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Regional Management Corp. Announces Second Quarter 2018 Results
- Net income of $8.5 million and diluted earnings per share of $0.70 -
- 13th consecutive quarter of double-digit total finance receivables growth -
- 8th consecutive quarter of double-digit revenue growth -
Greenville, South Carolina July 31, 2018 Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced results for the second quarter ended June 30, 2018.
Second Quarter 2018 Highlights
Net income for the second quarter of 2018 was $8.5 million, an increase of 38.3% from the prior-year period. Diluted earnings per share for the second quarter of 2018 was $0.70, based on a diluted share count of 12.1 million.
Total finance receivables as of June 30, 2018 were $847.2 million, an increase of 16.6%, or $120.5 million, from the prior year.
Thirteenth consecutive quarter that total finance receivables have grown at least 10% over the prior-year period.
Total core small and large loan finance receivables increased $160.1 million, or 26.0%, compared to the prior-year period.
Large loan finance receivables of $392.1 million increased $124.2 million, or 46.3%, from the prior-year period and now represent 46.3% of the total loan portfolio. Small loan finance receivables as of June 30, 2018 were $384.7 million, an increase of 10.3% over the prior-year period.
Total revenue for the second quarter of 2018 was $72.4 million, a $7.1 million, or 10.8%, increase from the prior-year period.
Eighth consecutive quarter of year-over-year double-digit revenue growth.
Interest and fee income increased 11.8%, driven by a 16.6% increase in finance receivables compared to the prior-year period.
The following information was filed by Regional Management Corp. (RM) on Tuesday, July 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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