Cash America 2012 Annual Report Download - page 96
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71
The following tables show consumer loan balances and fees and the relationship of the allowance for losses to
the combined balances of consumer loans by quarter and for the years ended December 31, 2012 and 2011 (dollars in
thousands):
2012
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Consumer loan balances and fees receivable:
Gross - Company owned $ 259,078 $ 296,938 $ 336,071 $ 375,121
Gross - Guaranteed by the Company(a) 44,503 53,985 55,271 64,736
Combined consumer loans and fees receivable, gross(b) $ 303,581 $ 350,923 $ 391,342 $ 439,857
Allowance and liability for losses on consumer loans 60,706 73,366 82,683 89,201
Combined consumer loans and fees receivable, net(b) $ 242,875 $ 277,557 $ 308,659 $ 350,656
Allowance and liability for losses as a % of combined
consumer loans and fees receivable, gross(b) 20.0% 20.9% 21.1% 20.3%
(
a
)
Represents loans originated by third-party lenders through the CSO programs, which are not included in the Company's
financial statements.
(b)
Non-GAAP measure.
2011
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Consumer loan balances and fees receivable:
Gross - Company owned $ 161,145 $ 197,582 $ 238,977 $ 285,850
Gross - Guaranteed by the Company(a) 38,750 47,259 51,218 59,423
Combined consumer loans and fees receivable, gross(b) $ 199,895 $ 244,841 $ 290,195 $ 345,273
Allowance and liability for losses on consumer loans 36,721 39,348 49,822 66,134
Combined consumer loans and fees receivable, net(b) $ 163,174 $ 205,493 $ 240,373 $ 279,139
Allowance and liability for losses as a % of combined
consumer loans and fees receivable, gross(b) 18.4% 16.1% 17.2% 19.2%
(
a
)
Represents loans originated by third-party lenders through the CSO programs, which are not included in the Company's
financial statements.
(b)
Non-GAAP measure.
Due to the nature of the short-term loan product and the high velocity of loans written and renewed, seasonal
trends are evidenced in quarter-to-quarter performance. In the typical business cycle, the combined consumer loan loss
provision as a percent of combined consumer loans written and renewed is usually lowest in the first quarter and
increases throughout the year, with the final two quarters generally combining for the peak levels of loss provision
expense. The loss provision as a percentage of combined consumer loans written and renewed increased to 9.3% in 2012
compared to 7.4% in 2011, primarily due to growth of installment loans and line of credit accounts in the United States,
both of which have a higher percentage of new customers.