Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 14, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Regional Management Corp. | ' | ' |
Entity Central Index Key | '0001519401 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,652,197 | ' |
Entity Public Float | ' | ' | $129,846,025 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash | $4,121 | $3,298 |
Gross finance receivables | 658,176 | 531,850 |
Less unearned finance charges, insurance premiums, and commissions | -113,492 | -92,376 |
Finance receivables | 544,684 | 439,474 |
Allowance for credit losses | -30,089 | -23,616 |
Net finance receivables | 514,595 | 415,858 |
Property and equipment, net of accumulated depreciation | 7,100 | 5,111 |
Repossessed assets at net realizable value | 548 | 711 |
Goodwill | 716 | 363 |
Intangible assets, net | 1,386 | 1,815 |
Other assets | 5,422 | 7,361 |
Total assets | 533,888 | 434,517 |
Liabilities: | ' | ' |
Deferred tax liability, net | 2,653 | 5,947 |
Accounts payable and accrued expenses | 7,312 | 6,987 |
Senior revolving credit facility | 362,750 | 292,379 |
Total liabilities | 372,715 | 305,313 |
Commitments and Contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.10 par value, 100,000,000 shares authorized, no shares issued and outstanding at December 31, 2013 and December 31, 2012 | ' | ' |
Common stock, $0.10 par value, 1,000,000,000 shares authorized, 12,652,197 and 12,486,727 shares issued and outstanding at December 31, 2013 and 2012, respectively | 1,265 | 1,249 |
Additional paid-in-capital | 83,317 | 80,158 |
Retained earnings | 76,591 | 47,797 |
Total stockholders' equity | 161,173 | 129,204 |
Total liabilities and stockholders' equity | $533,888 | $434,517 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
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 | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 12,652,197 | 12,486,727 |
Common stock, shares outstanding | 12,652,197 | 12,486,727 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | ' | ' | ' |
Interest and fee income | $152,343 | $119,025 | $91,513 |
Insurance income, net | 11,470 | 10,681 | 9,155 |
Other income | 6,816 | 5,991 | 4,669 |
Total revenue | 170,629 | 135,697 | 105,337 |
Expenses | ' | ' | ' |
Provision for credit losses | 39,192 | 27,765 | 17,854 |
General and administrative expenses | ' | ' | ' |
Personnel | 39,868 | 33,492 | 25,679 |
Occupancy | 11,640 | 8,655 | 6,527 |
Marketing | 3,980 | 2,767 | 2,056 |
Other | 15,551 | 10,644 | 6,573 |
Consulting and advisory fees | ' | 1,451 | 975 |
Interest expense | ' | ' | ' |
Senior revolving credit facility and other debt | 14,144 | 10,580 | 8,306 |
Mezzanine debt-related parties | ' | 1,030 | 4,037 |
Total interest expense | 14,144 | 11,610 | 12,343 |
Total expenses | 124,375 | 96,384 | 72,007 |
Income before income taxes | 46,254 | 39,313 | 33,330 |
Income taxes | 17,460 | 14,561 | 12,290 |
Net income | $28,794 | $24,752 | $21,040 |
Net income per common share: | ' | ' | ' |
Basic | $2.29 | $2.12 | $2.25 |
Diluted | $2.23 | $2.07 | $2.19 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic | 12,572,298 | 11,694,924 | 9,336,727 |
Diluted | 12,893,693 | 11,980,748 | 9,620,967 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Deficit) [Member] |
In Thousands | ||||
Beginning Balance at Dec. 31, 2010 | $30,898 | $934 | $27,959 | $2,005 |
Stock option expense | 191 | ' | 191 | ' |
Net income | 21,040 | ' | ' | 21,040 |
Ending Balance at Dec. 31, 2011 | 52,129 | 934 | 28,150 | 23,045 |
Sale of common stock | 47,250 | 315 | 46,935 | ' |
Underwriting discount and offering expense | -7,469 | ' | -7,469 | ' |
Reclassification of temporary equity | 12,000 | ' | 12,000 | ' |
Stock option expense | 542 | ' | 542 | ' |
Net income | 24,752 | ' | ' | 24,752 |
Ending Balance at Dec. 31, 2012 | 129,204 | 1,249 | 80,158 | 47,797 |
Issuance of stock awards | 869 | 2 | 867 | ' |
Proceeds from exercise of stock options | 873 | 14 | 859 | ' |
Excess tax benefit from exercise of stock options | 731 | ' | 731 | ' |
Stock option expense | 702 | ' | 702 | ' |
Net income | 28,794 | ' | ' | 28,794 |
Ending Balance at Dec. 31, 2013 | $161,173 | $1,265 | $83,317 | $76,591 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $28,794 | $24,752 | $21,040 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for credit losses | 39,192 | 27,765 | 17,854 |
Depreciation and amortization | 3,459 | 2,598 | 1,437 |
Accretion of discounts on purchased receivables | -434 | -1,581 | -9 |
Amortization of stock compensation expense | 1,571 | 542 | 191 |
Fair value adjustment on interest rate caps | 1 | 27 | 252 |
Deferred income taxes, net | -3,294 | 5,962 | 4,361 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in other assets | 2,977 | -1,295 | -3,464 |
Increase (decrease) in other liabilities | 324 | -1,048 | -169 |
Net cash provided by operating activities | 72,590 | 57,722 | 41,493 |
Cash flows from investing activities: | ' | ' | ' |
Net origination of finance receivables | -137,031 | -127,652 | -73,660 |
Purchase of property and equipment | -4,152 | -1,996 | -2,581 |
Payment for business combination, net of cash | -575 | -28,388 | ' |
Increase in restricted cash | -562 | ' | -450 |
Purchase of finance receivables | -357 | -975 | -2,531 |
Net cash used in investing activities | -142,677 | -159,011 | -79,222 |
Cash flows from financing activities: | ' | ' | ' |
Net advances on senior revolving credit facility | 70,371 | 86,370 | 42,708 |
Payments for debt issuance costs | -1,065 | -598 | -156 |
Proceeds from exercise of stock options | 873 | ' | ' |
Excess tax benefits from exercise of stock options | 731 | ' | ' |
Net proceeds from issuance of common stock | ' | 39,781 | ' |
Repayment of mezzanine debt | ' | -25,814 | ' |
Decrease in cash overdraft | ' | -1 | -364 |
Net payments of other notes payable | ' | ' | -466 |
Net cash provided by financing activities | 70,910 | 99,738 | 41,722 |
Net change in cash | 823 | -1,551 | 3,993 |
Cash: | ' | ' | ' |
Beginning | 3,298 | 4,849 | 856 |
Ending | 4,121 | 3,298 | 4,849 |
Cash payments for interest | ' | ' | ' |
Paid to third parties | 13,468 | 10,281 | 7,698 |
Paid to related parties | ' | 1,085 | 4,604 |
Cash payments for income taxes | $16,205 | $14,273 | $7,548 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Nature of Business and Significant Accounting Policies | ' | |||
Note 1. Nature of Business and Significant Accounting Policies | ||||
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 installment loans, large installment loans, automobile purchase loans, retail purchase loans, and related credit insurance. As of December 31, 2013, the Company operated offices in 264 locations in the states of Alabama (49 offices), Georgia (3 offices), North Carolina (29 offices), New Mexico (4 offices), Oklahoma (21 offices), South Carolina (70 offices), Tennessee (21 offices), and Texas (67 offices) under the names Regional Finance, RMC Financial Services, Anchor Finance, Superior Financial Services, First Community Credit, AutoCredit Source, RMC Retail, and Sun Finance. The Company opened or acquired 43, 51, and 36 new offices during the years ended December 31, 2013, 2012, and 2011, respectively. | ||||
Seasonality: Our loan volume and corresponding finance receivables follow seasonal trends. Demand for our loans is typically highest during the third and fourth quarter, largely due to customers borrowing money for back-to-school and holiday spending. Loan demand has generally been the lowest during the first quarter, largely due to the timing of income tax refunds. During the remainder of the year, we typically experience loan growth from general operations. In addition, we typically generate higher loan volumes in the second half of the year from our direct mail campaigns, which are timed to coincide with seasonal consumer demand. Consequently, we experience significant seasonal fluctuations in our operating results and cash needs. | ||||
The following is a description of significant accounting policies used in preparing the financial statements. | ||||
Business segments: The Company has one reportable segment, which is the consumer finance segment. The other revenue generating activities of the Company, including insurance operations, are performed in the existing branch network in conjunction with or as a complement to the lending operations. | ||||
Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate subsidiary in each state. | ||||
The accounting and reporting policies of the Company are in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and conform to general practices within the consumer finance industry. | ||||
Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, fair value of stock based compensation, the valuation of deferred tax assets and liabilities, and the allocation of the purchase price to assets acquired in business combinations. | ||||
Reclassifications: Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. | ||||
Statement of cash flows: Cash flows from finance operations and short-term borrowings are reported on a net basis. | ||||
Finance receivables: Small installment loan receivables are direct loans to customers and are secured by non-essential household goods and, in some instances, an automobile and include direct mail loans, which are checks mailed to customers based on a rigorous pre-screening process that includes a review of the prospective customer’s credit profile provided by national credit reporting bureaus. Large installment loan receivables are direct loans to customers and are secured by automobiles or other vehicles in addition to non-essential household goods. Automobile purchase loan receivables consist of direct loans, which are originated at the dealership and closed in one of the Company’s branches, and indirect loans, which are originated and closed at a dealership in the Company’s network without the need for the customer to visit one of the Company’s branches. In each case, these automobile purchase loans are collateralized primarily by used and new automobiles and, in the case of indirect loans, are initiated by and purchased from automobile dealerships, subject to the Company’s credit approval. Retail purchase loan receivables consist principally of retail installment sales contracts collateralized by the purchase of furniture or appliances and are initiated by and purchased from retailers, subject to the Company’s credit approval. | ||||
Credit losses: Provisions for credit losses are charged to income as losses are estimated to have occurred and in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for losses on the finance receivables. Credit losses are charged against the allowance when management believes the finance receivable is no longer collectible. The factors used to determine whether a finance receivable is uncollectible are the age of the account, supervisory review of collection efforts, and other factors such as customers relocating to an area where collection is not practical. Subsequent recoveries, if any, are credited to the allowance. Loss experience, effective loan life, contractual delinquency of finance receivables by loan type, the value of underlying collateral, and management’s judgment are factors used in assessing the overall adequacy of the allowance and the resulting provision for credit losses. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions or portfolio performance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revisions as more information becomes available. | ||||
The Company establishes a full valuation allowance for a finance receivable at the date that it is contractually delinquent 180 days. The Company initiates repossession proceedings when the customer is unlikely to make further payments in the opinion of management. The Company sells substantially all repossessed vehicle inventory through public sales conducted by independent automobile auction organizations after the required post-repossession waiting period. Losses on the sale of repossessed collateral are charged to the allowance for credit losses. | ||||
The allowance for credit losses consists of general and specific components. The general reserve estimates credit losses for groups of finance receivables on a collective basis. The Company’s general component of the allowance for credit losses relates to probable incurred losses of unimpaired finance receivables. The historical losses are used to estimate the general allowance as follows: | ||||
• | Small installment loans (loans of $2.5 or less): Most recent six months of historical losses | |||
• | Large installment loans (loans in excess of $2.5): Most recent ten months of historical losses | |||
• | Automobile purchase loans: Most recent twelve months of historical losses | |||
• | Retail purchase loans: Most recent eleven months of historical losses | |||
The Company adjusts the computed historical loss percentages as described above for qualitative factors based on an assessment of internal and external influences on credit quality that are not fully reflected in the historical loss data. Those qualitative factors include trends in growth in the loan portfolio, delinquency, unemployment, bankruptcy, and other economic trends. | ||||
Impaired finance receivables: The specific component of the allowance for credit losses relates to impaired finance receivables. A finance receivable is considered impaired by the Company when it is 180 or more days contractually delinquent, at which time a full valuation allowance is established for such finance receivable within the allowance for credit losses. In addition, finance receivables that have been modified by bankruptcy proceedings are accounted for in the aggregate by the Company as troubled debt restructurings and are also considered impaired finance receivables. At the time of restructuring, a specific valuation allowance is established for such finance receivables within the allowance for credit losses. The specific component includes an estimate of the loss resulting from the difference between the recorded investment in a finance receivable to a bankrupt customer and the present value of the cash flows of such finance receivable in accordance with the modified finance receivable terms approved by the bankruptcy court discounted at the original contractual interest rate. | ||||
The Company’s policy for the accounts of customers in bankruptcy is to charge off the balance of accounts in a confirmed bankruptcy under Chapter 7 of the bankruptcy code. If a customer files for bankruptcy under Chapter 7 of the bankruptcy code, the customer’s entire debt is cancelled. In such cases, the Company charges off the account upon receiving notice from the bankruptcy court. If a vehicle secures a Chapter 7 bankruptcy account, the customer has the option of buying the vehicle at fair value or reaffirming the loan and continuing to pay the loan. | ||||
The Company evaluates loans of customers in Chapter 13 bankruptcy for impairment as troubled debt restructurings. The Company has adopted the policy of aggregating loans with similar risk characteristics for purposes of computing the amount of impairment. The Company computes the estimated impairment on its Chapter 13 bankrupt loans in the aggregate by discounting the projected cash flows at the original contract rates on the loan using the terms imposed by the bankruptcy court. This method was applied in the aggregate to each of the Company’s four classes of loans. | ||||
For customers in a Chapter 13 bankruptcy plan, the Company reduces the interest rate to that specified in the bankruptcy order. Additionally, if the bankruptcy court converts a portion of a loan to an unsecured claim, the Company’s policy is to charge off the portion of the unsecured balance that it deems uncollectible at the time the bankruptcy plan is confirmed. Once the customer is in a confirmed Chapter 13 bankruptcy plan, the Company receives payments with respect to the remaining amount of the loan at the reduced interest rate from the bankruptcy trustee. The Company does not believe that accounts in a confirmed Chapter 13 plan have a higher level of risk than non-bankrupt accounts. If a customer fails to comply with the terms of the bankruptcy order, the Company will petition the trustee to have the customer dismissed from bankruptcy. Upon dismissal, the Company restores the account to the original terms and pursues collection through its normal collection activities. | ||||
In making the computations of the present value of cash payments to be received on bankrupt accounts in each product category, the Company used the weighted average interest rates and weighted average remaining term based on data as of each balance sheet date. | ||||
For customers with a confirmed Chapter 13 bankruptcy plan, the Company receives payments through the bankruptcy court. For customers who recently filed for Chapter 13 bankruptcy, the Company generally does not receive any payments until their bankruptcy plan is confirmed by the court. If the customers have made payments to the trustee in advance of plan confirmation, the Company may receive a lump sum payment from the trustee once the plan is confirmed. This lump sum payment represents the Company’s pro-rata share of the amount paid by the customer. | ||||
Delinquency: The Company determines past due status using the contractual terms of the finance receivable. This is the credit quality indicator used to evaluate the allowance for credit losses for each class of finance receivables. | ||||
Repossessed assets: Repossessed collateral is valued at the lower of the receivable balance on the finance receivable prior to repossession or estimated net realizable value. Management estimates net realizable value at the projected cash value upon liquidation, less costs to sell the related collateral. | ||||
Property and equipment: The Company owns certain of its headquarters buildings and leases certain of its headquarters buildings. Office buildings owned are depreciated on the straight-line method for financial reporting purposes over their estimated useful lives of thirty-nine to forty years. Branch offices are leased under non-cancellable leases of three to five years with renewal options. 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 three to five years. Maintenance and repairs are charged to expense as incurred. | ||||
Income recognition: Interest income is recognized using the interest method, also known as the 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 Rule of 78s 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. Accrual of interest income on finance receivables is suspended when no payment has been received for 90 days or more on a contractual basis. The accrual of income is not resumed until one or more full contractual monthly payments are received and the finance receivable is less than 90 days contractually delinquent. Interest income is suspended on finance receivables for which collateral has been repossessed. Payments received on loans in nonaccrual status are first applied to interest, then to any late charges or other fees, with any remaining amount applied to principal. | ||||
The Company recognizes income on credit insurance products using the constant yield method over the life of the related loan. Rebates are computed using the statutory methods, which in many cases is the Rule of 78s method, and any difference between the constant yield method and the statutory method is recognized in income at the time of rebate. | ||||
The Company charges a fee to automobile dealers for each loan it purchases from that dealer. The Company defers this fee and accretes it to income using a method that approximates the constant yield method. | ||||
Charges for late fees are recognized as income when collected. | ||||
Finance receivable origination fees and costs: Non-refundable fees received and direct costs incurred for the origination of finance receivables are deferred and amortized to interest income over their contractual lives using the constant yield method. Unamortized amounts are recognized in income at the time that finance receivables are paid in full. | ||||
Stock based compensation: The Company has a stock option plan for certain members of management. The Company measures compensation cost for stock-based awards made under this plan at estimated fair value and recognizes compensation expense over the service period for awards expected to vest. All grants are made at 100% of the fair value on the date of the grant. The fair value of stock options is determined using the Black-Scholes valuation model. The Black-Scholes model requires the input of highly subjective assumptions, including expected volatility, risk-free interest rate, and expected life, changes to which can materially affect the fair value estimate. In addition, the estimation of stock-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. Prior to the initial public offering, there was no published market value for the Company’s stock; therefore, the performance of the common stock of a publicly traded company whose business is comparable to the Company was used to estimate the volatility of the Company’s stock. | ||||
Marketing costs: Marketing costs are expensed as incurred. | ||||
Income taxes: The Company files U.S. federal and various state income tax returns. The Company is generally no longer subject to U.S. federal, state or local income tax examinations by taxing authorities before 2010, with the exception of Texas, which is 2009. | ||||
Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. | ||||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | ||||
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. | ||||
Earnings per share: Earnings per share have been computed based on the weighted-average number of common shares outstanding during each reporting period presented. Common shares issuable upon the exercise of stock-based compensation, which are computed using the treasury stock method, are included in the computation of diluted earnings per share. | ||||
Government regulation: The Company is subject to various state and federal laws and regulations, which, among other things, impose limits on interest rates, other charges, and insurance premiums and require licensing and qualifications. | ||||
In 2010, congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other provisions, the bill created the Consumer Financial Protection Bureau (“CFPB”). The CFPB has the authority to promulgate regulations that could affect the Company’s business. The Company is not aware of any pending regulations that might affect its business. |
Revision_of_Financial_Statemen
Revision of Financial Statements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||||||||||
Revision of Financial Statements | ' | ||||||||||||||||||||||||
Note 2. Revision of Financial Statements | |||||||||||||||||||||||||
During 2013, the Company completed the implementation of internal controls over financial reporting as required by the Sarbanes-Oxley Act of 2002. In connection with that work and as reported in November 2013, the Company discovered that its accounting for state franchise taxes was incorrect. Further, as the Company completed the close of its year-end accounting, it identified other errors related to interest income, insurance premiums, compensated absences, and income taxes. Collectively, the errors result in an overstatement of net income for the years ended December 31, 2010 through December 31, 2012. The Company considered both the quantitative and qualitative factors within the provisions of the Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. Based on this evaluation, the Company concluded that the errors were immaterial to the previously issued financial statements and those financial statements can continue to be relied upon. Therefore, the Company has made immaterial corrections to its previously filed financial statements included in this Annual Report on Form 10-K filing to reflect the corrections in the proper period. Future filings that include prior periods will be revised, as needed, when filed. | |||||||||||||||||||||||||
The effect of the immaterial revisions in the consolidated financial statements as of and for the years ended December 31, 2011 and 2012 is as follows: | |||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As | Revised | Change | As | Revised | Change | ||||||||||||||||||||
Reported(1) | Reported(1) | ||||||||||||||||||||||||
Interest and fee income | $ | 119,235 | $ | 119,025 | $ | (210 | ) | $ | 91,303 | $ | 91,513 | $ | 210 | ||||||||||||
Insurance income, net | 10,820 | 10,681 | (139 | ) | 9,247 | 9,155 | (92 | ) | |||||||||||||||||
Total revenue | 136,046 | 135,697 | (349 | ) | 105,219 | 105,337 | 118 | ||||||||||||||||||
Personnel | 33,453 | 33,492 | 39 | 25,549 | 25,679 | 130 | |||||||||||||||||||
Other | 10,413 | 10,644 | 231 | 6,502 | 6,573 | 71 | |||||||||||||||||||
Total expenses | 96,114 | 96,384 | 270 | 71,806 | 72,007 | 201 | |||||||||||||||||||
Income before income taxes | 39,932 | 39,313 | (619 | ) | 33,413 | 33,330 | (83 | ) | |||||||||||||||||
Income taxes | 14,565 | 14,561 | (4 | ) | 12,169 | 12,290 | 121 | ||||||||||||||||||
Net income | $ | 25,367 | $ | 24,752 | $ | (615 | ) | $ | 21,244 | $ | 21,040 | $ | (204 | ) | |||||||||||
Net income per common share: | |||||||||||||||||||||||||
Basic | $ | 2.17 | $ | 2.12 | $ | (0.05 | ) | $ | 2.28 | $ | 2.25 | $ | (0.03 | ) | |||||||||||
Diluted | $ | 2.12 | $ | 2.07 | $ | (0.05 | ) | $ | 2.21 | $ | 2.19 | $ | (0.03 | ) | |||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
As | Revised | Change | |||||||||||||||||||||||
Reported(1) | |||||||||||||||||||||||||
Less unearned finance charges, insurance premiums, and commissions | $ | (92,024 | ) | $ | (92,376 | ) | $ | (352 | ) | ||||||||||||||||
Finance receivables | 439,826 | 439,474 | (352 | ) | |||||||||||||||||||||
Net finance receivables | 416,210 | 415,858 | (352 | ) | |||||||||||||||||||||
Other assets | 7,483 | 7,361 | (122 | ) | |||||||||||||||||||||
Total assets | 434,991 | 434,517 | (474 | ) | |||||||||||||||||||||
Accounts payable and accrued expenses | 6,096 | 6,987 | 891 | ||||||||||||||||||||||
Total liabilities | 304,422 | 305,313 | 891 | ||||||||||||||||||||||
Retained earnings | 49,162 | 47,797 | (1,365 | ) | |||||||||||||||||||||
Total stockholders’ equity | 130,569 | 129,204 | (1,365 | ) | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 434,991 | $ | 434,517 | $ | (474 | ) | ||||||||||||||||||
Consolidated Statements of | |||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||
As | Revised | Change | |||||||||||||||||||||||
Reported(1) | |||||||||||||||||||||||||
December 31, 2010 Retained earnings | $ | 2,551 | $ | 2,005 | $ | (546 | ) | ||||||||||||||||||
Net income | 21,244 | 21,040 | (204 | ) | |||||||||||||||||||||
December 31, 2011 Retained earnings | 23,795 | 23,045 | (750 | ) | |||||||||||||||||||||
Net income | 25,367 | 24,752 | (615 | ) | |||||||||||||||||||||
December 31, 2012 Retained earnings | 49,162 | 47,797 | (1,365 | ) | |||||||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As | Revised | Change | As | Revised | Change | ||||||||||||||||||||
Reported(1) | Reported(1) | ||||||||||||||||||||||||
Net income | $ | 25,367 | $ | 24,752 | $ | (615 | ) | $ | 21,244 | $ | 21,040 | $ | (204 | ) | |||||||||||
(Increase) decrease in other assets | (1,417 | ) | (1,295 | ) | 122 | — | — | — | |||||||||||||||||
Increase (decrease) in other liabilities | (1,351 | ) | (1,048 | ) | 303 | (521 | ) | (169 | ) | 352 | |||||||||||||||
Net cash provided by operating activities | 57,912 | 57,722 | (190 | ) | 41,345 | 41,493 | 148 | ||||||||||||||||||
Net origination of finance receivables | (127,842 | ) | (127,652 | ) | 190 | (73,512 | ) | (73,660 | ) | (148 | ) | ||||||||||||||
Net cash used in investing activities | (159,201 | ) | (159,011 | ) | 190 | (79,074 | ) | (79,222 | ) | (148 | ) | ||||||||||||||
-1 | Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks And Uncertainties [Abstract] | ' |
Concentrations of Credit Risk | ' |
Note 3. Concentrations of Credit Risk | |
The Company’s portfolio of finance receivables is with customers living in five southeastern states (Alabama, Georgia, North Carolina, South Carolina, and Tennessee) and three southwestern states (Oklahoma, New Mexico and Texas); consequently, such customers’ ability to honor their installment contracts may be affected by economic conditions in these areas. Additionally, the Company is exposed to a concentration of credit risk inherent in providing consumer finance products to borrowers who cannot obtain traditional bank financing. A majority of the Company’s loans are secured by household goods or automobiles and the Company believes it has access to this collateral through repossession. The ability to repossess collateral mitigates this risk; however, as a matter of practice, the Company does not generally repossess household goods collateral. | |
The Company also has a risk that its customers will seek protection from creditors by filing under the bankruptcy laws. When a customer files for bankruptcy protection, the Company must cease collection efforts and petition the bankruptcy court to obtain its collateral or work out a court approved bankruptcy plan involving the Company and all other creditors of the customer. It is the Company’s experience that such plans can take an extended period of time to conclude and usually involve a reduction in the interest rate from the rate in the contract to a court-approved rate. | |
The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts. Management believes the Company’s exposure to credit risk is minimal for these accounts. |
Finance_Receivables_Allowance_
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4. Finance Receivables, Allowance for Credit Losses, and Credit Quality Information | |||||||||||||||||||||||||||||||||||||||||
Finance receivables at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Small installment loans | $ | 288,979 | $ | 188,562 | |||||||||||||||||||||||||||||||||||||
Large installment loans | 43,311 | 52,001 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase loans | 181,126 | 168,604 | |||||||||||||||||||||||||||||||||||||||
Retail purchase loans | 31,268 | 30,307 | |||||||||||||||||||||||||||||||||||||||
Finance receivables | $ | 544,684 | $ | 439,474 | |||||||||||||||||||||||||||||||||||||
During the three months ended December 31, 2013, the Company changed its estimate for the allowance for credit losses based on recent analysis of the effective lives for all finance receivable portfolios. The methodology for estimating the allowance for credit losses changed from the trailing eight to trailing six month losses on small installment finance receivables, trailing twelve to trailing ten month losses on large installment finance receivables, and trailing twelve to trailing eleven month losses on retail purchase finance receivables. As a result, the Company decreased the allowance for credit losses by $3,901, which increased net income for the twelve months ended December 31, 2013 by $2,452, or $0.19 diluted earnings per share. The Company recorded an offsetting $3,450 pre-tax increase to the allowance for credit losses for qualitative factors on finance receivable growth and delinquency and loss trends. | |||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for credit losses for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 23,616 | $ | 19,300 | $ | 18,000 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 39,192 | 27,765 | 17,854 | ||||||||||||||||||||||||||||||||||||||
Finance receivables charged off | (33,750 | ) | (24,275 | ) | (17,147 | ) | |||||||||||||||||||||||||||||||||||
Recoveries | 1,031 | 826 | 593 | ||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 30,089 | $ | 23,616 | $ | 19,300 | |||||||||||||||||||||||||||||||||||
The following is a reconciliation of the allowance for credit losses by product for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||
January 1, | Offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||
2013 | 2013 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||
2013 | of Finance | ||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 11,369 | $ | 22,620 | $ | (19,108 | ) | $ | 489 | $ | 15,370 | $ | 288,979 | 5.3 | % | ||||||||||||||||||||||||||
Large installment | 2,753 | 1,788 | (2,630 | ) | 322 | 2,233 | 43,311 | 5.2 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 8,424 | 12,094 | (9,875 | ) | 184 | 10,827 | 181,126 | 6 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,070 | 2,690 | (2,137 | ) | 36 | 1,659 | 31,268 | 5.3 | % | ||||||||||||||||||||||||||||||||
Total | $ | 23,616 | $ | 39,192 | $ | (33,750 | ) | $ | 1,031 | $ | 30,089 | $ | 544,684 | 5.5 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||
January 1, | Offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||
2012 | 2012 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||
2012 | of Finance | ||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 8,838 | $ | 15,225 | $ | (13,125 | ) | $ | 431 | $ | 11,369 | $ | 188,562 | 6 | % | ||||||||||||||||||||||||||
Large installment | 2,448 | 3,288 | (3,252 | ) | 269 | 2,753 | 52,001 | 5.3 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 7,618 | 7,888 | (7,202 | ) | 120 | 8,424 | 168,604 | 5 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 396 | 1,364 | (696 | ) | 6 | 1,070 | 30,307 | 3.5 | % | ||||||||||||||||||||||||||||||||
Total | $ | 19,300 | $ | 27,765 | $ | (24,275 | ) | $ | 826 | $ | 23,616 | $ | 439,474 | 5.4 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||
January 1, | Offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||
2011 | 2011 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||
2011 | of Finance | ||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 8,974 | $ | 9,998 | $ | (10,522 | ) | $ | 388 | $ | 8,838 | $ | 130,196 | 6.8 | % | ||||||||||||||||||||||||||
Large installment | 2,972 | 1,330 | (1,926 | ) | 72 | 2,448 | 34,625 | 7.1 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 5,909 | 6,118 | (4,538 | ) | 129 | 7,618 | 131,650 | 5.8 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 145 | 408 | (161 | ) | 4 | 396 | 10,902 | 3.6 | % | ||||||||||||||||||||||||||||||||
Total | $ | 18,000 | $ | 17,854 | $ | (17,147 | ) | $ | 593 | $ | 19,300 | $ | 307,373 | 6.3 | % | ||||||||||||||||||||||||||
Finance receivables associated with customers in bankruptcy as a percentage of total finance receivables were 1.3% and 1.2% for the years ended December 31, 2013 and 2012, respectively. The following is a summary of the finance receivables associated with customers in bankruptcy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 1,498 | $ | 420 | |||||||||||||||||||||||||||||||||||||
Large installment | 1,677 | 1,666 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase | 3,706 | 3,101 | |||||||||||||||||||||||||||||||||||||||
Retail purchase | 143 | 71 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 7,024 | $ | 5,258 | |||||||||||||||||||||||||||||||||||||
The contractual delinquency of the finance receivable portfolio by component at December 31, 2013 and 2012 was: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Current | $ | 227,916 | 78.8 | % | $ | 32,513 | 75.1 | % | $ | 122,313 | 67.5 | % | $ | 24,829 | 79.4 | % | $ | 407,571 | 74.9 | % | |||||||||||||||||||||
1 to 29 days delinquent | 35,425 | 12.3 | % | 7,788 | 18 | % | 45,841 | 25.3 | % | 4,249 | 13.6 | % | 93,303 | 17.1 | % | ||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 8,030 | 2.8 | % | 1,220 | 2.8 | % | 7,089 | 4 | % | 749 | 2.4 | % | 17,088 | 3.1 | % | ||||||||||||||||||||||||||
60 to 89 days | 5,600 | 1.9 | % | 530 | 1.2 | % | 2,721 | 1.5 | % | 416 | 1.3 | % | 9,267 | 1.7 | % | ||||||||||||||||||||||||||
90 days and over | 12,008 | 4.2 | % | 1,260 | 2.9 | % | 3,162 | 1.7 | % | 1,025 | 3.3 | % | 17,455 | 3.2 | % | ||||||||||||||||||||||||||
Total delinquency | $ | 25,638 | 8.9 | % | $ | 3,010 | 6.9 | % | $ | 12,972 | 7.2 | % | $ | 2,190 | 7 | % | $ | 43,810 | 8 | % | |||||||||||||||||||||
Total finance receivables | $ | 288,979 | 100 | % | $ | 43,311 | 100 | % | $ | 181,126 | 100 | % | $ | 31,268 | 100 | % | $ | 544,684 | 100 | % | |||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 12,008 | 4.2 | % | $ | 1,260 | 2.9 | % | $ | 3,162 | 1.7 | % | $ | 1,025 | 3.3 | % | $ | 17,455 | 3.2 | % | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Current | $ | 149,573 | 79.3 | % | $ | 38,076 | 73.2 | % | $ | 117,847 | 69.9 | % | $ | 24,220 | 79.9 | % | $ | 329,716 | 75 | % | |||||||||||||||||||||
1 to 29 days delinquent | 25,285 | 13.4 | % | 9,872 | 19 | % | 40,705 | 24.1 | % | 4,361 | 14.4 | % | 80,223 | 18.3 | % | ||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 4,514 | 2.4 | % | 1,651 | 3.1 | % | 5,471 | 3.2 | % | 751 | 2.5 | % | 12,387 | 2.8 | % | ||||||||||||||||||||||||||
60 to 89 days | 2,996 | 1.6 | % | 757 | 1.5 | % | 1,963 | 1.2 | % | 333 | 1.1 | % | 6,049 | 1.4 | % | ||||||||||||||||||||||||||
90 days and over | 6,194 | 3.3 | % | 1,645 | 3.2 | % | 2,618 | 1.6 | % | 642 | 2.1 | % | 11,099 | 2.5 | % | ||||||||||||||||||||||||||
Total delinquency | $ | 13,704 | 7.3 | % | $ | 4,053 | 7.8 | % | $ | 10,052 | 6 | % | $ | 1,726 | 5.7 | % | $ | 29,535 | 6.7 | % | |||||||||||||||||||||
Total finance receivables | $ | 188,562 | 100 | % | $ | 52,001 | 100 | % | $ | 168,604 | 100 | % | $ | 30,307 | 100 | % | $ | 439,474 | 100 | % | |||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 6,194 | 3.3 | % | $ | 1,645 | 3.2 | % | $ | 2,618 | 1.6 | % | $ | 642 | 2.1 | % | $ | 11,099 | 2.5 | % | |||||||||||||||||||||
Following is a summary of finance receivables evaluated for impairment at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 846 | $ | 173 | $ | 398 | $ | 146 | $ | 1,563 | |||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 1,498 | 1,677 | 3,706 | 143 | 7,024 | ||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 2,344 | $ | 1,850 | $ | 4,104 | $ | 289 | $ | 8,587 | |||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 286,635 | 41,461 | 177,022 | 30,979 | 536,097 | ||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 288,979 | $ | 43,311 | $ | 181,126 | $ | 31,268 | $ | 544,684 | |||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 667 | $ | 426 | $ | 804 | $ | 58 | $ | 1,955 | |||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 1,246 | $ | 756 | $ | 1,565 | $ | 180 | $ | 3,747 | |||||||||||||||||||||||||||||||
Average impaired accounts | $ | 2,079 | $ | 1,935 | $ | 3,831 | $ | 273 | $ | 8,118 | |||||||||||||||||||||||||||||||
Amount of the general component of the reserve | $ | 14,124 | $ | 1,477 | $ | 9,262 | $ | 1,479 | $ | 26,342 | |||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 725 | $ | 251 | $ | 357 | $ | 83 | $ | 1,416 | |||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 420 | 1,666 | 3,101 | 71 | 5,258 | ||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 1,145 | $ | 1,917 | $ | 3,458 | $ | 154 | $ | 6,674 | |||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 187,417 | 50,084 | 165,146 | 30,153 | 432,800 | ||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 188,562 | $ | 52,001 | $ | 168,604 | $ | 30,307 | $ | 439,474 | |||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 97 | $ | 463 | $ | 858 | $ | 33 | $ | 1,451 | |||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 854 | $ | 787 | $ | 1,420 | $ | 109 | $ | 3,170 | |||||||||||||||||||||||||||||||
Average impaired accounts | $ | 1,192 | $ | 1,732 | $ | 2,952 | $ | 108 | $ | 5,984 | |||||||||||||||||||||||||||||||
Amount of the general component of the reserve | $ | 10,515 | $ | 1,966 | $ | 7,004 | $ | 961 | $ | 20,446 | |||||||||||||||||||||||||||||||
It is not practical to compute the amount of interest earned on impaired loans. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Note 5. Property and Equipment | |||||||||
At December 31, 2013 and 2012, property and equipment consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land and building | $ | 847 | $ | 847 | |||||
Furniture, fixtures, and equipment | 15,163 | 11,970 | |||||||
Leasehold improvements | 2,410 | 1,859 | |||||||
18,420 | 14,676 | ||||||||
Less accumulated depreciation | 11,320 | 9,565 | |||||||
$ | 7,100 | $ | 5,111 | ||||||
Depreciation expense for the years ended December 31, 2013, 2012, and 2011 totaled $2,174, $1,492, and $1,204, respectively. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
Note 6. Leases | |||||
Future minimum rent commitments under non-cancellable operating leases in effect as of December 31, 2013 are as follows: | |||||
Year Ending December 31, | Amount | ||||
2014 | $ | 4,406 | |||
2015 | 3,370 | ||||
2016 | 2,040 | ||||
2017 | 879 | ||||
2018 | 371 | ||||
Thereafter | 27 | ||||
$ | 11,093 | ||||
Leases generally contain options to extend for periods from 1 to 10 years; the cost of such extensions is not included above. Rent expense for the years ended December 31, 2013, 2012, and 2011 equaled $4,339, $3,539, and $2,607, respectively. In addition to rent, the Company typically pays for all operating expenses, property taxes, and repairs and maintenance on properties that it leases. |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill | ' | ||||||||
Note 7. Goodwill | |||||||||
The following summarizes the changes in the carrying amount of goodwill for the year ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | |||||||||
Goodwill | $ | 363 | $ | 363 | |||||
Accumulated goodwill impairment losses | — | — | |||||||
Goodwill acquired during the year | 353 | — | |||||||
Impairment losses | — | — | |||||||
Balance at end of year | |||||||||
Goodwill | 716 | 363 | |||||||
Accumulated goodwill impairment losses | — | — | |||||||
$ | 716 | $ | 363 | ||||||
The Company performed an annual impairment test during the fourth quarter of fiscal 2013 and determined that none of the recorded goodwill was impaired. |
Intangibles
Intangibles | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Intangibles | ' | ||||||||||||||||
Note 8. Intangibles | |||||||||||||||||
The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Customer list | $ | 2,589 | $ | 1,203 | $ | 2,673 | $ | 858 | |||||||||
Intangible amortization expense for the years ended December 31, 2013, 2012, and 2011 totaled $676, $779, and $79, respectively. | |||||||||||||||||
The following table sets forth the future amortization of intangible assets: | |||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||
2014 | $ | 550 | |||||||||||||||
2015 | 363 | ||||||||||||||||
2016 | 264 | ||||||||||||||||
2017 | 164 | ||||||||||||||||
2018 | 45 | ||||||||||||||||
$ | 1,386 | ||||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
Note 9. Other Assets | |||||||||
Other assets include the following at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Restricted cash | $ | 1,900 | $ | 1,338 | |||||
Prepaid expenses | 1,478 | 1,033 | |||||||
Debt issuance costs, net of accumulated amortization | 1,127 | 671 | |||||||
Income tax receivable | — | 3,661 | |||||||
Interest rate caps | — | 1 | |||||||
Other | 917 | 657 | |||||||
$ | 5,422 | $ | 7,361 | ||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note 10. Debt | |||||||||
Following is a summary of the Company’s debt as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Senior revolving credit facility | $ | 362,750 | $ | 292,379 | |||||
Secured line of credit | — | — | |||||||
$ | 362,750 | $ | 292,379 | ||||||
Unused amount of senior revolving credit facility, subject to borrowing base | $ | 137,250 | $ | 32,621 | |||||
The Company’s senior revolving credit facility contains restrictive covenants. At December 31, 2013, the Company was in compliance with all debt covenants. In May 2013, the senior revolving credit facility was amended to increase the senior secured maximum available borrowings from $325,000 to $500,000. The accordion feature that allows for expansion was also increased from $75,000 to $100,000. Borrowings under the facility bear interest, payable monthly, at rates equal to LIBOR of a maturity the Company elects between one month and six months, with a LIBOR floor of 1.00%, plus an applicable margin (3.00% as of December 31, 2013) based on its leverage ratio. Alternatively, the Company may pay interest at a rate based on the prime rate plus an applicable margin (which was 2.00% as of December 31, 2013). The Company also pays an unused line fee of 50 basis points per annum, which declines to 37.5 basis points at certain usage levels. The current agreement is set to expire May 2016. Advances on this agreement are at 85% of eligible finance receivables. The senior revolving credit facility is secured by substantially all of the Company’s finance receivables and equity interests of substantially all of its subsidiaries. | |||||||||
The Company’s mezzanine debt was repaid in full from the proceeds of the Company’s initial public offering, which closed on April 2, 2012. The mezzanine debt was a $25,814 loan from one of the Company’s sponsors and three individual owners maturing October 25, 2013, secured by a junior lien on substantially all of the Company’s finance receivables. The agreement was subordinated to the senior bank debt. The interest rate was 15.25% per annum, of which 2% was payable in kind at the Company’s option. | |||||||||
The Company has a $1,500 line of credit, which is secured by a mortgage on the Company’s headquarters, with a commercial bank to facilitate its cash management program. The interest rate is prime plus 0.25% with a minimum of 5.00% and interest is payable monthly. The line of credit matures January 18, 2015 and there are no significant restrictive covenants associated with this line of credit. | |||||||||
The one-month LIBOR was 0.25% at December 31, 2013 and 2012, although under the senior revolving credit facility the minimum LIBOR rate is 1.0%. The prime rate was 3.25% at December 31, 2013 and 2012. | |||||||||
Following is a summary of principal payments required on outstanding debt during each of the next five years: | |||||||||
Year Ending December 31, | Amount | ||||||||
2014 | $ | — | |||||||
2015 | — | ||||||||
2016 | 362,750 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
Total | $ | 362,750 | |||||||
Sale_of_Common_Stock_Temporary
Sale of Common Stock, Temporary Equity, and Preferred Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Sale of Common Stock, Temporary Equity, and Preferred Stock | ' | ||||||||||||
Note 11. Sale of Common Stock, Temporary Equity, and Preferred Stock | |||||||||||||
On April 2, 2012, the Company closed the sale of 3,150,000 shares of its $0.10 par value common stock at $15.00 per share, before underwriting discounts and offering expenses. The following table summarizes the results of this transaction included in Common Stock and Additional Paid-in-Capital: | |||||||||||||
$0.10 Par | Common | Additional | |||||||||||
Value | Stock | Paid-in- | |||||||||||
Common | Amount | Capital | |||||||||||
Shares | |||||||||||||
Balance December 31, 2011 | 9,336,727 | $ | 934 | $ | 28,150 | ||||||||
Sale of common stock | 3,150,000 | 315 | 46,935 | ||||||||||
Underwriting discount and offering expenses | — | — | (7,469 | ) | |||||||||
Reclassification of temporary equity | — | — | 12,000 | ||||||||||
Stock option expense | — | — | 542 | ||||||||||
Balance December 31, 2012 | 12,486,727 | $ | 1,249 | $ | 80,158 | ||||||||
The stockholders agreement between the Company, Regional Holdings LLC, the sponsors, and the individual owners provided that the individual owners have the right to put their stock back to the Company if an initial public offering did not occur within five years of the acquisition date, March 21, 2007. The put option was exercisable for 90 days following March 21, 2012, amended on March 12, 2012 to May 21, 2012. The purchase price of the stock was the then fair value, and the option was subject to contingencies, principally failure to complete an initial public offering and approval of the senior lender. The Company valued this put option at the original purchase price of $12,000. The initial public offering closed on April 2, 2012, and the value of the put option was reclassified as additional paid-in-capital. | |||||||||||||
The Company’s articles of incorporation authorize the Company to issue up to 100,000,000 shares of Preferred Stock, par value $0.10 per share. The Board of Directors is expressly authorized, by resolution or resolutions, at any time and from time to time, to provide out of the unissued shares of Preferred Stock for one or more series of Preferred Stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers (if any) of the shares of such series, and the powers, preferences, and relative, participating, optional, or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series and to cause to be filed with the Secretary of State of the State of Delaware a certificate of designation with respect thereto. The powers, preferences, and relative, participating, optional, and other special rights of each series of Preferred Stock, and the qualifications, limitations, or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. | |||||||||||||
Except as otherwise required by law, holders of a series of Preferred Stock shall be entitled only to such voting rights, if any, as shall expressly be granted thereto by the Company’s Amended and Restated Certificate of Incorporation (including any certificate of designations relating to such series). |
Interest_Rate_Caps
Interest Rate Caps | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||
Interest Rate Caps | ' | ||||||||
Note 12. Interest Rate Caps | |||||||||
The Company had an interest rate caps with a notional amount of $150,000, a strike rate of 6.0% which expired unused on March 4, 2014. The following is a summary of changes in the rate caps: | |||||||||
2013 | 2012 | ||||||||
Balance at end of prior year | $ | 1 | $ | 28 | |||||
Purchases | — | — | |||||||
Fair value adjustment included as an (increase) in interest expense | (1 | ) | (27 | ) | |||||
Balance sheet at December 31, included in other assets | $ | — | $ | 1 | |||||
Disclosure_about_Fair_Value_of
Disclosure about Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
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: | |||||||||||||||||||||
Finance receivables: Finance receivables are originated at prevailing market rates. The Company’s finance receivable portfolio turns approximately 1.4 times per year. The portfolio turnover is calculated by dividing cash payments and renewals by the average finance receivables. Management believes that the carrying value approximates the fair value of its finance receivable portfolio. | |||||||||||||||||||||
Repossessed assets: Repossessed assets are valued at the lower of the receivable balance on the finance receivable prior to repossession or estimated net realizable value. The Company estimates net realizable value at the projected cash value upon liquidation, less costs to sell the related collateral. | |||||||||||||||||||||
Interest rate caps: The fair value of the interest rate caps is the estimated amount the Company would receive to terminate the cap agreements at the reporting date, taking into account current interest rates and the creditworthiness of the counterparty for assets and creditworthiness of the Company for liabilities. | |||||||||||||||||||||
Debt: The Company refinanced its senior revolving credit facility in January 2012, and further amended the senior revolving credit facility in July 2012, March 2013, May 2013, and November 2013. As a result of the refinancing, the Company believes that the fair value of this variable rate debt approximates its carrying value at December 31, 2013. The Company also considered its creditworthiness in its determination of fair value. | |||||||||||||||||||||
The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
Assets | |||||||||||||||||||||
Level 1 inputs | |||||||||||||||||||||
Cash | $ | 4,121 | $ | 4,121 | $ | 3,298 | $ | 3,298 | |||||||||||||
Restricted cash | 1,900 | 1,900 | 1,338 | 1,338 | |||||||||||||||||
Level 2 inputs | |||||||||||||||||||||
Interest rate caps | — | — | 1 | 1 | |||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Net finance receivables | 514,595 | 514,595 | 415,858 | 415,858 | |||||||||||||||||
Repossessed assets | 548 | 548 | 711 | 711 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Senior revolving credit facility | 362,750 | 362,750 | 292,379 | 292,379 | |||||||||||||||||
Certain of the Company’s assets carried at 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 market-based inputs or unobservable inputs that are corroborated by 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 carried 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 table below presents the balances of assets measured at fair value on a recurring basis by level within the hierarchy: | |||||||||||||||||||||
Interest Rate Caps | |||||||||||||||||||||
December 31, | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
2013 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
2012 | 1 | — | 1 | — | |||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the assets carried on the balance sheet by level within the hierarchy as of December 31, 2013 and 2012 for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Repossessed Assets | |||||||||||||||||||||
December 31, | Total | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
2013 | $ | 548 | $ | — | $ | — | $ | 548 | $ | 492 | |||||||||||
2012 | 711 | — | — | 711 | 456 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 permitted by individual states in which it operates. | |||||||||||||
Income tax expense was $17,460, $14,561, and $12,290 for the years ended December 31, 2013, 2012, and 2011, respectively, which differed from the amount computed by applying the U.S. federal income tax rate of 35% for the years ended December 31, 2013, 2012, and 2011 to total income before income taxes as a result of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U. S. federal tax expense at statutory rate | $ | 16,189 | $ | 13,760 | $ | 11,666 | |||||||
Increase (reduction) in income taxes resulting from: | |||||||||||||
Small insurance company income exclusion | — | (451 | ) | (511 | ) | ||||||||
State tax, net of federal benefit | 1,112 | 1,026 | 883 | ||||||||||
Other | 159 | 226 | 252 | ||||||||||
$ | 17,460 | $ | 14,561 | $ | 12,290 | ||||||||
Income tax expense attributable to total income before income taxes consists of the following for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
U. S. federal | $ | 18,297 | $ | 7,467 | $ | 7,104 | |||||||
State and local | 2,457 | 1,132 | 825 | ||||||||||
20,754 | 8,599 | 7,929 | |||||||||||
Deferred: | |||||||||||||
U. S. federal | (2,549 | ) | 5,516 | 3,828 | |||||||||
State and local | (745 | ) | 446 | 533 | |||||||||
(3,294 | ) | 5,962 | 4,361 | ||||||||||
Total | $ | 17,460 | $ | 14,561 | $ | 12,290 | |||||||
Net deferred tax liabilities consist of the following as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 10,769 | $ | 8,427 | |||||||||
Unearned insurance commissions | 1,461 | 1,278 | |||||||||||
Deferred loan fees | 3,601 | 219 | |||||||||||
Stock based compensation | 988 | 922 | |||||||||||
Fair value adjustment on interest rate cap | 12 | 84 | |||||||||||
Amortization of intangible assets | 501 | 334 | |||||||||||
Accrued expenses | 694 | 390 | |||||||||||
Gross deferred tax assets | 18,026 | 11,654 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fair market value adjustment of finance receivables | 16,753 | 14,221 | |||||||||||
Deferred loan costs | 2,226 | 1,790 | |||||||||||
Tax over book depreciation | 1,182 | 1,002 | |||||||||||
Prepaid expenses | 510 | 402 | |||||||||||
Other | 8 | 186 | |||||||||||
Gross deferred tax liabilities | 20,679 | 17,601 | |||||||||||
Net deferred tax (liabilities) | $ | (2,653 | ) | $ | (5,947 | ) | |||||||
At December 31, 2013, the Company did not have any material uncertain tax positions. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 28,794 | 12,572,298 | $ | 2.29 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 321,395 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 28,794 | 12,893,693 | $ | 2.23 | ||||||||
Options to purchase 26,500 shares of common stock at $33.93 per share were outstanding during the year ended December 31, 2013, but were not included in the computation of diluted earnings per share because they were anti-dilutive. | |||||||||||||
2012 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 24,752 | 11,694,924 | $ | 2.12 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 285,824 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 24,752 | 11,980,748 | $ | 2.07 | ||||||||
Options to purchase 310,000 shares of common stock at $15.00 per share were outstanding during the year ended December 31, 2012, but were not included in the computation of diluted earnings per share because they were anti-dilutive. | |||||||||||||
2011 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 21,040 | 9,336,727 | $ | 2.25 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 284,240 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 21,040 | 9,620,967 | $ | 2.19 | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
Note 16. Related Party Transactions | |||||||||
Prior to the initial public offering in March 2012, the Company was majority owned by two sponsors and its former founding stockholders. The Company had consulting agreements with three of its individual owners that ended after the closing of the Company’s initial public offering in April 2012. Following is a summary of transactions during the years ended December 31, 2012 and 2011 with the sponsors and the individual owners who retain an interest in the Company. | |||||||||
Individual | Sponsors | ||||||||
Owners | |||||||||
2012:00:00 | |||||||||
Interest paid on mezzanine debt | $ | 195 | $ | 812 | |||||
Financing fees | 3 | 12 | |||||||
Consulting/Advisory fees expense | 563 | 888 | |||||||
2011:00:00 | |||||||||
Interest paid on mezzanine debt | $ | 772 | $ | 3,491 | |||||
Consulting/Advisory fees expense | 450 | 525 |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Note 17. Employee Benefit Plans | |||||||||||||||||
Retirement savings plan: The Company has a defined contribution employee benefit plan (401(k) plan) covering full-time employees who have at least one year of service. The Company made a matching contribution equal to 100 percent of the first three percent of an employee’s gross income and 50 percent of the next two percent of gross income in 2013, 2012, and 2011. In 2011, the Company adopted a safe-harbor plan and as such the matching contribution is not discretionary. For the years ended December 31, 2013, 2012, and 2011, the Company recorded expense for the Company’s match of $416, $367, and $271, respectively. | |||||||||||||||||
Health insurance plan: Prior to May 1, 2011, the Company had a self-insured health plan available to all full-time salaried employees after one month of service. At the beginning of each plan year, the Company estimated the total cost of health insurance for the forthcoming year, allocated a portion of the cost to plan participants, and paid the balance of the cost. The Company had insurance to protect against claims in excess individual and aggregate amounts. Effective May 1, 2011, the Company adopted a fully insured health insurance plan where the per-employee cost is fixed for the plan year. Employees pay a portion of the cost and the Company pays the balance. The Company’s expense for the years ended December 31, 2013, 2012, and 2011 was $2,724, $1,907, and $1,432, respectively. | |||||||||||||||||
The Company offers a minimum essential coverage insurance plan for newly hired hourly employees and hourly employees not then participating in the health plan discussed above. A portion of the premium is paid by the employee and the balance by the Company. The insurance company bears all risk of loss on this policy. | |||||||||||||||||
Annual incentive plan: The Company maintains an annual incentive plan for executive officers and other management team members. The plan establishes 5 performance metrics with specific weighting factors. Amounts paid under the annual incentive plan and charged to operating expenses were $597, $545, and $660 for the years ended December 31, 2013, 2012, and 2011, respectively. These annual incentive plan payments are subject to approval by the compensation committee. | |||||||||||||||||
Stock compensation plans: The Company has the 2007 Management Incentive Plan (the “2007 Stock Plan”) and the 2011 Stock Incentive Plan (the “2011 Stock Plan”). Under these plans, 1,987,412 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Company’s Board of Directors (the “Board”). All grants are made at 100% of the fair value at the date of grant. Options granted under the 2007 Stock Plan vest at 20% at the date of grant and 20% on the anniversary date of the grant each year thereafter for four years. Options granted under the 2011 Stock Plan vest at 20% on the anniversary date of the grant each year for five years. In addition, these options vest and become exercisable in full under certain circumstances 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. As of December 31, 2013, there were 498,128 and 447,790 shares available for grant under the 2011 Stock Plan and 2007 Stock Plan, respectively. However, the Company no longer intends to grant awards under the 2007 Stock Plan. | |||||||||||||||||
The Company recognizes compensation expense in the financial statements for all stock-based payments based upon the fair value. | |||||||||||||||||
The fair value of option grants are estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions for option grants during the twelve months ended December 31, 2013 and 2012. No stock options were granted in 2011. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Expected volatility | 47.74 | % | 48.49 | % | |||||||||||||
Expected dividends | 0 | % | 0 | % | |||||||||||||
Expected term (in years) | 10 | 10 | |||||||||||||||
Risk-free rate | 2.03 | % | 2.2 | % | |||||||||||||
Vesting period (in years) | 5 | 5 | |||||||||||||||
Expected volatility is based on the historic volatility of a publicly traded company in the same industry. The risk free interest rate is based on the U.S. Treasury yield at the date the Board approved the option awards for the period (nine to ten years) over which options are exercisable. | |||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, the Company recorded stock-based compensation expense in the amount of $702, $542, and $191, respectively. As of December 31, 2013, unrecognized stock-based compensation expense to be recognized over future periods approximated $2,950. This amount will be recognized as expense over a period of 3.8 years. The total income tax benefit recognized in the income statement for the stock-based compensation arrangements was $258, $211, and $74 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
A summary of the status of the Company’s stock option plans are presented below (shares in thousands): | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Options outstanding at January 1, 2013 | 887 | $ | 8.66 | ||||||||||||||
Granted | 127 | 20.33 | |||||||||||||||
Exercised | (140 | ) | 6.25 | ||||||||||||||
Forfeited | (8 | ) | 15 | ||||||||||||||
Options outstanding at December 31, 2013 | 866 | $ | 10.7 | 5.6 | $ | 20,118 | |||||||||||
Options exercisable at December 31, 2013 | 519 | $ | 6.53 | 3.6 | $ | 14,234 | |||||||||||
Available for grant at December 31, 2013 | 946 | ||||||||||||||||
At December 31, 2013, the options have a weighted-average remaining contractual life of 5.6 years. | |||||||||||||||||
The intrinsic value was calculated by applying the Company’s own market value for December 31, 2013. The total intrinsic values of options exercised were $2,448 for December 31, 2013. No options were exercised during 2012. | |||||||||||||||||
Information on the activity of non-vested options for the years ended December 31, 2013 and 2012, respectively, follows (shares in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Non-vested options, beginning of the year | 285 | $ | 15 | 45 | $ | 5.46 | |||||||||||
Granted | 127 | 20.33 | 310 | 15 | |||||||||||||
Vested | (57 | ) | 15 | (57 | ) | 7.54 | |||||||||||
Forfeited | (8 | ) | 15 | (13 | ) | 15 | |||||||||||
Non-vested options, end of the year | 347 | $ | 16.95 | 285 | $ | 15 | |||||||||||
In October 2013, the Board revised its standard compensation arrangement for its non-employee directors. Effective for annual service years beginning in 2014, the Company will award its non-employee directors a cash retainer and shares of restricted common stock totaling approximately $1,200 in the aggregate. The restricted stock awards will occur five days following the Company’s annual meeting of stockholders and will be fully vested upon the earlier of the first anniversary of the grant date or the completion of the directors’ annual service to the Company. Also, due to the fact that the Company had not yet acted to award its non-employee directors equity compensation for annual service commencing in 2013, the Company awarded each of its non-employee directors 4,484 shares of its common stock, effective October 28, 2013. For the purpose of satisfying income tax obligations, each director was entitled, at his election, to forego up to 40% of the 4,484 shares subject to his award in order to receive a cash payment equivalent to the value of the foregone shares. The awards, which were made pursuant to the terms of the 2011 Stock Plan, were fully vested at the time of the grant and the Company incurred $1,200 of incremental director compensation expense for 2013. | |||||||||||||||||
Employment agreements: The Company has employment contracts or letter agreements with four members of senior management. These contracts and agreements stipulate the payment of salary, bonus, perquisites, and stock option awards to the affected individuals. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 18. Commitments and Contingencies | |
The Company is a defendant in various pending or threatened lawsuits. These matters are subject to various legal proceedings in the ordinary course of business. Each of these matters is subject to various uncertainties and some of them may have an unfavorable outcome to the Company. The Company has established accruals for the matters that are probable and reasonably estimable. The Company is not party to any legal proceedings that management believes would have a material adverse effect on the Company’s consolidated financial statements. |
Restricted_Assets
Restricted Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Restricted Assets | ' | ||||||||
Note 19. Restricted Assets | |||||||||
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, property insurance, and involuntary unemployment insurance. The Company also collects a fee for collateral protection and purchases non-file insurance in lieu of recording and perfecting the Company’s security interest in the assets pledged on certain loans. Insurance premiums are remitted to an unaffiliated company that issues the policy to the customer. This unaffiliated company cedes the premiums to the Company’s wholly-owned insurance subsidiary, RMC Reinsurance, Ltd. Life insurance premiums are ceded to the Company as written and non-life products are ceded as earned. The premiums and commissions received by the Company are deferred and amortized to income over the life of the insurance policy using the constant yield method. | |||||||||
The Company maintains a cash reserve for life insurance claims in an amount determined by the ceding company. The cash reserve secures a letter of credit issued by a commercial bank in favor of the ceding company. The ceding company maintains the reserves for non-life claims. | |||||||||
Reinsurance is accounted for over the terms of the underlying reinsured policies using assumptions consistent with those used to account for the policies. Following are total net premiums written and reinsured and total earned premiums for the years-ended December 31, 2013, 2012, and 2011: | |||||||||
Year Ending December 31, | Net Written | Earned | |||||||
Premiums | Premiums | ||||||||
2013 | $ | 17,260 | $ | 16,057 | |||||
2012 | 15,718 | 14,473 | |||||||
2011 | 14,220 | 13,115 | |||||||
RMC Reinsurance, Ltd. is required to maintain cash reserves for a letter of credit against life insurance policies ceded to it, as determined by the ceding company. In April 2013, the letter of credit was increased to $1,900 in favor of the ceding company. The letter of credit is secured by a cash deposit of $1,900. The cash securing the letter of credit is presented as restricted cash in the other asset category in the accompanying balance sheets, which totaled $1,900 and $1,338 at December 31, 2013 and 2012, respectively. | |||||||||
In 2009, the Company began a collateral protection collision insurance (“CPI”) program in one state and in a second state in 2011. CPI is added to a loan when a customer fails to provide the Company proof of collision insurance on an automobile securing a loan. The CPI program is administered by an independent third party, which tracks insurance lapses and cancellations and issues a policy when the customer does not provide proof of insurance. The insurance is added to the loan and increases the customers’ monthly loan payment. The third party and its insurance partner retain a percentage of the premium and pay all claims. The Company earns commissions for selling the insurance and will earn additional commissions if losses are less than estimated by the independent third party. Income is recognized on the constant yield method over the life of the insurance policy, which is generally one year. | |||||||||
Guaranteed Auto Protection: The Company offers a self-insured Guaranteed Auto Protection (“GAP”) to customers in North Carolina and Alabama. A GAP program is a contractual arrangement whereby the Company forgives the insured customer’s automobile purchase loan if the automobile is determined to be a total loss by the primary insurance carrier and insurance proceeds are not sufficient to pay off the customer’s loan. The Company recognized $270, $251, and $376 of GAP revenue for the years ended December 31, 2013, 2012, and 2011, respectively. This revenue is recognized over the life of the loan. Losses are recognized in the period in which they occur. |
Business_Combination
Business Combination | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination | ' | ||||||||
Note 20. Business Combination | |||||||||
The following table sets forth the business combination activity for the year ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Branches purchased | 2 | 23 | |||||||
Branches merged into existing offices | — | 4 | |||||||
Net new offices | 2 | 19 | |||||||
Tangible assets: | |||||||||
Net finance receivables | $ | 211 | $ | 25,334 | |||||
Property and equipment | 11 | 161 | |||||||
Other | — | 408 | |||||||
Intangible assets: | |||||||||
Customer list | — | 2,485 | |||||||
Goodwill | 353 | — | |||||||
Total purchase price | $ | 575 | $ | 28,388 | |||||
The Company evaluates each acquisition to determine if it meets the definition of a business combination. The Company accounts for a transaction as a business combination if it meets the definition, which typically occurs when it assumes the lease, retains the location as a new branch, and offers employment to the existing employees. All other transactions are accounted for as a purchase of assets. | |||||||||
For transactions accounted for as a business combination, the purchase price for assets acquired is allocated to the estimated fair value of the tangible and intangible assets acquired. The remainder is allocated to goodwill. | |||||||||
The Company records acquired finance receivables at fair value, which is determined using discounted cash flow methodologies. Property and equipment are valued at the mutually agreed upon purchase price, which management believes approximates fair value. | |||||||||
On April 5, 2013, the Company purchased the assets of two branches in a business combination with a consumer loan company in the state of Georgia for a cash purchase price of $575. The Company offered employment to the existing employees of such locations. This acquisition was completed in order to expand the Company’s operations in the state of Georgia. On January 20, 2012, the Company purchased the assets of two affiliated consumer loan companies in a business combination for a cash purchase price of $28,388. The Company offered employment to the existing employees of these companies. This acquisition was completed in order to expand the Company’s operations in the state of Alabama. | |||||||||
The results of all business combinations have been included in the Company’s Consolidated Financial Statements since the respective acquisition dates. The pro forma impact of these purchases as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported. |
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Information (Unaudited) | ' | ||||||||||||||||
Note 21: Quarterly Information (unaudited) | |||||||||||||||||
The Company has made immaterial corrections to its previously filed financial statements included in this Annual Report on Form 10-K to reflect the corrections in the proper period (see Note 2). The following tables summarize the Company’s revised quarterly financial information for each of the four quarters of 2013 and 2012: | |||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 38,600 | $ | 39,182 | $ | 44,305 | $ | 48,542 | |||||||||
Provision for credit losses | 8,071 | 8,405 | 11,078 | 11,638 | |||||||||||||
General and administrative expenses | 16,686 | 17,339 | 17,534 | 19,480 | |||||||||||||
Interest expense | 3,081 | 3,241 | 3,913 | 3,909 | |||||||||||||
Income tax | 3,998 | 3,793 | 4,539 | 5,130 | |||||||||||||
Net income | $ | 6,764 | $ | 6,404 | $ | 7,241 | $ | 8,385 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.51 | $ | 0.58 | $ | 0.66 | |||||||||
Diluted | $ | 0.53 | $ | 0.5 | $ | 0.56 | $ | 0.65 | |||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 31,527 | $ | 31,908 | $ | 35,372 | $ | 36,890 | |||||||||
Provision for credit losses | 5,627 | 5,908 | 7,384 | 8,846 | |||||||||||||
General and administrative expenses | 12,861 | 13,326 | 14,372 | 14,999 | |||||||||||||
Consulting and advisory fees | 1,451 | — | — | — | |||||||||||||
Interest expense | 3,540 | 2,341 | 2,705 | 3,024 | |||||||||||||
Income tax | 3,024 | 3,882 | 4,103 | 3,552 | |||||||||||||
Net income | $ | 5,024 | $ | 6,451 | $ | 6,808 | $ | 6,469 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.52 | $ | 0.55 | $ | 0.52 | |||||||||
Diluted | $ | 0.52 | $ | 0.51 | $ | 0.53 | $ | 0.51 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 22: Subsequent Events | |
The Company has evaluated events subsequent to December 31, 2013, to assess the need for potential recognition or disclosure in the financial statements. Such events were evaluated through the date the financial statements were issued. | |
The Company modernized its Paid Time Off (“PTO”) policy effective February 1, 2014. The new policy terms are more consistent with industry practices and aligned with the goals of the Company. The policy change had accounting implications. Under the legacy policy, employees earned PTO in one year and then were able to use the PTO in the following year. That type of policy created a PTO liability under compensated absences accounting literature. Under the new policy, PTO is earned and used in the same calendar year, eliminating a PTO liability at the end of each year, with the exception of carry over PTO granted in extenuating circumstances. In the transition to the new policy, employees were given the opportunity to forfeit earned and unused PTO days under the legacy policy in exchange for additional PTO days and other benefits under the new policy. As a result, effective January 31, 2014, based upon employee elections in January 2014, the PTO liability for certain employees was eliminated, and beginning February 1, 2014, such employees began accruing PTO under the new policy. The effect of the policy change was reflected in the period the change was implemented. Thus, in the first quarter of 2014, this change in policy resulted in a liability reversal of approximately $1,000. |
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Nature of Business | ' | |||
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 installment loans, large installment loans, automobile purchase loans, retail purchase loans, and related credit insurance. As of December 31, 2013, the Company operated offices in 264 locations in the states of Alabama (49 offices), Georgia (3 offices), North Carolina (29 offices), New Mexico (4 offices), Oklahoma (21 offices), South Carolina (70 offices), Tennessee (21 offices), and Texas (67 offices) under the names Regional Finance, RMC Financial Services, Anchor Finance, Superior Financial Services, First Community Credit, AutoCredit Source, RMC Retail, and Sun Finance. The Company opened or acquired 43, 51, and 36 new offices during the years ended December 31, 2013, 2012, and 2011, respectively. | ||||
Seasonality | ' | |||
Seasonality: Our loan volume and corresponding finance receivables follow seasonal trends. Demand for our loans is typically highest during the third and fourth quarter, largely due to customers borrowing money for back-to-school and holiday spending. Loan demand has generally been the lowest during the first quarter, largely due to the timing of income tax refunds. During the remainder of the year, we typically experience loan growth from general operations. In addition, we typically generate higher loan volumes in the second half of the year from our direct mail campaigns, which are timed to coincide with seasonal consumer demand. Consequently, we experience significant seasonal fluctuations in our operating results and cash needs. | ||||
Business Segments | ' | |||
Business segments: The Company has one reportable segment, which is the consumer finance segment. The other revenue generating activities of the Company, including insurance operations, are performed in the existing branch network in conjunction with or as a complement to the lending operations. | ||||
Principles of Consolidation | ' | |||
Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate subsidiary in each state. | ||||
The accounting and reporting policies of the Company are in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and conform to general practices within the consumer finance industry. | ||||
Use of Estimates | ' | |||
Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, fair value of stock based compensation, the valuation of deferred tax assets and liabilities, and the allocation of the purchase price to assets acquired in business combinations. | ||||
Reclassifications | ' | |||
Reclassifications: Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. | ||||
Statement of Cash Flows | ' | |||
Statement of cash flows: Cash flows from finance operations and short-term borrowings are reported on a net basis. | ||||
Finance Receivables | ' | |||
Finance receivables: Small installment loan receivables are direct loans to customers and are secured by non-essential household goods and, in some instances, an automobile and include direct mail loans, which are checks mailed to customers based on a rigorous pre-screening process that includes a review of the prospective customer’s credit profile provided by national credit reporting bureaus. Large installment loan receivables are direct loans to customers and are secured by automobiles or other vehicles in addition to non-essential household goods. Automobile purchase loan receivables consist of direct loans, which are originated at the dealership and closed in one of the Company’s branches, and indirect loans, which are originated and closed at a dealership in the Company’s network without the need for the customer to visit one of the Company’s branches. In each case, these automobile purchase loans are collateralized primarily by used and new automobiles and, in the case of indirect loans, are initiated by and purchased from automobile dealerships, subject to the Company’s credit approval. Retail purchase loan receivables consist principally of retail installment sales contracts collateralized by the purchase of furniture or appliances and are initiated by and purchased from retailers, subject to the Company’s credit approval. | ||||
Credit Losses | ' | |||
Credit losses: Provisions for credit losses are charged to income as losses are estimated to have occurred and in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for losses on the finance receivables. Credit losses are charged against the allowance when management believes the finance receivable is no longer collectible. The factors used to determine whether a finance receivable is uncollectible are the age of the account, supervisory review of collection efforts, and other factors such as customers relocating to an area where collection is not practical. Subsequent recoveries, if any, are credited to the allowance. Loss experience, effective loan life, contractual delinquency of finance receivables by loan type, the value of underlying collateral, and management’s judgment are factors used in assessing the overall adequacy of the allowance and the resulting provision for credit losses. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions or portfolio performance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revisions as more information becomes available. | ||||
The Company establishes a full valuation allowance for a finance receivable at the date that it is contractually delinquent 180 days. The Company initiates repossession proceedings when the customer is unlikely to make further payments in the opinion of management. The Company sells substantially all repossessed vehicle inventory through public sales conducted by independent automobile auction organizations after the required post-repossession waiting period. Losses on the sale of repossessed collateral are charged to the allowance for credit losses. | ||||
The allowance for credit losses consists of general and specific components. The general reserve estimates credit losses for groups of finance receivables on a collective basis. The Company’s general component of the allowance for credit losses relates to probable incurred losses of unimpaired finance receivables. The historical losses are used to estimate the general allowance as follows: | ||||
• | Small installment loans (loans of $2.5 or less): Most recent six months of historical losses | |||
• | Large installment loans (loans in excess of $2.5): Most recent ten months of historical losses | |||
• | Automobile purchase loans: Most recent twelve months of historical losses | |||
• | Retail purchase loans: Most recent eleven months of historical losses | |||
The Company adjusts the computed historical loss percentages as described above for qualitative factors based on an assessment of internal and external influences on credit quality that are not fully reflected in the historical loss data. Those qualitative factors include trends in growth in the loan portfolio, delinquency, unemployment, bankruptcy, and other economic trends. | ||||
Impaired Finance Receivables | ' | |||
Impaired finance receivables: The specific component of the allowance for credit losses relates to impaired finance receivables. A finance receivable is considered impaired by the Company when it is 180 or more days contractually delinquent, at which time a full valuation allowance is established for such finance receivable within the allowance for credit losses. In addition, finance receivables that have been modified by bankruptcy proceedings are accounted for in the aggregate by the Company as troubled debt restructurings and are also considered impaired finance receivables. At the time of restructuring, a specific valuation allowance is established for such finance receivables within the allowance for credit losses. The specific component includes an estimate of the loss resulting from the difference between the recorded investment in a finance receivable to a bankrupt customer and the present value of the cash flows of such finance receivable in accordance with the modified finance receivable terms approved by the bankruptcy court discounted at the original contractual interest rate. | ||||
The Company’s policy for the accounts of customers in bankruptcy is to charge off the balance of accounts in a confirmed bankruptcy under Chapter 7 of the bankruptcy code. If a customer files for bankruptcy under Chapter 7 of the bankruptcy code, the customer’s entire debt is cancelled. In such cases, the Company charges off the account upon receiving notice from the bankruptcy court. If a vehicle secures a Chapter 7 bankruptcy account, the customer has the option of buying the vehicle at fair value or reaffirming the loan and continuing to pay the loan. | ||||
The Company evaluates loans of customers in Chapter 13 bankruptcy for impairment as troubled debt restructurings. The Company has adopted the policy of aggregating loans with similar risk characteristics for purposes of computing the amount of impairment. The Company computes the estimated impairment on its Chapter 13 bankrupt loans in the aggregate by discounting the projected cash flows at the original contract rates on the loan using the terms imposed by the bankruptcy court. This method was applied in the aggregate to each of the Company’s four classes of loans. | ||||
For customers in a Chapter 13 bankruptcy plan, the Company reduces the interest rate to that specified in the bankruptcy order. Additionally, if the bankruptcy court converts a portion of a loan to an unsecured claim, the Company’s policy is to charge off the portion of the unsecured balance that it deems uncollectible at the time the bankruptcy plan is confirmed. Once the customer is in a confirmed Chapter 13 bankruptcy plan, the Company receives payments with respect to the remaining amount of the loan at the reduced interest rate from the bankruptcy trustee. The Company does not believe that accounts in a confirmed Chapter 13 plan have a higher level of risk than non-bankrupt accounts. If a customer fails to comply with the terms of the bankruptcy order, the Company will petition the trustee to have the customer dismissed from bankruptcy. Upon dismissal, the Company restores the account to the original terms and pursues collection through its normal collection activities. | ||||
In making the computations of the present value of cash payments to be received on bankrupt accounts in each product category, the Company used the weighted average interest rates and weighted average remaining term based on data as of each balance sheet date. | ||||
For customers with a confirmed Chapter 13 bankruptcy plan, the Company receives payments through the bankruptcy court. For customers who recently filed for Chapter 13 bankruptcy, the Company generally does not receive any payments until their bankruptcy plan is confirmed by the court. If the customers have made payments to the trustee in advance of plan confirmation, the Company may receive a lump sum payment from the trustee once the plan is confirmed. This lump sum payment represents the Company’s pro-rata share of the amount paid by the customer. | ||||
Delinquency | ' | |||
Delinquency: The Company determines past due status using the contractual terms of the finance receivable. This is the credit quality indicator used to evaluate the allowance for credit losses for each class of finance receivables. | ||||
Repossessed Assets | ' | |||
Repossessed assets: Repossessed collateral is valued at the lower of the receivable balance on the finance receivable prior to repossession or estimated net realizable value. Management estimates net realizable value at the projected cash value upon liquidation, less costs to sell the related collateral. | ||||
Property and Equipment | ' | |||
Property and equipment: The Company owns certain of its headquarters buildings and leases certain of its headquarters buildings. Office buildings owned are depreciated on the straight-line method for financial reporting purposes over their estimated useful lives of thirty-nine to forty years. Branch offices are leased under non-cancellable leases of three to five years with renewal options. 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 three to five years. Maintenance and repairs are charged to expense as incurred. | ||||
Income Recognition | ' | |||
Income recognition: Interest income is recognized using the interest method, also known as the 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 Rule of 78s 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. Accrual of interest income on finance receivables is suspended when no payment has been received for 90 days or more on a contractual basis. The accrual of income is not resumed until one or more full contractual monthly payments are received and the finance receivable is less than 90 days contractually delinquent. Interest income is suspended on finance receivables for which collateral has been repossessed. Payments received on loans in nonaccrual status are first applied to interest, then to any late charges or other fees, with any remaining amount applied to principal. | ||||
The Company recognizes income on credit insurance products using the constant yield method over the life of the related loan. Rebates are computed using the statutory methods, which in many cases is the Rule of 78s method, and any difference between the constant yield method and the statutory method is recognized in income at the time of rebate. | ||||
The Company charges a fee to automobile dealers for each loan it purchases from that dealer. The Company defers this fee and accretes it to income using a method that approximates the constant yield method. | ||||
Charges for late fees are recognized as income when collected. | ||||
Finance Receivable Origination Fees and Costs | ' | |||
Finance receivable origination fees and costs: Non-refundable fees received and direct costs incurred for the origination of finance receivables are deferred and amortized to interest income over their contractual lives using the constant yield method. Unamortized amounts are recognized in income at the time that finance receivables are paid in full. | ||||
Stock Based Compensation | ' | |||
Stock based compensation: The Company has a stock option plan for certain members of management. The Company measures compensation cost for stock-based awards made under this plan at estimated fair value and recognizes compensation expense over the service period for awards expected to vest. All grants are made at 100% of the fair value on the date of the grant. The fair value of stock options is determined using the Black-Scholes valuation model. The Black-Scholes model requires the input of highly subjective assumptions, including expected volatility, risk-free interest rate, and expected life, changes to which can materially affect the fair value estimate. In addition, the estimation of stock-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. Prior to the initial public offering, there was no published market value for the Company’s stock; therefore, the performance of the common stock of a publicly traded company whose business is comparable to the Company was used to estimate the volatility of the Company’s stock. | ||||
Marketing Costs | ' | |||
Marketing costs: Marketing costs are expensed as incurred. | ||||
Income Taxes | ' | |||
Income taxes: The Company files U.S. federal and various state income tax returns. The Company is generally no longer subject to U.S. federal, state or local income tax examinations by taxing authorities before 2010, with the exception of Texas, which is 2009. | ||||
Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. | ||||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | ||||
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. | ||||
Earnings Per Share | ' | |||
Earnings per share: Earnings per share have been computed based on the weighted-average number of common shares outstanding during each reporting period presented. Common shares issuable upon the exercise of stock-based compensation, which are computed using the treasury stock method, are included in the computation of diluted earnings per share. | ||||
Government Regulation | ' | |||
Government regulation: The Company is subject to various state and federal laws and regulations, which, among other things, impose limits on interest rates, other charges, and insurance premiums and require licensing and qualifications. | ||||
In 2010, congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other provisions, the bill created the Consumer Financial Protection Bureau (“CFPB”). The CFPB has the authority to promulgate regulations that could affect the Company’s business. The Company is not aware of any pending regulations that might affect its business. |
Revision_of_Financial_Statemen1
Revision of Financial Statements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||||||||||
Summary of Consolidated Statements of Income | ' | ||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As | Revised | Change | As | Revised | Change | ||||||||||||||||||||
Reported(1) | Reported(1) | ||||||||||||||||||||||||
Interest and fee income | $ | 119,235 | $ | 119,025 | $ | (210 | ) | $ | 91,303 | $ | 91,513 | $ | 210 | ||||||||||||
Insurance income, net | 10,820 | 10,681 | (139 | ) | 9,247 | 9,155 | (92 | ) | |||||||||||||||||
Total revenue | 136,046 | 135,697 | (349 | ) | 105,219 | 105,337 | 118 | ||||||||||||||||||
Personnel | 33,453 | 33,492 | 39 | 25,549 | 25,679 | 130 | |||||||||||||||||||
Other | 10,413 | 10,644 | 231 | 6,502 | 6,573 | 71 | |||||||||||||||||||
Total expenses | 96,114 | 96,384 | 270 | 71,806 | 72,007 | 201 | |||||||||||||||||||
Income before income taxes | 39,932 | 39,313 | (619 | ) | 33,413 | 33,330 | (83 | ) | |||||||||||||||||
Income taxes | 14,565 | 14,561 | (4 | ) | 12,169 | 12,290 | 121 | ||||||||||||||||||
Net income | $ | 25,367 | $ | 24,752 | $ | (615 | ) | $ | 21,244 | $ | 21,040 | $ | (204 | ) | |||||||||||
Net income per common share: | |||||||||||||||||||||||||
Basic | $ | 2.17 | $ | 2.12 | $ | (0.05 | ) | $ | 2.28 | $ | 2.25 | $ | (0.03 | ) | |||||||||||
Diluted | $ | 2.12 | $ | 2.07 | $ | (0.05 | ) | $ | 2.21 | $ | 2.19 | $ | (0.03 | ) | |||||||||||
-1 | Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. | ||||||||||||||||||||||||
Summary of Consolidated Statements of Balance Sheet | ' | ||||||||||||||||||||||||
Consolidated Balance Sheet | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
As | Revised | Change | |||||||||||||||||||||||
Reported(1) | |||||||||||||||||||||||||
Less unearned finance charges, insurance premiums, and commissions | $ | (92,024 | ) | $ | (92,376 | ) | $ | (352 | ) | ||||||||||||||||
Finance receivables | 439,826 | 439,474 | (352 | ) | |||||||||||||||||||||
Net finance receivables | 416,210 | 415,858 | (352 | ) | |||||||||||||||||||||
Other assets | 7,483 | 7,361 | (122 | ) | |||||||||||||||||||||
Total assets | 434,991 | 434,517 | (474 | ) | |||||||||||||||||||||
Accounts payable and accrued expenses | 6,096 | 6,987 | 891 | ||||||||||||||||||||||
Total liabilities | 304,422 | 305,313 | 891 | ||||||||||||||||||||||
Retained earnings | 49,162 | 47,797 | (1,365 | ) | |||||||||||||||||||||
Total stockholders’ equity | 130,569 | 129,204 | (1,365 | ) | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 434,991 | $ | 434,517 | $ | (474 | ) | ||||||||||||||||||
-1 | Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. | ||||||||||||||||||||||||
Summary of Consolidated Statements of Stockholders' Equity | ' | ||||||||||||||||||||||||
Consolidated Statements of | |||||||||||||||||||||||||
Stockholders’ Equity | |||||||||||||||||||||||||
As | Revised | Change | |||||||||||||||||||||||
Reported(1) | |||||||||||||||||||||||||
December 31, 2010 Retained earnings | $ | 2,551 | $ | 2,005 | $ | (546 | ) | ||||||||||||||||||
Net income | 21,244 | 21,040 | (204 | ) | |||||||||||||||||||||
December 31, 2011 Retained earnings | 23,795 | 23,045 | (750 | ) | |||||||||||||||||||||
Net income | 25,367 | 24,752 | (615 | ) | |||||||||||||||||||||
December 31, 2012 Retained earnings | 49,162 | 47,797 | (1,365 | ) | |||||||||||||||||||||
-1 | Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. | ||||||||||||||||||||||||
Summary of Consolidated Statements of Cash Flows | ' | ||||||||||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
As | Revised | Change | As | Revised | Change | ||||||||||||||||||||
Reported(1) | Reported(1) | ||||||||||||||||||||||||
Net income | $ | 25,367 | $ | 24,752 | $ | (615 | ) | $ | 21,244 | $ | 21,040 | $ | (204 | ) | |||||||||||
(Increase) decrease in other assets | (1,417 | ) | (1,295 | ) | 122 | — | — | — | |||||||||||||||||
Increase (decrease) in other liabilities | (1,351 | ) | (1,048 | ) | 303 | (521 | ) | (169 | ) | 352 | |||||||||||||||
Net cash provided by operating activities | 57,912 | 57,722 | (190 | ) | 41,345 | 41,493 | 148 | ||||||||||||||||||
Net origination of finance receivables | (127,842 | ) | (127,652 | ) | 190 | (73,512 | ) | (73,660 | ) | (148 | ) | ||||||||||||||
Net cash used in investing activities | (159,201 | ) | (159,011 | ) | 190 | (79,074 | ) | (79,222 | ) | (148 | ) | ||||||||||||||
-1 | Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. |
Finance_Receivables_Allowance_1
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Summary of Finance Receivables | ' | ||||||||||||||||||||||||||||||||||||||||
Finance receivables at December 31, 2013 and 2012 consisted of the following: | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Small installment loans | $ | 288,979 | $ | 188,562 | |||||||||||||||||||||||||||||||||||||
Large installment loans | 43,311 | 52,001 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase loans | 181,126 | 168,604 | |||||||||||||||||||||||||||||||||||||||
Retail purchase loans | 31,268 | 30,307 | |||||||||||||||||||||||||||||||||||||||
Finance receivables | $ | 544,684 | $ | 439,474 | |||||||||||||||||||||||||||||||||||||
Summary of Changes in Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for credit losses for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 23,616 | $ | 19,300 | $ | 18,000 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 39,192 | 27,765 | 17,854 | ||||||||||||||||||||||||||||||||||||||
Finance receivables charged off | (33,750 | ) | (24,275 | ) | (17,147 | ) | |||||||||||||||||||||||||||||||||||
Recoveries | 1,031 | 826 | 593 | ||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 30,089 | $ | 23,616 | $ | 19,300 | |||||||||||||||||||||||||||||||||||
Reconciliation of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the allowance for credit losses by product for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||
January 1, | Offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||
2013 | 2013 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||
2013 | of Finance | ||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 11,369 | $ | 22,620 | $ | (19,108 | ) | $ | 489 | $ | 15,370 | $ | 288,979 | 5.3 | % | ||||||||||||||||||||||||||
Large installment | 2,753 | 1,788 | (2,630 | ) | 322 | 2,233 | 43,311 | 5.2 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 8,424 | 12,094 | (9,875 | ) | 184 | 10,827 | 181,126 | 6 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,070 | 2,690 | (2,137 | ) | 36 | 1,659 | 31,268 | 5.3 | % | ||||||||||||||||||||||||||||||||
Total | $ | 23,616 | $ | 39,192 | $ | (33,750 | ) | $ | 1,031 | $ | 30,089 | $ | 544,684 | 5.5 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||
January 1, | Offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||
2012 | 2012 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||
2012 | of Finance | ||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 8,838 | $ | 15,225 | $ | (13,125 | ) | $ | 431 | $ | 11,369 | $ | 188,562 | 6 | % | ||||||||||||||||||||||||||
Large installment | 2,448 | 3,288 | (3,252 | ) | 269 | 2,753 | 52,001 | 5.3 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 7,618 | 7,888 | (7,202 | ) | 120 | 8,424 | 168,604 | 5 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 396 | 1,364 | (696 | ) | 6 | 1,070 | 30,307 | 3.5 | % | ||||||||||||||||||||||||||||||||
Total | $ | 19,300 | $ | 27,765 | $ | (24,275 | ) | $ | 826 | $ | 23,616 | $ | 439,474 | 5.4 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||
January 1, | Offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||
2011 | 2011 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||
2011 | of Finance | ||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 8,974 | $ | 9,998 | $ | (10,522 | ) | $ | 388 | $ | 8,838 | $ | 130,196 | 6.8 | % | ||||||||||||||||||||||||||
Large installment | 2,972 | 1,330 | (1,926 | ) | 72 | 2,448 | 34,625 | 7.1 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 5,909 | 6,118 | (4,538 | ) | 129 | 7,618 | 131,650 | 5.8 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 145 | 408 | (161 | ) | 4 | 396 | 10,902 | 3.6 | % | ||||||||||||||||||||||||||||||||
Total | $ | 18,000 | $ | 17,854 | $ | (17,147 | ) | $ | 593 | $ | 19,300 | $ | 307,373 | 6.3 | % | ||||||||||||||||||||||||||
Finance Receivables Associated with Customers in Bankruptcy | ' | ||||||||||||||||||||||||||||||||||||||||
The following is a summary of the finance receivables associated with customers in bankruptcy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 1,498 | $ | 420 | |||||||||||||||||||||||||||||||||||||
Large installment | 1,677 | 1,666 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase | 3,706 | 3,101 | |||||||||||||||||||||||||||||||||||||||
Retail purchase | 143 | 71 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 7,024 | $ | 5,258 | |||||||||||||||||||||||||||||||||||||
Contractual Delinquency of the Finance Receivables Portfolio by Component | ' | ||||||||||||||||||||||||||||||||||||||||
The contractual delinquency of the finance receivable portfolio by component at December 31, 2013 and 2012 was: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Current | $ | 227,916 | 78.8 | % | $ | 32,513 | 75.1 | % | $ | 122,313 | 67.5 | % | $ | 24,829 | 79.4 | % | $ | 407,571 | 74.9 | % | |||||||||||||||||||||
1 to 29 days delinquent | 35,425 | 12.3 | % | 7,788 | 18 | % | 45,841 | 25.3 | % | 4,249 | 13.6 | % | 93,303 | 17.1 | % | ||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 8,030 | 2.8 | % | 1,220 | 2.8 | % | 7,089 | 4 | % | 749 | 2.4 | % | 17,088 | 3.1 | % | ||||||||||||||||||||||||||
60 to 89 days | 5,600 | 1.9 | % | 530 | 1.2 | % | 2,721 | 1.5 | % | 416 | 1.3 | % | 9,267 | 1.7 | % | ||||||||||||||||||||||||||
90 days and over | 12,008 | 4.2 | % | 1,260 | 2.9 | % | 3,162 | 1.7 | % | 1,025 | 3.3 | % | 17,455 | 3.2 | % | ||||||||||||||||||||||||||
Total delinquency | $ | 25,638 | 8.9 | % | $ | 3,010 | 6.9 | % | $ | 12,972 | 7.2 | % | $ | 2,190 | 7 | % | $ | 43,810 | 8 | % | |||||||||||||||||||||
Total finance receivables | $ | 288,979 | 100 | % | $ | 43,311 | 100 | % | $ | 181,126 | 100 | % | $ | 31,268 | 100 | % | $ | 544,684 | 100 | % | |||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 12,008 | 4.2 | % | $ | 1,260 | 2.9 | % | $ | 3,162 | 1.7 | % | $ | 1,025 | 3.3 | % | $ | 17,455 | 3.2 | % | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Current | $ | 149,573 | 79.3 | % | $ | 38,076 | 73.2 | % | $ | 117,847 | 69.9 | % | $ | 24,220 | 79.9 | % | $ | 329,716 | 75 | % | |||||||||||||||||||||
1 to 29 days delinquent | 25,285 | 13.4 | % | 9,872 | 19 | % | 40,705 | 24.1 | % | 4,361 | 14.4 | % | 80,223 | 18.3 | % | ||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 4,514 | 2.4 | % | 1,651 | 3.1 | % | 5,471 | 3.2 | % | 751 | 2.5 | % | 12,387 | 2.8 | % | ||||||||||||||||||||||||||
60 to 89 days | 2,996 | 1.6 | % | 757 | 1.5 | % | 1,963 | 1.2 | % | 333 | 1.1 | % | 6,049 | 1.4 | % | ||||||||||||||||||||||||||
90 days and over | 6,194 | 3.3 | % | 1,645 | 3.2 | % | 2,618 | 1.6 | % | 642 | 2.1 | % | 11,099 | 2.5 | % | ||||||||||||||||||||||||||
Total delinquency | $ | 13,704 | 7.3 | % | $ | 4,053 | 7.8 | % | $ | 10,052 | 6 | % | $ | 1,726 | 5.7 | % | $ | 29,535 | 6.7 | % | |||||||||||||||||||||
Total finance receivables | $ | 188,562 | 100 | % | $ | 52,001 | 100 | % | $ | 168,604 | 100 | % | $ | 30,307 | 100 | % | $ | 439,474 | 100 | % | |||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 6,194 | 3.3 | % | $ | 1,645 | 3.2 | % | $ | 2,618 | 1.6 | % | $ | 642 | 2.1 | % | $ | 11,099 | 2.5 | % | |||||||||||||||||||||
Summary of Finance Receivables Evaluated for Impairment | ' | ||||||||||||||||||||||||||||||||||||||||
Following is a summary of finance receivables evaluated for impairment at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 846 | $ | 173 | $ | 398 | $ | 146 | $ | 1,563 | |||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 1,498 | 1,677 | 3,706 | 143 | 7,024 | ||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 2,344 | $ | 1,850 | $ | 4,104 | $ | 289 | $ | 8,587 | |||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 286,635 | 41,461 | 177,022 | 30,979 | 536,097 | ||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 288,979 | $ | 43,311 | $ | 181,126 | $ | 31,268 | $ | 544,684 | |||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 667 | $ | 426 | $ | 804 | $ | 58 | $ | 1,955 | |||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 1,246 | $ | 756 | $ | 1,565 | $ | 180 | $ | 3,747 | |||||||||||||||||||||||||||||||
Average impaired accounts | $ | 2,079 | $ | 1,935 | $ | 3,831 | $ | 273 | $ | 8,118 | |||||||||||||||||||||||||||||||
Amount of the general component of the reserve | $ | 14,124 | $ | 1,477 | $ | 9,262 | $ | 1,479 | $ | 26,342 | |||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 725 | $ | 251 | $ | 357 | $ | 83 | $ | 1,416 | |||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 420 | 1,666 | 3,101 | 71 | 5,258 | ||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 1,145 | $ | 1,917 | $ | 3,458 | $ | 154 | $ | 6,674 | |||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 187,417 | 50,084 | 165,146 | 30,153 | 432,800 | ||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 188,562 | $ | 52,001 | $ | 168,604 | $ | 30,307 | $ | 439,474 | |||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 97 | $ | 463 | $ | 858 | $ | 33 | $ | 1,451 | |||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 854 | $ | 787 | $ | 1,420 | $ | 109 | $ | 3,170 | |||||||||||||||||||||||||||||||
Average impaired accounts | $ | 1,192 | $ | 1,732 | $ | 2,952 | $ | 108 | $ | 5,984 | |||||||||||||||||||||||||||||||
Amount of the general component of the reserve | $ | 10,515 | $ | 1,966 | $ | 7,004 | $ | 961 | $ | 20,446 | |||||||||||||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Property and Equipment, Net | ' | ||||||||
At December 31, 2013 and 2012, property and equipment consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land and building | $ | 847 | $ | 847 | |||||
Furniture, fixtures, and equipment | 15,163 | 11,970 | |||||||
Leasehold improvements | 2,410 | 1,859 | |||||||
18,420 | 14,676 | ||||||||
Less accumulated depreciation | 11,320 | 9,565 | |||||||
$ | 7,100 | $ | 5,111 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Summary of Future Minimum Rent Commitments Under Non-cancellable Operating Leases | ' | ||||
Future minimum rent commitments under non-cancellable operating leases in effect as of December 31, 2013 are as follows: | |||||
Year Ending December 31, | Amount | ||||
2014 | $ | 4,406 | |||
2015 | 3,370 | ||||
2016 | 2,040 | ||||
2017 | 879 | ||||
2018 | 371 | ||||
Thereafter | 27 | ||||
$ | 11,093 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Changes in the Carrying Amount of Goodwill | ' | ||||||||
The following summarizes the changes in the carrying amount of goodwill for the year ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | |||||||||
Goodwill | $ | 363 | $ | 363 | |||||
Accumulated goodwill impairment losses | — | — | |||||||
Goodwill acquired during the year | 353 | — | |||||||
Impairment losses | — | — | |||||||
Balance at end of year | |||||||||
Goodwill | 716 | 363 | |||||||
Accumulated goodwill impairment losses | — | — | |||||||
$ | 716 | $ | 363 | ||||||
Intangibles_Tables
Intangibles (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Gross Carrying Amount and Related Accumulated Amortization of Definite-Lived Intangible Assets | ' | ||||||||||||||||
The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Customer list | $ | 2,589 | $ | 1,203 | $ | 2,673 | $ | 858 | |||||||||
Summary of Future Amortization of Intangible Assets | ' | ||||||||||||||||
The following table sets forth the future amortization of intangible assets: | |||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||
2014 | $ | 550 | |||||||||||||||
2015 | 363 | ||||||||||||||||
2016 | 264 | ||||||||||||||||
2017 | 164 | ||||||||||||||||
2018 | 45 | ||||||||||||||||
$ | 1,386 | ||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Summary of Other Assets | ' | ||||||||
Other assets include the following at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Restricted cash | $ | 1,900 | $ | 1,338 | |||||
Prepaid expenses | 1,478 | 1,033 | |||||||
Debt issuance costs, net of accumulated amortization | 1,127 | 671 | |||||||
Income tax receivable | — | 3,661 | |||||||
Interest rate caps | — | 1 | |||||||
Other | 917 | 657 | |||||||
$ | 5,422 | $ | 7,361 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of the Company's Debt | ' | ||||||||
Following is a summary of the Company’s debt as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Senior revolving credit facility | $ | 362,750 | $ | 292,379 | |||||
Secured line of credit | — | — | |||||||
$ | 362,750 | $ | 292,379 | ||||||
Unused amount of senior revolving credit facility, subject to borrowing base | $ | 137,250 | $ | 32,621 | |||||
Summary of Principal Payments Required on Outstanding Debt | ' | ||||||||
Following is a summary of principal payments required on outstanding debt during each of the next five years: | |||||||||
Year Ending December 31, | Amount | ||||||||
2014 | $ | — | |||||||
2015 | — | ||||||||
2016 | 362,750 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
Total | $ | 362,750 | |||||||
Sale_of_Common_Stock_Temporary1
Sale of Common Stock, Temporary Equity, and Preferred Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Transaction Included Common Stock and Additional Paid-in-Capital | ' | ||||||||||||
The following table summarizes the results of this transaction included in Common Stock and Additional Paid-in-Capital: | |||||||||||||
$0.10 Par | Common | Additional | |||||||||||
Value | Stock | Paid-in- | |||||||||||
Common | Amount | Capital | |||||||||||
Shares | |||||||||||||
Balance December 31, 2011 | 9,336,727 | $ | 934 | $ | 28,150 | ||||||||
Sale of common stock | 3,150,000 | 315 | 46,935 | ||||||||||
Underwriting discount and offering expenses | — | — | (7,469 | ) | |||||||||
Reclassification of temporary equity | — | — | 12,000 | ||||||||||
Stock option expense | — | — | 542 | ||||||||||
Balance December 31, 2012 | 12,486,727 | $ | 1,249 | $ | 80,158 | ||||||||
Interest_Rate_Caps_Tables
Interest Rate Caps (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||
Summary of Changes in Rate Caps | ' | ||||||||
The following is a summary of changes in the rate caps: | |||||||||
2013 | 2012 | ||||||||
Balance at end of prior year | $ | 1 | $ | 28 | |||||
Purchases | — | — | |||||||
Fair value adjustment included as an (increase) in interest expense | (1 | ) | (27 | ) | |||||
Balance sheet at December 31, included in other assets | $ | — | $ | 1 | |||||
Disclosure_about_Fair_Value_of1
Disclosure about Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Carrying Amount and Estimated Fair Values of Company's Financial Instruments | ' | ||||||||||||||||||||
The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
Assets | |||||||||||||||||||||
Level 1 inputs | |||||||||||||||||||||
Cash | $ | 4,121 | $ | 4,121 | $ | 3,298 | $ | 3,298 | |||||||||||||
Restricted cash | 1,900 | 1,900 | 1,338 | 1,338 | |||||||||||||||||
Level 2 inputs | |||||||||||||||||||||
Interest rate caps | — | — | 1 | 1 | |||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Net finance receivables | 514,595 | 514,595 | 415,858 | 415,858 | |||||||||||||||||
Repossessed assets | 548 | 548 | 711 | 711 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Senior revolving credit facility | 362,750 | 362,750 | 292,379 | 292,379 | |||||||||||||||||
Balances of Assets Measured at Fair Value on a Recurring Basis by Level Within Hierarchy | ' | ||||||||||||||||||||
The table below presents the balances of assets measured at fair value on a recurring basis by level within the hierarchy: | |||||||||||||||||||||
Interest Rate Caps | |||||||||||||||||||||
December 31, | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
2013 | $ | — | $ | — | $ | — | $ | — | |||||||||||||
2012 | 1 | — | 1 | — | |||||||||||||||||
Assets and Liabilities are Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents the assets carried on the balance sheet by level within the hierarchy as of December 31, 2013 and 2012 for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2013 and 2012: | |||||||||||||||||||||
Repossessed Assets | |||||||||||||||||||||
December 31, | Total | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
2013 | $ | 548 | $ | — | $ | — | $ | 548 | $ | 492 | |||||||||||
2012 | 711 | — | — | 711 | 456 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Total Income Before Income Taxes | ' | ||||||||||||
Income tax expense was $17,460, $14,561, and $12,290 for the years ended December 31, 2013, 2012, and 2011, respectively, which differed from the amount computed by applying the U.S. federal income tax rate of 35% for the years ended December 31, 2013, 2012, and 2011 to total income before income taxes as a result of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U. S. federal tax expense at statutory rate | $ | 16,189 | $ | 13,760 | $ | 11,666 | |||||||
Increase (reduction) in income taxes resulting from: | |||||||||||||
Small insurance company income exclusion | — | (451 | ) | (511 | ) | ||||||||
State tax, net of federal benefit | 1,112 | 1,026 | 883 | ||||||||||
Other | 159 | 226 | 252 | ||||||||||
$ | 17,460 | $ | 14,561 | $ | 12,290 | ||||||||
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 years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
U. S. federal | $ | 18,297 | $ | 7,467 | $ | 7,104 | |||||||
State and local | 2,457 | 1,132 | 825 | ||||||||||
20,754 | 8,599 | 7,929 | |||||||||||
Deferred: | |||||||||||||
U. S. federal | (2,549 | ) | 5,516 | 3,828 | |||||||||
State and local | (745 | ) | 446 | 533 | |||||||||
(3,294 | ) | 5,962 | 4,361 | ||||||||||
Total | $ | 17,460 | $ | 14,561 | $ | 12,290 | |||||||
Net Deferred Tax Liabilities | ' | ||||||||||||
Net deferred tax liabilities consist of the following as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 10,769 | $ | 8,427 | |||||||||
Unearned insurance commissions | 1,461 | 1,278 | |||||||||||
Deferred loan fees | 3,601 | 219 | |||||||||||
Stock based compensation | 988 | 922 | |||||||||||
Fair value adjustment on interest rate cap | 12 | 84 | |||||||||||
Amortization of intangible assets | 501 | 334 | |||||||||||
Accrued expenses | 694 | 390 | |||||||||||
Gross deferred tax assets | 18,026 | 11,654 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fair market value adjustment of finance receivables | 16,753 | 14,221 | |||||||||||
Deferred loan costs | 2,226 | 1,790 | |||||||||||
Tax over book depreciation | 1,182 | 1,002 | |||||||||||
Prepaid expenses | 510 | 402 | |||||||||||
Other | 8 | 186 | |||||||||||
Gross deferred tax liabilities | 20,679 | 17,601 | |||||||||||
Net deferred tax (liabilities) | $ | (2,653 | ) | $ | (5,947 | ) | |||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 28,794 | 12,572,298 | $ | 2.29 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 321,395 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 28,794 | 12,893,693 | $ | 2.23 | ||||||||
Options to purchase 26,500 shares of common stock at $33.93 per share were outstanding during the year ended December 31, 2013, but were not included in the computation of diluted earnings per share because they were anti-dilutive. | |||||||||||||
2012 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 24,752 | 11,694,924 | $ | 2.12 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 285,824 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 24,752 | 11,980,748 | $ | 2.07 | ||||||||
Options to purchase 310,000 shares of common stock at $15.00 per share were outstanding during the year ended December 31, 2012, but were not included in the computation of diluted earnings per share because they were anti-dilutive. | |||||||||||||
2011 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 21,040 | 9,336,727 | $ | 2.25 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 284,240 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 21,040 | 9,620,967 | $ | 2.19 | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Summary of Transactions With Sponsors and Individual Owners Who Retain an Interest | ' | ||||||||
Following is a summary of transactions during the years ended December 31, 2012 and 2011 with the sponsors and the individual owners who retain an interest in the Company. | |||||||||
Individual | Sponsors | ||||||||
Owners | |||||||||
2012:00:00 | |||||||||
Interest paid on mezzanine debt | $ | 195 | $ | 812 | |||||
Financing fees | 3 | 12 | |||||||
Consulting/Advisory fees expense | 563 | 888 | |||||||
2011:00:00 | |||||||||
Interest paid on mezzanine debt | $ | 772 | $ | 3,491 | |||||
Consulting/Advisory fees expense | 450 | 525 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Fair Value of Option Grants | ' | ||||||||||||||||
The fair value of option grants are estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions for option grants during the twelve months ended December 31, 2013 and 2012. No stock options were granted in 2011. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Expected volatility | 47.74 | % | 48.49 | % | |||||||||||||
Expected dividends | 0 | % | 0 | % | |||||||||||||
Expected term (in years) | 10 | 10 | |||||||||||||||
Risk-free rate | 2.03 | % | 2.2 | % | |||||||||||||
Vesting period (in years) | 5 | 5 | |||||||||||||||
Summary of Company's Stock Option Plan Activity | ' | ||||||||||||||||
A summary of the status of the Company’s stock option plans are presented below (shares in thousands): | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Options outstanding at January 1, 2013 | 887 | $ | 8.66 | ||||||||||||||
Granted | 127 | 20.33 | |||||||||||||||
Exercised | (140 | ) | 6.25 | ||||||||||||||
Forfeited | (8 | ) | 15 | ||||||||||||||
Options outstanding at December 31, 2013 | 866 | $ | 10.7 | 5.6 | $ | 20,118 | |||||||||||
Options exercisable at December 31, 2013 | 519 | $ | 6.53 | 3.6 | $ | 14,234 | |||||||||||
Available for grant at December 31, 2013 | 946 | ||||||||||||||||
Summary of the Activity of Non-Vested Options Outstanding | ' | ||||||||||||||||
Information on the activity of non-vested options for the years ended December 31, 2013 and 2012, respectively, follows (shares in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Shares | Weighted | Shares | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Non-vested options, beginning of the year | 285 | $ | 15 | 45 | $ | 5.46 | |||||||||||
Granted | 127 | 20.33 | 310 | 15 | |||||||||||||
Vested | (57 | ) | 15 | (57 | ) | 7.54 | |||||||||||
Forfeited | (8 | ) | 15 | (13 | ) | 15 | |||||||||||
Non-vested options, end of the year | 347 | $ | 16.95 | 285 | $ | 15 | |||||||||||
Restricted_Assets_Tables
Restricted Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Premiums Written and Reinsured Earned Premium | ' | ||||||||
Following are total net premiums written and reinsured and total earned premiums for the years-ended December 31, 2013, 2012, and 2011: | |||||||||
Year Ending December 31, | Net Written | Earned | |||||||
Premiums | Premiums | ||||||||
2013 | $ | 17,260 | $ | 16,057 | |||||
2012 | 15,718 | 14,473 | |||||||
2011 | 14,220 | 13,115 |
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Summary of Business Combination Activity | ' | ||||||||
The following table sets forth the business combination activity for the year ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Branches purchased | 2 | 23 | |||||||
Branches merged into existing offices | — | 4 | |||||||
Net new offices | 2 | 19 | |||||||
Tangible assets: | |||||||||
Net finance receivables | $ | 211 | $ | 25,334 | |||||
Property and equipment | 11 | 161 | |||||||
Other | — | 408 | |||||||
Intangible assets: | |||||||||
Customer list | — | 2,485 | |||||||
Goodwill | 353 | — | |||||||
Total purchase price | $ | 575 | $ | 28,388 | |||||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of the Company's Quarterly Financial Information | ' | ||||||||||||||||
The following tables summarize the Company’s revised quarterly financial information for each of the four quarters of 2013 and 2012: | |||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 38,600 | $ | 39,182 | $ | 44,305 | $ | 48,542 | |||||||||
Provision for credit losses | 8,071 | 8,405 | 11,078 | 11,638 | |||||||||||||
General and administrative expenses | 16,686 | 17,339 | 17,534 | 19,480 | |||||||||||||
Interest expense | 3,081 | 3,241 | 3,913 | 3,909 | |||||||||||||
Income tax | 3,998 | 3,793 | 4,539 | 5,130 | |||||||||||||
Net income | $ | 6,764 | $ | 6,404 | $ | 7,241 | $ | 8,385 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.51 | $ | 0.58 | $ | 0.66 | |||||||||
Diluted | $ | 0.53 | $ | 0.5 | $ | 0.56 | $ | 0.65 | |||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 31,527 | $ | 31,908 | $ | 35,372 | $ | 36,890 | |||||||||
Provision for credit losses | 5,627 | 5,908 | 7,384 | 8,846 | |||||||||||||
General and administrative expenses | 12,861 | 13,326 | 14,372 | 14,999 | |||||||||||||
Consulting and advisory fees | 1,451 | — | — | — | |||||||||||||
Interest expense | 3,540 | 2,341 | 2,705 | 3,024 | |||||||||||||
Income tax | 3,024 | 3,882 | 4,103 | 3,552 | |||||||||||||
Net income | $ | 5,024 | $ | 6,451 | $ | 6,808 | $ | 6,469 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.52 | $ | 0.55 | $ | 0.52 | |||||||||
Diluted | $ | 0.52 | $ | 0.51 | $ | 0.53 | $ | 0.51 |
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | Office | Office | |
Office | |||
Location | |||
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 264 | ' | ' |
Number of offices opened | 43 | 51 | 36 |
Number of segment | 1 | ' | ' |
Contractual delinquent period of loans | '180 days | ' | ' |
Allowance for credit losses large installment | 'Loans in excess of $2.5 | ' | ' |
Allowance for credit losses small installment | 'Loans of $2.5 or less | ' | ' |
Financing receivable suspended period | '90 days | ' | ' |
Contractual delinquent period of accrual income | '90 days | ' | ' |
Fair value of grants | 100.00% | ' | ' |
Tax benefit | 50.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Historical losses installment loans reckoning amount | 2,500 | ' | ' |
Maximum [Member] | Office Building [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '40 years | ' | ' |
Non cancellable lease period | '5 years | ' | ' |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Historical losses installment loans reckoning amount | 2,500 | ' | ' |
Minimum [Member] | Office Building [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '39 years | ' | ' |
Non cancellable lease period | '3 years | ' | ' |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Alabama [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 49 | ' | ' |
Georgia [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 3 | ' | ' |
New Mexico [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 4 | ' | ' |
North Carolina [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 29 | ' | ' |
Oklahoma [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 21 | ' | ' |
South Carolina [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 70 | ' | ' |
Tennessee [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 21 | ' | ' |
Texas [Member] | ' | ' | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations | 67 | ' | ' |
Revision_of_Financial_Statemen2
Revision of Financial Statements - Effect of the Immaterial Revisions in the Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | $152,343 | $119,025 | $91,513 |
Insurance income, net | ' | ' | ' | ' | ' | ' | ' | ' | 11,470 | 10,681 | 9,155 |
Total revenue | 48,542 | 44,305 | 39,182 | 38,600 | 36,890 | 35,372 | 31,908 | 31,527 | 170,629 | 135,697 | 105,337 |
Personnel | ' | ' | ' | ' | ' | ' | ' | ' | 39,868 | 33,492 | 25,679 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 15,551 | 10,644 | 6,573 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 124,375 | 96,384 | 72,007 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 46,254 | 39,313 | 33,330 |
Income taxes | 5,130 | 4,539 | 3,793 | 3,998 | 3,552 | 4,103 | 3,882 | 3,024 | 17,460 | 14,561 | 12,290 |
Net income | 8,385 | 7,241 | 6,404 | 6,764 | 6,469 | 6,808 | 6,451 | 5,024 | 28,794 | 24,752 | 21,040 |
Net income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.66 | $0.58 | $0.51 | $0.54 | $0.52 | $0.55 | $0.52 | $0.54 | $2.29 | $2.12 | $2.25 |
Diluted | $0.65 | $0.56 | $0.50 | $0.53 | $0.51 | $0.53 | $0.51 | $0.52 | $2.23 | $2.07 | $2.19 |
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,235 | 91,303 |
Insurance income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,820 | 9,247 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,046 | 105,219 |
Personnel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,453 | 25,549 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,413 | 6,502 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,114 | 71,806 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,932 | 33,413 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,565 | 12,169 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,367 | 21,244 |
Net income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.17 | $2.28 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.12 | $2.21 |
Change [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -210 | 210 |
Insurance income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -139 | -92 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | -349 | 118 |
Personnel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39 | 130 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231 | 71 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270 | 201 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -619 | -83 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 121 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($615) | ($204) |
Net income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.05) | ($0.03) |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.05) | ($0.03) |
Revision_of_Financial_Statemen3
Revision of Financial Statements - Effect of the Immaterial Revisions in the Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Less unearned finance charges, insurance premiums, and commissions | ($113,492) | ($92,376) | ' | ' |
Finance receivables | 544,684 | 439,474 | 307,373 | ' |
Net finance receivables | 514,595 | 415,858 | ' | ' |
Other assets | 5,422 | 7,361 | ' | ' |
Total assets | 533,888 | 434,517 | ' | ' |
Accounts payable and accrued expenses | 7,312 | 6,987 | ' | ' |
Total liabilities | 372,715 | 305,313 | ' | ' |
Retained earnings | 76,591 | 47,797 | 23,045 | 2,005 |
Total stockholders' equity | 161,173 | 129,204 | 52,129 | 30,898 |
Total liabilities and stockholders' equity | 533,888 | 434,517 | ' | ' |
As Reported [Member] | ' | ' | ' | ' |
Less unearned finance charges, insurance premiums, and commissions | ' | -92,024 | ' | ' |
Finance receivables | ' | 439,826 | ' | ' |
Net finance receivables | ' | 416,210 | ' | ' |
Other assets | ' | 7,483 | ' | ' |
Total assets | ' | 434,991 | ' | ' |
Accounts payable and accrued expenses | ' | 6,096 | ' | ' |
Total liabilities | ' | 304,422 | ' | ' |
Retained earnings | ' | 49,162 | 23,795 | 2,551 |
Total stockholders' equity | ' | 130,569 | ' | ' |
Total liabilities and stockholders' equity | ' | 434,991 | ' | ' |
Change [Member] | ' | ' | ' | ' |
Less unearned finance charges, insurance premiums, and commissions | ' | -352 | ' | ' |
Finance receivables | ' | -352 | ' | ' |
Net finance receivables | ' | -352 | ' | ' |
Other assets | ' | -122 | ' | ' |
Total assets | ' | -474 | ' | ' |
Accounts payable and accrued expenses | ' | 891 | ' | ' |
Total liabilities | ' | 891 | ' | ' |
Retained earnings | ' | -1,365 | -750 | -546 |
Total stockholders' equity | ' | -1,365 | ' | ' |
Total liabilities and stockholders' equity | ' | ($474) | ' | ' |
Revision_of_Financial_Statemen4
Revision of Financial Statements - Effect of the Immaterial Revisions in the Consolidated Statements of Stockholders' Equity (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retained earnings, beginning balance | ' | ' | ' | $47,797 | ' | ' | ' | $23,045 | $47,797 | $23,045 | $2,005 |
Net income | 8,385 | 7,241 | 6,404 | 6,764 | 6,469 | 6,808 | 6,451 | 5,024 | 28,794 | 24,752 | 21,040 |
Retained earnings, ending balance | 76,591 | ' | ' | ' | 47,797 | ' | ' | ' | 76,591 | 47,797 | 23,045 |
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings, beginning balance | ' | ' | ' | ' | ' | ' | ' | 23,795 | ' | 23,795 | 2,551 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,367 | 21,244 |
Retained earnings, ending balance | ' | ' | ' | ' | 49,162 | ' | ' | ' | ' | 49,162 | 23,795 |
Change [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings, beginning balance | ' | ' | ' | ' | ' | ' | ' | -750 | ' | -750 | -546 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -615 | -204 |
Retained earnings, ending balance | ' | ' | ' | ' | ($1,365) | ' | ' | ' | ' | ($1,365) | ($750) |
Revision_of_Financial_Statemen5
Revision of Financial Statements - Effect of the Immaterial Revisions in the Consolidated Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $28,794 | $24,752 | $21,040 |
(Increase) decrease in other assets | 2,977 | -1,295 | -3,464 |
Increase (decrease) in other liabilities | 324 | -1,048 | -169 |
Net cash provided by operating activities | 72,590 | 57,722 | 41,493 |
Net origination of finance receivables | -137,031 | -127,652 | -73,660 |
Net cash used in investing activities | -142,677 | -159,011 | -79,222 |
As Reported [Member] | ' | ' | ' |
Net income | ' | 25,367 | 21,244 |
(Increase) decrease in other assets | ' | -1,417 | ' |
Increase (decrease) in other liabilities | ' | -1,351 | -521 |
Net cash provided by operating activities | ' | 57,912 | 41,345 |
Net origination of finance receivables | ' | -127,842 | -73,512 |
Net cash used in investing activities | ' | -159,201 | -79,074 |
Change [Member] | ' | ' | ' |
Net income | ' | -615 | -204 |
(Increase) decrease in other assets | ' | 122 | ' |
Increase (decrease) in other liabilities | ' | 303 | 352 |
Net cash provided by operating activities | ' | -190 | 148 |
Net origination of finance receivables | ' | 190 | -148 |
Net cash used in investing activities | ' | $190 | ($148) |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Risks And Uncertainties [Abstract] | ' |
Concentration risk, geographic | 'The Company's portfolio of finance receivables is with customers living in five southeastern states (Alabama, Georgia, North Carolina, South Carolina, and Tennessee) and three southwestern states (Oklahoma, New Mexico and Texas) |
Finance_Receivables_Allowance_2
Finance Receivables, Allowance for Credit Losses and Credit Quality Information - Summary of Finance Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | $544,684 | $439,474 | $307,373 |
Small Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | 288,979 | 188,562 | 130,196 |
Large Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | 43,311 | 52,001 | 34,625 |
Automobile Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | 181,126 | 168,604 | 131,650 |
Retail Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | $31,268 | $30,307 | $10,902 |
Finance_Receivables_Allowance_3
Finance Receivables, Allowance for Credit Losses and Credit Quality Information - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Finance receivable , factors influenced management's decision | 'The methodology for estimating the allowance for credit losses changed from the trailing eight to trailing six month losses on small installment finance receivables, trailing twelve to trailing ten month losses on large installment finance receivables, and trailing twelve to trailing eleven month losses on retail purchase finance receivables | ' |
Reduction in loss allowance | $3,901 | ' |
Increase in Net income | 2,452 | ' |
Increase in diluted earnings per share | $0.19 | ' |
Offsetting pre-tax increase to the allowance for credit losses for qualitative factors | $3,450 | ' |
Finance receivables | 1.30% | 1.20% |
Finance_Receivables_Allowance_4
Finance Receivables, Allowance for Credit Losses and Credit Quality Information - Summary of Changes in Allowance for Credit Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Balance at beginning of year | $23,616 | $19,300 | $18,000 |
Provision for credit losses | 39,192 | 27,765 | 17,854 |
Finance receivables charged off | -33,750 | -24,275 | -17,147 |
Recoveries | 1,031 | 826 | 593 |
Balance at end of year | $30,089 | $23,616 | $19,300 |
Finance_Receivables_Allowance_5
Finance Receivables, Allowance for Credit Losses and Credit Quality Information - Reconciliation of Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at beginning of year | $23,616 | $19,300 | $18,000 |
Provision | 39,192 | 27,765 | 17,854 |
Finance receivables charged off | -33,750 | -24,275 | -17,147 |
Recoveries | 1,031 | 826 | 593 |
Balance at end of year | 30,089 | 23,616 | 19,300 |
Finance receivables | 544,684 | 439,474 | 307,373 |
Allowance as Percentage of Finance Receivables | 5.50% | 5.40% | 6.30% |
Small Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at beginning of year | 11,369 | 8,838 | 8,974 |
Provision | 22,620 | 15,225 | 9,998 |
Finance receivables charged off | -19,108 | -13,125 | -10,522 |
Recoveries | 489 | 431 | 388 |
Balance at end of year | 15,370 | 11,369 | 8,838 |
Finance receivables | 288,979 | 188,562 | 130,196 |
Allowance as Percentage of Finance Receivables | 5.30% | 6.00% | 6.80% |
Large Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at beginning of year | 2,753 | 2,448 | 2,972 |
Provision | 1,788 | 3,288 | 1,330 |
Finance receivables charged off | -2,630 | -3,252 | -1,926 |
Recoveries | 322 | 269 | 72 |
Balance at end of year | 2,233 | 2,753 | 2,448 |
Finance receivables | 43,311 | 52,001 | 34,625 |
Allowance as Percentage of Finance Receivables | 5.20% | 5.30% | 7.10% |
Automobile Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at beginning of year | 8,424 | 7,618 | 5,909 |
Provision | 12,094 | 7,888 | 6,118 |
Finance receivables charged off | -9,875 | -7,202 | -4,538 |
Recoveries | 184 | 120 | 129 |
Balance at end of year | 10,827 | 8,424 | 7,618 |
Finance receivables | 181,126 | 168,604 | 131,650 |
Allowance as Percentage of Finance Receivables | 6.00% | 5.00% | 5.80% |
Retail Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at beginning of year | 1,070 | 396 | 145 |
Provision | 2,690 | 1,364 | 408 |
Finance receivables charged off | -2,137 | -696 | -161 |
Recoveries | 36 | 6 | 4 |
Balance at end of year | 1,659 | 1,070 | 396 |
Finance receivables | $31,268 | $30,307 | $10,902 |
Allowance as Percentage of Finance Receivables | 5.30% | 3.50% | 3.60% |
Finance_Receivables_Allowance_6
Finance Receivables, Allowance for Credit Losses and Credit Quality Information - Finance Receivables Associated with Customers in Bankruptcy (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | $7,024 | $5,258 |
Small Installment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | 1,498 | 420 |
Large Installment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | 1,677 | 1,666 |
Automobile Purchase [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | 3,706 | 3,101 |
Retail Purchase [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | $143 | $71 |
Finance_Receivables_Allowance_7
Finance Receivables, Allowance for Credit Losses and Credit Quality Information - Assessment of Contractual Delinquency of Finance Receivables Portfolio by Component (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | $407,571 | $329,716 | ' |
Current, Percent | 74.90% | 75.00% | ' |
1 to 29 days delinquent | 93,303 | 80,223 | ' |
1 to 29 days delinquent, Percent | 17.10% | 18.30% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 17,088 | 12,387 | ' |
30 to 59 days, Percent | 3.10% | 2.80% | ' |
60 to 89 days | 9,267 | 6,049 | ' |
60 to 89 days, Percent | 1.70% | 1.40% | ' |
Over 90 days | 17,455 | 11,099 | ' |
Over 90 days, Percent | 3.20% | 2.50% | ' |
Total delinquency | 43,810 | 29,535 | ' |
Total delinquency, Percent | 8.00% | 6.70% | ' |
Finance receivables | 544,684 | 439,474 | 307,373 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 17,455 | 11,099 | ' |
Finance receivables in nonaccrual status, Percent | 3.20% | 2.50% | ' |
Small Installment [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 227,916 | 149,573 | ' |
Current, Percent | 78.80% | 79.30% | ' |
1 to 29 days delinquent | 35,425 | 25,285 | ' |
1 to 29 days delinquent, Percent | 12.30% | 13.40% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 8,030 | 4,514 | ' |
30 to 59 days, Percent | 2.80% | 2.40% | ' |
60 to 89 days | 5,600 | 2,996 | ' |
60 to 89 days, Percent | 1.90% | 1.60% | ' |
Over 90 days | 12,008 | 6,194 | ' |
Over 90 days, Percent | 4.20% | 3.30% | ' |
Total delinquency | 25,638 | 13,704 | ' |
Total delinquency, Percent | 8.90% | 7.30% | ' |
Finance receivables | 288,979 | 188,562 | 130,196 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 12,008 | 6,194 | ' |
Finance receivables in nonaccrual status, Percent | 4.20% | 3.30% | ' |
Large Installment [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 32,513 | 38,076 | ' |
Current, Percent | 75.10% | 73.20% | ' |
1 to 29 days delinquent | 7,788 | 9,872 | ' |
1 to 29 days delinquent, Percent | 18.00% | 19.00% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 1,220 | 1,651 | ' |
30 to 59 days, Percent | 2.80% | 3.10% | ' |
60 to 89 days | 530 | 757 | ' |
60 to 89 days, Percent | 1.20% | 1.50% | ' |
Over 90 days | 1,260 | 1,645 | ' |
Over 90 days, Percent | 2.90% | 3.20% | ' |
Total delinquency | 3,010 | 4,053 | ' |
Total delinquency, Percent | 6.90% | 7.80% | ' |
Finance receivables | 43,311 | 52,001 | 34,625 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 1,260 | 1,645 | ' |
Finance receivables in nonaccrual status, Percent | 2.90% | 3.20% | ' |
Automobile Purchase [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 122,313 | 117,847 | ' |
Current, Percent | 67.50% | 69.90% | ' |
1 to 29 days delinquent | 45,841 | 40,705 | ' |
1 to 29 days delinquent, Percent | 25.30% | 24.10% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 7,089 | 5,471 | ' |
30 to 59 days, Percent | 4.00% | 3.20% | ' |
60 to 89 days | 2,721 | 1,963 | ' |
60 to 89 days, Percent | 1.50% | 1.20% | ' |
Over 90 days | 3,162 | 2,618 | ' |
Over 90 days, Percent | 1.70% | 1.60% | ' |
Total delinquency | 12,972 | 10,052 | ' |
Total delinquency, Percent | 7.20% | 6.00% | ' |
Finance receivables | 181,126 | 168,604 | 131,650 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 3,162 | 2,618 | ' |
Finance receivables in nonaccrual status, Percent | 1.70% | 1.60% | ' |
Retail Purchase [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 24,829 | 24,220 | ' |
Current, Percent | 79.40% | 79.90% | ' |
1 to 29 days delinquent | 4,249 | 4,361 | ' |
1 to 29 days delinquent, Percent | 13.60% | 14.40% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 749 | 751 | ' |
30 to 59 days, Percent | 2.40% | 2.50% | ' |
60 to 89 days | 416 | 333 | ' |
60 to 89 days, Percent | 1.30% | 1.10% | ' |
Over 90 days | 1,025 | 642 | ' |
Over 90 days, Percent | 3.30% | 2.10% | ' |
Total delinquency | 2,190 | 1,726 | ' |
Total delinquency, Percent | 7.00% | 5.70% | ' |
Finance receivables | 31,268 | 30,307 | 10,902 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | $1,025 | $642 | ' |
Finance receivables in nonaccrual status, Percent | 3.30% | 2.10% | ' |
Finance_Receivables_Allowance_8
Finance Receivables, Allowance for Credit Losses and Credit Quality Information - Summary of Finance Receivables Evaluated for Impairment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $1,563 | $1,416 | ' |
Customers in Chapter 13 bankruptcy | 7,024 | 5,258 | ' |
Total impaired accounts specifically evaluated | 8,587 | 6,674 | ' |
Finance receivables evaluated collectively | 536,097 | 432,800 | ' |
Finance receivables | 544,684 | 439,474 | 307,373 |
Accounts in bankruptcy in nonaccrual status | 1,955 | 1,451 | ' |
Amount of the specific reserve for impaired accounts | 3,747 | 3,170 | ' |
Average impaired accounts | 8,118 | 5,984 | ' |
Amount of the general component of the reserve | 26,342 | 20,446 | ' |
Small Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 846 | 725 | ' |
Customers in Chapter 13 bankruptcy | 1,498 | 420 | ' |
Total impaired accounts specifically evaluated | 2,344 | 1,145 | ' |
Finance receivables evaluated collectively | 286,635 | 187,417 | ' |
Finance receivables | 288,979 | 188,562 | 130,196 |
Accounts in bankruptcy in nonaccrual status | 667 | 97 | ' |
Amount of the specific reserve for impaired accounts | 1,246 | 854 | ' |
Average impaired accounts | 2,079 | 1,192 | ' |
Amount of the general component of the reserve | 14,124 | 10,515 | ' |
Large Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 173 | 251 | ' |
Customers in Chapter 13 bankruptcy | 1,677 | 1,666 | ' |
Total impaired accounts specifically evaluated | 1,850 | 1,917 | ' |
Finance receivables evaluated collectively | 41,461 | 50,084 | ' |
Finance receivables | 43,311 | 52,001 | 34,625 |
Accounts in bankruptcy in nonaccrual status | 426 | 463 | ' |
Amount of the specific reserve for impaired accounts | 756 | 787 | ' |
Average impaired accounts | 1,935 | 1,732 | ' |
Amount of the general component of the reserve | 1,477 | 1,966 | ' |
Automobile Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 398 | 357 | ' |
Customers in Chapter 13 bankruptcy | 3,706 | 3,101 | ' |
Total impaired accounts specifically evaluated | 4,104 | 3,458 | ' |
Finance receivables evaluated collectively | 177,022 | 165,146 | ' |
Finance receivables | 181,126 | 168,604 | 131,650 |
Accounts in bankruptcy in nonaccrual status | 804 | 858 | ' |
Amount of the specific reserve for impaired accounts | 1,565 | 1,420 | ' |
Average impaired accounts | 3,831 | 2,952 | ' |
Amount of the general component of the reserve | 9,262 | 7,004 | ' |
Retail Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 146 | 83 | ' |
Customers in Chapter 13 bankruptcy | 143 | 71 | ' |
Total impaired accounts specifically evaluated | 289 | 154 | ' |
Finance receivables evaluated collectively | 30,979 | 30,153 | ' |
Finance receivables | 31,268 | 30,307 | 10,902 |
Accounts in bankruptcy in nonaccrual status | 58 | 33 | ' |
Amount of the specific reserve for impaired accounts | 180 | 109 | ' |
Average impaired accounts | 273 | 108 | ' |
Amount of the general component of the reserve | $1,479 | $961 | ' |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $18,420 | $14,676 |
Less accumulated depreciation | 11,320 | 9,565 |
Property and equipment, net | 7,100 | 5,111 |
Land and Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 847 | 847 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 15,163 | 11,970 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $2,410 | $1,859 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation expense | $2,174 | $1,492 | $1,204 |
Leases_Summary_of_Future_Minim
Leases - Summary of Future Minimum Rent Commitments Under Non-cancellable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $4,406 |
2015 | 3,370 |
2016 | 2,040 |
2017 | 879 |
2018 | 371 |
Thereafter | 27 |
Future minimum rent commitments, Total | $11,093 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | ' | ' | ' |
Rent expense | $4,339 | $3,539 | $2,607 |
Minimum [Member] | ' | ' | ' |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | ' | ' | ' |
Lease expiration period | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | ' | ' | ' |
Lease expiration period | '10 years | ' | ' |
Goodwill_Changes_in_the_Carryi
Goodwill - Changes in the Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Goodwill, Beginning Balance | $363 | $363 |
Accumulated goodwill impairment losses | ' | ' |
Goodwill acquired during the year | 353 | ' |
Impairment losses | ' | ' |
Goodwill, Ending Balance | 716 | 363 |
Accumulated goodwill impairment losses | ' | ' |
Total Goodwill | $716 | $363 |
Intangibles_Summary_of_Gross_C
Intangibles - Summary of Gross Carrying Amount and Related Accumulated Amortization of Definite-Lived Intangible Assets (Detail) (Customer List [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Customer List [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Customer List, Gross Carrying Amount | $2,589 | $2,673 |
Customer List, Accumulated Amortization | $1,203 | $858 |
Intangibles_Summary_of_Future_
Intangibles - Summary of Future Amortization of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $550 | ' |
2015 | 363 | ' |
2016 | 264 | ' |
2017 | 164 | ' |
2018 | 45 | ' |
Total | $1,386 | $1,815 |
Other_Assets_Summary_of_Other_
Other Assets - Summary of Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Restricted cash | $1,900 | $1,338 |
Prepaid expenses | 1,478 | 1,033 |
Debt issuance costs, net of accumulated amortization | 1,127 | 671 |
Income tax receivable | ' | 3,661 |
Interest rate caps | ' | 1 |
Other | 917 | 657 |
Other Assets, Total | $5,422 | $7,361 |
Debt_Summary_of_Companys_Debt_
Debt - Summary of Company's Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Long Term Debt [Line Items] | ' | ' |
Senior revolving credit facility | $362,750 | $292,379 |
Secured Debt [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Senior revolving credit facility | ' | ' |
Senior Revolving Credit Facility [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Senior revolving credit facility | 362,750 | 292,379 |
Unused amount of senior revolving credit facility, subject to borrowing base | $137,250 | $32,621 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate prime plus | 0.25% | 0.25% |
Debt maturity date | 25-Oct-13 | ' |
Debt interest rate | 15.25% | ' |
Debt interest rate payable at option | 2.00% | ' |
Secured line of credit | $362,750 | $292,379 |
Significant restrictive covenants | 0 | ' |
Senior Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Senior Secured Revolving Credit Facility Maximum Borrowing Amount | 500,000 | 325,000 |
Line of credit facility, accordion feature | 75,000 | ' |
Line of credit facility, increased accordion feature | 100,000 | ' |
Senior Secured Revolving Credit Facility, Basis Spread on Variable Rate | 1.00% | ' |
Pays an unused line fee per annum | 0.50% | ' |
Decreases unused line fee | 0.38% | ' |
Advances on debt agreement eligible finance receivables | 85.00% | ' |
Debt agreement expired date | 31-May-16 | ' |
Secured line of credit | 362,750 | 292,379 |
Prime Rate | 3.25% | 3.25% |
Senior Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate prime plus | 3.00% | ' |
Senior Secured Revolving Credit Facility, Description of Variable Rate Basis | 'The Company elects between one month and six months, with a LIBOR floor of 1.00%, plus an applicable margin (3.00% as of December 31, 2013) based on its leverage ratio | ' |
Senior Revolving Credit Facility [Member] | Prime Rate [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate prime plus | 2.00% | ' |
Senior Secured Revolving Credit Facility, Description of Variable Rate Basis | 'The Company may pay interest at a rate based on the prime rate plus an applicable margin (which was 2.00% as of December 31, 2013) | ' |
Collateralized Mortgage Obligations [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate prime plus | 0.25% | ' |
Debt agreement expired date | 18-Jan-15 | ' |
Secured line of credit | 1,500 | ' |
Minimum effective interest rate on line of credit | 5.00% | ' |
Mezzanine Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Loan from one of the sponsors | $25,814 | ' |
Debt_Summary_of_Principal_Paym
Debt - Summary of Principal Payments Required on Outstanding Debt (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | ' |
2015 | ' |
2016 | 362,750 |
2017 | ' |
2018 | ' |
Total | $362,750 |
Sale_of_Common_Stock_Temporary2
Sale of Common Stock, Temporary Equity, and Preferred Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 02, 2012 |
Minimum [Member] | Maximum [Member] | IPO [Member] | |||
Put Option [Member] | Put Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares issued | 12,652,197 | 12,486,727 | ' | ' | 3,150,000 |
Common stock, par value | $0.10 | $0.10 | ' | ' | $0.10 |
Selling price per share | ' | ' | ' | ' | $15 |
Period for exercise right to sale back stock | '5 years | ' | ' | ' | ' |
Put options exercisable period | '90 days | ' | ' | ' | ' |
Amendment date of put option | ' | ' | 12-Mar-12 | 21-Mar-12 | ' |
Purchase price of put option | $12,000 | ' | ' | ' | ' |
Preferred stock, par value | $0.10 | $0.10 | ' | ' | ' |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | ' |
Sale_of_Common_Stock_Temporary3
Sale of Common Stock, Temporary Equity, and Preferred Stock - Summary of Transaction Included Common Stock and Additional Paid-in-Capital (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' |
Beginning Balance, Shares | 12,486,727 | 9,336,727 | ' |
Common Stock Amount, Beginning Balance | $1,249 | $934 | ' |
Ending Balance, Shares | 12,652,197 | 12,486,727 | 9,336,727 |
Common Stock Amount, Ending Balance | 1,265 | 1,249 | 934 |
Additional Paid in Capital Beginning Balance | 80,158 | ' | ' |
Sale of common stock | ' | 47,250 | ' |
Underwriting discount and offering expenses | ' | -7,469 | ' |
Reclassification of temporary equity | ' | 12,000 | ' |
Stock option expense | 702 | 542 | 191 |
Additional Paid in Capital, Ending Balance | 83,317 | 80,158 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' |
Additional Paid in Capital Beginning Balance | 80,158 | 28,150 | ' |
Sale of common stock | ' | 46,935 | ' |
Underwriting discount and offering expenses | ' | -7,469 | ' |
Reclassification of temporary equity | ' | 12,000 | ' |
Stock option expense | 702 | 542 | 191 |
Additional Paid in Capital, Ending Balance | ' | 80,158 | 28,150 |
Common Stock [Member] | ' | ' | ' |
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' |
Sale of common stock, Shares | ' | 3,150,000 | ' |
Sale of common stock | ' | $315 | ' |
Sale_of_Common_Stock_Temporary4
Sale of Common Stock, Temporary Equity, and Preferred Stock - Summary of Transaction Included Common Stock and Additional Paid-in-Capital (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Interest_Rate_Caps_Additional_
Interest Rate Caps - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Interest rate caps purchased | 150,000 |
Strike rate | 6.00% |
Interest Rate Caps [Member] | ' |
Derivative [Line Items] | ' |
Maturity period of interest rate caps exchanged | 4-Mar-14 |
Interest_Rate_Caps_Summary_of_
Interest Rate Caps - Summary of Changes in Rate Caps (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Offsetting [Abstract] | ' | ' | ' |
Balance at end of prior year | $1 | $28 | ' |
Purchases | ' | ' | ' |
Fair value adjustment included as an (increase) in interest expense | -1 | -27 | -252 |
Balance sheet at December 31, included in other assets | ' | $1 | $28 |
Disclosure_about_Fair_Value_of2
Disclosure about Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Turnover rate of loan portfolio | 1.4 |
Disclosure_about_Fair_Value_of3
Disclosure about Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Company's Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets | ' | ' | ' |
Interest rate caps | ' | $1 | $28 |
Repossessed assets | 548 | 711 | ' |
Liabilities | ' | ' | ' |
Senior revolving credit facility | 362,750 | 292,379 | ' |
Carrying Amount [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash | 4,121 | 3,298 | ' |
Restricted cash | 1,900 | 1,338 | ' |
Carrying Amount [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Interest rate caps | ' | 1 | ' |
Carrying Amount [Member] | Level 3 Inputs [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Net finance receivables | 514,595 | 415,858 | ' |
Repossessed assets | 548 | 711 | ' |
Liabilities | ' | ' | ' |
Senior revolving credit facility | 362,750 | 292,379 | ' |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Cash | 4,121 | 3,298 | ' |
Restricted cash | 1,900 | 1,338 | ' |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Interest rate caps | ' | 1 | ' |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Net finance receivables | 514,595 | 415,858 | ' |
Repossessed assets | 548 | 711 | ' |
Liabilities | ' | ' | ' |
Senior revolving credit facility | $362,750 | $292,379 | ' |
Disclosure_about_Fair_Value_of4
Disclosure about Fair Value of Financial Instruments - Balances of Assets Measured at Fair Value on a Recurring Basis by Level Within Hierarchy (Detail) (Interest Rate Caps [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balances of assets measured at fair value on a recurring basis by level within hierarchy | ' | $1 |
Level 1 Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balances of assets measured at fair value on a recurring basis by level within hierarchy | ' | ' |
Level 2 Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balances of assets measured at fair value on a recurring basis by level within hierarchy | ' | 1 |
Level 3 Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balances of assets measured at fair value on a recurring basis by level within hierarchy | ' | ' |
Disclosure_about_Fair_Value_of5
Disclosure about Fair Value of Financial Instruments - Assets and Liabilities are Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets and liabilities are measured at fair value on a nonrecurring basis | $548 | $711 |
Repossessed Assets [Member] | Level 1 Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets and liabilities are measured at fair value on a nonrecurring basis | ' | ' |
Repossessed Assets [Member] | Level 2 Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets and liabilities are measured at fair value on a nonrecurring basis | ' | ' |
Repossessed Assets [Member] | Level 3 Inputs [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets and liabilities are measured at fair value on a nonrecurring basis | 548 | 711 |
Total Losses [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets and liabilities are measured at fair value on a nonrecurring basis | $492 | $456 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | $5,130 | $4,539 | $3,793 | $3,998 | $3,552 | $4,103 | $3,882 | $3,024 | $17,460 | $14,561 | $12,290 |
U.S. federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
Income_Taxes_Total_Income_Befo
Income Taxes - Total Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U. S. federal tax expense at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $16,189 | $13,760 | $11,666 |
Increase (reduction) in income taxes resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Small insurance company income exclusion | ' | ' | ' | ' | ' | ' | ' | ' | ' | -451 | -511 |
State tax, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,112 | 1,026 | 883 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 159 | 226 | 252 |
Total | $5,130 | $4,539 | $3,793 | $3,998 | $3,552 | $4,103 | $3,882 | $3,024 | $17,460 | $14,561 | $12,290 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense Attributable to Total Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U. S. federal | ' | ' | ' | ' | ' | ' | ' | ' | $18,297 | $7,467 | $7,104 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 2,457 | 1,132 | 825 |
Current total | ' | ' | ' | ' | ' | ' | ' | ' | 20,754 | 8,599 | 7,929 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U. S. federal | ' | ' | ' | ' | ' | ' | ' | ' | -2,549 | 5,516 | 3,828 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | -745 | 446 | 533 |
Deferred total | ' | ' | ' | ' | ' | ' | ' | ' | -3,294 | 5,962 | 4,361 |
Total | $5,130 | $4,539 | $3,793 | $3,998 | $3,552 | $4,103 | $3,882 | $3,024 | $17,460 | $14,561 | $12,290 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for credit losses | $10,769 | $8,427 |
Unearned insurance commissions | 1,461 | 1,278 |
Deferred loan fees | 3,601 | 219 |
Stock based compensation | 988 | 922 |
Fair value adjustment on interest rate cap | 12 | 84 |
Amortization of intangible assets | 501 | 334 |
Accrued expenses | 694 | 390 |
Gross deferred tax assets | 18,026 | 11,654 |
Deferred tax liabilities: | ' | ' |
Fair market value adjustment of finance receivables | 16,753 | 14,221 |
Deferred loan costs | 2,226 | 1,790 |
Tax over book depreciation | 1,182 | 1,002 |
Prepaid expenses | 510 | 402 |
Other | 8 | 186 |
Gross deferred tax liabilities | 20,679 | 17,601 |
Net deferred tax (liabilities) | ($2,653) | ($5,947) |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders, Net Income | $8,385 | $7,241 | $6,404 | $6,764 | $6,469 | $6,808 | $6,451 | $5,024 | $28,794 | $24,752 | $21,040 |
Income available to common stockholders, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 12,572,298 | 11,694,924 | 9,336,727 |
Income available to common stockholders, Per Share | $0.66 | $0.58 | $0.51 | $0.54 | $0.52 | $0.55 | $0.52 | $0.54 | $2.29 | $2.12 | $2.25 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options to purchase common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 321,395 | 285,824 | 284,240 |
Diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Net Income | $8,385 | $7,241 | $6,404 | $6,764 | $6,469 | $6,808 | $6,451 | $5,024 | $28,794 | $24,752 | $21,040 |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 12,893,693 | 11,980,748 | 9,620,967 |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Per Share | $0.65 | $0.56 | $0.50 | $0.53 | $0.51 | $0.53 | $0.51 | $0.52 | $2.23 | $2.07 | $2.19 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Options to purchase common stock, Shares | 321,395 | 285,824 | 284,240 |
Options to purchase common stock, Per Share | $10.70 | $8.66 | ' |
Equity Option [Member] | ' | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Options to purchase common stock, Shares | 26,500 | 310,000 | ' |
Options to purchase common stock, Per Share | $33.93 | $15 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | |
Apr. 30, 2012 | Mar. 31, 2012 | |
Owner | Sponsor | |
Related Party Transactions [Abstract] | ' | ' |
Number of individual owners | 3 | ' |
Number of Sponsors | ' | 2 |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of Transactions with Sponsors and Individual Owners who Retain an Interest (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Individual Owners [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Interest paid on mezzanine debt | $195 | $772 |
Financing fees | 3 | ' |
Consulting/Advisory fees expense | 563 | 450 |
Sponsors [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Interest paid on mezzanine debt | 812 | 3,491 |
Financing fees | 12 | ' |
Consulting/Advisory fees expense | $888 | $525 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non Employee Directors [Member] | Restricted Stock [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Health Insurance Plan [Member] | Health Insurance Plan [Member] | Health Insurance Plan [Member] | Retirement Savings Plan [Member] | Retirement Savings Plan [Member] | Retirement Savings Plan [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | Annual Incentive Plan [Member] | |||||
Non Employee Directors [Member] | 2007 Stock Plan [Member] | 2011 Stock Plan [Member] | Maximum [Member] | Minimum [Member] | Performance | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum service period required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | ' | ' | '1 year | ' | ' | ' | ' | ' |
Employee matching contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' |
Employee matching contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' |
Matching contribution of gross income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% | ' | ' | ' |
Matching contribution of gross income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 2.00% | ' | ' | ' |
Expense of employee related plan | ' | $39,868 | $33,492 | $25,679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,724 | $1,907 | $1,432 | $416 | $367 | $271 | ' | ' | ' |
Number of performance metrics | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Bonuses charged to operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 597 | 545 | 660 |
Common stock reserved for issuance pursuant to grants | ' | ' | ' | ' | ' | ' | 1,987,412 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of grants | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested option granted under the plan on the anniversary date of the grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period (in years) | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | '4 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option grants during the period | ' | 127,000 | 310,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise period of option | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | '10 years | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | 946,000 | ' | ' | ' | ' | ' | ' | ' | 447,790 | 498,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | 702 | 542 | 191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized stock-based compensation expense | ' | ' | ' | ' | ' | ' | 2,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of recognition of stock-based compensation expense | ' | ' | ' | ' | ' | ' | '3 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit, Total | ' | ' | ' | ' | ' | ' | 258 | 211 | 74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual life, options | ' | '5 years 7 months 6 days | ' | ' | ' | ' | '5 years 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | 2,448 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-employee directors shares of restricted common stock | ' | 869 | ' | ' | ' | 1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity restricted awards compensation for annual service to each of non-employee directors | ' | ' | ' | ' | ' | 4,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Income tax obligations Forgone by Directors | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards vesting period | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental director compensation expense | ' | ' | ' | ' | $1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Option Grants (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected volatility | 47.74% | 48.49% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | '10 years | '10 years |
Risk-free rate | 2.03% | 2.20% |
Vesting period (in years) | '5 years | '5 years |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Company's Stock Option Plan Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of Shares, Options outstanding, Beginning balance | 887 | ' |
Number of Shares, Granted | 127 | 310 |
Number of Shares, Exercised | -140 | ' |
Number of Shares, Forfeited | -8 | ' |
Number of Shares, Options outstanding, Ending balance | 866 | 887 |
Number of Shares, Options exercisable | 519 | ' |
Number of Shares, Available for grant | 946 | ' |
Weighted Average Price Per Share, Options outstanding, Beginning balance | $8.66 | ' |
Weighted Average Price Per Share, Granted | $20.33 | ' |
Weighted Average Price Per Share, Exercised | $6.25 | ' |
Weighted Average Price Per Share, Forfeited | $15 | ' |
Weighted Average Price Per Share, Options outstanding, Ending balance | $10.70 | $8.66 |
Weighted Average Price Per Share, Option exercisable | $6.53 | ' |
Weighted Average Remaining Contractual Life (Years), Option outstanding | '5 years 7 months 6 days | ' |
Weighted Average Remaining Contractual Life (Years), Option exercisable | '3 years 7 months 6 days | ' |
Aggregate Intrinsic Value, Option outstanding | $20,118 | ' |
Aggregate Intrinsic Value, Option exercisable | $14,234 | ' |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans - Summary of the Activity of Non-Vested Options Outstanding (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Shares, Non-vested options, Beginning balance | 285 | 45 |
Shares, Granted | 127 | 310 |
Shares, Vested | -57 | -57 |
Shares, Forfeited | -8 | -13 |
Shares, Non-vested options, Ending balance | 347 | 285 |
Weighted Average Grant Date Fair Value, Non-vested options, Beginning balance | $15 | $5.46 |
Weighted Average Grant Date Fair Value, Granted | $20.33 | $15 |
Weighted Average Grant Date Fair Value, Vested | $15 | $7.54 |
Weighted Average Grant Date Fair Value, Forfeited | $15 | $15 |
Weighted Average Grant Date Fair Value, Non-vested options, Ending balance | $16.95 | $15 |
Restricted_Assets_Premiums_Wri
Restricted Assets - Premiums Written and Reinsured Earned Premium (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Net Written Premiums | $17,260 | $15,718 | $14,220 |
Earned Premiums | $16,057 | $14,473 | $13,115 |
Restricted_Assets_Additional_I
Restricted Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 |
Letter of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Increase in letter of credit secured by cash deposit | ' | ' | ' | $1,900 |
Letter of credit secured by cash deposit | 1,900 | ' | ' | ' |
Restricted cash | 1,900 | 1,338 | ' | ' |
Period of life insurance policy | '1 year | ' | ' | ' |
Recognized revenue | $270 | $251 | $376 | ' |
Business_Combination_Summary_o
Business Combination - Summary of Business Combination Activity (Detail) (USD $) | Dec. 31, 2013 | Apr. 05, 2013 | Dec. 31, 2012 | Jan. 20, 2012 |
In Thousands, unless otherwise specified | Branches | Branches | Branches | |
Office | Office | |||
Business Combinations [Abstract] | ' | ' | ' | ' |
Branches purchased | 2 | 2 | 23 | ' |
Branches merged into existing offices | ' | ' | 4 | ' |
Net new offices | 2 | ' | 19 | ' |
Tangible assets: | ' | ' | ' | ' |
Net finance receivables | $211 | ' | $25,334 | ' |
Property and equipment | 11 | ' | 161 | ' |
Other | ' | ' | 408 | ' |
Intangible assets: | ' | ' | ' | ' |
Customer list | ' | ' | 2,485 | ' |
Goodwill | 353 | ' | ' | ' |
Total purchase price | $575 | $575 | $28,388 | $28,388 |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Apr. 05, 2013 | Dec. 31, 2012 | Jan. 20, 2012 |
In Thousands, unless otherwise specified | Branches | Branches | Branches | NumberofLoan |
Business Combinations [Abstract] | ' | ' | ' | ' |
Total purchase price | $575 | $575 | $28,388 | $28,388 |
Branches purchased | 2 | 2 | 23 | ' |
Number of consumer loan entities acquired | ' | ' | ' | 2 |
Quarterly_Information_Unaudite2
Quarterly Information (Unaudited) - Summary of the Company's Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $48,542 | $44,305 | $39,182 | $38,600 | $36,890 | $35,372 | $31,908 | $31,527 | $170,629 | $135,697 | $105,337 |
Provision for credit losses | 11,638 | 11,078 | 8,405 | 8,071 | 8,846 | 7,384 | 5,908 | 5,627 | ' | ' | ' |
General and administrative expenses | 19,480 | 17,534 | 17,339 | 16,686 | 14,999 | 14,372 | 13,326 | 12,861 | ' | ' | ' |
Consulting and advisory fees | ' | ' | ' | ' | ' | ' | ' | 1,451 | ' | 1,451 | 975 |
Interest expense | 3,909 | 3,913 | 3,241 | 3,081 | 3,024 | 2,705 | 2,341 | 3,540 | 14,144 | 11,610 | 12,343 |
Income tax | 5,130 | 4,539 | 3,793 | 3,998 | 3,552 | 4,103 | 3,882 | 3,024 | 17,460 | 14,561 | 12,290 |
Net income | $8,385 | $7,241 | $6,404 | $6,764 | $6,469 | $6,808 | $6,451 | $5,024 | $28,794 | $24,752 | $21,040 |
Net income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.66 | $0.58 | $0.51 | $0.54 | $0.52 | $0.55 | $0.52 | $0.54 | $2.29 | $2.12 | $2.25 |
Diluted | $0.65 | $0.56 | $0.50 | $0.53 | $0.51 | $0.53 | $0.51 | $0.52 | $2.23 | $2.07 | $2.19 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Liability reversal | $1,000 |