ALLOWANCE FOR LOAN LOSSES

3 Months Ended

Jun. 30, 2012

ALLOWANCE FOR LOAN LOSSES [Abstract]

ALLOWANCE FOR LOAN LOSSES

NOTE 4 - ALLOWANCE FOR LOAN LOSSES

The following is a summary of the changes in the allowance for loan losses for the periods indicated (unaudited):

	Three months ended June 30,
	2012			2011
Balance at beginning of period	$	54,507,299			48,354,994
Provision for loan losses		23,614,890			22,839,114
Loan losses		(25,207,102	)		(23,156,813	)
Recoveries		2,935,614			2,349,330
Translation adjustment		(180,570	)		33,332
Balance at end of period	$	55,670,131			50,419,957

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

June 30, 2012	Loans indvidually evaluated for impairment (impaired loans)			Loans collectivelly evaluated for  impairment			Total
Bankruptcy, gross loans	$	6,045,819			-			6,045,819
91 days or more delinquent, excluding bankruptcy		18,751,018			-			18,751,018
Loans less than 91 days delinquent and not in bankruptcy		-			1,002,368,478			1,002,368,478
Gross loan balance		24,796,837			1,002,368,478			1,027,165,315
Unearned interest and fees		(4,959,431	)		(272,458,264	)		(277,417,695	)
Net loans		19,837,406			729,910,214			749,747,620
Allowance for loan losses		(19,314,917	)		(36,355,214	)		(55,670,131	)
Loans, net of allowance for loan losses	$	522,489			693,555,000			694,077,489
March 31, 2012	Loans indvidually evaluated for impairment (impaired loans)			Loans collectivelly evaluated for impairment			Total
Bankruptcy, gross loans	$	5,646,956			-			5,646,956
91 days or more delinquent, excluding bankruptcy		20,882,907			-			20,882,907
Loans less than 91 days delinquent and not in bankruptcy		-			946,192,901			946,192,901
Gross loan balance		26,529,863			946,192,901			972,722,764
Unearned interest and fees		(7,085,222	)		(250,552,597	)		(257,637,819	)
Net loans		19,444,641			695,640,304			715,084,945
Allowance for loan losses		(19,444,641	)		(35,062,658	)		(54,507,299	)
Loans, net of allowance for loan losses	$	-			660,577,646			660,577,646
June 30, 2011	Loans indvidually evaluated for  impairment (impaired loans)			Loans collectivelly evaluated for impairment			Total
Bankruptcy, gross loans	$	5,103,968			-			5,103,968
91 days or more delinquent, excluding bankruptcy		15,141,186			-			15,141,186
Loans less than 91 days delinquent and not in bankruptcy		-			918,831,884			918,831,884
Gross loan balance		20,245,154			918,831,884			939,077,038
Unearned interest and fees		(3,366,106	)		(249,452,705	)		(252,818,811	)
Net loans		16,879,048			669,379,179			686,258,227
Allowance for loan losses		(15,563,304	)		(34,856,653	)		(50,419,957	)
Loans, net of allowance for loan losses	$	1,315,744			634,522,526			635,838,270

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

	June 30,		March 31,
	2012		2012
Credit risk
Consumer loans- non-bankrupt accounts	$	1,021,119,496		967,075,808
Consumer loans- bankrupt accounts		6,045,819		5,646,956
Total	$	1,027,165,315		972,722,764
Consumer credit exposure
Credit risk profile based on payment activity Performing	$	988,522,007		934,095,598
Contractual non-performing, 61 or more days delinquent		38,643,308		38,627,166
Total	$	1,027,165,315		972,722,764
Delinquent renewals	$	21,580,573		21,013,742
Credit risk profile based on customer type
New borrower	$	107,453,755		110,362,853
Former borrower		93,614,269		79,712,646
Refinance		804,516,718		761,633,523
Delinquent refinance		21,580,573		21,013,742
Total	$	1,027,165,315		972,722,764

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

	June 30,			March 31,			June 30,
	2012			2012			2011
Recency basis:
30-60 days past due	$	29,632,402			22,457,591			28,710,257
61-90 days past due		17,101,141			13,381,637			16,773,774
91 days or more past due		9,462,400			10,569,627			7,683,724
Total	$	56,195,943			46,408,855			53,167,755
Percentage of period-end gross loans receivable		5.5	%		4.8	%		5.7	%
Contractual basis:
30-60 days past due	$	33,079,310			24,853,508			32,779,642
61-90 days past due		19,585,338			17,320,264			19,009,487
91 days or more past due		19,057,970			21,306,902			15,346,385
Total	$	71,722,618			63,480,674			67,135,514
Percentage of period-end gross loans receivable		7.0	%		6.5	%		7.2	%