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 September 30, | | Six months ended September 30, | | 2014 | | 2013 | | 2014 | | 2013 | Balance at beginning of period | $ | 67,885,227 |
| | 61,630,967 |
| | $ | 63,254,940 |
| | 59,980,842 |
| Provision for loan losses | 36,160,733 |
| | 38,187,649 |
| | 67,053,998 |
| | 66,890,842 |
| Loan losses | (25,411,876 | ) | | (35,261,797 | ) | | (55,232,423 | ) | | (65,375,871 | ) | Recoveries | 3,514,172 |
| | 3,135,796 |
| | 7,026,970 |
| | 6,447,978 |
| Translation adjustment | (330,678 | ) | | (84,610 | ) | | (285,907 | ) | | (335,786 | ) | Balance at end of period | $ | 81,817,578 |
| | 67,608,005 |
| | $ | 81,817,578 |
| | 67,608,005 |
|
The following is a summary of loans individually and collectively evaluated for impairment for the period indicated:
| | | | | | | | | | | September 30, 2014 | Loans individually evaluated for impairment (impaired loans) | | Loans collectively evaluated for impairment | | Total | Bankruptcy, gross loans | $ | 6,721,814 |
| | — |
| | 6,721,814 |
| 91 days or more delinquent, excluding bankruptcy | 52,590,391 |
| | — |
| | 52,590,391 |
| Loans less than 91 days delinquent and not in bankruptcy | — |
| | 1,134,727,489 |
| | 1,134,727,489 |
| Gross loan balance | 59,312,205 |
| | 1,134,727,489 |
| | 1,194,039,694 |
| Unearned interest and fees | (15,286,809 | ) | | (306,507,517 | ) | | (321,794,326 | ) | Net loans | 44,025,396 |
| | 828,219,972 |
| | 872,245,368 |
| Allowance for loan losses | (44,025,396 | ) | | (37,792,182 | ) | | (81,817,578 | ) | Loans, net of allowance for loan losses | $ | — |
| | 790,427,790 |
| | 790,427,790 |
|
| | | | | | | | | | | March 31, 2014 | Loans individually evaluated for impairment (impaired loans) | | Loans collectively evaluated for impairment | | Total | Bankruptcy, gross loans | $ | 5,878,825 |
| | — |
| | 5,878,825 |
| 91 days or more delinquent, excluding bankruptcy | 28,186,637 |
| | — |
| | 28,186,637 |
| Loans less than 91 days delinquent and not in bankruptcy | — |
| | 1,078,241,873 |
| | 1,078,241,873 |
| Gross loan balance | 34,065,462 |
| | 1,078,241,873 |
| | 1,112,307,335 |
| Unearned interest and fees | (7,269,147 | ) | | (291,118,373 | ) | | (298,387,520 | ) | Net loans | 26,796,315 |
| | 787,123,500 |
| | 813,919,815 |
| Allowance for loan losses | (26,796,315 | ) | | (36,458,625 | ) | | (63,254,940 | ) | Loans, net of allowance for loan losses | $ | — |
| | 750,664,875 |
| | 750,664,875 |
|
| | | | | | | | | | | September 30, 2013 | Loans individually evaluated for impairment (impaired loans) | | Loans collectively evaluated for impairment | | Total | Bankruptcy, gross loans | $ | 6,437,259 |
| | — |
| | 6,437,259 |
| 91 days or more delinquent, excluding bankruptcy | 28,646,649 |
| | — |
| | 28,646,649 |
| Loans less than 91 days delinquent and not in bankruptcy | — |
| | 1,128,153,780 |
| | 1,128,153,780 |
| Gross loan balance | 35,083,908 |
| | 1,128,153,780 |
| | 1,163,237,688 |
| Unearned interest and fees | (7,900,928 | ) | | (313,079,173 | ) | | (320,980,101 | ) | Net loans | 27,182,980 |
| | 815,074,607 |
| | 842,257,587 |
| Allowance for loan losses | (27,182,980 | ) | | (40,425,025 | ) | | (67,608,005 | ) | Loans, net of allowance for loan losses | $ | — |
| | 774,649,582 |
| | 774,649,582 |
|
The following is an assessment of the credit quality for the period indicated: | | | | | | | | | | | | September 30, 2014 | | March 31, 2014 | | September 30, 2013 | Credit risk | | | | | | Consumer loans- non-bankrupt accounts | $ | 1,187,317,880 |
| | 1,106,428,510 |
| | 1,156,800,429 |
| Consumer loans- bankrupt accounts | 6,721,814 |
| | 5,878,825 |
| | 6,437,259 |
| Total gross loans | $ | 1,194,039,694 |
| | 1,112,307,335 |
| | 1,163,237,688 |
| | | | | | | Consumer credit exposure | |
| | |
| | | Credit risk profile based on payment activity, performing | $ | 1,110,982,990 |
| | 1,053,037,073 |
| | 1,101,669,295 |
| Contractual non-performing, 61 or more days delinquent | 83,056,704 |
| | 59,270,262 |
| | 61,568,393 |
| Total gross loans | $ | 1,194,039,694 |
| | 1,112,307,335 |
| | 1,163,237,688 |
| | | | | | | Delinquent refinance | $ | 26,112,606 |
| | 22,907,734 |
| | 23,170,833 |
| | | | | | | Credit risk profile based on customer type | |
| | |
| | | New borrower | $ | 163,470,487 |
| | 151,025,603 |
| | 143,398,274 |
| Former borrower | 129,562,132 |
| | 102,514,264 |
| | 113,787,457 |
| Refinance | 874,894,469 |
| | 835,859,734 |
| | 882,881,124 |
| Delinquent refinance | 26,112,606 |
| | 22,907,734 |
| | 23,170,833 |
| Total gross loans | $ | 1,194,039,694 |
| | 1,112,307,335 |
| | 1,163,237,688 |
|
The following is a summary of the past due receivables as of:
| | | | | | | | | | | | September 30, 2014 | | March 31, 2014 | | September 30, 2013 | Contractual basis: | |
| | |
| | |
| 30-60 days past due | $ | 52,502,067 |
| | 37,713,414 |
| | 46,063,021 |
| 61-90 days past due | 29,757,397 |
| | 30,607,515 |
| | 32,552,615 |
| 91 days or more past due | 53,299,307 |
| | 28,662,747 |
| | 29,015,778 |
| Total | $ | 135,558,771 |
| | 96,983,676 |
| | 107,631,414 |
| | | | | | | Percentage of period-end gross loans receivable | 11.4 | % | | 8.7 | % | | 9.3 | % |
|