Cash America 2009 Annual Report Download - page 87
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59
17.1%, to $137.3 million for 2008, compared to $165.6 million for 2007.
The following table sets forth cash advance fees by operating segment for the years ended December 31,
2008 and 2007 (dollars in thousands):
Year ended December 31,
2008 2007 Increase (Decrease)
Cash advance segment components:
Storefront $106,294 $128,454 $(22,160) (17.3) %
Internet lending 221,319 184,724 36,595 19.8
Card services 2,150 - 2,150 N/A
Total cash advance segment $329,763 $313,178 $16,585 5.3 %
Pawn lending segment 34,840 42,018 (7,178) (17.1)
Consolidated cash advance fees $364,603 $355,196 $9,407 2.6 %
The amount of cash advances written increased $52.0 million, or 2.6%, to $2.1 billion in 2008 from $2.0
billion in 2007. These amounts include $703 million in 2008 and $655 million in 2007 extended to customers by
all independent third-party lenders. The average amount per cash advance increased to $433 from $413 during
2008 over 2007, primarily due to adjustments to underwriting criteria. The outstanding combined portfolio balance
of cash advances decreased $7.9 million, or 5.3%, to $140.5 million at December 31, 2008 from $148.4 million at
December 31, 2007. Those amounts included $105.3 million and $113.8 million at December 31, 2008 and 2007,
respectively, which are included in the Company’s consolidated balance sheet and are net of an allowance for
losses of $21.5 million and $25.7 million, which has been provided in the consolidated financial statements for
December 31, 2008 and 2007, respectively.
The following table summarizes cash advances outstanding at December 31, 2008 and 2007 (dollars in
thousands):
2008 2007
Funded by the Company (a)
Active cash advances and fees receivable $69,443 $76,620
Cash advances and fees in collection 21,147 24,099
Total funded by the Company (a) 90,590 100,719
Funded by third-party lenders(b) (c)
Active cash advances and fees receivable 37,458 34,580
Cash advances and fees in collection 12,479 13,105
Total funded by third-party lenders(b) (c) 49,937 47,685
Combined gross portfolio of cash advances and fees receivable(b) (d) 140,527 148,404
Less: Elimination of cash advances owned by third-party lenders 35,182 34,580
Company-owned cash advances and fees receivable, gross 105,345 113,824
Less: Allowance for losses 21,495 25,676
Cash advances and fees receivable, net $83,850 $88,148
Allowance for loss on Company-owned cash advances $21,495 $25,676
Accrued losses on third-party lender-owned cash advances 2,135 1,828
Combined allowance for losses and accrued third-party lender losses $23,630 $27,504
Combined allowance for losses and accrued third-party lender losses as a % of
combined gross portfolio(b) (d) 16.8 % 18.5 %