ALLOWANCE FOR LOAN LOSSES

9 Months Ended

Dec. 31, 2018

The following is a summary of gross loans receivable as of:



	December 31, 2018		March 31, 2018		December 31, 2017

Small loans	$	857,945,959	$	670,189,211	$	774,416,024
Large loans	400,961,429		334,041,731		352,999,300
Sales finance loans⁽¹⁾	517		2,217		4,057
Total gross loans	$	1,258,907,905	$	1,004,233,159	$	1,127,419,381


⁽¹⁾	The Company decided to wind down the World Class Buying Club program during the third quarter of fiscal 2015. As of March 31, 2015, the Company is no longer financing the purchase of products through the program; however, the Company will continue to service the outstanding retail installment sales contracts.

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



	Three months ended December 31,						Nine months ended December 31,
	2018			2017			2018			2017

Balance at beginning of period	$	79,310,375		71,172,677			$	66,088,139		$	60,644,365
Provision for loan losses	48,943,886			40,455,513			119,893,201			100,989,538
Loan losses	(40,001,055		)	(33,550,642		)	(105,014,401		)	(91,047,277		)
Recoveries	3,052,628			3,242,943			10,338,895			10,733,865
Balance at end of period	$	91,305,834		$	81,320,491		$	91,305,834		$	81,320,491

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



December 31, 2018	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total

Gross loans in bankruptcy, excluding contractually delinquent	$	4,714,475		—		4,714,475
Gross loans contractually delinquent	62,834,979			—		62,834,979
Loans not contractually delinquent and not in bankruptcy	—			1,191,358,451		1,191,358,451
Gross loan balance	67,549,454			1,191,358,451		1,258,907,905
Unearned interest and fees	(14,930,704		)	(323,201,775	)	(338,132,479	)
Net loans	52,618,750			868,156,676		920,775,426
Allowance for loan losses	(48,104,640		)	(43,201,194	)	(91,305,834	)
Loans, net of allowance for loan losses	$	4,514,110		824,955,482		829,469,592



March 31, 2018	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total

Gross loans in bankruptcy, excluding contractually delinquent	$	4,627,599		—		4,627,599
Gross loans contractually delinquent	50,019,567			—		50,019,567
Loans not contractually delinquent and not in bankruptcy	—			949,585,993		949,585,993
Gross loan balance	54,647,166			949,585,993		1,004,233,159
Unearned interest and fees	(11,433,666		)	(247,557,826	)	(258,991,492	)
Net loans	43,213,500			702,028,167		745,241,667
Allowance for loan losses	(38,782,574		)	(27,305,565	)	(66,088,139	)
Loans, net of allowance for loan losses	$	4,430,926		674,722,602		679,153,528



December 31, 2017	Loans individually evaluated for impairment (impaired loans)			Loans collectively evaluated for impairment		Total

Gross loans in bankruptcy, excluding contractually delinquent	$	4,507,307		—		4,507,307
Gross loans contractually delinquent	57,019,347			—		57,019,347
Loans not contractually delinquent and not in bankruptcy	—			1,065,892,727		1,065,892,727
Gross loan balance	61,526,654			1,065,892,727		1,127,419,381
Unearned interest and fees	(13,118,190		)	(287,078,221	)	(300,196,411	)
Net loans	48,408,464			778,814,506		827,222,970
Allowance for loan losses	(44,092,718		)	(37,227,773	)	(81,320,491	)
Loans, net of allowance for loan losses	$	4,315,746		741,586,733		745,902,479

The average net balance of impaired loans was $46.3 million and $42.1 million, respectively, for the nine month periods ended December 31, 2018, and 2017. 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:



	December 31, 2018		March 31, 2018		December 31, 2017
Credit risk
Consumer loans- non-bankrupt accounts	$	1,252,645,902	$	998,299,051	$	1,121,591,353
Consumer loans- bankrupt accounts	6,262,003		5,934,108		5,828,028
Total gross loans	$	1,258,907,905	$	1,004,233,159	$	1,127,419,381

Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,164,459,600	$	929,400,862	1,044,690,133
Contractual non-performing, 61 or more days delinquent ⁽¹⁾	94,448,305		74,832,297		82,729,248
Total gross loans	$	1,258,907,905	$	1,004,233,159	$	1,127,419,381

Credit risk profile based on customer type
New borrower	$	175,727,060	$	104,762,628	$	126,446,949
Former borrower	144,840,392		104,281,551		131,195,579
Refinance	917,868,854		778,115,097		850,626,372
Delinquent refinance	20,471,599		17,073,883		19,150,481
Total gross loans	$	1,258,907,905	$	1,004,233,159	$	1,127,419,381


⁽¹⁾	Loans in non-accrual status.

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



	December 31, 2018			March 31, 2018		December 31, 2017
Contractual basis:
30-60 days past due	$	49,655,289		32,959,151		39,955,532
61-90 days past due	31,613,326			24,812,730		25,709,901
91 days or more past due	62,834,979			50,019,567		57,019,347
Total	$	144,103,594		107,791,448		122,684,780

Percentage of period-end gross loans receivable	11.4		%	10.7	%	10.9	%

- 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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