Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 07, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RM | |
Entity Registrant Name | Regional Management Corp. | |
Entity Central Index Key | 1,519,401 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 11,791,234 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash | $ 517 | $ 5,230 |
Gross finance receivables | 1,175,797 | 1,066,650 |
Unearned finance charges and insurance premiums | (287,721) | (249,187) |
Finance receivables | 888,076 | 817,463 |
Allowance for credit losses | (55,300) | (48,910) |
Net finance receivables | 832,776 | 768,553 |
Restricted cash | 29,327 | 16,787 |
Property and equipment | 12,540 | 12,294 |
Intangible assets | 10,429 | 10,607 |
Other assets | 7,690 | 16,012 |
Total assets | 893,279 | 829,483 |
Liabilities | ||
Long-term debt | 611,593 | 571,496 |
Unamortized debt issuance costs | (7,216) | (4,950) |
Net long-term debt | 604,377 | 566,546 |
Accounts payable and accrued expenses | 19,510 | 18,565 |
Deferred tax liability | 1,963 | 4,961 |
Total liabilities | 625,850 | 590,072 |
Commitments and Contingencies (Note 10) | ||
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, 13,336 shares issued and 11,790 shares outstanding at September 30, 2018 and 13,205 shares issued and 11,659 shares outstanding at December 31, 2017) | 1,334 | 1,321 |
Additional paid-in-capital | 97,814 | 94,384 |
Retained earnings | 193,327 | 168,752 |
Treasury stock (1,546 shares at September 30, 2018 and December 31, 2017) | (25,046) | (25,046) |
Total stockholders' equity | 267,429 | 239,411 |
Total liabilities and stockholders' equity | 893,279 | 829,483 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 141 | 70 |
Finance receivables | 288,401 | 137,239 |
Allowance for credit losses | (16,087) | (7,129) |
Restricted cash | 22,358 | 10,734 |
Other assets | 123 | 119 |
Total assets | 294,936 | 141,033 |
Liabilities | ||
Net long-term debt | 253,335 | 116,658 |
Accounts payable and accrued expenses | 29 | 53 |
Total liabilities | $ 253,364 | $ 116,711 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
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 | 13,336,000 | 13,205,000 |
Common stock, shares outstanding | 11,790,000 | 11,659,000 |
Treasury stock, shares | 1,546,000 | 1,546,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | ||||
Interest and fee income | $ 72,128 | $ 63,615 | $ 205,108 | $ 182,657 |
Insurance income, net | 2,898 | 3,095 | 9,169 | 9,985 |
Other income | 2,890 | 2,484 | 8,680 | 7,710 |
Total revenue | 77,916 | 69,194 | 222,957 | 200,352 |
Expenses | ||||
Provision for credit losses | 23,640 | 20,152 | 63,358 | 57,875 |
Personnel | 21,376 | 19,534 | 61,994 | 56,089 |
Occupancy | 5,490 | 5,480 | 16,586 | 16,184 |
Marketing | 2,132 | 2,303 | 5,843 | 5,287 |
Other | 6,863 | 6,523 | 19,245 | 19,376 |
Total general and administrative expenses | 35,861 | 33,840 | 103,668 | 96,936 |
Interest expense | 8,729 | 6,658 | 23,821 | 17,092 |
Income before income taxes | 9,686 | 8,544 | 32,110 | 28,449 |
Income taxes | 2,237 | 3,235 | 7,535 | 9,371 |
Net income | $ 7,449 | $ 5,309 | $ 24,575 | $ 19,078 |
Net income per common share: | ||||
Basic | $ 0.64 | $ 0.46 | $ 2.11 | $ 1.65 |
Diluted | $ 0.61 | $ 0.45 | $ 2.03 | $ 1.62 |
Weighted average shares outstanding: | ||||
Basic | 11,672 | 11,563 | 11,649 | 11,537 |
Diluted | 12,133 | 11,812 | 12,101 | 11,752 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2016 | $ 207,475 | $ 1,300 | $ 92,432 | $ 138,789 | $ (25,046) |
Beginning 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 | ||||
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 | ||||
Issuance of restricted stock awards | $ 10 | (10) | |||
Issuance of restricted stock awards, shares | 100 | ||||
Exercise of stock options | $ 9 | $ 9 | |||
Exercise of stock options, shares | 89 | 88 | |||
Shares withheld related to net share settlement | $ (516) | $ (6) | (510) | ||
Shares withheld related to net share settlement, shares | (57) | ||||
Share-based compensation | 3,950 | 3,950 | |||
Net income | 24,575 | 24,575 | |||
Ending Balance at Sep. 30, 2018 | $ 267,429 | $ 1,334 | $ 97,814 | $ 193,327 | $ (25,046) |
Ending Balance, shares at Sep. 30, 2018 | 13,336 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 24,575 | $ 19,078 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 63,358 | 57,875 |
Depreciation and amortization | 6,401 | 5,337 |
Loss on disposal of property and equipment | 50 | 131 |
Share-based compensation | 5,213 | 3,254 |
Fair value adjustment on interest rate caps | (134) | 85 |
Deferred income taxes, net | (2,998) | (5,088) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in other assets | 8,456 | (641) |
Increase (decrease) in accounts payable and accrued expenses | (148) | 3,174 |
Net cash provided by operating activities | 104,773 | 83,205 |
Cash flows from investing activities: | ||
Net originations of finance receivables | (127,582) | (108,806) |
Purchases of intangible assets | (1,344) | (5,447) |
Purchases of property and equipment | (3,036) | (4,146) |
Proceeds from disposal of property and equipment | 558 | |
Net cash used in investing activities | (131,962) | (117,841) |
Cash flows from financing activities: | ||
Net advances (payments) on senior revolving credit facility | (99,351) | 8,168 |
Payments on amortizing loan | (26,706) | (17,245) |
Net advances on revolving warehouse credit facility | 15,908 | 55,750 |
Net advances on securitization | 150,246 | |
Payments for debt issuance costs | (4,389) | (4,251) |
Taxes paid related to net share settlement of equity awards | (692) | (1,796) |
Proceeds from exercise of stock options | 307 | |
Net cash provided by financing activities | 35,016 | 40,933 |
Net change in cash and restricted cash | 7,827 | 6,297 |
Cash and restricted cash at beginning of period | 22,017 | 12,743 |
Cash and restricted cash at end of period | 29,844 | 19,040 |
Supplemental cash flow information | ||
Interest paid | 21,577 | 14,436 |
Income taxes paid | $ 641 | $ 12,930 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Cash Flows [Abstract] | ||||
Cash | $ 517 | $ 5,230 | $ 5,191 | $ 4,446 |
Restricted cash | 29,327 | 16,787 | 13,849 | 8,297 |
Total cash and restricted cash | $ 29,844 | $ 22,017 | $ 19,040 | $ 12,743 |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2018 | |
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, |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 2. Basis of Presentation and Significant Accounting Policies Basis of presentation: 10-Q SEC GAAP 10-Q 10-K Significant accounting policies: Principles of consolidation: VIE Variable interest entities: SPE The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors, including in the form of overcollateralization (the principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash held by the SPEs). These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement 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 the SPEs after each debt is paid. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. Use of estimates: 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: 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 implementation of the accounting update will create lease assets and lease liabilities and have an impact on the Company’s debt covenants. The Company is working with its lenders to address any issues before implementation and continues to evaluate and quantify the potential impacts of this update on its consolidated financial statements. 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 was permitted. The Company adopted the new standard effective in 2018, and implementation of the accounting update had no impact 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 was permitted. The Company adopted the new standard effective in 2018. As a result, the Company no longer reports the changes in restricted cash as an investing activity. Instead, restricted cash is included in the beginning and ending cash balances on the consolidated statements of cash flows. In August 2018, the FASB issued an accounting update to provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments align the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use |
Finance Receivables, Credit Qua
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | Note 3. Finance Receivables, Credit Quality Information, and Allowance for Credit Losses Finance receivables for the periods indicated consisted of the following: In thousands September 30, December 31, Small loans $ 414,441 $ 375,772 Large loans 410,811 347,218 Automobile loans 32,322 61,423 Retail loans 30,502 33,050 Finance receivables $ 888,076 $ 817,463 The contractual delinquency of the finance receivable portfolio by product and aging for the periods indicated are as follows: September 30, 2018 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 331,196 80.0 % $ 348,320 84.8 % $ 23,086 71.4 % $ 23,401 76.8 % $ 726,003 81.8 % 1 to 29 days past due 48,664 11.7 % 39,085 9.5 % 6,550 20.3 % 4,709 15.4 % 99,008 11.1 % Delinquent accounts 30 to 59 days 11,924 2.8 % 8,451 2.0 % 1,030 3.2 % 810 2.6 % 22,215 2.5 % 60 to 89 days 8,622 2.1 % 5,690 1.4 % 522 1.6 % 526 1.7 % 15,360 1.7 % 90 to 119 days 5,767 1.4 % 3,587 0.9 % 434 1.4 % 395 1.4 % 10,183 1.1 % 120 to 149 days 4,499 1.1 % 3,266 0.8 % 361 1.1 % 350 1.1 % 8,476 1.0 % 150 to 179 days 3,769 0.9 % 2,412 0.6 % 339 1.0 % 311 1.0 % 6,831 0.8 % Total delinquency $ 34,581 8.3 % $ 23,406 5.7 % $ 2,686 8.3 % $ 2,392 7.8 % $ 63,065 7.1 % Total finance receivables $ 414,441 100.0 % $ 410,811 100.0 % $ 32,322 100.0 % $ 30,502 100.0 % $ 888,076 100.0 % Finance receivables in nonaccrual status $ 17,789 4.3 % $ 12,578 3.1 % $ 1,718 5.3 % $ 1,210 4.0 % $ 33,295 3.7 % 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 $ 19,634 5.2 % $ 9,753 2.8 % $ 2,461 4.0 % $ 1,339 4.1 % $ 33,187 4.1 % Changes in the allowance for credit losses for the periods indicated are as follows: Three Months Ended Nine Months Ended In thousands 2018 2017 2018 2017 Balance at beginning of period $ 48,450 $ 42,000 $ 48,910 $ 41,250 Provision for credit losses 23,640 20,152 63,358 57,875 Credit losses (17,861 ) (16,739 ) (60,547 ) (56,736 ) Recoveries 1,071 1,987 3,579 5,011 Balance at end of period $ 55,300 $ 47,400 $ 55,300 $ 47,400 In the third quarter of 2018, three changes occurred that impacted the Company’s estimate of the allowance for credit losses. The changes collectively increased the allowance for credit losses as of September 30, 2018 and the provision for credit losses for the three months ended September 30, 2018, which decreased net income by $0.2 million, or $0.01 diluted earnings per share. The three changes are described in more detail in the paragraphs below. Certain of the Company’s loan origination fees are non-refundable, non-refundable (non-refundable non-refundable non-refundable non-refundable non-refundable non-refundable In September 2018, the Company updated modeling assumptions used in estimating the specific component of the allowance for credit losses related to impaired finance receivables. The Company obtained additional performance data on finance receivables that had been modified under Company loss mitigation policies. Loss mitigation policies were formalized during 2016, and the impacted finance receivables now have more seasoning and predictable performance data. As a result of this change in estimate, the Company increased the allowance for credit losses as of September 30, 2018 and the provision for credit losses for the three months ended September 30, 2018 by $2.8 million, which decreased net income by $2.1 million, or $0.17 diluted earnings per share. Apart from the various optional payment and collateral protection insurance products that the Company offers to customers on certain loans, the Company also collects a fee from customers and, in turn, purchases non-file Non-file non-file non-file Separate from the changes noted above, in September 2018, the Company recorded a $3.9 million increase to the allowance for credit losses related to estimated incremental credit losses on customer accounts impacted by a hurricane in the third quarter of 2018. The incremental hurricane allowance resulted in a decrease to net income of $2.9 million, or $0.24 diluted earnings per share, for the three months ended September 30, 2018. 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 hurricanes in the third quarter of 2017. 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. As of June 30, 2018, the allowance for credit losses no longer required or included an incremental hurricane allowance related to the 2017 hurricanes. The following is a reconciliation of the allowance for credit losses by product for the periods indicated: In thousands Balance 2018 Provision Credit Recoveries Balance Finance Allowance as Small loans $ 23,969 $ 10,768 $ (10,227 ) $ 551 $ 25,061 $ 414,441 6.0 % Large loans 19,698 11,308 (6,027 ) 328 25,307 410,811 6.2 % Automobile loans 2,642 631 (870 ) 162 2,565 32,322 7.9 % Retail loans 2,141 933 (737 ) 30 2,367 30,502 7.8 % Total $ 48,450 $ 23,640 $ (17,861 ) $ 1,071 $ 55,300 $ 888,076 6.2 % In thousands Balance 2017 Provision Credit Recoveries Balance 2017 Finance Allowance as Small loans $ 20,910 $ 10,364 $ (9,570 ) $ 1,255 $ 22,959 $ 363,262 6.3 % Large loans 14,000 8,035 (5,068 ) 350 17,317 308,642 5.6 % Automobile loans 5,210 805 (1,511 ) 308 4,812 71,666 6.7 % Retail loans 1,880 948 (590 ) 74 2,312 31,286 7.4 % Total $ 42,000 $ 20,152 $ (16,739 ) $ 1,987 $ 47,400 $ 774,856 6.1 % In thousands Balance Provision Credit Recoveries Balance Finance Allowance as Small loans $ 24,749 $ 34,771 $ (36,383 ) $ 1,924 $ 25,061 $ 414,441 6.0 % Large loans 17,548 24,971 (18,225 ) 1,013 25,307 410,811 6.2 % Automobile loans 4,025 1,216 (3,210 ) 534 2,565 32,322 7.9 % Retail loans 2,588 2,400 (2,729 ) 108 2,367 30,502 7.8 % Total $ 48,910 $ 63,358 $ (60,547 ) $ 3,579 $ 55,300 $ 888,076 6.2 % In thousands Balance 2017 Provision Credit Recoveries Balance 2017 Finance Allowance as Small loans $ 21,770 $ 32,608 $ (34,313 ) $ 2,894 $ 22,959 $ 363,262 6.3 % Large loans 11,460 19,762 (14,720 ) 815 17,317 308,642 5.6 % Automobile loans 5,910 3,369 (5,568 ) 1,101 4,812 71,666 6.7 % Retail loans 2,110 2,136 (2,135 ) 201 2,312 31,286 7.4 % Total $ 41,250 $ 57,875 $ (56,736 ) $ 5,011 $ 47,400 $ 774,856 6.1 % Impaired finance receivables as a percentage of total finance receivables were 2.4% and 2.1% as of September 30, 2018 and December 31, 2017, respectively. The following is a summary of finance receivables evaluated for impairment for the periods indicated: September 30, 2018 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 6,840 $ 13,438 $ 1,256 $ 129 $ 21,663 Finance receivables evaluated collectively 407,601 397,373 31,066 30,373 866,413 Finance receivables outstanding $ 414,441 $ 410,811 $ 32,322 $ 30,502 $ 888,076 Impaired receivables in nonaccrual status $ 1,083 $ 1,824 $ 251 $ 53 $ 3,211 Amount of the specific reserve for impaired accounts $ 3,102 $ 4,662 $ 603 $ 62 $ 8,429 Amount of the general component of the allowance $ 21,959 $ 20,645 $ 1,962 $ 2,305 $ 46,871 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 $ 719 $ 1,117 $ 185 $ 28 $ 2,049 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 The average recorded investment in impaired finance receivables and the amount of interest income recognized on impaired loans for the periods indicated are as follows: Three Months Ended September 30, 2018 2017 (1) In thousands Average Interest Average Small loans $ 6,785 $ 234 $ 4,190 Large loans 13,193 340 8,414 Automobile loans 1,315 3 1,896 Retail loans 122 1 114 Total $ 21,415 $ 578 $ 14,614 Nine Months Ended September 30, 2018 2017 (1) In thousands Average Interest Average Small loans $ 6,193 $ 733 $ 3,629 Large loans 12,207 1,094 7,747 Automobile loans 1,496 55 2,157 Retail loans 108 6 107 Total $ 20,004 $ 1,888 $ 13,640 (1) It was not practical to compute the amount of interest income recognized on impaired loans prior to fiscal year 2018. |
Interest Rate Caps
Interest Rate Caps | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Caps | Note 4. Interest Rate Caps The Company has purchased interest rate cap contracts with an aggregate notional principal amount of $400.0 million. Each contract contains a strike rate against the one-month one-month one-month Three Months Ended Nine Months In thousands 2018 2017 2018 2017 Balance at beginning of period $ 718 $ 113 $ 98 $ 62 Purchases — — 481 100 Fair value adjustment included in interest expense (5 ) (36 ) 134 (85 ) Balance at end of period, included in other assets $ 713 $ 77 $ 713 $ 77 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 5. Long-Term Debt The following is a summary of the Company’s long-term debt as of the periods indicated: September 30, 2018 December 31, 2017 In thousands Long- Unamortized Net Long- Unamortized Net Senior revolving credit facility $ 352,699 $ (1,657 ) $ 351,042 $ 452,050 $ (2,162 ) $ 449,888 Amortizing loan 26,674 (264 ) 26,410 53,380 (547 ) 52,833 Revolving warehouse credit facility 81,974 (2,124 ) 79,850 66,066 (2,241 ) 63,825 RMIT 2018-1 150,246 (3,171 ) 147,075 — — — Total $ 611,593 $ (7,216 ) $ 604,377 $ 571,496 $ (4,950 ) $ 566,546 Unused amount of revolving credit facilities (subject to borrowing base) $ 328,327 $ 244,884 Senior Revolving Credit Facility: one-month Variable Interest Entity Debt: These long-term debts are supported by the expected cash flows from the underlying collateralized finance receivables. Collections on these finance receivables are remitted to restricted cash collection accounts, which totaled $18.4 million and $8.6 million as of September 30, 2018 and December 31, 2017, respectively. Cash inflows from the finance receivables are distributed to the lenders/investors, the service providers, and/or the residual interest that the Company owns in accordance with a monthly contractual priority of payments. The SPEs pay a servicing fee to the Company, which is eliminated in consolidation. Distributions from the SPEs to the Company are permitted under the debt arrangements. At each sale of receivables from the Company’s affiliates to the SPEs, the Company makes certain representations and warranties about the quality and nature of the collateralized receivables. The debt arrangements require the Company to repurchase the receivables in certain circumstances, including circumstances in which the representations and warranties made by the Company concerning the quality and characteristics of the receivables are inaccurate. Assets transferred to each SPE are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, the assets of each SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. Amortizing Loan: RMR I Revolving Warehouse Credit Facility: RMR II RMIT 2018-1 RMR III 2018-1 RMIT 2018-1 2018-1. 2018-1. 2018-1 2018-1 2018-1 The carrying amounts of consolidated VIE assets and liabilities are as follows: In thousands September 30, December 31, Assets Cash $ 141 $ 70 Finance receivables 288,401 137,239 Allowance for credit losses (16,087 ) (7,129 ) Restricted cash 22,358 10,734 Other assets 123 119 Total assets $ 294,936 $ 141,033 Liabilities Net long-term debt $ 253,335 $ 116,658 Accounts payable and accrued expenses 29 53 Total liabilities $ 253,364 $ 116,711 The Company’s debt arrangements are subject to certain covenants, including monthly and annual reporting, 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 September 30, 2018, the Company was in compliance with all debt covenants. |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Note 6. Disclosure About Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate 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: September 30, 2018 December 31, 2017 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 517 $ 517 $ 5,230 $ 5,230 Restricted cash 29,327 29,327 16,787 16,787 Level 2 inputs Interest rate caps 713 713 98 98 Level 3 inputs Net finance receivables 832,776 832,776 768,553 768,553 Repossessed assets 209 209 431 431 Liabilities Level 3 inputs Long-term debt 611,593 611,593 571,496 571,496 Certain of the Company’s assets carried at fair value are classified and disclosed in one of the following three categories: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs that are not corroborated by market data. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are carried at fair value. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes Income tax expense differed from the amount computed by applying the federal income tax rate to total income before income taxes as a result of the following: Three Months Ended September 30, 2018 2017 In thousands $ % $ % Federal tax expense at statutory rate $ 2,034 21.0 % $ 2,990 35.0 % Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 306 3.2 % 297 3.5 % Excess tax benefits from share-based awards — 0.0 % (37 ) (0.4 )% Other (103 ) (1.1 )% (15 ) (0.2 )% $ 2,237 23.1 % $ 3,235 37.9 % Nine Months Ended September 30, 2018 2017 In thousands $ % $ % Federal tax expense at statutory rate $ 6,743 21.0 % $ 9,957 35.0 % Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 1,074 3.3 % 821 2.9 % Excess tax benefits from share-based awards (308 ) (1.0 )% (1,525 ) (5.4 )% Other 26 0.2 % 118 0.4 % $ 7,535 23.5 % $ 9,371 32.9 % In December 2017, the Tax Cuts and Jobs Act (the “ Tax Act As of December 31, 2017, the Company was required to revalue deferred tax assets and liabilities at the enacted rate as a result of the Tax Act. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company made reasonable estimates of the effects of the Tax Act and recorded provisional amounts in its consolidated financial statements as of December 31, 2017. As the Company collects and prepares necessary data and interprets the Tax Act and any additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service, the SEC, and other standard-setting bodies, it may make adjustments to the provisional amounts. The accounting for the tax effects of the Tax Act will be completed in 2018. Pursuant to the adoption of an accounting standard update issued in March 2016 and effective beginning in fiscal year 2017, the Company recognizes the tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of the consolidated statements of income. These tax benefits and deficiencies were previously recognized within additional paid-in-capital |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8. Earnings Per Share The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Nine Months Ended In thousands, except per share amounts 2018 2017 2018 2017 Numerator: Net income $ 7,449 $ 5,309 $ 24,575 $ 19,078 Denominator: Weighted average shares outstanding for basic earnings per share 11,672 11,563 11,649 11,537 Effect of dilutive securities 461 249 452 215 Weighted average shares adjusted for dilutive securities 12,133 11,812 12,101 11,752 Earnings per share: Basic $ 0.64 $ 0.46 $ 2.11 $ 1.65 Diluted $ 0.61 $ 0.45 $ 2.03 $ 1.62 Options to purchase 139 thousand and 240 thousand shares of common stock were outstanding during the three and nine months ended September 30, 2018 and 2017, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 9. Share-Based Compensation The Company previously adopted the 2007 Management Incentive Plan (the “ 2007 Plan 2011 Plan 2015 Plan re-approved For the three months ended September 30, 2018 and 2017, the Company recorded share-based compensation expense of $1.8 million and $1.2 million, respectively. The Company recorded $5.2 million and $3.3 million in share-based compensation for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, unrecognized share-based compensation expense to be recognized over future periods approximated $8.1 million. This amount will be recognized as expense over a weighted-average period of 1.9 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: 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: Nine Months 2018 2017 Expected volatility 41.63 % 43.95 % Expected dividends 0.00 % 0.00 % Expected term (in years) 5.99 5.96 Risk-free rate 2.66 % 2.09 % 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 nine months ended September 30, 2018: In thousands, except per share amounts Number Weighted- Exercise Weighted- Aggregate Options outstanding at January 1, 2018 958 $ 17.39 Granted 112 28.25 Exercised (89 ) 16.62 Forfeited — — Expired — — Options outstanding at September 30, 2018 981 $ 18.69 6.9 $ 10,073 Options exercisable at September 30, 2018 703 $ 17.03 6.2 $ 8,398 The following table provides additional stock option information for the periods indicated: Three Months Ended Nine Months Ended In thousands, except per share amounts 2018 2017 2018 2017 Weighted-average grant date fair value per share $ — $ — $ 12.39 $ 8.90 Intrinsic value of options exercised $ — $ 143 $ 1,604 $ 4,945 Fair value of stock options that vested $ — $ — $ 199 $ 559 Performance-contingent restricted stock units: The following table summarizes RSU activity during the nine months ended September 30, 2018: In thousands, except per unit amounts Units Weighted- Fair Value Non-vested 201 $ 17.33 Granted 59 28.25 Vested — — Forfeited (78 ) 14.92 Non-vested 182 $ 21.89 The following table provides additional RSU information for the periods indicated: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Weighted-average grant date fair value per unit $ — $ — $ 28.25 $ 19.99 Cash-settled performance units: The following table summarizes CSPU activity during the nine months ended September 30, 2018: In thousands, except per unit amounts Units Weighted- Fair Value Non-vested 3,484 $ 1.00 Granted 1,660 1.00 Vested — — Forfeited (1,162 ) 1.00 Non-vested 3,982 $ 1.00 Restricted stock awards: The following table summarizes restricted stock activity during the nine months ended September 30, 2018: In thousands, except per share amounts Shares Weighted- Fair Value Non-vested 53 $ 19.36 Granted 100 24.95 Vested (34 ) 21.09 Forfeited — — Non-vested 119 $ 23.56 The following table provides additional restricted stock information: Three Months Ended Nine Months Ended In thousands, except per share amounts 2018 2017 2018 2017 Weighted-average grant date fair value per share $ 35.56 $ — $ 24.95 $ 18.38 Fair value of restricted stock awards that vested $ — $ 252 $ 711 $ 642 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies In the normal course of business, the Company has been named as a defendant in legal actions in connection with its activities. Some of the actual or threatened legal actions include claims for compensatory damages or claims for indeterminate amounts of damages. The Company contests liability and the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability has been incurred and the Company can reasonably estimate the amount of that loss, the Company accrues the estimated loss by a charge to net income. However, in many legal actions, it is inherently difficult to determine whether any loss is probable, or even reasonably possible, or to estimate the amount of loss. This is particularly true for actions that are in their early stages of development or where plaintiffs seek indeterminate damages. In addition, even where a loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued, it is not always possible to reasonably estimate the size of the possible loss or range of loss. Before a loss, additional loss, range of loss, or range of additional loss can be reasonably estimated for any given action, numerous issues may need to be resolved, including through lengthy discovery, following determination of important factual matters, and/or by addressing novel or unsettled legal questions. For certain other legal actions, the Company can estimate reasonably possible losses, additional losses, ranges of loss, or ranges of additional loss in excess of amounts accrued, but the Company does not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on the consolidated financial statements. While the Company will continue to identify legal actions where it believes a material loss to be reasonably possible and reasonably estimable, there can be no assurance that material losses will not be incurred from claims that the Company has not yet been notified of or are not yet determined to be probable, or reasonably possible and reasonable to estimate. The Company expenses legal costs as they are incurred. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: 10-Q SEC GAAP 10-Q 10-K |
Significant accounting policies | Significant accounting policies: |
Principles of consolidation | Principles of consolidation: VIE |
Variable interest entities | Variable interest entities: SPE The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors, including in the form of overcollateralization (the principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash held by the SPEs). These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement 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 the SPEs after each debt is paid. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. |
Use of estimates | Use of estimates: 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: |
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 implementation of the accounting update will create lease assets and lease liabilities and have an impact on the Company’s debt covenants. The Company is working with its lenders to address any issues before implementation and continues to evaluate and quantify the potential impacts of this update on its consolidated financial statements. 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 was permitted. The Company adopted the new standard effective in 2018, and implementation of the accounting update had no impact 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 was permitted. The Company adopted the new standard effective in 2018. As a result, the Company no longer reports the changes in restricted cash as an investing activity. Instead, restricted cash is included in the beginning and ending cash balances on the consolidated statements of cash flows. In August 2018, the FASB issued an accounting update to provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments align the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use |
Finance Receivables, Credit Q_2
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Summary of Finance Receivables | Finance receivables for the periods indicated consisted of the following: In thousands September 30, December 31, Small loans $ 414,441 $ 375,772 Large loans 410,811 347,218 Automobile loans 32,322 61,423 Retail loans 30,502 33,050 Finance receivables $ 888,076 $ 817,463 |
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: September 30, 2018 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 331,196 80.0 % $ 348,320 84.8 % $ 23,086 71.4 % $ 23,401 76.8 % $ 726,003 81.8 % 1 to 29 days past due 48,664 11.7 % 39,085 9.5 % 6,550 20.3 % 4,709 15.4 % 99,008 11.1 % Delinquent accounts 30 to 59 days 11,924 2.8 % 8,451 2.0 % 1,030 3.2 % 810 2.6 % 22,215 2.5 % 60 to 89 days 8,622 2.1 % 5,690 1.4 % 522 1.6 % 526 1.7 % 15,360 1.7 % 90 to 119 days 5,767 1.4 % 3,587 0.9 % 434 1.4 % 395 1.4 % 10,183 1.1 % 120 to 149 days 4,499 1.1 % 3,266 0.8 % 361 1.1 % 350 1.1 % 8,476 1.0 % 150 to 179 days 3,769 0.9 % 2,412 0.6 % 339 1.0 % 311 1.0 % 6,831 0.8 % Total delinquency $ 34,581 8.3 % $ 23,406 5.7 % $ 2,686 8.3 % $ 2,392 7.8 % $ 63,065 7.1 % Total finance receivables $ 414,441 100.0 % $ 410,811 100.0 % $ 32,322 100.0 % $ 30,502 100.0 % $ 888,076 100.0 % Finance receivables in nonaccrual status $ 17,789 4.3 % $ 12,578 3.1 % $ 1,718 5.3 % $ 1,210 4.0 % $ 33,295 3.7 % 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 $ 19,634 5.2 % $ 9,753 2.8 % $ 2,461 4.0 % $ 1,339 4.1 % $ 33,187 4.1 % |
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the periods indicated are as follows: Three Months Ended Nine Months Ended In thousands 2018 2017 2018 2017 Balance at beginning of period $ 48,450 $ 42,000 $ 48,910 $ 41,250 Provision for credit losses 23,640 20,152 63,358 57,875 Credit losses (17,861 ) (16,739 ) (60,547 ) (56,736 ) Recoveries 1,071 1,987 3,579 5,011 Balance at end of period $ 55,300 $ 47,400 $ 55,300 $ 47,400 |
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 2018 Provision Credit Recoveries Balance Finance Allowance as Small loans $ 23,969 $ 10,768 $ (10,227 ) $ 551 $ 25,061 $ 414,441 6.0 % Large loans 19,698 11,308 (6,027 ) 328 25,307 410,811 6.2 % Automobile loans 2,642 631 (870 ) 162 2,565 32,322 7.9 % Retail loans 2,141 933 (737 ) 30 2,367 30,502 7.8 % Total $ 48,450 $ 23,640 $ (17,861 ) $ 1,071 $ 55,300 $ 888,076 6.2 % In thousands Balance 2017 Provision Credit Recoveries Balance 2017 Finance Allowance as Small loans $ 20,910 $ 10,364 $ (9,570 ) $ 1,255 $ 22,959 $ 363,262 6.3 % Large loans 14,000 8,035 (5,068 ) 350 17,317 308,642 5.6 % Automobile loans 5,210 805 (1,511 ) 308 4,812 71,666 6.7 % Retail loans 1,880 948 (590 ) 74 2,312 31,286 7.4 % Total $ 42,000 $ 20,152 $ (16,739 ) $ 1,987 $ 47,400 $ 774,856 6.1 % In thousands Balance Provision Credit Recoveries Balance Finance Allowance as Small loans $ 24,749 $ 34,771 $ (36,383 ) $ 1,924 $ 25,061 $ 414,441 6.0 % Large loans 17,548 24,971 (18,225 ) 1,013 25,307 410,811 6.2 % Automobile loans 4,025 1,216 (3,210 ) 534 2,565 32,322 7.9 % Retail loans 2,588 2,400 (2,729 ) 108 2,367 30,502 7.8 % Total $ 48,910 $ 63,358 $ (60,547 ) $ 3,579 $ 55,300 $ 888,076 6.2 % In thousands Balance 2017 Provision Credit Recoveries Balance 2017 Finance Allowance as Small loans $ 21,770 $ 32,608 $ (34,313 ) $ 2,894 $ 22,959 $ 363,262 6.3 % Large loans 11,460 19,762 (14,720 ) 815 17,317 308,642 5.6 % Automobile loans 5,910 3,369 (5,568 ) 1,101 4,812 71,666 6.7 % Retail loans 2,110 2,136 (2,135 ) 201 2,312 31,286 7.4 % Total $ 41,250 $ 57,875 $ (56,736 ) $ 5,011 $ 47,400 $ 774,856 6.1 % |
Tabular Disclosure of Impaired Financing Receivables | The following is a summary of finance receivables evaluated for impairment for the periods indicated: September 30, 2018 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 6,840 $ 13,438 $ 1,256 $ 129 $ 21,663 Finance receivables evaluated collectively 407,601 397,373 31,066 30,373 866,413 Finance receivables outstanding $ 414,441 $ 410,811 $ 32,322 $ 30,502 $ 888,076 Impaired receivables in nonaccrual status $ 1,083 $ 1,824 $ 251 $ 53 $ 3,211 Amount of the specific reserve for impaired accounts $ 3,102 $ 4,662 $ 603 $ 62 $ 8,429 Amount of the general component of the allowance $ 21,959 $ 20,645 $ 1,962 $ 2,305 $ 46,871 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 $ 719 $ 1,117 $ 185 $ 28 $ 2,049 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 The average recorded investment in impaired finance receivables and the amount of interest income recognized on impaired loans for the periods indicated are as follows: Three Months Ended September 30, 2018 2017 (1) In thousands Average Interest Average Small loans $ 6,785 $ 234 $ 4,190 Large loans 13,193 340 8,414 Automobile loans 1,315 3 1,896 Retail loans 122 1 114 Total $ 21,415 $ 578 $ 14,614 Nine Months Ended September 30, 2018 2017 (1) In thousands Average Interest Average Small loans $ 6,193 $ 733 $ 3,629 Large loans 12,207 1,094 7,747 Automobile loans 1,496 55 2,157 Retail loans 108 6 107 Total $ 20,004 $ 1,888 $ 13,640 (1) It was not practical to compute the amount of interest income recognized on impaired loans prior to fiscal year 2018. |
Interest Rate Caps (Tables)
Interest Rate Caps (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Changes in Rate Caps | The following is a summary of changes in the rate caps: Three Months Ended Nine Months In thousands 2018 2017 2018 2017 Balance at beginning of period $ 718 $ 113 $ 98 $ 62 Purchases — — 481 100 Fair value adjustment included in interest expense (5 ) (36 ) 134 (85 ) Balance at end of period, included in other assets $ 713 $ 77 $ 713 $ 77 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 December 31, 2017 In thousands Long- Unamortized Net Long- Unamortized Net Senior revolving credit facility $ 352,699 $ (1,657 ) $ 351,042 $ 452,050 $ (2,162 ) $ 449,888 Amortizing loan 26,674 (264 ) 26,410 53,380 (547 ) 52,833 Revolving warehouse credit facility 81,974 (2,124 ) 79,850 66,066 (2,241 ) 63,825 RMIT 2018-1 150,246 (3,171 ) 147,075 — — — Total $ 611,593 $ (7,216 ) $ 604,377 $ 571,496 $ (4,950 ) $ 566,546 Unused amount of revolving credit facilities (subject to borrowing base) $ 328,327 $ 244,884 |
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: In thousands September 30, December 31, Assets Cash $ 141 $ 70 Finance receivables 288,401 137,239 Allowance for credit losses (16,087 ) (7,129 ) Restricted cash 22,358 10,734 Other assets 123 119 Total assets $ 294,936 $ 141,033 Liabilities Net long-term debt $ 253,335 $ 116,658 Accounts payable and accrued expenses 29 53 Total liabilities $ 253,364 $ 116,711 |
Disclosure About Fair Value o_2
Disclosure About Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 December 31, 2017 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 517 $ 517 $ 5,230 $ 5,230 Restricted cash 29,327 29,327 16,787 16,787 Level 2 inputs Interest rate caps 713 713 98 98 Level 3 inputs Net finance receivables 832,776 832,776 768,553 768,553 Repossessed assets 209 209 431 431 Liabilities Level 3 inputs Long-term debt 611,593 611,593 571,496 571,496 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 to total income before income taxes as a result of the following: Three Months Ended September 30, 2018 2017 In thousands $ % $ % Federal tax expense at statutory rate $ 2,034 21.0 % $ 2,990 35.0 % Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 306 3.2 % 297 3.5 % Excess tax benefits from share-based awards — 0.0 % (37 ) (0.4 )% Other (103 ) (1.1 )% (15 ) (0.2 )% $ 2,237 23.1 % $ 3,235 37.9 % Nine Months Ended September 30, 2018 2017 In thousands $ % $ % Federal tax expense at statutory rate $ 6,743 21.0 % $ 9,957 35.0 % Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 1,074 3.3 % 821 2.9 % Excess tax benefits from share-based awards (308 ) (1.0 )% (1,525 ) (5.4 )% Other 26 0.2 % 118 0.4 % $ 7,535 23.5 % $ 9,371 32.9 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Nine Months Ended In thousands, except per share amounts 2018 2017 2018 2017 Numerator: Net income $ 7,449 $ 5,309 $ 24,575 $ 19,078 Denominator: Weighted average shares outstanding for basic earnings per share 11,672 11,563 11,649 11,537 Effect of dilutive securities 461 249 452 215 Weighted average shares adjusted for dilutive securities 12,133 11,812 12,101 11,752 Earnings per share: Basic $ 0.64 $ 0.46 $ 2.11 $ 1.65 Diluted $ 0.61 $ 0.45 $ 2.03 $ 1.62 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Grant Fair Value Assumptions | 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: Nine Months 2018 2017 Expected volatility 41.63 % 43.95 % Expected dividends 0.00 % 0.00 % Expected term (in years) 5.99 5.96 Risk-free rate 2.66 % 2.09 % |
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the nine months ended September 30, 2018: In thousands, except per share amounts Number Weighted- Exercise Weighted- Aggregate Options outstanding at January 1, 2018 958 $ 17.39 Granted 112 28.25 Exercised (89 ) 16.62 Forfeited — — Expired — — Options outstanding at September 30, 2018 981 $ 18.69 6.9 $ 10,073 Options exercisable at September 30, 2018 703 $ 17.03 6.2 $ 8,398 |
Summary of Additional Stock Option Information | The following table provides additional stock option information for the periods indicated: Three Months Ended Nine Months Ended In thousands, except per share amounts 2018 2017 2018 2017 Weighted-average grant date fair value per share $ — $ — $ 12.39 $ 8.90 Intrinsic value of options exercised $ — $ 143 $ 1,604 $ 4,945 Fair value of stock options that vested $ — $ — $ 199 $ 559 |
Summary of RSU Activity | The following table summarizes RSU activity during the nine months ended September 30, 2018: In thousands, except per unit amounts Units Weighted- Fair Value Non-vested 201 $ 17.33 Granted 59 28.25 Vested — — Forfeited (78 ) 14.92 Non-vested 182 $ 21.89 |
Summary of Additional RSU Information | The following table provides additional RSU information for the periods indicated: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Weighted-average grant date fair value per unit $ — $ — $ 28.25 $ 19.99 |
Summary of CSPU Activity | The following table summarizes CSPU activity during the nine months ended September 30, 2018: In thousands, except per unit amounts Units Weighted- Fair Value Non-vested 3,484 $ 1.00 Granted 1,660 1.00 Vested — — Forfeited (1,162 ) 1.00 Non-vested 3,982 $ 1.00 |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity during the nine months ended September 30, 2018: In thousands, except per share amounts Shares Weighted- Fair Value Non-vested 53 $ 19.36 Granted 100 24.95 Vested (34 ) 21.09 Forfeited — — Non-vested 119 $ 23.56 |
Summary of Additional Restricted Stock Information | The following table provides additional restricted stock information: Three Months Ended Nine Months Ended In thousands, except per share amounts 2018 2017 2018 2017 Weighted-average grant date fair value per share $ 35.56 $ — $ 24.95 $ 18.38 Fair value of restricted stock awards that vested $ — $ 252 $ 711 $ 642 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018LocationBranch | |
Entity Location [Line Items] | |
Number of branches | 346 |
Net number of branches opened | Branch | 4 |
Alabama [Member] | |
Entity Location [Line Items] | |
Number of branches | 46 |
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 | 36 |
Oklahoma [Member] | |
Entity Location [Line Items] | |
Number of branches | 28 |
South Carolina [Member] | |
Entity Location [Line Items] | |
Number of branches | 67 |
Tennessee [Member] | |
Entity Location [Line Items] | |
Number of branches | 23 |
Texas [Member] | |
Entity Location [Line Items] | |
Number of branches | 101 |
Virginia [Member] | |
Entity Location [Line Items] | |
Number of branches | 18 |
Missouri [Member] | |
Entity Location [Line Items] | |
Number of branches | 1 |
Finance Receivables, Credit Q_3
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Finance Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 888,076 | $ 817,463 | $ 774,856 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 414,441 | 375,772 | 363,262 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 410,811 | 347,218 | 308,642 |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 32,322 | 61,423 | 71,666 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 30,502 | $ 33,050 | $ 31,286 |
Finance Receivables, Credit Q_4
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Contractual Delinquency of the Finance Receivable Portfolio by Component (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 63,065 | $ 61,479 | |
Past due, Percent | 7.10% | 7.50% | |
Finance receivables | $ 888,076 | $ 817,463 | $ 774,856 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 33,295 | $ 33,187 | |
Finance receivables in nonaccrual status, Percent | 3.70% | 4.10% | |
Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 726,003 | $ 669,451 | |
Current, Percent | 81.80% | 81.90% | |
1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 99,008 | $ 86,533 | |
Past due, Percent | 11.10% | 10.60% | |
Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 22,215 | $ 18,728 | |
Past due, Percent | 2.50% | 2.20% | |
Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 15,360 | $ 15,297 | |
Past due, Percent | 1.70% | 1.90% | |
Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 10,183 | $ 11,339 | |
Past due, Percent | 1.10% | 1.40% | |
Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,476 | $ 8,865 | |
Past due, Percent | 1.00% | 1.10% | |
Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 6,831 | $ 7,250 | |
Past due, Percent | 0.80% | 0.90% | |
Small Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 34,581 | $ 35,246 | |
Past due, Percent | 8.30% | 9.40% | |
Finance receivables | $ 414,441 | $ 375,772 | 363,262 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 17,789 | $ 19,634 | |
Finance receivables in nonaccrual status, Percent | 4.30% | 5.20% | |
Small Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 331,196 | $ 301,114 | |
Current, Percent | 80.00% | 80.10% | |
Small Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 48,664 | $ 39,412 | |
Past due, Percent | 11.70% | 10.50% | |
Small Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 11,924 | $ 9,738 | |
Past due, Percent | 2.80% | 2.60% | |
Small Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,622 | $ 8,755 | |
Past due, Percent | 2.10% | 2.30% | |
Small Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,767 | $ 6,881 | |
Past due, Percent | 1.40% | 1.90% | |
Small Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,499 | $ 5,284 | |
Past due, Percent | 1.10% | 1.40% | |
Small Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,769 | $ 4,588 | |
Past due, Percent | 0.90% | 1.20% | |
Large Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 23,406 | $ 18,540 | |
Past due, Percent | 5.70% | 5.30% | |
Finance receivables | $ 410,811 | $ 347,218 | 308,642 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 12,578 | $ 9,753 | |
Finance receivables in nonaccrual status, Percent | 3.10% | 2.80% | |
Large Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 348,320 | $ 299,467 | |
Current, Percent | 84.80% | 86.30% | |
Large Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 39,085 | $ 29,211 | |
Past due, Percent | 8.50% | 8.40% | |
Large Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,451 | $ 5,949 | |
Past due, Percent | 2.00% | 1.60% | |
Large Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,690 | $ 4,757 | |
Past due, Percent | 1.40% | 1.40% | |
Large Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,587 | $ 3,286 | |
Past due, Percent | 0.90% | 1.00% | |
Large Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,266 | $ 2,537 | |
Past due, Percent | 0.80% | 0.70% | |
Large Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,412 | $ 2,011 | |
Past due, Percent | 0.60% | 0.60% | |
Automobile Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,686 | $ 4,896 | |
Past due, Percent | 8.30% | 8.00% | |
Finance receivables | $ 32,322 | $ 61,423 | 71,666 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 1,718 | $ 2,461 | |
Finance receivables in nonaccrual status, Percent | 5.30% | 4.00% | |
Automobile Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 23,086 | $ 43,140 | |
Current, Percent | 71.40% | 70.20% | |
Automobile Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 6,550 | $ 13,387 | |
Past due, Percent | 20.30% | 21.80% | |
Automobile Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 1,030 | $ 2,162 | |
Past due, Percent | 3.20% | 3.60% | |
Automobile Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 522 | $ 1,046 | |
Past due, Percent | 1.60% | 1.70% | |
Automobile Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 434 | $ 701 | |
Past due, Percent | 1.40% | 1.10% | |
Automobile Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 361 | $ 636 | |
Past due, Percent | 1.10% | 1.00% | |
Automobile Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 339 | $ 351 | |
Past due, Percent | 1.00% | 0.60% | |
Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,392 | $ 2,797 | |
Past due, Percent | 7.80% | 8.50% | |
Finance receivables | $ 30,502 | $ 33,050 | $ 31,286 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 1,210 | $ 1,339 | |
Finance receivables in nonaccrual status, Percent | 4.00% | 4.10% | |
Retail Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 23,401 | $ 25,730 | |
Current, Percent | 76.80% | 77.80% | |
Retail Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,709 | $ 4,523 | |
Past due, Percent | 15.40% | 13.70% | |
Retail Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 810 | $ 879 | |
Past due, Percent | 2.60% | 2.70% | |
Retail Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 526 | $ 739 | |
Past due, Percent | 1.70% | 2.20% | |
Retail Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 395 | $ 471 | |
Past due, Percent | 1.40% | 1.50% | |
Retail Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 350 | $ 408 | |
Past due, Percent | 1.10% | 1.20% | |
Retail Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 311 | $ 300 | |
Past due, Percent | 1.00% | 0.90% |
Finance Receivables, Credit Q_5
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 48,450 | $ 42,000 | $ 48,910 | $ 41,250 |
Provision for credit losses | 23,640 | 20,152 | 63,358 | 57,875 |
Credit losses | (17,861) | (16,739) | (60,547) | (56,736) |
Recoveries | 1,071 | 1,987 | 3,579 | 5,011 |
Balance at end of period | $ 55,300 | $ 47,400 | $ 55,300 | $ 47,400 |
Finance Receivables, Credit Q_6
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in net income from a change in allowance assumption | $ (200) | ||||
Increase (decrease) in diluted earnings per share from a change in allowance assumption | $ 0.01 | ||||
Increase (decrease) in provision for credit losses | $ 23,640 | $ 20,152 | $ 63,358 | $ 57,875 | |
Increase (decrease) in net income | $ 7,449 | $ 5,309 | $ 24,575 | $ 19,078 | $ 29,963 |
Increase (decrease) in diluted earnings per share | $ 0.61 | $ 0.45 | $ 2.03 | $ 1.62 | |
Impaired finance receivables as a percentage of total finance receivables | 2.40% | 2.10% | |||
Uncollectible Receivables [Member] | Hurricanes [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in provision for credit losses | $ 3,900 | $ 3,000 | |||
Increase (decrease) in net income | $ (2,900) | $ (1,900) | |||
Increase (decrease) in diluted earnings per share | $ (0.24) | $ (0.16) | |||
Unearned Non-refundable Fees [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in net income from a change in allowance assumption | $ 5,000 | ||||
Increase (decrease) in diluted earnings per share from a change in allowance assumption | $ 0.41 | ||||
Increase (decrease) in loss allowance due to change in allowance assumption | $ (6,600) | ||||
Modeling Assumptions [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in net income from a change in allowance assumption | $ (2,100) | ||||
Increase (decrease) in diluted earnings per share from a change in allowance assumption | $ 0.17 | ||||
Increase (decrease) in loss allowance due to change in allowance assumption | $ 2,800 | ||||
Changes in Non-file policy [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Increase (decrease) in net income from a change in allowance assumption | $ (3,100) | ||||
Increase (decrease) in diluted earnings per share from a change in allowance assumption | $ 0.25 | ||||
Increase (decrease) in loss allowance due to change in allowance assumption | $ 4,100 |
Finance Receivables, Credit Q_7
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 48,450 | $ 42,000 | $ 48,910 | $ 41,250 | |
Provision | 23,640 | 20,152 | 63,358 | 57,875 | |
Credit losses | (17,861) | (16,739) | (60,547) | (56,736) | |
Recoveries | 1,071 | 1,987 | 3,579 | 5,011 | |
Balance at end of period | 55,300 | 47,400 | 55,300 | 47,400 | |
Finance receivables | $ 888,076 | $ 774,856 | $ 888,076 | $ 774,856 | $ 817,463 |
Allowance as Percentage of Finance Receivables | 6.20% | 6.10% | 6.20% | 6.10% | |
Small Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 23,969 | $ 20,910 | $ 24,749 | $ 21,770 | |
Provision | 10,768 | 10,364 | 34,771 | 32,608 | |
Credit losses | (10,227) | (9,570) | (36,383) | (34,313) | |
Recoveries | 551 | 1,255 | 1,924 | 2,894 | |
Balance at end of period | 25,061 | 22,959 | 25,061 | 22,959 | |
Finance receivables | $ 414,441 | $ 363,262 | $ 414,441 | $ 363,262 | 375,772 |
Allowance as Percentage of Finance Receivables | 6.00% | 6.30% | 6.00% | 6.30% | |
Large Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 19,698 | $ 14,000 | $ 17,548 | $ 11,460 | |
Provision | 11,308 | 8,035 | 24,971 | 19,762 | |
Credit losses | (6,027) | (5,068) | (18,225) | (14,720) | |
Recoveries | 328 | 350 | 1,013 | 815 | |
Balance at end of period | 25,307 | 17,317 | 25,307 | 17,317 | |
Finance receivables | $ 410,811 | $ 308,642 | $ 410,811 | $ 308,642 | 347,218 |
Allowance as Percentage of Finance Receivables | 6.20% | 5.60% | 6.20% | 5.60% | |
Automobile Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 2,642 | $ 5,210 | $ 4,025 | $ 5,910 | |
Provision | 631 | 805 | 1,216 | 3,369 | |
Credit losses | (870) | (1,511) | (3,210) | (5,568) | |
Recoveries | 162 | 308 | 534 | 1,101 | |
Balance at end of period | 2,565 | 4,812 | 2,565 | 4,812 | |
Finance receivables | $ 32,322 | $ 71,666 | $ 32,322 | $ 71,666 | 61,423 |
Allowance as Percentage of Finance Receivables | 7.90% | 6.70% | 7.90% | 6.70% | |
Retail Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 2,141 | $ 1,880 | $ 2,588 | $ 2,110 | |
Provision | 933 | 948 | 2,400 | 2,136 | |
Credit losses | (737) | (590) | (2,729) | (2,135) | |
Recoveries | 30 | 74 | 108 | 201 | |
Balance at end of period | 2,367 | 2,312 | 2,367 | 2,312 | |
Finance receivables | $ 30,502 | $ 31,286 | $ 30,502 | $ 31,286 | $ 33,050 |
Allowance as Percentage of Finance Receivables | 7.80% | 7.40% | 7.80% | 7.40% |
Finance Receivables, Credit Q_8
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Tabular Disclosure of Impaired Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | $ 21,663 | $ 17,230 | |
Finance receivables evaluated collectively | 866,413 | 800,233 | |
Finance receivables | 888,076 | 817,463 | $ 774,856 |
Impaired receivables in nonaccrual status | 3,211 | 2,049 | |
Amount of the specific reserve for impaired accounts | 8,429 | 3,766 | |
Amount of the general component of the allowance | 46,871 | 45,144 | |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 6,840 | 5,094 | |
Finance receivables evaluated collectively | 407,601 | 370,678 | |
Finance receivables | 414,441 | 375,772 | 363,262 |
Impaired receivables in nonaccrual status | 1,083 | 719 | |
Amount of the specific reserve for impaired accounts | 3,102 | 1,190 | |
Amount of the general component of the allowance | 21,959 | 23,559 | |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 13,438 | 10,303 | |
Finance receivables evaluated collectively | 397,373 | 336,915 | |
Finance receivables | 410,811 | 347,218 | 308,642 |
Impaired receivables in nonaccrual status | 1,824 | 1,117 | |
Amount of the specific reserve for impaired accounts | 4,662 | 2,183 | |
Amount of the general component of the allowance | 20,645 | 15,365 | |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 1,256 | 1,724 | |
Finance receivables evaluated collectively | 31,066 | 59,699 | |
Finance receivables | 32,322 | 61,423 | 71,666 |
Impaired receivables in nonaccrual status | 251 | 185 | |
Amount of the specific reserve for impaired accounts | 603 | 373 | |
Amount of the general component of the allowance | 1,962 | 3,652 | |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 129 | 109 | |
Finance receivables evaluated collectively | 30,373 | 32,941 | |
Finance receivables | 30,502 | 33,050 | $ 31,286 |
Impaired receivables in nonaccrual status | 53 | 28 | |
Amount of the specific reserve for impaired accounts | 62 | 20 | |
Amount of the general component of the allowance | $ 2,305 | $ 2,568 |
Finance Receivables, Credit Q_9
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Schedule of Average Recorded Investment in Impaired Finance Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 21,415 | $ 14,614 | $ 20,004 | $ 13,640 |
Interest Income Recognized | 578 | 1,888 | ||
Small Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 6,785 | 4,190 | 6,193 | 3,629 |
Interest Income Recognized | 234 | 733 | ||
Large Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 13,193 | 8,414 | 12,207 | 7,747 |
Interest Income Recognized | 340 | 1,094 | ||
Automobile Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,315 | 1,896 | 1,496 | 2,157 |
Interest Income Recognized | 3 | 55 | ||
Retail Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 122 | $ 114 | 108 | $ 107 |
Interest Income Recognized | $ 1 | $ 6 |
Interest Rate Caps -Additional
Interest Rate Caps -Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 400,000,000 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Interest rate | 2.26% | 1.56% |
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 | |
Strike rate | 2.50% | |
Interest Rate Cap Contracts Expiring In April 2020 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 100,000,000 | |
Maturity period of interest rate caps exchanged | Apr. 30, 2020 | |
Strike rate | 3.25% | |
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 | |
Strike rate | 2.50% | |
Interest Rate Cap Contracts Expiring In April 2021 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 200,000,000 | |
Maturity period of interest rate caps exchanged | Apr. 30, 2021 | |
Strike rate | 3.50% |
Interest Rate Caps - Summary of
Interest Rate Caps - Summary of Change in Rate Caps (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Offsetting [Abstract] | ||||
Balance at beginning of period | $ 718 | $ 113 | $ 98 | $ 62 |
Purchases | 481 | 100 | ||
Fair value adjustment included in interest expense | (5) | (36) | 134 | (85) |
Balance at end of period, included in other assets | $ 713 | $ 77 | $ 713 | $ 77 |
Long-Term Debt - Summary of the
Long-Term Debt - Summary of the Company's Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 611,593 | $ 571,496 |
Unamortized debt issuance costs | (7,216) | (4,950) |
Net long-term debt | 604,377 | 566,546 |
Unused amount of revolving credit facilities (subject to borrowing base) | 328,327 | 244,884 |
Senior Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 352,699 | 452,050 |
Unamortized debt issuance costs | (1,657) | (2,162) |
Net long-term debt | 351,042 | 449,888 |
Amortizing Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,674 | 53,380 |
Unamortized debt issuance costs | (264) | (547) |
Net long-term debt | 26,410 | 52,833 |
Revolving Warehouse Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 81,974 | 66,066 |
Unamortized debt issuance costs | (2,124) | (2,241) |
Net long-term debt | 79,850 | $ 63,825 |
RMIT 2018-1 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 150,246 | |
Unamortized debt issuance costs | (3,171) | |
Net long-term debt | $ 147,075 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Feb. 05, 2018 | Oct. 02, 2017 | Aug. 31, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 29,327,000 | $ 16,787,000 | $ 13,849,000 | $ 8,297,000 | |||||||
Private offering of investment grade asset-backed notes | 150,246,000 | ||||||||||
Amortizing Loan [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 85.00% | ||||||||||
Cash deposited to restricted cash reserve account | $ 1,300,000 | ||||||||||
Amortizing loan, amount | $ 75,700,000 | ||||||||||
Additional loan advance | $ 37,800,000 | ||||||||||
Credit agreement, Interest rate | 3.25% | ||||||||||
Debt maturity date | 2024-12 | ||||||||||
Terms related to loan prepayment | The credit agreement allows the Company to prepay the loan when the outstanding balance falls below 20% of the original loan amount. | ||||||||||
Principal balance percentage threshold for allowable prepayment of loan | 20.00% | ||||||||||
Amortizing Loan Prior to February 2018 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 88.00% | ||||||||||
Credit agreement, Interest rate | 3.00% | ||||||||||
Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Secured line of credit | $ 125,000,000 | ||||||||||
Debt agreement expiration date | Feb. 29, 2020 | ||||||||||
Line of credit facility, accordion feature | $ 150,000,000 | ||||||||||
Percentage of advances on debt agreement eligible secured finance receivables | 80.00% | ||||||||||
Description of Variable Rate Basis | Borrowings under the facility previously bore interest, payable monthly, at a blended rate equal to three-month LIBOR, plus a margin of 3.50%. In October 2017 and February 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. In August 2018, the amended agreement decreased the margin to 2.20%. The three-month LIBOR was 2.40% and 1.69% at September 30, 2018 and December 31, 2017, respectively. | ||||||||||
Cash deposited to restricted cash reserve account | $ 1,000,000 | ||||||||||
Debt maturity date | 2021-02 | ||||||||||
Debt revolving period end date | 2020-02 | ||||||||||
Revolving Warehouse Credit Facility Between May and August 2018 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Secured line of credit | $ 150,000,000 | ||||||||||
Revolving Warehouse Credit Facility Prior to May 2018 [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt agreement expiration date | Dec. 31, 2018 | ||||||||||
RMIT 2018-1 securitization [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 1,700,000 | ||||||||||
Debt maturity date | 2027-07 | ||||||||||
Terms related to loan prepayment | Prior to maturity in July 2027, the Company may redeem the notes in full, but not in part, at its option on any note payment date on or after the payment date occurring in July 2020. No payments of principal of the notes will be made during the revolving period. | ||||||||||
Debt revolving period end date | 2020-06 | ||||||||||
Private offering of investment grade asset-backed notes | $ 150,000,000 | ||||||||||
Weighted average rate | 3.93% | ||||||||||
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 | $ 76,500,000 | ||||||||||
Description of Variable Rate Basis | 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 one-month LIBOR rate was 2.26% and 1.56% at September 30, 2018 and December 31, 2017, 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 5.25% and 4.50% at September 30, 2018 and December 31, 2017, respectively. | ||||||||||
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 | $ 18,400,000 | $ 8,600,000 | |||||||||
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 | 2.26% | 1.56% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 2.20% | 3.50% | |||||||||
Interest rate | 2.40% | 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 | 3.00% | 3.25% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 3.00% | ||||||||||
Interest rate | 2.26% | 1.56% | |||||||||
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% | ||||||||||
Prime Rate [Member] | Senior Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 2.00% | ||||||||||
Interest rate | 5.25% | 4.50% | |||||||||
Prime Rate [Member] | Senior Revolving Credit Facility [Member] | Availability Percentage Below 10% [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 2.25% |
Long-Term Debt - Schedule of Ca
Long-Term Debt - Schedule of Carrying Amounts of Consolidated VIE's Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||||||
Cash | $ 517 | $ 5,230 | $ 5,191 | $ 4,446 | ||
Finance receivables | 888,076 | 817,463 | 774,856 | |||
Allowance for credit losses | (55,300) | $ (48,450) | (48,910) | (47,400) | $ (42,000) | (41,250) |
Restricted cash | 29,327 | 16,787 | $ 13,849 | $ 8,297 | ||
Other assets | 7,690 | 16,012 | ||||
Total assets | 893,279 | 829,483 | ||||
Liabilities | ||||||
Net long-term debt | 604,377 | 566,546 | ||||
Accounts payable and accrued expenses | 19,510 | 18,565 | ||||
Total liabilities | 625,850 | 590,072 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Assets | ||||||
Cash | 141 | 70 | ||||
Finance receivables | 288,401 | 137,239 | ||||
Allowance for credit losses | (16,087) | (7,129) | ||||
Restricted cash | 22,358 | 10,734 | ||||
Other assets | 123 | 119 | ||||
Total assets | 294,936 | 141,033 | ||||
Liabilities | ||||||
Net long-term debt | 253,335 | 116,658 | ||||
Accounts payable and accrued expenses | 29 | 53 | ||||
Total liabilities | $ 253,364 | $ 116,711 |
Disclosure About Fair Value o_3
Disclosure About Fair Value of Financial Instruments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Turnover rate of loan portfolio | 1.2 |
Disclosure About Fair Value o_4
Disclosure About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||||||
Interest rate caps | $ 713 | $ 718 | $ 98 | $ 77 | $ 113 | $ 62 |
Net finance receivables | 832,776 | 768,553 | ||||
Carrying Amount [Member] | Level 1 Inputs [Member] | ||||||
Assets | ||||||
Cash | 517 | 5,230 | ||||
Restricted cash | 29,327 | 16,787 | ||||
Carrying Amount [Member] | Level 2 Inputs [Member] | ||||||
Assets | ||||||
Interest rate caps | 713 | 98 | ||||
Carrying Amount [Member] | Level 3 Inputs [Member] | ||||||
Assets | ||||||
Net finance receivables | 832,776 | 768,553 | ||||
Repossessed assets | 209 | 431 | ||||
Liabilities | ||||||
Long-term debt | 611,593 | 571,496 | ||||
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||||||
Assets | ||||||
Cash | 517 | 5,230 | ||||
Restricted cash | 29,327 | 16,787 | ||||
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||||||
Assets | ||||||
Interest rate caps | 713 | 98 | ||||
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||||||
Assets | ||||||
Net finance receivables | 832,776 | 768,553 | ||||
Repossessed assets | 209 | 431 | ||||
Liabilities | ||||||
Long-term debt | $ 611,593 | $ 571,496 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Federal tax expense at statutory rate | 21.00% | 35.00% | 21.00% | 35.00% | 35.00% |
Increase (reduction) in income taxes resulting from: | |||||
State tax, net of federal benefit | 3.20% | 3.50% | 3.30% | 2.90% | |
Excess tax benefits from share-based awards | 0.00% | (0.40%) | (1.00%) | (5.40%) | |
Other | (1.10%) | (0.20%) | 0.20% | 0.40% | |
Effective tax rate | 23.10% | 37.90% | 23.50% | 32.90% | |
Federal tax expense at statutory rate | $ 2,034 | $ 2,990 | $ 6,743 | $ 9,957 | |
Increase (reduction) in income taxes resulting from: | |||||
State tax, net of federal benefit | 306 | 297 | 1,074 | 821 | |
Excess tax benefits from share-based awards | (37) | (308) | (1,525) | ||
Other | (103) | (15) | 26 | 118 | |
Total | $ 2,237 | $ 3,235 | $ 7,535 | $ 9,371 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Federal corporate tax rate | 21.00% | 35.00% | 21.00% | 35.00% | 35.00% |
Income tax rate | (14.00%) | ||||
Increase (decrease) in effective tax rate | (9.40%) |
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 | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Numerator: | |||||
Net income | $ 7,449 | $ 5,309 | $ 24,575 | $ 19,078 | $ 29,963 |
Denominator: | |||||
Weighted average shares outstanding for basic earnings per share | 11,672 | 11,563 | 11,649 | 11,537 | |
Effect of dilutive securities | 461 | 249 | 452 | 215 | |
Weighted average shares adjusted for dilutive securities | 12,133 | 11,812 | 12,101 | 11,752 | |
Basic | $ 0.64 | $ 0.46 | $ 2.11 | $ 1.65 | |
Diluted | $ 0.61 | $ 0.45 | $ 2.03 | $ 1.62 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Compensation Plans [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase common stock, Shares | 139 | 240 | 139 | 240 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2016 | Apr. 22, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise period of options | 10 years | |||||
2015 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant | 1,100,000 | 1,100,000 | ||||
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] | 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 | $ 8.1 | $ 8.1 | ||||
Period of recognition of share-based compensation expense | 1 year 10 months 24 days | |||||
Share-based compensation expense | $ 1.8 | $ 1.2 | $ 5.2 | $ 3.3 | ||
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 | 1,600,000 | ||||
Shares available for grant | 922,000 | |||||
Plan description | As of September 30, 2018, 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) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 41.63% | 43.95% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | 5 years 11 months 26 days | 5 years 11 months 15 days |
Risk-free rate | 2.66% | 2.09% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | shares | 958 |
Number of Shares, Granted | shares | 112 |
Number of Shares, Exercised | shares | (89) |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Expired | shares | 0 |
Number of Shares, Options outstanding, Ending balance | shares | 981 |
Number of Shares, Options exercisable | shares | 703 |
Weighted Average Exercise Price Per Share, Options outstanding, Beginning balance | $ / shares | $ 17.39 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 28.25 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 16.62 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 0 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 0 |
Weighted Average Exercise Price Per Share, Options outstanding, Ending balance | $ / shares | 18.69 |
Weighted Average Exercise Price Per Share, Options exercisable | $ / shares | $ 17.03 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 6 years 10 months 24 days |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 6 years 2 months 12 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 10,073 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 8,398 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Additional Stock Option Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted-average grant date fair value per share | $ 12.39 | $ 8.90 | |
Intrinsic value of options exercised | $ 143 | $ 1,604 | $ 4,945 |
Fair value of stock options that vested | $ 199 | $ 559 |
Share-based Compensation - Su_3
Share-based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested, January 1, 2018 | 201 | |
Granted | 59 | |
Vested | 0 | |
Forfeited | (78) | |
Non-vested, at September 30, 2018 | 182 | |
Weighted Average Grant Date Fair Value, Non-vested, January 1, 2018 | $ 17.33 | |
Weighted Average Grant Date Fair Value, Granted | 28.25 | $ 19.99 |
Weighted Average Grant Date Fair Value, Vested | 0 | |
Weighted Average Grant Date Fair Value, Forfeited | 14.92 | |
Weighted Average Grant Date Fair Value, Non-vested, at June 30, 2018 | $ 21.89 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of Additional RSU Information (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value per unit | $ 28.25 | $ 19.99 |
Share-based Compensation - Su_5
Share-based Compensation - Summary of CSPU Activity (Detail) - Performance Units [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, January 1, 2018 | shares | 3,484 |
Granted | shares | 1,660 |
Vested | shares | 0 |
Forfeited | shares | (1,162) |
Non-vested, at September 30, 2018 | shares | 3,982 |
Weighted Average Grant Date Fair Value, Non-vested, January 1, 2018 | $ / 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 June 30, 2018 | $ / shares | $ 1 |
Share-based Compensation - Su_6
Share-based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested, January 1, 2018 | 53 | ||
Granted | 100 | ||
Vested | (34) | ||
Forfeited | 0 | ||
Non-vested, at September 30, 2018 | 119 | 119 | |
Weighted Average Grant Date Fair Value, Non-vested, January 1, 2018 | $ 19.36 | ||
Weighted Average Grant Date Fair Value, Granted | $ 35.56 | 24.95 | $ 18.38 |
Weighted Average Grant Date Fair Value, Vested | 21.09 | ||
Weighted Average Grant Date Fair Value, Forfeited | 0 | ||
Weighted Average Grant Date Fair Value, Non-vested, at June 30, 2018 | $ 23.56 | $ 23.56 |
Share-based Compensation - Su_7
Share-based Compensation - Summary of Additional Restricted Stock Information (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value per share | $ 35.56 | $ 24.95 | $ 18.38 | |
Fair value of restricted stock awards that vested | $ 252 | $ 711 | $ 642 |