x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES
EXCHANGE ACT OF 1934
|
||
For
the fiscal year ended March 31,
2006
OR
|
||
o
TRANSITION
REPORT PURSUANT TO
SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF
1934
|
South
Carolina
|
570425114
|
|||
(State
or other jurisdiction of incorporation or
organization)
|
(I.R.S.
Employer Identification No.)
|
|||
108
Frederick Street
|
|
|||
Greenville,
South Carolina
|
29607
|
|||
(Address
of principal executive
offices)
|
(Zip
Code)
|
(864)
298-9800
|
||
(Registrant's
telephone number, including area
code)
|
Item
No.
|
Page
|
|
PART
I
|
||
1.
|
Business
|
1
|
1A.
|
Risk
Factors
|
9
|
1B.
|
Unresolved
Staff Comments
|
14
|
2.
|
Properties
|
14
|
3.
|
Legal
Proceedings
|
14
|
4.
|
Submission
of Matters to a Vote of Security Holders
|
14
|
PART
II
|
||
5.
|
Market
for Registrant's Common Equity, Related Stockholder Matters and
Issuer
Purchases of Equity Securities
|
14
|
6.
|
Selected
Financial Data
|
16
|
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
17
|
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
27
|
8.
|
Financial
Statements and Supplementary Data
|
28
|
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
49
|
9A.
|
Controls
and Procedures
|
49
|
9B.
|
Other
Information
|
49
|
PART
III
|
||
10.
|
Directors
and Executive Officers of the Registrant
|
50
|
11.
|
Executive
Compensation
|
50
|
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
50
|
13.
|
Certain
Relationships and Related Transactions
|
50
|
14.
|
Principal
Accountant Fees and Services
|
50
|
PART
IV
|
||
15.
|
Exhibits
and Financial Statement Schedules
|
51
|
At
March 31,
|
|||||||||||||||||||||||||||||||
State
|
1997
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
|||||||||||||||||||||
South
Carolina
|
68
|
64
|
63
|
63
|
62
|
62
|
65
|
65
|
65
|
68
|
|||||||||||||||||||||
Georgia
|
45
|
49
|
49
|
48
|
48
|
52
|
52
|
74
|
76
|
74
|
|||||||||||||||||||||
Texas
|
131
|
128
|
131
|
135
|
135
|
136
|
142
|
150
|
164
|
168
|
|||||||||||||||||||||
Oklahoma
|
40
|
41
|
40
|
43
|
43
|
46
|
45
|
47
|
51
|
58
|
|||||||||||||||||||||
Louisiana
|
18
|
21
|
20
|
21
|
20
|
20
|
20
|
20
|
20
|
24
|
|||||||||||||||||||||
Tennessee
|
24
|
28
|
30
|
35
|
38
|
40
|
45
|
51
|
55
|
61
|
|||||||||||||||||||||
Illinois
|
3
|
11
|
20
|
30
|
30
|
29
|
28
|
30
|
33
|
37
|
|||||||||||||||||||||
Missouri
|
1
|
9
|
16
|
18
|
22
|
22
|
22
|
26
|
36
|
38
|
|||||||||||||||||||||
New
Mexico
|
6
|
9
|
10
|
13
|
12
|
12
|
16
|
19
|
20
|
22
|
|||||||||||||||||||||
Kentucky
(1)
|
-
|
-
|
-
|
4
|
10
|
22
|
30
|
30
|
36
|
41
|
|||||||||||||||||||||
Alabama
(2)
|
-
|
-
|
-
|
-
|
-
|
-
|
5
|
14
|
21
|
26
|
|||||||||||||||||||||
Colorado
(3)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
-
|
|||||||||||||||||||||
Mexico
(4)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
|||||||||||||||||||||
Total
|
336
|
360
|
379 |
410
|
420
|
441
|
470
|
526
|
579
|
620
|
(1) |
The
Company commenced operations in Kentucky in March
2000.
|
(2) |
The
Company commenced operations in Alabama in January
2003.
|
(3)
|
The
Company commenced operations in Colorado in August 2004 and ceased
operations in April 2005.
|
(4)
|
The
Company commenced operations in Mexico in September
2005.
|
At
March 31,
|
|||||||||||||||||||||||||||||||
State
|
1997
|
1998
|
1999
|
2000
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
|||||||||||||||||||||
South
Carolina
|
26
|
%
|
23
|
%
|
22
|
%
|
21
|
%
|
21
|
%
|
19
|
%
|
15
|
%
|
14
|
%
|
12
|
%
|
11
|
%
|
|||||||||||
Georgia
|
13
|
14
|
16
|
15
|
12
|
12
|
12
|
13
|
13
|
13
|
|||||||||||||||||||||
Texas
|
39
|
35
|
31
|
28
|
25
|
24
|
23
|
21
|
20
|
24
|
|||||||||||||||||||||
Oklahoma
|
7
|
7
|
7
|
6
|
6
|
5
|
5
|
5
|
5
|
6
|
|||||||||||||||||||||
Louisiana
|
3
|
4
|
4
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Tennessee
|
10
|
11
|
12
|
13
|
11
|
12
|
14
|
15
|
18
|
15
|
|||||||||||||||||||||
Illinois
(1)
|
-
|
2
|
3
|
4
|
5
|
5
|
5
|
5
|
5
|
5
|
|||||||||||||||||||||
Missouri
(2)
|
-
|
1
|
2
|
3
|
4
|
5
|
5
|
6
|
6
|
6
|
|||||||||||||||||||||
New
Mexico (3)
|
2
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Kentucky
(4)
|
-
|
-
|
-
|
4
|
10
|
12
|
13
|
12
|
12
|
11
|
|||||||||||||||||||||
Alabama
(5)
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
3
|
3
|
3
|
|||||||||||||||||||||
Colorado
(6)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Mexico
(7)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Total
Number
|
Average
Gross Loan
|
||||||
of
Loans
|
Balance
|
||||||
South
Carolina
|
60,147
|
$
|
793
|
||||
Georgia
|
54,103
|
969
|
|||||
Texas
|
168,950
|
588
|
|||||
Oklahoma
|
39,609
|
583
|
|||||
Louisiana
|
15,901
|
659
|
|||||
Tennessee
|
60,403
|
1,057
|
|||||
Illinois
|
25,033
|
943
|
|||||
Missouri
|
24,549
|
991
|
|||||
New
Mexico
|
16,382
|
717
|
|||||
Kentucky
|
33,553
|
1,309
|
|||||
Alabama
|
17,155
|
843
|
|||||
Mexico
|
2,535
|
564
|
|||||
Total
|
518,320
|
$
|
841
|
Name and Age |
Position
|
Period
of Service as Executive Officer and
Pre-executive
Officer Experience (if an
Executive
Officer for Less Than Five Years)
|
Charles
D. Walters (67)
|
Chairman
and Director
|
Chairman
since July 1991; CEO between July
1991
and August 2003; President between July
1986
and August 2003; Director since April 1989
|
A.
Alexander McLean, III (55)
|
Chief
Executive Officer;
Director
|
Chief
Executive Officer since March 2006
Executive
Vice President from August 1996 until
March
2006; Senior Vice President from July 1992
until
August 1996; CFO from July 1989 until
March
2006; and Director since July
1989
|
Kelly
Malson Snape (36)
|
Vice
President and Chief
|
Vice
President and CFO since March 2006; Vice
|
|
Financial
Officer
|
President
of Internal Audit from September 2005
|
|
|
To
March 2006; Financial Compliance Manager,
|
|
|
Itron
Inc., from July 2004 to August 2005;
|
|
|
Senior
Manager, KPMG LLP from April 2002 until
|
|
|
July
2004; Manager, Andersen LLP from
|
|
|
Mark
C. Roland (49)
|
President
and Chief
|
President
since March 2006; Chief Operating
|
Operating
Officer
|
Officer
since April 2005; Executive Vice
|
|
President
from April 2002 to March 2006; Senior Vice
|
||
President
from January 1996 to April 2002;
|
||
Senior
Vice President - Operations Support, Fleet
|
||
Finance,
Atlanta, Georgia, from January 1993
|
||
to
January 1996
|
||
Charles
F. Gardner, Jr. (44)
|
Senior
Vice President,
|
Since
April 2000; Vice President, Operations -
|
Western
Division
|
Southeast
Texas and New Mexico from December
|
|
1996
to April 2000; Supervisor of West Texas
|
||
from
July 1987 to December 1996
|
||
Daniel
Clinton Dyer (33)
|
Senior
Vice President,
|
Since
June 2005; Vice President, Operations -
|
Central
Division
|
Tennessee
and Missouri from April 2002 to June
|
|
2005;
Supervisor of Nashville District from September
|
||
2001
to March 2002; Manager in Nashville from January
|
||
1997
to August 2001
|
||
James
Daniel Walters (38)
|
Senior
Vice President,
|
Since
April 2005; Vice President, Operations -
|
Southern
Division
|
South
Carolina and Alabama from August 1998 to
|
|
March
2005. Mr. James Daniel Walters is the son of
|
||
The
Company’s Chairman, Mr. Charles
Walters.
|
• |
the
prevailing laws and regulatory environment of each state in which
we
operate or seek to operate, which are subject to change at any
time;
|
• |
our
ability to obtain and maintain any regulatory approvals, government
permits or licenses that may be required;
|
• |
the
degree of competition in new markets and its effect on our ability
to
attract new customers;
|
• |
our
ability to compete for expansion opportunities in suitable locations;
|
• |
our
ability to recruit, train and retain qualified personnel;
|
• |
our
ability to adapt our infrastructure and systems to accommodate
our growth;
and
|
• |
our
ability to obtain adequate financing for our expansion plans.
|
· |
Declaring
or paying dividends or making distributions on or acquiring common
or
preferred stock or warrants or options;
|
· |
Redeeming
or purchasing or prepaying principal or interest on subordinated
debt
|
· |
Incurring
additional indebtedness; and
|
· |
Entering
into a merger, consolidation or sale of substantial assets or
subsidiaries.
|
Fiscal
2006
|
|||||||
Quarter
|
High
|
Low
|
|||||
First
|
|
$
30.30
|
|
$
22.85
|
|||
Second
|
32.42
|
24.36
|
|||||
Third
|
29.63
|
23.95
|
|||||
Fourth
|
30.31
|
24.31
|
|||||
Fiscal
2005
|
|||||||
Quarter
|
High
|
Low
|
|||||
First
|
|
$
20.20
|
$
15.23
|
||||
Second
|
25.15
|
17.20
|
|||||
Third
|
27.79
|
21.62
|
|||||
Fourth
|
30.69
|
25.11
|
Years
Ended March 31,
|
||||||||||||||||
2006
|
2005
|
2004
|
2003
|
2002
|
||||||||||||
Statement
of Operations Data:
|
||||||||||||||||
Interest
and fee income
|
$
|
204,450
|
$
|
177,582
|
$
|
151,499
|
$
|
133,256
|
$
|
117,193
|
||||||
Insurance
commissions and other income
|
38,822
|
33,176
|
27,653
|
22,415
|
19,362
|
|||||||||||
Total
revenues
|
243,272
|
210,758
|
179,152
|
155,671
|
136,555
|
|||||||||||
Provision
for loan losses
|
46,026
|
40,037
|
33,481
|
29,570
|
25,688
|
|||||||||||
General
and administrative expenses
|
128,514
|
112,223
|
96,313
|
85,757
|
75,418
|
|||||||||||
Interest
expense
|
7,137
|
4,640
|
3,943
|
4,493
|
5,415
|
|||||||||||
Total
expenses
|
181,677
|
156,900
|
133,737
|
119,820
|
106,521
|
|||||||||||
Income
before income taxes
|
61,595
|
53,858
|
45,415
|
35,851
|
30,034
|
|||||||||||
Income
taxes
|
23,080
|
19,868
|
16,650
|
12,987
|
10,695
|
|||||||||||
Net
income
|
$
|
38,515
|
$
|
33,990
|
$
|
28,765
|
$
|
22,864
|
$
|
19,339
|
||||||
Net
income per common share (diluted)
|
$
|
2.02
|
$
|
1.74
|
$
|
1.49
|
$
|
1.25
|
$
|
1.00
|
||||||
Diluted
weighted average shares
|
19,098
|
19,558
|
19,347
|
18,305
|
19,340
|
|||||||||||
Balance
Sheet Data (end of period):
|
||||||||||||||||
Loans
receivable, net of unearned and deferred fees
|
$
|
312,746
|
$
|
267,024
|
$
|
236,528
|
$
|
203,175
|
$
|
172,637
|
||||||
Allowance
for loan losses
|
(22,717
|
)
|
(20,673
|
)
|
(17,261
|
)
|
(15,098
|
)
|
(12,926
|
)
|
||||||
Loans
receivable, net
|
290,029
|
246,351
|
219,267
|
188,077
|
159,711
|
|||||||||||
Total
assets
|
332,784
|
293,507
|
261,969
|
228,317
|
195,247
|
|||||||||||
Total
debt
|
100,600
|
83,900
|
95,032
|
102,532
|
83,382
|
|||||||||||
Shareholders'
equity
|
210,430
|
189,711
|
156,580
|
116,041
|
102,433
|
|||||||||||
Other
Operating Data:
|
||||||||||||||||
As
a percentage of average loans receivable:
|
||||||||||||||||
Provision
for loan losses
|
15.4
|
%
|
15.3
|
%
|
15.1
|
%
|
15.2
|
%
|
14.8
|
%
|
||||||
Net
charge-offs
|
14.8
|
%
|
14.6
|
%
|
14.7
|
%
|
14.6
|
%
|
14.8
|
%
|
||||||
Number
of offices open at year-end
|
620
|
579
|
526
|
470
|
441
|
Years
Ended March 31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
(Dollars
in thousands)
|
||||||||||
Average
gross loans receivable
(1)
|
$
|
396,582
|
344,133
|
292,110
|
||||||
Average
net loans receivable
(2)
|
298,267
|
261,187
|
221,240
|
|||||||
Expenses
as a percentage of total revenue:
|
||||||||||
Provision
for loan losses
|
18.9
|
%
|
19.0
|
%
|
18.7
|
%
|
||||
General
and administrative
|
52.8
|
%
|
53.2
|
%
|
53.8
|
%
|
||||
Total
interest expense
|
2.9
|
%
|
2.2
|
%
|
2.2
|
%
|
||||
Operating
margin (3)
|
28.3
|
%
|
27.8
|
%
|
27.6
|
%
|
||||
Return
on average assets
|
11.9
|
%
|
11.8
|
%
|
11.7
|
%
|
||||
Offices
opened and acquired, net
|
41
|
53
|
56
|
|||||||
Total
offices (at period end)
|
620
|
579
|
526
|
(1)
|
Average
gross loans receivable have been determined by averaging month-end
gross
loans receivable over the indicated
period.
|
(2)
|
Average
loans receivable have been determined by averaging month-end gross
loans
receivable less unearned interest and deferred fees over the indicated
period.
|
(3)
|
Operating
margin is computed as total revenues less provision for loan losses
and
general and administrative expenses as a percentage of total revenues.
|
|
At
March 31,
|
|||||||||
|
2006
|
2005
|
2004
|
|||||||
|
(Dollars
in thousands)
|
|||||||||
Recency
basis:
|
|
|
|
|||||||
61-90
days past due
|
$
|
5,886
|
5,591
|
5,190
|
||||||
91
days or more past due
|
2,672
|
3,209
|
1,916
|
|||||||
|
||||||||||
Total
|
$
|
8,558
|
8,800
|
7,106
|
||||||
|
||||||||||
Percentage
of period-end gross loans receivable
|
2.1
|
%
|
2.5
|
%
|
2.3
|
%
|
||||
Contractual
basis:
|
||||||||||
61-90
days past due
|
$
|
7,664
|
7,040
|
6,474
|
||||||
91
days or more past due
|
6,654
|
7,255
|
5,259
|
|||||||
|
||||||||||
Total
|
$
|
14,318
|
14,295
|
11,733
|
||||||
|
||||||||||
Percentage
of period-end gross loans receivable
|
3.4
|
%
|
4.1
|
%
|
3.8
|
%
|
|
Loan
Volume
|
Percent
of
|
Percent
of
|
|||||||
|
by
Category
|
Total
Charge-offs
|
Loans
Made
|
|||||||
|
|
|
|
|||||||
Renewals
|
75.6
|
%
|
74.2
|
%
|
4.7
|
%
|
||||
Former
borrowers
|
9.9
|
%
|
5.6
|
%
|
2.9
|
%
|
||||
New
borrowers
|
14.5
|
%
|
20.2
|
%
|
9.4
|
%
|
||||
|
100.0
|
%
|
100.0
|
%
|
March
31
|
||||||||||
2006
|
2005
|
2004
|
||||||||
Balance
at the beginning of the year
|
$
|
20,672,740
|
17,260,750
|
15,097,780
|
||||||
Provision
for loan losses
|
46,025,912
|
40,036,597
|
33,481,447
|
|||||||
Loan
losses
|
(49,267,992
|
)
|
(41,984,428
|
)
|
(35,731,794
|
)
|
||||
Recoveries
|
4,849,244
|
3,941,348
|
3,118,924
|
|||||||
Allowance
on acquired loans
|
437,288
|
1,418,473
|
1,294,393
|
|||||||
Balance
at the end of the year
|
$
|
22,717,192
|
20,672,740
|
17,260,750
|
||||||
Allowance
as a percentage of loans receivable, net of unearned
|
||||||||||
and
deferred fees
|
7.3
|
%
|
7.7
|
%
|
7.3
|
%
|
||||
Net
charge-offs as a percentage of average loans receivable (1)
|
14.8
|
%
|
14.6
|
%
|
14.7
|
%
|
(1)
|
Average
loans receivable have been determined by averaging month-end gross
loans
receivable less unearned interest and deferred fees over the indicated
period.
|
At
or for the Three Months Ended
|
|||||||||||||||||||||||||
2006
|
2005
|
||||||||||||||||||||||||
First,
|
Second,
|
Third,
|
Fourth,
|
First,
|
Second,
|
Third,
|
Fourth,
|
||||||||||||||||||
(Dollars
in thousands)
|
|||||||||||||||||||||||||
Total
revenues
|
$
|
51,768
|
56,744
|
61,319
|
73,441
|
47,478
|
49,754
|
53,166
|
60,360
|
||||||||||||||||
Provision
for
|
|||||||||||||||||||||||||
loan
losses
|
9,540
|
13,131
|
16,726
|
6,629
|
8,627
|
11,282
|
13,731
|
6,397
|
|||||||||||||||||
General
and
|
|||||||||||||||||||||||||
administrative
|
|||||||||||||||||||||||||
expenses
|
29,241
|
30,130
|
33,415
|
35,728
|
26,419
|
26,531
|
29,460
|
29,813
|
|||||||||||||||||
Net
income
|
7,312
|
7,429
|
5,686
|
18,088
|
7,266
|
6,906
|
5,501
|
14,317
|
|||||||||||||||||
Gross
loans receivable
|
$
|
371,056
|
395,578
|
464,391
|
416,302
|
334,567
|
349,402
|
384,715
|
351,496
|
||||||||||||||||
Number
of
|
|||||||||||||||||||||||||
offices
open
|
583
|
611
|
619
|
620
|
544
|
575
|
578
|
579
|
|
Fiscal
Year Ended March 31,
|
|||||||||||||||||||||
|
2007
|
2008
|
2009
|
2010
|
|
2011
|
|
Thereafter
|
|
Total
|
||||||||||||
Maturities
of
|
|
|
|
|
|
|
|
|||||||||||||||
Notes
Payable
|
$
|
200
|
100,000
|
200
|
200
|
-
|
-
|
100,600
|
||||||||||||||
|
||||||||||||||||||||||
Minimum
Lease Payments
|
6,700
|
4,335
|
2,024
|
438
|
153
|
2
|
13,652
|
|||||||||||||||
|
||||||||||||||||||||||
Total
|
$
|
6,900
|
104,335
|
2,224
|
638
|
153
|
2
|
114,252
|
|
March
31,
|
||||||
|
2006
|
2005
|
|||||
Assets
|
|
|
|||||
Cash
and cash equivalents
|
$
|
4,033,888
|
3,046,677
|
||||
Gross
loans receivable
|
416,301,892
|
351,496,149
|
|||||
Less:
|
|||||||
Unearned
interest and deferred fees
|
(103,556,110
|
)
|
(84,472,686
|
)
|
|||
Allowance
for loan losses
|
(22,717,192
|
)
|
(20,672,740
|
)
|
|||
Loans
receivable, net
|
290,028,590
|
246,350,723
|
|||||
Property
and equipment, net
|
11,039,619
|
9,806,237
|
|||||
Deferred
tax benefit
|
3,898,000
|
10,690,000
|
|||||
Other
assets, net
|
6,922,292
|
6,254,360
|
|||||
Goodwill
|
4,715,110
|
4,533,219
|
|||||
Intangible
assets, net
|
12,146,008
|
12,825,286
|
|||||
|
|||||||
|
$
|
332,783,507
|
293,506,502
|
||||
Liabilities
and Shareholders' Equity
|
|||||||
Liabilities:
|
|||||||
Senior
notes payable
|
99,800,000
|
82,900,000
|
|||||
Other
notes payable
|
800,000
|
1,000,000
|
|||||
Income
taxes payable
|
6,778,276
|
1,624,069
|
|||||
Accounts
payable and accrued expenses
|
14,975,112
|
18,271,240
|
|||||
Total
liabilities
|
122,353,388
|
103,795,309
|
|||||
|
|||||||
Shareholders'
equity:
|
|||||||
Preferred
stock, no par value
|
|||||||
Authorized
5,000,000 shares, no shares issued or outstanding
|
-
|
-
|
|||||
Common
stock, no par value
|
|||||||
Authorized
95,000,000 shares; issued and outstanding 18,336,604
|
|||||||
and
18,948,907 shares at March 31, 2006 and 2005, respectively
|
-
|
-
|
|||||
Additional
paid-in capital
|
1,209,358
|
11,964,056
|
|||||
Retained
earnings
|
209,270,853
|
177,747,137
|
|||||
Accumulated
other comprehensive loss, net of tax
|
(50,092
|
)
|
-
|
||||
Total
shareholders' equity
|
210,430,119
|
189,711,193
|
|||||
Commitments
and contingencies
|
|||||||
|
$
|
332,783,507
|
293,506,502
|
|
Years
Ended March 31,
|
|||||||||
|
2006
|
2005
|
2004
|
|||||||
Revenues:
|
|
|
|
|||||||
Interest
and fee income
|
$
|
204,450,428
|
177,581,630
|
151,499,678
|
||||||
Insurance
commissions and other income
|
38,821,587
|
33,176,378
|
27,652,829
|
|||||||
Total
revenues
|
243,272,015
|
210,758,008
|
179,152,507
|
|||||||
Expenses:
|
||||||||||
Provision
for loan losses
|
46,025,912
|
40,036,597
|
33,481,447
|
|||||||
General
and administrative expenses:
|
||||||||||
Personnel
|
84,817,025
|
73,361,104
|
62,696,557
|
|||||||
Occupancy
and equipment
|
14,166,977
|
12,430,896
|
10,183,032
|
|||||||
Data
processing
|
2,108,740
|
1,910,285
|
1,955,642
|
|||||||
Advertising
|
8,592,492
|
7,792,313
|
7,093,498
|
|||||||
Amortization
of intangible assets
|
2,860,555
|
2,585,267
|
2,264,619
|
|||||||
Other
|
15,968,496
|
14,143,555
|
12,120,018
|
|||||||
|
128,514,285
|
112,223,420
|
96,313,366
|
|||||||
Interest
expense
|
7,136,853
|
4,640,285
|
3,942,572
|
|||||||
Total
expenses
|
181,677,050
|
156,900,302
|
133,737,385
|
|||||||
|
||||||||||
Income
before income taxes
|
61,594,965
|
53,857,706
|
45,415,122
|
|||||||
Income
taxes
|
23,080,000
|
19,868,000
|
16,650,000
|
|||||||
Net
income
|
$
|
38,514,965
|
33,989,706
|
28,765,122
|
||||||
Net
income per common share:
|
||||||||||
Basic
|
$
|
2.08
|
1.81
|
1.58
|
||||||
Diluted
|
$
|
2.02
|
1.74
|
1.49
|
||||||
|
||||||||||
Weighted
average shares outstanding:
|
||||||||||
Basic
|
18,493,389
|
18,761,066
|
18,251,639
|
|||||||
Diluted
|
19,098,087
|
19,557,515
|
19,347,080
|
|
|
Accumulated
|
|
|
||||||||||||
Additional
|
Other
|
Total
|
Total
|
|||||||||||||
Paid-in
|
Retained
|
Comprehensive
|
Shareholders’
|
Comprehensive
|
||||||||||||
|
|
|
Capital
|
Earnings
|
Loss,
Net
|
Equity
|
Income
|
|||||||||
Balances
at March 31, 2003
|
$
|
1,048,721
|
114,992,309
|
-
|
116,041,030
|
|||||||||||
|
||||||||||||||||
Proceeds
from exercise of stock
|
||||||||||||||||
options
(1,237,146 shares),
|
||||||||||||||||
including
tax benefits of
|
||||||||||||||||
$3,774,332
|
11,774,185
|
-
|
-
|
11,774,185
|
||||||||||||
Net
income
|
-
|
28,765,122
|
-
|
28,765,122
|
28,765,122
|
|||||||||||
|
||||||||||||||||
Balances
at March 31, 2004
|
12,822,906
|
143,757,431
|
-
|
156,580,337
|
||||||||||||
|
||||||||||||||||
Proceeds
from exercise of stock
|
||||||||||||||||
options
(577,710 shares),
|
||||||||||||||||
including
tax benefits of
|
||||||||||||||||
$3,181,612
|
7,891,669
|
-
|
-
|
7,891,669
|
||||||||||||
Common
stock repurchases
|
||||||||||||||||
(486,000
shares)
|
(8,750,519
|
)
|
-
|
-
|
(8,750,519
|
)
|
||||||||||
Net
income
|
-
|
33,989,706
|
-
|
33,989,706
|
33,989,706
|
|||||||||||
|
||||||||||||||||
Balances
at March 31, 2005
|
11,964,056
|
177,747,137
|
-
|
189,711,193
|
||||||||||||
|
||||||||||||||||
Proceeds
from exercise of stock
|
||||||||||||||||
options
(190,397 shares),
|
||||||||||||||||
including
tax benefits of
|
||||||||||||||||
$1,205,288
|
|
3,045,527
|
-
|
-
|
3,045,527
|
|
||||||||||
Common
stock repurchases
|
||||||||||||||||
(800,400
shares)
|
(13,800,225
|
)
|
(6,991,249
|
)
|
-
|
(20,791,474
|
)
|
|||||||||
Other
comprehensive loss
|
-
|
-
|
(50,092
|
)
|
(50,092
|
)
|
(50,092
|
)
|
||||||||
Net
income
|
-
|
38,514,965
|
-
|
38,514,965
|
38,514,965
|
|||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
-
|
38,464,873
|
|||||||||||
|
||||||||||||||||
|
||||||||||||||||
Balances
at March 31, 2006
|
$
|
1,209,358
|
209,270,853
|
(50,092
|
)
|
210,430,119
|
|
Years
Ended March 31,
|
|||||||||
|
2006
|
2005
|
2004
|
|||||||
Cash
flows from operating activities:
|
|
|
|
|||||||
Net
income
|
$
|
38,514,965
|
33,989,706
|
28,765,122
|
||||||
Adjustments
to reconcile net income to net cash provided
|
||||||||||
by
operating activities:
|
||||||||||
Amortization
of intangible assets
|
2,860,555
|
2,585,267
|
2,264,619
|
|||||||
Amortization
of loan costs and discounts
|
25,000
|
56,098
|
156,886
|
|||||||
Provision
for loan losses
|
46,025,912
|
40,036,597 |
33,481,447
|
|||||||
Depreciation
|
2,371,857
|
2,073,933
|
1,757,211
|
|||||||
Deferred
tax expense (benefit)
|
6,792,000
|
(1,155,000
|
)
|
(918,000
|
)
|
|||||
Change
in accounts:
|
||||||||||
Other
assets, net
|
(743,024
|
)
|
(2,245,162
|
)
|
481,993
|
|||||
Income
taxes payable
|
6,359,495
|
4,422,672
|
2,110,324
|
|||||||
Accounts
payable and accrued expenses
|
(4,204,452
|
)
|
7,933,812
|
1,767,155
|
||||||
Net
cash provided by operating activities
|
98,002,308
|
87,697,923
|
69,866,757
|
|||||||
Cash
flows from investing activities:
|
||||||||||
Increase
in loans receivable, net
|
(82,962,171
|
)
|
(45,628,235
|
)
|
(46,380,225
|
)
|
||||
Net
assets acquired from office acquisitions, primarily loans
|
(6,800,032
|
)
|
(21,678,455
|
)
|
(18,661,742
|
)
|
||||
Increase
in intangible assets from acquisitions
|
(2,363,168
|
)
|
(4,429,769
|
)
|
(3,179,814
|
)
|
||||
Purchases
of property and equipment, net
|
(3,546,815
|
)
|
(2,419,886
|
)
|
(2,362,994
|
)
|
||||
Net
cash used by investing activities
|
(95,672,186
|
)
|
(74,156,345
|
)
|
(70,584,775
|
)
|
||||
Cash
flows from financing activities:
|
||||||||||
Net
change in bank overdraft
|
908,324
|
363,454
|
509,586
|
|||||||
Proceeds
(repayment) of senior revolving notes payable, net
|
16,900,000
|
(8,450,000
|
)
|
(6,700,000
|
)
|
|||||
Repayment
of subordinated notes payable
|
-
|
(2,000,000
|
)
|
(2,000,000
|
)
|
|||||
(Repayment)
proceeds of other notes payable
|
(200,000
|
)
|
(682,000
|
)
|
1,200,000
|
|||||
Proceeds
from exercise of stock options
|
1,840,239
|
4,710,057
|
7,999,853
|
|||||||
Repurchase
of common stock
|
(20,791,474
|
)
|
(8,750,519
|
)
|
-
|
|||||
Net
cash (used in) provided by financing activities
|
(1,342,911
|
)
|
(14,809,008
|
)
|
1,009,439
|
|||||
Increase
(decrease) in cash and cash equivalents
|
987,211
|
(1,267,430
|
)
|
291,421
|
||||||
Cash
and cash equivalents at beginning of year
|
3,046,677
|
4,314,107
|
4,022,686
|
|||||||
Cash
and cash equivalents at end of year
|
$
|
4,033,888
|
3,046,677
|
4,314,107
|
For
the years ended March 31, 2006, 2005, and 2004, the Company paid
interest
of $6,958,983, $4,529,445, and $3,747,688,
respectively.
|
Supplemental
non-cash financing activities for the years ended March 31, 2006,
2005,
and 2004, consist of:
|
2006
|
2005
|
2004
|
||||||||
Tax
benefits from exercise of stock options
|
$
|
1,205,288
|
3,181,612
|
3,774,332
|
(Dollars
in thousands except per share amounts)
|
2006
|
2005
|
2004
|
|||||||
Net
income
|
||||||||||
As
reported
|
$
|
38,515
|
33,990
|
28,765
|
||||||
Deduct:
|
||||||||||
Total
stock-based employee compensation expense
|
||||||||||
determined
under fair value based method for all
|
||||||||||
awards,
net of related tax effect
|
1,253
|
958
|
757
|
|||||||
Pro
forma net income
|
$
|
37,262
|
33,032
|
28,008
|
||||||
Basic
earnings per share
|
||||||||||
As
reported
|
$
|
2.08
|
1.81
|
1.58
|
||||||
Pro
forma
|
$
|
2.01
|
1.76
|
1.54
|
||||||
Diluted
earnings per share
|
||||||||||
As
reported
|
$
|
2.02
|
1.74
|
1.49
|
||||||
Pro
forma
|
$
|
1.95
|
1.69
|
1.45
|
Balance
at beginning of year
|
$
|
-
|
||
Unrealized
loss from foreign exchange
|
||||
translation
adjustment
|
(50,092
|
)
|
||
Total
accumulated other comprehensive income
|
$
|
(50,092
|
)
|
March
31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
Balance
at the beginning of the year
|
$
|
20,672,740
|
17,260,750
|
15,097,780
|
||||||
Provision
for loan losses
|
46,025,912
|
40,036,597
|
33,481,447
|
|||||||
Loan
losses
|
(49,267,992
|
)
|
(41,984,428
|
)
|
(35,731,794
|
)
|
||||
Recoveries
|
4,849,244
|
3,941,348
|
3,118,924
|
|||||||
Allowance
on acquired loans
|
437,288
|
1,418,473
|
1,294,393
|
|||||||
Balance
at the end of the year
|
$
|
22,717,192
|
20,672,740
|
17,260,750
|
March
31,
|
|||||||
2006
|
2005
|
||||||
Land
|
$250,443
|
250,443
|
|||||
Buildings
and leasehold improvements
|
5,056,433
|
4,438,251
|
|||||
Furniture
and equipment
|
21,149,904
|
19,294,322
|
|||||
26,456,780
|
23,983,016
|
||||||
Less
accumulated depreciation and amortization
|
(15,417,161
|
)
|
(14,176,779
|
)
|
|||
Total
|
$
|
11,039,619
|
9,806,237
|
March
31,
|
|||||||
2006
|
2005
|
||||||
Cost
of acquiring existing customers
|
$
|
10,852,045
|
10,671,432
|
||||
Value
assigned to non-compete agreements
|
1,291,038
|
2,107,129
|
|||||
Other
|
2,925
|
46,725
|
|||||
Total
|
$
|
12,146,008
|
12,825,286
|
March
31,
|
|||||||
2006
|
2005
|
||||||
Balance
at beginning of year
|
$
|
4,533,219
|
3,053,826
|
||||
Goodwill
acquired during the year
|
202,891
|
1,479,393
|
|||||
Goodwill
impaired during the year
|
(21,000
|
)
|
-
|
||||
Balance
at March 31, 2006
|
$
|
4,715,110
|
4,533,219
|
2006
|
2005
|
2004
|
||||||||
Insurance
premiums written
|
$
|
5,229,598
|
3,953,652
|
3,391,523
|
||||||
Recoveries
on claims paid
|
$
|
403,445
|
290,062
|
296,330
|
||||||
Claims
paid
|
$
|
4,948,136
|
4,119,148
|
3,060,456
|
2007
|
$
|
6,700,183
|
||
2008
|
4,335,305
|
|||
2009
|
2,023,422
|
|||
2010
|
438,418
|
|||
2011
|
153,200
|
|||
Thereafter
|
1,500
|
|||
Total
future minimum lease payments
|
$
|
13,652,028
|
Current
|
Deferred
|
Total
|
||||||||
Year
ended March 31, 2006:
|
||||||||||
U.S.
Federal
|
$
|
14,475,000
|
6,059,000
|
20,534,000
|
||||||
State
and local
|
1,813,000
|
733,000
|
2,546,000
|
|||||||
$
|
16,288,000
|
6,792,000
|
23,080,000
|
|||||||
Year
ended March 31, 2005:
|
||||||||||
U.S.
Federal
|
$
|
18,945,000
|
(860,000
|
)
|
18,085,000
|
|||||
State
and local
|
2,078,000
|
(295,000
|
)
|
1,783,000
|
||||||
$
|
21,023,000
|
(1,155,000
|
)
|
19,868,000
|
||||||
Year
ended March 31, 2004:
|
||||||||||
U.S.
Federal
|
$
|
16,182,000
|
(813,000
|
)
|
15,369,000
|
|||||
State
and local
|
1,386,000
|
(105,000
|
)
|
1,281,000
|
||||||
$
|
17,568,000
|
(918,000
|
)
|
16,650,000
|
2006
|
2005
|
2004
|
||||||||
U.S.
Federal
|
$
|
21,558,000
|
18,850,000
|
15,895,000
|
||||||
Increase
(reduction) in income taxes resulting from:
|
||||||||||
State
tax, net of federal benefit
|
1,655,000
|
1,159,000
|
833,000
|
|||||||
Change
in valuation allowance
|
19,000
|
104,000
|
122,000
|
|||||||
Insurance
income exclusion
|
(75,000
|
)
|
(73,000
|
)
|
(117,000
|
)
|
||||
Proceeds
from life insurance
|
(145,000
|
)
|
-
|
-
|
||||||
Other,
net
|
68,000
|
(172,000
|
)
|
(83,000
|
)
|
|||||
$
|
23,080,000
|
19,868,000
|
16,650,000
|
2006
|
2005
|
||||||
Deferred
tax assets:
|
|||||||
Allowance
for doubtful accounts
|
$
|
8,551,000
|
7,726,000
|
||||
Unearned
insurance commissions
|
5,112,000
|
3,863,000
|
|||||
Accounts
payable and accrued expenses
|
|||||||
primarily
related to employee benefits
|
2,396,000
|
1,759,000
|
|||||
Tax
over book accrued interest receivable
|
1,533,000
|
1,361,000
|
|||||
Other
|
535,000
|
516,000
|
|||||
Gross
deferred tax assets
|
18,127,000
|
15,225,000
|
|||||
Less
valuation allowance
|
(535,000
|
)
|
(516,000
|
)
|
|||
Net
deferred tax assets
|
17,592,000
|
14,709,000
|
|||||
Deferred
tax liabilities:
|
|||||||
Mark
to market of loans for tax purposes
|
(9,565,000
|
)
|
-
|
||||
Tax
over book basis of depreciable assets
|
(1,263,000
|
)
|
(1,571,000
|
)
|
|||
Intangible
assets
|
(1,157,000
|
)
|
(1,160,000
|
)
|
|||
Unrealized
gains
|
(185,000
|
)
|
-
|
||||
Discount
of purchased loans
|
(168,000
|
)
|
(167,000
|
)
|
|||
Deferred
net loan origination fees
|
(872,000
|
)
|
(775,000
|
)
|
|||
Prepaid
expenses
|
(484,000
|
)
|
(346,000
|
)
|
|||
Gross
deferred liabilities
|
(13,694,000
|
)
|
(4,019,000
|
)
|
|||
Net
deferred tax assets
|
$
|
3,898,000
|
10,690,000
|
For
the year ended March 31, 2006
|
||||||||||
Income
|
Shares
|
Per
Share
|
||||||||
(Numerator)
|
(Denominator)
|
Amount
|
||||||||
Basic
EPS
|
||||||||||
Income
available to common shareholders
|
$
|
38,514,965
|
18,493,389
|
$
|
2.08
|
|||||
Effect
of Dilutive Securities
|
||||||||||
Options
|
-
|
604,698
|
||||||||
Diluted
EPS
|
||||||||||
Income
available to common shareholders
|
||||||||||
plus
assumed exercises of stock options
|
$
|
38,514,965
|
19,098,087
|
$
|
2.02
|
|||||
|
For
the year ended March 31, 2006
|
|||||||||
|
Income
|
Shares
|
Per
Share
|
|||||||
|
(Numerator)
|
(Denominator)
|
|
Amount
|
||||||
Basic
EPS
|
||||||||||
Income
available to common shareholders
|
$
|
33,989,706
|
18,761,066
|
$
|
1.81
|
|||||
Effect
of Dilutive Securities
|
||||||||||
Options
|
-
|
796,449 | ||||||||
Diluted
EPS
|
||||||||||
Income
available to common shareholders
|
||||||||||
plus
assumed exercises of stock options
|
$
|
33,989,706
|
19,557,515
|
$
|
1.74
|
|||||
|
For
the year ended March 31, 2004
|
|||||||||
|
Income
|
Shares
|
Per
Share
|
|||||||
|
|
(Numerator)
|
(Denominator
|
)
|
Amount
|
|||||
Basic
EPS
|
||||||||||
Income
available to common shareholders
|
$
|
28,765,122
|
18,251,639
|
$
|
1.58
|
|||||
Effect
of Dilutive Securities
|
||||||||||
Options
|
-
|
1,095,441
|
||||||||
Diluted
EPS
|
||||||||||
Income
available to common shareholders
|
||||||||||
plus
assumed exercises of stock options
|
$
|
28,765,122
|
19,347,080
|
$
|
1.49
|
2006
|
2005
|
2004
|
|||||||||||||||||
Weighted
|
Weighted
|
Weighted
|
|||||||||||||||||
Average
|
Average
|
Average
|
|||||||||||||||||
Exercise
|
Exercise
|
Exercise
|
|||||||||||||||||
Shares
|
Price
|
Shares
|
Price
|
Shares
|
Price
|
||||||||||||||
Options
outstanding, beginning of year
|
1,237,631
|
$
|
11.60
|
1,649,991
|
$
|
7.58
|
2,608,645
|
$
|
7.34
|
||||||||||
Granted
|
373,000
|
$
|
26.32
|
188,500
|
$
|
22.50
|
340,250
|
$ | 15.63 | ||||||||||
Exercised
|
(188,097
|
)
|
$
|
9.71
|
(577,710
|
)
|
$
|
8.15
|
(1,237,146
|
)
|
$
|
7.27
|
|||||||
Forfeited
|
(152,066
|
)
|
$
|
17.33
|
(23,150
|
)
|
$
|
7.97
|
(61,758
|
)
|
$
|
7.19
|
|||||||
Options
outstanding, end of year
|
1,270,468
|
$
|
15.56
|
1,237,631
|
$
|
11.60
|
1,649,991
|
$
|
9.10
|
||||||||||
Options
exercisable, end of year
|
648,968
|
$
|
9.51
|
628,831
|
$
|
8.01
|
1,001,991
|
$
|
7.58
|
Weighted
|
|
|||||||||||||||
Average
|
Weighted
|
Weighted
|
||||||||||||||
Remaining
|
Averag
e
|
Average
|
||||||||||||||
Range
of
|
Options
|
Contractual
|
Exercise
|
Options
|
Option
|
|||||||||||
Exercise
Price
|
Outstanding
|
Life
|
Price
|
Exercisable
|
Price
|
|||||||||||
$
4.90-$5.99
|
252,486
|
3.80
|
$
|
5.31
|
252,486
|
$
|
5.31
|
|||||||||
$
6.00-$ 7.99
|
80,182
|
3.35
|
$
|
6.70
|
80,182
|
$
|
6.70
|
|||||||||
$
8.00-$ 9.99
|
210,450
|
6.85
|
$
|
8.46
|
125,600
|
$
|
8.49
|
|||||||||
$
10.00- $ 12.99
|
73,000
|
6.91
|
$
|
11.27
|
73,000
|
$
|
11.27
|
|||||||||
$
13.00- $ 16.99
|
144,650
|
8.53
|
$
|
16.36
|
50,600
|
$
|
16.01
|
|||||||||
$
22.00- $ 23.99
|
166,700
|
9.36
|
$
|
23.38
|
43,100
|
$
|
22.94
|
|||||||||
$25.00
- $28.99
|
343,000
|
10.92
|
$
|
26.32
|
24,000
|
$
|
25.20
|
|||||||||
$
4.90 $ 28.99
|
1,270,468
|
7.65
|
$
|
15.56
|
648,968
|
$
|
9.51
|
2006
|
2005
|
2004
|
||||||||
Number
of offices purchased
|
25
|
60
|
68
|
|||||||
Merged
into existing offices
|
22
|
30
|
29
|
|||||||
Purchase
Price
|
$
|
9,163
|
26,107
|
21,843
|
||||||
Tangible
assets:
|
||||||||||
Net
loans
|
6,742
|
21,491
|
18,293
|
|||||||
Furniture,
fixtures & equipment
|
58
|
187
|
370
|
|||||||
Excess
of purchase prices over
|
||||||||||
carrying
value of net tangible assets
|
$
|
2,363
|
4,429
|
3,180
|
||||||
Customer
lists
|
2,063
|
2,720
|
1,718
|
|||||||
Non-compete
agreements
|
97
|
230
|
197
|
|||||||
Goodwill
|
203
|
1,479
|
1,265
|
|||||||
Total
intangible assets
|
$
|
2,363
|
4,429
|
3,180
|
(14)
|
Quarterly
Information
(Unaudited)
|
The
following sets forth selected quarterly operating
data:
|
2006
|
2005
|
||||||||||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||||||||
(Dollars
in thousands, except earnings per share data)
|
|||||||||||||||||||||||||
Total
revenues
|
$
|
51,768
|
56,744
|
61,319
|
73,441
|
47,478
|
49,754
|
53,166
|
60,360
|
||||||||||||||||
Provision
for loan losses
|
9,540
|
13,131
|
16,726
|
6,629
|
8,627
|
11,282
|
13,731
|
6,397
|
|||||||||||||||||
General
and administrative expenses
|
29,241
|
30,130
|
33,415
|
35,728
|
26,419
|
26,531
|
29,460
|
29,813
|
|||||||||||||||||
Interest
expense
|
1,307
|
1,622
|
2,142
|
2,066
|
989
|
1,067
|
1,314
|
1,270
|
|||||||||||||||||
Income
tax expense
|
4,368
|
4,432
|
3,350
|
10,930
|
4,177
|
3,968
|
3,160
|
8,563
|
|||||||||||||||||
Net
income
|
$
|
7,312
|
7,429
|
5,686
|
18,088
|
7,266
|
6,906
|
5,501
|
14,317
|
||||||||||||||||
Earnings
per share:
|
|||||||||||||||||||||||||
Basic
|
$
|
.39
|
.40
|
.31
|
.99
|
.39
|
.38
|
.29
|
.75
|
||||||||||||||||
Diluted
|
$
|
.38
|
.39
|
.30
|
.96
|
.37
|
.36
|
.28
|
.73
|
(1)
|
pertain
to the maintenance of records that, in reasonable detail, accurately
and
fairly reflect our transactions and dispositions of the
assets;
|
(2)
|
provide
reasonable assurance that transactions are recorded as necessary
to permit
preparation of financial statements in accordance with generally
accepted
accounting principles, and that our receipts and expenditures
are being
made only in accordance with authorizations of our management
and board of
directors: and
|
(3)
|
provide
reasonable assurance regarding prevention or timely detection
of
unauthorized acquisition, use, or disposition of our assets that
could
have a material effect on our financial
statements.
|
/s/
A. A. McLean III
|
/s/
Kelly Malson Snape
|
|
A.
A. McLean III
|
Kelly
Malson Snape
|
|
Chief
Executive Officer
|
Vice
President and Chief Financial Officer
|
|
June 14, 2006 | June 14, 2006 |
The
Company had no disagreements on accounting or financial disclosure
matters
with its independent registered public accountants to report
under this
Item 9.
|
Consolidated
Balance Sheets at March 31, 2006 and
2005
|
Consolidated
Statements of Operations for the years ended March 31, 2006,
2005 and
2004
|
Consolidated
Statements of Shareholders' Equity and Comprehensive Income for
the years
ended March 31, 2006, 2005 and 2004
|
Consolidated
Statements of Cash Flows for the years ended March 31, 2006,
2005 and
2004
|
Notes
to Consolidated Financial
Statements
|
All
schedules for which provision is made in the applicable accounting
regulations of the Securities and Exchange Commission are not
required
under the related instructions, are inapplicable, or the required
information is included elsewhere in the consolidated financial
statements.
|
The
following exhibits are filed as part of this report or, where
so
indicated, have been previously filed and are incorporated herein
by
reference.
|
Filed
Herewith (*),
|
|||
Previously
filed (+), or
|
|||
or
Incorporated by
|
Company
|
||
Exhibit
|
Reference
Previous
|
Registration
|
|
Number
|
Description
|
Exhibit
Number
|
No.
or Report
|
3.1
|
Second
Amended and Restated Articles of Incorporation of the
|
3.1
|
333-107426
|
|
Company,
as amended
|
||
3.2
|
Third
Amended and Restated Bylaws of the Company
|
99.3
|
3-29-06
8-K
|
4.1
|
Specimen
Share Certificate
|
4.1
|
33-42879
|
4.2
|
Articles
3, 4 and 5 of the Form of Company's Second
|
3.1
|
333-107426
|
Amended
and Restated Articles of Incorporation (as amended)
|
|||
|
|||
4.3
|
Article
II, Section 9 of the Company’s Second Amended
|
||
And
Restated Bylaws
|
3.2
|
33-42879
|
|
4.4
|
Amended
and Restated Credit Agreement dated July 20, 2005
|
4.4
|
6-30-05
10-Q
|
4.5
|
Subsidiary
Security Agreement dated as of June 30, 1997, as
|
|
|
amended
through July 20, 2005
|
4.5
|
9-30-05
10-Q
|
|
4.6
|
Company
Security Agreement dated as of June 20, 1997, as
|
4.6
|
9-30-05
10-Q
|
amended
through July 20, 2005
|
|||
|
|||
4.7
|
Fourth
Amendment to Subsidiary Amendment and Restated
|
4.7
|
6-30-05
10-Q
|
Security
Agreement, Pledge and Indenture of Trust
|
|||
(i.e.
Subsidiary Agreement)
|
|||
4.8
|
Amended
and Restated Security Agreement, Pledge and Indenture
|
4.8
|
9-30-97
10-Q
|
of
Trust, dated as of June 30, 1997, between the Company and
|
|||
Harris
Trust and Savings Bank, as Security Trustee
|
|||
4.9
|
Third
Amendment to Amended and Restated Security
|
4.9
|
9-30-04
10-Q
|
Agreement,
Pledge and Indenture of Trust dated as of
|
|||
August
27, 2004 (Subsidiary Security Agreement)
|
|||
4.10
|
Fourth
Amendment to Amended and Restated Security Agreement,
|
4.10
|
9-30-04
10-Q
|
Pledge
and Indenture of Trust, dated as of August 27, 2004
|
|||
(Company
Security Agreement)
|
|||
10.1+
|
Amended
and Restated Employment Agreement of
|
10.1
|
6-30-03
10-Q
|
Charles
D. Walters, effective as of June 1, 2003
|
|||
10.2+
|
Amended
Agreement of Amended and Restated Employment
|
10.2
|
6-30-04
10-Q
|
Agreement
of Charles D. Walters, effective as of January 28, 2004
|
Filed
Herewith (*),
|
|||
Previously
filed (+), or
|
|||
or
Incorporated by
|
Company
|
||
Exhibit
|
Reference
Previous
|
Registration
|
|
Number
|
Description
|
Exhibit
Number
|
No.
or Report
|
10.23
|
Employment
Agreement of A. Alexander McLean, III, effective
|
10.2
|
1994
10-K
|
April
1, 1994
|
|||
10.4+
|
First
Amendment to Employment Agreement of A. Alexander
|
10.3
|
6-30-03
10-Q
|
McLean,
III, effective as of June 1, 2003
|
|||
10.5+
|
Amended
and Restated Employment Agreement of
|
10.4
|
6-30-03
10-Q
|
|
Douglas
R. Jones, effective as of June 1, 2003
|
||
10.6+
|
Securityholders'
Agreement, dated as of September 19, 1991,
|
10.5
|
33-42879
|
between
the Company and certain of its securityholders
|
|||
10.7+
|
World
Acceptance Corporation Supplemental
|
10.7
|
2000
10-K
|
|
Income
Plan
|
||
10.8+
|
Board
of Directors Deferred Compensation Plan
|
10.6
|
2000
10-K
|
10.9+
|
1992
Stock Option Plan of the Company
|
4
|
33-52166
|
10.10+
|
1994
Stock Option Plan of the Company, as amended
|
10.6
|
1995
10-K
|
10.11+
|
2002
Stock Option Plan of the Company
|
Appendix
A
|
Definitive
Proxy
|
Statement
on
|
|||
Schedule
14A
|
|||
for
the 2002
|
|||
Annual
Meeting
|
|||
10.12+
|
2005
Stock Option Plan of the Company
|
Appendix
B
|
Definitive
Proxy
|
Statement
on
|
|||
Schedule
14A
|
|||
for
the 2005
|
|||
Annual
Meeting
|
|||
10.13+
|
The
Company's Executive Incentive Plan
|
10.6
|
1994
10-K
|
10.14+
|
World
Acceptance Corporation Retirement Savings Plan
|
4.1
|
333-14399
|
10.15+
|
Executive
Deferral Plan
|
10.12
|
2001
10-K
|
14
|
Code
of Ethics
|
14
|
2004
10-K
|
21
|
Schedule
of the Company’s Subsidiaries
|
+
|
|
23
|
Consent
of KPMG LLP
|
*
|
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Executive
Officer
|
*
|
|
31.2
|
Rule
13a-14(a)/15d-14(a) Certification of Chief Financial
Officer
|
*
|
|
32.1
|
Section
1350 Certification of Chief Executive Officer
|
*
|
|
32.2
|
Section
1350 Certification of Chief Financial Officer
|
*
|
WORLD ACCEPTANCE CORPORATION | ||
|
|
|
By: | /s/ A. Alexander McLean, III | |
A. Alexander McLean, III |
||
Chief
Executive Officer
Date: June 14, 2006
|
|
||
|
|
|
By: | /s/ Kelly Malson Snape | |
Kelly Malson Snape |
||
Chief
Financial Officer
Date:
June 14, 2006
|
/s/
A. Alexander McLean III
|
/s/
Ken R. Bramlett Jr.
|
|
A.
Alexander McLean, III, Chief Executive Officer;
|
Ken
R. Bramlett Jr., Director
|
|
Director
|
||
Date:
June 14, 2006
|
Date:
June 14, 2006
|
|
/s/
Kelly Malson Snape
|
/s/
James R. Gilreath
|
|
Kelly
Malson Snape, Chief Financial Officer
|
James
R. Gilreath, Director
|
|
Date:
June 14, 2006
|
Date:
June 14, 2006
|
|
/s/
Charles D. Walters
|
/s/
Charles D. Way
|
|
Charles
D. Walters, Chairman of the Board of Directors
|
Charles
D. Way, Director
|
|
Date:
June 14, 2006
|
Date:
June 14, 2006
|
|
/s/ William S. Hummers | ||
William S. Hummers, III, Director | ||
Date:
June 14, 2006
|