Note 9 - Purchase of Financial Assets

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Transfers and Servicing of Financial Assets [Text Block]

NOTE

9.

PURCHASE OF FINANCIAL ASSETS

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

$50.0

million in unsecured consumer home improvement loans from a

third

party originator. Our agreement requires us to continue purchasing the loans for an additional

six

months after the notice of termination. The loans were purchased without recourse or servicing rights. Prior to the termination, as we received principal payments on these purchased loans, new loans were purchased and the outstanding par value remained at approximately

$50.0

million. Under this agreement, through

June 30, 2018,

we have paid aggregate cash totaling

$127.3

million, and received aggregate cash repayments of

$82.5

million for

$44.8

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