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ALLOWANCE FOR LOAN LOSSES
6 Months Ended
Sep. 30, 2014
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 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
%