ALLOWANCE FOR LOAN LOSSES

3 Months Ended

Jun. 30, 2015

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



	Three months ended June 30,
	2015			2014
Balance at beginning of period	$	70,437,988		63,254,940
Provision for loan losses	26,228,009			30,893,266
Loan losses	(29,875,432		)	(29,820,547	)
Recoveries (1)	5,374,848			3,512,797
Translation adjustment	(205,444		)	44,771
Balance at end of period	$	71,959,969		67,885,227


(1)	Recoveries during the three months ended June 30, 2015 included $1.8 million of recoveries resulting from the sale of previously charged-off loans.

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



June 30, 2015	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Gross loans in bankruptcy, excluding contractually delinquent	$	4,692,823		—		4,692,823
Gross loans contractually delinquent	47,139,095			—		47,139,095
Loans not contractually delinquent and not in bankruptcy	—			1,098,836,752		1,098,836,752
Gross loan balance	51,831,918			1,098,836,752		1,150,668,670
Unearned interest, insurance and fees	(12,820,008		)	(301,349,989	)	(314,169,997	)
Net loans	39,011,910			797,486,763		836,498,673
Allowance for loan losses	(34,518,532		)	(37,441,437	)	(71,959,969	)
Loans, net of allowance for loan losses	$	4,493,378		760,045,326		764,538,704



March 31, 2015	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Gross loans in bankruptcy, excluding contractually delinquent	$	4,821,691		—		4,821,691
Gross loans contractually delinquent	48,262,853			—		48,262,853
Loans not contractually delinquent and not in bankruptcy	—			1,057,060,538		1,057,060,538
Gross loan balance	53,084,544			1,057,060,538		1,110,145,082
Unearned interest, insurance and fees	(13,115,117		)	(284,287,287	)	(297,402,404	)
Net loans	39,969,427			772,773,251		812,742,678
Allowance for loan losses	(35,352,658		)	(35,085,330	)	(70,437,988	)
Loans, net of allowance for loan losses	$	4,616,769		737,687,921		742,304,690



June 30, 2014	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total
Gross loans in bankruptcy, excluding contractually delinquent	$	5,606,311		—		5,606,311
Gross loans contractually delinquent	30,213,323			—		30,213,323
Loans not contractually delinquent and not in bankruptcy	—			1,128,548,274		1,128,548,274
Gross loan balance	35,819,634			1,128,548,274		1,164,367,908
Unearned interest, insurance and fees	(7,472,523		)	(308,033,845	)	(315,506,368	)
Net loans	28,347,111			820,514,429		848,861,540
Allowance for loan losses	(22,979,068		)	(44,906,159	)	(67,885,227	)
Loans, net of allowance for loan losses	$	5,368,043		775,608,270		780,976,313

The average investment in impaired loans was $52.5 million and $32.6 million, respectively, for the periods ended June 30, 2015, and 2014. It is not practical to compute the amount of interest earned on impaired loans.

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



	June 30, 2015		March 31, 2015	June 30, 2014
Credit risk
Consumer loans- non-bankrupt accounts	$	1,145,206,726	1,104,179,016	1,158,372,205
Consumer loans- bankrupt accounts	5,461,944		5,966,066	5,995,703
Total gross loans	$	1,150,668,670	1,110,145,082	1,164,367,908

Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,076,373,327	1,032,984,546	1,099,149,267
Contractual non-performing, 61 or more days delinquent ⁽¹⁾	74,295,343		77,160,536	65,218,641
Total gross loans	$	1,150,668,670	1,110,145,082	1,164,367,908

Delinquent refinance	$	24,677,336	23,957,779	23,857,699

Credit risk profile based on customer type
New borrower	$	141,644,702	146,376,318	152,914,153
Former borrower	126,619,807		110,149,558	122,171,469
Refinance	857,726,825		829,661,427	865,424,587
Delinquent refinance	24,677,336		23,957,779	23,857,699
Total gross loans	$	1,150,668,670	1,110,145,082	1,164,367,908

(1) Loans in non-accrual status

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



	June 30, 2015			March 31, 2015		June 30, 2014
Contractual basis:
30-60 days past due	$	41,190,574		43,663,540		42,501,987
61-90 days past due	24,566,924			26,027,649		32,171,291
91 days or more past due	49,728,419			51,132,887		33,047,350
Total	$	115,485,917		120,824,076		107,720,628

Percentage of period-end gross loans receivable	10.0		%	10.9	%	9.3	%

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

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