CFO Perry Beberman highlighted launches with Raymour & Flanigan, Cricket Wireless and Vivint as key tailwinds, noting these partnerships began generating loans and should drive low-single-digit average growth. January was flat year-over-year, which management views as an inflection point toward the expected growth trajectory.

New loan vintages carry lower loss rates than the existing back book, and management expects these vintages to increasingly comprise total originations. The overall portfolio, with average borrower incomes rising from just under $80,000 to roughly $95,000 for new accounts, should benefit from credit strategies and potential tailwinds from tax refunds.

Pricing adjustments implemented since early 2024 have positioned net interest margin to be flat to slightly higher as delinquencies improve and mix shifts. Operational excellence initiatives continue to deliver tens of millions of dollars in annual savings, which are being reinvested into technology, AI and cloud migration.

To achieve a mid-20s ROTCE, management plans up to $300 million of preferred stock issuance and is merging its Utah and Delaware banks for funding flexibility. Debt was reduced from $900 million to $500 million in 2025, and $240 million of share repurchase authority remains, with CET1 targets set at 13%–14%.