Loans, Allowance for Loan Losses and Loans Held for Sale

6 Months Ended

Jun. 30, 2015

Loans, Allowance for Loan Losses and Loans Held for Sale

Loans consisted of the following as of June 30, 2015 and December 31, 2014 (in thousands):



	June 30, 2015		December 31, 2014
Term loans	$	461,657	$	466,386
Lines of credit	41,731		24,177
Total unpaid principal balance	503,388		490,563
Net deferred origination costs	10,531		13,544
Total loans	$	513,919	$	504,107

The activity in the allowance for loan losses for the three and six months ended June 30, 2015 and 2014 consisted of the following (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Balance - beginning of period	$	56,795		$	27,723		$	49,804		$	19,443
Provision for loan losses	15,526			13,073			38,626			29,652
Loans charged off	(21,155		)	(9,382		)	(39,014		)	(18,059		)
Recoveries of loans previously charged off	1,886			486			3,636			864
Allowance for loan losses - end of period	$	53,052		$	31,900		$	53,052		$	31,900

We originate most of the loans in our portfolio and also purchase loans from an issuing bank partner. During the three months ended June 30, 2015 and 2014 we purchased loans in the amount of $48.8 million and $40.4 million, respectively. During the six months ended June 30, 2015 and 2014 we purchased loans in the amount of $103.4 million and $74.4 million, respectively.

We sell previously charged-off loans to a third-party debt collector. The proceeds from these sales are recorded as a component of the recoveries of loans previously charged-off. For the three months ended June 30, 2015 and 2014, previously charged-off loans sold accounted for $1.3 million and $0.3 million of recoveries of loans previously charged-off, respectively. For the six months ended June 30, 2015 and 2014, previously charged-off loans sold accounted for $2.8 million and $0.6 million of recoveries of loans previously charged-off, respectively.

The following table illustrates the unpaid principal balance of loans related to non-delinquent, paying and non-paying delinquent loans as of June 30, 2015 and December 31, 2014 (in thousands):



	June 30, 2015		December 31, 2014
Non-delinquent loans	$	440,841	$	430,689
Delinquent: paying (accrual status)	41,794		40,049
Delinquent: non-paying (non-accrual status)	20,753		19,825
Total	$	503,388	$	490,563

The balance of the allowance for loan losses for non-delinquent loans was $22.0 million and $20.5 million as of June 30, 2015 and December 31, 2014, respectively, while the balance of the allowance for loan losses for delinquent loans was $31.1 million and $29.3 million as of June 30, 2015 and December 31, 2014, respectively.

The following table shows an aging analysis of the unpaid principal balance of loans by delinquency status as of June 30, 2015 and December 31, 2014 (in thousands):



	June 30, 2015		December 31, 2014
By delinquency status:
Non-delinquent loans	$	440,841	$	430,689
1-14 calendar days past due	22,215		23,954
15-29 calendar days past due	8,491		9,462
30-59 calendar days past due	9,910		10,707
60-89 calendar days past due	9,819		7,724
90 + calendar days past due	12,112		8,027
Total unpaid principal balance	$	503,388	$	490,563