Allowance for Loan Losses and Credit Quality Indicators

12 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Allowance for Loan Losses and Credit Quality Indicators

Allowance for Loan Losses and Credit Quality Indicators

The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2019, 2018, and 2017:

	2019			2018		2017
Balance at beginning of period	$	66,088,139		60,644,365		60,923,204
Provision for loan losses	148,426,578			117,620,140		119,095,712
Loan losses	(148,308,199		)	(127,387,857	)	(135,100,416	)
Recoveries	15,313,106			15,211,491		15,725,865
Balance at end of period	$	81,519,624		66,088,139		60,644,365

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

March 31, 2019	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Gross loans in bankruptcy, excluding contractually delinquent	$	4,644,203		—		4,644,203
Gross loans contractually delinquent	59,633,541			—		59,633,541
Loans not contractually delinquent and not in bankruptcy	—			1,063,679,639		1,063,679,639
Gross loan balance	64,277,744			1,063,679,639		1,127,957,383
Unearned interest and fees	(14,319,795		)	(276,493,957	)	(290,813,752	)
Net loans	49,957,949			787,185,682		837,143,631
Allowance for loan losses	(45,511,124		)	(36,008,500	)	(81,519,624	)
Loans, net of allowance for loan losses	$	4,446,825		751,177,182		755,624,007

March 31, 2018	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Gross loans in bankruptcy, excluding contractually delinquent	$	4,627,599		—		4,627,599
Gross loans contractually delinquent	50,019,567			—		50,019,567
Loans not contractually delinquent and not in bankruptcy	—			949,585,993		949,585,993
Gross loan balance	54,647,166			949,585,993		1,004,233,159
Unearned interest and fees	(11,433,666		)	(247,557,826	)	(258,991,492	)
Net loans	43,213,500			702,028,167		745,241,667
Allowance for loan losses	(38,782,574		)	(27,305,565	)	(66,088,139	)
Loans, net of allowance for loan losses	$	4,430,926		674,722,602		679,153,528

The average net balance of impaired loans was $47.0 million, $42.3 million, and $37.5 million, respectively, for the years ended March 31, 2019, 2018, and 2017. It is not practicable to compute the amount of interest earned on impaired loans, nor is it practicable to compute the interest income recognized using the cash-basis method during the period such loans were impaired.

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

	March 31, 2019		March 31, 2018
Credit risk
Consumer loans- non-bankrupt accounts	$	1,121,895,834	998,299,051
Consumer loans- bankrupt accounts	6,061,549		5,934,108
Total gross loans	$	1,127,957,383	1,004,233,159
Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,039,774,448	929,400,862
Contractual non-performing, 61 days or more delinquent (1)	88,182,935		74,832,297
Total gross loans	$	1,127,957,383	1,004,233,159
Credit risk profile based on customer type
New borrower	$	138,140,479	104,762,628
Former borrower	116,242,182		104,281,551
Refinance	854,880,194		778,115,097
Delinquent refinance	18,694,528		17,073,883
Total gross loans	$	1,127,957,383	1,004,233,159

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⁽¹⁾ Loans in non-accrual status

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

	March 31, 2019			March 31, 2018		March 31, 2017
Contractual basis:
30-60 days past due	$	40,300,574		32,959,151		30,640,748
61-90 days past due	28,549,394			24,812,730		23,002,999
91 days or more past due	59,633,541			50,019,567		43,320,534
Total	$	128,483,509		107,791,448		96,964,281
Percentage of period-end gross loans receivable	11.4		%	10.7	%	10.3	%
Recency basis:
30-60 days past due	$	35,992,122		29,356,319		27,004,856
61-90 days past due	22,393,106			19,523,845		17,671,790
91 days or more past due	42,771,862			34,548,433		29,188,082
Total	$	101,157,090		83,428,597		73,864,728
Percentage of period-end gross loans receivable	9.7		%	9.0	%	8.4	%