Note 12 - Purchase of Financial Assets

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Transfers and Servicing of Financial Assets [Text Block]

NOTE

12

. PURCHASE OF FINANCIAL ASSETS

We have an ongoing agreement to purchase a maximum par value of

$50.0

million in unsecured consumer home improvement loans from a

third

party originator. The loans are purchased without recourse or servicing rights. As we receive principal payments on these purchased loans, new loans are purchased a

nd the outstanding par value remains at approximately

$50.0

million. For the period from

May 12, 2014

through

September 30, 2017,

we have paid aggregate cash totaling

$114.6

million, and received aggregate cash repayments of

$66.8

million for

$47.8

million in net loans outstanding. We record the acquired loans at fair value at the time of the purchase.