v3.7.0.1
Loans Receivable
 3 Months Ended
Mar. 31, 2017
Receivables [Abstract]  
Loans Receivable
LOANS RECEIVABLE
The following is a summary of the Company’s loans receivable, net:
(In Thousands)
 
March 31, 2017
 
December 31, 2016
Credit Card Loans
 
$
70,525

 
$
64,794

Acquired Loans
 
27,714

 
33,840

Loans Receivable, Gross
 
98,239

 
98,634

 
 
 
 
 
Allowance for Loan Losses
 
(7,215
)
 
(6,624
)
Unamortized Fees
 
(7,431
)
 
(7,206
)
Loans Receivable, Net
 
$
83,593

 
$
84,804


Included in the table below is an aging of the loans receivable, gross balance:
(Dollar Amounts in Thousands)
 
 
 
 
Aging Category1
 
March 31, 2017
 
December 31, 2016
30-59 days past due
 
5.4
%
 
6.8
%
60-89 days past due
 
2.8
%
 
3.2
%
90 or more days past due
 
3.9
%
 
4.3
%
Past due loans receivable
 
12.1
%
 
14.3
%
Current loans receivable
 
87.9
%
 
85.7
%
Balance of Credit Card Loans on Nonaccrual Status
 
$
1,094

 
$
1,072

Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees
 
$
—

 
$
—


1 
This aging is based on the contractual amounts outstanding for each loan as of period end, and does not reflect the fair value adjustments for the Acquired Loans.
The table below presents the components of the allowance for loan losses:
 
Three Months Ended March 31,
(In Thousands)
2017
 
2016
Beginning Balance1
$
6,624

 
$
937

Provision for Loan Losses
3,743

 
1,798

Charge-offs
(3,287
)
 
(146
)
Recoveries
135

 
—

Ending Balance
$
7,215

 
$
2,589

1 
The Company acquired DAMI on October 15, 2015 and recorded $89.1 million of loans receivable as of the acquisition date. No corresponding allowance for loan losses was recorded as the loans receivable were established at fair value in acquisition accounting. The January 1, 2016 balance represents the provision for loan losses incurred from October 15, 2015 to December 31, 2015.