XML 36 R25.htm IDEA: XBRL DOCUMENT

ALLOWANCE FOR LOAN LOSSES (Tables)

3 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The following is a summary of gross loans receivable by customer tenure as of:


Customer Tenure	June 30, 2020
0 to 5 months	$	83,752,362
6 to 17 months	136,822,413
18 to 35 months	145,418,840
36 to 59 months	115,612,624
60+ months	582,293,853

Tax advance loans	3,977,212
Total gross loans	$	1,067,877,304

Summary of changes in the allowance for loan losses

he following table presents a roll forward of the allowance for credit losses on our gross loans receivable for the three months ended June 30, 2020 and 2019.


	Three months ended June 30,
	2020		2019
Beginning balance, prior to adopting ASC 326	$	96,487,856	$	81,519,624
Impact of ASC 326	28,628,369		—
Provision for credit losses	25,660,660		41,291,071
Charge-offs	(43,831,942)		(39,523,987)
Recoveries	5,741,654		4,066,379
Net charge-offs	(38,090,288)		(35,457,608)
Ending Balance	$	112,686,597	$	87,353,087

Summary of loans individually and collectively evaluated for impairment

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 credit losses	(54,090,509)		(42,397,347)	(96,487,856)
Loans, net of allowance for credit losses	$	4,946,208	799,456,578	804,402,786


June 30, 2019	Loans individually evaluated for impairment (impaired loans)		Loans collectively evaluated for impairment	Total

Gross loans in bankruptcy, excluding contractually delinquent	$	4,898,870	—	4,898,870
Gross loans contractually delinquent	60,531,119		—	60,531,119
Loans not contractually delinquent and not in bankruptcy	—		1,157,266,256	1,157,266,256
Gross loan balance	65,429,989		1,157,266,256	1,222,696,245
Unearned interest and fees	(13,190,042)		(307,538,515)	(320,728,557)
Net loans	52,239,947		849,727,741	901,967,688
Allowance for losses	(47,549,279)		(39,803,808)	(87,353,087)
Loans, net of allowance for losses	$	4,690,668	809,923,933	814,614,601

Assessment of the credit quality

The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at June 30, 2020:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	957,994,018	$	46,664,239	$	2,201,885	$	153,389	$	17,625	$	4,641	$	1,007,035,797
30 - 60 days past due	15,453,159		1,550,308		96,260		7,050		2,041		—		17,108,818
61 - 90 days past due	13,256,505		1,128,119		51,048		4,379		—		—		14,440,051
91 or more days past due	22,556,367		2,614,112		121,937		18,876		4,134		—		25,315,426
Total	$	1,009,260,049	$	51,956,778	$	2,471,130	$	183,694	$	23,800	$	4,641	$	1,063,900,092

	Term Loans By Origination
Tax advance loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	465,904	$	3,067	$	—	$	—	$	—	$	—	468,971
30 - 60 days past due	296,041		1,375		—		—		—		—		297,416
61 - 90 days past due	1,927,745		2,548		—		—		—		—		1,930,293
91 or more days past due	1,275,015		5,517		—		—		—		—		1,280,532
Total	$	3,964,705	$	12,507	$	—	$	—	$	—	$	—	$	3,977,212
Total gross loans													$	1,067,877,304

The following tables provide a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at June 30, 2020:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	941,717,290	$	39,951,920	$	1,523,994	$	44,213	$	3,569	$	—	$	983,240,986
30 - 60 days past due	19,851,436		1,600,053		69,688		7,225		—		—		21,528,402
61 - 90 days past due	17,035,849		1,572,299		61,315		7,630		1,009		—		18,678,102
91 or more days past due	30,655,472		8,832,508		816,134		124,626		19,221		4,641		40,452,602
Total	$	1,009,260,047	$	51,956,780	$	2,471,131	$	183,694	$	23,799	$	4,641	$	1,063,900,092

	Term Loans By Origination
Tax advance loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	386,489	$	—	$	—	$	—	$	—	$	—	386,489
30 - 60 days past due	345,008		—		—		—		—		—		345,008
61 - 90 days past due	1,958,193		—		—		—		—		—		1,958,193
91 or more days past due	1,275,014		12,508		—		—		—		—		1,287,522
Total	$	3,964,704	$	12,508	$	—	$	—	$	—	$	—	$	3,977,212
Total gross loans													$	1,067,877,304

The following is an assessment of the credit quality of loans for the periods indicated:


	March 31, 2020		June 30, 2019
Credit risk
Consumer loans- non-bankrupt accounts	$	1,203,552,152	$	1,216,089,192
Consumer loans- bankrupt accounts	6,319,214		6,607,053
Total gross loans	$	1,209,871,366	$	1,222,696,245

Consumer credit exposure
Credit risk profile based on payment activity, performing	$	1,104,130,714	$	1,133,978,402
Contractual non-performing, 61 or more days delinquent ⁽¹⁾	105,740,652		88,717,843
Total gross loans	$	1,209,871,366	$	1,222,696,245

Credit risk profile based on customer type
New borrower	$	124,800,193	$	147,365,635
Former borrower	127,108,125		133,566,583
Refinance	935,448,882		920,783,881
Delinquent refinance	22,514,166		20,980,146
Total gross loans	$	1,209,871,366	$	1,222,696,245

Summary of the past due receivables

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at June 30, 2020:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 59		60 - 89		Over 90		Total Past Due		Total Loans
0 to 5 months	$	67,730,655	$	3,845,030	$	4,366,540	$	7,810,138	$	16,021,708	$	83,752,363
6 to 17 months	127,305,648		2,905,164		2,454,079		4,157,522		9,516,765		136,822,413
18 to 35 months	138,461,819		2,435,479		1,716,577		2,804,965		6,957,021		145,418,840
36 to 59 months	111,044,052		1,567,291		1,179,983		1,821,298		4,568,572		115,612,624
60+ months	562,493,625		6,355,853		4,722,872		8,721,502		19,800,227		582,293,852

Tax advance loans	468,970		297,416		1,930,293		1,280,533		3,508,242		3,977,212
Total gross loans	1,007,504,769		17,406,233		16,370,344		26,595,958		60,372,535		1,067,877,304
Unearned interest, insurance and fees	(258,126,112)		(4,459,535)		(4,194,137)		(6,813,974)		(15,467,646)		(273,593,758)
Total net loans	$	749,378,657	$	12,946,698	$	12,176,207	$	19,781,984	$	44,904,889	$	794,283,546

Percentage of period-end gross loans receivable			1.6%		1.5%		2.5%		5.7%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at June 30, 2020:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 59		60 - 89		Over 90		Total Past Due		Total Loans
0 to 5 months	$	65,189,380	$	4,059,759	$	4,702,806	$	9,800,417	$	18,562,982	$	83,752,362
6 to 17 months	124,113,371		3,349,431		3,025,601		6,334,010		12,709,042		136,822,413
18 to 35 months	135,512,967		3,037,117		2,174,861		4,693,895		9,905,873		145,418,840
36 to 59 months	108,415,461		2,092,410		1,653,490		3,451,264		7,197,164		115,612,625
60+ months	550,009,807		8,989,685		7,121,344		16,173,016		32,284,045		582,293,852

Tax advance loans	386,489		345,008		1,958,193		1,287,522		3,590,723		3,977,212
Total gross loans	983,627,475		21,873,410		20,636,295		41,740,124		84,249,829		1,067,877,304
Unearned interest, insurance and fees	(252,008,669)		(5,604,041)		(5,287,088)		(10,693,960)		(21,585,089)		(273,593,758)
Total net loans	$	731,618,806	$	16,269,369	$	15,349,207	$	31,046,164	$	62,664,740	$	794,283,546

Percentage of period-end gross loans receivable			2.0%		1.9%		3.9%		7.9%

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


	March 31, 2020			June 30, 2019
Contractual basis:
30-60 days past due	$	49,137,102		$	46,738,172
61-90 days past due	35,020,925			28,186,725
91 days or more past due	70,719,727			60,531,118
Total	$	154,877,754		$	135,456,015

Percentage of period-end gross loans receivable	12.8		%	11.1		%

Recency basis:
30-60 days past due	$	48,206,910		$	45,096,798
61-90 days past due	28,450,942			25,365,096
91 days or more past due	50,669,837			44,176,264
Total	$	127,327,689		$	114,638,158

Percentage of period-end gross loans receivable	10.5		%	9.4		%

Financing Receivable, Nonaccrual

It also shows year-to-date interest income recognized on nonaccrual loans:


	Nonaccrual Financial Assets
Customer Tenure	As of June 30, 2020		As of March 31, 2020		Financial Assets 61 Days or More Past Due, Not on Nonaccrual Status		Nonaccrual Financial Assets With No Allowance as of June 30, 2020		Interest Income Recognized
0 to 5 months	$	19,210,705	$	26,040,593	$	—	$	—	$	685,262
6 to 17 months	13,445,952		17,466,450		—		—		756,414
18 to 35 months	10,647,059		13,723,295		—		—		630,127
36 to 59 months	7,816,047		10,071,288		—		—		488,763
60+ months	35,277,427		44,293,545		—		—		2,127,220

Tax advance loans	3,678,896		41,573		—		—		—
Unearned interest, insurance and fees	(23,077,796)		(28,510,140)		—		—
Total	$	66,998,290	$	83,126,604	$	—	$	—	$	4,687,786