Note 15 - Purchase of Financial Assets

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Transfers and Servicing of Financial Assets [Text Block]

NOTE

15.

PURCHASE OF FINANCIAL ASSETS

We have agreed to purchase a maximum par value of

$50.0

million in unsecured consumer home improvement loans. The loans were purchased without recourse or servicing rights. For the period from

May

12,

2014

through

March

31,

2017,

we have paid aggregate cash totaling

$102.8

million, and received aggregate cash repayments of

$47.4

million for

$55.4

million in net loans outstanding. We initially measured the acquired loan portfolio at a fair value equal to the price paid to acquire the portfolio as the difference between the par value and cash purchase price represents the fair value adjustment.