 1, 2023 | 198 | ||
Granted | 248 | ||
Vested | (239) | ||
Forfeited | (17) | ||
Non-vested shares at December 31, 2023 | 190 | 198 | |
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2023 | $ 38.99 | ||
Weighted Average Grant Date Fair Value, Granted | 34.25 | $ 40.76 | $ 35.18 |
Weighted Average Grant Date Fair Value, Vested | 36.73 | ||
Weighted Average Grant Date Fair Value, Forfeited | 36.37 | ||
Weighted Average Grant Date Fair Value Non-vested units at December 31, 2023 | $ 35.89 | $ 38.99 |
Share-based Compensation - Su_9
Share-based Compensation - Summary of Additional RSA Information (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average grant date fair value per share | $ 34.25 | $ 40.76 | $ 35.18 |
Fair value of RSAs that vested | $ 8,787 | $ 7,274 | $ 4,874 |
Insurance Products and Reinsu_3
Insurance Products and Reinsurance of Certain Risks - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-life Insurance [Member] | |||
Insurance [Line Items] | |||
Unpaid claim reserves | $ 0 | $ 0 | |
Increase (decrease) in unpaid claim reserves | (200,000) | 500,000 | $ (400,000) |
Unearned Premium Reserves [Member] | Life Insurance [Member] | |||
Insurance [Line Items] | |||
Restricted cash and restricted available-for-sale investments | 21,900,000 | 21,200,000 | |
Unpaid Claim Reserves [Member] | Life Insurance [Member] | |||
Insurance [Line Items] | |||
Restricted cash and restricted available-for-sale investments | $ 1,200,000 | $ 1,100,000 |
Insurance Products and Reinsu_4
Insurance Products and Reinsurance of Certain Risks - Schedule of Components of Insurance Income, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance [Abstract] | |||
Earned premiums | $ 59,830 | $ 60,190 | $ 53,218 |
Claims, reserves, and certain direct expenses | (15,301) | (16,688) | (17,736) |
Insurance income, net | $ 44,529 | $ 43,502 | $ 35,482 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | |
Feb. 22, 2024 | Feb. 28, 2023 | |
Subsequent Event | Quarterly Cash Dividend | ||
Subsequent Event [Line Items] | ||
Cash dividend per share | $ 0.30 | |
Dividends payable, date to be paid | Mar. 14, 2024 | |
Dividend date of record | Feb. 22, 2024 | |
Dividend date of declaration | 2024-02 | |
RMR VI Revolving Warehouse Credit Facility | ||
Subsequent Event [Line Items] | ||
Line of credit facility aggregate commitments | $ 75 | |
Senior Revolving Credit Facility | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Debt maturity date | 2025-09 | |
Interest rate, basis spread | 0.25% | |
BankUnited, N.A. and Synovus Bank's | Senior Revolving Credit Facility | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Line of credit facility aggregate commitments | $ 65 |