株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2023

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to

Commission file number
001-36129 (OneMain Holdings, Inc.)
001-06155 (OneMain Finance Corporation)

ONEMAIN HOLDINGS, INC.
ONEMAIN FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware (OneMain Holdings, Inc.)
 27-3379612
Indiana (OneMain Finance Corporation)
 35-0416090
(State of incorporation) (I.R.S. Employer Identification No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of principal executive offices) (Zip code)

(812) 424-8031
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
OneMain Holdings, Inc.:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.01 per share OMF New York Stock Exchange
OneMain Finance Corporation: None



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
OneMain Holdings, Inc.                     Yes ☑ No ☐
OneMain Finance Corporation                     Yes ☑ No ☐




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
OneMain Holdings, Inc.:
Large accelerated filer ☑ Accelerated filer
☐
 Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
OneMain Finance Corporation:
Large accelerated filer
☐
Accelerated filer
☐
 Non-accelerated filer ☑
Smaller reporting company
 ☐
Emerging growth company
☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
OneMain Holdings, Inc.                  ☐
OneMain Finance Corporation                  ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
OneMain Holdings, Inc.                 Yes ☐ No ☑
OneMain Finance Corporation                 Yes ☐ No ☑


At July 20, 2023, there were 120,418,460 shares of OneMain Holdings, Inc’s common stock, $0.01 par value, outstanding.
At July 20, 2023, there were 10,160,021 shares of OneMain Finance Corporation’s common stock, $0.50 par value, outstanding.
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Table of Contents
GLOSSARY

Terms and abbreviations used in this report are defined below.
Term or Abbreviation Definition
30-89 Delinquency ratio net finance receivables 30-89 days past due as a percentage of net finance receivables
ABS asset-backed securities
Adjusted pretax income (loss) a non-GAAP financial measure used by management as a key performance measure of our segment
AETR annual effective tax rate
AHL American Health and Life Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Annual Report the Annual Report on Form 10-K of OMH and OMFC for the fiscal year ended December 31, 2022, filed with the SEC on February 10, 2023
ASC Accounting Standards Codification
ASU Accounting Standards Update
ASU 2018-12
The accounting standard issued by FASB in August of 2018, Financial Services-Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts
ASU 2022-02
The accounting standard issued by FASB in March of 2022, Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures
Average daily debt balance average of debt for each day in the period
Average net receivables average of net finance receivables for each day in the period
Base Indenture indenture, dated as of December 3, 2014, by and between OMFC and Wilmington Trust, National Association, as trustee, and guaranteed by OMH
Board the OMH Board of Directors
C&I Consumer and Insurance
CDO collateralized debt obligations
CFPB Consumer Financial Protection Bureau
CMBS commercial mortgage-backed securities
Exchange Act Securities Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
GAAP generally accepted accounting principles in the United States of America
GAP guaranteed asset protection
Gross charge-off ratio annualized gross charge-offs as a percentage of average net receivables
Gross finance receivables
the unpaid principal balance of our personal loans. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the principal balance and billed interest and fees
Indenture the Base Indenture, together with all subsequent Supplemental Indentures
Junior Subordinated Debenture $350 million aggregate principal amount of 60-year junior subordinated debt issued by OMFC under an indenture dated January 22, 2007, by and between OMFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH
Managed receivables consist of our C&I net finance receivables and finance receivables serviced for our whole loan sale partners
Modified finance receivables finance receivable contractually modified, subsequent to the adoption of ASU 2022-02 on January 1, 2023, as a result of the borrower’s financial difficulties
Moody’s Moody’s Investors Service, Inc.
Net charge-off ratio annualized net charge-offs as a percentage of average net receivables
Net interest income interest income less interest expense
NYDFS New York Department of Financial Services
ODART OneMain Direct Auto Receivables Trust
OMFC OneMain Finance Corporation
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Term or Abbreviation Definition
OMFH OneMain Financial Holdings, LLC
OMFIT OneMain Financial Issuance Trust
OMH OneMain Holdings, Inc.
OneMain OneMain Holdings, Inc. and OneMain Finance Corporation, collectively with their subsidiaries
Open accounts consist of credit card accounts that are not charged-off or closed accounts with a zero balance as of period end
Other securities
primarily consist of equity securities and those securities for which the fair value option was elected. Other securities recognize unrealized gains and losses in investment revenues
Pretax capital generation
a non-GAAP financial measure used by management as a key performance measure of our segment, defined as C&I adjusted pretax income (loss) excluding the change in C&I allowance for finance receivable losses
Private Secured Term Funding $350 million aggregate principal amount of debt collateralized by our personal loans issued on April 25, 2022
Purchase volume consists of credit card purchase transactions in the period, including cash advances, net of returns
Recovery ratio annualized recoveries on net charge-offs as a percentage of average net receivables
RMBS residential mortgage-backed securities
SEC U.S. Securities and Exchange Commission
Securities Act Securities Act of 1933, as amended
Segment Accounting Basis a basis used to report the operating results of our C&I segment and our Other components, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting
SpringCastle Portfolio loans the Company previously owned and now services on behalf of a third party
Supplemental Indentures collectively, the following supplements to the Base Indenture: Fifth Supplemental Indenture, dated as of March 12, 2018; Sixth Supplemental Indenture, dated as of May 11, 2018; Seventh Supplemental Indenture, dated as of February 22, 2019; Eighth Supplemental Indenture, dated as of May 9, 2019; Ninth Supplemental Indenture, dated as of November 7, 2019; Eleventh Supplemental Indenture, dated as of December 17, 2020; Twelfth Supplemental Indenture, dated as of June 22, 2021; Thirteenth Supplemental Indenture, dated as of August 11, 2021; Fourteenth Supplemental Indenture, dated June 20, 2023; and Fifteenth Supplemental Indenture, dated June 22, 2023
Tax Act Public Law 115-97 amending the Internal Revenue Code of 1986
TDR finance receivables troubled debt restructured finance receivables. Debt restructuring, prior to the adoption of ASU 2022-02 on January 1, 2023, in which a concession was granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties
Triton Triton Insurance Company, an insurance subsidiary of OneMain Financial Holdings, LLC
Unearned finance charges the amount of interest that is capitalized at time of origination on a precompute loan that will be earned over the remaining contractual life of the loan
Unencumbered loans unencumbered gross finance receivables excluding credit cards
Unsecured corporate revolver
unsecured revolver with a maximum borrowing capacity of $1.25 billion, payable and due on October 25, 2026
Unsecured Notes the notes, on a senior unsecured basis, issued by OMFC and guaranteed by OMH
VIEs variable interest entities
Weighted average interest rate annualized interest expense as a percentage of average debt
XBRL eXtensible Business Reporting Language
Yield annualized finance charges as a percentage of average net receivables
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Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.

ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount) June 30, 2023 December 31, 2022
Assets    
Cash and cash equivalents $ 1,021  $ 498 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.8 billion in 2023, respectively, and $1.7 billion and $1.9 billion in 2022, respectively)
 1,710  1,800 
Net finance receivables (includes loans of consolidated VIEs of $11.8 billion in 2023 and $10.4 billion in 2022)
 20,510  19,986 
Unearned insurance premium and claim reserves (761) (749)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.3 billion in 2023 and $1.1 billion in 2022)
 (2,392) (2,311)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 17,357  16,926 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash equivalents of consolidated VIEs of $505 million in 2023 and $442 million in 2022)
 532  461 
Goodwill 1,437  1,437 
Other intangible assets 260  261 
Other assets 1,194  1,154 
Total assets $ 23,511  $ 22,537 
Liabilities and Shareholders’ Equity    
Long-term debt (includes debt of consolidated VIEs of $10.6 billion in 2023 and $9.4 billion in 2022)
 $ 19,195  $ 18,281 
Insurance claims and policyholder liabilities 616  620 
Deferred and accrued taxes 5  5 
Other liabilities (includes other liabilities of consolidated VIEs of $22 million in 2023 and $20 million in 2022)
 637  616 
Total liabilities 20,453  19,522 
Contingencies (Note 12)
Shareholders’ equity:    
Common stock, par value $0.01 per share; 2,000,000,000 shares authorized, 120,446,799 and 121,042,125 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
 1  1 
Additional paid-in capital 1,702  1,689 
Accumulated other comprehensive loss (114) (127)
Retained earnings 2,168  2,119 
Treasury stock, at cost; 14,625,250 and 13,813,476 shares at June 30, 2023 and December 31, 2022, respectively
 (699) (667)
Total shareholders’ equity 3,058  3,015 
Total liabilities and shareholders’ equity $ 23,511  $ 22,537 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
June 30,		 Six Months Ended
June 30,
(dollars in millions, except per share amounts) 2023 2022 2023 2022
Interest income $ 1,117  $ 1,106  $ 2,210  $ 2,195 
Interest expense 244  219  482  438 
Net interest income 873  887  1,728  1,757 
Provision for finance receivable losses 479  339  865  577 
Net interest income after provision for finance receivable losses 394  548  863  1,180 
Other revenues:        
Insurance 112  111  222  222 
Investment 27  9  52  24 
Gain on sales of finance receivables 13  16  31  33 
Net loss on repurchases and repayments of debt —  (28) —  (28)
Other 33  20  58  39 
Total other revenues 185  128  363  290 
Other expenses:        
Salaries and benefits 219  205  431  409 
Other operating expenses 178  151  331  300 
Insurance policy benefits and claims 44  42  91  84 
Total other expenses 441  398  853  793 
Income before income taxes 138  278  373  677 
Income taxes 35  70  91  166 
Net income $ 103  $ 208  $ 282  $ 511 
Share Data:        
Weighted average number of shares outstanding:        
Basic 120,539,759  124,539,551  120,652,710  125,807,633 
Diluted 120,646,869  124,697,971  120,808,380  126,080,499 
Earnings per share:        
Basic $ 0.85  $ 1.67  $ 2.33  $ 4.06 
Diluted $ 0.85  $ 1.67  $ 2.33  $ 4.05 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
June 30,		 Six Months Ended
June 30,
(dollars in millions) 2023 2022 2023 2022
     
Net income $ 103  $ 208  $ 282  $ 511 
Other comprehensive income (loss):        
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (15) (79) 9  (183)
Foreign currency translation adjustments 3  (4) 4  (3)
Changes in discount rate for insurance claims and policyholder liabilities 3  23  6  55 
Other 1  7  (2) 20 
Income tax effect:        
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 3  18  (2) 42 
Foreign currency translation adjustments —  1  (1) 1 
Changes in discount rate for insurance claims and policyholder liabilities (1) (5) (1) (12)
Other —  (2) —  (5)
Other comprehensive income (loss), net of tax, before reclassification adjustments (6) (41) 13  (85)
Reclassification adjustments included in net income, net of tax:        
Net realized losses on available-for-sale securities, net of tax —  —  —  (3)
Reclassification adjustments included in net income, net of tax —  —  —  (3)
Other comprehensive income (loss), net of tax (6) (41) 13  (88)
Comprehensive income $ 97  $ 167  $ 295  $ 423 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions) Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Other Comprehensive
Income (Loss)		 Retained
Earnings		 Treasury Stock Total Shareholders’ Equity
Three Months Ended
June 30, 2023
Balance, April 1, 2023 $ 1  $ 1,693  $ (108) $ 2,188  $ (693) $ 3,081 
Common stock repurchased —  —  —  —  (7) (7)
Treasury stock issued —  —  —  —  1  1 
Share-based compensation expense, net of forfeitures
 —  9  —  —  —  9 
Other comprehensive loss —  —  (6) —  —  (6)
Cash dividends *
 —  —  —  (123) —  (123)
Net income —  —  —  103  —  103 
Balance, June 30, 2023 $ 1  $ 1,702  $ (114) $ 2,168  $ (699) $ 3,058 
Three Months Ended
June 30, 2022
Balance, April 1, 2022 $ 1  $ 1,672  $ (42) $ 1,907  $ (478) $ 3,060 
Common stock repurchased
 —  —  —  —  (94) (94)
Treasury stock issued —  —  —  —  1  1 
Share-based compensation expense, net of forfeitures
 —  7  —  —  —  7 
Other comprehensive loss
 —  —  (41) —  —  (41)
Cash dividends *
 —  —  —  (120) —  (120)
Net income
 —  —  —  208  —  208 
Balance, June 30, 2022 $ 1  $ 1,679  $ (83) $ 1,995  $ (571) $ 3,021 
                                      
* Cash dividends declared were $1.00 per share and $0.95 per share during the three months ended June 30, 2023 and 2022, respectively.
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) (Continued)
OneMain Holdings, Inc. Shareholders’ Equity
(dollars in millions) Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Other Comprehensive
Income (Loss)		 Retained
Earnings		 Treasury Stock Total Shareholders’ Equity
Six Months Ended
June 30, 2023
Balance, January 1, 2023 $ 1  $ 1,689  $ (127) $ 2,119  $ (667) $ 3,015 
Net impact of adoption of ASU 2022-02 (see Note 2) —  —  —  12  —  12 
Balance, January 1, 2023 (post-adoption) 1  1,689  (127) 2,131  (667) 3,027 
Common stock repurchased —  —  —  —  (34) (34)
Treasury stock issued —  —  —  (1) 2  1 
Share-based compensation expense, net of forfeitures
 —  21  —  —  —  21 
Withholding tax on share-based compensation
 —  (8) —  —  —  (8)
Other comprehensive income —  —  13  —  —  13 
Cash dividends*
 —  —  —  (244) —  (244)
Net income —  —  —  282  —  282 
Balance, June 30, 2023 $ 1  $ 1,702  $ (114) $ 2,168  $ (699) $ 3,058 
Six Months Ended
June 30, 2022
Balance, January 1, 2022 $ 1  $ 1,672  $ 5  $ 1,727  $ (368) $ 3,037 
Common stock repurchased
 —  —  —  —  (204) (204)
Treasury stock issued —  —  —  —  1  1 
Share-based compensation expense, net of forfeitures
 —  19  —  —  —  19 
Withholding tax on share-based compensation
 —  (12) —  —  —  (12)
Other comprehensive loss —  —  (88) —  —  (88)
Cash dividends*
 —  —  —  (243) —  (243)
Net income —  —  —  511  —  511 
Balance, June 30, 2022 $ 1  $ 1,679  $ (83) $ 1,995  $ (571) $ 3,021 
                                      
* Cash dividends declared were $2.00 per share and $1.90 per share during the six months ended June 30, 2023 and 2022, respectively.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended
June 30,
(dollars in millions) 2023 2022
Cash flows from operating activities    
Net income $ 282  $ 511 
Reconciling adjustments:
Provision for finance receivable losses 865  577 
Depreciation and amortization 125  125 
Deferred income tax charge (benefit) (14) 2 
Net loss on repurchases and repayments of debt —  28 
Share-based compensation expense, net of forfeitures 21  19 
Gain on sales of finance receivables (31) (33)
Other (2) 3 
Cash flows due to changes in other assets and other liabilities (1) (54)
Net cash provided by operating activities 1,245  1,178 
Cash flows from investing activities    
Net principal originations and purchases of finance receivables (1,676) (1,195)
Proceeds from sales of finance receivables 349  399 
Available-for-sale securities purchased (83) (267)
Available-for-sale securities called, sold, and matured 192  293 
Other securities purchased (3) (4)
Other securities called, sold, and matured 4  9 
Other, net (43) (37)
Net cash used for investing activities (1,260) (802)
Cash flows from financing activities    
Proceeds from issuance and borrowings of long-term debt, net of issuance costs 2,353  2,589 
Repayments and repurchases of long-term debt (1,459) (2,461)
Cash dividends (245) (246)
Common stock repurchased (34) (204)
Treasury stock issued 2  1 
Withholding tax on share-based compensation (8) (12)
Net cash provided by (used for) financing activities 609  (333)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 594  43 
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 959  1,017 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period $ 1,553  $ 1,060 
Supplemental cash flow information
Cash and cash equivalents $ 1,021  $ 526 
Restricted cash and restricted cash equivalents 532  534 
Total cash and cash equivalents and restricted cash and restricted cash equivalents $ 1,553  $ 1,060 

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)

(dollars in millions, except par value amount) June 30, 2023 December 31, 2022
Assets
Cash and cash equivalents $ 1,007  $ 490 
Investment securities (includes available-for-sale securities with a fair value and an amortized cost basis of $1.6 billion and $1.8 billion in 2023, respectively, and $1.7 billion and $1.9 billion in 2022, respectively)
 1,710  1,800 
Net finance receivables (includes loans of consolidated VIEs of $11.8 billion  in 2023 and $10.4 billion in 2022)
 20,510  19,986 
Unearned insurance premium and claim reserves (761) (749)
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $1.3 billion in 2023 and $1.1 billion in 2022)
 (2,392) (2,311)
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses 17,357  16,926 
Restricted cash and restricted cash equivalents (includes restricted cash and restricted cash
    equivalents of consolidated VIEs of $505 million in 2023 and $442 million in 2022)
 532  461 
Goodwill 1,437  1,437 
Other intangible assets 260  261 
Other assets 1,192  1,152 
Total assets $ 23,495  $ 22,527 
Liabilities and Shareholder’s Equity
Long-term debt (includes debt of consolidated VIEs of $10.6 billion in 2023 and $9.4 billion in 2022)
 $ 19,195  $ 18,281 
Insurance claims and policyholder liabilities 616  620 
Deferred and accrued taxes 5  5 
Other liabilities (includes other liabilities of consolidated VIEs of $22 million in 2023 and $20 million in 2022)
 638  617 
Total liabilities 20,454  19,523 
Contingencies (Note 12)
Shareholder’s equity:
Common stock, par value $0.50 per share; 25,000,000 shares authorized, 10,160,021 shares issued
    and outstanding at June 30, 2023 and December 31, 2022
 5  5 
Additional paid-in capital 1,946  1,933 
Accumulated other comprehensive loss (114) (127)
Retained earnings 1,204  1,193 
Total shareholder’s equity 3,041  3,004 
Total liabilities and shareholder’s equity $ 23,495  $ 22,527 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended
June 30,		 Six Months Ended
June 30,
(dollars in millions) 2023 2022 2023 2022
Interest income $ 1,117  $ 1,106  $ 2,210  $ 2,195 
Interest expense 244  219  482  438 
Net interest income 873  887  1,728  1,757 
Provision for finance receivable losses 479  339  865  577 
Net interest income after provision for finance receivable losses 394  548  863  1,180 
Other revenues:
Insurance 112  111  222  222 
Investment 27  9  52  24 
Gain on sales of finance receivables 13  16  31  33 
Net loss on repurchases and repayments of debt —  (28) —  (28)
Other 33  20  58  39 
Total other revenues 185  128  363  290 
Other expenses:
Salaries and benefits 219  205  431  409 
Other operating expenses 178  151  331  300 
Insurance policy benefits and claims 44  42  91  84 
Total other expenses 441  398  853  793 
Income before income taxes 138  278  373  677 
Income taxes 35  70  91  166 
Net income $ 103  $ 208  $ 282  $ 511 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).

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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended
June 30,		 Six Months Ended
June 30,
(dollars in millions) 2023 2022 2023 2022
Net income $ 103  $ 208  $ 282  $ 511 
Other comprehensive income (loss):
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities (15) (79) 9  (183)
Foreign currency translation adjustments 3  (4) 4  (3)
Changes in discount rate for insurance claims and policyholder liabilities 3  23  6  55 
Other 1  7  (2) 20 
Income tax effect:
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities 3  18  (2) 42 
Foreign currency translation adjustments —  1  (1) 1 
Changes in discount rate for insurance claims and policyholder liabilities (1) (5) (1) (12)
Other —  (2) —  (5)
Other comprehensive income (loss), net of tax, before reclassification adjustments (6) (41) 13  (85)
Reclassification adjustments included in net income, net of tax:
Net realized losses on available-for-sale securities, net of tax —  —  —  (3)
Reclassification adjustments included in net income, net of tax —  —  —  (3)
Other comprehensive income (loss), net of tax (6) (41) 13  (88)
Comprehensive income $ 97  $ 167  $ 295  $ 423 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)

OneMain Finance Corporation Shareholder's Equity
(dollars in millions) Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Other Comprehensive
Income (Loss)		 Retained
Earnings		 Total Shareholder’s Equity
Three Months Ended
June 30, 2023
Balance, April 1, 2023 5  1,937  (108) 1,234  3,068 
Share-based compensation expense, net of forfeitures —  9  —  —  9 
Other comprehensive loss —  —  (6) —  (6)
Cash dividends —  —  —  (133) (133)
Net income —  —  —  103  103 
Balance, June 30, 2023 $ 5  $ 1,946  $ (114) $ 1,204  $ 3,041 
Three Months Ended
June 30, 2022
Balance, April 1, 2022 $ 5  $ 1,916  $ (42) $ 1,158  $ 3,037 
Share-based compensation expense, net of forfeitures —  7  —  —  7 
Other comprehensive loss —  —  (41) —  (41)
Cash dividends —  —  —  (200) (200)
Net income —  —  —  208  208 
Balance, June 30, 2022 $ 5  $ 1,923  $ (83) $ 1,166  $ 3,011 
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholder’s Equity (Unaudited)
OneMain Finance Corporation Shareholder’s Equity
(dollars in millions) Common
Stock		 Additional
Paid-in
Capital		 Accumulated
Other Comprehensive
Income (Loss)		 Retained
Earnings		 Total Shareholders’ Equity
Six Months Ended
June 30, 2023
Balance, January 1, 2023 $ 5  $ 1,933  $ (127) $ 1,193  $ 3,004 
Net impact of adoption of ASU 2022-02 (see Note 2) —  —  —  12  12 
Balance, January 1, 2023 (post-adoption) 5  1,933  (127) 1,205  3,016 
Share-based compensation expense, net of forfeitures —  21  —  —  21 
Withholding tax on share-based compensation —  (8) —  —  (8)
Other comprehensive income —  —  13  —  13 
Cash dividends —  —  —  (283) (283)
Net income —  —  —  282  282 
Balance, June 30, 2023 $ 5  $ 1,946  $ (114) $ 1,204  $ 3,041 
Six Months Ended
June 30, 2022
Balance, January 1, 2022 $ 5  $ 1,916  $ 5  $ 1,078  $ 3,004 
Share-based compensation expense, net of forfeitures —  19  —  —  19 
Withholding tax on shared-based compensation —  (12) —  —  (12)
Other comprehensive loss —  —  (88) —  (88)
Cash dividends —  —  —  (423) (423)
Net income —  —  —  511  511 
Balance, June 30, 2022 $ 5  $ 1,923  $ (83) $ 1,166  $ 3,011 

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN FINANCE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended
June 30,
(dollars in millions) 2023 2022
Cash flows from operating activities
Net income $ 282  $ 511 
Reconciling adjustments:
Provision for finance receivable losses 865  577 
Depreciation and amortization 125  125 
Deferred income tax charge (benefit) (14) 2 
Net loss on repurchases and repayments of debt —  28 
Share-based compensation expense, net of forfeitures 21  19 
Gain on sales of finance receivables (31) (33)
Other (2) 3 
Cash flows due to changes in other assets and other liabilities (1) (53)
Net cash provided by operating activities 1,245  1,179 
Cash flows from investing activities
Net principal originations and purchases of finance receivables (1,676) (1,195)
Proceeds from sales of finance receivables 349  399 
Available-for-sale securities purchased (83) (267)
Available-for-sale securities called, sold, and matured 192  293 
Other securities purchased (3) (4)
Other securities called, sold, and matured 4  9 
Other, net (43) (37)
Net cash used for investing activities (1,260) (802)
Cash flows from financing activities
Proceeds from issuance and borrowings of long-term debt, net of issuance costs 2,353  2,589 
Repayments and repurchases of long-term debt (1,459) (2,461)
Cash dividends (283) (426)
Withholding tax on share-based compensation (8) (12)
Net cash provided by (used for) financing activities 603  (310)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 588  67 
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period 951  986 
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period $ 1,539  $ 1,053 
Supplemental cash flow information
Cash and cash equivalents $ 1,007  $ 519 
Restricted cash and restricted cash equivalents 532  534 
Total cash and cash equivalents and restricted cash and restricted cash equivalents $ 1,539  $ 1,053 

Restricted cash and restricted cash equivalents primarily represent funds required to be used for future debt payments relating to our secured transactions.

See Notes to the Condensed Consolidated Financial Statements (Unaudited).
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ONEMAIN HOLDINGS, INC. AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
June 30, 2023


1. Business and Basis of Presentation

OneMain Holdings, Inc. (“OMH”), and its wholly owned direct subsidiary, OneMain Finance Corporation (“OMFC”) are financial services holding companies whose subsidiaries engage in the consumer finance and insurance businesses.

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this filing relates to both OMH and OMFC, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as “the Company,” “OneMain,” “we,” “us,” or “our.”

BASIS OF PRESENTATION

We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its subsidiaries (all of which are wholly owned), and variable interest entities (“VIEs”) in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date.

We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date.

The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report. We follow the same significant accounting policies for our interim reporting except for the new accounting pronouncements subsequently adopted and disclosed in Note 2. To conform to the 2023 presentation, we reclassified certain items in prior periods of our condensed consolidated financial statements.

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2. Recent Accounting Pronouncements

ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED

Insurance

In August of 2018, the FASB issued ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, which provides targeted improvements to Topic 944 for the assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment contracts; measurement of market risk benefits; amortization of deferred acquisition costs; and enhanced disclosures. The ASU requires the assumptions used to measure the liability for future policy benefits to be updated at least annually. The guidance prescribes the discount rate used to measure the liability to be an upper-medium grade fixed-income instrument yield and updated at each reporting date with changes in the liability due to the discount rate recognized in other comprehensive income.

The amendments in this ASU became effective for the Company beginning January 1, 2023 and we adopted using the modified retrospective transition method. This ASU required a transition date of January 1, 2021 and resulted in recasting prior periods.

The effects of the adoption of ASU 2018-12 to our condensed consolidated balance sheets were as follows:
(dollars in millions) As Reported ASU 2018-12 Adjustment As Recast
December 31, 2022
Other assets (OMH only) $ 1,150  $ 4  $ 1,154 
Other assets (OMFC only) 1,148  4  1,152 
Insurance claims and policyholder liabilities 602  18  620 
Accumulated other comprehensive loss (119) (8) (127)
Retained earnings (OMH only) 2,125  (6) 2,119 
Retained earnings (OMFC only) 1,199  (6) 1,193 
June 30, 2022
Other assets (OMH only) $ 1,085  $ 4  $ 1,089 
Other assets (OMFC only) 1,084  4  1,088 
Insurance claims and policyholder liabilities 612  16  628 
Accumulated other comprehensive loss (70) (13) (83)
Retained earnings (OMH only) 1,994  1  1,995 
Retained earnings (OMFC only) 1,165  1  1,166 
December 31, 2021
Other assets (OMH only) $ 1,003  $ 16  $ 1,019 
Other assets (OMFC only) 1,001  16  1,017 
Insurance claims and policyholder liabilities 621  72  693 
Accumulated other comprehensive income 61  (56) 5 
January 1, 2021
Other assets (OMH and OMFC) $ 1,054  $ 21  $ 1,075 
Insurance claims and policyholder liabilities 621  97  718 
Accumulated other comprehensive income 94  (76) 18 

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The effects of the adoption of ASU 2018-12 to our condensed consolidated statements of operations were as follows:
(dollars in millions, except per share amounts) As Reported ASU 2018-12 Adjustment As Recast
Three Months Ended June 30, 2022
Insurance policy benefits and claims $ 40  $ 2  $ 42 
Income before income taxes 280  (2) 278 
Income taxes 71  (1) 70 
Net income 209  (1) 208 
Basic EPS (OMH only) 1.68  (0.01) 1.67 
Diluted EPS (OMH only) 1.68  (0.01) 1.67 
Six Months Ended June 30, 2022
Insurance policy benefits and claims $ 85  $ (1) $ 84 
Income before income taxes 676  1  677 
Net income 510  1  511 
Basic EPS (OMH only) 4.05  0.01  4.06 
Diluted EPS (OMH only) 4.04  0.01  4.05 

The effects of the adoption of ASU 2018-12 to our condensed consolidated statements of comprehensive income were as follows:
(dollars in millions) As Reported ASU 2018-12 Adjustment As Recast
Three Months Ended June 30, 2022
Comprehensive income $ 150  $ 17  $ 167 
Six Months Ended June 30, 2022
Comprehensive income $ 379  $ 44  $ 423 

The effects of the adoption of ASU 2018-12 to our condensed consolidated statements of cash flows were as follows:
(dollars in millions) As Reported ASU 2018-12 Adjustment As Recast
Six Months Ended June 30, 2022
Net income $ 510  $ 1  $ 511 
Deferred income tax charge 1  1  2 
Cash flows due to changes in other assets and other liabilities (OMH only) (52) (2) (54)
Cash flows due to changes in other assets and other liabilities (OMFC only) (51) (2) (53)

As a result of the adoption of ASU 2018-12, our significant accounting policy related to long-duration insurance contracts for policy and claim reserves has changed to reflect the requirements of the new standard. See below for the updated significant accounting policy as of the transition date of January 1, 2021.

Policy and Claim Reserves

Policy reserves are established for our long-duration contracts. The liability for future policy benefits is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders. To estimate the liability, we make assumptions for mortality, morbidity, lapses, and the discount rate.

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At least annually, we update our estimate of the liability with actual experience and review our cash flow assumptions. The updated liability is discounted at the original discount rate at contract inception, and the change in the balance is recognized as a remeasurement gain or loss and included in Insurance policy benefits and claims in our consolidated statements of operations.

The discount rate assumption is the equivalent of an upper-medium grade fixed-income instrument yield. To determine the original discount rate at contract inception, we use a weighted average rate based on a forward yield curve over the contract issue year. At each reporting period, the liability is remeasured using the current discount rate and the change in the liability due to the discount rate is recognized in Accumulated other comprehensive income (loss) in our consolidated balance sheets.

Financial Instruments

In March of 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting for troubled debt restructurings by creditors while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendment also requires disclosure of gross charge-offs by year of origination for finance receivables.

We adopted the amendments in this ASU as of January 1, 2023 using the modified retrospective transition method.

Upon adoption, we recorded a decrease to the allowance for finance receivable losses of $16 million, a decrease to deferred tax assets of $4 million and a one-time corresponding cumulative increase to retained earnings, net of tax, of $12 million in our consolidated balance sheets as of January 1, 2023.

As a result of the adoption of ASU 2022-02, several of our significant accounting policies have changed to reflect the requirements of the new standard. See below for the updated significant accounting policies as of January 1, 2023.

Troubled Debt Restructured Finance Receivables

ASU 2022-02 superseded the accounting for troubled debt restructurings by creditors. As a result of the adoption of this ASU, the accounting for TDRs is no longer applicable for periods beginning on or after January 1, 2023.

Modified Finance Receivables to Borrowers Experiencing Financial Difficulty

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty, participating in a counseling or settlement arrangement, or are in bankruptcy. When we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable. We restructure finance receivables only if we believe the customer has the ability to pay under the restructured terms for the foreseeable future.

When we modify an account, we primarily use a combination of the following to reduce the borrower’s monthly payment: reduce the interest rate, extend the term, defer or forgive past due interest, or forgive principal. As part of the modification, we may require qualifying payments before the accounts are generally brought current for delinquency reporting. In addition, for principal forgiveness, we may require future payment performance by the borrower under the modified terms before the balances are contractually forgiven. We fully reserve for any potential principal forgiveness in our allowance for finance receivable losses.

Account modifications that are deemed to be a modified finance receivable are measured for impairment in accordance with our policy for allowance for finance receivable losses.

Allowance for Finance Receivable Losses

We establish the allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the loans through the delinquency buckets. Our finance receivables consist of a large number of relatively small, homogeneous accounts. We evaluate our finance receivables for impairment as pools. None of our accounts are large enough to warrant individual evaluation for impairment.

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We estimate the allowance for finance receivable losses primarily on historical loss experience using a cumulative loss model applied to our personal loan portfolios. Our gross credit loss expectation is offset by the estimate of future recoveries using historical recovery curves. Our personal loans are primarily segmented in the loss model by contractual delinquency status.

Other attributes in the model include loan modification status, collateral mix and recent credit score. To estimate the gross credit losses, the model utilizes a roll rate matrix to project the first 12 months of losses and historical cohort performance to project the expected losses over the remaining term. Our methodology relies on historical loss experience to forecast the corresponding future outcomes. These patterns are then applied to the current portfolio to obtain an estimate of future losses. We also consider key economic trends including unemployment rates. Forecasted macroeconomic conditions extend to our reasonable and supportable forecast period and revert to a historical average. No new volume is assumed. Personal loan renewals are a significant piece of our new volume and are considered a terminal event of the previous loan.

For our personal loans, we have elected not to measure an allowance on accrued finance charges as it is our policy to reverse finance charge amounts previously accrued after four contractual payments become past due. For credit cards, we measure an allowance on uncollected finance charges, but do not measure an allowance on the unfunded portion of the credit card lines as the accounts are unconditionally cancellable.

Management exercises its judgment when determining the amount of allowance for finance receivable losses. Our judgment is based on quantitative analyses, qualitative factors (such as recent portfolio, industry, and other economic trends), and experience in the consumer finance industry. We adjust the amounts determined by our model for management’s estimate of the effects of model imprecision which include but are not limited to, any changes to underwriting criteria and portfolio seasoning.

We generally charge off to the allowance for finance receivable losses on personal loans and credit cards that are beyond seven payments (approximately 180 days) past due. Exceptions include accounts in bankruptcy, which are generally charged off at the earlier of notice of discharge or when the customer becomes seven payments past due, and accounts of deceased borrowers, which are generally charged off at the time of notice. Generally, we start repossession of any titled personal property when the customer becomes two payments (approximately 30 days) past due and may charge off prior to the account becoming seven payments (approximately 180 days) past due.

We may renew delinquent secured or unsecured personal loan accounts if the customer meets current underwriting criteria and it does not appear that the cause of past delinquency will affect the customer’s ability to repay the renewed loan. We subject all renewals to the same credit risk underwriting process as we would a new application for credit.

See Notes 3 and 4 for additional information on the adoption of ASU 2022-02.
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3. Finance Receivables

Our finance receivables consist of personal loans and credit cards. Personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured.

Components of our net finance receivables were as follows:
(dollars in millions) Personal Loans Credit Cards Total
June 30, 2023
Gross finance receivables * $ 20,101  $ 156  $ 20,257 
Unearned fees
 (225) —  (225)
Accrued finance charges and fees 283  —  283 
Deferred origination costs 192  3  195 
Total $ 20,351  $ 159  $ 20,510 
December 31, 2022
Gross finance receivables * $ 19,615  $ 107  $ 19,722 
Unearned fees
 (220) —  (220)
Accrued finance charges and fees 299  —  299 
Deferred origination costs 185  —  185 
Total $ 19,879  $ 107  $ 19,986 
* Personal loan gross finance receivables equal the unpaid principal balance. For precompute personal loans, unpaid principal balance is the gross contractual payments less the unaccreted balance of unearned finance charges. Credit card gross finance receivables equal the principal balance and billed interest and fees.

WHOLE LOAN SALE TRANSACTIONS

We have whole loan sale flow agreements with third parties, with remaining terms of less than one year, in which we agreed to sell a combined total of $135 million gross receivables per quarter of newly originated unsecured personal loans along with any associated accrued interest. These unsecured personal loans are derecognized from our balance sheet at the time of sale. We service the personal loans sold and are entitled to a servicing fee and other fees commensurate with the services performed as part of the agreements. The gain on sales and servicing fees are recorded in Other revenues in our condensed consolidated statements of operations. We sold $135 million and $315 million of gross finance receivables during the three and six months ended June 30, 2023, respectively, and $180 million and $360 million of gross finance receivables during the three and six months ended June 30, 2022, respectively. The gain on the sales were $13 million and $31 million during the three and six months ended June 30, 2023, respectively, and $16 million and $33 million during the three and six months ended June 30, 2022, respectively.

CREDIT QUALITY INDICATOR

We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio.

When personal loans are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. We consider our personal loans to be nonperforming at 90 days or more contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For our personal loans, we reversed net accrued finance charges of $32 million and $69 million during the three and six months ended June 30, 2023, respectively, and $27 million and $54 million during the three and six months ended June 30, 2022, respectively.
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Finance charges recognized from the contractual interest portion of payments received on nonaccrual personal loans totaled $5 million and $10 million during the three and six months ended June 30, 2023, respectively, and $4 million and $8 million during the three and six months ended June 30, 2022, respectively. All personal loans in nonaccrual status are considered in our estimate of allowance for finance receivable losses.

We accrue finance charges and fees on credit cards until charge-off at approximately 180 days past due, at which point we reverse finance charges and fees previously accrued. For credit cards, net accrued finance charges and fees reversed for the three and six months ended June 30, 2023 and 2022 were immaterial.

The following tables below are a summary of our personal loans by the year of origination and number of days delinquent:

(dollars in millions) 2023 2022 2021 2020 2019 Prior Total
June 30, 2023
Performing
Current $ 5,927  $ 7,810  $ 3,520  $ 1,195  $ 667  $ 196  $ 19,315 
30-59 days past due 27  156  98  30  18  8  337 
60-89 days past due 14  107  67  20  12  5  225 
Total performing 5,968  8,073  3,685  1,245  697  209  19,877 
Nonperforming (Nonaccrual)
90+ days past due 8  227  157  46  26  10  474 
Total $ 5,976  $ 8,300  $ 3,842  $ 1,291  $ 723  $ 219  $ 20,351 
Gross charge-offs $ 2  $ 327  $ 368  $ 109  $ 60  $ 25  $ 891 

(dollars in millions) 2022 2021 2020 2019 2018 Prior Total
December 31, 2022
Performing
Current $ 10,614  $ 4,927  $ 1,758  $ 1,081  $ 240  $ 105  $ 18,725 
30-59 days past due 136  136  43  28  9  5  357 
60-89 days past due 92  101  32  19  6  3  253 
Total performing 10,842  5,164  1,833  1,128  255  113  19,335 
Nonperforming (Nonaccrual)
90+ days past due 160  246  74  44  13  7  544 
Total $ 11,002  $ 5,410  $ 1,907  $ 1,172  $ 268  $ 120  $ 19,879 

The following is a summary of credit cards by number of days delinquent:
(dollars in millions) June 30, 2023 December 31, 2022
Current
 $ 142  $ 93 
30-59 days past due
 4  3 
60-89 days past due
 4  3 
90+ days past due
 9  8 
Total
 $ 159  $ 107 

There were no credit cards that were converted to term loans at June 30, 2023 or December 31, 2022.

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MODIFIED FINANCE RECEIVABLES TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY

We make modifications to our finance receivables to assist borrowers who are experiencing financial difficulty and when we modify the contractual terms for economic or other reasons related to the borrower’s financial difficulties, we classify that receivable as a modified finance receivable. The following tables below represent information regarding modified finance receivables to borrowers experiencing financial difficulty on or after January 1, 2023, the effective date of ASU 2022-02.

The period-end carrying value of finance receivables modified during the period were as follows:
(dollars in millions) Three Months Ended
June 30, 2023		 Six Months Ended
June 30, 2023
Interest rate reduction and term extension $ 143 $ 259 
Interest rate reduction and principal forgiveness 97 187 
Total modifications to borrowers experiencing financial difficulties $ 240 $ 446 
Modifications as a percent of net finance receivables - personal loans 1.18  % 2.19  %

The financial effect of loan modifications made during the period were as follows:
(dollars in millions) Three Months Ended
June 30, 2023		 Six Months Ended
June 30, 2023
Weighted-average interest rate reduction 19.89  % 20.46  %
Weighted-average term extension (months) 26 23
Principal/interest forgiveness $ 9 $ 22

The performance of modified finance receivables by delinquency status was as follows:
(dollars in millions) June 30, 2023
Current
 $ 335 
30-59 days past due
 43 
60-89 days past due 28 
90+ days past due
 40 
Total* $ 446 
* Excludes $10 million of modified finance receivables that subsequently charged off.

The period-end carrying value of modified finance receivables for which there was a default during the period to cause the modified finance receivable to be considered nonperforming (90 days or more past due) were as follows:
(dollars in millions) Three Months Ended
June 30, 2023		 Six Months Ended
June 30, 2023
Interest rate reduction and term extension $ 11  $ 11 
Interest rate reduction and principal forgiveness 2  2 
Total $ 13  $ 13 

See Notes 2 and 4 for additional information on the adoption of ASU 2022-02.
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TROUBLED DEBT RESTRUCTURED FINANCE RECEIVABLES PRIOR TO ADOPTION OF ASU 2022-02

ASU 2022-02 superseded the accounting for troubled debt restructurings by creditors. Due to the adoption of this ASU, the following disclosures related to troubled debt restructuring finance receivables are no longer applicable for reporting periods beginning in 2023.

Information regarding TDR finance receivables were as follows:
(dollars in millions) December 31, 2022
 
TDR gross finance receivables $ 898 
TDR net finance receivables * 904 
Allowance for TDR finance receivable losses 369 
*    TDR net finance receivables are TDR gross finance receivables net of unearned fees, accrued finance charges, and deferred origination costs.

There were no credit cards classified as TDR finance receivables at December 31, 2022.

Information regarding the new volume of the TDR finance receivables were as follows:
(dollars in millions) Three Months Ended
June 30, 2022		 Six Months Ended June 30, 2022
Pre-modification TDR net finance receivables $ 143  $ 276 
Post-modification TDR net finance receivables:
Rate reduction 84  170 
Other * 59  106 
Total post-modification TDR net finance receivables $ 143  $ 276 
Number of TDR accounts 17,516  33,681 
*    “Other” modifications primarily consist of loans with both rate reductions and the potential of principal forgiveness contingent on future payment performance by the borrower under the modified terms.

Finance receivables that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) are reflected in the following table:
(dollars in millions) Three Months Ended
June 30, 2022		 Six Months Ended June 30, 2022
TDR net finance receivables * $ 30  $ 59 
Number of TDR accounts 3,762  7,558 
* Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.


UNFUNDED LENDING COMMITMENTS

Our unfunded lending commitments consist of the unused credit card lines, which are unconditionally cancellable. We do not anticipate that all of our customers will access their entire available line at any given point in time. The unused credit card lines totaled $149 million at June 30, 2023 and $81 million at December 31, 2022.

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4. Allowance for Finance Receivable Losses

We establish an allowance for finance receivable losses through the provision for finance receivable losses. We evaluate our finance receivable portfolio by the level of contractual delinquency in the portfolio, specifically in the late-stage delinquency buckets and inclusive of the migration of the finance receivables through the delinquency buckets. We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.

Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and interest rate increases that may continue to impact the economic outlook. At June 30, 2023, our economic forecast used a reasonable and supportable period of 12 months. The increase in our allowance for finance receivable losses for the three and six months ended June 30, 2023 was primarily due to the growth in our loan portfolio. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Changes in the allowance for finance receivable losses were as follows:

(dollars in millions) Personal Loans Credit Cards Total
Three Months Ended June 30, 2023    
Balance at beginning of period $ 2,275  $ 23  $ 2,298 
Provision for finance receivable losses 464  15  479 
Charge-offs (446) (6) (452)
Recoveries 67  —  67 
Balance at end of period $ 2,360  $ 32  $ 2,392 
Three Months Ended June 30, 2022    
Balance at beginning of period $ 2,061  $ 10  $ 2,071 
Provision for finance receivable losses
 337  2  339 
Charge-offs (351) —  (351)
Recoveries 68  —  68 
Balance at end of period $ 2,115  $ 12  $ 2,127 
Six Months Ended June 30, 2023
Balance at beginning of period $ 2,290  $ 21  $ 2,311 
Impact of adoption of ASU 2022-02 * (16) —  (16)
Provision for finance receivable losses 841  24  865 
Charge-offs (891) (13) (904)
Recoveries 136  —  136 
Balance at end of period $ 2,360  $ 32  $ 2,392 
Six Months Ended June 30, 2022
Balance at beginning of period $ 2,090  $ 5  $ 2,095 
Provision for finance receivable losses 570  7  577 
Charge-offs (680) —  (680)
Recoveries 135  —  135 
Balance at end of period $ 2,115  $ 12  $ 2,127 
*    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 2 and 3 for additional information on the adoption of ASU 2022-02.
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5. Investment Securities

AVAILABLE-FOR-SALE SECURITIES

Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
(dollars in millions) Cost/
Amortized
Cost		 Unrealized
Gains		 Unrealized
Losses		 Fair
Value
June 30, 2023*        
Fixed maturity available-for-sale securities:        
U.S. government and government sponsored entities $ 13  $ —  $ (1) $ 12 
Obligations of states, municipalities, and political subdivisions
 75  1  (7) 69 
Commercial paper
 42  —  —  42 
Non-U.S. government and government sponsored entities
 155  —  (8) 147 
Corporate debt
 1,174  2  (109) 1,067 
Mortgage-backed, asset-backed, and collateralized:
      
RMBS
 207  —  (25) 182 
CMBS
 37  —  (3) 34 
CDO/ABS
 94  —  (7) 87 
Total $ 1,797  $ 3  $ (160) $ 1,640 
December 31, 2022*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities
 $ 17  $ —  $ (1) $ 16 
 Obligations of states, municipalities, and political subdivisions
 74  —  (8) 66 
Commercial paper 55  —  —  55 
Non-U.S. government and government sponsored entities 150  —  (8) 142 
Corporate debt 1,251  1  (115) 1,137 
Mortgage-backed, asset-backed, and collateralized:
RMBS 217  —  (25) 192 
CMBS 38  —  (3) 35 
CDO/ABS 95  —  (9) 86 
Total $ 1,897  $ 1  $ (169) $ 1,729 
*    The allowance for credit losses related to our investment securities as of June 30, 2023 and December 31, 2022 was immaterial.

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million as of June 30, 2023 and December 31, 2022. There were no material amounts reversed from investment revenue for available-for-sale securities for the three and six months ended June 30, 2023 and 2022.

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Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position without an allowance for credit losses were as follows:
  Less Than 12 Months 12 Months or Longer Total
(dollars in millions) Fair
Value		 Unrealized
Losses		 Fair
Value		 Unrealized
Losses		 Fair
Value		 Unrealized
Losses
June 30, 2023            
U.S. government and government sponsored entities
 $ 6  $ —  $ 6  $ (1) $ 12  $ (1)
Obligations of states, municipalities, and political subdivisions
 12  (1) 52  (6) 64  (7)
Commercial paper
 39  —  —  —  39  — 
Non-U.S. government and government sponsored entities
 38  (1) 93  (7) 131  (8)
Corporate debt 234  (7) 768  (102) 1,002  (109)
Mortgage-backed, asset-backed, and collateralized:
RMBS 44  (2) 128  (23) 172  (25)
CMBS 5  —  29  (3) 34  (3)
CDO/ABS 2  —  69  (7) 71  (7)
Total $ 380  $ (11) $ 1,145  $ (149) $ 1,525  $ (160)
December 31, 2022
            
U.S. government and government sponsored entities
 $ 10  $ —  $ 6  $ (1) $ 16  $ (1)
Obligations of states, municipalities, and political subdivisions
 48  (5) 15  (3) 63  (8)
Commercial paper
 51  —  —  —  51  — 
Non-U.S. government and government sponsored entities
 104  (3) 32  (5) 136  (8)
Corporate debt 779  (54) 299  (61) 1,078  (115)
Mortgage-backed, asset-backed, and collateralized:
RMBS 106  (9) 68  (16) 174  (25)
CMBS 21  (2) 13  (1) 34  (3)
CDO/ABS 45  (3) 35  (6) 80  (9)
Total $ 1,164  $ (76) $ 468  $ (93) $ 1,632  $ (169)


On a lot basis, we had 2,191 and 2,280 investment securities in an unrealized loss position at June 30, 2023 and December 31, 2022, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, as of June 30, 2023, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of June 30, 2023, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost.

We continue to monitor unrealized loss positions for potential credit impairments. During the three and six months ended June 30, 2023 and 2022, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three and six months ended June 30, 2023 and 2022.

The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2023 totaled $21 million and $47 million, respectively. The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2022 totaled $38 million and $201 million, respectively. The net realized gains and losses were immaterial during the three and six months ended June 30, 2023 and 2022.

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Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2023 were as follows:
(dollars in millions) Fair
Value		 Amortized
Cost
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
    
Due in 1 year or less $ 170  $ 172 
Due after 1 year through 5 years 534  567 
Due after 5 years through 10 years 506  571 
Due after 10 years 127  149 
Mortgage-backed, asset-backed, and collateralized securities 303  338 
Total $ 1,640  $ 1,797 

Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies.

The fair value of securities on deposit with third parties totaled $512 million and $532 million at June 30, 2023 and December 31, 2022, respectively.

OTHER SECURITIES

The fair value of other securities by type was as follows:
(dollars in millions) June 30, 2023 December 31, 2022
Fixed maturity other securities:  
Bonds $ 21  $ 23 
Preferred stock * 16  15 
Common stock * 33  33 
Total $ 70  $ 71 
*    We employ an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments.

Net unrealized gains and losses on other securities held were immaterial for the three and six months ended June 30, 2023 and 2022. Net realized gains and losses on other securities sold or redeemed were immaterial for the three and six months ended June 30, 2023 and 2022.

Other securities primarily consist of equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in investment revenue.

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6. Long-term Debt

Principal maturities of long-term debt by type of debt at June 30, 2023 were as follows:
Senior Debt
(dollars in millions) Securitizations Private Secured Term Funding Unsecured
Notes (a)		 Junior
Subordinated
Debt (a)		 Total
Interest rates (b)
0.87%-7.49%
5.99%
3.50%-9.00%
 7.01  %
Remainder of 2023 $ —  $ —  $ 226  $ —  $ 226 
2024 —  —  1,179  —  1,179 
2025 —  —  1,249  —  1,249 
2026 —  —  1,600  —  1,600 
2027 —  —  750  —  750 
2028-2067 —  —  3,432  350  3,782 
Secured (c) 10,339  350  —  —  10,689 
Total principal maturities $ 10,339  $ 350  $ 8,436  $ 350  $ 19,475 
Total carrying amount $ 10,293  $ 350  $ 8,380  $ 172  $ 19,195 
Debt issuance costs (d) (42) (1) (59) —  (102)
(a) Pursuant to the Base Indenture, the Supplemental Indentures, and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.
(b) The interest rates shown are the range of contractual rates in effect at June 30, 2023.
(c) Securitizations and private secured term funding are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At June 30, 2023, there were no amounts drawn under our revolving conduit facilities. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, and revolving conduit facilities.
(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities and unsecured corporate revolver, which totaled $33 million at June 30, 2023 and are reported in Other assets in our condensed consolidated balance sheets.


UNSECURED CORPORATE REVOLVER

At June 30, 2023, the total maximum borrowing capacity of our unsecured corporate revolver was $1.25 billion. The corporate revolver has a five-year term beginning October 25, 2021, during which draws and repayments may occur. Any outstanding principal balance is due and payable on October 25, 2026. At June 30, 2023, no amounts were drawn under this facility.
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7. Variable Interest Entities

CONSOLIDATED VIES

We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our condensed consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as securitized borrowings.

See Note 2 and Note 9 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more detail regarding VIEs.

We parenthetically disclose on our consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities when its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts, private secured term funding, and revolving conduit facilities were as follows:
(dollars in millions) June 30, 2023 December 31, 2022
Assets    
Cash and cash equivalents $ 2  $ 2 
Net finance receivables 11,807  10,432 
Allowance for finance receivable losses 1,300  1,126 
Restricted cash and restricted cash equivalents 505  442 
Other assets 30  28 
Liabilities    
Long-term debt $ 10,643  $ 9,361 
Other liabilities 23  20 

Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $114 million and $215 million during the three and six months ended June 30, 2023 respectively, compared to $68 million and $133 million during the three and six months ended June 30, 2022, respectively.

SECURITIZED BORROWINGS

Each of our outstanding securitizations contain a revolving period ranging from two to seven years during which no principal payments are required to be made on the related asset-backed notes. The indentures governing our securitized borrowings contain early amortization events and events of default, that, if triggered, may result in the acceleration of the obligation to pay principal and interest on the related asset-backed notes.

PRIVATE SECURED TERM FUNDING

At June 30, 2023, an aggregate amount of $350 million was outstanding under the private secured term funding collateralized by our personal loans. No principal payments are required to be made until after April 25, 2025, followed by a subsequent one-year amortization period, at the expiration of which the outstanding principal amount is due and payable.

REVOLVING CONDUIT FACILITIES

We had access to 15 revolving conduit facilities with a total maximum borrowing capacity of $6.2 billion as of June 30, 2023. Our conduit facilities contain revolving periods during which time no principal payments are required, but may be made without penalty, followed by a subsequent amortization period. Principal balances of outstanding loans, if any, are due and payable in full over periods ranging up to ten years as of June 30, 2023. Amounts drawn on these facilities are collateralized by our personal loans.

At June 30, 2023, no amounts were drawn under these facilities.
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8. Insurance

Changes in the reserve for unpaid claims and loss adjustment expenses (net of reinsurance recoverables) on our short-duration insurance contracts:
At or for the
Six Months Ended June 30,
(dollars in millions) 2023 2022 (a)
Balance at beginning of period $ 93  $ 102 
Less reinsurance recoverables (3) (3)
Net balance at beginning of period 90  99 
Additions for losses and loss adjustment expenses incurred to:
Current year 83  82 
Prior years (b) (2) (9)
Total 81  73 
Reductions for losses and loss adjustment expenses paid related to:
Current year (38) (35)
Prior years (40) (39)
Total (78) (74)
Net balance at end of period 93  98 
Plus reinsurance recoverables 3  3 
Balance at end of period $ 96  $ 101 
(a)    As a result of the modified retrospective adoption of ASU 2018-12, we have recorded a $16 million reduction to the 2022 beginning balance, and the previously reported balances were recast to exclude reserves for unpaid claims on our long-duration contracts. These reserves have been included in our estimate of the liability for future policy benefits as of the transition date of January 1, 2021. See Note 2 for additional information on the adoption of ASU 2018-12.
(b)    At June 30, 2023, $2 million reflected a redundancy in the prior years’ net reserves, primarily due to favorable development of credit disability claims during the period. At June 30, 2022, $9 million reflected a redundancy in the prior years’ net reserves, primarily due to favorable development of credit life and credit disability claims during the period.

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LIABILITY FOR FUTURE POLICY BENEFITS

The present value of expected net premiums on long-duration insurance contracts were as follows:
At or for the
Six Months Ended June 30,
2023 2022
(dollars in millions) Term and
 Whole Life		 Accidental Death and Disability Protection Term and
 Whole Life		 Accidental Death and Disability Protection
Balance at beginning of period $ 252  $ 48  $ 313  $ 69 
Effect of cumulative changes in discount rate assumptions (beginning of period) (8) —  (53) (10)
Beginning balance at original discount rate 244  48  260  59 
Effect of actual variances from expected experience (8) (2) 13  (2)
Adjusted balance at beginning of period 236  46  273  57 
Interest accretion 6  1  7  — 
Net premiums collected (15) (3) (17) (3)
Ending balance at original discount rate 227  44  263  54 
Effect of changes in discount rate assumptions 2  (1) 14  1 
Balance at ending of period $ 229  $ 43  $ 277  $ 55 


The present value of expected future policy benefits on long-duration insurance contracts were as follows:
At or for the
Six Months Ended June 30,
2023 2022
(dollars in millions) Term and
Whole Life		 Accidental Death and Disability Protection Term and
Whole Life		 Accidental Death and Disability Protection
Balance at beginning of period $ 483  $ 126  $ 601  $ 165 
Effect of cumulative changes in discount rate assumptions (beginning of period) (17) (1) (109) (27)
Beginning balance at original discount rate 466 125 492 138
Effect of actual variances from expected experience (5) — 14 (3)
Adjusted balance at beginning of period 461 125 506 135
Net issuances 2 — 2 —
Interest accretion 10 3 12 3
Benefit payments (30) (8) (33) (7)
Ending balance at original discount rate 443 120 487 131
Effect of changes in discount rate assumptions 7 (2) 29 4
Balance at ending of period $ 450  $ 118  $ 516  $ 135 

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The net liability for future policy benefits on long-duration insurance contracts were as follows:
At or for the
Six Months Ended June 30,
2023 2022
(dollars in millions) Term and
Whole Life		 Accidental Death and Disability Protection Term and
Whole Life		 Accidental Death and Disability Protection
Net liability for future policy benefits $ 221  $ 75  $ 239  $ 79 
Deferred profit liability 15 53 16 60
Total net liability for future policy benefits $ 236  $ 128  $ 255  $ 139 

The weighted-average duration of the liability for future policy benefits was 8 years at June 30, 2023 and June 30, 2022.

The following table reconciles the net liability for future policy benefits to Insurance claims and policyholder liabilities in the condensed consolidated balance sheets:
At or for the
Six Months Ended June 30,
(dollars in millions) 2023 2022
Term and whole life $ 236  $ 255 
Accidental death and disability protection 128  139 
Other* 252  234 
Total $ 616  $ 628 
*    Other primarily includes reserves for short-duration contracts that are payable to third-party beneficiaries.

The undiscounted and discounted expected future gross premiums and expected future benefits and expenses for our long-duration insurance contracts were as follows:
At or for the
Six Months Ended June 30,
2023 2022
(dollars in millions) Term and
Whole Life		 Accidental Death and Disability Protection Term and
Whole Life		 Accidental Death and Disability Protection
Expected future gross premiums:
Undiscounted $ 442  $ 155  $ 542  $ 175 
Discounted 319  111  386  129 
Expected future benefit payments:
Undiscounted 637  176  712  193 
Discounted 450  118  516  135 

The revenue and interest accretion related to our long-duration insurance contracts recognized in the condensed consolidated statements of operations were as follows:
At or for the
Six Months Ended June 30,
2023 2022
(dollars in millions) Term and
Whole Life		 Accidental Death and Disability Protection Term and
Whole Life		 Accidental Death and Disability Protection
Gross premiums or assessments $ 30  $ 10  $ 35  $ 10 
Interest accretion $ 4  $ 2  $ 5  $ 3 

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The expected and actual experience for mortality, morbidity, and lapses of the liability for future policy benefits were as follows:
At or for the
Six Months Ended June 30,
2023 2022
Term and
Whole Life		 Accidental Death and Disability Protection Term and
Whole Life		 Accidental Death and Disability Protection
Mortality/Morbidity:
Expected 0.39  % 0.01  % 0.40  % 0.01  %
Actual 0.33  % 0.01  % 0.37  % 0.01  %
Lapses:
Expected 3.10  % 2.22  % 2.70  % 2.25  %
Actual 1.72  % 2.39  % 2.24  % 2.74  %

The weighted-average interest rates for the liability of future policy benefits for our long-duration insurance contracts were as follows:
At or for the
Six Months Ended June 30,
2023 2022
Term and
Whole Life		 Accidental Death and Disability Protection Term and
Whole Life		 Accidental Death and Disability Protection
Interest accretion rate 5.27  % 4.86  % 5.26  % 4.86  %
Current discount rate 5.19  % 5.17  % 4.70  % 4.61  %
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9. Capital Stock and Earnings Per Share (OMH Only)

CAPITAL STOCK

OMH has two classes of authorized capital stock: preferred stock and common stock. OMFC has two classes of authorized capital stock: special stock and common stock. OMH and OMFC may issue preferred stock and special stock, respectively, in one or more series. The OMH Board of Directors and the OMFC Board of Directors determine the dividend, liquidation, redemption, conversion, voting, and other rights prior to issuance.

Changes in OMH shares of common stock issued and outstanding were as follows:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Balance at beginning of period 120,587,214  125,793,836  121,042,125  127,809,640 
Common stock issued 9,045  13,995  216,448  266,272 
Common stock repurchased (169,250) (2,096,397) (852,634) (4,378,949)
Treasury stock issued 19,790  15,125  40,860  29,596 
Balance at end of period 120,446,799  123,726,559  120,446,799  123,726,559 


EARNINGS PER SHARE (OMH ONLY)

The computation of earnings per share was as follows:
Three Months Ended June 30, Six Months Ended June 30,
(dollars in millions, except per share data) 2023 2022 2023 2022
   
Numerator (basic and diluted):        
Net income $ 103  $ 208  $ 282  $ 511 
Denominator:        
Weighted average number of shares outstanding (basic) 120,539,759  124,539,551  120,652,710  125,807,633 
Effect of dilutive securities * 107,110  158,420  155,670  272,866 
Weighted average number of shares outstanding (diluted) 120,646,869  124,697,971  120,808,380  126,080,499 
Earnings per share:        
Basic $ 0.85  $ 1.67  $ 2.33  $ 4.06 
Diluted $ 0.85  $ 1.67  $ 2.33  $ 4.05 
* We have excluded weighted-average unvested restricted stock units totaling 1,607,851 and 1,389,727 for the three months ended June 30, 2023 and 2022, respectively, and 1,590,009 and 1,333,338 for the six months ended June 30, 2023 and 2022, respectively, from the fully-diluted earnings per share calculations as these shares would be anti-dilutive, which could impact the earnings per share calculation in the future.

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested restricted stock units.

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10. Accumulated Other Comprehensive Income (Loss)

Changes, net of tax, in accumulated other comprehensive income (loss) were as follows:
(dollars in millions) Unrealized
Gains (Losses)
Available-for-Sale Securities (a)		 Retirement
Plan Liabilities
Adjustments		 Foreign
Currency
Translation
Adjustments		 Changes in discount rate for insurance claims and policyholder liabilities Other (b) Total
Accumulated
Other
Comprehensive
Income (Loss)
Three Months Ended
June 30, 2023		        
Balance at beginning of period $ (112) $ (8) $ (5) $ (5) $ 22  $ (108)
Other comprehensive income (loss) before reclassifications
 (12) —  3  2  1  (6)
Balance at end of period $ (124) $ (8) $ (2) $ (3) $ 23  $ (114)
Three Months Ended
June 30, 2022		        
Balance at beginning of period $ (34) $ 1  $ 4  $ (31) $ 18  $ (42)
Other comprehensive income (loss) before reclassifications
 (61) —  (3) 18  5  (41)
Balance at end of period $ (95) $ 1  $ 1  $ (13) $ 23  $ (83)
Six Months Ended
June 30, 2023		        
Balance at beginning of period $ (131) $ (8) $ (5) $ (8) $ 25  $ (127)
Other comprehensive income (loss) before reclassifications
 7  —  3  5  (2) 13 
Balance at end of period $ (124) $ (8) $ (2) $ (3) $ 23  $ (114)
Six Months Ended
June 30, 2022		        
Balance at beginning of period $ 49  $ 1  $ 3  $ (56) $ 8  $ 5 
Other comprehensive income (loss) before reclassifications
 (141) —  (2) 43  15  (85)
Reclassification adjustments from accumulated other comprehensive income
 (3) —  —  —  —  (3)
Balance at end of period $ (95) $ 1  $ 1  $ (13) $ 23  $ (83)
(a) There were no material amounts related to available-for-sale debt securities for which an allowance for credit losses was recorded during the three and six months ended June 30, 2023 and 2022.
(b) Other primarily includes changes in the fair value of our mark-to-market derivative instruments that have been designated as cash flow hedges.

Reclassification adjustments from accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three and six months ended June 30, 2023 and 2022.

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11. Income Taxes

We had a net deferred tax asset of $462 million and $456 million at June 30, 2023 and December 31, 2022, respectively.

We follow the guidance of ASC 740, Income Taxes, for interim reporting of income taxes under which we calculate an estimated annual effective tax rate (“AETR”) and apply the AETR to our year-to-date income (loss) before income taxes. In addition, we recognize any discrete items as they occur.

The effective tax rate for the six months ended June 30, 2023 was 24.5%, compared to 24.6% for the same period in 2022. The effective tax rate for the six months ended June 30, 2023 and 2022 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes.

We are under examination by various states for the years 2017 to 2020. Management believes it has adequately provided for taxes for such years.

Our gross unrecognized tax benefits, including related interest and penalties, totaled $6 million at June 30, 2023 and December 31, 2022. We accrue interest related to uncertain tax positions in income tax expense. The amount of any change in the balance of uncertain tax liabilities over the next 12 months is not expected to be material to our condensed consolidated financial statements.

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12. Contingencies

LEGAL CONTINGENCIES

In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions, and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Additionally, we are, from time to time, in the normal course of business, subject to inquiries and investigations by federal, state and local governmental authorities regarding our products and our operations. These inquiries and investigations may result in fines, restitution or other penalties, including injunctive relief that may result in restrictions on our business. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims.

We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the condensed consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss.

For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or range of additional loss can be reasonably estimated for any given action.

For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our condensed consolidated financial statements as a whole.

In March 2022, the staff of the United States Consumer Financial Protection Bureau (“CFPB”) notified us that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, it is considering recommending that the CFPB take legal action against the Company in connection with alleged violations of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536. On May 31, 2023, the Company entered into a consent order with the CFPB to resolve this previously disclosed investigation focused on certain refunding practices for optional insurance and membership plan products that were subsequently canceled by the customer after purchase. Pursuant to the consent order, we agreed to issue $10 million in interest refunds to affected customers, pay a $10 million civil penalty and make certain other enhancements to our sales and refunding practices. In agreeing to the consent order, we did not admit to any of the CFPB’s factual findings or legal conclusions.
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13. Segment Information

At June 30, 2023, Consumer and Insurance (“C&I”) is our only reportable segment. The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans.

The accounting policies of the C&I segment are the same as those disclosed in Note 2 and Note 17 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

The following tables present information about C&I and Other, as well as reconciliations to the condensed consolidated financial statement amounts.
(dollars in millions) Consumer
and
Insurance		 Other Segment to
GAAP
Adjustment		 Consolidated
Total
Three Months Ended June 30, 2023    
Interest income $ 1,115  $ 1  $ 1  $ 1,117 
Interest expense 242  1  1  244 
Provision for finance receivable losses
 479  —  —  479 
Net interest income after provision for finance receivable losses
 394  —  —  394 
Other revenues 182  3  —  185 
Other expenses 438  3  —  441 
Income (loss) before income tax expense (benefit)
 $ 138  $ —  $ —  $ 138 
Three Months Ended June 30, 2022
Interest income $ 1,104  $ 1  $ 1  $ 1,106 
Interest expense 218  —  1  219 
Provision for finance receivable losses
 338  —  1  339 
Net interest income after provision for finance receivable losses
 548  1  (1) 548 
Other revenues 125  3  —  128 
Other expenses 394  4  —  398 
Income before income tax expense
 $ 279  $ —  $ (1) $ 278 
Six Months Ended June 30, 2023    
Interest income $ 2,208  $ 2  $ —  $ 2,210 
Interest expense 480  1  1  482 
Provision for finance receivable losses
 865  —  —  865 
Net interest income after provision for finance receivable losses
 863  1  (1) 863 
Other revenues 358  5  —  363 
Other expenses 847  7  (1) 853 
Income before income tax expense
 $ 374  $ (1) $ —  $ 373 
Assets $ 22,267  $ 29  $ 1,215  $ 23,511 
Six Months Ended June 30, 2022
Interest income $ 2,192  $ 2  $ 1  $ 2,195 
Interest expense 435  1  2  438 
Provision for finance receivable losses
 575  —  2  577 
Net interest income after provision for finance receivable losses
 1,182  1  (3) 1,180 
Other revenues 283  7  —  290 
Other expenses 787  8  (2) 793 
Income (loss) before income tax expense (benefit)
 $ 678  $ —  $ (1) $ 677 
Assets $ 20,141  $ 38  $ 2,020  $ 22,199 

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14. Fair Value Measurements

The accounting policies of our fair value measurements are the same as those disclosed in Note 2 and Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report.

The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Fair Value Measurements Using Total
Fair
Value		 Total
Carrying
Value
(dollars in millions) Level 1 Level 2 Level 3
June 30, 2023
Assets
Cash and cash equivalents $ 1,016  $ 5  $ —  $ 1,021  $ 1,021 
Investment securities 52  1,654  4  1,710  1,710 
Net finance receivables, less allowance for finance receivable losses
 —  —  19,909  19,909  18,118 
Restricted cash and restricted cash equivalents 522  10  —  532  532 
Other assets *
 —  —  38  38  29 
Liabilities
Long-term debt $ —  $ 18,111  $ —  $ 18,111  $ 19,195 
December 31, 2022
Assets
Cash and cash equivalents $ 481  $ 17  $ —  $ 498  $ 498 
Investment securities 51  1,744  5  1,800  1,800 
Net finance receivables, less allowance for finance receivable losses
 —  —  19,272  19,272  17,675 
Restricted cash and restricted cash equivalents 450  11  —  461  461 
Other assets *
 —  —  43  43  35 
Liabilities
Long-term debt $ —  $ 16,969  $ —  $ 16,969  $ 18,281 
*Other assets at June 30, 2023 and December 31, 2022 primarily consists of finance receivables held for sale.

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FAIR VALUE MEASUREMENTS — RECURRING BASIS

The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:

Fair Value Measurements Using Total Carried At Fair Value
(dollars in millions) Level 1 Level 2 Level 3
June 30, 2023        
Assets        
Cash equivalents in mutual funds $ 158  $ —  $ —  $ 158 
Cash equivalents in securities —  5  —  5 
Investment securities:        
Available-for-sale securities        
U.S. government and government sponsored entities —  12  —  12 
Obligations of states, municipalities, and political subdivisions
 —  69  —  69 
Commercial paper —  42  —  42 
Non-U.S. government and government sponsored entities —  147  —  147 
Corporate debt 5  1,060  2  1,067 
RMBS —  182  —  182 
CMBS —  34  —  34 
CDO/ABS —  87  —  87 
Total available-for-sale securities 5  1,633  2  1,640 
Other securities      
Bonds:      
Corporate debt —  4  —  4 
CDO/ABS —  17  —  17 
Total bonds —  21  —  21 
Preferred stock 16  —  —  16 
Common stock 31  —  2  33 
Total other securities 47  21  2  70 
Total investment securities 52  1,654  4  1,710 
Restricted cash equivalents in mutual funds 512  —  —  512 
Restricted cash equivalents in securities —  10  —  10 
Total $ 722  $ 1,669  $ 4  $ 2,395 

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Fair Value Measurements Using Total Carried At Fair Value
(dollars in millions) Level 1 Level 2 Level 3
December 31, 2022        
Assets        
Cash equivalents in mutual funds $ 77  $ —  $ —  $ 77 
Cash equivalents in securities —  17  —  17 
Investment securities:        
Available-for-sale securities        
U.S. government and government sponsored entities —  16  —  16 
Obligations of states, municipalities, and political subdivisions
 —  66  —  66 
Commercial paper
 —  55  —  55 
Non-U.S. government and government sponsored entities —  142  —  142 
Corporate debt 5  1,129  3  1,137 
RMBS —  192  —  192 
CMBS —  35  —  35 
CDO/ABS —  86  —  86 
Total available-for-sale securities 5  1,721  3  1,729 
Other securities      
Bonds:        
Corporate debt —  6  —  6 
RMBS —  1  —  1 
CDO/ABS —  16  —  16 
Total bonds —  23  —  23 
Preferred stock 15  —  —  15 
Common stock 31  —  2  33 
Total other securities 46  23  2  71 
Total investment securities 51  1,744  5  1,800 
Restricted cash equivalents in mutual funds 445  —  —  445 
Restricted cash equivalents in securities $ —  $ 11  $ —  11 
Total $ 573  $ 1,772  $ 5  $ 2,350 

Due to the insignificant activity within the Level 3 assets during the three and six months ended June 30, 2023 and 2022, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs.

FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS

We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial during the three and six months ended June 30, 2023 and 2022.

FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS

See Note 18 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for information regarding our methods and assumptions used to estimate fair value.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

An index to our management’s discussion and analysis follows:
Topic Page

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Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead represent only management’s current beliefs regarding future events. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions, and other important factors that may cause actual results, performance, or achievements to differ materially from those expressed in or implied by such forward-looking statements. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. We do not undertake any obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Forward-looking statements include, without limitation, statements concerning future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. Statements preceded by, followed by or that otherwise include the words “anticipates,” “appears,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “foresees,” “goals,” “intends,” “likely,” “objective,” “plans,” “projects,” “target,” “trend,” “remains,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” or “would” are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following:

•adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets;
•the sufficiency of our allowance for finance receivable losses;
•increased levels of unemployment and personal bankruptcies;
•the current inflationary environment and related trends affecting our customers;
•natural or accidental events such as earthquakes, hurricanes, pandemics, floods, or wildfires affecting our customers, collateral, or our facilities;
•a failure in or breach of our information, operational or security systems, or infrastructure or those of third parties, including as a result of cyber-attacks, war, or other disruptions;
•the adequacy of our credit risk scoring models;
•adverse changes in our ability to attract and retain employees or key executives;
•increased competition or adverse changes in customer responsiveness to our distribution channels or products;
•changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry;
•risks associated with our insurance operations;
•the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations;
•the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority;
•our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements;
•our ability to comply with all of our covenants; and
•the effects of any downgrade of our debt ratings by credit rating agencies.

We also direct readers to the other risks and uncertainties discussed in Part I - Item 1A. “Risk Factors” included in our Annual Report and in other documents we file with the SEC.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this report and in the documents we file with the SEC that could cause actual results to differ before making an investment decision to purchase our securities and should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
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Overview

We operate in the United States and market our personal loans in 44 states. We service the loans that we originate and retain on our balance sheet, as well as loans owned by third parties on their behalf in connection with our whole loan sale program and legacy businesses. In connection with our offerings, our insurance subsidiaries offer our personal loan customers optional credit and non-credit insurance, and other insurance-related products. We also offer two credit cards, BrightWay and BrightWay+, which are designed to reward customers for responsible credit activity such as consistent on-time payments. We strive to meet our customers at their preferred channel and to deliver a seamless customer experience through our digital platforms, distribution partnerships, or working with our expert team members at our approximately 1,400 locations. Our personal loans, credit cards, and other products help customers meet everyday needs and take steps to improve their financial well-being.

OUR PRODUCTS

Our product offerings include:

•Personal Loans — We offer personal loans through our branch network, centralized operations, distribution partnerships, and our website, www.omf.com, to customers who need timely access to cash. Our personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. At June 30, 2023, we had approximately 2.35 million personal loans totaling $20.4 billion of net finance receivables, of which 51% were secured by titled property, compared to approximately 2.33 million personal loans totaling $19.9 billion of net finance receivables, of which 52% were secured by titled property at December 31, 2022. We also service personal loans for our whole loan sale partners.

•Credit Cards — BrightWay and BrightWay+ credit cards originate through a third-party bank partner from which we purchase the receivable balances. The credit cards are offered across our branch network, through direct mail, and through our digital affiliates. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured. At June 30, 2023, we had approximately 230 thousand open credit card customer accounts, totaling $159 million of net finance receivables, compared to approximately 135 thousand open credit card customer accounts, totaling $107 million of net finance receivables at December 31, 2022.

•Optional Insurance Products — We offer our customers optional credit insurance products (life, disability, and involuntary unemployment insurance) and optional non-credit insurance products through both our branch network and our central operations. Credit insurance and non-credit insurance products are provided by our affiliated insurance companies. We offer GAP coverage as a waiver product or insurance. We also offer optional membership plans from an unaffiliated company.

OUR SEGMENT

At June 30, 2023, Consumer and Insurance (“C&I”) is our only reportable segment, which includes personal loans, credit cards, and optional insurance products. At June 30, 2023, we managed a combined total of 2.68 million customer accounts and $21.4 billion of managed receivables, compared to 2.56 million customer accounts and $20.8 billion of managed receivables at December 31, 2022.

The remaining components (which we refer to as “Other”) consist of our liquidating SpringCastle Portfolio servicing activity and our non-originating legacy operations, which primarily include our liquidating real estate loans held for sale and reported in Other assets in our condensed consolidated balance sheets. See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about our segment.

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Recent Developments and Outlook

RECENT DEVELOPMENTS

Issuance of 9.00% Senior Notes Due 2029

On June 22, 2023, OMFC issued a total of $500 million aggregate principal amount of 9.00% Senior Notes due 2029.

For information regarding the issuance of our unsecured debt, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.

Securitization Transactions Completed - ODART 2023-1 and OMFIT 2023-1

For information regarding the issuances of our secured debt, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.

Stock Repurchase Program

On February 2, 2022, the Board authorized a stock repurchase program, which allows us to repurchase up to $1.0 billion of OMH’s outstanding common stock, excluding fees, commissions, and other expenses related to the repurchases. The authorization expires on December 31, 2024. As of June 30, 2023, we had $692 million of authorized share repurchase capacity, excluding fees and commissions, remaining under the program.

See “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 2. Unregistered Sales of Equity Securities and Use of Proceeds in Part II of this report for further information on our shares repurchased.

Cash Dividends to OMH's Common Stockholders

For information regarding the quarterly dividends declared by OMH, see “Liquidity and Capital Resources” under Management’s Discussion and Analysis of Financial Condition and Results of Operations in this report.

Regulatory Settlements

On May 24, 2023, we entered into a consent order with the New York State Department of Financial Services (“NYDFS”) relating primarily to a past examination of our cybersecurity policies from 2017 to early 2020. Pursuant to the consent order, we agreed to pay a $4.25 million civil penalty and represent that certain improvements to our cybersecurity controls and procedures had previously been completed.

Additionally, on May 31, 2023, we entered into a consent order with the CFPB to resolve a previously disclosed investigation focused on certain refunding practices for optional insurance and membership plan products that were subsequently canceled by the consumer after purchase. Pursuant to the consent order, we agreed to issue $10 million in interest refunds to affected customers, pay a $10 million civil penalty and make certain other enhancements to our sales and refunding practices.

In agreeing to these two consent orders, we did not admit to any of the NYDFS’ or the CFPB’s factual findings or legal conclusions.
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OUTLOOK

We are actively monitoring the current macro environment and remain prepared for any developments that may impact our business. Our financial condition and results of operations could be affected by macroeconomic conditions, including changes in unemployment, inflation, interest rates, and consumer confidence. We will continue to incorporate updates to our macroeconomic assumptions, as necessary, which could lead to further adjustments in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Our experienced management team remains focused on maintaining a strong balance sheet with a long liquidity runway and adequate capital and maintaining a conservative and disciplined underwriting model. We believe we are well positioned to serve our customers, invest in our business, and drive long-term growth to create value for our stockholders as we navigate an ever-evolving economic, social, political, and regulatory environment.
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Results of Operations

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this section relates only to OMH. See Note 1 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.

OMH'S CONSOLIDATED RESULTS
See the table below for OMH's consolidated operating results and selected financial statistics. A further discussion of OMH's operating results for our operating segment is provided under “Segment Results” below.
At or for the
Three Months Ended June 30,		 At or for the
Six Months Ended June 30,
(dollars in millions, except per share amounts) 2023 2022 2023 2022
Interest income $ 1,117  $ 1,106  $ 2,210  $ 2,195 
Interest expense 244  219  482  438 
Provision for finance receivable losses 479  339  865  577 
Net interest income after provision for finance receivable losses
 394  548  863  1,180 
Other revenues 185  128  363  290 
Other expenses 441  398  853  793 
Income before income taxes
 138  278  373  677 
Income taxes 35  70  91  166 
Net income $ 103  $ 208  $ 282  $ 511 
Share Data:      
Earnings per share:    
Diluted $ 0.85  $ 1.67  $ 2.33  $ 4.05 
Selected Financial Statistics *    
Total finance receivables:
Net finance receivables $ 20,510  $ 19,448  $ 20,510  $ 19,448 
Average net receivables $ 20,135  $ 19,160  $ 20,008  $ 19,122 
Gross charge-off ratio 9.01  % 7.35  % 9.11  % 7.17  %
Recovery ratio (1.34) % (1.41) % (1.37) % (1.41) %
Net charge-off ratio 7.67  % 5.95  % 7.73  % 5.76  %
Personal loans:
Net finance receivables $ 20,351  $ 19,384  $ 20,351  $ 19,384 
Yield 22.22  % 23.11  % 22.24  % 23.12  %
Origination volume $ 3,742  $ 3,897  $ 6,559  $ 6,856 
Number of accounts 2,349,739  2,320,582  2,349,739  2,320,582 
Number of accounts originated 358,649  395,902  629,321  682,293 
Net charge-off ratio 7.60  % 5.96  % 7.66  % 5.77  %
30-89 Delinquency ratio 2.76  % 2.73  % 2.76  % 2.73  %
Credit cards:
Net finance receivables $ 159  $ 64  $ 159  $ 64 
Purchase volume $ 81  $ 34  $ 134  $ 79 
Number of open accounts 230,099  78,979  230,099  78,979 
Debt balances:
Long-term debt balance $ 19,195  $ 17,922  $ 19,195  $ 17,922 
Average daily debt balance $ 18,537  $ 17,693  $ 18,446  $ 17,623 
*    See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.


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Comparison of Consolidated Results for Three and Six Months Ended June 30, 2023 and 2022

Interest income increased $11 million or 1% and $15 million or 1% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to growth in average net receivables, partially offset by lower yield.

Interest expense increased $25 million or 11% and $44 million or 10% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to a higher average cost of funds and an increase in average debt.

Provision for finance receivable losses increased $140 million or 41% and $288 million or 50% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily driven by higher net charge-offs and growth in the portfolio.

Other revenues increased $57 million or 44% and $73 million or 25% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to an increase in investment revenue due to higher market rates compared to the prior year period and a net loss on the repurchase and repayment of debt in the prior year period.

Other expenses increased $43 million or 11% and $60 million or 8% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to regulatory settlements in the current period and an increase in salaries and benefits expense driven by our continued investment in the business.

Income taxes totaled $35 million and $91 million for the three and six months ended June 30, 2023, respectively, compared to $70 million and $166 million for the three and six months ended June 30, 2022, respectively, due to higher pre-tax income in the prior year period. For the three and six months ended June 30, 2023, the effective tax rates were 25.4% and 24.5%, respectively, compared to 25.3% and 24.6% for the three and six months ended June 30, 2022, respectively. The effective tax rates differed from the federal statutory rate of 21% primarily due to the effect of state income taxes.
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NON-GAAP FINANCIAL MEASURES

Management uses C&I adjusted pretax income (loss), a non-GAAP financial measure, as a key performance measure of our segment. C&I adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes regulatory settlements, the expenses associated with the net loss resulting from repurchases and repayments of debt, cash-settled stock-based awards, and direct costs associated with COVID-19. Management believes C&I adjusted pretax income (loss) is useful in assessing the profitability of our segment.

Management also uses C&I pretax capital generation, a non-GAAP financial measure, as a key performance measure of our segment. This measure represents C&I adjusted pretax income as discussed above and excludes the change in our C&I allowance for finance receivable losses in the period while still considering the C&I net charge-offs incurred during the period. Management believes that C&I pretax capital generation is useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. Management believes that the Company’s reserves, combined with its equity, represent the Company’s loss absorption capacity.

Management utilizes both C&I adjusted pretax income (loss) and C&I pretax capital generation in evaluating our performance. Additionally, both of these non-GAAP measures are consistent with the performance goals established in OMH’s executive compensation program. C&I adjusted pretax income (loss) and C&I pretax capital generation are non-GAAP financial measures and should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.

OMH's reconciliations of income before income tax expense on a Segment Accounting Basis to C&I adjusted pretax income (non-GAAP) and C&I pretax capital generation (non-GAAP) were as follows:

Three Months Ended
June 30,		 Six Months Ended
June 30,
(dollars in millions) 2023 2022 2023 2022
Consumer and Insurance
Income before income taxes - Segment Accounting Basis
 $ 138  $ 279  $ 374  $ 678 
Adjustments:
Regulatory settlements 24  —  24  — 
    Net loss on repurchases and repayments of debt
 —  28  —  28 
    Direct costs associated with COVID-19
 —  1  —  2 
Cash-settled stock-based awards —  1  —  2 
Adjusted pretax income (non-GAAP)
 162  309  398  710 
Provision for finance receivable losses 479  338  865  575 
Net charge-offs (385) (283) (768) (545)
Pretax capital generation (non-GAAP) $ 256  $ 364  $ 495  $ 740 
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Segment Results

The results of OMFC are consolidated into the results of OMH. Due to the nominal differences between OMFC and OMH, content throughout this section relate only to OMH. See Note 1 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information.

See Note 17 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for a description of our segment and methodologies used to allocate revenues and expenses to our C&I segment. See Note 13 of the Notes to the Condensed Consolidated Financial Statements included in this report for reconciliations of segment total to condensed consolidated financial statement amounts.

CONSUMER AND INSURANCE
OMH's adjusted pretax income and selected financial statistics for C&I on an adjusted Segment Accounting Basis were as follows:
At or for the
Three Months Ended June 30,		 At or for the
Six Months Ended June 30,
(dollars in millions) 2023 2022 2023 2022
Interest income $ 1,115  $ 1,104  $ 2,208  $ 2,192 
Interest expense 242  218  480  435 
Provision for finance receivable losses 479  338  865  575 
Net interest income after provision for finance receivable losses
 394  548  863  1,182 
Other revenues 182  153  358  311 
Other expenses 414  392  823  783 
Adjusted pretax income (non-GAAP) $ 162  $ 309  $ 398  $ 710 
Selected Financial Statistics *        
Total finance receivables:
Net finance receivables $ 20,511  $ 19,449  $ 20,511  $ 19,449 
Average net receivables $ 20,136  $ 19,162  $ 20,009  $ 19,124 
Gross charge-off ratio 9.01  % 7.35  % 9.11  % 7.17  %
Recovery ratio (1.34) % (1.41) % (1.37) % (1.41) %
Net charge-off ratio 7.67  % 5.95  % 7.73  % 5.76  %
Personal loans:
Net finance receivables $ 20,352  $ 19,385  $ 20,352  $ 19,385 
Yield 22.21  % 23.10  % 22.24  % 23.10  %
Origination volume $ 3,742  $ 3,897  $ 6,559  $ 6,856 
Number of accounts 2,349,739  2,320,582  2,349,739  2,320,582 
Number of accounts originated 358,649  395,902  629,321  682,293 
Net charge-off ratio 7.60  % 5.96  % 7.66  % 5.77  %
30-89 Delinquency ratio 2.76  % 2.73  % 2.76  % 2.73  %
Credit cards:
Net finance receivables $ 159  $ 64  $ 159  $ 64 
Purchase volume $ 81  $ 34  $ 134  $ 79 
Number of open accounts 230,099  78,979  230,099  78,979 
*    See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios.



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Comparison of Adjusted Pretax Income for Three and Six Months Ended June 30, 2023 and 2022

Interest income increased $11 million or 1% and $16 million or 1% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to growth in average net receivables, partially offset by lower yield.

Interest expense increased $24 million or 11% and $45 million or 10% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to a higher average cost of funds and an increase in average debt.

Provision for finance receivable losses increased $141 million or 42% and $290 million or 50% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily driven by higher net charge-offs and growth in the portfolio.

Other revenues increased $29 million or 19% and $47 million or 15% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to an increase in investment revenue due to higher market rates compared to the prior year period.

Other expenses increased $22 million or 6% and $40 million or 5% for the three and six months ended June 30, 2023 when compared to the same periods in 2022 primarily due to an increase in salaries and benefits expense driven by our continued investment in the business.
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Credit Quality

FINANCE RECEIVABLES

Our net finance receivables, consisting of personal loans and credit cards, were $20.5 billion at June 30, 2023 and $20.0 billion at December 31, 2022. We consider the delinquency status of our finance receivables as our key credit quality indicator. We monitor the delinquency of our finance receivable portfolio, including the migration between the delinquency buckets and changes in the delinquency trends to manage our exposure to credit risk in the portfolio. Our branch and central operation team members work closely with customers as necessary and offer a variety of borrower assistance programs to help support our customers.

DELINQUENCY

We monitor delinquency trends to evaluate the risk of future credit losses and employ advanced analytical tools to manage performance. Team members are actively engaged in collection activities throughout the early stages of delinquency. We closely track and report the percentage of receivables that are contractually 30-89 days past due as a benchmark of portfolio quality, collections effectiveness, and as a strong indicator of losses in coming quarters.

When personal loans are contractually 60 days past due, we consider these accounts to be at an increased risk for loss and move collection of these accounts to our central collection operations. Use of our central operations teams for managing late-stage delinquency allows us to apply more advanced collection techniques and tools to drive credit performance and operational efficiencies.

We consider our personal loans to be nonperforming at 90 days contractually past due, at which point we stop accruing finance charges and reverse finance charges previously accrued. For credit cards, we accrue finance charges and fees until charge-off at 180 days past due, at which point we reverse finance charges and fees previously accrued.

The delinquency information for net finance receivables on a Segment Accounting Basis was as follows:
Consumer and Insurance
(dollars in millions) Personal Loans Credit Cards
June 30, 2023
Current
 $ 19,316  $ 142 
30-89 days past due
 562  8 
90+ days past due
 474  9 
Total net finance receivables
 $ 20,352  $ 159 
Delinquency ratio
30-89 days past due
 2.76  % 4.70  %
30+ days past due 5.09  % 10.52  %
90+ days past due 2.33  % 5.82  %
December 31, 2022
Current
 $ 18,726  $ 93 
30-89 days past due 610  6 
90+ days past due
 544  8 
Total net finance receivables
 $ 19,880  $ 107 
Delinquency ratio
30-89 days past due
 3.07  % 5.90  %
30+ days past due 5.80  % 13.08  %
90+ days past due 2.74  % 7.18  %

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ALLOWANCE FOR FINANCE RECEIVABLE LOSSES

We estimate and record an allowance for finance receivable losses to cover the expected lifetime credit losses on our finance receivables. Our allowance for finance receivable losses may fluctuate based upon changes in portfolio growth, credit quality, and economic conditions.

Our methodology to estimate expected credit losses uses recent macroeconomic forecasts, which include forecasts for unemployment. We leverage projections from various industry leading providers. We also consider inflationary pressures, consumer confidence levels, and interest rate increases that may continue to impact the economic outlook. At June 30, 2023, our economic forecast used a reasonable and supportable period of 12 months. We may experience further changes to the macroeconomic assumptions within our forecast, as well as changes to our loan loss performance outlook, both of which could lead to further changes in our allowance for finance receivable losses, allowance ratio, and provision for finance receivable losses.

Changes in our allowance for finance receivable losses were as follows:
(dollars in millions) Consumer and Insurance Segment to
GAAP
Adjustment		 Consolidated
Total
Personal Loans Credit Cards
Three Months Ended June 30, 2023
Balance at beginning of period
 $ 2,275  $ 23  $ — $ 2,298 
Provision for finance receivable losses
 464  15  — 479 
Charge-offs
 (446) (6) — (452)
Recoveries
 67  —  — 67 
Balance at end of period
 $ 2,360  $ 32  $ — $ 2,392 
Three Months Ended June 30, 2022
Balance at beginning of period
 $ 2,067  $ 10  $ (6) $ 2,071 
Provision for finance receivable losses
 336  2  1 339 
Charge-offs
 (351) —  — (351)
Recoveries
 68  —  — 68 
Balance at end of period
 $ 2,120  $ 12  $ (5) $ 2,127 
Six Months Ended June 30, 2023
Balance at beginning of period
 $ 2,294  $ 21  $ (4) $ 2,311 
Impact of adoption of ASU 2022-02 (a) (20) —  4 (16)
Provision for finance receivable losses
 841  24  — 865 
Charge-offs
 (891) (13) — (904)
Recoveries
 136  —  — 136 
Balance at end of period
 $ 2,360  $ 32  $ — $ 2,392 
Allowance ratio
 11.60  % 20.45  % (b) 11.66  %
Six Months Ended June 30, 2022
Balance at beginning of period
 $ 2,097  $ 5  $ (7) $ 2,095 
Provision for finance receivable losses
 568  7  2 577 
Charge-offs
 (680) —  — (680)
Recoveries
 135  —  — 135 
Balance at end of period
 $ 2,120  $ 12  $ (5) $ 2,127 
Allowance ratio
 10.94  % 19.13  % (b) 10.94  %
(a)    As a result of the adoption of ASU 2022-02, we recorded a one-time adjustment to the allowance for finance receivable losses. See Notes 2, 3, and 4 of the Notes to the Condensed Consolidated Financial Statements for additional information on the adoption of ASU 2022-02 included in this report.
(b)    Not applicable.

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The current delinquency status of our finance receivable portfolio, inclusive of recent borrower performance, volume of our modified finance receivable activity, level and recoverability of collateral securing our finance receivable portfolio, and the reasonable and supportable forecast of economic conditions are the primary drivers that can cause fluctuations in our allowance ratio from period to period. We monitor the allowance ratio to ensure we have a sufficient level of allowance for finance receivable losses based on the estimated lifetime expected credit losses in our finance receivable portfolio. The allowance for finance receivable losses as a percentage of net finance receivables for personal loans increased from the prior year period primarily due to a weaker macroeconomic outlook and an increase in delinquent personal loans 30 days or more past due. See Note 4 of the Notes to the Condensed Consolidated Financial Statements included in this report for more information about the changes in the allowance for finance receivable losses.
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Liquidity and Capital Resources

SOURCES AND USES OF FUNDS

We finance the majority of our operating liquidity and capital needs through a combination of cash flows from operations, secured debt, unsecured debt, borrowings from revolving conduit facilities, whole loan sales, and equity. We may also utilize other sources in the future. As a holding company, all of the funds generated from our operations are earned by our operating subsidiaries. Our operating subsidiaries’ primary cash needs relate to funding our lending activities, our debt service obligations, our operating expenses, payment of insurance claims, and expenditures relating to upgrading and monitoring our technology platform, risk systems, and branch locations.

We have previously purchased portions of our unsecured indebtedness, and we may elect to purchase additional portions of our unsecured indebtedness or securitized borrowings in the future. Future purchases may be made through the open market, privately negotiated transactions with third parties, or pursuant to one or more tender or exchange offers, all of which are subject to terms, prices, and consideration we may determine at our discretion.

During the six months ended June 30, 2023, OMH generated net income of $282 million. OMH’s net cash outflow from operating and investing activities totaled $15 million for the six months ended June 30, 2023. At June 30, 2023, our scheduled principal and interest payments for the remainder of 2023 on our existing debt (excluding securitizations) totaled $470 million. As of June 30, 2023, we had $8.4 billion of unencumbered loans.

Based on our estimates and considering the risks and uncertainties of our plans, we believe that we will have adequate liquidity to finance and operate our businesses and repay our obligations as they become due.

OMFC’s Issuances and Repurchases of Unsecured Debt

On June 22, 2023, OMFC issued a total of $500 million aggregate principal amount of 9.00% Senior Notes due 2029 (the “9.00% Senior Notes due 2029”) under the Base Indenture, as supplemented by the Fifteenth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis.

From time to time we may purchase portions of our unsecured indebtedness through the open market. During the six months ended June 30, 2023, we repurchased $93 million of our unsecured notes.

OMFC’s Unsecured Corporate Revolver

At June 30, 2023, the borrowing capacity of our corporate revolver was $1.25 billion, and no amounts were drawn.

Securitizations and Borrowings from Revolving Conduit Facilities

During the six months ended June 30, 2023, we completed two personal loan securitizations (ODART 2023-1 and OMFIT 2023-1, see “Securitized Borrowings” below) and redeemed no personal loan securitizations. During the six months ended June 30, 2023, we entered into no new revolving conduit facilities. At June 30, 2023, the borrowing capacity of our revolving conduit facilities was $6.2 billion, and no amounts were drawn. At June 30, 2023, we had $11.7 billion of gross finance receivables pledged as collateral for our securitizations and private secured term funding.

Private Secured Term Funding

At June 30, 2023, an aggregate amount of $350 million was outstanding under the private secured term funding collateralized by our personal loans. No principal payments are required to be made until after April 25, 2025, followed by a subsequent one-year amortization period at the expiration of which the outstanding principal amount is due and payable.

See Notes 6 and 7 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information on our long-term debt, securitization transactions, private secured term funding, and revolving conduit facilities.

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Credit Ratings

Our credit ratings impact our ability to access capital markets and our borrowing costs. Rating agencies base their ratings on numerous factors, including liquidity, capital adequacy, asset quality, quality of earnings, and the probability of systemic support. Significant changes in these factors could result in different ratings.

The table below outlines OMFC’s long-term corporate debt ratings and outlook by rating agencies:
As of June 30, 2023
 Rating Outlook
S&P BB Stable
Moody’s Ba2 Stable
KBRA BB+ Positive

Currently, no other entity has a corporate debt rating, though they may be rated in the future.

Stock Repurchased

During the six months ended June 30, 2023, OMH repurchased 852,634 shares of its common stock through its stock repurchase program for an aggregate total of $34 million, including commissions and fees. As of June 30, 2023, OMH held a total of 14,625,250 shares of treasury stock. To provide funding for the OMH stock repurchases, the OMFC Board of Directors authorized dividend payments in the amount of $40 million.

For additional information regarding the shares repurchased, see Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Part II included in this report.

Cash Dividend to OMH's Common Stockholders

As of June 30, 2023, the dividend declarations for the current year by the Board were as follows:
Declaration Date Record Date Payment Date Dividend Per Share Amount Paid
(in millions)
February 7, 2023 February 17, 2023 February 24, 2023 $ 1.00  $ 121 
April 25, 2023 May 5, 2023 May 12, 2023 1.00 121
Total $ 2.00  $ 242 

To provide funding for the dividend, OMFC paid dividends of $240 million to OMH during the six months ended June 30, 2023.

On July 26, 2023, OMH declared a dividend of $1.00 per share payable on August 11, 2023 to record holders of OMH's common stock as of the close of business on August 7, 2023. To provide funding for the OMH dividend, the OMFC Board of Directors authorized a dividend in the amount of up to $121 million payable on or after August 8, 2023.

While OMH intends to pay its minimum quarterly dividend, currently $1.00 per share, for the foreseeable future, all subsequent dividends will be reviewed and declared at the discretion of the Board and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the Board deems relevant. OMH’s dividend payments may change from time to time, and the Board may choose not to continue to declare dividends in the future. See our “Dividend Policy” in Part II - Item 5 included in our Annual Report for further information.

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Whole Loan Sale Transactions

We have whole loan sale flow agreements with third parties, with remaining terms of less than one year, in which we agreed to sell a combined total of $135 million gross receivables per quarter of newly originated unsecured personal loans along with any associated accrued interest. During the three and six months ended June 30, 2023, we sold $135 million and $315 million of gross finance receivables, respectively, compared to $180 million and $360 million during the same periods in 2022. See Note 3 of the Notes to the Condensed Consolidated Financial Statements included in this report for further information on the whole loan sale transactions.

LIQUIDITY

OMH's Operating Activities

Net cash provided by operations of $1.2 billion for the six months ended June 30, 2023 reflected net income of $282 million, the impact of non-cash items, and an unfavorable change in working capital of $1 million. Net cash provided by operations of $1.2 billion for the six months ended June 30, 2022 reflected net income of $511 million, the impact of non-cash items, and an unfavorable change in working capital of $54 million.

OMH's Investing Activities

Net cash used for investing activities of $1.3 billion and $802 million for the six months ended June 30, 2023 and 2022, respectively, was primarily due to net principal originations and purchases of finance receivables and purchases of available-for-sale and other securities, partially offset by the proceeds from sales of finance receivables and calls, sales, and maturities of available-for-sale and other securities.

OMH's Financing Activities

Net cash provided by financing activities of $609 million for the six months ended June 30, 2023 was primarily due to the issuance and borrowings of long-term debt, partially offset by repayments and repurchases of long-term debt and cash dividends paid. Net cash used for financing activities of $333 million for the six months ended June 30, 2022 was primarily due to debt repayments, cash dividends paid, and the cash paid to repurchase common stock during the period, partially offset by the issuance and borrowings of long-term debt.

OMH's Cash and Investments

At June 30, 2023, we had $1.0 billion of cash and cash equivalents, which included $196 million of cash and cash equivalents held at our regulated insurance subsidiaries or for other operating activities that is unavailable for general corporate purposes.

At June 30, 2023, we had $1.7 billion of investment securities, which are all held as part of our insurance operations and are unavailable for general corporate purposes.

Liquidity Risks and Strategies

OMFC’s credit ratings are non-investment grade, which has a significant impact on our cost and access to capital. This, in turn, can negatively affect our ability to manage our liquidity and our ability or cost to refinance our indebtedness. There are numerous risks to our financial results, liquidity, capital raising, and debt refinancing plans, some of which may not be quantified in our current liquidity forecasts. These risks are further described in our “Liquidity and Capital Resources” of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our Annual Report.

The principal factors that could decrease our liquidity are customer delinquencies and defaults, a decline in customer prepayments, rising interest rates, and a prolonged inability to adequately access capital market funding. We intend to support our liquidity position by utilizing strategies that are further described in our “Liquidity and Capital Resources” of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II - Item 7 included in our Annual Report.

However, it is possible that the actual outcome of one or more of our plans could be materially different than expected or that one or more of our significant judgments or estimates could prove to be materially incorrect.
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OUR INSURANCE SUBSIDIARIES

Our insurance subsidiaries are subject to state regulations that limit their ability to pay dividends. AHL declared and paid an ordinary dividend to OneMain Financial Holdings, LLC (“OMFH”) of $80 million during the six months ended June 30, 2023 and did not pay dividends during the six months ended June 30, 2022. Triton declared an ordinary dividend to OMFH of $45 million and paid $35 million during the six months ended June 30, 2023 and paid an ordinary dividend of $50 million during the six months ended June 30, 2022. See Note 10 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for further information on these state restrictions and the dividends paid by our insurance subsidiaries in 2022.

OUR DEBT AGREEMENTS

The debt agreements which OMFC and its subsidiaries are a party to include customary terms and conditions, including covenants and representations and warranties. See Note 8 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our Annual Report for more information on the restrictive covenants under OMFC’s debt agreements, as well as the guarantees of OMFC’s long-term debt.

Securitized Borrowings
We execute private securitizations under Rule 144A of the Securities Act of 1933, as amended. As of June 30, 2023, our structured financings consisted of the following:
(dollars in millions) Issue Amount (a) Initial Collateral Balance Current
Note Amounts
Outstanding (a)		 Current Collateral Balance
(b)		 Current
Weighted Average
Interest Rate		 Original
Revolving
Period
OMFIT 2018-2 368  381  299  326  3.92  %  5 years
OMFIT 2019-2 900  947  900  995  3.30  % 7 years
OMFIT 2019-A 789  892  750  892  3.78  % 7 years
OMFIT 2020-1 821  958  269  381  4.69  % 2 years
OMFIT 2020-2 1,000  1,053  1,000  1,053  2.03  %  5 years
OMFIT 2021-1 850  904  850  904  2.75  % 5 years
OMFIT 2022-S1 600  652  600  652  4.31  % 3 years
OMFIT 2022-2 1,000  1,099  1,000  1,099  5.17  % 2 years
OMFIT 2022-3 979  1,090  796  1,090  6.00  % 2 years
OMFIT 2023-1 (c) 825  920  825  920  5.82  % 5 years
ODART 2019-1 737  750  700  750  3.79  %  5 years
ODART 2021-1 1,000  1,053  1,000  1,053  0.98  % 2 years
ODART 2022-1 600  632  600  632  5.06  % 2 years
ODART 2023-1 750  792  750  792  5.63  % 3 years
Total securitizations $ 11,219  $ 12,123  $ 10,339  $ 11,539 
(a) Issue Amount includes the retained interest amounts as applicable and the Current Note Amounts Outstanding balances reflect pay-downs subsequent to note issuance and exclude retained interest amounts.
(b) Inclusive of in-process replenishments of collateral for securitized borrowings in a revolving status as of June 30, 2023.
(c) On May 23, 2023 we issued $825 million of notes backed by personal loans. The notes mature in 2038.

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Revolving Conduit Facilities
In addition to the structured financings, we had access to 15 revolving conduit facilities with a total borrowing capacity of $6.2 billion as of June 30, 2023:
(dollars in millions) Advance Maximum Balance Amount
Drawn
OneMain Financial Funding VII, LLC $ 600  $ — 
OneMain Financial Funding IX, LLC 600  — 
OneMain Financial Auto Funding I, LLC 550  — 
Seine River Funding, LLC 550  — 
Hudson River Funding, LLC 500  — 
OneMain Financial Funding VIII, LLC 400  — 
River Thames Funding, LLC 400  — 
OneMain Financial Funding X, LLC 400  — 
Chicago River Funding, LLC 375  — 
Mystic River Funding, LLC 350  — 
Thayer Brook Funding, LLC 350  — 
Columbia River Funding, LLC 350  — 
Hubbard River Funding, LLC 250  — 
New River Funding Trust 250  — 
St. Lawrence River Funding, LLC 250  — 
Total $ 6,175  $ — 

OFF-BALANCE SHEET ARRANGEMENTS

We have no material off-balance sheet arrangements as defined by SEC rules, and we had no material off-balance sheet exposure to losses associated with unconsolidated VIEs at June 30, 2023 or December 31, 2022.


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Critical Accounting Policies and Estimates

We describe our significant accounting policies used in the preparation of our condensed consolidated financial statements in Note 2 of the Notes to the Condensed Consolidated Financial Statements in Part II - Item 8 included in our Annual Report. We consider the allowance for finance receivable losses to be a critical accounting policy because it involves critical accounting estimates and a significant degree of management judgment.

During the six months ended June 30, 2023, we removed TDR finance receivables as a critical accounting policy and estimate as ASU 2022-02 superseded the accounting for troubled debt restructurings by creditors as of January 1, 2023.

There have been no other material changes to our critical accounting policies or to our methodologies for deriving critical accounting estimates during the six months ended June 30, 2023.

Recent Accounting Pronouncements

See Note 2 of the Notes to the Condensed Consolidated Financial Statements included in this report for discussion of recently issued accounting pronouncements.

Seasonality

Our personal loan volume is generally highest during the second and fourth quarters of the year, primarily due to marketing efforts and seasonality of demand. Demand for our personal loans is usually lower in January and February after the holiday season and as a result of tax refunds. Delinquencies on our personal loans are generally lower in the first and second quarters and tend to rise throughout the remainder of the year. These seasonal trends contribute to fluctuations in our operating results and cash needs throughout the year.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes to our market risk previously disclosed in Part II - Item 7A included in our Annual Report.
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Item 4. Controls and Procedures.

CONTROLS AND PROCEDURES OF ONEMAIN HOLDINGS, INC.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that the information OMH is required to disclose in reports that OMH files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of June 30, 2023, OMH carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMH’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMH's disclosure controls and procedures were effective as of June 30, 2023 to provide the reasonable assurance described above.

Changes in Internal Control over Financial Reporting

There were no changes in OMH's internal control over financial reporting during the second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, OMH's internal control over financial reporting.



CONTROLS AND PROCEDURES OF ONEMAIN FINANCE CORPORATION

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that the information OMFC is required to disclose in reports that OMFC files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of June 30, 2023, OMFC carried out an evaluation of the effectiveness of its disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This evaluation was conducted under the supervision of, and with the participation of OMFC’s management, including the Chief Executive Officer and the Chief Financial Officer. Based on the evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that OMFC's disclosure controls and procedures were effective as of June 30, 2023 to provide the reasonable assurance described above.

Changes in Internal Control over Financial Reporting

There were no changes in OMFC's internal control over financial reporting during the second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, OMFC's internal control over financial reporting.

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PART II — OTHER INFORMATION
Item 1. Legal Proceedings.

See Note 12 of the Notes to the Condensed Consolidated Financial Statements included in this report.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should consider the factors discussed in Part I - Item 1A. “Risk Factors” in our Annual Report, which could materially affect our business, financial condition, or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no unregistered sales of our common stock during the period covered by this Quarterly Report on Form 10-Q.

Issuer Purchases of Equity Securities

The following table presents information regarding repurchases of our common stock, excluding commissions and fees, during the quarter ended June 30, 2023, based on settlement date:
Period Total Number of
Shares Purchased		 Average Price
 paid per Share		 Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Dollar Value of Shares
That May Yet Be Purchased
Under the Plans or Programs (a)
April 1 - April 30 —  $ —  —  $ 698,033,606 
May 1 - May 31 96,072  36.43  96,072  694,533,922 
June 1 - June 30 73,178  41.37  73,178  691,506,623 
Total 169,250  $ 38.56  169,250
(a)    On February 2, 2022, the Board authorized a $1 billion stock repurchase program, excluding fees, commissions, and other expenses related to the repurchases. The authorization expires on December 31, 2024. The timing, number and share price of any additional shares repurchased will be determined by OMH based on its evaluation of market conditions and other factors and will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. OMH is not obligated to purchase any shares under the program, which may be modified, suspended or discontinued at any time.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.
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Item 6. Exhibit Index.
Exhibit Number Description
101 Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL:
   (i) Condensed Consolidated Balance Sheets,
   (ii) Condensed Consolidated Statements of Operations,
   (iii) Condensed Consolidated Statements of Comprehensive Income,
   (iv) Condensed Consolidated Statements of Shareholder’s Equity,
   (v) Condensed Consolidated Statements of Cash Flows, and
   (vi) Notes to the Condensed Consolidated Financial Statements.
104 Cover Page Interactive Data File in Inline XBRL format (Included in Exhibit 101).


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OMH Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  ONEMAIN HOLDINGS, INC.
  (Registrant)
 
Date:
July 28, 2023
 By: /s/ Micah R. Conrad
  Micah R. Conrad
  Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)

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OMFC Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  ONEMAIN FINANCE CORPORATION
  (Registrant)
 
Date:
July 28, 2023
 By: /s/ Matthew W. Vaughan
  Matthew W. Vaughan
  Vice President - Senior Managing Director and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)

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EX-31.1 2 exhibit311omhq223.htm EX-31.1 Document

Exhibit 31.1

Certifications

I, Douglas H. Shulman, President and Chief Executive Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Holdings, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
July 28, 2023
/s/ Douglas H. Shulman
Douglas H. Shulman
President and Chief Executive Officer


EX-31.2 3 exhibit312omhq223.htm EX-31.2 Document

Exhibit 31.2

Certifications

I, Micah R. Conrad, Executive Vice President and Chief Financial Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Holdings, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
July 28, 2023
/s/ Micah R. Conrad
Micah R. Conrad
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)


EX-31.3 4 exhibit313omfcq223.htm EX-31.3 Document

Exhibit 31.3

Certifications

I, Micah R. Conrad, President and Chief Executive Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Finance Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
July 28, 2023
/s/ Micah R. Conrad
Micah R. Conrad
President and Chief Executive Officer


EX-31.4 5 exhibit314omfcq223.htm EX-31.4 Document

Exhibit 31.4

Certifications

I, Matthew W. Vaughan, Vice President - Senior Managing Director and Chief Financial Officer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of OneMain Finance Corporation (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:
July 28, 2023
/s/ Matthew W. Vaughan
Matthew W. Vaughan
Vice President - Senior Managing Director and
Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)


EX-32.1 6 exhibit321omhq223.htm EX-32.1 Document

Exhibit 32.1

Certifications

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of OneMain Holdings, Inc. (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of Douglas H. Shulman, President and Chief Executive Officer of the Company, and Micah R. Conrad, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Douglas H. Shulman
Douglas H. Shulman
President and Chief Executive Officer
/s/ Micah R. Conrad
Micah R. Conrad
Executive Vice President and Chief Financial Officer
Date:
July 28, 2023


EX-32.2 7 exhibit322omfcq223.htm EX-32.2 Document

Exhibit 32.2

Certifications

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of OneMain Finance Corporation (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of Micah R. Conrad, President and Chief Executive Officer of the Company, and Matthew W. Vaughan, Vice President - Senior Managing Director and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Micah R. Conrad
Micah R. Conrad
President and Chief Executive Officer
/s/ Matthew W. Vaughan
Matthew W. Vaughan
Vice President - Senior Managing Director and
Chief Financial Officer
Date:
July 28, 2023