0001683168-23-001562 | 10-K/A | XBRL Viewer | Consumer Portfolio Services INC

(3) Finance Receivables (Details - Amortized Cost Basis) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Receivables
2012 and prior	$ 33	$ 131
2013	231	1,091
2014	1,601	6,881
2015	8,627	29,695
2016	28,632	76,728
2017	53,180	117,864
Total amortized cost basis	$ 92,304	$ 232,390

(2) Restricted Cash	12 Months Ended
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
(2) Restricted Cash	(2) Restricted Cash Restricted cash consists of cash and cash equivalent accounts relating to our outstanding securitization trusts and credit facilities. The amount of restricted cash on our Consolidated Balance Sheets was $149.3 million and $146.6 million as of December 31, 2022 and 2021, respectively. Our securitization transactions and one of our warehouse credit facilities require that we establish cash reserves, or spread accounts, as additional credit enhancement. These cash reserves, which are included in restricted cash, were $56.8 million and $49.0 million as of December 31, 2022 and 2021, respectively.

(2) Restricted Cash

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

(2) Restricted Cash

(2) Restricted Cash

Restricted cash consists of cash and cash equivalent accounts relating to our outstanding securitization trusts and credit facilities. The amount of restricted cash on our Consolidated Balance Sheets was $149.3 million and $146.6 million as of December 31, 2022 and 2021, respectively.

Our securitization transactions and one of our warehouse credit facilities require that we establish cash reserves, or spread accounts, as additional credit enhancement. These cash reserves, which are included in restricted cash, were $56.8 million and $49.0 million as of December 31, 2022 and 2021, respectively.

(10) Commitments and Contingencies (Details - Supplemental balance sheet information related to leases) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Leases
Operating lease right-of-use assets	$ 28,397	$ 25,819
Less: Accumulated amortization right-of-use assets	22,613	17,624
Operating lease right-of-use assets, net	5,784	8,195
Operating lease liabilities	(6,234)	(9,058)
Finance Leases
Property and equipment, at cost	3,407	3,407
Less: Accumulated depreciation	(3,301)	(2,348)
Property and equipment, net	106	1,059
Finance lease liabilities	$ (177)	$ (1,124)
Operating lease	5.00%	5.00%
Finance lease	6.50%	6.50%

(11) Employee Benefits (Details - Amounts recognized) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amounts recognized on Consolidated Balance Sheet
Other assets	$ 2,816	$ 3,818	$ 0
Other liabilities	0	0	(6,513)
Net amount recognized	2,816	3,818	(6,513)
Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	5,716	3,794	13,297
Unrecognized transition asset	0	0	0
Net amount recognized	5,716	3,794	13,297
Components of net periodic benefit cost
Interest cost	579	553	693
Expected return on assets	(1,860)	(1,301)	(1,150)
Amortization of transition asset	0	0	0
Amortization of net loss	105	896	839
Net periodic benefit cost	(1,176)	148	382
Settlement (gain)/loss	256	(865)
Total	(920)	(717)	382
Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	1,003	(9,503)	205
Prior service cost (credit)	0	0	0
Amortization of prior service cost	0	0	0
Net amount recognized in other comprehensive loss (income)	$ 1,003	$ (9,503)	$ 205

(12) Fair Value Measurements (Details - Reconciliation of Finance Receivables) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 1,749,098	$ 1,523,726
Finance receivables at fair value acquired during period	1,673,166	1,107,537	$ 739,734
Payments received on finance receivables at fair value	(825,783)	(743,728)
Net interest income accretion on fair value receivables	(135,147)	(134,020)	(133,771)
Mark to fair value	15,283	(4,417)
Balance at end of period	$ 2,476,617	$ 1,749,098	$ 1,523,726

Cover - USD ($) $ in Thousands	12 Months Ended
Cover - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 08, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K/A
Amendment Flag	true
Amendment Description	Certifications were omitted
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-14116
Entity Registrant Name	CONSUMER PORTFOLIO SERVICES, INC.
Entity Central Index Key	0000889609
Entity Tax Identification Number	33-0459135
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	3800 Howard Hughes Pkwy
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89169
City Area Code	(949)
Local Phone Number	753-6800
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CPSS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 140,224,459
Entity Common Stock, Shares Outstanding		20,535,126
ICFR Auditor Attestation Flag	true
Auditor Name	Crowe LLP
Auditor Firm ID	173
Auditor Location	Dallas, Texas

(5) Securitization Trust Debt

12 Months Ended

Dec. 31, 2022

Securitization Trust Debt

(5) Securitization Trust Debt

(5) Securitization Trust Debt

We have completed numerous term securitization transactions that are structured as secured borrowings for financial accounting purposes. The debt issued in these transactions is shown on our Consolidated Balance Sheets as “Securitization trust debt,” and the components of such debt are summarized in the following table:

Schedule of securitization trust debt
											Weighted
											Average
	Final		Receivables				Outstanding		Outstanding		Contractual Debt
	Scheduled		Pledged at				Principal at		Principal at		Interest Rate at
	Payment		December 31,		Initial		December 31,		December 31,		December 31,
Series	Date (1)		2022 (2)		Principal		2022		2021		2022
(Dollars in thousands)
CPS 2017-A		April 2024	$	–	$	206,320	$	–	$	17,644		–
CPS 2017-B		December 2023		–		225,170		–		12,491		–
CPS 2017-C		September 2024		–		224,825		–		25,846		–
CPS 2017-D		June 2024		–		196,300		–		26,744		–
CPS 2018-A		March 2025		16,642		190,000		12,939		29,518		5.17%
CPS 2018-B		December 2024		20,897		201,823		17,077		36,092		5.61%
CPS 2018-C		September 2025		24,589		230,275		20,222		42,765		6.07%
CPS 2018-D		June 2025		30,015		233,730		25,563		49,634		5.82%
CPS 2019-A		March 2026		38,138		254,400		32,898		62,667		5.49%
CPS 2019-B		June 2026		39,755		228,275		33,897		61,730		5.39%
CPS 2019-C		September 2026		46,903		243,513		41,515		75,065		4.35%
CPS 2019-D		December 2026		60,856		274,313		53,625		98,625		3.71%
CPS 2020-A		March 2027		56,226		260,000		52,705		99,485		3.99%
CPS 2020-B		June 2027		63,849		202,343		41,736		87,048		6.16%
CPS 2020-C		November 2027		86,061		252,200		72,894		138,899		3.24%
CPS 2021-A		March 2028		90,801		230,545		72,076		147,516		1.39%
CPS 2021-B		June 2028		113,723		240,000		101,206		179,856		1.86%
CPS 2021-C		September 2028		165,102		291,000		147,593		250,003		1.60%
CPS 2021-D		December 2028		224,055		349,202		209,277		330,325		1.85%
CPS 2022-A		April 2029		243,580		316,800		222,613		–		2.16%
CPS 2022-B		October 2029		355,224		395,600		325,907		–		4.16%
CPS 2022-C		April 2030		394,782		391,600		346,714		–		5.24%
CPS 2022-D		August 2030		322,973		307,018		292,461		–		7.37%
			$	2,394,171	$	5,945,252	$	2,122,919	$	1,771,953

_________________________

(1)

The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the Trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $804.4 million in 2023, $578.9 million in 2024, $339.1 million in 2025, $202.3 million in 2026, $128.1 million in 2027, $55.3 million in 2028, and $0.6 million in 2029.

(2)

Includes repossessed assets that are included in Other Assets on our Consolidated Balance Sheets.

Debt issuance costs of $14.2 million and $12.0 million as of December 31, 2022 and December 31, 2021, respectively, have been excluded from the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the Securitization trust debt on our Consolidated Balance Sheets.

All of the securitization trust debt was issued in private placement transactions to qualified institutional investors. The debt was issued by our wholly-owned, bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by any of our other assets.

The terms of the various securitization agreements related to the issuance of the securitization trust debt require that certain delinquency and credit loss criteria be met with respect to the collateral pool, and require that we maintain minimum levels of liquidity and net worth and not exceed maximum leverage levels. We were in compliance with all such covenants as of December 31, 2022.

We are responsible for the administration and collection of the contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional credit enhancement for the Notes or to be applied to make payments on the securitization trust debt. As of December 31, 2022, restricted cash under the various agreements totaled approximately $149.3 million. Interest expense on the securitization trust debt is composed of the stated rate of interest plus amortization of additional costs of borrowing. Additional costs of borrowing include facility fees, insurance premiums, amortization of deferred financing costs, and amortization of discounts required on the notes at the time of issuance. Deferred financing costs related to the securitization trust debt are amortized using the interest method. Accordingly, the effective cost of borrowing of the securitization trust debt is greater than the stated rate of interest.

Our wholly-owned, bankruptcy remote subsidiaries were formed to facilitate the above asset-backed financing transactions. Similar bankruptcy remote subsidiaries issue the debt outstanding under our warehouse line of credit. Bankruptcy remote refers to a legal structure in which it is expected that the applicable entity would not be included in any bankruptcy filing by its parent or affiliates. All of the assets of these subsidiaries have been pledged as collateral for the related debt. All such transactions, treated as secured financings for accounting and tax purposes, are treated as sales for all other purposes, including legal and bankruptcy purposes. None of the assets of these subsidiaries are available to pay any of our other creditors.

(5) Securitization Trust Debt (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Securitization Trust Debt
Debt issuance costs	$ 14,200,000	$ 12,000,000.0
Restricted cash under various agreements	$ 149,300,000	$ 146,600,000

(7) Shareholders’ Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

(7) Shareholders’ Equity

(7) Shareholders’ Equity

Common Stock

Holders of common stock are entitled to such dividends as our board of directors, in its discretion, may declare out of funds available, subject to the terms of any outstanding shares of preferred stock and other restrictions. In the event of liquidation of the Company, holders of common stock are entitled to receive, pro rata, all of the assets of the Company available for distribution, after payment of any liquidation preference to the holders of outstanding shares of preferred stock. Holders of the shares of common stock have no conversion or preemptive or other subscription rights and there are no redemption or sinking fund provisions applicable to the common stock.

Stock Purchases

For the year ending December 31, 2022, we purchased 4,139,664 shares of our common stock at an average price of $11.11. In January, March, and July 2022 our board of directors authorized the repurchase of up to $35.0 million of our common stock. There is approximately $8.3 million of board authorization remaining under such plans, which have no expiration date. The table below describes the purchase of our common stock for the twelve-month period ended December 31, 2022 and 2021:

Schedule of stock purchases
	Twelve Months Ended
	December 31, 2022				December 31, 2021
	Shares		Avg. Price		Shares		Avg. Price
Open market purchases		3,246,511	$	10.44		1,639,138	$	6.98
Shares redeemed upon net exercise of stock options		893,153		13.56		245,743		6.95
Other		–		–		1,999,995		6.26
Total stock purchases		4,139,664	$	11.11		3,884,876	$	3.97

Options and Warrants

In 2006, the Company adopted and its shareholders approved the CPS 2006 Long-Term Equity Incentive Plan (the “2006 Plan”) pursuant to which our Board of Directors, or a duly-authorized committee thereof, may grant stock options, restricted stock, restricted stock units and stock appreciation rights to our employees or employees of our subsidiaries, to directors of the Company, and to individuals acting as consultants to the Company or its subsidiaries. In June 2008, May 2012, April 2013, May 2015, July 2018 and again in November 2021, the shareholders of the Company approved an amendment to the 2006 Plan to increase the maximum number of shares that may be subject to awards under the 2006 Plan to 5,000,000, 7,200,000, 12,200,000, 17,200,000, 19,200,000 and 22,200,000, respectively, in each case plus shares authorized under prior plans and not issued. Options that have been granted under the 2006 Plan and a previous plan approved in 1997 have been granted at an exercise price equal to (or greater than) the stock’s fair value at the date of the grant, with terms generally of 7-10 years and vesting generally over 4-5 years.

The per share weighted-average fair value of stock options granted during the years ended December 31, 2022, 2021 and 2020 was $5.42, $2.65, and $1.33, respectively. That fair value was estimated using a binomial option pricing model using the weighted average assumptions noted in the following table. We use historical data to estimate the expected term of each option. The volatility estimate is based on the historical and implied volatility of our stock over the period that equals the expected life of the option. Volatility assumptions ranged from 75% to 80% for 2022, 79% to 71% for 2021, and 72% to 80% for 2020. The risk-free interest rate is based on the yield on a U.S. Treasury bond with a maturity comparable to the expected life of the option. The dividend yield is estimated to be zero based on our intention not to issue dividends for the foreseeable future.


	Year Ended December 31,
	2022		2021		2020
Expected life (years)		4.00		4.00		4.01
Risk-free interest rate		2.38%		0.49%		0.25%
Volatility		76%		72%		73%
Expected dividend yield		–		–		–

For the years ended December 31, 2022, 2021 and 2020, we recorded stock-based compensation costs in the amount of $4.4 million, $2.0 million and $1.9 million, respectively. As of December 31, 2022, the unrecognized stock-based compensation costs to be recognized over future periods was equal to $9.5 million. This amount will be recognized as expense over a weighted-average period of 2.5 years.

At December 31, 2022 and 2021, options outstanding had intrinsic values of $11.2 million and $13.1 million, respectively. At December 31, 2022 and 2021, options exercisable had intrinsic values of $7.8 million and $9.7 million, respectively. The total intrinsic value of options exercised was $23.4 million and $9.0 million for the years ended December 31, 2022 and 2021, respectively. New shares were issued for all options exercised during the year ended December 2022 and cash of $15.3 million was received. At December 31, 2022, there were a total of 2,661,000 additional shares available for grant under the 2006 Plan.

Stock option activity for the year ended December 31, 2022 for stock options under the 2006 and 1997 plans is as follows:

Schedule of option activity
						Weighted
	Number of			Weighted		Average
	Shares			Average		Remaining
	(in thousands)			Exercise Price		Contractual Term
Options outstanding at the beginning of period		13,075		$	4.54		N/A
Granted		1,710			10.28		N/A
Exercised		(3,128	)		4.89		N/A
Forfeited/Expired		(490	)		7.07		N/A
Options outstanding at the end of period		11,167		$	5.21		3.15 years

Options exercisable at the end of period		7,770		$	4.56		2.12 years

The following table presents the price distribution of stock options outstanding and exercisable for the years ended December 31, 2022 and 2021:


	Number of shares as of				Number of shares as of
	December 31, 2022				December 31, 2021
	Outstanding		Exercisable		Outstanding		Exercisable
	(In thousands)				(In thousands)
Range of exercise prices:
$0.95 - $1.99		–		–		577		577
$2.00 - $2.99		1,445		775		1,517		489
$3.00 - $3.99		3,785		3,495		4,285		3,382
$4.00 - $4.99		2,739		1,802		2,870		1,410
$5.00 - $5.99		–		–		–		–
$6.00 - $6.99		740		740		2,651		2,652
$7.00 - $7.99		748		748		1,175		1,175
$10.00 - $10.99		1,710		210		–		–
Total shares		11,167		7,770		13,075		9,685

We did not issue any stock options with an exercise price above or below the market price of the stock on the grant date for the years ended December 31, 2022, 2021 and 2020.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

(1) Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Product Information [Line Items]
Unrestricted cash	$ 13,490,000	$ 29,928,000
Portfolio value	15,300,000	4,400,000
Other assets	$ 30,325,000	$ 34,775,000
Incremental shares excluded from EPS calculation	1,200,000	5,700,000	13,600,000
Repossessed Vehicles [Member] [Default Label]
Product Information [Line Items]
Other assets	$ 571,000	$ 2,500,000
Unrestricted Cash [Member]
Product Information [Line Items]
Unrestricted cash	$ 13,500,000
CALIFORNIA \| Dealer concentration [Member] \| Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration percentage	8.20%	10.90%
TEXAS \| Dealer concentration [Member] \| Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration percentage	7.80%	6.10%
OHIO \| Dealer concentration [Member] \| Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration percentage	7.60%	9.30%
ILLINOIS \| Dealer concentration [Member] \| Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration percentage	5.70%	3.60%
FLORIDA \| Dealer concentration [Member] \| Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration percentage	5.10%	5.00%
PENNSYLVANIA \| Dealer concentration [Member] \| Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration percentage	4.60%	4.60%
INDIANA \| Dealer concentration [Member] \| Geographic Concentration Risk [Member]
Product Information [Line Items]
Concentration percentage	4.60%	5.00%

(12) Fair Value Measurements (Details - Level 3 Fair Value Measurements) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, Fair Value Disclosure	$ 2,476,617	$ 1,749,098	$ 1,523,726
Discount Rate on Finance Receivables	11.0%-11.3%	10.6% - 11.3%
Cumulative Net Losses (Percent) on Finance Receivables	13.4%-19.4%	10.0% - 18.4%
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, Fair Value Disclosure	$ 2,476,617	$ 1,749,098

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 85,983	$ 47,524	$ 21,677
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred acquisition fees and origination costs	0	651	1,138
Net interest income accretion on fair value receivables	135,147	134,020	133,771
Depreciation and amortization	1,618	1,675	1,784
Amortization of deferred financing costs	8,207	7,114	8,102
Mark to fair value of finance receivables measured at fair value	(15,283)	4,417	29,528
Provision for credit losses	(28,100)	(14,590)	14,113
Stock-based compensation expense	4,427	2,000	1,935
Changes in assets and liabilities:
Accrued interest receivable	1,620	2,748	6,628
Other assets	2,551	(3,787)	2,713
Deferred tax assets, net	9,398	8,937	21,493
Accounts payable and accrued expenses	10,364	7,485	(4,115)
Net cash provided by operating activities	215,932	198,194	238,767
Cash flows from investing activities:
Payments received on finance receivables held for investment	133,733	249,098	332,296
Purchases of finance receivables measured at fair value	(1,673,166)	(1,107,537)	(739,734)
Payments on receivables portfolio at fair value	825,783	743,728	496,747
Change in repossessions held in inventory	1,899	1,329	3,746
Purchase of furniture and equipment	(2,149)	(1,976)	(24)
Net cash provided by (used in) investing activities	(713,900)	(115,358)	93,031
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	1,411,018	1,110,747	714,543
Proceeds from issuance of subordinated renewable notes	4,004	7,988	6,750
Payments on subordinated renewable notes	(5,200)	(2,852)	(2,961)
Net advances (repayments) of warehouse lines of credit	181,868	(14,503)	(16,271)
Net advances (repayments) of residual interest financing debt	(4,311)	28,735	(14,424)
Repayment of securitization trust debt	(1,060,052)	(1,153,114)	(1,009,988)
Payment of financing costs	(12,299)	(7,813)	(5,861)
Purchase of common stock	(46,096)	(25,676)	(1,215)
Exercise of options and warrants	15,277	6,048	949
Net cash provided by (used in) financing activities	484,209	(50,440)	(328,478)
Increase (decrease) in cash and cash equivalents	(13,759)	32,396	3,320
Cash and cash equivalents at beginning of year	176,548	144,152	140,832
Cash and cash equivalents at end of year	162,789	176,548	144,152
Cash paid (received) during the period for:
Interest	76,696	69,476	93,571
Income taxes	$ 16,182	$ 14,253	$ (23,997)

(12) Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

(12) Fair Value Measurements

(12) Fair Value Measurements

ASC 820, "Fair Value Measurements" clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy.

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The three levels are defined as follows: level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Effective January 2018 we have elected to use the fair value method to value our portfolio of finance receivables acquired in January 2018 and thereafter.

Our valuation policies and procedures have been developed by our Accounting department in conjunction with our Risk department and with consultation with outside valuation experts. Our policies and procedures have been approved by our Chief Executive and our Board of Directors and include methodologies for valuation, internal reporting, calibration and back testing. Our periodic review of valuations includes an analysis of changes in fair value measurements and documentation of the reasons for such changes. There is little available third-party information such as broker quotes or pricing services available to assist us in our valuation process.

Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio of finance receivable. Significant changes in any of those inputs in isolation would have a significant impact on our fair value measurement.

The table below presents a reconciliation of the finance receivables measured at fair value on a recurring basis using significant unobservable inputs:


	Twelve Months Ended
	December 31,
	2022			2021
	(In thousands)
Balance at beginning of period	$	1,749,098		$	1,523,726
Finance receivables at fair value acquired during period		1,673,166			1,107,537
Payments received on finance receivables at fair value		(825,783	)		(743,728	)
Net interest income accretion on fair value receivables		(135,147	)		(134,020	)
Mark to fair value		15,283			(4,417	)
Balance at end of period	$	2,476,617		$	1,749,098

The table below compares the fair values of these finance receivables to their contractual balances for the periods shown:


	December 31, 2022				December 31, 2021
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Finance receivables measured at fair value	$	2,701,184	$	2,476,617	$	1,972,699	$	1,749,098

The following table provides certain qualitative information about our level 3 fair value measurements:


Financial Instrument	Fair Values as of					Inputs as of
	December 31,					December 31,
	2022		2021		Unobservable Inputs	2022	2021
	(In thousands)
Assets:

Finance receivables measured at fair value	$	2,476,617	$	1,749,098	Discount rate	11.0%-11.3%	10.6% - 11.3%
					Cumulative net losses	13.4%-19.4%	10.0% - 18.4%

The following table summarizes the delinquency status using the contractual balance of these finance receivables measured at fair value as of December 31, 2022 and December 31, 2021:


	December 31,		December 31,
	2022		2021
	(In thousands)
Delinquency Status
Current	$	2,375,271	$	1,787,641
31 - 60 days		184,968		115,924
61 - 90 days		72,390		38,999
91 + days		29,048		11,564
Repo		39,507		18,571
	$	2,701,184	$	1,972,699

Repossessed vehicle inventory, which is included in Other assets on our consolidated balance sheet, is measured at fair value using level 2 assumptions based on our actual loss experience on sale of repossessed vehicles. At December 31, 2022, the finance receivables related to the repossessed vehicles in inventory totaled $1.9 million. We have applied a valuation adjustment, or loss allowance, of $1.3 million, which is based on a recovery rate of approximately 30%, resulting in an estimated fair value and carrying amount of $571,000. The fair value and carrying amount of the repossessed inventory at December 31, 2021 was $2.5 million after applying a valuation adjustment of $1.9 million.

There were no transfers in or out of level 1 or level 2 assets and liabilities for 2022 and 2021. We have no level 3 assets or liabilities that are measured at fair value on a non-recurring basis.

The estimated fair values of financial assets and liabilities at December 31, 2022 and 2021, were as follows:


	As of December 31, 2022
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	13,490	$	13,490	$	–	$	–	$	13,490
Restricted cash and equivalents		149,299		149,299		–		–		149,299
Finance receivables, net		70,551		–		–		60,063		60,063
Accrued interest receivable		649		–		–		649		649
Liabilities:
Warehouse lines of credit	$	285,328	$	–	$	–	$	285,328	$	285,328
Accrued interest payable		6,190		–		–		6,190		6,190
Securitization trust debt		2,108,744		–		–		1,957,995		1,957,995
Subordinated renewable notes		25,263		–		–		25,263		25,263

As of December 31, 2021

Financial Instrument (In thousands)

Carrying Fair Value Measurements Using:

Value Level 1 Level 2 Level 3 Total

Assets:

Cash and cash equivalents $ 29,928 $ 29,928 $ – $ – $ 29,928

Restricted cash and equivalents 146,620 146,620 – – 146,620

Finance receivables, net 176,184 – – 178,795 178,795

Accrued interest receivable 2,269 – – 2,269 2,269

Liabilities:

Warehouse lines of credit $ 105,610 $ – $ – $ 105,610 $ 105,610

Accrued interest payable 3,568 – – 3,568 3,568

Securitization trust debt 1,759,972 – – 1,740,901 1,740,901

Subordinated renewable notes 26,459 – – 26,459 26,459

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	4,998,130	4,998,130
Preferred stock, issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Issued	20,131,323	21,143,764
Common Stock, Shares, Outstanding	20,131,323	21,143,764
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Series B Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	1,870	1,870
Preferred stock, issued	0	0

(6) Debt (Details Narrative) - USD ($)		12 Months Ended
(6) Debt (Details Narrative) - USD ($)	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	May 11, 2012
Line of Credit Facility [Line Items]
Debt issuance costs		$ 2,600,000	$ 400,000
Line of credit outstanding facility amount		287,900,000	106,000,000.0
2021-1 Notes [Member]
Line of Credit Facility [Line Items]
Proceeds from residual interest financings	$ 50,000,000
Asset-backed notes issued	$ 50,000,000.0
Residual interest financing balance		50,000,000.0
PurchasesOfFinanceReceivablesHeldForInvestment
Line of Credit Facility [Line Items]
Unamortized debt issuance costs		377,000	$ 629,000
Agent Services L P [Member]
Line of Credit Facility [Line Items]
Line of credit outstanding facility amount		137,600,000
Warehouse Credit Facility [Member] \| Citibank [Member]
Line of Credit Facility [Line Items]
Credit line maximum				$ 100,000,000
Long-term Line of Credit		$ 150,300,000

(1) Summary of Significant Accounting Policies (Details - Earning per share) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Numerator for basic and diluted earnings per share	$ 85,983	$ 47,524	$ 21,677
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year	20,958	22,562	22,611
Incremental common shares attributable to exercise of outstanding options and warrants	5,631	3,218	1,392
Denominator for diluted earnings per share	26,589	25,780	24,003
Basic earnings per share	$ 4.10	$ 2.11	$ 0.96
Diluted earnings per share	$ 3.23	$ 1.84	$ 0.90

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

(6) Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt outstanding

Schedule of debt outstanding
			Amount Outstanding at
			December 31,		December 31,
			2022		2021
			(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	3.00% over CP yield rate (Minimum 3.75%) 7.48% and 3.75% at December 31, 2022 and December 31 2021, respectively	July 2024	$	150,293	$	70,590

	4.15% over a commercial paper rate (Minimum 5.15%) 8.60% and 5.15% at December 31 2022, and December 31 2021, respectively	January 2024		137,585		35,420

Residual interest financing	8.60%	January 2026		–		4,311

Residual interest financing	7.86%	June 2026		50,000		50,000

Subordinated renewable notes	Weighted average rate of 7.82% and 8.93% at December 31, 2022 and December 31, 2021, respectively	Weighted average maturity of October 2024 and January 2024 at December 31, 2022 and December 31, 2021, respectively		25,263		26,459
			$	363,141	$	186,780

Schedule of expected maturity amounts for long-term debt


	Subordinated
Contractual maturity	renewable
date	notes
	(In thousands)
2023	$	13,800
2024		2,798
2025		3,146
2026		3,264
2027		837
Thereafter		1,418
Total	$	25,263

(11) Employee Benefits (Details - Reconciliation) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Projected benefit obligation, beginning of year	$ 22,280	$ 24,678
Projected benefit obligation, beginning of year	579	553	$ 693
Assumption changes	(5,450)	(1,074)
Actuarial (gain) loss	85	(222)
Settlements	(716)	(865)
Benefits paid	(826)	(790)
Projected benefit obligation, end of year	15,952	22,280	24,678
Fair value of plan assets, beginning of year	26,098	18,165
Return on assets	(5,702)	8,703
Employer contribution	0	1,124
Expenses	(86)	(239)
Settlements	(716)	(865)
Benefits paid	(826)	(790)
Fair value of plan assets, end of year	18,768	26,098	$ 18,165
Funded Status at end of year	$ 2,816	$ 3,818

(9) Income Taxes (Details Narrative)	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	$ 10,200,000
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	7,000,000.0
State [Member]
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	3,200,000
Net operating loss carryforward	$ 42,400,000

(9) Income Taxes (Details - Deferred taxes) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets:
Finance receivables	$ 4,870	$ 10,644
Accrued liabilities	1,708	1,694
NOL carryforwards	450	2,070
Built in losses	2,024	2,679
Pension accrual	0	0
Stock compensation	2,172	3,584
Lease liability	1,711	2,737
Other	0	0
Total deferred tax assets	12,935	23,408
Deferred Tax Liabilities:
Finance receivables	0	0
Deferred loan costs	0	0
Pension accrual	752	1,026
Lease right-of-use assets	(1,572)	(2,487)
Furniture and equipment and other	(434)	(320)
Total deferred tax liabilities	(2,758)	(3,833)
Net deferred tax asset	$ 10,177	$ 19,575

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Amount of tax expense (benefit) for (increase) decrease in value of benefit obligation	$ 513	$ 2,554	$ 55

(8) Interest Income and Interest Expense (Details - Interest income) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Income And Interest Expense
Interest on finance receivables	$ 35,091	$ 69,783	$ 126,043
Interest on finance receivables at fair value	268,621	196,461	168,266
Mark to finance receivables measured at fair value	15,283	(4,417)	(29,528)
Other interest income	1,525	22	673
Interest income	$ 320,520	$ 261,849	$ 265,454

(4) Furniture and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,618,000	$ 1,675,000	$ 1,784,000

(11) Employee Benefits

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

(11) Employee Benefits

(11) Employee Benefits

We sponsor a pretax savings and profit sharing plan (the “401(k) Plan”) qualified under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, eligible employees are able to contribute up to the maximum allowed under the law. We may, at our discretion, match 100% of employees’ contributions up to $2,000 per employee per calendar year. Our matching contributions to the 401(k) Plan were $1.3 million, $1.3 million, and $1.4 million respectively, for the years ended December 31, 2022, 2021 and 2020.

We also sponsor a defined benefit plan, the MFN Financial Corporation Pension Plan (the “Plan”). The Plan benefits were frozen on June 30, 2001.

The following tables represents a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31, 2022 and 2021:


	December 31,
	2022			2021
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	22,280		$	24,678
Interest cost		579			553
Assumption changes		(5,450	)		(1,074	)
Actuarial (gain) loss		85			(222	)
Settlements		(716	)		(865	)
Benefits paid		(826	)		(790	)
Projected benefit obligation, end of year	$	15,952		$	22,280

Change in Plan Assets
Fair value of plan assets, beginning of year	$	26,098		$	18,165
Return on assets		(5,702	)		8,703
Employer contribution		–			1,124
Expenses		(86	)		(239	)
Settlements		(716	)		(865	)
Benefits paid		(826	)		(790	)
Fair value of plan assets, end of year	$	18,768		$	26,098

Funded Status at end of year	$	2,816		$	3,818

Additional Information

Weighted average assumptions used to determine benefit obligations and cost at December 31, 2022 and 2021 were as follows:


	December, 31
	2022		2021
Weighted average assumptions used to determine benefit obligations
Discount rate		4.87%		2.65%

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		2.65%		2.28%
Expected return on plan assets		7.25%		7.25%

Our overall expected long-term rate of return on assets is 7.25% per annum as of December 31, 2022. The expected long-term rate of return is based on the weighted average of historical returns on individual asset categories, which are described in more detail below.


	December 31,
	2022			2021			2020
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	2,816		$	3,818		$	–
Other liabilities		–			–			(6,513	)
Net amount recognized	$	2,816		$	3,818		$	(6,513	)

Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	5,716		$	3,794		$	13,297
Unrecognized transition asset		–			–			–
Net amount recognized	$	5,716		$	3,794		$	13,297

Components of net periodic benefit cost
Interest cost	$	579		$	553		$	693
Expected return on assets		(1,860	)		(1,301	)		(1,150	)
Amortization of transition asset		–			–			–
Amortization of net loss		105			896			839
Net periodic benefit cost		(1,176	)		148			382
Settlement (gain)/loss		256			(865	)		–
Total	$	(920	)	$	(717	)	$	382

Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	1,003		$	(9,503	)	$	205
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	1,003		$	(9,503	)	$	205

The estimated net gain that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2023 is $169,000.

The weighted average asset allocation of our pension benefits at December 31, 2022 and 2021 were as follows:


	December 31,
	2022		2021
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		87%		78%
Debt securities		13%		22%
Cash and cash equivalents		0%		0%
Total		100%		100%

Our investment policies and strategies for the pension benefits plan utilize a target allocation of 75% equity securities and 25% fixed income securities (excluding Company stock). Our investment goals are to maximize returns subject to specific risk management policies. We address risk management and diversification by the use of a professional investment advisor and several sub-advisors which invest in domestic and international equity securities and domestic fixed income securities. Each sub-advisor focuses its investments within a specific sector of the equity or fixed income market. For the sub-advisors focused on the equity markets, the sectors are differentiated by the market capitalization, the relative valuation and the location of the underlying issuer. For the sub-advisors focused on the fixed income markets, the sectors are differentiated by the credit quality and the maturity of the underlying fixed income investment. The investments made by the sub-advisors are readily marketable and can be sold to fund benefit payment obligations as they become payable.

Cash Flows


Estimated Future Benefit Payments (In thousands)
2023	$	990
2024		1,329
2025		1,315
2026		1,392
2027		1,265
Years 2028 - 2032		5,954

Anticipated Contributions in 2023	$	–

The fair value of plan assets at December 31, 2022 and 2021, by asset category, is as follows:

Schedule of fair value of plan assets
	December 31, 2022
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	7,848	$	–	$	–	$	7,848
Large Cap Value		–		2,037		–		2,037
Mid Cap Index		–		594		–		594
Small Cap Growth		–		546		–		546
Small Cap Value		–		588		–		588
Large Cap Blend		–		560		–		560
Growth		–		1,843		–		1,843
International Growth		–		2,251		–		2,251
Core Bond		–		1,658		–		1,658
High Yield		–		347		–		347
Inflation Protected Bond		–		433		–		433
Money Market		–		63		–		63
Total	$	7,848	$	10,920	$	–	$	18,768

December 31, 2021

Level 1 (1) Level 2 (2) Level 3 (3) Total

Investment Name: (in thousands)

Company Common Stock $ 10,472 $ – $ – $ 10,472

Large Cap Value – 2,933 – 2,933

Mid Cap Index – 836 – 836

Small Cap Growth – 714 – 714

Small Cap Value – 868 – 868

Large Cap Blend – 859 – 859

Growth – 2,915 – 2,915

International Growth – 3,036 – 3,036

Core Bond – 2,316 – 2,316

High Yield – 473 – 473

Inflation Protected Bond – 641 – 641

Money Market – 35 – 35

Total $ 10,472 $ 15,626 $ – $ 26,098

________________________

(1) Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.

(2) All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.

(3) There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

(2) Restricted Cash (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 149,300,000	$ 146,600,000
Securitization Transactions [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 56,800,000	$ 49,000,000.0

(7) Shareholders’ Equity (Details Narrative) - USD ($)	12 Months Ended
(7) Shareholders’ Equity (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 5.42	$ 2.65	$ 1.33
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	75.00%	79.00%	72.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	80.00%	71.00%	80.00%
Stock-based compensation expense	$ 4,400,000	$ 2,000,000.0	$ 1,900,000
Unrecognized stock-based compensation costs	$ 9,500,000
Weighted-average period for unrecognized costs	2 years 6 months
Intrinsic value options outstanding	$ 11,200,000	13,100,000
Intrinsic value of options exercisable	7,800,000	9,700,000
Intrinsic value of options exercised	23,400,000	$ 9,000,000.0
Proceeds from options exercised	$ 15,300,000
Authorizations prior to December 31, 2015 [Member]
Class of Stock [Line Items]
Options authorized under plan	22,200,000
Shares available for grant	2,661,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 35,000,000.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 8,300,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	4,139,664	3,884,876
Treasury Stock Acquired, Average Cost Per Share	$ 11.11	$ 3.97

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 71,257	$ 47,330	$ (8,421)	$ 110,166
Balance at beginning (in shares) at Dec. 31, 2019	22,531
Common stock issued upon exercise of options and warrants	$ 949			949
Common stock issued upon exercise of options and warrants (in shares)	558
Repurchase of common stock	$ (1,215)			(1,215)
Repurchase of common stock (in shares)	(352)
Other comprehensive income (loss)			(150)	(150)
Stock-based compensation	1,935			1,935
Net income		21,677		21,677
Ending balance, value at Dec. 31, 2020	$ 72,926	69,007	(8,571)	133,362
Balance at end (in shares) at Dec. 31, 2020	22,737
Common stock issued upon exercise of options and warrants	$ 6,048			6,048
Common stock issued upon exercise of options and warrants (in shares)	2,291
Repurchase of common stock	$ (25,676)			(25,676)
Repurchase of common stock (in shares)	(3,884)
Other comprehensive income (loss)			6,949	6,949
Stock-based compensation	2,000			2,000
Net income		47,524		47,524
Ending balance, value at Dec. 31, 2021	$ 55,298	116,531	(1,622)	170,207
Balance at end (in shares) at Dec. 31, 2021	21,144
Common stock issued upon exercise of options and warrants	$ 15,277			15,277
Common stock issued upon exercise of options and warrants (in shares)	3,127
Repurchase of common stock	$ (46,096)			(46,096)
Repurchase of common stock (in shares)	(4,140)
Other comprehensive income (loss)			(1,409)	(1,409)
Stock-based compensation	4,427			4,427
Net income		85,983		85,983
Ending balance, value at Dec. 31, 2022	$ 28,906	$ 202,514	$ (3,031)	$ 228,389
Balance at end (in shares) at Dec. 31, 2022	20,131

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Interest income	$ 305,237	$ 266,266	$ 294,982
Mark to finance receivables measured at fair value	15,283	(4,417)	(29,528)
Other income	9,189	5,962	5,707
Total revenues	329,709	267,811	271,161
Expenses:
Employee costs	84,282	80,534	80,198
General and administrative	37,618	34,616	31,981
Interest	87,524	75,239	101,338
Provision for credit losses	(28,100)	(14,590)	14,113
Sales	23,039	16,876	14,206
Occupancy	7,535	7,715	7,421
Depreciation and amortization	1,618	1,675	1,784
Total operating expenses	213,516	202,065	251,041
Income before income tax expense (benefit)	116,193	65,746	20,120
Income tax expense (benefit)	30,210	18,222	(1,557)
Net income	$ 85,983	$ 47,524	$ 21,677
Earnings per share:
Basic	$ 4.10	$ 2.11	$ 0.96
Diluted	$ 3.23	$ 1.84	$ 0.90
Number of shares used in computing earnings per share:
Basic	20,958	22,562	22,611
Diluted	26,589	25,780	24,003

(1) Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

(1) Summary of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Description of Business

Consumer Portfolio Services, Inc. ("CPS") was incorporated in California on March 8, 1991. CPS and its subsidiaries (collectively, the "Company") specialize in purchasing and servicing retail automobile installment sale contracts ("Contracts") originated by licensed motor vehicle dealers ("Dealers") located throughout the United States. Customers located in California, Texas, Ohio, Illinois, Florida, Pennsylvania, and Indiana represented 8.2%, 7.8%, 7.6%, 5.7%, 5.1%, 4.6%, and 4.6% respectively, of contracts purchased during 2022 compared with 10.9%, 6.1%, 9.3%, 3.6%, 5.0%, 4.6%, and 5.0% respectively in 2021. No other state had a concentration in excess of 4.6% in 2022. We specialize in contracts with vehicle purchasers who generally would not be expected to qualify for traditional financing provided by commercial banks or automobile manufacturers’ captive finance companies.

We are subject to various regulations and laws as they relate to the extension of credit in consumer credit transactions. Failure to comply with such laws and regulations could have a material adverse effect on the Company.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Consumer Portfolio Services, Inc. and its wholly-owned subsidiaries, certain of which are special purpose subsidiaries ("SPS"), formed to accommodate the structures under which we purchase and securitize our contracts. The Consolidated Financial Statements also include the accounts of CPS Leasing, Inc., an 80% owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

For purposes of the statements of cash flows, we consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of cash on hand and due from banks and money market accounts. Substantially all of our cash is deposited at three financial institutions. We maintain cash due from banks in excess of the banks' insured deposit limits. We do not believe we are exposed to any significant credit risk on these deposits. As part of certain financial covenants related to debt facilities, we are required to maintain a minimum unrestricted cash balance. As of December 31, 2022, our unrestricted cash balance was $13.5 million, which exceeded the minimum amounts required by our financial covenants.

Finance Receivables

Finance receivables, which we have the intent and ability to hold for the foreseeable future or until maturity or payoff, are presented at cost. All finance receivable contracts are held for investment. Interest income is accrued on the unpaid principal balance. Origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. Generally, payments received on finance receivables are restricted to certain securitized pools, and the related contracts cannot be resold. Finance receivables are charged off pursuant to the controlling documents of certain securitized pools, generally as described below under Charge Off Policy. Management may authorize an extension of payment terms if collection appears likely during the next calendar month.

Our portfolio of finance receivables consists of small-balance homogeneous contracts that are collectively evaluated for impairment on a portfolio basis. We report delinquency on a contractual basis. Once a Contract becomes greater than 90 days delinquent, we do not recognize additional interest income until the obligor under the Contract makes sufficient payments to be less than 90 days delinquent. Any payments received on a Contract that is greater than 90 days delinquent are first applied to accrued interest and then to principal reduction.

Finance Receivables Measured at Fair Value

Effective January 1, 2018, we adopted the fair value method of accounting for finance receivables acquired on or after that date. For each finance receivable acquired after 2017, we consider the price paid on the purchase date as the fair value for such receivable. We estimate the cash to be received in the future with respect to such receivables, based on our experience with similar receivables acquired in the past. We then compute the internal rate of return that results in the present value of those estimated cash receipts being equal to the purchase date fair value. Thereafter, we recognize interest income on such receivables on a level yield basis using that internal rate of return as the applicable interest rate. Cash received with respect to such receivables is applied first against such interest income, and then to reduce the recorded value of the receivables.

We re-evaluate the fair value of such receivables at the close of each measurement period. If the reevaluation were to yield a value materially different from the recorded value, an adjustment would be required. For the twelve-month period ended December 31, 2022 include a $15.3 million positive mark to the carrying value of the portion of the receivables portfolio accounted for at fair value. The Company considered the effect of the pandemic on the portfolio of finance receivables carried at fair value and recorded a mark down to that portfolio of $4.4 million for the twelve-month period ended December 31, 2021.

Anticipated credit losses are included in our estimation of cash to be received with respect to receivables. Because such credit losses are included in our computation of the appropriate level yield, we do not thereafter make periodic provision for credit losses, as our best estimate of the lifetime aggregate of credit losses is included in that initial computation. Also because we include anticipated credit losses in our computation of the level yield, the computed level yield is materially lower than the average contractual rate applicable to the receivables. Because our initial recorded value is fixed as the price we pay for the receivable, rather than as the contractual principal balance, we do not record acquisition fees as an amortizing asset related to the receivables, nor do we capitalize costs of acquiring the receivables. Rather we recognize the costs of acquisition as expenses in the period incurred.

Allowance for Finance Credit Losses

In order to estimate an appropriate allowance for losses likely incurred on finance receivables, we use a loss allowance methodology commonly referred to as "static pooling," which stratifies the finance receivable portfolio into separately identified pools based on their period of origination, then uses historical performance of seasoned pools to estimate future losses on current pools. Historical loss experience is adjusted as necessary for current economic conditions. We consider our portfolio of finance receivables to be relatively homogenous and consequently we analyze credit performance primarily in the aggregate rather than stratification by any particular credit quality indicator. Using analytical and formula driven techniques, we estimate an allowance for finance credit losses, which we believe is adequate for current expected credit losses that can be reasonably estimated in our portfolio of finance receivable contracts. Net losses incurred on finance receivables are charged to the allowance. We evaluate the adequacy of the allowance by examining current delinquencies, the characteristics of the portfolio, the value of the underlying collateral and historical loss trends. As conditions change, our level of provisioning and/or allowance may change.

Charge Off Policy

Delinquent contracts for which the related financed vehicle has been repossessed are generally charged off at the earliest of (1) the month in which the proceeds from the sale of the financed vehicle are received, (2) the month in which 90 days have passed from the date of repossession or (3) the month in which the Contract becomes seven scheduled payments past due (see Repossessed and Other Assets below). The amount charged off is the remaining principal balance of the Contract, after the application of the net proceeds from the liquidation of the financed vehicle. With respect to delinquent contracts for which the related financed vehicle has not been repossessed, the remaining principal balance is generally charged off no later than the end of the month that the Contract becomes five scheduled payments past due.

Contract Acquisition Fees and Origination Costs

Upon purchase of a Contract from a Dealer, we generally either charge or advance the Dealer an acquisition fee. Dealer acquisition fees and deferred origination costs are applied to the recorded value of finance receivables and are accreted into earnings as an adjustment to the yield over the estimated life of the Contract using the interest method. However, for receivables measured at fair value, we do not record acquisition fees as an amortizing asset related to the receivables, nor do we capitalize costs of acquiring the receivables. Rather we recognize the costs of acquisition as expenses in the period incurred.

Repossessed and Other Assets

If a Contract obligor fails to make or keep promises for payments, or if the obligor is uncooperative or attempts to evade contact or hide the vehicle, a supervisor will review the collection activity relating to the account to determine if repossession of the vehicle is warranted. Generally, such a decision is made between the 60th and 90th day past the obligor’s payment due date, but could occur sooner or later, depending on the specific circumstances. At the time the vehicle is repossessed we stop accruing interest on the Contract, and reclassify the remaining Contract balance to the line item "Other Assets" on our Consolidated Balance Sheet at its estimated fair value less costs to sell. Included in other assets in the accompanying Consolidated Balance Sheets are repossessed vehicles pending sale of $571,000 and $2.5 million at December 31, 2022 and 2021, respectively.

Treatment of Securitizations

Our term securitization structure has generally been as follows:

We sell contracts we acquire to a wholly-owned SPS, which has been established for the limited purpose of buying and reselling our contracts. The SPS then transfers the same contracts to another entity, typically a statutory trust ("Trust"). The Trust issues interest-bearing asset-backed securities ("Notes"), in a principal amount equal to or less than the aggregate principal balance of the contracts. We typically sell these contracts to the Trust at face value and without recourse, except representations and warranties that we make to the Trust that are similar to those provided to us by the Dealer. One or more investors (the "Noteholders") purchase the Notes issued by the Trust; the proceeds from the sale of the Notes are then used to purchase the contracts from us. We may retain or sell subordinated Notes issued by the Trust. In addition, we have provided "Credit Enhancement" for the benefit of the Noteholders in three forms: (1) an initial cash deposit to a bank account (a "Spread Account") held by the Trust, (2) overcollateralization of the Notes, where the principal balance of the Notes issued is less than the principal balance of the contracts, and (3) in the form of subordinated Notes. The agreements governing the securitization transactions (collectively referred to as the "Securitization Agreements") require that the initial level of Credit Enhancement be supplemented by a portion of collections from the contracts until the level of Credit Enhancement reaches specified levels, which are then maintained. The specified levels are generally computed as a percentage of the principal amount remaining unpaid under the related contracts. The specified levels at which the Credit Enhancement is to be maintained will vary depending on the performance of the portfolios of contracts held by the Trusts and on other conditions. Such levels have increased and decreased from time to time based on performance of the various portfolios, and have also varied from one Trust to another.

Our warehouse securitization structures are similar to the above, except that (i) the SPS that purchases the contracts pledges the contracts to secure promissory notes or loans that it issues, and (ii) no increase in the required amount of Credit Enhancement is contemplated. Upon each sale of contracts in a securitization structured as a secured financing, we retain as assets on our Consolidated Balance Sheet the securitized contracts and record as indebtedness the Notes issued in the transaction.

We have the power to direct the most significant activities of the SPS. In addition, we have the obligation to absorb losses and the rights to receive benefits from the SPS, both of which could be potentially significant to the SPS. These types of securitization structures are treated as secured financings, in which the receivables remain on our Consolidated Balance Sheet, and the debt issued by the SPS is shown as a securitization trust debt on our Consolidated Balance Sheet.

We receive periodic base servicing fees for the servicing and collection of the contracts. In addition, we are entitled to the cash flows from the Trusts that represent collections on the contracts in excess of the amounts required to pay principal and interest on the Notes, the base servicing fees, and certain other fees (such as trustee and custodial fees). Required principal payments on the Notes are generally defined as the payments sufficient to keep the principal balance of the Notes equal to the aggregate principal balance of the related contracts (excluding those contracts that have been charged off), or a pre-determined percentage of such balance. Where that percentage is less than 100%, the related Securitization Agreements require accelerated payment of principal until the principal balance of the Notes is reduced to the specified percentage. Such accelerated principal payment is said to create "overcollateralization" of the Notes.

If the amount of cash required for payment of fees, interest and principal on the senior Notes exceeds the amount collected during the collection period, the shortfall is generally withdrawn from the Spread Account, if any. If the cash collected during the period exceeds the amount necessary for the above allocations plus required principal payments on the subordinated Notes, if any, and there is no shortfall in the related Spread Account or other form of Credit Enhancement, the excess is released to us. If the total Credit Enhancement amount is not at the required level, then the excess cash collected is retained in the Trust until the specified level is achieved. Cash in the Spread Accounts is restricted from our use. Cash held in the various Spread Accounts is invested in high quality, liquid investment securities, as specified in the Securitization Agreements. In all of our term securitizations we have transferred the receivables (through a subsidiary) to the securitization Trust. We report the assets and liabilities of the securitization Trust on our Consolidated Balance Sheet. The Noteholders’ and the related securitization Trusts’ recourse against us for failure of the contract obligors to make payments on a timely basis is limited, in general, to our Finance Receivables, and Spread Accounts.

Servicing

We consider the contractual servicing fee received on our managed portfolio held by non-consolidated subsidiaries to be equal to adequate compensation. Additionally, we consider that these fees would fairly compensate a substitute servicer, should one be required. As a result, no servicing asset or liability has been recognized. Servicing fees received on the managed portfolio held by non-consolidated subsidiaries are reported as income when earned. Servicing fees received on the managed portfolio held by consolidated subsidiaries are included in interest income when earned. Servicing costs are charged to expense as incurred. Servicing fees receivable, which are included in Other Assets in the accompanying Consolidated Balance Sheets, represent fees earned but not yet remitted to us by the trustee.

Furniture and Equipment

Furniture and equipment are stated at cost net of accumulated depreciation. We calculate depreciation using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Assets held under capital leases and leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease terms. Amortization expense on assets acquired under capital lease is included with depreciation expense on owned assets.

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.

Other Income

The following table presents the primary components of Other Income:

Schedule of other income
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Third-party portfolio	$	6,814	$	–	$	–
Direct mail revenues		774		3,391		3,312
Convenience fee revenue		218		590		1,490
Recoveries on previously charged-off contracts		71		115		111
Sales tax refunds		737		580		748
Other		575		1,286		46
Other income for the period	$	9,189	$	5,962	$	5,707

Earnings Per Share

Earnings per share were calculated using the weighted average number of shares outstanding for the related period. The following table illustrates the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	85,983	$	47,524	$	21,677
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year		20,958		22,562		22,611
Incremental common shares attributable to exercise of outstanding options and warrants		5,631		3,218		1,392
Denominator for diluted earnings per share		26,589		25,780		24,003
Basic earnings per share	$	4.10	$	2.11	$	0.96
Diluted earnings per share	$	3.23	$	1.84	$	0.90

Incremental shares of 1.2 million, 5.7 million and 13.6 million related to stock options and warrants have been excluded from the diluted earnings per share calculation for the years ended December 31, 2022, 2021 and 2020, respectively, because the effect is anti-dilutive.

Deferral and Amortization of Debt Issuance Costs

Costs related to the issuance of debt are deferred and amortized using the interest method over the contractual or expected term of the related debt. Unamortized debt issuance costs are presented as a direct deduction to the carrying amount of the related debt on our Consolidated Balance Sheets.

Income Taxes

The Company and its subsidiaries file a consolidated federal income tax return and combined or stand-alone state franchise tax returns for certain states. We utilize the asset and liability method of accounting for income taxes, under which deferred income taxes are recognized for the future tax consequences attributable to the differences between the financial statement values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. We estimate a valuation allowance against that portion of the deferred tax asset whose utilization in future periods is not more than likely.

Purchases of Company Stock

We record purchases of our own common stock at cost and treat the shares as retired.

Stock Option Plan

The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718, Compensation—Stock Compensation, that generally requires entities to recognize the cost of employee services received in exchange for awards of stock options, restricted stock or other equity instruments, based on the grant date fair value of those awards. Compensation cost is recognized for awards issued to employees based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. This cost is recognized over the period which an employee is required to provide services in exchange for the award, generally the vesting period.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as the reported amounts of income and expenses during the reported periods. These are material estimates that could be susceptible to changes in the near term and, accordingly, actual results could differ from those estimates.

Reclassification

Certain amounts for the prior year have been reclassified to conform to the current year’s presentation with no effect on previously reported earnings or shareholders’ equity.

Financial Covenants

Certain of our securitization transactions, our residual interest financing and our warehouse credit facilities contain various financial covenants requiring certain minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. In addition, certain securitization and non-securitization related debt contain cross-default provisions that would allow certain creditors to declare a default if a default occurred under a different facility. As of December 31, 2022 we were in compliance with all such financial covenants.

Provision for Contingent Liabilities

We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Our legal counsel has advised us on such matters where, based on information available at the time of this report, there is an indication that it is both probable that a liability has been incurred and the amount of the loss can be reasonably determined.

We have recorded a liability as of December 31, 2022, which represents our estimate of the immaterial aggregate probable incurred losses for legal contingencies. The amount of losses that may ultimately be incurred, over and above such losses as are probable, cannot be estimated with certainty.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 13,490	$ 29,928
Restricted cash and equivalents	149,299	146,620
Finance receivables measured at fair value	2,476,617	1,749,098
Finance receivables	92,304	232,390
Less: Allowance for finance credit losses	(21,753)	(56,206)
Finance receivables, net	70,551	176,184
Furniture and equipment, net	1,660	1,129
Deferred tax assets, net	10,177	19,575
Accrued interest receivable	649	2,269
Other assets	30,325	34,775
Total Assets	2,752,768	2,159,578
Liabilities
Accounts payable and accrued expenses	55,421	43,648
Warehouse lines of credit	285,328	105,610
Residual interest financing	49,623	53,682
Securitization trust debt	2,108,744	1,759,972
Subordinated renewable notes	25,263	26,459
Total Liabilities	2,524,379	1,989,371
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Preferred stock	0	0
Common stock, no par value; authorized 75,000,000 shares; 20,131,323 and 21,143,764 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	28,906	55,298
Retained earnings	202,514	116,531
Accumulated other comprehensive loss	(3,031)	(1,622)
Total stockholders' equity	228,389	170,207
Total liabilities and stockholders' equity	2,752,768	2,159,578
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock	$ 0	$ 0

(1) Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of other income

Schedule of other income
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Third-party portfolio	$	6,814	$	–	$	–
Direct mail revenues		774		3,391		3,312
Convenience fee revenue		218		590		1,490
Recoveries on previously charged-off contracts		71		115		111
Sales tax refunds		737		580		748
Other		575		1,286		46
Other income for the period	$	9,189	$	5,962	$	5,707

Schedule of computation of earnings per share


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	85,983	$	47,524	$	21,677
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year		20,958		22,562		22,611
Incremental common shares attributable to exercise of outstanding options and warrants		5,631		3,218		1,392
Denominator for diluted earnings per share		26,589		25,780		24,003
Basic earnings per share	$	4.10	$	2.11	$	0.96
Diluted earnings per share	$	3.23	$	1.84	$	0.90

(10) Commitments and Contingencies (Details Narrative)	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Probably losses for legal contingencies	$ 4,900,000
Maximum possible losses for legal proceedings and contingencies	$ 11,200,000

(3) Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Finance Receivables

Schedule of finance receivables

Schedule of finance receivables
	December 31,
	2022		2021
Finance receivables	(In thousands)
Automobile finance receivables, net of unearned interest	$	92,304	$	232,390
Unearned acquisition fees, discounts and deferred origination costs, net		–		–
Finance receivables	$	92,304	$	232,390

We consider an automobile contract delinquent when an obligor fails to make at least 90% of a contractually due payment by the following due date, which date may have been extended within limits specified in the servicing agreements. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. Automobile contracts less than 31 days delinquent are not reported as delinquent. In certain circumstances we will grant obligors one-month payment extensions. The only modification of terms is to advance the obligor’s next due date by one month and extend the maturity date of the receivable by one month. In certain limited cases, a two-month extension may be granted. There are no other concessions, such as a reduction in interest rate, forgiveness of principal or of accrued interest. Accordingly, we consider such extensions to be insignificant delays in payments rather than troubled debt restructurings. The following table summarizes the delinquency status of finance receivables as of December 31, 2022 and 2021:

Schedule of amortized cost basis of finance receivables


	December 31,
	2022		2021
Delinquency Status	(In thousands)
Current	$	65,764	$	186,625
31-60 days		16,796		30,980
61-90 days		7,756		12,070
91 + days		1,988		2,715
	$	92,304	$	232,390

Schedule of amortized cost basis of finance receivables


	December 31,
	2022		2021
	(In thousands)
Annual Vintage Pool
2012 and prior	$	33	$	131
2013		231		1,091
2014		1,601		6,881
2015		8,627		29,695
2016		28,632		76,728
2017		53,180		117,864
Total amortized cost basis	$	92,304	$	232,390

Schedule of allowance for finance credit losses


	December 31,
	2022			2021			2020
	(In thousands)
Balance at beginning of year	$	56,206		$	80,790		$	11,640
Impact of adoption ASC 326		n/a			n/a			127,000
Provision for credit losses on finance receivables		(28,100	)		(14,590	)		14,113
Charge-offs		(18,319	)		(30,940	)		(90,824	)
Recoveries		11,966			20,946			18,861
Balance at end of year	$	21,753		$	56,206		$	80,790

Schedule of allowance for losses on repossessed inventory


	December 31,
	2022			2021
	(In thousands)
Gross balance of repossessions in inventory	$	1,894		$	4,341
Allowance for losses on repossessed inventory		(1,323	)		(1,871	)
Net repossessed inventory included in other assets	$	571		$	2,470

(10) Commitments and Contingencies (Details - Lease - Cash flow) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,056	$ 7,474	$ 7,762
Operating cash flows from finance leases	948	1,118	1,007
Financing cash flows from finance leases	$ 40	$ 111	$ 172

(9) Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

(9) Income Taxes

(9) Income Taxes

Income taxes consist of the following:

Schedule of income tax expense
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Current federal tax expense	$	16,946	$	8,992	$	(23,576	)
Current state tax expense		3,352		2,845		472
Deferred federal tax expense		5,573		3,012		18,937
Deferred state tax expense		4,339		3,373		2,610

Income tax expense	$	30,210	$	18,222	$	(1,557	)

Income tax expense for the years ended December 31, 2022, 2021 and 2020 differs from the amount determined by applying the statutory federal rate to income before income taxes as follows:


	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Expense at federal tax rate	$	24,401		$	13,807		$	4,225
State taxes, net of federal income tax effect		6,462			3,974			1,505
Stock-based compensation		(2,611	)		(947	)		35
Non-deductible expenses		1,056			1,129			974
Net operating loss carryback		–			(1,694	)		(9,435	)
Effect of change in tax rate		–			–			–
Accounting method change		–			–			–
Other		902			1,953			1,139
Income tax expense	$	30,210		$	18,222		$	(1,557	)

The tax effected cumulative temporary differences that give rise to deferred tax assets and liabilities as of December 31, 2022 and 2021 are as follows:


	December 31,
	2022			2021
	(In thousands)
Deferred Tax Assets:
Finance receivables	$	4,870		$	10,644
Accrued liabilities		1,708			1,694
NOL carryforwards		450			2,070
Built in losses		2,024			2,679
Pension accrual		–			–
Stock compensation		2,172			3,584
Lease liability		1,711			2,737
Other		–			–
Total deferred tax assets	$	12,935		$	23,408

Deferred Tax Liabilities:
Finance receivables	$	–		$	–
Deferred loan costs		–			–
Pension accrual		(752	)		(1,026	)
Lease right-of-use assets		(1,572	)		(2,487	)
Furniture and equipment and other		(434	)		(320	)
Total deferred tax liabilities		(2,758	)		(3,833	)

Net deferred tax asset	$	10,177		$	19,575

We acquired certain net operating losses and built-in loss assets as part of our acquisitions of MFN Financial Corp. (“MFN”) in 2002 and TFC Enterprises, Inc. (“TFC”) in 2003. Moreover, both MFN and TFC have undergone an ownership change for purposes of Internal Revenue Code (“IRC”) Section 382. In general, IRC Section 382 imposes an annual limitation on the ability of a loss corporation (that is, a corporation with a net operating loss (“NOL”) carryforward, credit carryforward, or certain built-in losses (“BILs”)) to utilize its pre-change NOL carryforwards or BILs to offset taxable income arising after an ownership change.

In determining the possible future realization of deferred tax assets, we have considered future taxable income from the following sources: (a) reversal of taxable temporary differences; and (b) tax planning strategies that, if necessary, would be implemented to accelerate taxable income into years in which net operating losses might otherwise expire.

Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. A valuation allowance is recognized for a deferred tax asset if, based on the weight of the available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. In making such judgements, significant weight is given to evidence that can be objectively verified. Although realization is not assured, we believe that the realization of the recognized net deferred tax asset of $10.2 million as of December 31, 2022 is more likely than not based on forecasted future net earnings. Our net deferred tax asset of $10.2 million consists of approximately $7.0 million of net U.S. federal deferred tax assets and $3.2 million of net state deferred tax assets.

As of December 31, 2022, we had net operating loss carryforwards for state income tax purposes of $42.4 million. These state net operating losses begin to expire in 2023.

We recognize a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We recognize potential interest and penalties related to unrecognized tax benefits as income tax expense. At December 31, 2022, we had no unrecognized tax benefits for uncertain tax positions.

We are subject to taxation in the US and various state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 2018.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

(4) Furniture and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	$ 9,855	$ 8,659
Less: accumulated depreciation and amortization	(8,195)	(7,530)
Furniture and equipment, net	1,660	1,129
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	1,936	1,936
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	6,349	5,216
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	$ 1,570	$ 1,507

(7) Shareholders' Equity (Details - Assumptions)	12 Months Ended
(7) Shareholders' Equity (Details - Assumptions)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Expected life (years)	4 years	4 years	4 years 3 days
Risk-free interest rate	2.38%	0.49%	0.25%
Volatility	76.00%	72.00%	73.00%
Expected dividend yield	0.00%	0.00%	0.00%

(12) Fair Value Measurements (Details - Delinquency status) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Initial Principal	$ 2,701,184	$ 1,972,699
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	2,375,271	1,787,641
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	184,968	115,924
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	72,390	38,999
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	29,048	11,564
Repossessed Vehicles [Member] [Default Label]
Financing Receivable, Past Due [Line Items]
Initial Principal	$ 39,507	$ 18,571

(7) Shareholders' Equity (Details - Options outstanding and exercisable) - shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	11,167	13,075
Number of shares, exercisable	7,770	9,685
$0.95 - $1.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	0	577
Number of shares, exercisable	0	577
$2.00 - $2.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,445	1,517
Number of shares, exercisable	775	489
$3.00 - $3.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	3,785	4,285
Number of shares, exercisable	3,495	3,382
$4.00 - $4.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	2,739	2,870
Number of shares, exercisable	1,802	1,410
$5.00 - $5.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	0	0
Number of shares, exercisable	0	0
$6.00 - $6.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	740	2,651
Number of shares, exercisable	740	2,652
$7.00 - $7.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	748	1,175
Number of shares, exercisable	748	1,175
$10.00 - $10.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,710	0
Number of shares, exercisable	210	0

13) Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

13) Subsequent Events

13) Subsequent Events

On January 25, 2023 we executed our first securitization of 2023. In the transaction, qualified institutional buyers purchased $324.8 million of asset-backed notes secured by $362.9 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2023-A, consist of five classes. Ratings of the notes were provided by Standard & Poor’s and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. The weighted average yield on the notes is approximately 6.82%.

The 2023-A transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 10.50%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 14.00% of the original receivable pool balance, or 38.00% of the then outstanding pool balance. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law.

(11) Employee Benefits (Details - Weighted average assumptions)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Discount rate	4.87%	2.65%
Discount rate	2.65%	2.28%
Expected return on plan assets	7.25%	7.25%

(3) Finance Receivables (Details - Components of Finance Receivables) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Receivables
Automobile finance receivables, net of unearned interest	$ 92,304	$ 232,390
Unearned acquisition fees, discounts and deferred origination costs, net	0	0
Finance receivables	$ 92,304	$ 232,390

(7) Shareholders' Equity (Details - Stock purchases) - Common Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Total stock purchases, shares	4,139,664	3,884,876
Total stock purchases, average price per share	$ 11.11	$ 3.97
Open Market Purchases [Member]
Equity, Class of Treasury Stock [Line Items]
Total stock purchases, shares	3,246,511	1,639,138
Total stock purchases, average price per share	$ 10.44	$ 6.98
Shares Redeemed [Member]
Equity, Class of Treasury Stock [Line Items]
Total stock purchases, shares	893,153	245,743
Total stock purchases, average price per share	$ 13.56	$ 6.95
Other Share Repurchases [Member]
Equity, Class of Treasury Stock [Line Items]
Total stock purchases, shares	0	1,999,995
Total stock purchases, average price per share	$ 0	$ 6.26

(8) Interest Income and Interest Expense

12 Months Ended

Dec. 31, 2022

Interest Income And Interest Expense

(8) Interest Income and Interest Expense

(8) Interest Income and Interest Expense

The following table presents the components of interest income:

Schedule of interest income
	Year Ended December 31,
	2022		2021			2020
	(In thousands)
Interest on finance receivables	$	35,091	$	69,783		$	126,043
Interest on finance receivables at fair value		268,621		196,461			168,266
Mark to finance receivables measured at fair value		15,283		(4,417	)		(29,528	)
Other interest income		1,525		22			673
Interest income	$	320,520	$	261,849		$	265,454

The following table presents the components of interest expense:

Schedule of interest expense
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Securitization trust debt	$	70,627	$	64,387	$	88,031
Warehouse lines of credit		10,310		4,448		7,678
Residual interest financing		4,243		3,763		3,454
Subordinated renewable notes		2,344		2,641		2,175
Interest expense	$	87,524	$	75,239	$	101,338

(6) Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

(6) Debt

(6) Debt

The terms of our debt outstanding at December 31, 2022 and 2021 are summarized below:

Schedule of debt outstanding
			Amount Outstanding at
			December 31,		December 31,
			2022		2021
			(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	3.00% over CP yield rate (Minimum 3.75%) 7.48% and 3.75% at December 31, 2022 and December 31 2021, respectively	July 2024	$	150,293	$	70,590

	4.15% over a commercial paper rate (Minimum 5.15%) 8.60% and 5.15% at December 31 2022, and December 31 2021, respectively	January 2024		137,585		35,420

Residual interest financing	8.60%	January 2026		–		4,311

Residual interest financing	7.86%	June 2026		50,000		50,000

Subordinated renewable notes	Weighted average rate of 7.82% and 8.93% at December 31, 2022 and December 31, 2021, respectively	Weighted average maturity of October 2024 and January 2024 at December 31, 2022 and December 31, 2021, respectively		25,263		26,459
			$	363,141	$	186,780

Debt issuance costs of $2.6 million and $400,000 as of December 31, 2022 and December 31, 2021, respectively, have been excluded from the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the Warehouse lines of credit and residual interest financing on our Consolidated Balance Sheets.

On May 11, 2012, we entered into a $100 million one-year warehouse credit line with Citibank, N.A. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Eight Funding, LLC. The facility provides for effective advances up to 86.0% of eligible finance receivables. The Class A loans under the facility generally accrue interest during the revolving period at a per annum rate equal to one-month SOFR plus 3.00% per annum, with a minimum rate of 3.75% per annum and during the amortization period at a per annum rate equal to one-month SOFR plus 4.00% per annum, with a minimum rate of 4.75% per annum. The Class B loans under the facility generally accrue interest during the revolving period at a per annum rate equal to 8.50% per annum and during the amortization period at a per annum rate equal to 9.50% per annum. In July 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity from $100 million to $200 million. This facility was amended to extend the revolving period to July 2024 and to include an amortization period through July 2025 for any receivables pledged to the facility at the end of the revolving period. At December 31, 2022 there was $150.3 million outstanding under this facility.

On February 2, 2022, we renewed our two-year revolving credit agreement with Ares Agent Services, L.P. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Nine Funding, LLC. The facility provides for effective advances up to 88.00% of eligible finance receivables. The loans under the facility accrue interest at a commercial paper rate plus 4.15% per annum, with a minimum rate of 5.15% per annum. In June 2022, we increased the capacity of our credit agreement with Ares Agent Services, L.P. from $100 million to $200 million. This facility was amended to extend the revolving period to January 2024 followed by an amortization period through January 2028 for any receivables pledged to the facility at the end of the revolving period. At December 31, 2022 there was $137.6 million outstanding under this facility.

The total outstanding debt on our two warehouse lines of credit was $287.9 million as of December 31, 2022, compared to $106.0 million outstanding as of December 31, 2021.

On June 30, 2021, we completed a $50 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction, qualified institutional buyers purchased $50.0 million of asset-backed notes secured by residual interests in eleven CPS securitizations consecutively issued from January 2018 and September 2020. The sold notes (“2021-1 Notes”), issued by CPS Auto Securitization Trust 2021-1, consist of a single class with a coupon of 7.86%. At December 31, 2022 there was $50.0 million outstanding under this facility.

The agreed valuation of the collateral for the 2018-1 and 2021-1 Notes is the sum of the amounts on deposit in the underlying spread accounts for each related securitization and the over-collateralization of each related securitization, which is the difference between the outstanding principal balances of the related receivables less the principal balance of the outstanding notes issued in the related securitization. On each monthly payment date, the 2018-1 and 2021-1 Notes are entitled to interest at the coupon rate and, if necessary, a principal payment necessary to maintain a specified minimum collateral ratio.

Unamortized debt issuance costs of $377,000 and $629,000 as of December 31, 2022 and December 31, 2021, respectively, have been excluded from the amount reported above for residual interest financing. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Consolidated Balance Sheets.

We must comply with certain affirmative and negative covenants related to debt facilities, which require, among other things, that we maintain certain financial ratios related to liquidity, net worth and capitalization. Further covenants include matters relating to investments, acquisitions, restricted payments and certain dividend restrictions. See the discussion of financial covenants in Note 1.

The following table summarizes the contractual and expected maturity amounts of our outstanding subordinated renewable notes as of December 31, 2022:


	Subordinated
Contractual maturity	renewable
date	notes
	(In thousands)
2023	$	13,800
2024		2,798
2025		3,146
2026		3,264
2027		837
Thereafter		1,418
Total	$	25,263

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1C
-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

(5) Securitization Trust Debt (Tables)

12 Months Ended

Dec. 31, 2022

Securitization Trust Debt

Schedule of securitization trust debt

Schedule of securitization trust debt
											Weighted
											Average
	Final		Receivables				Outstanding		Outstanding		Contractual Debt
	Scheduled		Pledged at				Principal at		Principal at		Interest Rate at
	Payment		December 31,		Initial		December 31,		December 31,		December 31,
Series	Date (1)		2022 (2)		Principal		2022		2021		2022
(Dollars in thousands)
CPS 2017-A		April 2024	$	–	$	206,320	$	–	$	17,644		–
CPS 2017-B		December 2023		–		225,170		–		12,491		–
CPS 2017-C		September 2024		–		224,825		–		25,846		–
CPS 2017-D		June 2024		–		196,300		–		26,744		–
CPS 2018-A		March 2025		16,642		190,000		12,939		29,518		5.17%
CPS 2018-B		December 2024		20,897		201,823		17,077		36,092		5.61%
CPS 2018-C		September 2025		24,589		230,275		20,222		42,765		6.07%
CPS 2018-D		June 2025		30,015		233,730		25,563		49,634		5.82%
CPS 2019-A		March 2026		38,138		254,400		32,898		62,667		5.49%
CPS 2019-B		June 2026		39,755		228,275		33,897		61,730		5.39%
CPS 2019-C		September 2026		46,903		243,513		41,515		75,065		4.35%
CPS 2019-D		December 2026		60,856		274,313		53,625		98,625		3.71%
CPS 2020-A		March 2027		56,226		260,000		52,705		99,485		3.99%
CPS 2020-B		June 2027		63,849		202,343		41,736		87,048		6.16%
CPS 2020-C		November 2027		86,061		252,200		72,894		138,899		3.24%
CPS 2021-A		March 2028		90,801		230,545		72,076		147,516		1.39%
CPS 2021-B		June 2028		113,723		240,000		101,206		179,856		1.86%
CPS 2021-C		September 2028		165,102		291,000		147,593		250,003		1.60%
CPS 2021-D		December 2028		224,055		349,202		209,277		330,325		1.85%
CPS 2022-A		April 2029		243,580		316,800		222,613		–		2.16%
CPS 2022-B		October 2029		355,224		395,600		325,907		–		4.16%
CPS 2022-C		April 2030		394,782		391,600		346,714		–		5.24%
CPS 2022-D		August 2030		322,973		307,018		292,461		–		7.37%
			$	2,394,171	$	5,945,252	$	2,122,919	$	1,771,953

_________________________

(1)

(2)

Includes repossessed assets that are included in Other Assets on our Consolidated Balance Sheets.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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-Publisher FASB
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

(10) Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Supplemental balance sheet information related to leases


	December 31,			December 31,
	2022			2021
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	28,397		$	25,819
Less: Accumulated amortization right-of-use assets		(22,613	)		(17,624	)
Operating lease right-of-use assets, net	$	5,784		$	8,195

Operating lease liabilities	$	(6,234	)	$	(9,058	)

Finance Leases
Property and equipment, at cost	$	3,407		$	3,407
Less: Accumulated depreciation		(3,301	)		(2,348	)
Property and equipment, net	$	106		$	1,059

Finance lease liabilities	$	(177	)	$	(1,124	)

Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.5%			6.5%

Maturities of leases

Maturities of leases
Maturities of lease liabilities were as follows:
(In thousands)	Operating			Finance
Year Ending December 31,	Lease			Lease
2023	$	4,378		$	147
2024		1,544			26
2025		794			9
2026		501			–
2027		509			–
Thereafter		650			–
Total undiscounted lease payments		8,376			182
Less amounts representing interest		(2,142	)		(5	)
Lease Liability	$	6,234		$	177

Schedule of lease cost

Schedule of lease cost
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Operating lease cost	$	6,650	$	7,184	$	7,523
Finance lease cost		987		1,229		1,179
Total lease cost	$	7,637	$	8,413	$	8,702

Supplemental cash flow information related to leases


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,056	$	7,474	$	7,762
Operating cash flows from finance leases		948		1,118		1,007
Financing cash flows from finance leases		40		111		172

(1) Summary of Significant Accounting Policies (Details - Other income) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other income for the period	$ 9,189	$ 5,962	$ 5,707
Third Party Portfoilo [Member]
Other income for the period	6,814	0	0
Direct Mail Revenues [Member]
Other income for the period	774	3,391	3,312
Convenience Fee Revenue [Member]
Other income for the period	218	590	1,490
Recoveries on previously charged-off contracts [Member]
Other income for the period	71	115	111
Sales Tax Refunds [Member]
Other income for the period	737	580	748
Other Income [Member]
Other income for the period	$ 575	$ 1,286	$ 46

(4) Furniture and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

(4) Furniture and Equipment

(4) Furniture and Equipment

The following table presents the components of furniture and equipment:

Schedule of furniture and equipment
	December 31,
	2022			2021
	(In thousands)
Furniture and fixtures	$	1,936		$	1,936
Computer and telephone equipment		6,349			5,216
Leasehold improvements		1,570			1,507
		9,855			8,659
Less: accumulated depreciation and amortization		(8,195	)		(7,530	)
	$	1,660		$	1,129

Depreciation expense totaled $1,618,000, $1,675,000, and $1,784,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

(3) Finance Receivables (Details - Delinquency status) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	$ 92,304	$ 232,390
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	65,764	186,625
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	16,796	30,980
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	7,756	12,070
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	$ 1,988	$ 2,715

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

(9) Income Taxes (Details - Income tax expense) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current federal tax expense	$ 16,946	$ 8,992	$ (23,576)
Current state tax expense	3,352	2,845	472
Deferred federal tax expense	5,573	3,012	18,937
Deferred state tax expense	4,339	3,373	2,610
Income tax expense	$ 30,210	$ 18,222	$ (1,557)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

(1) Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Description of Business

Principles of Consolidation

Cash and Cash Equivalents

Finance Receivables

Finance Receivables Measured at Fair Value

Finance Receivables Measured at Fair Value

Allowance for Finance Credit Losses

Charge Off Policy

Contract Acquisition Fees and Origination Costs

Repossessed and Other Assets

reatment of Securitizations

Treatment of Securitizations

Our term securitization structure has generally been as follows:

Servicing

Furniture and Equipment

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Other Income

The following table presents the primary components of Other Income:

Schedule of other income
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Third-party portfolio	$	6,814	$	–	$	–
Direct mail revenues		774		3,391		3,312
Convenience fee revenue		218		590		1,490
Recoveries on previously charged-off contracts		71		115		111
Sales tax refunds		737		580		748
Other		575		1,286		46
Other income for the period	$	9,189	$	5,962	$	5,707

Earnings Per Share


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	85,983	$	47,524	$	21,677
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year		20,958		22,562		22,611
Incremental common shares attributable to exercise of outstanding options and warrants		5,631		3,218		1,392
Denominator for diluted earnings per share		26,589		25,780		24,003
Basic earnings per share	$	4.10	$	2.11	$	0.96
Diluted earnings per share	$	3.23	$	1.84	$	0.90

Deferral and Amortization of Debt Issuance Costs

Income Taxes

Purchases of Company Stock

We record purchases of our own common stock at cost and treat the shares as retired.

Stock Option Plan

Use of Estimates

Reclassification

Certain amounts for the prior year have been reclassified to conform to the current year’s presentation with no effect on previously reported earnings or shareholders’ equity.

Financial Covenant

Financial Covenants

Provision for Contingent Liabilities

Provision for Contingent Liabilities

(5) Securitization Trust Debt (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Receivables Pledged at end of period

^[1]

$ 2,394,171

Initial Principal

5,945,252

Outstanding Principal

2,122,919

$ 1,771,953

Securitization Trust Debt [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Securitization Trust Debt, payable in 2023

804,400,000

Securitization Trust Debt, payable in 2024

578,900,000

Securitization Trust Debt, payable in 2025

339,100,000

Securitization Trust Debt, payable in 2026

202,300,000

Securitization Trust Debt, payable in 2027

128,100,000

Securitization Trust Debt, payable in 2028

55,300,000

Securitization Trust Debt, payable in 2029

$ 600,000

CPS 2017-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2024

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

206,320

Outstanding Principal

$ 0

17,644

Weighted Average Contractual Interest Rate

0.00%

CPS 2017-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2023

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

225,170

Outstanding Principal

$ 0

12,491

Weighted Average Contractual Interest Rate

0.00%

CPS 2017-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2024

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

224,825

Outstanding Principal

$ 0

25,846

Weighted Average Contractual Interest Rate

0.00%

CPS 2017-D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2024

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

196,300

Outstanding Principal

$ 0

26,744

Weighted Average Contractual Interest Rate

0.00%

CPS 2018-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2025

Receivables Pledged at end of period

^[1]

$ 16,642

Initial Principal

190,000

Outstanding Principal

$ 12,939

29,518

Weighted Average Contractual Interest Rate

5.17%

CPS 2018-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2024

Receivables Pledged at end of period

^[1]

$ 20,897

Initial Principal

201,823

Outstanding Principal

$ 17,077

36,092

Weighted Average Contractual Interest Rate

5.61%

CPS 2018-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2025

Receivables Pledged at end of period

^[1]

$ 24,589

Initial Principal

230,275

Outstanding Principal

$ 20,222

42,765

Weighted Average Contractual Interest Rate

6.07%

CPS 2018-D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2025

Receivables Pledged at end of period

^[1]

$ 30,015

Initial Principal

233,730

Outstanding Principal

$ 25,563

49,634

Weighted Average Contractual Interest Rate

5.82%

CPS 2019-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2026

Receivables Pledged at end of period

^[1]

$ 38,138

Initial Principal

254,400

Outstanding Principal

$ 32,898

62,667

Weighted Average Contractual Interest Rate

5.49%

CPS 2019-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2026

Receivables Pledged at end of period

^[1]

$ 39,755

Initial Principal

228,275

Outstanding Principal

$ 33,897

61,730

Weighted Average Contractual Interest Rate

5.39%

CPS 2019-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2026

Receivables Pledged at end of period

^[1]

$ 46,903

Initial Principal

243,513

Outstanding Principal

$ 41,515

75,065

Weighted Average Contractual Interest Rate

4.35%

CPS 2019-D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2026

Receivables Pledged at end of period

^[1]

$ 60,856

Initial Principal

274,313

Outstanding Principal

$ 53,625

98,625

Weighted Average Contractual Interest Rate

3.71%

CPS 2020-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2027

Receivables Pledged at end of period

^[1]

$ 56,226

Initial Principal

260,000

Outstanding Principal

$ 52,705

99,485

Weighted Average Contractual Interest Rate

3.99%

CPS 2020-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2027

Receivables Pledged at end of period

^[1]

$ 63,849

Initial Principal

202,343

Outstanding Principal

$ 41,736

87,048

Weighted Average Contractual Interest Rate

6.16%

CPS 2020-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

November 2027

Receivables Pledged at end of period

^[1]

$ 86,061

Initial Principal

252,200

Outstanding Principal

$ 72,894

138,899

Weighted Average Contractual Interest Rate

3.24%

CPS 2021-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2028

Receivables Pledged at end of period

^[1]

$ 90,801

Initial Principal

230,545

Outstanding Principal

$ 72,076

147,516

Weighted Average Contractual Interest Rate

1.39%

CPS 2021-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2028

Receivables Pledged at end of period

^[1]

$ 113,723

Initial Principal

240,000

Outstanding Principal

$ 101,206

179,856

Weighted Average Contractual Interest Rate

1.86%

CPS 2021 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2028

Receivables Pledged at end of period

^[1]

$ 165,102

Initial Principal

291,000

Outstanding Principal

$ 147,593

250,003

Weighted Average Contractual Interest Rate

1.60%

CPS 2021 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2028

Receivables Pledged at end of period

^[1]

$ 224,055

Initial Principal

349,202

Outstanding Principal

$ 209,277

330,325

Weighted Average Contractual Interest Rate

1.85%

CPS 2022 A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2029

Receivables Pledged at end of period

^[1]

$ 243,580

Initial Principal

316,800

Outstanding Principal

$ 222,613

Weighted Average Contractual Interest Rate

2.16%

CPS 2022 B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

October 2029

Receivables Pledged at end of period

^[1]

$ 355,224

Initial Principal

395,600

Outstanding Principal

$ 325,907

Weighted Average Contractual Interest Rate

4.16%

CPS 2022 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2030

Receivables Pledged at end of period

^[1]

$ 394,782

Initial Principal

391,600

Outstanding Principal

$ 346,714

Weighted Average Contractual Interest Rate

5.24%

C P S 2022 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

August 2030

Receivables Pledged at end of period

^[1]

$ 322,973

Initial Principal

307,018

Outstanding Principal

$ 292,461

$ 0

Weighted Average Contractual Interest Rate

7.37%

[1]

Includes repossessed assets that are included in Other Assets on our Consolidated Balance Sheets.

[2]

(9) Income Taxes (Details - Tax rate effect) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Expense at federal tax rate	$ 24,401	$ 13,807	$ 4,225
State taxes, net of federal income tax effect	6,462	3,974	1,505
Stock-based compensation	(2,611)	(947)	35
Non-deductible expenses	1,056	1,129	974
Net operating loss carryback	0	(1,694)	(9,435)
Effect of change in tax rate	0	0	0
Accounting method change	0	0	0
Other	902	1,953	1,139
Income tax expense	$ 30,210	$ 18,222	$ (1,557)

(10) Commitments and Contingencies (Details - Lease cost) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 6,650	$ 7,184	$ 7,523
Finance lease cost	987	1,229	1,179
Total lease cost	$ 7,637	$ 8,413	$ 8,702

(11) Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of reconciliation of the change in the plan's benefit obligations


	December 31,
	2022			2021
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	22,280		$	24,678
Interest cost		579			553
Assumption changes		(5,450	)		(1,074	)
Actuarial (gain) loss		85			(222	)
Settlements		(716	)		(865	)
Benefits paid		(826	)		(790	)
Projected benefit obligation, end of year	$	15,952		$	22,280

Change in Plan Assets
Fair value of plan assets, beginning of year	$	26,098		$	18,165
Return on assets		(5,702	)		8,703
Employer contribution		–			1,124
Expenses		(86	)		(239	)
Settlements		(716	)		(865	)
Benefits paid		(826	)		(790	)
Fair value of plan assets, end of year	$	18,768		$	26,098

Funded Status at end of year	$	2,816		$	3,818

Schedule of weighted average assumptions used to determine pension benefit obligations


	December, 31
	2022		2021
Weighted average assumptions used to determine benefit obligations
Discount rate		4.87%		2.65%

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		2.65%		2.28%
Expected return on plan assets		7.25%		7.25%

Schedule of components of net periodic benefit cost


	December 31,
	2022			2021			2020
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	2,816		$	3,818		$	–
Other liabilities		–			–			(6,513	)
Net amount recognized	$	2,816		$	3,818		$	(6,513	)

Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	5,716		$	3,794		$	13,297
Unrecognized transition asset		–			–			–
Net amount recognized	$	5,716		$	3,794		$	13,297

Components of net periodic benefit cost
Interest cost	$	579		$	553		$	693
Expected return on assets		(1,860	)		(1,301	)		(1,150	)
Amortization of transition asset		–			–			–
Amortization of net loss		105			896			839
Net periodic benefit cost		(1,176	)		148			382
Settlement (gain)/loss		256			(865	)		–
Total	$	(920	)	$	(717	)	$	382

Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	1,003		$	(9,503	)	$	205
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	1,003		$	(9,503	)	$	205

Schedule of weighted average asset allocation of our pension benefits


	December 31,
	2022		2021
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		87%		78%
Debt securities		13%		22%
Cash and cash equivalents		0%		0%
Total		100%		100%

Schedule of estimated Future Benefit Payments


Estimated Future Benefit Payments (In thousands)
2023	$	990
2024		1,329
2025		1,315
2026		1,392
2027		1,265
Years 2028 - 2032		5,954

Anticipated Contributions in 2023	$	–

Schedule of fair value of plan assets

Schedule of fair value of plan assets
	December 31, 2022
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	7,848	$	–	$	–	$	7,848
Large Cap Value		–		2,037		–		2,037
Mid Cap Index		–		594		–		594
Small Cap Growth		–		546		–		546
Small Cap Value		–		588		–		588
Large Cap Blend		–		560		–		560
Growth		–		1,843		–		1,843
International Growth		–		2,251		–		2,251
Core Bond		–		1,658		–		1,658
High Yield		–		347		–		347
Inflation Protected Bond		–		433		–		433
Money Market		–		63		–		63
Total	$	7,848	$	10,920	$	–	$	18,768

(3) Finance Receivables

12 Months Ended

Dec. 31, 2022

Finance Receivables

(3) Finance Receivables

(3) Finance Receivables

Our portfolio of finance receivables consists of small-balance homogeneous contracts comprising a single segment and class that is collectively evaluated for impairment on a portfolio basis according to delinquency status. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key terms such as interest rate, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. We report delinquency on a contractual basis. Once a contract becomes greater than 90 days delinquent, we do not recognize additional interest income until the obligor under the contract makes sufficient payments to be less than 90 days delinquent. Any payments received on a contract that is greater than 90 days delinquent are first applied to accrued interest and then to principal reduction.

In January 2018 the Company adopted the fair value method of accounting for finance receivables acquired after 2017. Finance receivables measured at fair value are recorded separately on the Company’s Balance Sheet and are excluded from all tables in this footnote.

The following table presents the components of finance receivables, net of unearned interest:

Schedule of finance receivables
	December 31,
	2022		2021
Finance receivables	(In thousands)
Automobile finance receivables, net of unearned interest	$	92,304	$	232,390
Unearned acquisition fees, discounts and deferred origination costs, net		–		–
Finance receivables	$	92,304	$	232,390


	December 31,
	2022		2021
Delinquency Status	(In thousands)
Current	$	65,764	$	186,625
31-60 days		16,796		30,980
61-90 days		7,756		12,070
91 + days		1,988		2,715
	$	92,304	$	232,390

Finance receivables totaling $2.0 million and $2.7 million at December 31, 2022 and 2021, respectively, have been placed on non-accrual status as a result of their delinquency status.

Allowance for Credit Losses – Finance Receivables

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of finance receivables to present the net amount expected to be collected. Charge offs are deducted from the allowance when management believes that collectability is unlikely.

Management estimates the allowance using relevant available information, from internal and external sources, relating to past events, current conditions and, reasonable and supportable forecasts. We believe our historical credit loss experience provides the best basis for the estimation of expected credit losses. Consequently, we use historical loss experience for older receivables, aggregated into vintage pools based on their calendar quarter of origination, to forecast expected losses for less seasoned quarterly vintage pools.

We measure the weighted average monthly incremental change in cumulative net losses for the vintage pools in the relevant historical period. For the pools in the relevant historical period, we consider each pool’s performance from its inception through the end of the current period. We then apply the results of the historical analysis to less seasoned vintage pools beginning with each vintage pool’s most recent actual cumulative net loss experience and extrapolating from that point based on the historical data. We believe the pattern and magnitude of losses on older vintages allows us to establish a reasonable and supportable forecast of less seasoned vintages.

Our contract purchase guidelines are designed to produce a homogenous portfolio. For key credit characteristics of individual contracts such as obligor credit history, job stability, residence stability and ability to pay, there is relatively little variation from the average for the portfolio. Similarly, for key structural characteristics such as loan-to-value, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. Consequently, we do not believe there are significant differences in risk characteristics between various segments of our portfolio.

Our methodology incorporates historical pools that are sufficiently seasoned to capture the magnitude and trends of losses within those vintage pools. Furthermore, the historical period encompasses a substantial volume of receivables over periods that include fluctuations in the competitive landscape, the Company’s rates of growth, size of our managed portfolio and fluctuations in economic growth and unemployment.

In consideration of the depth and breadth of the historical period, and the homogeneity of our portfolio, we generally do not adjust historical loss information for differences in risk characteristics such as credit or structural composition of segments of the portfolio or for changes in environmental conditions such as changes in unemployment rates, collateral values or other factors. Throughout our history we have observed how events such as extreme weather, political unrest, and other qualitative factors have influenced the performance of our portfolio. Consequently, we have considered how such qualitative factors may affect future credit losses and have incorporated our judgement of the effect of those factors into our estimates.

The following table presents the amortized cost basis of our finance receivables by annual vintage as of December 31, 2022 and 2021:


	December 31,
	2022		2021
	(In thousands)
Annual Vintage Pool
2012 and prior	$	33	$	131
2013		231		1,091
2014		1,601		6,881
2015		8,627		29,695
2016		28,632		76,728
2017		53,180		117,864
Total amortized cost basis	$	92,304	$	232,390

At the adoption of CECL, the Company recorded an addition to its allowance for finance credit losses of $127.0 million. In accordance with the rules for adopting CECL, the offset to the addition to the allowance for finance credit losses was a tax affected reduction to retained earnings using the modified retrospective method.

The Company recorded a reduction to provision for credit losses on finance receivables in the amount of $28.1 million and $14.6 million for the years ended December 31, 2022, and 2021, respectively. The reserve decrease was primarily due to a decrease in lifetime expected credit losses resulting from improved credit performance, an improved macroeconomic outlook and higher used car prices. The Company made additional provisions for credit losses of $14.1 million for the year ended December 30, 2020. Those reserve increases were made in consideration for the uncertainty associated with the pandemic.

The following table presents a summary of the activity for the allowance for finance credit losses, for the years ended December 31, 2022, 2021 and 2020:


	December 31,
	2022			2021			2020
	(In thousands)
Balance at beginning of year	$	56,206		$	80,790		$	11,640
Impact of adoption ASC 326		n/a			n/a			127,000
Provision for credit losses on finance receivables		(28,100	)		(14,590	)		14,113
Charge-offs		(18,319	)		(30,940	)		(90,824	)
Recoveries		11,966			20,946			18,861
Balance at end of year	$	21,753		$	56,206		$	80,790

Excluded from finance receivables are contracts that were previously classified as finance receivables but were reclassified as other assets because we have repossessed the vehicle securing the Contract. The following table presents a summary of such repossessed inventory together with the allowance for losses on repossessed inventory:


	December 31,
	2022			2021
	(In thousands)
Gross balance of repossessions in inventory	$	1,894		$	4,341
Allowance for losses on repossessed inventory		(1,323	)		(1,871	)
Net repossessed inventory included in other assets	$	571		$	2,470

(11) Employee Benefits (Details - Asset allocation)	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Weighted Average Asset Allocation at Year-End	100.00%	100.00%
Cash and Cash Equivalents [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Weighted Average Asset Allocation at Year-End	0.00%	0.00%
Equity Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Weighted Average Asset Allocation at Year-End	87.00%	78.00%
Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Weighted Average Asset Allocation at Year-End	13.00%	22.00%

(12) Fair Value Measurements (Details - Finance Receivables to Their Contractual Balances) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Finance receivables contractual balance	$ 2,701,184	$ 1,972,699
Finance receivables measured at fair value	$ 2,476,617	$ 1,749,098	$ 1,523,726

(7) Shareholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of stock purchases

Schedule of stock purchases
	Twelve Months Ended
	December 31, 2022				December 31, 2021
	Shares		Avg. Price		Shares		Avg. Price
Open market purchases		3,246,511	$	10.44		1,639,138	$	6.98
Shares redeemed upon net exercise of stock options		893,153		13.56		245,743		6.95
Other		–		–		1,999,995		6.26
Total stock purchases		4,139,664	$	11.11		3,884,876	$	3.97

Schedule of assumptions for stock options


	Year Ended December 31,
	2022		2021		2020
Expected life (years)		4.00		4.00		4.01
Risk-free interest rate		2.38%		0.49%		0.25%
Volatility		76%		72%		73%
Expected dividend yield		–		–		–

Schedule of option activity

Schedule of option activity
						Weighted
	Number of			Weighted		Average
	Shares			Average		Remaining
	(in thousands)			Exercise Price		Contractual Term
Options outstanding at the beginning of period		13,075		$	4.54		N/A
Granted		1,710			10.28		N/A
Exercised		(3,128	)		4.89		N/A
Forfeited/Expired		(490	)		7.07		N/A
Options outstanding at the end of period		11,167		$	5.21		3.15 years

Options exercisable at the end of period		7,770		$	4.56		2.12 years

Schedule of options outstanding and exercisable


	Number of shares as of				Number of shares as of
	December 31, 2022				December 31, 2021
	Outstanding		Exercisable		Outstanding		Exercisable
	(In thousands)				(In thousands)
Range of exercise prices:
$0.95 - $1.99		–		–		577		577
$2.00 - $2.99		1,445		775		1,517		489
$3.00 - $3.99		3,785		3,495		4,285		3,382
$4.00 - $4.99		2,739		1,802		2,870		1,410
$5.00 - $5.99		–		–		–		–
$6.00 - $6.99		740		740		2,651		2,652
$7.00 - $7.99		748		748		1,175		1,175
$10.00 - $10.99		1,710		210		–		–
Total shares		11,167		7,770		13,075		9,685

(9) Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax expense

Schedule of income tax expense
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Current federal tax expense	$	16,946	$	8,992	$	(23,576	)
Current state tax expense		3,352		2,845		472
Deferred federal tax expense		5,573		3,012		18,937
Deferred state tax expense		4,339		3,373		2,610

Income tax expense	$	30,210	$	18,222	$	(1,557	)

Schedule of reconciliation of income taxes


	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Expense at federal tax rate	$	24,401		$	13,807		$	4,225
State taxes, net of federal income tax effect		6,462			3,974			1,505
Stock-based compensation		(2,611	)		(947	)		35
Non-deductible expenses		1,056			1,129			974
Net operating loss carryback		–			(1,694	)		(9,435	)
Effect of change in tax rate		–			–			–
Accounting method change		–			–			–
Other		902			1,953			1,139
Income tax expense	$	30,210		$	18,222		$	(1,557	)

Schedule of deferred tax assets and liabilities


	December 31,
	2022			2021
	(In thousands)
Deferred Tax Assets:
Finance receivables	$	4,870		$	10,644
Accrued liabilities		1,708			1,694
NOL carryforwards		450			2,070
Built in losses		2,024			2,679
Pension accrual		–			–
Stock compensation		2,172			3,584
Lease liability		1,711			2,737
Other		–			–
Total deferred tax assets	$	12,935		$	23,408

Deferred Tax Liabilities:
Finance receivables	$	–		$	–
Deferred loan costs		–			–
Pension accrual		(752	)		(1,026	)
Lease right-of-use assets		(1,572	)		(2,487	)
Furniture and equipment and other		(434	)		(320	)
Total deferred tax liabilities		(2,758	)		(3,833	)

Net deferred tax asset	$	10,177		$	19,575

(10) Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

(10) Commitments and Contingencies

(10) Commitments and Contingencies

Leases

The Company has operating leases for corporate offices, equipment, software and hardware. The Company has entered into operating leases for the majority of its real estate locations, primarily office space. These leases are generally for periods of three to seven years with various renewal options. The depreciable life of leased assets is limited by the expected lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term.

We determine if a contract contains a lease at contract inception. Right-of-use assets and liabilities are recognized based on the present value of lease payments over the lease term. In determining the present value of lease payments, we use the Company’s incremental borrowing rate. Right-of-use assets are included in other assets and lease liabilities are included in accounts payable and accrued expenses in our Condensed Consolidated Balance Sheet.

The following table presents the supplemental balance sheet information related to leases:


	December 31,			December 31,
	2022			2021
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	28,397		$	25,819
Less: Accumulated amortization right-of-use assets		(22,613	)		(17,624	)
Operating lease right-of-use assets, net	$	5,784		$	8,195

Operating lease liabilities	$	(6,234	)	$	(9,058	)

Finance Leases
Property and equipment, at cost	$	3,407		$	3,407
Less: Accumulated depreciation		(3,301	)		(2,348	)
Property and equipment, net	$	106		$	1,059

Finance lease liabilities	$	(177	)	$	(1,124	)

Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.5%			6.5%

Maturities of leases
Maturities of lease liabilities were as follows:
(In thousands)	Operating			Finance
Year Ending December 31,	Lease			Lease
2023	$	4,378		$	147
2024		1,544			26
2025		794			9
2026		501			–
2027		509			–
Thereafter		650			–
Total undiscounted lease payments		8,376			182
Less amounts representing interest		(2,142	)		(5	)
Lease Liability	$	6,234		$	177

The following table presents the leases expense included in Occupancy, General and administrative on our Condensed Consolidated Statement of Operations:

Schedule of lease cost
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Operating lease cost	$	6,650	$	7,184	$	7,523
Finance lease cost		987		1,229		1,179
Total lease cost	$	7,637	$	8,413	$	8,702

The following table presents the supplemental cash flow information related to leases:


	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,056	$	7,474	$	7,762
Operating cash flows from finance leases		948		1,118		1,007
Financing cash flows from finance leases		40		111		172

Legal Proceedings

Consumer Litigation. We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Consumers can and do initiate lawsuits against us alleging violations of law applicable to collection of receivables, and such lawsuits sometimes allege that resolution as a class action is appropriate. For the most part, we have legal and factual defenses to consumer claims, which we routinely contest or settle (for immaterial amounts) depending on the particular circumstances of each case.

Following our filing of a complaint for a deficiency judgment in the Superior Court at Waterbury, Connecticut, the defendant filed a cross-claim alleging that our deficiency notices were not compliant with Connecticut law, and seeking relief on behalf of a class of Connecticut obligors whose vehicles we had repossessed. The defendant’s contract provided for resolution of disputes exclusively by arbitration, and exclusively on an individual basis, not a class basis. Nevertheless, in August 2021, the court denied our motion to compel arbitration, without opinion. In April 2022, a motion for certification of a class was filed but has not been ruled upon. It is reasonable to expect that resolution of these claims will be on a class basis.

Wage and Hour Claim. On September 24, 2018, a former employee filed a lawsuit against us in the Superior Court of Orange County, California, alleging that we incorrectly classified our sales representatives as outside salespersons exempt from overtime wages, mandatory break periods and certain other employee protective provisions of California and federal law. The complaint seeks injunctive relief, an award of unpaid wages, liquidated damages, and attorney fees and interest. The plaintiff purports to act on behalf of a class of similarly situated employees and ex-employees. As of the date of this report, no motion for class certification has been filed or granted. We believe that our compensation practices with respect to our sales representatives are compliant with applicable law. Accordingly, we have defended and intend to continue to defend this lawsuit.

Massachusetts Civil Investigative Demand. In September 2021, we received a civil investigative demand from the Office of the Attorney General of the Commonwealth of Massachusetts relating to the Company’s communications with and repossession notices sent to Massachusetts customers. We are cooperating with the inquiry.

In General. There can be no assurance as to the outcomes of the matters described or referenced above. We record at each measurement date, most recently as of December 31, 2022, our best estimate of probable incurred losses for legal contingencies, including the matters identified above. The amount of losses that may ultimately be incurred cannot be estimated with certainty. However, based on such information as is available to us, we believe that the total of probable incurred losses for legal contingencies as of December 31, 2022 is $4.9 million, and that the range of reasonably possible losses for the legal proceedings and contingencies we face, including those described or identified above, as of December 31, 2022 does not exceed $11.2 million.

Accordingly, we believe that the ultimate resolution of such legal proceedings and contingencies should not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the uncertainties inherent in contested proceedings there can be no assurance that the ultimate resolution of these matters will not be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our income for that period.

(12) Fair Value Measurements (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Gross balance of repossessions in inventory	$ 1,894,000	$ 4,341,000
Allowance for losses on repossessed inventory	$ 1,300,000
Recovery rate	30.00%
Fair value and carrying amount of repossessed vehicles	$ 571,000
Net repossessed inventory included in other assets	571,000	2,470,000
Fair valuation adjustment of repossessed inventory		1,900,000
Inventories [Member]
Inventory [Line Items]
Net repossessed inventory included in other assets		$ 2,500,000
Vehicles [Member]
Inventory [Line Items]
Gross balance of repossessions in inventory	$ 1,900,000

(8) Interest Income and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2022

Interest Income And Interest Expense

Schedule of interest income

Schedule of interest income
	Year Ended December 31,
	2022		2021			2020
	(In thousands)
Interest on finance receivables	$	35,091	$	69,783		$	126,043
Interest on finance receivables at fair value		268,621		196,461			168,266
Mark to finance receivables measured at fair value		15,283		(4,417	)		(29,528	)
Other interest income		1,525		22			673
Interest income	$	320,520	$	261,849		$	265,454

Schedule of interest expense

Schedule of interest expense
	Year Ended December 31,
	2022		2021		2020
	(In thousands)
Securitization trust debt	$	70,627	$	64,387	$	88,031
Warehouse lines of credit		10,310		4,448		7,678
Residual interest financing		4,243		3,763		3,454
Subordinated renewable notes		2,344		2,641		2,175
Interest expense	$	87,524	$	75,239	$	101,338

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net income	$ 85,983	$ 47,524	$ 21,677
Other comprehensive income (loss); change in funded status of pension plan, net of $513, $2,554 and $55 in tax for 2022, 2021 and 2020, respectively	(1,409)	6,949	(150)
Comprehensive income	$ 84,574	$ 54,473	$ 21,527

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

(11) Employee Benefits (Details - Estimated future benefit payments) $ in Thousands	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
2023	$ 990
2024	1,329
2025	1,315
2026	1,392
2027	1,265
Years 2028 - 2032	5,954
Anticipated Contributions in 2023	$ 0

(10) Commitments and Contingencies (Details - Maturities of lease liabilities) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Lease [Member]
Operating lease maturing 2023	$ 4,378
Operating lease maturing 2024	1,544
Operating lease maturing 2025	794
Operating lease maturing 2026	501
Operating lease maturing 2027	509
Operating lease maturing thereafter	650
Total undiscounted operating lease payments	8,376
Less amounts representing interest	(2,142)
Operating Lease Liability	6,234
Finance Lease [Member]
Finance lease maturing 2023	147
Finance lease maturing 2024	26
Finance lease maturing 2025	9
Finance lease maturing 2026	0
Finance lease maturing 2027	0
Finance lease maturing thereafter	0
Total undiscounted finance lease payments	182
Less amounts representing interest	(5)
Finance Lease Liability	$ 177

(6) Debt (Details - Debt maturity schedule) - Subordinated renewable notes [Member] $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 13,800
2024	2,798
2025	3,146
2026	3,264
2027	837
Thereafter	1,418
Total	$ 25,263

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

(3) Finance Receivables (Details - Summary of activity) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance Receivables
Balance at beginning of year	$ 56,206	$ 80,790	$ 11,640
Impact of adopting ASC 326			127,000
Provision for credit losses on finance receivables	(28,100)	(14,590)	14,113
Charge-offs	(18,319)	(30,940)	(90,824)
Recoveries	11,966	20,946	18,861
Balance at end of year	$ 21,753	$ 56,206	$ 80,790

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

(12) Fair Value Measurements (Details - Fair values) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 13,490	$ 29,928
Restricted cash and equivalents	149,299	146,620
Finance receivables, net	60,063	178,795
Accrued interest receivable	649	2,269
Warehouse lines of credit	285,328	105,610
Accrued interest payable	6,190	3,568
Securitization trust debt	1,957,995	1,740,901
Subordinated renewable notes	25,263	26,459
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	13,490	29,928
Restricted cash and equivalents	149,299	146,620
Finance receivables, net	0	0
Accrued interest receivable	0	0
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	0	0
Accrued interest receivable	0	0
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	60,063	178,795
Accrued interest receivable	649	2,269
Warehouse lines of credit	285,328	105,610
Accrued interest payable	6,190	3,568
Securitization trust debt	1,957,995	1,740,901
Subordinated renewable notes	25,263	26,459
Carrying Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	13,490	29,928
Restricted cash and equivalents	149,299	146,620
Finance receivables, net	70,551	176,184
Accrued interest receivable	649	2,269
Warehouse lines of credit	285,328	105,610
Accrued interest payable	6,190	3,568
Securitization trust debt	2,108,744	1,759,972
Subordinated renewable notes	$ 25,263	$ 26,459

(12) Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis


	Twelve Months Ended
	December 31,
	2022			2021
	(In thousands)
Balance at beginning of period	$	1,749,098		$	1,523,726
Finance receivables at fair value acquired during period		1,673,166			1,107,537
Payments received on finance receivables at fair value		(825,783	)		(743,728	)
Net interest income accretion on fair value receivables		(135,147	)		(134,020	)
Mark to fair value		15,283			(4,417	)
Balance at end of period	$	2,476,617		$	1,749,098

Schedule of finance receivables to their contractual balances


	December 31, 2022				December 31, 2021
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Finance receivables measured at fair value	$	2,701,184	$	2,476,617	$	1,972,699	$	1,749,098

Schedule of level 3 fair value measurements


Financial Instrument	Fair Values as of					Inputs as of
	December 31,					December 31,
	2022		2021		Unobservable Inputs	2022	2021
	(In thousands)
Assets:

Finance receivables measured at fair value	$	2,476,617	$	1,749,098	Discount rate	11.0%-11.3%	10.6% - 11.3%
					Cumulative net losses	13.4%-19.4%	10.0% - 18.4%

Schedule of delinquency status of finance receivables measured at fair value


	December 31,		December 31,
	2022		2021
	(In thousands)
Delinquency Status
Current	$	2,375,271	$	1,787,641
31 - 60 days		184,968		115,924
61 - 90 days		72,390		38,999
91 + days		29,048		11,564
Repo		39,507		18,571
	$	2,701,184	$	1,972,699

Schedule of fair values of financial assets and liabilities


	As of December 31, 2022
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	13,490	$	13,490	$	–	$	–	$	13,490
Restricted cash and equivalents		149,299		149,299		–		–		149,299
Finance receivables, net		70,551		–		–		60,063		60,063
Accrued interest receivable		649		–		–		649		649
Liabilities:
Warehouse lines of credit	$	285,328	$	–	$	–	$	285,328	$	285,328
Accrued interest payable		6,190		–		–		6,190		6,190
Securitization trust debt		2,108,744		–		–		1,957,995		1,957,995
Subordinated renewable notes		25,263		–		–		25,263		25,263

(4) Furniture and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of furniture and equipment

Schedule of furniture and equipment
	December 31,
	2022			2021
	(In thousands)
Furniture and fixtures	$	1,936		$	1,936
Computer and telephone equipment		6,349			5,216
Leasehold improvements		1,570			1,507
		9,855			8,659
Less: accumulated depreciation and amortization		(8,195	)		(7,530	)
	$	1,660		$	1,129

(6) Debt (Details - Debt outstanding) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Warehouse lines of credit	$ 285,328	$ 105,610
Residual interest financing	49,623	53,682
Subordinated renewable notes	25,263	26,459
Total debt outstanding	$ 363,141	$ 186,780
Subordinated renewable notes [Member]
Line of Credit Facility [Line Items]
Maturity date description	October 2024	January 2024
Debt Instrument, Interest Rate Terms	7.82	8.93
Warehouse Lines Of Credit 1 [Member]
Line of Credit Facility [Line Items]
Interest rate	3.00% over CP yield rate (Minimum 3.75%) 7.48% and 3.75%	3.00% over CP yield rate (Minimum 3.75%) 7.48% and 3.75%
Maturity date description	July 2024
Warehouse lines of credit	$ 150,293	$ 70,590
Warehouse Lines Of Credit 2 [Member]
Line of Credit Facility [Line Items]
Interest rate	4.15% over a commercial paper rate (Minimum 5.15%) 8.60% and 5.15%	4.15% over a commercial paper rate (Minimum 5.15%) 8.60% and 5.15%
Maturity date description	January 2024
Warehouse lines of credit	$ 137,585	$ 35,420
Residual interest financing [Member]
Line of Credit Facility [Line Items]
Maturity date description	January 2026
Interest rate	8.60%
Residual interest financing	$ 0	4,311
Residual Interest Financing 1 [Member]
Line of Credit Facility [Line Items]
Maturity date description	June 2026
Interest rate	7.86%
Residual interest financing	$ 50,000	50,000
Subordinated renewable notes [Member]
Line of Credit Facility [Line Items]
Subordinated renewable notes	$ 25,263	$ 26,459

(11) Employee Benefits (Details - Fair value of plan assets) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

$ 18,768

$ 26,098

$ 18,165

Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

7,848

10,472

Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

10,920

15,626

Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Company Common Stock [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

7,848

10,472

Company Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

7,848

10,472

Company Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

Company Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Large Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

2,037

2,933

Large Cap Value [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Large Cap Value [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

2,037

2,933

Large Cap Value [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Mid Cap Index [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

594

836

Mid Cap Index [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Mid Cap Index [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

594

836

Mid Cap Index [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Small Cap Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

546

714

Small Cap Growth [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Small Cap Growth [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

546

714

Small Cap Growth [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Small Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

588

868

Small Cap Value [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Small Cap Value [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

588

868

Small Cap Value [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Large Cap Blend [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

560

859

Large Cap Blend [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Large Cap Blend [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

560

859

Large Cap Blend [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

1,843

2,915

Growth [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Growth [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

1,843

2,915

Growth [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

International Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

2,251

3,036

International Growth [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

International Growth [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

2,251

3,036

International Growth [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Core Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

1,658

2,316

Core Bond [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Core Bond [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

1,658

2,316

Core Bond [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

High Yield [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

347

473

High Yield [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

High Yield [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

347

473

High Yield [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Inflation Protected Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

433

641

Inflation Protected Bond [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Inflation Protected Bond [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

433

641

Inflation Protected Bond [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Money Market [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

Money Market [Member] | Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Money Market [Member] | Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

Money Market [Member] | Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

$ 0

[1]	Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.
[2]	All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.
[3]	There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

(8) Interest Income and Interest Expense (Details - Interest expense) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total interest expense	$ 87,524	$ 75,239	$ 101,338
Securitization Trust Debt [Member]
Debt Instrument [Line Items]
Total interest expense	70,627	64,387	88,031
Warehouse Lines Of Credit [Member]
Debt Instrument [Line Items]
Total interest expense	10,310	4,448	7,678
Residual interest financing [Member]
Debt Instrument [Line Items]
Total interest expense	4,243	3,763	3,454
Subordinated renewable notes [Member]
Debt Instrument [Line Items]
Total interest expense	$ 2,344	$ 2,641	$ 2,175

(7) Shareholders' Equity (Details - Option activity) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares options outstanding at the beginning of period	13,075
Number of shares options outstanding at the end of period	11,167
Number of shares options exercisable at the end of period	7,770	9,685
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares options outstanding at the beginning of period	13,075
Weighted average exercise options outstanding at the beginning of period	$ 4.54
Number of shares Granted	1,710
Weighted average exercise granted	$ 10.28
Number of shares Exercised	(3,128)
Weighted average exercise exercised	$ 4.89
Number of shares Forfeited/Expired	(490)
Weighted average exercise Forfeited/Expired	$ 7.07
Number of shares options outstanding at the end of period	11,167
Weighted average exercise options outstanding at the end of period	$ 5.21
Weighted average remaining contractual term, end of period	3 years 1 month 24 days
Number of shares options exercisable at the end of period	7,770
Weighted average exercise options exercisable at the end of period	$ 4.56
Weighted average remaining contractual term, exercisable at the end of period	2 years 1 month 13 days

(11) Employee Benefits (Details Narrative) - USD ($)	12 Months Ended
(11) Employee Benefits (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Employees contributions	$ 2,000
401(k) plan contributions	$ 1,300,000	$ 1,300,000	$ 1,400,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets	7.25%	7.25%
Estimated net loss amortized into net periodic benefit cost	$ 169,000

(3) Finance Receivables (Details Narrative) - USD ($)	12 Months Ended
(3) Finance Receivables (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance Receivables
Finance receivables, non accrual status	$ 2,000,000.0	$ 2,700,000
Allowance for finance credit losses	127,000,000.0
Credit losses on finance receivables	$ 28,100,000	$ 14,600,000	$ 14,100,000

(3) Finance Receivables (Details - Repossessed inventory) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finance Receivables
Gross balance of repossessions in inventory	$ 1,894	$ 4,341
Allowance for losses on repossessed inventory	(1,323)	(1,871)
Net repossessed inventory included in other assets	$ 571	$ 2,470