OppFi (NYSE: OPFI) targets $500M adjusted net income with BNCCORP
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
OppFi Inc. furnished an investor presentation highlighting strong recent growth and a planned acquisition of BNCCORP, Inc. to create a broader digital banking platform. The company reports 11 consecutive years of positive net income, with total revenue rising from $509M in FY 2023 to $597M in FY 2025 and adjusted net income increasing from $41M to $140M over the same period.
Adjusted return on equity reached 51.5% and adjusted return on assets 20.0% in 2025, supported by operating expense leverage and lower debt. OppFi targets $500M in adjusted net income within five years by combining with BNCCORP, expanding nationally across consumer and small business products, and lowering funding costs using bank deposits.
Positive
- Rapid earnings growth and high returns: Adjusted net income rose from about $41M in 2023 to $140M in 2025, with adjusted ROE reaching 51.5% and adjusted ROA 20.0%, signaling strong profitability and operating leverage.
- Strong free cash flow and cleaner balance sheet: OppFi generated $93.5M of free cash flow in 2025 and reduced leverage, with total debt-to-equity falling from 1.72x in 2023 to 1.04x in 2025, while equity-to-assets increased.
- Transformative bank acquisition strategy: The planned BNCCORP combination would create a roughly $2.0B-asset platform with about $1.0B in deposits, targeting lower funding costs, expanded products, and $500M in adjusted net income within five years.
Negative
- None.
Insights
OppFi shows rapid profit growth and outlines a bank-led expansion strategy.
OppFi presents a tech-enabled lending franchise with meaningful scale, reporting FY 2025 total revenue of $597M and adjusted net income of $139.8M. Adjusted ROE reached 51.5% and adjusted ROA 20.0%, indicating highly profitable use of equity and assets.
The proposed acquisition of BNCCORP would add about $1.1B in assets and $972M in deposits, creating a pro forma balance sheet of roughly $2.0B in assets and $1.0B in deposits as of December 31, 2025. Management targets cost of deposits under 3%, net interest margin over 90% (as defined), and adjusted net income margin above 25% beyond 2026.
By 2028, the company aims for adjusted ROE above 35% and adjusted ROA above 10%, while pursuing $500M in adjusted net income within five years through scaled consumer products, new lines of credit, earned wage access offerings, and small business lending. Execution depends on completing the BNCCORP deal, realizing synergies, and managing regulatory and credit risks described in its risk discussions.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenue 2025: $597M
Adjusted net income 2025: $139.8M
Adjusted ROE 2025: 51.5%
+5 more
8 metrics
Total revenue 2025
$597M
FY 2025 total revenue
Adjusted net income 2025
$139.8M
FY 2025 adjusted net income
Adjusted ROE 2025
51.5%
FY 2025 adjusted return on equity
Adjusted ROA 2025
20.0%
FY 2025 adjusted return on assets
Free cash flow 2025
$93.5M
FY 2025 free cash flow
Pro forma assets
$2,000M
Illustrative consolidated assets at close (OppFi + BNCC)
Pro forma deposits
$1,000M
Illustrative consolidated deposits at close
Target adjusted net income
$500M
Strategic five-year adjusted net income target
Key Terms
Adjusted Net Income, Free Cash Flow, Form S-4, Net Promoter Score (NPS), +2 more
6 terms
Adjusted Net Income financial
"Some of the financial information and data contained in this Presentation, such as Adjusted EBT, Adjusted Net Income, Adjusted ROA, Adjusted ROE, and margin thereof..."
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
Free Cash Flow financial
"Free Cash Flow is defined as net cash provided by operating activities minus net cash used in investing activities..."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Form S-4 regulatory
"OppFi Inc. will file with the U.S. Securities and Exchange Commission a registration statement on Form S-4..."
A Form S-4 is a legal document that companies file with the government to announce and explain a major business move, such as a merger or acquisition. It provides detailed information to help investors understand how the deal might affect the company's value and future prospects, similar to a detailed blueprint that clarifies the impact of a significant change.
Net Promoter Score (NPS) financial
"Providing best-in-class products and customer service with a 75 NPS Score..."
A Net Promoter Score (NPS) measures how likely customers are to recommend a company or its products on a simple scale, then converts those answers into a single score that typically ranges from -100 to +100. Investors use NPS as a quick, standardized signal of customer satisfaction and loyalty—like a public opinion thermometer—that can predict future sales growth, customer retention, and the cost of acquiring new buyers.
Net interest margin financial
"Strong pro forma profitability margins with net interest income margins of 90%+ and net income margins of 25%+ beyond 2026..."
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Well-capitalized thresholds regulatory
"The pro forma business will maintain regulatory capital in excess of well-capitalized thresholds at both the consolidated and bank levels..."
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): June 16, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (312 ) 212-8079
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
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. ☐
Item 7.01 Regulation FD Disclosure.
OppFi Inc., a Delaware corporation (the “Company”), is attaching as Exhibit 99.1 to this Current Report on Form 8-K and is incorporating herein by reference an investor presentation (the “Investor Presentation”), which may be used, in whole or in part, and subject to modification, at meetings with investors or analysts.
The Investor Presentation speaks as of the date of this Current Report on Form 8-K. While the Company may elect to update the Investor Presentation in the future to reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so.
This information and the information contained in Exhibit 99.1 is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in any such filing, regardless of any general incorporation language in the filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Index
| Exhibit Number | Description | |||||||
| 99.1 | OppFi Inc. Presentation dated June 16, 2026. | |||||||
| 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document). | |||||||
SIGNATURES
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 hereunto duly authorized.
| Date: June 16, 2026 | OppFi Inc. | |||||||
| By: | /s/ Pamela D. Johnson | |||||||
| Pamela D. Johnson | ||||||||
| Chief Financial Officer | ||||||||
Investor Presentation June 2026
Disclaimer 2 This presentation (the “Presentation”) of OppFi Inc. (“OppFi” or the “Company”) is for information purposes only. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, the Company makes no representation or warranty with respect to the accuracy of such information. Trademarks and trade names referred to in this Presentation are the property of their respective owners. The information contained herein does not purport to be all-inclusive. This Presentation does not constitute investment, tax, or legal advice. No representation or warranty, express or implied, is or will be given by the Company or any of its respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information in this Presentation, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The information contained in this Presentation is preliminary in nature and is subject to change, and any such changes may be material. The Company disclaims any duty to update the information contained in this Presentation, which information is given only as of the date of this Presentation unless otherwise stated herein. Forward-Looking Statements This Presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “possible,” “continue,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, statements regarding OppFi's proposed acquisition of BNCCORP, Inc. (“BNCC”), including the anticipated timing, structure, benefits, and strategic rationale of such transactions, OppFi's expectations with respect to the geographic expansion and product diversification that may come from the acquisition, and OppFi's expectations with respect to simplifying its corporate structure, OppFi’s expectations with respect to its full year 2026 guidance, the future performance of OppFi’s platform, OppFi’s objectives, plans, strategies, and expectations for OppFi’s growth, new products, and future financial performance. These forward-looking statements are based on OppFi’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: risks related to the proposed acquisition of BNCC and the related corporate restructuring transactions, including the risk that the transactions may not be completed in a timely manner or at all, the failure to satisfy closing conditions or obtain required regulatory approvals, the impact of the transactions on OppFi's governance structure, integration or execution challenges, adverse reactions from customers or stockholders, the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, the impact of tariffs, and tightening of credit markets on OppFi’s business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi’s bank partners will continue to lend in California and whether OppFi’s financing sources will continue to finance the purchase of participation rights in loans originated by OppFi’s bank partners in California; OppFi’s ability to scale and grow the Bitty business; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi’s business; risks related to any material weakness in OppFi’s internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi’s ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in OppFi’s filings with the United States Securities and Exchange Commission, in particular, contained in the section captioned “Risk Factors.” OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Financial Measures Certain financial information and data contained in this Presentation are unaudited and do not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by OppFi with the SEC. Some of the financial information and data contained in this Presentation, such as Adjusted EBT, Adjusted Net Income, Adjusted ROA, Adjusted ROE, and margin thereof, Adjusted EPS, and Free Cash Flow have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other adjustments, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted ROA is defined as Adjusted Net Income as defined above divided by average total assets for the applicable period. Adjusted ROE is defined as Adjusted Net Income as defined above divided by average total equity for the applicable period. Adjusted Net Income Margin is defined as Adjusted Net Income as defined above divided by Total Revenue. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. Free Cash Flow is defined as net cash provided by operating activities minus net cash used in investing activities, other than the cash used for the acquisition of equity interests in Bitty Advance. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. A reconciliation of OppFi’s non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix. A reconciliation of forward-looking non-GAAP financial measures, including Target Adjusted Net Income, projected Adjusted Net Income Margin, projected Adjusted ROE and projected Adjusted ROA, to the most directly comparable GAAP measures is not included because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of the items that would be required to reconcile such measures. Important Additional Information will be Filed with the SEC In connection with OppFi’s proposed acquisition of BNCC, OppFi Inc. will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “registration statement”), which will contain a proxy statement of BNCCORP, Inc. and a prospectus of OppFi (the “proxy statement/prospectus”), and OppFi may file with the SEC other relevant documents regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY OPPFI, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OPPFI, BNC AND THE PROPOSED TRANSACTION. A definitive copy of the proxy statement/prospectus will be mailed to stockholders of BNCC when that document is final. Investors and security holders will be able to obtain the registration statement and the proxy statement/prospectus, as well as other filings containing information about OppFi, free of charge from OppFi or from the SEC’s website when they are filed by OppFi. The documents filed by OppFi with the SEC may be obtained free of charge at OppFi’s website, at https://investors.oppfi.com/financials/sec-filings/default.aspx, or by requesting them by mail at 130 E. Randolph Street, Suite 3400, Chicago, IL 60601 or by email at corporate.secretary@oppfi.com. Participants in a Solicitation This Presentation is not a solicitation of a proxy from any security holder of BNCC or OppFi. However, OppFi, BNCC and certain of their respective directors and executive officers may be deemed to be participants in a solicitation of proxies from the stockholders of BNCC in respect of the proposed transaction. Information about OppFi’s directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2025 and other documents filed by OppFi with the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph. This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities of OppFi or a solicitation of any vote or approval with respect to the proposed transaction by OppFi or BNCC, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Website This Presentation contains reproductions and references to the Company’s website and mobile content. Website and mobile content are not incorporated into this Presentation. Any references to URLs for the websites are intended to be inactive textual references only.
3 A tech-enabled digital finance platform that partners with banks to offer financial products and services for everyday Americans. At-A-Glance 1. For Q1 2026 at the time of loan approval. 2. Based on 19.0 million underbanked households and average household size of 2.51. Federal Deposit Insurance Corporation (FDIC), 2023 FDIC National Survey of Unbanked and Underbanked Households (November 2024); U.S. Census Bureau, “Average Number of People per Household, by Race and Hispanic Origin, Marital Status, Age, and Education of Householder: 2023”, Table AVG1, November 2023 3. Based on 36.2 million small businesses in the United States, U.S. Small Business Administration 2025 Small Business Profile. 59% of small businesses applied for financing in 2024 and 59% of those did not receive the full amount of financing sought, 2025 Report on Employer Firms: Findings from the 2024 Small Business Credit Survey, Federal Reserve Bank 4. As of December 31, 2025. 5. 2015-2025. Mission-driven Platform Significant Economic Scale Strong Fundamentals and Balance Sheet Providing best-in-class products and customer service with a 75 NPS Score1 Profitable Across Business Cycles Large Addressable Market Facilitated more than $8.6 billion in gross loan issuance covering over 4.7 million loans, since inception4 Operating efficiency drives strong free cash flow and a robust balance sheet which positions OppFi for growth 11 consecutive years of positive net income5 48 million Americans2 and over 12 million small businesses3 are underbanked and lack traditional credit options
4 OppFi’s Mission Households have less than one month of savings242% Families face difficulties paying bills or expenses243% Credit applicants were turned down or did not get as much credit as they applied for239% Average American Auto Medical Travel Everyday Expenses Emergencies 1. Based on 19.0 million underbanked households and average household size of 2.51. Federal Deposit Insurance Corporation (FDIC), 2023 FDIC National Survey of Unbanked and Underbanked Households (November 2024); U.S. Census Bureau, “Average Number of People per Household, by Race and Hispanic Origin, Marital Status, Age, and Education of Householder: 2023”, Table AVG1, November 2023 2. Making Ends Meet in 2024: Insights from the Making Ends Meet Survey,” CFPB Office of Research Publication No. 2024-5, November 2024. Family Housing Education To facilitate safe, simple and more affordable credit access to the 48 million1 everyday Americans who currently lack traditional options while rebuilding their financial health.
5 Dynamic Underwriting Powered by Technology Sixth-generation machine learning Model 6.1 built to better predict consumer credit risk and more effectively target creditworthy borrowers 15 Billion+ Data Points leveraged in a Proprietary Technology-Based Scoring Algorithm 1. Represents decisions made during FY 2025. 14+ Million Applications 2+ Million Loans 30+ Million Repayments 500+ Attributes per Repayment 94% Automated Underwriting Decisions1
61. Calculated as interest on finance receivables + other revenue 2. Non-GAAP Financial Measures: Adjusted Net Income is a non-GAAP financial measure. See the disclaimer on “Non-GAAP Financial Measures” on slide 2 for a detailed description of such non-GAAP financial measures and the appendix for a reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures. 3. Operating expenses include salaries and employment benefits, direct marketing costs, interest expense and amortized debt issuance costs, professional fees, technology costs, depreciation and amortization, payment processing fees, occupancy, exit costs, finance receivables transfer costs, impairment of assets held for sale, and general, administrative and other expenses. Total Revenue ($M)1 Adjusted Net Income ($M)2 Adj. Net Income Margin2Operating Expense Margin3 Total Revenue and Adjusted Net Income have grown meaningfully since 2023, while prudent expense management has driven operating leverage $509 $526 $597 FY 2023 FY 2024 FY 2025 Consistent Financial Performance and Profitability Across Business Cycles $41 $83 $140 FY 2023 FY 2024 FY 2025 8.2% 15.7% 23.4% FY 2023 FY 2024 FY 2025 44.6% 43.1% 35.9% FY 2023 FY 2024 FY 2025
7 Robust Balance Sheet Provides the Foundation for Growth Well-capitalized, de-levered balance sheet underpins durable growth and ability to expand shareholder returns • Increasing returns on average assets and equity, demonstrating organic and sustainable growth • Meaningful de-levering since 2023 while assets scaled • Rising equity base and reduced leverage create financial flexibility to fund growth, absorb credit cycles and return capital to shareholders 1. Calculated as adjusted net income / average total assets 2. Calculated as adjusted net income / average total equity 3. Adjusted ROA and Adjusted ROE are non-GAAP financial measures. See the disclaimer on "Non-GAAP Financial Measures" on slide 2 for a detailed description of such non-GAAP financial measures and the appendix for a reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures. 7.0% 13.3% 20.0% FY 2023 FY 2024 FY 2025 23.5% 38.6% 51.5% FY 2023 FY 2024 FY 2025 Adjusted Return on Equity2,3Adjusted Return on Assets1,3 Total Equity / Total AssetsTotal Debt / Total Equity 1.72x 1.36x 1.04x FY 2023 FY 2024 FY 2025 0.32x 0.37x 0.41x FY 2023 FY 2024 FY 2025
8 Unlocking Transformative Growth Envisioning the strategic transition between the current state and future state of OppFi Volatile regulatory environment Monoline product dependency Nonprime consumer & macroeconomic risk Cost of capital Vendor-reliant tech platform Transition to a national bank charter under a unified federal regulatory framework Expanded product suite (Line of Credit, Earned Wage Access, Small Business) Diversified across credit spectrum Reduced cost of capital with addition of deposit-backed funding Faster go-to-market tech capability via proprietary LOLA platform Current State Future State
9 Strategic Path to $500M Adjusted Net Income Strategic Vision to Build a Multi-Product Banking Platform Generating $500M Adjusted Net Income in 5 years Pro Forma OppFi & BNC w/ Synergies Consumer Product Roadmap Small Business Expansion • Scale existing OppLoans and BNC products • Expand geographically and achieve synergies • Target: +$185M Adj. Net Income1 • Ramp consumer line of credit, earned wage access, and expanded credit segments • Digitize, scale and expand BNC product suite • Target: +$75M Adj. Net Income1 • Roll out line of credit, installment and adjacent SMB products • Expand into new credit segments • Target: +$100M Adj. Net Income1 1. Non-GAAP Financial Measures: Adjusted Net is a non-GAAP financial measure. See the disclaimer on “Non-GAAP Financial Measures” on slide 2 for a detailed description of such non-GAAP financial measures and the appendix for a reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures. +$185M +$75M +$100M $140M $500M 2025 Adj. Net Income Pro Forma Bank Consumer Products Small Business Target Adj. Net Income
A Transformative Combination OppFi to Acquire BNCCORP
Increase credit access and enhance product offerings A compelling, strategic combination designed to: Enable product diversification and geographic expansion to all 50 states Reduce regulatory ambiguity and provide operational simplification Lower funding costs Strengthen the balance sheet and scale profitability Realize synergies and maximize shareholder value 1 2 3 4 5 6 + A next-generation online banking experience that utilizes modern technology to provide financial inclusion to underserved Americans Vision: 11
12 Complementary Platforms to Maximize Potential A combination would create a digital banking and financial services platform for the everyday American Combined Mission-Driven Model Focused on the Everyday American High-Retention Customer Relationships Readily-Available, Low-Cost Funding Broad Customer Distribution Diverse Product Offerings Tech-Enabled Customer Service Proprietary Underwriting Driven by Machine Learning Compliance-Focused Management Team
Consumer Lines of Credit + Consumer Installment Loans + Small Business Lines of Credit + Small Business Installment Loans + Revenue-based Financing + Commercial Real Estate + SBA Loans + Agriculture Loans + Business Checking Accounts + Consumer Checking Accounts + Savings Products + Cash Management + Trust & Wealth Management Services + Retirement Plan Administration + 13 Bank Products that Span the Credit Spectrum The combined entity’s product suite is intended to leverage each company’s strengths to provide enhanced banking services locally and nationally for both consumers and small businesses Combined
14 • The pro forma business will maintain regulatory capital in excess of well-capitalized thresholds at both the consolidated and bank levels • Strong pro forma profitability margins with net interest income margins of 90%+ and net income margins of 25%+ beyond 2026 • Ability to materially lower cost of funds through the use of BNCCORP’s core deposit base • Opportunity to leverage OppFi’s proprietary underwriting model and technology to reduce operating costs and improve efficiency ratios • Adjusted ROE1 and ROA1 generation of 35%+ and 10%+ by 2028, respectively Pro Forma Combined Anticipated Financial Profile Illustrative Bank Holding Company and Bank Subsidiary at Closing Consolidated Balance Sheet December 31, 2025 Estimated Pro Forma at CloseOppFi Standalone BNCC Standalone Total Assets $754mm $1,100mm $2,000mm Loans $546mm $739mm $1,400mm Deposits -- $972mm $1,000mm Pro Forma Operating Target Metrics Capital Adequacy Regulatory Capital (%) • CET1, Tier 1 and Total Capital Ratios • Leverage and Tangible Capital Ratios Well Above Capitalized Thresholds Earnings & Profitability Targets Cost of Deposits (%) Under 3% Net Interest Margin (%) Over 90% Adjusted Net Income Margin1 (%) Over 25% Adjusted ROE1 (%) Over 35% Adjusted ROA1 (%) Over 10% 1. Adjusted Net Income Margin, Adjusted ROE and Adjusted ROA are non-GAAP financial measure. See the disclaimer on “Non-GAAP Financial Measures” on slide 2 for a detailed description of such non-GAAP financial measures.
Appendix
16 Experienced Management Led by a strong, experienced management team who can propel OppFi to its next phase of growth Pam Johnson Chief Financial Officer Years of Experience: 15+ Prior Role: CFO at Heights Financial. Christopher McKay Chief Risk and Analytics Officer Years of Experience: 23+ Prior Role: Risk and Analytics. Formerly Capital One & HSBC. Manny Chagas Chief Operating Officer Years of Experience: 12+ Prior Role: Discover Financial Services, McKinsey & Company, Accenture. Yuri Ter-Saakyants Chief Technology Officer Years of Experience: 13+ Prior Role: Founding CTO of Insureon. Marv Gurevich General Counsel Years of Experience: 17+ Prior Role: Lead Regulatory Counsel at Enova International and Avant. Todd Schwartz Founder, Chief Executive Officer, and Largest Shareholder 14+ Years of Financial Technology Experience Todd is also a Partner at Schwartz Capital Group, an entrepreneurial and dynamic private investment firm based in Chicago. Carrie Hagner Chief Compliance Officer Years of Experience: 25+ Prior Role: Compliance, Risk & Anti-Financial Crimes. CCO at West Suburban Bank. Stephanie Metzger Chief Marketing & Product Officer Years of Experience: 14+ Prior Role: Product Management at Donnelley Financial Solutions (DFIN).
17 Outstanding Customer Satisfaction 75 Net Promoter Score (NPS) Results Selected Customer Testimonials “They are amazing!!! Great customer service! Tons of knowledge, and willing to help. Easy application process! Fast funding!! And Great Customer Service!!! I will recommend, and personally use again! Thank you for everything OppLoans!” March 2026, Trustpilot “I submitted 10 because your customer service and online services are so accurate. This company addresses your request with proficiency and delivery. I will continue to use OppLoans in the future.” January 2026, NPS “The application is straightforward and you get a response almost immediately. And depending on the time of day, you receive the funds the same day. Thank you for making things easy when people have financial emergencies!” March 2026, Trustpilot 4.7 12,000 reviews 4.4 5,542 reviews A+ Rating 1. Note: NPS is for Q1 2026 at the time of approval. Ratings reflect data as of April 16, 2026.
18 Sixth generation machine learning model built to better predict consumer credit risk and more effectively target creditworthy borrowers Credit Model 6.1 Fully Deployed 1. Data compiled through internal testing comparing Credit Model 6.1 to Model 6.0, 12/15/2025 - 01/06/2026. Credit Assessment at the Application Level Allows for True Risk- Based Pricing, Designed to Drive Higher Originations Without Increasing Losses Proprietary Banking Transaction Attributes in incremental originations relative to previous model with a 6.7% decrease in charge-offs1 +14.4% Alternative Bureau Reporting Previous Customer Performance Data
19 Strong Unit Economics Drive Robust Profitability and Free Cash Flow Generation Note: “unit” refers to an individual OppFi customer. Customer average “lifetime” is 3.5 loans (The average customer at OppFi will take 3.5 loans). Approximately 95% of lifetime contribution occurs after the first loan. Figures current as of June 1, 2026. 1. Revenue realized based on amortization schedule adjusted for prepay (lost interest income) and refinancing. Average revenue realized from each customer over lifetime. 2. Represents write-offs net of recoveries and associated costs to collect, assuming approximately 40% of revenue realized is written-off. 3. Assumes $237 cost per funded loan (CPF) on new loans; refinance loans incur no acquisition cost. 4. Includes underwriting and bank processing fees. 5. Represents interest expense paid by Company on debt financed receivable portion, assuming current debt mix. 6. Represents pre-tax income per new loan origination. 7. Represents corporate overhead expenses. $888 $1,609 $3,801 $1,607 $721 $228 $237 $120 Revenue Realized 1 Net Charge-offs 2 Acquisition Cost 3 Origination Cost 4 Interest Expense 5 Lifetime Contribution 6 Corporate Expense 7 Earnings Before Taxes 42% Margin 23% Margin D o ll a rs ( $ ) Customer Lifetime Value
20 10.4% 14.4% 16.3%43.5% 39.1% 37.0% Targeted Engagement & Settlement Strategies Strengthen Recoveries Performance driven by new credit models, strategic enhancements, and targeted marketing initiatives Net Charge-Offs as a % of Revenue1 Recoveries as a % of Gross Charge-Offs FY 2023 FY 2024 FY 2025 1. The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products. FY 2023 FY 2024 FY 2025
21 Free Cash Flow Generation & Capital Allocation Optionality 2025 Key Liquidity and Capital Allocation Highlights • $30.0M in repayment of remaining corporate term loan debt outstanding (Q1-25) • $50.0M upsize to revolving credit facility with affiliates of Blue Owl Capital (Q1-25) • $21.7M for $0.25 per share/unit special dividend and special distribution to Class A common stockholders and Opportunity Financial, LLC Class A common unitholders, respectively (Q2-25) • $150.0M replacement revolving credit facility with affiliates of Castlelake L.P., reducing financing costs from previous facility by 150bps (Q3-25) • $15.5M in share repurchases at an average price of $10.04 (FY-25) 1. 1. Free cash flow is a financial measure that has not been prepared in accordance with GAAP. See the disclaimer on "Non-GAAP Financial Measures" on slide 2 for a detailed description of such Non-GAAP financial measures and the appendix for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP financial measures. Free Cash Flow Generation ($M)1 $94M of Free Cash Flow generated in 2025, even as issuance growth is accelerating Total Funding Capacity ($M) $321.4 $203.6 $93.3 12/31/2025 Restricted and Unrestricted Cash Undrawn Debt Drawn Debt $618.3 $96.3 $93.5 FY 2024 FY 2025
22 Bitty Transaction Represented OppFi’s Entry Into Small Business Financing Market Strategic Rationale Terms of Transaction Realized Value • Aligns with mission to provide credit access to the underbanked and to fill supply-demand imbalances in the marketplace • Provides earnings growth • Path to multi-line business vs. mono-line • Purchased 35% stake in Bitty for approximately $18.7M1 as of July 31, 2024 • Call options to acquire additional equity: 30% in 2027, remaining equity in 2030 • Earned $5.7M in 2025 before taxes and amortization for a 30% return • Received cash distributions of approximately $6.1M from time of investment through December 31, 2025 1. $15.3M in cash, $2.7M units, $0.7M transaction costs.
23 ($ in thousands, except per share data) FY23 FY24 FY25 Diluted Earnings (Loss) Per Share1 ($0.06) $0.36 $0.99 Net Income $39,479 $83,837 $146,247 Income Tax Expense 2,331 4,215 9,885 Other Expense (Income), Net (431) (318) 4,173 Change in Fair Value of Warrant Liabilities 4,976 8,244 11,347 Other Adjustments, Net2 7,928 12,024 12,218 Pro-Forma Taxes3 (12,789) (25,337) (44,111) Adjusted Net Income4 $41,494 $82,665 $139,759 Adjusted Earnings Per Share4 $0.49 $0.95 $1.59 Weighted Average Diluted Shares Outstanding (in thousands) 85,051 86,652 87,947 1. Diluted earnings (loss) per share available to common stockholders is computed by dividing the net income (loss) attributable to OppFi Inc. by the weighted average number of shares of common stock outstanding during the period. Weighted average number of shares of common stock outstanding is computed using the treasury stock method, which gives effect to potentially dilutive common stock equivalents of OppFi outstanding during the period, and the if-converted method, which gives effect to both the potentially dilutive common stock equivalents outstanding during the period as well as an assumed full exchange of OppFi Units into Class A Common Stock of OppFi as of the beginning of the period. The if-converted method would also give effect to conversion of the Earnout Units in periods they would be deemed to vest. For the if-converted method, earnings are also adjusted to reflect all income of OppFi-LLC inuring to the benefit of OppFi and taxed accordingly. Diluted earnings (loss) per share available to common stockholders would be the same as basic earnings (loss) per share available to common stockholders in certain periods, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. 2. For the year ended December 31, 2025, other adjustments, net of $12.2 million included $10.0 million in expenses related to stock compensation, $1.2 million in expenses related to legal matters, $0.9 million in expenses related to severance, $0.8 million in expenses related to the tax receivable agreement liability, $0.5 million in expenses related to corporate development, and $0.2 million in expenses related to an adjustment to the Company’s outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. For the year ended December 31, 2024, other adjustments, net of $12.0 million included $5.3 million in expenses related to stock compensation, $3.0 million in expenses related to OppFi Card’s exit activities, $1.8 million in expenses related to legal matters, $1.3 million in expenses related to severance, and $0.7 million in expenses related to corporate development. For the year ended December 31, 2023, other adjustments, net of $7.9 million included $4.1 million in expenses related to provision for credit losses on the OppFi Card finance receivables, $4.1 million in expenses related to stock compensation, $1.5 million in expenses related to corporate development, $0.9 million in expenses related to retention and severance, and $0.3 million in expenses related to legal matters, partially offset by a $3.0 million addback from the reclassification of OppFi Card finance receivables from assets held for sale to assets held for investment at amortized cost. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes. 3. Assumes the entire Company is a C-Corp with a tax rate of 23.99% for the year ended December 31, 2025, 23.46% for the year ended December 31, 2024, and 23.56% for the year ended December 31, 2023, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. 4. Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization. Adjusted Net Income & Adjusted EPS Reconciliation Table: Annual View
24 ($ in thousands) FY23 FY24 FY25 Net Income $39,479 $83,837 $146,247 Adjusted Net Income1 $41,494 $82,665 $139,759 Average Total Assets $590,691 $621,357 $697,631 Return on Assets 6.7% 13.5% 21.0% Adjusted Return on Assets1 7.0% 13.3% 20.0% Average Total Stockholders’ Equity $176,590 $214,121 $271,545 Return on Equity 22.4% 39.2% 53.9% Adjusted Return on Equity1 23.5% 38.6% 51.5% 1. Adjusted Net Income, Adjusted Return on Assets, and Adjusted Return on Equity are non-GAAP financial measures. See the disclaimer on "Non-GAAP Financial Measures" on slide 2 for a detailed description of such non-GAAP financial measures. Adjusted Return on Assets and Adjusted Return on Equity Reconciliation Table
25 ($ in thousands) FY23 FY24 FY25 Net Cash Provided by Operating Activities $296,146 $323,806 $401,305 Net Cash Used in Investing Activities (244,292) (243,442) (307,804) Add Back Cash Used for the Acquisition of Equity Interest in Bitty Advance - 15,966 - Free Cash Flow1 $51,854 $96,330 $93,501 1. Free cash flow is a non-GAAP financial measure. See the disclaimer on "Non-GAAP Financial Measures" on slide 2 for a detailed description of such non-GAAP financial measures. Free Cash Flow Reconciliation Table
FAQ
What does OppFi Inc. (OPFI) highlight in its June 2026 investor presentation?
OppFi highlights strong profit growth, a robust balance sheet, and its planned acquisition of BNCCORP. The company emphasizes 11 straight years of positive net income, rising adjusted ROE and ROA, and a strategic shift toward a multi-product digital banking platform serving consumers and small businesses.
How did OppFi’s revenue and adjusted net income change from 2023 to 2025?
OppFi’s total revenue increased from $509M in 2023 to $597M in 2025. Adjusted net income grew from about $41M to roughly $140M over the same period, reflecting higher margins and operating efficiency as the loan portfolio and technology-driven underwriting scaled.
What financial returns did OppFi report for 2025 in terms of ROE and ROA?
For 2025, OppFi reported adjusted return on equity of 51.5% and adjusted return on assets of 20.0%. These metrics, based on non-GAAP adjusted net income, indicate strong profitability relative to its equity base and asset size, supported by high net interest margins and disciplined expense management.
What are the key elements of OppFi’s proposed BNCCORP acquisition strategy?
OppFi plans to acquire BNCCORP to add a regulated bank platform with about $1.1B in assets and $972M in deposits. The combined entity targets nationwide reach, diversified consumer and small business products, lower funding costs from core deposits, and meaningful cost and revenue synergies.
What long-term earnings goal does OppFi set in connection with the BNCCORP deal?
OppFi outlines a strategic vision to build a multi-product banking platform generating $500M in adjusted net income within five years. This target assumes pro forma contributions from OppFi and BNCCORP, expansion of consumer products, and growth in small business lending across new credit segments.
How much free cash flow did OppFi generate in 2025 and how was capital allocated?
OppFi generated free cash flow of about $93.5M in 2025. The company repaid remaining corporate term debt, upsized key revolving facilities, paid a special dividend of roughly $21M, refinanced a warehouse line at a lower cost, and repurchased shares totaling about $15M.
What role does OppFi’s Bitty Advance investment play in its growth strategy?
OppFi acquired a 35% stake in Bitty Advance for approximately $18.7M, marking its entry into small business financing. In 2025, Bitty contributed about $5M before taxes and amortization and distributed around $6M in cash, supporting diversification beyond the core consumer lending business.