Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when OPFI files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsOppFi announces acquisition of BNCCORP to transition to national bank charter
Filed June 16, 2026 · Period ending June 16, 2026 · ~2 min read
Key Changes
-
high
OppFi disclosed proposed acquisition of BNCCORP, Inc. to transition to national bank charter, enabling expansion to all 50 states, access to deposit funding to lower costs, and reduced regulatory uncertainty.
Exhibit 99.1 view on EDGAR → -
high
Pro forma combined entity targets $2.0B total assets, $1.4B loans, $1.0B deposits at close, with net interest margins above 90%, net income margins above 25% beyond 2026, and adjusted ROE above 35% by 2028.
Exhibit 99.1 view on EDGAR → -
high
Management outlined five-year plan to grow adjusted net income from $140M (2025) to $500M through platform synergies ($185M target), consumer product expansion ($75M), and small business lending ($100M).
Exhibit 99.1 view on EDGAR → -
high
OppFi reported 2025 full-year results: $597M revenue, $140M adjusted net income (23.4% margin), 20.0% adjusted ROA, and 51.5% adjusted ROE, showing continued growth from 2024 levels.
Exhibit 99.1 view on EDGAR → -
medium
Credit Model 6.1 fully deployed, delivering 14.4% higher originations and 6.7% lower charge-offs versus prior model, improving underwriting effectiveness and credit risk management.
Exhibit 99.1 view on EDGAR →
Summary
OppFi disclosed its proposed acquisition of BNCCORP, Inc., a bank holding company, in a strategic transaction designed to transition OppFi to a national bank charter. The combination would enable OppFi to expand its consumer lending platform to all 50 states, access lower-cost deposit funding (the pro forma entity targets $1.0 billion in deposits), reduce regulatory ambiguity, and realize operational synergies.
Management projects the combined entity will have approximately $2.0 billion in total assets at close, with net interest margins exceeding 90% and net income margins above 25% beyond 2026.
The filing also outlined an ambitious five-year strategic vision to grow adjusted net income from $140 million in 2025 to $500 million through three channels: scaling the combined platforms with synergies (targeting $185 million incremental adjusted net income), expanding consumer products including lines of credit and earned wage access ($75 million target), and building a small business lending vertical ($100 million target). This represents a significant diversification beyond OppFi's current consumer installment loan focus. The company reported strong 2025 results with $597 million revenue, 23.4% adjusted net income margin, and 51.5% adjusted ROE, demonstrating the profitability of its existing operations. For retail holders, the BNCCORP acquisition represents a material strategic shift that could unlock deposit-funded growth and regulatory simplification, though execution risk on the integration and the ambitious $500 million income target warrants monitoring as deal terms and timelines are disclosed.
Section-by-Section Diff
Event · Exhibit 99.1
OppFi filed an investor presentation disclosing its proposed acquisition of BNCCORP, Inc. and strategic vision to reach $500M adjusted net income.
Added in current filing · view on EDGAR →
OppFi to Acquire BNCCORP ... 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
OppFi disclosed its proposed acquisition of BNCCORP, Inc. (BNCC), a bank holding company. The transaction is intended to enable OppFi to transition to a national bank charter, expand product offerings and geographic reach to all 50 states, reduce regulatory uncertainty, lower funding costs through access to deposits, and realize synergies. The presentation frames this as a transformative combination to create a digital banking platform for underserved Americans.
Added in current filing · view on EDGAR → · paraphrased
Consolidated Balance Sheet December 31, 2025 Estimated Pro Forma at Close ... Total Assets $754mm $1,100mm $2,000mm Loans $546mm $739mm $1,400mm Deposits -- $972mm $1,000mm ... Strong pro forma profitability margins with net interest income margins of 90%+ and net income margins of 25%+ beyond 2026 ... Adjusted ROE and ROA generation of 35%+ and 10%+ by 2028, respectively
The presentation disclosed estimated pro forma financials at closing: combined total assets of approximately $2.0 billion, loans of $1.4 billion, and deposits of $1.0 billion. Management projects net interest margins above 90%, net income margins above 25% beyond 2026, and adjusted return on equity above 35% and adjusted return on assets above 10% by 2028. These targets reflect anticipated synergies and the benefits of deposit-funded lending.
Added in current filing · view on EDGAR → · paraphrased
Total Revenue ($M) ... $597 FY 2025 ... Adjusted Net Income ($M) ... $140 FY 2025 ... Adj. Net Income Margin ... 23.4% FY 2025 ... Adjusted Return on Assets ... 20.0% FY 2023 FY 2024 FY 2025 ... Adjusted Return on Equity ... 51.5% FY 2023 FY 2024 FY 2025
OppFi reported full-year 2025 results: total revenue of $597 million, adjusted net income of $140 million, adjusted net income margin of 23.4%, adjusted return on assets of 20.0%, and adjusted return on equity of 51.5%. These figures represent continued growth from 2024 levels ($526 million revenue, $83 million adjusted net income) and demonstrate improving profitability and returns as the company scales.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jul 14, 2026 · How we verify