Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Regional Management Corp. | |
Trading Symbol | RM | |
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 | 11,179,003 | |
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock | |
Entity Address, State or Province | SC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash | $ 14,668 | $ 2,263 |
Net finance receivables | 1,102,285 | 1,133,404 |
Unearned insurance premiums | (28,183) | (28,591) |
Allowance for credit losses | (142,400) | (62,200) |
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 931,702 | 1,042,613 |
Restricted cash | 54,649 | 54,164 |
Lease assets | 26,729 | 26,438 |
Property and equipment | 15,155 | 15,301 |
Intangible assets | 9,144 | 9,438 |
Deferred tax asset | 20,025 | 619 |
Other assets | 6,818 | 7,704 |
Total assets | 1,078,890 | 1,158,540 |
Liabilities: | ||
Long-term debt | 777,847 | 808,218 |
Unamortized debt issuance costs | (8,581) | (9,607) |
Net long-term debt | 769,266 | 798,611 |
Accounts payable and accrued expenses | 29,459 | 28,676 |
Lease liabilities | 28,803 | 28,470 |
Total liabilities | 827,528 | 855,757 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock ($0.10 par value, 100,000 shares authorized, none issued or outstanding) | ||
Common stock ($0.10 par value, 1,000,000 shares authorized, 13,659 shares issued and 11,175 shares outstanding at March 31, 2020 and 13,497 shares issued and 11,013 shares outstanding at December 31, 2019) | 1,366 | 1,350 |
Additional paid-in capital | 103,488 | 102,678 |
Retained earnings | 196,582 | 248,829 |
Treasury stock (2,484 shares at March 31, 2020 and December 31, 2019) | (50,074) | (50,074) |
Total stockholders' equity | 251,362 | 302,783 |
Total liabilities and stockholders' equity | 1,078,890 | 1,158,540 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Cash | 178 | 152 |
Net finance receivables | 487,492 | 474,340 |
Allowance for credit losses | (57,820) | (22,015) |
Restricted cash | 43,967 | 44,221 |
Other assets | 34 | 68 |
Total assets | 473,851 | 496,766 |
Liabilities: | ||
Net long-term debt | 459,503 | 450,297 |
Accounts payable and accrued expenses | 72 | 86 |
Total liabilities | $ 459,575 | $ 450,383 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 100,000 | 100,000 |
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 | 1,000,000 |
Common stock, shares issued | 13,659 | 13,497 |
Common stock, shares outstanding | 11,175 | 11,013 |
Treasury stock, shares | 2,484 | 2,484 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | ||
Interest and fee income | $ 86,997 | $ 74,322 |
Insurance income, net | 5,949 | 4,113 |
Other income | 3,128 | 3,313 |
Total revenue | 96,074 | 81,748 |
Expenses | ||
Provision for credit losses | 49,522 | 23,343 |
Personnel | 29,511 | 22,393 |
Occupancy | 5,771 | 6,165 |
Marketing | 1,686 | 1,651 |
Other | 9,275 | 7,974 |
Total general and administrative expenses | 46,243 | 38,183 |
Interest expense | 10,159 | 9,721 |
Income (loss) before income taxes | (9,850) | 10,501 |
Income taxes | (3,525) | 2,393 |
Net income (loss) | $ (6,325) | $ 8,108 |
Net income (loss) per common share: | ||
Basic | $ (0.58) | $ 0.69 |
Diluted | $ (0.56) | $ 0.67 |
Weighted-average shares outstanding: | ||
Basic | 10,897 | 11,712 |
Diluted | 11,253 | 12,076 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 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 | $ 16 | (16) | |||
Issuance of restricted stock awards, shares | 161 | ||||
Shares withheld related to net share settlement | (450) | $ (1) | (449) | ||
Shares withheld related to net share settlement, shares | (19) | ||||
Share-based compensation | 997 | 997 | |||
Net income (loss) | 8,108 | 8,108 | |||
Ending Balance at Mar. 31, 2019 | 287,816 | $ 1,347 | 99,310 | 212,205 | (25,046) |
Ending Balance, shares at Mar. 31, 2019 | 13,465 | ||||
Beginning Balance at Dec. 31, 2019 | 302,783 | $ 1,350 | 102,678 | 248,829 | (50,074) |
Beginning Balance, shares at Dec. 31, 2019 | 13,497 | ||||
Cumulative effect of accounting standard adoption | (45,922) | (45,922) | |||
Issuance of restricted stock awards | $ 19 | (19) | |||
Issuance of restricted stock awards, shares | 186 | ||||
Exercise of stock options | $ 2 | $ 2 | |||
Exercise of stock options, shares | 22 | 22 | |||
Shares withheld related to net share settlement | $ (595) | $ (5) | (590) | ||
Shares withheld related to net share settlement, shares | (46) | ||||
Share-based compensation | 1,419 | 1,419 | |||
Net income (loss) | (6,325) | (6,325) | |||
Ending Balance at Mar. 31, 2020 | $ 251,362 | $ 1,366 | $ 103,488 | $ 196,582 | $ (50,074) |
Ending Balance, shares at Mar. 31, 2020 | 13,659 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (6,325) | $ 8,108 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 49,522 | 23,343 |
Depreciation and amortization | 2,871 | 2,633 |
Loss on disposal of property and equipment | 19 | 11 |
Share-based compensation | 1,419 | 997 |
Fair value adjustment on interest rate caps | 29 | 200 |
Deferred income taxes, net | (5,228) | 512 |
Changes in operating assets and liabilities: | ||
Decrease in other assets | 896 | 2,184 |
Increase (decrease) in accounts payable and accrued expenses | 1,353 | (7,292) |
Net cash provided by operating activities | 44,556 | 30,696 |
Cash flows from investing activities: | ||
Net repayments (originations) of finance receivables | 1,289 | (5,250) |
Purchases of intangible assets | (265) | (224) |
Purchases of property and equipment | (1,010) | (1,315) |
Net cash provided by (used in) investing activities | 14 | (6,789) |
Cash flows from financing activities: | ||
Net payments on senior revolving credit facility | (38,684) | (27,713) |
Payments on amortizing loan | (4,765) | |
Net advances on revolving warehouse credit facility | 8,313 | 828 |
Net payments on securitizations | (70) | |
Payments for debt issuance costs | (78) | (280) |
Taxes paid related to net share settlement of equity awards | (1,231) | (800) |
Net cash used in financing activities | (31,680) | (32,800) |
Net change in cash and restricted cash | 12,890 | (8,893) |
Cash and restricted cash at beginning of period | 56,427 | 50,141 |
Cash and restricted cash at end of period | 69,317 | 41,248 |
Supplemental cash flow information: | ||
Interest paid | 9,082 | $ 8,572 |
Income taxes paid |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Cash Flows [Abstract] | ||||
Cash | $ 14,668 | $ 2,263 | $ 2,331 | $ 3,657 |
Restricted cash | 54,649 | 54,164 | 38,917 | 46,484 |
Total cash and restricted cash | $ 69,317 | $ 56,427 | $ 41,248 | $ 50,141 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Note 1. Nature of Business Regional Management Corp. (the “ Company Mid-Atlantic, The Company’s loan volume and contractual delinquency follow seasonal trends. Demand for the Company’s small and large loans is typically highest during the second, third, and fourth quarters, which the Company believes is largely due to customers borrowing money for vacation, back-to-school, and holiday spending. Loan demand has generally been the lowest during the first quarter, which the Company believes is largely due to the timing of income tax refunds. Delinquencies generally reach their lowest point in the first half of the year and rise in the second half of the year. The current expected credit loss (“ CECL COVID-19 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 2. Basis of Presentation and Significant Accounting Policies Basis of presentation: 10-Q SEC GAAP 10-Q 10-K Significant accounting policies: Principles of consolidation: VIE Variable interest entities: SPE The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors in the form of overcollateralization (the principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash held by the SPEs). These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of the SPEs after each debt is paid. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. Use of estimates: Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, the fair value of share-based compensation, the valuation of deferred tax assets and liabilities, contingent liabilities on litigation matters, and the fair value of financial instruments. Reclassifications: Net finance receivables: non-essential pre-screening non-essential Prior to January 1, 2020, net finance receivables included the customer’s unpaid principal balance (“ UPB pre-computed pre-compute Effective January 1, 2020, with the adoption of CECL accounting, the Company reclassified unearned insurance premiums out of net finance receivables to align its consolidated balance sheet presentation with the amortized cost definition in the new accounting standard. See Note 3, “Finance Receivables, Credit Quality Information, and Allowance for Credit Losses” for further information about the Company’s reclassification of unearned insurance premiums. Credit losses: FASB The allowance for credit losses is based on historical credit experience, current conditions, and reasonable and supportable economic forecasts. The historical loss experience is adjusted for quantitative and qualitative factors that are not fully reflected in the historical data. In determining its estimate of expected credit losses, the Company evaluates information related to credit metrics, changes in its lending strategies and underwriting practices, and the current and forecasted direction of the economic and business environment. These metrics include, but are not limited to, loan portfolio mix and growth, unemployment, credit loss trends, delinquency trends, changes in underwriting, and operational risks. The Company selected a static pool Probability of Default (“ PD LGD To enhance the precision of the allowance for credit loss estimate, the Company evaluates its finance receivable portfolio on a pool basis and segments each pool of finance receivables with similar credit risk characteristics. As part of its evaluation, the Company considers portfolio characteristics such as product type, loan size, loan term, internal or external credit scores, delinquency status, geographical location, and vintage. Based on analysis of historical loss experience, the Company selected the following segmentation: product type, Fair Isaac Corporation (“ FICO The Company accounts for certain finance receivables that have been modified by bankruptcy proceedings or company loss mitigation policies using a discounted cash flows approach to properly reserve for customer concessions (rate reductions and term extensions). As finance receivables are originated, provisions for credit losses are recorded in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for estimated losses over the contractual term of the finance receivables. Subsequent changes to the contractual terms that are a result of re-underwriting are not included in the finance receivable’s expected life. The Company uses its segmentation loss experience to forecast expected credit losses. Historical information about losses generally provides a basis for the estimate of expected credit losses. The Company also considers the need to adjust historical information to reflect the extent to which current conditions differ from the conditions that existed for the period over which historical information was evaluated. These adjustments to historical loss information may be qualitative or quantitative in nature. Reasonable and supportable macroeconomic forecasts are required for the Company’s allowance for credit loss model. The Company engaged a major rating service to assist with compiling a reasonable and supportable forecast. The Company reviews macroeconomic forecasts to use in its allowance for credit losses. The Company adjusts the historical loss experience by relevant qualitative fact or The Company charges credit losses against the allowance when the account reaches 180 days contractually delinquent, subject to certain exceptions. The Company’s non-titled 60 days contractually delinquent, subject to certain exceptions. Deceased borrower accounts are charged off in the month following the proper notification of passing, with the exception of borrowers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance. Nonaccrual status: days delinquent. If the account is charged off, the accrued interest income is reversed as a reduction of interest and fee income. Interest received on such loans is accounted for on the cash-basis method, until qualifying for return to accrual. Under the cash-basis, interest income is recorded when the payment is received in cash. Loans resume accruing interest when the past due status is brought below days. The Company made a policy election to not record an allowance for credit losses related to accrued interest because it has nonaccrual and charge-off policies that result in the timely suspension and reversal of accrued interest. Recent accounting pronouncements: As a result of the adoption of the new credit loss standard on January 1, 2020, through a modified-retrospective approach, the Company recorded an increase to the allowance for credit losses of $60.1 million and a one-time, i ncreased from 5.5% The following table illustrates the impact of the CECL accounting adoption by product: December 31, 2019 January 1, 2020 In thousands Pre-CECL Impact of Adoption Post-CECL Small loans $ 30,588 $ 24,185 $ 54,773 Large loans 29,148 33,550 62,698 Automobile loans 820 599 1,419 Retail loans 1,644 1,766 3,410 Allowance for credit losses $ 62,200 $ 60,100 $ 122,300 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 aligned the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use |
Finance Receivables, Credit Qua
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses | Note 3. Finance Receivables, Credit Quality Information, and Allowance for Credit Losses Net finance receivables for the periods indicated consisted of the following: In thousands March 31, December 31, Small loans $ 440,286 $ 467,614 Large loans 632,589 632,067 Automobile loans 7,532 9,640 Retail loans 21,878 24,083 Net finance receivables $ 1,102,285 $ 1,133,404 Net finance receivables included net deferred origination fees of $12.2 million and $13.4 million as of March 31, 2020 and December 31, 2019, respectively. Effective January 1, 2020, with the adoption of CECL accounting, the Company reclassified unearned insurance premiums out of the net finance receivables line item to align its consolidated balance sheet presentation with the amortized cost definition in the new accounting standard. The tables below illustrate the impacts of this reclassification to the Company’s previously reported balance sheet presentation of receivables and other key metrics: Quarterly Trend – As Reported (Pre-CECL In thousands 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Gross finance receivables $ 1,204,495 $ 1,300,043 $ 1,404,172 $ 1,500,962 Unearned finance charges (273,651 ) (305,063 ) (337,086 ) (367,558 ) Unearned insurance premiums (18,594 ) (21,546 ) (24,900 ) (28,591 ) Finance receivables 912,250 973,434 1,042,186 1,104,813 Allowance for credit losses (56,400 ) (57,200 ) (60,900 ) (62,200 ) Net finance receivables $ 855,850 $ 916,234 $ 981,286 $ 1,042,613 Average finance receivables $ 924,948 $ 934,373 $ 1,010,515 $ 1,071,265 As a % of finance receivables: Allowance for credit losses 6.2 % 5.9 % 5.8 % 5.6 % 30+ day contractual delinquency 7.0 % 6.4 % 6.6 % 7.2 % As a % of average finance receivables: Interest and fee yield (annualized) 32.1 % 32.5 % 32.9 % 32.8 % Operating expense ratio (annualized) 16.5 % 16.2 % 15.9 % 15.3 % Net credit loss ratio (annualized) 10.9 % 10.7 % 8.2 % 9.2 % Quarterly Trend –Amortized Cost Basis (Post-CECL Adoption) In thousands 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Net f $ 930,844 $ 994,980 $ 1,067,086 $ 1,133,404 Unearned insurance premiums (18,594 ) (21,546 ) (24,900 ) (28,591 ) Allowance for credit losses (56,400 ) (57,200 ) (60,900 ) (62,200 ) Net finance receivables, less unearned insurance premiums and allowance for credit losses $ 855,850 $ 916,234 $ 981,286 $ 1,042,613 Average net finance receivables $ 944,763 $ 954,940 $ 1,033,939 $ 1,098,410 As a % of net finance receivables: Allowance for credit losses 6.1 % 5.7 % 5.7 % 5.5 % 30+ day contractual delinquency 6.9 % 6.3 % 6.5 % 7.0 % As a % of average net finance receivables: Interest and fee yield (annualized) 31.5 % 31.8 % 32.1 % 32.0 % Operating expense ratio (annualized) 16.2 % 15.8 % 15.5 % 14.9 % Net credit loss ratio (annualized) 10.7 % 10.4 % 8.1 % 9.0 % Quarterly Trend – Reclassification Change In thousands 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Net finance receivables $ 18,594 $ 21,546 $ 24,900 $ 28,591 Average net finance receivables $ 19,815 $ 20,567 $ 23,424 $ 27,145 As a % of net finance receivables: Allowance for credit losses (0.1 )% (0.2 )% (0.1 )% (0.1 )% 30+ day contractual delinquency (0.1 )% (0.1 )% (0.1 )% (0.2 )% As a % of average net finance receivables: Interest and fee yield (annualized) (0.6 )% (0.7 )% (0.8 )% (0.8 )% Operating expense ratio (annualized) (0.3 )% (0.4 )% (0.4 )% (0.4 )% Net credit loss ratio (annualized) (0.2 )% (0.3 )% (0.1 )% (0.2 )% The credit quality of the Company’s finance receivable portfolio is the result of the Company’s ability to enforce sound underwriting standards, maintain diligent servicing of the portfolio, and respond to changing economic conditions as it grows its portfolio. The allowance for credit losses uses FICO scores and delinquency as key data points in estimating the allowance. The Company uses six FICO band categories to assess the FICO scores. The first FICO band category includes the lowest FICO scores, while the sixth FICO band category includes the highest FICO scores. Net finance receivables by product, FICO band, and origination year as of March 31, 2020 are as follows: Net Finance Receivables by Origination Year In thousands 2020 (1) 2019 2018 2017 2016 Prior Total Net Small loans: FICO Band 1 $ 28,858 $ 71,925 $ 5,937 $ 413 $ 17 $ 5 $ 107,155 2 12,978 34,596 3,050 181 9 2 50,816 3 14,015 36,106 3,616 179 5 1 53,922 4 15,166 38,028 3,524 138 4 1 56,861 5 15,840 40,468 4,458 133 5 — 60,904 6 27,399 74,761 8,266 200 2 — 110,628 Total small loans $ 114,256 $ 295,884 $ 28,851 $ 1,244 $ 42 $ 9 $ 440,286 Large loans: FICO Band 1 $ 18,171 $ 55,211 $ 11,444 $ 2,678 $ 298 $ 86 $ 87,888 2 8,265 31,059 5,239 1,317 130 12 46,022 3 17,006 72,020 14,453 3,305 169 13 106,966 4 19,336 82,996 15,553 3,704 158 32 121,779 5 16,612 72,574 15,214 3,732 149 1 108,282 6 25,048 106,575 24,697 5,119 198 15 161,652 Total large loans $ 104,438 $ 420,435 $ 86,600 $ 19,855 $ 1,102 $ 159 $ 632,589 Automobile loans: FICO Band 1 $ — $ — $ — $ 1,535 $ 1,304 $ 604 $ 3,443 2 — — — 661 506 204 1,371 3 — — — 741 466 123 1,330 4 — — — 391 208 94 693 5 — — — 127 201 35 363 6 — — — 183 141 8 332 Total automobile loans $ — $ — $ — $ 3,638 $ 2,826 $ 1,068 $ 7,532 Retail loans: FICO Band 1 $ 523 $ 1,991 $ 756 $ 176 $ 6 $ 3 $ 3,455 2 372 1,581 730 169 3 2 2,857 3 361 1,584 807 186 11 2 2,951 4 561 2,601 1,361 313 6 2 4,844 5 378 2,044 1,112 296 8 1 3,839 6 317 2,094 1,213 295 11 2 3,932 Total retail loans $ 2,512 $ 11,895 $ 5,979 $ 1,435 $ 45 $ 12 $ 21,878 Total loans: FICO Band 1 $ 47,552 $ 129,127 $ 18,137 $ 4,802 $ 1,625 $ 698 $ 201,941 2 21,615 67,236 9,019 2,328 648 220 101,066 3 31,382 109,710 18,876 4,411 651 139 165,169 4 35,063 123,625 20,438 4,546 376 129 184,177 5 32,830 115,086 20,784 4,288 363 37 173,388 6 52,764 183,430 34,176 5,797 352 25 276,544 Total loans $ 221,206 $ 728,214 $ 121,430 $ 26,172 $ 4,015 $ 1,248 $ 1,102,285 (1) Includes loans originated during the three month ended March 31, 2020. The contractual delinquency of the net finance receivables portfolio by product and aging for the periods indicated are as follows: March 31, 2020 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 359,738 81.7 % $ 548,477 86.7 % $ 5,693 75.6 % $ 17,124 78.2 % $ 931,032 84.4 % 1 to 29 days past due 42,886 9.7 % 51,911 8.2 % 1,331 17.7 % 2,768 12.7 % 98,896 9.0 % Delinquent accounts 30 to 59 days 10,011 2.3 % 10,142 1.7 % 243 3.1 % 511 2.3 % 20,907 1.9 % 60 to 89 days 8,203 1.9 % 7,833 1.2 % 102 1.4 % 318 1.5 % 16,456 1.5 % 90 to 119 days 6,430 1.5 % 5,008 0.7 % 61 0.8 % 390 1.8 % 11,889 1.1 % 120 to 149 days 6,657 1.5 % 4,950 0.8 % 58 0.8 % 394 1.8 % 12,059 1.1 % 150 to 179 days 6,361 1.4 % 4,268 0.7 % 44 0.6 % 373 1.7 % 11,046 1.0 % Total delinquency $ 37,662 8.6 % $ 32,201 5.1 % $ 508 6.7 % $ 1,986 9.1 % $ 72,357 6.6 % Total net $ 440,286 100.0 % $ 632,589 100.0 % $ 7,532 100.0 % $ 21,878 100.0 % $ 1,102,285 100.0 % Ne t f $ 21,941 5.0 % $ 16,608 2.6 % $ 275 3.7 % $ 1,276 5.8 % $ 40,100 3.6 % December 31, 2019 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 377,776 80.7 % $ 546,414 86.4 % $ 6,921 71.8 % $ 18,093 75.1 % $ 949,204 83.8 % 1 to 29 days past due 47,463 10.2 % 51,732 8.2 % 1,964 20.4 % 3,531 14.7 % 104,690 9.2 % Delinquent accounts 30 to 59 days 12,702 2.8 % 11,480 1.8 % 241 2.5 % 853 3.6 % 25,276 2.2 % 60 to 89 days 9,916 2.1 % 8,192 1.3 % 110 1.1 % 563 2.3 % 18,781 1.7 % 90 to 119 days 7,518 1.6 % 5,894 1.0 % 129 1.4 % 375 1.5 % 13,916 1.2 % 120 to 149 days 6,584 1.4 % 4,588 0.7 % 127 1.3 % 357 1.5 % 11,656 1.0 % 150 to 179 days 5,655 1.2 % 3,767 0.6 % 148 1.5 % 311 1.3 % 9,881 0.9 % Total delinquency $ 42,375 9.1 % $ 33,921 5.4 % $ 755 7.8 % $ 2,459 10.2 % $ 79,510 7.0 % Total net $ 467,614 100.0 % $ 632,067 100.0 % $ 9,640 100.0 % $ 24,083 100.0 % $ 1,133,404 100.0 % Net f $ 22,773 4.9 % $ 17,924 2.8 % $ 591 6.1 % $ 1,186 4.9 % $ 42,474 3.7 % The following table illustrates the impacts to the allowance for credit losses for the periods indicated: December 31, 2019 January 1, 2020 Three Months Ended March 31, 2020 In thousands Pre-CECL Impact of Adoption Post-CECL Reserve Build Ending Small loans $ 30,588 $ 24,185 $ 54,773 $ 7,681 $ 62,454 Large loans 29,148 33,550 62,698 12,315 75,013 Automobile loans 820 599 1,419 (172 ) 1,247 Retail loans 1,644 1,766 3,410 276 3,686 Allowance for credit losses $ 62,200 $ 60,100 $ 122,300 $ 20,100 $ 142,400 Allowance for credit losses as a percentage of net finance receivables 5.5 % 5.3 % 10.8 % 12.9 % In March 2020, the spread of COVID-19 CARES The allowance for credit losses was $62.2 million, or 5.5% of net finance receivables, as of December 31, 2019. The Company adopted CECL accounting on January 1, 2020, and increased the allowance for credit losses to $122.3 million, or 10.8% of net finance receivables. During the first quarter of 2020, the Company increased the allowance for credit losses by $20.1 million of net finance receivables, which included a $23.9 million allowance for credit losses related to the economic impact of COVID-19. The ending balance of the allowance for credit losses as a percentage of net finance receivables was 12.9% as of March 31, 2020. The Company ran several macroeconomic stress scenarios, and its final forecast included both a 34% peak-to-trough 20% in the second quarter of 2020, with a decline to 7% by mid-2021. The following is a reconciliation of the allowance for credit losses by product for the periods indicated: In thousands Small Large Automobile Retail Total Beginning balance at $ 30,588 $ 29,148 $ 820 $ 1,644 $ 62,200 Impact of CECL adoption 24,185 33,550 599 1,766 60,100 Provision for credit losses 24,550 23,755 98 1,119 49,522 Credit losses (17,527 ) (11,961 ) (311 ) (881 ) (30,680 ) Recoveries 658 521 41 38 1,258 Ending balance at 62,454 75,013 1,247 3,686 142,400 Net f at 440,286 632,589 7,532 21,878 1,102,285 Allowance as percentage of net 14.2 % 11.9 % 16.6 % 16.8 % 12.9 % In thousands Small Large Automobile Retail Total Beginning balance at $ 30,759 $ 23,702 $ 1,893 $ 1,946 $ 58,300 Provision for credit losses 13,954 8,452 109 828 23,343 Credit losses (15,488 ) (9,337 ) (652 ) (900 ) (26,377 ) Recoveries 568 400 120 46 1,134 Ending balance at 29,793 23,217 1,470 1,920 56,400 Net f at 425,849 455,119 20,556 29,320 930,844 Allowance as percentage of net 7.0 % 5.1 % 7.2 % 6.5 % 6.1 % |
Interest Rate Caps
Interest Rate Caps | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Caps | Note 4. Interest Rate Caps The Company has interest rate cap contracts with an aggregate notional principal amount of $450.0 million. Each contract contains a strike rate against the one-month one-month one-month Three Months March 31, In thousands 2020 2019 Balance at beginning of period $ — $ 249 Purchases 114 — Fair value adjustment included as an increase in interest expense (29 ) (200 ) Balance at end of period, included in other assets $ 85 $ 49 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 December 31, 2019 In thousands Long-Term Unamortized Net Long-Term Long-Term Unamortized Net Long-Term Senior revolving credit facility $ 312,134 $ (2,371 ) $ 309,763 $ 350,818 $ (2,504 ) $ 348,314 Revolving warehouse credit facility 54,946 (1,730 ) 53,216 46,633 (1,875 ) 44,758 RMIT 2018-1 150,246 (1,234 ) 149,012 150,246 (1,558 ) 148,688 RMIT 2018-2 130,349 (1,456 ) 128,893 130,349 (1,687 ) 128,662 RMIT 2019-1 130,172 (1,790 ) 128,382 130,172 (1,983 ) 128,189 Total $ 777,847 $ (8,581 ) $ 769,266 $ 808,218 $ (9,607 ) $ 798,611 Unused amount of revolving credit facilities (subject to borrowing base) $ 399,518 $ 369,271 Senior Revolving Credit Facility: ( and held $14.7 million in unrestricted cash one-month one-month Variable Interest Entity Debt: These long-term debts are supported by the expected cash flows from the underlying collateralized finance receivables. Collections on these finance receivables are remitted to restricted cash collection accounts, which totaled $38.5 million and $39.4 million as of March 31, 2020 and December 31, 2019, 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. Revolving Warehouse Credit Facility: RMR II ( RMIT 2018-1 RMR III 2018-1 RMIT 2018-1 2018-1. 2018-1. 2018-1 2018-1 RMIT 2018-2 2018-2 RMIT 2018-2 2018-2. 2018-2. 2018-2 2018-2 RMIT 2019-1 2019-1 RMIT 2019-1 2019-1. 2019-1. 2019-1 2019-1 The carrying amounts of consolidated VIE assets and liabilities are as follows: In thousands March 31, 2020 December 31, 2019 Assets Cash $ 178 $ 152 Net f 487,492 474,340 Allowance for credit losses (57,820 ) (22,015 ) Restricted cash 43,967 44,221 Other assets 34 68 Total assets $ 473,851 $ 496,766 Liabilities Net long-term debt $ 459,503 $ 450,297 Accounts payable and accrued expenses 72 86 Total liabilities $ 459,575 $ 450,383 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 March 31, 2020, the Company was in compliance with all debt covenants. |
Disclosure About Fair Value of
Disclosure About Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Disclosure About Fair Value of Financial Instruments | Note 6. Disclosure About Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and restricted cash: Net finance receivables: 1.2 times per year) and the fact that receivables are originated at prevailing market rates, the Company believed the carrying amount of net finance receivables, less unearned insurance premiums and allowance for credit losses, approximated the fair value of its finance receivable portfolio as of December 31, 2019. Due to the adoption of CECL in January 2020 and the addition of lifetime losses to the allowance for credit losses, the carrying amount of its finance receivable portfolio no longer approximates fair value. The Company determines the fair value of net finance receivables using a discounted cash flows methodology. The application of these methodologies requires the Company to make certain estimates and judgments. These estimates and judgments include, but are not limited to, prepayment rates, default rates, loss severity, and risk-adjusted discount rates. Interest rate caps: Long-term debt: Effective March 2020, the Company estimates the fair value of long-term debt using estimated credit marks based on an index of similar financial instruments (credit facilities) and projected cash flows from the underlying collateralized finance receivables (securitizations), each discounted using a risk-adjusted discount rate . The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: March 31, 2020 December 31, 2019 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 14,668 $ 14,668 $ 2,263 $ 2,263 Restricted cash 54,649 54,649 54,164 54,164 Level 2 inputs Interest rate caps 85 85 — — Level 3 inputs Net finance receivables, less unearned insurance premiums and allowance for credit losses 931,702 1,010,426 1,042,613 1,042,613 Liabilities Level 3 inputs Long-term debt 777,847 774,189 808,218 808,218 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 | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The Company records the provision for income taxes based on an annual effective tax rate. Due to uncertainty surrounding the impacts of COVID-19, 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. The Three Months Ended March 31, In thousands 2020 2019 Provision for corporate taxes $ (3,577 ) $ 2,493 Tax (benefits) deficiencies from share-based awards 52 (100 ) Total income taxes $ (3,525 ) $ 2,393 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8. Earnings Per Share The following schedule reconciles the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended In thousands, except per share amounts 2020 2019 Numerator: Net income (loss) $ (6,325 ) $ 8,108 Denominator: Weighted-average shares outstanding for basic earnings per share 10,897 11,712 Effect of dilutive securities 356 364 Weighted-average shares adjusted for dilutive securities 11,253 12,076 Earnings per share: Basic $ (0.58 ) $ 0.69 Diluted $ (0.56 ) $ 0.67 Options to purchase 247 thousand and 248 thousand shares of common stock were outstanding during the three months ended March 31, 2020 and 2019, |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 9. Share-Based Compensation The Company previously adopted the 2007 Management Incentive Plan (the “ 2007 Plan 2011 Plan 2015 Plan re-approved For the three months ended March 31, 2020 and 2019, the Company recorded share-based compensation expense of $1.4 million and $1.0 million, respectively. As of March 31, 2020, unrecognized share-based compensation expense to be recognized over future periods approximated $6.7 million. This amount will be recognized as expense over a weighted-average period of 2.3 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: non-qualified 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 one-year two-year Inducement and retention program: Non-employee non-employee The following are the terms and amounts of the awards issued under the Company’s share-based incentive programs: Non-qualified 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: Three Months March 31, 2020 2019 Expected volatility 44.88 % 41.14 % Expected dividends 0.00 % 0.00 % Expected term (in years) 6.0 6.0 Risk-free rate 0.71 % 2.55 % 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 three months ended March 31, 2020: In thousands, except per share amounts Number Weighted-Average Exercise Weighted-Average Aggregate Options outstanding at January 1, 2020 1,067 $ 19.61 Granted 124 17.71 Exercised (22 ) 17.72 Forfeited (33 ) 27.98 Expired — — Options outstanding at March 31, 2020 1,136 $ 19.20 6.0 $ — Options exercisable at March 31, 2020 963 $ 18.98 5.3 $ — The following table provides additional stock option information for the periods indicated: Three Months Ended March 31, In thousands, except per share amounts 2020 2019 Weighted-average grant date fair value per share $ 7.58 $ 12.07 Intrinsic value of options exercised $ 219 $ — Fair value of stock options that vested $ 353 $ — Performance-contingent restricted stock units: The following table summarizes RSU activity during the three months ended March 31, 2020: In thousands, except per unit amounts Units Weighted-Average Fair Non-vested 156 $ 24.57 Granted (target) — — Achieved performance adjustment (1) (2 ) 19.99 Vested (66 ) 19.99 Forfeited (27 ) 28.03 Non-vested 61 $ 28.13 (1) The 2017 LTIP RSUs were earned and vested at 96.6% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on April 22, 2020. The following table provides additional RSU information for the periods indicated: Three Months Ended In thousands, except per unit amounts 2020 2019 Weighted-average grant date fair value per unit $ — $ 27.89 Fair value of RSUs that vested $ 1,314 $ 916 Restricted stock awards: The following table summarizes RSA activity during the three months ended March 31, 2020: In thousands, except per share amounts Shares Weighted-Average Fair Non-vested 126 $ 26.78 Granted 131 21.27 Vested (11 ) 26.43 Forfeited (11 ) 27.89 Non-vested 235 $ 23.66 The following table provides additional RSA information for the periods indicated: Three Months Ended In thousands, except per share amounts 2020 2019 Weighted-average grant date fair value per share $ 21.27 $ 27.58 Fair value of RSAs that vested $ 301 $ 108 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies In 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) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: 10-Q SEC GAAP 10-Q 10-K |
Significant accounting policies | Significant accounting policies: |
Principles of consolidation | Principles of consolidation: VIE |
Variable interest entities | Variable interest entities: SPE The SPEs’ debt arrangements are structured to provide enhancements to the lenders and investors in the form of overcollateralization (the principal balance of the collateral exceeds the balance of the debt) and reserve funds (restricted cash held by the SPEs). These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPEs above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPEs are considered VIEs under GAAP and are consolidated into the financial statements of their primary beneficiary. The Company is considered to be the primary beneficiary of the SPEs because it has (i) power over the significant activities through its role as servicer of the finance receivables under each debt arrangement and (ii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of the SPEs after each debt is paid. Consolidation of VIEs results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. Each debt is secured solely by the assets of the VIEs and not by any other assets of the Company. The assets of the VIEs are the only source of funds for repayment on each debt, and restricted cash held by the VIEs can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIEs and interest expense on the related secured debt. |
Use of estimates | Use of estimates: Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, the fair value of share-based compensation, the valuation of deferred tax assets and liabilities, contingent liabilities on litigation matters, and the fair value of financial instruments. Reclassifications: |
Reclassifications | Reclassifications: |
Net finance receivables | Net finance receivables: non-essential pre-screening non-essential Prior to January 1, 2020, net finance receivables included the customer’s unpaid principal balance (“ UPB pre-computed pre-compute Effective January 1, 2020, with the adoption of CECL accounting, the Company reclassified unearned insurance premiums out of net finance receivables to align its consolidated balance sheet presentation with the amortized cost definition in the new accounting standard. See Note 3, “Finance Receivables, Credit Quality Information, and Allowance for Credit Losses” for further information about the Company’s reclassification of unearned insurance premiums. |
Credit losses | Credit losses: FASB The allowance for credit losses is based on historical credit experience, current conditions, and reasonable and supportable economic forecasts. The historical loss experience is adjusted for quantitative and qualitative factors that are not fully reflected in the historical data. In determining its estimate of expected credit losses, the Company evaluates information related to credit metrics, changes in its lending strategies and underwriting practices, and the current and forecasted direction of the economic and business environment. These metrics include, but are not limited to, loan portfolio mix and growth, unemployment, credit loss trends, delinquency trends, changes in underwriting, and operational risks. The Company selected a static pool Probability of Default (“ PD LGD To enhance the precision of the allowance for credit loss estimate, the Company evaluates its finance receivable portfolio on a pool basis and segments each pool of finance receivables with similar credit risk characteristics. As part of its evaluation, the Company considers portfolio characteristics such as product type, loan size, loan term, internal or external credit scores, delinquency status, geographical location, and vintage. Based on analysis of historical loss experience, the Company selected the following segmentation: product type, Fair Isaac Corporation (“ FICO The Company accounts for certain finance receivables that have been modified by bankruptcy proceedings or company loss mitigation policies using a discounted cash flows approach to properly reserve for customer concessions (rate reductions and term extensions). As finance receivables are originated, provisions for credit losses are recorded in amounts sufficient to maintain an allowance for credit losses at an adequate level to provide for estimated losses over the contractual term of the finance receivables. Subsequent changes to the contractual terms that are a result of re-underwriting are not included in the finance receivable’s expected life. The Company uses its segmentation loss experience to forecast expected credit losses. Historical information about losses generally provides a basis for the estimate of expected credit losses. The Company also considers the need to adjust historical information to reflect the extent to which current conditions differ from the conditions that existed for the period over which historical information was evaluated. These adjustments to historical loss information may be qualitative or quantitative in nature. Reasonable and supportable macroeconomic forecasts are required for the Company’s allowance for credit loss model. The Company engaged a major rating service to assist with compiling a reasonable and supportable forecast. The Company reviews macroeconomic forecasts to use in its allowance for credit losses. The Company adjusts the historical loss experience by relevant qualitative fact or The Company charges credit losses against the allowance when the account reaches 180 days contractually delinquent, subject to certain exceptions. The Company’s non-titled 60 days contractually delinquent, subject to certain exceptions. Deceased borrower accounts are charged off in the month following the proper notification of passing, with the exception of borrowers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance. |
Nonaccrual status | Nonaccrual status: charge-off |
Delinquency | Delinquency: |
Recent accounting pronouncements | Recent accounting pronouncements: As a result of the adoption of the new credit loss standard on January 1, 2020, through a modified-retrospective approach, the Company recorded an increase to the allowance for credit losses of $60.1 million and a one-time, i ncreased from 5.5% The following table illustrates the impact of the CECL accounting adoption by product: December 31, 2019 January 1, 2020 In thousands Pre-CECL Impact of Adoption Post-CECL Small loans $ 30,588 $ 24,185 $ 54,773 Large loans 29,148 33,550 62,698 Automobile loans 820 599 1,419 Retail loans 1,644 1,766 3,410 Allowance for credit losses $ 62,200 $ 60,100 $ 122,300 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 aligned the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Impact of the CECL Accounting Adoption | The following table illustrates the impact of the CECL accounting adoption by product: December 31, 2019 January 1, 2020 In thousands Pre-CECL Impact of Adoption Post-CECL Small loans $ 30,588 $ 24,185 $ 54,773 Large loans 29,148 33,550 62,698 Automobile loans 820 599 1,419 Retail loans 1,644 1,766 3,410 Allowance for credit losses $ 62,200 $ 60,100 $ 122,300 |
Finance Receivables, Credit Q_2
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Summary of Net Finance Receivables | Net finance receivables for the periods indicated consisted of the following: In thousands March 31, December 31, Small loans $ 440,286 $ 467,614 Large loans 632,589 632,067 Automobile loans 7,532 9,640 Retail loans 21,878 24,083 Net finance receivables $ 1,102,285 $ 1,133,404 |
Summary of Unearned Insurance Premiums Reclassification | The tables below illustrate the impacts of this reclassification to the Company’s previously reported balance sheet presentation of receivables and other key metrics: Quarterly Trend – As Reported (Pre-CECL In thousands 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Gross finance receivables $ 1,204,495 $ 1,300,043 $ 1,404,172 $ 1,500,962 Unearned finance charges (273,651 ) (305,063 ) (337,086 ) (367,558 ) Unearned insurance premiums (18,594 ) (21,546 ) (24,900 ) (28,591 ) Finance receivables 912,250 973,434 1,042,186 1,104,813 Allowance for credit losses (56,400 ) (57,200 ) (60,900 ) (62,200 ) Net finance receivables $ 855,850 $ 916,234 $ 981,286 $ 1,042,613 Average finance receivables $ 924,948 $ 934,373 $ 1,010,515 $ 1,071,265 As a % of finance receivables: Allowance for credit losses 6.2 % 5.9 % 5.8 % 5.6 % 30+ day contractual delinquency 7.0 % 6.4 % 6.6 % 7.2 % As a % of average finance receivables: Interest and fee yield (annualized) 32.1 % 32.5 % 32.9 % 32.8 % Operating expense ratio (annualized) 16.5 % 16.2 % 15.9 % 15.3 % Net credit loss ratio (annualized) 10.9 % 10.7 % 8.2 % 9.2 % Quarterly Trend –Amortized Cost Basis (Post-CECL Adoption) In thousands 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Net f $ 930,844 $ 994,980 $ 1,067,086 $ 1,133,404 Unearned insurance premiums (18,594 ) (21,546 ) (24,900 ) (28,591 ) Allowance for credit losses (56,400 ) (57,200 ) (60,900 ) (62,200 ) Net finance receivables, less unearned insurance premiums and allowance for credit losses $ 855,850 $ 916,234 $ 981,286 $ 1,042,613 Average net finance receivables $ 944,763 $ 954,940 $ 1,033,939 $ 1,098,410 As a % of net finance receivables: Allowance for credit losses 6.1 % 5.7 % 5.7 % 5.5 % 30+ day contractual delinquency 6.9 % 6.3 % 6.5 % 7.0 % As a % of average net finance receivables: Interest and fee yield (annualized) 31.5 % 31.8 % 32.1 % 32.0 % Operating expense ratio (annualized) 16.2 % 15.8 % 15.5 % 14.9 % Net credit loss ratio (annualized) 10.7 % 10.4 % 8.1 % 9.0 % Quarterly Trend – Reclassification Change In thousands 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Net finance receivables $ 18,594 $ 21,546 $ 24,900 $ 28,591 Average net finance receivables $ 19,815 $ 20,567 $ 23,424 $ 27,145 As a % of net finance receivables: Allowance for credit losses (0.1 )% (0.2 )% (0.1 )% (0.1 )% 30+ day contractual delinquency (0.1 )% (0.1 )% (0.1 )% (0.2 )% As a % of average net finance receivables: Interest and fee yield (annualized) (0.6 )% (0.7 )% (0.8 )% (0.8 )% Operating expense ratio (annualized) (0.3 )% (0.4 )% (0.4 )% (0.4 )% Net credit loss ratio (annualized) (0.2 )% (0.3 )% (0.1 )% (0.2 )% |
Summary of Financing Receivable Credit Quality Indicators | Net Finance Receivables by Origination Year In thousands 2020 (1) 2019 2018 2017 2016 Prior Total Net Small loans: FICO Band 1 $ 28,858 $ 71,925 $ 5,937 $ 413 $ 17 $ 5 $ 107,155 2 12,978 34,596 3,050 181 9 2 50,816 3 14,015 36,106 3,616 179 5 1 53,922 4 15,166 38,028 3,524 138 4 1 56,861 5 15,840 40,468 4,458 133 5 — 60,904 6 27,399 74,761 8,266 200 2 — 110,628 Total small loans $ 114,256 $ 295,884 $ 28,851 $ 1,244 $ 42 $ 9 $ 440,286 Large loans: FICO Band 1 $ 18,171 $ 55,211 $ 11,444 $ 2,678 $ 298 $ 86 $ 87,888 2 8,265 31,059 5,239 1,317 130 12 46,022 3 17,006 72,020 14,453 3,305 169 13 106,966 4 19,336 82,996 15,553 3,704 158 32 121,779 5 16,612 72,574 15,214 3,732 149 1 108,282 6 25,048 106,575 24,697 5,119 198 15 161,652 Total large loans $ 104,438 $ 420,435 $ 86,600 $ 19,855 $ 1,102 $ 159 $ 632,589 Automobile loans: FICO Band 1 $ — $ — $ — $ 1,535 $ 1,304 $ 604 $ 3,443 2 — — — 661 506 204 1,371 3 — — — 741 466 123 1,330 4 — — — 391 208 94 693 5 — — — 127 201 35 363 6 — — — 183 141 8 332 Total automobile loans $ — $ — $ — $ 3,638 $ 2,826 $ 1,068 $ 7,532 Retail loans: FICO Band 1 $ 523 $ 1,991 $ 756 $ 176 $ 6 $ 3 $ 3,455 2 372 1,581 730 169 3 2 2,857 3 361 1,584 807 186 11 2 2,951 4 561 2,601 1,361 313 6 2 4,844 5 378 2,044 1,112 296 8 1 3,839 6 317 2,094 1,213 295 11 2 3,932 Total retail loans $ 2,512 $ 11,895 $ 5,979 $ 1,435 $ 45 $ 12 $ 21,878 Total loans: FICO Band 1 $ 47,552 $ 129,127 $ 18,137 $ 4,802 $ 1,625 $ 698 $ 201,941 2 21,615 67,236 9,019 2,328 648 220 101,066 3 31,382 109,710 18,876 4,411 651 139 165,169 4 35,063 123,625 20,438 4,546 376 129 184,177 5 32,830 115,086 20,784 4,288 363 37 173,388 6 52,764 183,430 34,176 5,797 352 25 276,544 Total loans $ 221,206 $ 728,214 $ 121,430 $ 26,172 $ 4,015 $ 1,248 $ 1,102,285 (1) Includes loans originated during the three month ended March 31, 2020. |
Amortized Cost Basis in Past-Due Loans | The contractual delinquency of the net finance receivables portfolio by product and aging for the periods indicated are as follows: March 31, 2020 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 359,738 81.7 % $ 548,477 86.7 % $ 5,693 75.6 % $ 17,124 78.2 % $ 931,032 84.4 % 1 to 29 days past due 42,886 9.7 % 51,911 8.2 % 1,331 17.7 % 2,768 12.7 % 98,896 9.0 % Delinquent accounts 30 to 59 days 10,011 2.3 % 10,142 1.7 % 243 3.1 % 511 2.3 % 20,907 1.9 % 60 to 89 days 8,203 1.9 % 7,833 1.2 % 102 1.4 % 318 1.5 % 16,456 1.5 % 90 to 119 days 6,430 1.5 % 5,008 0.7 % 61 0.8 % 390 1.8 % 11,889 1.1 % 120 to 149 days 6,657 1.5 % 4,950 0.8 % 58 0.8 % 394 1.8 % 12,059 1.1 % 150 to 179 days 6,361 1.4 % 4,268 0.7 % 44 0.6 % 373 1.7 % 11,046 1.0 % Total delinquency $ 37,662 8.6 % $ 32,201 5.1 % $ 508 6.7 % $ 1,986 9.1 % $ 72,357 6.6 % Total net $ 440,286 100.0 % $ 632,589 100.0 % $ 7,532 100.0 % $ 21,878 100.0 % $ 1,102,285 100.0 % Ne t f $ 21,941 5.0 % $ 16,608 2.6 % $ 275 3.7 % $ 1,276 5.8 % $ 40,100 3.6 % December 31, 2019 Small Large Automobile Retail Total In thousands $ % $ % $ % $ % $ % Current $ 377,776 80.7 % $ 546,414 86.4 % $ 6,921 71.8 % $ 18,093 75.1 % $ 949,204 83.8 % 1 to 29 days past due 47,463 10.2 % 51,732 8.2 % 1,964 20.4 % 3,531 14.7 % 104,690 9.2 % Delinquent accounts 30 to 59 days 12,702 2.8 % 11,480 1.8 % 241 2.5 % 853 3.6 % 25,276 2.2 % 60 to 89 days 9,916 2.1 % 8,192 1.3 % 110 1.1 % 563 2.3 % 18,781 1.7 % 90 to 119 days 7,518 1.6 % 5,894 1.0 % 129 1.4 % 375 1.5 % 13,916 1.2 % 120 to 149 days 6,584 1.4 % 4,588 0.7 % 127 1.3 % 357 1.5 % 11,656 1.0 % 150 to 179 days 5,655 1.2 % 3,767 0.6 % 148 1.5 % 311 1.3 % 9,881 0.9 % Total delinquency $ 42,375 9.1 % $ 33,921 5.4 % $ 755 7.8 % $ 2,459 10.2 % $ 79,510 7.0 % Total net $ 467,614 100.0 % $ 632,067 100.0 % $ 9,640 100.0 % $ 24,083 100.0 % $ 1,133,404 100.0 % Net f $ 22,773 4.9 % $ 17,924 2.8 % $ 591 6.1 % $ 1,186 4.9 % $ 42,474 3.7 % |
Summary Of Impact Of Allowance For Credit Losses During The period | The following table illustrates the impacts to the allowance for credit losses for the periods indicated: December 31, 2019 January 1, 2020 Three Months Ended March 31, 2020 In thousands Pre-CECL Impact of Adoption Post-CECL Reserve Build Ending Small loans $ 30,588 $ 24,185 $ 54,773 $ 7,681 $ 62,454 Large loans 29,148 33,550 62,698 12,315 75,013 Automobile loans 820 599 1,419 (172 ) 1,247 Retail loans 1,644 1,766 3,410 276 3,686 Allowance for credit losses $ 62,200 $ 60,100 $ 122,300 $ 20,100 $ 142,400 Allowance for credit losses as a percentage of net finance receivables 5.5 % 5.3 % 10.8 % 12.9 % |
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 Small Large Automobile Retail Total Beginning balance at $ 30,588 $ 29,148 $ 820 $ 1,644 $ 62,200 Impact of CECL adoption 24,185 33,550 599 1,766 60,100 Provision for credit losses 24,550 23,755 98 1,119 49,522 Credit losses (17,527 ) (11,961 ) (311 ) (881 ) (30,680 ) Recoveries 658 521 41 38 1,258 Ending balance at 62,454 75,013 1,247 3,686 142,400 Net f at 440,286 632,589 7,532 21,878 1,102,285 Allowance as percentage of net 14.2 % 11.9 % 16.6 % 16.8 % 12.9 % In thousands Small Large Automobile Retail Total Beginning balance at $ 30,759 $ 23,702 $ 1,893 $ 1,946 $ 58,300 Provision for credit losses 13,954 8,452 109 828 23,343 Credit losses (15,488 ) (9,337 ) (652 ) (900 ) (26,377 ) Recoveries 568 400 120 46 1,134 Ending balance at 29,793 23,217 1,470 1,920 56,400 Net f at 425,849 455,119 20,556 29,320 930,844 Allowance as percentage of net 7.0 % 5.1 % 7.2 % 6.5 % 6.1 % |
Interest Rate Caps (Tables)
Interest Rate Caps (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Changes in Rate Caps | The following is a summary of changes in the rate caps: Three Months March 31, In thousands 2020 2019 Balance at beginning of period $ — $ 249 Purchases 114 — Fair value adjustment included as an increase in interest expense (29 ) (200 ) Balance at end of period, included in other assets $ 85 $ 49 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 December 31, 2019 In thousands Long-Term Unamortized Net Long-Term Long-Term Unamortized Net Long-Term Senior revolving credit facility $ 312,134 $ (2,371 ) $ 309,763 $ 350,818 $ (2,504 ) $ 348,314 Revolving warehouse credit facility 54,946 (1,730 ) 53,216 46,633 (1,875 ) 44,758 RMIT 2018-1 150,246 (1,234 ) 149,012 150,246 (1,558 ) 148,688 RMIT 2018-2 130,349 (1,456 ) 128,893 130,349 (1,687 ) 128,662 RMIT 2019-1 130,172 (1,790 ) 128,382 130,172 (1,983 ) 128,189 Total $ 777,847 $ (8,581 ) $ 769,266 $ 808,218 $ (9,607 ) $ 798,611 Unused amount of revolving credit facilities (subject to borrowing base) $ 399,518 $ 369,271 |
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 March 31, 2020 December 31, 2019 Assets Cash $ 178 $ 152 Net f 487,492 474,340 Allowance for credit losses (57,820 ) (22,015 ) Restricted cash 43,967 44,221 Other assets 34 68 Total assets $ 473,851 $ 496,766 Liabilities Net long-term debt $ 459,503 $ 450,297 Accounts payable and accrued expenses 72 86 Total liabilities $ 459,575 $ 450,383 |
Disclosure About Fair Value o_2
Disclosure About Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 December 31, 2019 In thousands Carrying Estimated Carrying Estimated Assets Level 1 inputs Cash $ 14,668 $ 14,668 $ 2,263 $ 2,263 Restricted cash 54,649 54,649 54,164 54,164 Level 2 inputs Interest rate caps 85 85 — — Level 3 inputs Net finance receivables, less unearned insurance premiums and allowance for credit losses 931,702 1,010,426 1,042,613 1,042,613 Liabilities Level 3 inputs Long-term debt 777,847 774,189 808,218 808,218 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Benefits and Deficiencies from Share-Based Awards | Three Months Ended March 31, In thousands 2020 2019 Provision for corporate taxes $ (3,577 ) $ 2,493 Tax (benefits) deficiencies from share-based awards 52 (100 ) Total income taxes $ (3,525 ) $ 2,393 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 In thousands, except per share amounts 2020 2019 Numerator: Net income (loss) $ (6,325 ) $ 8,108 Denominator: Weighted-average shares outstanding for basic earnings per share 10,897 11,712 Effect of dilutive securities 356 364 Weighted-average shares adjusted for dilutive securities 11,253 12,076 Earnings per share: Basic $ (0.58 ) $ 0.69 Diluted $ (0.56 ) $ 0.67 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: Three Months March 31, 2020 2019 Expected volatility 44.88 % 41.14 % Expected dividends 0.00 % 0.00 % Expected term (in years) 6.0 6.0 Risk-free rate 0.71 % 2.55 % |
Summary of Company's Stock Option Plan Activity | The following table summarizes the stock option activity for the three months ended March 31, 2020: In thousands, except per share amounts Number Weighted-Average Exercise Weighted-Average Aggregate Options outstanding at January 1, 2020 1,067 $ 19.61 Granted 124 17.71 Exercised (22 ) 17.72 Forfeited (33 ) 27.98 Expired — — Options outstanding at March 31, 2020 1,136 $ 19.20 6.0 $ — Options exercisable at March 31, 2020 963 $ 18.98 5.3 $ — |
Summary of Additional Stock Option Information | The following table provides additional stock option information for the periods indicated: Three Months Ended March 31, In thousands, except per share amounts 2020 2019 Weighted-average grant date fair value per share $ 7.58 $ 12.07 Intrinsic value of options exercised $ 219 $ — Fair value of stock options that vested $ 353 $ — |
Summary of RSU Activity | The following table summarizes RSU activity during the three months ended March 31, 2020: In thousands, except per unit amounts Units Weighted-Average Fair Non-vested 156 $ 24.57 Granted (target) — — Achieved performance adjustment (1) (2 ) 19.99 Vested (66 ) 19.99 Forfeited (27 ) 28.03 Non-vested 61 $ 28.13 (1) The 2017 LTIP RSUs were earned and vested at 96.6% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on April 22, 2020. |
Summary of Additional RSU Information | The following table provides additional RSU information for the periods indicated: Three Months Ended In thousands, except per unit amounts 2020 2019 Weighted-average grant date fair value per unit $ — $ 27.89 Fair value of RSUs that vested $ 1,314 $ 916 |
Summary of RSA Activity | The following table summarizes RSA activity during the three months ended March 31, 2020: In thousands, except per share amounts Shares Weighted-Average Fair Non-vested 126 $ 26.78 Granted 131 21.27 Vested (11 ) 26.43 Forfeited (11 ) 27.89 Non-vested 235 $ 23.66 |
Summary of Additional RSA Information | The following table provides additional RSA information for the periods indicated: Three Months Ended In thousands, except per share amounts 2020 2019 Weighted-average grant date fair value per share $ 21.27 $ 27.58 Fair value of RSAs that vested $ 301 $ 108 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | Mar. 31, 2020LocationState |
Accounting Policies [Abstract] | |
Number of branches | Location | 368 |
Number of states | State | 11 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Significant Accounting Policies [Line Items] | |||
Contractual delinquent period of loans | 180 days | ||
Bankruptcy delinquency threshold | 60 days | ||
Retrospective decrease to retained earnings | $ 45,900 | $ 45,922 | |
Cumulative reduction to retained earnings, net of tax | $ 14,200 | ||
Percentage of finance receivables, allowance for credit losses | 12.90% | 6.10% | |
Delinquency interest accrual cessation | 90 days | ||
Threshold period to writeOff of financing receivable | 90 days | ||
Pre-CECL [Member] | |||
Significant Accounting Policies [Line Items] | |||
Percentage of finance receivables, allowance for credit losses | 5.50% | ||
Post-CECL [Member] | |||
Significant Accounting Policies [Line Items] | |||
Percentage of finance receivables, allowance for credit losses | 10.80% | ||
Modified retrospective Approach [Member] | |||
Significant Accounting Policies [Line Items] | |||
Modified-retrospective increase to allowance for credit losses | $ 60,100 |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Impact of the CECL Accounting Adoption (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | $ 142,400 | $ 62,200 | $ 56,400 | $ 58,300 | |||
Quarterly Trend - Amortized Cost Basis [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 62,200 | $ 60,900 | $ 57,200 | 56,400 | |||
Automobile loans [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | $ 1,247 | 820 | $ 1,470 | $ 1,893 | |||
Pre-adoption Allowance [Member] | Small loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 30,588 | ||||||
Pre-adoption Allowance [Member] | Large loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 29,148 | ||||||
Pre-adoption Allowance [Member] | Automobile loans [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 820 | ||||||
Pre-adoption Allowance [Member] | Retail loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | $ 1,644 | ||||||
Impact of Adoption [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | $ 60,100 | ||||||
Impact of Adoption [Member] | Small loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 24,185 | ||||||
Impact of Adoption [Member] | Large loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 33,550 | ||||||
Impact of Adoption [Member] | Automobile loans [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 599 | ||||||
Impact of Adoption [Member] | Retail loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 1,766 | ||||||
CECL Allowance [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 122,300 | ||||||
CECL Allowance [Member] | Small loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 54,773 | ||||||
CECL Allowance [Member] | Large loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 62,698 | ||||||
CECL Allowance [Member] | Automobile loans [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | 1,419 | ||||||
CECL Allowance [Member] | Retail loan [Member] | |||||||
Loans and leases receivable disclosure [Line Items] | |||||||
Allowance for credit losses | $ 3,410 |
Finance Receivables, Credit Q_3
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Finance Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | $ 1,102,285 | $ 1,133,404 | $ 930,844 |
Small Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | 440,286 | 467,614 | 425,849 |
Large Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | 632,589 | 632,067 | 455,119 |
Automobile Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | 7,532 | 9,640 | 20,556 |
Retail Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net finance receivables | $ 21,878 | $ 24,083 | $ 29,320 |
Finance Receivables, Credit Q_4
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Unearned Insurance Premiums Reclassification (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Unearned Insurance Premiums Reclassification [Line Items] | ||||||
Net finance receivables | $ 1,102,285 | $ 1,133,404 | $ 930,844 | |||
Unearned insurance premiums | (28,183) | (28,591) | ||||
Allowance for credit losses | (142,400) | (62,200) | $ (56,400) | $ (58,300) | ||
Net finance receivables, less unearned insurance premiums and allowance for credit losses | $ 931,702 | $ 1,042,613 | ||||
Allowance as Percentage of Net Finance Receivables | 12.90% | 6.10% | ||||
30+ day contractual delinquency | 6.60% | 7.00% | ||||
Quarterly Trend - Amortized Cost Basis [Member] | ||||||
Schedule of Unearned Insurance Premiums Reclassification [Line Items] | ||||||
Net finance receivables | $ 1,133,404 | $ 1,067,086 | $ 994,980 | $ 930,844 | ||
Unearned insurance premiums | (28,591) | (24,900) | (21,546) | (18,594) | ||
Allowance for credit losses | (62,200) | (60,900) | (57,200) | (56,400) | ||
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 1,042,613 | 981,286 | 916,234 | 855,850 | ||
Average Loans and Leases Receivable Net of Deferred Income | $ 1,098,410 | $ 1,033,939 | $ 954,940 | $ 944,763 | ||
Allowance as Percentage of Net Finance Receivables | 5.50% | 5.70% | 5.70% | 6.10% | ||
30+ day contractual delinquency | 7.00% | 6.50% | 6.30% | 6.90% | ||
Interest and fee yield (annualized) | 32.00% | 32.10% | 31.80% | 31.50% | ||
Operating expense ratio (annualized) | 14.90% | 15.50% | 15.80% | 16.20% | ||
Net credit loss ratio (annualized) | 9.00% | 8.10% | 10.40% | 10.70% | ||
Quarterly Trend - Reclassification Change [Member] | ||||||
Schedule of Unearned Insurance Premiums Reclassification [Line Items] | ||||||
Net finance receivables | $ 28,591 | $ 24,900 | $ 21,546 | $ 18,594 | ||
Average Loans and Leases Receivable Net of Deferred Income | $ 27,145 | $ 23,424 | $ 20,567 | $ 19,815 | ||
Allowance as Percentage of Net Finance Receivables | (0.10%) | (0.10%) | (0.20%) | (0.10%) | ||
30+ day contractual delinquency | (0.20%) | (0.10%) | (0.10%) | (0.10%) | ||
Interest and fee yield (annualized) | (0.80%) | (0.80%) | (0.70%) | (0.60%) | ||
Operating expense ratio (annualized) | (0.40%) | (0.40%) | (0.40%) | (0.30%) | ||
Net credit loss ratio (annualized) | (0.20%) | (0.10%) | (0.30%) | (0.20%) | ||
Quarterly Trend - As Reported [Member] | ||||||
Schedule of Unearned Insurance Premiums Reclassification [Line Items] | ||||||
Gross finance receivables | $ 1,500,962 | $ 1,404,172 | $ 1,300,043 | $ 1,204,495 | ||
Unearned finance charges | (367,558) | (337,086) | (305,063) | (273,651) | ||
Net finance receivables | 1,104,813 | 1,042,186 | 973,434 | 912,250 | ||
Unearned insurance premiums | (28,591) | (24,900) | (21,546) | (18,594) | ||
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 1,042,613 | 981,286 | 916,234 | 855,850 | ||
Average Loans and Leases Receivable Net of Deferred Income | $ 1,071,265 | $ 1,010,515 | $ 934,373 | $ 924,948 | ||
Allowance as Percentage of Net Finance Receivables | 5.60% | 5.80% | 5.90% | 6.20% | ||
30+ day contractual delinquency | 7.20% | 6.60% | 6.40% | 7.00% | ||
Interest and fee yield (annualized) | 32.80% | 32.90% | 32.50% | 32.10% | ||
Operating expense ratio (annualized) | 15.30% | 15.90% | 16.20% | 16.50% | ||
Net credit loss ratio (annualized) | 9.20% | 8.20% | 10.70% | 10.90% |
Finance Receivables, Credit Q_5
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary of Financing Receivable Credit Quality Indicators (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | $ 221,206 | ||
2019 | 728,214 | |||
2018 | 121,430 | |||
2017 | 26,172 | |||
2016 | 4,015 | |||
Prior | 1,248 | |||
Total Amortized Cost Basis | 1,102,285 | $ 1,133,404 | $ 930,844 | |
FICO Band 1 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 47,552 | ||
2019 | 129,127 | |||
2018 | 18,137 | |||
2017 | 4,802 | |||
2016 | 1,625 | |||
Prior | 698 | |||
Total Amortized Cost Basis | 201,941 | |||
FICO Band 2 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 21,615 | ||
2019 | 67,236 | |||
2018 | 9,019 | |||
2017 | 2,328 | |||
2016 | 648 | |||
Prior | 220 | |||
Total Amortized Cost Basis | 101,066 | |||
FICO Band 3 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 31,382 | ||
2019 | 109,710 | |||
2018 | 18,876 | |||
2017 | 4,411 | |||
2016 | 651 | |||
Prior | 139 | |||
Total Amortized Cost Basis | 165,169 | |||
FICO Band 4 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 35,063 | ||
2019 | 123,625 | |||
2018 | 20,438 | |||
2017 | 4,546 | |||
2016 | 376 | |||
Prior | 129 | |||
Total Amortized Cost Basis | 184,177 | |||
FICO Band 5 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 32,830 | ||
2019 | 115,086 | |||
2018 | 20,784 | |||
2017 | 4,288 | |||
2016 | 363 | |||
Prior | 37 | |||
Total Amortized Cost Basis | 173,388 | |||
FICO Band 6 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 52,764 | ||
2019 | 183,430 | |||
2018 | 34,176 | |||
2017 | 5,797 | |||
2016 | 352 | |||
Prior | 25 | |||
Total Amortized Cost Basis | 276,544 | |||
Small Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 114,256 | ||
2019 | 295,884 | |||
2018 | 28,851 | |||
2017 | 1,244 | |||
2016 | 42 | |||
Prior | 9 | |||
Total Amortized Cost Basis | 440,286 | 467,614 | 425,849 | |
Small Loans [Member] | FICO Band 1 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 28,858 | ||
2019 | 71,925 | |||
2018 | 5,937 | |||
2017 | 413 | |||
2016 | 17 | |||
Prior | 5 | |||
Total Amortized Cost Basis | 107,155 | |||
Small Loans [Member] | FICO Band 2 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 12,978 | ||
2019 | 34,596 | |||
2018 | 3,050 | |||
2017 | 181 | |||
2016 | 9 | |||
Prior | 2 | |||
Total Amortized Cost Basis | 50,816 | |||
Small Loans [Member] | FICO Band 3 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 14,015 | ||
2019 | 36,106 | |||
2018 | 3,616 | |||
2017 | 179 | |||
2016 | 5 | |||
Prior | 1 | |||
Total Amortized Cost Basis | 53,922 | |||
Small Loans [Member] | FICO Band 4 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 15,166 | ||
2019 | 38,028 | |||
2018 | 3,524 | |||
2017 | 138 | |||
2016 | 4 | |||
Prior | 1 | |||
Total Amortized Cost Basis | 56,861 | |||
Small Loans [Member] | FICO Band 5 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 15,840 | ||
2019 | 40,468 | |||
2018 | 4,458 | |||
2017 | 133 | |||
2016 | 5 | |||
Total Amortized Cost Basis | 60,904 | |||
Small Loans [Member] | FICO Band 6 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 27,399 | ||
2019 | 74,761 | |||
2018 | 8,266 | |||
2017 | 200 | |||
2016 | 2 | |||
Total Amortized Cost Basis | 110,628 | |||
Large Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 104,438 | ||
2019 | 420,435 | |||
2018 | 86,600 | |||
2017 | 19,855 | |||
2016 | 1,102 | |||
Prior | 159 | |||
Total Amortized Cost Basis | 632,589 | 632,067 | 455,119 | |
Large Loans [Member] | FICO Band 1 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 18,171 | ||
2019 | 55,211 | |||
2018 | 11,444 | |||
2017 | 2,678 | |||
2016 | 298 | |||
Prior | 86 | |||
Total Amortized Cost Basis | 87,888 | |||
Large Loans [Member] | FICO Band 2 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 8,265 | ||
2019 | 31,059 | |||
2018 | 5,239 | |||
2017 | 1,317 | |||
2016 | 130 | |||
Prior | 12 | |||
Total Amortized Cost Basis | 46,022 | |||
Large Loans [Member] | FICO Band 3 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 17,006 | ||
2019 | 72,020 | |||
2018 | 14,453 | |||
2017 | 3,305 | |||
2016 | 169 | |||
Prior | 13 | |||
Total Amortized Cost Basis | 106,966 | |||
Large Loans [Member] | FICO Band 4 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 19,336 | ||
2019 | 82,996 | |||
2018 | 15,553 | |||
2017 | 3,704 | |||
2016 | 158 | |||
Prior | 32 | |||
Total Amortized Cost Basis | 121,779 | |||
Large Loans [Member] | FICO Band 5 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 16,612 | ||
2019 | 72,574 | |||
2018 | 15,214 | |||
2017 | 3,732 | |||
2016 | 149 | |||
Prior | 1 | |||
Total Amortized Cost Basis | 108,282 | |||
Large Loans [Member] | FICO Band 6 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 25,048 | ||
2019 | 106,575 | |||
2018 | 24,697 | |||
2017 | 5,119 | |||
2016 | 198 | |||
Prior | 15 | |||
Total Amortized Cost Basis | 161,652 | |||
Automobile Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2017 | 3,638 | |||
2016 | 2,826 | |||
Prior | 1,068 | |||
Total Amortized Cost Basis | 7,532 | 9,640 | 20,556 | |
Automobile Loans [Member] | FICO Band 1 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2017 | 1,535 | |||
2016 | 1,304 | |||
Prior | 604 | |||
Total Amortized Cost Basis | 3,443 | |||
Automobile Loans [Member] | FICO Band 2 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2017 | 661 | |||
2016 | 506 | |||
Prior | 204 | |||
Total Amortized Cost Basis | 1,371 | |||
Automobile Loans [Member] | FICO Band 3 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2017 | 741 | |||
2016 | 466 | |||
Prior | 123 | |||
Total Amortized Cost Basis | 1,330 | |||
Automobile Loans [Member] | FICO Band 4 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2017 | 391 | |||
2016 | 208 | |||
Prior | 94 | |||
Total Amortized Cost Basis | 693 | |||
Automobile Loans [Member] | FICO Band 5 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2017 | 127 | |||
2016 | 201 | |||
Prior | 35 | |||
Total Amortized Cost Basis | 363 | |||
Automobile Loans [Member] | FICO Band 6 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2017 | 183 | |||
2016 | 141 | |||
Prior | 8 | |||
Total Amortized Cost Basis | 332 | |||
Retail Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 2,512 | ||
2019 | 11,895 | |||
2018 | 5,979 | |||
2017 | 1,435 | |||
2016 | 45 | |||
Prior | 12 | |||
Total Amortized Cost Basis | 21,878 | $ 24,083 | $ 29,320 | |
Retail Loans [Member] | FICO Band 1 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 523 | ||
2019 | 1,991 | |||
2018 | 756 | |||
2017 | 176 | |||
2016 | 6 | |||
Prior | 3 | |||
Total Amortized Cost Basis | 3,455 | |||
Retail Loans [Member] | FICO Band 2 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 372 | ||
2019 | 1,581 | |||
2018 | 730 | |||
2017 | 169 | |||
2016 | 3 | |||
Prior | 2 | |||
Total Amortized Cost Basis | 2,857 | |||
Retail Loans [Member] | FICO Band 3 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 361 | ||
2019 | 1,584 | |||
2018 | 807 | |||
2017 | 186 | |||
2016 | 11 | |||
Prior | 2 | |||
Total Amortized Cost Basis | 2,951 | |||
Retail Loans [Member] | FICO Band 4 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 561 | ||
2019 | 2,601 | |||
2018 | 1,361 | |||
2017 | 313 | |||
2016 | 6 | |||
Prior | 2 | |||
Total Amortized Cost Basis | 4,844 | |||
Retail Loans [Member] | FICO Band 5 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 378 | ||
2019 | 2,044 | |||
2018 | 1,112 | |||
2017 | 296 | |||
2016 | 8 | |||
Prior | 1 | |||
Total Amortized Cost Basis | 3,839 | |||
Retail Loans [Member] | FICO Band 6 [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
2020 | [1] | 317 | ||
2019 | 2,094 | |||
2018 | 1,213 | |||
2017 | 295 | |||
2016 | 11 | |||
Prior | 2 | |||
Total Amortized Cost Basis | $ 3,932 | |||
[1] | Includes loans originated during the three month ended March 31, 2020. |
Finance Receivables, Credit Q_6
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Amortized Cost Basis in Past-Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 72,357 | $ 79,510 | |
Past due, Percent | 6.60% | 7.00% | |
Total net finance receivables | $ 1,102,285 | $ 1,133,404 | $ 930,844 |
Total net finance receivables, Percent | 100.00% | 100.00% | |
Net finance receivables in nonaccrual status | $ 40,100 | $ 42,474 | |
Net finance receivables in nonaccrual status, Percent | 3.60% | 3.70% | |
Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 931,032 | $ 949,204 | |
Current, Percent | 84.40% | 83.80% | |
1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 98,896 | $ 104,690 | |
Past due, Percent | 9.00% | 9.20% | |
Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 20,907 | $ 25,276 | |
Past due, Percent | 1.90% | 2.20% | |
Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 16,456 | $ 18,781 | |
Past due, Percent | 1.50% | 1.70% | |
Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 11,889 | $ 13,916 | |
Past due, Percent | 1.10% | 1.20% | |
Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 12,059 | $ 11,656 | |
Past due, Percent | 1.10% | 1.00% | |
Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 11,046 | $ 9,881 | |
Past due, Percent | 1.00% | 0.90% | |
Small Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 37,662 | $ 42,375 | |
Past due, Percent | 8.60% | 9.10% | |
Total net finance receivables | $ 440,286 | $ 467,614 | 425,849 |
Total net finance receivables, Percent | 100.00% | 100.00% | |
Net finance receivables in nonaccrual status | $ 21,941 | $ 22,773 | |
Net finance receivables in nonaccrual status, Percent | 5.00% | 4.90% | |
Small Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 359,738 | $ 377,776 | |
Current, Percent | 81.70% | 80.70% | |
Small Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 42,886 | $ 47,463 | |
Past due, Percent | 9.70% | 10.20% | |
Small Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 10,011 | $ 12,702 | |
Past due, Percent | 2.30% | 2.80% | |
Small Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 8,203 | $ 9,916 | |
Past due, Percent | 1.90% | 2.10% | |
Small Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 6,430 | $ 7,518 | |
Past due, Percent | 1.50% | 1.60% | |
Small Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 6,657 | $ 6,584 | |
Past due, Percent | 1.50% | 1.40% | |
Small Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 6,361 | $ 5,655 | |
Past due, Percent | 1.40% | 1.20% | |
Large Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 32,201 | $ 33,921 | |
Past due, Percent | 5.10% | 5.40% | |
Total net finance receivables | $ 632,589 | $ 632,067 | 455,119 |
Total net finance receivables, Percent | 100.00% | 100.00% | |
Net finance receivables in nonaccrual status | $ 16,608 | $ 17,924 | |
Net finance receivables in nonaccrual status, Percent | 2.60% | 2.80% | |
Large Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 548,477 | $ 546,414 | |
Current, Percent | 86.70% | 86.40% | |
Large Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 51,911 | $ 51,732 | |
Past due, Percent | 8.20% | 8.20% | |
Large Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 10,142 | $ 11,480 | |
Past due, Percent | 1.70% | 1.80% | |
Large Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 7,833 | $ 8,192 | |
Past due, Percent | 1.20% | 1.30% | |
Large Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 5,008 | $ 5,894 | |
Past due, Percent | 0.70% | 1.00% | |
Large Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,950 | $ 4,588 | |
Past due, Percent | 0.80% | 0.70% | |
Large Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 4,268 | $ 3,767 | |
Past due, Percent | 0.70% | 0.60% | |
Automobile Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 508 | $ 755 | |
Past due, Percent | 6.70% | 7.80% | |
Total net finance receivables | $ 7,532 | $ 9,640 | 20,556 |
Total net finance receivables, Percent | 100.00% | 100.00% | |
Net finance receivables in nonaccrual status | $ 275 | $ 591 | |
Net finance receivables in nonaccrual status, Percent | 3.70% | 6.10% | |
Automobile Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 5,693 | $ 6,921 | |
Current, Percent | 75.60% | 71.80% | |
Automobile Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 1,331 | $ 1,964 | |
Past due, Percent | 17.70% | 20.40% | |
Automobile Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 243 | $ 241 | |
Past due, Percent | 3.10% | 2.50% | |
Automobile Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 102 | $ 110 | |
Past due, Percent | 1.40% | 1.10% | |
Automobile Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 61 | $ 129 | |
Past due, Percent | 0.80% | 1.40% | |
Automobile Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 58 | $ 127 | |
Past due, Percent | 0.80% | 1.30% | |
Automobile Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 44 | $ 148 | |
Past due, Percent | 0.60% | 1.50% | |
Retail Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 1,986 | $ 2,459 | |
Past due, Percent | 9.10% | 10.20% | |
Total net finance receivables | $ 21,878 | $ 24,083 | $ 29,320 |
Total net finance receivables, Percent | 100.00% | 100.00% | |
Net finance receivables in nonaccrual status | $ 1,276 | $ 1,186 | |
Net finance receivables in nonaccrual status, Percent | 5.80% | 4.90% | |
Retail Loans [Member] | Financing Receivables, Current [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Current | $ 17,124 | $ 18,093 | |
Current, Percent | 78.20% | 75.10% | |
Retail Loans [Member] | 1 to 29 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 2,768 | $ 3,531 | |
Past due, Percent | 12.70% | 14.70% | |
Retail Loans [Member] | Delinquent Accounts 30 to 59 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 511 | $ 853 | |
Past due, Percent | 2.30% | 3.60% | |
Retail Loans [Member] | Delinquent Accounts 60 to 89 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 318 | $ 563 | |
Past due, Percent | 1.50% | 2.30% | |
Retail Loans [Member] | Delinquent Accounts 90 to 119 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 390 | $ 375 | |
Past due, Percent | 1.80% | 1.50% | |
Retail Loans [Member] | Delinquent Accounts 120 to 149 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 394 | $ 357 | |
Past due, Percent | 1.80% | 1.50% | |
Retail Loans [Member] | Delinquent Accounts 150 to 179 Days [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Past due | $ 373 | $ 311 | |
Past due, Percent | 1.70% | 1.30% |
Finance Receivables, Credit Q_7
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||||||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Net finance receivables included net deferred origination fees | $ 12,200 | $ 13,400 | |||||||
Allowance for credit losses | $ 142,400 | 62,200 | $ 56,400 | $ 58,300 | |||||
Allowance percentage for credit losses | 12.90% | 6.10% | |||||||
Quarterly Trend - Amortized Cost Basis [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for credit losses | $ 62,200 | $ 60,900 | $ 57,200 | $ 56,400 | |||||
Allowance percentage for credit losses | 5.50% | 5.70% | 5.70% | 6.10% | |||||
CECL Allowance [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for credit losses | $ 122,300 | ||||||||
Allowance percentage of net finance receivables | 10.80% | ||||||||
Reserve Build [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for credit losses | $ 20,100 | ||||||||
COVID19 Impact [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Modified-retrospective increase to allowance for credit losses | $ 23,900 | ||||||||
CARES Act [Member] | Subsequent Event [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Increase in U.S. unemployment rate | 7.00% | 20.00% | |||||||
Decrease in gross domestic product | 34.00% |
Finance Receivables, Credit Q_8
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 62,200 | $ 58,300 | |
Impact Of CECL adoption | 60,100 | ||
Provision for credit losses | 49,522 | 23,343 | |
Credit losses | (30,680) | (26,377) | |
Recoveries | 1,258 | 1,134 | |
Ending balance | 142,400 | 56,400 | |
Net finance receivables | $ 1,102,285 | $ 930,844 | $ 1,133,404 |
Allowance as Percentage of Finance Receivables | 12.90% | 6.10% | |
Small [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 30,588 | $ 30,759 | |
Impact Of CECL adoption | 24,185 | ||
Provision for credit losses | 24,550 | 13,954 | |
Credit losses | (17,527) | (15,488) | |
Recoveries | 658 | 568 | |
Ending balance | 62,454 | 29,793 | |
Net finance receivables | $ 440,286 | $ 425,849 | 467,614 |
Allowance as Percentage of Finance Receivables | 14.20% | 7.00% | |
Large [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 29,148 | $ 23,702 | |
Impact Of CECL adoption | 33,550 | ||
Provision for credit losses | 23,755 | 8,452 | |
Credit losses | (11,961) | (9,337) | |
Recoveries | 521 | 400 | |
Ending balance | 75,013 | 23,217 | |
Net finance receivables | $ 632,589 | $ 455,119 | 632,067 |
Allowance as Percentage of Finance Receivables | 11.90% | 5.10% | |
Automobile [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 820 | $ 1,893 | |
Impact Of CECL adoption | 599 | ||
Provision for credit losses | 98 | 109 | |
Credit losses | (311) | (652) | |
Recoveries | 41 | 120 | |
Ending balance | 1,247 | 1,470 | |
Net finance receivables | $ 7,532 | $ 20,556 | 9,640 |
Allowance as Percentage of Finance Receivables | 16.60% | 7.20% | |
Retail [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 1,644 | $ 1,946 | |
Impact Of CECL adoption | 1,766 | ||
Provision for credit losses | 1,119 | 828 | |
Credit losses | (881) | (900) | |
Recoveries | 38 | 46 | |
Ending balance | 3,686 | 1,920 | |
Net finance receivables | $ 21,878 | $ 29,320 | $ 24,083 |
Allowance as Percentage of Finance Receivables | 16.80% | 6.50% |
Finance Receivables, Credit Q_9
Finance Receivables, Credit Quality Information, and Allowance for Credit Losses - Summary Of Impact Of Allowance For Credit Losses During The period (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 142,400 | $ 62,200 | $ 56,400 | $ 58,300 | |||
Allowance as Percentage of Finance Receivables | 12.90% | 6.10% | |||||
Quarterly Trend - Amortized Cost Basis [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 62,200 | $ 60,900 | $ 57,200 | $ 56,400 | |||
Allowance as Percentage of Finance Receivables | 5.50% | 5.70% | 5.70% | 6.10% | |||
Pre-adoption Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance as Percentage of Finance Receivables | 5.60% | 5.80% | 5.90% | 6.20% | |||
Impact of Adoption [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 60,100 | ||||||
Allowance as Percentage of Finance Receivables | 5.30% | ||||||
CECL Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 122,300 | ||||||
Allowance percentage of net finance receivables | 10.80% | ||||||
Reserve Build (Loss) [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 20,100 | ||||||
Small Loans [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 62,454 | $ 30,588 | $ 29,793 | 30,759 | |||
Allowance as Percentage of Finance Receivables | 14.20% | 7.00% | |||||
Small Loans [Member] | Pre-adoption Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 30,588 | ||||||
Small Loans [Member] | Impact of Adoption [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 24,185 | ||||||
Small Loans [Member] | CECL Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 54,773 | ||||||
Small Loans [Member] | Reserve Build (Loss) [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 7,681 | ||||||
Large Loans [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 75,013 | 29,148 | $ 23,217 | 23,702 | |||
Allowance as Percentage of Finance Receivables | 11.90% | 5.10% | |||||
Large Loans [Member] | Pre-adoption Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 29,148 | ||||||
Large Loans [Member] | Impact of Adoption [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 33,550 | ||||||
Large Loans [Member] | CECL Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 62,698 | ||||||
Large Loans [Member] | Reserve Build (Loss) [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 12,315 | ||||||
Automobile Loans [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 1,247 | ||||||
Automobile Loans [Member] | Pre-adoption Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 820 | ||||||
Automobile Loans [Member] | Impact of Adoption [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 599 | ||||||
Automobile Loans [Member] | CECL Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 1,419 | ||||||
Automobile Loans [Member] | Reserve Build (Loss) [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | (172) | ||||||
Retail Loans [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 3,686 | 1,644 | $ 1,920 | $ 1,946 | |||
Allowance as Percentage of Finance Receivables | 16.80% | 6.50% | |||||
Retail Loans [Member] | Pre-adoption Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 1,644 | ||||||
Retail Loans [Member] | Impact of Adoption [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | 1,766 | ||||||
Retail Loans [Member] | CECL Allowance [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 3,410 | ||||||
Retail Loans [Member] | Reserve Build (Loss) [Member] | |||||||
Schedule Of Impact Of Allowance For Credit Losses During The Period [Line Items] | |||||||
Allowance for credit losses | $ 276 |
Interest Rate Caps - Additional
Interest Rate Caps - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 450 | |
Maturity period of interest rate caps exchanged | Jun. 1, 2020 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative [Line Items] | ||
Interest rate | 0.99% | 1.76% |
Interest Rate Cap Contracts Expiring In April 2020 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 100 | |
Maturity period of interest rate caps exchanged | Apr. 1, 2020 | |
Strike rate | 3.25% | |
Interest Rate Cap Contracts Expiring In June 2020 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 50 | |
Strike rate | 2.50% | |
Interest Rate Cap Contracts Expiring In April 2021 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 200 | |
Maturity period of interest rate caps exchanged | Apr. 1, 2021 | |
Strike rate | 3.50% | |
Interest Rate Cap Contracts Expiring in March 2023 [Member] | ||
Derivative [Line Items] | ||
Notional amount of interest rate cap | $ 100 | |
Strike rate | 1.75% |
Interest Rate Caps - Summary of
Interest Rate Caps - Summary of Change in Rate Caps (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Offsetting [Abstract] | ||
Balance at beginning of period | $ 249 | |
Purchases | $ 114 | |
Fair value adjustment included as an increase in interest expense | (29) | (200) |
Balance at end of period, included in other assets | $ 85 | $ 49 |
Long-Term Debt - Summary of the
Long-Term Debt - Summary of the Company's Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 777,847 | $ 808,218 |
Unamortized debt issuance costs | (8,581) | (9,607) |
Net long-term debt | 769,266 | 798,611 |
Unused amount of revolving credit facilities (subject to borrowing base) | 399,518 | 369,271 |
Senior Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 312,134 | 350,818 |
Unamortized debt issuance costs | (2,371) | (2,504) |
Net long-term debt | 309,763 | 348,314 |
Revolving Warehouse Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 54,946 | 46,633 |
Unamortized debt issuance costs | (1,730) | (1,875) |
Net long-term debt | 53,216 | 44,758 |
RMIT 2018-1 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 150,246 | 150,246 |
Unamortized debt issuance costs | (1,234) | (1,558) |
Net long-term debt | 149,012 | 148,688 |
RMIT 2018-2 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 130,349 | 130,349 |
Unamortized debt issuance costs | (1,456) | (1,687) |
Net long-term debt | 128,893 | 128,662 |
RMIT 2019-1 securitization [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 130,172 | 130,172 |
Unamortized debt issuance costs | (1,790) | (1,983) |
Net long-term debt | $ 128,382 | $ 128,189 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |||||
Cash deposited to restricted cash reserve account | $ 54,649,000 | $ 54,164,000 | $ 38,917,000 | $ 46,484,000 | |
Unrestricted cash | 14,668,000 | 2,263,000 | $ 2,331,000 | $ 3,657,000 | |
Unrestricted Cash [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unrestricted cash | 14,700,000 | ||||
Revolving Warehouse Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured line of credit | $ 125,000,000 | ||||
Debt agreement expiration date | Sep. 20, 2022 | ||||
Line of credit facility, accordion feature | $ 150,000,000 | ||||
Percentage of advances on debt agreement eligible secured finance receivables | 80.00% | ||||
Cash deposited to restricted cash reserve account | $ 1,000,000 | ||||
Debt maturity date | 2022-04 | ||||
Debt revolving period end date | 2021-04 | ||||
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% | ||||
RMIT 2019-1 securitization [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Cash deposited to restricted cash reserve account | $ 1,400,000 | ||||
Debt maturity date | 2028-11 | ||||
Terms related to loan prepayment | Prior to maturity in November 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 November 2021. No payments of principal of the notes will be made during the revolving period. | ||||
Debt revolving period end date | 2021-10 | ||||
Private offering of investment grade asset-backed notes | $ 130,000,000 | ||||
Weighted average rate | 3.17% | ||||
Senior Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured line of credit | $ 640,000,000 | ||||
Debt agreement expiration date | Jun. 20, 2020 | ||||
Line of credit facility, accordion feature | $ 650,000,000 | ||||
Percentage of advances on debt agreement eligible secured finance receivables | 85.00% | ||||
Percentage of advances on debt agreement eligible unsecured finance receivables | 80.00% | ||||
Current percentage of advances on eligible secured finance receivables | 77.00% | ||||
Current percentage of advances on eligible unsecured finance receivables | 72.00% | ||||
Credit facility, eligible borrowing capacity | $ 87,600,000 | ||||
Description of Variable Rate Basis | Borrowings under the facility bear interest, payable monthly, at a blended rate equal to three-month LIBOR, plus a margin of 2.15% (2.20% prior to the October 2019 amendment). The three-month LIBOR was 1.45% and 1.91% at March 31, 2020 and December 31, 2019, respectively. RMR II pays an unused commitment fee between 0.35% and 0.85% based upon the average daily utilization of the facility. | ||||
Percentage of advances on debt agreement eligible delinquent renewals of finance receivables | 60.00% | ||||
Commitment fee description | The Company pays an unused line fee between 0.375% and 0.65% based upon the average outstanding balance of the facility. | ||||
Current percentage of advances on eligible delinquent renewals of finance receivables | 52.00% | ||||
Senior Revolving Credit Facility [Member] | Senior Revolving Credit Facility Prior to September 20, 2019 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured line of credit | $ 638,000,000 | ||||
Debt agreement expiration date | Jun. 20, 2020 | ||||
Waterfall [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Cash deposited to restricted cash reserve account | $ 38,500,000 | $ 39,400,000 | |||
Minimum [Member] | Revolving Warehouse Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unused line fee | 0.35% | ||||
Minimum [Member] | Senior Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unused line fee | 0.375% | ||||
Maximum [Member] | Revolving Warehouse Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unused line fee | 0.85% | ||||
Maximum [Member] | Senior Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unused line fee | 0.65% | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 0.99% | 1.76% | |||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Warehouse Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate | 1.45% | 1.91% | |||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Warehouse Credit Facility [Member] | Milestones Associated with Conversion to New Loan Origination and Servicing System [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate, basis spread | 2.15% | 2.20% | |||
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 | 0.99% | 1.76% | |||
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% |
Long-Term Debt - Schedule of Ca
Long-Term Debt - Schedule of Carrying Amounts of Consolidated VIE's Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash | $ 14,668 | $ 2,263 | $ 2,331 | $ 3,657 |
Net finance receivables | 1,102,285 | 1,133,404 | 930,844 | |
Allowance for credit losses | (142,400) | (62,200) | (56,400) | (58,300) |
Restricted cash | 54,649 | 54,164 | $ 38,917 | $ 46,484 |
Other assets | 6,818 | 7,704 | ||
Total assets | 1,078,890 | 1,158,540 | ||
Liabilities | ||||
Net long-term debt | 769,266 | 798,611 | ||
Accounts payable and accrued expenses | 29,459 | 28,676 | ||
Total liabilities | 827,528 | 855,757 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets | ||||
Cash | 178 | 152 | ||
Net finance receivables | 487,492 | 474,340 | ||
Allowance for credit losses | (57,820) | (22,015) | ||
Restricted cash | 43,967 | 44,221 | ||
Other assets | 34 | 68 | ||
Total assets | 473,851 | 496,766 | ||
Liabilities | ||||
Net long-term debt | 459,503 | 450,297 | ||
Accounts payable and accrued expenses | 72 | 86 | ||
Total liabilities | $ 459,575 | $ 450,383 |
Disclosure About Fair Value o_3
Disclosure About Fair Value of Financial Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Interest rate caps | $ 85 | $ 49 | $ 249 | |
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 931,702 | $ 1,042,613 | ||
Carrying Amount [Member] | Level 1 Inputs [Member] | ||||
Assets | ||||
Cash | 14,668 | 2,263 | ||
Restricted cash | 54,649 | 54,164 | ||
Carrying Amount [Member] | Level 2 Inputs [Member] | ||||
Assets | ||||
Interest rate caps | 85 | |||
Carrying Amount [Member] | Level 3 Inputs [Member] | ||||
Assets | ||||
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 931,702 | 1,042,613 | ||
Liabilities | ||||
Long-term debt | 777,847 | 808,218 | ||
Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||||
Assets | ||||
Cash | 14,668 | 2,263 | ||
Restricted cash | 54,649 | 54,164 | ||
Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||||
Assets | ||||
Interest rate caps | 85 | |||
Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||||
Assets | ||||
Net finance receivables, less unearned insurance premiums and allowance for credit losses | 1,010,426 | 1,042,613 | ||
Liabilities | ||||
Long-term debt | $ 774,189 | $ 808,218 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Benefits and Deficiencies from Share-Based Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Provision for corporate taxes | $ (3,577) | $ 2,493 |
Tax (benefits) deficiencies from share-based awards | 52 | (100) |
Total income taxes | $ (3,525) | $ 2,393 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income (loss) | $ (6,325) | $ 8,108 |
Denominator: | ||
Weighted-average shares outstanding for basic earnings per share | 10,897 | 11,712 |
Effect of dilutive securities | 356 | 364 |
Weighted-average shares adjusted for dilutive securities | 11,253 | 12,076 |
Basic | $ (0.58) | $ 0.69 |
Diluted | $ (0.56) | $ 0.67 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Compensation Plans [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options to purchase common stock, Shares | 247 | 248 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | 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 | 800,000 | ||
Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance target for achievement period | 3 years | ||
Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-employee director compensation grant period | 5 days | ||
Minimum [Member] | Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of performance target for achievement | 0.00% | ||
Maximum [Member] | Graded and Cliff Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of options | 5 years | ||
Maximum [Member] | Long Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of performance target for achievement | 150.00% | ||
Stock Compensation Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized share-based compensation expense | $ 6.7 | ||
Period of recognition of share-based compensation expense | 2 years 3 months 18 days | ||
Share-based compensation expense | $ 1.4 | $ 1 | |
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 | ||
Shares available for grant | 900,000 | ||
Plan description | As of March 31, 2020, 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 0.9 million 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) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 44.88% | 41.14% |
Expected dividends | 0.00% | 0.00% |
Expected term (in years) | 6 years | 6 years |
Risk-free rate | 0.71% | 2.55% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Company's Stock Option Plan Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Options outstanding, Beginning balance | shares | 1,067 |
Number of Shares, Granted | shares | 124 |
Number of Shares, Exercised | shares | (22) |
Number of Shares, Forfeited | shares | (33) |
Number of Shares, Expired | shares | |
Number of Shares, Options outstanding, Ending balance | shares | 1,136 |
Number of Shares, Options exercisable | shares | 963 |
Weighted Average Exercise Price Per Share, Options outstanding, Beginning balance | $ / shares | $ 19.61 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | 17.71 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 17.72 |
Weighted Average Exercise Price Per Share, Forfeited | $ / shares | 27.98 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | |
Weighted Average Exercise Price Per Share, Options outstanding, Ending balance | $ / shares | 19.20 |
Weighted Average Exercise Price Per Share, Options exercisable | $ / shares | $ 18.98 |
Weighted Average Remaining Contractual Life (Years), Options outstanding | 6 years |
Weighted Average Remaining Contractual Life (Years), Options exercisable | 5 years 3 months 18 days |
Aggregate Intrinsic Value, Options outstanding | $ | $ 0 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 0 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Additional Stock Option Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted-average grant date fair value per share | $ 7.58 | $ 12.07 |
Intrinsic value of options exercised | $ 219 | $ 0 |
Fair value of stock options that vested | $ 353 | $ 0 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested units at January 1, 2019 | 156 | |
Granted (target) | 0 | |
Achieved performance adjustment | (2) | |
Vested | (66) | |
Forfeited | (27) | |
Non-vested units at December 31, 2019 | 61 | |
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2019 | $ 24.57 | |
Weighted Average Grant Date Fair Value, Granted (target) | 0 | $ 27.89 |
Weighted Average Grant Date Fair Value, Achieved performance adjustment | 19.99 | |
Weighted Average Grant Date Fair Value, Vested | 19.99 | |
Weighted Average Grant Date Fair Value, Forfeited | 28.03 | |
Weighted Average Grant Date Fair Value Non-vested units at December 31, 2019 | $ 28.13 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of RSU Activity (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
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 | 96.60% |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value per unit | $ 0 | $ 27.89 |
Fair value of RSUs that vested | $ 1,314 | $ 916 |
Share-based Compensation - Su_6
Share-based Compensation - Summary of RSA Activity (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested units at January 1, 2019 | 126 | |
Granted | 131 | |
Vested | (11) | |
Forfeited | (11) | |
Non-vested units at December 31, 2019 | 235 | |
Weighted Average Grant Date Fair Value, Non-vested units at January 1, 2019 | $ 26.78 | |
Weighted Average Grant Date Fair Value, Granted | 21.27 | $ 27.58 |
Weighted Average Grant Date Fair Value, Vested | 26.43 | |
Weighted Average Grant Date Fair Value, Forfeited | 27.89 | |
Weighted Average Grant Date Fair Value Non-vested units at December 31, 2019 | $ 23.66 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average grant date fair value per share | $ 21.27 | $ 27.58 |
Fair value of RSAs that vested | $ 301 | $ 108 |