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1月前
Regional Management Corp. Announces First Quarter 2026 ResultsApril 29, 2026 4:15 PM
Business Wire
- Net income of $11.4 million and diluted earnings per share of $1.18, up 63% and 69% year-over-year, respectively -
- Originations of $388.0 million and 11.3% year-over-year portfolio growth drive record first quarter revenue -
- Annualized operating expense ratio of 12.2%, an all-time best and an improvement of 180 basis points year-over-year -
Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced results for the first quarter ended March 31, 2026.
“We delivered a strong start to 2026, with solid financial results, continued year-over-year portfolio growth, and further improvement in operating efficiency,” said Lakhbir S. Lamba, President and Chief Executive Officer of Regional Management Corp. “First quarter diluted EPS increased 69% year-over-year, driven by disciplined execution, stable credit performance, and the scalability of our operating model.”
“We continue to make good progress on our strategic priorities, including expanding our auto-secured portfolio, entering new markets, and advancing our bank partnership with Column,” added Mr. Lamba. “Early results from the partnership are encouraging, and we believe it will enhance our ability to grow the business, broaden our product offerings, and improve risk-adjusted returns over time.”
“Looking ahead, we remain focused on responsible portfolio growth, improving credit performance, and driving operating leverage,” continued Mr. Lamba. “We are confident in our outlook for 2026 and our ability to deliver sustainable, profitable growth and increasing returns for our shareholders.”
First Quarter 2026 Highlights
Net income for the first quarter of 2026 was $11.4 million and diluted earnings per share was $1.18, up 62.7% and 68.6% year-over-year, respectively.
Net finance receivables as of March 31, 2026 were $2.1 billion, an improvement of $213.7 million, or 11.3%, from the prior-year period, driven by strong performance from large loans, including demand for auto-secured products, and 10 new branches opened since March 31, 2025.
Total originations of $388.0 million, down 1.1% from the prior-year period, due to a stronger tax refund season and disciplined underwriting.
Large loan net finance receivables of $1.6 billion increased $245.7 million, or 18.3%, from the prior-year period and represented 75.6% of the total loan portfolio, compared to 71.2% in the prior-year period.
Auto-secured net finance receivables of $301.3 million increased $82.6 million, or 37.7%, from the prior-year period and represented 14.3% of the total loan portfolio, compared to 11.6% in the prior-year period.
Small loan net finance receivables of $512.5 million decreased $32.1 million, or 5.9%, from the prior-year period and represented 24.4% of the total loan portfolio, compared to 28.8% in the prior-year period.
Record first quarter total revenue of $167.3 million, an increase of $14.3 million, or 9.4%, from the prior-year period, primarily due to growth in average net finance receivables.
Total revenue yield (annualized total revenue as a percentage of average net finance receivables) for the first quarter of 2026 was 31.5%, compared to 32.4% in the prior-year period, a decrease of 90 basis points primarily due to product mix shift.
Interest and fee yield (annualized interest and fee income as a percentage of average net finance receivables) decreased 60 basis points from the prior-year period primarily due to product mix shift.
Provision for credit losses for the first quarter of 2026 was $64.9 million, an increase of $6.9 million, or 11.9%, from the prior-year period, driven by portfolio growth.
The net credit loss rate (annualized net credit losses as a percentage of average net finance receivables) for the first quarter of 2026 was 12.5%, a 10 basis point increase compared to 12.4% in the prior-year period. Higher portfolio liquidation in the first quarter of 2026 compared to the prior-year period impacted the net credit loss rate by 10 basis points.
The provision for credit losses for the first quarter of 2026 included a sequential reserve decrease of $1.4 million due to seasonal portfolio liquidation occurring during the first quarter of 2026.
The allowance for credit losses was $219.5 million as of March 31, 2026, or 10.4% of net finance receivables, a 10 basis point increase sequentially, reflecting updates to macroeconomic assumptions.
As of March 31, 2026, 30+ day contractual delinquencies totaled $150.9 million, or 7.2% of net finance receivables, a 30 basis point improvement sequentially due to seasonality and a 10 basis point increase from the prior-year period. Higher portfolio liquidation in the first quarter of 2026 compared to the prior-year period impacted the delinquency rate by 10 basis points.
General and administrative expenses for the first quarter of 2026 were $64.7 million, an improvement of $1.4 million from the prior-year period. The operating expense ratio (annualized general and administrative expenses as a percentage of average net finance receivables) for the first quarter of 2026 was 12.2%, an all-time best. The ratio reflected improvements of 20 basis points and 180 basis points from 12.4% and 14.0% in the prior-quarter and prior-year periods, respectively.
In the first quarter of 2026, the company repurchased 207,975 shares of its common stock at a weighted-average price of $36.06 per share under the company's stock repurchase program.
Second Quarter 2026 Dividend
The company’s Board of Directors has declared a dividend of $0.30 per common share for the second quarter of 2026. The dividend will be paid on June 10, 2026 to shareholders of record as of the close of business on May 20, 2026. The declaration and payment of any future dividend is subject to the discretion of the Board of Directors and will depend on a variety of factors, including the company’s financial condition and results of operations.
Liquidity and Capital Resources
As of March 31, 2026, the company had net finance receivables of $2.1 billion and debt of $1.6 billion. The debt consisted of:
$200.1 million on the company’s $355 million senior revolving credit facility,
$66.0 million on the company’s aggregate $425 million revolving warehouse credit facilities, and
$1.4 billion through the company’s asset-backed securitizations.
As of March 31, 2026, the company’s unused capacity to fund future growth on its revolving credit facilities (subject to the borrowing base) was $516 million, or 66.1%, and the company had available liquidity of $135.6 million, including unrestricted cash on hand and immediate availability to draw down cash from its revolving credit facilities. As of March 31, 2026, the company’s fixed-rate debt as a percentage of total debt was 84%, with a weighted-average coupon of 4.7%.
The company had a funded debt-to-equity ratio of 4.3 to 1.0 and a stockholders’ equity ratio of 18.1%, each as of March 31, 2026. On a non-GAAP basis, the company had a funded debt-to-tangible equity ratio of 4.7 to 1.0, as of March 31, 2026. Please refer to the reconciliations of non-GAAP measures to comparable GAAP measures included at the end of this press release.
Conference Call Information
Regional Management Corp. will host a conference call and webcast today at 5:00 PM ET to discuss these results.
The dial-in number for the conference call is (877) 407-0752 (toll-free) or (201) 389-0912 (international). Please dial the number 10 minutes prior to the scheduled start time.
*** A supplemental slide presentation will be made available on Regional’s website prior to the earnings call at www.RegionalManagement.com. ***
In addition, a live webcast of the conference call will be available on Regional’s website at www.RegionalManagement.com.
A webcast replay of the call will be available at www.RegionalManagement.com for one year following the call.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” online and in branch locations in 19 states across the United States. Each of its loan products is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, and its consumer website. For more information, please visit www.RegionalManagement.com.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead represent Regional Management Corp.’s expectations or beliefs concerning future events. Forward-looking statements include, without limitation, statements concerning financial outlooks or future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. 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 speak only as of the date on which they were made and are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. As a result, actual performance and results may differ materially from those contemplated by these forward-looking statements. Therefore, investors should not place undue reliance on forward-looking statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in forward-looking statements include, but are not limited to, the following: managing growth effectively, implementing Regional Management’s growth strategy, and opening new branches as planned; Regional Management’s convenience check strategy; Regional Management’s policies and procedures for underwriting, processing, and servicing loans; Regional Management’s ability to collect on its loan portfolio; Regional Management’s insurance operations; exposure to credit risk and repayment risk, which risks may increase in light of adverse or recessionary economic conditions; the implementation of evolving underwriting models and processes, including as to the effectiveness of Regional Management's custom scorecards; changes in the competitive environment in which Regional Management operates or a decrease in the demand for its products; the geographic concentration of Regional Management’s loan portfolio; the failure of third-party service providers, including those providing information technology products; changes in economic conditions in the markets Regional Management serves, including levels of unemployment and bankruptcies; the ability to achieve successful acquisitions and strategic alliances; the ability to realize the anticipated benefits from our lending partnership with Column N.A.; the ability to make technological improvements as quickly as competitors; security breaches, cyber-attacks, failures in information systems, or fraudulent activity; the development and use of artificial intelligence; the ability to originate loans; reliance on information technology resources and providers, including the risk of prolonged system outages; changes in current revenue and expense trends, including trends affecting delinquencies and credit losses; any future public health crises, including the impact of such crisis on our operations and financial condition; changes in operating and administrative expenses; the departure, transition, or replacement of key personnel; the ability to timely and effectively implement, transition to, and maintain the necessary information technology systems, infrastructure, processes, and controls to support Regional Management’s operations and initiatives; changes in interest rates; existing sources of liquidity may become insufficient or access to these sources may become unexpectedly restricted; exposure to financial risk due to asset-backed securitization transactions; risks related to regulation and legal proceedings, including changes in laws or regulations or in the interpretation or enforcement of laws or regulations; changes in accounting standards, rules, and interpretations and the failure of related assumptions and estimates; the impact of changes in tax laws and guidance, including the timing and amount of revenues that may be recognized; risks related to the ownership of Regional Management’s common stock, including volatility in the market price of shares of Regional Management’s common stock; the timing and amount of future cash dividend payments; and anti-takeover provisions in Regional Management’s charter documents and applicable state law.
The foregoing factors and others are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management will not update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Regional Management is not responsible for changes made to this document by wire services or Internet services.
Regional Management Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share amounts)
Better (Worse)
1Q 26
1Q 25
$
%
Revenue
Interest and fee income
$
150,296
$
136,553
$
13,743
10.1
%
Insurance income, net
11,810
11,297
513
4.5
%
Other income
5,184
5,117
67
1.3
%
Total revenue
167,290
152,967
14,323
9.4
%
Expenses
Provision for credit losses
64,868
57,992
(6,876
)
(11.9
)%
Personnel
39,342
41,142
1,800
4.4
%
Occupancy
7,479
6,906
(573
)
(8.3
)%
Marketing
4,181
5,406
1,225
22.7
%
Other
13,662
12,589
(1,073
)
(8.5
)%
Total general and administrative
64,664
66,043
1,379
2.1
%
Interest expense
22,923
19,771
(3,152
)
(15.9
)%
Income before income taxes
14,835
9,161
5,674
61.9
%
Income taxes
3,434
2,154
(1,280
)
(59.4
)%
Net income
$
11,401
$
7,007
$
4,394
62.7
%
Net income per common share:
Basic
$
1.24
$
0.73
$
0.51
69.9
%
Diluted
$
1.18
$
0.70
$
0.48
68.6
%
Weighted-average common shares outstanding:
Basic
9,163
9,610
447
4.7
%
Diluted
9,662
10,025
363
3.6
%
Return on average assets (annualized)
2.2
%
1.5
%
Return on average equity (annualized)
12.2
%
7.9
%
Regional Management Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except par value amounts)
Increase (Decrease)
1Q 26
1Q 25
$
%
Assets
Cash
$
4,859
$
4,158
$
701
16.9
%
Net finance receivables
2,104,001
1,890,351
213,650
11.3
%
Unearned insurance premiums
(51,044
)
(47,107
)
(3,937
)
(8.4
)%
Allowance for credit losses
(219,500
)
(199,100
)
(20,400
)
(10.2
)%
Net finance receivables, less unearned insurance premiums and allowance for credit losses
1,833,457
1,644,144
189,313
11.5
%
Restricted cash
98,364
122,312
(23,948
)
(19.6
)%
Lease assets
44,174
40,699
3,475
8.5
%
Intangible assets
33,172
26,750
6,422
24.0
%
Restricted available-for-sale investments
24,390
21,687
2,703
12.5
%
Property and equipment
12,980
13,635
(655
)
(4.8
)%
Deferred tax assets, net
—
9,421
(9,421
)
(100.0
)%
Other assets
21,354
17,877
3,477
19.4
%
Total assets
$
2,072,750
$
1,900,683
$
172,067
9.1
%
Liabilities and Stockholders’ Equity
Liabilities:
Debt
$
1,621,398
$
1,477,860
$
143,538
9.7
%
Unamortized debt issuance costs
(7,048
)
(7,924
)
876
11.1
%
Net debt
1,614,350
1,469,936
144,414
9.8
%
Lease liabilities
46,324
42,788
3,536
8.3
%
Deferred tax liabilities, net
3,883
—
3,883
100.0
%
Accounts payable and accrued expenses
32,344
30,083
2,261
7.5
%
Total liabilities
1,696,901
1,542,807
154,094
10.0
%
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, 15,160 shares issued and 9,338 shares outstanding at March 31, 2026 and 15,187 shares issued and 10,088 shares outstanding at March 31, 2025)
1,516
1,519
(3
)
(0.2
)%
Additional paid-in capital
140,555
134,206
6,349
4.7
%
Retained earnings
419,197
382,532
36,665
9.6
%
Accumulated other comprehensive loss
(31
)
(171
)
140
81.9
%
Treasury stock (5,822 shares at March 31, 2026 and 5,098 shares at
March 31, 2025)
(185,388
)
(160,210
)
(25,178
)
(15.7
)%
Total stockholders’ equity
375,849
357,876
17,973
5.0
%
Total liabilities and stockholders’ equity
$
2,072,750
$
1,900,683
$
172,067
9.1
%
Regional Management Corp. and Subsidiaries
Selected Financial Data
(Unaudited)
(dollars in thousands, except per share amounts)
Net Finance Receivables
1Q 26
4Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
1Q 25
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,591,528
$
1,593,171
$
(1,643
)
(0.1
)%
$
1,345,825
$
245,703
18.3
%
Small loans
512,473
547,028
(34,555
)
(6.3
)%
544,526
(32,053
)
(5.9
)%
Total
$
2,104,001
$
2,140,199
$
(36,198
)
(1.7
)%
$
1,890,351
$
213,650
11.3
%
Number of branches
355
353
2
0.6
%
353
2
0.6
%
Net finance receivables per branch
$
5,927
$
6,063
$
(136
)
(2.2
)%
$
5,355
$
572
10.7
%
Average Net Finance Receivables
1Q 26
4Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
1Q 25
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,592,493
$
1,552,956
$
39,537
2.5
%
$
1,340,122
$
252,371
18.8
%
Small loans
531,037
535,316
(4,279
)
(0.8
)%
548,983
(17,946
)
(3.3
)%
Total
$
2,123,530
$
2,088,272
$
35,258
1.7
%
$
1,889,105
$
234,425
12.4
%
Revenue Yields (1)
1Q 26
4Q 25
QoQ
Inc (Dec)
1Q 25
YoY
Inc (Dec)
Large loans
26.3
%
27.1
%
(0.8
)%
26.1
%
0.2
%
Small loans
34.3
%
35.8
%
(1.5
)%
35.9
%
(1.6
)%
Total interest and fee yield
28.3
%
29.3
%
(1.0
)%
28.9
%
(0.6
)%
Total revenue yield
31.5
%
32.5
%
(1.0
)%
32.4
%
(0.9
)%
(1)
Annualized as a percentage of average net finance receivables.
Components of Increase in Interest and Fee Income
1Q 26 Compared to 1Q 25
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
16,448
$
782
$
148
$
17,378
Small loans
(1,609
)
(2,095
)
69
(3,635
)
Product mix
2,106
(1,536
)
(570
)
—
Total
$
16,945
$
(2,849
)
$
(353
)
$
13,743
Loans Originated (1)
1Q 26
4Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
1Q 25
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
265,460
$
364,194
$
(98,734
)
(27.1
)%
$
241,809
$
23,651
9.8
%
Small loans
122,493
173,122
(50,629
)
(29.2
)%
150,311
(27,818
)
(18.5
)%
Total
$
387,953
$
537,316
$
(149,363
)
(27.8
)%
$
392,120
$
(4,167
)
(1.1
)%
(1)
Represents the principal balance of loan originations, refinancings, and purchases.
Other Key Metrics
1Q 26
4Q 25
1Q 25
Net credit losses
$
66,268
$
57,479
$
58,392
Percentage of average net finance receivables (annualized)
12.5
%
11.0
%
12.4
%
Provision for credit losses
$
64,868
$
66,379
$
57,992
Percentage of average net finance receivables (annualized)
12.2
%
12.7
%
12.3
%
Percentage of total revenue
38.8
%
39.1
%
37.9
%
General and administrative expenses
$
64,664
$
64,519
$
66,043
Percentage of average net finance receivables (annualized)
12.2
%
12.4
%
14.0
%
Percentage of total revenue
38.7
%
38.0
%
43.2
%
Same store results (1):
Net finance receivables at period-end
$
2,087,752
$
2,087,903
$
1,858,140
Net finance receivable growth rate
10.7
%
10.9
%
6.5
%
Number of branches in calculation
345
336
336
(1)
Same store sales reflect the change in year-over-year sales for the comparable branch base. The comparable branch base includes those branches open for at least one year.
Contractual Delinquency
1Q 26
4Q 25
1Q 25
Allowance for credit losses
$
219,500
10.4
%
$
220,900
10.3
%
$
199,100
10.5
%
Current
1,801,192
85.6
%
1,809,107
84.5
%
1,624,072
85.9
%
1 to 29 days past due
151,875
7.2
%
169,858
8.0
%
132,302
7.0
%
Delinquent accounts:
30 to 59 days
35,235
1.7
%
41,235
1.9
%
32,790
1.8
%
60 to 89 days
32,251
1.5
%
37,158
1.7
%
28,778
1.5
%
90 to 119 days
28,331
1.4
%
30,818
1.5
%
24,204
1.3
%
120 to 149 days
27,198
1.3
%
27,765
1.3
%
22,866
1.2
%
150 to 179 days
27,919
1.3
%
24,258
1.1
%
25,339
1.3
%
Total delinquency
$
150,934
7.2
%
$
161,234
7.5
%
$
133,977
7.1
%
Total net finance receivables
$
2,104,001
100.0
%
$
2,140,199
100.0
%
$
1,890,351
100.0
%
1 day and over past due
$
302,809
14.4
%
$
331,092
15.5
%
$
266,279
14.1
%
Contractual Delinquency by Product
1Q 26
4Q 25
1Q 25
Large loans
$
95,192
6.0
%
$
99,956
6.3
%
$
79,401
5.9
%
Small loans
55,742
10.9
%
61,278
11.2
%
54,576
10.0
%
Total
$
150,934
7.2
%
$
161,234
7.5
%
$
133,977
7.1
%
Income Statement Quarterly Trend
1Q 25
2Q 25
3Q 25
4Q 25
1Q 26
QoQ $
B(W)
YoY $
B(W)
Revenue
Interest and fee income
$
136,553
$
140,695
$
148,672
$
153,029
$
150,296
$
(2,733
)
$
13,743
Insurance income, net
11,297
11,499
11,391
11,386
11,810
424
513
Other income
5,117
5,248
5,424
5,287
5,184
(103
)
67
Total revenue
152,967
157,442
165,487
169,702
167,290
(2,412
)
14,323
Expenses
Provision for credit losses
57,992
60,587
60,474
66,379
64,868
1,511
(6,876
)
Personnel
41,142
38,584
39,517
40,394
39,342
1,052
1,800
Occupancy
6,906
6,911
7,160
7,227
7,479
(252
)
(573
)
Marketing
5,406
5,059
4,212
3,874
4,181
(307
)
1,225
Other
12,589
12,391
13,179
13,024
13,662
(638
)
(1,073
)
Total general and administrative
66,043
62,945
64,068
64,519
64,664
(145
)
1,379
Interest expense
19,771
20,426
21,971
22,646
22,923
(277
)
(3,152
)
Income before income taxes
9,161
13,484
18,974
16,158
14,835
(1,323
)
5,674
Income taxes
2,154
3,344
4,618
3,249
3,434
(185
)
(1,280
)
Net income
$
7,007
$
10,140
$
14,356
$
12,909
$
11,401
$
(1,508
)
$
4,394
Net income per common share:
Basic
$
0.73
$
1.07
$
1.53
$
1.40
$
1.24
$
(0.16
)
$
0.51
Diluted
$
0.70
$
1.03
$
1.42
$
1.30
$
1.18
$
(0.12
)
$
0.48
Weighted-average shares outstanding:
Basic
9,610
9,504
9,370
9,233
9,163
70
447
Diluted
10,025
9,843
10,133
9,941
9,662
279
363
Balance Sheet & Other Key Metrics Quarterly Trends
1Q 25
2Q 25
3Q 25
4Q 25
1Q 26
QoQ $
Inc (Dec)
YoY $
Inc (Dec)
Total assets
$
1,900,683
$
1,967,131
$
2,028,266
$
2,103,930
$
2,072,750
$
(31,180
)
$
172,067
Net finance receivables
$
1,890,351
$
1,960,364
$
2,053,017
$
2,140,199
$
2,104,001
$
(36,198
)
$
213,650
Allowance for credit losses
$
199,100
$
202,800
$
212,000
$
220,900
$
219,500
$
(1,400
)
$
20,400
Debt
$
1,477,860
$
1,509,133
$
1,581,992
$
1,650,764
$
1,621,398
$
(29,366
)
$
143,538
Interest and fee yield (1)
28.9
%
29.4
%
29.7
%
29.3
%
28.3
%
(1.0
)%
(0.6
)%
Efficiency ratio (2)
43.2
%
40.0
%
38.7
%
38.0
%
38.7
%
0.7
%
(4.5
)%
Operating expense ratio (3)
14.0
%
13.2
%
12.8
%
12.4
%
12.2
%
(0.2
)%
(1.8
)%
Delinquency rate (4)
7.1
%
6.6
%
7.0
%
7.5
%
7.2
%
(0.3
)%
0.1
%
Net credit loss rate (5)
12.4
%
11.9
%
10.2
%
11.0
%
12.5
%
1.5
%
0.1
%
Book value per share
$
35.48
$
36.43
$
37.94
$
39.05
$
40.25
$
1.20
$
4.77
(1)
Annualized interest and fee income as a percentage of average net finance receivables.
(2)
General and administrative expenses as a percentage of total revenue.
(3)
Annualized general and administrative expenses as a percentage of average net finance receivables.
(4)
Delinquent loans outstanding as a percentage of ending net finance receivables.
(5)
Annualized net credit losses as a percentage of average net finance receivables.
Non-GAAP Financial Measures
In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The company’s management utilizes non-GAAP measures as additional metrics to aid in, and enhance, its understanding of the company’s financial results. Tangible equity and the funded debt-to-tangible equity ratio are non-GAAP measures that adjust GAAP measures to exclude intangible assets. Management uses these equity measures to evaluate and manage the company’s capital and leverage position. The company also believes that these equity measures are commonly used in the financial services industry and provide useful information to users of the company’s financial statements in the evaluation of its capital and leverage position.
This non-GAAP financial information should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies. The following tables provide a reconciliation of GAAP measures to non-GAAP measures.
1Q 26
Debt
$
1,621,398
Total stockholders' equity
375,849
Less: Intangible assets
33,172
Tangible equity (non-GAAP)
$
342,677
Funded debt-to-equity ratio
4.3
x
Funded debt-to-tangible equity ratio (non-GAAP)
4.7
x
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429906769/en/
Investor Relations
Garrett Edson, (203) 682-8331
investor.relations@regionalmanagement.com
Original: Regional Management Corp. Announces First Quarter 2026 Results
US Market News
4月前
Regional Management Corp. Announces Fourth Quarter 2025 ResultsFebruary 4, 2026 4:15 PM
Business Wire
- Net income of $12.9 million and diluted earnings per share of $1.30, up 30% and 33% year-over-year, respectively -
- Record originations and 13.1% year-over-year portfolio growth drive record revenue -
- Annualized operating expense ratio of 12.4%, an all-time best -
Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced results for the fourth quarter ended December 31, 2025.
“We delivered strong financial and operating results in the fourth quarter and finished 2025 with excellent momentum,” said Lakhbir S. Lamba, President and Chief Executive Officer of Regional Management Corp. “Fourth quarter net income increased more than 30% year-over-year, driven by solid portfolio growth, record quarterly revenue, improving underlying credit performance, and continued expense discipline. For the full year, we generated net income of $44.4 million, while growing our total portfolio by 13% year-over-year.”
“As I step into this role, I am encouraged by the strength of the platform we have built and the opportunities ahead,” added Mr. Lamba. “Our auto-secured portfolio continues to grow rapidly with compelling credit performance and returns, and we are expanding thoughtfully into new markets. At the same time, we are investing in our people, technology, data and analytics, and credit risk management to drive sustainable, profitable growth and higher return on equity. Regional enters 2026 from a position of strength, and I am confident in our ability to continue creating long-term value for our customers, communities, and shareholders.”
Fourth Quarter 2025 Highlights
Net income for the fourth quarter of 2025 was $12.9 million and diluted earnings per share was $1.30, up 30.2% and 32.7% year-over-year, respectively.
Net finance receivables as of December 31, 2025 were a record $2.1 billion, an improvement of $247.7 million, or 13.1%, from the prior-year period, driven by strong performance from digital leads, demand for auto-secured products, and 17 new branches opened in 2025.
Record total originations of $537.3 million, up 12.9% from the prior-year period, while maintaining prudent underwriting criteria.
Large loan net finance receivables of $1.6 billion increased $256.4 million, or 19.2%, from the prior-year period and represented 74.4% of the total loan portfolio, compared to 70.6% in the prior-year period.
Auto-secured net finance receivables of $294.3 million increased $87.7 million, or 42.4%, from the prior-year period and represented 13.7% of the total loan portfolio, compared to 10.9% in the prior-year period.
Small loan net finance receivables of $547.0 million decreased $8.7 million, or 1.6%, from the prior-year period and represented 25.6% of the total loan portfolio, compared to 29.4% in the prior-year period.
Net finance receivables with annual percentage rates (APRs) above 36% increased by 9.3% year-over-year and represented 17.9% of the portfolio, compared to 18.5% in the prior-year period.
Customer accounts improved by 2.7% from the prior-year period.
Record quarterly total revenue of $169.7 million, an increase of $14.9 million, or 9.6%, from the prior-year period, primarily due to growth in average net finance receivables.
Total revenue yield (annualized total revenue as a percentage of average net finance receivables) for the fourth quarter of 2025 was 32.5%, compared to 33.4% in the prior-year period, a decrease of 90 basis points due to product mix shift and a 20 basis point benefit in the prior-year period from the release of personal property insurance reserves related to hurricane activity.
Interest and fee yield (annualized interest and fee income as a percentage of average net finance receivables) decreased 50 basis points from the prior-year period due to product mix shift.
Provision for credit losses for the fourth quarter of 2025 was $66.4 million, an increase of $8.8 million, or 15.2%, from the prior-year period, driven by portfolio growth.
The net credit loss rate (annualized net credit losses as a percentage of average net finance receivables) for the fourth quarter of 2025 was 11.0%, a 20 basis point increase compared to 10.8% in the prior-year period but a 30 basis point year-over-year improvement after adjusting for the prior-year 50 basis point impact from disaster deferrals.
The provision for credit losses for the fourth quarter of 2025 included a sequential reserve increase of $8.9 million due to portfolio growth occurring during the fourth quarter of 2025.
The allowance for credit losses was $220.9 million as of December 31, 2025, or 10.3% of net finance receivables, stable sequentially and an improvement compared to 10.5% in the prior-year period, which included an estimated 10 basis points related to prior-year hurricane activity.
As of December 31, 2025, 30+ day contractual delinquencies totaled $161.2 million, or 7.5% of net finance receivables, a 50 basis point increase sequentially due to seasonality and a 20 basis point improvement from the prior-year period.
General and administrative expenses for the fourth quarter of 2025 were $64.5 million, an improvement of $0.1 million from the prior-year period. The operating expense ratio (annualized general and administrative expenses as a percentage of average net finance receivables) for the fourth quarter of 2025 was 12.4%, an all-time best. The ratio reflected improvements of 40 basis points and 160 basis points from 12.8% and 14.0% in the prior-quarter and prior-year periods, respectively.
In the fourth quarter of 2025, the company repurchased 196,999 shares of its common stock at a weighted-average price of $38.07 per share under the company's stock repurchase program.
First Quarter 2026 Dividend
The company’s Board of Directors has declared a dividend of $0.30 per common share for the first quarter of 2026. The dividend will be paid on March 12, 2026 to shareholders of record as of the close of business on February 19, 2026. The declaration and payment of any future dividend is subject to the discretion of the Board of Directors and will depend on a variety of factors, including the company’s financial condition and results of operations.
Liquidity and Capital Resources
As of December 31, 2025, the company had net finance receivables of $2.1 billion and debt of $1.7 billion. The debt consisted of:
$188.6 million on the company’s $355 million senior revolving credit facility,
$81.6 million on the company’s aggregate $425 million revolving warehouse credit facilities, and
$1.4 billion through the company’s asset-backed securitizations.
As of December 31, 2025, the company’s unused capacity to fund future growth on its revolving credit facilities (subject to the borrowing base) was $511 million, or 65.6%, and the company had available liquidity of $149.2 million, including unrestricted cash on hand and immediate availability to draw down cash from its revolving credit facilities. As of December 31, 2025, the company’s fixed-rate debt as a percentage of total debt was 84%, with a weighted-average coupon of 4.7% and a weighted-average revolving duration of 1.1 years.
The company had a funded debt-to-equity ratio of 4.4 to 1.0 and a stockholders’ equity ratio of 17.7%, each as of December 31, 2025. On a non-GAAP basis, the company had a funded debt-to-tangible equity ratio of 4.8 to 1.0, as of December 31, 2025. Please refer to the reconciliations of non-GAAP measures to comparable GAAP measures included at the end of this press release.
Conference Call Information
Regional Management Corp. will host a conference call and webcast today at 5:00 PM ET to discuss these results.
The dial-in number for the conference call is (877) 407-0752 (toll-free) or (201) 389-0912 (international). Please dial the number 10 minutes prior to the scheduled start time.
*** A supplemental slide presentation will be made available on Regional’s website prior to the earnings call at www.RegionalManagement.com. ***
In addition, a live webcast of the conference call will be available on Regional’s website at www.RegionalManagement.com.
A webcast replay of the call will be available at www.RegionalManagement.com for one year following the call.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” online and in branch locations in 19 states across the United States. Most of its loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, and its consumer website. For more information, please visit www.RegionalManagement.com.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead represent Regional Management Corp.’s expectations or beliefs concerning future events. Forward-looking statements include, without limitation, statements concerning financial outlooks or future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. 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 speak only as of the date on which they were made and are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. As a result, actual performance and results may differ materially from those contemplated by these forward-looking statements. Therefore, investors should not place undue reliance on forward-looking statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in forward-looking statements include, but are not limited to, the following: managing growth effectively, implementing Regional Management’s growth strategy, and opening new branches as planned; Regional Management’s convenience check strategy; Regional Management’s policies and procedures for underwriting, processing, and servicing loans; Regional Management’s ability to collect on its loan portfolio; Regional Management’s insurance operations; exposure to credit risk and repayment risk, which risks may increase in light of adverse or recessionary economic conditions; the implementation of evolving underwriting models and processes, including as to the effectiveness of Regional Management's custom scorecards; changes in the competitive environment in which Regional Management operates or a decrease in the demand for its products; the geographic concentration of Regional Management’s loan portfolio; the failure of third-party service providers, including those providing information technology products; changes in economic conditions in the markets Regional Management serves, including levels of unemployment and bankruptcies; impacts of a prolonged U.S. federal government shutdown; the ability to achieve successful acquisitions and strategic alliances; the ability to make technological improvements as quickly as competitors; security breaches, cyber-attacks, failures in information systems, or fraudulent activity; the ability to originate loans; reliance on information technology resources and providers, including the risk of prolonged system outages; changes in current revenue and expense trends, including trends affecting delinquencies and credit losses; any future public health crises, including the impact of such crisis on our operations and financial condition; changes in operating and administrative expenses; the departure, transition, or replacement of key personnel; the ability to timely and effectively implement, transition to, and maintain the necessary information technology systems, infrastructure, processes, and controls to support Regional Management’s operations and initiatives; changes in interest rates; existing sources of liquidity may become insufficient or access to these sources may become unexpectedly restricted; exposure to financial risk due to asset-backed securitization transactions; risks related to regulation and legal proceedings, including changes in laws or regulations or in the interpretation or enforcement of laws or regulations; changes in accounting standards, rules, and interpretations and the failure of related assumptions and estimates; the impact of changes in tax laws and guidance, including the timing and amount of revenues that may be recognized; risks related to the ownership of Regional Management’s common stock, including volatility in the market price of shares of Regional Management’s common stock; the timing and amount of future cash dividend payments; and anti-takeover provisions in Regional Management’s charter documents and applicable state law.
The foregoing factors and others are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management will not update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Regional Management is not responsible for changes made to this document by wire services or Internet services.
Regional Management Corp. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(dollars in thousands, except per share amounts)
Better (Worse)
Better (Worse)
4Q 25
4Q 24
$
%
FY 25
FY 24
$
%
Revenue
Interest and fee income
$
153,029
$
138,246
$
14,783
10.7
%
$
578,949
$
528,894
$
50,055
9.5
%
Insurance income, net
11,386
11,792
(406
)
(3.4
)%
45,573
40,695
4,878
12.0
%
Other income
5,287
4,794
493
10.3
%
21,076
18,914
2,162
11.4
%
Total revenue
169,702
154,832
14,870
9.6
%
645,598
588,503
57,095
9.7
%
Expenses
Provision for credit losses
66,379
57,626
(8,753
)
(15.2
)%
245,432
212,200
(33,232
)
(15.7
)%
Personnel
40,394
40,549
155
0.4
%
159,637
153,789
(5,848
)
(3.8
)%
Occupancy
7,227
6,748
(479
)
(7.1
)%
28,204
25,823
(2,381
)
(9.2
)%
Marketing
3,874
4,777
903
18.9
%
18,551
19,006
455
2.4
%
Other
13,024
12,572
(452
)
(3.6
)%
51,183
49,080
(2,103
)
(4.3
)%
Total general and administrative
64,519
64,646
127
0.2
%
257,575
247,698
(9,877
)
(4.0
)%
Interest expense
22,646
19,805
(2,841
)
(14.3
)%
84,814
74,530
(10,284
)
(13.8
)%
Income before income taxes
16,158
12,755
3,403
26.7
%
57,777
54,075
3,702
6.8
%
Income taxes
3,249
2,841
(408
)
(14.4
)%
13,365
12,848
(517
)
(4.0
)%
Net income
$
12,909
$
9,914
$
2,995
30.2
%
$
44,412
$
41,227
$
3,185
7.7
%
Net income per common share:
Basic
$
1.40
$
1.02
$
0.38
37.3
%
$
4.71
$
4.28
$
0.43
10.0
%
Diluted
$
1.30
$
0.98
$
0.32
32.7
%
$
4.45
$
4.14
$
0.31
7.5
%
Weighted-average common shares outstanding:
Basic
9,233
9,691
458
4.7
%
9,428
9,640
212
2.2
%
Diluted
9,941
10,128
187
1.8
%
9,984
9,957
(27
)
(0.3
)%
Return on average assets (annualized)
2.5
%
2.1
%
2.3
%
2.3
%
Return on average equity (annualized)
13.8
%
11.1
%
12.2
%
12.0
%
Regional Management Corp. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except par value amounts)
Increase (Decrease)
4Q 25
4Q 24
$
%
Assets
Cash
$
3,823
$
3,951
$
(128
)
(3.2
)%
Net finance receivables
2,140,199
1,892,535
247,664
13.1
%
Unearned insurance premiums
(52,896
)
(48,068
)
(4,828
)
(10.0
)%
Allowance for credit losses
(220,900
)
(199,500
)
(21,400
)
(10.7
)%
Net finance receivables, less unearned insurance premiums and allowance for credit losses
1,866,403
1,644,967
221,436
13.5
%
Restricted cash
94,174
131,684
(37,510
)
(28.5
)%
Lease assets
43,828
38,442
5,386
14.0
%
Intangible assets
31,781
24,524
7,257
29.6
%
Restricted available-for-sale investments
24,211
21,712
2,499
11.5
%
Property and equipment
13,156
13,677
(521
)
(3.8
)%
Deferred tax assets, net
—
9,286
(9,286
)
(100.0
)%
Other assets
26,554
20,866
5,688
27.3
%
Total assets
$
2,103,930
$
1,909,109
$
194,821
10.2
%
Liabilities and Stockholders’ Equity
Liabilities:
Debt
$
1,650,764
$
1,478,336
$
172,428
11.7
%
Unamortized debt issuance costs
(8,591
)
(6,338
)
(2,253
)
(35.5
)%
Net debt
1,642,173
1,471,998
170,175
11.6
%
Lease liabilities
45,968
40,579
5,389
13.3
%
Deferred tax liabilities, net
3,345
—
3,345
100.0
%
Other liabilities
39,352
39,454
(102
)
(0.3
)%
Total liabilities
1,730,838
1,552,031
178,807
11.5
%
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, 15,168 shares issued and 9,554 shares outstanding at December 31, 2025 and 14,921 shares issued and 10,010 shares outstanding at December 31, 2024)
1,517
1,492
25
1.7
%
Additional paid-in capital
138,666
130,725
7,941
6.1
%
Retained earnings
410,721
378,482
32,239
8.5
%
Accumulated other comprehensive income (loss)
(2
)
62
(64
)
(103.2
)%
Treasury stock (5,614 shares at December 31, 2025 and 4,911 shares at
December 31, 2024)
(177,810
)
(153,683
)
(24,127
)
(15.7
)%
Total stockholders’ equity
373,092
357,078
16,014
4.5
%
Total liabilities and stockholders’ equity
$
2,103,930
$
1,909,109
$
194,821
10.2
%
Regional Management Corp. and Subsidiaries
Selected Financial Data
(Unaudited)
(dollars in thousands, except per share amounts)
Net Finance Receivables
4Q 25
3Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
4Q 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,593,171
$
1,512,140
$
81,031
5.4
%
$
1,336,780
$
256,391
19.2
%
Small loans
547,028
540,877
6,151
1.1
%
555,755
(8,727
)
(1.6
)%
Total
$
2,140,199
$
2,053,017
$
87,182
4.2
%
$
1,892,535
$
247,664
13.1
%
Number of branches
353
349
4
1.1
%
344
9
2.6
%
Net finance receivables per branch
$
6,063
$
5,883
$
180
3.1
%
$
5,502
$
561
10.2
%
Average Net Finance Receivables
4Q 25
3Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
4Q 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,552,956
$
1,460,187
$
92,769
6.4
%
$
1,315,375
$
237,581
18.1
%
Small loans
535,316
541,201
(5,885
)
(1.1
)%
537,463
(2,147
)
(0.4
)%
Total
$
2,088,272
$
2,001,388
$
86,884
4.3
%
$
1,852,838
$
235,434
12.7
%
Revenue Yields (1)
4Q 25
3Q 25
QoQ
Inc (Dec)
4Q 24
YoY
Inc (Dec)
Large loans
27.1
%
27.1
%
0.0
%
26.8
%
0.3
%
Small loans
35.8
%
36.7
%
(0.9
)%
37.4
%
(1.6
)%
Total interest and fee yield
29.3
%
29.7
%
(0.4
)%
29.8
%
(0.5
)%
Total revenue yield
32.5
%
33.1
%
(0.6
)%
33.4
%
(0.9
)%
(1) Annualized as a percentage of average net finance receivables.
Components of Increase in Interest and Fee Income
4Q 25 Compared to 4Q 24
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
15,904
$
1,026
$
186
$
17,116
Small loans
(200
)
(2,141
)
8
(2,333
)
Product mix
1,862
(1,355
)
(507
)
—
Total
$
17,566
$
(2,470
)
$
(313
)
$
14,783
Loans Originated (1)
4Q 25
3Q 25
QoQ $
Inc (Dec)
QoQ %
Inc (Dec)
4Q 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
364,194
$
363,055
$
1,139
0.3
%
$
281,632
$
82,562
29.3
%
Small loans
173,122
159,210
13,912
8.7
%
194,268
(21,146
)
(10.9
)%
Total
$
537,316
$
522,265
$
15,051
2.9
%
$
475,900
$
61,416
12.9
%
(1) Represents the principal balance of loan originations and refinancings.
Other Key Metrics
4Q 25
3Q 25
4Q 24
Net credit losses
$
57,479
$
51,274
$
50,226
Percentage of average net finance receivables (annualized)
11.0
%
10.2
%
10.8
%
Provision for credit losses
$
66,379
$
60,474
$
57,626
Percentage of average net finance receivables (annualized)
12.7
%
12.1
%
12.4
%
Percentage of total revenue
39.1
%
36.5
%
37.2
%
General and administrative expenses
$
64,519
$
64,068
$
64,646
Percentage of average net finance receivables (annualized)
12.4
%
12.8
%
14.0
%
Percentage of total revenue
38.0
%
38.7
%
41.8
%
Same store results (1):
Net finance receivables at period-end
$
2,087,903
$
2,000,665
$
1,880,251
Net finance receivable growth rate
10.9
%
9.9
%
6.1
%
Number of branches in calculation
336
333
337
(1) Same store sales reflect the change in year-over-year sales for the comparable branch base. The comparable branch base includes those branches open for at least one year.
Contractual Delinquency
4Q 25
3Q 25
4Q 24
Allowance for credit losses
$
220,900
10.3
%
$
212,000
10.3
%
$
199,500
10.5
%
Current
1,809,107
84.5
%
1,740,356
84.8
%
1,590,381
84.0
%
1 to 29 days past due
169,858
8.0
%
168,380
8.2
%
156,312
8.3
%
Delinquent accounts:
30 to 59 days
41,235
1.9
%
40,100
1.9
%
36,948
1.9
%
60 to 89 days
37,158
1.7
%
31,914
1.6
%
35,242
1.9
%
90 to 119 days
30,818
1.5
%
26,304
1.2
%
28,085
1.5
%
120 to 149 days
27,765
1.3
%
23,722
1.2
%
23,987
1.3
%
150 to 179 days
24,258
1.1
%
22,241
1.1
%
21,580
1.1
%
Total delinquency
$
161,234
7.5
%
$
144,281
7.0
%
$
145,842
7.7
%
Total net finance receivables
$
2,140,199
100.0
%
$
2,053,017
100.0
%
$
1,892,535
100.0
%
1 day and over past due
$
331,092
15.5
%
$
312,661
15.2
%
$
302,154
16.0
%
Contractual Delinquency by Product
4Q 25
3Q 25
4Q 24
Large loans
$
99,956
6.3
%
$
85,865
5.7
%
$
88,054
6.6
%
Small loans
61,278
11.2
%
58,416
10.8
%
57,788
10.4
%
Total
$
161,234
7.5
%
$
144,281
7.0
%
$
145,842
7.7
%
Income Statement Quarterly Trend
4Q 24
1Q 25
2Q 25
3Q 25
4Q 25
QoQ $
B(W)
YoY $
B(W)
Revenue
Interest and fee income
$
138,246
$
136,553
$
140,695
$
148,672
$
153,029
$
4,357
$
14,783
Insurance income, net
11,792
11,297
11,499
11,391
11,386
(5
)
(406
)
Other income
4,794
5,117
5,248
5,424
5,287
(137
)
493
Total revenue
154,832
152,967
157,442
165,487
169,702
4,215
14,870
Expenses
Provision for credit losses
57,626
57,992
60,587
60,474
66,379
(5,905
)
(8,753
)
Personnel
40,549
41,142
38,584
39,517
40,394
(877
)
155
Occupancy
6,748
6,906
6,911
7,160
7,227
(67
)
(479
)
Marketing
4,777
5,406
5,059
4,212
3,874
338
903
Other
12,572
12,589
12,391
13,179
13,024
155
(452
)
Total general and administrative
64,646
66,043
62,945
64,068
64,519
(451
)
127
Interest expense
19,805
19,771
20,426
21,971
22,646
(675
)
(2,841
)
Income before income taxes
12,755
9,161
13,484
18,974
16,158
(2,816
)
3,403
Income taxes
2,841
2,154
3,344
4,618
3,249
1,369
(408
)
Net income
$
9,914
$
7,007
$
10,140
$
14,356
$
12,909
$
(1,447
)
$
2,995
Net income per common share:
Basic
$
1.02
$
0.73
$
1.07
$
1.53
$
1.40
$
(0.13
)
$
0.38
Diluted
$
0.98
$
0.70
$
1.03
$
1.42
$
1.30
$
(0.12
)
$
0.32
Weighted-average shares outstanding:
Basic
9,691
9,610
9,504
9,370
9,233
137
458
Diluted
10,128
10,025
9,843
10,133
9,941
192
187
Balance Sheet & Other Key Metrics Quarterly Trends
4Q 24
1Q 25
2Q 25
3Q 25
4Q 25
QoQ $
Inc (Dec)
YoY $
Inc (Dec)
Total assets
$
1,909,109
$
1,900,683
$
1,967,131
$
2,028,266
$
2,103,930
$
75,664
$
194,821
Net finance receivables
$
1,892,535
$
1,890,351
$
1,960,364
$
2,053,017
$
2,140,199
$
87,182
$
247,664
Allowance for credit losses
$
199,500
$
199,100
$
202,800
$
212,000
$
220,900
$
8,900
$
21,400
Debt
$
1,478,336
$
1,477,860
$
1,509,133
$
1,581,992
$
1,650,764
$
68,772
$
172,428
Interest and fee yield (1)
29.8
%
28.9
%
29.4
%
29.7
%
29.3
%
(0.4
)%
(0.5
)%
Efficiency ratio (2)
41.8
%
43.2
%
40.0
%
38.7
%
38.0
%
(0.7
)%
(3.8
)%
Operating expense ratio (3)
14.0
%
14.0
%
13.2
%
12.8
%
12.4
%
(0.4
)%
(1.6
)%
Delinquency rate (4)
7.7
%
7.1
%
6.6
%
7.0
%
7.5
%
0.5
%
(0.2
)%
Net credit loss rate (5)
10.8
%
12.4
%
11.9
%
10.2
%
11.0
%
0.8
%
0.2
%
Book value per share
$
35.67
$
35.48
$
36.43
$
37.94
$
39.05
$
1.11
$
3.38
(1) Annualized interest and fee income as a percentage of average net finance receivables.
(2) General and administrative expenses as a percentage of total revenue.
(3) Annualized general and administrative expenses as a percentage of average net finance receivables.
(4) Delinquent loans outstanding as a percentage of ending net finance receivables.
(5) Annualized net credit losses as a percentage of average net finance receivables.
Average Net Finance Receivables
FY 25
FY 24
YoY $
Inc (Dec)
YoY %
Inc (Dec)
Large loans
$
1,432,174
$
1,278,683
$
153,491
12.0
%
Small loans
541,363
509,798
31,565
6.2
%
Total
$
1,973,537
$
1,788,481
$
185,056
10.3
%
Revenue Yields
FY 25
FY 24
YoY
Inc (Dec)
Large loans
26.7
%
26.4
%
0.3
%
Small loans
36.2
%
37.5
%
(1.3
)%
Total interest and fee yield
29.3
%
29.6
%
(0.3
)%
Total revenue yield
32.7
%
32.9
%
(0.2
)%
Components of Increase in Interest and Fee Income
FY 25 Compared to FY 24
Increase (Decrease)
Volume
Rate
Volume & Rate
Total
Large loans
$
40,538
$
4,189
$
503
$
45,230
Small loans
11,838
(6,604
)
(409
)
4,825
Product mix
2,349
(1,817
)
(532
)
—
Total
$
54,725
$
(4,232
)
$
(438
)
$
50,055
Loans Originated (1)
FY 25
FY 24
FY $
Inc (Dec)
FY %
Inc (Dec)
Large loans
$
1,305,531
$
973,048
$
332,483
34.2
%
Small loans
656,499
681,463
(24,964
)
(3.7
)%
Total
$
1,962,030
$
1,654,511
$
307,519
18.6
%
(1) Represents the principal balance of loan originations and refinancings.
Other Key Metrics
FY 25
FY 24
Net credit losses
$
224,032
$
200,100
Percentage of average net finance receivables
11.4
%
11.2
%
Provision for credit losses
$
245,432
$
212,200
Percentage of average net finance receivables
12.4
%
11.9
%
Percentage of total revenue
38.0
%
36.1
%
General and administrative expenses
$
257,575
$
247,698
Percentage of average net finance receivables
13.1
%
13.8
%
Percentage of total revenue
39.9
%
42.1
%
Non-GAAP Financial Measures
In addition to financial measures presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. The company’s management utilizes non-GAAP measures as additional metrics to aid in, and enhance, its understanding of the company’s financial results. Tangible equity and the funded debt-to-tangible equity ratio are non-GAAP measures that adjust GAAP measures to exclude intangible assets. Management uses these equity measures to evaluate and manage the company’s capital and leverage position. The company also believes that these equity measures are commonly used in the financial services industry and provide useful information to users of the company’s financial statements in the evaluation of its capital and leverage position.
This non-GAAP financial information should be considered in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies. The following tables provide a reconciliation of GAAP measures to non-GAAP measures.
4Q 25
Debt
$
1,650,764
Total stockholders' equity
373,092
Less: Intangible assets
31,781
Tangible equity (non-GAAP)
$
341,311
Funded debt-to-equity ratio
4.4
x
Funded debt-to-tangible equity ratio (non-GAAP)
4.8
x
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204044284/en/
Investor Relations
Garrett Edson, (203) 682-8331
investor.relations@regionalmanagement.com
Original: Regional Management Corp. Announces Fourth Quarter 2025 Results
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