| Loans Receivable |
LOANS RECEIVABLE The following is a summary of the Company’s loans receivable, net: | | | | | | | | | | | | | (In Thousands) | June 30, 2020 | | December 31, 2019 | | Loans Receivable, Gross | $ | 96,519 | | | $ | 96,387 | | | Unamortized Fees | (6,956) | | | (6,223) | | | Loans Receivable, Amortized Cost | 89,563 | | | 90,164 | | | Allowance for Loan Losses | (30,693) | | | (14,911) | | | Loans Receivable, Net of Allowances and Unamortized Fees | $ | 58,870 | | | $ | 75,253 | |
The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In Thousands) | | | | | | | | | | | | | | | As of June 30, 2020 | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | Prior | | Total | | FICO Score Category: | | | | | | | | | | | | | | | 600 or Less | $ | 3,237 | | | $ | 2,781 | | | $ | 840 | | | $ | 130 | | | $ | 86 | | | $ | 16 | | | $ | 7,090 | | | Between 600 and 700 | 24,541 | | | 25,584 | | | 10,656 | | | 6,042 | | | 3,485 | | | 962 | | | 71,270 | | | 700 or Greater | 4,248 | | | 3,078 | | | 1,604 | | | 1,123 | | | 929 | | | 221 | | | 11,203 | | | Total Amortized Cost | $ | 32,026 | | | $ | 31,443 | | | $ | 13,100 | | | $ | 7,295 | | | $ | 4,500 | | | $ | 1,199 | | | $ | 89,563 | |
Included in the table below is an aging of the loans receivable, gross balance: | | | | | | | | | | | | | (Dollar Amounts in Thousands) | | | | Aging Category1 | June 30, 2020 | | December 31, 2019 | | 30-59 days past due | 5.1 | % | | 6.9 | % | | 60-89 days past due | 2.5 | % | | 3.6 | % | | 90 or more days past due | 3.6 | % | | 5.0 | % | | Past due loans receivable | 11.2 | % | | 15.5 | % | | Current loans receivable | 88.8 | % | | 84.5 | % | | | | | | Balance of Credit Card Loans on Nonaccrual Status | $ | 2,038 | | | $ | 2,284 | | | Balance of Loans Receivable 90 or More 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. The tables below present the components of the allowance for loan losses for the three and six months ended June 30, 2020 and 2019: | | | | | | | | | | | | | Three Months Ended June 30, | | | | (In Thousands) | 2020 | | 2019 | | Beginning Balance | $ | 31,594 | | | $ | 12,363 | | | Provision for Loan Losses | 3,428 | | | 4,968 | | | Charge-offs | (5,132) | | | (5,158) | | | Recoveries | 803 | | | 610 | | | Ending Balance | $ | 30,693 | | | $ | 12,783 | |
| | | | | | | | | | | | | Six Months Ended June 30, | | | | (In Thousands) | 2020 | | 2019 | | Beginning Balance | $ | 14,911 | | | $ | 12,970 | | CECL Transition Adjustment1 | 9,463 | | | — | | | Provision for Loan Losses | 16,150 | | | 9,223 | | | Charge-offs | (11,333) | | | (10,642) | | | Recoveries | 1,502 | | | 1,232 | | | Ending Balance | $ | 30,693 | | | $ | 12,783 | |
1 Upon the January 1, 2020 adoption of CECL as further described in Note 1 to these condensed consolidated financial statements, the Company increased its allowance for loan losses by $9.5 million, which was recorded as a cumulative-effect adjustment to the opening balance of the Company's 2020 retained earnings adjustment.
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