ALLOWANCE FOR LOAN LOSSES

6 Months Ended

Sep. 30, 2019

The following is a summary of gross loans receivable as of:



	September 30, 2019		March 31, 2019		September 30, 2018

Small loans	$	839,609,690	$	736,643,663	$	762,471,067
Large loans	433,389,225		383,686,372		363,884,295
Tax advance loans	1,147,879		7,627,348		436,834
Total gross loans	$	1,274,146,794	$	1,127,957,383	$	1,126,792,196

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,
	2019			2018			2019			2018

Balance at beginning of period	$	87,353,087		68,029,622			$	81,519,624		$	66,088,139
Provision for loan losses	52,968,036			40,358,696			94,259,107			70,949,315
Loan losses	(42,604,434		)	(32,572,205		)	(82,128,421		)	(65,013,346		)
Recoveries	3,752,624			3,494,262			7,819,003			7,286,267
Balance at end of period	$	101,469,313		$	79,310,375		$	101,469,313		$	79,310,375

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



September 30, 2019	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total

Gross loans in bankruptcy, excluding contractually delinquent	$	5,919,237		—		5,919,237
Gross loans contractually delinquent	67,515,456			—		67,515,456
Loans not contractually delinquent and not in bankruptcy	—			1,200,712,101		1,200,712,101
Gross loan balance	73,434,693			1,200,712,101		1,274,146,794
Unearned interest and fees	(15,408,232		)	(318,918,117	)	(334,326,349	)
Net loans	58,026,461			881,793,984		939,820,445
Allowance for loan losses	(52,358,792		)	(49,110,521	)	(101,469,313	)
Loans, net of allowance for loan losses	$	5,667,669		832,683,463		838,351,132



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



September 30, 2018	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total

Gross loans in bankruptcy, excluding contractually delinquent	$	5,002,410		—		5,002,410
Gross loans contractually delinquent	54,677,031			—		54,677,031
Loans not contractually delinquent and not in bankruptcy	—			1,067,112,755		1,067,112,755
Gross loan balance	59,679,441			1,067,112,755		1,126,792,196
Unearned interest and fees	(12,519,916		)	(285,178,637	)	(297,698,553	)
Net loans	47,159,525			781,934,118		829,093,643
Allowance for loan losses	(42,369,717		)	(36,940,658	)	(79,310,375	)
Loans, net of allowance for loan losses	$	4,789,808		744,993,460		749,783,268

The average net balance of impaired loans was $53.4 million and $44.2 million, respectively, for the six month periods ended September 30, 2019, and 2018. It is not practical to compute the amount of interest earned on impaired loans.

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



	September 30, 2019		March 31, 2019		September 30, 2018
Credit risk
Consumer loans- non-bankrupt accounts	$	1,266,666,753	$	1,121,895,834	$	1,120,466,940
Consumer loans- bankrupt accounts	7,480,041		6,061,549		6,325,256
Total gross loans	$	1,274,146,794	$	1,127,957,383	$	1,126,792,196

Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,171,654,200	$	1,039,774,448	$	1,042,501,191
Contractual non-performing, 61 or more days delinquent ⁽¹⁾	102,492,594		88,182,935		84,291,005
Total gross loans	$	1,274,146,794	$	1,127,957,383	$	1,126,792,196

Credit risk profile based on customer type
New borrower	$	152,893,420	$	138,140,479	$	130,010,547
Former borrower	143,234,099		116,242,182		134,554,113
Refinance	954,842,006		854,880,194		843,003,017
Delinquent refinance	23,177,269		18,694,528		19,224,519
Total gross loans	$	1,274,146,794	$	1,127,957,383	$	1,126,792,196

_______________________________________________________

⁽¹⁾ Loans in non-accrual status.

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



	September 30, 2019			March 31, 2019		September 30, 2018
Contractual basis:
30-60 days past due	$	55,199,165		40,300,574		44,729,889
61-90 days past due	34,977,138			28,549,394		29,613,974
91 days or more past due	67,515,456			59,633,541		54,677,031
Total	$	157,691,759		128,483,509		129,020,894

Percentage of period-end gross loans receivable	12.4		%	11.4	%	11.5	%

Recency basis:
30-60 days past due	$	54,101,357		35,992,122		44,470,880
61-90 days past due	30,534,482			22,393,106		24,995,370
91 days or more past due	51,155,873			42,771,862		40,612,083
Total	$	135,791,712		101,157,090		110,078,333

Percentage of period-end gross loans receivable	10.7		%	9.0	%	9.8	%

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

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