Loans Receivable

12 Months Ended

Dec. 31, 2020

LOANS RECEIVABLE

The following is a summary of the Company’s loans receivable, net:


	December 31,
(In Thousands)	2020		2019
Loans Receivable, Gross	$	131,422	$	96,387
Unamortized Fees	(10,147)		(6,223)
Loans Receivable, Amortized Cost	121,275		90,164
Allowance for Loan Losses	(42,127)		(14,911)
Loans Receivable, Net of Allowances and Unamortized Fees	$	79,148	$	75,253

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of December 31, 2020	2020		2019		2018		2017		2016		Prior		Total
FICO Score Category:
600 or Less	$	7,125	$	1,792	$	535	$	80	$	54	$	6	$	9,592
Between 600 and 700	64,809		17,529		6,818		4,005		2,417		363		95,941
700 or Greater	11,478		1,795		1,053		695		638		83		15,742
Total Amortized Cost	$	83,412	$	21,116	$	8,406	$	4,780	$	3,109	$	452	$	121,275

Included in the table below is an aging of the loans receivable, gross balance:


(Dollar Amounts in Thousands)	December 31,
Aging Category1	2020			2019
30-59 Days Past Due	5.7		%	6.9		%
60-89 Days Past Due	2.6		%	3.6		%
90 or more Days Past Due	3.1		%	5.0		%
Past Due Loans Receivable	11.4		%	15.5		%
Current Loans Receivable	88.6		%	84.5		%
Balance of Loans Receivable on Nonaccrual Status	$	1,962		$	2,284
Balance of Loans Receivable Greater Than 90 Days Past Due and Still Accruing Interest and Fees	$	—		$	—

1 Customers that were granted a payment deferral due to factors caused by the COVID-19 pandemic maintained their delinquency status for an additional 30 days. This did not materially impact the aging disclosed above.

The table below presents the components of the allowance for loan losses:


	Year Ended December 31,
(In Thousands)	2020		2019
Beginning Balance	$	14,911	$	12,970
CECL Transition Adjustment1	9,463		—
Provision for Loan Losses	34,038		21,667
Charge-offs	(19,504)		(22,204)
Recoveries	3,219		2,478
Ending Balance	$	42,127	$	14,911

1 Upon the January 1, 2020 adoption of CECL as further described in Note 1 to these consolidated financial statements, the Company increased its allowance for loan losses by $9.5 million. The increase was recorded as a cumulative-effect non-cash adjustment of $6.7 million, net of tax, to the opening balance of the Company's 2020 retained earnings.