Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 22, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RM | ||
Entity Registrant Name | Regional Management Corp. | ||
Entity Central Index Key | 1,519,401 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 11,690,291 | ||
Entity Public Float | $ 220,711,714 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash | $ 5,230 | $ 4,446 |
Gross finance receivables | 1,066,650 | 916,954 |
Unearned finance charges and insurance premiums | (249,187) | (199,179) |
Finance receivables | 817,463 | 717,775 |
Allowance for credit losses | (48,910) | (41,250) |
Net finance receivables | 768,553 | 676,525 |
Restricted cash | 16,787 | 8,297 |
Property and equipment | 12,294 | 11,693 |
Intangible assets | 10,607 | 6,448 |
Deferred tax asset | 33 | |
Other assets | 16,012 | 4,782 |
Total assets | 829,483 | 712,224 |
Liabilities | ||
Long-term debt | 571,496 | 491,678 |
Unamortized debt issuance costs | (4,950) | (2,152) |
Net long-term debt | 566,546 | 489,526 |
Accounts payable and accrued expenses | 18,565 | 15,223 |
Deferred tax liability | 4,961 | |
Total liabilities | 590,072 | 504,749 |
Commitments and Contingencies (Notes 6, 16, and 17) | ||
Stockholders' equity: | ||
Preferred stock ($0.10 par value, 100,000 shares authorized, no shares issued or outstanding) | ||
Common stock ($0.10 par value, 1,000,000 shares authorized, 13,205 shares issued and 11,659 shares outstanding at December 31, 2017 and 12,996 shares issued and 11,450 shares outstanding at December 31, 2016) | 1,321 | 1,300 |
Additional paid-in-capital | 94,384 | 92,432 |
Retained earnings | 168,752 | 138,789 |
Treasury stock (1,546 shares at December 31, 2017 and 2016) | (25,046) | (25,046) |
Total stockholders' equity | 239,411 | 207,475 |
Total liabilities and stockholders' equity | 829,483 | 712,224 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 70 | 36 |
Finance receivables | 137,239 | 41,244 |
Allowance for credit losses | (7,129) | (2,337) |
Restricted cash | 10,734 | 4,426 |
Other assets | 119 | 201 |
Total assets | 141,033 | 43,570 |
Liabilities | ||
Net long-term debt | 116,658 | 37,898 |
Accounts payable and accrued expenses | 53 | 5 |
Total liabilities | $ 116,711 | $ 37,903 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 13,205,000 | 12,996,000 |
Common stock, shares outstanding | 11,659,000 | 11,450,000 |
Treasury stock, shares | 1,546,000 | 1,546,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | |||
Interest and fee income | $ 249,034 | $ 220,963 | $ 195,794 |
Insurance income, net | 13,061 | 9,456 | 11,654 |
Other income | 10,364 | 10,099 | 9,858 |
Total revenue | 272,459 | 240,518 | 217,306 |
Expenses | |||
Provision for credit losses | 77,339 | 63,014 | 47,348 |
Personnel | 75,992 | 68,979 | 69,247 |
Occupancy | 21,530 | 20,059 | 17,313 |
Marketing | 7,128 | 6,837 | 7,017 |
Other | 26,305 | 22,757 | 22,021 |
Total general and administrative expenses | 130,955 | 118,632 | 115,598 |
Interest expense | 23,908 | 19,924 | 16,221 |
Income before income taxes | 40,257 | 38,948 | 38,139 |
Income taxes | 10,294 | 14,917 | 14,774 |
Net income | $ 29,963 | $ 24,031 | $ 23,365 |
Net income per common share: | |||
Basic | $ 2.59 | $ 2.03 | $ 1.82 |
Diluted | $ 2.54 | $ 1.99 | $ 1.79 |
Weighted-average common shares outstanding: | |||
Basic | 11,551 | 11,824 | 12,849 |
Diluted | 11,783 | 12,085 | 13,074 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2014 | $ 178,323 | $ 1,275 | $ 85,655 | $ 91,393 | |
Beginning Balance, shares at Dec. 31, 2014 | 12,748 | ||||
Issuance of restricted stock awards | $ 11 | (11) | |||
Issuance of restricted stock awards, shares | 108 | ||||
Exercise of stock options | 14 | $ 14 | |||
Exercise of stock options, shares | 145 | ||||
Excess tax benefit (deficiency) from stock option exercises, net | 378 | 378 | |||
Shares withheld related to net share settlement | (543) | $ (9) | (534) | ||
Shares withheld related to net share settlement, shares | (87) | ||||
Share-based compensation | 3,690 | 3,690 | |||
Net income | 23,365 | 23,365 | |||
Ending Balance at Dec. 31, 2015 | 205,227 | $ 1,291 | 89,178 | 114,758 | |
Ending Balance, shares at Dec. 31, 2015 | 12,914 | ||||
Issuance of restricted stock awards | $ 4 | (4) | |||
Issuance of restricted stock awards, shares | 37 | ||||
Exercise of stock options | 20 | $ 20 | |||
Exercise of stock options, shares | 203 | ||||
Excess tax benefit (deficiency) from stock option exercises, net | (35) | (35) | |||
Repurchase of common stock | (25,046) | $ (25,046) | |||
Shares withheld related to net share settlement | (508) | $ (15) | (493) | ||
Shares withheld related to net share settlement, shares | (158) | ||||
Share-based compensation | 3,786 | 3,786 | |||
Net income | 24,031 | 24,031 | |||
Ending Balance at Dec. 31, 2016 | 207,475 | $ 1,300 | 92,432 | 138,789 | (25,046) |
Ending Balance, shares at Dec. 31, 2016 | 12,996 | ||||
Issuance of restricted stock awards | $ 7 | (7) | |||
Issuance of restricted stock awards, shares | 74 | ||||
Exercise of stock options | $ 334 | $ 29 | 305 | ||
Exercise of stock options, shares | 289 | 289 | |||
Shares withheld related to net share settlement | $ (2,021) | $ (15) | (2,006) | ||
Shares withheld related to net share settlement, shares | (154) | ||||
Share-based compensation | 3,660 | 3,660 | |||
Net income | 29,963 | 29,963 | |||
Ending Balance at Dec. 31, 2017 | $ 239,411 | $ 1,321 | $ 94,384 | $ 168,752 | $ (25,046) |
Ending Balance, shares at Dec. 31, 2017 | 13,205 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 29,963 | $ 24,031 | $ 23,365 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 77,339 | 63,014 | 47,348 |
Depreciation and amortization | 7,357 | 6,444 | 3,920 |
Loss on disposal of property and equipment | 245 | 3 | 343 |
Accretion of discounts on purchased receivables | (27) | ||
Share-based compensation | 4,346 | 4,158 | 3,638 |
Fair value adjustment on interest rate caps | 64 | 170 | 457 |
Deferred income taxes, net | 4,994 | 1,902 | (122) |
Changes in operating assets and liabilities: | |||
(Increase) decrease in other assets | (11,294) | (1,739) | 1,788 |
Increase in other liabilities | 2,419 | 2,255 | 2,681 |
Net cash provided by operating activities | 115,433 | 100,238 | 83,391 |
Cash flows from investing activities: | |||
Net originations of finance receivables | (169,366) | (148,548) | (132,632) |
Purchases of intangible assets | (6,355) | (5,302) | (1,946) |
(Increase) decrease in restricted cash | (8,490) | 2,209 | (8,605) |
Purchases of property and equipment | (4,765) | (6,433) | (3,366) |
Proceeds from disposal of property and equipment | 558 | 721 | |
Net cash used in investing activities | (188,418) | (157,353) | (146,549) |
Cash flows from financing activities: | |||
Net advances (payments) on senior revolving credit facility | (799) | 114,567 | (3,138) |
Net proceeds from (payments on) amortizing loan | 14,551 | (34,067) | 72,896 |
Net advances on revolving warehouse credit facility | 66,066 | ||
Payments for debt issuance costs | (4,547) | (1,060) | (2,237) |
Taxes paid related to net share settlement of equity awards | (1,809) | (487) | (721) |
Proceeds from exercise of stock options | 307 | ||
Repurchases of common stock | (25,046) | ||
Net cash provided by financing activities | 73,769 | 53,907 | 66,800 |
Net change in cash | 784 | (3,208) | 3,642 |
Cash at beginning of period | 4,446 | 7,654 | 4,012 |
Cash at end of period | 5,230 | 4,446 | 7,654 |
Supplemental cash flow information | |||
Interest paid | 20,460 | 17,590 | 15,385 |
Income taxes paid | $ 15,681 | $ 12,585 | $ 12,449 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of Business Regional Management Corp. (the “ Company The Company’s loan volume and contractual delinquency follow seasonal trends. Demand for the Company’s small and large loans is typically highest during the second, third, and fourth quarters, which the Company believes is largely due to customers borrowing money for vacation, back-to-school, |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies The following is a description of significant accounting policies used in preparing the financial statements. The accounting and reporting policies of the Company are in accordance with U.S. Generally Accepted Accounting Principles (“ GAAP Business segments: Principles of consolidation: VIE Treasury stock: Variable interest entities: RMR RMR II The Company’s asset-backed loans under these arrangements are structured to provide enhancements to the lenders in the form of overcollateralization (principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash accounts held by RMR and RMR II). These enhancements, along with the isolated finance receivables, increase the creditworthiness of RMR and RMR II above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. Both RMR and RMR II are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of RMR and RMR II because it has (i) power over the significant activities of RMR and RMR II through its role as servicer of the finance receivables under each credit agreement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of RMR and RMR II after each debt is paid. Consolidation of RMR and RMR II results in the transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of RMR and RMR II, respectively, and not by any other assets of the Company. The assets of RMR and RMR II are the only source of funds for repayment on each debt. Restricted cash accounts held by RMR and RMR II can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of RMR and RMR II and interest expense on the related secured debt. Use of estimates: Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, the fair value of share-based compensation, the valuation of deferred tax assets and liabilities, contingent liabilities on litigation matters, and the allocation of the purchase price to assets acquired in business combinations. Reclassifications: Statement of cash flows: Finance receivables: non-essential pre-screening non-essential Credit losses: non-titled The Company initiates repossession proceedings when, in the opinion of management, the customer is unlikely to make further payments. 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 relates to probable incurred losses of unimpaired finance receivables. Prior to September 30, 2016, the general component of the allowance was primarily based on historical loss rates. Effective September 30, 2016, it is based on delinquency roll rates. The Company’s finance receivable types are stratified by delinquency stages, and the future monthly delinquency profiles and credit losses are projected forward using historical delinquency roll rates. The Company records a general allowance for credit losses that includes forecasted future credit losses over the estimated loss emergence period (the interval of time between the event which caused a borrower to default and the Company’s recording of the credit loss) for each finance receivable type. The Company adjusts the computed roll rate forecast 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 roll rate forecast. Those qualitative factors include trends in growth in the loan portfolio, delinquency, unemployment, bankruptcy, operational risks, and other economic trends. Impaired finance receivables: 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 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. Delinquency: Repossessed assets: Property and equipment: non-cancellable Restricted cash: Derivative instruments: Income recognition: pre-compute sum-of-the-years’ The Company recognizes income on credit life insurance using the sum-of-the-years’ sum-of-the-years’ sum-of-the-years’ 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 Share-based compensation: Marketing costs: Income taxes: The Company recognizes the financial statement effects of a tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination. The tax benefits of the position recognized in the consolidated financial statements are then measured based on the largest amount of benefit that is greater than 50% likely to be realized upon settlement with a taxing authority. As of December 31, 2017, the Company had not taken any tax position that exceeds the amount described above. Pursuant to the adoption of an accounting standard update issued in March 2016 and effective for fiscal year 2017, the Company now recognizes the tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of its consolidated statements of income. These tax benefits and deficiencies were previously recognized within additional paid-in-capital Earnings per share: Recent accounting pronouncements: FASB In February 2016, the FASB issued an accounting update to increase transparency and comparability of accounting for lease transactions. The update requires all leases to be recognized on the balance sheet as lease assets and lease liabilities and requires both quantitative and qualitative disclosures regarding key information about leasing arrangements. All of the Company’s leases are currently classified as operating leases, with no lease assets or lease liabilities recorded. The update is effective for annual and interim periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. In March 2016, the FASB issued an accounting update to simplify the accounting for share-based compensation, including the accounting for forfeitures, the statutory tax withholding requirements, the accounting for income taxes, and the classification of share-based compensation transactions in the statement of cash flows. The key provision of the update is the requirement for the tax benefits or tax deficiencies from the exercise or vesting of share-based awards to flow through the statement of income, rather than through additional paid-in-capital In June 2016, the FASB issued an accounting update to change the impairment model for estimating credit losses on financial assets. The current incurred loss impairment model requires the recognition of credit losses when it is probable that a loss has been incurred. The incurred loss model will be replaced by an expected loss model, which requires entities to estimate the lifetime expected credit loss on such instruments and to record an allowance to offset the amortized cost basis of the financial asset. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements, and is in the process of quantifying the potential impacts. In August 2016, the FASB issued an accounting update to provide specific guidance on certain cash flow classification issues to reduce diversity in practice. These issues include debt prepayment or extinguishment costs, contingent consideration payments after business combinations, beneficial interest in securitization transactions, and proceeds from insurance claims. This update is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company will adopt the new standard effective January 1, 2018, and believes implementation of the accounting update will not have a material effect on the Company’s consolidated financial statements. In November 2016, the FASB issued an accounting update to address diversity in the classification of restricted cash transfers on the statement of cash flows. The amendment requires that the statements of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents. This update is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company will adopt the new standard effective January 1, 2018. At adoption, the Company will no longer report the changes in restricted cash as an investing activity. Instead, restricted cash will be included in the beginning and ending cash balances on the consolidated statements of cash flows. Additionally, the Company will present a reconciliation from the balance sheet cash and restricted cash with the beginning and ending cash used on the consolidated statements of cash flows. In January 2017, the FASB issued an accounting update to simplify the subsequent measurement of goodwill. The amendment reduces the cost and complexity of evaluating goodwill for impairment by eliminating a step in the goodwill impairment test, which required the same procedure used to determine the fair value of assets acquired and liabilities assumed in a business combination. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The adoption of this accounting pronouncement will not impact the Company’s consolidated financial statements. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | Note 3. Concentrations of Credit Risk The Company’s portfolio of finance receivables is with customers living in five southeastern states (Alabama, Georgia, North Carolina, South Carolina, and Tennessee), three southwestern states (Oklahoma, New Mexico, and Texas), and one mid-Atlantic non-prime 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, Credit Qua
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | Note 4. Finance Receivables, Credit Quality Information, and Allowance for Credit Losses Finance receivables for the periods indicated consisted of the following: December 31, In thousands 2017 2016 Small loans $ 375,772 $ 358,471 Large loans 347,218 235,349 Automobile loans 61,423 90,432 Retail loans 33,050 33,523 Finance receivables $ 817,463 $ 717,775 The contractual delinquency of the finance receivable portfolio by product and aging for the periods indicated are as follows: December 31, 2017 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 301,114 80.1 % $ 299,467 86.3 % $ 43,140 70.2 % $ 25,730 77.8 % $ 669,451 81.9 % 1 to 29 days past due 39,412 10.5 % 29,211 8.4 % 13,387 21.8 % 4,523 13.7 % 86,533 10.6 % Delinquent accounts 30 to 59 days 9,738 2.6 % 5,949 1.6 % 2,162 3.6 % 879 2.7 % 18,728 2.2 % 60 to 89 days 8,755 2.3 % 4,757 1.4 % 1,046 1.7 % 739 2.2 % 15,297 1.9 % 90 to 119 days 6,881 1.9 % 3,286 1.0 % 701 1.1 % 471 1.5 % 11,339 1.4 % 120 to 149 days 5,284 1.4 % 2,537 0.7 % 636 1.0 % 408 1.2 % 8,865 1.1 % 150 to 179 days 4,588 1.2 % 2,011 0.6 % 351 0.6 % 300 0.9 % 7,250 0.9 % Total delinquency $ 35,246 9.4 % $ 18,540 5.3 % $ 4,896 8.0 % $ 2,797 8.5 % $ 61,479 7.5 % Total finance receivables $ 375,772 100.0 % $ 347,218 100.0 % $ 61,423 100.0 % $ 33,050 100.0 % $ 817,463 100.0 % Finance receivables in nonaccrual status $ 16,753 4.5 % $ 7,834 2.3 % $ 1,688 2.7 % $ 1,179 3.6 % $ 27,454 3.4 % December 31, 2016 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 288,983 80.6 % $ 204,063 86.8 % $ 66,936 74.0 % $ 27,220 81.2 % $ 587,202 81.9 % 1 to 29 days past due 36,533 10.2 % 19,172 8.1 % 17,196 19.0 % 4,205 12.5 % 77,106 10.7 % Delinquent accounts 30 to 59 days 9,408 2.6 % 3,948 1.7 % 2,654 3.0 % 717 2.2 % 16,727 2.3 % 60 to 89 days 7,110 2.0 % 2,920 1.2 % 1,171 1.3 % 440 1.3 % 11,641 1.6 % 90 to 119 days 6,264 1.8 % 2,271 1.0 % 1,110 1.2 % 376 1.1 % 10,021 1.4 % 120 to 149 days 5,424 1.5 % 1,710 0.7 % 743 0.8 % 328 1.0 % 8,205 1.1 % 150 to 179 days 4,749 1.3 % 1,265 0.5 % 622 0.7 % 237 0.7 % 6,873 1.0 % Total delinquency $ 32,955 9.2 % $ 12,114 5.1 % $ 6,300 7.0 % $ 2,098 6.3 % $ 53,467 7.4 % Total finance receivables $ 358,471 100.0 % $ 235,349 100.0 % $ 90,432 100.0 % $ 33,523 100.0 % $ 717,775 100.0 % Finance receivables in nonaccrual status $ 16,437 4.6 % $ 5,246 2.2 % $ 2,475 2.7 % $ 941 2.8 % $ 25,099 3.5 % The allowance for credit losses consists of general and specific components. Prior to September 30, 2016, the general component reflected estimated credit losses for groups of finance receivables on a collective basis and was primarily based on historical loss rates (adjusted for qualitative factors). Effective September 30, 2016, the general component is primarily based on delinquency roll rates. Delinquency roll rate modeling is forward-looking and common practice in the consumer finance industry. As a result of this change, the Company decreased the provision for credit losses for the year ended December 31, 2016 by $0.5 million, which increased net income by $0.3 million, or $0.03 diluted earnings per share. Changes in the allowance for credit losses for the periods indicated are as follows: Year Ended December 31, In thousands 2017 2016 2015 Balance at beginning of period $ 41,250 $ 37,452 $ 40,511 Provision for credit losses 77,339 63,014 47,348 Credit losses (75,880 ) (64,064 ) (55,043 ) Recoveries 6,201 4,848 4,636 Balance at end of period $ 48,910 $ 41,250 $ 37,452 In September 2017, the Company recorded a $3.0 million increase to the allowance for credit losses related to estimated incremental credit losses on customer accounts impacted by the hurricanes. The incremental hurricane allowance resulted in a decrease to net income of $1.9 million, or $0.16 diluted earnings per share, for the three months ended September 30, 2017. On an annual basis, the Company updates the estimated loss emergence period for each finance receivable type. During 2015, the loss emergence period of large loan finance receivables increased from ten to twelve months as the Company originated longer term loans. As a result, the Company increased the allowance for credit losses by $0.5 million, which decreased net income for the year ended December 31, 2015 by $0.3 million, or $0.02 diluted earnings per share. The increase in the allowance for credit losses due to the change in the loss emergence period was offset by a decrease in the Company’s normal allowance for credit losses on qualitative factors surrounding finance receivables growth and credit quality. The overall large loan allowance for credit losses as a percentage of loans declined from 4.3% to 3.8% as of December 31, 2014 and 2015, respectively. During 2017, the loss emergence period for each finance receivable type changed as follows: small loan finance receivables increased from six to seven months; large loan finance receivables decreased from twelve to ten months; and retail loan finance receivables increased from ten to eleven months. These net changes in the loss emergence periods increased the Company’s total allowance for credit losses by $0.1 million, which decreased net income for the year ended December 31, 2017 by $0.1 million, or $0.01 diluted earnings per share. In December 2015, the Company began selling previously charged-off charged-off charged-off charged-off charged-off The following is a reconciliation of the allowance for credit losses by product for the periods indicated: In thousands Balance Provision Credit Losses Recoveries Balance Finance Allowance as Small loans $ 21,770 $ 45,104 $ (45,612 ) $ 3,487 $ 24,749 $ 375,772 6.6 % Large loans 11,460 25,024 (20,088 ) 1,152 17,548 347,218 5.1 % Automobile loans 5,910 4,210 (7,424 ) 1,329 4,025 61,423 6.6 % Retail loans 2,110 3,001 (2,756 ) 233 2,588 33,050 7.8 % Total $ 41,250 $ 77,339 $ (75,880 ) $ 6,201 $ 48,910 $ 817,463 6.0 % In thousands Balance Provision Credit Losses Recoveries Balance Finance Allowance as Small loans $ 21,535 $ 41,119 $ (43,797 ) $ 2,913 $ 21,770 $ 358,471 6.1 % Large loans 5,593 14,261 (8,946 ) 552 11,460 235,349 4.9 % Automobile loans 8,828 4,785 (8,886 ) 1,183 5,910 90,432 6.5 % Retail loans 1,496 2,849 (2,435 ) 200 2,110 33,523 6.3 % Total $ 37,452 $ 63,014 $ (64,064 ) $ 4,848 $ 41,250 $ 717,775 5.7 % In thousands Balance Provision Credit Losses Recoveries Balance Finance Allowance as Small loans $ 25,280 $ 33,428 $ (40,059 ) $ 2,886 $ 21,535 $ 338,157 6.4 % Large loans 1,980 6,032 (2,762 ) 343 5,593 146,553 3.8 % Automobile loans 11,776 6,285 (10,466 ) 1,233 8,828 116,109 7.6 % Retail loans 1,475 1,603 (1,756 ) 174 1,496 27,625 5.4 % Total $ 40,511 $ 47,348 $ (55,043 ) $ 4,636 $ 37,452 $ 628,444 6.0 % Impaired finance receivables as a percentage of total finance receivables were 2.1% and 1.6% for the years ended December 31, 2017 and 2016, respectively. The following is a summary of finance receivables evaluated for impairment for the periods indicated: December 31, 2017 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 5,094 $ 10,303 $ 1,724 $ 109 $ 17,230 Finance receivables evaluated collectively 370,678 336,915 59,699 32,941 800,233 Finance receivables outstanding $ 375,772 $ 347,218 $ 61,423 $ 33,050 $ 817,463 Impaired receivables in nonaccrual status $ 707 $ 931 $ 129 $ 31 $ 1,798 Amount of the specific reserve for impaired accounts $ 1,190 $ 2,183 $ 373 $ 20 $ 3,766 Amount of the general component of the allowance $ 23,559 $ 15,365 $ 3,652 $ 2,568 $ 45,144 December 31, 2016 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 2,409 $ 6,441 $ 2,460 $ 101 $ 11,411 Finance receivables evaluated collectively 356,062 228,908 87,972 33,422 706,364 Finance receivables outstanding $ 358,471 $ 235,349 $ 90,432 $ 33,523 $ 717,775 Impaired receivables in nonaccrual status $ 288 $ 610 $ 175 $ 7 $ 1,080 Amount of the specific reserve for impaired accounts $ 563 $ 1,216 $ 576 $ 19 $ 2,374 Amount of the general component of the allowance $ 21,207 $ 10,244 $ 5,334 $ 2,091 $ 38,876 Average recorded investment in impaired finance receivables for the periods indicated are as follows: December 31, In thousands 2017 2016 Small loans $ 3,946 $ 1,686 Large loans 8,205 4,478 Automobile loans 2,062 2,801 Retail loans 107 114 Total average recorded investment $ 14,320 $ 9,079 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, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 5. Property and Equipment For the periods indicated, property and equipment consisted of the following: December 31, In thousands 2017 2016 Land and building $ — $ 919 Furniture, fixtures, and equipment 20,471 19,925 Leasehold improvements 8,671 7,476 Property and equipment cost 29,142 28,320 Less accumulated depreciation 16,848 16,627 Property and equipment, net of accumulated depreciation $ 12,294 $ 11,693 Depreciation expense for the years ended December 31, 2017, 2016, and 2015 totaled $3.4 million, $3.1 million, and $2.6 million, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | Note 6. Leases Future minimum rent commitments under non-cancellable In thousands Amount 2018 $ 6,390 2019 4,863 2020 4,416 2021 3,274 2022 2,307 Thereafter 6,779 Total $ 28,029 Leases generally contain options to extend for periods from three to five years and the cost of such extensions is not included above. Rent expense for the years ended December 31, 2017, 2016, and 2015 equaled $7.7 million, $7.0 million, and $6.0 million, respectively. In addition to rent, the Company typically pays for all operating expenses, property taxes, and repairs and maintenance on properties that it leases. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 7. Intangible Assets The following table provides the gross carrying amount and related accumulated amortization of intangible assets: December 31, 2017 December 31, 2016 In thousands Gross Carrying Accumulated Net Amount Gross Carrying Accumulated Net Amount Software $ 13,396 $ (3,550 ) $ 9,846 $ 8,743 $ (3,220 ) $ 5,523 Customer list 2,485 (2,440 ) 45 2,485 (2,276 ) 209 Goodwill 950 (234 ) 716 950 (234 ) 716 Total intangible assets $ 16,831 $ (6,224 ) $ 10,607 $ 12,178 $ (5,730 ) $ 6,448 Intangible amortization expense for the years ended December 31, 2017, 2016, and 2015 totaled $2.2 million, $1.9 million, and $0.8 million, respectively. The following table sets forth the future amortization of intangible assets: In thousands Amount 2018 $ 1,912 2019 1,671 2020 1,531 2021 1,461 2022 1,453 Thereafter 1,863 Total $ 9,891 The Company performs an annual impairment test on goodwill during the fourth quarter of each fiscal year. There were no goodwill additions or impairment losses for the years ended December 31, 2017 and 2016, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 8. Other Assets Other assets include the following as of the periods indicated: December 31, In thousands 2017 2016 Income tax receivable $ 9,474 $ — Prepaid expenses 2,806 2,561 Card payments receivable 2,005 725 Credit insurance receivable 1,024 436 Repossessed assets 431 502 Other 272 558 Total $ 16,012 $ 4,782 The increase in income tax receivable primarily resulted from a December 2017 change in tax method from the accrual method to a more commonly used specific identification method for the allowance for credit losses. |
Interest Rate Caps
Interest Rate Caps | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Caps | Note 9. Interest Rate Caps The Company has purchased interest rate cap contracts with an aggregate notional principal amount of $250.0 million and 2.50% strike rates against the one-month one-month one-month December 31, In thousands 2017 2016 Balance at beginning of period $ 62 $ 120 Purchases 100 112 Fair value adjustment included as an increase in interest expense (64 ) (170 ) Balance at end of period, included in other assets $ 98 $ 62 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10. Long-Term Debt The following is a summary of the Company’s long-term debt as of the periods indicated: December 31, 2017 December 31, 2016 In thousands Long-Term Unamortized Net Long-Term Long-Term Unamortized Net Long-Term Senior revolving credit facility $ 452,050 $ (2,162 ) $ 449,888 $ 452,849 $ (1,221 ) $ 451,628 Amortizing loan 53,380 (547 ) 52,833 38,829 (931 ) 37,898 Revolving warehouse credit facility 66,066 (2,241 ) 63,825 — — — Total $ 571,496 $ (4,950 ) $ 566,546 $ 491,678 $ (2,152 ) $ 489,526 Unused amount of revolving credit facilities (subject to borrowing base) $ 244,884 $ 132,151 In June 2017, the Company amended and restated its senior revolving credit facility to, among other things, increase the availability under the facility from $585 million to $638 million and extend the maturity of the facility from August 2019 to June 2020. The facility has an accordion provision that allows for the expansion of the facility to $700 million. Excluding the receivables held by the Company’s VIEs, the senior revolving credit facility is secured by substantially all of the Company’s finance receivables and equity interests of the majority of its subsidiaries. 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 3.00% margin, increasing to 3.25% when the availability percentage is below 10%. The LIBOR rate for this facility was 1.63% and 0.88% at December 31, 2017 and 2016, respectively. Alternatively, the Company may pay interest at the prime rate, plus a 2.00% margin, increasing to 2.25% when the availability percentage is below 10%. The prime rate was 4.50% and 3.75% at December 31, 2017 and 2016, respectively. The Company pays an unused line fee of 0.50% per annum, payable monthly, decreasing to 0.375% when the average outstanding balance exceeds $413.0 million. Advances on the senior revolving credit facility are capped at 85% of eligible secured finance receivables, plus 70% of eligible unsecured finance receivables. These rates are subject to adjustment at certain credit quality levels (83% of eligible secured finance receivables and 68% of eligible unsecured finance receivables as of December 31, 2017). As of December 31, 2017, the Company had $46.8 million of eligible borrowing capacity under the facility. In June 2017, the Company and its wholly-owned subsidiary, RMR II, entered into a credit agreement providing for a $125 million revolving warehouse credit facility to RMR II (expandable to $150 million). RMR II purchases large loan finance receivables, net of the related allowance for credit losses, from the Company’s affiliates using the proceeds of the facility and equity investments from the Company. The facility is secured by the finance receivables owned by RMR II. RMR II held $0.8 million in a restricted cash reserve account as of December 31, 2017 to satisfy provisions of the credit agreement. Through October 1, 2017, borrowings under the facility bore interest, payable monthly, at a blended rate equal to three-month LIBOR, plus a margin of 3.50%. Effective October 2, 2017 and February 5, 2018, the margin decreased to 3.25% and 3.00%, respectively, following the satisfaction of milestones associated with the Company’s conversion to a new loan origination and servicing system. The three-month LIBOR was 1.69% at December 31, 2017. RMR II pays an unused commitment fee of between 0.35% and 0.85% per annum, payable monthly, based upon the average daily utilization of the facility. Advances on the facility are capped at 80% of eligible finance receivables. In November 2017, the Company and its wholly-owned subsidiary, RMR, amended and restated the December 2015 credit agreement that provided for a $75.7 million asset-backed, amortizing loan to RMR. The amended and restated credit agreement, among other things, provides for an additional loan advance in the amount of $37.8 million and extends the maturity date to December 2024. The loan is secured by the finance receivables owned by RMR. RMR held $1.3 million in a restricted cash reserve account as of December 31, 2017 to satisfy provisions of the credit agreement. RMR paid interest of 3.00% per annum on the loan balance. In February 2018, the Company agreed to lower the advance rate on the loan from 88% to 85% and to increase the interest rate from 3.00% to 3.25%. The amended and restated credit agreement allows RMR to prepay the loan when the outstanding balance falls below 20% of the original loan amount. These debt agreements contain certain restrictive covenants requiring monthly and annual reporting to the banks and include maintenance of specified interest coverage and debt ratios, restrictions on distributions, limitations on other indebtedness, maintenance of a minimum allowance for credit losses, and certain other restrictions. At December 31, 2017, the Company was in compliance with all debt covenants. Both the amortizing loan and warehouse credit facility are supported by the expected cash flows from the underlying collateralized finance receivables. Collections on these accounts are remitted to restricted cash collection accounts, which totaled $8.6 million and $2.7 million as of December 31, 2017 and 2016, respectively. Cash inflows from the finance receivables are distributed to the lenders and service providers in accordance with a monthly contractual priority of payments and, as such, the inflows are directed first to servicing fees. RMR and RMR II pay a 4% servicing fee to the Company, which is eliminated in consolidation. Next, all cash inflows are directed to the interest, principal, and any adjustments to the reserve accounts and, thereafter, to the residual interest that the Company owns. Distributions from RMR and RMR II to the Company are permitted under the credit agreements. Both RMR and RMR II are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of RMR and RMR II because it has (i) power over the significant activities of RMR and RMR II through its role as servicer of the finance receivables under each credit agreement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of RMR and RMR II after each debt is paid. The carrying amounts of consolidated VIE assets and liabilities are as follows: December 31, In thousands 2017 2016 Assets Cash $ 70 $ 36 Finance receivables 137,239 41,244 Allowance for credit losses (7,129 ) (2,337 ) Restricted cash 10,734 4,426 Other assets 119 201 Total assets $ 141,033 $ 43,570 Liabilities Net long-term debt $ 116,658 $ 37,898 Accounts payable and accrued expenses 53 5 Total liabilities $ 116,711 $ 37,903 The following is a summary of principal payments required on outstanding debt during each of the next five years: In thousands Amount 2018 $ 27,884 2019 81,354 2020 458,892 2021 2,527 2022 839 Total $ 571,496 |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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: Cash and restricted cash: Finance receivables: Interest rate caps: Repossessed assets: Long-term debt: The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: December 31, 2017 December 31, 2016 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 5,230 $ 5,230 $ 4,446 $ 4,446 Restricted cash 16,787 16,787 8,297 8,297 Level 2 inputs Interest rate caps 98 98 62 62 Level 3 inputs Net finance receivables 768,553 768,553 676,525 676,525 Repossessed assets 431 431 502 502 Liabilities Level 3 inputs Long-term debt 571,496 571,496 491,678 491,678 Certain of the Company’s assets carried at fair value are classified and disclosed in one of the following three categories: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs that are not corroborated by market data. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are carried at fair value. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. The table below presents the balances of assets measured at fair value on a recurring basis by level within the hierarchy as of December 31, 2017 and 2016: Interest Rate Caps In thousands Total Level 1 Level 2 Level 3 2017 $ 98 $ — $ 98 $ — 2016 $ 62 $ — $ 62 $ — 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, 2017 and 2016 for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2017 and 2016: Repossessed Assets In thousands Total Level 1 Level 2 Level 3 Total Losses 2017 $ 431 $ — $ — $ 431 $ 437 2016 $ 502 $ — $ — $ 502 $ 452 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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 required by individual states in which it operates. The Company is generally no longer subject to federal, state, or local income tax examinations by taxing authorities before 2014, though the Company remains subject to examination for the federal, South Carolina, and Tennessee tax returns for the 2013 tax year. In addition, the Texas tax returns remain open for examination back to 2011. Income tax expense differed from the amount computed by applying the federal income tax rate of 35% to total income before income taxes as a result of the following: Year Ended December 31, In thousands 2017 2016 2015 Federal tax expense at statutory rate $ 14,090 $ 13,632 $ 13,349 Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 1,253 1,275 1,098 Non-deductible — — 378 Tax rate change (3,122 ) — — Excess tax benefits from share-based awards (1,603 ) — — Research and development tax credits (400 ) — — Other 76 10 (51 ) $ 10,294 $ 14,917 $ 14,774 Pursuant to the adoption of an accounting standard update issued in March 2016 and effective for fiscal year 2017, the Company now recognizes the tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of the consolidated statements of income. These tax benefits and deficiencies were previously recognized within additional paid-in-capital In December 2017, the Tax Cuts and Jobs Act (the “Tax Act” Income tax expense attributable to total income before income taxes consists of the following for the periods indicated: Year Ended December 31, In thousands 2017 2016 2015 Current: Federal $ 4,479 $ 11,431 $ 13,037 State and local 821 1,584 1,859 5,300 13,015 14,896 Deferred: Federal 4,464 1,694 (104 ) State and local 530 208 (18 ) 4,994 1,902 (122 ) Total $ 10,294 $ 14,917 $ 14,774 Net deferred tax assets and liabilities consist of the following as of the periods indicated: December 31, In thousands 2017 2016 Deferred tax assets: Allowance for credit losses $ 6,491 $ 15,823 Unearned insurance premiums 2,971 2,612 Share-based compensation 2,314 2,888 Amortization of intangible assets 424 675 Accrued expenses 391 565 State net operating loss carryforward 300 32 Deferred contract incentive 163 307 Other 206 50 Gross deferred tax assets 13,260 22,952 Deferred tax liabilities: Fair market value adjustment of finance receivables 12,410 17,448 Tax over book depreciation 3,463 2,266 Deferred loan costs 1,633 2,283 Prepaid expenses 395 724 Other 320 198 Gross deferred tax liabilities 18,221 22,919 Net deferred tax asset (liability) $ (4,961 ) $ 33 The December 31, 2017 deferred tax asset for the allowance for credit losses includes a $5.0 million credit balance related to a tax method change from the accrual to the specific identification method. The Company had state net operating loss carryforwards of approximately $9.7 million and $1.2 million and the related deferred tax assets of $0.3 million and $32 thousand as of December 31, 2017 and 2016, respectively. These carryforwards are available to offset future taxable income. If not used, the current carryforwards will expire beginning in 2030. Income tax expense was $10.3 million, $14.9 million, and $14.8 million for the years ended December 31, 2017, 2016, and 2015, respectively. Included in these amounts are tax benefits from share-based awards of $1.6 million, $0, and $0 for the years ended December 31, 2017, 2016, and 2015, respectively. At December 31, 2017, the Company did not have any material uncertain tax positions. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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 periods indicated: Year Ended December 31, In thousands, except per share amounts 2017 2016 2015 Numerator: Net income $ 29,963 $ 24,031 $ 23,365 Denominator: Weighted average shares outstanding for basic earnings per share 11,551 11,824 12,849 Effect of dilutive securities 232 261 225 Weighted average shares adjusted for dilutive securities 11,783 12,085 13,074 Earnings per share: Basic $ 2.59 $ 2.03 $ 1.82 Diluted $ 2.54 $ 1.99 $ 1.79 Options to purchase 126 thousand, 140 thousand, and 489 thousand shares of common stock were outstanding during the years ended December 31, 2017, 2016, and 2015, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Note 14. Employee Benefit Plans Retirement savings plan: |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 15. Share-Based Compensation The Company previously adopted the 2007 Management Incentive Plan (the “ 2007 Plan 2011 Plan Long-Term 2015 Plan re-approved For the years ended December 31, 2017, 2016, and 2015, the Company recorded share-based compensation expense of $4.3 million, $4.2 million, and $3.6 million, respectively. As of December 31, 2017, unrecognized share-based compensation expense to be recognized over future periods approximated $5.0 million. This amount will be recognized as expense over a weighted-average period of 1.7 years. Share-based compensation expenses are recognized on a straight-line basis over the requisite service period of the agreement. All share-based compensation is classified as equity awards except for cash-settled performance units, which are classified as liabilities. The Company allows for the settlement of share-based awards on a net share basis. With net share settlement, the employee does not surrender any cash or shares upon the exercise of stock options or the vesting of stock awards or stock units. Rather, the Company withholds the number of shares with a value equivalent to the option exercise price (for stock options) and the statutory tax withholding (for all share-based awards). Net share settlements have the effect of reducing the number of shares that would have otherwise been issued as a result of exercise or vesting. Long-term incentive program: RSUs CSPUs Board In 2016, the Company introduced a key team member incentive program for certain other members of senior management. Recurring annual participation in the program is at the discretion of the Board and executive management. Each participant in the program is eligible to earn a restricted stock award, subject to performance over a one-year one-year two-year Inducement and retention program: Non-employee non-employee The following are the terms and amounts of the awards issued under the Company’s share-based incentive programs: Nonqualified stock options: 18-month 5-year The fair value of option grants is estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions for option grants during the periods indicated below: Year Ended December 31, 2017 2016 2015 Expected volatility 43.95 % 46.04 % 47.15 % Expected dividends 0.00 % 0.00 % 0.00 % Expected term (in years) 5.96 5.80 6.15 Risk-free rate 2.09 % 1.32 % 1.62 % Expected volatility is based on the Company’s historical stock price volatility. The expected term is calculated by using the simplified method (average of the vesting and original contractual terms) due to insufficient historical data to estimate the expected term. The risk-free rate is based on the zero coupon U.S. Treasury bond rate over the expected term of the awards. The following table summarizes the stock option activity for the year ended December 31, 2017: In thousands, except per share amounts Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Options outstanding at January 1, 2017 1,166 $ 14.66 Granted 116 19.99 Exercised (289 ) 7.35 Forfeited (35 ) 18.30 Expired — — Options outstanding at December 31, 2017 958 $ 17.39 7.1 $ 8,747 Options exercisable at December 31, 2017 771 $ 16.99 6.8 $ 7,351 Available for grant at December 31, 2017 1,275 The following table provides additional stock option information for the periods indicated: Year Ended December 31, In thousands, except per share amounts 2017 2016 2015 Weighted-average grant date fair value per share $ 8.90 $ 7.74 $ 7.13 Intrinsic value of options exercised $ 4,981 $ 1,397 $ 1,524 Fair value of stock options that vested $ 3,004 $ 2,131 $ 1,207 Performance-contingent restricted stock units: The following table summarizes RSU activity during the year ended December 31, 2017: In thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested 164 $ 16.07 Granted 85 19.99 Vested — — Forfeited (48 ) 17.69 Non-vested 201 $ 17.33 The following table provides additional RSU information for the periods indicated: Year Ended December 31, 2017 2016 2015 Weighted-average grant date fair value per unit $ 19.99 $ 17.02 $ 14.89 Cash-settled performance units: The following table summarizes CSPU activity during the year ended December 31, 2017: In thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested 2,641 $ 1.00 Granted 1,686 1.00 Vested — — Forfeited (843 ) 1.00 Non-vested 3,484 $ 1.00 Restricted stock awards: The following table summarizes restricted stock activity during the year ended December 31, 2017: In thousands, except per share amounts Shares Weighted-Average Grant Date Fair Value Per Share Non-vested 39 $ 16.46 Granted 83 18.38 Vested (60 ) 16.30 Forfeited (9 ) 18.25 Non-vested 53 $ 19.36 The following table provides additional restricted stock information. Year Ended December 31, In thousands, except per share amounts 2017 2016 2015 Weighted-average grant date fair value per share $ 18.38 $ 16.37 $ 15.36 Fair value of restricted stock awards that vested $ 983 $ 347 $ 2,198 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. 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 (the “ District Court Defendants 1933 Act Claims Plaintiffs 1934 Act Claims On January 26, 2015, the Defendants filed a motion 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 filed a motion to dismiss the second amended complaint on April 28, 2015, and on March 30, 2016, the District Court granted the Defendants’ motion to dismiss the second amended complaint in its entirety. On May 23, 2016, the Plaintiffs moved for leave to file a third amended complaint. On January 27, 2017, the District Court denied the Plaintiffs’ motion for leave to file a third amended complaint and directed entry of final judgment in favor of the Defendants. On January 30, 2017, the District Court entered final judgment in favor of the Defendants. On March 1, 2017, the Plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit (the “ Appellate Court The Company believes that the claims against it are without merit and will continue 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 plan to negotiate 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. 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, additional loss, 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. |
Insurance Products and Reinsura
Insurance Products and Reinsurance of Certain Risks | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Insurance Products and Reinsurance of Certain Risks | Note 17. Insurance Products and Reinsurance of Certain Risks RMC Reinsurance, Ltd. is a wholly-owned insurance subsidiary of the Company. The Company sells optional insurance products to its customers in connection with its lending operations. These optional products include credit life, credit accident and health, credit property, vehicle single interest, and credit involuntary unemployment insurance. The Company also collects a fee for collateral protection and purchases non-filing non-life The Company maintains a cash reserve for life insurance claims in an amount determined by the ceding company. As of December 31, 2017 and 2016, the cash reserves were $6.1 million and $3.9 million, respectively. The Company also purchased a cash collateralized letter of credit in favor of the ceding company. The letter of credit was $0.5 million and $2.0 million as of December 31, 2017 and 2016, respectively. Reinsurance income 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, 2017, 2016, and 2015: In thousands Net Written Premiums Earned Premiums 2017 $ 40,491 $ 25,881 2016 31,576 22,498 2015 30,812 20,257 Prior to May 2016, the Company had a collateral protection insurance (“ CPI The Company offered a self-insured Guaranteed Asset Protection (“ GAP As a result of the Company’s 2016 insurance administration transition to a new unaffiliated third-party provider, certain of the Company’s insurance claims expenses were temporarily shifted into provision for credit losses during 2017, impacting net credit losses instead of insurance income, net. Net income was not impacted as a result of this transition. |
Quarterly Information (unaudite
Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (unaudited) | Note 18. Quarterly Information (unaudited) The following tables summarize the Company’s quarterly financial information for each of the four quarters of 2017 and 2016: 2017 In thousands, except per share amounts First Second Third Fourth Total revenue $ 65,820 $ 65,338 $ 69,194 $ 72,107 Provision for credit losses (2)(3) 19,134 18,589 20,152 19,464 General and administrative expenses 31,454 31,642 33,840 34,019 Interest expense 5,213 5,221 6,658 6,816 Income tax (1)(4) 2,385 3,751 3,235 923 Net income $ 7,634 $ 6,135 $ 5,309 $ 10,885 Net income per common share: Basic $ 0.66 $ 0.53 $ 0.46 $ 0.94 Diluted $ 0.65 $ 0.52 $ 0.45 $ 0.92 2016 In thousands, except per share amounts First Second Third Fourth Total revenue $ 56,697 $ 57,325 $ 62,475 $ 64,021 Provision for credit losses 13,791 13,386 16,410 19,427 General and administrative expenses 29,805 29,548 30,453 28,826 Interest expense 4,710 4,811 5,116 5,287 Income tax 3,215 3,668 4,020 4,014 Net income $ 5,176 $ 5,912 $ 6,476 $ 6,467 Net income per common share: Basic $ 0.41 $ 0.50 $ 0.57 $ 0.57 Diluted $ 0.40 $ 0.49 $ 0.56 $ 0.55 (1) First quarter 2017 includes a $1.5 million tax benefit related to the exercise of stock options (ASU 2016-09). (2) Third quarter 2017 includes a $3.0 million incremental hurricane allowance for credit losses. (3) Third quarter 2017 includes a $1.0 million recovery from the bulk sale of previously charged-off (4) Fourth quarter 2017 includes a $3.1 million tax benefit related to implementation of the Tax Act. |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business segments | Business segments: |
Principles of consolidation | Principles of consolidation: VIE |
Treasury stock | Treasury stock: |
Variable interest entities | Variable interest entities: RMR RMR II The Company’s asset-backed loans under these arrangements are structured to provide enhancements to the lenders in the form of overcollateralization (principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash accounts held by RMR and RMR II). These enhancements, along with the isolated finance receivables, increase the creditworthiness of RMR and RMR II above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. Both RMR and RMR II are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of RMR and RMR II because it has (i) power over the significant activities of RMR and RMR II through its role as servicer of the finance receivables under each credit agreement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of RMR and RMR II after each debt is paid. Consolidation of RMR and RMR II results in the transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of RMR and RMR II, respectively, and not by any other assets of the Company. The assets of RMR and RMR II are the only source of funds for repayment on each debt. Restricted cash accounts held by RMR and RMR II can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of RMR and RMR II and interest expense on the related secured debt. |
Use of estimates | Use of estimates: Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, the fair value of share-based compensation, the valuation of deferred tax assets and liabilities, contingent liabilities on litigation matters, and the allocation of the purchase price to assets acquired in business combinations. |
Reclassifications | Reclassifications: |
Statement of cash flows | Statement of cash flows: |
Finance receivables | Finance receivables: non-essential pre-screening non-essential |
Credit losses | Credit losses: non-titled The Company initiates repossession proceedings when, in the opinion of management, the customer is unlikely to make further payments. 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 relates to probable incurred losses of unimpaired finance receivables. Prior to September 30, 2016, the general component of the allowance was primarily based on historical loss rates. Effective September 30, 2016, it is based on delinquency roll rates. The Company’s finance receivable types are stratified by delinquency stages, and the future monthly delinquency profiles and credit losses are projected forward using historical delinquency roll rates. The Company records a general allowance for credit losses that includes forecasted future credit losses over the estimated loss emergence period (the interval of time between the event which caused a borrower to default and the Company’s recording of the credit loss) for each finance receivable type. The Company adjusts the computed roll rate forecast 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 roll rate forecast. Those qualitative factors include trends in growth in the loan portfolio, delinquency, unemployment, bankruptcy, operational risks, and other economic trends. |
Impaired finance receivables | Impaired finance receivables: 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 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. |
Delinquency | Delinquency: |
Repossessed assets | Repossessed assets: |
Property and equipment | Property and equipment: non-cancellable |
Restricted cash | Restricted cash: |
Derivative instruments | Derivative instruments: |
Income recognition | Income recognition: pre-compute sum-of-the-years’ The Company recognizes income on credit life insurance using the sum-of-the-years’ sum-of-the-years’ sum-of-the-years’ 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 |
Share-based compensation | Share-based compensation: |
Marketing costs | Marketing costs: |
Income taxes | Income taxes: The Company recognizes the financial statement effects of a tax position when it is more likely than not that, based on technical merits, the position will be sustained upon examination. The tax benefits of the position recognized in the consolidated financial statements are then measured based on the largest amount of benefit that is greater than 50% likely to be realized upon settlement with a taxing authority. As of December 31, 2017, the Company had not taken any tax position that exceeds the amount described above. Pursuant to the adoption of an accounting standard update issued in March 2016 and effective for fiscal year 2017, the Company now recognizes the tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of its consolidated statements of income. These tax benefits and deficiencies were previously recognized within additional paid-in-capital |
Earnings per share | Earnings per share: |
Recent accounting pronouncements | Recent accounting pronouncements: FASB In February 2016, the FASB issued an accounting update to increase transparency and comparability of accounting for lease transactions. The update requires all leases to be recognized on the balance sheet as lease assets and lease liabilities and requires both quantitative and qualitative disclosures regarding key information about leasing arrangements. All of the Company’s leases are currently classified as operating leases, with no lease assets or lease liabilities recorded. The update is effective for annual and interim periods beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. In March 2016, the FASB issued an accounting update to simplify the accounting for share-based compensation, including the accounting for forfeitures, the statutory tax withholding requirements, the accounting for income taxes, and the classification of share-based compensation transactions in the statement of cash flows. The key provision of the update is the requirement for the tax benefits or tax deficiencies from the exercise or vesting of share-based awards to flow through the statement of income, rather than through additional paid-in-capital In June 2016, the FASB issued an accounting update to change the impairment model for estimating credit losses on financial assets. The current incurred loss impairment model requires the recognition of credit losses when it is probable that a loss has been incurred. The incurred loss model will be replaced by an expected loss model, which requires entities to estimate the lifetime expected credit loss on such instruments and to record an allowance to offset the amortized cost basis of the financial asset. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements, and is in the process of quantifying the potential impacts. In August 2016, the FASB issued an accounting update to provide specific guidance on certain cash flow classification issues to reduce diversity in practice. These issues include debt prepayment or extinguishment costs, contingent consideration payments after business combinations, beneficial interest in securitization transactions, and proceeds from insurance claims. This update is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company will adopt the new standard effective January 1, 2018, and believes implementation of the accounting update will not have a material effect on the Company’s consolidated financial statements. In November 2016, the FASB issued an accounting update to address diversity in the classification of restricted cash transfers on the statement of cash flows. The amendment requires that the statements of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents. This update is effective for annual and interim periods beginning after December 15, 2017, and early adoption is permitted. The Company will adopt the new standard effective January 1, 2018. At adoption, the Company will no longer report the changes in restricted cash as an investing activity. Instead, restricted cash will be included in the beginning and ending cash balances on the consolidated statements of cash flows. Additionally, the Company will present a reconciliation from the balance sheet cash and restricted cash with the beginning and ending cash used on the consolidated statements of cash flows. In January 2017, the FASB issued an accounting update to simplify the subsequent measurement of goodwill. The amendment reduces the cost and complexity of evaluating goodwill for impairment by eliminating a step in the goodwill impairment test, which required the same procedure used to determine the fair value of assets acquired and liabilities assumed in a business combination. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The adoption of this accounting pronouncement will not impact the Company’s consolidated financial statements. |
Finance Receivables, Credit Q26
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Finance Receivables | Finance receivables for the periods indicated consisted of the following: December 31, In thousands 2017 2016 Small loans $ 375,772 $ 358,471 Large loans 347,218 235,349 Automobile loans 61,423 90,432 Retail loans 33,050 33,523 Finance receivables $ 817,463 $ 717,775 |
Contractual Delinquency of the Finance Receivable Portfolio by Component | The contractual delinquency of the finance receivable portfolio by product and aging for the periods indicated are as follows: December 31, 2017 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 301,114 80.1 % $ 299,467 86.3 % $ 43,140 70.2 % $ 25,730 77.8 % $ 669,451 81.9 % 1 to 29 days past due 39,412 10.5 % 29,211 8.4 % 13,387 21.8 % 4,523 13.7 % 86,533 10.6 % Delinquent accounts 30 to 59 days 9,738 2.6 % 5,949 1.6 % 2,162 3.6 % 879 2.7 % 18,728 2.2 % 60 to 89 days 8,755 2.3 % 4,757 1.4 % 1,046 1.7 % 739 2.2 % 15,297 1.9 % 90 to 119 days 6,881 1.9 % 3,286 1.0 % 701 1.1 % 471 1.5 % 11,339 1.4 % 120 to 149 days 5,284 1.4 % 2,537 0.7 % 636 1.0 % 408 1.2 % 8,865 1.1 % 150 to 179 days 4,588 1.2 % 2,011 0.6 % 351 0.6 % 300 0.9 % 7,250 0.9 % Total delinquency $ 35,246 9.4 % $ 18,540 5.3 % $ 4,896 8.0 % $ 2,797 8.5 % $ 61,479 7.5 % Total finance receivables $ 375,772 100.0 % $ 347,218 100.0 % $ 61,423 100.0 % $ 33,050 100.0 % $ 817,463 100.0 % Finance receivables in nonaccrual status $ 16,753 4.5 % $ 7,834 2.3 % $ 1,688 2.7 % $ 1,179 3.6 % $ 27,454 3.4 % December 31, 2016 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 288,983 80.6 % $ 204,063 86.8 % $ 66,936 74.0 % $ 27,220 81.2 % $ 587,202 81.9 % 1 to 29 days past due 36,533 10.2 % 19,172 8.1 % 17,196 19.0 % 4,205 12.5 % 77,106 10.7 % Delinquent accounts 30 to 59 days 9,408 2.6 % 3,948 1.7 % 2,654 3.0 % 717 2.2 % 16,727 2.3 % 60 to 89 days 7,110 2.0 % 2,920 1.2 % 1,171 1.3 % 440 1.3 % 11,641 1.6 % 90 to 119 days 6,264 1.8 % 2,271 1.0 % 1,110 1.2 % 376 1.1 % 10,021 1.4 % 120 to 149 days 5,424 1.5 % 1,710 0.7 % 743 0.8 % 328 1.0 % 8,205 1.1 % 150 to 179 days 4,749 1.3 % 1,265 0.5 % 622 0.7 % 237 0.7 % 6,873 1.0 % Total delinquency $ 32,955 9.2 % $ 12,114 5.1 % $ 6,300 7.0 % $ 2,098 6.3 % $ 53,467 7.4 % Total finance receivables $ 358,471 100.0 % $ 235,349 100.0 % $ 90,432 100.0 % $ 33,523 100.0 % $ 717,775 100.0 % Finance receivables in nonaccrual status $ 16,437 4.6 % $ 5,246 2.2 % $ 2,475 2.7 % $ 941 2.8 % $ 25,099 3.5 % |
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the periods indicated are as follows: Year Ended December 31, In thousands 2017 2016 2015 Balance at beginning of period $ 41,250 $ 37,452 $ 40,511 Provision for credit losses 77,339 63,014 47,348 Credit losses (75,880 ) (64,064 ) (55,043 ) Recoveries 6,201 4,848 4,636 Balance at end of period $ 48,910 $ 41,250 $ 37,452 |
Reconciliation of Allowance for Credit Losses | The following is a reconciliation of the allowance for credit losses by product for the periods indicated: In thousands Balance Provision Credit Losses Recoveries Balance Finance Allowance as Small loans $ 21,770 $ 45,104 $ (45,612 ) $ 3,487 $ 24,749 $ 375,772 6.6 % Large loans 11,460 25,024 (20,088 ) 1,152 17,548 347,218 5.1 % Automobile loans 5,910 4,210 (7,424 ) 1,329 4,025 61,423 6.6 % Retail loans 2,110 3,001 (2,756 ) 233 2,588 33,050 7.8 % Total $ 41,250 $ 77,339 $ (75,880 ) $ 6,201 $ 48,910 $ 817,463 6.0 % In thousands Balance Provision Credit Losses Recoveries Balance Finance Allowance as Small loans $ 21,535 $ 41,119 $ (43,797 ) $ 2,913 $ 21,770 $ 358,471 6.1 % Large loans 5,593 14,261 (8,946 ) 552 11,460 235,349 4.9 % Automobile loans 8,828 4,785 (8,886 ) 1,183 5,910 90,432 6.5 % Retail loans 1,496 2,849 (2,435 ) 200 2,110 33,523 6.3 % Total $ 37,452 $ 63,014 $ (64,064 ) $ 4,848 $ 41,250 $ 717,775 5.7 % In thousands Balance Provision Credit Losses Recoveries Balance Finance Allowance as Small loans $ 25,280 $ 33,428 $ (40,059 ) $ 2,886 $ 21,535 $ 338,157 6.4 % Large loans 1,980 6,032 (2,762 ) 343 5,593 146,553 3.8 % Automobile loans 11,776 6,285 (10,466 ) 1,233 8,828 116,109 7.6 % Retail loans 1,475 1,603 (1,756 ) 174 1,496 27,625 5.4 % Total $ 40,511 $ 47,348 $ (55,043 ) $ 4,636 $ 37,452 $ 628,444 6.0 % |
Tabular Disclosure of Impaired Financing Receivables | Impaired finance receivables as a percentage of total finance receivables were 2.1% and 1.6% for the years ended December 31, 2017 and 2016, respectively. The following is a summary of finance receivables evaluated for impairment for the periods indicated: December 31, 2017 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 5,094 $ 10,303 $ 1,724 $ 109 $ 17,230 Finance receivables evaluated collectively 370,678 336,915 59,699 32,941 800,233 Finance receivables outstanding $ 375,772 $ 347,218 $ 61,423 $ 33,050 $ 817,463 Impaired receivables in nonaccrual status $ 707 $ 931 $ 129 $ 31 $ 1,798 Amount of the specific reserve for impaired accounts $ 1,190 $ 2,183 $ 373 $ 20 $ 3,766 Amount of the general component of the allowance $ 23,559 $ 15,365 $ 3,652 $ 2,568 $ 45,144 December 31, 2016 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 2,409 $ 6,441 $ 2,460 $ 101 $ 11,411 Finance receivables evaluated collectively 356,062 228,908 87,972 33,422 706,364 Finance receivables outstanding $ 358,471 $ 235,349 $ 90,432 $ 33,523 $ 717,775 Impaired receivables in nonaccrual status $ 288 $ 610 $ 175 $ 7 $ 1,080 Amount of the specific reserve for impaired accounts $ 563 $ 1,216 $ 576 $ 19 $ 2,374 Amount of the general component of the allowance $ 21,207 $ 10,244 $ 5,334 $ 2,091 $ 38,876 |
Schedule of Average Recorded Investment in Impaired Finance Receivables | Average recorded investment in impaired finance receivables for the periods indicated are as follows: December 31, In thousands 2017 2016 Small loans $ 3,946 $ 1,686 Large loans 8,205 4,478 Automobile loans 2,062 2,801 Retail loans 107 114 Total average recorded investment $ 14,320 $ 9,079 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | For the periods indicated, property and equipment consisted of the following: December 31, In thousands 2017 2016 Land and building $ — $ 919 Furniture, fixtures, and equipment 20,471 19,925 Leasehold improvements 8,671 7,476 Property and equipment cost 29,142 28,320 Less accumulated depreciation 16,848 16,627 Property and equipment, net of accumulated depreciation $ 12,294 $ 11,693 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Summary of Future Minimum Rent Commitments Under Non-cancellable Operating Leases | Future minimum rent commitments under non-cancellable In thousands Amount 2018 $ 6,390 2019 4,863 2020 4,416 2021 3,274 2022 2,307 Thereafter 6,779 Total $ 28,029 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Gross Carrying Amount and Related Accumulated Amortization of Intangible Assets | The following table provides the gross carrying amount and related accumulated amortization of intangible assets: December 31, 2017 December 31, 2016 In thousands Gross Carrying Accumulated Net Amount Gross Carrying Accumulated Net Amount Software $ 13,396 $ (3,550 ) $ 9,846 $ 8,743 $ (3,220 ) $ 5,523 Customer list 2,485 (2,440 ) 45 2,485 (2,276 ) 209 Goodwill 950 (234 ) 716 950 (234 ) 716 Total intangible assets $ 16,831 $ (6,224 ) $ 10,607 $ 12,178 $ (5,730 ) $ 6,448 |
Summary of Future Amortization of Intangible Assets | The following table sets forth the future amortization of intangible assets: In thousands Amount 2018 $ 1,912 2019 1,671 2020 1,531 2021 1,461 2022 1,453 Thereafter 1,863 Total $ 9,891 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | Other assets include the following as of the periods indicated: December 31, In thousands 2017 2016 Income tax receivable $ 9,474 $ — Prepaid expenses 2,806 2,561 Card payments receivable 2,005 725 Credit insurance receivable 1,024 436 Repossessed assets 431 502 Other 272 558 Total $ 16,012 $ 4,782 |
Interest Rate Caps (Tables)
Interest Rate Caps (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Changes in Rate Caps | The following is a summary of changes in the rate caps: December 31, In thousands 2017 2016 Balance at beginning of period $ 62 $ 120 Purchases 100 112 Fair value adjustment included as an increase in interest expense (64 ) (170 ) Balance at end of period, included in other assets $ 98 $ 62 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of the Company's Long-Term Debt | The following is a summary of the Company’s long-term debt as of the periods indicated: December 31, 2017 December 31, 2016 In thousands Long-Term Unamortized Net Long-Term Long-Term Unamortized Net Long-Term Senior revolving credit facility $ 452,050 $ (2,162 ) $ 449,888 $ 452,849 $ (1,221 ) $ 451,628 Amortizing loan 53,380 (547 ) 52,833 38,829 (931 ) 37,898 Revolving warehouse credit facility 66,066 (2,241 ) 63,825 — — — Total $ 571,496 $ (4,950 ) $ 566,546 $ 491,678 $ (2,152 ) $ 489,526 Unused amount of revolving credit facilities (subject to borrowing base) $ 244,884 $ 132,151 |
Summary of Principal Payments Required on Outstanding Debt | The following is a summary of principal payments required on outstanding debt during each of the next five years: In thousands Amount 2018 $ 27,884 2019 81,354 2020 458,892 2021 2,527 2022 839 Total $ 571,496 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Schedule of Carrying Amounts of Consolidated VIE Assets and Liabilities | The carrying amounts of consolidated VIE assets and liabilities are as follows: December 31, In thousands 2017 2016 Assets Cash $ 70 $ 36 Finance receivables 137,239 41,244 Allowance for credit losses (7,129 ) (2,337 ) Restricted cash 10,734 4,426 Other assets 119 201 Total assets $ 141,033 $ 43,570 Liabilities Net long-term debt $ 116,658 $ 37,898 Accounts payable and accrued expenses 53 5 Total liabilities $ 116,711 $ 37,903 |
Disclosure About Fair Value o33
Disclosure About Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 December 31, 2016 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 5,230 $ 5,230 $ 4,446 $ 4,446 Restricted cash 16,787 16,787 8,297 8,297 Level 2 inputs Interest rate caps 98 98 62 62 Level 3 inputs Net finance receivables 768,553 768,553 676,525 676,525 Repossessed assets 431 431 502 502 Liabilities Level 3 inputs Long-term debt 571,496 571,496 491,678 491,678 |
Schedule of Assets Measured at Fair Value on Recurring Basis | The table below presents the balances of assets measured at fair value on a recurring basis by level within the hierarchy as of December 31, 2017 and 2016: Interest Rate Caps In thousands Total Level 1 Level 2 Level 3 2017 $ 98 $ — $ 98 $ — 2016 $ 62 $ — $ 62 $ — |
Schedule of Assets 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, 2017 and 2016 for which a nonrecurring change in fair value has been recorded during the years ended December 31, 2017 and 2016: Repossessed Assets In thousands Total Level 1 Level 2 Level 3 Total Losses 2017 $ 431 $ — $ — $ 431 $ 437 2016 $ 502 $ — $ — $ 502 $ 452 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Reconciliation | Income tax expense differed from the amount computed by applying the federal income tax rate of 35% to total income before income taxes as a result of the following: Year Ended December 31, In thousands 2017 2016 2015 Federal tax expense at statutory rate $ 14,090 $ 13,632 $ 13,349 Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 1,253 1,275 1,098 Non-deductible — — 378 Tax rate change (3,122 ) — — Excess tax benefits from share-based awards (1,603 ) — — Research and development tax credits (400 ) — — Other 76 10 (51 ) $ 10,294 $ 14,917 $ 14,774 |
Income Tax Expense Attributable to Total Income Before Income Taxes | Income tax expense attributable to total income before income taxes consists of the following for the periods indicated: Year Ended December 31, In thousands 2017 2016 2015 Current: Federal $ 4,479 $ 11,431 $ 13,037 State and local 821 1,584 1,859 5,300 13,015 14,896 Deferred: Federal 4,464 1,694 (104 ) State and local 530 208 (18 ) 4,994 1,902 (122 ) Total $ 10,294 $ 14,917 $ 14,774 |
Net Deferred Tax Assets and Liabilities | Net deferred tax assets and liabilities consist of the following as of the periods indicated: December 31, In thousands 2017 2016 Deferred tax assets: Allowance for credit losses $ 6,491 $ 15,823 Unearned insurance premiums 2,971 2,612 Share-based compensation 2,314 2,888 Amortization of intangible assets 424 675 Accrued expenses 391 565 State net operating loss carryforward 300 32 Deferred contract incentive 163 307 Other 206 50 Gross deferred tax assets 13,260 22,952 Deferred tax liabilities: Fair market value adjustment of finance receivables 12,410 17,448 Tax over book depreciation 3,463 2,266 Deferred loan costs 1,633 2,283 Prepaid expenses 395 724 Other 320 198 Gross deferred tax liabilities 18,221 22,919 Net deferred tax asset (liability) $ (4,961 ) $ 33 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Year Ended December 31, In thousands, except per share amounts 2017 2016 2015 Numerator: Net income $ 29,963 $ 24,031 $ 23,365 Denominator: Weighted average shares outstanding for basic earnings per share 11,551 11,824 12,849 Effect of dilutive securities 232 261 225 Weighted average shares adjusted for dilutive securities 11,783 12,085 13,074 Earnings per share: Basic $ 2.59 $ 2.03 $ 1.82 Diluted $ 2.54 $ 1.99 $ 1.79 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Grant Fair Value Assumptions | 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 periods indicated below: Year Ended December 31, 2017 2016 2015 Expected volatility 43.95 % 46.04 % 47.15 % Expected dividends 0.00 % 0.00 % 0.00 % Expected term (in years) 5.96 5.80 6.15 Risk-free rate 2.09 % 1.32 % 1.62 % |
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the year ended December 31, 2017: In thousands, except per share amounts Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Options outstanding at January 1, 2017 1,166 $ 14.66 Granted 116 19.99 Exercised (289 ) 7.35 Forfeited (35 ) 18.30 Expired — — Options outstanding at December 31, 2017 958 $ 17.39 7.1 $ 8,747 Options exercisable at December 31, 2017 771 $ 16.99 6.8 $ 7,351 Available for grant at December 31, 2017 1,275 |
Summary of Additional Stock Option Information | The following table provides additional stock option information for the periods indicated: Year Ended December 31, In thousands, except per share amounts 2017 2016 2015 Weighted-average grant date fair value per share $ 8.90 $ 7.74 $ 7.13 Intrinsic value of options exercised $ 4,981 $ 1,397 $ 1,524 Fair value of stock options that vested $ 3,004 $ 2,131 $ 1,207 |
Summary of RSU Activity | The following table summarizes RSU activity during the year ended December 31, 2017: In thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested 164 $ 16.07 Granted 85 19.99 Vested — — Forfeited (48 ) 17.69 Non-vested 201 $ 17.33 |
Summary of Additional RSU Information | The following table provides additional RSU information for the periods indicated: Year Ended December 31, 2017 2016 2015 Weighted-average grant date fair value per unit $ 19.99 $ 17.02 $ 14.89 |
Summary of CSPU Activity | The following table summarizes CSPU activity during the year ended December 31, 2017: In thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested 2,641 $ 1.00 Granted 1,686 1.00 Vested — — Forfeited (843 ) 1.00 Non-vested 3,484 $ 1.00 |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity during the year ended December 31, 2017: In thousands, except per share amounts Shares Weighted-Average Grant Date Fair Value Per Share Non-vested 39 $ 16.46 Granted 83 18.38 Vested (60 ) 16.30 Forfeited (9 ) 18.25 Non-vested 53 $ 19.36 |
Summary of Additional Restricted Stock Information | The following table provides additional restricted stock information. Year Ended December 31, In thousands, except per share amounts 2017 2016 2015 Weighted-average grant date fair value per share $ 18.38 $ 16.37 $ 15.36 Fair value of restricted stock awards that vested $ 983 $ 347 $ 2,198 |
Insurance Products and Reinsu37
Insurance Products and Reinsurance of Certain Risks (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Net Premiums Written and Earned Premiums | Following are total net premiums written and reinsured and total earned premiums for the years ended December 31, 2017, 2016, and 2015: In thousands Net Written Premiums Earned Premiums 2017 $ 40,491 $ 25,881 2016 31,576 22,498 2015 30,812 20,257 |
Quarterly Information (unaudi38
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 and 2016: 2017 In thousands, except per share amounts First Second Third Fourth Total revenue $ 65,820 $ 65,338 $ 69,194 $ 72,107 Provision for credit losses (2)(3) 19,134 18,589 20,152 19,464 General and administrative expenses 31,454 31,642 33,840 34,019 Interest expense 5,213 5,221 6,658 6,816 Income tax (1)(4) 2,385 3,751 3,235 923 Net income $ 7,634 $ 6,135 $ 5,309 $ 10,885 Net income per common share: Basic $ 0.66 $ 0.53 $ 0.46 $ 0.94 Diluted $ 0.65 $ 0.52 $ 0.45 $ 0.92 2016 In thousands, except per share amounts First Second Third Fourth Total revenue $ 56,697 $ 57,325 $ 62,475 $ 64,021 Provision for credit losses 13,791 13,386 16,410 19,427 General and administrative expenses 29,805 29,548 30,453 28,826 Interest expense 4,710 4,811 5,116 5,287 Income tax 3,215 3,668 4,020 4,014 Net income $ 5,176 $ 5,912 $ 6,476 $ 6,467 Net income per common share: Basic $ 0.41 $ 0.50 $ 0.57 $ 0.57 Diluted $ 0.40 $ 0.49 $ 0.56 $ 0.55 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | Dec. 31, 2017BranchesLocation | Dec. 31, 2016Branches | Dec. 31, 2015Branches |
Entity Location [Line Items] | |||
Number of branches | 342 | ||
Net number of branches opened | Branches | 3 | 8 | 31 |
Alabama [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 47 | ||
Georgia [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 8 | ||
New Mexico [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 18 | ||
North Carolina [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 37 | ||
Oklahoma [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 28 | ||
South Carolina [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 68 | ||
Tennessee [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 21 | ||
Texas [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 98 | ||
Virginia [Member] | |||
Entity Location [Line Items] | |||
Number of branches | 17 |
Significant Accounting Polici40
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Significant Accounting Policies [Line Items] | |
Number of segment | 1 |
Contractual delinquent period of loans | 180 days |
Bankruptcy delinquency threshold | 60 days |
Financing receivable suspended period | 90 days |
Delinquent period of accrual income | 90 days |
Tax benefit | 50.00% |
Minimum [Member] | Office Building [Member] | |
Significant Accounting Policies [Line Items] | |
Non cancellable lease period | 3 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful lives | 5 years |
Maximum [Member] | Office Building [Member] | |
Significant Accounting Policies [Line Items] | |
Non cancellable lease period | 7 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Estimated useful lives | 10 years |
Concentrations of Credit Risk -
Concentrations of Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
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), three southwestern states (Oklahoma, New Mexico, and Texas), and one mid-Atlantic state (Virginia) |
Finance Receivables, Credit Q42
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Finance Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 817,463 | $ 717,775 | $ 628,444 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 375,772 | 358,471 | 338,157 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 347,218 | 235,349 | 146,553 |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 61,423 | 90,432 | 116,109 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 33,050 | $ 33,523 | $ 27,625 |
Finance Receivables, Credit Q43
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Contractual Delinquency of the Finance Receivable Portfolio by Component (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 61,479 | $ 53,467 | |
Past due, Percent | 7.50% | 7.40% | |
Finance receivables | $ 817,463 | $ 717,775 | $ 628,444 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 27,454 | $ 25,099 | |
Finance receivables in nonaccrual status, Percent | 3.40% | 3.50% | |
Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 669,451 | $ 587,202 | |
Current, Percent | 81.90% | 81.90% | |
1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 86,533 | $ 77,106 | |
Past due, Percent | 10.60% | 10.70% | |
Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 18,728 | $ 16,727 | |
Past due, Percent | 2.20% | 2.30% | |
Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 15,297 | $ 11,641 | |
Past due, Percent | 1.90% | 1.60% | |
Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 11,339 | $ 10,021 | |
Past due, Percent | 1.40% | 1.40% | |
Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,865 | $ 8,205 | |
Past due, Percent | 1.10% | 1.10% | |
Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 7,250 | $ 6,873 | |
Past due, Percent | 0.90% | 1.00% | |
Small Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 35,246 | $ 32,955 | |
Past due, Percent | 9.40% | 9.20% | |
Finance receivables | $ 375,772 | $ 358,471 | 338,157 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 16,753 | $ 16,437 | |
Finance receivables in nonaccrual status, Percent | 4.50% | 4.60% | |
Small Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 301,114 | $ 288,983 | |
Current, Percent | 80.10% | 80.60% | |
Small Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 39,412 | $ 36,533 | |
Past due, Percent | 10.50% | 10.20% | |
Small Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 9,738 | $ 9,408 | |
Past due, Percent | 2.60% | 2.60% | |
Small Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,755 | $ 7,110 | |
Past due, Percent | 2.30% | 2.00% | |
Small Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 6,881 | $ 6,264 | |
Past due, Percent | 1.90% | 1.80% | |
Small Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,284 | $ 5,424 | |
Past due, Percent | 1.40% | 1.50% | |
Small Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,588 | $ 4,749 | |
Past due, Percent | 1.20% | 1.30% | |
Large Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 18,540 | $ 12,114 | |
Past due, Percent | 5.30% | 5.10% | |
Finance receivables | $ 347,218 | $ 235,349 | 146,553 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 7,834 | $ 5,246 | |
Finance receivables in nonaccrual status, Percent | 2.30% | 2.20% | |
Large Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 299,467 | $ 204,063 | |
Current, Percent | 86.30% | 86.80% | |
Large Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 29,211 | $ 19,172 | |
Past due, Percent | 8.40% | 8.10% | |
Large Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,949 | $ 3,948 | |
Past due, Percent | 1.60% | 1.70% | |
Large Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,757 | $ 2,920 | |
Past due, Percent | 1.40% | 1.20% | |
Large Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,286 | $ 2,271 | |
Past due, Percent | 1.00% | 1.00% | |
Large Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,537 | $ 1,710 | |
Past due, Percent | 0.70% | 0.70% | |
Large Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,011 | $ 1,265 | |
Past due, Percent | 0.60% | 0.50% | |
Automobile Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,896 | $ 6,300 | |
Past due, Percent | 8.00% | 7.00% | |
Finance receivables | $ 61,423 | $ 90,432 | 116,109 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 1,688 | $ 2,475 | |
Finance receivables in nonaccrual status, Percent | 2.70% | 2.70% | |
Automobile Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 43,140 | $ 66,936 | |
Current, Percent | 70.20% | 74.00% | |
Automobile Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 13,387 | $ 17,196 | |
Past due, Percent | 21.80% | 19.00% | |
Automobile Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,162 | $ 2,654 | |
Past due, Percent | 3.60% | 3.00% | |
Automobile Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 1,046 | $ 1,171 | |
Past due, Percent | 1.70% | 1.30% | |
Automobile Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 701 | $ 1,110 | |
Past due, Percent | 1.10% | 1.20% | |
Automobile Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 636 | $ 743 | |
Past due, Percent | 1.00% | 0.80% | |
Automobile Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 351 | $ 622 | |
Past due, Percent | 0.60% | 0.70% | |
Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,797 | $ 2,098 | |
Past due, Percent | 8.50% | 6.30% | |
Finance receivables | $ 33,050 | $ 33,523 | $ 27,625 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 1,179 | $ 941 | |
Finance receivables in nonaccrual status, Percent | 3.60% | 2.80% | |
Retail Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 25,730 | $ 27,220 | |
Current, Percent | 77.80% | 81.20% | |
Retail Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,523 | $ 4,205 | |
Past due, Percent | 13.70% | 12.50% | |
Retail Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 879 | $ 717 | |
Past due, Percent | 2.70% | 2.20% | |
Retail Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 739 | $ 440 | |
Past due, Percent | 2.20% | 1.30% | |
Retail Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 471 | $ 376 | |
Past due, Percent | 1.50% | 1.10% | |
Retail Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 408 | $ 328 | |
Past due, Percent | 1.20% | 1.00% | |
Retail Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 300 | $ 237 | |
Past due, Percent | 0.90% | 0.70% |
Finance Receivables, Credit Q44
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Increase (decrease) in net income | $ 10,885 | $ 5,309 | $ 6,135 | $ 7,634 | $ 6,467 | $ 6,476 | $ 5,912 | $ 5,176 | $ 29,963 | $ 24,031 | $ 23,365 | ||
Increase (decrease) in diluted earnings per share | $ 0.92 | $ 0.45 | $ 0.52 | $ 0.65 | $ 0.55 | $ 0.56 | $ 0.49 | $ 0.40 | $ 2.54 | $ 1.99 | $ 1.79 | ||
Increase (decrease) in provision for credit losses | $ 19,464 | $ 20,152 | $ 18,589 | $ 19,134 | $ 19,427 | $ 16,410 | $ 13,386 | $ 13,791 | $ 77,339 | $ 63,014 | $ 47,348 | ||
Increase in loss allowance due to change in allowance assumption | 100 | 500 | |||||||||||
Decrease in net income from a change in allowance assumption | $ (100) | $ (300) | |||||||||||
Decrease in diluted earnings per share from a change in allowance assumption | $ 0.01 | $ (0.02) | |||||||||||
Allowance for credit losses as percentage of loans | 6.00% | 5.70% | 6.00% | 5.70% | 6.00% | ||||||||
Impaired finance receivables as a percentage of total finance receivables | 2.10% | 1.60% | |||||||||||
Previous [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Loss emergence period of large loan finance receivable | 12 months | 10 months | |||||||||||
Loss emergence period of small loan finance receivable | 6 months | ||||||||||||
Loss emergence period of retail loan finance receivable | 10 months | ||||||||||||
New [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Loss emergence period of large loan finance receivable | 10 months | 12 months | |||||||||||
Loss emergence period of small loan finance receivable | 7 months | ||||||||||||
Loss emergence period of retail loan finance receivable | 11 months | ||||||||||||
Large Loans [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Allowance for credit losses as percentage of loans | 5.10% | 4.90% | 5.10% | 4.90% | 3.80% | 4.30% | |||||||
Hurricanes [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Increase (decrease) in net income | $ (1,900) | ||||||||||||
Increase (decrease) in diluted earnings per share | $ (0.16) | ||||||||||||
Increase (decrease) in provision for credit losses | $ 3,000 | ||||||||||||
Bulk Sale of Charged Off Loans [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Recoveries | $ 1,000 | $ 1,000 | $ 2,000 | ||||||||||
Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||
Allowance for credit losses - factors influencing management's judgment | Prior to September 30, 2016, the general component reflected estimated credit losses for groups of finance receivables on a collective basis and was primarily based on historical loss rates (adjusted for qualitative factors). Effective September 30, 2016, the general component is primarily based on delinquency roll rates. Delinquency roll rate modeling is forward-looking and common practice in the consumer finance industry. | ||||||||||||
Increase (decrease) in provision for credit losses | $ (500) | ||||||||||||
Increase (decrease) in net income | $ 300 | ||||||||||||
Increase (decrease) in diluted earnings per share | $ 0.03 |
Finance Receivables, Credit Q45
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Balance at beginning of period | $ 41,250 | $ 37,452 | $ 40,511 |
Provision for credit losses | 77,339 | 63,014 | 47,348 |
Credit losses | (75,880) | (64,064) | (55,043) |
Recoveries | 6,201 | 4,848 | 4,636 |
Balance at end of period | $ 48,910 | $ 41,250 | $ 37,452 |
Finance Receivables, Credit Q46
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 41,250 | $ 37,452 | $ 40,511 | |
Provision | 77,339 | 63,014 | 47,348 | |
Credit losses | (75,880) | (64,064) | (55,043) | |
Recoveries | 6,201 | 4,848 | 4,636 | |
Balance at end of period | 48,910 | 41,250 | 37,452 | |
Finance receivables | $ 817,463 | $ 717,775 | $ 628,444 | |
Allowance as Percentage of Finance Receivables | 6.00% | 5.70% | 6.00% | |
Small Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 21,770 | $ 21,535 | $ 25,280 | |
Provision | 45,104 | 41,119 | 33,428 | |
Credit losses | (45,612) | (43,797) | (40,059) | |
Recoveries | 3,487 | 2,913 | 2,886 | |
Balance at end of period | 24,749 | 21,770 | 21,535 | |
Finance receivables | $ 375,772 | $ 358,471 | $ 338,157 | |
Allowance as Percentage of Finance Receivables | 6.60% | 6.10% | 6.40% | |
Large Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 11,460 | $ 5,593 | $ 1,980 | |
Provision | 25,024 | 14,261 | 6,032 | |
Credit losses | (20,088) | (8,946) | (2,762) | |
Recoveries | 1,152 | 552 | 343 | |
Balance at end of period | 17,548 | 11,460 | 5,593 | |
Finance receivables | $ 347,218 | $ 235,349 | $ 146,553 | |
Allowance as Percentage of Finance Receivables | 5.10% | 4.90% | 3.80% | 4.30% |
Automobile Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 5,910 | $ 8,828 | $ 11,776 | |
Provision | 4,210 | 4,785 | 6,285 | |
Credit losses | (7,424) | (8,886) | (10,466) | |
Recoveries | 1,329 | 1,183 | 1,233 | |
Balance at end of period | 4,025 | 5,910 | 8,828 | |
Finance receivables | $ 61,423 | $ 90,432 | $ 116,109 | |
Allowance as Percentage of Finance Receivables | 6.60% | 6.50% | 7.60% | |
Retail Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 2,110 | $ 1,496 | $ 1,475 | |
Provision | 3,001 | 2,849 | 1,603 | |
Credit losses | (2,756) | (2,435) | (1,756) | |
Recoveries | 233 | 200 | 174 | |
Balance at end of period | 2,588 | 2,110 | 1,496 | |
Finance receivables | $ 33,050 | $ 33,523 | $ 27,625 | |
Allowance as Percentage of Finance Receivables | 7.80% | 6.30% | 5.40% |
Finance Receivables, Credit Q47
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Tabular Disclosure of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | $ 17,230 | $ 11,411 | |
Finance receivables evaluated collectively | 800,233 | 706,364 | |
Finance receivables | 817,463 | 717,775 | $ 628,444 |
Impaired receivables in nonaccrual status | 1,798 | 1,080 | |
Amount of the specific reserve for impaired accounts | 3,766 | 2,374 | |
Amount of the general component of the allowance | 45,144 | 38,876 | |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 5,094 | 2,409 | |
Finance receivables evaluated collectively | 370,678 | 356,062 | |
Finance receivables | 375,772 | 358,471 | 338,157 |
Impaired receivables in nonaccrual status | 707 | 288 | |
Amount of the specific reserve for impaired accounts | 1,190 | 563 | |
Amount of the general component of the allowance | 23,559 | 21,207 | |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 10,303 | 6,441 | |
Finance receivables evaluated collectively | 336,915 | 228,908 | |
Finance receivables | 347,218 | 235,349 | 146,553 |
Impaired receivables in nonaccrual status | 931 | 610 | |
Amount of the specific reserve for impaired accounts | 2,183 | 1,216 | |
Amount of the general component of the allowance | 15,365 | 10,244 | |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 1,724 | 2,460 | |
Finance receivables evaluated collectively | 59,699 | 87,972 | |
Finance receivables | 61,423 | 90,432 | 116,109 |
Impaired receivables in nonaccrual status | 129 | 175 | |
Amount of the specific reserve for impaired accounts | 373 | 576 | |
Amount of the general component of the allowance | 3,652 | 5,334 | |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 109 | 101 | |
Finance receivables evaluated collectively | 32,941 | 33,422 | |
Finance receivables | 33,050 | 33,523 | $ 27,625 |
Impaired receivables in nonaccrual status | 31 | 7 | |
Amount of the specific reserve for impaired accounts | 20 | 19 | |
Amount of the general component of the allowance | $ 2,568 | $ 2,091 |
Finance Receivables, Credit Q48
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Schedule of Average Recorded Investment in Impaired Finance Receivables (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Total average recorded investment | $ 14,320 | $ 9,079 |
Small Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total average recorded investment | 3,946 | 1,686 |
Large Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total average recorded investment | 8,205 | 4,478 |
Automobile Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total average recorded investment | 2,062 | 2,801 |
Retail Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total average recorded investment | $ 107 | $ 114 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 29,142 | $ 28,320 |
Less accumulated depreciation | 16,848 | 16,627 |
Property and equipment, net of accumulated depreciation | 12,294 | 11,693 |
Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 919 | |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 20,471 | 19,925 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 8,671 | $ 7,476 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 3.4 | $ 3.1 | $ 2.6 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rent Commitments Under Non-cancellable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 6,390 |
2,019 | 4,863 |
2,020 | 4,416 |
2,021 | 3,274 |
2,022 | 2,307 |
Thereafter | 6,779 |
Total | $ 28,029 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Rent expense | $ 7.7 | $ 7 | $ 6 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease extension period | 3 years | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease extension period | 5 years |
Intangible Assets - Summary of
Intangible Assets - Summary of Gross Carrying Amount and Related Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible Assets Including Goodwill [Line Items] | ||
Goodwill, Gross Carrying Amount | $ 950 | $ 950 |
Total intangible assets, Gross Carrying Amount | 16,831 | 12,178 |
Goodwill, Accumulated Amortization | (234) | (234) |
Total intangible assets, Accumulated Amortization | (6,224) | (5,730) |
Net Amount | 9,891 | |
Goodwill, Net Amount | 716 | 716 |
Total intangible assets, Net Amount | 10,607 | 6,448 |
Customer List [Member] | ||
Intangible Assets Including Goodwill [Line Items] | ||
Gross Carrying Amount | 2,485 | 2,485 |
Accumulated Amortization | (2,440) | (2,276) |
Net Amount | 45 | 209 |
Software [Member] | ||
Intangible Assets Including Goodwill [Line Items] | ||
Gross Carrying Amount | 13,396 | 8,743 |
Accumulated Amortization | (3,550) | (3,220) |
Net Amount | $ 9,846 | $ 5,523 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $ 2,200,000 | $ 1,900,000 | $ 800,000 |
Impairment losses | 0 | 0 | |
Goodwill acquired during the year | $ 0 | $ 0 |
Intangible Assets - Summary o55
Intangible Assets - Summary of Future Amortization of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 1,912 |
2,019 | 1,671 |
2,020 | 1,531 |
2,021 | 1,461 |
2,022 | 1,453 |
Thereafter | 1,863 |
Total | $ 9,891 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Income tax receivable | $ 9,474 | |
Prepaid expenses | 2,806 | $ 2,561 |
Card payments receivable | 2,005 | 725 |
Credit insurance receivable | 1,024 | 436 |
Repossessed assets | 431 | 502 |
Other | 272 | 558 |
Total | $ 16,012 | $ 4,782 |
Interest Rate Caps - Additional
Interest Rate Caps - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 250,000,000 | |
Strike rate | 2.50% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Interest rate | 1.56% | 0.77% |
Interest Rate Cap Contracts Expiring in April 2018 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 150,000,000 | |
Maturity period of interest rate caps exchanged | Apr. 30, 2018 | |
Interest Rate Cap Contracts Expiring in March 2019 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 50,000,000 | |
Maturity period of interest rate caps exchanged | Mar. 31, 2019 | |
Interest Rate Cap Contracts Expiring In June 2020 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 50,000,000 | |
Maturity period of interest rate caps exchanged | Jun. 30, 2020 |
Interest Rate Caps - Summary of
Interest Rate Caps - Summary of Change in Rate Caps (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Offsetting [Abstract] | ||
Balance at beginning of period | $ 62 | $ 120 |
Purchases | 100 | 112 |
Fair value adjustment included as an increase in interest expense | (64) | (170) |
Balance at end of period, included in other assets | $ 98 | $ 62 |
Long-Term Debt - Summary of the
Long-Term Debt - Summary of the Company's Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 571,496 | $ 491,678 |
Unamortized debt issuance costs | (4,950) | (2,152) |
Net long-term debt | 566,546 | 489,526 |
Unused amount of revolving credit facilities (subject to borrowing base) | 244,884 | 132,151 |
Senior Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 452,050 | 452,849 |
Unamortized debt issuance costs | (2,162) | (1,221) |
Net long-term debt | 449,888 | 451,628 |
Amortizing Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 53,380 | 38,829 |
Unamortized debt issuance costs | (547) | (931) |
Net long-term debt | 52,833 | $ 37,898 |
Revolving Warehouse Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 66,066 | |
Unamortized debt issuance costs | (2,241) | |
Net long-term debt | $ 63,825 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Feb. 05, 2018 | Oct. 02, 2017 | Feb. 28, 2018 | Nov. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||||||||
Cash deposited to restricted cash reserve account | $ 16,787,000 | $ 8,297,000 | ||||||
Revolving Warehouse Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured line of credit | 125,000,000 | |||||||
Line of credit facility, accordion feature | $ 150,000,000 | |||||||
Description of Variable Rate Basis | Borrowings under the facility bore interest, payable monthly, at a blended rate equal to three-month LIBOR, plus a margin of 3.50%. Effective October 2, 2017 and February 5, 2018, the margin decreased to 3.25% and 3.00%, respectively, following the satisfaction of milestones associated with the Company's conversion to a new loan origination and servicing system. The three-month LIBOR was 1.69% at December 31, 2017. | |||||||
Percentage of advances on debt agreement eligible secured finance receivables | 80.00% | |||||||
Cash deposited to restricted cash reserve account | $ 800,000 | |||||||
Asset Backed Loans [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amortizing loan, amount | $ 75,700,000 | |||||||
Loan, maturity date | 2024-12 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Cash deposited to restricted cash reserve account | $ 10,734,000 | 4,426,000 | ||||||
Servicing fee | 4.00% | |||||||
Senior Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured line of credit | $ 638,000,000 | |||||||
Debt agreement expiration date | Jun. 20, 2020 | |||||||
Line of credit facility, accordion feature | $ 700,000,000 | |||||||
Unused line fee per annum | 0.50% | |||||||
Decreased unused line fee | 0.375% | |||||||
Percentage of advances on debt agreement eligible secured finance receivables | 85.00% | |||||||
Percentage of advances on debt agreement eligible unsecured finance receivables | 70.00% | |||||||
Current percentage of advances on eligible secured finance receivables | 83.00% | |||||||
Current percentage of advances on eligible unsecured finance receivables | 68.00% | |||||||
Credit facility, eligible borrowing capacity | $ 46,800,000 | |||||||
Senior Revolving Credit Facility [Member] | Senior Revolving Credit Facility Prior to June 20, 2017 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured line of credit | $ 585,000,000 | |||||||
Debt agreement expiration date | Aug. 31, 2019 | |||||||
Waterfall [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Cash deposited to restricted cash reserve account | 8,600,000 | $ 2,700,000 | ||||||
Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Additional loan advance | $ 37,800,000 | |||||||
Credit Agreement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 88.00% | |||||||
Cash deposited to restricted cash reserve account | $ 1,300,000 | |||||||
Credit agreement, Interest rate | 3.00% | |||||||
Terms related to loan prepayment | The amended and restated credit agreement allows RMR to prepay the loan when the outstanding balance falls below 20% of the original loan amount. | |||||||
Credit Agreement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Subsequent Event [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 85.00% | |||||||
Credit agreement, Interest rate | 3.25% | |||||||
Minimum [Member] | Revolving Warehouse Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unused line fee per annum | 0.35% | |||||||
Minimum [Member] | Senior Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Average outstanding amount | $ 413,000,000 | |||||||
Maximum [Member] | Revolving Warehouse Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Unused line fee per annum | 0.85% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 1.56% | 0.77% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Warehouse Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate, basis spread | 3.50% | |||||||
Interest rate | 1.69% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Milestones Associated with Conversion to New Loan Origination and Servicing System [Member] | Revolving Warehouse Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate, basis spread | 3.25% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Milestones Associated with Conversion to New Loan Origination and Servicing System [Member] | Revolving Warehouse Credit Facility [Member] | Subsequent Event [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate, basis spread | 3.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Description of Variable Rate Basis | The Company elects between one and six months, with a LIBOR floor of 1.00%, plus a 3.00% margin, increasing to 3.25% when the availability percentage is below 10%. | |||||||
Interest rate, basis spread | 3.00% | |||||||
Interest rate | 1.63% | 0.88% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Revolving Credit Facility [Member] | Availability Percentage Below 10% [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate, basis spread | 3.25% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Senior Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Effective interest rate on line of credit | 1.00% | |||||||
Base Rate [Member] | Senior Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Description of Variable Rate Basis | The Company may pay interest at the prime rate, plus a 2.00% margin, increasing to 2.25% when the availability percentage is below 10%. | |||||||
Margin Rate [Member] | Senior Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate, basis spread | 2.00% | |||||||
Margin Rate [Member] | Senior Revolving Credit Facility [Member] | Availability Percentage Below 10% [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate, basis spread | 2.25% | |||||||
Prime Rate [Member] | Senior Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 4.50% | 3.75% |
Long-Term Debt - Schedule of Ca
Long-Term Debt - Schedule of Carrying Amounts of Consolidated VIE's Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash | $ 5,230 | $ 4,446 | $ 7,654 | $ 4,012 |
Finance receivables | 817,463 | 717,775 | 628,444 | |
Allowance for credit losses | (48,910) | (41,250) | $ (37,452) | $ (40,511) |
Restricted cash | 16,787 | 8,297 | ||
Other assets | 16,012 | 4,782 | ||
Total assets | 829,483 | 712,224 | ||
Liabilities | ||||
Net long-term debt | 566,546 | 489,526 | ||
Accounts payable and accrued expenses | 18,565 | 15,223 | ||
Total liabilities | 590,072 | 504,749 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ||||
Cash | 70 | 36 | ||
Finance receivables | 137,239 | 41,244 | ||
Allowance for credit losses | (7,129) | (2,337) | ||
Restricted cash | 10,734 | 4,426 | ||
Other assets | 119 | 201 | ||
Total assets | 141,033 | 43,570 | ||
Liabilities | ||||
Net long-term debt | 116,658 | 37,898 | ||
Accounts payable and accrued expenses | 53 | 5 | ||
Total liabilities | $ 116,711 | $ 37,903 |
Long-Term Debt - Summary of Pri
Long-Term Debt - Summary of Principal Payments Required on Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 27,884 | |
2,019 | 81,354 | |
2,020 | 458,892 | |
2,021 | 2,527 | |
2,022 | 839 | |
Total | $ 571,496 | $ 491,678 |
Disclosure About Fair Value o63
Disclosure About Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Turnover rate of loan portfolio | 1.3 |
Disclosure About Fair Value o64
Disclosure About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Interest rate caps | $ 98 | $ 62 | $ 120 |
Net finance receivables | 768,553 | 676,525 | |
Repossessed assets | 431 | 502 | |
Carrying Amount [Member] | Level 1 Inputs [Member] | |||
Assets | |||
Cash | 5,230 | 4,446 | |
Restricted cash | 16,787 | 8,297 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | |||
Assets | |||
Interest rate caps | 98 | 62 | |
Carrying Amount [Member] | Level 3 Inputs [Member] | |||
Assets | |||
Net finance receivables | 768,553 | 676,525 | |
Repossessed assets | 431 | 502 | |
Liabilities | |||
Long-term debt | 571,496 | 491,678 | |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Assets | |||
Cash | 5,230 | 4,446 | |
Restricted cash | 16,787 | 8,297 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Assets | |||
Interest rate caps | 98 | 62 | |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Assets | |||
Net finance receivables | 768,553 | 676,525 | |
Repossessed assets | 431 | 502 | |
Liabilities | |||
Long-term debt | $ 571,496 | $ 491,678 |
Disclosure About Fair Value o65
Disclosure About Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - Interest Rate Caps [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 98 | $ 62 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 98 | $ 62 |
Disclosure About Fair Value o66
Disclosure About Fair Value of Financial Instruments - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses (charged off amount) adjustments to the assets at fair value | $ 437 | $ 452 |
Assets measured at fair value on a nonrecurring basis | 431 | 502 |
Repossessed Assets [Member] | Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 431 | $ 502 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Income Taxes [Line Items] | ||||||||||||
Federal income tax rate | 35.00% | 35.00% | 35.00% | |||||||||
State net operating loss carryforward | $ 9,700 | $ 1,200 | $ 9,700 | $ 1,200 | ||||||||
State net operating loss carryforwards expiration period | 2,030 | |||||||||||
Deferred tax asset for the allowance for credit losses | 5,000 | $ 5,000 | ||||||||||
Deferred tax assets, state taxes | 300 | 32 | 300 | 32 | ||||||||
Income tax expense | 923 | $ 3,235 | $ 3,751 | $ 2,385 | $ 4,014 | $ 4,020 | $ 3,668 | $ 3,215 | 10,294 | 14,917 | $ 14,774 | |
Tax benefit | 1,600 | $ 0 | $ 0 | |||||||||
Provisional benefit to income tax expense, Tax Act | $ 3,100 | $ 3,122 | ||||||||||
Tax Year 2013 [Member] | Tennessee [Member] | ||||||||||||
Schedule Of Income Taxes [Line Items] | ||||||||||||
Open tax year | 2,013 | |||||||||||
Tax Year 2013 [Member] | South Carolina [Member] | ||||||||||||
Schedule Of Income Taxes [Line Items] | ||||||||||||
Open tax year | 2,013 | |||||||||||
Earliest Tax Year [Member] | Texas [Member] | ||||||||||||
Schedule Of Income Taxes [Line Items] | ||||||||||||
Open tax year | 2,011 | |||||||||||
Scenario, Forecast [Member] | ||||||||||||
Schedule Of Income Taxes [Line Items] | ||||||||||||
Federal income tax rate | 21.00% |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal tax expense at statutory rate | $ 14,090 | $ 13,632 | $ 13,349 | ||||||||
Increase (reduction) in income taxes resulting from: | |||||||||||
State tax, net of federal benefit | 1,253 | 1,275 | 1,098 | ||||||||
Non-deductible compensation | 378 | ||||||||||
Tax rate change | $ (3,100) | (3,122) | |||||||||
Excess tax benefits from share-based awards | (1,603) | ||||||||||
Research and development tax credits | (400) | ||||||||||
Other | 76 | 10 | (51) | ||||||||
Total | $ 923 | $ 3,235 | $ 3,751 | $ 2,385 | $ 4,014 | $ 4,020 | $ 3,668 | $ 3,215 | $ 10,294 | $ 14,917 | $ 14,774 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense Attributable to Total Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||||||||||
Federal | $ 4,479 | $ 11,431 | $ 13,037 | ||||||||
State and local | 821 | 1,584 | 1,859 | ||||||||
Current total | 5,300 | 13,015 | 14,896 | ||||||||
Deferred: | |||||||||||
Federal | 4,464 | 1,694 | (104) | ||||||||
State and local | 530 | 208 | (18) | ||||||||
Deferred total | 4,994 | 1,902 | (122) | ||||||||
Total | $ 923 | $ 3,235 | $ 3,751 | $ 2,385 | $ 4,014 | $ 4,020 | $ 3,668 | $ 3,215 | $ 10,294 | $ 14,917 | $ 14,774 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for credit losses | $ 6,491 | $ 15,823 |
Unearned insurance premiums | 2,971 | 2,612 |
Share-based compensation | 2,314 | 2,888 |
Amortization of intangible assets | 424 | 675 |
Accrued expenses | 391 | 565 |
State net operating loss carryforward | 300 | 32 |
Deferred contract incentive | 163 | 307 |
Other | 206 | 50 |
Gross deferred tax assets | 13,260 | 22,952 |
Deferred tax liabilities: | ||
Fair market value adjustment of finance receivables | 12,410 | 17,448 |
Tax over book depreciation | 3,463 | 2,266 |
Deferred loan costs | 1,633 | 2,283 |
Prepaid expenses | 395 | 724 |
Other | 320 | 198 |
Gross deferred tax liabilities | 18,221 | 22,919 |
Net deferred tax liability | $ 4,961 | |
Net deferred tax asset | $ 33 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income | $ 10,885 | $ 5,309 | $ 6,135 | $ 7,634 | $ 6,467 | $ 6,476 | $ 5,912 | $ 5,176 | $ 29,963 | $ 24,031 | $ 23,365 |
Denominator: | |||||||||||
Weighted average shares outstanding for basic earnings per share | 11,551 | 11,824 | 12,849 | ||||||||
Effect of dilutive securities | 232 | 261 | 225 | ||||||||
Weighted average shares adjusted for dilutive securities | 11,783 | 12,085 | 13,074 | ||||||||
Basic | $ 0.94 | $ 0.46 | $ 0.53 | $ 0.66 | $ 0.57 | $ 0.57 | $ 0.50 | $ 0.41 | $ 2.59 | $ 2.03 | $ 1.82 |
Diluted | $ 0.92 | $ 0.45 | $ 0.52 | $ 0.65 | $ 0.55 | $ 0.56 | $ 0.49 | $ 0.40 | $ 2.54 | $ 1.99 | $ 1.79 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Compensation Plans [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock, Shares | 126,000 | 140,000 | 489,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefit Plans [Line Items] | |||
Minimum service period required | 1 year | ||
Expense of employee related plan | $ 0.8 | $ 0.8 | $ 0.6 |
Matching Contribution up to 3% [Member] | |||
Employee Benefit Plans [Line Items] | |||
Matching contribution | 100.00% | 100.00% | 100.00% |
Matching Contribution 3 to 5% [Member] | |||
Employee Benefit Plans [Line Items] | |||
Matching contribution | 50.00% | 50.00% | 50.00% |
Employee Contribution Matched at 100% [Member] | |||
Employee Benefit Plans [Line Items] | |||
Employee contribution | 3.00% | 3.00% | 3.00% |
Employee Contribution Matched at 50% [Member] | |||
Employee Benefit Plans [Line Items] | |||
Employee contribution | 2.00% | 2.00% | 2.00% |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 22, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 1,275,000 | |||
Exercise period of options | 10 years | |||
2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 1,300,000 | |||
Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target for achievement period | 3 years | |||
Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-employee director compensation grant period | 5 days | |||
Minimum [Member] | Graded and Cliff Vesting [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of options | 18 months | |||
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] | Graded and Cliff Vesting [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period of options | 5 years | |||
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] | ||||
Unrecognized share-based compensation expense | $ 5 | |||
Period of recognition of share-based compensation expense | 1 year 8 months 12 days | |||
Share-based compensation expense | $ 4.3 | $ 4.2 | $ 3.6 | |
Stock Compensation Plans [Member] | 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum aggregate number of shares | 1,600,000 | |||
Shares available for grant | 922,000 | |||
Plan description | As of December 31, 2017, subject to adjustments as provided in the 2015 Plan, the maximum aggregate number of shares of the Company’s common stock that could be issued under the 2015 Plan could not exceed the sum of (i) 1.6 million shares plus (ii) any shares (A) remaining available for the grant of awards as of the 2015 Plan effective date (April 22, 2015) under the 2007 Plan or the 2011 Plan, and/or (B) subject to an award granted under the 2007 Plan or the 2011 Plan, which award is forfeited, cancelled, terminated, expires, or lapses without the issuance of shares or pursuant to which such shares are forfeited. As of the effectiveness of the 2015 Plan (April 22, 2015), there were 922 thousand shares available for grant under the 2015 Plan, inclusive of shares previously available for grant under the 2007 Plan and the 2011 Plan that were rolled over to the 2015 Plan | |||
Restricted Stock [Member] | Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance target for achievement period | 1 year | |||
Deferred compensation arrangement with individual, description | Each participant in the program is eligible to earn a restricted stock award, subject to performance over a one-year period. Payout under the program can range from 0% to 150% of target based on the achievement of five Company performance metrics and individual performance goals (subject to continued employment and certain other terms and conditions of the program). | |||
Vesting period of options | 2 years | |||
Restricted Stock [Member] | 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% | |||
Restricted Stock [Member] | 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% |
Share-based Compensation - Opti
Share-based Compensation - Option Grant Fair Value Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 43.95% | 46.04% | 47.15% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected term (in years) | 5 years 11 months 15 days | 5 years 9 months 18 days | 6 years 1 month 24 days |
Risk-free rate | 2.09% | 1.32% | 1.62% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | 1,166 |
Number of Shares, Granted | 116 |
Number of Shares, Exercised | (289) |
Number of Shares, Forfeited | (35) |
Number of Shares, Expired | 0 |
Number of Shares, Options outstanding, Ending balance | 958 |
Number of Shares, Options exercisable | 771 |
Number of Shares, Available for grant | 1,275 |
Weighted Average Exercise Price Per Share, Options outstanding, Beginning balance | $ / shares | $ 14.66 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 19.99 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 7.35 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 18.30 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 0 |
Weighted Average Exercise Price Per Share, Options outstanding, Ending balance | $ / shares | 17.39 |
Weighted Average Exercise Price Per Share, Options exercisable | $ / shares | $ 16.99 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 7 years 1 month 6 days |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 6 years 9 months 18 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 8,747 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 7,351 |
Share-based Compensation - Su77
Share-based Compensation - Summary of Additional Stock Option Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted-average grant date fair value per share | $ 8.90 | $ 7.74 | $ 7.13 |
Intrinsic value of options exercised | $ 4,981 | $ 1,397 | $ 1,524 |
Fair value of stock options that vested | $ 3,004 | $ 2,131 | $ 1,207 |
Share-based Compensation - Su78
Share-based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, January 1, 2017 | 164 | ||
Granted | 85 | ||
Vested | 0 | ||
Forfeited | (48) | ||
Non-vested, at December 31, 2017 | 201 | 164 | |
Weighted Average Grant Date Fair Value, Non-vested, January 1, 2017 | $ 16.07 | ||
Weighted Average Grant Date Fair Value, Granted | 19.99 | $ 17.02 | $ 14.89 |
Weighted Average Grant Date Fair Value, Vested | 0 | ||
Weighted Average Grant Date Fair Value, Forfeited | 17.69 | ||
Weighted Average Grant Date Fair Value, Non-vested, at December 31, 2017 | $ 17.33 | $ 16.07 |
Share-based Compensation - Su79
Share-based Compensation - Summary of Additional RSU Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value per unit | $ 19.99 | $ 17.02 | $ 14.89 |
Share-based Compensation - Su80
Share-based Compensation - Summary of CSPU Activity (Detail) - Performance Units [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, January 1, 2017 | shares | 2,641 |
Granted | shares | 1,686 |
Vested | shares | 0 |
Forfeited | shares | (843) |
Non-vested, at December 31, 2017 | shares | 3,484 |
Weighted Average Grant Date Fair Value, Non-vested, January 1, 2017 | $ / shares | $ 1 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 1 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 1 |
Weighted Average Grant Date Fair Value, Non-vested, at December 31, 2017 | $ / shares | $ 1 |
Share-based Compensation - Su81
Share-based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, January 1, 2017 | 39 | ||
Granted | 83 | ||
Vested | (60) | ||
Forfeited | (9) | ||
Non-vested, at December 31, 2017 | 53 | 39 | |
Weighted Average Grant Date Fair Value, Non-vested, January 1, 2017 | $ 16.46 | ||
Weighted Average Grant Date Fair Value, Granted | 18.38 | $ 16.37 | $ 15.36 |
Weighted Average Grant Date Fair Value, Vested | 16.30 | ||
Weighted Average Grant Date Fair Value, Forfeited | 18.25 | ||
Weighted Average Grant Date Fair Value, Non-vested, at December 31, 2017 | $ 19.36 | $ 16.46 |
Share-based Compensation - Su82
Share-based Compensation - Summary of Additional Restricted Stock Information (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value per share | $ 18.38 | $ 16.37 | $ 15.36 |
Fair value of restricted stock awards that vested | $ 983 | $ 347 | $ 2,198 |
Insurance Products and Reinsu83
Insurance Products and Reinsurance of Certain Risks - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Insurance [Line Items] | ||
Restricted cash | $ 16,787 | $ 8,297 |
Letter of credit | 500 | 2,000 |
Letter of Credit [Member] | ||
Insurance [Line Items] | ||
Restricted cash | $ 6,100 | $ 3,900 |
Insurance Products and Reinsu84
Insurance Products and Reinsurance of Certain Risks - Net Premiums Written and Earned Premiums (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Insurance [Abstract] | |||
Net Written Premiums | $ 40,491 | $ 31,576 | $ 30,812 |
Earned Premiums | $ 25,881 | $ 22,498 | $ 20,257 |
Quarterly Information (Unaudi85
Quarterly Information (Unaudited) - Summary of the Company's Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 72,107 | $ 69,194 | $ 65,338 | $ 65,820 | $ 64,021 | $ 62,475 | $ 57,325 | $ 56,697 | $ 272,459 | $ 240,518 | $ 217,306 |
Provision for credit losses | 19,464 | 20,152 | 18,589 | 19,134 | 19,427 | 16,410 | 13,386 | 13,791 | 77,339 | 63,014 | 47,348 |
General and administrative expenses | 34,019 | 33,840 | 31,642 | 31,454 | 28,826 | 30,453 | 29,548 | 29,805 | 130,955 | 118,632 | 115,598 |
Interest expense | 6,816 | 6,658 | 5,221 | 5,213 | 5,287 | 5,116 | 4,811 | 4,710 | 23,908 | 19,924 | 16,221 |
Income tax | 923 | 3,235 | 3,751 | 2,385 | 4,014 | 4,020 | 3,668 | 3,215 | 10,294 | 14,917 | 14,774 |
Net income | $ 10,885 | $ 5,309 | $ 6,135 | $ 7,634 | $ 6,467 | $ 6,476 | $ 5,912 | $ 5,176 | $ 29,963 | $ 24,031 | $ 23,365 |
Net income per common share: | |||||||||||
Basic | $ 0.94 | $ 0.46 | $ 0.53 | $ 0.66 | $ 0.57 | $ 0.57 | $ 0.50 | $ 0.41 | $ 2.59 | $ 2.03 | $ 1.82 |
Diluted | $ 0.92 | $ 0.45 | $ 0.52 | $ 0.65 | $ 0.55 | $ 0.56 | $ 0.49 | $ 0.40 | $ 2.54 | $ 1.99 | $ 1.79 |
Quarterly Information (Unaudi86
Quarterly Information (Unaudited) - Summary of the Company's Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2015 | |
Quarterly Information [Line Items] | ||||||
Tax benefit related to the exercise of stock options | $ 1,500 | |||||
Incremental hurricane allowance for credit losses | $ 3,000 | |||||
Provisional benefit to income tax expense, Tax Act | $ 3,100 | $ 3,122 | ||||
Bulk Sale of Charged Off Loans [Member] | ||||||
Quarterly Information [Line Items] | ||||||
Recovery from bulk sale of previously charged-off customer accounts in bankruptcy | $ 1,000 | $ 1,000 | $ 2,000 |