Business
Oportun Reports Third Quarter 2020 Financial Results
Partnership with MetaBank, N.A. to make affordable and responsible personal loans available across the nation SAN CARLOS, Calif., Nov. 10, 2020 (GLOBE
About this update from Oportun Financial Corporation
[{"type":"text","content":"Partnership with MetaBank, N.A. to make affordable and responsible personal loans available across the nation\nSAN CARLOS, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” and the \"Company\") today reported financial results for the third quarter ended September 30, 2020.\n “In the third quarter, we nearly doubled our originations quarter over quarter, delivered profitable Adjusted EPS, demonstrated strong credit performance and continued to strengthen our capital and liquidity position,\" said Raul Vazquez, CEO of Oportun. \"Despite the challenging environment, we achieved this solid performance and also built for our future by striking a partnership agreement with MetaBank. Partnering with MetaBank gives us a tremendous opportunity to expand our services across the nation and reach an even greater number of low- and moderate-income communities in the U.S.\" Third Quarter 2020 Results MetricGAAP Adjusted1 3Q203Q19 3Q203Q19Total revenue$136.8 $153.9 $136.8 $153.6Net income (loss)($6.0) $10.0 $4.2 $15.3Diluted earnings (loss) per share($0.22) $(6.39) $0.15 $0.64Adjusted EBITDA ($1.2) $18.6Dollars in millions, except per share amounts. Managed Principal Balance at End of Period was $1.84B, down 9% year-over-year30+ Day Delinquency Rate of 3.5% as compared to 3.8% for the prior-year periodAnnualized Net Charge-Off Rate of 10.4% as compared to 8.1% for the prior-year periodBook Value of $453.0M, or $16.42 per share, and Adjusted Tangible Book Value of $425.1M, or $15.41 per shareSold retained subordinate notes, raising $39.8M, net, and co-sponsored $188.0M securitization of Oportun collateral by whole loan purchaser12+ months of liquidity runway MetaBank, N.A. Strategic Partnership The Company today announced a partnership with MetaBank®, N.A., a national bank, to make affordable and responsible personal loans capped at a 36% APR available to consumers across the nation. Expected to launch in mid-2021, the partnership will offer affordable personal loans that are designed for low- and moderate-income (\"LMI\") individuals with limited or no credit history. This program creates more opportunities for financial access to LMI individuals beyond Oportun’s current state-licensed footprint. Financial and Operating Results To facilitate useful measures for period-to-period comparisons, the ...