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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period ended
Commission File Number: 001-35477
Regional Management Corp.
(Exact name of registrant as specified in its charter)
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Delaware |
57-0847115 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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979 Batesville Road, Suite B Greer, South Carolina |
29651 |
(Address of principal executive offices) |
(Zip Code) |
(864) 448-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Trading Symbol |
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Name of Each Exchange on Which Registered |
Common Stock, $0.10 par value |
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RM |
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New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
☐ |
Accelerated filer |
☒ |
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Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
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Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2023, the registrant had outstanding 9,837,180 shares of Common Stock, $0.10 par value.
2
ITEM 1. FINANCIAL STATEMENTS.
Regional Management Corp. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except par value amounts)
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June 30, 2023 |
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(Unaudited) |
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December 31, 2022 |
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Assets |
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Cash |
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$ |
10,330 |
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$ |
3,873 |
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Net finance receivables |
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1,688,937 |
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1,699,393 |
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Unearned insurance premiums |
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(49,059 |
) |
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(51,008 |
) |
Allowance for credit losses |
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(181,400 |
) |
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(178,800 |
) |
Net finance receivables, less unearned insurance premiums and allowance for credit losses |
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1,458,478 |
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1,469,585 |
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Restricted cash |
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131,132 |
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127,926 |
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Lease assets |
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34,996 |
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34,521 |
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Restricted available-for-sale investments |
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20,298 |
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20,416 |
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Deferred tax assets, net |
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15,278 |
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13,810 |
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Property and equipment |
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14,689 |
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14,526 |
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Intangible assets |
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13,949 |
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12,122 |
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Other assets |
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24,466 |
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28,208 |
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Total assets |
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$ |
1,723,616 |
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$ |
1,724,987 |
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Liabilities and Stockholders’ Equity |
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Liabilities: |
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Debt |
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$ |
1,344,855 |
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$ |
1,355,359 |
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Unamortized debt issuance costs |
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(6,923 |
) |
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(9,512 |
) |
Net debt |
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1,337,932 |
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1,345,847 |
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Lease liabilities |
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|
37,150 |
|
|
|
36,712 |
|
Accounts payable and accrued expenses |
|
|
27,032 |
|
|
|
33,795 |
|
Total liabilities |
|
|
1,402,114 |
|
|
|
1,416,354 |
|
Commitments and contingencies (Note 12) |
|
|
|
|
|
|
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, 14,636 shares issued and 9,829 shares outstanding at June 30, 2023 and 14,330 shares issued and 9,523 shares outstanding at December 31, 2022) |
|
|
1,464 |
|
|
|
1,433 |
|
Additional paid-in capital |
|
|
116,202 |
|
|
|
112,384 |
|
Retained earnings |
|
|
354,346 |
|
|
|
345,545 |
|
Accumulated other comprehensive loss |
|
|
(367 |
) |
|
|
(586 |
) |
Treasury stock (4,807 shares at June 30, 2023 and December 31, 2022) |
|
|
(150,143 |
) |
|
|
(150,143 |
) |
Total stockholders’ equity |
|
|
321,502 |
|
|
|
308,633 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,723,616 |
|
|
$ |
1,724,987 |
|
The following table presents the assets and liabilities of our consolidated variable interest entities:
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Cash |
|
$ |
404 |
|
|
$ |
439 |
|
Net finance receivables |
|
|
1,311,107 |
|
|
|
1,296,078 |
|
Allowance for credit losses |
|
|
(138,343 |
) |
|
|
(134,708 |
) |
Restricted cash |
|
|
128,161 |
|
|
|
126,017 |
|
Other assets |
|
|
3,417 |
|
|
|
1,706 |
|
Total assets |
|
$ |
1,304,746 |
|
|
$ |
1,289,532 |
|
Liabilities |
|
|
|
|
|
|
Net debt |
|
$ |
1,233,509 |
|
|
$ |
1,199,404 |
|
Accounts payable and accrued expenses |
|
|
187 |
|
|
|
167 |
|
Total liabilities |
|
$ |
1,233,696 |
|
|
$ |
1,199,571 |
|
See accompanying notes to consolidated financial statements.
3
Regional Management Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fee income |
|
$ |
118,083 |
|
|
$ |
109,771 |
|
|
$ |
238,490 |
|
|
$ |
217,402 |
|
Insurance income, net |
|
|
11,203 |
|
|
|
10,220 |
|
|
|
22,162 |
|
|
|
20,764 |
|
Other income |
|
|
4,198 |
|
|
|
2,880 |
|
|
|
8,210 |
|
|
|
5,553 |
|
Total revenue |
|
|
133,484 |
|
|
|
122,871 |
|
|
|
268,862 |
|
|
|
243,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
|
52,551 |
|
|
|
45,400 |
|
|
|
100,219 |
|
|
|
76,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
36,419 |
|
|
|
33,941 |
|
|
|
75,016 |
|
|
|
69,595 |
|
Occupancy |
|
|
6,158 |
|
|
|
6,156 |
|
|
|
12,446 |
|
|
|
11,964 |
|
Marketing |
|
|
3,844 |
|
|
|
4,108 |
|
|
|
7,223 |
|
|
|
7,199 |
|
Other |
|
|
10,475 |
|
|
|
9,916 |
|
|
|
21,534 |
|
|
|
20,463 |
|
Total general and administrative expenses |
|
|
56,896 |
|
|
|
54,121 |
|
|
|
116,219 |
|
|
|
109,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
16,224 |
|
|
|
7,564 |
|
|
|
33,006 |
|
|
|
7,505 |
|
Income before income taxes |
|
|
7,813 |
|
|
|
15,786 |
|
|
|
19,418 |
|
|
|
50,735 |
|
Income taxes |
|
|
1,790 |
|
|
|
3,804 |
|
|
|
4,706 |
|
|
|
11,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,023 |
|
|
$ |
11,982 |
|
|
$ |
14,712 |
|
|
$ |
38,765 |
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.64 |
|
|
$ |
1.29 |
|
|
$ |
1.57 |
|
|
$ |
4.13 |
|
Diluted |
|
$ |
0.63 |
|
|
$ |
1.24 |
|
|
$ |
1.53 |
|
|
$ |
3.94 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
9,399 |
|
|
|
9,261 |
|
|
|
9,363 |
|
|
|
9,396 |
|
Diluted |
|
|
9,566 |
|
|
|
9,669 |
|
|
|
9,595 |
|
|
|
9,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized income on restricted available-for-sale investments |
|
|
14 |
|
|
|
— |
|
|
|
277 |
|
|
|
— |
|
Other comprehensive income, before tax |
|
|
14 |
|
|
|
— |
|
|
|
277 |
|
|
|
— |
|
Income taxes related to items of other comprehensive income |
|
|
(3 |
) |
|
|
— |
|
|
|
(58 |
) |
|
|
— |
|
Other comprehensive income, net of tax |
|
|
11 |
|
|
|
— |
|
|
|
219 |
|
|
|
— |
|
Total comprehensive income |
|
$ |
6,034 |
|
|
$ |
11,982 |
|
|
$ |
14,931 |
|
|
$ |
38,765 |
|
See accompanying notes to consolidated financial statements.
4
Regional Management Corp. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
(Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Retained |
|
|
Other Comprehensive |
|
|
Treasury |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Earnings |
|
|
Income (Loss) |
|
|
Stock |
|
|
Total |
|
Balance, March 31, 2023 |
|
|
14,385 |
|
|
$ |
1,438 |
|
|
$ |
114,452 |
|
|
$ |
351,324 |
|
|
$ |
(378 |
) |
|
$ |
(150,143 |
) |
|
$ |
316,693 |
|
Cash dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,001 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,001 |
) |
Issuance of restricted stock awards |
|
|
266 |
|
|
|
27 |
|
|
|
(27 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of stock options |
|
|
18 |
|
|
|
2 |
|
|
|
287 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
289 |
|
Shares withheld related to net share settlement |
|
|
(33 |
) |
|
|
(3 |
) |
|
|
(846 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(849 |
) |
Share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
2,336 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,336 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,023 |
|
|
|
— |
|
|
|
— |
|
|
|
6,023 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
Balance, June 30, 2023 |
|
|
14,636 |
|
|
$ |
1,464 |
|
|
$ |
116,202 |
|
|
$ |
354,346 |
|
|
$ |
(367 |
) |
|
$ |
(150,143 |
) |
|
$ |
321,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Retained |
|
|
Other Comprehensive |
|
|
Treasury |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Earnings |
|
|
Income (Loss) |
|
|
Stock |
|
|
Total |
|
Balance, March 31, 2022 |
|
|
14,360 |
|
|
$ |
1,436 |
|
|
$ |
105,989 |
|
|
$ |
329,878 |
|
|
$ |
— |
|
|
$ |
(138,561 |
) |
|
$ |
298,742 |
|
Cash dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,917 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,917 |
) |
Issuance of restricted stock awards |
|
|
40 |
|
|
|
4 |
|
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,582 |
) |
|
|
(11,582 |
) |
Shares withheld related to net share settlement |
|
|
(10 |
) |
|
|
(1 |
) |
|
|
(387 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(388 |
) |
Share-based compensation |
|
|
|