Stonegate Capital Partners has updated its coverage on OppFi, Inc. (NYSE: OPFI) following the company's first quarter 2026 results. The quarter showed steady performance, but the key development is OppFi's strategic shift toward a bank-enabled, deposit-funded model through the pending acquisition of BNCC. According to Stonegate, this acquisition could significantly expand OppFi's growth runway by adding approximately $1.0 billion in low-cost deposits, supporting national expansion and potentially driving over 25% adjusted EPS accretion in the first year.
During the first quarter, OppFi reported revenue and receivables growth despite a decline in net originations, which fell 7.0% year-over-year to $176.0 million. Receivables increased 9.4% to $444.9 million, while revenue rose 8.3% to a record $151.9 million. The decline in originations was attributed to tighter credit standards, inflation, weaker consumer sentiment, and higher average tax refunds temporarily reducing loan demand. Higher charge-offs pressured adjusted earnings, but the company maintained expense discipline while investing in several growth initiatives, including LOLA, Model 7, LOC, SMB lending, and BNC integration.
Stonegate noted that OppFi is prioritizing credit discipline and long-term platform expansion over near-term volume growth. The pending BNCC acquisition is seen as a transformative step that could provide a lower-cost funding base and enable national expansion. Additionally, the company has multiple catalysts for 2026, including the LOLA migration starting in May, the expected launch of Model 7 in fall 2026, and the introduction of a line of credit (LOC) product this summer. OppFi's full-year 2026 guidance remains intact, with revenue projected between $650 million and $675 million and adjusted EPS of $1.76 to $1.84.
For more details, the full announcement is available here. Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking, equity research, and capital raising for public and private companies.
