Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 09, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RM | ||
Entity Registrant Name | Regional Management Corp. | ||
Entity Central Index Key | 1519401 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 12,853,743 | ||
Entity Public Float | $181,021,880 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash | $4,012 | $4,121 |
Gross finance receivables | 663,432 | 658,176 |
Less unearned finance charges, insurance premiums, and commissions | -117,240 | -113,492 |
Finance receivables | 546,192 | 544,684 |
Allowance for credit losses | -40,511 | -30,089 |
Net finance receivables | 505,681 | 514,595 |
Property and equipment, net of accumulated depreciation | 8,905 | 7,100 |
Deferred tax asset, net | 1,870 | |
Repossessed assets at net realizable value | 556 | 548 |
Goodwill | 716 | 716 |
Intangible assets, net | 847 | 1,386 |
Other assets | 7,683 | 5,422 |
Total assets | 530,270 | 533,888 |
Liabilities: | ||
Senior revolving credit facility | 341,419 | 362,750 |
Accounts payable and accrued expenses | 10,528 | 7,312 |
Deferred tax liability, net | 2,653 | |
Total liabilities | 351,947 | 372,715 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.10 par value, 100,000,000 shares authorized, no shares issued or outstanding | ||
Common stock, $0.10 par value, 1,000,000,000 shares authorized, 12,747,767 and 12,652,197 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,275 | 1,265 |
Additional paid-in-capital | 85,655 | 83,317 |
Retained earnings | 91,393 | 76,591 |
Total stockholders' equity | 178,323 | 161,173 |
Total liabilities and stockholders' equity | $530,270 | $533,888 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 12,747,767 | 12,652,197 |
Common stock, shares outstanding | 12,747,767 | 12,652,197 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | |||
Interest and fee income | $184,786 | $152,343 | $119,025 |
Insurance income, net | 10,673 | 11,470 | 10,681 |
Other income | 9,260 | 6,816 | 5,991 |
Total revenue | 204,719 | 170,629 | 135,697 |
Expenses | |||
Provision for credit losses | 69,057 | 39,192 | 27,765 |
General and administrative expenses | |||
Personnel | 55,383 | 39,868 | 33,492 |
Occupancy | 15,427 | 11,640 | 8,655 |
Marketing | 6,330 | 3,980 | 2,767 |
Other | 19,636 | 15,551 | 10,644 |
Consulting and advisory fees | 1,451 | ||
Interest expense | |||
Senior revolving credit facility and other debt | 14,947 | 14,144 | 10,580 |
Mezzanine debt-related parties | 1,030 | ||
Total interest expense | 14,947 | 14,144 | 11,610 |
Total expenses | 180,780 | 124,375 | 96,384 |
Income before income taxes | 23,939 | 46,254 | 39,313 |
Income taxes | 9,137 | 17,460 | 14,561 |
Net income | $14,802 | $28,794 | $24,752 |
Net income per common share: | |||
Basic | $1.17 | $2.29 | $2.12 |
Diluted | $1.14 | $2.23 | $2.07 |
Weighted average common shares outstanding: | |||
Basic | 12,701,083 | 12,572,298 | 11,694,924 |
Diluted | 12,951,441 | 12,893,693 | 11,980,748 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] |
In Thousands | ||||
Beginning Balance at Dec. 31, 2011 | $52,129 | $934 | $28,150 | $23,045 |
Sale of common stock | 47,250 | 315 | 46,935 | |
Share-based compensation | 542 | 542 | ||
Underwriting discount and offering expense | -7,469 | -7,469 | ||
Reclassification of temporary equity | 12,000 | 12,000 | ||
Net income | 24,752 | 24,752 | ||
Ending Balance at Dec. 31, 2012 | 129,204 | 1,249 | 80,158 | 47,797 |
Issuance of stock awards | 869 | 2 | 867 | |
Share-based compensation | 702 | 702 | ||
Exercise of stock options | 873 | 14 | 859 | |
Excess tax benefit from exercise of stock options | 731 | 731 | ||
Net income | 28,794 | 28,794 | ||
Ending Balance at Dec. 31, 2013 | 161,173 | 1,265 | 83,317 | 76,591 |
Shares withheld related to net share settlement | -196 | -2 | -194 | |
Issuance of restricted stock awards | 7 | 7 | ||
Share-based compensation | 2,253 | 2,253 | ||
Exercise of stock options | 123 | 5 | 118 | |
Excess tax benefit from exercise of stock options | 161 | 161 | ||
Net income | 14,802 | 14,802 | ||
Ending Balance at Dec. 31, 2014 | $178,323 | $1,275 | $85,655 | $91,393 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $14,802 | $28,794 | $24,752 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 69,057 | 39,192 | 27,765 |
Depreciation and amortization | 3,790 | 3,459 | 2,598 |
Accretion of discounts on purchased receivables | -85 | -434 | -1,581 |
Amortization of share-based compensation | 2,312 | 1,571 | 542 |
Fair value adjustment on interest rate caps | 1 | 27 | |
Deferred income taxes, net | -4,523 | -3,294 | 5,962 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in other assets | -2,799 | 2,977 | -1,295 |
Increase (decrease) in other liabilities | 2,966 | 324 | -1,048 |
Net cash provided by operating activities | 85,520 | 72,590 | 57,722 |
Cash flows from investing activities: | |||
Net origination of finance receivables | -59,962 | -137,031 | -127,652 |
Purchase of property and equipment | -4,442 | -4,152 | -1,996 |
Payment for business combination, net of cash | -128 | -575 | -28,388 |
Increase in restricted cash | -562 | ||
Purchase of finance receivables | -357 | -975 | |
Net cash used in investing activities | -64,532 | -142,677 | -159,011 |
Cash flows from financing activities: | |||
Net advances (payments) on senior revolving credit facility | -21,331 | 70,371 | 86,370 |
Payments for debt issuance costs | -52 | -1,065 | -598 |
Proceeds from exercise of stock options | 119 | 873 | |
Excess tax benefits from exercise of stock options | 167 | 731 | |
Net proceeds from issuance of common stock | 39,781 | ||
Repayment of mezzanine debt | -25,814 | ||
Decrease in cash overdraft | -1 | ||
Net cash provided by (used in) financing activities | -21,097 | 70,910 | 99,738 |
Net change in cash | -109 | 823 | -1,551 |
Cash: | |||
Beginning | 4,121 | 3,298 | 4,849 |
Ending | 4,012 | 4,121 | 3,298 |
Cash payments for interest | |||
Paid to third parties | 14,367 | 13,468 | 10,281 |
Paid to related parties | 1,085 | ||
Cash payments for income taxes | $15,237 | $16,205 | $14,273 |
Nature_of_Business_and_Signifi
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Note 1. Nature of Business and Significant Accounting Policies |
Nature of business: Regional Management Corp. (the “Company”) was incorporated and began operations in 1987. The Company is engaged in the consumer finance business, offering small loans (branch small loans and convenience checks), large loans, automobile loans, retail loans, and related credit insurance. As of December 31, 2014, the Company operated offices in 300 locations in the states of Alabama (49 offices), Georgia (3 offices), New Mexico (13 offices), North Carolina (34 offices), Oklahoma (27 offices), South Carolina (70 offices), Tennessee (21 offices), and Texas (83 offices) under the names Regional Finance, RMC Financial Services, Anchor Finance, Superior Financial Services, First Community Credit, and Sun Finance. The Company opened or acquired 36, 43, and 51 net new offices during the years ended December 31, 2014, 2013, and 2012, respectively. | |
The Company’s loan volume and corresponding finance receivables follow seasonal trends. Demand for the Company’s 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, the Company typically generates higher loan volumes in the second half of the year from 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. | |
Significant accounting policies: The following is a description of significant accounting policies used in preparing the financial statements. The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the consumer finance industry. | |
Business segments: The Company has one reportable segment, which is the consumer finance segment. The other revenue generating activities of the Company, including insurance operations, are performed in the existing branch network in conjunction with or as a complement to the lending operations. | |
Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate wholly-owned 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. | |
Statement of cash flows: Cash flows from finance receivables and the Company’s senior revolving credit facility are reported on a net basis. | |
Finance receivables: The Company’s small loan portfolio is comprised of branch small loan receivables and convenience check receivables. Branch small loan receivables are direct loans to customers closed in the branch and are secured by non-essential household goods and, in some instances, an automobile. Convenience checks are direct loans originated by mailing checks to customers based on a pre-screening process that includes a review of the prospective customer’s credit profile provided by national credit reporting bureaus or data aggregators. A recipient of a convenience check is able to enter into a loan by endorsing and depositing the check. Large loan receivables are direct loans to customers and are typically secured by automobiles, other vehicles, and non-essential household goods. Automobile loan receivables consist of direct automobile purchase loans, which are originated at the dealership and closed in one of the Company’s branches, and indirect automobile purchase loans, which are originated and closed at a dealership in the Company’s network without the need for the customer to visit one of the Company’s branches. In each case, these automobile loans are collateralized primarily by used and new automobiles and, in the case of indirect loans, are initiated by and purchased from automobile dealerships, subject to the Company’s credit approval. Retail loan receivables consist principally of retail installment sales contracts collateralized by the purchase of furniture, appliances, and other retail items, and are initiated by and purchased from retailers, subject to the Company’s credit approval. | |
Credit losses: Provisions for credit losses are charged to income as losses are estimated to have occurred and in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for losses on the finance receivables. In the past, the Company charged credit losses against the allowance when management believed the finance receivable was no longer collectible (discretionary element) or when the account was 365 days contractually delinquent (time-based element). The factors used to determine whether a finance receivable is uncollectible were the age of the account, supervisory review of collection efforts, and other factors such as customers relocating to an area where collection is not practical. In September 2014, the Company changed the time-based element of the charge-off policy from 365 days contractually delinquent to 180 days. In December 2014, the Company eliminated the discretionary element of the charge-off policy, subject to certain exceptions. The Company’s policy for non-titled accounts in a confirmed bankruptcy is to charge them off at 60 days contractually delinquent, subject to certain exceptions. Deceased borrower accounts are charged off in the month following the proper notification of passing, with the exception of borrowers with credit life insurance. The updated policy improves consistency and creates better alignment with industry practice. Subsequent recoveries, if any, are credited to the allowance. Loss experience, effective loan life, contractual delinquency of finance receivables by loan type, the value of underlying collateral, and management’s judgment are factors used in assessing the overall adequacy of the allowance and the resulting provision for credit losses. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions or portfolio performance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revisions as more information becomes available. | |
The Company initiates repossession proceedings when the customer is unlikely to make further payments in the opinion of management. The Company sells substantially all repossessed vehicle inventory through public sales conducted by independent automobile auction organizations after the required post-repossession waiting period. Losses on the sale of repossessed collateral are charged to the allowance for credit losses. | |
The allowance for credit losses consists of general and specific components. The general component of the allowance estimates credit losses for groups of finance receivables on a collective basis and is based on historic loss rates. The Company’s general component of the allowance for credit losses relates to probable incurred losses of unimpaired finance receivables. The historical loss rate for the most recent six months (branch small loans and convenience checks), ten months (large and retail loans), and twelve months (automobile loans) as a percentage of average finance receivables is used to estimate the general allowance. | |
The Company adjusts the computed historical loss percentages as described above for qualitative factors based on an assessment of internal and external influences on credit quality that are not fully reflected in the historical loss data. Those qualitative factors include trends in growth in the loan portfolio, delinquency, unemployment, bankruptcy, and other economic trends. | |
Impaired finance receivables: The specific component of the allowance for credit losses relates to impaired finance receivables. Finance receivables that have been modified by bankruptcy proceedings are considered impaired and are accounted for in the aggregate as troubled debt restructurings. At the time of restructuring, a specific valuation allowance is established for such finance receivables within the allowance for credit losses. The Company computes the estimated impairment on its bankrupt loans by discounting the projected cash flows at the original contract rates on the loan using the terms imposed by the bankruptcy court. This method is applied in the aggregate to each of the Company’s five classes of loans. In making the computations of the present value of cash payments to be received on bankrupt accounts in each product category, the Company used the weighted-average interest rates and weighted-average remaining term based on data as of each balance sheet date. | |
For customers in a confirmed Chapter 13 bankruptcy plan, the Company reduces the interest rate to that specified in the bankruptcy order and the Company receives payments with respect to the remaining amount of the loan from the bankruptcy trustee. For customers who recently filed for Chapter 13 bankruptcy, the Company generally does not receive any payments until their bankruptcy plan is confirmed by the court. If the customers have made payments to the trustee in advance of plan confirmation, the Company may receive a lump sum payment from the trustee once the plan is confirmed. This lump sum payment represents the Company’s pro-rata share of the amount paid by the customer. If a customer fails to comply with the terms of the bankruptcy order, the Company will petition the trustee to have the customer dismissed from bankruptcy. Upon dismissal, the Company restores the account to the original terms and pursues collection through its normal collection activities. | |
If a customer files for bankruptcy under Chapter 7 of the bankruptcy code, the bankruptcy court has the authority to cancel the customer’s debt. If a vehicle secures a Chapter 7 bankruptcy account, the customer has the option of buying the vehicle at fair value or reaffirming the loan and continuing to pay the loan. | |
Prior to the charge-off policy change in September 2014, the specific component of the allowance for credit losses included a full valuation allowance for finance receivables that were contractually delinquent 180 days and over. The charge-offs from the policy change were charged against this allowance as of September 2014. | |
Delinquency: The Company determines past due status using the contractual terms of the finance receivable. This is one of the primary credit quality indicators used to evaluate the allowance for credit losses for each class of finance receivables. | |
Repossessed assets: Repossessed collateral is valued at the lower of the receivable balance on the finance receivable prior to repossession or the estimated net realizable value. Management estimates net realizable value at the projected cash value upon liquidation, less costs to sell the related collateral. | |
Property and equipment: The Company owns certain of its headquarters buildings and leases certain of its headquarters buildings. Office buildings owned are depreciated on the straight-line method for financial reporting purposes over their estimated useful lives of thirty-nine years. Branch offices are leased under non-cancellable leases of one to five years with renewal options. Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Furniture and equipment are depreciated on the straight-line method over their estimated useful lives, generally three to five years. Maintenance and repairs are charged to expense as incurred. | |
Income recognition: Interest income is recognized using the interest method, also known as the constant yield method. Therefore, the Company recognizes revenue from interest at an equal rate over the term of the loan. Unearned finance charges on pre-compute contracts are rebated to customers utilizing statutory methods, which in many cases is the sum-of-the-years’ digits method. The difference between income recognized under the constant yield method and the statutory method is recognized as an adjustment to interest income at the time of rebate. Accrual of interest income on finance receivables is suspended when no payment has been received for 90 days or more on a contractual basis. The accrual of income is not resumed until one or more full contractual monthly payments are received and the finance receivable is less than 90 days contractually delinquent. Interest income is suspended on finance receivables for which collateral has been repossessed. Payments received on loans in nonaccrual status are first applied to interest, then to any late charges or other fees, with any remaining amount applied to principal. | |
The Company recognizes income on credit life insurance using the sum-of-the-years’ digits method over the terms of the policies. The Company recognizes income on credit accident and health insurance using the average of the sum-of-the-years’ digits and the straight-line methods over the terms of the policies. The Company recognizes income on credit-related property and automobile insurance and on credit involuntary unemployment insurance using the straight-line method over the terms of the policies. Rebates are computed using statutory methods, which in many cases is the sum-of-the-years-digits method, and any difference between the GAAP method and the statutory method is recognized in income at the time of rebate. | |
The Company defers fees charged to automobile dealers and recognizes income using the constant yield method for indirect loans and the straight-line method for direct loans over the lives of the respective loans. | |
Charges for late fees are recognized as income when collected. | |
Finance receivable origination fees and costs: Non-refundable fees received and direct costs incurred for the origination of finance receivables are deferred and recognized to interest income over their contractual lives using the constant yield method. Unamortized amounts are recognized in income at the time that finance receivables are paid in full. | |
Share-based compensation: The Company has several share-based compensation plans. The stock option and other equity based awards are recognized at the grant date fair value. Awards classified as liabilities are re-measured at fair value for each reporting period. The costs are recognized on the income statement over the service period for awards expected to vest. All grants are made at 100% of the fair value on the date of the grant. The fair value of stock options is determined using the Black-Scholes valuation model. The Black-Scholes model requires the input of highly subjective assumptions, including expected volatility, risk-free interest rate, and expected life, changes to which can materially affect the fair value estimate. In addition, the estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. Prior to the initial public offering, there was no published market value for the Company’s stock; therefore, the performance of the common stock of a publicly traded company whose business is comparable to the Company was used to estimate the volatility of the Company’s stock. Beginning in 2014, the Company began using the value of its own stock to estimate volatility for options granted. | |
Marketing costs: Marketing costs are expensed as incurred. | |
Income taxes: The Company files federal and various state income tax returns. The Company is generally no longer subject to federal, state, or local income tax examinations by taxing authorities before 2011, with the exception of Texas, which is 2010. | |
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | |
Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effects of future tax rate changes are recognized in the period when the enactment of new rates occurs. | |
Earnings per share: Earnings per share have been computed based on the weighted-average number of common shares outstanding during each reporting period presented. Common shares issuable upon the exercise of share-based compensation, which are computed using the treasury stock method, are included in the computation of diluted earnings per share. | |
Government regulation: The Company is subject to various state and federal laws and regulations that require certain qualifications, initial and annual licensing, and impose limits on interest rates, other charges, and insurance premiums. | |
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other provisions, the bill created the Consumer Financial Protection Bureau (“CFPB”). The CFPB has the authority to promulgate regulations that could affect the Company’s business. |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | Note 2. Concentrations of Credit Risk |
The Company’s portfolio of finance receivables is with customers living in five southeastern states (Alabama, Georgia, North Carolina, South Carolina, and Tennessee) and three southwestern states (Oklahoma, New Mexico, and Texas); consequently, such customers’ ability to honor their installment contracts may be affected by economic conditions in these areas. Additionally, the Company is exposed to a concentration of credit risk inherent in providing consumer finance products to borrowers who cannot obtain traditional bank financing. | |
The Company also has a risk that its customers will seek protection from creditors by filing under the bankruptcy laws. When a customer files for bankruptcy protection, the Company must cease collection efforts and petition the bankruptcy court to obtain its collateral or work out a court approved bankruptcy plan involving the Company and all other creditors of the customer. It is the Company’s experience that such plans can take an extended period of time to conclude and usually involve a reduction in the interest rate from the rate in the contract to a court-approved rate. | |
The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts. |
Finance_Receivables_Allowance_
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information | Note 3. Finance Receivables, Allowance for Credit Losses, and Credit Quality Information | ||||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables at December 31, 2014 and 2013 consisted of the following: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Branch small loans | $ | 128,217 | $ | 109,776 | |||||||||||||||||||||||||||||||||||||||||||||
Convenience checks | 191,316 | 179,203 | |||||||||||||||||||||||||||||||||||||||||||||||
Large loans | 46,147 | 43,311 | |||||||||||||||||||||||||||||||||||||||||||||||
Automobile loans | 154,382 | 181,126 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail loans | 26,130 | 31,268 | |||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables | $ | 546,192 | $ | 544,684 | |||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for credit losses for the years ended December 31, 2014, 2013, and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 30,089 | $ | 23,616 | $ | 19,300 | |||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 69,057 | 39,192 | 27,765 | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (58,236 | ) | (33,750 | ) | (24,275 | ) | |||||||||||||||||||||||||||||||||||||||||||
Charge-offs (180+ policy change) | (2,106 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 1,707 | 1,031 | 826 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 40,511 | $ | 30,089 | $ | 23,616 | |||||||||||||||||||||||||||||||||||||||||||
During the three months ended December 31, 2013, the Company changed its estimate for the allowance for credit losses based on analysis of the effective lives for all finance receivable portfolios. The methodology for estimating the allowance for credit losses changed from the trailing eight to trailing six month losses on branch small loans and convenience checks, trailing twelve to trailing ten month losses on large loans, and trailing twelve to trailing eleven month losses on retail loans. As a result, the Company decreased the allowance for credit losses by $3,901, which increased net income for the year ended December 31, 2013 by $2,428, or $0.19 diluted earnings per share. The Company recorded an offsetting $3,700 pre-tax increase to the allowance for credit losses for qualitative factors on finance receivable growth and delinquency and loss trends, which decreased net income for the year ended December 31, 2013 by $2,303, or $0.18 diluted earnings per share. | |||||||||||||||||||||||||||||||||||||||||||||||||
In September 2014, the Company changed the time-based element of the charge-off policy from 365 days contractually delinquent to 180 days. The updated policy improves consistency and creates better alignment with industry practice. The policy change generated a one-time charge-off of $2,106 as of September 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||
The allowance for credit losses consists of general and specific components. Prior to the charge-off policy change in September 2014, the specific component included a full valuation allowance for finance receivables that were contractually delinquent 180 days or over. The $2,106 in charge-offs from the policy change were charged against this allowance as of September 2014 and, therefore, did not impact the provision for loan losses. | |||||||||||||||||||||||||||||||||||||||||||||||||
The general component of the allowance estimates credit losses for groups of finance receivables on a collective basis and is based on historic loss rates (adjusted for qualitative factors). The charge-off policy change modifies this historic loss rate and the resulting general reserve. In addition, the Company converted bankrupt accounts with confirmed plans from the bankruptcy court from delinquent to current status. The bankrupt accounts continue to be accounted for as troubled debt restructurings and considered impaired finance receivables. As a net result of these changes, the Company increased the provision for credit losses by $318 during the three months ended September 30, 2014, which decreased net income for the year ended December 31, 2014 by $199, or $0.02 diluted earnings per share. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the allowance for credit losses by product for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Charge-offs | Recoveries | Balance | Finance | Allowance | ||||||||||||||||||||||||||||||||||||||||||
January 1, | offs | (180+ | December 31, | Receivables | as | ||||||||||||||||||||||||||||||||||||||||||||
2014 | Policy | 2014 | December 31, | Percentage | |||||||||||||||||||||||||||||||||||||||||||||
Change) | 2014 | of Finance | |||||||||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch small loans | $ | 5,166 | $ | 13,760 | $ | (11,915 | ) | $ | (505 | ) | $ | 454 | $ | 6,960 | $ | 128,217 | 5.4 | % | |||||||||||||||||||||||||||||||
Convenience checks | 10,204 | 36,995 | (28,782 | ) | (627 | ) | 530 | 18,320 | 191,316 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||
Large loans | 2,233 | 1,985 | (2,334 | ) | (203 | ) | 299 | 1,980 | 46,147 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||
Automobile loans | 10,827 | 14,259 | (12,939 | ) | (688 | ) | 317 | 11,776 | 154,382 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||
Retail loans | 1,659 | 2,058 | (2,266 | ) | (83 | ) | 107 | 1,475 | 26,130 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 30,089 | $ | 69,057 | $ | (58,236 | ) | $ | (2,106 | ) | $ | 1,707 | $ | 40,511 | $ | 546,192 | 7.4 | % | |||||||||||||||||||||||||||||||
The Company disaggregated “small loans” into “branch small loans” and “convenience checks” during the three months ended December 31, 2014 due to a change in the risk characteristics of the convenience check portfolio in that period. | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||||||||||
January 1, | offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | of Finance | ||||||||||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Small loans | $ | 11,369 | $ | 22,620 | $ | (19,108 | ) | $ | 489 | $ | 15,370 | $ | 288,979 | 5.3 | % | ||||||||||||||||||||||||||||||||||
Large loans | 2,753 | 1,788 | (2,630 | ) | 322 | 2,233 | 43,311 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||
Automobile loans | 8,424 | 12,094 | (9,875 | ) | 184 | 10,827 | 181,126 | 6 | % | ||||||||||||||||||||||||||||||||||||||||
Retail loans | 1,070 | 2,690 | (2,137 | ) | 36 | 1,659 | 31,268 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 23,616 | $ | 39,192 | $ | (33,750 | ) | $ | 1,031 | $ | 30,089 | $ | 544,684 | 5.5 | % | ||||||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||||||||||
January 1, | offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | of Finance | ||||||||||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Small loans | $ | 8,838 | $ | 15,225 | $ | (13,125 | ) | $ | 431 | $ | 11,369 | $ | 188,562 | 6 | % | ||||||||||||||||||||||||||||||||||
Large loans | 2,448 | 3,288 | (3,252 | ) | 269 | 2,753 | 52,001 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||
Automobile loans | 7,618 | 7,888 | (7,202 | ) | 120 | 8,424 | 168,604 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
Retail loans | 396 | 1,364 | (696 | ) | 6 | 1,070 | 30,307 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 19,300 | $ | 27,765 | $ | (24,275 | ) | $ | 826 | $ | 23,616 | $ | 439,474 | 5.4 | % | ||||||||||||||||||||||||||||||||||
Finance receivables associated with customers in bankruptcy as a percentage of total finance receivables were 1.1% and 1.3% for the years ended December 31, 2014 and 2013, respectively. The following is a summary of the finance receivables associated with customers in bankruptcy as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Branch small loans | $ | 582 | $ | 714 | |||||||||||||||||||||||||||||||||||||||||||||
Convenience checks | 544 | 784 | |||||||||||||||||||||||||||||||||||||||||||||||
Large loans | 1,260 | 1,677 | |||||||||||||||||||||||||||||||||||||||||||||||
Automobile loans | 3,698 | 3,706 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail loans | 119 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,203 | $ | 7,024 | |||||||||||||||||||||||||||||||||||||||||||||
The contractual delinquency of the finance receivable portfolio by component at December 31, 2014 and 2013 was: | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch Small | Convenience Check | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||
Current | $ | 104,003 | 81.1 | % | $ | 154,833 | 80.9 | % | $ | 36,658 | 79.4 | % | $ | 105,424 | 68.3 | % | $ | 21,424 | 82 | % | $ | 422,342 | 77.4 | % | |||||||||||||||||||||||||
1 to 29 days delinquent | 13,967 | 10.9 | % | 19,318 | 10.1 | % | 7,383 | 16 | % | 38,656 | 25 | % | 3,390 | 13 | % | 82,714 | 15.1 | % | |||||||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 3,647 | 2.8 | % | 5,134 | 2.7 | % | 1,036 | 2.3 | % | 5,651 | 3.7 | % | 483 | 1.8 | % | 15,951 | 2.9 | % | |||||||||||||||||||||||||||||||
60 to 89 days | 2,275 | 1.8 | % | 4,442 | 2.3 | % | 483 | 1 | % | 2,114 | 1.4 | % | 310 | 1.2 | % | 9,624 | 1.8 | % | |||||||||||||||||||||||||||||||
90 to 119 days | 1,857 | 1.4 | % | 3,312 | 1.8 | % | 263 | 0.6 | % | 1,266 | 0.8 | % | 201 | 0.8 | % | 6,899 | 1.2 | % | |||||||||||||||||||||||||||||||
120 to 149 days | 1,478 | 1.2 | % | 2,343 | 1.2 | % | 204 | 0.4 | % | 758 | 0.5 | % | 205 | 0.8 | % | 4,988 | 0.9 | % | |||||||||||||||||||||||||||||||
150 to 179 days | 990 | 0.8 | % | 1,934 | 1 | % | 120 | 0.3 | % | 513 | 0.3 | % | 117 | 0.4 | % | 3,674 | 0.7 | % | |||||||||||||||||||||||||||||||
180 days and over | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | |||||||||||||||||||||||||||||||
Total delinquency | $ | 10,247 | 8 | % | $ | 17,165 | 9 | % | $ | 2,106 | 4.6 | % | $ | 10,302 | 6.7 | % | $ | 1,316 | 5 | % | $ | 41,136 | 7.5 | % | |||||||||||||||||||||||||
Total finance receivables | $ | 128,217 | 100 | % | $ | 191,316 | 100 | % | $ | 46,147 | 100 | % | $ | 154,382 | 100 | % | $ | 26,130 | 100 | % | $ | 546,192 | 100 | % | |||||||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 4,325 | 3.4 | % | $ | 7,589 | 4 | % | $ | 587 | 1.3 | % | $ | 2,537 | 1.6 | % | $ | 523 | 2 | % | $ | 15,561 | 2.8 | % | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch Small | Convenience Check | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||
Current | $ | 84,196 | 76.7 | % | $ | 143,720 | 80.2 | % | $ | 32,513 | 75.1 | % | $ | 122,313 | 67.5 | % | $ | 24,829 | 79.4 | % | $ | 407,571 | 74.9 | % | |||||||||||||||||||||||||
1 to 29 days delinquent | 15,369 | 14 | % | 20,056 | 11.2 | % | 7,788 | 18 | % | 45,841 | 25.3 | % | 4,249 | 13.6 | % | 93,303 | 17.1 | % | |||||||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 3,515 | 3.2 | % | 4,515 | 2.5 | % | 1,220 | 2.8 | % | 7,089 | 4 | % | 749 | 2.4 | % | 17,088 | 3.1 | % | |||||||||||||||||||||||||||||||
60 to 89 days | 2,268 | 2.1 | % | 3,332 | 1.9 | % | 530 | 1.2 | % | 2,721 | 1.5 | % | 416 | 1.3 | % | 9,267 | 1.7 | % | |||||||||||||||||||||||||||||||
90 to 119 days | 1,755 | 1.5 | % | 3,172 | 1.7 | % | 364 | 0.8 | % | 1,195 | 0.6 | % | 357 | 1.2 | % | 6,843 | 1.3 | % | |||||||||||||||||||||||||||||||
120 to 149 days | 1,275 | 1.2 | % | 2,490 | 1.4 | % | 245 | 0.6 | % | 807 | 0.4 | % | 291 | 0.9 | % | 5,108 | 0.9 | % | |||||||||||||||||||||||||||||||
150 to 179 days | 984 | 0.9 | % | 1,425 | 0.8 | % | 259 | 0.6 | % | 525 | 0.3 | % | 216 | 0.7 | % | 3,409 | 0.6 | % | |||||||||||||||||||||||||||||||
180 days and over | 414 | 0.4 | % | 493 | 0.3 | % | 392 | 0.9 | % | 635 | 0.4 | % | 161 | 0.5 | % | 2,095 | 0.4 | % | |||||||||||||||||||||||||||||||
Total delinquency | $ | 10,211 | 9.3 | % | $ | 15,427 | 8.6 | % | $ | 3,010 | 6.9 | % | $ | 12,972 | 7.2 | % | $ | 2,190 | 7 | % | $ | 43,810 | 8 | % | |||||||||||||||||||||||||
Total finance receivables | $ | 109,776 | 100 | % | $ | 179,203 | 100 | % | $ | 43,311 | 100 | % | $ | 181,126 | 100 | % | $ | 31,268 | 100 | % | $ | 544,684 | 100 | % | |||||||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 4,428 | 4 | % | $ | 7,580 | 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 at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch | Convenience | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
Small | Check | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 582 | 544 | 1,260 | 3,698 | 119 | 6,203 | |||||||||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 582 | $ | 544 | $ | 1,260 | $ | 3,698 | $ | 119 | $ | 6,203 | |||||||||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 127,635 | 190,772 | 44,887 | 150,684 | 26,011 | 539,989 | |||||||||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 128,217 | $ | 191,316 | $ | 46,147 | $ | 154,382 | $ | 26,130 | $ | 546,192 | |||||||||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 140 | $ | 159 | $ | 133 | $ | 559 | $ | 16 | $ | 1,007 | |||||||||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 143 | $ | 165 | $ | 309 | $ | 981 | $ | 18 | $ | 1,616 | |||||||||||||||||||||||||||||||||||||
Average impaired accounts | $ | 1,097 | $ | 1,266 | $ | 1,616 | $ | 4,134 | $ | 235 | $ | 8,348 | |||||||||||||||||||||||||||||||||||||
Amount of the general component of the allowance | $ | 6,817 | $ | 18,155 | $ | 1,671 | $ | 10,795 | $ | 1,457 | $ | 38,895 | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch | Convenience | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
Small | Check | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 379 | $ | 467 | $ | 173 | $ | 398 | $ | 146 | $ | 1,563 | |||||||||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 714 | 784 | 1,677 | 3,706 | 143 | 7,024 | |||||||||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 1,093 | $ | 1,251 | $ | 1,850 | $ | 4,104 | $ | 289 | $ | 8,587 | |||||||||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 108,683 | 177,952 | 41,461 | 177,022 | 30,979 | 536,097 | |||||||||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 109,776 | $ | 179,203 | $ | 43,311 | $ | 181,126 | $ | 31,268 | $ | 544,684 | |||||||||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 308 | $ | 359 | $ | 426 | $ | 804 | $ | 58 | $ | 1,955 | |||||||||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 574 | $ | 672 | $ | 756 | $ | 1,565 | $ | 180 | $ | 3,747 | |||||||||||||||||||||||||||||||||||||
Average impaired accounts | $ | 994 | $ | 1,085 | $ | 1,935 | $ | 3,831 | $ | 273 | $ | 8,118 | |||||||||||||||||||||||||||||||||||||
Amount of the general component of the allowance | $ | 4,592 | $ | 9,532 | $ | 1,477 | $ | 9,262 | $ | 1,479 | $ | 26,342 | |||||||||||||||||||||||||||||||||||||
It is not practical to compute the amount of interest earned on impaired loans. | |||||||||||||||||||||||||||||||||||||||||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Note 4. Property and Equipment | ||||||||
At December 31, 2014 and 2013, property and equipment consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Land and building | $ | 922 | $ | 847 | |||||
Furniture, fixtures, and equipment | 16,942 | 15,163 | |||||||
Leasehold improvements | 3,212 | 2,410 | |||||||
21,076 | 18,420 | ||||||||
Less accumulated depreciation | 12,171 | 11,320 | |||||||
$ | 8,905 | $ | 7,100 | ||||||
Depreciation expense for the years ended December 31, 2014, 2013, and 2012 totaled $2,620, $2,174, and $1,492, respectively. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases | Note 5. Leases | ||||
Future minimum rent commitments under non-cancellable operating leases in effect as of December 31, 2014 are as follows: | |||||
Year Ending December 31, | Amount | ||||
2015 | $ | 5,065 | |||
2016 | 3,702 | ||||
2017 | 2,093 | ||||
2018 | 1,048 | ||||
2019 | 479 | ||||
Thereafter | 54 | ||||
$ | 12,441 | ||||
Leases generally contain options to extend for periods from 1 to 10 years; the cost of such extensions is not included above. Rent expense for the years ended December 31, 2014, 2013, and 2012 equaled $5,153, $4,339, and $3,539, respectively. In addition to rent, the Company typically pays for all operating expenses, property taxes, and repairs and maintenance on properties that it leases. |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill | Note 6. Goodwill | ||||||||
The following summarizes the changes in the carrying amount of goodwill for the year ended December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year: | |||||||||
Goodwill | $ | 716 | $ | 363 | |||||
Accumulated goodwill impairment losses | — | — | |||||||
Goodwill acquired during the year | — | 353 | |||||||
Impairment losses | — | — | |||||||
Balance at end of year: | |||||||||
Goodwill | 716 | 716 | |||||||
Accumulated goodwill impairment losses | — | — | |||||||
$ | 716 | $ | 716 | ||||||
The Company performed an annual impairment test during the fourth quarter of fiscal 2014 and 2013 and determined that none of the recorded goodwill was impaired. |
Intangibles
Intangibles | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Intangibles | Note 7. Intangibles | ||||||||||||||||
The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Customer list | $ | 2,516 | $ | 1,669 | $ | 2,589 | $ | 1,203 | |||||||||
Intangible amortization expense for the years ended December 31, 2014, 2013, and 2012 totaled $573, $676, and $779, respectively. | |||||||||||||||||
The following table sets forth the future amortization of intangible assets: | |||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||
2015 | $ | 374 | |||||||||||||||
2016 | 264 | ||||||||||||||||
2017 | 164 | ||||||||||||||||
2018 | 45 | ||||||||||||||||
$ | 847 | ||||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets | Note 8. Other Assets | ||||||||
Other assets include the following at December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Restricted cash | $ | 1,900 | $ | 1,900 | |||||
Prepaid expenses | 1,896 | 1,478 | |||||||
Income tax receivable | 1,611 | — | |||||||
Debt issuance costs, net of accumulated amortization | 599 | 1,127 | |||||||
Credit insurance receivable | 873 | 688 | |||||||
Other | 804 | 229 | |||||||
$ | 7,683 | $ | 5,422 | ||||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Note 9. Debt | ||||||||
Following is a summary of the Company’s debt as of December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Senior revolving credit facility | $ | 341,419 | $ | 362,750 | |||||
Secured line of credit | — | — | |||||||
$ | 341,419 | $ | 362,750 | ||||||
Unused amount of senior revolving credit facility, subject to borrowing base | $ | 158,581 | $ | 137,250 | |||||
The Company’s senior revolving credit facility contains restrictive covenants. At December 31, 2014, the Company was in compliance with all debt covenants. In May 2013, the senior revolving credit facility was amended to increase the senior secured maximum available borrowings from $325,000 to $500,000. The accordion feature that allows for expansion was also increased from $75,000 to $100,000. Borrowings under the facility bear interest, payable monthly, at rates equal to LIBOR of a maturity the Company elects between one and six months, with a LIBOR floor of 1.00%, plus a margin of 3.00%. Alternatively, the Company may pay interest at a rate based on the prime rate plus a margin of 2.00%. The Company also pays an unused line fee of 50 basis points per annum, which declines to 37.5 basis points at certain usage levels. The current agreement is set to expire in May 2016. Advances on this agreement are at 85% of eligible finance receivables and are subject to adjustment at certain credit quality levels (80% as of December 31, 2014). The senior revolving credit facility is secured by substantially all of the Company’s finance receivables and equity interests of substantially all of its subsidiaries. | |||||||||
The Company’s mezzanine debt was repaid in full from the proceeds of the Company’s initial public offering, which closed on April 2, 2012. The mezzanine debt was a $25,814 loan from one of the Company’s sponsors and three individual owners maturing October 25, 2013, secured by a junior lien on substantially all of the Company’s finance receivables. The agreement was subordinated to the senior bank debt. The interest rate was 15.25% per annum, of which 2% was payable in kind at the Company’s option. | |||||||||
The Company had a $1,500 line of credit, which was secured by a mortgage on the Company’s headquarters, with a commercial bank to facilitate its cash management program. The interest rate was prime plus 0.25% with a minimum of 5.00%, and interest was payable monthly. The line of credit matured on January 18, 2015 and was replaced by a $3.0 million overdraft provision. | |||||||||
The one-month LIBOR was 0.25% at December 31, 2014 and 2013, although under the senior revolving credit facility the minimum LIBOR rate is 1.0%. The prime rate was 3.25% at December 31, 2014 and 2013. | |||||||||
Following is a summary of principal payments required on outstanding debt during each of the next five years: | |||||||||
Year Ending December 31, | Amount | ||||||||
2015 | $ | — | |||||||
2016 | 341,419 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
2019 | — | ||||||||
Total | $ | 341,419 | |||||||
Interest_Rate_Cap
Interest Rate Cap | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Interest Rate Cap | Note 10. Interest Rate Cap | ||||
The Company had an interest rate cap with a notional amount of $150,000 and a strike rate of 6.0% that expired unused on March 4, 2014. There was no change in the value of the interest rate cap during 2014. The following is a summary of changes in the rate cap for 2013: | |||||
2013 | |||||
Balance at end of prior year | $ | 1 | |||
Purchases | — | ||||
Fair value adjustment included as an (increase) in interest expense | (1 | ) | |||
Balance sheet at December 31, 2013, included in other assets | $ | — | |||
Disclosure_About_Fair_Value_of
Disclosure About Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Disclosure About Fair Value of Financial Instruments | Note 11. Disclosure About Fair Value of Financial Instruments: The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: | ||||||||||||||||||||
Finance receivables: Finance receivables are originated at prevailing market rates. The Company’s finance receivable portfolio turns approximately 1.6 times per year. The portfolio turnover is calculated by dividing cash payments and renewals by the average finance receivables. Management believes that the carrying value approximates the fair value of its finance receivable portfolio. | |||||||||||||||||||||
Repossessed assets: Repossessed assets are valued at the lower of the receivable balance on the finance receivable prior to repossession or the 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 December 31, 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: | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
Assets | |||||||||||||||||||||
Level 1 inputs | |||||||||||||||||||||
Cash | $ | 4,012 | $ | 4,012 | $ | 4,121 | $ | 4,121 | |||||||||||||
Restricted cash | 1,900 | 1,900 | 1,900 | 1,900 | |||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Net finance receivables | 505,681 | 505,681 | 514,595 | 514,595 | |||||||||||||||||
Repossessed assets | 556 | 556 | 548 | 548 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Senior revolving credit facility | 341,419 | 341,419 | 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. | |||||||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the assets carried on the balance sheet by level within the hierarchy as of December 31, 2014 and 2013 for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||
Repossessed Assets | |||||||||||||||||||||
December 31, | Total | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
2014 | $ | 556 | $ | — | $ | — | $ | 556 | $ | 566 | |||||||||||
2013 | $ | 548 | $ | — | $ | — | $ | 548 | $ | 492 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 12. Income Taxes | ||||||||||||
The Company and its subsidiaries file a consolidated federal income tax return. The Company files consolidated or separate state income tax returns as permitted by individual states in which it operates. | |||||||||||||
Income tax expense was $9,137, $17,460, and $14,561 for the years ended December 31, 2014, 2013, and 2012, respectively, which differed from the amount computed by applying the federal income tax rate of 35% for the years ended December 31, 2014, 2013, and 2012 to total income before income taxes as a result of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal tax expense at statutory rate | $ | 8,379 | $ | 16,189 | $ | 13,760 | |||||||
Increase (reduction) in income taxes resulting from: | |||||||||||||
Small insurance company income exclusion | — | — | (451 | ) | |||||||||
State tax, net of federal benefit | 603 | 1,112 | 1,026 | ||||||||||
Other | 155 | 159 | 226 | ||||||||||
$ | 9,137 | $ | 17,460 | $ | 14,561 | ||||||||
Income tax expense attributable to total income before income taxes consists of the following for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 11,827 | $ | 18,297 | $ | 7,467 | |||||||
State and local | 1,859 | 2,457 | 1,132 | ||||||||||
13,686 | 20,754 | 8,599 | |||||||||||
Deferred: | |||||||||||||
Federal | (3,958 | ) | (2,549 | ) | 5,516 | ||||||||
State and local | (591 | ) | (745 | ) | 446 | ||||||||
(4,549 | ) | (3,294 | ) | 5,962 | |||||||||
Total | $ | 9,137 | $ | 17,460 | $ | 14,561 | |||||||
Net deferred tax assets and liabilities consist of the following as of December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 15,620 | $ | 10,769 | |||||||||
Unearned insurance commissions | 1,490 | 1,461 | |||||||||||
Deferred loan fees | 134 | 3,601 | |||||||||||
Share-based compensation | 1,694 | 988 | |||||||||||
Amortization of intangible assets | 609 | 501 | |||||||||||
State net operating loss carryforward | 69 | — | |||||||||||
Accrued expenses | 828 | 694 | |||||||||||
Other | 189 | 12 | |||||||||||
Gross deferred tax assets | 20,633 | 18,026 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fair market value adjustment of finance receivables | 14,403 | 16,753 | |||||||||||
Deferred loan costs | 2,283 | 2,226 | |||||||||||
Tax over book depreciation | 1,403 | 1,182 | |||||||||||
Prepaid expenses | 518 | 510 | |||||||||||
Other | 156 | 8 | |||||||||||
Gross deferred tax liabilities | 18,763 | 20,679 | |||||||||||
Net deferred tax asset (liability) | $ | 1,870 | $ | (2,653 | ) | ||||||||
The Company’s determination of the realization of the net deferred tax asset is based on its assessment of all available positive and negative evidence. At December 31, 2014, positive evidence supporting the realization of the deferred tax assets includes generation of taxable income for the two prior tax years and reversal of taxable temporary differences. At December 31, 2014, the Company has not identified significant negative evidence related to the realization of its deferred tax assets. At both December 31, 2014, and December 31, 2013, the Company is in a three-year cumulative pre-tax book income position. As noted below, the Company has certain state net operating loss carryforwards at December 31, 2014, and the Company expects to fully utilize these deferred tax assets within the state carryforward periods based on available evidence existing as of the balance sheet date. | |||||||||||||
As of December 31, 2014 and 2013, the Company has state net operating loss carryforwards of approximately $2.5 million and $0, respectively, which will be available to offset future taxable income. If not used, these carryforwards will expire between 2029 and 2034. | |||||||||||||
At December 31, 2014, the Company did not have any material uncertain tax positions. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Note 13. Earnings Per Share | ||||||||||||
The following schedule reconciles the computation of basic and diluted earnings per share for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
2014 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 14,802 | 12,701,083 | $ | 1.17 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 250,358 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 14,802 | 12,951,441 | $ | 1.14 | ||||||||
Options to purchase 478,131 shares of common stock between $15.00 and $33.93 per share were outstanding during the year ended December 31, 2014, but were not included in the computation of diluted earnings per share because they were anti-dilutive. | |||||||||||||
2013 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 28,794 | 12,572,298 | $ | 2.29 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 321,395 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 28,794 | 12,893,693 | $ | 2.23 | ||||||||
Options to purchase 26,500 shares of common stock at $33.93 per share were outstanding during the year ended December 31, 2013, but were not included in the computation of diluted earnings per share because they were anti-dilutive. | |||||||||||||
2012 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 24,752 | 11,694,924 | $ | 2.12 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 285,824 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 24,752 | 11,980,748 | $ | 2.07 | ||||||||
Options to purchase 310,000 shares of common stock at $15.00 per share were outstanding during the year ended December 31, 2012, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions | Note 14. Related Party Transactions | ||||||||
Prior to the initial public offering in March 2012, the Company was majority owned by two sponsors and its former founding stockholders. The Company had consulting agreements with three of its individual owners that ended after the closing of the Company’s initial public offering in April 2012. Following is a summary of transactions during the years ended December 31, 2012 with the sponsors and the individual owners who retain an interest in the Company. | |||||||||
Individual Owners | Sponsors | ||||||||
2012:00:00 | |||||||||
Interest paid on mezzanine debt | $ | 195 | $ | 812 | |||||
Financing fees | 3 | 12 | |||||||
Consulting/Advisory fees expense | 563 | 888 |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Note 15. Employee Benefit Plans |
Retirement savings plan: The Company has a defined contribution employee benefit plan (401(k) plan) covering full-time employees who have at least one year of service. The Company made a matching contribution equal to 100 percent of the first three percent of an employee’s gross income and 50 percent of the next two percent of gross income in 2014, 2013, and 2012. For the years ended December 31, 2014, 2013, and 2012, the Company recorded expense for the Company’s match of $451, $416, and $367, respectively. | |
Health insurance plan: The Company has a fully insured health insurance plan where the per-employee cost is fixed for the plan year. Employees pay a portion of the cost and the Company pays the balance. The Company’s expense for the years ended December 31, 2014, 2013, and 2012 was $3,938, $2,724, and $1,907, respectively. | |
Annual incentive plan: The Company maintains an annual incentive plan for executive officers and other management team members. The plan establishes 5 performance metrics with specific weighting factors. Amounts charged to operating expense under the annual incentive plan were $820, $597, and $545 for the years ended December 31, 2014, 2013, and 2012, respectively. These annual incentive plan payments are subject to approval by the compensation committee. | |
Employment agreements: The Company has employment contracts or letter agreements with certain members of senior management. These contracts and agreements stipulate the payment of salary, bonus, perquisites, and share-based compensation to the affected individuals. | |
In October 2014, the Company accepted the resignation of the Company’s Chief Executive Officer (“executive”). The resignation was treated as a termination without cause pursuant to the executive’s Employment Agreement, dated March 18, 2013. The Company entered into a Separation Agreement with the executive, dated December 11, 2014. The Employment Agreement and the Separation Agreement are attached as Exhibits 10.1 to the Current Reports on Form 8-K, filed with the SEC on March 21, 2013 and December 17, 2014, respectively. The expense related to the Separation Agreement was $1,153 for the three months ended December 31, 2014, which is included in personnel expense on the consolidated income statement. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | Note 16. Share-Based Compensation | ||||||||||||||||
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 were 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 December 31, 2014, there were 296,483 and 447,790 shares available for grant under the 2011 Stock Plan and 2007 Stock Plan, respectively. The 2007 Stock Plan is frozen with respect to future awards. | |||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the Company recorded share-based compensation expense in the amount of $2,312, $1,572, and $542, respectively. As of December 31, 2014, unrecognized share-based compensation expense to be recognized over future periods approximated $3,418. This amount will be recognized as expense over a weighted-average period of 2.4 years. Share-based compensation expenses are recognized on a straight-line basis over the requisite service period of the agreement. The total income tax benefit recognized in the income statement for the share-based compensation arrangements was $891, $258, and $211 for the years ended December 31, 2014, 2013, and 2012, respectively. All share-based compensation is classified as equity except where otherwise noted. | |||||||||||||||||
Long-term incentive plan (“LTIP”): In October 2014, following consultation with its independent compensations consultants, the Compensation Committee of the Board approved certain compensation arrangements for certain of its employees. These arrangements, which were made pursuant to the terms of the 2011 Stock Plan, include the grant of nonqualified stock options, performance-contingent restricted stock units (“RSU”), and cash-settled performance shares (“PS”). The 2014 grants cliff vest on December 31, 2016 (subject to continued employment or as otherwise provided in the agreements). The actual value of the RSU and PS that may be earned can range from 0% to 150% of target based on the achievement of EBITDA (RSU) and EPS (PS) performance targets over a period of January 1, 2014 through December 31, 2016 for the 2014 grants. | |||||||||||||||||
The Company had not acted to provide certain executives an LTIP for 2013. For that reason, in October 2014, the Company granted restricted stock awards that cliff vest at the end of the service period in February 2017 (subject to continued employment or as otherwise provided in the agreement). | |||||||||||||||||
Board compensation plan: In October 2013, the Board revised its standard compensation arrangement for its non-employee directors. Effective for annual service years beginning in 2014, the Company will award its non-employee directors a cash retainer and shares of restricted common stock. The restricted stock awards will occur five days following the Company’s annual meeting of stockholders and will be fully vested upon the earlier of the first anniversary of the grant date or the completion of the directors’ annual service to the Company. Also, due to the fact that the Company had not yet acted to award its non-employee directors equity compensation for annual service commencing in 2013, the Company awarded each of its non-employee directors 4,484 shares of its common stock, effective October 2013. For the purpose of satisfying income tax obligations, each director was entitled, at his election, to forego up to 40% of the 4,484 shares subject to his award in order to receive a cash payment equivalent to the value of the foregone shares. The awards, which were made pursuant to the terms of the 2011 Stock Plan, were fully vested at the time of the grant and the Company incurred $1,200 of incremental director compensation expense for 2013. | |||||||||||||||||
Stock options: 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 prior to the LTIP grant in 2014 vest at 20% on the anniversary date of the grant each year for five years. In addition, all stock 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 date. | |||||||||||||||||
The fair value of option grants are estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions for option grants during the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 42.68 | % | 47.74 | % | 48.49 | % | |||||||||||
Expected dividends | 0 | % | 0 | % | 0 | % | |||||||||||
Expected term (in years) | 6.21 | 10 | 10 | ||||||||||||||
Risk-free rate | 1.94 | % | 2.03 | % | 2.2 | % | |||||||||||
Expected volatility is based on the Company’s historical stock price volatility beginning in 2014. Prior years were based on the historic volatility of a publicly traded company in the same industry. The expected term is calculated by using the simplified method due to insufficient historical data. The risk-free rate is based on the zero coupon U.S. Treasury bond rate over the expected term of the awards. | |||||||||||||||||
The following table summarizes the stock option activity for the year ended December 31, 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 | 155 | 17.76 | |||||||||||||||
Exercised | (46 | ) | 5.88 | ||||||||||||||
Forfeited | (72 | ) | 16.9 | ||||||||||||||
Expired | (7 | ) | 15 | ||||||||||||||
Options outstanding at December 31, 2014 | 896 | $ | 11.63 | 4.5 | $ | 4,520 | |||||||||||
Options exercisable at December 31, 2014 | 621 | $ | 8.81 | 2.8 | $ | 4,465 | |||||||||||
Available for grant at December 31, 2014 | 744 | ||||||||||||||||
The following table provides additional stock option information. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value per award | $ | 7.83 | $ | 12.09 | $ | 9.07 | |||||||||||
Intrinsic value of options exercised | $ | 584 | $ | 2,448 | $ | — | |||||||||||
Fair value of stock options that vested | $ | 1,484 | $ | 517 | $ | 245 | |||||||||||
Restricted stock units: Compensation expense for restricted stock units is based on the Company’s closing stock price on the date of grant and the probability that certain financial goals are achieved over the performance period. Compensation cost is estimated based on expected performance and is adjusted at each reporting period. | |||||||||||||||||
The following table summarizes restricted stock unit activity during the year ended December 31, 2014 (shares in thousands): | |||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares, beginning of the year | — | $ | — | ||||||||||||||
Granted | 57 | 17.76 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (22 | ) | 17.76 | ||||||||||||||
Non-vested shares, end of the year | 35 | $ | 17.76 | ||||||||||||||
Cash-settled performance shares: Cash-settled performance shares will be settled in cash at the end of the performance measurement period and are classified as a liability. Compensation cost is estimated based on expected performance and is adjusted at each reporting period. | |||||||||||||||||
The following table summarizes cash settled performance share activity during the year ended December 31, 2014 (shares in thousands): | |||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares, beginning of the year | — | $ | — | ||||||||||||||
Granted | 1,016 | 1 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (387 | ) | 1 | ||||||||||||||
Non-vested shares, end of the year | 629 | $ | 1 | ||||||||||||||
Restricted stock awards: The fair value and compensation cost of restricted stock is calculated using the Company’s closing stock price on the date of grant. | |||||||||||||||||
The following table summarizes restricted stock activity during the year ended December 31, 2014 (shares in thousands): | |||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares, beginning of the year | — | $ | — | ||||||||||||||
Granted | 73 | 16.23 | |||||||||||||||
Vested | (13 | ) | 17.76 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested shares, end of the year | 60 | $ | 15.91 | ||||||||||||||
The following table provides additional restricted stock information. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value per award | $ | 16.23 | $ | 33.74 | $ | — | |||||||||||
Fair value of restricted stock that vested | $ | 224 | $ | 870 | $ | — |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. 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 (collectively, the “Defendants”). The complaint alleged violations of the Securities Act of 1933 (“1933 Act Claims”) and sought unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s common stock in the September 2013 and December 2013 secondary public offerings. On August 25, 2014, Waterford Township Police & Fire Retirement System and City of Roseville Employees’ Retirement System were appointed as lead plaintiffs (collectively, the “Plaintiffs”). An amended complaint was filed on November 24, 2014. In addition to the 1933 Act Claims, the amended complaint also added claims for violations of the Securities Exchange Act of 1934 (“1934 Act Claims”) seeking unspecified compensatory damages on behalf of a purported class of purchasers of the Company’s common stock between May 2, 2013 and October 30, 2014, inclusive. On January 26, 2015, the Defendants filed motions to dismiss the amended complaint in its entirety. In response, the Plaintiffs sought and were granted leave to file an amended complaint. On February 27, 2015, the Plaintiffs filed a second amended complaint. Like the prior amended complaint, the second amended complaint asserts 1933 Act Claims and 1934 Act Claims and seeks unspecified compensatory damages. The Defendants’ motion to dismiss is due on or about April 28, 2015. The Company believes that the claims against it are without merit and intends to defend against the litigation vigorously. | |
The Company’s primary insurance carrier during the applicable time period has (i) denied coverage for the 1933 Act Claims and (ii) acknowledged coverage of the Company and other insureds for the 1934 Act Claims under a reservation of rights and subject to the terms and conditions of the applicable insurance policy. The parties are in the process of negotiating an allocation between denied and acknowledged claims. | |
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 the Company has not yet been notified of or are not yet determined to be probable or reasonably possible and reasonable to estimate. | |
The Company contests liability and the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability has been incurred and the Company can reasonably estimate the amount of that loss, the Company accrues the estimated loss by a charge to net income. As of December 31, 2014, the Company has accrued $497 for these matters. 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, the Company 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 range of 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. |
Credit_Insurance_Products
Credit Insurance Products | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Insurance [Abstract] | |||||||||
Credit Insurance Products | Note 18. Credit Insurance Products | ||||||||
RMC Reinsurance, Ltd. is a wholly-owned insurance subsidiary of the Company. The Company sells optional insurance products to its customers in connection with its lending operations. These optional products include credit life, credit accident and health, property insurance, and involuntary unemployment insurance. The Company also collects a fee for collateral protection and purchases non-file insurance in lieu of recording and perfecting the Company’s security interest in the assets pledged on certain loans. Insurance premiums are remitted to an unaffiliated company that issues the policy to the customer. This unaffiliated company cedes the premiums to the Company’s wholly-owned insurance subsidiary, RMC Reinsurance, Ltd. Life insurance premiums are ceded to the Company as written and non-life products are ceded as earned. | |||||||||
The Company maintains a cash reserve for life insurance claims in an amount determined by the ceding company. The cash reserve secures a letter of credit issued by a commercial bank in favor of the ceding company. The ceding company maintains the reserves for non-life claims. | |||||||||
Reinsurance is accounted for over the period of the underlying reinsured policies using assumptions consistent with the policy terms. Following are total net premiums written and reinsured and total earned premiums for the years ended December 31, 2014, 2013, and 2012: | |||||||||
Year Ending December 31, | Net Written | Earned | |||||||
Premiums | Premiums | ||||||||
2014 | $ | 17,831 | $ | 17,385 | |||||
2013 | 17,260 | 16,057 | |||||||
2012 | 15,718 | 14,473 | |||||||
RMC Reinsurance, Ltd. is required to maintain cash reserves for a letter of credit against life insurance policies ceded to it, as determined by the ceding company. In April 2013, the letter of credit was increased to $1,900 in favor of the ceding company. The letter of credit is secured by a cash deposit of $1,900. The cash securing the letter of credit is presented as restricted cash in the other asset category in the accompanying balance sheets, which totaled $1,900 and $1,900 at December 31, 2014 and 2013, respectively. | |||||||||
The Company has a collateral protection collision insurance (“CPI”) program. CPI is added to a loan when a customer fails to provide the Company with proof of collision insurance on an automobile securing a loan. The CPI program is administered by an independent third party, which tracks insurance lapses and cancellations and issues a policy when the customer does not provide proof of insurance. The insurance is added to the loan and increases the customers’ monthly loan payment. The third party and its insurance partner retain a percentage of the premium and pay all claims. The Company earns a commission for policies issued prior to July 1, 2014. Income is recognized on the constant yield method over the life of the insurance policy, which is generally one year. The Company does not earn a commission on policies issued on and after July 1, 2014. | |||||||||
The Company offers a self-insured Guaranteed Auto Protection (“GAP”) coverage to customers in North Carolina and Alabama. A GAP program is a contractual arrangement whereby the Company forgives the remaining balance of the insured customer’s automobile purchase loan if the automobile is determined to be a total loss by the primary insurance carrier and insurance proceeds are not sufficient to pay off the customer’s loan. The Company recognized $185, $242, and $251 of net GAP revenue for the years ended December 31, 2014, 2013, and 2012, respectively. This revenue is recognized over the life of the loan. Losses are recognized in the period in which they occur. |
Business_Combination
Business Combination | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Business Combination | Note 19. Business Combination | ||||||||
The following table sets forth the business combination activity for the year ended December 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
Branches purchased | 1 | 2 | |||||||
Branches merged into existing offices | — | — | |||||||
Net new offices | 1 | 2 | |||||||
Tangible assets: | |||||||||
Net finance receivables | $ | 96 | $ | 211 | |||||
Property and equipment | — | 11 | |||||||
Other | — | — | |||||||
Intangible assets: | |||||||||
Customer list | 32 | — | |||||||
Goodwill | — | 353 | |||||||
Total purchase price | $ | 128 | $ | 575 | |||||
The Company evaluates each acquisition to determine if it meets the definition of a business combination. The Company accounts for a transaction as a business combination if it meets the definition, which typically occurs when it assumes the lease, retains the location as a new branch, and offers employment to the existing employees. All other transactions are accounted for as a purchase of assets. | |||||||||
For transactions accounted for as a business combination, the purchase price for assets acquired is allocated to the estimated fair value of the tangible and intangible assets acquired. The remainder is allocated to goodwill. | |||||||||
The Company records acquired finance receivables at fair value, which is determined using discounted cash flow methodologies. Property and equipment are valued at the mutually agreed upon purchase price, which management believes approximates fair value. | |||||||||
On August 18, 2014, the Company purchased the assets of one branch in a business combination with a consumer loan company in the state of Texas for a cash purchase price of $128. The Company offered employment to the existing employees of the location. This acquisition was completed to expand the Company’s operations in the state of Texas. On April 5, 2013, the Company purchased the assets of two branches in a business combination with a consumer loan company in the state of Georgia for a cash purchase price of $575. The Company offered employment to the existing employees of such locations. This acquisition was completed to expand the Company’s operations in the state of Georgia. | |||||||||
The results of all business combinations have been included in the Company’s Consolidated Financial Statements since the respective acquisition dates. The pro forma impact of these purchases as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported. |
Quarterly_Information_unaudite
Quarterly Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Information (unaudited) | Note 20: Quarterly Information (unaudited) | ||||||||||||||||
The following tables summarize the Company’s quarterly financial information for each of the four quarters of 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 49,581 | $ | 47,437 | $ | 53,909 | $ | 53,792 | |||||||||
Provision for credit losses | 16,945 | 13,620 | 22,542 | 15,950 | |||||||||||||
General and administrative expenses | 19,898 | 23,198 | 25,284 | 28,396 | |||||||||||||
Interest expense | 3,763 | 3,556 | 3,848 | 3,780 | |||||||||||||
Income tax | 3,365 | 2,649 | 838 | 2,285 | |||||||||||||
Net income | $ | 5,610 | $ | 4,414 | $ | 1,397 | $ | 3,381 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.44 | $ | 0.35 | $ | 0.11 | $ | 0.27 | |||||||||
Diluted | $ | 0.43 | $ | 0.34 | $ | 0.11 | $ | 0.26 | |||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 38,600 | $ | 39,182 | $ | 44,305 | $ | 48,542 | |||||||||
Provision for credit losses | 8,071 | 8,405 | 11,078 | 11,638 | |||||||||||||
General and administrative expenses | 16,686 | 17,339 | 17,534 | 19,480 | |||||||||||||
Interest expense | 3,081 | 3,241 | 3,913 | 3,909 | |||||||||||||
Income tax | 3,998 | 3,793 | 4,539 | 5,130 | |||||||||||||
Net income | $ | 6,764 | $ | 6,404 | $ | 7,241 | $ | 8,385 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.51 | $ | 0.58 | $ | 0.66 | |||||||||
Diluted | $ | 0.53 | $ | 0.5 | $ | 0.56 | $ | 0.65 | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21: Subsequent Events |
In January 2015, the Company entered into an Employment Agreement with its Chief Executive Officer. The Employment Agreement is attached as Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on January 14, 2015. Pursuant to the Employment Agreement, the Company granted the executive common stock and recognized $1.5 million of expense in the first quarter of 2015. |
Nature_of_Business_and_Signifi1
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of business | Nature of business: Regional Management Corp. (the “Company”) was incorporated and began operations in 1987. The Company is engaged in the consumer finance business, offering small loans (branch small loans and convenience checks), large loans, automobile loans, retail loans, and related credit insurance. As of December 31, 2014, the Company operated offices in 300 locations in the states of Alabama (49 offices), Georgia (3 offices), New Mexico (13 offices), North Carolina (34 offices), Oklahoma (27 offices), South Carolina (70 offices), Tennessee (21 offices), and Texas (83 offices) under the names Regional Finance, RMC Financial Services, Anchor Finance, Superior Financial Services, First Community Credit, and Sun Finance. The Company opened or acquired 36, 43, and 51 net new offices during the years ended December 31, 2014, 2013, and 2012, respectively. |
The Company’s loan volume and corresponding finance receivables follow seasonal trends. Demand for the Company’s 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, the Company typically generates higher loan volumes in the second half of the year from direct mail campaigns, which are timed to coincide with seasonal consumer demand. Consequently, we experience significant seasonal fluctuations in our operating results and cash needs. | |
Business segments | Business segments: The Company has one reportable segment, which is the consumer finance segment. The other revenue generating activities of the Company, including insurance operations, are performed in the existing branch network in conjunction with or as a complement to the lending operations. |
Principles of consolidation | Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate wholly-owned 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. |
Statement of cash flows | Statement of cash flows: Cash flows from finance receivables and the Company’s senior revolving credit facility are reported on a net basis. |
Finance receivables | Finance receivables: The Company’s small loan portfolio is comprised of branch small loan receivables and convenience check receivables. Branch small loan receivables are direct loans to customers closed in the branch and are secured by non-essential household goods and, in some instances, an automobile. Convenience checks are direct loans originated by mailing checks to customers based on a pre-screening process that includes a review of the prospective customer’s credit profile provided by national credit reporting bureaus or data aggregators. A recipient of a convenience check is able to enter into a loan by endorsing and depositing the check. Large loan receivables are direct loans to customers and are typically secured by automobiles, other vehicles, and non-essential household goods. Automobile loan receivables consist of direct automobile purchase loans, which are originated at the dealership and closed in one of the Company’s branches, and indirect automobile purchase loans, which are originated and closed at a dealership in the Company’s network without the need for the customer to visit one of the Company’s branches. In each case, these automobile loans are collateralized primarily by used and new automobiles and, in the case of indirect loans, are initiated by and purchased from automobile dealerships, subject to the Company’s credit approval. Retail loan receivables consist principally of retail installment sales contracts collateralized by the purchase of furniture, appliances, and other retail items, and are initiated by and purchased from retailers, subject to the Company’s credit approval. |
Credit losses | Credit losses: Provisions for credit losses are charged to income as losses are estimated to have occurred and in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for losses on the finance receivables. In the past, the Company charged credit losses against the allowance when management believed the finance receivable was no longer collectible (discretionary element) or when the account was 365 days contractually delinquent (time-based element). The factors used to determine whether a finance receivable is uncollectible were the age of the account, supervisory review of collection efforts, and other factors such as customers relocating to an area where collection is not practical. In September 2014, the Company changed the time-based element of the charge-off policy from 365 days contractually delinquent to 180 days. In December 2014, the Company eliminated the discretionary element of the charge-off policy, subject to certain exceptions. The Company’s policy for non-titled accounts in a confirmed bankruptcy is to charge them off at 60 days contractually delinquent, subject to certain exceptions. Deceased borrower accounts are charged off in the month following the proper notification of passing, with the exception of borrowers with credit life insurance. The updated policy improves consistency and creates better alignment with industry practice. Subsequent recoveries, if any, are credited to the allowance. Loss experience, effective loan life, contractual delinquency of finance receivables by loan type, the value of underlying collateral, and management’s judgment are factors used in assessing the overall adequacy of the allowance and the resulting provision for credit losses. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic conditions or portfolio performance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revisions as more information becomes available. |
The Company initiates repossession proceedings when the customer is unlikely to make further payments in the opinion of management. The Company sells substantially all repossessed vehicle inventory through public sales conducted by independent automobile auction organizations after the required post-repossession waiting period. Losses on the sale of repossessed collateral are charged to the allowance for credit losses. | |
The allowance for credit losses consists of general and specific components. The general component of the allowance estimates credit losses for groups of finance receivables on a collective basis and is based on historic loss rates. The Company’s general component of the allowance for credit losses relates to probable incurred losses of unimpaired finance receivables. The historical loss rate for the most recent six months (branch small loans and convenience checks), ten months (large and retail loans), and twelve months (automobile loans) as a percentage of average finance receivables is used to estimate the general allowance. | |
The Company adjusts the computed historical loss percentages as described above for qualitative factors based on an assessment of internal and external influences on credit quality that are not fully reflected in the historical loss data. Those qualitative factors include trends in growth in the loan portfolio, delinquency, unemployment, bankruptcy, and other economic trends. | |
Impaired finance receivables | Impaired finance receivables: The specific component of the allowance for credit losses relates to impaired finance receivables. Finance receivables that have been modified by bankruptcy proceedings are considered impaired and are accounted for in the aggregate as troubled debt restructurings. At the time of restructuring, a specific valuation allowance is established for such finance receivables within the allowance for credit losses. The Company computes the estimated impairment on its bankrupt loans by discounting the projected cash flows at the original contract rates on the loan using the terms imposed by the bankruptcy court. This method is applied in the aggregate to each of the Company’s five classes of loans. In making the computations of the present value of cash payments to be received on bankrupt accounts in each product category, the Company used the weighted average interest rates and weighted average remaining term based on data as of each balance sheet date. |
For customers in a confirmed Chapter 13 bankruptcy plan, the Company reduces the interest rate to that specified in the bankruptcy order and the Company receives payments with respect to the remaining amount of the loan from the bankruptcy trustee. For customers who recently filed for Chapter 13 bankruptcy, the Company generally does not receive any payments until their bankruptcy plan is confirmed by the court. If the customers have made payments to the trustee in advance of plan confirmation, the Company may receive a lump sum payment from the trustee once the plan is confirmed. This lump sum payment represents the Company’s pro-rata share of the amount paid by the customer. If a customer fails to comply with the terms of the bankruptcy order, the Company will petition the trustee to have the customer dismissed from bankruptcy. Upon dismissal, the Company restores the account to the original terms and pursues collection through its normal collection activities. | |
If a customer files for bankruptcy under Chapter 7 of the bankruptcy code, the bankruptcy court has the authority to cancel the customer’s debt. If a vehicle secures a Chapter 7 bankruptcy account, the customer has the option of buying the vehicle at fair value or reaffirming the loan and continuing to pay the loan. | |
Prior to the charge-off policy change in September 2014, the specific component of the allowance for credit losses included a full valuation allowance for finance receivables that were contractually delinquent 180 days and over. The charge-offs from the policy change were charged against this allowance as of September 2014. | |
Delinquency | Delinquency: The Company determines past due status using the contractual terms of the finance receivable. This is one of the primary credit quality indicators used to evaluate the allowance for credit losses for each class of finance receivables. |
Repossessed assets | Repossessed assets: Repossessed collateral is valued at the lower of the receivable balance on the finance receivable prior to repossession or the estimated net realizable value. Management estimates net realizable value at the projected cash value upon liquidation, less costs to sell the related collateral. |
Property and equipment | Property and equipment: The Company owns certain of its headquarters buildings and leases certain of its headquarters buildings. Office buildings owned are depreciated on the straight-line method for financial reporting purposes over their estimated useful lives of thirty-nine years. Branch offices are leased under non-cancellable leases of one to five years with renewal options. Leasehold improvements are depreciated over the shorter of their useful lives or the remaining term of the lease. Furniture and equipment are depreciated on the straight-line method over their estimated useful lives, generally three to five years. Maintenance and repairs are charged to expense as incurred. |
Income recognition | Income recognition: Interest income is recognized using the interest method, also known as the constant yield method. Therefore, the Company recognizes revenue from interest at an equal rate over the term of the loan. Unearned finance charges on pre-compute contracts are rebated to customers utilizing statutory methods, which in many cases is the sum-of-the-years’ digits method. The difference between income recognized under the constant yield method and the statutory method is recognized as an adjustment to interest income at the time of rebate. Accrual of interest income on finance receivables is suspended when no payment has been received for 90 days or more on a contractual basis. The accrual of income is not resumed until one or more full contractual monthly payments are received and the finance receivable is less than 90 days contractually delinquent. Interest income is suspended on finance receivables for which collateral has been repossessed. Payments received on loans in nonaccrual status are first applied to interest, then to any late charges or other fees, with any remaining amount applied to principal. |
The Company recognizes income on credit life insurance using the sum-of-the-years’ digits method over the terms of the policies. The Company recognizes income on credit accident and health insurance using the average of the sum-of-the-years’ digits and the straight-line methods over the terms of the policies. The Company recognizes income on credit-related property and automobile insurance and on credit involuntary unemployment insurance using the straight-line method over the terms of the policies. Rebates are computed using statutory methods, which in many cases is the sum-of-the-years-digits method, and any difference between the GAAP method and the statutory method is recognized in income at the time of rebate. | |
The Company defers fees charged to automobile dealers and recognizes income using the constant yield method for indirect loans and the straight-line method for direct loans over the lives of the respective loans. | |
Charges for late fees are recognized as income when collected. | |
Finance receivable origination fees and costs | Finance receivable origination fees and costs: Non-refundable fees received and direct costs incurred for the origination of finance receivables are deferred and recognized to interest income over their contractual lives using the constant yield method. Unamortized amounts are recognized in income at the time that finance receivables are paid in full. |
Share-based compensation | Share-based compensation: The Company has several share-based compensation plans. The stock option and other equity based awards are recognized at the grant date fair value. Awards classified as liabilities are re-measured at fair value for each reporting period. The costs are recognized on the income statement over the service period for awards expected to vest. All grants are made at 100% of the fair value on the date of the grant. The fair value of stock options is determined using the Black-Scholes valuation model. The Black-Scholes model requires the input of highly subjective assumptions, including expected volatility, risk-free interest rate, and expected life, changes to which can materially affect the fair value estimate. In addition, the estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from current estimates, such amounts will be recorded as a cumulative adjustment in the period estimates are revised. Prior to the initial public offering, there was no published market value for the Company’s stock; therefore, the performance of the common stock of a publicly traded company whose business is comparable to the Company was used to estimate the volatility of the Company’s stock. Beginning in 2014, the Company began using the value of its own stock to estimate volatility for options granted. |
Marketing costs | Marketing costs: Marketing costs are expensed as incurred. |
Income taxes | Income taxes: The Company files federal and various state income tax returns. The Company is generally no longer subject to federal, state, or local income tax examinations by taxing authorities before 2011, with the exception of Texas, which is 2010. |
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | |
Interest and penalties associated with unrecognized tax benefits are classified as additional income taxes in the consolidated statements of income. | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effects of future tax rate changes are recognized in the period when the enactment of new rates occurs. | |
Earnings per share | Earnings per share: Earnings per share have been computed based on the weighted-average number of common shares outstanding during each reporting period presented. Common shares issuable upon the exercise of share-based compensation, which are computed using the treasury stock method, are included in the computation of diluted earnings per share. |
Government regulation | Government regulation: The Company is subject to various state and federal laws and regulations that require certain qualifications, initial and annual licensing, and impose limits on interest rates, other charges, and insurance premiums. |
In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other provisions, the bill created the Consumer Financial Protection Bureau (“CFPB”). The CFPB has the authority to promulgate regulations that could affect the Company’s business. |
Finance_Receivables_Allowance_1
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Finance Receivables | Finance receivables at December 31, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Branch small loans | $ | 128,217 | $ | 109,776 | |||||||||||||||||||||||||||||||||||||||||||||
Convenience checks | 191,316 | 179,203 | |||||||||||||||||||||||||||||||||||||||||||||||
Large loans | 46,147 | 43,311 | |||||||||||||||||||||||||||||||||||||||||||||||
Automobile loans | 154,382 | 181,126 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail loans | 26,130 | 31,268 | |||||||||||||||||||||||||||||||||||||||||||||||
Finance receivables | $ | 546,192 | $ | 544,684 | |||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 30,089 | $ | 23,616 | $ | 19,300 | |||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 69,057 | 39,192 | 27,765 | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (58,236 | ) | (33,750 | ) | (24,275 | ) | |||||||||||||||||||||||||||||||||||||||||||
Charge-offs (180+ policy change) | (2,106 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 1,707 | 1,031 | 826 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 40,511 | $ | 30,089 | $ | 23,616 | |||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Allowance for Credit Losses | The following is a reconciliation of the allowance for credit losses by product for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Charge-offs | Recoveries | Balance | Finance | Allowance | ||||||||||||||||||||||||||||||||||||||||||
January 1, | offs | (180+ | December 31, | Receivables | as | ||||||||||||||||||||||||||||||||||||||||||||
2014 | Policy | 2014 | December 31, | Percentage | |||||||||||||||||||||||||||||||||||||||||||||
Change) | 2014 | of Finance | |||||||||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch small loans | $ | 5,166 | $ | 13,760 | $ | (11,915 | ) | $ | (505 | ) | $ | 454 | $ | 6,960 | $ | 128,217 | 5.4 | % | |||||||||||||||||||||||||||||||
Convenience checks | 10,204 | 36,995 | (28,782 | ) | (627 | ) | 530 | 18,320 | 191,316 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||
Large loans | 2,233 | 1,985 | (2,334 | ) | (203 | ) | 299 | 1,980 | 46,147 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||
Automobile loans | 10,827 | 14,259 | (12,939 | ) | (688 | ) | 317 | 11,776 | 154,382 | 7.6 | % | ||||||||||||||||||||||||||||||||||||||
Retail loans | 1,659 | 2,058 | (2,266 | ) | (83 | ) | 107 | 1,475 | 26,130 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 30,089 | $ | 69,057 | $ | (58,236 | ) | $ | (2,106 | ) | $ | 1,707 | $ | 40,511 | $ | 546,192 | 7.4 | % | |||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||||||||||
January 1, | offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
2013 | of Finance | ||||||||||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Small loans | $ | 11,369 | $ | 22,620 | $ | (19,108 | ) | $ | 489 | $ | 15,370 | $ | 288,979 | 5.3 | % | ||||||||||||||||||||||||||||||||||
Large loans | 2,753 | 1,788 | (2,630 | ) | 322 | 2,233 | 43,311 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||
Automobile loans | 8,424 | 12,094 | (9,875 | ) | 184 | 10,827 | 181,126 | 6 | % | ||||||||||||||||||||||||||||||||||||||||
Retail loans | 1,070 | 2,690 | (2,137 | ) | 36 | 1,659 | 31,268 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 23,616 | $ | 39,192 | $ | (33,750 | ) | $ | 1,031 | $ | 30,089 | $ | 544,684 | 5.5 | % | ||||||||||||||||||||||||||||||||||
Balance | Provision | Charge- | Recoveries | Balance | Finance | Allowance | |||||||||||||||||||||||||||||||||||||||||||
January 1, | offs | December 31, | Receivables | as | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | December 31, | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | of Finance | ||||||||||||||||||||||||||||||||||||||||||||||||
Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Small loans | $ | 8,838 | $ | 15,225 | $ | (13,125 | ) | $ | 431 | $ | 11,369 | $ | 188,562 | 6 | % | ||||||||||||||||||||||||||||||||||
Large loans | 2,448 | 3,288 | (3,252 | ) | 269 | 2,753 | 52,001 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||
Automobile loans | 7,618 | 7,888 | (7,202 | ) | 120 | 8,424 | 168,604 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
Retail loans | 396 | 1,364 | (696 | ) | 6 | 1,070 | 30,307 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 19,300 | $ | 27,765 | $ | (24,275 | ) | $ | 826 | $ | 23,616 | $ | 439,474 | 5.4 | % | ||||||||||||||||||||||||||||||||||
Finance Receivables Associated with Customers in Bankruptcy | The following is a summary of the finance receivables associated with customers in bankruptcy as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Branch small loans | $ | 582 | $ | 714 | |||||||||||||||||||||||||||||||||||||||||||||
Convenience checks | 544 | 784 | |||||||||||||||||||||||||||||||||||||||||||||||
Large loans | 1,260 | 1,677 | |||||||||||||||||||||||||||||||||||||||||||||||
Automobile loans | 3,698 | 3,706 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail loans | 119 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,203 | $ | 7,024 | |||||||||||||||||||||||||||||||||||||||||||||
Contractual Delinquency of the Finance Receivable Portfolio by Component | The contractual delinquency of the finance receivable portfolio by component at December 31, 2014 and 2013 was: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch Small | Convenience Check | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||
Current | $ | 104,003 | 81.1 | % | $ | 154,833 | 80.9 | % | $ | 36,658 | 79.4 | % | $ | 105,424 | 68.3 | % | $ | 21,424 | 82 | % | $ | 422,342 | 77.4 | % | |||||||||||||||||||||||||
1 to 29 days delinquent | 13,967 | 10.9 | % | 19,318 | 10.1 | % | 7,383 | 16 | % | 38,656 | 25 | % | 3,390 | 13 | % | 82,714 | 15.1 | % | |||||||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 3,647 | 2.8 | % | 5,134 | 2.7 | % | 1,036 | 2.3 | % | 5,651 | 3.7 | % | 483 | 1.8 | % | 15,951 | 2.9 | % | |||||||||||||||||||||||||||||||
60 to 89 days | 2,275 | 1.8 | % | 4,442 | 2.3 | % | 483 | 1 | % | 2,114 | 1.4 | % | 310 | 1.2 | % | 9,624 | 1.8 | % | |||||||||||||||||||||||||||||||
90 to 119 days | 1,857 | 1.4 | % | 3,312 | 1.8 | % | 263 | 0.6 | % | 1,266 | 0.8 | % | 201 | 0.8 | % | 6,899 | 1.2 | % | |||||||||||||||||||||||||||||||
120 to 149 days | 1,478 | 1.2 | % | 2,343 | 1.2 | % | 204 | 0.4 | % | 758 | 0.5 | % | 205 | 0.8 | % | 4,988 | 0.9 | % | |||||||||||||||||||||||||||||||
150 to 179 days | 990 | 0.8 | % | 1,934 | 1 | % | 120 | 0.3 | % | 513 | 0.3 | % | 117 | 0.4 | % | 3,674 | 0.7 | % | |||||||||||||||||||||||||||||||
180 days and over | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | |||||||||||||||||||||||||||||||
Total delinquency | $ | 10,247 | 8 | % | $ | 17,165 | 9 | % | $ | 2,106 | 4.6 | % | $ | 10,302 | 6.7 | % | $ | 1,316 | 5 | % | $ | 41,136 | 7.5 | % | |||||||||||||||||||||||||
Total finance receivables | $ | 128,217 | 100 | % | $ | 191,316 | 100 | % | $ | 46,147 | 100 | % | $ | 154,382 | 100 | % | $ | 26,130 | 100 | % | $ | 546,192 | 100 | % | |||||||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 4,325 | 3.4 | % | $ | 7,589 | 4 | % | $ | 587 | 1.3 | % | $ | 2,537 | 1.6 | % | $ | 523 | 2 | % | $ | 15,561 | 2.8 | % | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch Small | Convenience Check | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||
Current | $ | 84,196 | 76.7 | % | $ | 143,720 | 80.2 | % | $ | 32,513 | 75.1 | % | $ | 122,313 | 67.5 | % | $ | 24,829 | 79.4 | % | $ | 407,571 | 74.9 | % | |||||||||||||||||||||||||
1 to 29 days delinquent | 15,369 | 14 | % | 20,056 | 11.2 | % | 7,788 | 18 | % | 45,841 | 25.3 | % | 4,249 | 13.6 | % | 93,303 | 17.1 | % | |||||||||||||||||||||||||||||||
Delinquent accounts | |||||||||||||||||||||||||||||||||||||||||||||||||
30 to 59 days | 3,515 | 3.2 | % | 4,515 | 2.5 | % | 1,220 | 2.8 | % | 7,089 | 4 | % | 749 | 2.4 | % | 17,088 | 3.1 | % | |||||||||||||||||||||||||||||||
60 to 89 days | 2,268 | 2.1 | % | 3,332 | 1.9 | % | 530 | 1.2 | % | 2,721 | 1.5 | % | 416 | 1.3 | % | 9,267 | 1.7 | % | |||||||||||||||||||||||||||||||
90 to 119 days | 1,755 | 1.5 | % | 3,172 | 1.7 | % | 364 | 0.8 | % | 1,195 | 0.6 | % | 357 | 1.2 | % | 6,843 | 1.3 | % | |||||||||||||||||||||||||||||||
120 to 149 days | 1,275 | 1.2 | % | 2,490 | 1.4 | % | 245 | 0.6 | % | 807 | 0.4 | % | 291 | 0.9 | % | 5,108 | 0.9 | % | |||||||||||||||||||||||||||||||
150 to 179 days | 984 | 0.9 | % | 1,425 | 0.8 | % | 259 | 0.6 | % | 525 | 0.3 | % | 216 | 0.7 | % | 3,409 | 0.6 | % | |||||||||||||||||||||||||||||||
180 days and over | 414 | 0.4 | % | 493 | 0.3 | % | 392 | 0.9 | % | 635 | 0.4 | % | 161 | 0.5 | % | 2,095 | 0.4 | % | |||||||||||||||||||||||||||||||
Total delinquency | $ | 10,211 | 9.3 | % | $ | 15,427 | 8.6 | % | $ | 3,010 | 6.9 | % | $ | 12,972 | 7.2 | % | $ | 2,190 | 7 | % | $ | 43,810 | 8 | % | |||||||||||||||||||||||||
Total finance receivables | $ | 109,776 | 100 | % | $ | 179,203 | 100 | % | $ | 43,311 | 100 | % | $ | 181,126 | 100 | % | $ | 31,268 | 100 | % | $ | 544,684 | 100 | % | |||||||||||||||||||||||||
Finance receivables in nonaccrual status | $ | 4,428 | 4 | % | $ | 7,580 | 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 at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch | Convenience | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
Small | Check | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 582 | 544 | 1,260 | 3,698 | 119 | 6,203 | |||||||||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 582 | $ | 544 | $ | 1,260 | $ | 3,698 | $ | 119 | $ | 6,203 | |||||||||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 127,635 | 190,772 | 44,887 | 150,684 | 26,011 | 539,989 | |||||||||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 128,217 | $ | 191,316 | $ | 46,147 | $ | 154,382 | $ | 26,130 | $ | 546,192 | |||||||||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 140 | $ | 159 | $ | 133 | $ | 559 | $ | 16 | $ | 1,007 | |||||||||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 143 | $ | 165 | $ | 309 | $ | 981 | $ | 18 | $ | 1,616 | |||||||||||||||||||||||||||||||||||||
Average impaired accounts | $ | 1,097 | $ | 1,266 | $ | 1,616 | $ | 4,134 | $ | 235 | $ | 8,348 | |||||||||||||||||||||||||||||||||||||
Amount of the general component of the allowance | $ | 6,817 | $ | 18,155 | $ | 1,671 | $ | 10,795 | $ | 1,457 | $ | 38,895 | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Branch | Convenience | Large | Automobile | Retail | Total | ||||||||||||||||||||||||||||||||||||||||||||
Small | Check | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $ | 379 | $ | 467 | $ | 173 | $ | 398 | $ | 146 | $ | 1,563 | |||||||||||||||||||||||||||||||||||||
Customers in Chapter 13 bankruptcy | 714 | 784 | 1,677 | 3,706 | 143 | 7,024 | |||||||||||||||||||||||||||||||||||||||||||
Total impaired accounts specifically evaluated | $ | 1,093 | $ | 1,251 | $ | 1,850 | $ | 4,104 | $ | 289 | $ | 8,587 | |||||||||||||||||||||||||||||||||||||
Finance receivables evaluated collectively | 108,683 | 177,952 | 41,461 | 177,022 | 30,979 | 536,097 | |||||||||||||||||||||||||||||||||||||||||||
Finance receivables outstanding | $ | 109,776 | $ | 179,203 | $ | 43,311 | $ | 181,126 | $ | 31,268 | $ | 544,684 | |||||||||||||||||||||||||||||||||||||
Accounts in bankruptcy in nonaccrual status | $ | 308 | $ | 359 | $ | 426 | $ | 804 | $ | 58 | $ | 1,955 | |||||||||||||||||||||||||||||||||||||
Amount of the specific reserve for impaired accounts | $ | 574 | $ | 672 | $ | 756 | $ | 1,565 | $ | 180 | $ | 3,747 | |||||||||||||||||||||||||||||||||||||
Average impaired accounts | $ | 994 | $ | 1,085 | $ | 1,935 | $ | 3,831 | $ | 273 | $ | 8,118 | |||||||||||||||||||||||||||||||||||||
Amount of the general component of the allowance | $ | 4,592 | $ | 9,532 | $ | 1,477 | $ | 9,262 | $ | 1,479 | $ | 26,342 | |||||||||||||||||||||||||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of Property and Equipment, Net | At December 31, 2014 and 2013, property and equipment consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Land and building | $ | 922 | $ | 847 | |||||
Furniture, fixtures, and equipment | 16,942 | 15,163 | |||||||
Leasehold improvements | 3,212 | 2,410 | |||||||
21,076 | 18,420 | ||||||||
Less accumulated depreciation | 12,171 | 11,320 | |||||||
$ | 8,905 | $ | 7,100 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Summary of Future Minimum Rent Commitments Under Non-cancellable Operating Leases | Future minimum rent commitments under non-cancellable operating leases in effect as of December 31, 2014 are as follows: | ||||
Year Ending December 31, | Amount | ||||
2015 | $ | 5,065 | |||
2016 | 3,702 | ||||
2017 | 2,093 | ||||
2018 | 1,048 | ||||
2019 | 479 | ||||
Thereafter | 54 | ||||
$ | 12,441 | ||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Changes in the Carrying Amount of Goodwill | The following summarizes the changes in the carrying amount of goodwill for the year ended December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of year: | |||||||||
Goodwill | $ | 716 | $ | 363 | |||||
Accumulated goodwill impairment losses | — | — | |||||||
Goodwill acquired during the year | — | 353 | |||||||
Impairment losses | — | — | |||||||
Balance at end of year: | |||||||||
Goodwill | 716 | 716 | |||||||
Accumulated goodwill impairment losses | — | — | |||||||
$ | 716 | $ | 716 | ||||||
Intangibles_Tables
Intangibles (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Summary of Gross Carrying Amount and Related Accumulated Amortization of Definite-Lived Intangible Assets | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Customer list | $ | 2,516 | $ | 1,669 | $ | 2,589 | $ | 1,203 | |||||||||
Summary of Future Amortization of Intangible Assets | The following table sets forth the future amortization of intangible assets: | ||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||
2015 | $ | 374 | |||||||||||||||
2016 | 264 | ||||||||||||||||
2017 | 164 | ||||||||||||||||
2018 | 45 | ||||||||||||||||
$ | 847 | ||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Summary of Other Assets | Other assets include the following at December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Restricted cash | $ | 1,900 | $ | 1,900 | |||||
Prepaid expenses | 1,896 | 1,478 | |||||||
Income tax receivable | 1,611 | — | |||||||
Debt issuance costs, net of accumulated amortization | 599 | 1,127 | |||||||
Credit insurance receivable | 873 | 688 | |||||||
Other | 804 | 229 | |||||||
$ | 7,683 | $ | 5,422 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of the Company's Debt | Following is a summary of the Company’s debt as of December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Senior revolving credit facility | $ | 341,419 | $ | 362,750 | |||||
Secured line of credit | — | — | |||||||
$ | 341,419 | $ | 362,750 | ||||||
Unused amount of senior revolving credit facility, subject to borrowing base | $ | 158,581 | $ | 137,250 | |||||
Summary of Principal Payments Required on Outstanding Debt | Following is a summary of principal payments required on outstanding debt during each of the next five years: | ||||||||
Year Ending December 31, | Amount | ||||||||
2015 | $ | — | |||||||
2016 | 341,419 | ||||||||
2017 | — | ||||||||
2018 | — | ||||||||
2019 | — | ||||||||
Total | $ | 341,419 | |||||||
Interest_Rate_Cap_Tables
Interest Rate Cap (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Summary of Changes in Rate Cap | The following is a summary of changes in the rate cap for 2013: | ||||
2013 | |||||
Balance at end of prior year | $ | 1 | |||
Purchases | — | ||||
Fair value adjustment included as an (increase) in interest expense | (1 | ) | |||
Balance sheet at December 31, 2013, included in other assets | $ | — | |||
Disclosure_About_Fair_Value_of1
Disclosure About Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
Assets | |||||||||||||||||||||
Level 1 inputs | |||||||||||||||||||||
Cash | $ | 4,012 | $ | 4,012 | $ | 4,121 | $ | 4,121 | |||||||||||||
Restricted cash | 1,900 | 1,900 | 1,900 | 1,900 | |||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Net finance receivables | 505,681 | 505,681 | 514,595 | 514,595 | |||||||||||||||||
Repossessed assets | 556 | 556 | 548 | 548 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Level 3 inputs | |||||||||||||||||||||
Senior revolving credit facility | 341,419 | 341,419 | 362,750 | 362,750 | |||||||||||||||||
Assets and Liabilities are Measured at Fair Value on a Nonrecurring Basis | The following table presents the assets carried on the balance sheet by level within the hierarchy as of December 31, 2014 and 2013 for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
Repossessed Assets | |||||||||||||||||||||
December 31, | Total | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
2014 | $ | 556 | $ | — | $ | — | $ | 556 | $ | 566 | |||||||||||
2013 | $ | 548 | $ | — | $ | — | $ | 548 | $ | 492 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Effective Income Tax Reconciliation | Income tax expense was $9,137, $17,460, and $14,561 for the years ended December 31, 2014, 2013, and 2012, respectively, which differed from the amount computed by applying the federal income tax rate of 35% for the years ended December 31, 2014, 2013, and 2012 to total income before income taxes as a result of the following: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal tax expense at statutory rate | $ | 8,379 | $ | 16,189 | $ | 13,760 | |||||||
Increase (reduction) in income taxes resulting from: | |||||||||||||
Small insurance company income exclusion | — | — | (451 | ) | |||||||||
State tax, net of federal benefit | 603 | 1,112 | 1,026 | ||||||||||
Other | 155 | 159 | 226 | ||||||||||
$ | 9,137 | $ | 17,460 | $ | 14,561 | ||||||||
Income Tax Expense Attributable to Total Income Before Income Taxes | Income tax expense attributable to total income before income taxes consists of the following for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 11,827 | $ | 18,297 | $ | 7,467 | |||||||
State and local | 1,859 | 2,457 | 1,132 | ||||||||||
13,686 | 20,754 | 8,599 | |||||||||||
Deferred: | |||||||||||||
Federal | (3,958 | ) | (2,549 | ) | 5,516 | ||||||||
State and local | (591 | ) | (745 | ) | 446 | ||||||||
(4,549 | ) | (3,294 | ) | 5,962 | |||||||||
Total | $ | 9,137 | $ | 17,460 | $ | 14,561 | |||||||
Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities consist of the following as of December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 15,620 | $ | 10,769 | |||||||||
Unearned insurance commissions | 1,490 | 1,461 | |||||||||||
Deferred loan fees | 134 | 3,601 | |||||||||||
Share-based compensation | 1,694 | 988 | |||||||||||
Amortization of intangible assets | 609 | 501 | |||||||||||
State net operating loss carryforward | 69 | — | |||||||||||
Accrued expenses | 828 | 694 | |||||||||||
Other | 189 | 12 | |||||||||||
Gross deferred tax assets | 20,633 | 18,026 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Fair market value adjustment of finance receivables | 14,403 | 16,753 | |||||||||||
Deferred loan costs | 2,283 | 2,226 | |||||||||||
Tax over book depreciation | 1,403 | 1,182 | |||||||||||
Prepaid expenses | 518 | 510 | |||||||||||
Other | 156 | 8 | |||||||||||
Gross deferred tax liabilities | 18,763 | 20,679 | |||||||||||
Net deferred tax asset (liability) | $ | 1,870 | $ | (2,653 | ) | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 years ended December 31, 2014, 2013, and 2012: | ||||||||||||
2014 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 14,802 | 12,701,083 | $ | 1.17 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 250,358 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 14,802 | 12,951,441 | $ | 1.14 | ||||||||
2013 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 28,794 | 12,572,298 | $ | 2.29 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 321,395 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 28,794 | 12,893,693 | $ | 2.23 | ||||||||
2012 | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
Basic earnings per share | |||||||||||||
Income available to common stockholders | $ | 24,752 | 11,694,924 | $ | 2.12 | ||||||||
Effect of dilutive securities | |||||||||||||
Options to purchase common stock | — | 285,824 | — | ||||||||||
Diluted earnings per share | |||||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock | $ | 24,752 | 11,980,748 | $ | 2.07 | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Summary of Transactions With Sponsors and Individual Owners Who Retain an Interest | Following is a summary of transactions during the years ended December 31, 2012 with the sponsors and the individual owners who retain an interest in the Company. | ||||||||
Individual Owners | Sponsors | ||||||||
2012:00:00 | |||||||||
Interest paid on mezzanine debt | $ | 195 | $ | 812 | |||||
Financing fees | 3 | 12 | |||||||
Consulting/Advisory fees expense | 563 | 888 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Fair Value of Option Grants | The fair value of option grants are estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions for option grants during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 42.68 | % | 47.74 | % | 48.49 | % | |||||||||||
Expected dividends | 0 | % | 0 | % | 0 | % | |||||||||||
Expected term (in years) | 6.21 | 10 | 10 | ||||||||||||||
Risk-free rate | 1.94 | % | 2.03 | % | 2.2 | % | |||||||||||
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the year ended December 31, 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 | 155 | 17.76 | |||||||||||||||
Exercised | (46 | ) | 5.88 | ||||||||||||||
Forfeited | (72 | ) | 16.9 | ||||||||||||||
Expired | (7 | ) | 15 | ||||||||||||||
Options outstanding at December 31, 2014 | 896 | $ | 11.63 | 4.5 | $ | 4,520 | |||||||||||
Options exercisable at December 31, 2014 | 621 | $ | 8.81 | 2.8 | $ | 4,465 | |||||||||||
Available for grant at December 31, 2014 | 744 | ||||||||||||||||
Summary of Additional Stock Option Information | The following table provides additional stock option information. | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value per award | $ | 7.83 | $ | 12.09 | $ | 9.07 | |||||||||||
Intrinsic value of options exercised | $ | 584 | $ | 2,448 | $ | — | |||||||||||
Fair value of stock options that vested | $ | 1,484 | $ | 517 | $ | 245 | |||||||||||
Summary of Restricted Stock Unit Activity | The following table summarizes restricted stock unit activity during the year ended December 31, 2014 (shares in thousands): | ||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares, beginning of the year | — | $ | — | ||||||||||||||
Granted | 57 | 17.76 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (22 | ) | 17.76 | ||||||||||||||
Non-vested shares, end of the year | 35 | $ | 17.76 | ||||||||||||||
Summary of Cash Settled Performance Shares Activity | The following table summarizes cash settled performance share activity during the year ended December 31, 2014 (shares in thousands): | ||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares, beginning of the year | — | $ | — | ||||||||||||||
Granted | 1,016 | 1 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (387 | ) | 1 | ||||||||||||||
Non-vested shares, end of the year | 629 | $ | 1 | ||||||||||||||
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity during the year ended December 31, 2014 (shares in thousands): | ||||||||||||||||
2014 | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested shares, beginning of the year | — | $ | — | ||||||||||||||
Granted | 73 | 16.23 | |||||||||||||||
Vested | (13 | ) | 17.76 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested shares, end of the year | 60 | $ | 15.91 | ||||||||||||||
Summary of Additional Restricted Stock Information | The following table provides additional restricted stock information. | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value per award | $ | 16.23 | $ | 33.74 | $ | — | |||||||||||
Fair value of restricted stock that vested | $ | 224 | $ | 870 | $ | — |
Credit_Insurance_Products_Tabl
Credit Insurance Products (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Insurance [Abstract] | |||||||||
Premiums Written and Reinsured Earned Premium | Following are total net premiums written and reinsured and total earned premiums for the years ended December 31, 2014, 2013, and 2012: | ||||||||
Year Ending December 31, | Net Written | Earned | |||||||
Premiums | Premiums | ||||||||
2014 | $ | 17,831 | $ | 17,385 | |||||
2013 | 17,260 | 16,057 | |||||||
2012 | 15,718 | 14,473 |
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Summary of Business Combination Activity | The following table sets forth the business combination activity for the year ended December 31, 2014 and 2013: | ||||||||
2014 | 2013 | ||||||||
Branches purchased | 1 | 2 | |||||||
Branches merged into existing offices | — | — | |||||||
Net new offices | 1 | 2 | |||||||
Tangible assets: | |||||||||
Net finance receivables | $ | 96 | $ | 211 | |||||
Property and equipment | — | 11 | |||||||
Other | — | — | |||||||
Intangible assets: | |||||||||
Customer list | 32 | — | |||||||
Goodwill | — | 353 | |||||||
Total purchase price | $ | 128 | $ | 575 | |||||
Quarterly_Information_unaudite1
Quarterly Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of the Company's Quarterly Financial Information | The following tables summarize the Company’s quarterly financial information for each of the four quarters of 2014 and 2013: | ||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 49,581 | $ | 47,437 | $ | 53,909 | $ | 53,792 | |||||||||
Provision for credit losses | 16,945 | 13,620 | 22,542 | 15,950 | |||||||||||||
General and administrative expenses | 19,898 | 23,198 | 25,284 | 28,396 | |||||||||||||
Interest expense | 3,763 | 3,556 | 3,848 | 3,780 | |||||||||||||
Income tax | 3,365 | 2,649 | 838 | 2,285 | |||||||||||||
Net income | $ | 5,610 | $ | 4,414 | $ | 1,397 | $ | 3,381 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.44 | $ | 0.35 | $ | 0.11 | $ | 0.27 | |||||||||
Diluted | $ | 0.43 | $ | 0.34 | $ | 0.11 | $ | 0.26 | |||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Total revenue | $ | 38,600 | $ | 39,182 | $ | 44,305 | $ | 48,542 | |||||||||
Provision for credit losses | 8,071 | 8,405 | 11,078 | 11,638 | |||||||||||||
General and administrative expenses | 16,686 | 17,339 | 17,534 | 19,480 | |||||||||||||
Interest expense | 3,081 | 3,241 | 3,913 | 3,909 | |||||||||||||
Income tax | 3,998 | 3,793 | 4,539 | 5,130 | |||||||||||||
Net income | $ | 6,764 | $ | 6,404 | $ | 7,241 | $ | 8,385 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.54 | $ | 0.51 | $ | 0.58 | $ | 0.66 | |||||||||
Diluted | $ | 0.53 | $ | 0.5 | $ | 0.56 | $ | 0.65 |
Nature_of_Business_and_Signifi2
Nature of Business and Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | Office | Office | ||
Office | ||||
Location | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Number of locations | 300 | |||
Number of offices opened | 36 | 43 | 51 | |
Number of segment | 1 | |||
Contractual delinquent period of loans | 180 days | 180 days | ||
Bankruptcy delinquency threshold | 60 days | |||
Financing receivable suspended period | 90 days | |||
Contractual delinquent period of accrual income | 90 days | |||
Fair value of grants | 100.00% | |||
Tax benefit | 50.00% | |||
Office Building [Member] | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 39 years | |||
Minimum [Member] | Office Building [Member] | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Non cancellable lease period | 1 year | |||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 3 years | |||
Maximum [Member] | Office Building [Member] | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Non cancellable lease period | 5 years | |||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | 5 years | |||
As Reported [Member] | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Contractual delinquent period of loans | 365 days | |||
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 | 34 | |||
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 | 83 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration risk, geographic | The Company's portfolio of finance receivables is with customers living in five southeastern states (Alabama, Georgia, North Carolina, South Carolina, and Tennessee) and three southwestern states (Oklahoma, New Mexico and Texas) |
Finance_Receivables_Allowance_2
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Summary of Finance Receivables (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $546,192 | $544,684 | $439,474 |
Branch Small [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 128,217 | 109,776 | |
Convenience Checks [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 191,316 | 179,203 | |
Large [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 46,147 | 43,311 | 52,001 |
Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 154,382 | 181,126 | 168,604 |
Retail [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $26,130 | $31,268 | $30,307 |
Finance_Receivables_Allowance_3
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Finance receivable , factors influenced management's decision | The methodology for estimating the allowance for credit losses changed from the trailing eight to trailing six month losses on branch small loans and convenience checks, trailing twelve to trailing ten month losses on large loans, and trailing twelve to trailing eleven month losses on retail loans. | |||
Increase (Decrease) in loss allowance | $318 | ($3,901) | ||
Increase (Decrease) in net income | -199 | 2,428 | ||
Increase (Decrease) in diluted earnings per share | ($0.02) | $0.19 | ||
Offsetting pre-tax increase to the allowance for credit losses for qualitative factors | 3,700 | |||
Increase (Decrease) in net income | 2,303 | |||
Increase (Decrease) in diluted earnings per share | $0.18 | |||
Charge-offs | $2,106 | $2,106 | ||
Contractual delinquent period of loans | 180 days | 180 days | ||
Finance receivables | 1.10% | 1.30% | ||
As Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Contractual delinquent period of loans | 365 days |
Finance_Receivables_Allowance_4
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Summary of Changes in Allowance for Credit Losses (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ||||||||||||
Balance at beginning of year | $30,089 | $23,616 | $30,089 | $23,616 | $19,300 | |||||||
Provision for credit losses | 15,950 | 22,542 | 13,620 | 16,945 | 11,638 | 11,078 | 8,405 | 8,071 | 69,057 | 39,192 | 27,765 | |
Charge-offs | -58,236 | -33,750 | -24,275 | |||||||||
Charge-offs (180+ policy change) | -2,106 | -2,106 | ||||||||||
Recoveries | 1,707 | 1,031 | 826 | |||||||||
Balance at end of year | $40,511 | $30,089 | $40,511 | $30,089 | $23,616 |
Finance_Receivables_Allowance_5
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Reconciliation of Allowance for Credit Losses (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Balance at beginning of year | $30,089 | $23,616 | $30,089 | $23,616 | $19,300 | |||||||
Provision | 15,950 | 22,542 | 13,620 | 16,945 | 11,638 | 11,078 | 8,405 | 8,071 | 69,057 | 39,192 | 27,765 | |
Charge-offs | -58,236 | -33,750 | -24,275 | |||||||||
Charge-offs (180+ policy change) | -2,106 | -2,106 | ||||||||||
Recoveries | 1,707 | 1,031 | 826 | |||||||||
Balance at end of year | 40,511 | 30,089 | 40,511 | 30,089 | 23,616 | |||||||
Finance receivables | 546,192 | 544,684 | 546,192 | 544,684 | 439,474 | |||||||
Allowance as Percentage of Finance Receivable | 7.40% | 5.50% | 7.40% | 5.50% | 5.40% | |||||||
Branch Small [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Balance at beginning of year | 5,166 | 5,166 | ||||||||||
Provision | 13,760 | |||||||||||
Charge-offs | -11,915 | |||||||||||
Charge-offs (180+ policy change) | -505 | |||||||||||
Recoveries | 454 | |||||||||||
Balance at end of year | 6,960 | 6,960 | ||||||||||
Finance receivables | 128,217 | 109,776 | 128,217 | 109,776 | ||||||||
Allowance as Percentage of Finance Receivable | 5.40% | 5.40% | ||||||||||
Convenience Checks [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Balance at beginning of year | 10,204 | 10,204 | ||||||||||
Provision | 36,995 | |||||||||||
Charge-offs | -28,782 | |||||||||||
Charge-offs (180+ policy change) | -627 | |||||||||||
Recoveries | 530 | |||||||||||
Balance at end of year | 18,320 | 18,320 | ||||||||||
Finance receivables | 191,316 | 179,203 | 191,316 | 179,203 | ||||||||
Allowance as Percentage of Finance Receivable | 9.60% | 9.60% | ||||||||||
Large [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Balance at beginning of year | 2,233 | 2,753 | 2,233 | 2,753 | 2,448 | |||||||
Provision | 1,985 | 1,788 | 3,288 | |||||||||
Charge-offs | -2,334 | -2,630 | -3,252 | |||||||||
Charge-offs (180+ policy change) | -203 | |||||||||||
Recoveries | 299 | 322 | 269 | |||||||||
Balance at end of year | 1,980 | 2,233 | 1,980 | 2,233 | 2,753 | |||||||
Finance receivables | 46,147 | 43,311 | 46,147 | 43,311 | 52,001 | |||||||
Allowance as Percentage of Finance Receivable | 4.30% | 5.20% | 4.30% | 5.20% | 5.30% | |||||||
Automobile [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Balance at beginning of year | 10,827 | 8,424 | 10,827 | 8,424 | 7,618 | |||||||
Provision | 14,259 | 12,094 | 7,888 | |||||||||
Charge-offs | -12,939 | -9,875 | -7,202 | |||||||||
Charge-offs (180+ policy change) | -688 | |||||||||||
Recoveries | 317 | 184 | 120 | |||||||||
Balance at end of year | 11,776 | 10,827 | 11,776 | 10,827 | 8,424 | |||||||
Finance receivables | 154,382 | 181,126 | 154,382 | 181,126 | 168,604 | |||||||
Allowance as Percentage of Finance Receivable | 7.60% | 6.00% | 7.60% | 6.00% | 5.00% | |||||||
Retail [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Balance at beginning of year | 1,659 | 1,070 | 1,659 | 1,070 | 396 | |||||||
Provision | 2,058 | 2,690 | 1,364 | |||||||||
Charge-offs | -2,266 | -2,137 | -696 | |||||||||
Charge-offs (180+ policy change) | -83 | |||||||||||
Recoveries | 107 | 36 | 6 | |||||||||
Balance at end of year | 1,475 | 1,659 | 1,475 | 1,659 | 1,070 | |||||||
Finance receivables | 26,130 | 31,268 | 26,130 | 31,268 | 30,307 | |||||||
Allowance as Percentage of Finance Receivable | 5.60% | 5.30% | 5.60% | 5.30% | 3.50% | |||||||
Small Loans [Member] | ||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||
Balance at beginning of year | 11,369 | 11,369 | 8,838 | |||||||||
Provision | 22,620 | 15,225 | ||||||||||
Charge-offs | -19,108 | -13,125 | ||||||||||
Recoveries | 489 | 431 | ||||||||||
Balance at end of year | 15,370 | 15,370 | 11,369 | |||||||||
Finance receivables | $288,979 | $288,979 | $188,562 | |||||||||
Allowance as Percentage of Finance Receivable | 5.30% | 5.30% | 6.00% |
Finance_Receivables_Allowance_6
Finance Receivables, Allowance for Credit Losses, and Credit Quality Information - Finance Receivables Associated with Customers in Bankruptcy (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables in bankruptcy | $6,203 | $7,024 |
Branch Small [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables in bankruptcy | 582 | 714 |
Convenience Checks [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables in bankruptcy | 544 | 784 |
Large [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables in bankruptcy | 1,260 | 1,677 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables in bankruptcy | 3,698 | 3,706 |
Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables in bankruptcy | $119 | $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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $422,342 | $407,571 | |
Current, Percent | 77.40% | 74.90% | |
1 to 29 days delinquent | 82,714 | 93,303 | |
1 to 29 days delinquent, Percent | 15.10% | 17.10% | |
Delinquent accounts | |||
30 to 59 days | 15,951 | 17,088 | |
30 to 59 days, Percent | 2.90% | 3.10% | |
60 to 89 days | 9,624 | 9,267 | |
60 to 89 days, Percent | 1.80% | 1.70% | |
90 to 119 days | 6,899 | 6,843 | |
90 to 119 days, Percent | 1.20% | 1.30% | |
120 to 149 days | 4,988 | 5,108 | |
120 to 149 days, Percent | 0.90% | 0.90% | |
150 to 179 days | 3,674 | 3,409 | |
150 to 179 days, Percent | 0.70% | 0.60% | |
180 days and over | 2,095 | ||
180 days and over, Percent | 0.00% | 0.40% | |
Total delinquency | 41,136 | 43,810 | |
Total delinquency, Percent | 7.50% | 8.00% | |
Finance receivables | 546,192 | 544,684 | 439,474 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | 15,561 | 17,455 | |
Finance receivables in nonaccrual status, Percent | 2.80% | 3.20% | |
Branch Small [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | 104,003 | 84,196 | |
Current, Percent | 81.10% | 76.70% | |
1 to 29 days delinquent | 13,967 | 15,369 | |
1 to 29 days delinquent, Percent | 10.90% | 14.00% | |
Delinquent accounts | |||
30 to 59 days | 3,647 | 3,515 | |
30 to 59 days, Percent | 2.80% | 3.20% | |
60 to 89 days | 2,275 | 2,268 | |
60 to 89 days, Percent | 1.80% | 2.10% | |
90 to 119 days | 1,857 | 1,755 | |
90 to 119 days, Percent | 1.40% | 1.50% | |
120 to 149 days | 1,478 | 1,275 | |
120 to 149 days, Percent | 1.20% | 1.20% | |
150 to 179 days | 990 | 984 | |
150 to 179 days, Percent | 0.80% | 0.90% | |
180 days and over | 414 | ||
180 days and over, Percent | 0.00% | 0.40% | |
Total delinquency | 10,247 | 10,211 | |
Total delinquency, Percent | 8.00% | 9.30% | |
Finance receivables | 128,217 | 109,776 | |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | 4,325 | 4,428 | |
Finance receivables in nonaccrual status, Percent | 3.40% | 4.00% | |
Convenience Checks [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | 154,833 | 143,720 | |
Current, Percent | 80.90% | 80.20% | |
1 to 29 days delinquent | 19,318 | 20,056 | |
1 to 29 days delinquent, Percent | 10.10% | 11.20% | |
Delinquent accounts | |||
30 to 59 days | 5,134 | 4,515 | |
30 to 59 days, Percent | 2.70% | 2.50% | |
60 to 89 days | 4,442 | 3,332 | |
60 to 89 days, Percent | 2.30% | 1.90% | |
90 to 119 days | 3,312 | 3,172 | |
90 to 119 days, Percent | 1.80% | 1.70% | |
120 to 149 days | 2,343 | 2,490 | |
120 to 149 days, Percent | 1.20% | 1.40% | |
150 to 179 days | 1,934 | 1,425 | |
150 to 179 days, Percent | 1.00% | 0.80% | |
180 days and over | 493 | ||
180 days and over, Percent | 0.00% | 0.30% | |
Total delinquency | 17,165 | 15,427 | |
Total delinquency, Percent | 9.00% | 8.60% | |
Finance receivables | 191,316 | 179,203 | |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | 7,589 | 7,580 | |
Finance receivables in nonaccrual status, Percent | 4.00% | 4.20% | |
Large [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | 36,658 | 32,513 | |
Current, Percent | 79.40% | 75.10% | |
1 to 29 days delinquent | 7,383 | 7,788 | |
1 to 29 days delinquent, Percent | 16.00% | 18.00% | |
Delinquent accounts | |||
30 to 59 days | 1,036 | 1,220 | |
30 to 59 days, Percent | 2.30% | 2.80% | |
60 to 89 days | 483 | 530 | |
60 to 89 days, Percent | 1.00% | 1.20% | |
90 to 119 days | 263 | 364 | |
90 to 119 days, Percent | 0.60% | 0.80% | |
120 to 149 days | 204 | 245 | |
120 to 149 days, Percent | 0.40% | 0.60% | |
150 to 179 days | 120 | 259 | |
150 to 179 days, Percent | 0.30% | 0.60% | |
180 days and over | 392 | ||
180 days and over, Percent | 0.00% | 0.90% | |
Total delinquency | 2,106 | 3,010 | |
Total delinquency, Percent | 4.60% | 6.90% | |
Finance receivables | 46,147 | 43,311 | 52,001 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | 587 | 1,260 | |
Finance receivables in nonaccrual status, Percent | 1.30% | 2.90% | |
Automobile [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | 105,424 | 122,313 | |
Current, Percent | 68.30% | 67.50% | |
1 to 29 days delinquent | 38,656 | 45,841 | |
1 to 29 days delinquent, Percent | 25.00% | 25.30% | |
Delinquent accounts | |||
30 to 59 days | 5,651 | 7,089 | |
30 to 59 days, Percent | 3.70% | 4.00% | |
60 to 89 days | 2,114 | 2,721 | |
60 to 89 days, Percent | 1.40% | 1.50% | |
90 to 119 days | 1,266 | 1,195 | |
90 to 119 days, Percent | 0.80% | 0.60% | |
120 to 149 days | 758 | 807 | |
120 to 149 days, Percent | 0.50% | 0.40% | |
150 to 179 days | 513 | 525 | |
150 to 179 days, Percent | 0.30% | 0.30% | |
180 days and over | 635 | ||
180 days and over, Percent | 0.00% | 0.40% | |
Total delinquency | 10,302 | 12,972 | |
Total delinquency, Percent | 6.70% | 7.20% | |
Finance receivables | 154,382 | 181,126 | 168,604 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | 2,537 | 3,162 | |
Finance receivables in nonaccrual status, Percent | 1.60% | 1.70% | |
Retail [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | 21,424 | 24,829 | |
Current, Percent | 82.00% | 79.40% | |
1 to 29 days delinquent | 3,390 | 4,249 | |
1 to 29 days delinquent, Percent | 13.00% | 13.60% | |
Delinquent accounts | |||
30 to 59 days | 483 | 749 | |
30 to 59 days, Percent | 1.80% | 2.40% | |
60 to 89 days | 310 | 416 | |
60 to 89 days, Percent | 1.20% | 1.30% | |
90 to 119 days | 201 | 357 | |
90 to 119 days, Percent | 0.80% | 1.20% | |
120 to 149 days | 205 | 291 | |
120 to 149 days, Percent | 0.80% | 0.90% | |
150 to 179 days | 117 | 216 | |
150 to 179 days, Percent | 0.40% | 0.70% | |
180 days and over | 161 | ||
180 days and over, Percent | 0.00% | 0.50% | |
Total delinquency | 1,316 | 2,190 | |
Total delinquency, Percent | 5.00% | 7.00% | |
Finance receivables | 26,130 | 31,268 | 30,307 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $523 | $1,025 | |
Finance receivables in nonaccrual status, Percent | 2.00% | 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | $1,563 | ||
Customers in Chapter 13 bankruptcy | 6,203 | 7,024 | |
Total impaired accounts specifically evaluated | 6,203 | 8,587 | |
Finance receivables evaluated collectively | 539,989 | 536,097 | |
Finance receivables | 546,192 | 544,684 | 439,474 |
Accounts in bankruptcy in nonaccrual status | 1,007 | 1,955 | |
Amount of the specific allowance for impaired accounts | 1,616 | 3,747 | |
Average impaired accounts | 8,348 | 8,118 | |
Amount of the general component of the allowance | 38,895 | 26,342 | |
Branch Small [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 379 | ||
Customers in Chapter 13 bankruptcy | 582 | 714 | |
Total impaired accounts specifically evaluated | 582 | 1,093 | |
Finance receivables evaluated collectively | 127,635 | 108,683 | |
Finance receivables | 128,217 | 109,776 | |
Accounts in bankruptcy in nonaccrual status | 140 | 308 | |
Amount of the specific allowance for impaired accounts | 143 | 574 | |
Average impaired accounts | 1,097 | 994 | |
Amount of the general component of the allowance | 6,817 | 4,592 | |
Convenience Checks [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 467 | ||
Customers in Chapter 13 bankruptcy | 544 | 784 | |
Total impaired accounts specifically evaluated | 544 | 1,251 | |
Finance receivables evaluated collectively | 190,772 | 177,952 | |
Finance receivables | 191,316 | 179,203 | |
Accounts in bankruptcy in nonaccrual status | 159 | 359 | |
Amount of the specific allowance for impaired accounts | 165 | 672 | |
Average impaired accounts | 1,266 | 1,085 | |
Amount of the general component of the allowance | 18,155 | 9,532 | |
Large [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 173 | ||
Customers in Chapter 13 bankruptcy | 1,260 | 1,677 | |
Total impaired accounts specifically evaluated | 1,260 | 1,850 | |
Finance receivables evaluated collectively | 44,887 | 41,461 | |
Finance receivables | 46,147 | 43,311 | 52,001 |
Accounts in bankruptcy in nonaccrual status | 133 | 426 | |
Amount of the specific allowance for impaired accounts | 309 | 756 | |
Average impaired accounts | 1,616 | 1,935 | |
Amount of the general component of the allowance | 1,671 | 1,477 | |
Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 398 | ||
Customers in Chapter 13 bankruptcy | 3,698 | 3,706 | |
Total impaired accounts specifically evaluated | 3,698 | 4,104 | |
Finance receivables evaluated collectively | 150,684 | 177,022 | |
Finance receivables | 154,382 | 181,126 | 168,604 |
Accounts in bankruptcy in nonaccrual status | 559 | 804 | |
Amount of the specific allowance for impaired accounts | 981 | 1,565 | |
Average impaired accounts | 4,134 | 3,831 | |
Amount of the general component of the allowance | 10,795 | 9,262 | |
Retail [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts 180 or more days past due, excluding accounts of customers in bankruptcy | 146 | ||
Customers in Chapter 13 bankruptcy | 119 | 143 | |
Total impaired accounts specifically evaluated | 119 | 289 | |
Finance receivables evaluated collectively | 26,011 | 30,979 | |
Finance receivables | 26,130 | 31,268 | 30,307 |
Accounts in bankruptcy in nonaccrual status | 16 | 58 | |
Amount of the specific allowance for impaired accounts | 18 | 180 | |
Average impaired accounts | 235 | 273 | |
Amount of the general component of the allowance | $1,457 | $1,479 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $21,076 | $18,420 |
Less accumulated depreciation | 12,171 | 11,320 |
Property and equipment, net | 8,905 | 7,100 |
Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 922 | 847 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16,942 | 15,163 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $3,212 | $2,410 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $2,620 | $2,174 | $1,492 |
Leases_Summary_of_Future_Minim
Leases - Summary of Future Minimum Rent Commitments Under Non-cancellable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $5,065 |
2016 | 3,702 |
2017 | 2,093 |
2018 | 1,048 |
2019 | 479 |
Thereafter | 54 |
Future minimum rent commitments, Total | $12,441 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | |||
Rent expense | $5,153 | $4,339 | $3,539 |
Minimum [Member] | |||
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | |||
Lease expiration period | 1 year | ||
Maximum [Member] | |||
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | |||
Lease expiration period | 10 years |
Goodwill_Changes_in_the_Carryi
Goodwill - Changes in the Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, Beginning Balance | $716 | $363 | ||
Accumulated goodwill impairment losses, Beginning Balance | 0 | 0 | ||
Goodwill acquired during the year | 353 | |||
Impairment losses | 0 | 0 | 0 | 0 |
Goodwill, Ending Balance | 716 | 716 | 716 | 716 |
Accumulated goodwill impairment losses, Ending Balance | 0 | 0 | 0 | 0 |
Total Goodwill | $716 | $716 | $716 | $716 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment losses | $0 | $0 | $0 | $0 |
Intangibles_Summary_of_Gross_C
Intangibles - Summary of Gross Carrying Amount and Related Accumulated Amortization of Definite-Lived Intangible Assets (Detail) (Customer List [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Customer List [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer List, Gross Carrying Amount | $2,516 | $2,589 |
Customer List, Accumulated Amortization | $1,669 | $1,203 |
Intangibles_Additional_Informa
Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $573 | $676 | $779 |
Intangibles_Summary_of_Future_
Intangibles - Summary of Future Amortization of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $374 | |
2016 | 264 | |
2017 | 164 | |
2018 | 45 | |
Total | $847 | $1,386 |
Other_Assets_Summary_of_Other_
Other Assets - Summary of Other Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Restricted cash | $1,900 | $1,900 |
Prepaid expenses | 1,896 | 1,478 |
Income tax receivable | 1,611 | |
Debt issuance costs, net of accumulated amortization | 599 | 1,127 |
Credit insurance receivable | 873 | 688 |
Other | 804 | 229 |
Other Assets, Total | $7,683 | $5,422 |
Debt_Summary_of_the_Companys_D
Debt - Summary of the Company's Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Long Term Debt [Line Items] | ||
Senior revolving credit facility | $341,419 | $362,750 |
Senior Revolving Credit Facility [Member] | ||
Schedule Of Long Term Debt [Line Items] | ||
Senior revolving credit facility | 341,419 | 362,750 |
Unused amount of senior revolving credit facility, subject to borrowing base | 158,581 | 137,250 |
Secured Debt [Member] | ||
Schedule Of Long Term Debt [Line Items] | ||
Secured line of credit | $0 | $0 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | 31-May-13 | Apr. 02, 2012 | |
London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
LIBOR interest rate | 0.25% | 0.25% | ||
Prime Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Prime interest rate | 3.25% | 3.25% | ||
Senior Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Secured line of credit | 500,000,000 | 500,000,000 | ||
Line of credit facility, accordion feature | 100,000,000 | 100,000,000 | ||
Unused line fee per annum | 0.50% | |||
Decrease in unused line fee | 0.38% | |||
Percentage of advances on debt agreement eligible finance receivables | 85.00% | |||
Percentage of advances on finance receivables | 80.00% | |||
Debt agreement expiration date | 31-May-16 | |||
Senior Revolving Credit Facility [Member] | Prior To May 2013 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Secured line of credit | 325,000,000 | |||
Line of credit facility, accordion feature | 75,000,000 | |||
Senior Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate, basis spread | 3.00% | |||
Minimum effective interest rate on line of credit | 1.00% | |||
Senior Secured Revolving Credit Facility, Description of Variable Rate Basis | The Company elects between one month and six months, with a LIBOR floor of 1.00%, plus an applicable margin (3% as of December 31, 2014) based on its leverage ratio | |||
Senior Revolving Credit Facility [Member] | Prime Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate, basis spread | 2.00% | |||
Senior Secured Revolving Credit Facility, Description of Variable Rate Basis | The Company may pay interest at a rate based on the prime rate plus an applicable margin (which was 2% as of December 31, 2014). | |||
Secured Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Secured line of credit | 1,500,000 | |||
Interest rate, basis spread | 0.25% | |||
Minimum effective interest rate on line of credit | 5.00% | |||
Debt agreement expiration date | 18-Jan-15 | |||
Bank Overdrafts [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Overdraft Provision related to line of credit | 3,000,000 | |||
Mezzanine Debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Mezzanine debt | $25,814,000 | |||
Debt maturity date | 25-Oct-13 | |||
Debt interest rate | 15.25% | |||
Debt interest rate payable at option | 2.00% |
Debt_Summary_of_Principal_Paym
Debt - Summary of Principal Payments Required on Outstanding Debt (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $0 |
2016 | 341,419 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Total | $341,419 |
Interest_Rate_Caps_Additional_
Interest Rate Caps - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Derivative [Line Items] | ||
Notional amount of interest rate cap | $150,000,000 | |
Strike rate | 6.00% | |
Value of interest rate caps | 1,000 | |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Maturity period of interest rate caps exchanged | 4-Mar-14 | |
Value of interest rate caps | $0 |
Interest_Rate_Caps_Summary_of_
Interest Rate Caps - Summary of Changes in Rate Cap (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Offsetting [Abstract] | ||
Balance at end of prior year | $1 | |
Purchases | 0 | |
Fair value adjustment included as an (increase) in interest expense | -1 | -27 |
Balance sheet at December 31, 2013, included in other assets | $1 |
Disclosure_About_Fair_Value_of2
Disclosure About Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Turnover rate of loan portfolio | 1.6 |
Disclosure_About_Fair_Value_of3
Disclosure About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Company's Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash | $4,012 | $4,121 | $3,298 | $4,849 |
Restricted cash | 1,900 | 1,900 | ||
Net finance receivables | 505,681 | 514,595 | ||
Repossessed assets | 556 | 548 | ||
Liabilities | ||||
Senior revolving credit facility | 341,419 | 362,750 | ||
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||||
Assets | ||||
Cash | 4,012 | 4,121 | ||
Restricted cash | 1,900 | 1,900 | ||
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||||
Assets | ||||
Net finance receivables | 505,681 | 514,595 | ||
Repossessed assets | 556 | 548 | ||
Liabilities | ||||
Senior revolving credit facility | 341,419 | 362,750 | ||
Carrying Amount [Member] | Level 1 Inputs [Member] | ||||
Assets | ||||
Cash | 4,012 | 4,121 | ||
Restricted cash | 1,900 | 1,900 | ||
Carrying Amount [Member] | Level 3 Inputs [Member] | ||||
Assets | ||||
Net finance receivables | 505,681 | 514,595 | ||
Repossessed assets | 556 | 548 | ||
Liabilities | ||||
Senior revolving credit facility | $341,419 | $362,750 |
Disclosure_About_Fair_Value_of4
Disclosure About Fair Value of Financial Instruments - Assets and Liabilities are Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Losses (charged off amount) adjustments to the assets at fair value | $566 | $492 |
Assets measured at fair value on a nonrecurring basis | 556 | 548 |
Repossessed Assets [Member] | Level 3 Inputs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $556 | $548 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Income Taxes [Line Items] | |||||||||||
Income tax expense | $2,285 | $838 | $2,649 | $3,365 | $5,130 | $4,539 | $3,793 | $3,998 | $9,137 | $17,460 | $14,561 |
Federal income tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Cumulative pre-tax book income position period | 3 years | 3 years | |||||||||
Taxable income generation period | 2 years | ||||||||||
State net operating loss carryforward | $2,500 | $0 | $2,500 | $0 | |||||||
Minimum [Member] | |||||||||||
Schedule Of Income Taxes [Line Items] | |||||||||||
State net operating loss carryforwards expiration period | 2029 | ||||||||||
Maximum [Member] | |||||||||||
Schedule Of Income Taxes [Line Items] | |||||||||||
State net operating loss carryforwards expiration period | 2034 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Reconciliation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
U. S. federal tax expense at statutory rate | $8,379 | $16,189 | $13,760 | ||||||||
Increase (reduction) in income taxes resulting from: | |||||||||||
Small insurance company income exclusion | -451 | ||||||||||
State tax, net of federal benefit | 603 | 1,112 | 1,026 | ||||||||
Other | 155 | 159 | 226 | ||||||||
Total | $2,285 | $838 | $2,649 | $3,365 | $5,130 | $4,539 | $3,793 | $3,998 | $9,137 | $17,460 | $14,561 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense Attributable to Total Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | $11,827 | $18,297 | $7,467 | ||||||||
State and local | 1,859 | 2,457 | 1,132 | ||||||||
Current total | 13,686 | 20,754 | 8,599 | ||||||||
Deferred: | |||||||||||
Federal | -3,958 | -2,549 | 5,516 | ||||||||
State and local | -591 | -745 | 446 | ||||||||
Deferred total | -4,549 | -3,294 | 5,962 | ||||||||
Total | $2,285 | $838 | $2,649 | $3,365 | $5,130 | $4,539 | $3,793 | $3,998 | $9,137 | $17,460 | $14,561 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for credit losses | $15,620 | $10,769 |
Unearned insurance commissions | 1,490 | 1,461 |
Deferred loan fees | 134 | 3,601 |
Share-based compensation | 1,694 | 988 |
Amortization of intangible assets | 609 | 501 |
State net operating loss carryforward | 69 | |
Accrued expenses | 828 | 694 |
Other | 189 | 12 |
Gross deferred tax assets | 20,633 | 18,026 |
Deferred tax liabilities: | ||
Fair market value adjustment of finance receivables | 14,403 | 16,753 |
Deferred loan costs | 2,283 | 2,226 |
Tax over book depreciation | 1,403 | 1,182 |
Prepaid expenses | 518 | 510 |
Other | 156 | 8 |
Gross deferred tax liabilities | 18,763 | 20,679 |
Net deferred tax asset (liability) | $1,870 | ($2,653) |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic earnings per share | |||||||||||
Income available to common stockholders, Net Income | $3,381 | $1,397 | $4,414 | $5,610 | $8,385 | $7,241 | $6,404 | $6,764 | $14,802 | $28,794 | $24,752 |
Income available to common stockholders, Per Share | $0.27 | $0.11 | $0.35 | $0.44 | $0.66 | $0.58 | $0.51 | $0.54 | $1.17 | $2.29 | $2.12 |
Income available to common stockholders, Shares | 12,701,083 | 12,572,298 | 11,694,924 | ||||||||
Effect of dilutive securities | |||||||||||
Options to purchase common stock, Shares | 250,358 | 321,395 | 285,824 | ||||||||
Diluted earnings per share | |||||||||||
Income available to common stockholders plus assumed exercise of options to purchase common stock, Net Income | $3,381 | $1,397 | $4,414 | $5,610 | $8,385 | $7,241 | $6,404 | $6,764 | $14,802 | $28,794 | $24,752 |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Per Share | $0.26 | $0.11 | $0.34 | $0.43 | $0.65 | $0.56 | $0.50 | $0.53 | $1.14 | $2.23 | $2.07 |
Income available to common stockholders plus assumed exercise of options to purchase common stock, Shares | 12,951,441 | 12,893,693 | 11,980,748 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock, Per Share | $11.63 | $10.70 | |
Equity Option [Member] | |||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock, Shares | 478,131 | 26,500 | 310,000 |
Options to purchase common stock, Per Share | $33.93 | $15 | |
Equity Option [Member] | Minimum [Member] | |||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock, Per Share | $15 | ||
Equity Option [Member] | Maximum [Member] | |||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock, Per Share | $33.93 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | |
Apr. 30, 2012 | Mar. 31, 2012 | |
Owner | Sponsor | |
Individual Owners [Member] | ||
Related Party Transaction [Line Items] | ||
Number of individual owners | 3 | |
Sponsors [Member] | ||
Related Party Transaction [Line Items] | ||
Number of Sponsors | 2 |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of Transactions with Sponsors and Individual Owners who Retain an Interest (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |
Consulting/Advisory fees expense | $1,451 |
Individual Owners [Member] | |
Related Party Transaction [Line Items] | |
Interest paid on mezzanine debt | 195 |
Financing fees | 3 |
Consulting/Advisory fees expense | 563 |
Sponsors [Member] | |
Related Party Transaction [Line Items] | |
Interest paid on mezzanine debt | 812 |
Financing fees | 12 |
Consulting/Advisory fees expense | $888 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Line Items] | ||||
Minimum service period required | 1 year | |||
Matching contribution up to 3 percent | 100.00% | 100.00% | 100.00% | |
Matching contribution from 3 to 5 percent | 50.00% | 50.00% | 50.00% | |
Employee contribution matched at 100% | 3.00% | 3.00% | 3.00% | |
Employee contribution matched at 50% | 2.00% | 2.00% | 2.00% | |
Expense of employee related plan | $451 | $416 | $367 | |
Employment agreement date | 18-Mar-13 | |||
Expense related to separation agreement with CEO | 1,153 | |||
Health Insurance Plan [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Other employee compensation | 3,938 | 2,724 | 1,907 | |
Annual Incentive Plan [Member] | ||||
Employee Benefit Plans [Line Items] | ||||
Other employee compensation | $820 | $597 | $545 | |
Number of performance metrics | 5 |
Sharebased_Compensation_Additi
Share-based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of grants | 100.00% | |||
Shares available for grant | 744,000 | |||
Equity restricted awards compensation for annual service to each of non-employee directors | 4,484 | |||
Percent of shares foregone for tax obligations | 40.00% | |||
Board compensation grant period | 5 days | |||
Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation award, vesting date | 31-Dec-16 | |||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental director compensation expense | $1,200 | |||
Minimum [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance target for achievement | 0.00% | |||
Maximum [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance target for achievement | 150.00% | |||
Stock Compensation Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance pursuant to grants | 1,987,412 | |||
Fair value of grants | 100.00% | |||
Incremental director compensation expense | 2,312 | 1,572 | 542 | |
Unrecognized stock-based compensation expense | 3,418 | |||
Period of recognition of stock-based compensation expense | 2 years 4 months 24 days | |||
Income tax benefit, Total | 891 | $258 | $211 | |
Exercise period of options | 10 years | |||
Stock Compensation Plans [Member] | 2011 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 296,483 | |||
Vesting period (in years) | 5 years | |||
Stock Compensation Plans [Member] | 2011 Stock Plan [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options vested | 20.00% | |||
Stock Compensation Plans [Member] | 2007 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 447,790 | |||
Options vested | 20.00% | |||
Vesting period (in years) | 4 years | |||
Stock Compensation Plans [Member] | 2007 Stock Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options vested | 20.00% |
Sharebased_Compensation_Fair_V
Share-based Compensation - Fair Value of Option Grants (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 42.68% | 47.74% | 48.49% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected term (in years) | 6 years 2 months 16 days | 10 years | 10 years |
Risk-free rate | 1.94% | 2.03% | 2.20% |
Sharebased_Compensation_Summar
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | 866 |
Number of Shares, Granted | 155 |
Number of Shares, Exercised | -46 |
Number of Shares, Forfeited | -72 |
Number of Shares, Expired | -7 |
Number of Shares, Options outstanding, Ending balance | 896 |
Number of Shares, Options exercisable | 621 |
Number of Shares, Available for grant | 744 |
Weighted Average Price Per Share, Options outstanding, Beginning balance | $10.70 |
Weighted Average Price Per Share, Granted | $17.76 |
Weighted Average Price Per Share, Exercised | $5.88 |
Weighted Average Price Per Share, Forfeited | $16.90 |
Weighted Average Price Per Share, Expired | $15 |
Weighted Average Price Per Share, Options outstanding, Ending balance | $11.63 |
Weighted Average Price Per Share, Options exercisable | $8.81 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 4 years 6 months |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 2 years 9 months 18 days |
Aggregate Intrinsic Value, Options outstanding | $4,520 |
Aggregate Intrinsic Value, Options exercisable | $4,465 |
Sharebased_Compensation_Summar1
Share-based Compensation - Summary of Additional Stock Option Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | |||
Weighted-average grant date fair value per award | $7.83 | $12.09 | $9.07 |
Intrinsic value of options exercised | $584 | $2,448 | |
Fair value of stock options that vested | $1,484 | $517 | $245 |
Sharebased_Compensation_Summar2
Share-based Compensation - Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | |
Schedule Of Nonvested Stock Option Activity [Line Items] | |
Shares, Granted | 57 |
Shares, Vested | 0 |
Shares, Forfeited | -22 |
Non-vested shares, end of the year | 35 |
Weighted Average Grant Date Fair Value, Granted | $17.76 |
Weighted Average Grant Date Fair Value, Vested | $0 |
Weighted Average Grant Date Fair Value, Forfeited | $17.76 |
Weighted Average Grant Date Fair Value, Non-vested restricted stock, end of the period | $17.76 |
Sharebased_Compensation_Summar3
Share-based Compensation - Summary of Cash Settled Performance Shares Activity (Detail) (Performance Shares [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Granted | 1,016 |
Shares, Vested | 0 |
Shares, Forfeited | -387 |
Non-vested shares, end of the year | 629 |
Weighted Average Grant Date Fair Value, Granted | $1 |
Weighted Average Grant Date Fair Value, Vested | $0 |
Weighted Average Grant Date Fair Value, Forfeited | $1 |
Weighted Average Grant Date Fair Value, Non-vested restricted stock, end of the period | $1 |
Sharebased_Compensation_Summar4
Share-based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Stock [Member] | ||
Schedule Of Nonvested Restricted Stock Activity [Line Items] | ||
Shares, Granted | 73 | |
Shares, Vested | -13 | |
Shares, Forfeited | 0 | |
Non-vested shares, end of the year | 60 | |
Weighted Average Grant Date Fair Value, Granted | $16.23 | $33.74 |
Weighted Average Grant Date Fair Value, Vested | $17.76 | |
Weighted Average Grant Date Fair Value, Forfeited | $0 | |
Weighted Average Grant Date Fair Value, Non-vested restricted stock, end of the period | $15.91 |
Sharebased_Compensation_Summar5
Share-based Compensation - Summary of Additional Restricted Stock Information (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Stock [Member] | ||
Schedule Of Nonvested Restricted Stock Activity [Line Items] | ||
Weighted-average grant date fair value per award | $16.23 | $33.74 |
Fair value of restricted stock that vested | $224 | $870 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Estimated loss | $497 |
Credit_Insurance_Products_Prem
Credit Insurance Products - Premiums Written and Reinsured Earned Premium (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Insurance [Abstract] | |||
Net Written Premiums | $17,831 | $17,260 | $15,718 |
Earned Premiums | $17,385 | $16,057 | $14,473 |
Credit_Insurance_Products_Addi
Credit Insurance Products - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Insurance [Line Items] | ||||
Increase in letter of credit secured by cash deposit | $1,900,000 | |||
Letter of credit secured by cash deposit | 1,900,000 | |||
Restricted cash | 1,900,000 | 1,900,000 | ||
Term of CPI Policy | 1 year | |||
Recognized revenue | 185,000 | 242,000 | 251,000 | |
Letter of Credit [Member] | ||||
Insurance [Line Items] | ||||
Restricted cash | 1,900,000 | 1,900,000 | ||
After July 1, 2014 [Member] | ||||
Insurance [Line Items] | ||||
CPI policy commission earned | $0 |
Business_Combination_Summary_o
Business Combination - Summary of Business Combination Activity (Detail) (USD $) | Dec. 31, 2014 | Aug. 18, 2014 | Dec. 31, 2013 | Apr. 05, 2013 |
In Thousands, unless otherwise specified | Branches | Branches | Branches | Branches |
Office | Office | |||
Business Combinations [Abstract] | ||||
Branches purchased | 1 | 1 | 2 | 2 |
Branches merged into existing offices | 0 | 0 | ||
Net new offices | 1 | 2 | ||
Tangible assets: | ||||
Net finance receivables | $96 | $211 | ||
Property and equipment | 11 | |||
Other | 0 | 0 | ||
Intangible assets: | ||||
Customer list | 32 | |||
Goodwill | 353 | |||
Total purchase price | $128 | $128 | $575 | $575 |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Aug. 18, 2014 | Dec. 31, 2013 | Apr. 05, 2013 |
In Thousands, unless otherwise specified | Branches | Branches | Branches | Branches |
Business Combinations [Abstract] | ||||
Total purchase price | $128 | $128 | $575 | $575 |
Branches purchased | 1 | 1 | 2 | 2 |
Recovered_Sheet1
Quarterly Information (Unaudited) - Summary of the Company's Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $53,792 | $53,909 | $47,437 | $49,581 | $48,542 | $44,305 | $39,182 | $38,600 | $204,719 | $170,629 | $135,697 |
Provision for credit losses | 15,950 | 22,542 | 13,620 | 16,945 | 11,638 | 11,078 | 8,405 | 8,071 | 69,057 | 39,192 | 27,765 |
General and administrative expenses | 28,396 | 25,284 | 23,198 | 19,898 | 19,480 | 17,534 | 17,339 | 16,686 | |||
Interest expense | 3,780 | 3,848 | 3,556 | 3,763 | 3,909 | 3,913 | 3,241 | 3,081 | 14,947 | 14,144 | 11,610 |
Income tax | 2,285 | 838 | 2,649 | 3,365 | 5,130 | 4,539 | 3,793 | 3,998 | 9,137 | 17,460 | 14,561 |
Net income | 3,381 | 1,397 | 4,414 | 5,610 | 8,385 | 7,241 | 6,404 | 6,764 | 14,802 | 28,794 | 24,752 |
Net income per common share: | |||||||||||
Total revenue | 53,792 | 53,909 | 47,437 | 49,581 | 48,542 | 44,305 | 39,182 | 38,600 | 204,719 | 170,629 | 135,697 |
Provision for credit losses | 15,950 | 22,542 | 13,620 | 16,945 | 11,638 | 11,078 | 8,405 | 8,071 | 69,057 | 39,192 | 27,765 |
General and administrative expenses | 28,396 | 25,284 | 23,198 | 19,898 | 19,480 | 17,534 | 17,339 | 16,686 | |||
Interest expense | 3,780 | 3,848 | 3,556 | 3,763 | 3,909 | 3,913 | 3,241 | 3,081 | 14,947 | 14,144 | 11,610 |
Income tax | 2,285 | 838 | 2,649 | 3,365 | 5,130 | 4,539 | 3,793 | 3,998 | 9,137 | 17,460 | 14,561 |
Net income | $3,381 | $1,397 | $4,414 | $5,610 | $8,385 | $7,241 | $6,404 | $6,764 | $14,802 | $28,794 | $24,752 |
Basic | $0.27 | $0.11 | $0.35 | $0.44 | $0.66 | $0.58 | $0.51 | $0.54 | $1.17 | $2.29 | $2.12 |
Diluted | $0.26 | $0.11 | $0.34 | $0.43 | $0.65 | $0.56 | $0.50 | $0.53 | $1.14 | $2.23 | $2.07 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Chief Executive Officer [Member], Subsequent Event [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2015 |
Chief Executive Officer [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Share-based compensation expense | $1,500 |