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ALLOWANCE FOR LOAN LOSSES
 9 Months Ended
Dec. 31, 2015
Receivables [Abstract]  
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES

Gross loans receivable at December 31, 2015 and 2014 consisted of the following:
 
2015
 
2014
Small loans
$
754,478,231

 
772,500,860

Large loans
462,085,177

 
478,293,824

Sales finance receivables
2,645,958

 
11,823,287

Total gross loans
$
1,219,209,366

 
1,262,617,971


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,
 
2015
 
2014
 
2015
 
2014
Balance at beginning of period
$
80,317,713

 
81,817,578

 
$
70,437,988

 
63,254,940

Provision for loan losses
35,440,402

 
38,292,746

 
99,225,547

 
105,346,744

Loan losses
(35,294,084
)
 
(37,978,106
)
 
(97,622,277
)
 
(93,210,529
)
Recoveries (1)
4,131,664

 
3,589,412

 
13,397,456

 
10,616,382

Translation adjustment
(107,101
)
 
(703,131
)
 
(950,120
)
 
(989,038
)
Balance at end of period
$
84,488,594

 
85,018,499

 
$
84,488,594

 
85,018,499



(1)
Recoveries during the three and nine months ended December 31, 2015 included $0.5 million and $2.7 million, respectively, resulting from the sale of previously charged-off loans.

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

December 31, 2015
Loans individually
evaluated for
impairment
(impaired loans)
 
Loans collectively
evaluated for
impairment
 
Total
Gross loans in bankruptcy, excluding contractually delinquent
$
4,839,276

 
—

 
4,839,276

Gross loans contractually delinquent
56,777,734

 
—

 
56,777,734

Loans not contractually delinquent and not in bankruptcy
—

 
1,157,592,356

 
1,157,592,356

Gross loan balance
61,617,010

 
1,157,592,356

 
1,219,209,366

Unearned interest, insurance and fees
(15,173,459
)
 
(322,330,549
)
 
(337,504,008
)
Net loans
46,443,551

 
835,261,807

 
881,705,358

Allowance for loan losses
(41,809,944
)
 
(42,678,650
)
 
(84,488,594
)
Loans, net of allowance for loan losses
$
4,633,607

 
792,583,157

 
797,216,764


March 31, 2015
Loans individually
evaluated for
impairment
(impaired loans)
 
Loans collectively
evaluated for
impairment
 
Total
Gross loans in bankruptcy, excluding contractually delinquent
$
4,821,691

 
—

 
4,821,691

Gross loans contractually delinquent
48,262,853

 
—

 
48,262,853

Loans not contractually delinquent and not in bankruptcy
—

 
1,057,060,538

 
1,057,060,538

Gross loan balance
53,084,544

 
1,057,060,538

 
1,110,145,082

Unearned interest, insurance and fees
(13,115,117
)
 
(284,287,287
)
 
(297,402,404
)
Net loans
39,969,427

 
772,773,251

 
812,742,678

Allowance for loan losses
(35,352,658
)
 
(35,085,330
)
 
(70,437,988
)
Loans, net of allowance for loan losses
$
4,616,769

 
737,687,921

 
742,304,690

December 31, 2014
Loans individually
evaluated for
impairment
(impaired loans)
 
Loans collectively
evaluated for
impairment
 
Total
Gross loans in bankruptcy, excluding contractually delinquent
$
5,375,640

 
—

 
5,375,640

Gross loans contractually delinquent
54,521,862

 
—

 
54,521,862

Loans not contractually delinquent and not in bankruptcy
—

 
1,202,720,469

 
1,202,720,469

Gross loan balance
59,897,502

 
1,202,720,469

 
1,262,617,971

Unearned interest, insurance and fees
(14,879,254
)
 
(330,113,392
)
 
(344,992,646
)
Net loans
45,018,248

 
872,607,077

 
917,625,325

Allowance for loan losses
(39,871,072
)
 
(45,147,427
)
 
(85,018,499
)
Loans, net of allowance for loan losses
$
5,147,176

 
827,459,650

 
832,606,826



The average net balance of impaired loans was $42.0 million and $35.4 million, respectively, for the periods ended December 31, 2015, and 2014. It is not practical to compute the amount of interest earned on impaired loans.
 
The following is an assessment of the credit quality for the period indicated:
 
December 31,
2015
 
March 31,
2015
 
December 31,
2014
Credit risk
 
 
 
 
 
Consumer loans- non-bankrupt accounts
$
1,213,286,140

 
1,104,179,016

 
1,256,348,256

Consumer loans- bankrupt accounts
5,923,226

 
5,966,066

 
6,269,715

Total gross loans
$
1,219,209,366

 
1,110,145,082

 
1,262,617,971

 
 
 
 
 
 
Consumer credit exposure
 

 
 

 
 
Credit risk profile based on payment activity, performing
$
1,131,348,784

 
1,032,984,546

 
1,177,925,160

Contractual non-performing, 60 or more days delinquent (1)
87,860,582

 
77,160,536

 
84,692,811

Total gross loans
$
1,219,209,366

 
1,110,145,082

 
1,262,617,971

 
 
 
 
 
 
Credit risk profile based on customer type
 

 
 

 
 
New borrower
$
173,506,380

 
146,376,318

 
189,297,996

Former borrower
137,261,707

 
110,149,558

 
131,854,445

Refinance
884,046,393

 
829,661,427

 
914,438,177

Delinquent refinance
24,394,886

 
23,957,779

 
27,027,353

Total gross loans
$
1,219,209,366

 
1,110,145,082

 
1,262,617,971



(1) Loans in non-accrual status

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

 
December 31,
2015
 
March 31,
2015
 
December 31,
2014
Contractual basis:
 

 
 

 
 

30-59 days past due
$
44,805,260

 
43,663,540

 
44,649,718

60-89 days past due
29,428,608

 
26,027,649

 
28,227,745

90 days or more past due
58,431,974

 
51,132,887

 
56,465,066

Total
$
132,665,842

 
120,824,076

 
129,342,529

 
 
 
 
 
 
Percentage of period-end gross loans receivable
10.9
%
 
10.9
%
 
10.2
%