Stonegate Capital Partners has updated its coverage on OppFi, Inc. (NYSE: OPFI), emphasizing the company's strategic shift toward a bank-enabled, deposit-funded model through its pending acquisition of BNCC. The announcement comes as OppFi reported steady first-quarter 2026 results, with revenue reaching a record $151.9 million, an 8.3% increase year-over-year, despite a 7.0% decline in net originations to $176.0 million.
The decline in originations was attributed to tighter credit standards, inflation, weaker consumer sentiment, and higher average tax refunds temporarily reducing loan demand. However, receivables grew 9.4% to $444.9 million, reflecting a higher-quality revenue base driven by disciplined credit practices. Adjusted earnings were pressured by higher charge-offs, but expense discipline remained intact as management invested across key growth initiatives including LOLA, Model 7, LOC, SMB lending, and BNC integration.
According to Stonegate, OppFi is prioritizing credit discipline and long-term platform expansion over near-term volume growth. The most significant development is the pending acquisition of BNCC, which adds approximately $1.0 billion of low-cost deposits and supports national expansion. Stonegate expects the deal to drive over 25% adjusted EPS accretion in the first year after closing.
Multiple catalysts are ahead for OppFi in 2026, including the migration of LOLA beginning in May, the expected launch of Model 7 in the fall, and the introduction of LOC this summer. The company's full-year 2026 guidance remains intact, with revenue projected between $650 million and $675 million and adjusted EPS in the range of $1.76 to $1.84.
For more details, the full announcement is available here.
