04/23/2024 | Press release | Distributed by Public on 04/23/2024 05:33
Three Months Ended March 31, | ||||
2024 | 2023 | |||
Revenue
|
||||
Finance charge income
|
$ | 1,786 | $ | 1,368 |
Leased vehicle income
|
1,800 | 1,818 | ||
Other income
|
225 | 156 | ||
Total revenue | 3,811 | 3,343 | ||
Costs and expenses
|
||||
Operating expenses
|
458 | 442 | ||
Leased vehicle expenses
|
1,047 | 1,039 | ||
Provision for loan losses
|
204 | 131 | ||
Interest expense
|
1,396 | 1,000 | ||
Total costs and expenses | 3,106 | 2,613 | ||
Equity income
|
32 | 41 | ||
Income before income taxes
|
737 | 771 | ||
Income tax provision
|
200 | 186 | ||
Net income (loss)
|
536 | 584 | ||
Less: cumulative dividends on preferred stock
|
30 | 30 | ||
Net income (loss) attributable to common shareholder
|
$ | 507 | $ | 555 |
March 31, 2024 | December 31, 2023 | |||
ASSETS
|
||||
Cash and cash equivalents
|
$ | 5,028 | $ | 5,282 |
Finance receivables, net of allowance for loan losses $2,355 and $2,344
|
85,771 | 84,637 | ||
Leased vehicles, net
|
30,106 | 30,582 | ||
Goodwill and intangible assets
|
1,183 | 1,184 | ||
Equity in net assets of nonconsolidated affiliates
|
1,670 | 1,670 | ||
Related party receivables
|
643 | 540 | ||
Other assets
|
8,821 | 8,116 | ||
Total assets
|
$ | 133,221 | $ | 132,011 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||
Liabilities
|
||||
Secured debt
|
$ | 44,212 | $ | 45,243 |
Unsecured debt
|
61,698 | 60,084 | ||
Deferred income
|
2,303 | 2,313 | ||
Related party payables
|
714 | 445 | ||
Other liabilities
|
8,698 | 8,383 | ||
Total liabilities
|
117,625 | 116,468 | ||
Total shareholders' equity
|
15,596 | 15,542 | ||
Total liabilities and shareholders' equity
|
$ | 133,221 | $ | 132,011 |
Three Months Ended March 31, | ||||
Originations
|
2024 | 2023 | ||
Retail finance receivables originations
|
$ | 8,329 | $ | 9,104 |
Lease originations
|
$ | 4,308 | $ | 3,926 |
Three Months Ended March 31, | ||||
Average Earning Assets
|
2024 | 2023 | ||
Average retail finance receivables
|
$ | 72,876 | $ | 66,614 |
Average commercial finance receivables
|
14,122 | 10,762 | ||
Average finance receivables
|
86,998 | 77,376 | ||
Average leased vehicles, net
|
30,321 | 32,272 | ||
Average earning assets
|
$ | 117,319 | $ | 109,648 |
Ending Earning Assets
|
March 31, 2024 | December 31, 2023 | ||
Retail finance receivables
|
$ | 73,230 | $ | 72,729 |
Commercial finance receivables
|
14,895 | 14,251 | ||
Leased vehicles, net
|
30,106 | 30,582 | ||
Ending earning assets
|
$ | 118,232 | $ | 117,562 |
Finance Receivables
|
March 31, 2024 | December 31, 2023 | ||
Retail
|
||||
Retail finance receivables | $ | 73,230 | $ | 72,729 |
Less: allowance for loan losses
|
(2,320) | (2,308) | ||
Total retail finance receivables, net
|
70,911 | 70,421 | ||
Commercial
|
||||
Commercial finance receivables | 14,895 | 14,251 | ||
Less: allowance for loan losses
|
(35) | (36) | ||
Total commercial finance receivables, net
|
14,860 | 14,216 | ||
Total finance receivables, net
|
$ | 85,771 | $ | 84,637 |
Allowance for Loan Losses
|
March 31, 2024 | December 31, 2023 | ||
Allowance for loan losses as a percentage of retail finance receivables | 3.2 | % | 3.2 | % |
Allowance for loan losses as a percentage of commercial finance receivables | 0.2 | % | 0.3 | % |
Delinquencies
|
March 31, 2024 | March 31, 2023 | ||
Loan delinquency as a percentage of retail finance receivables: | ||||
31 - 60 days
|
2.0 | % | 1.8 | % |
Greater than 60 days
|
0.7 | 0.5 | ||
Total
|
2.7 | % | 2.3 | % |
Three Months Ended March 31, | ||||
Charge-offs and Recoveries
|
2024 | 2023 | ||
Charge-offs
|
$ | 405 | $ | 322 |
Less: recoveries
|
(213) | (186) | ||
Net charge-offs
|
$ | 193 | $ | 136 |
Net charge-offs as an annualized percentage of average retail finance receivables | 1.1 | % | 0.8 | % |
Three Months Ended March 31, | ||||
Operating Expenses
|
2024 | 2023 | ||
Operating expenses as an annualized percentage of average earning assets | 1.6 | % | 1.6 | % |