Loans Receivable

6 Months Ended

Jun. 30, 2020

LOANS RECEIVABLE

The following is a summary of the Company’s loans receivable, net:


(In Thousands)	June 30, 2020		December 31, 2019
Loans Receivable, Gross	$	96,519	$	96,387
Unamortized Fees	(6,956)		(6,223)
Loans Receivable, Amortized Cost	89,563		90,164
Allowance for Loan Losses	(30,693)		(14,911)
Loans Receivable, Net of Allowances and Unamortized Fees	$	58,870	$	75,253

The table below presents credit quality indicators of the amortized cost of the Company's loans receivable by origination year:


(In Thousands)
As of June 30, 2020	2020		2019		2018		2017		2016		Prior		Total
FICO Score Category:
600 or Less	$	3,237	$	2,781	$	840	$	130	$	86	$	16	$	7,090
Between 600 and 700	24,541		25,584		10,656		6,042		3,485		962		71,270
700 or Greater	4,248		3,078		1,604		1,123		929		221		11,203
Total Amortized Cost	$	32,026	$	31,443	$	13,100	$	7,295	$	4,500	$	1,199	$	89,563

Included in the table below is an aging of the loans receivable, gross balance:


(Dollar Amounts in Thousands)
Aging Category¹	June 30, 2020			December 31, 2019
30-59 days past due	5.1		%	6.9		%
60-89 days past due	2.5		%	3.6		%
90 or more days past due	3.6		%	5.0		%
Past due loans receivable	11.2		%	15.5		%
Current loans receivable	88.8		%	84.5		%

Balance of Credit Card Loans on Nonaccrual Status	$	2,038		$	2,284
Balance of Loans Receivable 90 or More Days Past Due and Still Accruing Interest and Fees	$	—		$	—

¹ Customers that were granted a payment deferral due to factors caused by the COVID-19 pandemic maintained their delinquency status for an additional 30 days. This did not materially impact the aging disclosed above.

The tables below present the components of the allowance for loan losses for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30,
(In Thousands)	2020		2019
Beginning Balance	$	31,594	$	12,363
Provision for Loan Losses	3,428		4,968
Charge-offs	(5,132)		(5,158)
Recoveries	803		610
Ending Balance	$	30,693	$	12,783


	Six Months Ended June 30,
(In Thousands)	2020		2019
Beginning Balance	$	14,911	$	12,970
CECL Transition Adjustment¹	9,463		—
Provision for Loan Losses	16,150		9,223
Charge-offs	(11,333)		(10,642)
Recoveries	1,502		1,232
Ending Balance	$	30,693	$	12,783

¹Upon the January 1, 2020 adoption of CECL as further described in Note 1 to these condensed consolidated financial statements, the Company increased its allowance for loan losses by $9.5 million, which was recorded as a cumulative-effect adjustment to the opening balance of the Company's 2020 retained earnings adjustment.