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SEC Filings

Form 10-K
REGIONAL MANAGEMENT CORP. filed this Form 10-K on 03/08/2019
Document Outline
Entire Document (5670.7 KB)
Subdocument 1 - 10-K - 10-K
Page 1 - UNITED STATES
Page 2 - REGIONAL MANAGEMENT CORP.
Page 3 - FORWARD-LOOKING STATEMENTS
Page 4 - PART I
Page 5 - Our Industry, Customers, and Purpose
Page 6 - Attractive Products for Customers with Limited Access to Credit. Our flexible loan products, general
Page 7 - Our Strategies
Page 8 - Our Loan Products
Page 9 - Small Loans. In 2018, the average originated net loan size and term for our small loans were $1,831
Page 10 - Retail Loans. In 2018, our average originated net loan size and term for retail loans were $1,994 an
Page 11 - N/A
Page 12 - Our Branches
Page 13 - Employees and Training
Page 14 - Information Technology
Page 15 - Seasonality
Page 16 - Other Federal Laws and Regulations. In addition to the Dodd-Frank Act and state and local laws, regu
Page 17 - Additional Information
Page 18 - Risks Related to Our Business
Page 19 - We are exposed to credit risk in our lending activities.
Page 20 - Our policies and procedures for underwriting, processing, and servicing loans are subject to potenti
Page 21 - We may be limited in our ability to collect on our loan portfolio, and the security interests securi
Page 22 - A reduction in demand for our products and a failure by us to adapt to such reduction could adversel
Page 23 - We face strong direct and indirect competition.
Page 24 - Failure of third-party service providers upon which we rely could adversely affect our business.
Page 25 - We may not be able to make technological improvements as quickly as some of our competitors, which c
Page 26 - Security breaches, cyber-attacks, failures in our information systems, or fraudulent activity could
Page 27 - Our centralized headquarters functions and branch operations are susceptible to disruption by catast
Page 28 - Regular turnover among our managers and other employees at our branches makes it more difficult for
Page 29 - Employee misconduct or misconduct by third parties acting on our behalf could harm us by subjecting
Page 30 - If our estimates of reserves for credit losses are not adequate to absorb actual losses, our provisi
Page 31 - If assumptions or estimates we use in preparing our financial statements are incorrect or are requir
Page 32 - Our securitizations may expose us to financing and other risks, and there can be no assurance that w
Page 33 - We may be required to indemnify, or repurchase certain finance receivables from, purchasers of finan
Page 34 - Any replacement of LIBOR as the basis on which our variable rate debt is calculated may harm our cos
Page 35 - A prolonged shutdown of the federal government may result in higher delinquency and could negatively
Page 36 - Risks Related to Regulation and Legal Proceedings
Page 37 - N/A
Page 38 - We may become involved in investigations, examinations, and proceedings by government and self-regul
Page 39 - The Dodd-Frank Act authorizes the CFPB to adopt rules and undertake supervisory and enforcement acti
Page 40 - We sell certain of our loans, including, in some instances, charged-off loans and loans where the bo
Page 41 - We are subject to government regulations concerning our hourly and our other employees, including mi
Page 42 - Current and proposed regulation related to consumer privacy, data protection, and information securi
Page 43 - Risks Related to the Ownership of Our Common Stock
Page 44 - Anti-takeover provisions in our charter documents and applicable state law might discourage or delay
Page 45 - N/A
Page 46 - N/A
Page 47 - PART II
Page 48 - Stock Performance Graph
Page 49 - SELECTED FINANCIAL DATA
Page 50 - RESULTS OF OPERATIONS
Page 51 - Factors Affecting Our Results of Operations
Page 52 - Interest Rates. Our costs of funds are affected by changes in interest rates, as the interest rates
Page 53 - Other Income. Our other income consists primarily of late charges assessed on customers who fail to
Page 54 - Income Taxes. Income taxes consist of state and federal income taxes. Deferred tax assets and liabil
Page 55 - Comparison of the Year Ended December 31, 2018, Versus the Year Ended December 31, 2017
Page 56 - Insurance Income, Net. Insurance income, net increased $1.7 million, or 13.3%, to $14.8 million in 2
Page 57 - Other Income. Other income increased $1.4 million, or 13.8%, to $11.8 million in 2018, from $10.4 mi
Page 58 - Hurricane Impact. During 2018, our provision for credit losses was impacted by a $3.9 million increa
Page 59 - Allowance for Credit Losses. We evaluate delinquency and losses in each of our loan products in esta
Page 60 - General and Administrative Expenses. Our general and administrative expenses, comprising expenses fo
Page 61 - Income Taxes. Income taxes increased $0.3 million, or 2.6%, to $10.6 million in 2018, from $10.3 mil
Page 62 - Revenue. Total revenue increased $31.9 million, or 13.3%, to $272.5 million in 2017, from $240.5 mil
Page 63 - Insurance Income, Net. Insurance income, net increased $3.6 million, or 38.1%, to $13.1 million in 2
Page 64 - Hurricane Impact. During 2017, our provision for credit losses was impacted by a $3.0 million increa
Page 65 - Allowance for Credit Losses. We evaluate delinquency and losses in each of our loan categories in es
Page 66 - Personnel. The largest component of general and administrative expenses is personnel expense, which
Page 67 - Cash Flow.
Page 68 - Variable Interest Entity Debt. As part of our overall funding strategy, we have transferred certain
Page 69 - RMIT 2018-1 Securitization. In June 2018, we, our wholly-owned SPE, Regional Management Receivables
Page 70 - Restricted Cash Reserve Accounts.
Page 71 - Contractual Obligations
Page 72 - N/A
Page 73 - Income Recognition.
Page 74 - Recently Issued Accounting Standards
Page 75 - ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Page 76 - REGIONAL MANAGEMENT CORP.
Page 77 - Report of Independent Registered Public Accounting Firm
Page 78 - Report of Independent Registered Public Accounting Firm
Page 79 - N/A
Page 80 - Regional Management Corp. and Subsidiaries
Page 81 - Regional Management Corp. and Subsidiaries
Page 82 - Regional Management Corp. and Subsidiaries
Page 83 - Regional Management Corp. and Subsidiaries
Page 84 - Regional Management Corp. and Subsidiaries
Page 85 - Use of estimates: The preparation of financial statements requires management to make estimates and
Page 86 - Credit losses: Provisions for credit losses are charged to income as losses are estimated to have oc
Page 87 - Delinquency: The Company determines past due status using the contractual terms of the finance recei
Page 88 - Finance receivable origination fees and costs: Non-refundable fees received and direct costs incurre
Page 89 - N/A
Page 90 - Note 3. Concentrations of Credit Risk
Page 91 - N/A
Page 92 - N/A
Page 93 - N/A
Page 94 - N/A
Page 95 - Note 5. Property and Equipment
Page 96 - Note 7. Intangible Assets
Page 97 - Note 10. Long-Term Debt
Page 98 - Variable Interest Entity Debt: As part of its overall funding strategy, the Company has transferred
Page 99 - RMIT 2018-1 Securitization: In June 2018, the Company, its wholly-owned SPE, Regional Management Rec
Page 100 - Note 11. Disclosure About Fair Value of Financial Instruments
Page 101 - Note 12. Income Taxes
Page 102 - N/A
Page 103 - N/A
Page 104 - Note 13. Earnings Per Share
Page 105 - Long-term incentive program: The Company issues non-qualified stock options, performance-contingent
Page 106 - Non-qualified stock options: The exercise price of all stock options is equal to the Company s closi
Page 107 - Performance-contingent restricted stock units: Compensation expense for RSUs is based on the Company
Page 108 - Note 16. Commitments and Contingencies
Page 109 - N/A
Page 110 - Note 18. Quarterly Information (unaudited)
Page 111 - Evaluation of Disclosure Controls and Procedures
Page 112 - Changes in Internal Control
Page 113 - PART III
Page 114 - PART IV
Page 115 - N/A
Page 116 - N/A
Page 117 - N/A
Page 118 - N/A
Page 119 - N/A
Page 120 - N/A
Page 121 - N/A
Page 122 - SIGNATURES
Page 123 - N/A
Subdocument 2 - EX-21.1 - EX-21.1
Page 1 - N/A
Subdocument 3 - EX-23.1 - EX-23.1
Page 1 - N/A
Subdocument 4 - EX-31.1 - EX-31.1
Page 1 - N/A
Subdocument 5 - EX-31.2 - EX-31.2
Page 1 - N/A
Subdocument 6 - EX-32.1 - EX-32.1
Page 1 - N/A
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