Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
MARKET INFORMATION AND STOCKHOLDERS
OMH’s common stock has been listed for trading on the New York Stock Exchange (“NYSE”) since October 16, 2013. On November 27, 2015, we changed the symbol from “LEAF” to “OMF” as a result of the OneMain Acquisition. Our initial public offering was priced at $17.00 per share on October 15, 2013.
On February 1, 2021, there were five record holders of OMH's common stock. This figure does not reflect the beneficial ownership of shares held in nominee name. On February 1, 2021, the closing price for OMH's common stock, as reported on the NYSE, was $47.71.
DIVIDEND POLICY
OMH previously did not pay any dividends on its common stock from its initial public offering in 2013 through 2018. In February of 2019, the OMH Board of Directors announced a program of quarterly dividends. While OMH intends to pay its minimum quarterly dividend, currently $0.45 per share, for the foreseeable future, and announced its intention to evaluate dividends above the minimum every first and third quarter, all subsequent dividends will be reviewed and declared at the discretion of its board of directors and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, and other considerations that the board of directors deems relevant. OMH's dividend payments may change from time to time, and the board of directors may choose not to continue to declare dividends in the future.
No trading market exists for OMFC’s common stock. All of OMFC’s common stock is held by OMH. To provide funding for the dividends, mentioned above, OMFC paid dividends to OMH of $799 million and $408 million in 2020 and 2019, respectively. OMFC did not pay any dividends to OMH in 2018.
Because we are holding companies and have no direct operations, we will only be able to pay dividends from our available cash on hand and any funds we receive from our subsidiaries. Our insurance subsidiaries are subject to regulations that limit their ability to pay dividends or make loans or advances to us, principally to protect policyholders, and certain of OMFC's debt agreements limit the ability of certain of our subsidiaries to pay dividends. See Notes 9 and 11 of the Notes to the Consolidated Financial Statements included in this report for further information on OMFC's debt agreements and our insurance subsidiary dividends, respectively.
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STOCK PERFORMANCE
The following data and graph show a comparison of the cumulative total shareholder return for OMH's common stock, the NYSE Financial Sector (Total Return) Index, and the NYSE Composite (Total Return) Index from December 31, 2015 through December 31, 2020. This data assumes simultaneous investments of $100 on December 31, 2015 and reinvestment of any dividends. The information in this “Stock Performance” section shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act.
At December 31,
2015 2016 2017 2018 2019 2020
OneMain Holdings, Inc. $ 100.00 $ 53.30 $ 62.57 $ 58.47 $ 110.04 $ 148.92
NYSE Composite Index 100.00 112.08 133.26 121.54 152.85 163.66
NYSE Financial Sector Index 100.00 113.64 137.96 119.94 155.52 152.04
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Item 6. Selected Financial Data.
The following table presents OMH's selected historical consolidated financial data and other operating data. The consolidated statement of operations data for the years ended December 31, 2020, 2019, and 2018 and the consolidated balance sheet data as of December 31, 2020 and 2019 have been derived from OMH's audited consolidated financial statements included elsewhere herein. The statement of operations data for the years ended December 31, 2017 and 2016 and the consolidated balance sheet data as of December 31, 2018, 2017, and 2016 have been derived from OMH's consolidated financial statements not included elsewhere herein.
Due to the nominal differences between OMFC and OMH, for the 2020, 2019 and 2018 periods, the selected historical consolidated financial data and other operating data relate only to OMH. See Note 2 of the Notes to the Consolidated Financial Statements included in this report for the reconciliation of results of OMFC to OMH.
For OMFC's selected historical consolidated financial data and other operating data for the years ended 2017 and 2016, see “Selected Financial Data” in Part II Item 6 of OMFC’s Annual Report on Form 10-K for the year ended December 31, 2018 filed on February 15, 2019.
The following selected financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this report and OMH’s audited consolidated financial statements and related notes included in this report.
(dollars in millions, except per share amounts) At or for the Years Ended December 31,
2020 2019 2018 2017 2016
Consolidated Statements of Operations Data:
Interest income
$ 4,368 $ 4,127 $ 3,658 $ 3,196 $ 3,110
Interest expense
1,027 970 875 816 856
Provision for finance receivable losses
1,319 1,129 1,048 955 932
Other revenues
526 622 574 560 773
Other expenses
1,571 1,552 1,685 1,554 1,739
Income before income tax expense
977 1,098 624 431 356
Net income
730 855 447 183 243
Net income attributable to non-controlling interests
— — — — 28
Net income attributable to OneMain Holdings, Inc.
730 855 447 183 215
Earnings per share:
Basic $ 5.42 $ 6.28 $ 3.29 $ 1.35 $ 1.60
Diluted 5.41 6.27 3.29 1.35 1.59
Dividends:
Cash dividends declared per share $ 5.94 $ 3.00 $ — $ — $ —
Consolidated Balance Sheet Data:
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses
$ 15,044 $ 16,767 $ 14,771 $ 13,670 $ 12,457
Total assets
22,471 22,817 20,090 19,433 18,123
Long-term debt
17,800 17,212 15,178 15,050 13,959
Total liabilities
19,030 18,487 16,291 16,155 15,057
Total shareholders’ equity
3,441 4,330 3,799 3,278 3,066
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