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Finance Receivables, Credit Quality Information, and Allowance for Credit Losses (Tables) | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Summary of Net Finance Receivables | Net finance receivables for the periods indicated consisted of the following:
Dollars in thousands |  | March 31, 2023 |  |  | December 31, 2022 |
Small loans |  | $ | 456,313 |  |  | $ | 481,605 |
Large loans |  |  | 1,211,836 |  |  |  | 1,208,185 |
Retail loans |  |  | 8,081 |  |  |  | 9,603 |
Net finance receivables |  | $ | 1,676,230 |  |  | $ | 1,699,393 |
Summary of Financing Receivable Credit Quality Indicators | Net finance receivables by product, FICO band at origination, and origination year as of March 31, 2023 are as follows:
|  | Net Finance Receivables by Origination Year |
Dollars in thousands |  | 2023 (1) |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total Net Finance Receivables |
Small Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 25,427 |  |  | $ | 45,683 |  |  | $ | 7,203 |  |  | $ | 859 |  |  | $ | 168 |  |  | $ | 41 |  |  | $ | 79,381 |
2 |  |  | 9,447 |  |  |  | 29,996 |  |  |  | 4,131 |  |  |  | 397 |  |  |  | 32 |  |  |  | 12 |  |  |  | 44,015 |
3 |  |  | 13,113 |  |  |  | 38,952 |  |  |  | 4,409 |  |  |  | 286 |  |  |  | 26 |  |  |  | 1 |  |  |  | 56,787 |
4 |  |  | 14,303 |  |  |  | 46,107 |  |  |  | 5,019 |  |  |  | 311 |  |  |  | 20 |  |  |  | 8 |  |  |  | 65,768 |
5 |  |  | 16,770 |  |  |  | 54,149 |  |  |  | 6,000 |  |  |  | 263 |  |  |  | 12 |  |  |  | 3 |  |  |  | 77,197 |
6 |  |  | 29,848 |  |  |  | 91,324 |  |  |  | 11,495 |  |  |  | 478 |  |  |  | 18 |  |  |  | 2 |  |  |  | 133,165 |
Total small loans |  | $ | 108,908 |  |  | $ | 306,211 |  |  | $ | 38,257 |  |  | $ | 2,594 |  |  | $ | 276 |  |  | $ | 67 |  |  | $ | 456,313 |
Current period credit losses (2) |  | $ | 14 |  |  | $ | 11,463 |  |  | $ | 4,599 |  |  | $ | 285 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 16,380 |
Large Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 20,579 |  |  | $ | 53,571 |  |  | $ | 18,258 |  |  | $ | 5,773 |  |  | $ | 2,529 |  |  | $ | 997 |  |  | $ | 101,707 |
2 |  |  | 10,843 |  |  |  | 35,941 |  |  |  | 12,410 |  |  |  | 3,038 |  |  |  | 951 |  |  |  | 177 |  |  |  | 63,360 |
3 |  |  | 21,404 |  |  |  | 96,791 |  |  |  | 34,620 |  |  |  | 6,468 |  |  |  | 1,770 |  |  |  | 202 |  |  |  | 161,255 |
4 |  |  | 29,658 |  |  |  | 130,747 |  |  |  | 46,263 |  |  |  | 9,216 |  |  |  | 2,697 |  |  |  | 148 |  |  |  | 218,729 |
5 |  |  | 30,643 |  |  |  | 132,220 |  |  |  | 48,096 |  |  |  | 10,220 |  |  |  | 2,499 |  |  |  | 116 |  |  |  | 223,794 |
6 |  |  | 71,624 |  |  |  | 256,380 |  |  |  | 91,388 |  |  |  | 19,109 |  |  |  | 4,326 |  |  |  | 164 |  |  |  | 442,991 |
Total large loans |  | $ | 184,751 |  |  | $ | 705,650 |  |  | $ | 251,035 |  |  | $ | 53,824 |  |  | $ | 14,772 |  |  | $ | 1,804 |  |  | $ | 1,211,836 |
Current period credit losses (2) |  | $ | 8 |  |  | $ | 13,653 |  |  | $ | 12,142 |  |  | $ | 1,696 |  |  | $ | 529 |  |  | $ | 69 |  |  | $ | 28,097 |
Retail Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 4 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 14 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | 39 |
2 |  |  | — |  |  |  | 422 |  |  |  | 77 |  |  |  | 4 |  |  |  | 4 |  |  |  | — |  |  |  | 507 |
3 |  |  | — |  |  |  | 1,185 |  |  |  | 482 |  |  |  | 45 |  |  |  | 8 |  |  |  | 4 |  |  |  | 1,724 |
4 |  |  | — |  |  |  | 1,219 |  |  |  | 799 |  |  |  | 178 |  |  |  | 10 |  |  |  | 5 |  |  |  | 2,211 |
5 |  |  | — |  |  |  | 973 |  |  |  | 643 |  |  |  | 149 |  |  |  | 11 |  |  |  | 6 |  |  |  | 1,782 |
6 |  |  | — |  |  |  | 989 |  |  |  | 655 |  |  |  | 159 |  |  |  | 14 |  |  |  | 1 |  |  |  | 1,818 |
Total retail loans |  | $ | 4 |  |  | $ | 4,793 |  |  | $ | 2,661 |  |  | $ | 549 |  |  | $ | 52 |  |  | $ | 22 |  |  | $ | 8,081 |
Current period credit losses (2) |  | $ | — |  |  | $ | 44 |  |  | $ | 62 |  |  | $ | 15 |  |  | $ | 8 |  |  | $ | 3 |  |  | $ | 132 |
Total Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 46,010 |  |  | $ | 99,259 |  |  | $ | 25,466 |  |  | $ | 6,646 |  |  | $ | 2,702 |  |  | $ | 1,044 |  |  | $ | 181,127 |
2 |  |  | 20,290 |  |  |  | 66,359 |  |  |  | 16,618 |  |  |  | 3,439 |  |  |  | 987 |  |  |  | 189 |  |  |  | 107,882 |
3 |  |  | 34,517 |  |  |  | 136,928 |  |  |  | 39,511 |  |  |  | 6,799 |  |  |  | 1,804 |  |  |  | 207 |  |  |  | 219,766 |
4 |  |  | 43,961 |  |  |  | 178,073 |  |  |  | 52,081 |  |  |  | 9,705 |  |  |  | 2,727 |  |  |  | 161 |  |  |  | 286,708 |
5 |  |  | 47,413 |  |  |  | 187,342 |  |  |  | 54,739 |  |  |  | 10,632 |  |  |  | 2,522 |  |  |  | 125 |  |  |  | 302,773 |
6 |  |  | 101,472 |  |  |  | 348,693 |  |  |  | 103,538 |  |  |  | 19,746 |  |  |  | 4,358 |  |  |  | 167 |  |  |  | 577,974 |
Total loans |  | $ | 293,663 |  |  | $ | 1,016,654 |  |  | $ | 291,953 |  |  | $ | 56,967 |  |  | $ | 15,100 |  |  | $ | 1,893 |  |  | $ | 1,676,230 |
Current period credit losses (2) |  | $ | 22 |  |  | $ | 25,160 |  |  | $ | 16,803 |  |  | $ | 1,996 |  |  | $ | 554 |  |  | $ | 74 |  |  | $ | 44,609 |
(1) Includes loans originated during the three months ended March 31, 2023. (2) Represents credit losses for the three months ended March 31, 2023. Net finance receivables by product, FICO band at origination, and origination year as of December 31, 2022 are as follows:
|  | Net Finance Receivables by Origination Year |
Dollars in thousands |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | Prior |  |  | Total Net Finance Receivables |
Small Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 63,362 |  |  | $ | 10,842 |  |  | $ | 1,388 |  |  | $ | 246 |  |  | $ | 47 |  |  | $ | 7 |  |  | $ | 75,892 |
2 |  |  | 41,683 |  |  |  | 6,785 |  |  |  | 664 |  |  |  | 56 |  |  |  | 26 |  |  |  | 2 |  |  |  | 49,216 |
3 |  |  | 53,444 |  |  |  | 7,659 |  |  |  | 520 |  |  |  | 39 |  |  |  | — |  |  |  | 1 |  |  |  | 61,663 |
4 |  |  | 62,609 |  |  |  | 8,980 |  |  |  | 544 |  |  |  | 33 |  |  |  | — |  |  |  | 1 |  |  |  | 72,167 |
5 |  |  | 71,448 |  |  |  | 10,650 |  |  |  | 505 |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 82,625 |
6 |  |  | 119,199 |  |  |  | 19,886 |  |  |  | 929 |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 140,042 |
Total small loans |  | $ | 411,745 |  |  | $ | 64,802 |  |  | $ | 4,550 |  |  | $ | 424 |  |  | $ | 73 |  |  | $ | 11 |  |  | $ | 481,605 |
Large Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 60,836 |  |  | $ | 20,653 |  |  | $ | 7,219 |  |  | $ | 3,286 |  |  | $ | 826 |  |  | $ | 539 |  |  | $ | 93,359 |
2 |  |  | 41,174 |  |  |  | 15,955 |  |  |  | 4,044 |  |  |  | 1,409 |  |  |  | 111 |  |  |  | 121 |  |  |  | 62,814 |
3 |  |  | 112,336 |  |  |  | 44,805 |  |  |  | 8,637 |  |  |  | 2,811 |  |  |  | 172 |  |  |  | 137 |  |  |  | 168,898 |
4 |  |  | 150,559 |  |  |  | 57,913 |  |  |  | 12,063 |  |  |  | 3,931 |  |  |  | 152 |  |  |  | 67 |  |  |  | 224,685 |
5 |  |  | 150,793 |  |  |  | 59,154 |  |  |  | 13,060 |  |  |  | 3,735 |  |  |  | 172 |  |  |  | 37 |  |  |  | 226,951 |
6 |  |  | 290,648 |  |  |  | 109,931 |  |  |  | 24,038 |  |  |  | 6,552 |  |  |  | 263 |  |  |  | 46 |  |  |  | 431,478 |
Total large loans |  | $ | 806,346 |  |  | $ | 308,411 |  |  | $ | 69,061 |  |  | $ | 21,724 |  |  | $ | 1,696 |  |  | $ | 947 |  |  | $ | 1,208,185 |
Retail Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 8 |  |  | $ | 7 |  |  | $ | 28 |  |  | $ | 12 |  |  | $ | 4 |  |  | $ | 3 |  |  | $ | 62 |
2 |  |  | 475 |  |  |  | 92 |  |  |  | 9 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 586 |
3 |  |  | 1,310 |  |  |  | 599 |  |  |  | 71 |  |  |  | 14 |  |  |  | 1 |  |  |  | 3 |  |  |  | 1,998 |
4 |  |  | 1,389 |  |  |  | 979 |  |  |  | 263 |  |  |  | 28 |  |  |  | 2 |  |  |  | 4 |  |  |  | 2,665 |
5 |  |  | 1,083 |  |  |  | 775 |  |  |  | 218 |  |  |  | 27 |  |  |  | 3 |  |  |  | 5 |  |  |  | 2,111 |
6 |  |  | 1,123 |  |  |  | 802 |  |  |  | 224 |  |  |  | 31 |  |  |  | — |  |  |  | 1 |  |  |  | 2,181 |
Total retail loans |  | $ | 5,388 |  |  | $ | 3,254 |  |  | $ | 813 |  |  | $ | 122 |  |  | $ | 10 |  |  | $ | 16 |  |  | $ | 9,603 |
Total Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FICO Band |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1 |  | $ | 124,206 |  |  | $ | 31,502 |  |  | $ | 8,635 |  |  | $ | 3,544 |  |  | $ | 877 |  |  | $ | 549 |  |  | $ | 169,313 |
2 |  |  | 83,332 |  |  |  | 22,832 |  |  |  | 4,717 |  |  |  | 1,475 |  |  |  | 137 |  |  |  | 123 |  |  |  | 112,616 |
3 |  |  | 167,090 |  |  |  | 53,063 |  |  |  | 9,228 |  |  |  | 2,864 |  |  |  | 173 |  |  |  | 141 |  |  |  | 232,559 |
4 |  |  | 214,557 |  |  |  | 67,872 |  |  |  | 12,870 |  |  |  | 3,992 |  |  |  | 154 |  |  |  | 72 |  |  |  | 299,517 |
5 |  |  | 223,324 |  |  |  | 70,579 |  |  |  | 13,783 |  |  |  | 3,784 |  |  |  | 175 |  |  |  | 42 |  |  |  | 311,687 |
6 |  |  | 410,970 |  |  |  | 130,619 |  |  |  | 25,191 |  |  |  | 6,611 |  |  |  | 263 |  |  |  | 47 |  |  |  | 573,701 |
Total loans |  | $ | 1,223,479 |  |  | $ | 376,467 |  |  | $ | 74,424 |  |  | $ | 22,270 |  |  | $ | 1,779 |  |  | $ | 974 |  |  | $ | 1,699,393 |
Amortized Cost Basis in Past-Due Loans | The contractual delinquency of the net finance receivables portfolio by product and aging for the periods indicated are as follows:
|  | March 31, 2023 |
|  | Small |  |  | Large |  |  | Retail |  |  | Total |
Dollars in thousands |  | $ |  |  | % |  |  | $ |  |  | % |  |  | $ |  |  | % |  |  | $ |  |  | % |
Current |  | $ | 374,823 |  |  |  | 82.1 | % |  | $ | 1,057,248 |  |  |  | 87.2 | % |  | $ | 6,283 |  |  |  | 77.8 | % |  | $ | 1,438,354 |  |  |  | 85.8 | %
1 to 29 days past due |  |  | 35,890 |  |  |  | 7.9 | % |  |  | 79,982 |  |  |  | 6.6 | % |  |  | 851 |  |  |  | 10.5 | % |  |  | 116,723 |  |  |  | 7.0 | %
Delinquent accounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30 to 59 days |  |  | 9,406 |  |  |  | 2.1 | % |  |  | 17,822 |  |  |  | 1.6 | % |  |  | 200 |  |  |  | 2.4 | % |  |  | 27,428 |  |  |  | 1.6 | %
60 to 89 days |  |  | 9,165 |  |  |  | 2.0 | % |  |  | 15,847 |  |  |  | 1.3 | % |  |  | 166 |  |  |  | 2.1 | % |  |  | 25,178 |  |  |  | 1.5 | %
90 to 119 days |  |  | 9,218 |  |  |  | 2.0 | % |  |  | 13,768 |  |  |  | 1.1 | % |  |  | 162 |  |  |  | 2.0 | % |  |  | 23,148 |  |  |  | 1.4 | %
120 to 149 days |  |  | 8,550 |  |  |  | 1.9 | % |  |  | 13,497 |  |  |  | 1.1 | % |  |  | 216 |  |  |  | 2.7 | % |  |  | 22,263 |  |  |  | 1.3 | %
150 to 179 days |  |  | 9,261 |  |  |  | 2.0 | % |  |  | 13,672 |  |  |  | 1.1 | % |  |  | 203 |  |  |  | 2.5 | % |  |  | 23,136 |  |  |  | 1.4 | %
Total delinquency |  | $ | 45,600 |  |  |  | 10.0 | % |  | $ | 74,606 |  |  |  | 6.2 | % |  | $ | 947 |  |  |  | 11.7 | % |  | $ | 121,153 |  |  |  | 7.2 | %
Total net finance receivables |  | $ | 456,313 |  |  |  | 100.0 | % |  | $ | 1,211,836 |  |  |  | 100.0 | % |  | $ | 8,081 |  |  |  | 100.0 | % |  | $ | 1,676,230 |  |  |  | 100.0 | %
Net finance receivables in nonaccrual status |  | $ | 27,983 |  |  |  | 6.1 | % |  | $ | 43,045 |  |  |  | 3.6 | % |  | $ | 603 |  |  |  | 7.5 | % |  | $ | 71,631 |  |  |  | 4.3 | %
|  | December 31, 2022 |
|  | Small |  |  | Large |  |  | Retail |  |  | Total |
Dollars in thousands |  | $ |  |  | % |  |  | $ |  |  | % |  |  | $ |  |  | % |  |  | $ |  |  | % |
Current |  | $ | 388,978 |  |  |  | 80.7 | % |  | $ | 1,034,981 |  |  |  | 85.7 | % |  | $ | 7,543 |  |  |  | 78.6 | % |  | $ | 1,431,502 |  |  |  | 84.2 | %
1 to 29 days past due |  |  | 48,924 |  |  |  | 10.2 | % |  |  | 97,855 |  |  |  | 8.1 | % |  |  | 1,269 |  |  |  | 13.2 | % |  |  | 148,048 |  |  |  | 8.7 | %
Delinquent accounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30 to 59 days |  |  | 13,144 |  |  |  | 2.8 | % |  |  | 22,712 |  |  |  | 1.8 | % |  |  | 352 |  |  |  | 3.7 | % |  |  | 36,208 |  |  |  | 2.2 | %
60 to 89 days |  |  | 12,251 |  |  |  | 2.5 | % |  |  | 18,828 |  |  |  | 1.6 | % |  |  | 273 |  |  |  | 2.8 | % |  |  | 31,352 |  |  |  | 1.8 | %
90 to 119 days |  |  | 8,714 |  |  |  | 1.8 | % |  |  | 15,427 |  |  |  | 1.3 | % |  |  | 152 |  |  |  | 1.6 | % |  |  | 24,293 |  |  |  | 1.4 | %
120 to 149 days |  |  | 5,572 |  |  |  | 1.2 | % |  |  | 10,675 |  |  |  | 0.9 | % |  |  | 10 |  |  |  | 0.1 | % |  |  | 16,257 |  |  |  | 1.0 | %
150 to 179 days |  |  | 4,022 |  |  |  | 0.8 | % |  |  | 7,707 |  |  |  | 0.6 | % |  |  | 4 |  |  |  | 0.0 | % |  |  | 11,733 |  |  |  | 0.7 | %
Total delinquency |  | $ | 43,703 |  |  |  | 9.1 | % |  | $ | 75,349 |  |  |  | 6.2 | % |  | $ | 791 |  |  |  | 8.2 | % |  | $ | 119,843 |  |  |  | 7.1 | %
Total net finance receivables |  | $ | 481,605 |  |  |  | 100.0 | % |  | $ | 1,208,185 |  |  |  | 100.0 | % |  | $ | 9,603 |  |  |  | 100.0 | % |  | $ | 1,699,393 |  |  |  | 100.0 | %
Net finance receivables in nonaccrual status |  | $ | 20,810 |  |  |  | 4.3 | % |  | $ | 39,039 |  |  |  | 3.2 | % |  | $ | 212 |  |  |  | 2.2 | % |  | $ | 60,061 |  |  |  | 3.5 | %
Reconciliation of Allowance for Credit Losses | The following is a reconciliation of the allowance for credit losses by product for the three months ended March 31, 2023 and 2022:
Dollars in thousands |  | Small |  |  | Large |  |  | Retail |  |  | Total |
Beginning balance at January 1, 2023 |  | $ | 57,915 |  |  | $ | 119,592 |  |  | $ | 1,293 |  |  | $ | 178,800 |
Provision for credit losses |  |  | 19,819 |  |  |  | 27,709 |  |  |  | 140 |  |  |  | 47,668 |
Credit losses |  |  | (16,380 | ) |  |  | (28,097 | ) |  |  | (132 | ) |  |  | (44,609 | )
Recoveries |  |  | 758 |  |  |  | 1,178 |  |  |  | 5 |  |  |  | 1,941 |
Ending balance at March 31, 2023 |  | $ | 62,112 |  |  | $ | 120,382 |  |  | $ | 1,306 |  |  | $ | 183,800 |
Net finance receivables at March 31, 2023 |  | $ | 456,313 |  |  | $ | 1,211,836 |  |  | $ | 8,081 |  |  | $ | 1,676,230 |
Allowance as percentage of net finance receivables at March 31, 2023 |  |  | 13.6 | % |  |  | 9.9 | % |  |  | 16.2 | % |  |  | 11.0 | %
Dollars in thousands |  | Small |  |  | Large |  |  | Retail |  |  | Total |
Beginning balance at January 1, 2022 |  | $ | 61,294 |  |  | $ | 96,494 |  |  | $ | 1,512 |  |  | $ | 159,300 |
Provision for credit losses |  |  | 12,646 |  |  |  | 17,952 |  |  |  | 260 |  |  |  | 30,858 |
Credit losses |  |  | (16,255 | ) |  |  | (16,260 | ) |  |  | (265 | ) |  |  | (32,780 | )
Recoveries |  |  | 645 |  |  |  | 747 |  |  |  | 30 |  |  |  | 1,422 |
Ending balance at March 31, 2022 |  | $ | 58,330 |  |  | $ | 98,933 |  |  | $ | 1,537 |  |  | $ | 158,800 |
Net finance receivables at March 31, 2022 |  | $ | 438,153 |  |  | $ | 997,226 |  |  | $ | 10,692 |  |  | $ | 1,446,071 |
Allowance as percentage of net finance receivables at March 31, 2022 |  |  | 13.3 | % |  |  | 9.9 | % |  |  | 14.4 | % |  |  | 11.0 | %
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Modifications Made to Borrowers Experiencing Financial Difficulty | The information relating to modifications made to borrowers experiencing financial difficulty for the periods indicated are as follows:
| As of and for the Three Months Ended March 31, 2023 |
| Principal Forgiveness |  |  | Deferrals |  |  | Interest Rate Reduction & Term Extension |  |  | Total |
Dollars in thousands | Amortized Cost Basis |  |  | % of Net Finance Receivables |  |  | Amortized Cost Basis |  |  | % of Net Finance Receivables |  |  | Amortized Cost Basis |  |  | % of Net Finance Receivables |  |  | Amortized Cost Basis |  |  | % of Net Finance Receivables |
Small loans | $ | 3 |  |  |  | — |  |  | $ | 1,707 |  |  |  | 0.4 | % |  | $ | 958 |  |  |  | 0.2 | % |  | $ | 2,668 |  |  |  | 0.6 | %
Large loans |  | 24 |  |  |  | — |  |  |  | 3,079 |  |  |  | 0.3 | % |  |  | 4,636 |  |  |  | 0.4 | % |  |  | 7,739 |  |  |  | 0.6 | %
Total | $ | 27 |  |  |  | — |  |  | $ | 4,786 |  |  |  | 0.3 | % |  | $ | 5,594 |  |  |  | 0.3 | % |  | $ | 10,407 |  |  |  | 0.6 | %
Summary of Financial Effects of Borrowers Experiencing Financial Difficulty | The financial effects of the modifications made to borrowers experiencing financial difficulty for the three months ended March 31, 2023 are as follows:
Loan Modification | Product | Financial Effect
Principal forgiveness | Small loans | Reduced the amortized cost basis of the loans by $0.1 million.
Large loans | Reduced the amortized cost basis of the loans by $0.2 million.
Deferrals | Small loans | Provided an average of 3 monthly payment deferrals through our standard deferral program. The payment deferrals were added to the end of the original loan terms of these borrowers.
Large loans | Provided an average of 3 monthly payment deferrals through our standard deferral program. The payment deferrals were added to the end of the original loan terms of these borrowers.
Interest rate reduction | Small loans | Reduced the weighted-average contractual interest rate from 35.5% to 22.9%.
Large loans | Reduced weighted-average contractual interest rate from 30.3% to 18.0%.
Term extension | Small loans | Added a weighted-average 1.2 years to the life of loans.
Large loans | Added a weighted-average 1.3 years to the life of loans.
Summary of Amortized Cost Basis for Modifications Made to Borrowers Experiencing Financial Difficulty Subsequently Defaulted | The following table provides the amortized cost basis for modifications made to borrowers experiencing financial difficulty on or after January 1, 2023 that subsequently defaulted. The Company defines payment default as 90 days past due for this disclosure. The respective amounts for each modification for the periods indicated are as follows:
|  | March 31, 2023 |
Dollars in thousands |  | Principal Forgiveness |  |  | Deferrals |  |  | Interest Rate Reduction & Term Extension |  |  | Total |
Small loans |  | $ | — |  |  | $ | 33 |  |  | $ | — |  |  | $ | 33 |
Large loans |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  | 21 |
Total |  | $ | — |  |  | $ | 54 |  |  | $ | — |  |  | $ | 54 |
Summary of Contractual Delinquencies of Loans | The contractual delinquencies of loans that were modified to borrowers experiencing financial difficulty on or after January 1, 2023 for the periods indicated are as follows:
|  | March 31, 2023 |
Dollars in thousands |  | Current |  |  | 30 - 89 Days Past Due |  |  | 90+ Days Past Due |  |  | Total |
Small loans |  | $ | 2,354 |  |  | $ | 281 |  |  | $ | 34 |  |  | $ | 2,669 |
Large loans |  |  | 7,324 |  |  |  | 393 |  |  |  | 17 |  |  |  | 7,734 |
Total |  | $ | 9,678 |  |  | $ | 674 |  |  | $ | 51 |  |  | $ | 10,403 |
Summary of TDR Net Finance Receivables And TDR Allowance For Credit Losses | The amount of TDR net finance receivables and the related TDR allowance for credit losses for the periods indicated are as follows:
|  | March 31, 2022 |
Dollars in thousands |  | TDR Net Finance Receivables |  |  | TDR Allowance for Credit Losses |
Small loans |  | $ | 3,249 |  |  | $ | 1,078 |
Large loans |  |  | 13,295 |  |  |  | 3,782 |
Retail loans |  |  | 58 |  |  |  | 19 |
Total |  | $ | 16,602 |  |  | $ | 4,879 |
Summary of Net Finance Receivables Modified and Classified as TDRs | The following table provides the number and amount of net finance receivables modified and classified as TDRs during the periods presented:
|  | Three Months Ended |
|  | March 31, 2022 |
Dollars in thousands |  | Number of Loans |  |  | TDR Net Finance Receivables (1) |
Small loans |  |  | 766 |  |  | $ | 1,464 |
Large loans |  |  | 760 |  |  |  | 4,043 |
Retail loans |  |  | 3 |  |  |  | 5 |
Total |  |  | 1,529 |  |  | $ | 5,512 |
(1) Represents the post-modification net finance receivables balance of loans that have been modified during the period and resulted in a TDR.
Summary of TDR Finance Receivables that Subsequently Defaulted | The following table provides the number of accounts and amortized cost basis of finance receivables that subsequently defaulted within the periods indicated (that were modified as a TDR in the preceding 12 months). The Company defines payment default as 90 days past due for this disclosure. The respective amounts and activity for the periods indicated are as follows:
|  | Three Months Ended |
|  | March 31, 2022 |
Dollars in thousands |  | Number of Loans |  |  | TDR Net Finance Receivables (1) |
Small loans |  |  | 254 |  |  | $ | 478 |
Large loans |  |  | 210 |  |  |  | 1,212 |
Retail loans |  |  | 2 |  |  |  | 6 |
Total |  |  | 466 |  |  | $ | 1,696 |
(1) Only includes defaults occurring within 12 months of a loan being designated as a TDR. Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted.

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