Bankroll – HSMC Ohio http://hsmcohio.com/ Tue, 17 May 2022 12:23:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hsmcohio.com/wp-content/uploads/2021/04/default-150x150.png Bankroll – HSMC Ohio http://hsmcohio.com/ 32 32 Top 5 Online Payday Loans For People With Bad Credit https://hsmcohio.com/top-5-online-payday-loans-for-people-with-bad-credit/ Tue, 17 May 2022 12:23:00 +0000 https://hsmcohio.com/top-5-online-payday-loans-for-people-with-bad-credit/ Payday loans are a form of financing widely used by thousands of people across the United States, providing a quick way to generate cash for unexpected expenses. Payday loans for bad credit tend to be characterized by high interest rates – although if you dig a little deeper you’ll find an array of payday loan […]]]>


Payday loans are a form of financing widely used by thousands of people across the United States, providing a quick way to generate cash for unexpected expenses. Payday loans for bad credit tend to be characterized by high interest rates – although if you dig a little deeper you’ll find an array of payday loan providers who can offer reasonable rates to consumers with bad credit. credit.

Payday loans for people with bad credit – fast, hassle-free decisions

As detailed above, there are plenty of payday loan services out there, and below you’ll find a list of the top picks while highlighting their strengths.

  1. Viva Payday Loans: Overall best for bad credit payday loans
  2. Core paydays: Ideal for installment loans with bad credit
  3. Credit Clock: Overall best for fast payday loans with bad credit
  4. Lenders Team: Ideal for online payday loans same day deposit
  5. Very Happy Loans: Best for Bad Credit Online Fast Payday Loans

Payday loans bad lenders online in 2022

Payday lenders are financial institutions that consider giving loans to people with bad credit, while taking into account that a borrower can repay their loan on the agreed date based on their current financial capacity. Typically, bad credit payday loans can come with higher interest due to higher repayment risks, but this varies from lender to lender.

Below are the top 5 choices for getting an online payday loan with bad credit.

1. Viva Payday Loans – Best Bad Credit Payday Loan

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Viva Payday Loans is one of the best bad credit payday loans that serves between borrowers and direct lenders and welcomes US customers regardless of a person’s credit scores. Everything you need to do to access
payday loans online is to visit their website and follow the instructions there.

Final loan approval and lender decisions are based on your credit and financial capacity.

Benefits of Using Viva Payday Loans

  • Access to small and large amounts of money, ranging from $100 to $5,000
  • It connects borrowers to credible lenders
  • Payment can be made directly to your bank account

Disadvantages of Using Viva Payday Loans

  • High interest rate, minimum being 5.99% and maximum 35.99%
  • Availability is limited to certain states.

Click here to visit Viva Payday Loans >


2. Heart Paydays – Best for Installment Payday Loans with Bad Credit

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Heart Paydays is renowned for its installment loans and low rates in the United States. This platform is inclusive. Heart Paydays has an exemplary user interface that is easy to navigate. In addition, the application process is confirmed as soon as possible.

Benefits of Using Cardiac Paydays

  • Lenient repayment terms
  • Reimbursement can be made in several instalments
  • Fast approval of applications
  • Your application can be approved even if you have a bad credit score.

Disadvantages of Using Heart Paydays

  • It is not available in some states, such as Hampshire, New York, and Montana.
  • Taking out a short-term loan can be more expensive than a traditional bank loan.

Click here to visit Heart Paydays >

3. Credit Clock – Overall best for same day loans with bad credit

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Credit Clock is a loan matching service that acts as a link between borrowers and lenders. This company has an impeccable reputation in the market, providing borrowers with small payday loans online, even if their credit score falls below 630. The application process is seamless, with Credit Clock offering several types of loans, including payday and short-term loans. term loans.

Advantages

  • Payments are available quickly, based on approval
  • Loan up to $5,000
  • Bad credit score applicants welcome
  • Transparent application process.

The inconvenients

  • Credit clock services are not available in 11 US states
  • You can only access the loans if you earn at least $1,000 per month.

Click here to visit Credit Clock >

4. Money Lender Squad – Best Quick Payday Loan With Bad Credit

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Money Lender Squad is a loan matching platform that offers easy online payday loans with instant bad credit approval, subject to final checks by the lender, which you can repay within 3-24 hours months, according to your agreement. This platform also provides one of the best bad credit loans ever.

You can take advantage of its services using the easy-to-navigate platform, which connects you to credible lenders to choose from. You will need to read a contract containing terms and conditions before payment is made.

Advantages

  • The application process is quick and easy
  • You can access loans of up to $5,000
  • Online payday loans same day deposit
  • The repayment tenure could last for 24 months

The inconvenients

  • High fees and interest rates
  • Loans may be higher than you bargained for, putting you further into debt.

Click here to visit Money Lender Squad >


5. Very Merry Loans – Best for fast online payday loans with bad credit

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Very Merry Loans provides loan matching service for fast online payday loans. It is a reputable online broker founded in 2013, working with lenders who offer competitive loan terms, with users receiving up to $2,000 quickly.

The application process is transparent. The borrower can request the term of the loan that suits him. Very Merry Loans also offers a service where you can get bad credit payday loans online on the same day, depending on whether or not you are accepted by a relevant lender.

Advantages

  • Works with lenders offering same day payments
  • Several short-term loan options to choose from
  • The repayment tenure can last around two years.

The inconvenients

  • Rates differ from lender to lender

Click here to visit Very Merry Loans >

Bad credit payday loan application process

If you’re looking to get connected to the best lenders in no time, regardless of your credit score, check out Viva Payday Loans. Here is a step by step guide to follow the procedure.

Step 1: Choose your loan amount on VivaPaydayLoans.com

2nd step: Complete your registration by filling out the application form

Step 3: Wait for the decision of one of their lending partners

Step 4:
In case of acceptance, subject to additional verifications, receive your loan

Online payday loans for bad credit are exceptional to meet urgent needs and emergencies, but be careful and apply them wisely. If you need to take out a payday loan, you should look for reliable and credible services, like Viva Payday Loans. However, before applying for payday loans, make sure you have explored other loan options.


Bad Credit Online Payday Loans FAQ

How did we choose the best bad credit payday loans online?

The above are some of the top picks for the best online payday loans with bad credit, based on working with a wide range of lenders, lending networks, and third parties who consider those with bad FICO scores to help you with your application.

What are the general eligibility requirements for applying for a bad credit payday loan?

  1. To be eligible to apply for a loan, you must be at least 18 years old
  2. You must have proof of permanent address
  3. The borrower must have a stable source of income, earning at least $1,000 per month
  4. You must have a valid US ID

Are bad credit payday loans approved same day for everyone?

You may be able to get your bad credit payday loan approved the same day, but it will depend on which lender approves your application. All requests are subject to additional checks, therefore in some cases the approval time may not be until the next business day.

Warning – The above content is not editorial, and TIL hereby disclaims all warranties, express or implied, with respect thereto, and does not necessarily warrant, guarantee or endorse any content.

The loan websites reviewed are loan matching services, not direct lenders. Therefore, they are not directly involved in the acceptance of your loan application. Applying for a loan with the websites does not guarantee acceptance of a loan.

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Critical review of Arrow Financial (NASDAQ:AROW) versus First Horizon (NYSE:FHN) https://hsmcohio.com/critical-review-of-arrow-financial-nasdaqarow-versus-first-horizon-nysefhn/ Sun, 15 May 2022 05:31:53 +0000 https://hsmcohio.com/critical-review-of-arrow-financial-nasdaqarow-versus-first-horizon-nysefhn/ Financial Arrow (NASDAQ: AROW – Get a rating) and first horizon (NYSE: FHN – Get a rating) are both finance companies, but which stock is superior? We will compare the two companies based on their risk strength, analyst recommendations, valuation, profitability, dividends, institutional ownership and earnings. Institutional and Insider Ownership 43.8% of Arrow Financial’s shares […]]]>

Financial Arrow (NASDAQ: AROWGet a rating) and first horizon (NYSE: FHNGet a rating) are both finance companies, but which stock is superior? We will compare the two companies based on their risk strength, analyst recommendations, valuation, profitability, dividends, institutional ownership and earnings.

Institutional and Insider Ownership

43.8% of Arrow Financial’s shares are held by institutional investors. By comparison, 79.6% of First Horizon’s shares are held by institutional investors. 4.2% of Arrow Financial’s stock is held by insiders of the company. By comparison, 1.6% of First Horizon’s shares are held by insiders of the company. Strong institutional ownership indicates that endowments, hedge funds, and large money managers believe a stock is poised for long-term growth.

Profitability

This table compares the net margins, return on equity and return on assets of Arrow Financial and First Horizon.

Net margins Return on equity return on assets
Financial Arrow 33.05% 13.64% 1.22%
first horizon 30.72% 13.82% 1.24%

Benefits and evaluation

This table compares the gross revenue, earnings per share and valuation of Arrow Financial and First Horizon.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
Financial Arrow $147.92 million 3.38 $49.86 million $3.05 10.24
first horizon $3.25 billion 3.58 $999.00 million $1.68 12.93

First Horizon has higher revenue and profit than Arrow Financial. Arrow Financial trades at a lower price-to-earnings ratio than First Horizon, indicating that it is currently the more affordable of the two stocks.

Volatility and risk

Arrow Financial has a beta of 0.61, suggesting its stock price is 39% less volatile than the S&P 500. In comparison, First Horizon has a beta of 1.14, suggesting its stock price is 14% more volatile than the S&P 500.

Dividends

Arrow Financial pays an annual dividend of $1.08 per share and has a dividend yield of 3.5%. First Horizon pays an annual dividend of $0.60 per share and has a dividend yield of 2.8%. Arrow Financial pays 35.5% of its profits as a dividend. First Horizon pays 35.7% of its earnings as a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings over the next few years. Arrow Financial has increased its dividend for 21 consecutive years. Arrow Financial is clearly the better dividend-paying stock, given its higher yield and longer track record of dividend growth.

Analyst Recommendations

This is a breakdown of recent ratings and recommendations for Arrow Financial and First Horizon, as provided by MarketBeat.com.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
Financial Arrow 0 0 0 0 N / A
first horizon 0 9 0 0 2.00

First Horizon has a consensus price target of $21.29, suggesting a potential downside of 2.00%. Given First Horizon’s possible higher upside, analysts clearly believe that First Horizon is more favorable than Arrow Financial.

Summary

First Horizon beats Arrow Financial on 9 out of 15 factors compared between the two stocks.

About Arrow Financial (Get a rating)

Arrow Financial Corporation, a bank holding company, provides corporate and personal banking, financial products and services. The Company’s deposit products include demand deposits, interest-bearing checking accounts, savings deposits, term deposits and other term deposits. Its lending activities include commercial loans, such as term loans, term notes and lines of credit; and commercial real estate loans to finance real estate purchases, refinances, expansions and improvements of commercial properties, as well as commercial construction and land development loans to finance projects. The Company’s lending businesses also include consumer installment loans to finance personal expenses, personal lines of credit, overdraft protection and automobile loans; and residential real estate loans, home fixed loans and home equity lines of credit for consumers to finance home renovations, debt consolidation, education and other uses. In addition, it maintains an indirect lending program; and sells residential real estate loan originations in the secondary market. In addition, the company provides retirement planning, trust and estate administration services to individuals; and pension, profit sharing and corporate benefits administration services. In addition, it offers insurance agency services including group healthcare policies and life insurance products, and property and casualty insurance products; and investment advisory services to its proprietary mutual funds, as well as holds a real estate investment trust. The company operates in the upstate New York region in Warren, Washington, Saratoga, Essex, Clinton, Rensselaer, Albany and Schenectady counties and surrounding areas. It has 26 bank branches; and leases 12 bank branches, as well as two residential loan origination offices. Arrow Financial Corporation was founded in 1851 and is headquartered in Glens Falls, New York.

About Premier Horizon (Get a rating)

First Horizon logoFirst Horizon Corporation operates as a bank holding company for First Horizon Bank which provides various financial services. The Company operates through three segments: Regional Bank, Specialized Bank and Corporate. It provides general banking services to consumers, businesses, financial institutions and governments. The company also ensures the subscription of eligible banking securities and other fixed income securities eligible for subscription by financial subsidiaries; sells loans and derivatives; and offers consulting services. In addition, it offers various services, such as mortgage banking; title insurance and loan closing; brokerage; correspondent bank; national check clearing and remittance processing; trust, fiduciary and agency; financing of equipment; and financial advisory and investment services. Additionally, the Company sells mutual funds and retail insurance products; and credit cards. It operates approximately 500 banking offices in 22 states under the First Horizon Bank brand; and 400 banking centers in 12 states under the FHN Financial brand in the United States. The company was formerly known as First Horizon National Corporation and changed its name to First Horizon Corporation in November 2020. First Horizon Corporation was founded in 1864 and is headquartered in Memphis, Tennessee.



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Washington Trust Bancorp, Inc. (NASDAQ:WASH) is expected to post earnings of $0.91 per share https://hsmcohio.com/washington-trust-bancorp-inc-nasdaqwash-is-expected-to-post-earnings-of-0-91-per-share/ Fri, 13 May 2022 18:43:42 +0000 https://hsmcohio.com/washington-trust-bancorp-inc-nasdaqwash-is-expected-to-post-earnings-of-0-91-per-share/ Stock analysts expect Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get a rating) to show earnings per share of $0.91 for the current quarter, Zacks Investment Research reports. Two analysts provided earnings estimates for Washington Trust Bancorp. The highest EPS estimate is $0.92 and the lowest is $0.89. Washington Trust Bancorp posted earnings per share of […]]]>

Stock analysts expect Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get a rating) to show earnings per share of $0.91 for the current quarter, Zacks Investment Research reports. Two analysts provided earnings estimates for Washington Trust Bancorp. The highest EPS estimate is $0.92 and the lowest is $0.89. Washington Trust Bancorp posted earnings per share of $1.00 in the same quarter last year, indicating a negative 9% year-over-year growth rate. The company is expected to announce its next quarterly earnings report on Monday, January 1.

According to Zacks, analysts expect Washington Trust Bancorp to report annual earnings of $3.82 per share for the current year, with EPS estimates ranging from $3.79 to $3.85. For the next fiscal year, analysts expect the company to post earnings of $4.30 per share, with EPS estimates ranging from $4.15 to $4.44. Zacks Investment Research’s EPS calculations are an average average based on a survey of analysts who provide coverage for Washington Trust Bancorp.

Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last released its quarterly results on Monday, April 25. The financial services provider reported earnings per share of $0.94 for the quarter, beating analyst consensus estimates of $0.92 by $0.02. Washington Trust Bancorp had a net margin of 30.69% and a return on equity of 13.35%. During the same period a year earlier, the company posted EPS of $1.17.

Several research companies have recently looked into WASH. StockNews.com assumed coverage of Washington Trust Bancorp shares in a Thursday, March 31, report. They set a “hold” rating for the company. Piper Sandler cut shares of Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a price target of $56.00 for the stock. in a research report on Thursday, April 7.

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings of Washington Trust Bancorp shares by 2.0% in the fourth quarter. BlackRock Inc. now owns 1,540,201 shares of the financial services provider valued at $86,820,000 after purchasing an additional 29,642 shares during the period. Franklin Resources Inc. increased its holdings of Washington Trust Bancorp shares by 0.3% in the third quarter. Franklin Resources Inc. now owns 974,434 shares of the financial services provider valued at $51,626,000 after purchasing an additional 3,211 shares during the period. Dimensional Fund Advisors LP increased its holdings of Washington Trust Bancorp shares by 0.4% in Q3. Dimensional Fund Advisors LP now owns 695,336 shares of the financial services provider valued at $36,840,000 after purchasing an additional 2,525 shares during the period. WASHINGTON TRUST Co increased its holdings of Washington Trust Bancorp shares by 0.7% in the fourth quarter. WASHINGTON TRUST Co now owns 683,713 shares of the financial services provider valued at $38,541,000 after purchasing an additional 5,073 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Washington Trust Bancorp by 1.3% during the 4th quarter. JPMorgan Chase & Co. now owns 477,109 shares of the financial services provider worth $26,894,000 after purchasing an additional 6,103 shares during the period. Hedge funds and other institutional investors hold 77.37% of the company’s shares.

WASH opened at $47.24 on Friday. Washington Trust Bancorp has a 12-month low of $46.35 and a 12-month high of $60.96. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt ratio of 0.15. The company has a market capitalization of $819.61 million, a PE ratio of 11.36 and a beta of 0.76. The company has a 50-day moving average of $50.94 and a two-hundred-day moving average of $54.55.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 8. Investors of record on Friday, April 1 received a dividend of $0.54. The ex-dividend date was Thursday, March 31. This represents an annualized dividend of $2.16 and a dividend yield of 4.57%. Washington Trust Bancorp’s dividend payout ratio is currently 51.92%.

About Washington Trust Bancorp (Get a rating)

Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans which consist of mortgages and construction loans for owner-occupiers; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.

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Get a Free Copy of Zacks’ Research Report on Washington Trust Bancorp (WASH)

For more information on Zacks Investment Research’s research offerings, visit Zacks.com

Earnings history and estimates for Washington Trust Bancorp (NASDAQ:WASH)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Washington Trust Bancorp right now?

Before you consider Washington Trust Bancorp, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Washington Trust Bancorp was not on the list.

While Washington Trust Bancorp currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here

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Clients Bancorp, Inc. (NYSE: CUBI) Receives an Average “Buy” Rating from Brokerages https://hsmcohio.com/clients-bancorp-inc-nyse-cubi-receives-an-average-buy-rating-from-brokerages/ Thu, 12 May 2022 06:27:16 +0000 https://hsmcohio.com/clients-bancorp-inc-nyse-cubi-receives-an-average-buy-rating-from-brokerages/ Bancorp, Inc. Client Stocks (NYSE: CUBI – Get a rating) received an average “Buy” recommendation from the ten analysts who currently cover the company, reports Marketbeat.com. Four investment analysts rated the stock with a hold recommendation and four gave the company a buy recommendation. The 1-year average target price among brokers who have reported on […]]]>

Bancorp, Inc. Client Stocks (NYSE: CUBI – Get a rating) received an average “Buy” recommendation from the ten analysts who currently cover the company, reports Marketbeat.com. Four investment analysts rated the stock with a hold recommendation and four gave the company a buy recommendation. The 1-year average target price among brokers who have reported on the stock in the past year is $69.31.

CUBI has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upgraded Customers Bancorp from a “market performer” rating to an “outperformer” rating and raised their price target for the company from $72.00 to $80.00 in a Monday, March 28 report. StockNews.com launched a coverage on Customers Bancorp in a Thursday, March 31 report. They issued a “hold” rating for the company. Zacks Investment Research moved Customers Bancorp from a “hold” rating to a “buy” rating and set a price target of $48.00 for the company in a Friday, May 6 report. Maxim Group reissued a “buy” rating and posted a price target of $85.00 on Customers Bancorp stock in a Friday, April 29 report. Finally, Wedbush raised its price target on Customers Bancorp from $75.00 to $80.00 in a Wednesday, January 26 research note.

Separately, CEO Samvir S. Sidhu purchased 2,965 shares of the company in a trade on Friday, May 6. The stock was purchased at an average price of $42.10 per share, with a total value of $124,826.50. Following completion of the transaction, the CEO now owns 80,637 shares of the company, valued at approximately $3,394,817.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. Additionally, Chief Financial Officer Carla A. Leibold purchased 1,000 shares of the company in a transaction on Friday, May 6. The shares were purchased at an average cost of $42.10 per share, with a total value of $42,100.00. Following the transaction, the CFO now directly owns 68,348 shares of the company, valued at approximately $2,877,450.80. Disclosure of this purchase can be found here. Insiders have acquired 4,465 shares of the company valued at $186,912 over the past three months. 10.23% of the shares are currently held by insiders of the company.

Several hedge funds have recently bought and sold shares of CUBI. Victory Capital Management Inc. increased its holdings of Customers Bancorp stock by 501.5% during the fourth quarter. Victory Capital Management Inc. now owns 570,420 shares of the bank worth $37,288,000 after purchasing an additional 475,590 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its holdings of Customers Bancorp shares by 258.6% during the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 520,600 shares of the bank worth $34,032,000 after buying 375,419 additional shares in the last quarter. Emerald Advisers LLC increased its holdings of Customers Bancorp stock by 4,060.0% during the fourth quarter. Emerald Advisers LLC now owns 333,636 shares of the bank worth $21,810,000 after purchasing an additional 325,616 shares in the last quarter. Toroso Investments LLC acquired a new stake in shares of Customers Bancorp during the fourth quarter at a value of $14,603,000. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in Customers Bancorp stock during the fourth quarter at a value of $13,336,000. Institutional investors and hedge funds hold 83.48% of the company’s shares.

CUBI opened at $38.44 on Thursday. The company has a debt ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The company has a 50-day simple moving average of $48.76 and a 200-day simple moving average of $56.71. The stock has a market capitalization of $1.27 billion, a P/E ratio of 3.84 and a beta of 1.58. Bancorp Clients has a 12-month low of $33.25 and a 12-month high of $76.13.

About Bancorp Customers (Get a rating)

Customers Bancorp, Inc operates as a banking holding company for Customers Bank which provides financial products and services to individuals and small and medium businesses. The Company offers deposit products, including checking, savings, MMDA and other deposit accounts. It offers lending products, including commercial warehouse mortgages, multifamily and commercial real estate loans, business banking, small business loans, equipment financing, residential mortgages and installment loans.

Read more

Analyst Recommendations for Bancorp Clients (NYSE: CUBI)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Customers Bancorp right now?

Before you consider Customers Bancorp, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Customers Bancorp was not on the list.

Although Customers Bancorp currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here

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Fed Survey: Business Credit Standards Remain Largely Unchanged Amid Rising Demand https://hsmcohio.com/fed-survey-business-credit-standards-remain-largely-unchanged-amid-rising-demand/ Mon, 09 May 2022 20:25:27 +0000 https://hsmcohio.com/fed-survey-business-credit-standards-remain-largely-unchanged-amid-rising-demand/ Lending standards for business loans remained largely unchanged in the first quarter of 2022, according to the Federal Reserve opinion survey of senior loan officers published today. Lenders reported a general relaxation of standards for consumer loans during the survey period. THIS. Commercial and industrial lending standards for businesses of all sizes remained virtually unchanged […]]]>

Lending standards for business loans remained largely unchanged in the first quarter of 2022, according to the Federal Reserve opinion survey of senior loan officers published today. Lenders reported a general relaxation of standards for consumer loans during the survey period.

  • THIS. Commercial and industrial lending standards for businesses of all sizes remained virtually unchanged in the first quarter, following four quarters of easing. C&I loan terms generally eased for large and medium-sized businesses, although net percentages signaled a tightening in premiums charged on riskier loans and collateral requirements, while for small businesses, net percentages increased. reported tighter costs for lines of credit, premiums charged on riskier loans and collateral requirements. Demand for C&I loans was generally on the rise for small, medium and large businesses.
  • CREATE. A modest net share of banks reportedly eased standards for commercial real estate loans secured by multi-family properties, while standards remained virtually unchanged, on the net, for construction and land development loans and loans non-residential non-agricultural. Net demand was stronger for loans secured by multi-family residential properties.
  • Mortgages. On the net, standards have eased for all types of mortgages and home equity lines of credit, although demand has generally declined for all types of mortgages. HELOCS, on the other hand, saw demand increase, with a net rate of 5.3% indicating that demand was moderately or significantly stronger.
  • Personal loan. Banks reported a greater willingness to provide consumer installment loans than they had three months earlier – a net 18.6% said they would be somewhat more willing to do so To do. On the net, standards have eased on credit cards, car loans and other types of personal loans. Banks also reported an increase in net demand for all types of personal loans.
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Critical analysis of Southern States Bancshares (SSBK) compared to its peers https://hsmcohio.com/critical-analysis-of-southern-states-bancshares-ssbk-compared-to-its-peers/ Sun, 08 May 2022 14:25:26 +0000 https://hsmcohio.com/critical-analysis-of-southern-states-bancshares-ssbk-compared-to-its-peers/ Southern States Bank Stocks (NASDAQ: SSBK – Get a rating) is one of 315 state-owned companies in the “state commercial banking” sector, but how does it compare to its peers? We will compare Southern States Bancshares to related companies based on strength of institutional ownership, dividends, profitability, valuation, analyst recommendations, earnings and risk. Analyst Notes […]]]>

Southern States Bank Stocks (NASDAQ: SSBKGet a rating) is one of 315 state-owned companies in the “state commercial banking” sector, but how does it compare to its peers? We will compare Southern States Bancshares to related companies based on strength of institutional ownership, dividends, profitability, valuation, analyst recommendations, earnings and risk.

Analyst Notes

This is a summary of recent ratings and recommendations for Southern States Bancshares and its peers, as reported by MarketBeat.com.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
Southern States Bank Stocks 0 0 2 0 3.00
Competitors of Southern States Bancshares 2278 9739 7746 572 2.33

Southern States Bancshares currently has a consensus price target of $23.50, indicating a potential upside of 2.26%. As a group, the “State Commercial Bank” companies have an upside potential of 32.18%. Given that Southern States Bancshares peers have higher upside potential, analysts clearly believe that Southern States Bancshares has less favorable growth aspects than its peers.

Valuation and benefits

This table compares the revenue, earnings per share (EPS), and valuation of Southern States Bancshares and its peers.

Gross revenue Net revenue Price/earnings ratio
Southern States Bank Stocks $68.58 million $18.57 million 11:38
Competitors of Southern States Bancshares $1.30 billion $321.66 million 11.51

Southern States Bancshares peers have higher revenue and earnings than Southern States Bancshares. Southern States Bancshares trades at a lower price-to-earnings ratio than its peers, indicating that it is currently more affordable than other companies in its industry.

Insider and Institutional Ownership

62.6% of Southern States Bancshares shares are held by institutional investors. By comparison, 51.9% of the shares of all “state commercial bank” companies are held by institutional investors. 14.8% of Southern States Bancshares shares are held by insiders. By comparison, 10.5% of the shares of all “state commercial bank” companies are held by insiders. Strong institutional ownership indicates that large fund managers, hedge funds, and endowments believe a company will outperform the market over the long term.

Dividends

Southern States Bancshares pays an annual dividend of $0.36 per share and has a dividend yield of 1.6%. Southern States Bancshares pays 17.8% of its profits in the form of a dividend. As a group, the “state commercial bank” companies pay a dividend yield of 2.4% and pay out 26.1% of their profits as a dividend.

Profitability

This table compares the net margins, return on equity and return on assets of Southern States Bancshares and its peers.

Net margins Return on equity return on assets
Southern States Bank Stocks 25.80% 10.21% 1.05%
Competitors of Southern States Bancshares 28.72% 12.50% 1.32%

Summary

Southern States Bancshares peers beat Southern States Bancshares on 9 of the 14 factors compared.

Southern States Bancshares Company Profile (Get a rating)

Southern States Bancshares, Inc. operates as a bank holding company for Southern States Bank which provides community banking services to businesses and individuals. It offers various deposit products, such as savings, money market and non-interest bearing current accounts; certificates of deposit; and term deposits. The Company also offers real estate lending products, which include loans for real estate construction and development, residential mortgages and commercial real estate mortgages; commercial and industrial loans; and direct consumer installment loans, overdrafts and other revolving loans. Additionally, it offers online and mobile banking and ATM services. The company operates 15 offices in Alabama and Georgia, as well as a loan origination office in Atlanta, Georgia. Southern States Bancshares, Inc. was founded in 2007 and is headquartered in Anniston, Alabama.



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CITIZENS FINANCIAL GROUP INC/RI MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q) https://hsmcohio.com/citizens-financial-group-inc-ri-management-report-of-financial-position-and-results-of-operations-form-10-q/ Wed, 04 May 2022 20:43:15 +0000 https://hsmcohio.com/citizens-financial-group-inc-ri-management-report-of-financial-position-and-results-of-operations-form-10-q/ Page Forward-Looking Statements 6 Introduction 7 Financial Performance 8 Results of Operations 10 Net Interest Income 10 Noninterest Income 11 Noninterest Expense 12 Provision for Credit Losses 12 Income Tax Expense 12 Business Operating Segments 12 Analysis of Financial Condition 14 Securities 14 Loans and Leases 15 Allowance for Credit Losses and Nonaccrual Loans and […]]]>

Page

       Forward-Looking Statements                                              6
       Introduction                                                            7
       Financial Performance                                                  8
       Results of Operations                                                  10
       Net Interest Income                                                    10
       Noninterest Income                                                     11
       Noninterest Expense                                                    12
       Provision for Credit Losses                                            12
       Income Tax Expense                                                     12
       Business Operating Segments                                            12
       Analysis of Financial Condition                                        14
       Securities                                                             14
       Loans and Leases                                                       15
       Allowance for Credit Losses and Nonaccrual Loans and Leases            15
       Deposits                                                               20
       Borrowed Funds                                                         20
       Capital and Regulatory Matters                                         20
       Liquidity                                                              23
       Critical Accounting Estimates                                          26
       A    cco    unting and Reporting Developments                          28
       Risk Governance                                                        28
       Market Risk                                                            29
       Non-GAAP Financial Measures and Reconciliations                        33



                                              Citizens Financial Group, Inc. | 5
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FORWARD-LOOKING STATEMENTS


This document contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements regarding potential
future share repurchases and future dividends as well as the potential effects
of the COVID-19 disruption and Russia's invasion of Ukraine on our business,
operations, financial performance and prospects, are forward-looking statements.
Also, any statement that does not describe historical or current facts is a
forward-looking statement. These statements often include the words "believes,"
"expects," "anticipates," "estimates," "intends," "plans," "goals," "targets,"
"initiatives," "potentially," "probably," "projects," "outlook," "guidance" or
similar expressions or future conditional verbs such as "may," "will," "should,"
"would," and "could."

Forward-looking statements are based upon the current beliefs and expectations
of management, and on information currently available to management. Our
statements speak as of the date hereof, and we do not assume any obligation to
update these statements or to update the reasons why actual results could differ
from those contained in such statements in light of new information or future
events. We caution you, therefore, against relying on any of these
forward-looking statements. They are neither statements of historical fact nor
guarantees or assurances of future performance. While there is no assurance that
any list of risks and uncertainties or risk factors is complete, important
factors that could cause actual results to differ materially from those in the
forward-looking statements include the following, without limitation:

•Negative economic and political conditions that adversely affect the general
economy, housing prices, the job market, consumer confidence and spending habits
which may affect, among other things, the level of nonaccrual assets,
charge-offs and provision expense;

•The rate of economic growth and employment levels, as well as general business and economic conditions and changes in the competitive environment;


•Our ability to implement our business strategy, including the cost savings and
efficiency components, and achieve our financial performance goals, including
through the integration of Investors and the HSBC branches;

•The disruption of COVID-19 and its effects on the economic and business environments in which we operate;


•The impact of Russia's invasion of Ukraine and the imposition of sanctions on
Russia and other actions in response, including on economic and market
conditions, inflationary pressures and the interest rate environment, commodity
price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to meet increased supervisory requirements and expectations;

• Liabilities and business restrictions resulting from litigation and regulatory investigations;

•Our capital and liquidity requirements in accordance with regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;

•The effect of changes in interest rates on our net interest income, net interest margin and originations of mortgages, mortgage servicing rights and mortgages held for sale;


•Changes in interest rates and market liquidity, as well as the magnitude of
such changes, which may reduce interest margins, impact funding sources and
affect the ability to originate and distribute financial products in the primary
and secondary markets;

•The effect of changes in the level of deposits in checking or savings accounts on our funding costs and our net interest margin;

• Financial services reform and other current, pending or future legislation or regulations that could adversely affect our revenues and business;

•A failure or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks;

• Higher than expected costs or other difficulties in integrating our business with that of the Investors and relevant HSBC branches;

                                              Citizens Financial Group, Inc. | 6
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• The inability to retain existing investors or HSBC customers and employees following the closing of the Investors acquisition and the HSBC transaction; and

•Management’s ability to identify and manage these and other risks.


In addition to the above factors, we also caution that the actual amounts and
timing of any future common stock dividends or share repurchases will be subject
to various factors, including our capital position, financial performance,
risk-weighted assets, capital impacts of strategic initiatives, market
conditions and regulatory and accounting considerations, as well as any other
factors that our Board of Directors deems relevant in making such a
determination. Therefore, there can be no assurance that we will repurchase
shares from or pay any dividends to holders of our common stock, or as to the
amount of any such repurchases or dividends. Further, statements about the
effects of the COVID-19 disruption and Russia's invasion of Ukraine on our
business, operations, financial performance and prospects may constitute
forward-looking statements and are subject to the risk that the actual impacts
may differ, possibly materially, from what is reflected in those forward-looking
statements due to factors and future developments that are uncertain,
unpredictable and in many cases beyond our control, including the scope and
duration of the pandemic and Russia's invasion of Ukraine, actions taken by
governmental authorities in response to the pandemic and Russia's invasion of
Ukraine, and the direct and indirect impact of the pandemic and Russia's
invasion of Ukraine on our customers, third parties and us.

More information about factors that could cause actual results to differ
materially from those described in the forward-looking statements can be found
in the "Risk Factors" section in Part II, Item 1A of this report and Part I,
Item 1A of our 2021 Form 10-K.

INTRODUCTION


Citizens Financial Group, Inc. is one of the nation's oldest and largest
financial institutions with $192.1 billion in assets as of March 31, 2022.
Headquartered in Providence, Rhode Island, we offer a broad range of retail and
commercial banking products and services to individuals, small businesses,
middle-market companies, large corporations and institutions. We help our
customers reach their potential by listening to them and by understanding their
needs in order to offer tailored advice, ideas and solutions. In Consumer
Banking, we provide an integrated experience that includes mobile and online
banking, a full-service customer contact center and, including the acquisition
of Investors, the convenience of approximately 3,300 ATMs and more than 1,200
branches in 14 states and the District of Columbia. Consumer Banking products
and services include a full range of banking, lending, savings, wealth
management and small business offerings. In Commercial Banking, we offer a broad
complement of financial products and solutions, including lending and leasing,
deposit and treasury management services, foreign exchange, interest rate and
commodity risk management solutions, as well as loan syndication, corporate
finance, merger and acquisition, and debt and equity capital markets
capabilities. More information is available at www.citizensbank.com.

On February 18, 2022, CBNA completed the acquisition of HSBC East Coast branches
and national online deposit business. The transaction extends our physical
presence and adds customers in several attractive markets, accelerating our
national expansion strategy. The transaction includes 66 locations in the New
York City metropolitan area, 9 locations in the Mid-Atlantic/Washington D.C.
area, and 5 locations in Southeast Florida.

On April 6, 2022, Citizens completed the acquisition of all outstanding shares
of Investors for a combination of stock and cash. The acquisition enhances
Citizens' banking franchise, adding an attractive middle market, small business
and consumer customer base while building our physical presence in the
Mid-Atlantic region with the addition of 154 branches located in the greater New
York City and Philadelphia metropolitan areas and across New Jersey.

For more information on these acquisitions, see Note 2.


The following MD&A is intended to assist readers in their analysis of the
accompanying unaudited interim Consolidated Financial Statements and
supplemental financial information. It should be read in conjunction with the
unaudited interim Consolidated Financial Statements and Notes to the unaudited
interim Consolidated Financial Statements in Part I, Item 1, as well as other
information contained in this document and our 2021 Form 10-K.

Non-GAAP Financial Measures


This document contains non-GAAP financial measures denoted as "Underlying"
results. Underlying results for any given reporting period exclude certain items
that may occur in that period which management does not consider indicative of
our on-going financial performance. We believe these non-GAAP financial measures
provide

                                              Citizens Financial Group, Inc. | 7
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useful information to investors because they are used by management to evaluate
our operating performance and make day-to-day operating decisions. In addition,
we believe our Underlying results in any given reporting period reflect our
on-going financial performance, increase comparability of period-to-period
results, and are useful to consider in addition to our GAAP financial results.

Other companies may use similarly titled non-GAAP financial measures that are
calculated differently from the way we calculate such measures. Accordingly, our
non-GAAP financial measures may not be comparable to similar measures used by
such companies. We caution investors not to place undue reliance on such
non-GAAP financial measures, but to consider them with the most directly
comparable GAAP measures. Non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation or as a substitute
for our results reported under GAAP.

Non-GAAP measures are denoted throughout our MD&A by the use of the term
Underlying. Where there is a reference to these metrics in that paragraph, all
measures that follow are on the same basis when applicable. For more information
on the computation of non-GAAP financial measures, see "-Non-GAAP Financial
Measures and Reconciliations."

FINANCIAL PERFORMANCE

Quarter to date and end of period – Highlights


Net income of $420 million decreased $191 million from the first quarter of
2021, with earnings per diluted common share of $0.93, down $0.44 from $1.37 per
diluted common share in the first quarter of 2021. ROTCE of 11.4% decreased from
17.2% in the first quarter of 2021.

In the first quarter of 2022, results reflect $56 million of expenses, net of
tax benefit, or $0.14 per diluted common share, from notable items compared to
$15 million of expenses, net of tax benefit, or $0.04 per diluted common share,
from notable items in the first quarter of 2021.

Table 1: Notable elements

                                                                                     Three Months Ended March 31, 2022
                                                                                               Less: notable items
                                                                               Integration                                             Underlying results
(in millions)                                     Reported results (GAAP)   

costs(1) TOP and other(2) Provision(3) (non-GAAP) Provision (profit) for credit losses

                          $3                       $-              $-                  $24                 ($21)
Noninterest expense                                         1,106                       37              11                    -                1,058
Income tax expense                                            116                      (10)              -                   (6)                 132


                                                                                     Three Months Ended March 31, 2021
                                                                                               Less: notable items
                                                                                                                                        Underlying results
(in millions)                                     Reported results (GAAP)   

TOP integration costs and others(2) Provision (non-GAAP) Provision (profit) for credit losses

                       ($140)                    $-                   $-                  $-               ($140)
Noninterest expense                                         1,018                      -                   20                   -                 998
Income tax expense                                            170                      -                   (5)                  -                 175


(1) Includes integration costs associated with acquisitions.
(2) Includes our TOP transformational and revenue and efficiency initiatives for
the three months ended March 31, 2022 and 2021, and income tax impacts related
to legacy tax matters for the three months ended March 31, 2022.
(3) Includes the initial provision for credit losses of $24 million tied to the
HSBC transaction. As required by purchase accounting, a fair value mark for
performing loans including both credit and interest rate components is recorded
in addition to the provision for credit losses expense, thus the credit exposure
has been "double counted".

• Net profit available to ordinary shareholders of $396 million decreases $192 millioncompared to $588 million in the first quarter of 2021.

• On an underlying basis, which excludes notable items, net income available to common shareholders of $452 million compared to $603 million in the first quarter of 2021.

• On an underlying basis, diluted earnings per ordinary share of $1.07 compared to
$1.41 in the first quarter of 2021.


                                              Citizens Financial Group, Inc. | 8
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• Total turnover of $1.6 billion decreases $14 millionor 1%, compared to the first quarter of 2021, due to an 8% decline in non-interest income, partially offset by a 3% increase in net interest income.

• Net interest income of $1.1 billion increased by 3%, reflecting 3% growth in interest-earning assets and an overall stable net interest margin.

• The net interest margin of 2.75% is stable compared to the first quarter of 2021.

– Net interest margin on an ETP basis of 2.75% decreased by 1 basis point, compared to 2.76% in the first quarter of 2021, as the impact of lower yields on earning assets was largely offset by the deployment of cash in loan growth.


-Average loans and leases of $129.2 billion increased $6.3 billion, or 5%, from
$122.8 billion in the first quarter of 2021, driven by a $6.6 billion increase
in retail loans given growth in mortgage, auto and education, and the impact of
the HSBC transaction, partially offset by planned run-off of personal unsecured
installment loans and a $304 million decrease in commercial as growth was more
than offset by a reduction in PPP loans.

-Average deposits of $155.1 billion increased $8.4 billion, or 6%, from $146.6
billion in the first quarter of 2021, driven by the impact of the HSBC
transaction and growth in demand, checking with interest and savings, partially
offset by a decrease in money market and term.

• Non-interest income of $498 million decreases $44 millionor 8%, compared to the first quarter of 2021, primarily reflecting lower mortgage banking fees partially offset by improved capital markets fees, foreign exchange and derivatives income, and other income.

• Non-interest expenses of $1.1 billion increased by 9% compared to the first quarter of 2021.


•On an Underlying basis, noninterest expense increased 6% from the first quarter
of 2021, reflecting higher salaries and employee benefits given merit increases,
and other operating expense associated with increased travel and advertising
costs, partially offset by the benefit of efficiency initiatives.

•The efficiency coefficient of 67.2% compared to 61.4% for the first quarter of 2021, and the ROTCE of 11.4% compared to 17.2%.

• On an underlying basis, the efficiency ratio of 64.3% compared to 60.2% for the first quarter of 2021, and the ROTCE of 13.0% compared to 17.6%.


•Credit provision expense of $3 million compares with a $140 million credit
provision benefit for the first quarter of 2021, reflecting strong credit
performance across the retail and commercial loan portfolios. The first quarter
2022 Underlying credit provision benefit excludes the "double count" of the $24
million day-one CECL provision expense tied to the HSBC transaction.

•Tangible book value per common share of $30.97 decreased 6% from the first
quarter of 2021.


                                              Citizens Financial Group, Inc. | 9
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RESULTS OF OPERATIONS

Net interest income


Net interest income is our largest source of revenue and is the difference
between the interest earned on interest-earning assets (generally loans, leases
and investment securities) and the interest expense incurred in connection with
interest-bearing liabilities (generally deposits and borrowed funds). The level
of net interest income is primarily a function of the difference between the
effective yield on our average interest-earning assets and the effective cost of
our interest-bearing liabilities. These factors are influenced by the pricing
and mix of interest-earning assets and interest-bearing liabilities which, in
turn, are impacted by external factors such as local economic conditions,
competition for loans and deposits, the monetary policy of the FRB and market
interest rates. For further discussion, refer to "-Market Risk - Non-Trading
Risk," and "-Risk Governance" as described in our 2021 Form 10-K.

Table 2: Main components of net interest income

                                                                                        Three Months Ended March 31,
                                                                         2022                                                  2021                                        Change
                                                         Average         Income/        Yields/                Average         Income/        Yields/             Average         Yields/
(dollars in millions)                                   Balances         Expense         Rates                Balances         Expense         Rates              Balances      Rates (bps)

Assets:

Interest-bearing cash and due from banks and
deposits in banks                                           $8,055           $4             0.21  %              $10,861           $3            0.11  %         ($2,806)          10 bps
Taxable investment securities                               29,245          138             1.88                  27,031          128            1.89              2,214                   (1)
Non-taxable investment securities                                2            -             2.60                       3            -            2.60                 (1)                    -
Total investment securities                                 29,247          138             1.88                  27,034          128            1.89              2,213                   (1)
Commercial and industrial                                   44,947          328             2.91                  44,287          347            3.12                660                  (21)
Commercial real estate                                      14,066           90             2.57                  14,675           94            2.57               (609)                    -
Leases                                                       1,560           11             2.81                   1,915           13            2.69               (355)                   12
Total commercial loans and leases                           60,573          429             2.83                  60,877          454            2.98               (304)                 (15)
Residential mortgages                                       23,461          169             2.88                  19,388          148            3.05              4,073                  (17)
Home equity                                                 12,124           90             3.02                  12,001           95            3.20                123                  (18)
Automobile                                                  14,534          127             3.55                  12,229          125            4.14              2,305                  (59)
Education                                                   13,034          131             4.07                  12,436          134            4.38                598                  (31)
Other retail                                                 5,428          102             7.63                   5,916          105            7.25               (488)                   38
Total retail loans                                          68,581          619             3.65                  61,970          607            3.96              6,611                  (31)
Total loans and leases                                     129,154        1,048             3.26                 122,847        1,061            3.47              6,307                  (21)
Loans held for sale, at fair value                           2,366           16             2.70                   3,254           18            2.27               (888)                   43
Other loans held for sale                                      454            7             5.89                     385            6            6.30                 69                  (41)
Interest-earning assets                                    169,276        1,213             2.88                 164,381        1,216            2.97              4,895                   (9)
Noninterest-earning assets                                  19,041                                                18,188                                             853
Total assets                                              $188,317                                              $182,569                                          $5,748
Liabilities and Stockholders' Equity:
Checking with interest                                     $30,417           $5             0.07  %              $26,116           $6            0.09  %          $4,301            (2)
Money market                                                47,220           12             0.10                  49,536           22            0.18             (2,316)           (8)
Savings                                                     23,835            5             0.08                  18,611            5            0.11              5,224            (3)
Term                                                         4,970            3             0.29                   8,572           17            0.83             (3,602)           (54)
Total interest-bearing deposits                            106,442           25             0.10                 102,835           50            0.20              3,607            (10)
Short-term borrowed funds                                       29            -             3.50                     150            -            0.46               (121)           304
Long-term borrowed funds                                     6,066           41             2.66                   8,336           49            2.35             (2,270)            31
Total borrowed funds                                         6,095           41             2.66                   8,486           49            2.32             (2,391)            34
Total interest-bearing liabilities                         112,537           66             0.23                 111,321           99            0.36              1,216            (13)
Demand deposits                                             48,641                                                43,814                                           4,827
Other liabilities                                            4,144                                                 4,858                                            (714)
Total liabilities                                          165,322                                               159,993                                           5,329
Stockholders' equity                                        22,995                                                22,576                                             419
Total liabilities and stockholders' equity                $188,317                                              $182,569                                          $5,748
Interest rate spread                                                                        2.65  %                                              2.62  %                             3
Net interest income and net interest margin                              $1,147             2.75  %                            $1,117            2.75  %                             -
Net interest income and net interest margin, FTE(1)                      $1,149             2.75  %                            $1,120            2.76  %                            (1)

Reminder: Total deposits (interest bearing and demand) $155,083 $25

             0.07  %             $146,649          $50            0.14  

% $8,434 (7) basis points

(1) Net interest income and net interest margin are presented on an FTE basis using the federal statutory tax rate of 21%. The ETP impact is mainly attributable to commercial and industrial loans for the periods presented.

                                             Citizens Financial Group, Inc. | 10
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Net interest income of $1.1 billion increased 3% from the first quarter of 2021,
reflecting 3% growth in interest-earning assets and broadly stable net interest
margin.

Net interest margin on a FTE basis of 2.75% decreased 1 basis point compared to
2.76% in the first quarter of 2021, as the impact of lower earning asset yields
was largely offset by the deployment of cash into loan growth. Average
interest-earning asset yields of 2.88% decreased 9 basis points from 2.97% in
the first quarter of 2021, while average interest-bearing liability costs of
0.23% decreased 13 basis points from 0.36% in the first quarter of 2021.

Average interest-earning assets of $169.3 billion increased $4.9 billion, or 3%,
from the first quarter of 2021, as a $2.2 billion, or 8% increase in investments
and a $6.3 billion, or 5%, increase in loans and leases was partially offset by
a $2.8 billion decrease in cash held in interest-bearing deposits reflecting
partial deployment of elevated liquidity. Loan growth was driven by a $6.6
billion increase in retail loans given growth in mortgage, auto and education,
partially offset by planned runoff of personal unsecured installment loans.
Commercial loans decreased $304 million as growth was more than offset by a $4.2
billion reduction in PPP loans.

Average deposits of $155.1 billion increased $8.4 billion, or 6%, from the first
quarter of 2021, reflecting growth in lower cost deposits and the $2.9 billion
impact of the HSBC transaction, partially offset by decreases in money market
and term. Average total borrowed funds of $6.1 billion decreased $2.4 billion
from the first quarter of 2021, given the pay down of senior debt. Total
borrowed funds costs of $41 million decreased $8 million from the first quarter
of 2021. The total borrowed funds cost of 2.66% increased 34 basis points from
2.32% in the first quarter of 2021.

Non-interest income

Table 3: Non-interest income

                                                                               Three Months Ended March 31,
(in millions)                                                                                             2022              2021            Change            Percent
Capital markets fees                                                                                        $93              $81             $12                  15  %
Service charges and fees                                                                                     98               99              (1)                 (1)
Mortgage banking fees                                                                                        69              165             (96)                (58)
Card fees                                                                                                    60               55               5                   9
Trust and investment services fees                                                                           61               58               3                   5
Letter of credit and loan fees                                                                               38               38               -                   -
Foreign exchange and derivative products                                                                     51               28              23                  82
Securities gains, net                                                                                         4                3               1                  33
Other income(1)                                                                                              24               15               9                  60
Noninterest income                                                                                         $498             $542            ($44)                 (8  %)

(1) Includes life insurance income held by the bank and other income for all periods presented.


Noninterest income decreased $44 million, or 8%, from the first quarter of 2021,
primarily reflecting lower mortgage banking fees partially offset by improved
capital markets fees, foreign exchange and derivative products revenue, and
other income.

•Lower mortgage banking fees are due to lower sales margins and lower production volumes.


•Companies we acquired in the second half of 2021 contributed $21 million of
capital market fees in the first quarter of 2022. Excluding these acquisitions,
capital markets fees reflect lower merger and acquisition advisory and
underwriting fees, partially offset by higher loan syndication fees.

•Record increase in foreign exchange and derivative products reflecting growth in interest rate and commodity hedging activities.

•The increase in other income mainly reflects the increase in investment income.


                                             Citizens Financial Group, Inc. | 11
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Non-interest expenses

Table 4: Non-interest expenses

                                                                                 Three Months Ended March 31,
(in millions)                                                                                               2022                2021            Change  

Percent

Salaries and employee benefits                                                                                $594               $548            $46                   8  %
Equipment and software                                                                                         150                152             (2)                 (1)
Outside services                                                                                               169                139             30                  22
Occupancy                                                                                                       83                 88             (5)                 (6)
Other operating expense                                                                                        110                 91             19                  21
Noninterest expense                                                                                         $1,106             $1,018            $88                   9  %


Noninterest expense increased $88 million, or 9%, compared to the first quarter
of 2021. On an Underlying basis, noninterest expense of $1.1 billion increased
$60 million, or 6%, reflecting higher salaries and employee benefits given merit
increases, and other operating expense associated with increased travel and
advertising costs, partially offset by the benefit of efficiency initiatives.

Provision for credit losses


The provision for credit losses is the result of a detailed analysis performed
to estimate our ACL. The total provision for credit losses includes the
provision for loan and lease losses and the provision for unfunded commitments.
Refer to "-Analysis of Financial Condition - Allowance for Credit Losses and
Nonaccrual Loans and Leases" for more information.

Credit provision expense was $3 million for the first quarter of 2022, compared
to a credit provision benefit of $140 million in the first quarter of 2021,
reflecting strong economic growth that began in the fourth quarter of 2020 and
continued solid credit performance. Underlying credit provision benefit of $21
million in the first quarter of 2022 excludes the "double count" of the $24
million day-one CECL provision expense tied to the HSBC transaction.

income tax expense


Income tax expense of $116 million for the first quarter of 2022 decreased $54
million from $170 million in the first quarter of 2021 due to decreased taxable
income. The effective income tax rate decreased to 21.7% in the first quarter of
2022 from 21.8% in the first quarter of 2021, primarily driven by the increased
benefit of tax-advantaged investments on lower pre-tax income.

Operating sectors


We have two business operating segments: Consumer Banking and Commercial
Banking. Segment results are derived by specifically attributing managed assets,
liabilities, capital and related revenues, provision for credit losses, which at
the segment level is equal to net charge-offs, and other expenses. The residual
difference between the consolidated provision for credit losses and the business
operating segments' net charge-offs is reflected in Other.

Non-segment operations are classified as Other and include assets, liabilities,
capital, revenues, provision for credit losses, expenses and income tax expense
not attributed to our Consumer or Commercial Banking segments as well as
treasury and community development. In addition, for impairment testing
purposes, we allocate all goodwill to our Consumer Banking and Commercial
Banking reporting units.

There have been no significant changes in our methodologies used to allocate
items to our business operating segments as described in "-Results of Operations
- Business Operating Segments" in our 2021 Form 10-K other than the change
relative to our FTP methodology. See Note 17 for additional information.

                                             Citizens Financial Group, Inc. | 12
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The following table presents certain financial data of our business operating
segments. Total business operating segment financial results differ from total
consolidated financial results. These differences are reflected in Other
non-segment operations. See Note 17 for additional information.

Table 5: Selected Financial Data for Lines of Business

                                                                    Consumer Banking                                                  Commercial Banking
                                                              Three Months Ended March 31,                                       Three Months Ended March 31,
(dollars in millions)                                   2022                                 2021                                2022                      2021
Net interest income                                        $857                                 $863                                $416                      $421
Noninterest income                                          257                                  351                                 213                       170
Total revenue                                             1,114                                1,214                                 629                       591
Noninterest expense                                         784                                  750                                 272                       227
Profit before credit losses                                 330                                  464                                 357                       364
Net charge-offs                                              49                                   59                                  12                       101
Income before income tax expense                            281                                  405                                 345                       263
Income tax expense                                           72                                  103                                  74                        52
Net income                                                 $209                                 $302                                $271                      $211
Average Balances:
Total assets                                            $77,551                              $75,283                             $61,118                   $57,738
Total loans and leases(1)                                73,233                               70,188                              58,007                    54,813
Deposits                                                104,663                               97,180                              44,520                    43,974
Interest-earning assets                                  74,052                               71,135                              58,312                    55,175


(1) Includes LHFS.

Consumer Banking

Net interest income of $857 million decreased $6 million, or 1%, from the first
quarter of 2021, driven by a reduced benefit from PPP loan forgiveness,
partially offset by loan growth, including the impacts from the HSBC
transaction. Average loans increased $3.0 billion driven by higher residential
mortgages, including approximately $480 million from the HSBC transaction,
automobile and education, partially offset by the impact of the reduction in PPP
loans and planned runoff of personal unsecured installment loans. Deposits
increased $7.5 billion, or 8%, including the $2.9 billion impact of the HSBC
transaction. Growth in demand, checking with interest and savings were partially
offset by decreases in money market and term.

Noninterest income decreased $94 million, or 27%, from the first quarter of
2021, driven by lower mortgage banking fees reflecting lower gain-on-sale
margins and production volumes. This decrease was partially offset by higher
trust and investment services fees driven by an increase in assets under
management from strong net inflows and higher equity market levels, and higher
card fees driven by higher debit and credit card volumes.

Non-interest expenses increased $34 millionor 5%, compared to the first quarter of 2021, reflecting higher salaries and benefits given merit increases, as well as higher other operating expenses associated with higher travel and advertising costs , partially offset by the benefits of efficiency initiatives.

Net imputations of $49 million decreases $10 millionor 17% as consumers continue to benefit from fiscal support provided during the pandemic, rapid job growth, and high values ​​of residential mortgage collateral and auto loans.

The Commercial Bank

Net interest income of $416 million decreases $5 millioni.e. 1%, from $421 million in the first quarter of 2021, due to lower returns on earning assets, partially offset by improved funding mix and deposit pricing.

Non-interest income of $213 million increased $43 millioni.e. 25%, from $170 million in the first quarter of 2021, driven by record foreign exchange and derivatives revenues reflecting an increase in client interest rate and commodity hedging activities and fee-driven capital markets fees higher loan syndication fees, partially offset by lower M&A advisory and underwriting fees.


Noninterest expense of $272 million increased $45 million, or 20%, from $227
million in the first quarter of 2021, reflecting higher salaries and employee
benefits given merit increases, as well as higher other operating expense
associated with increased travel and advertising costs, partially offset by the
benefit of efficiency initiatives.

                                             Citizens Financial Group, Inc. | 13
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Net imputations of $12 million decreases $89 millionor 88%, compared to the first quarter of 2021 given the strong economic growth that began in the fourth quarter of 2020 and continued strong credit performance.

ANALYSIS OF THE FINANCIAL SITUATION

Securities

Table 6: Amortized cost and fair value of AFS and HTM titles

                                                                        March 31, 2022                               December 31, 2021
                                                               Amortized                                      Amortized
(in millions)                                                    Cost                  Fair Value               Cost                 Fair Value
U.S. Treasury and other                                               $158                $154                    $11                     $11
State and political subdivisions                                         2                   2                      2                       2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities             25,074              23,498                 24,607                  24,442
Other/non-agency                                                       412                 401                    397                     405
Total mortgage-backed securities                                    25,486              23,899                 25,004                  24,847

Collateralized loan obligations                                      1,276               1,264                  1,208                   1,207

Total available-for-sale debt securities, at fair value $26,922

            $25,319                $26,225                 $26,067
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities             $1,370              $1,355                 $1,505                  $1,557

Total mortgage-backed securities                                     1,370               1,355                  1,505                   1,557
Asset-backed securities                                                686                 656                    737                     732
  Total debt securities held to maturity                            $2,056              $2,011                 $2,242                  $2,289

Total available-for-sale and held-to-maturity debt securities

                                                           $28,978             $27,330                $28,467                 $28,356
Equity securities, at cost                                            $611                $611                   $624                    $624
Equity securities, at fair value                                       130                 130                    109                     109


Our securities portfolio is managed to maintain prudent levels of liquidity,
credit quality, and market risk while achieving returns that align with our
overall portfolio management strategy. The portfolio primarily includes high
quality, highly liquid investments reflecting our ongoing commitment to maintain
strong contingent liquidity levels and pledging capacity. U.S.
government-guaranteed notes and GSE-issued mortgage-backed securities represent
92% of the fair value of our debt securities portfolio holdings. Holdings backed
by mortgages dominate our portfolio and facilitate our ability to pledge those
securities to the FHLB for collateral purposes. For further discussion of the
liquidity coverage ratios, see "Regulation and Supervision - Liquidity
Requirements" in our 2021 Form 10-K.

The fair value of the AFS debt securities portfolio of $25.3 billion at March
31, 2022 decreased $748 million from $26.1 billion at December 31, 2021,
reflecting $697 million in portfolio growth offset by a $1.4 billion increase in
unrealized losses driven by higher rates. The decline in fair value of the HTM
debt securities portfolio of $278 million reflects $191 million from portfolio
runoff and $87 million due to higher rates.

As of March 31, 2022, the portfolio's average effective duration was 5.3 years
compared with 4.3 years as of December 31, 2021, as higher long-term rates drove
a decrease in both actual and projected securities prepayment speeds. We manage
our securities portfolio duration and convexity risk through asset selection and
securities structure, and maintain duration levels within our risk appetite in
the context of the broader interest rate risk framework and limits.

                                             Citizens Financial Group, Inc. | 14
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Loans and leases

Table 7: Composition of loans and leases, excluding LHFS (in millions)

                                             March 31, 2022              December 31, 2021             Change               Percent
Commercial and industrial(1)                                      $45,724                  $44,500                  $1,224                      3  %
Commercial real estate                                             14,268                   14,264                       4                      -
Leases                                                              1,529                    1,586                     (57)                    (4)
Total commercial                                                   61,521                   60,350                   1,171                      2
Residential mortgages                                              24,211                   22,822                   1,389                      6
Home equity                                                        12,264                   12,015                     249                      2
Automobile                                                         14,439                   14,549                    (110)                    (1)
Education                                                          13,306                   12,997                     309                      2
Other retail                                                        5,564                    5,430                     134                      2
Total retail                                                       69,784                   67,813                   1,971                      3
Total loans and leases                                           $131,305                 $128,163                  $3,142                      2  %


Total loans and leases increased $3.1 billion from $128.2 billion as of December
31, 2021, driven by 3% growth in retail, including the impact of the HSBC
transaction, as well as growth in mortgage, education and home equity, and 2%
growth in commercial.

Allowance for credit losses and unearned loans and leases


The ACL is a reserve to absorb estimated future credit losses in accordance with
GAAP. For additional information regarding the ACL, see Note 5 of this report,
and "-Critical Accounting Estimates - Allowance for Credit Losses" and Note 6 in
our 2021 Form 10-K.

The ACL of $1.9 billion to March 31, 2022 remained stable compared to December 31, 2021. For more information, see Note 5.

Table 8: ACL and associated coverage ratios by portfolio

                                                                 March 31, 2022                                         December 31, 2021
(in millions)                                   Loans and Leases      Allowance       Coverage           Loans and Leases    Allowance       Coverage
Allowance for Loan and Lease Losses
Commercial and industrial                                $45,724         $525              1.15  %              $44,500         $555              1.25  %
Commercial real estate                                    14,268          214              1.50                  14,264          220              1.54
Leases                                                     1,529           39              2.54                   1,586           46              2.92
Total commercial                                          61,521          778              1.26                  60,350          821              1.36
Residential mortgages                                     24,211          144              0.60                  22,822          144              0.63
Home equity                                               12,264           78              0.64                  12,015           82              0.69
Automobile                                                14,439          149              1.03                  14,549          154              1.05
Education                                                 13,306          321              2.41                  12,997          308              2.37
Other retail                                               5,564          250              4.49                   5,430          249              4.59
Total retail                                              69,784          942              1.35                  67,813          937              1.38
Total loans and leases                                  $131,305       $1,720              1.31  %             $128,163       $1,758              1.37  %
Allowance for Unfunded Lending Commitments
Commercial(1)                                                            $147              1.50  %                              $153              1.61  %
Retail(2)                                                                  11              1.37                                   23              1.42
   Total allowance for unfunded lending
commitments                                                               158                                                    176
Allowance for credit losses                             $131,305       $1,878              1.43  %             $128,163       $1,934              1.51  %

(1) The coverage ratio includes total trade provision for unfunded loan commitments and total trade provision for loan and lease losses in the numerator and total trade loans and leases in the denominator. (2) Coverage ratio includes total allowance for retail loans for unfunded loan commitments and total allowance for loan losses in the numerator and total retail loans in the denominator.


                                             Citizens Financial Group, Inc. | 15
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Table 9: Nonaccrual Loans and Leases
(dollars in millions)                            March 31, 2022        December 31, 2021             Change                Percent
Commercial and industrial                                $200                    $171                   $29                      17  %
Commercial real estate                                     11                      11                     -                       -
Leases                                                      1                       1                     -                       -
Total commercial                                          212                     183                    29                      16
Residential mortgages(1)                                  243                     201                    42                      21
Home equity                                               239                     220                    19                       9
Automobile                                                 52                      55                    (3)                     (5)
Education                                                  23                      23                     -                       -
Other retail                                               20                      20                     -                       -
Total retail                                              577                     519                    58                      11
Nonaccrual loans and leases                              $789                    $702                   $87                      12  %
Nonaccrual loans and leases to total loans and
leases                                                   0.60  %                 0.55  %                  5   bps
Allowance for loan and lease losses to
nonaccrual loans and leases                               218                     251                (3,264)
Allowance for credit losses to nonaccrual loans
and leases                                                238                     276                (3,769)


(1) Loans fully or partially guaranteed by the FHA, Virginia and USDA are classified as acquired.


Nonaccrual loans and leases of $789 million as of March 31, 2022 increased $87
million, or 12%, from December 31, 2021, primarily due to residential real
estate secured loans exiting forbearance. Total commercial nonaccrual loans and
leases were 0.3% of the commercial portfolio as of March 31, 2022 and December
31, 2021.

Table 10: Ratio of Net Charges to Average Loans and Leases

                                                                                       Three Months Ended March 31,
                                                                  2022                                                             2021
(dollars in millions)                      Net Charge-Offs      Average Balance       Ratio                 Net Charge-Offs        Average Balance       Ratio
Commercial and industrial                              $11         $44,947               0.10  %                          $77         $44,287               0.70  %
Commercial real estate                                   -          14,066                  -                              26          14,675               0.73
Leases                                                   -           1,560               0.10                               1           1,915               0.26
Total commercial                                        11          60,573               0.08                             104          60,877               0.69
Residential mortgages                                    -          23,461                  -                              (1)         19,388              (0.01)
Home equity                                             (9)         12,124              (0.32)                             (7)         12,001              (0.25)
Automobile                                               6          14,534               0.18                              11          12,229               0.35
Education                                               16          13,034               0.49                               7          12,436               0.24
Other retail                                            35           5,428               2.61                              44           5,916               3.00
Total retail                                            48          68,581               0.28                              54          61,970               0.35
Total loans and leases                                 $59        $129,154               0.19  %                         $158        $122,847               0.52  %


First quarter 2022 NCOs of $59 million decreased $99 million, or 63%, from $158
million in the first quarter of 2021, driven by decreases in commercial and
retail of $93 million and $6 million, respectively. First quarter 2022
annualized net charge-offs of 0.19% of average loans and leases were down 33
basis points from first quarter of 2021.

Retail NCOs declined as consumers continue to benefit from the fiscal support
provided during the pandemic, the rapid growth in jobs, and elevated residential
mortgage and auto loan collateral values. Commercial NCOs decreased given the
strong economic growth that began in the fourth quarter of 2020 and continued
solid credit performance. However, we continue to assess risks to the
macroeconomic environment. While the outlook is positive, uncertainty exists
given changing monetary and fiscal policies, the recent surge in inflation and
higher inflation expectations, labor shortages, continuing supply-chain
challenges, and possible consequences from Russia's invasion of Ukraine.

                                             Citizens Financial Group, Inc. | 16
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Commercial loan asset quality


Our commercial portfolio consists of traditional commercial and industrial
loans, commercial leases and commercial real estate loans. The portfolio is
predominantly focused on customers in our footprint and adjacent states in which
we have a physical presence where our local delivery model provides for strong
client connectivity. Additionally, we also do business in certain specialized
industry sectors on a national basis. As discussed in our 2021 Form 10-K, we
utilize regulatory classification ratings to monitor credit quality for
commercial loans and leases.

Table 11: Commercial loans and leases by regulatory classification

                                                                                              March 31, 2022
                                                                                                  Criticized
(in millions)                                                  Pass            Special Mention       Substandard       Doubtful          Total
Commercial and industrial                                       $43,594                   $845         $1,109             $176          $45,724
Commercial real estate                                           13,273                    512            472               11           14,268
Leases                                                            1,509                      8             11                1            1,529
Total commercial                                                $58,376                 $1,365         $1,592             $188          $61,521



                                                                                      December 31, 2021
                                                                                          Criticized
(in millions)                                           Pass          Special Mention       Substandard        Doubtful          Total
Commercial and industrial                               $42,254             $809               $1,294             $143          $44,500
Commercial real estate                                   13,319              406                  528               11           14,264
Leases                                                    1,512               49                   24                1            1,586
Total commercial                                        $57,085           $1,264               $1,846             $155          $60,350


Total commercial criticized balances of $3.1 billion as of March 31, 2022
decreased $120 million compared with December 31, 2021. Commercial criticized as
a percent of total commercial of 5.1% at March 31, 2022 decreased from 5.4% at
December 31, 2021.

Commercial and industrial criticized balances of $2.1 billion, or 4.7% of the
total commercial and industrial loan portfolio as of March 31, 2022, decreased
from $2.2 billion, or 5.0%, as of December 31, 2021. The percentage decrease was
driven by an increase in total commercial and industrial net book balances, with
a modest decrease in the criticized net book balances primarily attributable to
loan payoffs. Commercial and industrial criticized loans represented 68% of
total criticized loans as of March 31, 2022 compared to 69% as of December 31,
2021.

Commercial real estate criticized balances of $995 million, or 7.0% of the
commercial real estate portfolio, increased from $945 million, or 6.6% as of
December 31, 2021. The increase was primarily driven by downgrades from lowest
pass for a limited number of higher net book balance loans. Loss content,
however, remained stable. Commercial real estate accounted for 32% of total
criticized loans as of March 31, 2022 compared to 29% as of December 31, 2021.

                                             Citizens Financial Group, Inc. | 17
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Table 12: Commercial loans and leases by sector of activity

                                                                          March 31, 2022                          December 31, 2021
                                                                                           % of                                   % of
                                                                                       Total Loans                            Total Loans
(dollars in millions)                                                 Balance           and Leases              Balance        and Leases
Finance and insurance                                                       $9,610              7  %               $9,301              7  %
Health, pharma, and social assistance                                        2,862              2                   2,912              2
Accommodation and food services                                              3,442              3                   3,438              3
Professional, scientific, and technical services                             2,836              2                   2,665              2
Other manufacturing                                                          4,162              3                   4,087              3
Technology                                                                   4,183              3                   4,220              3
Retail trade                                                                 2,400              2                   2,237              2
Energy and related                                                           2,044              2                   2,017              2
Wholesale trade                                                              2,678              2                   2,358              2
Arts, entertainment, and recreation                                          1,107              1                   1,189              1
Other services                                                               1,911              2                   2,051              2
Administrative and waste management services                                 1,424              1                   1,396              1
Transportation and warehousing                                               1,302              1                   1,147              1
Consumer products manufacturing                                              1,303              1                   1,192              1
Automotive                                                                   1,208              1                   1,172              1
Educational services                                                           553              -                     573              -
Chemicals                                                                      939              1                     896              1
Real estate and rental and leasing                                             968              1                     739              -
All other(1)                                                                   375              -                     123              -
Total commercial and industrial                                             45,307             35                  43,713             34
Real estate and rental and leasing                                          12,807             10                  12,773             10
Accommodation and food services                                                615              -                     605              -
Finance and insurance                                                          624              1                     624              1
All other(1)                                                                   222              -                     262              -
Total commercial real estate                                                14,268             11                  14,264             11
Total leases                                                                 1,529              1                   1,586              1
Total commercial(2)                                                        $61,104             47  %              $59,563             46  %

(1) Deferred charges and costs are presented in All Others. (2) Excluding PPP loans of $417 million and $787 million from March 31, 2022 and
December 31, 2021respectively.

Retail Lending Asset Quality


For retail loans, we utilize credit scores provided by FICO, which are generally
refreshed on a quarterly basis, and the loan's payment and delinquency status to
monitor credit quality. Management believes FICO credit scores are considered
the strongest indicator of credit losses over the contractual life of the loan
as the scores are based on current and historical national industry-wide
consumer level credit performance data, and assist management in predicting the
borrower's future payment performance. The largest portion of the retail
portfolio is represented by borrowers located in the New England, Mid-Atlantic
and Midwest regions, although we have continued to lend selectively in areas
outside the footprint primarily in auto finance and education lending.

                                             Citizens Financial Group, Inc. | 18
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Table 13: Analysis of the personal loan portfolio

                                                             March 31, 2022                                                                 December 31, 2021
                                                      Days Past Due and Accruing                                                     Days Past Due and Accruing
(dollars in millions)              Current         30-59        60-89         90+          Nonaccrual               Current       30-59        60-89         90+          Nonaccrual
Residential mortgages(1)               95.32  %      0.24  %      0.17  %      3.27  %             1.00  %            96.03  %      0.45  %      0.23  %      2.41  %             0.88  %
Home equity                            97.60         0.34         0.11            -                1.95               97.75         0.32         0.10            -                1.83
Automobile                             98.60         0.83         0.21            -                0.36               98.45         0.90         0.27            -                0.38
Education                              99.53         0.20         0.08         0.02                0.17               99.45         0.26         0.10         0.01                0.18
Other retail                           97.89         1.10         0.40         0.25                0.36               98.18         0.74         0.42         0.29                0.37
Total retail                           97.40  %      0.44  %      0.17  %      1.16  %             0.83  %            97.69  %      0.51  %      0.20  %      0.83  %             0.77  %


(1) 90+ days past due and accruing includes $792 million and $544 million of
loans fully or partially guaranteed by the FHA, VA, and USDA at March 31, 2022
and December 31, 2021, respectively.

For more information on the aging of accrued and unaccrued personal loans, see Note 5.

Table 14: Retail Asset Quality Metrics

                                                                   March 31, 2022        December 31, 2021
Average refreshed FICO for total portfolio                                  768                      768
CLTV ratio for secured real estate(1)                                        54  %                    56  %
Nonaccrual retail loans as a percentage of total retail                    0.83  %                  0.77  %


(1) The real estate secured portfolio CLTV is calculated as the mortgage and
second lien loan balance divided by the most recently available value of the
property.

Distressed Debt Restructurings


In the first quarter of 2020, we adopted the CARES Act and interagency guidance
issued by the bank regulatory agencies which provide that COVID-19-related
modifications to retail and commercial loans that met certain eligibility
criteria are exempt from classification as a TDR. We generally do not consider
payment deferrals and forbearance plans established due to the COVID-19 pandemic
and under the CARES Act to be TDRs. Relief provisions granted under the CARES
Act, including the TDR classification exemption for certain eligible loans,
expired on December 31, 2021.

For more information on TORs, see Note 6 of our 2021 Form 10-K.

Table 15: Restructurings of distressed debt at maturity and not at maturity

                                                                                            March 31, 2022
                                                                               As a % of Accruing TDRs
                                                                           30-89 Days           90+ Days Past
(dollars in millions)                             Accruing                  Past Due                 Due                Nonaccrual               Total
Commercial and industrial                                 $189                    0.2  %                  -  %               $80                   $269
Commercial real estate                                       1                      -                     -                    9                     10
Total commercial                                           190                    0.2                     -                   89                    279
Residential mortgages(1)                                   479                    2.5                  27.5                   78                    557
Home equity                                                169                    0.3                     -                   91                    260
Automobile                                                   8                    0.2                     -                   17                     25
Education                                                  110                    0.4                   0.1                   11                    121
Other retail                                                18                    0.2                     -                    2                     20
Total retail                                               784                    3.6                  27.6                  199                    983
Total                                                     $974                    3.8  %               27.6  %              $288                 $1,262


                                             Citizens Financial Group, Inc. | 19
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                                                                                           December 31, 2021
                                                                              As a % of Accruing TDRs
                                                                          30-89 Days           90+ Days Past
(dollars in millions)                              Accruing                Past Due                 Due                Nonaccrual               Total
Commercial and industrial                                $196                      -  %                  -  %               $74                   $270
Commercial real estate                                      1                      -                     -                    9                     10
Total commercial                                          197                      -                     -                   83                    280
Residential mortgages(1)                                  295              
     2.9                  12.0                   42                    337
Home equity                                               183                    0.6                     -                   74                    257
Automobile                                                  8                    0.2                     -                   22                     30
Education                                                 112                    0.5                   0.1                   11                    123
Other retail                                               20                    0.2                     -                    2                     22
Total retail                                              618                    4.5                  12.1                  151                    769
Total                                                    $815                    4.5  %               12.1  %              $234                 $1,049


(1) Includes $265 million and $98 million in 90+ days past due and accruing that
are fully or partially guaranteed by the FHA, VA, and USDA at March 31, 2022 and
December 31, 2021, respectively.

Deposits


Table 16: Composition of Deposits
(in millions)                                       March 31, 2022            December 31, 2021             Change              Percent
Demand                                                 $50,113                    $49,443                     $670                    1  %
Money market                                            45,342                     47,216                   (1,874)                  (4)
Checking with interest                                  32,417                     30,409                    2,008                    7
Savings                                                 26,104                     22,030                    4,074                   18
Term                                                     4,800                      5,263                     (463)                  (9)
Total deposits                                        $158,776                   $154,361                   $4,415                    3  %


Total deposits as of March 31, 2022 increased $4.4 billion, or 3%, to $158.8
billion, from $154.4 billion as of December 31, 2021, driven by the $6.3 billion
impact of the HSBC transaction, partially offset by seasonal impacts as well as
continued normalization from elevated liquidity levels. Citizens Access®, our
national digital platform, had $4.2 billion in deposits as of March 31, 2022,
down from $4.4 billion as of December 31, 2021.

Borrowed funds


Long-term borrowed funds of $5.9 billion as of March 31, 2022 decreased $1.0
billion from December 31, 2021 driven by the redemption of CBNA senior notes
during the quarter. For more information regarding our borrowed funds, see
"-Liquidity" and Note 8.

CAPITAL AND REGULATORY MATTERS


As a bank holding company and a financial holding company, we are subject to
regulation and supervision by the FRB. Our banking subsidiary, CBNA, is a
national banking association primarily regulated by the OCC. Our regulation and
supervision continues to evolve as the legal and regulatory frameworks governing
our operations continue to change. For more information, see "Regulation and
Supervision" in our 2021 Form 10-K.

Capital adequacy process


Our assessment of capital adequacy begins with our board-approved risk appetite
and risk management framework. This framework provides for the identification,
measurement and management of material risks. There have been no significant
changes to our capital adequacy risk appetite and risk management framework as
described in "-Capital and Regulatory Matters" in our 2021 Form 10-K.

Under the FRB's Tailoring Rules, Category IV firms, such as us, are subject to
biennial supervisory stress testing and are exempt from company-run stress
testing and related disclosure requirements. The FRB supervises Category IV
firms on an ongoing basis, including evaluation of the capital adequacy and
capital planning processes during off-cycle years. Annually, the FRB requires us
to submit a capital plan approved by our board of directors or one of its
committees. Our annual capital plan is due each year in April. We submitted our
2022 Capital Plan to the FRB on April 4, 2022. For more information, see the
"Tailoring of Prudential Requirements" section in Item 1 of our 2021 Form 10-K.

                                             Citizens Financial Group, Inc. | 20
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Under the Crisis Capital Buffer (“SCB”), the FRB will not object to capital plans on quantitative grounds and each company is required to maintain capital ratios above the sum of its minimum requirements and SCB to avoid restrictions on capital distributions and discretionary bonuses. Payments.


For Category IV firms, like us, the SCB will be re-calibrated with each biennial
supervisory stress test and updated annually to reflect our planned common stock
dividends. In addition, Category IV firms may elect to participate in the
supervisory stress test and receive an updated SCB requirement in a year in
which they are not subject to the supervisory stress test. Our SCB requirement
effective October 1, 2021, through September 30, 2022, is 3.4%. We are subject
to the 2022 supervisory stress test conducted by the FRB and expect to receive
an updated SCB from the FRB later this year. On March 22, 2022, the FRB approved
our application to acquire Investors and indicated that it will use the 2023
stress test to recalculate our SCB to incorporate the effects of the Investors
acquisition into our capital requirements.

Regulations relating to capital planning, regulatory reporting, stress testing
and capital buffer requirements applicable to firms like us are presently
subject to rule-making and potential further guidance and interpretation by the
applicable federal regulators. We will continue to evaluate the impact of these
and any other prudential regulatory changes, including their potential resultant
changes in our regulatory and compliance costs and expenses.

For more information, see the “Regulation and Oversight” and “-Capital and Regulatory Matters” sections in our 2021 Form 10-K.

Regulatory capital ratios and capital composition


Under the current U.S. Basel III capital framework, we and our banking
subsidiary, CBNA, must meet the following specific minimum requirements: CET1
capital ratio of 4.5%, tier 1 capital ratio of 6.0%, total capital ratio of 8.0%
and tier 1 leverage ratio of 4.0%. As a bank holding company, our SCB of 3.4% is
imposed on top of the three minimum risk-based capital ratios listed above and a
CCB of 2.5% is imposed on top of the three minimum risk-based capital ratios
listed above for our banking subsidiary.

Under the U.S. Basel III rules, the CET1 deduction threshold for MSRs, certain
deferred tax assets and investments in the capital of unconsolidated financial
institutions is 25%. As of March 31, 2022, we did not meet the threshold for
these additional capital deductions. MSRs or certain deferred tax assets not
deducted from CET1 capital are assigned a 250% risk weight and investments in
the capital of unconsolidated financial institutions not deducted from CET1
capital are assigned an exposure category risk weight.

In reaction to the COVID-19 pandemic, the FRB and the other federal banking
regulators adopted a final rule relative to regulatory capital treatment of ACL
under CECL. This rule allows electing banking organizations to delay the
estimated impact of CECL on regulatory capital for a two-year period ending
December 31, 2021, followed by a three-year transition period ending December
31, 2024. The three-year transition period will phase-in the aggregate amount of
capital benefit provided during the initial two-year delay. On December 31,
2021, the aggregate amount of capital benefit was $384 million. The reduction in
the capital benefit in 2022 is $96 million, or 6 basis points.

For additional discussion of the U.S. Basel III capital framework and its
related application, see "Regulation and Supervision" in our 2021 Form 10-K. The
table below presents our actual regulatory capital ratios under the U.S. Basel
III Standardized rules:

Table 17: Regulatory capital ratios under the WE Basel III standardized rules

                                                           March 31, 2022                            December 31, 2021            Required Minimum
(in millions, except ratio data)                       Amount               Ratio                  Amount            Ratio        Capital Ratios(1)
  CET1 capital                                              $15,643             9.7  %               $15,656             9.9  %                7.9  %
  Tier 1 capital                                             17,657            10.9                   17,670            11.1                   9.4
  Total capital                                              20,301            12.5                   20,244            12.7                  11.4
  Tier 1 leverage                                            17,657             9.6                   17,670             9.7                   4.0
  Risk-weighted assets                                      161,859                                  158,831
  Quarterly adjusted average assets                         183,089                                  181,800


(1) Required "Minimum Capital Ratios" are: CET1 capital of 4.5%; Tier 1 capital
of 6.0%; Total capital of 8.0%; and Tier 1 leverage of 4.0%. "Minimum Capital
Ratios" also include a SCB of 3.4%; N/A to Tier 1 leverage.
                                             Citizens Financial Group, Inc. | 21
--------------------------------------------------------------------------------

At March 31, 2022, our CET1 capital, tier 1 capital and total capital ratios
were 9.7%, 10.9% and 12.5%, respectively, as compared with 9.9%, 11.1% and
12.7%, respectively, as of December 31, 2021. The CET1 and tier 1 capital ratios
decreased driven by $3.0 billion of RWA growth, dividends as described in
"-Capital Transactions" below, higher estimated goodwill and intangibles related
to the HSBC transaction and a decrease in the modified CECL transition amount as
a result of entering the CECL three-year transition period, partially offset by
net income for the three months ended March 31, 2022. The total capital ratio
decreased due to the changes in the CET1 capital ratio described above and lower
AACL partially offset by a reduction in the modified AACL transition amount as a
result of entering the CECL three-year transition period. At March 31, 2022, our
CET1 capital, tier 1 capital and total capital ratios were approximately 180
basis points, 150 basis points and 110 basis points, respectively, above their
regulatory minimums plus our SCB. All ratios remained well above the U.S. Basel
III minimums.

Both the Company and CBNA are subject to the standardized approach for
determining RWA. At March 31, 2022 RWA totaled $161.9 billion, up $3.0 billion
from December 31, 2021, driven by higher commercial and consumer loans including
higher home lending loans resulting from the HSBC transaction, MSRs, derivative
valuations and market risk, partially offset by lower loans held for sale and
commercial commitments.

From March 31, 2022the Tier 1 leverage ratio was 9.6%, compared to 9.7% at
December 31, 2021driven by an increase in quarterly adjusted average assets of
$1.3 billion and slightly lower Tier 1 capital.

© Edgar Online, source Previews

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CURO GROUP HOLDINGS CORP. MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q) https://hsmcohio.com/curo-group-holdings-corp-management-report-of-financial-position-and-results-of-operations-form-10-q/ Tue, 03 May 2022 10:05:05 +0000 https://hsmcohio.com/curo-group-holdings-corp-management-report-of-financial-position-and-results-of-operations-form-10-q/ Forward-looking statements The following discussion of financial condition, results of operations, liquidity and capital resources, our regulatory environment and certain factors that may affect future results, including company-specific, economic and industry-wide factors, should be read in conjunction with our unaudited Condensed Consolidated Financial Statements and accompanying notes included herein. This Management's Discussion and Analysis of […]]]>

Forward-looking statements


The following discussion of financial condition, results of operations,
liquidity and capital resources, our regulatory environment and certain factors
that may affect future results, including company-specific, economic and
industry-wide factors, should be read in conjunction with our unaudited
Condensed Consolidated Financial Statements and accompanying notes included
herein. This Management's Discussion and Analysis of Financial Condition and
Results of Operations contains forward-looking statements. The matters discussed
in these forward-looking statements are subject to risk, uncertainties and other
factors that could cause actual results to differ materially from those made,
projected or implied in the forward-looking statements. Except as required by
applicable law and regulations, we undertake no obligation to update any
forward-looking statements or other statements we may make in the following
discussion or elsewhere in this document even though these statements may be
affected by events or circumstances occurring after the forward-looking
statements or other statements were made. Please see "Risk Factors" in our 2021
Form 10-K for a discussion of the uncertainties, risks and assumptions
associated with these statements.

Insight

We are an omnichannel, technology-driven consumer finance company serving a full spectrum of unprivileged and privileged consumers in the WE and Canada.

Story


CURO was founded in 1997 to meet the growing needs of consumers looking for
alternative access to credit. With 25 years of experience, we offer a variety of
convenient, accessible financial and loan services across all of our markets.
The terms "CURO," "we," "our," "us" and the "Company" refer to CURO Group
Holdings Corp. and its directly and indirectly owned subsidiaries as a combined
entity, except where otherwise stated.

In the U.S., we operate under several principal brands, including "Speedy Cash,"
"Rapid Cash" and "Avio Credit," "Covington Credit," "Heights Finance," "Quick
Credit" and "Southern Finance." We also offer demand deposit accounts in the
U.S. under the Revolve Finance brand, and credit card programs under the First
Phase brand, which we launched in the fourth quarter of 2021. As of March 31,
2022, our store network consisted of 550 locations across 20 U.S. states and we
offered our online services in 27 U.S. states.

In Canada, we operate under "Cash Money" and "LendDirect" direct lending brands
and the "Flexiti" point-of-sale brand. As of March 31, 2022, we operated our
direct lending and online services in eight Canadian provinces and offered our
online services in one Canadian territory. Our point-of-sale operations are
available at nearly 7,700 retail locations and over 3,330 merchant partners
across 10 provinces and two territories.

On December 27, 2021, we acquired Heights Finance, a consumer finance company
that provides Installment loans and offers customary opt-in insurance and other
financial products in the U.S. The acquisition of Heights Finance accelerated
our strategic transition in the U.S. toward longer term, higher balance and
lower credit risk products, and provided us with access to a larger addressable
market while mitigating regulatory risk. On March 10, 2021, we acquired Flexiti,
an emerging growth Canadian POS/BNPL provider, which provided us instant
capability and scale opportunity in Canada's credit card and POS financing
markets. Refer to "Item 1-Business-Company Overview" of our 2021 Form 10-K and

Note 14, “Acquisitions” for further details regarding the acquisitions of Heights Finance and Flexiti. Both acquisitions were accounted for using the purchase method and therefore their results of operations are included in our financial statements from their respective dates of acquisition.


In 2017, we made our first investment in Katapult, an e-commerce focused FinTech
company offering an innovative lease financing solution to consumers and
enabling essential transactions at the merchant POS. In June 2021, Katapult
merged with FinServ, resulting in a new publicly traded company (NASDAQ: KPLT).
Refer to "Item 1-Business-Company Overview" of our 2021 Form 10-K for additional
information about the merger and its benefits to us. In the fourth quarter of
2021, we acquired an additional 2.6 million shares of common stock of Katapult
for an aggregate purchase price of $10.0 million. Our fully diluted ownership of
Katapult as of March 31, 2022 was 25.2%, which assumes full pay-out of earn-out
shares.

                                       31

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Consolidated operating results

Comparison of consolidated operating results for the three months ended
March 31, 2022 and 2021

Start January 1, 2022, we have begun reporting “interest and fee income”, “insurance premiums and commissions” and “other income” instead of our previously reported “income” in our Condensed Statements of Income. Prior period presentations have been revised to conform to the current period presentation.


The table below presents our consolidated results of operations. A further
discussion of the results of our operating segments is provided under "--Segment
Analysis" below.

                                                    Three Months Ended March 31,
(in thousands, unaudited)                     2022         2021       Change $    Change %
Revenue
Interest and fees revenue                 $  264,956   $  179,123   $   85,833      47.9  %
Insurance premiums and commissions            18,260       11,569        6,691      57.8  %
Other revenue                                  6,980        5,859        1,121      19.1  %
Total revenue                                290,196      196,551       93,645      47.6  %
Provision for losses                          97,531       36,145       61,386            #
Net revenue                                  192,665      160,406       32,259      20.1  %
Operating Expenses
Salaries and benefits                         79,729       54,917       24,812      45.2  %
Occupancy                                     17,037       14,347        2,690      18.7  %
Advertising                                   10,500        8,084        2,416      29.9  %
Direct operations                             20,274       11,969        8,305      69.4  %
Depreciation and amortization                  9,814        4,965        4,849      97.7  %
Other operating expense                       16,112       12,952        3,160      24.4  %
Total operating expense                      153,466      107,234       46,232      43.1  %
Other expense (income)
Interest expense                              38,341       19,539       18,802      96.2  %
Income from equity method investment          (1,584)        (546)      (1,038)           #

Total other expense                           36,757       18,993       17,764      93.5  %
Income before income taxes                     2,442       34,179      (31,737)    (92.9) %
Provision for income taxes                     1,106        8,444       (7,338)    (86.9) %

Net income                                $    1,336   $   25,735   $  (24,399)    (94.8) %
# - Variance greater than 100% or not meaningful



The decline in Net Income was primarily driven by year-over-year comparisons for
the provision for loan losses and, secondarily, higher interest expense.
Government stimulus and other pandemic-related behavior reduced demand,
increased payment rates and lowered loss rates in the first quarter of 2021,
resulting in a provision for loan losses that was $16.5 million less than net
charge-offs ("NCOs"). Credit normalization and strong sequential loan growth in
the first quarter of 2022 resulted in a provision for loan losses that exceeded
NCOs by $12.1 million, which included the impact of purchase accounting. This
year-over-year shift resulted in a $28.7 million pretax swing year over year.
Interest expense increased because of the additional 7.50% Senior Secured Notes
issued to finance, in part, (i) the Heights Finance acquisition and (ii) the
expansion of non-recourse asset-backed facilities to support loan growth.

Revenue


During the three months ended March 31, 2022, total revenue increased $93.6
million, or 47.6%, to $290.2 million, compared to the prior-year period driven
by our acquisitions of Flexiti and Heights Finance, and secondarily by growth in
Canada Direct Lending. Specifically, the main components were:

•U.S. revenue increase of $61.9 million, or 45.4%, as a result of our Heights
Finance acquisition, which accounted for $65.7 million of total revenue for the
first quarter of 2022. Excluding Heights Finance, U.S. revenue decreased $3.8
million, primarily due to the Runoff Portfolios. Excluding Runoff Portfolios and
Heights Finance, total U.S. revenue increased $13.6 million, or 11.9%, for the
three months ended March 31, 2022 compared to the three months ended

                                       32


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March 31, 2021;

• Increased Direct Lending Canada revenue by $13.0 million, i.e. 22.3%; and


•Canada POS Lending revenue of $20.3 million, an increase of $18.7 million
compared to the three months ended March 31, 2021, which Flexiti's results only
after its acquisition on March 10, 2021.


The following table summarizes revenue by product, including CSO fees, for the
period indicated:

                                                                                                     Three Months Ended
                                                             March 31, 2022                                                                      March 31, 2021
(in thousands,                               Canada Direct    Canada POS                                                         Canada Direct    Canada POS
unaudited)                        U.S.          Lending        Lending         Total         % of Total               U.S.          Lending        Lending         Total         % of Total
Revolving LOC                 $   26,913    $     45,455    $    18,655    $   91,023               31.4  %       $   26,923    $     34,368    $     1,444    $   62,735               31.9  %
Installment                      162,824          11,109              -       173,933               59.9  %          105,941          10,447              -       116,388               59.2  %

Total interest and commissions 189,737 56,564 18,655

   264,956               91.3  %          132,864          44,815          1,444       179,123               91.1  %
Insurance premiums and
commissions                        5,001          13,023            236        18,260                6.3  %                -          11,569             32        11,601                5.9  %
Other revenue                      3,661           1,901          1,418         6,980                2.4  %            3,628           2,056            143         5,827                3.0  %
  Total revenue               $  198,399    $     71,488    $    20,309    $  290,196              100.0  %       $  136,492    $     58,440    $     1,619    $  196,551              100.0  %


Product revenue for the three months ended March 31, 2022


•Revolving LOC
•Revolving LOC revenue for the three months ended March 31, 2022 increased $28.3
million, or 45.1%, compared to the prior-year period, driven by growth in Canada
Direct Lending revenue of $11.1 million, or 32.3%, and Canada POS lending of
$17.2 million.

•Payment

•Installment revenue for the three months ended March 31, 2022 increased $57.5
million, or 49.4%, compared to the prior-year period. The increase was a result
of our acquisition of Heights Finance in the fourth quarter of 2021, which
accounted for $60.4 million of Installment revenue in the first quarter of 2022.
Excluding Heights Finance, Installment revenue decreased $2.8 million, 2.4% as a
result of Runoff Portfolios. For the three months ended March 31, 2022,
Installment revenues excluding Runoff Portfolios and Heights Finance increased
$11.8 million, or 12.1%, compared to the prior-year period.

•Insurance premiums and commissions
•Insurance premiums and commissions for the three months ended March 31, 2022
increased $6.7 million, or 57.4%, compared to the prior-year period, primarily
driven by our acquisition of Heights Finance, which offers customary opt-in
insurance and accounted for $5.0 million of insurance premiums and commissions
revenue in the first quarter of 2022. Canada Direct Lending grew $1.5 million,
or 12.6%, year over year due to the sale of insurance products to Revolving LOC
and Installment loan customers in Canada.

•Other revenue
•Other revenue for the three months ended March 31, 2022 increased $1.2 million,
or 19.8%, versus the prior-year period as Canada POS Lending included a full
quarter of revenue in 2022.

Provision for losses

•Provision for losses increased by $61.4 million, or 169.8%, for the three
months ended March 31, 2022 compared to the prior-year period, primarily driven
by:
•Continued normalization associated with loan growth as customers return to
pre-COVID-19 payment behaviors as compared to the prior year, when customers
received government stimulus payments. In the first quarter of 2021, the U.S.
provision for loan losses was $13.3 million less than NCOs due to March 2021
government stimulus payments, which improved customer repayment rates and
reduced NCOs and past-due rates to historic lows. In the first quarter of 2022,
the U.S. provision for loan losses, excluding Heights Finance, was $0.8 million
less than NCOs as the seasonal sequential decline was lower compared to prior
year, and NCO rates continued to normalize;
•Full quarter of provision for losses for our Heights Finance acquisition of
$20.7 million;
                                       33

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•Full quarter of provision for loan losses for Canada POS Lending of $8.7
million, an increase of $7.9 million compared to the prior-year period;
•Loan growth, driven by strong consumer demand, across all loan portfolios
compared to the same period in the prior year; and
•Higher NCO and past-due rates, as COVID-19 Impacts lessened compared to the
same period in the prior year. Refer to "Segment Analysis" sections below for
additional details.

Operating Expenses

The following table summarizes the operating expenses for the period indicated:


                                                    Three Months Ended 

March, 31st,

        (in thousands, unaudited)              2022        2021      Change $   Change %

        Operating Expenses
        Salaries and benefits              $   79,729   $  54,917   $ 24,812      45.2  %
        Occupancy                              17,037      14,347      2,690      18.7  %
        Advertising                            10,500       8,084      2,416      29.9  %
        Direct operations                      20,274      11,969      8,305      69.4  %
        Depreciation and amortization           9,814       4,965      4,849      97.7  %
        Other operating expense                16,112      12,952      3,160      24.4  %
        Total operating expense            $  153,466   $ 107,234   $ 46,232      43.1  %


Operating expenses increased $46.2 millioni.e. 43.1%, driven mainly by:


•Salaries and benefits were $79.7 million for the three months ended March 31,
2022, an increase of $24.8 million, or 45.2%, compared to the prior-year period.
Excluding costs associated with Heights Finance, salaries and benefits increased
$4.6 million, or 8.4%, primarily due to a full quarter of Canada POS Lending
salaries and benefits expense;

•Occupancy costs were $17.0 million for the three months ended March 31, 2022,
an increase of $2.7 million, or 18.7%, compared to the prior-year period.
Excluding costs associated with Heights Finance, occupancy costs decreased $1.4
million, or 9.4%, primarily due to store closures in the U.S. during the second
and third quarters of 2021;

•Advertising costs increased $2.4 million, or 29.9%, year over year on more
normalized spend compared to the first quarter of 2021, which continued to be
affected by COVID-19 Impacts;

•Direct operations were $20.3 million for the three months ended March 31, 2022,
an increase of $8.3 million, or 69.4%, compared to the prior-year period.
Excluding costs associated with Heights Finance, direct operations increased
$5.2 million, or 43.2%, primarily due to higher volume, resulting in higher
collection and variable processing costs, as well as a full quarter of Canada
POS Lending direct operations of $3.7 million for the first quarter of 2022;

•Depreciation and amortization expense for the three months ended March 31, 2022
increased $4.8 million, or 97.7%, compared to the prior-year period, primarily
due a full quarter of Canada POS Lending expense associated with the
amortization of capitalized software development costs, partially offset by
store closures in the U.S. during the second and third quarters of 2021; and

•Other operating expenses were $16.1 million for the three months ended
March 31, 2022an augmentation of $3.2 million, or 24.4%, over the prior year period, primarily driven by our acquired Heights Finance business. Refer to the “Segment Analysis” sections below for details.

                                       34


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Other expenses (income)

The following table summarizes other expenses (income) for the period indicated:


                                                       Three Months Ended 

March, 31st,

   (in thousands, unaudited)                      2022          2021     Change $   Change %

   Other expense (income)
   Interest expense                          $   38,341      $ 19,539   $ 18,802      96.2  %
   Income from equity method investment          (1,584)         (546)    (1,038)           #

   Total other expense                       $   36,757      $ 18,993   $ 17,764      93.5  %

# – Difference greater than 100% or not significant

Other expenses increased $17.8 millioni.e. 93.5% mainly motivated by:


•Interest expense for the three months ended March 31, 2022 increased $18.8
million, or 96.2%, primarily related to (i) interest on non-recourse debt
assumed with the acquisition of Heights Finance, (ii) interest expense on the
additional $250.0 million issuance of 7.50% Senior Secured Notes in the fourth
quarter of 2021, (iii) interest on Flexiti's warehouse and securitization
facilities, and (iv) higher utilization of the Canada SPV facility,

•Partially offset by our share of Katapult's income of $1.6 million, which
included a gain from revaluing Katapult's public and private warrant liability,
compared to $0.5 million in the prior year.

Provision for income taxes


The effective income tax rate for the three months ended March 31, 2022 was
45.3%. The effective income tax rate was higher than the blended federal and
state/provincial statutory rate of approximately 26%, primarily as a result of
lower income before tax combined with $0.3 million lost tax benefits of
non-deductible officers' compensation and $0.3 million tax expense related to
share-based compensation. The effective income tax rate of adjusted tax expense
included in Adjusted Net Income for the three months ended March 31, 2022 was
31.9%.

Analysis of loan volume and portfolio performance


The following table reconciles Company Owned gross loans receivable, a
GAAP-basis balance sheet measure, to Gross combined loans receivable, a non-GAAP
measure(1). Gross combined loans receivables includes loans originated by
third-party lenders through CSO programs, which are not included in the
unaudited Condensed Consolidated Financial Statements but from which we earn
revenue by providing a guarantee to the unaffiliated lender:

                                                                                            As of
                                               March 31,           December 31,           September 30,           June 30,            March 31,
(in thousands, unaudited)                        2022                  2021                   2021                  2021                2021
U.S.
Revolving LOC                               $     49,077          $    

52,532 $51,196 $47,277 $43,387
Remittance – company property

                      589,652               609,413                 137,987             139,234             142,396
Canada Direct Lending
Revolving LOC                                    424,485               402,405                 366,509             337,700             319,307
Installment                                       23,578                24,792                  24,315              23,564              24,385
Canada POS Lending
Revolving LOC                                    541,776               459,176                 302,349             221,453             201,539
Company Owned gross loans
receivable                                  $  1,628,568          $  

1,548,318 $882,356 $769,228 $731,014
Gross receivables guaranteed by the Company

                                    44,420                46,317                  43,422              37,093              32,439
Gross combined loans receivable
(1)                                         $  1,672,988          $  

1,594,635 $925,778 $806,321 $763,453
(1) See a description of non-GAAP financial measures in “Supplemental Non-GAAP Financial Information”.

                                       35


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Combined gross loans receivable increased $909.5 millioni.e. 119.1%, at $1,673.0 million from March 31, 2022from $763.5 million from March 31, 2021. The increase was driven by:


•$462.9 million of gross loans receivable from Heights Finance;
•Canada POS Lending growth of $340.2 million, or 168.8%
•Canada Direct Lending growth of $104.4 million, or 30.4%; and
•U.S. gross combined loans receivable growth of $2.1 million, or 0.9%, excluding
Heights Finance. U.S. year-over-year growth was affected by the Runoff
Portfolios, and additional government stimulus in the first half of 2021.
Excluding the Runoff Portfolios and Heights Finance, U.S. gross combined loans
receivable grew $52.8 million, or 34.2%.

Sequentially, gross combined loans receivable increased $78.4 million, or 4.9%,
primarily driven by Canada POS Lending growth of $82.6 million, or 18.0%, and
Canada Direct Lending Revolving LOC growth of $22.1 million, or 5.5%. Gross
combined loans receivable performance by product is described further in the
following sections.

Segment Analysis

The following is a summary of portfolio performance and results of operations
for the segment and period indicated (all periods unaudited except for Q4 2021).
We report financial results for three reportable segments: U.S., Canada Direct
Lending and Canada POS Lending.

U.S. Portfolio Performance
(in thousands, except percentages)               Q1 2022                 Q4 2021(1)             Q3 2021             Q2 2021            Q1 2021
Gross combined loans receivable (2)
Revolving LOC                                $        49,077       $               52,532 $            51,196 $            47,277 $           43,387
Installment loans - Company Owned                    589,652                      137,782             137,987             139,234            142,396
Total U.S. Company Owned gross loans
receivable                                           638,729                      190,314             189,183             186,511            185,783
Installment loans - Guaranteed by the
Company (3)                                           44,420                       46,317              43,422              37,093             32,439
Total U.S. gross combined loans
receivable (2)                               $       683,149       $              236,631 $           232,605 $           223,604 $          218,222

Lending Revenue:
Revolving LOC                                $        26,913       $               27,911 $            27,377 $            24,091 $           26,923
Installment loans - Company Owned                    113,833                       56,820              57,659              55,918             64,516
Installment loans - Guaranteed by the
Company (3)                                           48,991                       47,348              43,377              34,908             41,425
Total U.S. lending revenue                   $       189,737       $              132,079 $           128,413 $           114,917 $          132,864

Lending Provision:
Revolving LOC                                $         9,577       $               11,592 $             8,140 $             6,621 $            5,039
Installment loans - Company Owned                     32,962                       18,618              16,792              14,048             11,159
Installment loans - Guaranteed by the
Company (3)                                           21,749                       25,967              23,146              12,583              9,648
Total U.S. lending provision                 $        64,288       $               56,177 $            48,078 $            33,252 $           25,846

NCO rate (4)
Revolving LOC                                          19.8%                        22.1%               16.9%               16.0%              20.0%
Installment loans - Company Owned                       6.0%                        14.3%               14.1%               13.2%              11.2%
Total U.S. Company Owned NCO rate                       7.1%                        16.4%               14.8%               13.9%              13.3%
Installment loans - Guaranteed by the
Company (3)                                            47.4%                        58.1%               53.2%               34.6%              31.7%
Total U.S. NCO rate                                    14.7%                        24.4%               21.6%               17.2%              16.2%

ALL and CSO Liability for Losses rate
(4)
Revolving LOC                                        26.7  %                        25.9%               26.3%               28.9%              33.0%
Installment loans - Company Owned                     4.2  %                        12.7%               13.4%               15.3%              18.1%
Total U.S. Company Owned ALL rate                     5.9  %                        16.3%               16.9%               18.7%              21.6%
Installment loans - Guaranteed by the
Company (3)                                          16.1  %                        14.9%               16.1%               14.2%              14.6%


                                       36

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(in thousands, except percentages)               Q1 2022               Q4 2021(1)         Q3 2021         Q2 2021        Q1 2021
Total ALL and CSO Liability for Losses
rate                                                   6.6  %                   16.0%           16.8%           18.0%          20.6%

Past-due rate (5)
Revolving LOC                                         29.7  %                   30.5%           30.5%           26.6%          26.3%
Installment loans - Company Owned                     19.1  %                   19.4%           20.1%           18.7%          18.0%
Total U.S. Company Owned past-due rate                19.9  %                   22.5%           22.9%           20.7%          19.9%

Installment loans - Guaranteed by the
Company (3)                                           18.5  %                   17.7%           19.8%           17.4%          12.8%

(1) On December 27, 2021, we acquired Heights Finance, which accounted for approximately $472 million of U.S. Installment loans as
of December 31, 2021. As the period between December 27, 2021 and December 31, 2021 did not result in material loan performance, we
have excluded Heights Finance from the table for the fourth quarter of 2021.
(2) Non-GAAP measure. For a description of each non-GAAP metric, see "Non-GAAP Financial Measures."
(3) Includes loans originated by third-party lenders through CSO programs. Installment gross loans receivable Guaranteed by the
Company are not included in the Consolidated Financial Statements.
(4) We calculate NCO rate as total NCOs divided by Average gross loans receivables.

(5) We calculate (i) the ALL and CSO liability rate for losses and (ii) the default rate as the respective totals divided by the gross loans receivable at each respective quarter end.

WE Net revenue


U.S. revenues increased by $61.9 million, or 45.4%, to $198.4 million, for the
three months ended March 31, 2022, compared to the prior-year period as a result
of our acquisition of Heights Finance, with loan balances in our legacy U.S.
business being affected by the Runoff Portfolios. See the loan performance
discussions below for further details. Excluding Heights Finance and the
impacted Runoff Portfolios, U.S. revenues increased $13.6 million, or 11.9%,
year over year.

The provision for losses increased $40.8 million, or 156.5%, year over year,
primarily driven by (i) normalized provisioning on loan growth as customer
behavior returns to pre-COVID-19 levels, (ii) full quarter provision for our
Heights Finance acquisition, and (iii) higher NCO and past-due rates as COVID-19
Impacts lessened compared to the same period in the prior year. Excluding
Heights Finance, U.S. NCO and past-due rates, including loans Guaranteed by the
Company, increased by 440 bps, or 27.2%, and 240 bps, or 12.7%, respectively,
year over year.

WE Yield on revolving LOC loans


U.S. Revolving LOC loan balances as of March 31, 2022 increased $5.7 million, or
13.1%, compared to the prior year. NCO rates improved 20 bps year over year and
230 bps sequentially. Past-due rates rose 340 bps year over year from COVID-19
Impacts in the prior year and improved 80 bps sequentially.

WE Performance of Installment Loans – Company Owned


U.S. Installment loan balances as of March 31, 2022 increased $447.3 million, or
314.1%, and revenue increased $49.3 million, or 76.4%, compared to the prior
year, primarily as a result of our acquisition of Heights Finance, partially
offset by the Runoff Portfolios. NCO rates improved 500 bps year over year and
820 bps sequentially as a result of Heights Finance. Past-due rates rose 110 bps
year over year from COVID-19 Impacts in the prior year and improved
sequentially.

WE Performance of the installment loan – Guaranteed by the Company


U.S. Installment loans Guaranteed by the Company increased $12.0 million, or
36.9%, year over year. For the three months ended March 31, 2022, NCO rates
increased from 31.7% to 47.4% year over year primarily due to loan growth, and
within this growth a shift to more new borrowers versus seasoned borrowers and
more online originations versus store-based, both of which carry higher risk in
their early stages. Past-due rates rose 575 bps year over year from COVID-19
Impacts in the prior year.

                                       37

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Following is a summary of results of operations for the U.S. segment for the
periods indicated.

                                                                           Three Months Ended March 31,
(dollars in thousands, unaudited)                               2022            2021        Change $         Change %
Revenue
Interest and fees revenue                                $       189,737    $  132,864    $   56,873               42.8  %
Insurance premiums and commissions                                 5,001             -         5,001                     #
Other revenue                                                      3,661         3,628            33                0.9  %
Total revenue                                                    198,399       136,492        61,907               45.4  %
Provision for losses                                              66,825        26,056        40,769                     #
Net revenue                                                      131,574       110,436        21,138               19.1  %
Operating expenses
Salaries and benefits                                             59,661        41,510        18,151               43.7  %
Occupancy                                                         10,934         8,535         2,399               28.1  %
Advertising                                                        9,262         7,141         2,121               29.7  %
Direct operations                                                 13,674         9,123         4,551               49.9  %
Depreciation and amortization                                      4,559         3,126         1,433               45.8  %
Other operating expense                                           12,851        10,458         2,393               22.9  %
Total operating expenses                                         110,941        79,893        31,048               38.9  %
Other expense (income)
Interest expense                                                  27,685        16,358        11,327               69.2  %
Income from equity method investment                              (1,584)         (546)       (1,038)                    #

Total other expense                                               26,101        15,812        10,289               65.1  %
Segment operating (loss) income                                   (5,468)       14,731       (20,199)                    #
Interest expense                                                  27,685        16,358        11,327               69.2  %
Depreciation and amortization                                      4,559         3,126         1,433               45.8  %
EBITDA (1)                                                        26,776        34,215        (7,439)             (21.7) %
Restructuring costs                                                1,069             -         1,069
Legal and other costs                                                 87             -            87
Income from equity method investment                              (1,584)         (546)       (1,038)

Transaction costs                                                    168         3,160        (2,992)

Acquisition-related adjustments                                        3             -             3
Share-based compensation                                           3,503         2,683           820
Other adjustments                                                   (245)         (246)            1
Adjusted EBITDA (1)                                      $        29,777    $   39,266    $   (9,489)             (24.2) %
# - Variance greater than 100% or not meaningful.
(1) These are non-GAAP metrics. For a description of each non-GAAP addback, see the applicable reconciliations contained
under "Consolidated Results of Operations." For a description of each non-GAAP metric, see "Non-GAAP Financial Measures."



WE Segment Results – For Three Months Ended March 31, 2022 and 2021


For a discussion of revenue, provision for losses and related gross combined
loans receivables for the three months ended March 31, 2022 and 2021, see "U.S.
Portfolio Performance," above.

Operating expenses for the three months ended March 31, 2022 have been $110.9 millionan augmentation of $31.0 millioni.e. 38.9%, compared to $79.9 million for the three months ended March 31, 2021mainly motivated by $33.8 million operating expenses associated with Heights Finance.


U.S. interest expense for the three months ended March 31, 2022 increased $11.3
million, or 69.2%, primarily driven by interest on debt assumed in the
acquisition of Heights Finance, (ii) interest expense on the additional $250.0
million issuance of 7.50% Senior Secured Notes, and (iii) higher interest
expense on the U.S. SPV facility.

                                       38


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As previously described, we recognize our share of Katapult's income or loss on
a one-quarter lag. We recorded income of $1.6 million for the three months ended
March 31, 2022. We own 25.2% of Katapult on a fully diluted basis assuming full
pay-out of earn-out shares as of March 31, 2022.

Canada Direct Lending Portfolio Performance
(in thousands, except percentages)                Q1 2022          Q4 2021          Q3 2021          Q2 2021          Q1 2021
Gross loans receivable
Revolving LOC                                 $        424,485 $        402,405 $        366,509 $        337,700 $       319,307
Installment loans                                       23,578           24,792           24,315           23,564          24,385
Total gross loans receivable                  $        448,063 $        427,197 $        390,824 $        361,264 $       343,692

Lending Revenue:
Revolving LOC                                 $         45,455 $         43,943 $         40,239 $         37,450 $        34,368
Installment loans                                       11,109           11,416           11,331           10,541          10,447
Total lending revenue                         $         56,564 $         55,359 $         51,570 $         47,991 $        44,815

Lending Provision:
Revolving LOC                                 $         19,156 $         20,080 $         11,375 $          7,066 $         7,909
Installment loans                                        2,723            2,945            2,512            1,438           1,234
Total lending provision                       $         21,879 $         23,025 $         13,887 $          8,504 $         9,143

NCO rate (1)
Revolving LOC                                             5.2%             3.9%             2.8%             3.3%            3.6%
Installment loans                                        10.9%            11.2%            10.2%             6.3%            6.5%
Total NCO rate                                            5.5%             4.4%             3.3%             3.5%            3.8%

ALL rate (2)
Revolving LOC                                           7.2  %           8.0  %           7.5  %           7.9  %          9.4  %
Installment loans                                       8.8  %           8.0  %           7.4  %           7.5  %          7.5  %
Total ALL rate                                          7.3  %           8.0  %           7.5  %           7.9  %          9.2  %

Past-due rate (2)
Revolving LOC                                           8.0  %           8.9  %           6.8  %           5.8  %          6.4  %
Installment loans                                       2.0  %           2.2  %           2.0  %           2.3  %          2.1  %
Total past-due rate                                     7.7  %           8.5  %           6.5  %           5.5  %          6.1  %

(1) We calculate the NCO rate as total NCO divided by average gross loans receivable.

(2) We calculate the ALL rate and the overdue rate as the respective totals divided by the gross loans receivable at each respective quarter end.

Canada’s net direct lending revenue

Canada’s direct lending revenue increased year-over-year by $13.0 millioni.e. 22.3%, ($13.1 millionor 22.4%, at constant exchange rate), for the three months ended March 31, 2022due to the growth of Revolving LOC loans in Canada.


The provision for losses increased $12.8 million, or 138.2%, ($12.8 million, or
138.3%, on a constant currency basis), to $22.0 million for the three months
ended March 31, 2022, compared to $9.2 million in the prior-year period. The
increase in provision for losses was primarily driven by (i) normalized
provisioning on loan growth as customer behavior returns to pre-COVID-19 levels,
and (ii) higher NCO and past-due rates as COVID-19 Impacts lessened compared to
the same period in the prior year.

Canada Direct Loan Revolving Line of Credit Loan Performance


Canada Direct Lending Revolving LOC gross loans receivable increased $105.2
million, or 32.9%, ($103.0 million, or 32.3%, on a constant currency basis) year
over year and $22.1 million, or 5.5% ($15.1 million, or 3.7%, on a constant
currency basis) sequentially. Revolving LOC revenue increased $11.1 million, or
32.3%, year over year and $1.5 million, or 3.4%, sequentially
                                       39


--------------------------------------------------------------------------------

($11.1 million, or 32.3%, and $1.7 million, or 4.0%, respectively, on a constant
currency basis). The quarterly NCO rate increased year over year from 3.6% to
5.2% as of March 31, 2022 and from 3.9% to 5.2% as of March 31, 2022 as COVID-19
Impacts lessened compared to the same period in the prior year. Past-due rates
rose 160 bps year over year but improved 80 bps sequentially.

Canada Direct Lending Installment Loan Performance


Canada Direct Lending Installment revenue increased $0.7 million, or 6.3%, ($0.7
million, or 6.4%, on a constant currency basis) year over year. Installment
gross loans receivable decreased $0.8 million, or 3.3% ($0.9 million, or 3.8%,
on a constant currency basis) year over year. The year-over-year decrease in
Installment loans was due to a continued shift to Revolving LOC loans. The NCO
rate increased year over year from 6.5% to 10.9% as of March 31, 2022 as
COVID-19 Impacts lessened compared to the same period in the prior year. The
year-over-year and sequential past-due rate for Installment loans remained
consistent.

Canada Direct Lending Operating Results


                                                                   Three Months Ended March 31,
(dollars in thousands, unaudited)                      2022          2021        Change $         Change %
Revenue
Interest and fees revenue                          $   56,564    $   44,815    $   11,749               26.2  %
Insurance premiums and commissions                     13,023        11,569         1,454               12.6  %
Other revenue                                           1,901         2,056          (155)              (7.5) %
Total revenue                                          71,488        58,440        13,048               22.3  %
Provision for losses                                   21,992         9,234        12,758                     #
Net revenue                                            49,496        49,206           290                0.6  %
Operating expenses
Salaries and benefits                                  13,398        12,287         1,111                9.0  %
Occupancy                                               5,877         5,802            75                1.3  %
Advertising                                               938           904            34                3.8  %
Direct operations                                       2,853         2,118           735               34.7  %
Depreciation and amortization                           1,123         1,126            (3)              (0.3) %
Other operating expense                                 2,832         2,367           465               19.6  %
Total operating expenses                               27,021        24,604         2,417                9.8  %
Other expense
Interest expense                                        4,030         2,355         1,675               71.1  %
Total other expense                                     4,030         2,355         1,675               71.1  %
Segment operating income                               18,445        22,247        (3,802)             (17.1) %
Interest expense                                        4,030         2,355         1,675               71.1  %
Depreciation and amortization                           1,123         1,126            (3)              (0.3) %
EBITDA (1)                                             23,598        25,728        (2,130)              (8.3) %

Share-based compensation                                  115             -           115                     #

Other adjustments                                          87            41            46
Adjusted EBITDA (1)                                $   23,800    $   25,769    $   (1,969)              (7.6) %
# - Variance greater than 100% or not meaningful.
(1) These are non-GAAP metrics. For a description of each non-GAAP addback, see the applicable reconciliations
contained under "Results of Consolidated Operations." For a description of each non-GAAP metric, see "Non-GAAP
Financial Measures."



                                       40

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Canadian Direct Lending Results – Three Months Ended March 31, 2022 and 2021

For an analysis of revenue, loss allowance and related gross combined loans for the three months ended March 31, 2022 and 2021, see “Performance of Canada’s Direct Lending Portfolio” above.



Canada Direct Lending operating expenses were $27.0 million for the three months
ended March 31, 2022, an increase of $2.4 million, or 9.8%, ($2.4 million, or
9.9%, on a constant currency basis), compared to the prior year, primarily due
to higher variable costs, primarily collection and financial service fees, on
higher volume year over year.

Interest expense for the three months ended March 31, 2022 been $4.0 million
compared to $2.4 million for the three months ended March 31, 2021 due to increased use of the SPV Canada facility.

Performance of Canada’s POS loan portfolio


(in thousands, except percentages)                Q1 2022          Q4 2021          Q3 2021          Q2 2021          Q1 2021
Revolving LOC

Total gross loans receivable                  $        541,776 $        459,176 $        302,349 $        221,453 $       201,539

Total lending revenue                         $         18,655 $         13,704 $         10,646 $          6,495 $         1,383

Total lending provision                       $          8,714 $         12,511 $          8,285 $          2,986 $           855

NCO rate (1)(2)                                         0.5  %           0.5  %           0.7  %           0.7  %          NM (3)

ALL rate (4)                                            5.1  %           4.8  %           3.8  %           2.1  %          0.3  %

Past-due rate (4)(5)                                    4.2  %           4.1  %           4.8  %           5.4  %          5.7  %

(1) For the second, third and fourth quarters of 2021, NCOs presented above include $2.4 million, $0.6 million and $0.8 million,
respectively, of NCO's related to the fair value discount, which are excluded from provision.
(2) We calculate NCO rate as total NCOs divided by Average gross loans receivables.
(3) Not material or not meaningful.

(4) We calculate the ALL rate and the default rate as the respective totals divided by the gross loans receivable (excluding the fair value discount on acquired loans) at each respective quarter-end. (5) The Canada POS Loan Late Rate for loans over 31 days was 2.2%, 1.9%, 2.1%, 2.6% and 3.0% for three months completed March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021respectively.

Yield of Revolving LOC Loans in Canada POS Lending


Canada POS Lending revenue increased year over year by $18.7 million driven by
(i) a full quarter of revenue as of March 31, 2022 compared to a partial quarter
in the prior year, and (ii) year-over-year loan growth of $340.2 million, or
168.8%. The increase in gross loans receivables were driven by new merchant
partners throughout 2021, the most notable being LFL, Canada's largest home
furnishings retailer. Revolving LOC gross loans receivable generally charge-off
at 180 days past due. The NCO and past-due rates for the quarter were 0.5% and
4.2%, respectively, and remained consistent sequentially. Past-due rates
improved year over year by 140 bps.

Originations for the three months ended March 31, 2022 were C$255.3 million, an
increase of C$170.3 million, or 200.2%, from the prior-year period of C$85.0
million. Sequentially, Canada POS Revolving LOC gross loans receivable increased
$82.6 million, or 18.0%.

                                       41

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Canada POS Loans Operating Results

                                                                      Three Months Ended March 31,
(dollars in thousands, unaudited)                                 2022                     2021 (1)

Revenue

Interest and fees revenue                                 $           18,655    $                      1,444
Insurance premiums and commissions                                       236                               -
Other revenue                                                          1,418                             175
Total revenue                                                         20,309                           1,619
Provision for losses                                                   8,714                             855
Net revenue                                                           11,595                             764
Operating expenses
Salaries and benefits                                                  6,670                           1,120
Occupancy                                                                226                              10
Advertising                                                              300                              39
Direct operations                                                      3,747                             728
Depreciation and amortization                                          4,132                             713
Other operating expense                                                  429                             127
Total operation expenses                                              15,504                           2,737
Other expense
Interest expense                                                       6,626                             826
Total other expense                                                    6,626                             826
Segment operating loss                                               (10,535)                         (2,799)
Interest expense                                                       6,626                             826
Depreciation and amortization                                          4,132                             713
EBITDA (2)                                                               223                          (1,260)
Acquisition-related adjustments                                          218                               -
Change in fair value of contingent consideration                        (264)                              -
Share-based compensation                                                 475                               -
Other adjustments                                                         70                               -
Adjusted EBITDA (2)                                       $              722    $                     (1,260)
# - Variance greater than 100% or not meaningful.
(1) The totals reported for the quarter ended March 31, 2021 include results from the date of acquisition,
March 10, 2021, through March 31, 2021.
(2) These are non-GAAP metrics. For a description of each non-GAAP addback, see the applicable reconciliations
contained under "Consolidated Results of Operations." For a description of each non-GAAP metric, see "Non-GAAP
Financial Measures."



Canadian POS Lending Segment Results – Three Months Ended March 31, 2022
and 2021


A comparison of the year-over-year results for the three months ended March 31,
2022 compared to March 31, 2021 are not meaningful as we acquired Flexiti as of
March 10, 2021. For a discussion of revenue, provision for losses and related
gross loans receivables, see the "Canada POS Lending Portfolio Performance,"
above for the three months ended March 31, 2022.

                                       42


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Additional Non-GAAP Financial Information

Non-GAAP Financial Measures

In addition to the financial information prepared in accordance with WE
GAAP, we provide certain “non-GAAP financial measures”, including:


•Adjusted Net Income and Adjusted Earnings Per Share, or the Adjusted Earnings
Measures (net income plus or minus certain legal and other costs, income or loss
from equity method investment, goodwill and intangible asset impairments,
transaction-related costs, restructuring costs, adjustments related to
acquisition accounting, share-based compensation, intangible asset amortization
and cumulative tax effect of applicable adjustments, on a total and per share
basis);
•EBITDA (earnings before interest, income taxes, depreciation and amortization);
•Adjusted EBITDA (EBITDA plus or minus certain non-cash and other adjusting
items);
•Adjusted effective income tax rate (effective tax rate plus or minus certain
non-cash and other adjusting items); and
•Gross Combined Loans Receivable (includes loans originated by third-party
lenders through CSO programs which are not included in the Consolidated
Financial Statements).

We believe that the presentation of non-GAAP financial information is meaningful
and useful in understanding the activities and business metrics of the Company's
operations. We believe that these non-GAAP financial measures reflect an
additional way of viewing aspects of the business that, when viewed with the
Company's U.S. GAAP results, provide a more complete understanding of factors
and trends affecting the business.

We believe that investors regularly rely on non-GAAP financial measures, such as
Adjusted Net Income, Adjusted Earnings per Share, EBITDA and Adjusted EBITDA, to
assess operating performance and that such measures may highlight trends in the
business that may not otherwise be apparent when relying on financial measures
calculated in accordance with U.S. GAAP. In addition, we believe that the
adjustments shown above are useful to investors in order to allow them to
compare our financial results during the periods shown without the effect of
each of these income or expense items. In addition, we believe that Adjusted Net
Income, Adjusted Earnings per Share, EBITDA and Adjusted EBITDA are frequently
used by securities analysts, investors and other interested parties in the
evaluation of public companies in our industry, many of which present Adjusted
Net Income, Adjusted Earnings per Share, EBITDA and/or Adjusted EBITDA when
reporting their results.

In addition to reporting loans receivable information in accordance with U.S.
GAAP, we provide Gross Combined Loans Receivable consisting of owned loans
receivable plus loans originated by third-party lenders through the CSO
programs, which we guarantee but do not include in the Condensed Consolidated
Financial Statements. Management believes this analysis provides investors with
important information needed to evaluate overall lending performance.

We provide non-GAAP financial information for informational purposes and to
enhance understanding of the U.S. GAAP Consolidated Financial Statements.
Adjusted Net Income, Adjusted Earnings per Share, EBITDA, Adjusted EBITDA and
Gross Combined Loans Receivable should not be considered as alternatives to
income, segment operating income, or any other performance measure derived in
accordance with U.S. GAAP, or as an alternative to cash flows from operating
activities or any other liquidity measure derived in accordance with U.S. GAAP.
Readers should consider the information in addition to, but not instead of or
superior to, the financial statements prepared in accordance with U.S. GAAP.
This non-GAAP financial information may be determined or calculated differently
by other companies, limiting the usefulness of those measures for comparative
purposes.

Description and reconciliations of non-GAAP financial measures


Adjusted Net Income, Adjusted Earnings per Share, EBITDA and Adjusted EBITDA
Measures have limitations as analytical tools, and you should not consider these
measures in isolation or as a substitute for analysis of our income or cash
flows as reported under U.S. GAAP. Some of these limitations are:

•they do not include cash expenditures or future requirements for capital
expenditures or contractual commitments;
•they do not include changes in, or cash requirements for, working capital
needs;
•they do not include the interest expense, or the cash requirements necessary to
service interest or principal payments on debt;
•depreciation and amortization are non-cash expense items reported in the
statements of cash flows; and
•other companies in our industry may calculate these measures differently,
limiting their usefulness as comparative measures.

We calculate Adjusted Earnings per Share utilizing diluted shares outstanding at
year-end. If the Company records a loss under U.S. GAAP, shares outstanding
utilized to calculate Diluted Earnings per Share are equivalent to basic shares
outstanding. Shares outstanding utilized to calculate Adjusted Earnings per
Share reflect the number of diluted shares the Company would have reported if
reporting net income under U.S. GAAP.
                                       43


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As noted above, Gross Combined Loans Receivable includes loans originated by
third-party lenders through CSO programs which are not included in the
consolidated financial statements but from which we earn revenue and for which
we provide a guarantee to the lender. Management believes this analysis provides
investors with important information needed to evaluate overall lending
performance.

We believe Adjusted Net Income, Adjusted Earnings per Share, EBITDA and Adjusted
EBITDA are used by investors to analyze operating performance and to evaluate
our ability to incur and service debt and the capacity for making capital
expenditures. Adjusted EBITDA is also useful to investors to help assess our
estimated enterprise value. The computation of Adjusted EBITDA as presented in
this Form 10-Q may differ from the computation of similarly-titled measures
provided by other companies.

Reconciliation of net earnings and diluted earnings per share to adjusted net earnings and adjusted diluted earnings per share, non-GAAP measures (in thousands, except per share data, unaudited)

                                                                                Three Months Ended
                                                                                     March 31,
                                                                 2022         2021       Change $        Change %
Net income                                                   $   1,336    $  25,735    $  (24,399)              (95) %
Adjustments:

Restructuring costs (1)                                          1,069            -
Legal and other costs (2)                                           87            -

Income from equity method investment (3)                        (1,584)     

(546)


Transaction costs (4)                                              168      

3,160

Acquisition-related adjustments (5)                                221      

Change in fair value of contingent consideration (6)              (264)     


Share-based compensation (7)                                     4,093      

2,683

Intangible asset amortization (8)                                2,977      

831


Cumulative tax effect of adjustments (9)                        (1,828)      (1,735)
Adjusted Net Income                                          $   6,275    $  30,128    $  (23,853)            (79.2) %

Net income                                                     $ 1,336     $ 25,735
Diluted Weighted Average Shares Outstanding                     41,308      

43,596

Adjusted Diluted Weighted Average Shares Outstanding            41,308      

43,596

Diluted Earnings per Share                                   $    0.03    $    0.59    $    (0.56)            (94.9) %
Per Share impact of adjustments to Net income                     0.12      

0.10

Adjusted Diluted Earnings per Share                          $    0.15    $    0.69    $    (0.54)            (78.3) %

Note: Footnotes follow the Net Income Reconciliation table on the next page



                                       44

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Reconciliation of net income to EBITDA and Adjusted EBITDA, non-GAAP measures (in thousands, except per share data, unaudited)


                                                                                Three Months Ended
                                                                                     March 31,
                                                                 2022         2021       Change $        Change %
Net income                                                   $   1,336    $  25,735    $  (24,399)            (94.8) %
Provision for income taxes                                       1,106        8,444        (7,338)            (86.9) %
Interest expense                                                38,341       19,539        18,802              96.2  %
Depreciation and amortization                                    9,814        4,965         4,849              97.7  %
EBITDA                                                          50,597       58,683        (8,086)            (13.8) %

Restructuring costs (1)                                          1,069            -
Legal and other costs (2)                                           87            -

Income from equity method investment (3)                        (1,584)     

(546)


Transaction costs (4)                                              168      

3,160

Acquisition-related adjustments (5)                                221      

Change in fair value of contingent consideration (6)              (264)           -

Share-based compensation (7)                                     4,093        2,683

Other adjustments (10)                                             (88)        (205)
Adjusted EBITDA                                              $  54,299    $  63,775    $   (9,476)            (14.9) %
Adjusted EBITDA Margin                                            18.7  %      32.4  %
# - Change greater than 100% or not meaningful



(1) Restructuring costs for the three months ended March 31, 2022 resulted from WE shop

closures and related costs and certain severance packages to eliminate duplicate roles. (2) Legal and other fees for the three months ended March 31, 2022 mainly related to

settlement costs related to certain legal matters.

(3) The amount declared is our share of the capital of Katapult WE GAAP net income, recognized on a

quarter shift. (4) Transaction costs for the three months ended March 31, 2022 relate to our heights

Finance the acquisition by December 2021.

Transaction costs for the three months ended March 31, 2021 relate to the acquisition of

Flexiti in March 2021. (5) During the three months ended March 31, 2022, $0.2 million related to the acquisition

the adjustments relate to the Flexiti loan portfolio acquired during March 10, 2021. (6) As part of our acquisition of Flexiti, we recorded a $0.3 million adjustment

related to the fair value of the contingent consideration for the three months ended

March 31, 2022. (7) The estimated fair value of share-based awards has been accounted for as non-cash compensation

charge on a straight-line basis over the vesting period. (8) Amortization of intangible assets in the determining ANN for the three months ended in March

31 2022 mainly includes the amortization of identifiable intangible assets established

in connection with the acquisitions of Flexiti and Heights Finance. (9) Cumulative tax effect of adjustments included in the reconciliation of net income with

The adjusted net income table is calculated using the additional tax rate estimated by

country.

(10) Other adjustments primarily reflect the impact of intercompany foreign exchange rates.

Currency Information

We operate in the WE and Canada and our consolidated results are presented in
WE dollars.


Changes in our reported revenues and net income include the effect of changes in
currency exchange rates. We translate all balance sheet accounts into U.S.
dollars at the currency exchange rate in effect at the end of each period. We
translate the statement of operations at the average rates of exchange for the
period. We record currency translation adjustments as a component of Accumulated
Other Comprehensive Income in Stockholders' Equity.

Constant Currency Analysis


We have operations in the U.S. and Canada. In the three months ended March 31,
2022 and 2021, 31.6% and 30.6%, respectively, of our revenues were originated in
Canada. As a result, changes in our reported results include the impacts of
changes in foreign currency exchange rates for the Canadian Dollar.

                                       45


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Income Statement

                                                                    Three Months Ended March 31,
                                                 2022               2021                  $ Change           % Change
Average Exchange Rates for the Canadian
Dollar                                              0.7893           0.7897                (0.0004)                (0.1) %


Balance sheet – Exchange rate at March 31, 2022 and December 31, 2021

                                              March 31,    December 31,          Change
                                                 2022          2021             $        %
   Exchange Rate for the Canadian Dollar      0.7978        0.7846         

0.0132 1.7%




The following constant currency analysis removes the impact of the fluctuation
in foreign exchange rates and utilizes constant currency results in our analysis
of the Canada Direct Lending segment performance. Our constant currency
assessment assumes foreign exchange rates in the current fiscal periods remained
the same as in the prior fiscal periods. All conversion rates below are based on
the U.S. Dollar equivalent to the Canadian Dollar. We believe that the constant
currency assessment below is a useful measure in assessing the comparable growth
and profitability of our operations.

We calculated the revenues and gross margin below for our Canada segments during
the three months ended March 31, 2022 using the actual average exchange rate
during the three months ended March 31, 2021 (in thousands, unaudited).

                                                                     Three 

Months ended March, 31st,

                                                       2022          2021             $ Change        % Change
Canada Direct Lending - constant currency basis:
Revenues                                          $   71,515      $ 58,440          $  13,075                22.4  %
Net revenue                                           49,513        49,206                307                 0.6  %
Segment operating income                              18,450        22,247             (3,797)              (17.1) %
Canada POS Lending - constant currency basis(1):
Revenues                                          $   20,319      $  1,619          $  18,700             1,155.0  %
Net revenue                                           11,600           764             10,836             1,418.3  %
Segment operating income                             (10,539)       (2,799)            (7,740)              276.5  %

(1) Totals reported for the quarter ended March 31, 2021 include results since the date of acquisition, March 10, 2021by March 31, 2021.




We calculated gross loans receivable for our Canada segments below as of
March 31, 2022 using the actual exchange rate as of December 31, 2021 (in
thousands, unaudited).

                                            March 31,         December 31,                     Change
                                               2022               2021                   $               %
Canada Direct Lending - constant currency basis:
Gross loans receivable                    $   440,665       $     427,197          $    13,468              3.2  %
Canada POS Lending - constant currency basis:
Gross loans receivable                    $   532,830       $     459,176          $    73,654             16.0  %


CASH AND CAPITAL RESOURCES


Our principal sources of liquidity to fund the loans we make to our customers
are (i) cash provided by operations, (ii) our revolving credit facilities and
our non-recourse funding facilities, as further described in Note 5, "Debt" of
the Notes to the Consolidated Financial Statements, and (iii) funds from
third-party lenders under our CSO programs.

As of March 31, 2022, we were in compliance with all financial ratios, covenants
and other requirements in our debt agreements. We anticipate that our primary
use of cash will be to fund growth in our working capital, finance capital
expenditures to further our growth strategy in both the U.S. and Canada, and
meet our debt obligations. We may also use cash for potential strategic
investments in and acquisitions of other companies that help us extend our reach
and product portfolio. Additionally, we may use cash to fund a return on capital
for our stockholders through share repurchase programs, or in the form of
dividends. In the first quarter of 2021, our Board of Directors increased the
quarterly dividend to $0.11 per share, an increase of 100%. Additionally, in
                                       46


--------------------------------------------------------------------------------

May 2021 our Board of Directors authorized a $50.0 million share repurchase
program which concluded in February 2022. A new $25.0 million share repurchase
program was authorized in February 2022, which will commence at our discretion.
Refer to   Note 15, "Share Repurchase Program  " of the Notes to the unaudited
Condensed Consolidated Financial Statements for further details of the program.

Our level of cash flow provided by operating activities typically experiences
seasonal fluctuations related to our levels of net income and changes in working
capital levels, particularly loans receivable. Unexpected changes in our
financial condition or other unforeseen factors may result in our inability to
obtain third-party financing or could increase our borrowing costs in the
future. We have the ability to adjust our volume of lending to consumers to the
extent we experience any short-term or long-term funding shortfalls, such as
tightening our credit approval practices (as we did during the COVID-19
pandemic), which has the effect of reducing cash outflow requirements while
increasing cash inflows through loan repayments.

We may also sell or securitize our assets, draw on our available revolving
credit facility or line of credit, enter into additional refinancing agreements
or reduce our capital spending to generate additional liquidity. The impacts to
cash as described in "-Cash Flows" below and other factors resulted in our
available cash on hand of $60.2 million and our total liquidity of
$117.7 million as of March 31, 2022. We believe our cash on hand and available
borrowings provide us with sufficient liquidity for at least the next 12 months.

Our recent acquisitions of Flexiti and Heights Finance have increased our
product offerings to include customers in the near-prime and prime space. The
acquisition of Flexiti allows us to tailor our current product structure to its
POS model, potentially expanding to sub-prime customers. The acquisition of
Heights Finance accelerates our strategic transition in the U.S. toward longer
term, higher balance and lower rate credit products and provides us with access
to a larger addressable market while mitigating regulatory risk. These
initiatives to expand our product offerings and grow the U.S. and Canada
businesses can materially impact our future cash flows. For further information
regarding the acquisitions, refer to   Note 1, "Summary of Significant
Accounting Policies and Nature of Operations,"     Note 13, "Goodwill,"   and
  Note 14, "Acquisitions"   of the Notes to the unaudited Condensed Consolidated
Financial Statements.

We have no other material commitments or demands that could affect our liquidity.


Debt Capitalization Summary
(in thousands, net of deferred financing costs)

                                                                                                                                            Balance as of
                                                                                                                                            March 31, 2022
                                      Capacity              Interest Rate              Maturity                Counterparties                  (in USD)

7.50% Senior Secured Notes (due
2028) (2)                             $1.0 billion          7.50%                      August 1, 2028                                      $     981,156
                                                                                                               BayCoast Bank; Stride Bank;
                                                                                                               Hancock-Whitney Bank;
Senior Secured Revolving Credit                                                                                Metropolitan Commercial
Facility                              $50.0 million         1-Mo LIBOR + 5.00%         June 30, 2022           Bank                               20,000
                                                                                                               Atalaya Capital Management,
U.S. SPV                              $200.0 million        1-Mo LIBOR + 6.25%         April 8, 2024           MetaBank                           45,843
Heights Finance SPV                   $350.0 million        1-Mo LIBOR + 5.25%         December 31, 2024       Ares Capital                      324,224
Canada SPV(1)                         C$400.0 million       3-Mo CDOR + 6.00%          August 2, 2026          Waterfall Asset Management        240,661
                                                                                                               Credit Suisse (Class A);
Flexiti SPE(1)                        C$500.0 million       3-Mo CDOR + 4.40%          March 10, 2024          SPF (Class B)                     234,754
                                                                                                               National Bank of Canada;
                                                                                                               Precision Trust, an
                                                                                                               affiliate of the Bank of
                                                                                                               Montreal; and WF Torca,
                                                                                                               Ltd., a fund managed by
Flexiti Securitization(1)             C$526.5 million       1-Mo CDOR + 3.59%          December 9, 2025        Waterfall Asset Management        243,447
CURO Canada Revolving Credit
Facility (1)                          C$10.0 million        Canada Prime Rate +1.95%   On-demand               Royal Bank of Canada                    -

(1) Capacity amounts are denominated in Canadian dollars, while unpaid balances in March 31, 2022 are denominated in WE dollars.


(2) On July 30, 2021, we closed our $750 million aggregate principal amount of new 7.50% Senior Secured Notes, which was used to redeem our $690.0 million
8.25% Senior Secured Notes due 2025. On December 27, 2021, we issued an additional $250.0 million of our 7.50% Senior Secured Notes for a total capacity of
$1.0 billion.



Refer to   Note 5, "Debt,"   for details on each of our credit facilities and
resources.

                                       47

--------------------------------------------------------------------------------

Cash flow

The following highlights our treasury activity and sources and uses of funding during the periods indicated (in thousands):


                                                                      Three 

Months ended March, 31st,

                                                                       2022                   2021
Net cash provided by operating activities                        $       83,733          $   110,492
Net cash used in investing activities                                  (187,670)            (163,618)
Net cash provided by (used in) financing activities                     110,322                  (65)



As previously described, year-over-year comparisons were impacted by the impacts of COVID-19 and winding-up portfolios from regulatory changes.

Operational activities


Net cash provided by operating activities for the three months ended March 31,
2022 was $83.7 million, attributable to net income of $1.3 million, the effect
of non-cash reconciling items of $107.5 million, and changes in our operating
assets and liabilities of $25.1 million. Our non-cash reconciling items of
$107.5 million primarily included $97.5 million of provision for losses and $9.8
million of depreciation and amortization. Our changes in operating assets and
liabilities of $25.1 million were primarily related to (i) $41.6 million of
lower accounts payable and accrued liabilities as a result of timing on the
settlement of certain accruals, and (ii) $18.5 million of lower accrued interest
on the 7.50% Senior Secured Notes related to timing of interest payments,
partially offset by $28.5 million of lower accrued interest on our gross loans
receivable.

Investing Activities

Net cash used in investing activities for the three months ended March 31, 2022
was $187.7 million, primarily due to net origination of loans of $176.3 million.
In addition, we used cash to purchase $11.4 million of property, equipment and
software, an increase from last year due to the acquisitions of Flexiti and
Heights Finance.

Fundraising activities


Net cash provided by financing activities for the three months ended March 31,
2022 was $110.3 million. Net cash provided by financing activities included (i)
$111.2 million of net proceeds from our non-recourse debt facilities and (ii)
$20.0 million draw on our Senior Revolver, partially offset by (i) $13.5 million
of share repurchases in the first quarter of 2022 and (ii) $4.8 million of cash
dividends.

Significant Accounting Policies and Estimates


There have been no material changes to the information on critical accounting
estimates described in Part II - Item 7, Management's Discussion and Analysis of
Financial Condition and Results of Operations-Critical Accounting Policies and
Estimates, in our 2021 Form 10-K for the year ended December 31, 2021.

Goodwill. We exercise judgment in evaluating assets for impairment. Goodwill is
tested for impairment annually, or when circumstances arise which could more
likely than not reduce the fair value of a reporting unit below its carrying
value. These tests require comparing carrying values to estimated fair values of
the reporting unit under review.

Our reporting units consist of the U.S., Canada Direct Lending and Canada POS
Lending segments, as defined by FASB's ASC 280, Segment Reporting, for which we
assess goodwill for impairment. As of the most recent annual goodwill impairment
testing date (October 1, 2021), the U.S., Canada Direct Lending, and Canada POS
Lending reporting units' estimated fair values exceeded their carrying value. As
described in our 2021 Form 10-K, an impairment would occur if the carrying
amount of a reporting unit exceeded the fair value of that reporting unit.
Events or circumstances that could indicate an impairment include a significant
change in the business climate, a change in strategic direction, legal factors,
operating performance indicators, a change in the competitive environment, the
sale or disposition of a significant portion of a reporting unit or economic
outlook. These and other macroeconomic factors were considered when performing
the annual test as of October 1, 2021.

For the three months ended March 31, 2022, we reviewed goodwill for triggering
events that would indicate a need for an interim quantitative or qualitative
assessment of goodwill impairment. As a result of the review, no additional
assessment was deemed necessary, and thus there was no goodwill impairment for
any reporting unit.

Uncertainty surrounding macroeconomic factors that could impact our business units continues to exist. Changes in the expected duration of the current economic downturn, timing of recovery or long-term revenue growth or profitability of these reporting units could increase the likelihood of future acquisition. Additionally, changes in market participants

                                       48


--------------------------------------------------------------------------------

assumptions such as an increase in the discount rate or further declines in the share price could increase the likelihood of future impairment.


The following table summarizes the segment allocation of recorded goodwill on
our unaudited Condensed Consolidated Balance Sheets as of March 31, 2022:
(in thousands)                     March 31, 2022      Percent of Total           December 31, 2021    Percent of Total
U.S.                            $          359,779               83.5  %        $          359,779               83.7  %
Canada Direct Lending (1)                   30,610                7.1  %                    30,105                7.0  %
Canada POS Lending (1)                      40,578                9.4  %                    39,908                9.3  %
Total Goodwill                  $          430,967                              $          429,792
(1) Changes in Goodwill between December 31, 2021 and March 31, 2022 are due to fluctuations in foreign exchange rates.
Refer to   Note 13, "Goodwill"   for additional details.



Regulatory environment and compliance

There have been no significant developments with respect to our regulatory environment and compliance since December 31, 2021as described in our 2021 Form 10-K, except as follows:

CFPB supervisory authority


The CFPB is expanding its supervisory authority using its Dormant Authority
provided for in the Dodd-Frank Act. On April 25, 2022, the CFPB (or "Bureau")
announced that it will begin conducting supervisory examinations of non-bank
financial entities (e.g., FinTechs) not currently subject to supervision and
enforcement, if the Bureau believes the companies may be posing risks to
consumers. The Bureau is also signaling that it may decide to publicly disclose
some of its new supervisory activity so that other entities can be informed of
areas the Bureau finds problematic. In the same announcement, the Bureau
indicated that it is seeking public comments on a procedural rule to make the
examination process more transparent.

CFPB Consumer Reviews


On March 22, 2022, the CFPB issued a compliance bulletin for financial companies
and their service providers warning that restricting consumer reviews, silencing
consumer reviews, pressuring consumers to remove a review, or posting fake
reviews can violate the Consumer Review Fairness Act as well as constitute a
UDAAP.

CFPB Anti-Discrimination

On March 16, 2022, CFPB announced that it was expanding its anti-discrimination
efforts in all consumer finance markets. The announcement clarified that
discrimination can be "unfair" and trigger UDAAP even though the discriminatory
action could be covered under the Equal Credit Opportunity Act or another law.
The CFPB updated its examination procedures manual for UDAAP to examine
decision-making processes for assessing discriminatory risk and outcomes,
including advertising, pricing, and other areas.

© Edgar Online, source Previews

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Income, debt, examples of ordinary Americans https://hsmcohio.com/income-debt-examples-of-ordinary-americans/ Sun, 01 May 2022 12:07:45 +0000 https://hsmcohio.com/income-debt-examples-of-ordinary-americans/ The typical middle-class American earns between about $30,000 and $90,000 A single American earning between $30,000 and $90,000 a year is an average income, according to Pew. A two-person household would need to earn between $42,000 and $127,000 to qualify. Just over half of Americans surveyed by Mutuelle du Nord-Ouest in 2018 said the range […]]]>

The typical middle-class American earns between about $30,000 and $90,000

A single American earning between $30,000 and $90,000 a year is an average income, according to Pew. A two-person household would need to earn between $42,000 and $127,000 to qualify.

Just over half of Americans surveyed by Mutuelle du Nord-Ouest in 2018 said the range for being middle class was between $50,000 and $99,999.

“The average middle-class household has about $70,000 in income after taxes and transfers,” a Brookings essay wrote. “To be part of the middle class, a household of three would have an income between $40,000 and $154,000.”

A middle-income three-person household earns about $52,000 to $156,000 each year by Pew’s definition.

A household of four should earn between $60,000 and $180,000. Five-person households earning roughly between $67,000 and $201,000 are also considered middle class.

The income of middle-class households has risen over the past decade, although the pandemic has pushed them back further. As the chart above shows, the median income of a three-person middle-class household in 2020 dollars was $79,838 in 2010, according to Pew analysis. In 2019, it had risen to $92,042, then dropped to $90,131 in 2020.

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The CURO Group (CURO) will publish its results on Monday https://hsmcohio.com/the-curo-group-curo-will-publish-its-results-on-monday/ Fri, 29 Apr 2022 20:17:47 +0000 https://hsmcohio.com/the-curo-group-curo-will-publish-its-results-on-monday/ CURO Group (NYSE: CURO – Get a rating) is expected to release its quarterly earnings data after the market closes on Monday, May 2. Analysts expect the company to report earnings of $0.11 per share for the quarter. CURO Group (NYSE: CURO – Get a rating) last reported its quarterly earnings data on Tuesday, February […]]]>

CURO Group (NYSE: CUROGet a rating) is expected to release its quarterly earnings data after the market closes on Monday, May 2. Analysts expect the company to report earnings of $0.11 per share for the quarter.

CURO Group (NYSE: CUROGet a rating) last reported its quarterly earnings data on Tuesday, February 8. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.03. The company posted revenue of $224.32 million for the quarter, versus analyst estimates of $221.96 million. The CURO Group achieved a net margin of 7.25% and a return on equity of 15.71%. In the same quarter a year earlier, the company posted earnings per share of $0.14. On average, analysts expect CURO Group to post EPS of $2 for the current fiscal year and EPS of $3 for the next fiscal year.

Shares of CURO Action opened at $11.50 on Friday. The company has a market capitalization of $462.78 million, a price-earnings ratio of 9.27 and a beta of 2.67. The company has a debt ratio of 12.14, a quick ratio of 5.07 and a current ratio of 5.07. The CURO group has a 52-week low of $10.56 and a 52-week high of $20.10. The company’s 50-day simple moving average is $12.44 and its two-hundred-day simple moving average is $14.99.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 1. Shareholders of record on Friday, February 18 received a dividend of $0.11. This represents an annualized dividend of $0.44 and a yield of 3.83%. The ex-dividend date was Thursday, February 17. The dividend payout ratio of the CURO Group is 35.48%.

Several research firms have recently published reports on CURO. Credit Suisse Group lowered its price target on CURO Group shares from $29.00 to $26.00 and set an “outperform” rating on the stock in a Thursday, Dec. 30 research report. Zacks Investment Research downgraded CURO Group shares from a “strong buy” rating to a “hold” rating in a Wednesday, January 19 research report. Finally, Jefferies Financial Group began covering CURO Group stocks in a research report on Thursday, December 30. They issued a “buy” rating and a price target of $25.00 on the stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in CURO Group by 5.8% during the fourth quarter. BlackRock Inc. now owns 1,409,824 shares of the company valued at $22,571,000 after acquiring an additional 77,191 shares last quarter. State Street Corp increased its stake in CURO Group by 10.1% during the fourth quarter. State Street Corp now owns 366,401 shares of the company valued at $5,866,000 after acquiring 33,733 additional shares last quarter. Geode Capital Management LLC increased its stake in CURO Group by 9.2% during the fourth quarter. Geode Capital Management LLC now owns 332,849 shares of the company valued at $5,328,000 after acquiring an additional 27,997 shares in the last quarter. Bank of New York Mellon Corp increased its stake in CURO Group by 8.9% during the third quarter. Bank of New York Mellon Corp now owns 256,811 shares of the company valued at $4,450,000 after acquiring 21,088 additional shares last quarter. Finally, Morgan Stanley increased its stake in CURO Group by 406.5% during the third quarter. Morgan Stanley now owns 197,203 shares of the company valued at $3,417,000 after acquiring an additional 158,268 shares in the last quarter. 38.78% of the shares are currently held by institutional investors.

About CURO Group (Get a rating)

CURO Group Holdings Corp., together with its subsidiaries, offers consumer credit products in the United States and Canada. The Company offers unsecured installment loans, secured installment loans, open-ended loans and one-time payment loans, as well as ancillary financial products, including check cashing, proprietary reloadable prepaid debit cards, demand deposit accounts, credit protection insurance, retail installment sales. , and money transfer services.

See also

Earnings History for the CURO Group (NYSE: CURO)



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