Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'Regional Management Corp. | ' |
Entity Central Index Key | '0001519401 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 12,713,573 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash | $3,562 | $4,121 |
Gross finance receivables | 622,854 | 658,176 |
Less unearned finance charges, insurance premiums, and commissions | -104,879 | -113,492 |
Finance receivables | 517,975 | 544,684 |
Allowance for credit losses | -34,584 | -30,089 |
Net finance receivables | 483,391 | 514,595 |
Property and equipment, net of accumulated depreciation | 7,929 | 7,100 |
Repossessed assets at net realizable value | 615 | 548 |
Goodwill | 716 | 716 |
Intangible assets, net | 1,068 | 1,386 |
Other assets | 6,714 | 5,422 |
Total assets | 503,995 | 533,888 |
Liabilities: | ' | ' |
Deferred tax liability, net | 847 | 2,653 |
Accounts payable and accrued expenses | 6,718 | 7,312 |
Senior revolving credit facility | 324,570 | 362,750 |
Total liabilities | 332,135 | 372,715 |
Commitments and Contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.10 par value, 100,000,000 shares authorized, no shares issued and outstanding at June 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $0.10 par value, 1,000,000,000 shares authorized, 12,701,821 and 12,652,197 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 1,270 | 1,265 |
Additional paid-in-capital | 83,975 | 83,317 |
Retained earnings | 86,615 | 76,591 |
Total stockholders' equity | 171,860 | 161,173 |
Total liabilities and stockholders' equity | $503,995 | $533,888 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 12,701,821 | 12,652,197 |
Common stock, shares outstanding | 12,701,821 | 12,652,197 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue | ' | ' | ' | ' |
Interest and fee income | $42,959 | $34,920 | $87,037 | $68,966 |
Insurance income, net | 2,481 | 2,772 | 5,776 | 5,736 |
Other income | 1,997 | 1,490 | 4,205 | 3,080 |
Total revenue | 47,437 | 39,182 | 97,018 | 77,782 |
Expenses | ' | ' | ' | ' |
Provision for credit losses | 13,620 | 8,405 | 30,564 | 16,476 |
General and administrative expenses | ' | ' | ' | ' |
Personnel | 13,068 | 9,882 | 24,242 | 20,105 |
Occupancy | 3,713 | 2,697 | 7,133 | 5,213 |
Marketing | 1,750 | 1,347 | 2,732 | 1,852 |
Other | 4,667 | 3,413 | 8,990 | 6,855 |
Interest expense | 3,556 | 3,241 | 7,319 | 6,322 |
Total expenses | 40,374 | 28,985 | 80,980 | 56,823 |
Income before income taxes | 7,063 | 10,197 | 16,038 | 20,959 |
Income taxes | 2,649 | 3,793 | 6,014 | 7,791 |
Net income | $4,414 | $6,404 | $10,024 | $13,168 |
Net income per common share: | ' | ' | ' | ' |
Basic | $0.35 | $0.51 | $0.79 | $1.05 |
Diluted | $0.34 | $0.50 | $0.77 | $1.03 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 12,691,227 | 12,584,942 | 12,673,177 | 12,543,888 |
Diluted | 12,915,673 | 12,881,117 | 12,957,976 | 12,831,040 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] |
In Thousands | ||||
Beginning 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 |
Issuance of stock awards | 85 | 3 | 82 | ' |
Proceeds from exercise of stock options | 90 | 2 | 88 | ' |
Excess tax benefit from exercise of stock options | 100 | ' | 100 | ' |
Stock option expense | 388 | ' | 388 | ' |
Net income | 10,024 | ' | ' | 10,024 |
Ending Balance at Jun. 30, 2014 | $171,860 | $1,270 | $83,975 | $86,615 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $10,024 | $13,168 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for credit losses | 30,564 | 16,476 |
Depreciation and amortization | 2,034 | 1,662 |
Accretion of discounts on purchased receivables | -58 | -330 |
Amortization of stock compensation expense | 473 | 358 |
Fair value adjustments on interest rate caps | ' | 1 |
Deferred income taxes, net | -1,806 | 1,333 |
Changes in operating assets and liabilities: | ' | ' |
Increase in other assets | -1,656 | -1,247 |
Decrease in other liabilities | -593 | -817 |
Net cash provided by operating activities | 38,982 | 30,604 |
Cash flows from investing activities: | ' | ' |
Net repayment (originations) of finance receivables | 698 | -36,806 |
Purchase of property and equipment | -2,246 | -2,834 |
Payment for business combination, net of cash | ' | -575 |
Increase in restricted cash | ' | -562 |
Net cash used in investing activities | -1,548 | -40,777 |
Cash flows from financing activities: | ' | ' |
Net advances (payments) on senior revolving credit facility | -38,180 | 9,900 |
Payments for debt issuance costs | -3 | -1,038 |
Proceeds from exercise of stock options | 90 | 536 |
Excess tax benefits from exercise of stock options | 100 | 408 |
Net cash provided by (used in) financing activities | -37,993 | 9,806 |
Net change in cash | -559 | -367 |
Cash: | ' | ' |
Beginning | 4,121 | 3,298 |
Ending | 3,562 | 2,931 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Cash payments for interest | 7,022 | 6,048 |
Cash payments for income taxes | $8,034 | $6,666 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1. Basis of Presentation | |
Basis of presentation: The consolidated financial statements of Regional Management Corp. (the “Company,” “we,” “us,” and “our”) have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q adopted by the Securities and Exchange Commission (“SEC”) and generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, and, accordingly, do not include all information and note disclosures required by GAAP for complete financial statements. The interim financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm in accordance with standards of the Public Company Accounting Oversight Board (U.S.), but in the opinion of management include all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows in accordance with GAAP. These consolidated financial statements should be read in conjunction with our current Annual Report on Form 10-K for the year ended December 31, 2013 and filed with the SEC. |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Business and Significant Accounting Policies | ' |
Note 2. Nature of Business and Significant Accounting Policies | |
Nature of business: 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 June 30, 2014, the Company operated branches in 293 locations in the states of Alabama (49 branches), Georgia (3 branches), North Carolina (31 branches), New Mexico (13 branches), Oklahoma (27 branches), South Carolina (70 branches), Tennessee (21 branches), and Texas (79 branches) 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 12 new branches during the three months ended June 30, 2014. | |
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. 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. The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the consumer finance industry. | |
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. | |
Use of estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Actual results could differ from those estimates. | |
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. |
Revision_of_Financial_Statemen
Revision of Financial Statements | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||||||||||
Revision of Financial Statements | ' | ||||||||||||||||||||||||
Note 3. Revision of Financial Statements | |||||||||||||||||||||||||
The Company has made immaterial revisions to its previously-filed financial statements included in this Quarterly Report on Form 10-Q to reflect revisions in the proper period. For details on the revision, see Part II, Item 6, Note 2. “Revision of Financial Statements” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |||||||||||||||||||||||||
The effect of the immaterial revisions in the consolidated financial statements for the periods indicated are as follows: | |||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||
Period Ended June 30, 2013 | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
As Reported (1) | Revised | Change | As Reported (1) | Revised | Change | ||||||||||||||||||||
Insurance income, net | $ | 2,973 | $ | 2,772 | $ | (201 | ) | $ | 5,906 | $ | 5,736 | $ | (170 | ) | |||||||||||
Total revenue | 39,383 | 39,182 | (201 | ) | 77,952 | 77,782 | (170 | ) | |||||||||||||||||
Personnel | 9,787 | 9,882 | 95 | 19,820 | 20,105 | 285 | |||||||||||||||||||
Other | 3,341 | 3,413 | 72 | 6,707 | 6,855 | 148 | |||||||||||||||||||
Total expenses | 28,818 | 28,985 | 167 | 56,390 | 56,823 | 433 | |||||||||||||||||||
Income before income taxes | 10,565 | 10,197 | (368 | ) | 21,562 | 20,959 | (603 | ) | |||||||||||||||||
Income taxes | 3,909 | 3,793 | (116 | ) | 7,978 | 7,791 | (187 | ) | |||||||||||||||||
Net income | $ | 6,656 | $ | 6,404 | $ | (252 | ) | $ | 13,584 | $ | 13,168 | $ | (416 | ) | |||||||||||
Net income per common share: | |||||||||||||||||||||||||
Basic | $ | 0.53 | $ | 0.51 | $ | (0.02 | ) | $ | 1.08 | $ | 1.05 | $ | (0.03 | ) | |||||||||||
Diluted | $ | 0.52 | $ | 0.5 | $ | (0.02 | ) | $ | 1.06 | $ | 1.03 | $ | (0.03 | ) | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
As Reported | Revised | Change (1) | |||||||||||||||||||||||
Net income | $ | 13,584 | $ | 13,168 | $ | (416 | ) | ||||||||||||||||||
Accretion of discounts on purchased receivables | (787 | ) | (330 | ) | 457 | ||||||||||||||||||||
Increase in other assets | (2,342 | ) | (1,247 | ) | 1,095 | ||||||||||||||||||||
Decrease in other liabilities | (1,166 | ) | (817 | ) | 349 | ||||||||||||||||||||
Net cash provided by operating activities | 29,119 | 30,604 | 1,485 | ||||||||||||||||||||||
Net repayment (originations) of finance receivables | (36,359 | ) | (36,806 | ) | (447 | ) | |||||||||||||||||||
Net cash used in investing activities | (40,330 | ) | (40,777 | ) | (447 | ) | |||||||||||||||||||
Payments for debt issuance cost | — | (1,038 | ) | (1,038 | ) | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 10,844 | 9,806 | (1,038 | ) | |||||||||||||||||||||
-1 | Includes the change due to the revision as well as certain prior period amounts that 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_
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
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 consisted of the following: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Small installment loans | $ | 275,456 | $ | 288,979 | |||||||||||||||||||||||||||||||||||||
Large installment loans | 42,996 | 43,311 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase loans | 171,777 | 181,126 | |||||||||||||||||||||||||||||||||||||||
Retail purchase loans | 27,746 | 31,268 | |||||||||||||||||||||||||||||||||||||||
Finance receivables | $ | 517,975 | $ | 544,684 | |||||||||||||||||||||||||||||||||||||
Changes in the allowance for credit losses for the periods indicated are as follows: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,325 | $ | 24,630 | $ | 30,089 | $ | 23,616 | |||||||||||||||||||||||||||||||||
Provision for credit losses | 13,620 | 8,405 | 30,564 | 16,476 | |||||||||||||||||||||||||||||||||||||
Finance receivables charged-off | (13,789 | ) | (7,675 | ) | (26,886 | ) | (15,031 | ) | |||||||||||||||||||||||||||||||||
Recoveries | 428 | 259 | 817 | 558 | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 34,584 | $ | 25,619 | $ | 34,584 | $ | 25,619 | |||||||||||||||||||||||||||||||||
The following is a reconciliation of the allowance for credit losses by product for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
April 1, | June 30, 2014 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2014 | June 30, 2014 | Finance Receivable | |||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 18,482 | $ | 10,640 | $ | (10,045 | ) | $ | 227 | $ | 19,304 | $ | 275,456 | 7 | % | ||||||||||||||||||||||||||
Large installment | 2,150 | 314 | (566 | ) | 88 | 1,986 | 42,996 | 4.6 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 11,883 | 2,117 | (2,529 | ) | 84 | 11,555 | 171,777 | 6.7 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,810 | 549 | (649 | ) | 29 | 1,739 | 27,746 | 6.3 | % | ||||||||||||||||||||||||||||||||
Total | $ | 34,325 | $ | 13,620 | $ | (13,789 | ) | $ | 428 | $ | 34,584 | $ | 517,975 | 6.7 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
April 1, | June 30, 2013 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2013 | June 30, 2013 | Finance Receivable | |||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 10,966 | $ | 5,791 | $ | (4,573 | ) | $ | 115 | $ | 12,299 | $ | 206,915 | 5.9 | % | ||||||||||||||||||||||||||
Large installment | 3,151 | (3 | ) | (607 | ) | 90 | 2,631 | 44,143 | 6 | % | |||||||||||||||||||||||||||||||
Automobile purchase | 9,214 | 1,861 | (1,951 | ) | 50 | 9,174 | 180,349 | 5.1 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,299 | 756 | (544 | ) | 4 | 1,515 | 30,941 | 4.9 | % | ||||||||||||||||||||||||||||||||
Total | $ | 24,630 | $ | 8,405 | $ | (7,675 | ) | $ | 259 | $ | 25,619 | $ | 462,348 | 5.5 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
January 1, | June 30, 2014 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2014 | June 30, 2014 | Finance Receivables | |||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 15,370 | $ | 22,276 | $ | (18,783 | ) | $ | 441 | $ | 19,304 | $ | 275,456 | 7 | % | ||||||||||||||||||||||||||
Large installment | 2,233 | 643 | (1,066 | ) | 176 | 1,986 | 42,996 | 4.6 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 10,827 | 6,262 | (5,680 | ) | 146 | 11,555 | 171,777 | 6.7 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,659 | 1,383 | (1,357 | ) | 54 | 1,739 | 27,746 | 6.3 | % | ||||||||||||||||||||||||||||||||
Total | $ | 30,089 | $ | 30,564 | $ | (26,886 | ) | $ | 817 | $ | 34,584 | $ | 517,975 | 6.7 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
January 1, | June 30, 2013 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2013 | June 30, 2013 | Finance Receivables | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 11,369 | $ | 9,352 | $ | (8,676 | ) | $ | 254 | $ | 12,299 | $ | 206,915 | 5.9 | % | ||||||||||||||||||||||||||
Large installment | 2,753 | 1,080 | (1,371 | ) | 169 | 2,631 | 44,143 | 6 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 8,424 | 4,644 | (4,010 | ) | 116 | 9,174 | 180,349 | 5.1 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,070 | 1,400 | (974 | ) | 19 | 1,515 | 30,941 | 4.9 | % | ||||||||||||||||||||||||||||||||
Total | $ | 23,616 | $ | 16,476 | $ | (15,031 | ) | $ | 558 | $ | 25,619 | $ | 462,348 | 5.5 | % | ||||||||||||||||||||||||||
Finance receivables associated with customers in bankruptcy as a percentage of total finance receivables were 1.3% as of June 30, 2014 and December 31, 2013. The following is a summary of the finance receivables associated with customers in bankruptcy as of the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 1,434 | $ | 1,498 | |||||||||||||||||||||||||||||||||||||
Large installment | 1,505 | 1,677 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase | 3,819 | 3,706 | |||||||||||||||||||||||||||||||||||||||
Retail purchase | 160 | 143 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,918 | $ | 7,024 | |||||||||||||||||||||||||||||||||||||
The contractual delinquency of the finance receivable portfolio by component for the periods indicated are as follows: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small Installment | Large Installment | Automobile Purchase | Retail Purchase | Total | |||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Current | $ | 221,408 | 80.3 | % | $ | 32,878 | 76.4 | % | $ | 118,721 | 69.1 | % | $ | 22,784 | 82.1 | % | $ | 395,791 | 76.4 | % | |||||||||||||||||||||
1 to 29 days delinquent | 34,326 | 12.5 | % | 7,681 | 17.9 | % | 42,075 | 24.5 | % | 3,717 | 13.4 | % | 87,799 | 17 | % | ||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 7,660 | 2.8 | % | 1,081 | 2.5 | % | 5,744 | 3.3 | % | 499 | 1.8 | % | 14,984 | 2.9 | % | ||||||||||||||||||||||||||
60 to 89 days | 3,901 | 1.4 | % | 421 | 1 | % | 2,195 | 1.3 | % | 255 | 0.9 | % | 6,772 | 1.3 | % | ||||||||||||||||||||||||||
90 days and over | 8,161 | 3 | % | 935 | 2.2 | % | 3,042 | 1.8 | % | 491 | 1.8 | % | 12,629 | 2.4 | % | ||||||||||||||||||||||||||
Total delinquency | $ | 19,722 | 7.2 | % | $ | 2,437 | 5.7 | % | $ | 10,981 | 6.4 | % | $ | 1,245 | 4.5 | % | $ | 34,385 | 6.6 | % | |||||||||||||||||||||
Total finance receivables | $ | 275,456 | 100 | % | $ | 42,996 | 100 | % | $ | 171,777 | 100 | % | $ | 27,746 | 100 | % | $ | 517,975 | 100 | % | |||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 8,161 | 3 | % | $ | 935 | 2.2 | % | $ | 3,042 | 1.8 | % | $ | 491 | 1.8 | % | $ | 12,629 | 2.4 | % | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small Installment | Large Installment | Automobile Purchase | Retail Purchase | Total | |||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
Following is a summary of finance receivables evaluated for impairment for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 1,259 | $ | 164 | $ | 512 | $ | 99 | $ | 2,034 | |||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 1,434 | 1,505 | 3,819 | 160 | 6,918 | ||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 2,693 | $ | 1,669 | $ | 4,331 | $ | 259 | $ | 8,952 | |||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 272,763 | 41,327 | 167,446 | 27,487 | 509,023 | ||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 275,456 | $ | 42,996 | $ | 171,777 | $ | 27,746 | $ | 517,975 | |||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 506 | $ | 327 | $ | 990 | $ | 59 | $ | 1,882 | |||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 1,726 | $ | 636 | $ | 1,901 | $ | 146 | $ | 4,409 | |||||||||||||||||||||||||||||||
Average impaired accounts | $ | 2,974 | $ | 1,828 | $ | 4,303 | $ | 311 | $ | 9,416 | |||||||||||||||||||||||||||||||
Amount of the general component of the reserve | $ | 17,578 | $ | 1,350 | $ | 9,654 | $ | 1,593 | $ | 30,175 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
It is not practical to compute the amount of interest earned on impaired loans. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Note 5. Debt | |
The Company’s senior revolving credit facility contains restrictive covenants. At June 30, 2014, the Company was in compliance with all debt covenants. As of June 30, 2014, the Company had $175,430 of unused capacity on the credit facility. Advances on this agreement are at 85% of eligible finance receivables and are subject to adjustment at certain credit quality levels (83% as of June 30, 2014). |
Disclosure_About_Fair_Value_of
Disclosure About Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Disclosure About Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 6. 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 fair 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, renewals, and charge-offs 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. | |||||||||||||||||
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 June 30, 2014. 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: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Assets | |||||||||||||||||
Level 1 inputs | |||||||||||||||||
Cash | $ | 3,562 | $ | 3,562 | $ | 4,121 | $ | 4,121 | |||||||||
Restricted cash | 1,900 | 1,900 | 1,900 | 1,900 | |||||||||||||
Level 3 inputs | |||||||||||||||||
Net finance receivables | 483,391 | 483,391 | 514,595 | 514,595 | |||||||||||||
Repossessed assets | 615 | 615 | 548 | 548 | |||||||||||||
Liabilities | |||||||||||||||||
Level 3 inputs | |||||||||||||||||
Senior revolving credit facility | 324,570 | 324,570 | 362,750 | 362,750 | |||||||||||||
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. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 7. 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. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||||
Note 8. Earnings Per Share | |||||||||||||||||||||||||
The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: | |||||||||||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | ||||||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | ||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||
Income available to common stockholders | $ | 4,414 | 12,691,227 | $ | 0.35 | $ | 10,024 | 12,673,177 | $ | 0.79 | |||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||
Options to purchase common stock | — | 224,446 | — | — | 284,799 | — | |||||||||||||||||||
Diluted earnings per share | |||||||||||||||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 4,414 | 12,915,673 | $ | 0.34 | $ | 10,024 | 12,957,976 | $ | 0.77 | |||||||||||||||
Options to purchase 404,531 shares of common stock at $15.00 to $33.93 per share were outstanding during the three and six months ended June 30, 2014, but were not included in the computation of diluted earnings per share because they were anti-dilutive. | |||||||||||||||||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | ||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||
Income available to common stockholders | $ | 6,404 | 12,584,942 | $ | 0.51 | $ | 13,168 | 12,543,888 | $ | 1.05 | |||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||
Options to purchase common stock | — | 296,175 | — | — | 287,152 | — | |||||||||||||||||||
Diluted earnings per share | |||||||||||||||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 6,404 | 12,881,117 | $ | 0.5 | $ | 13,168 | 12,831,040 | $ | 1.03 | |||||||||||||||
Benefit_Plans
Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Benefit Plans | ' | ||||||||||||||||
Note 9. Benefit Plans | |||||||||||||||||
Paid time off policy: The Company modernized its Paid Time Off (“PTO”) policy effective February 1, 2014. The new policy terms are more consistent with industry practices on the amount of PTO, eligible service requirements, cashout policy, and the use of potential PTO days. 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 carryover 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 or to remain on the old 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 reversal of $1.4 million of personnel expense. | |||||||||||||||||
Health insurance plan: As of May 1, 2014, the Company no longer offers a minimum essential coverage insurance plan for newly-hired hourly employees and hourly employees not participating in the Company’s major medical health plan. | |||||||||||||||||
Stock compensation plans: The Company previously adopted 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. As of June 30, 2014, there were 464,884 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. Amounts recognized in the financial statements with respect to stock-based compensation are provided in the following table. | |||||||||||||||||
Three Months | Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Stock options | $ | 187 | $ | 179 | $ | 388 | $ | 358 | |||||||||
Restricted stock | 85 | — | 85 | — | |||||||||||||
Total stock-based compensation expense | $ | 272 | $ | 179 | $ | 473 | $ | 358 | |||||||||
Stock options: | |||||||||||||||||
The following table summarizes stock option activity during the six months ended June 30, 2014 (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, 2014 | 866 | $ | 10.7 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (16 | ) | 5.46 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Options outstanding at June 30, 2014 | 850 | $ | 10.8 | 5.2 | $ | 4,584 | |||||||||||
Options exercisable at June 30, 2014 | 578 | $ | 7.72 | 3.8 | $ | 4,507 | |||||||||||
Available for grant at June 30, 2014 | 913 | ||||||||||||||||
Stock options granted under the 2007 Stock Plan vest 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 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 June 30, 2014, unrecognized stock-based compensation expense to be recognized over future periods approximated $2,398. This expense is expected to be recognized over the remaining weighted average vesting period of 3.3 years. The total intrinsic values of options exercised were $316 and $1,423 for the six months ended June 30, 2014 and 2013, respectively. The total income tax benefit recognized in the income statement for the stock-based compensation arrangements was $72 and $70, for the three months ended June 30, 2014 and 2013 and $150 and $140 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
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 six months ended June 30, 2013. No stock options were granted in the three months ended June 30, 2014 and 2013 or in the six months ended June 30, 2014. | |||||||||||||||||
Six Months Ended | |||||||||||||||||
June 30, 2013 | |||||||||||||||||
Expected volatility | 48.49 | % | |||||||||||||||
Expected dividends | 0 | % | |||||||||||||||
Expected term (in years) | 10 | ||||||||||||||||
Risk-free rate | 1.76 | % | |||||||||||||||
Vesting period (in years) | 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. | |||||||||||||||||
Restricted stock: | |||||||||||||||||
The following table summarizes restricted stock activity during the six months ended June 30, 2014 (shares in thousands): | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested restricted stock, beginning of the year | — | $ | — | ||||||||||||||
Granted | 33 | 15.34 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested restricted stock, end of the period | 33 | $ | 15.34 | ||||||||||||||
On April 30, 2014, the Company granted 33,244 shares of restricted common stock, with a grant date fair value of $15.34, to its non-employee directors. The awards 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. Compensation expense related to restricted stock is based on the number of shares expected to vest and the fair market value of the common stock on the grant date. As of June 30, 2014, unrecognized stock-based compensation expense to be recognized over future periods approximated $425. This expense is expected to be recognized over the remaining vesting period of 10 months. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 10. Commitments and Contingencies | |
On May 30, 2014, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against the Company and certain of its current and former directors, executive officers, and shareholders. The complaint alleges violations of the federal securities laws and seeks unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s securities in the September 2013 and December 2013 secondary public offerings. The Company expects that lead plaintiffs will be appointed and will file an amended complaint later this year, after which the Company has two months to respond. The Company believes that the claims against it are without merit and intends to defend against the litigation vigorously. | |
In the normal course of business, the Company has been named as a defendant in legal actions, including arbitrations, class actions and other litigation arising in connection with its activities. Some of the actual or threatened legal actions include claims for compensatory and punitive damages or claims for indeterminate amounts of damages. While the Company will continue to identify legal actions where the Company believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that we have not yet been notified of or are not yet determined to be probable or reasonably possible and reasonable to estimate. | |
The Company contests liability and the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred and the Company can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to net income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the amount of loss. In addition, even where a loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued, it is not always possible to reasonably estimate the size of the possible loss or range of loss. | |
For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or additional loss can be reasonably estimated for any given action. | |
For certain other legal actions, the Company can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but the Company does not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on the consolidated financial statements. | |
The Company expenses legal costs as they are incurred. |
Restricted_Assets
Restricted Assets | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Restricted Assets | ' |
Note 11. Restricted Assets | |
RMC Reinsurance, Ltd. is a wholly-owned insurance subsidiary of the Company. 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 at June 30, 2014 and December 31, 2013. |
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of business | ' |
Nature of business: 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 June 30, 2014, the Company operated branches in 293 locations in the states of Alabama (49 branches), Georgia (3 branches), North Carolina (31 branches), New Mexico (13 branches), Oklahoma (27 branches), South Carolina (70 branches), Tennessee (21 branches), and Texas (79 branches) 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 12 new branches during the three months ended June 30, 2014. | |
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. 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. | |
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. | |
Use of estimates | ' |
Use of estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Actual results could differ from those estimates. | |
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. |
Revision_of_Financial_Statemen1
Revision of Financial Statements (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||||||||||
Effect of the Immaterial Revisions in the Consolidated Statements of Income | ' | ||||||||||||||||||||||||
The effect of the immaterial revisions in the consolidated financial statements for the periods indicated are as follows: | |||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||
Period Ended June 30, 2013 | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
As Reported (1) | Revised | Change | As Reported (1) | Revised | Change | ||||||||||||||||||||
Insurance income, net | $ | 2,973 | $ | 2,772 | $ | (201 | ) | $ | 5,906 | $ | 5,736 | $ | (170 | ) | |||||||||||
Total revenue | 39,383 | 39,182 | (201 | ) | 77,952 | 77,782 | (170 | ) | |||||||||||||||||
Personnel | 9,787 | 9,882 | 95 | 19,820 | 20,105 | 285 | |||||||||||||||||||
Other | 3,341 | 3,413 | 72 | 6,707 | 6,855 | 148 | |||||||||||||||||||
Total expenses | 28,818 | 28,985 | 167 | 56,390 | 56,823 | 433 | |||||||||||||||||||
Income before income taxes | 10,565 | 10,197 | (368 | ) | 21,562 | 20,959 | (603 | ) | |||||||||||||||||
Income taxes | 3,909 | 3,793 | (116 | ) | 7,978 | 7,791 | (187 | ) | |||||||||||||||||
Net income | $ | 6,656 | $ | 6,404 | $ | (252 | ) | $ | 13,584 | $ | 13,168 | $ | (416 | ) | |||||||||||
Net income per common share: | |||||||||||||||||||||||||
Basic | $ | 0.53 | $ | 0.51 | $ | (0.02 | ) | $ | 1.08 | $ | 1.05 | $ | (0.03 | ) | |||||||||||
Diluted | $ | 0.52 | $ | 0.5 | $ | (0.02 | ) | $ | 1.06 | $ | 1.03 | $ | (0.03 | ) | |||||||||||
Effect of the Immaterial Revisions in the Consolidated Statements of Cash Flows | ' | ||||||||||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||
As Reported | Revised | Change (1) | |||||||||||||||||||||||
Net income | $ | 13,584 | $ | 13,168 | $ | (416 | ) | ||||||||||||||||||
Accretion of discounts on purchased receivables | (787 | ) | (330 | ) | 457 | ||||||||||||||||||||
Increase in other assets | (2,342 | ) | (1,247 | ) | 1,095 | ||||||||||||||||||||
Decrease in other liabilities | (1,166 | ) | (817 | ) | 349 | ||||||||||||||||||||
Net cash provided by operating activities | 29,119 | 30,604 | 1,485 | ||||||||||||||||||||||
Net repayment (originations) of finance receivables | (36,359 | ) | (36,806 | ) | (447 | ) | |||||||||||||||||||
Net cash used in investing activities | (40,330 | ) | (40,777 | ) | (447 | ) | |||||||||||||||||||
Payments for debt issuance cost | — | (1,038 | ) | (1,038 | ) | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 10,844 | 9,806 | (1,038 | ) | |||||||||||||||||||||
-1 | Includes the change due to the revision as well as certain prior period amounts that 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) | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Summary of Finance Receivables | ' | ||||||||||||||||||||||||||||||||||||||||
Finance receivables consisted of the following: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Small installment loans | $ | 275,456 | $ | 288,979 | |||||||||||||||||||||||||||||||||||||
Large installment loans | 42,996 | 43,311 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase loans | 171,777 | 181,126 | |||||||||||||||||||||||||||||||||||||||
Retail purchase loans | 27,746 | 31,268 | |||||||||||||||||||||||||||||||||||||||
Finance receivables | $ | 517,975 | $ | 544,684 | |||||||||||||||||||||||||||||||||||||
Summary of Changes in Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for credit losses for the periods indicated are as follows: | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,325 | $ | 24,630 | $ | 30,089 | $ | 23,616 | |||||||||||||||||||||||||||||||||
Provision for credit losses | 13,620 | 8,405 | 30,564 | 16,476 | |||||||||||||||||||||||||||||||||||||
Finance receivables charged-off | (13,789 | ) | (7,675 | ) | (26,886 | ) | (15,031 | ) | |||||||||||||||||||||||||||||||||
Recoveries | 428 | 259 | 817 | 558 | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 34,584 | $ | 25,619 | $ | 34,584 | $ | 25,619 | |||||||||||||||||||||||||||||||||
Reconciliation of Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the allowance for credit losses by product for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
April 1, | June 30, 2014 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2014 | June 30, 2014 | Finance Receivable | |||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 18,482 | $ | 10,640 | $ | (10,045 | ) | $ | 227 | $ | 19,304 | $ | 275,456 | 7 | % | ||||||||||||||||||||||||||
Large installment | 2,150 | 314 | (566 | ) | 88 | 1,986 | 42,996 | 4.6 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 11,883 | 2,117 | (2,529 | ) | 84 | 11,555 | 171,777 | 6.7 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,810 | 549 | (649 | ) | 29 | 1,739 | 27,746 | 6.3 | % | ||||||||||||||||||||||||||||||||
Total | $ | 34,325 | $ | 13,620 | $ | (13,789 | ) | $ | 428 | $ | 34,584 | $ | 517,975 | 6.7 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
April 1, | June 30, 2013 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2013 | June 30, 2013 | Finance Receivable | |||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 10,966 | $ | 5,791 | $ | (4,573 | ) | $ | 115 | $ | 12,299 | $ | 206,915 | 5.9 | % | ||||||||||||||||||||||||||
Large installment | 3,151 | (3 | ) | (607 | ) | 90 | 2,631 | 44,143 | 6 | % | |||||||||||||||||||||||||||||||
Automobile purchase | 9,214 | 1,861 | (1,951 | ) | 50 | 9,174 | 180,349 | 5.1 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,299 | 756 | (544 | ) | 4 | 1,515 | 30,941 | 4.9 | % | ||||||||||||||||||||||||||||||||
Total | $ | 24,630 | $ | 8,405 | $ | (7,675 | ) | $ | 259 | $ | 25,619 | $ | 462,348 | 5.5 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
January 1, | June 30, 2014 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2014 | June 30, 2014 | Finance Receivables | |||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 15,370 | $ | 22,276 | $ | (18,783 | ) | $ | 441 | $ | 19,304 | $ | 275,456 | 7 | % | ||||||||||||||||||||||||||
Large installment | 2,233 | 643 | (1,066 | ) | 176 | 1,986 | 42,996 | 4.6 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 10,827 | 6,262 | (5,680 | ) | 146 | 11,555 | 171,777 | 6.7 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,659 | 1,383 | (1,357 | ) | 54 | 1,739 | 27,746 | 6.3 | % | ||||||||||||||||||||||||||||||||
Total | $ | 30,089 | $ | 30,564 | $ | (26,886 | ) | $ | 817 | $ | 34,584 | $ | 517,975 | 6.7 | % | ||||||||||||||||||||||||||
Balance | Provision | Charge-Offs | Recoveries | Balance | Finance | Allowance as | |||||||||||||||||||||||||||||||||||
January 1, | June 30, 2013 | Receivables | Percentage of | ||||||||||||||||||||||||||||||||||||||
2013 | June 30, 2013 | Finance Receivables | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 11,369 | $ | 9,352 | $ | (8,676 | ) | $ | 254 | $ | 12,299 | $ | 206,915 | 5.9 | % | ||||||||||||||||||||||||||
Large installment | 2,753 | 1,080 | (1,371 | ) | 169 | 2,631 | 44,143 | 6 | % | ||||||||||||||||||||||||||||||||
Automobile purchase | 8,424 | 4,644 | (4,010 | ) | 116 | 9,174 | 180,349 | 5.1 | % | ||||||||||||||||||||||||||||||||
Retail purchase | 1,070 | 1,400 | (974 | ) | 19 | 1,515 | 30,941 | 4.9 | % | ||||||||||||||||||||||||||||||||
Total | $ | 23,616 | $ | 16,476 | $ | (15,031 | ) | $ | 558 | $ | 25,619 | $ | 462,348 | 5.5 | % | ||||||||||||||||||||||||||
Finance Receivables Associated with Customers in Bankruptcy | ' | ||||||||||||||||||||||||||||||||||||||||
The following is a summary of the finance receivables associated with customers in bankruptcy as of the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Small installment | $ | 1,434 | $ | 1,498 | |||||||||||||||||||||||||||||||||||||
Large installment | 1,505 | 1,677 | |||||||||||||||||||||||||||||||||||||||
Automobile purchase | 3,819 | 3,706 | |||||||||||||||||||||||||||||||||||||||
Retail purchase | 160 | 143 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,918 | $ | 7,024 | |||||||||||||||||||||||||||||||||||||
Contractual Delinquency of the Finance Receivable Portfolio by Component | ' | ||||||||||||||||||||||||||||||||||||||||
The contractual delinquency of the finance receivable portfolio by component for the periods indicated are as follows: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small Installment | Large Installment | Automobile Purchase | Retail Purchase | Total | |||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Current | $ | 221,408 | 80.3 | % | $ | 32,878 | 76.4 | % | $ | 118,721 | 69.1 | % | $ | 22,784 | 82.1 | % | $ | 395,791 | 76.4 | % | |||||||||||||||||||||
1 to 29 days delinquent | 34,326 | 12.5 | % | 7,681 | 17.9 | % | 42,075 | 24.5 | % | 3,717 | 13.4 | % | 87,799 | 17 | % | ||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 7,660 | 2.8 | % | 1,081 | 2.5 | % | 5,744 | 3.3 | % | 499 | 1.8 | % | 14,984 | 2.9 | % | ||||||||||||||||||||||||||
60 to 89 days | 3,901 | 1.4 | % | 421 | 1 | % | 2,195 | 1.3 | % | 255 | 0.9 | % | 6,772 | 1.3 | % | ||||||||||||||||||||||||||
90 days and over | 8,161 | 3 | % | 935 | 2.2 | % | 3,042 | 1.8 | % | 491 | 1.8 | % | 12,629 | 2.4 | % | ||||||||||||||||||||||||||
Total delinquency | $ | 19,722 | 7.2 | % | $ | 2,437 | 5.7 | % | $ | 10,981 | 6.4 | % | $ | 1,245 | 4.5 | % | $ | 34,385 | 6.6 | % | |||||||||||||||||||||
Total finance receivables | $ | 275,456 | 100 | % | $ | 42,996 | 100 | % | $ | 171,777 | 100 | % | $ | 27,746 | 100 | % | $ | 517,975 | 100 | % | |||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 8,161 | 3 | % | $ | 935 | 2.2 | % | $ | 3,042 | 1.8 | % | $ | 491 | 1.8 | % | $ | 12,629 | 2.4 | % | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Small Installment | Large Installment | Automobile Purchase | Retail Purchase | Total | |||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
Summary of Finance Receivables Evaluated for Impairment | ' | ||||||||||||||||||||||||||||||||||||||||
Following is a summary of finance receivables evaluated for impairment for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Small | Large | Automobile | Retail | Total | |||||||||||||||||||||||||||||||||||||
Installment | Installment | Purchase | Purchase | ||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 1,259 | $ | 164 | $ | 512 | $ | 99 | $ | 2,034 | |||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 1,434 | 1,505 | 3,819 | 160 | 6,918 | ||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 2,693 | $ | 1,669 | $ | 4,331 | $ | 259 | $ | 8,952 | |||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 272,763 | 41,327 | 167,446 | 27,487 | 509,023 | ||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 275,456 | $ | 42,996 | $ | 171,777 | $ | 27,746 | $ | 517,975 | |||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 506 | $ | 327 | $ | 990 | $ | 59 | $ | 1,882 | |||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 1,726 | $ | 636 | $ | 1,901 | $ | 146 | $ | 4,409 | |||||||||||||||||||||||||||||||
Average impaired accounts | $ | 2,974 | $ | 1,828 | $ | 4,303 | $ | 311 | $ | 9,416 | |||||||||||||||||||||||||||||||
Amount of the general component of the reserve | $ | 17,578 | $ | 1,350 | $ | 9,654 | $ | 1,593 | $ | 30,175 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Disclosure_About_Fair_Value_of1
Disclosure About Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Assets | |||||||||||||||||
Level 1 inputs | |||||||||||||||||
Cash | $ | 3,562 | $ | 3,562 | $ | 4,121 | $ | 4,121 | |||||||||
Restricted cash | 1,900 | 1,900 | 1,900 | 1,900 | |||||||||||||
Level 3 inputs | |||||||||||||||||
Net finance receivables | 483,391 | 483,391 | 514,595 | 514,595 | |||||||||||||
Repossessed assets | 615 | 615 | 548 | 548 | |||||||||||||
Liabilities | |||||||||||||||||
Level 3 inputs | |||||||||||||||||
Senior revolving credit facility | 324,570 | 324,570 | 362,750 | 362,750 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||||||||
The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: | |||||||||||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | ||||||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | ||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||
Income available to common stockholders | $ | 4,414 | 12,691,227 | $ | 0.35 | $ | 10,024 | 12,673,177 | $ | 0.79 | |||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||
Options to purchase common stock | — | 224,446 | — | — | 284,799 | — | |||||||||||||||||||
Diluted earnings per share | |||||||||||||||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 4,414 | 12,915,673 | $ | 0.34 | $ | 10,024 | 12,957,976 | $ | 0.77 | |||||||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | ||||||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | ||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||
Income available to common stockholders | $ | 6,404 | 12,584,942 | $ | 0.51 | $ | 13,168 | 12,543,888 | $ | 1.05 | |||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||||
Options to purchase common stock | — | 296,175 | — | — | 287,152 | — | |||||||||||||||||||
Diluted earnings per share | |||||||||||||||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 6,404 | 12,881,117 | $ | 0.5 | $ | 13,168 | 12,831,040 | $ | 1.03 | |||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Compensation Expense for Allocation of Stock-based Compensation Costs | ' | ||||||||||||||||
Amounts recognized in the financial statements with respect to stock-based compensation are provided in the following table. | |||||||||||||||||
Three Months | Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Stock options | $ | 187 | $ | 179 | $ | 388 | $ | 358 | |||||||||
Restricted stock | 85 | — | 85 | — | |||||||||||||
Total stock-based compensation expense | $ | 272 | $ | 179 | $ | 473 | $ | 358 | |||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity during the six months ended June 30, 2014 (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, 2014 | 866 | $ | 10.7 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (16 | ) | 5.46 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Options outstanding at June 30, 2014 | 850 | $ | 10.8 | 5.2 | $ | 4,584 | |||||||||||
Options exercisable at June 30, 2014 | 578 | $ | 7.72 | 3.8 | $ | 4,507 | |||||||||||
Available for grant at June 30, 2014 | 913 | ||||||||||||||||
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 six months ended June 30, 2013. No stock options were granted in the three months ended June 30, 2014 and 2013 or in the six months ended June 30, 2014. | |||||||||||||||||
Six Months Ended | |||||||||||||||||
June 30, 2013 | |||||||||||||||||
Expected volatility | 48.49 | % | |||||||||||||||
Expected dividends | 0 | % | |||||||||||||||
Expected term (in years) | 10 | ||||||||||||||||
Risk-free rate | 1.76 | % | |||||||||||||||
Vesting period (in years) | 5 | ||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes restricted stock activity during the six months ended June 30, 2014 (shares in thousands): | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested restricted stock, beginning of the year | — | $ | — | ||||||||||||||
Granted | 33 | 15.34 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested restricted stock, end of the period | 33 | $ | 15.34 | ||||||||||||||
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Jun. 30, 2014 | |
Branches | |
Nature Of Business And Significant Accounting Policies [Line Items] | ' |
Number of locations | 293 |
Number of branches opened | 12 |
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 | 13 |
North Carolina [Member] | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' |
Number of locations | 31 |
Oklahoma [Member] | ' |
Nature Of Business And Significant Accounting Policies [Line Items] | ' |
Number of locations | 27 |
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 | 79 |
Revision_of_Financial_Statemen2
Revision of Financial Statements - Effect of the Immaterial Revisions in the Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Insurance income, net | $2,481 | $2,772 | $5,776 | $5,736 | ' |
Total revenue | 47,437 | 39,182 | 97,018 | 77,782 | ' |
Personnel | 13,068 | 9,882 | 24,242 | 20,105 | ' |
Other | 4,667 | 3,413 | 8,990 | 6,855 | ' |
Total expenses | 40,374 | 28,985 | 80,980 | 56,823 | ' |
Income before income taxes | 7,063 | 10,197 | 16,038 | 20,959 | ' |
Income taxes | 2,649 | 3,793 | 6,014 | 7,791 | ' |
Net income | 4,414 | 6,404 | 10,024 | 13,168 | 28,794 |
Net income per common share: | ' | ' | ' | ' | ' |
Basic | $0.35 | $0.51 | $0.79 | $1.05 | ' |
Diluted | $0.34 | $0.50 | $0.77 | $1.03 | ' |
As Reported [Member] | ' | ' | ' | ' | ' |
Insurance income, net | ' | 2,973 | ' | 5,906 | ' |
Total revenue | ' | 39,383 | ' | 77,952 | ' |
Personnel | ' | 9,787 | ' | 19,820 | ' |
Other | ' | 3,341 | ' | 6,707 | ' |
Total expenses | ' | 28,818 | ' | 56,390 | ' |
Income before income taxes | ' | 10,565 | ' | 21,562 | ' |
Income taxes | ' | 3,909 | ' | 7,978 | ' |
Net income | ' | 6,656 | ' | 13,584 | ' |
Net income per common share: | ' | ' | ' | ' | ' |
Basic | ' | $0.53 | ' | $1.08 | ' |
Diluted | ' | $0.52 | ' | $1.06 | ' |
Change [Member] | ' | ' | ' | ' | ' |
Insurance income, net | ' | -201 | ' | -170 | ' |
Total revenue | ' | -201 | ' | -170 | ' |
Personnel | ' | 95 | ' | 285 | ' |
Other | ' | 72 | ' | 148 | ' |
Total expenses | ' | 167 | ' | 433 | ' |
Income before income taxes | ' | -368 | ' | -603 | ' |
Income taxes | ' | -116 | ' | -187 | ' |
Net income | ' | ($252) | ' | ($416) | ' |
Net income per common share: | ' | ' | ' | ' | ' |
Basic | ' | ($0.02) | ' | ($0.03) | ' |
Diluted | ' | ($0.02) | ' | ($0.03) | ' |
Revision_of_Financial_Statemen3
Revision of Financial Statements - Effect of the Immaterial Revisions in the Consolidated Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Net income | $10,024 | $13,168 | $28,794 |
Accretion of discounts on purchased receivables | -58 | -330 | ' |
Increase in other assets | -1,656 | -1,247 | ' |
Decrease in other liabilities | -593 | -817 | ' |
Net cash provided by operating activities | 38,982 | 30,604 | ' |
Net repayment (originations) of finance receivables | ' | -36,806 | ' |
Net cash used in investing activities | -1,548 | -40,777 | ' |
Payments for debt issuance cost | -3 | -1,038 | ' |
Net cash provided by (used in) financing activities | -37,993 | 9,806 | ' |
As Reported [Member] | ' | ' | ' |
Net income | ' | 13,584 | ' |
Accretion of discounts on purchased receivables | ' | -787 | ' |
Increase in other assets | ' | -2,342 | ' |
Decrease in other liabilities | ' | -1,166 | ' |
Net cash provided by operating activities | ' | 29,119 | ' |
Net repayment (originations) of finance receivables | ' | -36,359 | ' |
Net cash used in investing activities | ' | -40,330 | ' |
Payments for debt issuance cost | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | 10,844 | ' |
Change [Member] | ' | ' | ' |
Net income | ' | -416 | ' |
Accretion of discounts on purchased receivables | ' | 457 | ' |
Increase in other assets | ' | 1,095 | ' |
Decrease in other liabilities | ' | 349 | ' |
Net cash provided by operating activities | ' | 1,485 | ' |
Net repayment (originations) of finance receivables | ' | -447 | ' |
Net cash used in investing activities | ' | -447 | ' |
Payments for debt issuance cost | ' | -1,038 | ' |
Net cash provided by (used in) financing activities | ' | ($1,038) | ' |
Finance_Receivables_Allowance_2
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Summary of Finance Receivables (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | $517,975 | $544,684 | $462,348 |
Small Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | 275,456 | 288,979 | 206,915 |
Large Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | 42,996 | 43,311 | 44,143 |
Automobile Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | 171,777 | 181,126 | 180,349 |
Retail Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Finance receivables | $27,746 | $31,268 | $30,941 |
Finance_Receivables_Allowance_3
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Summary of Changes in Allowance for Credit Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Receivables [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $34,325 | $24,630 | $30,089 | $23,616 |
Provision for credit losses | 13,620 | 8,405 | 30,564 | 16,476 |
Finance receivables charged-off | -13,789 | -7,675 | -26,886 | -15,031 |
Recoveries | 428 | 259 | 817 | 558 |
Balance at end of period | $34,584 | $25,619 | $34,584 | $25,619 |
Finance_Receivables_Allowance_4
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Reconciliation of Allowance for Credit Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Balance at beginning of period | $34,325 | $24,630 | $30,089 | $23,616 | ' |
Provision | 13,620 | 8,405 | 30,564 | 16,476 | ' |
Charge-Offs | -13,789 | -7,675 | -26,886 | -15,031 | ' |
Recoveries | 428 | 259 | 817 | 558 | ' |
Balance at end of period | 34,584 | 25,619 | 34,584 | 25,619 | ' |
Finance receivables | 517,975 | 462,348 | 517,975 | 462,348 | 544,684 |
Allowance as Percentage of Finance Receivable | 6.70% | 5.50% | 6.70% | 5.50% | ' |
Small Installment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Balance at beginning of period | 18,482 | 10,966 | 15,370 | 11,369 | ' |
Provision | 10,640 | 5,791 | 22,276 | 9,352 | ' |
Charge-Offs | -10,045 | -4,573 | -18,783 | -8,676 | ' |
Recoveries | 227 | 115 | 441 | 254 | ' |
Balance at end of period | 19,304 | 12,299 | 19,304 | 12,299 | ' |
Finance receivables | 275,456 | 206,915 | 275,456 | 206,915 | 288,979 |
Allowance as Percentage of Finance Receivable | 7.00% | 5.90% | 7.00% | 5.90% | ' |
Large Installment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Balance at beginning of period | 2,150 | 3,151 | 2,233 | 2,753 | ' |
Provision | 314 | -3 | 643 | 1,080 | ' |
Charge-Offs | -566 | -607 | -1,066 | -1,371 | ' |
Recoveries | 88 | 90 | 176 | 169 | ' |
Balance at end of period | 1,986 | 2,631 | 1,986 | 2,631 | ' |
Finance receivables | 42,996 | 44,143 | 42,996 | 44,143 | 43,311 |
Allowance as Percentage of Finance Receivable | 4.60% | 6.00% | 4.60% | 6.00% | ' |
Automobile Purchase [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Balance at beginning of period | 11,883 | 9,214 | 10,827 | 8,424 | ' |
Provision | 2,117 | 1,861 | 6,262 | 4,644 | ' |
Charge-Offs | -2,529 | -1,951 | -5,680 | -4,010 | ' |
Recoveries | 84 | 50 | 146 | 116 | ' |
Balance at end of period | 11,555 | 9,174 | 11,555 | 9,174 | ' |
Finance receivables | 171,777 | 180,349 | 171,777 | 180,349 | 181,126 |
Allowance as Percentage of Finance Receivable | 6.70% | 5.10% | 6.70% | 5.10% | ' |
Retail Purchase [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Balance at beginning of period | 1,810 | 1,299 | 1,659 | 1,070 | ' |
Provision | 549 | 756 | 1,383 | 1,400 | ' |
Charge-Offs | -649 | -544 | -1,357 | -974 | ' |
Recoveries | 29 | 4 | 54 | 19 | ' |
Balance at end of period | 1,739 | 1,515 | 1,739 | 1,515 | ' |
Finance receivables | $27,746 | $30,941 | $27,746 | $30,941 | $31,268 |
Allowance as Percentage of Finance Receivable | 6.30% | 4.90% | 6.30% | 4.90% | ' |
Finance_Receivables_Allowance_5
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | ' | ' |
Finance receivables | 1.30% | 1.30% |
Finance_Receivables_Allowance_6
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Finance Receivables Associated with Customers in Bankruptcy (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | $6,918 | $7,024 |
Small Installment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | 1,434 | 1,498 |
Large Installment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | 1,505 | 1,677 |
Automobile Purchase [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | 3,819 | 3,706 |
Retail Purchase [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance receivables in bankruptcy | $160 | $143 |
Finance_Receivables_Allowance_7
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Contractual Delinquency of the Finance Receivable Portfolio by Component (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | $395,791 | $407,571 | ' |
Current, Percent | 76.40% | 74.90% | ' |
1 to 29 days delinquent | 87,799 | 93,303 | ' |
1 to 29 days delinquent, Percent | 17.00% | 17.10% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 14,984 | 17,088 | ' |
30 to 59 days, Percent | 2.90% | 3.10% | ' |
60 to 89 days | 6,772 | 9,267 | ' |
60 to 89 days, Percent | 1.30% | 1.70% | ' |
90 days and over | 12,629 | 17,455 | ' |
90 days and over, Percent | 2.40% | 3.20% | ' |
Total delinquency | 34,385 | 43,810 | ' |
Total delinquency, Percent | 6.60% | 8.00% | ' |
Finance receivables | 517,975 | 544,684 | 462,348 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 12,629 | 17,455 | ' |
Finance receivables in nonaccrual status, Percent | 2.40% | 3.20% | ' |
Small Installment [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 221,408 | 227,916 | ' |
Current, Percent | 80.30% | 78.80% | ' |
1 to 29 days delinquent | 34,326 | 35,425 | ' |
1 to 29 days delinquent, Percent | 12.50% | 12.30% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 7,660 | 8,030 | ' |
30 to 59 days, Percent | 2.80% | 2.80% | ' |
60 to 89 days | 3,901 | 5,600 | ' |
60 to 89 days, Percent | 1.40% | 1.90% | ' |
90 days and over | 8,161 | 12,008 | ' |
90 days and over, Percent | 3.00% | 4.20% | ' |
Total delinquency | 19,722 | 25,638 | ' |
Total delinquency, Percent | 7.20% | 8.90% | ' |
Finance receivables | 275,456 | 288,979 | 206,915 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 8,161 | 12,008 | ' |
Finance receivables in nonaccrual status, Percent | 3.00% | 4.20% | ' |
Large Installment [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 32,878 | 32,513 | ' |
Current, Percent | 76.40% | 75.10% | ' |
1 to 29 days delinquent | 7,681 | 7,788 | ' |
1 to 29 days delinquent, Percent | 17.90% | 18.00% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 1,081 | 1,220 | ' |
30 to 59 days, Percent | 2.50% | 2.80% | ' |
60 to 89 days | 421 | 530 | ' |
60 to 89 days, Percent | 1.00% | 1.20% | ' |
90 days and over | 935 | 1,260 | ' |
90 days and over, Percent | 2.20% | 2.90% | ' |
Total delinquency | 2,437 | 3,010 | ' |
Total delinquency, Percent | 5.70% | 6.90% | ' |
Finance receivables | 42,996 | 43,311 | 44,143 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 935 | 1,260 | ' |
Finance receivables in nonaccrual status, Percent | 2.20% | 2.90% | ' |
Automobile Purchase [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 118,721 | 122,313 | ' |
Current, Percent | 69.10% | 67.50% | ' |
1 to 29 days delinquent | 42,075 | 45,841 | ' |
1 to 29 days delinquent, Percent | 24.50% | 25.30% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 5,744 | 7,089 | ' |
30 to 59 days, Percent | 3.30% | 4.00% | ' |
60 to 89 days | 2,195 | 2,721 | ' |
60 to 89 days, Percent | 1.30% | 1.50% | ' |
90 days and over | 3,042 | 3,162 | ' |
90 days and over, Percent | 1.80% | 1.70% | ' |
Total delinquency | 10,981 | 12,972 | ' |
Total delinquency, Percent | 6.40% | 7.20% | ' |
Finance receivables | 171,777 | 181,126 | 180,349 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | 3,042 | 3,162 | ' |
Finance receivables in nonaccrual status, Percent | 1.80% | 1.70% | ' |
Retail Purchase [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Current | 22,784 | 24,829 | ' |
Current, Percent | 82.10% | 79.40% | ' |
1 to 29 days delinquent | 3,717 | 4,249 | ' |
1 to 29 days delinquent, Percent | 13.40% | 13.60% | ' |
Delinquent accounts | ' | ' | ' |
30 to 59 days | 499 | 749 | ' |
30 to 59 days, Percent | 1.80% | 2.40% | ' |
60 to 89 days | 255 | 416 | ' |
60 to 89 days, Percent | 0.90% | 1.30% | ' |
90 days and over | 491 | 1,025 | ' |
90 days and over, Percent | 1.80% | 3.30% | ' |
Total delinquency | 1,245 | 2,190 | ' |
Total delinquency, Percent | 4.50% | 7.00% | ' |
Finance receivables | 27,746 | 31,268 | 30,941 |
Total finance receivables, Percent | 100.00% | 100.00% | ' |
Finance receivables in nonaccrual status | $491 | $1,025 | ' |
Finance receivables in nonaccrual status, Percent | 1.80% | 3.30% | ' |
Finance_Receivables_Allowance_8
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Summary of Finance Receivables Evaluated for Impairment (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
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 | $2,034 | $1,563 | ' |
Customers in Chapter 13 bankruptcy | 6,918 | 7,024 | ' |
Total impaired accounts specifically evaluated | 8,952 | 8,587 | ' |
Finance receivables evaluated collectively | 509,023 | 536,097 | ' |
Finance receivables | 517,975 | 544,684 | 462,348 |
Accounts in bankruptcy in nonaccrual status | 1,882 | 1,955 | ' |
Amount of the specific reserve for impaired accounts | 4,409 | 3,747 | ' |
Average impaired accounts | 9,416 | 8,118 | ' |
Amount of the general component of the reserve | 30,175 | 26,342 | ' |
Small Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 1,259 | 846 | ' |
Customers in Chapter 13 bankruptcy | 1,434 | 1,498 | ' |
Total impaired accounts specifically evaluated | 2,693 | 2,344 | ' |
Finance receivables evaluated collectively | 272,763 | 286,635 | ' |
Finance receivables | 275,456 | 288,979 | 206,915 |
Accounts in bankruptcy in nonaccrual status | 506 | 667 | ' |
Amount of the specific reserve for impaired accounts | 1,726 | 1,246 | ' |
Average impaired accounts | 2,974 | 2,079 | ' |
Amount of the general component of the reserve | 17,578 | 14,124 | ' |
Large Installment [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 164 | 173 | ' |
Customers in Chapter 13 bankruptcy | 1,505 | 1,677 | ' |
Total impaired accounts specifically evaluated | 1,669 | 1,850 | ' |
Finance receivables evaluated collectively | 41,327 | 41,461 | ' |
Finance receivables | 42,996 | 43,311 | 44,143 |
Accounts in bankruptcy in nonaccrual status | 327 | 426 | ' |
Amount of the specific reserve for impaired accounts | 636 | 756 | ' |
Average impaired accounts | 1,828 | 1,935 | ' |
Amount of the general component of the reserve | 1,350 | 1,477 | ' |
Automobile Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 512 | 398 | ' |
Customers in Chapter 13 bankruptcy | 3,819 | 3,706 | ' |
Total impaired accounts specifically evaluated | 4,331 | 4,104 | ' |
Finance receivables evaluated collectively | 167,446 | 177,022 | ' |
Finance receivables | 171,777 | 181,126 | 180,349 |
Accounts in bankruptcy in nonaccrual status | 990 | 804 | ' |
Amount of the specific reserve for impaired accounts | 1,901 | 1,565 | ' |
Average impaired accounts | 4,303 | 3,831 | ' |
Amount of the general component of the reserve | 9,654 | 9,262 | ' |
Retail Purchase [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 99 | 146 | ' |
Customers in Chapter 13 bankruptcy | 160 | 143 | ' |
Total impaired accounts specifically evaluated | 259 | 289 | ' |
Finance receivables evaluated collectively | 27,487 | 30,979 | ' |
Finance receivables | 27,746 | 31,268 | 30,941 |
Accounts in bankruptcy in nonaccrual status | 59 | 58 | ' |
Amount of the specific reserve for impaired accounts | 146 | 180 | ' |
Average impaired accounts | 311 | 273 | ' |
Amount of the general component of the reserve | $1,593 | $1,479 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (Senior Revolving Credit Facility [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Senior Revolving Credit Facility [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, unused capacity | $175,430 |
Advances on debt agreement eligible finance receivables | 85.00% |
Percentage of advances on finance receivables | 83.00% |
Disclosure_About_Fair_Value_of2
Disclosure About Fair Value of Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Restricted cash | $1,900 | $1,900 |
Repossessed assets | 615 | 548 |
Liabilities | ' | ' |
Senior revolving credit facility | 324,570 | 362,750 |
Carrying Amount [Member] | Level 1 Inputs [Member] | ' | ' |
Assets | ' | ' |
Cash | 3,562 | 4,121 |
Restricted cash | 1,900 | 1,900 |
Carrying Amount [Member] | Level 3 Inputs [Member] | ' | ' |
Assets | ' | ' |
Net finance receivables | 483,391 | 514,595 |
Repossessed assets | 615 | 548 |
Liabilities | ' | ' |
Senior revolving credit facility | 324,570 | 362,750 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ' | ' |
Assets | ' | ' |
Cash | 3,562 | 4,121 |
Restricted cash | 1,900 | 1,900 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ' | ' |
Assets | ' | ' |
Net finance receivables | 483,391 | 514,595 |
Repossessed assets | 615 | 548 |
Liabilities | ' | ' |
Senior revolving credit facility | $324,570 | $362,750 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Basic earnings per share | ' | ' | ' | ' | ' |
Income available to common stockholders, Net Income | $4,414 | $6,404 | $10,024 | $13,168 | $28,794 |
Income available to common stockholders, Per Share | $0.35 | $0.51 | $0.79 | $1.05 | ' |
Income available to common stockholders, Shares | 12,691,227 | 12,584,942 | 12,673,177 | 12,543,888 | ' |
Effect of dilutive securities | ' | ' | ' | ' | ' |
Options to purchase common stock, Shares | 224,446 | 296,175 | 284,799 | 287,152 | ' |
Diluted earnings per share | ' | ' | ' | ' | ' |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Net Income | $4,414 | $6,404 | $10,024 | $13,168 | $28,794 |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Per Share | $0.34 | $0.50 | $0.77 | $1.03 | ' |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Shares | 12,915,673 | 12,881,117 | 12,957,976 | 12,831,040 | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | |||
Minimum [Member] | Maximum [Member] | |||||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Options to purchase common stock, Shares | ' | ' | 404,531 | 404,531 | ' | ' |
Options to purchase common stock, Per Share | $10.80 | $10.70 | ' | ' | $15 | $33.93 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | Stock Compensation Plans [Member] | ||||||
2011 Stock Plan [Member] | 2007 Stock Plan [Member] | Maximum [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in policy resulted in reversal of personnel expense | ' | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance pursuant to grants | ' | ' | ' | ' | ' | ' | ' | 1,987,412 | ' | ' | ' | ' |
Fair value of grants | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Shares available for grant | 913,000 | ' | ' | 913,000 | ' | ' | ' | ' | 464,884 | 447,790 | ' | ' |
Options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Vested options 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 | ' | ' |
Exercise period of options | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | '10 years | '9 years |
Unrecognized stock-based compensation expense | 2,398,000 | ' | ' | 2,398,000 | ' | ' | 425,000 | ' | ' | ' | ' | ' |
Period of recognition of stock-based compensation expense | '3 years 3 months 18 days | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Total intrinsic values of options exercised | ' | ' | ' | 316,000 | 1,423,000 | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit | $72,000 | ' | $70,000 | $150,000 | $140,000 | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted shares | ' | ' | ' | ' | ' | 33,244 | 33,000 | ' | ' | ' | ' | ' |
Grant date fair value | ' | ' | ' | ' | ' | $15.34 | $15.34 | ' | ' | ' | ' | ' |
Benefit_Plans_Schedule_of_Comp
Benefit Plans - Schedule of Compensation Expense for Allocation of Stock-based Compensation Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | $272 | $179 | $473 | $358 |
Stock Options [Member] | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | 187 | 179 | 388 | 358 |
Restricted Stock [Member] | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' |
Total stock-based compensation expense | $85 | ' | $85 | ' |
Benefit_Plans_Summary_of_Stock
Benefit Plans - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Shares, Options outstanding, Beginning balance | ' | ' | 866 |
Number of Shares, Granted | 0 | 0 | 0 |
Number of Shares, Exercised | ' | ' | -16 |
Number of Shares, Forfeited | ' | ' | ' |
Number of Shares, Options outstanding, Ending balance | 850 | ' | 850 |
Number of Shares, Options exercisable | 578 | ' | 578 |
Number of Shares, Available for grant | 913 | ' | 913 |
Weighted Average Price Per Share, Options outstanding, Beginning balance | ' | ' | $10.70 |
Weighted Average Price Per Share, Granted | ' | ' | ' |
Weighted Average Price Per Share, Exercised | ' | ' | $5.46 |
Weighted Average Price Per Share, Forfeited | ' | ' | ' |
Weighted Average Price Per Share, Options outstanding, Ending balance | $10.80 | ' | $10.80 |
Weighted Average Price Per Share, Options exercisable | $7.72 | ' | $7.72 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | ' | ' | '5 years 2 months 12 days |
Weighted Average Remaining Contractual Life (Years), Options exercisable | ' | ' | '3 years 9 months 18 days |
Aggregate Intrinsic Value, Options outstanding | $4,584 | ' | $4,584 |
Aggregate Intrinsic Value, Options exercisable | $4,507 | ' | $4,507 |
Benefit_Plans_Fair_Value_of_Op
Benefit Plans - Fair Value of Option Grants (Detail) | 6 Months Ended |
Jun. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Expected volatility | 48.49% |
Expected dividends | 0.00% |
Expected term (in years) | '10 years |
Risk-free rate | 1.76% |
Vesting period (in years) | '5 years |
Benefit_Plans_Summary_of_the_A
Benefit Plans - Summary of the Activity of Non-Vested Options (Detail) (Restricted Stock [Member], USD $) | 1 Months Ended | 6 Months Ended |
Apr. 30, 2014 | Jun. 30, 2014 | |
Restricted Stock [Member] | ' | ' |
Schedule Of Nonvested Restricted Stock Activity [Line Items] | ' | ' |
Shares, Non-vested restricted stock, beginning of the year | ' | ' |
Shares, Granted | 33,244 | 33,000 |
Shares, Vested | ' | ' |
Shares, Forfeited | ' | ' |
Shares, Non-vested restricted stock, end of the period | ' | 33,000 |
Weighted Average Grant Date Fair Value, Non-vested restricted stock, beginning of the year | ' | ' |
Weighted Average Grant Date Fair Value, Granted | $15.34 | $15.34 |
Weighted Average Grant Date Fair Value, Vested | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | ' | ' |
Weighted Average Grant Date Fair Value, Non-vested restricted stock, end of the period | ' | $15.34 |
Restricted_Assets_Additional_I
Restricted Assets - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | 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 | $1,900 | ' |