ALLOWANCE FOR LOAN LOSSES

9 Months Ended

Dec. 31, 2013

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:

	Three months ended December 31,					Nine months ended December 31,
	2013			2012		2013			2012
Balance at beginning of period	$	67,608,005		61,328,777		$	59,980,842		54,507,299
Provision for loan losses	41,115,932			37,394,633		108,006,774			93,411,187
Loan losses	(37,278,133		)	(34,619,123	)	(102,654,004		)	(89,537,727	)
Recoveries	3,117,923			2,750,869		9,565,901			8,472,307
Translation adjustment	38,518			(50,685	)	(297,268		)	(48,595	)
Balance at end of period	$	74,602,245		66,804,471		$	74,602,245		66,804,471

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

December 31, 2013	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Bankruptcy, gross loans	$	5,751,373		—		5,751,373
91 days or more delinquent, excluding bankruptcy	33,175,053			—		33,175,053
Loans less than 91 days delinquent and not in bankruptcy	—			1,225,131,885		1,225,131,885
Gross loan balance	38,926,426			1,225,131,885		1,264,058,311
Unearned interest and fees	(9,029,631		)	(338,303,927	)	(347,333,558	)
Net loans	29,896,795			886,827,958		916,724,753
Allowance for loan losses	(29,896,795		)	(44,705,450	)	(74,602,245	)
Loans, net of allowance for loan losses	$	—		842,122,508		842,122,508

March 31, 2013	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Bankruptcy, gross loans	$	5,910,206		—		5,910,206
91 days or more delinquent, excluding bankruptcy	23,536,170			—		23,536,170
Loans less than 91 days delinquent and not in bankruptcy	—			1,037,605,387		1,037,605,387
Gross loan balance	29,446,376			1,037,605,387		1,067,051,763
Unearned interest and fees	(6,036,018		)	(278,920,177	)	(284,956,195	)
Net loans	23,410,358			758,685,210		782,095,568
Allowance for loan losses	(23,410,358		)	(36,570,484	)	(59,980,842	)
Loans, net of allowance for loan losses	$	—		722,114,726		722,114,726

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

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

	December 31, 2013		March 31, 2013	December 31, 2012
Credit risk
Consumer loans- non-bankrupt accounts	$	1,258,306,938	1,061,141,557	1,177,660,433
Consumer loans- bankrupt accounts	5,751,373		5,910,206	6,045,303
Total gross loans	$	1,264,058,311	1,067,051,763	1,183,705,736
Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,200,269,825	1,020,337,490	1,132,401,488
Contractual non-performing, 61 or more days delinquent	63,788,486		46,714,273	51,304,248
Total gross loans	$	1,264,058,311	1,067,051,763	1,183,705,736
Delinquent renewals	$	25,549,569	19,799,064	21,701,807
Credit risk profile based on customer type
New borrower	$	187,601,560	130,897,466	163,114,221
Former borrower	119,609,101		90,281,773	105,679,007
Refinance	931,298,081		826,073,460	893,210,701
Delinquent refinance	25,549,569		19,799,064	21,701,807
Total gross loans	$	1,264,058,311	1,067,051,763	1,183,705,736

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

	December 31, 2013			March 31, 2013		December 31, 2012
Contractual basis:
30-60 days past due	$	45,956,945		37,674,267		45,193,214
61-90 days past due	30,224,306			22,773,063		25,758,105
91 days or more past due	33,564,180			23,941,210		25,546,143
Total	$	109,745,431		84,388,540		96,497,462
Percentage of period-end gross loans receivable	8.7		%	7.9	%	8.2	%