Loans Held for Investment, Allowance for Loan Losses and Loans Held for Sale

12 Months Ended

Dec. 31, 2015

Loans Held for Investment, Allowance for Loan Losses and Loans Held for Sale

Loans Held for Investment and Allowance for Loan Losses

Loans held for investment consisted of the following as of December 31 (in thousands):



	2015		2014
Term loans	$	482,596	$	466,386
Lines of credit	61,194		24,177
Total unpaid principal balance	543,790		490,563
Net deferred origination costs	8,952		13,544
Total loans held for investment	$	552,742	$	504,107

The activity in the allowance for loan losses for the years ended December 31 consisted of the following (in thousands):



	2015			2014			2013
Balance at January 1	$	49,804		$	19,443		$	9,288
Provision for loan losses	74,863			67,432			26,570
Loans charged off	(78,485		)	(39,638		)	(17,651		)
Recoveries of loans previously charged off	7,129			2,567			1,236
Allowance for loan losses at December 31	$	53,311		$	49,804		$	19,443

We include both loans we originate and loans funded by our issuing bank partners and later purchased by us as part of our originations. During the years ended December 31, 2015, 2014 and 2013 we purchased loans in the amount of $231.7 million, $180.8 million and $73.5 million, respectively.

Historically, we typically sold 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 years ended December 31, 2015, 2014 and 2013, previously charged-off loans sold accounted for $5.5 million, $1.7 million and $1.0 million, respectively, of recoveries of loans previously charged off.

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



	2015		2014
Non-delinquent loans	$	486,729	$	430,689
Delinquent: paying (accrual status)	28,192		40,049
Delinquent: non-paying (non-accrual status)	28,869		19,825
Total	$	543,790	$	490,563

The portion of the allowance for loan losses attributable to non-delinquent loans was $27.0 million and $20.5 million as of December 31, 2015 and December 31, 2014, respectively, while the portion of the allowance for loan losses attributable to delinquent loans was $26.3 million and $29.3 million as of December 31, 2015 and December 31, 2014, respectively.

The following table shows an aging analysis of the unpaid principal balance related to loans held for investment by delinquency status as of December 31 (in thousands):



	2015		2014
By delinquency status:
Non-delinquent loans	$	486,729	$	430,689
1-14 calendar days past due	21,360		23,954
15-29 calendar days past due	8,703		9,462
30-59 calendar days past due	10,347		10,707
60-89 calendar days past due	7,443		7,724
90 + calendar days past due	9,208		8,027
Total unpaid principal balance	$	543,790	$	490,563

Loans Held for Sale

Loans held for sale consisted of the following as of December 31 (in thousands):



	2015		2014
Loans held for sale	$	696	$	1,483
Net deferred origination costs	10		40
Loans held for sale, net	$	706	$	1,523