Risk Factors Update Summary
- Geographic concentration of loan portfolio increased significantly, with Texas, North Carolina, and South Carolina now accounting for 32%, 16%, and 10% respectively.
- Finance receivable portfolio grew from $951 million to $2 billion, with a compound annual growth rate decreasing from 15% to 13%.
- Turnover rate among branch managers decreased from 23% to 15% in 2023, impacting operational stability.
- Loans initiated through convenience checks increased from 27% to 32%, affecting the composition of loan originations.
- Net credit losses rose from $181.8 million in 2023, impacting financial condition and adequacy of allowance for credit losses.
- Senior revolving credit facility increased from $420 million to $355 million committed, affecting liquidity and borrowing capacity.
- Interest rates rose materially, with the Federal Reserve increasing rates eight times since early 2022.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1519401&owner=exclude
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