REGIONAL MANAGEMENT CORP - RM STOCK NEWS

Regional Management Corp. has achieved a major milestone by migrating 100% of its workloads to VMware Cloud, transitioning from on-premises data centers in under six months. This strategic move enhances the company's operational resilience and agility, aligning with its omni-channel growth strategy. The partnership with Deloitte and VMware improves infrastructure, minimizes downtime, and supports innovation in customer experience. Joseph Manavalan, the CTO, emphasizes that this cloud transition allows the company to focus on delivering better value and innovation for customers while retaining top engineering talent.

Regional Management Corp. (RM) reported a net income of $22.2 million with diluted earnings per share of $2.11 for Q3 2021, reflecting a 23.1% year-over-year revenue growth. The company achieved record loan originations of $420.7 million, with finance receivables totaling $1.3 billion. Delinquencies remained stable at 4.7%, well below the allowance for credit losses of $150.1 million. The company plans to expand operations to 5-7 states by 2022 and has raised its full-year income outlook to between $85 million and $87 million.

Regional Management Corp. (NYSE: RM) has successfully closed a $125 million private asset-backed securitization with a large institutional investor, featuring a fixed coupon rate of 3.875%. This transaction enhances the company’s capital structure by providing fixed-rate funding for five years, allowing for the reduction of variable-rate debt. With 87% of its long-term debt now fixed rate and a weighted average cost of 2.7%, the company is poised for sustainable growth and increased returns for shareholders.

Regional Management Corp. (NYSE: RM) will report its third quarter 2021 results on November 2, 2021, after market close. A conference call is scheduled for 5:00 PM ET the same day, with a live webcast available on the company’s website. The toll-free dial-in for the call is (855) 327-6837. A replay will be accessible for one year.

Regional Management, operating over 360 branches in 13 states, specializes in consumer finance through installment loans for customers with limited access to traditional credit sources.

Regional Management Corp. (NYSE: RM) has expanded its operations by opening a new branch in Provo, Utah, marking the company's entry into its 13th U.S. state. CEO Robert W. Beck expressed enthusiasm about providing affordable financial solutions to consumers in Utah and indicated plans for an additional branch in Salt Lake City later this year. The company aims to enter five to seven more states by the end of 2022 while enhancing its digital capabilities. This expansion strategy positions Regional Management to gain market share and deliver strong returns to shareholders.

Regional Management Corp. (NYSE: RM) has announced that its director, Maria Contreras-Sweet, has been recognized as one of the most influential leaders in the boardroom by the National Association of Corporate Directors (NACD) in their 2021 NACD Directorship 100. This honor highlights her significant impact on corporate governance since joining the board in 2018. The recognition will take place during a virtual gala on November 9, 2021, and honorees will feature prominently in the NACD's magazine.

Regional Management Corp. (NYSE: RM) has appointed Chris Peterson as the Chief Data and Analytics Officer to enhance its data-driven strategies. His experience includes over 20 years in data sciences, previously at Capital One, where he led data science teams. This move supports Regional's growth initiatives, particularly in digital lending, and aims to optimize underwriting and risk management using alternative data sources. The appointment aligns with the company’s omni-channel model and commitment to sustainable long-term growth for shareholders.

Regional Management Corp. (NYSE: RM) reported a strong second quarter for 2021, with net income soaring to $20.2 million compared to $7.5 million a year earlier. The company achieved a record loan origination of $373 million, driving net receivables to an all-time high of $1.2 billion. Key performance indicators included a 7.1% ROA and a 28.7% ROE. The 30+ day delinquency rate fell to a historic low of 3.6%, while total revenue increased by 10.9% to $99.7 million. The company also plans to open 15 to 20 new branches in 2021 and has approved a $20 million increase in its stock repurchase program.

Regional Management Corp. (NYSE: RM) will report its second quarter 2021 results after market close on August 3, 2021. A conference call is scheduled for 5:00 PM ET, with a live webcast available on Regional Management’s website. Dial-in details include a toll-free number (855) 327-6837 and an international line (631) 891-4304, with participants advised to call 10 minutes early. A replay of the call will be accessible on the website for one year. Regional Management specializes in consumer finance, offering installment loans to customers with limited access to traditional credit.