Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RM | |
Entity Registrant Name | Regional Management Corp. | |
Entity Central Index Key | 0001519401 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 11,481,659 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock | |
Entity Address, State or Province | SC |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash | $ 694 | $ 3,657 |
Gross finance receivables | 1,300,043 | 1,237,526 |
Unearned finance charges and insurance premiums | (326,609) | (305,283) |
Finance receivables | 973,434 | 932,243 |
Allowance for credit losses | (57,200) | (58,300) |
Net finance receivables | 916,234 | 873,943 |
Restricted cash | 41,803 | 46,484 |
Lease assets | 25,575 | |
Property and equipment | 14,132 | 13,926 |
Intangible assets | 9,953 | 10,010 |
Deferred tax asset | 437 | |
Other assets | 10,488 | 8,375 |
Total assets | 1,019,316 | 956,395 |
Liabilities: | ||
Long-term debt | 689,310 | 660,507 |
Unamortized debt issuance costs | (7,357) | (9,158) |
Net long-term debt | 681,953 | 651,349 |
Lease liabilities | 27,454 | |
Accounts payable and accrued expenses | 19,690 | 25,138 |
Deferred tax liability | 747 | |
Total liabilities | 729,097 | 677,234 |
Commitments and contingencies (Notes 4 and 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, 13,494 shares issued and 11,663 shares outstanding at June 30, 2019 and 13,323 shares issued and 11,777 shares outstanding at December 31, 2018) | 1,349 | 1,332 |
Additional paid-in-capital | 100,486 | 98,778 |
Retained earnings | 220,574 | 204,097 |
Treasury stock (1,831 shares at June 30, 2019 and 1,546 shares at December 31, 2018) | (32,190) | (25,046) |
Total stockholders' equity | 290,219 | 279,161 |
Total liabilities and stockholders' equity | 1,019,316 | 956,395 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 167 | 168 |
Finance receivables | 356,679 | 342,481 |
Allowance for credit losses | (17,406) | (18,378) |
Restricted cash | 34,268 | 39,361 |
Other assets | 129 | 75 |
Total assets | 373,837 | 363,707 |
Liabilities: | ||
Net long-term debt | 337,776 | 324,879 |
Accounts payable and accrued expenses | 83 | 25 |
Total liabilities | $ 337,859 | $ 324,904 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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 | 13,494,000 | 13,323,000 |
Common stock, shares outstanding | 11,663,000 | 11,777,000 |
Treasury stock, shares | 1,831,000 | 1,546,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | ||||
Interest and fee income | $ 75,974 | $ 66,829 | $ 150,296 | $ 132,980 |
Insurance income, net | 5,066 | 2,882 | 9,179 | 6,271 |
Other income | 3,234 | 2,705 | 6,547 | 5,790 |
Total revenue | 84,274 | 72,416 | 166,022 | 145,041 |
Expenses | ||||
Provision for credit losses | 25,714 | 20,203 | 49,057 | 39,718 |
Personnel | 22,511 | 19,390 | 44,904 | 40,618 |
Occupancy | 6,210 | 5,478 | 12,375 | 11,096 |
Marketing | 2,261 | 2,258 | 3,912 | 3,711 |
Other | 6,761 | 6,089 | 14,735 | 12,382 |
Total general and administrative expenses | 37,743 | 33,215 | 75,926 | 67,807 |
Interest expense | 9,771 | 7,915 | 19,492 | 15,092 |
Income before income taxes | 11,046 | 11,083 | 21,547 | 22,424 |
Income taxes | 2,677 | 2,601 | 5,070 | 5,298 |
Net income | $ 8,369 | $ 8,482 | $ 16,477 | $ 17,126 |
Net income per common share: | ||||
Basic | $ 0.71 | $ 0.73 | $ 1.41 | $ 1.47 |
Diluted | $ 0.70 | $ 0.70 | $ 1.37 | $ 1.42 |
Weighted-average shares outstanding: | ||||
Basic | 11,706 | 11,658 | 11,709 | 11,638 |
Diluted | 12,022 | 12,138 | 12,049 | 12,084 |
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, 2017 | $ 239,411 | $ 1,321 | $ 94,384 | $ 168,752 | $ (25,046) |
Beginning Balance, shares at Dec. 31, 2017 | 13,205 | ||||
Issuance of restricted stock awards | $ 10 | (10) | |||
Issuance of restricted stock awards, shares | 97 | ||||
Exercise of stock options | 8 | $ 8 | |||
Exercise of stock options, shares | 89 | ||||
Shares withheld related to net share settlement | (515) | $ (6) | (509) | ||
Shares withheld related to net share settlement, shares | (57) | ||||
Share-based compensation | 2,504 | 2,504 | |||
Net income | 17,126 | 17,126 | |||
Ending Balance at Jun. 30, 2018 | 258,534 | $ 1,333 | 96,369 | 185,878 | (25,046) |
Ending Balance, shares at Jun. 30, 2018 | 13,334 | ||||
Beginning Balance at Mar. 31, 2018 | 248,951 | $ 1,329 | 95,272 | 177,396 | (25,046) |
Beginning Balance, shares at Mar. 31, 2018 | 13,294 | ||||
Issuance of restricted stock awards | $ 3 | (3) | |||
Issuance of restricted stock awards, shares | 29 | ||||
Exercise of stock options | 2 | $ 2 | |||
Exercise of stock options, shares | 29 | ||||
Shares withheld related to net share settlement | (197) | $ (1) | (196) | ||
Shares withheld related to net share settlement, shares | (18) | ||||
Share-based compensation | 1,296 | 1,296 | |||
Net income | 8,482 | 8,482 | |||
Ending Balance at Jun. 30, 2018 | 258,534 | $ 1,333 | 96,369 | 185,878 | (25,046) |
Ending Balance, shares at Jun. 30, 2018 | 13,334 | ||||
Beginning Balance at Dec. 31, 2018 | 279,161 | $ 1,332 | 98,778 | 204,097 | (25,046) |
Beginning Balance, shares at Dec. 31, 2018 | 13,323 | ||||
Issuance of restricted stock awards | $ 19 | (19) | |||
Issuance of restricted stock awards, shares | 190 | ||||
Repurchase of common stock | $ (7,144) | (7,144) | |||
Exercise of stock options, shares | 0 | ||||
Shares withheld related to net share settlement | $ (467) | $ (2) | (465) | ||
Shares withheld related to net share settlement, shares | (19) | ||||
Share-based compensation | 2,192 | 2,192 | |||
Net income | 16,477 | 16,477 | |||
Ending Balance at Jun. 30, 2019 | 290,219 | $ 1,349 | 100,486 | 220,574 | (32,190) |
Ending Balance, shares at Jun. 30, 2019 | 13,494 | ||||
Beginning Balance at Mar. 31, 2019 | 287,816 | $ 1,347 | 99,310 | 212,205 | (25,046) |
Beginning Balance, shares at Mar. 31, 2019 | 13,465 | ||||
Issuance of restricted stock awards | $ 3 | (3) | |||
Issuance of restricted stock awards, shares | 29 | ||||
Repurchase of common stock | (7,144) | (7,144) | |||
Shares withheld related to net share settlement | (17) | $ (1) | (16) | ||
Share-based compensation | 1,195 | 1,195 | |||
Net income | 8,369 | 8,369 | |||
Ending Balance at Jun. 30, 2019 | $ 290,219 | $ 1,349 | $ 100,486 | $ 220,574 | $ (32,190) |
Ending Balance, shares at Jun. 30, 2019 | 13,494 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 16,477 | $ 17,126 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 49,057 | 39,718 |
Depreciation and amortization | 5,327 | 4,071 |
Loss on disposal of property and equipment | 41 | 50 |
Share-based compensation | 2,192 | 2,504 |
Fair value adjustment on interest rate caps | 243 | (139) |
Deferred income taxes, net | (1,185) | (1,129) |
Changes in operating assets and liabilities: | ||
Increase in other assets | (473) | (1,271) |
Decrease in accounts payable and accrued expenses | (5,072) | (840) |
Net cash provided by operating activities | 66,607 | 60,090 |
Cash flows from investing activities: | ||
Net originations of finance receivables | (91,348) | (69,954) |
Purchases of intangible assets | (993) | (1,183) |
Purchases of property and equipment | (2,418) | (1,667) |
Proceeds from disposal of property and equipment | 49 | |
Net cash used in investing activities | (94,710) | (72,804) |
Cash flows from financing activities: | ||
Net advances (payments) on senior revolving credit facility | 17,516 | (68,870) |
Payments on amortizing loan | (9,391) | (20,487) |
Net advances (payments) on revolving warehouse credit facility | 20,748 | (36,374) |
Net advances (payments) on securitizations | (70) | 150,000 |
Payments for debt issuance costs | (386) | (3,730) |
Taxes paid related to net share settlement of equity awards | (814) | (687) |
Repurchase of common stock | (7,144) | |
Net cash provided by financing activities | 20,459 | 19,852 |
Net change in cash and restricted cash | (7,644) | 7,138 |
Cash and restricted cash at beginning of period | 50,141 | 22,017 |
Cash and restricted cash at end of period | 42,497 | 29,155 |
Supplemental cash flow information: | ||
Interest paid | 17,059 | 14,249 |
Income taxes paid | $ 9,121 | $ 5,543 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Cash Flows [Abstract] | ||||
Cash | $ 694 | $ 3,657 | $ 2,799 | $ 5,230 |
Restricted cash | 41,803 | 46,484 | 26,356 | 16,787 |
Total cash and restricted cash | $ 42,497 | $ 50,141 | $ 29,155 | $ 22,017 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of Business Regional Management Corp. (the “ Company The . |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 2. Basis of Presentation and Significant Accounting Policies Basis of presentation: The consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q adopted by the Securities and Exchange Commission (the “ SEC GAAP Significant accounting policies: The following is a description of significant accounting policies used in preparing the financial statements. The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the consumer finance industry. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate wholly-owned subsidiary in each state. The Company also consolidates variable interest entities (each, a “ VIE ”) when it is considered to be the primary beneficiary of the VIE because it has (i) power over the significant activities of the VIE and (ii) the obligation to absorb losses or the right to receive returns that could be significant to the VIE. Variable interest entities: The Company transfers pools of loans to wholly-owned, bankruptcy-remote, special purpose entities (each, an “ SPE ”) to secure debt for general funding purposes. These entities have the limited purpose of acquiring finance receivables and holding and making payments on the related debts. 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. The Company continues to service the finance receivables transferred to the SPEs. The lenders and investors in the debt issued by the SPEs generally only have recourse to the assets of the SPEs and do not have recourse to the general credit of the Company. The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors 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: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Actual results could differ from those estimates. Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, 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: Certain prior-period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. Recent accounting pronouncements: In February 2016, the Financial Accounting Standards Board (“ FASB ”) issued an accounting update to increase transparency and comparability of accounting for lease transactions. The update required: (i) all leases to be recognized on the balance sheet as lease (right-of-use) assets and lease liabilities and (ii) both quantitative and qualitative disclosures regarding key information about leasing arrangements. The update was effective for annual and interim periods beginning after December 15, 2018. The Company completed the implementation of third-party software to facilitate compliance with the accounting and reporting requirements of the lease standard. Prior to adoption, all of the Company’s leases were classified as operating leases, with no lease assets or liabilities recorded. The Company transitioned to this accounting change on a modified retrospective basis by recording the cumulative-effect of lease assets and liabilities for active leases as of January 1, 2019. The Company did not restate comparative periods in transition and elected to use the effective date of January 1, 2019 as the initial date of transition. The Company also elected to utilize the package of transition practical expedients, which included not reassessing the following: (i) whether existing contracts contain leases, (ii) the existing classification of leases as operating or financing, or (iii) the initial direct costs of leases. The Company did not use hindsight to determine the lease term or include options to extend for leases existing at the transition date. In addition, the Company elected not to apply the new lease standard to leases with terms of twelve months or less. As a result of the adoption of the new lease standard on January 1, 2019, the Company recorded $24.1 million for both lease liabilities and the corresponding lease assets. The lease liabilities were based on the present value of the remaining minimum rental payments using discount rates as of the effective date. There was no impact to the consolidated statements of income related to the adoption of this standard. The adoption of this standard did not require the Company to alter its debt covenants. In June 2016, the FASB issued an accounting update 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 credit 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. update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company’s cross-functional implementation team, expected credit loss software vendor, and expected credit loss consulting team are progressing with the established project plan to ensure compliance with all facets of the accounting update at the time of adoption. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements. The adoption of this standard will cause an increase to the allowance for credit losses, an increase to deferred tax assets, and a corresponding one-time cumulative reduction to retained earnings, net of tax, in the consolidated balance sheet as of January 1, 2020. The implementation of the accounting update will not result in changes in the cash flows of the financial assets and will not require existing debt covenants to be modified. The accounting update will require expanded disclosures related to the new model. As the implementation plan progresses, the Company will provide further disclosure in the future regarding the impact of the update on its consolidated financial statements. 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 software. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. |
Finance Receivables, Credit Qua
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 December 31, 2018 Small loans $ 431,214 $ 437,662 Large loans 498,757 437,998 Automobile loans 15,686 26,154 Retail loans 27,777 30,429 Finance receivables $ 973,434 $ 932,243 The contractual delinquency of the finance receivable portfolio by product and aging for the periods indicated are as follows: June 30, 2019 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 347,335 80.6 % $ 425,496 85.3 % $ 11,168 71.2 % $ 21,216 76.3 % $ 805,215 82.7 % 1 to 29 days past due 50,603 11.7 % 47,814 9.6 % 3,224 20.6 % 4,376 15.8 % 106,017 10.9 % Delinquent accounts 30 to 59 days 11,270 2.5 % 9,424 1.8 % 565 3.5 % 823 3.0 % 22,082 2.3 % 60 to 89 days 7,430 1.7 % 5,781 1.2 % 279 1.8 % 471 1.7 % 13,961 1.4 % 90 to 119 days 5,391 1.3 % 4,089 0.9 % 145 1.0 % 337 1.2 % 9,962 1.1 % 120 to 149 days 4,554 1.1 % 3,105 0.6 % 163 1.0 % 267 1.0 % 8,089 0.8 % 150 to 179 days 4,631 1.1 % 3,048 0.6 % 142 0.9 % 287 1.0 % 8,108 0.8 % Total delinquency $ 33,276 7.7 % $ 25,447 5.1 % $ 1,294 8.2 % $ 2,185 7.9 % $ 62,202 6.4 % Total finance receivables $ 431,214 100.0 % $ 498,757 100.0 % $ 15,686 100.0 % $ 27,777 100.0 % $ 973,434 100.0 % Finance receivables in nonaccrual status $ 16,168 3.7 % $ 11,849 2.4 % $ 713 4.5 % $ 1,007 3.6 % $ 29,737 3.1 % December 31, 2018 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 347,053 79.3 % $ 365,950 83.6 % $ 17,767 67.9 % $ 23,392 76.9 % $ 754,162 80.9 % 1 to 29 days past due 49,946 11.4 % 45,234 10.3 % 6,304 24.1 % 4,436 14.6 % 105,920 11.4 % Delinquent accounts 30 to 59 days 12,168 2.8 % 8,768 2.0 % 751 2.9 % 842 2.7 % 22,529 2.3 % 60 to 89 days 9,555 2.2 % 6,779 1.5 % 421 1.6 % 627 2.1 % 17,382 1.9 % 90 to 119 days 7,202 1.6 % 4,407 1.0 % 241 0.9 % 429 1.4 % 12,279 1.3 % 120 to 149 days 6,266 1.4 % 3,823 0.9 % 434 1.7 % 367 1.2 % 10,890 1.2 % 150 to 179 days 5,472 1.3 % 3,037 0.7 % 236 0.9 % 336 1.1 % 9,081 1.0 % Total delinquency $ 40,663 9.3 % $ 26,814 6.1 % $ 2,083 8.0 % $ 2,601 8.5 % $ 72,161 7.7 % Total finance receivables $ 437,662 100.0 % $ 437,998 100.0 % $ 26,154 100.0 % $ 30,429 100.0 % $ 932,243 100.0 % Finance receivables in nonaccrual status $ 22,549 5.2 % $ 14,379 3.3 % $ 1,359 5.2 % $ 1,276 4.2 % $ 39,563 4.2 % Changes in the allowance for credit losses for the periods indicated are as follows: Three Months Ended June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Balance at beginning of period $ 56,400 $ 47,750 $ 58,300 $ 48,910 Provision for credit losses 25,714 20,203 49,057 39,718 Credit losses (26,001 ) (20,666 ) (52,378 ) (42,686 ) Recoveries 1,087 1,163 2,221 2,508 Balance at end of period $ 57,200 $ 48,450 $ 57,200 $ 48,450 In September 2018, the Company recorded a $3.9 The following is a reconciliation of the allowance for credit losses by product for the periods indicated: In thousands Balance April 1, 2019 Provision Credit Losses Recoveries Balance June 30, 2019 Finance Receivables June 30, 2019 Allowance as Percentage of Finance Receivables June 30, 2019 Small loans $ 29,793 $ 13,736 $ (14,993 ) $ 598 $ 29,134 $ 431,214 6.8 % Large loans 23,217 10,989 (9,550 ) 398 25,054 498,757 5.0 % Automobile loans 1,470 131 (566 ) 58 1,093 15,686 7.0 % Retail loans 1,920 858 (892 ) 33 1,919 27,777 6.9 % Total $ 56,400 $ 25,714 $ (26,001 ) $ 1,087 $ 57,200 $ 973,434 5.9 % In thousands Balance April 1, 2018 Provision Credit Losses Recoveries Balance June 30, 2018 Finance Receivables June 30, 2018 Allowance as Percentage of Finance Receivables June 30, 2018 Small loans $ 23,366 $ 12,720 $ (12,782 ) $ 665 $ 23,969 $ 384,690 6.2 % Large loans 18,589 6,784 (6,002 ) 327 19,698 392,101 5.0 % Automobile loans 3,316 64 (873 ) 135 2,642 39,414 6.7 % Retail loans 2,479 635 (1,009 ) 36 2,141 31,033 6.9 % Total $ 47,750 $ 20,203 $ (20,666 ) $ 1,163 $ 48,450 $ 847,238 5.7 % In thousands Balance January 1, 2019 Provision Credit Losses Recoveries Balance June 30, 2019 Finance Receivables June 30, 2019 Allowance as Percentage of Finance Receivables June 30, 2019 Small loans $ 30,759 $ 27,691 $ (30,481 ) $ 1,165 $ 29,134 $ 431,214 6.8 % Large loans 23,702 19,440 (18,887 ) 799 25,054 498,757 5.0 % Automobile loans 1,893 240 (1,218 ) 178 1,093 15,686 7.0 % Retail loans 1,946 1,686 (1,792 ) 79 1,919 27,777 6.9 % Total $ 58,300 $ 49,057 $ (52,378 ) $ 2,221 $ 57,200 $ 973,434 5.9 % In thousands Balance January 1, 2018 Provision Credit Losses Recoveries Balance June 30, 2018 Finance Receivables June 30, 2018 Allowance as Percentage of Finance Receivables June 30, 2018 Small loans $ 24,749 $ 24,003 $ (26,156 ) $ 1,373 $ 23,969 $ 384,690 6.2 % Large loans 17,548 13,663 (12,198 ) 685 19,698 392,101 5.0 % Automobile loans 4,025 585 (2,340 ) 372 2,642 39,414 6.7 % Retail loans 2,588 1,467 (1,992 ) 78 2,141 31,033 6.9 % Total $ 48,910 $ 39,718 $ (42,686 ) $ 2,508 $ 48,450 $ 847,238 5.7 % Impaired finance receivables as a percentage of total finance receivables were % and 2.9% as of June 30, 2019 and December 31, 2018, respectively . June 30, 2019 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 9,839 $ 18,849 $ 799 $ 133 $ 29,620 Finance receivables evaluated collectively 421,375 479,908 14,887 27,644 943,814 Finance receivables outstanding $ 431,214 $ 498,757 $ 15,686 $ 27,777 $ 973,434 Impaired receivables in nonaccrual status $ 1,073 $ 2,187 $ 152 $ 44 $ 3,456 Amount of the specific reserve for impaired accounts $ 4,135 $ 7,089 $ 380 $ 72 $ 11,676 Amount of the general component of the allowance $ 24,999 $ 17,965 $ 713 $ 1,847 $ 45,524 December 31, 2018 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 8,361 $ 17,196 $ 918 $ 110 $ 26,585 Finance receivables evaluated collectively 429,301 420,802 25,236 30,319 905,658 Finance receivables outstanding $ 437,662 $ 437,998 $ 26,154 $ 30,429 $ 932,243 Impaired receivables in nonaccrual status $ 1,209 $ 2,292 $ 178 $ 37 $ 3,716 Amount of the specific reserve for impaired accounts $ 3,791 $ 6,860 $ 492 $ 61 $ 11,204 Amount of the general component of the allowance $ 26,968 $ 16,842 $ 1,401 $ 1,885 $ 47,096 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 June 30, 2019 2018 In thousands Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Small loans $ 9,813 $ 437 $ 6,272 $ 248 Large loans 18,584 667 12,318 383 Automobile loans 803 9 1,512 11 Retail loans 134 1 105 1 Total $ 29,334 $ 1,114 $ 20,207 $ 643 Six Months Ended June 30, 2019 2018 In thousands Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Small loans $ 9,336 $ 684 $ 5,868 $ 499 Large loans 18,011 1,081 11,693 754 Automobile loans 829 17 1,589 52 Retail loans 127 1 101 5 Total $ 28,303 $ 1,783 $ 19,251 $ 1,310 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 4. Leases The Company adopted a new lease accounting standard in January 2019. See Note 2, “Basis of Presentation and Significant Accounting Policies,” for an overview of the transition to this standard. The Company maintains lease agreements related to its branch network and for its corporate headquarters. The branch lease agreements range from five seven three five eleven ten The Company’s lease liability was $27.5 million as of June 30, 2019. This liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate on its senior revolving credit facility. The lease asset was $ 25.6 The Company has made several policy elections related to lease assets and liabilities. The Company elected to utilize the package of transition practical expedients, which includes not reassessing the following at adoption: (i) whether existing contracts contained leases, (ii) the existing classification of leases as operating or financing, or (iii) the initial direct costs of leases. In addition, the Company did not use hindsight to determine the lease term or include options to extend for leases existing at the transition date. Lease agreements with terms of twelve months or less are not capitalized as part of lease assets or liabilities and are expensed as incurred. The Company has elected to account for each separate lease component of a contract and its associated non-lease components as a single lease component for its branch leases. The Company has elected not to apply this policy in relation to the corporate headquarters lease. The Company has also determined that it is reasonably certain that the first option to extend lease contracts will be exercised for new branch locations; therefore, the first option to extend is included in the lease asset and liability calculation. Future maturities of the Company’s operating lease liabilities are as follows: In thousands June 30, 2019 2019 (remaining six months) $ 3,015 2020 7,224 2021 5,901 2022 4,607 2023 4,011 Thereafter 7,262 Total future minimum lease payments 32,020 Present value adjustment (4,566 ) Operating lease liability $ 27,454 The following table present the Company’s lease expense for the periods indicated: In thousands Three Months Ended Six Months Ended June 30, 2019 Operating leases $ 1,936 $ 3,868 Short-term leases 86 167 Total lease expense $ 2,022 $ 4,035 Supplemental cash flow and non-cash information related to the Company’s operating leases are presented below: In thousands Three Months Ended Six Months Ended June 30, 2019 Cash paid for operating leases $ 1,695 $ 3,433 Lease assets and liabilities acquired (1) $ 2,300 $ 6,125 (1) Excludes $24.1 million of lease assets and liabilities recorded on the transition date. As of June 30, 2019, the weighted-average remaining lease term and weighted-average discount rate were 5.4 years and 5.54 %, respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, 2019 December 31, 2018 In thousands Long-Term Debt Unamortized Debt Issuance Costs Net Long-Term Debt Long-Term Debt Unamortized Debt Issuance Costs Net Long-Term Debt Senior revolving credit facility $ 345,590 $ (1,413 ) $ 344,177 $ 328,074 $ (1,604 ) $ 326,470 Amortizing loan 12,251 (113 ) 12,138 21,642 (201 ) 21,441 Revolving warehouse credit facility 50,874 (1,474 ) 49,400 30,126 (1,899 ) 28,227 RMIT 2018-1 securitization 150,246 (2,203 ) 148,043 150,246 (2,849 ) 147,397 RMIT 2018-2 securitization 130,349 (2,154 ) 128,195 130,419 (2,605 ) 127,814 Total $ 689,310 $ (7,357 ) $ 681,953 $ 660,507 $ (9,158 ) $ 651,349 Unused amount of revolving credit facilities (subject to borrowing base) $ 368,456 $ 406,600 Senior Revolving Credit Facility: In June 2017, the Company amended and restated its senior revolving credit facility to, among other things, increase the availability under the facility from $585 million to $638 million and extend the maturity of the facility from August 2019 to June 2020. The facility has an accordion provision that allows for the expansion of the facility to $700 million. Excluding the receivables held by the Company’s VIEs, the senior revolving credit facility is secured by substantially all of the Company’s finance receivables and equity interests of the majority of its subsidiaries. Advances on the senior revolving credit facility are capped at 85% of eligible secured finance receivables, plus 70% of eligible unsecured finance receivables. These advance rates are subject to adjustment at certain credit quality levels ( 81 67.7 1.00 3.00 3.25 10 2.40 2.50 2.00 2.25 10 5.5 Variable Interest Entity Debt: As part of its overall funding strategy, the Company has transferred certain finance receivables to VIEs for asset-backed financing transactions, including securitizations. The following debt arrangements are issued by the Company’s SPEs, which 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 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. 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 $ million and $33.5 million as of June 30, 2019 and December 31, 2018, 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: In November 2017, the Company and its wholly-owned SPE, Regional Management Receivables, LLC (“ RMR I million in restricted cash reserves as of June 30, 2019 to satisfy provisions of the credit agreement. Borrowings previously bore interest, payable monthly, at a rate of 3.00%. In February 2018, the advance rate lowered to 85% and the interest rate increased to 3.25%. The credit agreement allows the Company to prepay the loan when the outstanding balance falls below 20% of the original loan amount. Revolving Warehouse Credit Facility: In August 2018, the Company and its wholly-owned SPE, Regional Management Receivables II, LLC (“ RMR II ”), amended the June 2017 credit agreement that provides for a $125 million revolving warehouse credit facility to RMR II. The amendment extended the date at which the facility converts to an amortizing loan and the termination date to February 2020 and February 2021, respectively. The facility has an accordion provision that allows for the expansion of the facility to $150 million. The Company elected to expand the facility to $150 million from May 2018 to August 2018. The debt is secured by finance receivables and other related assets that the Company purchased from its affiliates, which the Company then sold and transferred to RMR II. Advances on the facility are capped at 80% of eligible finance receivables. RMR II held $ million in restricted cash reserves as of June 30, 2019 to satisfy provisions of the credit agreement. Borrowings under the facility previously bore interest, payable monthly, at a blended rate equal to three-month LIBOR, plus a margin of 3.50 3.25 3.00 2.20 2.32 2.81 RMIT 2018-1 Securitization: In June 2018, the Company, its wholly-owned SPE, Regional Management Receivables III, LLC (“ RMR III ”), and its indirect wholly-owned SPE, Regional Management Issuance Trust 2018-1 (“ RMIT 2018-1 RMIT 2018-2 Securitization: Management Issuance Trust 2018-2 (“ RMIT 2018-2 ”), completed a private offering and sale of $130 million of asset-backed notes. The transaction consisted of the issuance of four classes of fixed-rate asset-backed notes by RMIT 2018-2. The asset-backed notes are secured by finance receivables and other related assets that RMR III purchased from the Company, which RMR III then sold and transferred to RMIT 2018-2. The notes have a revolving period ending in December 2020, with a final maturity date in January 2028. RMIT 2018-2 held $ 1.4 The carrying amounts of consolidated VIE assets and liabilities are as follows: In thousands June 30, 2019 December 31, 2018 Assets Cash $ 167 $ 168 Finance receivables 356,679 342,481 Allowance for credit losses (17,406 ) (18,378 ) Restricted cash 34,268 39,361 Other assets 129 75 Total assets $ 373,837 $ 363,707 Liabilities Net long-term debt $ 337,776 $ 324,879 Accounts payable and accrued expenses 83 25 Total liabilities $ 337,859 $ 324,904 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 June 30, 2019, the Company was in compliance with all debt covenants. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 6. Stockholders’ Equity Stock repurchase program: $25.0 May 6, 2021 |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Note 7. 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: 1.2 Interest rate caps: The fair value of the interest rate caps is the estimated amount the Company would receive to terminate the cap agreements at the reporting date, taking into account current interest rates and the creditworthiness of the counterparty. Repossessed assets: Repossessed assets are valued at the lower of the finance receivable balance prior to repossession or the estimated net realizable value of the repossessed asset. The Company estimates net realizable value using the projected cash value upon liquidation, less costs to sell the related collateral. Long-term debt: The Company’s long-term debt is frequently renewed, amended, or recently originated. As a result, the Company believes that the fair value of long-term debt approximates carrying amounts. The Company also considered its creditworthiness in its determination of fair value. The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: June 30, 2019 December 31, 2018 In thousands Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Level 1 inputs Cash $ 694 $ 694 $ 3,657 $ 3,657 Restricted cash 41,803 41,803 46,484 46,484 Level 2 inputs Interest rate caps 6 6 249 249 Level 3 inputs Net finance receivables 916,234 916,234 873,943 873,943 Repossessed assets 122 122 124 124 Liabilities Level 3 inputs Long-term debt 689,310 689,310 660,507 660,507 Certain of the Company’s assets carried at fair value are classified and disclosed in one of the following three categories: Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3 – Unobservable inputs that are not corroborated by market data. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are carried at fair value. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. Income Taxes The Company recognizes tax benefits or deficiencies from the exercise or vesting of share-based awards in the income tax line of the consolidated statements of income. Income tax expense was $2.7 million and $2.6 $0.2 $5.3 $0.3 million for the six months ended June 30, 2019 and 2018, respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9. Earnings Per Share The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per share amounts 2019 2018 2019 2018 Numerator: Net income $ 8,369 $ 8,482 $ 16,477 $ 17,126 Denominator: Weighted-average shares outstanding for basic earnings per share 11,706 11,658 11,709 11,638 Effect of dilutive securities 316 480 340 446 Weighted-average shares adjusted for dilutive securities 12,022 12,138 12,049 12,084 Earnings per share: Basic $ 0.71 $ 0.73 $ 1.41 $ 1.47 Diluted $ 0.70 $ 0.70 $ 1.37 $ 1.42 Options to purchase 290 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 10. Share-Based Compensation The Company previously adopted the 2007 Management Incentive Plan (the “ 2007 Plan ”) and the 2011 Stock Incentive Plan (the “ 2011 Plan ”). On April 22, 2015, the stockholders of the Company approved the 2015 Long-Term Incentive Plan (the “ 2015 Plan ”), and on April 27, 2017, the stockholders of the Company re-approved the 2015 Plan, as amended and restated. As of June 30, 2019, 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) 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 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. No further grants will be made under the 2007 Plan or the 2011 Plan. However, awards that are outstanding under the 2007 Plan and the 2011 Plan will continue in accordance with their respective terms. As of June 30, 2019, there were 0.9 million shares available for grant under the 2015 Plan. For the three months ended June 30, 2019 and 2018, the Company recorded share-based compensation expense of $1.2 million and $1.3 million, respectively. The Company recorded $2.2 million and $2.5 million in share-based compensation for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, unrecognized share-based compensation expense to be recognized over future periods approximated $7.8 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. 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: The Company issues non-qualified stock options, performance-contingent restricted stock units (“ RSUs CSPUs RSAs LTIP The Company also has 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 an RSA, subject to performance over a one-year period. Payout under the program can range from % to % 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). If earned, the RSA is issued following the one-year performance period and vests ratably over a subsequent two-year period (subject to continued employment or as otherwise provided in the underlying award agreement). Inducement and retention program: From time to time, the Company issues stock awards and other long-term incentive awards in conjunction with employment offers to select new employees and retention grants to select existing employees. The Company issues these awards to attract and retain talent and to provide market competitive compensation. The grants have various vesting terms, including fully-vested awards at the grant date, cliff-vesting, and graded-vesting over periods of up to five years (subject to continued employment or as otherwise provided in the underlying award agreements). Non-employee director compensation program: The Company awards its non-employee directors a cash retainer and shares of restricted common stock. The RSAs are granted on the fifth business day following the Company’s annual meeting of stockholders and fully vest upon the earlier of the first anniversary of the grant date or the completion of the directors’ annual service to the Company. The Board revised the compensation program in April 2018 to modify the amount of the annual cash retainers for Board and committee members, eliminate committee meeting fees, and modify the value of the RSAs for committee members. The following are the terms and amounts of the awards issued under the Company’s share-based incentive programs: Non-qualified stock options: date. 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: Six Months Ended June 30, 2019 2018 Expected volatility 41.14 % 41.63 % Expected dividends 0.00 % 0.00 % Expected term (in years) 6.0 6.0 Risk-free rate 2.55 % 2.66 % 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 six months ended June 30, 2019: In thousands, except per share amounts Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Options outstanding at January 1, 2019 981 $ 18.69 Granted 100 27.89 Exercised — — Forfeited — — Expired — — Options outstanding at June 30, 2019 1,081 $ 19.55 6.4 $ 7,936 Options exercisable at June 30, 2019 871 $ 17.83 5.8 $ 7,715 The following table provides additional NQSO information for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per share amounts 2019 2018 2019 2018 Weighted-average grant date fair value per share $ — $ — $ 12.07 $ 12.39 Intrinsic value of options exercised $ — $ 574 $ — $ 1,604 Fair value of NQSOs that vested $ — $ — $ — $ 199 Performance-contingent restricted stock units: Compensation expense for RSUs is based on the Company’s closing stock price on the date of grant and the probability that certain financial goals will be achieved over the performance period. Compensation expense is estimated based on expected performance and is adjusted at each reporting period. The following table summarizes RSU activity during the six months ended June 30, 2019: In thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested units at January 1, 2019 182 $ 21.89 Granted (target) 39 27.89 Achieved performance adjustment (1) 8 16.98 Vested (54 ) 16.98 Forfeited — — Non-vested units at June 30, 2019 175 $ 24.55 (1) The 2016 LTIP RSUs were earned and vested at 116.5% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on March 27, 2019. The following table provides additional RSU information for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per unit amounts 2019 2018 2019 2018 Weighted-average grant date fair value per unit $ — $ — $ 27.89 $ 28.25 Fair value of RSUs that vested $ — $ — $ 916 $ — Restricted stock awards: The fair value and compensation expense of RSAs are calculated using the Company’s closing stock price on the date of grant. The following table summarizes RSA activity during the six months ended June 30, 2019: In thousands, except per share amounts Shares Weighted-Average Grant Date Fair Value Per Share Non-vested shares at January 1, 2019 71 $ 26.95 Granted 138 26.92 Vested (28 ) 32.36 Forfeited (2 ) 27.22 Non-vested shares at June 30, 2019 179 $ 26.06 The following table provides additional RSA information for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per share amounts 2019 2018 2019 2018 Weighted-average grant date fair value per share $ 24.66 $ 34.39 $ 26.92 $ 24.70 Fair value of RSAs that vested $ 810 $ 651 $ 918 $ 711 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. 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) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: The consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q adopted by the Securities and Exchange Commission (the “ SEC GAAP |
Significant accounting policies | Significant accounting policies: The following is a description of significant accounting policies used in preparing the financial statements. The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the consumer finance industry. |
Principles of consolidation | Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company operates through a separate wholly-owned subsidiary in each state. The Company also consolidates variable interest entities (each, a “ VIE ”) when it is considered to be the primary beneficiary of the VIE because it has (i) power over the significant activities of the VIE and (ii) the obligation to absorb losses or the right to receive returns that could be significant to the VIE. |
Variable interest entities | Variable interest entities: The Company transfers pools of loans to wholly-owned, bankruptcy-remote, special purpose entities (each, an “ SPE ”) to secure debt for general funding purposes. These entities have the limited purpose of acquiring finance receivables and holding and making payments on the related debts. 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. The Company continues to service the finance receivables transferred to the SPEs. The lenders and investors in the debt issued by the SPEs generally only have recourse to the assets of the SPEs and do not have recourse to the general credit of the Company. The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors 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: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities for the periods indicated in the financial statements. Actual results could differ from those estimates. Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, 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: Certain prior-period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or stockholders’ equity. |
Recent accounting pronouncements | Recent accounting pronouncements: In February 2016, the Financial Accounting Standards Board (“ FASB ”) issued an accounting update to increase transparency and comparability of accounting for lease transactions. The update required: (i) all leases to be recognized on the balance sheet as lease (right-of-use) assets and lease liabilities and (ii) both quantitative and qualitative disclosures regarding key information about leasing arrangements. The update was effective for annual and interim periods beginning after December 15, 2018. The Company completed the implementation of third-party software to facilitate compliance with the accounting and reporting requirements of the lease standard. Prior to adoption, all of the Company’s leases were classified as operating leases, with no lease assets or liabilities recorded. The Company transitioned to this accounting change on a modified retrospective basis by recording the cumulative-effect of lease assets and liabilities for active leases as of January 1, 2019. The Company did not restate comparative periods in transition and elected to use the effective date of January 1, 2019 as the initial date of transition. The Company also elected to utilize the package of transition practical expedients, which included not reassessing the following: (i) whether existing contracts contain leases, (ii) the existing classification of leases as operating or financing, or (iii) the initial direct costs of leases. The Company did not use hindsight to determine the lease term or include options to extend for leases existing at the transition date. In addition, the Company elected not to apply the new lease standard to leases with terms of twelve months or less. As a result of the adoption of the new lease standard on January 1, 2019, the Company recorded $24.1 million for both lease liabilities and the corresponding lease assets. The lease liabilities were based on the present value of the remaining minimum rental payments using discount rates as of the effective date. There was no impact to the consolidated statements of income related to the adoption of this standard. The adoption of this standard did not require the Company to alter its debt covenants. In June 2016, the FASB issued an accounting update 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 credit 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. update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company’s cross-functional implementation team, expected credit loss software vendor, and expected credit loss consulting team are progressing with the established project plan to ensure compliance with all facets of the accounting update at the time of adoption. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements. The adoption of this standard will cause an increase to the allowance for credit losses, an increase to deferred tax assets, and a corresponding one-time cumulative reduction to retained earnings, net of tax, in the consolidated balance sheet as of January 1, 2020. The implementation of the accounting update will not result in changes in the cash flows of the financial assets and will not require existing debt covenants to be modified. The accounting update will require expanded disclosures related to the new model. As the implementation plan progresses, the Company will provide further disclosure in the future regarding the impact of the update on its consolidated financial statements. 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 software. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. |
Finance Receivables, Credit Q_2
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Finance Receivables | Finance receivables for the periods indicated consisted of the following: In thousands June 30, 2019 December 31, 2018 Small loans $ 431,214 $ 437,662 Large loans 498,757 437,998 Automobile loans 15,686 26,154 Retail loans 27,777 30,429 Finance receivables $ 973,434 $ 932,243 |
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: June 30, 2019 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 347,335 80.6 % $ 425,496 85.3 % $ 11,168 71.2 % $ 21,216 76.3 % $ 805,215 82.7 % 1 to 29 days past due 50,603 11.7 % 47,814 9.6 % 3,224 20.6 % 4,376 15.8 % 106,017 10.9 % Delinquent accounts 30 to 59 days 11,270 2.5 % 9,424 1.8 % 565 3.5 % 823 3.0 % 22,082 2.3 % 60 to 89 days 7,430 1.7 % 5,781 1.2 % 279 1.8 % 471 1.7 % 13,961 1.4 % 90 to 119 days 5,391 1.3 % 4,089 0.9 % 145 1.0 % 337 1.2 % 9,962 1.1 % 120 to 149 days 4,554 1.1 % 3,105 0.6 % 163 1.0 % 267 1.0 % 8,089 0.8 % 150 to 179 days 4,631 1.1 % 3,048 0.6 % 142 0.9 % 287 1.0 % 8,108 0.8 % Total delinquency $ 33,276 7.7 % $ 25,447 5.1 % $ 1,294 8.2 % $ 2,185 7.9 % $ 62,202 6.4 % Total finance receivables $ 431,214 100.0 % $ 498,757 100.0 % $ 15,686 100.0 % $ 27,777 100.0 % $ 973,434 100.0 % Finance receivables in nonaccrual status $ 16,168 3.7 % $ 11,849 2.4 % $ 713 4.5 % $ 1,007 3.6 % $ 29,737 3.1 % December 31, 2018 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 347,053 79.3 % $ 365,950 83.6 % $ 17,767 67.9 % $ 23,392 76.9 % $ 754,162 80.9 % 1 to 29 days past due 49,946 11.4 % 45,234 10.3 % 6,304 24.1 % 4,436 14.6 % 105,920 11.4 % Delinquent accounts 30 to 59 days 12,168 2.8 % 8,768 2.0 % 751 2.9 % 842 2.7 % 22,529 2.3 % 60 to 89 days 9,555 2.2 % 6,779 1.5 % 421 1.6 % 627 2.1 % 17,382 1.9 % 90 to 119 days 7,202 1.6 % 4,407 1.0 % 241 0.9 % 429 1.4 % 12,279 1.3 % 120 to 149 days 6,266 1.4 % 3,823 0.9 % 434 1.7 % 367 1.2 % 10,890 1.2 % 150 to 179 days 5,472 1.3 % 3,037 0.7 % 236 0.9 % 336 1.1 % 9,081 1.0 % Total delinquency $ 40,663 9.3 % $ 26,814 6.1 % $ 2,083 8.0 % $ 2,601 8.5 % $ 72,161 7.7 % Total finance receivables $ 437,662 100.0 % $ 437,998 100.0 % $ 26,154 100.0 % $ 30,429 100.0 % $ 932,243 100.0 % Finance receivables in nonaccrual status $ 22,549 5.2 % $ 14,379 3.3 % $ 1,359 5.2 % $ 1,276 4.2 % $ 39,563 4.2 % |
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 June 30, Six Months Ended June 30, In thousands 2019 2018 2019 2018 Balance at beginning of period $ 56,400 $ 47,750 $ 58,300 $ 48,910 Provision for credit losses 25,714 20,203 49,057 39,718 Credit losses (26,001 ) (20,666 ) (52,378 ) (42,686 ) Recoveries 1,087 1,163 2,221 2,508 Balance at end of period $ 57,200 $ 48,450 $ 57,200 $ 48,450 |
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 April 1, 2019 Provision Credit Losses Recoveries Balance June 30, 2019 Finance Receivables June 30, 2019 Allowance as Percentage of Finance Receivables June 30, 2019 Small loans $ 29,793 $ 13,736 $ (14,993 ) $ 598 $ 29,134 $ 431,214 6.8 % Large loans 23,217 10,989 (9,550 ) 398 25,054 498,757 5.0 % Automobile loans 1,470 131 (566 ) 58 1,093 15,686 7.0 % Retail loans 1,920 858 (892 ) 33 1,919 27,777 6.9 % Total $ 56,400 $ 25,714 $ (26,001 ) $ 1,087 $ 57,200 $ 973,434 5.9 % In thousands Balance April 1, 2018 Provision Credit Losses Recoveries Balance June 30, 2018 Finance Receivables June 30, 2018 Allowance as Percentage of Finance Receivables June 30, 2018 Small loans $ 23,366 $ 12,720 $ (12,782 ) $ 665 $ 23,969 $ 384,690 6.2 % Large loans 18,589 6,784 (6,002 ) 327 19,698 392,101 5.0 % Automobile loans 3,316 64 (873 ) 135 2,642 39,414 6.7 % Retail loans 2,479 635 (1,009 ) 36 2,141 31,033 6.9 % Total $ 47,750 $ 20,203 $ (20,666 ) $ 1,163 $ 48,450 $ 847,238 5.7 % In thousands Balance January 1, 2019 Provision Credit Losses Recoveries Balance June 30, 2019 Finance Receivables June 30, 2019 Allowance as Percentage of Finance Receivables June 30, 2019 Small loans $ 30,759 $ 27,691 $ (30,481 ) $ 1,165 $ 29,134 $ 431,214 6.8 % Large loans 23,702 19,440 (18,887 ) 799 25,054 498,757 5.0 % Automobile loans 1,893 240 (1,218 ) 178 1,093 15,686 7.0 % Retail loans 1,946 1,686 (1,792 ) 79 1,919 27,777 6.9 % Total $ 58,300 $ 49,057 $ (52,378 ) $ 2,221 $ 57,200 $ 973,434 5.9 % In thousands Balance January 1, 2018 Provision Credit Losses Recoveries Balance June 30, 2018 Finance Receivables June 30, 2018 Allowance as Percentage of Finance Receivables June 30, 2018 Small loans $ 24,749 $ 24,003 $ (26,156 ) $ 1,373 $ 23,969 $ 384,690 6.2 % Large loans 17,548 13,663 (12,198 ) 685 19,698 392,101 5.0 % Automobile loans 4,025 585 (2,340 ) 372 2,642 39,414 6.7 % Retail loans 2,588 1,467 (1,992 ) 78 2,141 31,033 6.9 % Total $ 48,910 $ 39,718 $ (42,686 ) $ 2,508 $ 48,450 $ 847,238 5.7 % |
Tabular Disclosure of Impaired Financing Receivables | The following is a summary of finance receivables evaluated for impairment for the periods indicated: June 30, 2019 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 9,839 $ 18,849 $ 799 $ 133 $ 29,620 Finance receivables evaluated collectively 421,375 479,908 14,887 27,644 943,814 Finance receivables outstanding $ 431,214 $ 498,757 $ 15,686 $ 27,777 $ 973,434 Impaired receivables in nonaccrual status $ 1,073 $ 2,187 $ 152 $ 44 $ 3,456 Amount of the specific reserve for impaired accounts $ 4,135 $ 7,089 $ 380 $ 72 $ 11,676 Amount of the general component of the allowance $ 24,999 $ 17,965 $ 713 $ 1,847 $ 45,524 December 31, 2018 In thousands Small Large Automobile Retail Total Impaired receivables specifically evaluated $ 8,361 $ 17,196 $ 918 $ 110 $ 26,585 Finance receivables evaluated collectively 429,301 420,802 25,236 30,319 905,658 Finance receivables outstanding $ 437,662 $ 437,998 $ 26,154 $ 30,429 $ 932,243 Impaired receivables in nonaccrual status $ 1,209 $ 2,292 $ 178 $ 37 $ 3,716 Amount of the specific reserve for impaired accounts $ 3,791 $ 6,860 $ 492 $ 61 $ 11,204 Amount of the general component of the allowance $ 26,968 $ 16,842 $ 1,401 $ 1,885 $ 47,096 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 June 30, 2019 2018 In thousands Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Small loans $ 9,813 $ 437 $ 6,272 $ 248 Large loans 18,584 667 12,318 383 Automobile loans 803 9 1,512 11 Retail loans 134 1 105 1 Total $ 29,334 $ 1,114 $ 20,207 $ 643 Six Months Ended June 30, 2019 2018 In thousands Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Small loans $ 9,336 $ 684 $ 5,868 $ 499 Large loans 18,011 1,081 11,693 754 Automobile loans 829 17 1,589 52 Retail loans 127 1 101 5 Total $ 28,303 $ 1,783 $ 19,251 $ 1,310 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Future Maturities of Operating Lease Liabilities | Future maturities of the Company’s operating lease liabilities are as follows: In thousands June 30, 2019 2019 (remaining six months) $ 3,015 2020 7,224 2021 5,901 2022 4,607 2023 4,011 Thereafter 7,262 Total future minimum lease payments 32,020 Present value adjustment (4,566 ) Operating lease liability $ 27,454 |
Summary of Additional Information About Company's Operating Leases | The following table present the Company’s lease expense for the periods indicated: In thousands Three Months Ended Six Months Ended June 30, 2019 Operating leases $ 1,936 $ 3,868 Short-term leases 86 167 Total lease expense $ 2,022 $ 4,035 Supplemental cash flow and non-cash information related to the Company’s operating leases are presented below: In thousands Three Months Ended Six Months Ended June 30, 2019 Cash paid for operating leases $ 1,695 $ 3,433 Lease assets and liabilities acquired (1) $ 2,300 $ 6,125 (1) Excludes $24.1 million of lease assets and liabilities recorded on the transition date. As of June 30, 2019, the weighted-average remaining lease term and weighted-average discount rate were 5.4 years and 5.54 %, respectively. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, 2019 December 31, 2018 In thousands Long-Term Debt Unamortized Debt Issuance Costs Net Long-Term Debt Long-Term Debt Unamortized Debt Issuance Costs Net Long-Term Debt Senior revolving credit facility $ 345,590 $ (1,413 ) $ 344,177 $ 328,074 $ (1,604 ) $ 326,470 Amortizing loan 12,251 (113 ) 12,138 21,642 (201 ) 21,441 Revolving warehouse credit facility 50,874 (1,474 ) 49,400 30,126 (1,899 ) 28,227 RMIT 2018-1 securitization 150,246 (2,203 ) 148,043 150,246 (2,849 ) 147,397 RMIT 2018-2 securitization 130,349 (2,154 ) 128,195 130,419 (2,605 ) 127,814 Total $ 689,310 $ (7,357 ) $ 681,953 $ 660,507 $ (9,158 ) $ 651,349 Unused amount of revolving credit facilities (subject to borrowing base) $ 368,456 $ 406,600 |
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 June 30, 2019 December 31, 2018 Assets Cash $ 167 $ 168 Finance receivables 356,679 342,481 Allowance for credit losses (17,406 ) (18,378 ) Restricted cash 34,268 39,361 Other assets 129 75 Total assets $ 373,837 $ 363,707 Liabilities Net long-term debt $ 337,776 $ 324,879 Accounts payable and accrued expenses 83 25 Total liabilities $ 337,859 $ 324,904 |
Disclosure About Fair Value o_2
Disclosure About Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amount and Estimated Fair Values of Company's Financial Instruments | The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: June 30, 2019 December 31, 2018 In thousands Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Level 1 inputs Cash $ 694 $ 694 $ 3,657 $ 3,657 Restricted cash 41,803 41,803 46,484 46,484 Level 2 inputs Interest rate caps 6 6 249 249 Level 3 inputs Net finance receivables 916,234 916,234 873,943 873,943 Repossessed assets 122 122 124 124 Liabilities Level 3 inputs Long-term debt 689,310 689,310 660,507 660,507 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per share amounts 2019 2018 2019 2018 Numerator: Net income $ 8,369 $ 8,482 $ 16,477 $ 17,126 Denominator: Weighted-average shares outstanding for basic earnings per share 11,706 11,658 11,709 11,638 Effect of dilutive securities 316 480 340 446 Weighted-average shares adjusted for dilutive securities 12,022 12,138 12,049 12,084 Earnings per share: Basic $ 0.71 $ 0.73 $ 1.41 $ 1.47 Diluted $ 0.70 $ 0.70 $ 1.37 $ 1.42 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: Six Months Ended June 30, 2019 2018 Expected volatility 41.14 % 41.63 % Expected dividends 0.00 % 0.00 % Expected term (in years) 6.0 6.0 Risk-free rate 2.55 % 2.66 % |
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the six months ended June 30, 2019: In thousands, except per share amounts Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Options outstanding at January 1, 2019 981 $ 18.69 Granted 100 27.89 Exercised — — Forfeited — — Expired — — Options outstanding at June 30, 2019 1,081 $ 19.55 6.4 $ 7,936 Options exercisable at June 30, 2019 871 $ 17.83 5.8 $ 7,715 |
Summary of Additional Stock Option Information | The following table provides additional NQSO information for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per share amounts 2019 2018 2019 2018 Weighted-average grant date fair value per share $ — $ — $ 12.07 $ 12.39 Intrinsic value of options exercised $ — $ 574 $ — $ 1,604 Fair value of NQSOs that vested $ — $ — $ — $ 199 |
Summary of RSU Activity | The following table summarizes RSU activity during the six months ended June 30, 2019: In thousands, except per unit amounts Units Weighted-Average Grant Date Fair Value Per Unit Non-vested units at January 1, 2019 182 $ 21.89 Granted (target) 39 27.89 Achieved performance adjustment (1) 8 16.98 Vested (54 ) 16.98 Forfeited — — Non-vested units at June 30, 2019 175 $ 24.55 (1) The 2016 LTIP RSUs were earned and vested at 116.5% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on March 27, 2019. |
Summary of Additional RSU Information | The following table provides additional RSU information for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per unit amounts 2019 2018 2019 2018 Weighted-average grant date fair value per unit $ — $ — $ 27.89 $ 28.25 Fair value of RSUs that vested $ — $ — $ 916 $ — |
Summary of RSA Activity | The following table summarizes RSA activity during the six months ended June 30, 2019: In thousands, except per share amounts Shares Weighted-Average Grant Date Fair Value Per Share Non-vested shares at January 1, 2019 71 $ 26.95 Granted 138 26.92 Vested (28 ) 32.36 Forfeited (2 ) 27.22 Non-vested shares at June 30, 2019 179 $ 26.06 |
Summary of Additional RSA Information | The following table provides additional RSA information for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, In thousands, except per share amounts 2019 2018 2019 2018 Weighted-average grant date fair value per share $ 24.66 $ 34.39 $ 26.92 $ 24.70 Fair value of RSAs that vested $ 810 $ 651 $ 918 $ 711 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | Jun. 30, 2019Location |
Accounting Policies [Abstract] | |
Number of branches | 356 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Significant Accounting Policies [Line Items] | ||
Lease assets | $ 25,575 | |
Lease liabilities | $ 27,454 | |
Accounting Standards Update 2016-02 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Lease assets | $ 24,100 | |
Lease liabilities | $ 24,100 |
Finance Receivables, Credit Q_3
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Finance Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 973,434 | $ 932,243 | $ 847,238 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 431,214 | 437,662 | 384,690 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 498,757 | 437,998 | 392,101 |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | 15,686 | 26,154 | 39,414 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Finance receivables | $ 27,777 | $ 30,429 | $ 31,033 |
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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 62,202 | $ 72,161 | |
Past due, Percent | 6.40% | 7.70% | |
Finance receivables | $ 973,434 | $ 932,243 | $ 847,238 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 29,737 | $ 39,563 | |
Finance receivables in nonaccrual status, Percent | 3.10% | 4.20% | |
Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 805,215 | $ 754,162 | |
Current, Percent | 82.70% | 80.90% | |
1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 106,017 | $ 105,920 | |
Past due, Percent | 10.90% | 11.40% | |
Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 22,082 | $ 22,529 | |
Past due, Percent | 2.30% | 2.30% | |
Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 13,961 | $ 17,382 | |
Past due, Percent | 1.40% | 1.90% | |
Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 9,962 | $ 12,279 | |
Past due, Percent | 1.10% | 1.30% | |
Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,089 | $ 10,890 | |
Past due, Percent | 0.80% | 1.20% | |
Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,108 | $ 9,081 | |
Past due, Percent | 0.80% | 1.00% | |
Small Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 33,276 | $ 40,663 | |
Past due, Percent | 7.70% | 9.30% | |
Finance receivables | $ 431,214 | $ 437,662 | 384,690 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 16,168 | $ 22,549 | |
Finance receivables in nonaccrual status, Percent | 3.70% | 5.20% | |
Small Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 347,335 | $ 347,053 | |
Current, Percent | 80.60% | 79.30% | |
Small Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 50,603 | $ 49,946 | |
Past due, Percent | 11.70% | 11.40% | |
Small Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 11,270 | $ 12,168 | |
Past due, Percent | 2.50% | 2.80% | |
Small Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 7,430 | $ 9,555 | |
Past due, Percent | 1.70% | 2.20% | |
Small Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,391 | $ 7,202 | |
Past due, Percent | 1.30% | 1.60% | |
Small Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,554 | $ 6,266 | |
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 | $ 4,631 | $ 5,472 | |
Past due, Percent | 1.10% | 1.30% | |
Large Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 25,447 | $ 26,814 | |
Past due, Percent | 5.10% | 6.10% | |
Finance receivables | $ 498,757 | $ 437,998 | 392,101 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 11,849 | $ 14,379 | |
Finance receivables in nonaccrual status, Percent | 2.40% | 3.30% | |
Large Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 425,496 | $ 365,950 | |
Current, Percent | 85.30% | 83.60% | |
Large Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 47,814 | $ 45,234 | |
Past due, Percent | 9.60% | 10.30% | |
Large Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 9,424 | $ 8,768 | |
Past due, Percent | 1.80% | 2.00% | |
Large Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,781 | $ 6,779 | |
Past due, Percent | 1.20% | 1.50% | |
Large Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,089 | $ 4,407 | |
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 | $ 3,105 | $ 3,823 | |
Past due, Percent | 0.60% | 0.90% | |
Large Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,048 | $ 3,037 | |
Past due, Percent | 0.60% | 0.70% | |
Automobile Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 1,294 | $ 2,083 | |
Past due, Percent | 8.20% | 8.00% | |
Finance receivables | $ 15,686 | $ 26,154 | 39,414 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 713 | $ 1,359 | |
Finance receivables in nonaccrual status, Percent | 4.50% | 5.20% | |
Automobile Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 11,168 | $ 17,767 | |
Current, Percent | 71.20% | 67.90% | |
Automobile Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 3,224 | $ 6,304 | |
Past due, Percent | 20.60% | 24.10% | |
Automobile Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 565 | $ 751 | |
Past due, Percent | 3.50% | 2.90% | |
Automobile Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 279 | $ 421 | |
Past due, Percent | 1.80% | 1.60% | |
Automobile Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 145 | $ 241 | |
Past due, Percent | 1.00% | 0.90% | |
Automobile Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 163 | $ 434 | |
Past due, Percent | 1.00% | 1.70% | |
Automobile Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 142 | $ 236 | |
Past due, Percent | 0.90% | 0.90% | |
Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,185 | $ 2,601 | |
Past due, Percent | 7.90% | 8.50% | |
Finance receivables | $ 27,777 | $ 30,429 | $ 31,033 |
Total finance receivables, Percent | 100.00% | 100.00% | |
Finance receivables in nonaccrual status | $ 1,007 | $ 1,276 | |
Finance receivables in nonaccrual status, Percent | 3.60% | 4.20% | |
Retail Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 21,216 | $ 23,392 | |
Current, Percent | 76.30% | 76.90% | |
Retail Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,376 | $ 4,436 | |
Past due, Percent | 15.80% | 14.60% | |
Retail Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 823 | $ 842 | |
Past due, Percent | 3.00% | 2.70% | |
Retail Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 471 | $ 627 | |
Past due, Percent | 1.70% | 2.10% | |
Retail Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 337 | $ 429 | |
Past due, Percent | 1.20% | 1.40% | |
Retail Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 267 | $ 367 | |
Past due, Percent | 1.00% | 1.20% | |
Retail Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 287 | $ 336 | |
Past due, Percent | 1.00% | 1.10% |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 56,400 | $ 47,750 | $ 58,300 | $ 48,910 |
Provision for credit losses | 25,714 | 20,203 | 49,057 | 39,718 |
Credit losses | (26,001) | (20,666) | (52,378) | (42,686) |
Recoveries | 1,087 | 1,163 | 2,221 | 2,508 |
Balance at end of period | $ 57,200 | $ 48,450 | $ 57,200 | $ 48,450 |
Finance Receivables, Credit Q_6
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Increase (decrease) in provision for credit losses | $ 25,714 | $ 20,203 | $ 49,057 | $ 39,718 | ||
Impaired finance receivables as a percentage of total finance receivables | 3.00% | 2.90% | ||||
Uncollectible Receivables [Member] | Hurricanes [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Increase (decrease) in provision for credit losses | $ 3,900 | $ 0 |
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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 56,400 | $ 47,750 | $ 58,300 | $ 48,910 | |
Provision | 25,714 | 20,203 | 49,057 | 39,718 | |
Credit losses | (26,001) | (20,666) | (52,378) | (42,686) | |
Recoveries | 1,087 | 1,163 | 2,221 | 2,508 | |
Balance at end of period | 57,200 | 48,450 | 57,200 | 48,450 | |
Finance receivables | $ 973,434 | $ 847,238 | $ 973,434 | $ 847,238 | $ 932,243 |
Allowance as Percentage of Finance Receivables | 5.90% | 5.70% | 5.90% | 5.70% | |
Small Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 29,793 | $ 23,366 | $ 30,759 | $ 24,749 | |
Provision | 13,736 | 12,720 | 27,691 | 24,003 | |
Credit losses | (14,993) | (12,782) | (30,481) | (26,156) | |
Recoveries | 598 | 665 | 1,165 | 1,373 | |
Balance at end of period | 29,134 | 23,969 | 29,134 | 23,969 | |
Finance receivables | $ 431,214 | $ 384,690 | $ 431,214 | $ 384,690 | 437,662 |
Allowance as Percentage of Finance Receivables | 6.80% | 6.20% | 6.80% | 6.20% | |
Large Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 23,217 | $ 18,589 | $ 23,702 | $ 17,548 | |
Provision | 10,989 | 6,784 | 19,440 | 13,663 | |
Credit losses | (9,550) | (6,002) | (18,887) | (12,198) | |
Recoveries | 398 | 327 | 799 | 685 | |
Balance at end of period | 25,054 | 19,698 | 25,054 | 19,698 | |
Finance receivables | $ 498,757 | $ 392,101 | $ 498,757 | $ 392,101 | 437,998 |
Allowance as Percentage of Finance Receivables | 5.00% | 5.00% | 5.00% | 5.00% | |
Automobile Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 1,470 | $ 3,316 | $ 1,893 | $ 4,025 | |
Provision | 131 | 64 | 240 | 585 | |
Credit losses | (566) | (873) | (1,218) | (2,340) | |
Recoveries | 58 | 135 | 178 | 372 | |
Balance at end of period | 1,093 | 2,642 | 1,093 | 2,642 | |
Finance receivables | $ 15,686 | $ 39,414 | $ 15,686 | $ 39,414 | 26,154 |
Allowance as Percentage of Finance Receivables | 7.00% | 6.70% | 7.00% | 6.70% | |
Retail Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance at beginning of period | $ 1,920 | $ 2,479 | $ 1,946 | $ 2,588 | |
Provision | 858 | 635 | 1,686 | 1,467 | |
Credit losses | (892) | (1,009) | (1,792) | (1,992) | |
Recoveries | 33 | 36 | 79 | 78 | |
Balance at end of period | 1,919 | 2,141 | 1,919 | 2,141 | |
Finance receivables | $ 27,777 | $ 31,033 | $ 27,777 | $ 31,033 | $ 30,429 |
Allowance as Percentage of Finance Receivables | 6.90% | 6.90% | 6.90% | 6.90% |
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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | $ 29,620 | $ 26,585 | |
Finance receivables evaluated collectively | 943,814 | 905,658 | |
Finance receivables | 973,434 | 932,243 | $ 847,238 |
Impaired receivables in nonaccrual status | 3,456 | 3,716 | |
Amount of the specific reserve for impaired accounts | 11,676 | 11,204 | |
Amount of the general component of the allowance | 45,524 | 47,096 | |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 9,839 | 8,361 | |
Finance receivables evaluated collectively | 421,375 | 429,301 | |
Finance receivables | 431,214 | 437,662 | 384,690 |
Impaired receivables in nonaccrual status | 1,073 | 1,209 | |
Amount of the specific reserve for impaired accounts | 4,135 | 3,791 | |
Amount of the general component of the allowance | 24,999 | 26,968 | |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 18,849 | 17,196 | |
Finance receivables evaluated collectively | 479,908 | 420,802 | |
Finance receivables | 498,757 | 437,998 | 392,101 |
Impaired receivables in nonaccrual status | 2,187 | 2,292 | |
Amount of the specific reserve for impaired accounts | 7,089 | 6,860 | |
Amount of the general component of the allowance | 17,965 | 16,842 | |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 799 | 918 | |
Finance receivables evaluated collectively | 14,887 | 25,236 | |
Finance receivables | 15,686 | 26,154 | 39,414 |
Impaired receivables in nonaccrual status | 152 | 178 | |
Amount of the specific reserve for impaired accounts | 380 | 492 | |
Amount of the general component of the allowance | 713 | 1,401 | |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired receivables specifically evaluated | 133 | 110 | |
Finance receivables evaluated collectively | 27,644 | 30,319 | |
Finance receivables | 27,777 | 30,429 | $ 31,033 |
Impaired receivables in nonaccrual status | 44 | 37 | |
Amount of the specific reserve for impaired accounts | 72 | 61 | |
Amount of the general component of the allowance | $ 1,847 | $ 1,885 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 29,334 | $ 20,207 | $ 28,303 | $ 19,251 |
Interest Income Recognized | 1,114 | 643 | 1,783 | 1,310 |
Small Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 9,813 | 6,272 | 9,336 | 5,868 |
Interest Income Recognized | 437 | 248 | 684 | 499 |
Large Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 18,584 | 12,318 | 18,011 | 11,693 |
Interest Income Recognized | 667 | 383 | 1,081 | 754 |
Automobile Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 803 | 1,512 | 829 | 1,589 |
Interest Income Recognized | 9 | 11 | 17 | 52 |
Retail Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 134 | 105 | 127 | 101 |
Interest Income Recognized | $ 1 | $ 1 | $ 1 | $ 5 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leased Assets [Line Items] | |
Lease liability | $ 27,454 |
Lease assets | $ 25,575 |
Operating Lease Weighted Average Remaining Lease Term | 5 years 4 months 24 days |
Operating Lease Weighted Average Discount Rate Percent | 5.54% |
Corporate Headquarters [Member] | |
Operating Leased Assets [Line Items] | |
Lease agreement term | 11 years |
Extend lease agreement term | 10 years |
Minimum [Member] | Branch [Member] | |
Operating Leased Assets [Line Items] | |
Lease agreement term | 5 years |
Extend lease agreement term | 3 years |
Maximum [Member] | Branch [Member] | |
Operating Leased Assets [Line Items] | |
Lease agreement term | 7 years |
Extend lease agreement term | 5 years |
Leases - Future Maturities of O
Leases - Future Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 (remaining six months) | $ 3,015 |
2020 | 7,224 |
2021 | 5,901 |
2022 | 4,607 |
2023 | 4,011 |
Thereafter | 7,262 |
Total future minimum lease payments | 32,020 |
Present value adjustment | (4,566) |
Operating lease liability | $ 27,454 |
Leases - Summary of Additional
Leases - Summary of Additional Information About Company's Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Operating leases | $ 1,936 | $ 3,868 |
Short-term leases | 86 | 167 |
Total | 2,022 | 4,035 |
Cash paid for operating leases | 1,695 | 3,433 |
Lease assets and liabilities acquired | $ 2,300 | $ 6,125 |
Leases - Summary of Additiona_2
Leases - Summary of Additional Information About Company's Operating Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Lease assets | $ 25,575 | |
Lease liabilities | $ 27,454 | |
Accounting Standards Update 2016-02 [Member] | ||
Lease assets | $ 24,100 | |
Lease liabilities | $ 24,100 |
Long-Term Debt - Summary of the
Long-Term Debt - Summary of the Company's Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 689,310 | $ 660,507 |
Unamortized debt issuance costs | (7,357) | (9,158) |
Net long-term debt | 681,953 | 651,349 |
Unused amount of revolving credit facilities (subject to borrowing base) | 368,456 | 406,600 |
Senior Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 345,590 | 328,074 |
Unamortized debt issuance costs | (1,413) | (1,604) |
Net long-term debt | 344,177 | 326,470 |
Amortizing Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 12,251 | 21,642 |
Unamortized debt issuance costs | (113) | (201) |
Net long-term debt | 12,138 | 21,441 |
Revolving Warehouse Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 50,874 | 30,126 |
Unamortized debt issuance costs | (1,474) | (1,899) |
Net long-term debt | 49,400 | 28,227 |
RMIT 2018-1 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 150,246 | 150,246 |
Unamortized debt issuance costs | (2,203) | (2,849) |
Net long-term debt | 148,043 | 147,397 |
RMIT 2018-2 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 130,349 | 130,419 |
Unamortized debt issuance costs | (2,154) | (2,605) |
Net long-term debt | $ 128,195 | $ 127,814 |
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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 41,803,000 | $ 46,484,000 | $ 26,356,000 | $ 16,787,000 | |||||||
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 | ||||||||||
Debt maturity date | 2024-12 | ||||||||||
Credit agreement, Interest rate | 3.25% | ||||||||||
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. The August 2018 amendment to the credit agreement further decreased the margin to 2.20%. The three-month LIBOR was 2.32% and 2.81% at June 30, 2019 and December 31, 2018, respectively. | ||||||||||
Cash deposited to restricted cash reserve account | $ 600,000 | ||||||||||
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 | Feb. 28, 2021 | ||||||||||
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% | ||||||||||
RMIT 2018-2 securitization [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Cash deposited to restricted cash reserve account | $ 1,400,000 | ||||||||||
Debt maturity date | 2028-01 | ||||||||||
Terms related to loan prepayment | Prior to maturity in January 2028, 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 January 2021. No payments of principal of the notes will be made during the revolving period. | ||||||||||
Debt revolving period end date | 2020-12 | ||||||||||
Private offering of investment grade asset-backed notes | $ 130,000,000 | ||||||||||
Weighted average rate | 4.87% | ||||||||||
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 | 81.00% | ||||||||||
Current percentage of advances on eligible unsecured finance receivables | 66.00% | ||||||||||
Credit facility, eligible borrowing capacity | $ 67,700,000 | ||||||||||
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 2.40% and 2.50% at June 30, 2019 and December 31, 2018, 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 5.50% at both June 30, 2019 and December 31, 2018. | ||||||||||
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 | $ 29,300,000 | $ 33,500,000 | |||||||||
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] | Revolving Warehouse Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Interest rate, basis spread | 2.20% | 3.50% | |||||||||
Interest rate | 2.32% | 2.81% | |||||||||
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 | 2.40% | 2.50% | |||||||||
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 | 5.50% | 5.50% | |||||||||
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 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||||
Cash | $ 694 | $ 3,657 | $ 2,799 | $ 5,230 | ||
Finance receivables | 973,434 | 932,243 | 847,238 | |||
Allowance for credit losses | (57,200) | $ (56,400) | (58,300) | (48,450) | $ (47,750) | (48,910) |
Restricted cash | 41,803 | 46,484 | $ 26,356 | $ 16,787 | ||
Other assets | 10,488 | 8,375 | ||||
Total assets | 1,019,316 | 956,395 | ||||
Liabilities | ||||||
Net long-term debt | 681,953 | 651,349 | ||||
Accounts payable and accrued expenses | 19,690 | 25,138 | ||||
Total liabilities | 729,097 | 677,234 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Assets | ||||||
Cash | 167 | 168 | ||||
Finance receivables | 356,679 | 342,481 | ||||
Allowance for credit losses | (17,406) | (18,378) | ||||
Restricted cash | 34,268 | 39,361 | ||||
Other assets | 129 | 75 | ||||
Total assets | 373,837 | 363,707 | ||||
Liabilities | ||||||
Net long-term debt | 337,776 | 324,879 | ||||
Accounts payable and accrued expenses | 83 | 25 | ||||
Total liabilities | $ 337,859 | $ 324,904 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional information (Detail) - USD ($) shares in Thousands, $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | May 31, 2019 | |
Repurchase shares of common stock | $ 25 | |
Stock repurchased, shares | 285 | |
Stock repurchased, value | $ 7.1 | |
Stock repurchase program expiration date | May 6, 2021 |
Disclosure About Fair Value o_3
Disclosure About Fair Value of Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Net finance receivables | $ 916,234 | $ 873,943 |
Carrying Amount [Member] | Level 1 Inputs [Member] | ||
Assets | ||
Cash | 694 | 3,657 |
Restricted cash | 41,803 | 46,484 |
Carrying Amount [Member] | Level 2 Inputs [Member] | ||
Assets | ||
Interest rate caps | 6 | 249 |
Carrying Amount [Member] | Level 3 Inputs [Member] | ||
Assets | ||
Net finance receivables | 916,234 | 873,943 |
Repossessed assets | 122 | 124 |
Liabilities | ||
Long-term debt | 689,310 | 660,507 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||
Assets | ||
Cash | 694 | 3,657 |
Restricted cash | 41,803 | 46,484 |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||
Assets | ||
Interest rate caps | 6 | 249 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||
Assets | ||
Net finance receivables | 916,234 | 873,943 |
Repossessed assets | 122 | 124 |
Liabilities | ||
Long-term debt | $ 689,310 | $ 660,507 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 2,677 | $ 2,601 | $ 5,070 | $ 5,298 |
Tax benefit | $ 100 | $ 200 | $ 100 | $ 300 |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||
Net income | $ 8,369 | $ 8,482 | $ 16,477 | $ 17,126 |
Denominator: | ||||
Weighted-average shares outstanding for basic earnings per share | 11,706 | 11,658 | 11,709 | 11,638 |
Effect of dilutive securities | 316 | 480 | 340 | 446 |
Weighted-average shares adjusted for dilutive securities | 12,022 | 12,138 | 12,049 | 12,084 |
Basic | $ 0.71 | $ 0.73 | $ 1.41 | $ 1.47 |
Diluted | $ 0.70 | $ 0.70 | $ 1.37 | $ 1.42 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Compensation Plans [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options to purchase common stock, Shares | 290 | 138 | 290 | 138 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | 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 | 900,000 | 900,000 | ||||
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 years | |||||
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 | $ 7.8 | $ 7.8 | ||||
Period of recognition of share-based compensation expense | 1 year 10 months 24 days | |||||
Share-based compensation expense | $ 1.2 | $ 1.3 | $ 2.2 | $ 2.5 | ||
Stock Compensation Plans [Member] | 2015 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum aggregate number of shares | 1,550,000 | 1,550,000 | ||||
Shares available for grant | 922,000 | |||||
Plan description | As of June 30, 2019, 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) 1.55 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 an RSA, 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) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 41.14% | 41.63% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | 6 years | 6 years |
Risk-free rate | 2.55% | 2.66% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | shares | 981 |
Number of Shares, Granted | shares | 100 |
Number of Shares, Exercised | shares | 0 |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Expired | shares | 0 |
Number of Shares, Options outstanding, Ending balance | shares | 1,081 |
Number of Shares, Options exercisable | shares | 871 |
Weighted Average Exercise Price Per Share, Options outstanding, Beginning balance | $ / shares | $ 18.69 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 27.89 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 0 |
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 | 19.55 |
Weighted Average Exercise Price Per Share, Options exercisable | $ / shares | $ 17.83 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 6 years 4 months 24 days |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 5 years 9 months 18 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 7,936 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 7,715 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Additional Stock Option Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Weighted-average grant date fair value per share | $ 0 | $ 0 | $ 12.07 | $ 12.39 |
Intrinsic value of options exercised | $ 0 | $ 574 | $ 0 | $ 1,604 |
Fair value of NQSOs that vested | $ 0 | $ 0 | $ 0 | $ 199 |
Share-based Compensation - Su_3
Share-based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested units at January 1, 2019 | 182 | |||
Granted (target) | 39 | |||
Achieved performance adjustment | 8 | |||
Vested | (54) | |||
Forfeited | 0 | |||
Non-vested units at June 30, 2019 | 175 | 175 | ||
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2019 | $ 21.89 | |||
Weighted Average Grant Date Fair Value, Granted (target) | 27.89 | $ 28.25 | ||
Weighted Average Grant Date Fair Value, Achieved performance adjustment | 16.98 | |||
Weighted Average Grant Date Fair Value, Vested | 16.98 | |||
Weighted Average Grant Date Fair Value, Forfeited | 0 | |||
Weighted Average Grant Date Fair Value Non-vested units at June 30, 2019 | $ 24.55 | $ 24.55 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of RSU Activity (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2019 | |
Restricted Stock Units (RSUs) [Member] | Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
The target percentage of RSUs earned and vested | 116.50% |
Share-based Compensation - Su_5
Share-based Compensation - Summary of Additional RSU Information (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value per unit | $ 27.89 | $ 28.25 | ||
Fair value of RSUs that vested | $ 0 | $ 0 | $ 916 | $ 0 |
Share-based Compensation - Su_6
Share-based Compensation - Summary of RSA Activity (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-vested units at January 1, 2019 | 71 | |||
Granted | 138 | |||
Vested | (28) | |||
Forfeited | (2) | |||
Non-vested units at June 30, 2019 | 179 | 179 | ||
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2019 | $ 26.95 | |||
Weighted Average Grant Date Fair Value, Granted | $ 24.66 | $ 34.39 | 26.92 | $ 24.70 |
Weighted Average Grant Date Fair Value, Vested | 32.36 | |||
Weighted Average Grant Date Fair Value, Forfeited | 27.22 | |||
Weighted Average Grant Date Fair Value Non-vested units at June 30, 2019 | $ 26.06 | $ 26.06 |
Share-based Compensation - Su_7
Share-based Compensation - Summary of Additional RSA Information (Detail) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value per share | $ 24.66 | $ 34.39 | $ 26.92 | $ 24.70 |
Fair value of RSAs that vested | $ 810 | $ 651 | $ 918 | $ 711 |