0001193125-15-261151.txt : 20150723 0001193125-15-261151.hdr.sgml : 20150723 20150723160758 ACCESSION NUMBER: 0001193125-15-261151 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150723 DATE AS OF CHANGE: 20150723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Regional Management Corp. CENTRAL INDEX KEY: 0001519401 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 570847115 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35477 FILM NUMBER: 151002397 BUSINESS ADDRESS: STREET 1: 509 WEST BUTLER ROAD CITY: GREENVILLE STATE: SC ZIP: 29607 BUSINESS PHONE: 864-422-8011 MAIL ADDRESS: STREET 1: 509 WEST BUTLER ROAD CITY: GREENVILLE STATE: SC ZIP: 29607 8-K 1 d79340d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 21, 2015

 

 

Regional Management Corp.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-35477   57-0847115

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

509 West Butler Road

Greenville, South Carolina 29607

(Address of principal executive offices) (zip code)

(864) 422-8011

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02. Results of Operations and Financial Condition.

On July 23, 2015, Regional Management Corp. (the “Company”) issued a press release announcing financial results for the quarter and six months ended June 30, 2015. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition,” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

(d) On July 21, 2015, the Board of Directors (the “Board”) of the Company fixed the number of directors constituting the entire Board at seven. Also, on July 21, 2015, the Board appointed Peter R. Knitzer to serve as a member of the Company’s Board, effective immediately. Mr. Knitzer will also serve on the Compensation Committee and the Corporate Governance and Nominating Committee of the Board.

In addition, the Board approved cash compensation and equity awards to Mr. Knitzer, with values consistent with those described in the Company’s standard non-employee director compensation program, as previously disclosed in Exhibit 10.6 to the Company’s Annual Report on Form 10-K, filed on March 16, 2015. The cash compensation and equity awards are prorated based upon the number of days remaining between Mr. Knitzer’s appointment to the Board and the first anniversary of the 2015 annual meeting of the Company’s stockholders. Mr. Knitzer’s equity awards will be granted on the fifth business day following his appointment to the Board, and will be granted half in nonqualified stock options (immediately vested) and half in restricted stock (vesting on the earlier of April 29, 2016 or the date of the Company’s next annual stockholders meeting).

There are no arrangements or understandings between Mr. Knitzer and any other person pursuant to which Mr. Knitzer was selected as a director, and there are no related party transactions involving Mr. Knitzer or any member of his immediate family and the Company or any of its subsidiaries that are reportable under Item 404(a) of Regulation S-K.

The full text of the press release announcing Mr. Knitzer’s appointment is furnished as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

   

Description

99.1    Press Release issued by Regional Management Corp. on July 23, 2015, announcing financial results for Regional Management Corp. for the quarter and six months ended June 30, 2015 and the appointment of Mr. Peter R. Knitzer to the Board.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Regional Management Corp.

Date: July 23, 2015

     By:  

/s/ Donald E. Thomas

     

Donald E. Thomas

Executive Vice President and

Chief Financial Officer

EXHIBIT INDEX

 

Exhibit
No.

   

Description of Exhibit

99.1    Press Release issued by Regional Management Corp. on July 23, 2015, announcing financial results for Regional Management Corp. for the quarter and six months ended June 30, 2015 and the appointment of Mr. Peter R. Knitzer to the Board.
 EX-99.1 2 d79340dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Regional Management Corp. Announces Second Quarter 2015 Results

- Net income of $5.4 million; diluted earnings per share of $0.41 -

- $46.6 million in sequential growth of total finance receivables -

- 47.2% sequential and 116.8% year-over-year growth of large loan receivables -

Greenville, South Carolina – July 23, 2015 – Regional Management Corp. (NYSE: RM), a diversified specialty consumer finance company, today announced results for the second quarter ended June 30, 2015.

Second Quarter 2015 Highlights

 

  •   Net income for the second quarter of 2015 was $5.4 million, an increase of 22.5% from the prior-year period. Diluted earnings per share were $0.41 based on a diluted share count of 13.1 million.

 

  •   Regional Management’s most important loan categories continue to grow:

 

  •   Large loan finance receivables as of June 30, 2015 were $93.2 million, an increase of 47.2% sequentially and 116.8% compared to the prior-year period.

 

  •   Branch small loan and convenience check finance receivables, collectively, as of June 30, 2015 were $314.9 million, an increase of 8.0% sequentially and 14.3% over the prior-year period.

 

  •   Total finance receivables as of June 30, 2015 were $572.5 million, an increase of 10.5% from the prior-year period.

 

  •   Total second quarter of 2015 revenue was $53.0 million, an 11.7% increase from the prior-year period.

 

  •   Total delinquencies as a percentage of total finance receivables as of June 30, 2015 were 20.6%, compared to 23.6% as of June 30, 2014 and 19.2% as of March 31, 2015.

 

  •   Net charge-offs were $12.9 million for the second quarter of 2015, or 9.4% of average finance receivables, improving from 10.5% in the prior-year period. The related provision for credit losses for the second quarter of 2015 was $12.1 million, or 22.8% of revenue, a decline from 28.7% in the prior-year period.

 

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  •   Regional Management opened 10 new branches in the second quarter of 2015. As of June 30, 2015, Regional Management’s branch network consisted of 316 locations.

“We are gratified that all of our efforts toward improving the operational performance of the business helped produce improved results in the second quarter,” said Michael R. Dunn, Chief Executive Officer of Regional Management Corp. “We had a strong quarter in receivable growth driven by improved marketing initiatives and in-branch activity. Large loans, which we continue to believe will be a strong driver of our future growth, increased 47% on a sequential basis and 117% from the prior-year period. Branch small loans and convenience checks, which have always been important to the company, also generated solid double-digit growth from the prior-year period. The strong receivable performance led to revenue growth of 11.7% compared to the prior-year period and 1.0% compared to the first quarter of 2015.”

“Total delinquency at the end of the quarter was 20.6%, down from 23.6% in the prior-year period, and up 1.4% from our record low first quarter of 2015,” continued Mr. Dunn. “This level of delinquency is a return to a more normalized profile for the business. We also continued to make progress on achieving operational efficiencies. Total expenses in our branches were $17.1 million, up $1.6 million compared to the prior-year period, but importantly down $2.3 million from the first quarter of 2015, driven primarily by a reduction in our existing branch staffing of 130 people since the end of 2014. Moving forward, our focus remains on growing our core small and large loan portfolios, while maintaining more normalized levels of delinquencies and continuing to focus on our expense structure. Overall, we believe we have solidly positioned ourselves for future consistent top and bottom line growth, and I am proud of the entire Regional Management team for their hard work and dedication in getting us back on track in a short period of time.”

Second Quarter 2015 Results

Finance receivables outstanding at June 30, 2015 were $572.5 million, a 10.5% increase from $518.0 million in the prior-year period. Finance receivables increased primarily due to enhanced efforts to increase originations of both small and large installment loans and the addition of 23 de novo branches since June 30, 2014.

For the second quarter ended June 30, 2015, Regional Management reported total revenue of $53.0 million, an 11.7% increase from $47.4 million in the prior-year period. Interest and fee income for the second quarter of 2015 was $47.7 million, an 11.0% increase from $43.0 million in the prior-year period, primarily due to a significant increase in the portfolios of both small and large installment loans compared to the prior-year period. Insurance income for the second quarter of 2015 was $3.1 million, a 25.8% increase from the prior-year period.

Provision for credit losses in the second quarter of 2015 was $12.1 million versus $13.6 million in the prior-year period. Net charge-offs of $12.9 million in the second quarter of 2015 exceeded the provision by $0.8 million as the Company released a portion of the allowance recorded in 2014 for convenience checks. Annualized net charge-offs as a percentage of average finance receivables for the second quarter of 2015 were 9.4%, an improvement from 10.5% in the prior-year period.

 

2

On a sequential basis, provision for credit losses increased 24.6%, reflecting the significant increase in small and large loan originations during the second quarter of 2015.

General and administrative expenses for the second quarter of 2015 were $28.2 million, an increase of $5.0 million, or 21.7%, from $23.2 million in the prior-year period. The increase was driven primarily by $1.6 million of additional branch expenses and $3.2 million of additional home office expenses. Branch expenses include changes in staffing and incentive plans for all branches, as well as the expenses associated with 23 branches added since June 30, 2014. The increase in home office expenses includes additional personnel, incentive plan changes and consulting fees.

Net income for the second quarter of 2015 was $5.4 million, a 22.5% increase compared to net income of $4.4 million in the prior-year period. Diluted earnings per share for the second quarter of 2015 were $0.41, an increase from $0.34 in the prior-year period.

First Half 2015 Results

For the six months ended June 30, 2015, Regional Management reported total revenue of $105.5 million, an 8.8% increase from $97.0 million in the prior-year period. Interest and fee income for the six months ended June 30, 2015 was $94.7 million, an 8.8% increase from $87.0 million in the prior-year period, primarily due to a significant increase in the portfolios of both small and large installment loans compared to the prior-year period. Insurance income for the six months ended June 30, 2015 was $6.0 million, a 4.7% increase from the prior-year period.

Provision for credit losses for the six months ended June 30, 2015 was $21.8 million versus $30.6 million in the prior-year period. Net charge-offs of $26.2 million in the six months ended June 30, 2015 exceeded the provision by $4.4 million as the Company released a portion of the allowance recorded in 2014 for convenience checks. Annualized net charge-offs as a percentage of average finance receivables for the six months ended June 30, 2015 was 9.6%, a decline from 10.1% in the prior-year period.

General and administrative expenses for the six months ended June 30, 2015 were $60.9 million, an increase of $17.8 million, or 41.2%, from $43.1 million in the prior-year period. Included in six months 2015 results were a total of $2.7 million in non-operating expenses, while six months 2014 results included a non-operating benefit of $1.4 million related to a change in the Company’s vacation pay policy. The balance of the expense increase of $13.7 million was driven primarily by $6.5 million of additional branch expenses, $5.5 million of additional home office expenses and $1.7 million of additional marketing costs. Branch expenses include changes in staffing and incentive plans for all branches as well as the expenses associated with 52 branches added since December 31, 2013. The increase in home office expenses includes additional personnel, incentive plan changes, the write-off of GoldPoint software costs and legal and consulting fees.

GAAP net income for the six months ended June 30, 2015 was $9.5 million, a 5.3% decrease compared to GAAP net income of $10.0 million in the prior-year period, and diluted earnings per share for the six months ended June 30, 2015 were $0.73 compared to $0.77 in the prior-year period. Excluding the aforementioned non-operating expenses, non-GAAP net income for the six

 

3

months ended June 30, 2015 totaled $11.2 million and non-GAAP diluted earnings per share were $0.86. For a reconciliation of non-GAAP financial measures to the nearest comparable GAAP financial measure, please refer to the reconciliation table accompanying this release.

Peter Knitzer Appointed to Board of Directors

The Company announced today that Peter Knitzer has been appointed to the Board of Directors, effective immediately. The appointment increases the Company’s Board size from six directors to seven. Mr. Knitzer will serve on the Company’s Compensation Committee and Corporate Governance and Nominating Committee, and brings to the Board an extensive analytical and financial background with respect to optimizing and integrating digital and traditional consumer marketing, sales and service capabilities, as well as significant experience with public and private financial services companies.

Mr. Knitzer has been an advisor to financial services companies since 2013. Previously, Mr. Knitzer served as Executive Vice President and head of the Payments group at CIBC and President and Director at E*TRADE Bank. Prior to joining E*TRADE, Mr. Knitzer spent 14 years at Citigroup in various senior roles, including Chairman & Chief Executive Officer of Citibank North America — a top 10 retail and commercial bank with 1,000+ branches and 22,000+ employees — Business Head, Cross-Sell Customer Management for all Citigroup businesses and EVP/Managing Director of Citi Cards, Citigroup’s leading global credit card business. Mr. Knitzer has also previously held senior marketing positions at Chase Manhattan Bank, American Express and Nabisco Brands. He received his MBA in marketing and finance from Columbia University Graduate School of Business and his BA in political science from Brown University.

Mr. Knitzer has also served as a Director for Habitat for Humanity from 2008–2014, including Board Chair from 2011–2013. He is currently on the Advisory Board of Columbia University Business School’s Lang Center for Entrepreneurship.

2015 De Novo Outlook

As of June 30, 2015, Regional Management’s branch network consisted of 316 locations. Regional Management opened 10 de novo branches in the second quarter of 2015 and, for the full year 2015, plans to open a minimum of 25 to 30 de novo branches.

Liquidity and Capital Resources

As of June 30, 2015, Regional Management had finance receivables of $572.5 million and outstanding debt of $359.5 million on its $500.0 million senior revolving credit facility.

Conference Call Information

Regional Management Corp. will host a conference call and webcast today at 4:30 PM ET to discuss these results.

 

4

The dial-in number for the conference call is (877) 415-3185 (toll-free) or (857) 244-7328 (direct), passcode 80833819. Please dial the number 10 minutes prior to the scheduled start time. A live webcast of the conference call will also be available on Regional Management’s website at www.RegionalManagement.com.

A replay will be available following the end of the call through Thursday, July 30, 2015, by telephone at (888) 286-8010 (toll-free) or (617) 801-6888 (direct), passcode 29160961. A webcast replay of the call will be available at http://www.RegionalManagement.com for one year following the call.

Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Regional Management Corp.’s expectations or beliefs concerning future events. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions may be used to identify these forward-looking statements. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the following: the continuation or worsening of adverse conditions in the global and domestic credit markets and uncertainties regarding, or the impact of, governmental responses to those conditions; changes in interest rates; risks related to acquisitions; risks related to opening new branches, including the ability or inability to open new branches as planned; risks inherent in making loans, including repayment risks and value of collateral, which risks may increase in light of adverse or recessionary economic conditions; recently-enacted or proposed legislation; the timing and amount of revenues that may be recognized by Regional Management; changes in current revenue and expense trends (including trends affecting delinquencies and charge-offs); changes in Regional Management’s markets and general changes in the economy (particularly in the markets served by Regional Management); changes in operating and administrative expenses; and the departure, transition or replacement of key personnel. Such factors and others are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management will not and is not responsible for updating the information contained in this press release beyond the publication date, or for changes made to this document by wire services or Internet services.

About Regional Management Corp.

Regional Management Corp. (NYSE: RM) is a diversified specialty consumer finance company providing a broad array of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies and other traditional lenders. Regional Management began operations in 1987 with four branches in South Carolina and has since expanded its branch network across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma, New Mexico and Georgia. Each of its loan products is structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments and is repayable at

 

5

any time without penalty. Regional Management’s loans are sourced through its multiple channel platform, including in its branches, through direct mail campaigns, independent and franchise automobile dealerships, online credit application networks, retailers and its consumer website. For more information, please visit http://www.RegionalManagement.com.

Contact:

Investor Relations

Garrett Edson, (203) 682-8331

 

6

Regional Management Corp. and Subsidiaries

Consolidated Statements of Income

(Unaudited)

(in thousands, except per share amounts)

 

                 Better (Worse)                 Better (Worse)  
     2Q’15     2Q’14     $     %     YTD’15     YTD’14     $     %  

Revenue

                 

Interest and fee income

    $ 47,668      $ 42,962      $ 4,706        11.0 %    $ 94,733      $ 87,041      $ 7,692        8.8 % 

Insurance income, net

      3,120        2,481        639        25.8 %      6,049        5,776        273        4.7 % 

Other income

      2,213        1,994        219        11.0 %      4,743        4,201        542        12.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

      53,001        47,437        5,564        11.7 %      105,525        97,018        8,507        8.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Expenses

                 

Provision for credit losses

      12,102        13,620        1,518        11.1 %      21,814        30,564        8,750        28.6 % 

Personnel

      16,211        13,068        (3,143 )      -24.1 %      35,971        24,242        (11,729 )      -48.4 % 

Occupancy

      4,256        3,713        (543 )      -14.6 %      8,381        7,133        (1,248 )      -17.5 % 

Marketing

      2,009        1,750        (259 )      -14.8 %      4,480        2,732        (1,748 )      -64.0 % 

Other

      5,767        4,667        (1,100 )      -23.6 %      12,034        8,990        (3,044 )      -33.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total general and administrative expenses

      28,243        23,198        (5,045 )      -21.7 %      60,866        43,097        (17,769 )      -41.2 % 

Interest expense

      3,932        3,556        (376 )      -10.6 %      7,536        7,319        (217 )      -3.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      8,724        7,063        1,661        23.5 %      15,309        16,038        (729 )      -4.5 % 

Income taxes

      3,316        2,649        (667 )      -25.2 %      5,818        6,014        196        3.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 5,408      $ 4,414      $ 994        22.5 %    $ 9,491      $ 10,024      $ (533 )      -5.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income per common share:

                 

Basic

    $ 0.42      $ 0.35      $ 0.07        20.0 %    $ 0.74      $ 0.79      $ (0.05 )      -6.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

    $ 0.41      $ 0.34      $ 0.07        20.6 %    $ 0.73      $ 0.77      $ (0.04 )      -5.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average shares outstanding:

                 

Basic

      12,845        12,691        (154 )      -1.2 %      12,812        12,673        (139 )      -1.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

      13,078        12,916        (162 )      -1.3 %      13,040        12,958        (82 )      -0.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Return on average assets (annualized)

      4.0 %      3.6 %          3.6 %      4.0 %     
  

 

 

    

 

 

        

 

 

    

 

 

      

Return on average equity (annualized)

      11.5 %      10.4 %          10.3 %      12.0 %     
  

 

 

    

 

 

        

 

 

    

 

 

      

 

7

Regional Management Corp. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

(in thousands, except par value amounts)

 

                 Increase (Decrease)  
     2Q’15     2Q’14     $     %  

Assets

         

Cash

    $ 4,793      $ 3,562      $ 1,231        34.6 % 

Gross finance receivables

      704,862        622,854        82,008        13.2 % 

Less unearned finance charges, insurance premiums, and commissions

      (132,337 )      (104,879 )      (27,458 )      -26.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Finance receivables

      572,525        517,975        54,550        10.5 % 

Allowance for credit losses

      (36,171 )      (34,584 )      (1,587 )      -4.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net finance receivables

      536,354        483,391        52,963        11.0 % 

Property and equipment, net of accumulated depreciation

      8,646        7,929        717        9.0 % 

Deferred tax asset, net

      2,305        —         2,305        100.0 % 

Repossessed assets at net realizable value

      407        615        (208 )      -33.8 % 

Goodwill

      716        716        —         0.0 % 

Intangible assets, net

      655        1,068        (413 )      -38.7 % 

Other assets

      7,105        6,714        391        5.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

    $ 560,981      $ 503,995      $ 56,986        11.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

         

Liabilities:

         

Senior revolving credit facility

    $ 359,491      $ 324,570      $ 34,921        10.8 % 

Accounts payable and accrued expenses

      10,733        6,718        4,015        59.8 % 

Deferred tax liability, net

      —       847        (847 )      -100.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

      370,224        332,135        38,089        11.5 % 

Commitments and Contingencies

         

Stockholders’ equity:

         

Preferred stock, $0.10 par value, 100,000 shares authorized, no shares issued or outstanding

      —         —         —         —    

Common stock, $0.10 par value, 1,000,000 shares authorized, 12,889 and 12,702 shares issued and outstanding at June 30, 2015 and 2014, respectively

      1,289        1,270        19        1.5 % 

Additional paid-in-capital

      88,584        83,975        4,609        5.5 % 

Retained earnings

      100,884        86,615        14,269        16.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total stockholders’ equity

      190,757        171,860        18,897        11.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 560,981      $ 503,995      $ 56,986        11.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

8

Regional Management Corp. and Subsidiaries

Selected Financial Data

(Unaudited)

(in thousands, except per share amounts)

 

     Averages and Yields  
     2Q’15     1Q’15     2Q’14  
     Average Finance
Receivables		      Average Yield
(Annualized)		     Average Finance
Receivables		      Average Yield
(Annualized)		     Average Finance
Receivables		      Average Yield
(Annualized)		  

Branch small loans

    $ 130,806         45.3 %    $ 124,350         46.2 %    $ 103,595         48.5 % 

Convenience checks

      171,323         45.0 %      181,425         45.9 %      158,564         44.4 % 

Large loans

      79,756         27.7 %      52,738         26.7 %      42,380         27.3 % 

Automobile loans

      143,659         19.3 %      150,107         19.2 %      173,676         19.8 % 

Retail loans

      24,556         18.8 %      25,121         18.2 %      28,810         18.4 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total interest and fee yield

    $ 550,100         34.7 %    $ 533,741         35.3 %    $ 507,025         33.9 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total revenue yield

    $ 550,100         38.5 %    $ 533,741         39.4 %    $ 507,025         37.4 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

     Components of Increase in Interest and Fee Income
2Q’15 Compared to 2Q’14
Increase (Decrease)		  
     Volume     Rate     Net  

Branch small loans

    $ 3,124      $ (884 )    $ 2,240   

Convenience checks

      1,432        230        1,662   

Large loans

      2,585        43        2,628   

Automobile loans

      (1,516 )      (139 )      (1,655 ) 

Retail loans

      (191 )      22        (169 ) 

Change in product mix

      (1,718 )      1,718        —     
  

 

 

    

 

 

    

 

 

  

Total increase in interest and fee income

    $ 3,716      $ 990      $ 4,706   
  

 

 

    

 

 

    

 

 

  

Percentage of change in interest and fee income

      79.0 %      21.0 %      100.0 % 
  

 

 

    

 

 

    

 

 

  

 

     Net Loans Originated (1)  
     2Q’15      1Q’15      2Q’14      QoQ $
Inc (Dec)		     QoQ %
Inc (Dec)		     YoY $
Inc (Dec)		     YoY %
Inc (Dec)		  

Branch small loans

    $ 80,818       $ 51,371       $ 62,751       $ 29,447        57.3 %    $ 18,067        28.8 % 

Convenience checks

      90,745         60,653         84,576         30,092        49.6 %      6,169        7.3 % 

Large loans

      46,134         29,829         13,020         16,305        54.7 %      33,114        254.3 % 

Automobile loans

      11,802         14,590         18,786         (2,788 )      -19.1 %      (6,984 )      -37.2 % 

Retail loans

      8,136         6,727         7,345         1,409        20.9 %      791        10.8 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total net loans originated

    $ 237,635       $ 163,170       $ 186,478       $ 74,465        45.6 %    $ 51,157        27.4 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Represents the balance of loan origination and refinancing net of unearned finance charges

 

9

     Other Key Metrics  
     2Q’15     1Q’15     2Q’14  

Net charge-offs

    $ 12,881      $ 13,273      $ 13,361   

Percentage of average finance receivables (annualized)

      9.4 %      9.9 %      10.5 % 

Provision for credit losses

    $ 12,102      $ 9,712      $ 13,620   

Percentage of average finance receivables (annualized)

      8.8 %      7.3 %      10.7 % 

Percentage of total revenue

      22.8 %      18.5 %      28.7 % 

General and administrative expenses

    $ 28,243      $ 32,623      $ 23,198   

Percentage of average finance receivables (annualized)

      20.5 %      24.4 %      18.3 % 

Percentage of total revenue

      53.3 %      62.1 %      48.9 % 

Same store results:

       

Finance receivables at period-end

    $ 545,928      $ 501,393      $ 484,048   

Finance receivable growth rate

      8.0 %      1.1 %      6.6 % 

Number of branches in calculation

      281        264        232   

 

     Finance Receivables by Product  
     2Q’15      1Q’15      QoQ $
Inc (Dec)		     QoQ %
Inc (Dec)		     2Q’14      YoY $
Inc (Dec)		     YoY %
Inc (Dec)		  

Branch small loans

    $ 140,161       $ 121,649       $ 18,512        15.2 %    $ 107,598       $ 32,563        30.3 % 

Convenience checks

      174,786         170,013         4,773        2.8 %      167,858         6,928        4.1 % 

Large loans

      93,203         63,338         29,865        47.2 %      42,996         50,207        116.8 % 

Automobile loans

      139,593         146,724         (7,131 )      -4.9 %      171,777         (32,184 )      -18.7 % 

Retail loans

      24,782         24,183         599        2.5 %      27,746         (2,964 )      -10.7 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total finance receivables

    $ 572,525       $ 525,907       $ 46,618        8.9 %    $ 517,975       $ 54,550        10.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

 

     2Q’14      1Q’14      QoQ $
Inc (Dec)		      QoQ %
Inc (Dec)		  

Total finance receivables

    $ 517,975       $ 501,734       $ 16,241         3.2 % 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

10

     Contractual Delinquency by Aging  
     2Q’15     1Q’15     2Q’14  
     Amount      Percentage of
Total Finance
Receivables		     Amount      Percentage of
Total Finance
Receivables		     Amount      Percentage of
Total Finance
Receivables		  

Allowance for credit losses

    $ 36,171         6.3 %    $ 36,950         7.0 %    $ 34,584         6.7 % 

Current

      454,424         79.4 %      425,088         80.8 %      395,791         76.4 % 

1 to 29 days past due

      81,275         14.2 %      67,653         12.9 %      87,799         17.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Delinquent accounts:

                

30 to 59 days

      14,665         2.5 %      11,596         2.2 %      14,984         2.9 % 

60 to 89 days

      8,113         1.4 %      6,824         1.3 %      6,772         1.3 % 

90 to 119 days

      5,633         1.0 %      4,844         0.9 %      4,435         0.9 % 

120 to 149 days

      4,597         0.8 %      4,881         0.9 %      3,206         0.6 % 

150 to 179 days

      3,818         0.7 %      5,021         1.0 %      2,155         0.4 % 

180 days and over

      —          0.0 %      —           0.0 %      2,833         0.5 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total contractual delinquency

    $ 36,826         6.4 %    $ 33,166         6.3 %    $ 34,385         6.6 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total finance receivables

    $ 572,525         100.0 %    $ 525,907         100.0 %    $ 517,975         100.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

1 day and over past due

    $ 118,101         20.6 %    $ 100,819         19.2 %    $ 122,184         23.6 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

     Contractual Delinquency by Product  
     2Q’15     1Q’15     2Q’14  
     Amount      Percentage of
Product Finance
Receivables		     Amount      Percentage of
Product Finance
Receivables		     Amount      Percentage of
Product Finance
Receivables		  

Branch small loans

    $ 10,804         7.7 %    $ 8,890         7.3 %    $ 8,525         7.9 % 

Convenience checks

      13,561         7.8 %      14,681         8.6 %      11,197         6.7 % 

Large loans

      2,748         2.9 %      1,704         2.7 %      2,437         5.7 % 

Automobile loans

      8,619         6.2 %      6,854         4.7 %      10,981         6.4 % 

Retail loans

      1,094         4.4 %      1,037         4.3 %      1,245         4.5 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

Total contractual delinquency

      36,826         6.4 %      33,166         6.3 %      34,385         6.6 % 
  

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

  

 

11

     Quarterly Trend  
     2Q’14      3Q’14      4Q’14      1Q’15      2Q’15      QoQ $
B(W)		     YoY $
B(W)		  

Revenue

                    

Interest and fee income

    $ 42,962       $ 48,792       $ 48,964       $ 47,065       $ 47,668       $ 603      $ 4,706   

Insurance income, net

      2,481         2,636         2,261         2,929         3,120         191        639   

Other income

      1,994         2,481         2,567         2,530         2,213         (317 )      219   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total revenue

      47,437         53,909         53,792         52,524         53,001         477        5,564   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Expenses

                    

Provision for credit losses

      13,620         22,542         15,950         9,712         12,102         (2,390 )      1,518   

Personnel

      13,068         14,042         17,099         19,760         16,211         3,549        (3,143 ) 

Occupancy

      3,713         4,179         4,115         4,125         4,256         (131 )      (543 ) 

Marketing

      1,750         1,756         1,842         2,471         2,009         462        (259 ) 

Other

      4,667         5,307         5,340         6,267         5,767         500        (1,100 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total general and administrative

      23,198         25,284         28,396         32,623         28,243         4,380        (5,045 ) 

Interest expense

      3,556         3,848         3,780         3,604         3,932         (328 )      (376 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Income before income taxes

      7,063         2,235         5,666         6,585         8,724         2,139        1,661   

Income taxes

      2,649         838         2,285         2,502         3,316         (814 )      (667 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Net income

    $ 4,414       $ 1,397       $ 3,381       $ 4,083       $ 5,408       $ 1,325      $ 994   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Net income per common share:

                    

Basic

    $ 0.35       $ 0.11       $ 0.27       $ 0.32       $ 0.42       $ 0.10      $ 0.07   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Diluted

    $ 0.34       $ 0.11       $ 0.26       $ 0.31       $ 0.41       $ 0.10      $ 0.07   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Weighted-average shares outstanding:

                    

Basic

      12,691         12,714         12,744         12,838         12,845         (7 )      (154 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Diluted

      12,916         12,934         12,955         13,061         13,078         (17 )      (162 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  
     2Q’14      3Q’14      4Q’14      1Q’15      2Q’15      QoQ $
Inc (Dec)		     YoY $
Inc (Dec)		  

Total assets

      503,995         522,820         530,270         507,742         560,981         53,239        56,986   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Finance receivables

      517,975         543,353         546,192         525,907         572,525         46,618        54,550   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Allowance for credit losses

      34,584         43,301         40,511         36,950         36,171         779        (1,587 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Senior revolving credit facility

      324,570         339,323         341,419         312,538         359,491         46,953        34,921   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

12

     Headcount Trend  
     2Q’14      3Q’14      4Q’14      1Q’15      2Q’15      QoQ
Inc (Dec)		     YoY
Inc (Dec)		  

Branch headcount

      1,176         1,313         1,335         1,273         1,205         (68 )      29   

2015 new branches

               15         40         25        40   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total branch headcount

   1,176      1,313      1,335      1,288      1,245      (43 )    69   

Home office headcount

   88      92      105      125      120      (5 )    32   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total headcount

   1,264      1,405      1,440      1,413      1,365      (48 )    101   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Number of branches

   293      296      300      306      316      10      23   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

     General & Administrative Expenses Trend  
     2Q’14      3Q’14      4Q’14      1Q’15      2Q’15      QoQ $
B(W)		     YoY $
B(W)		  

Branch G&A expenses

    $ 15,525       $ 16,866       $ 18,020       $ 19,284       $ 16,596       $ 2,688      $ (1,071 ) 

2015 new branches

               86         498         (412 )      (498 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total branch G&A expenses

   15,525      16,866      18,020      19,370      17,094      2,276      (1,569 ) 

Marketing

   1,750      1,756      1,842      2,471      2,009      462      (259 ) 

Home office G&A expenses

   5,923      6,662      8,534      10,782      9,140      1,642      (3,217 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total G&A expenses

 $ 23,198    $ 25,284    $ 28,396    $ 32,623    $ 28,243    $ 4,380    $ (5,045 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

 

     Averages and Yields  
     YTD’15     YTD’14  
     Average Finance
Receivables		      Average Yield
(Annualized)		     Average Finance
Receivables		      Average Yield
(Annualized)		  

Branch small loans

    $ 128,425         45.4 %    $ 105,096         48.0 % 

Convenience checks

      177,283         45.2 %      165,293         43.6 % 

Large loans

      66,663         27.1 %      42,583         26.9 % 

Automobile loans

      146,905         19.3 %      175,915         19.7 % 

Retail loans

      24,932         18.5 %      29,635         18.1 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total interest and fee yield

 $ 544,208      34.8 %  $ 518,522      33.6 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total revenue yield

 $ 544,208      38.8 %  $ 518,522      37.4 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

     Components of Increase in Interest and Fee Income
YTD’15 Compared to YTD’14
Increase (Decrease)		  
     Volume     Rate     Net  

Branch small loans

    $ 5,359      $ (1,417 )    $ 3,942   

Convenience checks

      2,678        1,351        4,029   

Large loans

      3,266        46        3,312   

Automobile loans

      (2,920 )      (285 )      (3,205 ) 

Retail loans

      (419 )      33        (386 ) 

Change in product mix

      (3,561 )      3,561        —     
  

 

 

    

 

 

    

 

 

  

Total increase in interest and fee income

 $ 4,403    $ 3,289    $ 7,692   
  

 

 

    

 

 

    

 

 

  

Percentage of change in interest and fee income

   57.2 %    42.8 %    100.0 % 
  

 

 

    

 

 

    

 

 

  

 

13

     Net Loans Originated (1)  
     YTD’15      YTD’14      YTD $
Inc (Dec)		      YTD %
Inc (Dec)		  

Branch small loans

    $ 132,189       $ 105,597       $ 26,592         25.2 % 

Convenience checks

      151,398         137,233         14,165         10.3 % 

Large loans

      75,963         23,378         52,585         224.9 % 

Automobile loans

      26,392         37,684         (11,292 )       -30.0 % 

Retail loans

      14,863         15,862         (999 )       -6.3 % 
  

 

 

     

 

 

     

 

 

     

 

 

  

Total net loans originated

 $ 400,805    $ 319,754    $ 81,051      25.3 % 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) Represents the balance of loan origination and refinancing net of unearned finance charges

 

     Other Key Metrics  
     YTD’15     YTD’14  

Net charge-offs

    $ 26,154      $ 26,069   

Percentage of average finance receivables (annualized)

      9.6 %      10.1 % 

Provision for credit losses

    $ 21,814      $ 30,564   

Percentage of average finance receivables (annualized)

      8.0 %      11.8 % 

Percentage of total revenue

      20.7 %      31.5 % 

General and administrative expenses

    $ 60,866      $ 43,097   

Percentage of average finance receivables (annualized)

      22.4 %      16.6 % 

Percentage of total revenue

      57.7 %      44.4 % 

Because it adjusts for certain non-operating and non-cash items, the Company believes that non-GAAP measures are useful to investors as supplemental financial measures that, when viewed with its GAAP financial information, provide information regarding trends in the Company’s results of operations and credit metrics, which is intended to help investors meaningfully evaluate and compare the Company’s results of operations and credit metrics between periods.

 

     Non-GAAP Reconciliation  
     YTD’15      Adjustments     Non-GAAP  

General and administrative expenses

    $ 60,866       $ (2,676 )(1)(2)(3)    $ 58,190   

Income taxes

    $ 5,818       $ 1,017 (5)    $ 6,835   

Net income

    $ 9,491       $ 1,659      $ 11,150   

Diluted net income per common share

    $ 0.73       $ 0.13      $ 0.86   
     Non-GAAP Reconciliation  
     YTD’14      Adjustments     Non-GAAP  

General and administrative expenses

    $ 43,097       $ 566 (2)(4)    $ 43,663   

Income taxes

    $ 6,014       $ (212 )(5)    $ 5,802   

Net income

    $ 10,024       $ (354 )    $ 9,670   

Diluted net income per common share

    $ 0.77       $ (0.02 )    $ 0.75   

 

(1) Exclude executive retirement agreement costs of $533
(2) Exclude loan system conversion costs of $613 and $822 for YTD’15 and YTD’14
(3) Exclude CEO equity award costs of $1,530
(4) Benefit related to vacation policy change of $1,388
(5) Tax effect of the adjustments

 

14

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