ALLOWANCE FOR LOAN LOSSES

9 Months Ended

Dec. 31, 2012

Receivables [Abstract]

ALLOWANCE FOR LOAN LOSSES

ALLOWANCE FOR LOAN LOSSES

The following is a summary of the changes in the allowance for loan losses for the periods indicated (unaudited):

	Three months ended December 31,					Nine months ended December 31,
	2012			2011		2012		2011
Balance at beginning of period	$	61,328,777		54,164,473		54,507,299		48,354,994
Provision for loan losses	37,394,633			36,109,128		93,411,187		89,005,511
Loan losses	(34,619,123		)	(31,538,663	)	(89,537,727	)	(82,944,607	)
Recoveries	2,750,869			2,462,103		8,472,307		7,210,318
Translation adjustment	(50,685		)	(78,178	)	(48,595	)	(507,353	)
Balance at end of period	$	66,804,471		61,118,863		66,804,471		61,118,863

The following is a summary of loans individually and collectively evaluated for impairment for the period indicated:

December 31, 2012	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Bankruptcy, gross loans	$	6,045,303		—		6,045,303
91 days or more delinquent, excluding bankruptcy	25,205,444			—		25,205,444
Loans less than 91 days delinquent and not in bankruptcy	—			1,152,454,989		1,152,454,989
Gross loan balance	31,250,747			1,152,454,989		1,183,705,736
Unearned interest and fees	(6,447,504		)	(318,283,151	)	(324,730,655	)
Net loans	24,803,243			834,171,838		858,975,081
Allowance for loan losses	(24,803,243		)	(42,001,228	)	(66,804,471	)
Loans, net of allowance for loan losses	$	—		792,170,610		792,170,610

March 31, 2012	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Bankruptcy, gross loans	$	5,646,956		—		5,646,956
91 days or more delinquent, excluding bankruptcy	20,882,907			—		20,882,907
Loans less than 91 days delinquent and not in bankruptcy	—			946,192,901		946,192,901
Gross loan balance	26,529,863			946,192,901		972,722,764
Unearned interest and fees	(7,085,222		)	(250,552,597	)	(257,637,819	)
Net loans	19,444,641			695,640,304		715,084,945
Allowance for loan losses	(19,444,641		)	(35,062,658	)	(54,507,299	)
Loans, net of allowance for loan losses	$	—		660,577,646		660,577,646

December 31, 2011	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Bankruptcy, gross loans	$	5,850,341		—		5,850,341
91 days or more delinquent, excluding bankruptcy	22,784,021			—		22,784,021
Loans less than 91 days delinquent and not in bankruptcy	—			1,037,443,542		1,037,443,542
Gross loan balance	28,634,362			1,037,443,542		1,066,077,904
Unearned interest and fees	(5,655,260		)	(282,193,339	)	(287,848,599	)
Net loans	22,979,102			755,250,203		778,229,305
Allowance for loan losses	(22,979,102		)	(38,139,761	)	(61,118,863	)
Loans, net of allowance for loan losses	$	—		717,110,442		717,110,442

The following is an assessment of the credit quality for the period indicated:

	December 31, 2012		March 31, 2012	December 31, 2011
Credit risk
Consumer loans- non-bankrupt accounts	$	1,177,660,433	967,075,808	1,060,227,563
Consumer loans- bankrupt accounts	6,045,303		5,646,956	5,850,341
Total gross loans	$	1,183,705,736	972,722,764	1,066,077,904
Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,132,401,488	934,095,598	1,019,834,095
Contractual non-performing, 61 or more days delinquent	51,304,248		38,627,166	46,243,809
Total gross loans	$	1,183,705,736	972,722,764	1,066,077,904
Delinquent renewals	$	21,701,807	21,013,742	22,354,349
Credit risk profile based on customer type
New borrower	$	163,114,221	110,362,853	145,258,224
Former borrower	105,679,007		79,712,646	91,050,042
Refinance	893,210,701		761,633,523	807,415,289
Delinquent refinance	21,701,807		21,013,742	22,354,349
Total gross loans	$	1,183,705,736	972,722,764	1,066,077,904

The following is a summary of the past due receivables as of:

	December 31, 2012			March 31, 2012		December 31, 2011
Recency basis:
30-60 days past due	$	37,651,933		22,457,591		30,909,259
61-90 days past due	21,318,509			13,381,637		19,265,876
91 days or more past due	13,356,644			10,569,627		12,614,281
Total	$	72,327,086		46,408,855		62,789,416
Percentage of period-end gross loans receivable	6.1		%	4.8	%	5.9	%
Contractual basis:
30-60 days past due	$	45,193,214		24,853,508		32,995,879
61-90 days past due	25,758,105			17,320,264		23,108,341
91 days or more past due	25,546,143			21,306,902		23,135,468
Total	$	96,497,462		63,480,674		79,239,688
Percentage of period-end gross loans receivable	8.2		%	6.5	%	7.4	%