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# OppFi CEO Says Regulators Hold The Last Key To Its BNC Bank Deal, With Q1 2027 A Possible Spillover
- URL: https://www.bullished.co/oppfi-ceo-says-regulators-hold-the-last-key-to-its-bnc-bank-deal-with-q1-2027-a-possible-86e8ef5f/
- Published: 2026-10-28T13:32:47.000Z
- Updated: 2026-10-28T13:32:47.000Z
- Description: Todd Schwartz said BNCC holders have approved the deal and that OppFi has about $140 million in cash for the cash half.
- Author: Matteo Parrino
- Tags: Earnings, OPFI, Industry: Financials

[OppFi](https://www.bullished.co/tag/opfi/), which runs a digital lending platform that helps community banks offer credit to consumers mainstream lenders often turn away, is waiting only on regulators to close its BNC bank acquisition, Executive Chairman and CEO Todd Schwartz said on the company's [third-quarter earnings call](https://www.prnewswire.com/news-releases/oppfi-reports-third-quarter-2026-results-302921380.html?ref=bullished.co) on Wednesday. Asked whether year-end timing still held, he said he was hopeful and that any slip into the first quarter of 2027 would come with updates.

## Regulators are the last step

Schwartz said BNCC Corp. stockholders "overwhelmingly approved" the transaction on September 17th, leaving regulatory approval as the final step. A Northland Capital Markets analyst asked whether the year-end target set when the deal was announced still felt right.

Schwartz said OppFi is responding to regulators "promptly, qualitatively and quantitatively" and is hopeful of resolving the matter. "If it does leak or bleed into Q1 of 2027, we'll provide those updates when they come available," he said, adding that the company feels its application "remains strong" on the merits.

He said the deal as announced is 50% stock and 50% cash, so no financing is needed. OppFi holds about $140 million in cash, he said; the CFO put cash, equivalents and restricted cash at about $141 million at quarter end.

## A $75 million Castle Lake draw

The same analyst asked about the $75 million drawn from the Castle Lake facility. Schwartz put the interest rate at "somewhere around 12%" and called the draw a way to keep flexibility in the capital structure and balance sheet for 2027 and beyond. He said it replenishes debt the company has been paying down.

CFO Pam Johnson said total debt at quarter end was $350 million, against $443 million in stockholders' equity.

## Revenue down, outlook trimmed

Johnson said third-quarter revenue was $149 million, [down 3.8%](https://www.prnewswire.com/news-releases/oppfi-reports-third-quarter-2026-results-302921380.html?ref=bullished.co) from a year earlier, while originations fell about 7% to $229 million on tighter marketing-partner screening. Adjusted net income fell 23% to about $32 million, and adjusted earnings per share were 37 cents, down from 46 cents.

OppFi now expects full-year revenue of $600 million to $610 million, adjusted net income of $115 million to $120 million and adjusted earnings per share of $1.34 to $1.40, after adjusting the top of the range. Seeking Alpha framed it as a [lowered outlook](https://seekingalpha.com/news/4658698-oppfi-lowers-fy-outlook-after-q3-revenue-decline?ref=bullished.co).

Schwartz said the stock trades at an unfair multiple, and the company has begun buying shares under its $40 million repurchase program. He said OppFi is investing more than $150 million this year, aiming for $500 million in adjusted net income within five years.

Johnson said the target of about $3 in earnings per share by the end of 2028 remains intact.

### Sources

- [OppFi Inc. (OPFI) Misses Q3 Earnings and Revenue Estimates](https://finance.yahoo.com/markets/stocks/articles/oppfi-inc-opfi-misses-q3-101003250.html?ref=bullished.co) — Yahoo Finance
- [OppFi lowers FY outlook after Q3 revenue decline (OPFI:NYSE)](https://seekingalpha.com/news/4658698-oppfi-lowers-fy-outlook-after-q3-revenue-decline?ref=bullished.co) — seekingalpha.com
- [OppFi Q3 2026 Earnings Preview (OPFI:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4658134-oppfi-q3-2026-earnings-preview?ref=bullished.co) — seekingalpha.com
- [OppFi Reports Third Quarter 2026 Results](https://www.prnewswire.com/news-releases/oppfi-reports-third-quarter-2026-results-302921380.html?ref=bullished.co) — prnewswire.com

### More on OppFi

- [OppFi CEO Calls Stock A 'Really Unfair Multiple' As Company Starts Buying Back Shares](https://www.bullished.co/oppfi-ceo-calls-stock-a-really-unfair-multiple-as-company-starts-buying-back-shares-86caef53/)
- [OppFi Trims 2026 Outlook As Charge-Offs Climb To 40.1% Of Revenue](https://www.bullished.co/oppfi-trims-2026-outlook-as-charge-offs-climb-to-40-1-of-revenue-320e7796/)

[All OppFi (OPFI) coverage →](https://www.bullished.co/tag/opfi/)