ALLOWANCE FOR LOAN LOSSES

9 Months Ended

Dec. 31, 2019

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



	December 31, 2019		March 31, 2019		December 31, 2018

Small loans	$	901,610,938	$	736,643,663	$	857,862,767
Large loans	470,962,956		383,686,372		400,936,499
Tax advance loans	194,686		7,627,348		108,639
Total gross loans	$	1,372,768,580	$	1,127,957,383	$	1,258,907,905

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,
	2019			2018			2019			2018

Balance at beginning of period	$	101,469,313		79,310,375			$	81,519,624		$	66,088,139
Provision for loan losses	55,219,470			48,943,886			149,478,577			119,893,201
Loan losses	(46,850,430		)	(40,001,055		)	(128,978,851		)	(105,014,401		)
Recoveries	3,231,288			3,052,628			11,050,291			10,338,895
Balance at end of period	$	113,069,641		$	91,305,834		$	113,069,641		$	91,305,834

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



December 31, 2019	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total

Gross loans in bankruptcy, excluding contractually delinquent	$	5,066,019		—		5,066,019
Gross loans contractually delinquent	80,765,569			—		80,765,569
Loans not contractually delinquent and not in bankruptcy	—			1,286,936,992		1,286,936,992
Gross loan balance	85,831,588			1,286,936,992		1,372,768,580
Unearned interest and fees	(19,140,361		)	(346,893,706	)	(366,034,067	)
Net loans	66,691,227			940,043,286		1,006,734,513
Allowance for loan losses	(61,840,514		)	(51,229,127	)	(113,069,641	)
Loans, net of allowance for loan losses	$	4,850,713		888,814,159		893,664,872



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



December 31, 2018	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total

Gross loans in bankruptcy, excluding contractually delinquent	$	4,714,475		—		4,714,475
Gross loans contractually delinquent	62,834,979			—		62,834,979
Loans not contractually delinquent and not in bankruptcy	—			1,191,358,451		1,191,358,451
Gross loan balance	67,549,454			1,191,358,451		1,258,907,905
Unearned interest and fees	(14,930,704		)	(323,201,775	)	(338,132,479	)
Net loans	52,618,750			868,156,676		920,775,426
Allowance for loan losses	(48,104,640		)	(43,201,194	)	(91,305,834	)
Loans, net of allowance for loan losses	$	4,514,110		824,955,482		829,469,592

The average net balance of impaired loans was $56.7 million and $46.3 million, respectively, for the nine month periods ended December 31, 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:



	December 31, 2019		March 31, 2019		December 31, 2018
Credit risk
Consumer loans- non-bankrupt accounts	$	1,366,079,543	$	1,121,895,834	$	1,252,645,902
Consumer loans- bankrupt accounts	6,689,037		6,061,549		6,262,003
Total gross loans	$	1,372,768,580	$	1,127,957,383	$	1,258,907,905

Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,255,471,072	$	1,039,774,448	$	1,164,459,600
Contractual non-performing, 61 or more days delinquent ⁽¹⁾	117,297,508		88,182,935		94,448,305
Total gross loans	$	1,372,768,580	$	1,127,957,383	$	1,258,907,905

Credit risk profile based on customer type
New borrower	$	155,284,022	$	138,140,479	$	175,727,060
Former borrower	161,575,535		116,242,182		144,840,392
Refinance	1,031,380,059		854,880,194		917,868,854
Delinquent refinance	24,528,964		18,694,528		20,471,599
Total gross loans	$	1,372,768,580	$	1,127,957,383	$	1,258,907,905

_______________________________________________________

⁽¹⁾ Loans in non-accrual status.

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



	December 31, 2019			March 31, 2019		December 31, 2018
Contractual basis:
30-60 days past due	$	55,172,208		40,300,574		49,655,289
61-90 days past due	36,531,939			28,549,394		31,613,326
91 days or more past due	80,765,569			59,633,541		62,834,979
Total	$	172,469,716		128,483,509		144,103,594

Percentage of period-end gross loans receivable	12.6		%	11.4	%	11.4	%

Recency basis:
30-60 days past due	$	54,090,162		35,992,122		48,699,068
61-90 days past due	33,295,364			22,393,106		28,067,650
91 days or more past due	62,565,314			42,771,862		46,992,655
Total	$	149,950,840		101,157,090		123,759,373

Percentage of period-end gross loans receivable	10.9		%	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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