Allowance for Loan Losses and Credit Quality Indicators

12 Months Ended

Mar. 31, 2020

Allowance for Loan Losses and Credit Quality Indicators

The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2020, 2019, and 2018:


	2020		2019	2018
Balance at beginning of period	$	81,519,624	66,088,139	60,644,365
Provision for loan losses	181,730,182		148,426,578	117,620,140
Loan losses	(183,439,199)		(148,308,199)	(127,387,857)
Recoveries	16,677,249		15,313,106	15,211,491

Balance at end of period	$	96,487,856	81,519,624	66,088,139

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


March 31, 2020	Loans individually evaluated for impairment (impaired loans)		Loans collectively evaluated for impairment	Total
Gross loans in bankruptcy, excluding contractually delinquent	$	5,165,752	—	5,165,752
Gross loans contractually delinquent	70,719,727		—	70,719,727
Loans not contractually delinquent and not in bankruptcy	—		1,133,985,887	1,133,985,887
Gross loan balance	75,885,479		1,133,985,887	1,209,871,366
Unearned interest and fees	(16,848,762)		(292,131,962)	(308,980,724)
Net loans	59,036,717		841,853,925	900,890,642
Allowance for loan losses	(54,090,509)		(42,397,347)	(96,487,856)
Loans, net of allowance for loan losses	$	4,946,208	799,456,578	804,402,786


March 31, 2019	Loans individually evaluated for impairment (impaired loans)		Loans collectively evaluated for impairment	Total
Gross loans in bankruptcy, excluding contractually delinquent	$	4,644,203	—	4,644,203
Gross loans contractually delinquent	59,633,541		—	59,633,541
Loans not contractually delinquent and not in bankruptcy	—		1,063,679,639	1,063,679,639
Gross loan balance	64,277,744		1,063,679,639	1,127,957,383
Unearned interest and fees	(14,319,795)		(276,493,957)	(290,813,752)
Net loans	49,957,949		787,185,682	837,143,631
Allowance for loan losses	(45,511,124)		(36,008,500)	(81,519,624)
Loans, net of allowance for loan losses	$	4,446,825	751,177,182	755,624,007

The average net balance of impaired loans was $57.2 million, $47.0 million, and $42.3 million, respectively, for the years ended March 31, 2020, 2019, and 2018. It is not practicable to compute the amount of interest earned on impaired loans, nor is it practicable to compute the interest income recognized using the cash-basis method during the period such loans were impaired.

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


	March 31, 2020		March 31, 2019
Credit risk
Consumer loans- non-bankrupt accounts	$	1,203,552,152	1,121,895,834
Consumer loans- bankrupt accounts	6,319,214		6,061,549
Total gross loans	$	1,209,871,366	1,127,957,383

Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,104,130,714	1,039,774,448
Contractual non-performing, 61 days or more delinquent⁽¹⁾	105,740,652		88,182,935
Total gross loans	$	1,209,871,366	1,127,957,383

Credit risk profile based on customer type
New borrower	$	124,800,193	138,140,479
Former borrower	127,108,125		116,242,182
Refinance	935,448,882		854,880,194
Delinquent refinance	22,514,166		18,694,528
Total gross loans	$	1,209,871,366	1,127,957,383

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⁽¹⁾ Loans in non-accrual status

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


	March 31, 2020			March 31, 2019		March 31, 2018
Contractual basis:
30-60 days past due	$	49,137,102		40,300,574		32,959,151
61-90 days past due	35,020,925			28,549,394		24,812,730
91 days or more past due	70,719,727			59,633,541		50,019,567
Total	$	154,877,754		128,483,509		107,791,448

Percentage of period-end gross loans receivable	12.8		%	11.4	%	10.7	%

Recency basis:
30-60 days past due	$	48,206,910		35,992,122		29,356,319
61-90 days past due	28,450,942			22,393,106		19,523,845
91 days or more past due	50,669,837			42,771,862		34,548,433
Total	$	127,327,689		101,157,090		83,428,597

Percentage of period-end gross loans receivable	10.5		%	9.0	%	8.3	%