LOANS RECEIVABLE (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Receivables [Abstract] |
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| Schedule of the Components of Loans Receivable, Net |
The following is a summary of the Company’s loans receivable, net: | | | | | | | | | | | | | (In Thousands) | March 31, 2024 | | December 31, 2023 | | Loans Receivable, Gross | $ | 165,612 | | | $ | 176,845 | | | Unamortized Fees | (8,687) | | | (9,402) | | | Loans Receivable, Amortized Cost | 156,925 | | | 167,443 | | | Allowance for Loan Losses | (38,997) | | | (40,620) | | Loans Receivable, Net of Allowances and Unamortized Fees1 | $ | 117,928 | | | $ | 126,823 | |
1 Loans Receivable, Net of Allowances and Unamortized Fees, attributable to Four was $10.3 million and $13.9 million as of March 31, 2024 and December 31, 2023, respectively.
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| Schedule of Loan Portfolio Credit Quality Indicators |
Below is a summary of the credit quality of the Company's loan portfolio as of March 31, 2024 and December 31, 2023 by FICO score as determined at the time of loan origination: | | | | | | | | | | | | | FICO Score Category | March 31, 2024 | | December 31, 2023 | | 600 or Less | 6.6 | % | | 6.5 | % | | Between 600 and 700 | 72.6 | % | | 73.5 | % | | 700 or Greater | 11.4 | % | | 11.2 | % | | No Score Identified | 9.4 | % | | 8.8 | % |
The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2024 (In Thousands) | 2024 | | 2023 | | 2022 and Prior | | Revolving Loans | | Total | | FICO Score Category: | | | | | | | | | | | 600 or Less | $ | — | | | $ | — | | | $ | — | | | $ | 10,530 | | | $ | 10,530 | | | Between 600 and 700 | — | | | — | | | — | | | 114,187 | | | 114,187 | | | 700 or Greater | — | | | — | | | — | | | 17,280 | | | 17,280 | | | No Score Identified | 13,759 | | | 1,169 | | | — | | | — | | | 14,928 | | | Total Amortized Cost | $ | 13,759 | | | $ | 1,169 | | | $ | — | | | $ | 141,997 | | | $ | 156,925 | | | | | | | | | | | | Gross Charge-offs by Origination Year for the Three Months Ended March 31, 2024 | $ | 689 | | | $ | 1,935 | | | $ | — | | | $ | 11,799 | | | $ | 14,423 | |
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| Schedule of Aging of the Loans Receivable Balance |
Included in the table below is an aging of the loans receivable, gross balance: | | | | | | | | | | | | | (Dollar Amounts in Thousands) | | | | | Aging Category | March 31, 2024 | | December 31, 2023 | | 30-59 Days Past Due | 5.6 | % | | 7.3 | % | | 60-89 Days Past Due | 3.4 | % | | 3.8 | % | | 90 or More Days Past Due | 5.5 | % | | 5.4 | % | | Past Due Loans Receivable | 14.5 | % | | 16.5 | % | | Current Loans Receivable | 85.5 | % | | 83.5 | % | | | | | | Balance of Credit Card Loans on Nonaccrual Status | $ | 4,359 | | | $ | 4,482 | | Balance of Loans Receivable Greater than 90 Days Past Due and Still Accruing Interest and Fees | $ | — | | | $ | — | |
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| Schedule of Allowance for Loan Losses |
The table below presents the components of the allowance for loan losses: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | (In Thousands) | 2024 | | 2023 | | | | | | Beginning Balance | $ | 40,620 | | | $ | 42,428 | | | | | | | Provision for Loan Losses | 11,049 | | | 8,714 | | | | | | | Charge-offs | (14,423) | | | (12,737) | | | | | | | Recoveries | 1,751 | | | 1,376 | | | | | | | Ending Balance | $ | 38,997 | | | $ | 39,781 | | | | | |
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