Oportun Financial Corporation - OPRT STOCK NEWS

Oportun Financial Corporation (Nasdaq: OPRT) announced the milestone of originating over 4 million loans totaling $10 billion, primarily aimed at underserved consumers. Utilizing advanced A.I. technology and a proprietary scoring model, Oportun provides affordable credit alternatives, saving customers more than $1.8 billion in interest compared to traditional options. With its approach, the company has assisted more than 890,000 individuals in establishing credit history since its inception in 2006, demonstrating a commitment to enhancing economic equity.

Oportun Financial Corporation announced the issuance of $375 million in two-year asset-backed notes secured by its unsecured personal installment loans. The offering received high ratings from DBRS and Kroll Bond Rating Agency, with a weighted average fixed interest rate of 1.79% per annum. This securitization was oversubscribed, reflecting strong investor confidence, and is the company's largest bond issuance to date. Oportun aims to provide affordable credit to those with limited credit histories, highlighting its innovative A.I.-driven digital platform.

Oportun Financial Corporation (Nasdaq: OPRT) reported Q4 and full year 2020 results showing a net income of $8.5 million or $0.29 per diluted share, down from $23.2 million in Q4 2019. Total revenue fell to $140.8 million from $165.3 million year-over-year, attributed to lower loan originations amid pandemic-induced economic uncertainties. Retail location closures are planned, with 136 locations to be shut down, focusing on digital growth. The Annualized Net Charge-Off Rate increased to 9.4% in Q4, partly due to pandemic impacts. The company hasn’t provided a financial outlook, citing ongoing uncertainties.

Oportun Financial Corporation (Nasdaq: OPRT) is set to announce its fourth-quarter 2020 financial results on February 18, 2021, after market close. A conference call to discuss these results will occur at 5:00 PM ET, accessible via dial-in and webcast. Oportun, a mission-driven Community Development Financial Institution, aims to provide affordable financial services to low- and moderate-income individuals through advanced technology. The company's services enhance creditworthiness and help individuals access new opportunities.

Oportun Financial Corporation (Nasdaq: OPRT) has submitted an application to the OCC to establish Oportun Bank, N.A. This move aims to serve approximately 100 million low- and moderate-income (LMI) consumers across the U.S. as a federally regulated bank. The bank will offer consumer lending and deposit services nationwide with a maximum APR of 36%. Oportun has previously extended over $9.3 billion in credit to LMI communities, saving customers over $1.8 billion in interest and fees. The proposed bank signifies Oportun's commitment to advancing economic equity and financial inclusion.

Oportun (Nasdaq: OPRT) has partnered with MetaBank to offer affordable personal loans capped at a 36% APR to low- and moderate-income individuals nationwide, launching mid-2021. This collaboration aims to provide financial access to those with limited or no credit history, significantly expanding Oportun's services beyond its existing footprint. The company, established in 2005, has delivered over $9 billion in loans and helped more than 860,000 people build credit. Oportun's mission focuses on social and economic equity by providing responsible financial services.

Oportun Financial Corporation (OPRT) reported a significant decline in net income for Q3 2020, posting a loss of $6 million compared to a profit of $10 million in Q3 2019. Total revenue decreased to $136.8 million from $153.9 million year-over-year. Despite challenges, the company nearly doubled loan originations sequentially to $302.4 million. A strategic partnership with MetaBank is expected to enhance access to affordable personal loans for low- and moderate-income individuals, launching in mid-2021. The company maintains a strong liquidity position with over $208 million undrawn capacity on its warehouse line.

Oportun (Nasdaq: OPRT) announced the completion of sales of Class C and D bonds from its Series 2018-B and 2019-A asset-backed securitizations, closing on October 30, 2020. This transaction garnered $39.8 million in net proceeds, enhancing Oportun's capital to expand its customer base. CFO Jonathan Coblentz noted strong market demand for their bonds as a sign of confidence in their business model. Since 2005, Oportun has offered over $9 billion in loans, primarily to low- and moderate-income communities, saving customers over $1.7 billion in interest compared to other options.