OppFi Inc. reported significant financial results for the first quarter of 2026, showcasing a net income of $54.0 million, a 165% increase from $20.4 million in the same period last year. The company’s diluted earnings per share rose to $0.56, compared to a loss of $0.48 per share in the prior year. Total revenue increased by 8.3% to $151.9 million, driven primarily by higher interest income on finance receivables, which amounted to $150.5 million, up from $139.1 million. However, net revenue, after accounting for changes in the fair value of finance receivables, decreased to $87.3 million from $90.8 million, reflecting a rise in charge-offs.
In terms of operational metrics, OppFi's net originations fell by 7.0% to $176.0 million, attributed to a decline in refinance customer originations. Ending receivables increased by 9.4% to $444.9 million, indicating growth in the loan portfolio despite the decrease in new originations. The company also reported a higher auto-approval rate of 79.2%, up from 78.6%, reflecting improvements in its automated underwriting processes.
Strategically, OppFi has entered into a merger agreement with BNCCORP, Inc., which is expected to close in the fourth quarter of 2026. This merger aims to enhance OppFi's operational capabilities by integrating banking services, potentially providing a more stable funding source through deposits. Additionally, the company completed a corporate simplification that resulted in it becoming the sole owner of OppFi-LLC, which is anticipated to yield future tax benefits of approximately $111 million.
On the operational front, OppFi's total assets decreased to $720.0 million as of March 31, 2026, down from $754.1 million at the end of 2025. The company’s total liabilities also saw a significant reduction, dropping to $377.0 million from $445.2 million, primarily due to a decrease in senior debt. The company’s cash and restricted cash increased to $99.9 million, reflecting improved liquidity. Looking ahead, OppFi remains focused on enhancing its financial inclusion mission while navigating the complexities of its upcoming merger and operational integration.
About OppFi Inc.
OppFi is a technology-enabled specialty finance platform that provides fair, transparent installment loans to underserved, credit-insecure consumers in the U.S. through its OppLoans product. It partners with community banks to facilitate digital, responsible lending, reporting payments to credit bureaus, and offering financial education. Its scalable, proprietary platform emphasizes customer experience, responsible lending, and financial inclusion for millions of non-prime Americans.
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