20/10/2021 | Press release | Distributed by Public on 21/10/2021 03:33
OneMain Holdings, Inc. | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||
Quarter-to-Date | Year-to-Date | ||||||||||
(unaudited, $ in millions, except per share amounts) | 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | ||||||
Interest income | $ | 1,113 | $ | 1,071 | $ | 1,089 | $ | 3,244 | $ | 3,273 | |
Interest expense | (237) | (231) | (255) | (703) | (781) | ||||||
Provision for finance receivable losses | (226) | (132) | (231) | (356) | (1,186) | ||||||
Net interest income after provision for finance receivable losses | 650 | 708 | 603 | 2,185 | 1,306 | ||||||
Other revenues: | |||||||||||
Insurance | 109 | 107 | 109 | 323 | 334 | ||||||
Investment | 14 | 17 | 17 | 47 | 56 | ||||||
Net loss on repurchases and repayments of debt | (1) | (1) | (38) | (49) | (38) | ||||||
Other (1)
|
33 | 27 | 13 | 75 | 38 | ||||||
Total other revenues | 155 | 150 | 101 | 396 | 390 | ||||||
Other expenses: | |||||||||||
Operating expenses | (384) | (347) | (320) | (1,070) | (993) | ||||||
Insurance policy benefits and claims | (45) | (48) | (43) | (125) | (201) | ||||||
Total other expenses | (429) | (395) | (363) | (1,195) | (1,194) | ||||||
Income before income taxes | 376 | 463 | 341 | 1,386 | 502 | ||||||
Income taxes
|
(88) | (113) | (91) | (335) | (131) | ||||||
Net income | $ | 288 | $ | 350 | $ | 250 | $ | 1,051 | $ | 371 | |
Weighted average number of diluted shares | 132.9 | 134.6 | 134.5 | 134.1 | 135.0 | ||||||
Diluted EPS | $ | 2.17 | $ | 2.60 | $ | 1.86 | $ | 7.84 | $ | 2.75 | |
Book value per basic share | $ | 23.74 | $ | 26.42 | $ | 23.25 | $ | 23.74 | $ | 23.25 | |
Return on assets | 5.1 | % | 6.5 | % | 4.5 | % | 6.4 | % | 2.2 | % | |
Provision for finance receivable losses | $ | 226 | $ | 132 | $ | 231 | 356 | 1,186 | |||
Less: Net charge-offs | (165) | (194) | (231) | (564) | (809) | ||||||
Change in allowance for finance receivable losses | $ | 61 | $ | (62) | $ | - | $ | (208) | $ | 377 | |
Net finance receivables | 18,843 | 18,163 | 17,817 | 18,843 | 17,817 | ||||||
Finance receivables serviced for our whole loan sale partners (2)
|
283 | 149 | - | 283 | - | ||||||
Managed receivables | $ | 19,126 | $ | 18,312 | $ | 17,817 | $ | 19,126 | 0 | $ | 17,817 |
Average net receivables | 18,545 | 17,717 | 17,740 | 18,029 | 18,010 | ||||||
Average receivables serviced for our whole loan sale partners (2)
|
211 | 114 | - | 115 | - | ||||||
Average managed receivables | $ | 18,756 | $ | 17,831 | $ | 17,740 | $ | 18,144 | 0 | $ | 18,010 |
Note: | Year-to-Date may not sum due to rounding. |
(1) |
2Q21, 3Q20, YTD 3Q21, and YTD 3Q20 include the fair value impairment of the remaining loans in finance receivables held for sale.
|
(2) | Receivables serviced for our whole loan sale partners reflect the unpaid principal balance and the accrued interest of loans sold as part of our Whole Loan Sale program. |
OneMain Holdings, Inc. | ||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||
As of | ||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | |||
Assets | ||||||
Cash and cash equivalents | 821 | $ | 1,787 | $ | 1,944 | |
Investment securities | 1,963 | 1,969 | 1,882 | |||
Net finance receivables | 18,843 | 18,163 | 17,817 | |||
Unearned insurance premium and claim reserves | (750) | (728) | (778) | |||
Allowance for finance receivable losses | (2,061) | (2,000) | (2,324) | |||
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses |
16,032 | 15,435 | 14,715 | |||
Restricted cash and restricted cash equivalents | 459 | 507 | 497 | |||
Goodwill | 1,437 | 1,437 | 1,422 | |||
Other intangible assets | 278 | 287 | 315 | |||
Other assets
|
973 | 955 | 1,082 | |||
Total assets | $ | 21,963 | $ | 22,377 | $ | 21,857 |
Liabilities and Shareholders' Equity | ||||||
Long-term debt | $ | 17,661 | $ | 17,605 | $ | 17,531 |
Insurance claims and policyholder liabilities | 616 | 617 | 620 | |||
Deferred and accrued taxes | 9 | 10 | 55 | |||
Other liabilities | 556 | 608 | 528 | |||
Total liabilities | 18,842 | 18,840 | 18,734 | |||
Common stock | 1 | 1 | 1 | |||
Additional paid-in capital | 1,665 | 1,661 | 1,651 | |||
Accumulated other comprehensive income (loss) | 77 | 85 | 79 | |||
Retained earnings | 1,554 | 1,825 | 1,392 | |||
Treasury stock | (176) | (35) | - | |||
Total shareholders' equity | 3,121 | 3,537 | 3,123 | |||
Total liabilities and shareholders' equity | $ | 21,963 | $ | 22,377 | $ | 21,857 |
OneMain Holdings, Inc. | ||||||
CONSOLIDATED KEY FINANCIAL METRICS (UNAUDITED) | ||||||
As of or Quarter-to-Date | ||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | |||
Non-TDR Net Finance Receivables | $ | 18,187 | $ | 17,483 | $ | 17,116 |
TDR Net Finance Receivables | 656 | 680 | 701 | |||
Net Finance Receivables | $ | 18,843 | $ | 18,163 | $ | 17,817 |
Average Net Receivables | $ | 18,545 | $ | 17,717 | $ | 17,740 |
Average Daily Debt Balances | 17,680 | 16,860 | 17,546 | |||
Origination Volume | 3,870 | 3,835 | 2,887 | |||
Non-TDR Allowance | $ | 1,780 | $ | 1,695 | $ | 2,003 |
TDR Allowance | 281 | 305 | 321 | |||
Allowance | $ | 2,061 | $ | 2,000 | $ | 2,324 |
Non-TDR Allowance Ratio | 9.79 | % | 9.69 | % | 11.70 | % |
TDR Allowance Ratio | 42.87 | % | 44.86 | % | 45.85 | % |
Allowance Ratio | 10.94 | % | 11.01 | % | 13.05 | % |
Gross Charge-Offs | $ | 223 | $ | 252 | $ | 274 |
Recoveries | (58) | (58) | (43) | |||
Net Charge-Offs | $ | 165 | $ | 194 | $ | 231 |
Gross Charge-Off Ratio | 4.76 | % | 5.70 | % | 6.14 | % |
Recovery Ratio | (1.24 | %) | (1.29 | %) | (0.95 | %) |
Net Charge-Off Ratio | 3.52 | % | 4.40 | % | 5.19 | % |
30-89 Delinquency | $ | 415 | $ | 319 | $ | 346 |
30+ Delinquency | 710 | 566 | 612 | |||
60+ Delinquency | 452 | 365 | 397 | |||
90+ Delinquency | 295 | 247 | 266 | |||
30-89 Delinquency Ratio | 2.20 | % | 1.76 | % | 1.95 | % |
30+ Delinquency Ratio | 3.77 | % | 3.12 | % | 3.44 | % |
60+ Delinquency Ratio | 2.40 | % | 2.01 | % | 2.23 | % |
90+ Delinquency Ratio | 1.57 | % | 1.36 | % | 1.49 | % |
Note: | Delinquency ratios are calculated as a percentage of net finance receivables. Charge-off and recovery ratios are calculated as a percentage of average net finance receivables. Ratios may not sum due to rounding. |
OneMain Holdings, Inc. | ||||||
BALANCE SHEET METRICS (UNAUDITED) | ||||||
As of | ||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | |||
Liquidity | ||||||
Cash and cash equivalents | $ | 821 | $ | 1,787 | $ | 1,944 |
Cash and cash equivalents unavailable for general corporate purposes | 205 | 158 | 233 | |||
Unencumbered gross finance receivables | 10,964 | 9,732 | 8,345 | |||
Undrawn conduit facilities | 7,300 | 7,300 | 7,200 | |||
Long-term debt | $ | 17,661 | $ | 17,605 | $ | 17,531 |
Less: Junior subordinated debt | (172) | (172) | (172) | |||
Adjusted Debt | $ | 17,489 | $ | 17,433 | $ | 17,359 |
Less: Available cash and cash equivalents | (616) | (1,629) | (1,711) | |||
Net Adjusted Debt | $ | 16,873 | $ | 15,804 | $ | 15,648 |
Total Shareholders' Equity | $ | 3,121 | $ | 3,537 | $ | 3,123 |
Less: Goodwill | (1,437) | (1,437) | (1,422) | |||
Less: Other intangible assets | (278) | (287) | (315) | |||
Plus: Junior subordinated debt | 172 | 172 | 172 | |||
Adjusted Tangible Common Equity | $ | 1,578 | $ | 1,985 | $ | 1,558 |
Plus: Allowance for finance receivable losses, net of tax (1)
|
1,546 | 1,500 | 1,742 | |||
Adjusted Capital | $ | 3,124 | $ | 3,485 | $ | 3,300 |
Net Leverage (Net Adjusted Debt to Adjusted Capital) | 5.4 | x | 4.5 | x | 4.7 | x |
(1) | Income taxes assume a 25% tax rate for 2021 and 2020. |
OneMain Holdings, Inc. | ||||||||||
CONSOLIDATED RETURN ON RECEIVABLES (UNAUDITED) | ||||||||||
Quarter-to-Date | Year-to-Date | |||||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | |||||
Revenue (1)
|
26.2 | % | 26.6 | % | 25.7 | % | 26.1 | % | 25.7 | % |
Net Charge-Off | (3.5 | %) | (4.4 | %) | (5.2 | %) | (4.2 | %) | (6.0 | %) |
Risk Adjusted Margin | 22.7 | % | 22.2 | % | 20.5 | % | 21.9 | % | 19.7 | % |
Operating Expenses | (8.2 | %) | (7.9 | %) | (7.2 | %) | (7.9 | %) | (7.4 | %) |
Unlevered Return on Receivables | 14.4 | % | 14.3 | % | 13.4 | % | 13.9 | % | 12.3 | % |
Interest Expense | (5.1 | %) | (5.2 | %) | (5.7 | %) | (5.2 | %) | (5.8 | %) |
Change in Allowance | (1.3 | %) | 1.4 | % | - | % | 1.5 | % | (2.8 | %) |
Income Tax Expense (2)
|
(1.9 | %) | (2.6 | %) | (2.1 | %) | (2.5 | %) | (1.0 | %) |
Return on Receivables | 6.2 | % | 7.9 | % | 5.6 | % | 7.8 | % | 2.7 | % |
Operating Expenses | (384) | (347) | (320) | (1,070) | (993) | |||||
Average Managed Receivables (3)
|
18,756 | 17,831 | 17,740 | 18,144 | 18,010 | |||||
Operating Expense % of Average Managed Receivables | (8.1 | %) | (7.8 | %) | (7.2 | %) | (7.9 | %) | (7.4 | %) |
Note: | All ratios are based on consolidated results as a percentage of average net finance receivables. Ratios may not sum due to rounding. |
(1) | Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims. |
(2) | Income taxes assume a 25% tax rate for 2021 and 2020. |
(3) | Average managed receivables include average net receivables and average receivables serviced for our whole loan sale partners. |
OneMain Holdings, Inc. | ||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) | ||||||||||
Quarter-to-Date | Year-to-Date | |||||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | |||||
Consumer & Insurance | $ | 388 | $ | 474 | $ | 351 | $ | 1,429 | $ | 530 |
Other | (1) | (2) | (2) | (6) | (5) | |||||
Segment to GAAP Adjustment | (11) | (9) | (8) | (37) | (23) | |||||
Income Before Income Taxes - GAAP basis | $ | 376 | $ | 463 | $ | 341 | $ | 1,386 | $ | 502 |
Pretax Income - Segment Accounting Basis | $ | 388 | $ | 474 | $ | 351 | $ | 1,429 | $ | 530 |
Cash-settled stock-based awards | 31 | - | - | 31 | - | |||||
Direct costs associated with COVID-19
|
1 | 2 | 4 | 5 | 13 | |||||
Acquisition-related transaction and integration expenses
|
- | - | 2 | - | 10 | |||||
Net loss on repurchases and repayments of debt (1)
|
1 | 1 | 35 | 40 | 35 | |||||
Restructuring Charges | - | - | 1 | - | 7 | |||||
Consumer & Insurance Adjusted Pretax Income (non-GAAP) | $ | 421 | $ | 477 | $ | 393 | $ | 1,505 | $ | 595 |
Note: | Year-to-Date may not sum due to rounding. |
(1) | Amounts differ from those presented on "Consolidated Statements of Operations (Unaudited)" page as a result of purchase accounting adjustments that are not applicable on a Segment Accounting Basis. |
OneMain Holdings, Inc. | ||||||
RECONCILIATION OF KEY SEGMENT METRICS (UNAUDITED) (Non-GAAP) | ||||||
As of | ||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | |||
Consumer & Insurance | $ | 18,847 | $ | 18,168 | $ | 17,826 |
Segment to GAAP Adjustment | (4) | (5) | (9) | |||
Net Finance Receivables - GAAP basis | $ | 18,843 | $ | 18,163 | $ | 17,817 |
Consumer & Insurance | $ | 2,070 | $ | 2,011 | $ | 2,342 |
Segment to GAAP Adjustment | (9) | (11) | (18) | |||
Allowance for Finance Receivable Losses - GAAP basis | $ | 2,061 | $ | 2,000 | $ | 2,324 |
OneMain Holdings, Inc. | ||||||||||
CONSUMER & INSURANCE SEGMENT (UNAUDITED) (Non-GAAP) | ||||||||||
Quarter-to-Date | Year-to-Date | |||||||||
(unaudited, in millions, except per share amounts) | 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | |||||
Interest income | $ | 1,111 | $ | 1,069 | $ | 1,086 | $ | 3,237 | $ | 3,260 |
Interest expense | (235) | (230) | (250) | (698) | (765) | |||||
Provision for finance receivable losses | (224) | (130) | (232) | (351) | (1,184) | |||||
Net interest income after provision for finance receivable losses | 652 | - | 709 | 604 | 2,188 | 1,311 | ||||
Insurance | 109 | 107 | 109 | 323 | 334 | |||||
Investment | 14 | 17 | 17 | 47 | 56 | |||||
Other
|
29 | 24 | 8 | 65 | 25 | |||||
Total other revenues | 152 | 148 | 134 | 435 | 415 | |||||
Operating expenses | (338) | (332) | (302) | (993) | (930) | |||||
Insurance policy benefits and claims | (45) | (48) | (43) | (125) | (201) | |||||
Total other expenses | (383) | (380) | (345) | (1,118) | (1,131) | |||||
Adjusted pretax income (non-GAAP) | 421 | 477 | 393 | 1,505 | 595 | |||||
Income taxes (1)
|
(105) | (119) | (99) | (376) | (149) | |||||
Adjusted net income (non-GAAP) | $ | 316 | $ | 358 | $ | 294 | $ | 1,129 | $ | 446 |
Weighted average number of diluted shares | 132.9 | 134.6 | 134.5 | 134.1 | 135.0 | |||||
C&I adjusted diluted EPS (2)
|
$ | 2.37 | $ | 2.66 | $ | 2.19 | $ | 8.42 | $ | 3.31 |
Net finance receivables | 18,847 | 18,168 | 17,826 | 18,847 | 17,826 | |||||
Finance receivables serviced for our whole loan sale partners (3)
|
283 | 149 | - | 283 | - | |||||
Managed receivables
|
$ | 19,130 | $ | 18,317 | $ | 17,826 | $ | 19,130 | $ | 17,826 |
Average net receivables | 18,549 | 17,722 | 17,740 | 18,034 | 18,023 | |||||
Average receivables serviced for our whole loan sale partners (3)
|
211 | 114 | - | 115 | - | |||||
Average managed receivables
|
$ | 18,760 | $ | 17,836 | $ | 17,740 | $ | 18,149 | $ | 18,023 |
Note: | Year-to-Date may not sum due to rounding. |
(1) | Income taxes assume a 25% tax rate for 2021 and 2020. |
(2) | C&I adjusted diluted EPS is calculated as the C&I adjusted net income (non-GAAP) divided by the weighted average number of diluted shares outstanding. |
(3) | Receivables serviced for our whole loan sale partners reflect the unpaid principal balance and the accrued interest of loans sold as part of our Whole Loan Sale program. |
OneMain Holdings, Inc. | ||||||||||
CONSUMER & INSURANCE SEGMENT METRICS (UNAUDITED) (Non-GAAP) | ||||||||||
Quarter-to-Date | Year-to-Date | |||||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | |||||
Revenue (1)
|
26.1 | % | 26.4 | % | 26.4 | % | 26.3 | % | 25.8 | % |
Net Charge-Off | (3.5 | %) | (4.4 | %) | (5.2 | %) | (4.2 | %) | (6.0 | %) |
Risk Adjusted Margin | 22.6 | % | 22.0 | % | 21.2 | % | 22.1 | % | 19.8 | % |
Operating Expenses | (7.2 | %) | (7.5 | %) | (6.8 | %) | (7.4 | %) | (6.9 | %) |
Unlevered Return on Receivables | 15.3 | % | 14.5 | % | 14.4 | % | 14.7 | % | 12.9 | % |
Interest Expense | (5.0 | %) | (5.2 | %) | (5.6 | %) | (5.2 | %) | (5.7 | %) |
Change in Allowance | (1.3 | %) | 1.5 | % | - | % | 1.6 | % | (2.8 | %) |
Income Tax Expense (2)
|
(2.3 | %) | (2.7 | %) | 2.2 | % | (2.8 | %) | (1.1 | %) |
Return on Receivables | 6.8 | % | 8.1 | % | 6.6 | % | 8.4 | % | 3.3 | % |
Operating Expenses | (338) | (332) | (302) | (993) | (930) | |||||
Average Managed Receivables (3)
|
18,760 | 17,836 | 17,740 | 18,149 | 18,023 | |||||
Operating Expense % of Average Managed Receivables | (7.2 | %) | (7.5 | %) | (6.8 | %) | (7.3 | %) | (6.9 | %) |
Note: | Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. All ratios are shown as a percentage of C&I average net finance receivables. Ratios may not sum due to rounding. |
(1) | Revenue includes interest income on finance receivables plus other revenues less insurance policy benefits and claims. |
(2) | Income taxes assume a 25% tax rate for 2021 and 2020. |
(3) | Average managed receivables include average net receivables and average receivables serviced for our whole loan sale partners. |
OneMain Holdings, Inc. | ||||||||||
CONSUMER & INSURANCE CAPITAL METRICS (UNAUDITED) (Non-GAAP) | ||||||||||
Quarter-to-Date | Year-to-Date | |||||||||
(unaudited, in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | 9/30/2021 | 9/30/2020 | |||||
Provision for finance receivable losses | $ | 224 | $ | 130 | $ | 232 | $ | 351 | $ | 1,184 |
Less: Net charge-offs | (165) | (194) | (232) | (564) | (810) | |||||
Change in C&I allowance for finance receivable losses
(non-GAAP)
|
59 | (64) | - | (213) | 374 | |||||
Adjusted pretax income (non-GAAP) | 421 | 477 | 393 | 1,505 | 595 | |||||
Pretax capital generation (non-GAAP) | 480 | 413 | 393 | 1,292 | 969 | |||||
Capital generation, net of tax(1) (non-GAAP)
|
$ | 360 | $ | 310 | $ | 294 | $ | 969 | $ | 727 |
Beginning Adjusted Capital | $ | 3,485 | $ | 3,308 | $ | 3,339 | $ | 3,587 | $ | 3,367 |
Capital Generation, net of tax(1) (non-GAAP)
|
360 | 310 | 294 | 969 | 727 | |||||
Less: Common Stock Repurchased | (141) | (35) | - | (176) | (45) | |||||
Less: Cash Dividends | (559) | (95) | (315) | (1,188) | (747) | |||||
Capital Returns | (700) | (130) | (315) | (1,364) | (792) | |||||
Less: Adjustments to C&I, net of tax (1), (2)
|
(25) | (5) | (43) | (71) | (72) | |||||
Less: Change in the Assumed Tax Rate (1)
|
- | - | - | - | (8) | |||||
Less: Withholding Tax on Share-based Compensation
|
- | - | - | (6) | (6) | |||||
Less: Adjusted Other Net Loss, net of tax (1)
(non-GAAP)
|
(1) | (1) | (1) | (3) | (3) | |||||
Plus: Other Comprehensive Income (Loss) | (8) | 5 | 14 | (17) | 35 | |||||
Plus: Purchased Credit Deteriorated Finance Receivables
Gross-up, net of tax (1), (3)
|
- | - | - | - | 11 | |||||
Plus: Other Intangibles Amortization | 9 | 9 | 9 | 28 | 28 | |||||
Plus: Trim Acquisition | - | (15) | - | (15) | - | |||||
Plus: Share-based Compensation Expense, net of forfeitures |
4 | 4 | 3 | 16 | 13 | |||||
Other | (21) | (3) | (18) | (68) | (2) | |||||
Ending Adjusted Capital | $ | 3,124 | $ | 3,485 | $ | 3,300 | $ | 3,124 | $ | 3,300 |
Note: | Year-to-Date may not sum due to rounding. |
(1) | Income taxes assume a 25% tax rate for 2021 and 2020. |
(2) |
Includes the effects of purchase accounting adjustments excluding loan loss reserves.
|
(3) |
As a result of the adoption of ASU 2016-13, we converted all purchased credit impaired finance receivables to purchased credit deteriorated finance receivables in accordance with ASC Topic 326, which resulted in the gross-up of net finance receivables and allowance for finance receivable losses of $15 on January 1, 2020.
|
OneMain Holdings, Inc. | ||||||
CONSUMER AND INSURANCE SEGMENT - KEY FINANCIAL METRICS (UNAUDITED) (Non-GAAP) | ||||||
As of or Quarter-to-Date | ||||||
(unaudited, $ in millions) | 9/30/2021 | 6/30/2021 | 9/30/2020 | |||
Non-TDR Net Finance Receivables | $ | 18,166 | $ | 17,460 | $ | 17,083 |
TDR Net Finance Receivables | 681 | 708 | 743 | |||
Net Finance Receivables (1)
|
$ | 18,847 | $ | 18,168 | $ | 17,826 |
Average Net Receivables | $ | 18,549 | $ | 17,722 | $ | 17,750 |
Origination Volume | 3,870 | 3,385 | 2,887 | |||
Non-TDR Allowance | $ | 1,778 | $ | 1,693 | $ | 1,998 |
TDR Allowance | 292 | 318 | 344 | |||
Allowance (1)
|
$ | 2,070 | $ | 2,011 | $ | 2,342 |
Non-TDR Allowance Ratio | 9.79 | % | 9.69 | % | 11.70 | % |
TDR Allowance Ratio | 42.87 | % | 44.93 | % | 46.33 | % |
Allowance Ratio | 10.98 | % | 11.07 | % | 13.14 | % |
Gross Charge-Offs | $ | 223 | $ | 252 | $ | 274 |
Recoveries | (58) | (58) | (42) | |||
Net Charge-Offs | $ | 165 | $ | 194 | $ | 232 |
Gross Charge-Off Ratio | 4.77 | % | 5.70 | % | 6.15 | % |
Recovery Ratio | (1.24 | %) | (1.29 | %) | (0.95 | %) |
Net Charge-Off Ratio | 3.52 | % | 4.41 | % | 5.20 | % |
30-89 Delinquency | $ | 415 | $ | 320 | $ | 348 |
30+ Delinquency | 710 | 567 | 614 | |||
60+ Delinquency | 452 | 365 | 398 | |||
90+ Delinquency | 295 | 247 | 266 | |||
30-89 Delinquency Ratio | 2.20 | % | 1.76 | % | 1.95 | % |
30+ Delinquency Ratio | 3.77 | % | 3.12 | % | 3.44 | % |
60+ Delinquency Ratio | 2.40 | % | 2.01 | % | 2.23 | % |
90+ Delinquency Ratio | 1.57 | % | 1.36 | % | 1.49 | % |
Note: | Consumer & Insurance financial information is presented on an adjusted Segment Accounting Basis. Delinquency ratios are calculated as a percentage of C&I net finance receivables. Charge-off and recovery ratios are calculated as a percentage of C&I average net finance receivables. Numbers may not sum due to rounding. |
(1) | For reconciliation to GAAP, see "Reconciliation of Key Segment Metrics (Unaudited) (Non-GAAP)." |