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Loans Receivable (Tables)
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of the Components of Loans Receivable, Net
The following is a summary of the Company’s loans receivable, net:
December 31,
(In Thousands)20202019
Loans Receivable, Gross$131,422 $96,387 
Unamortized Fees(10,147)(6,223)
Loans Receivable, Amortized Cost121,275 90,164 
Allowance for Loan Losses(42,127)(14,911)
Loans Receivable, Net of Allowances and Unamortized Fees$79,148 $75,253 
Loan Portfolio Credit Quality Indicators Below is a summary of the credit quality of the Company’s loan portfolio as of December 31, 2020 and 2019 by FICO score as determined at the time of loan origination:
December 31,
FICO Score Category20202019
600 or Less7.5 %6.7 %
Between 600 and 70079.3 %80.1 %
700 or Greater13.2 %13.2 %
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, 202020202019201820172016PriorTotal
FICO Score Category:
600 or Less$7,125 $1,792 $535 $80 $54 $6 $9,592 
Between 600 and 70064,809 17,529 6,818 4,005 2,417 363 95,941 
700 or Greater11,478 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 
Aging of the Loans Receivable Balance
Included in the table below is an aging of the loans receivable, gross balance:
(Dollar Amounts in Thousands)December 31,
Aging Category1
20202019
30-59 Days Past Due5.7 %6.9 %
60-89 Days Past Due2.6 %3.6 %
90 or more Days Past Due3.1 %5.0 %
Past Due Loans Receivable11.4 %15.5 %
Current Loans Receivable88.6 %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.
Allowance for Loan Losses
The table below presents the components of the allowance for loan losses:
Year Ended December 31,
(In Thousands)20202019
Beginning Balance$14,911 $12,970 
CECL Transition Adjustment1
9,463 — 
Provision for Loan Losses34,038 21,667 
Charge-offs(19,504)(22,204)
Recoveries3,219 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.