CREDIT QUALITY

The following tables set forth delinquency, charge-off and allowance levels for the Coastal Credit portfolio:
Coastal Credit LLC
Delinquency Rates Experienced - Finance Receivables
(in thousands except percentages)
           
June 30, December 31, June 30,

 
2011 2010 2010
$ % $ % $ %
 
Finance receivables - gross balance $ 128,819 $ 119,789 $ 115,818
 
Delinquencies:
30-59 days $ 999 0.8 % $ 1,209 1.0 % $ 977 0.8 %
60-89 days 292 0.2 % 538 0.4 % 702 0.6 %
90+ days   262 0.2 %   354 0.3 %   898 0.8 %
Total delinquencies $ 1,553 1.2 % $ 2,101 1.7 % $ 2,577 2.2 %
 
Coastal Credit LLC
Allowance for Loan Losses - Finance Receivables
(in thousands except percentages)
       
Quarters Ended June 30, Six Months Ended June 30,
2011 2010 2011 2010
Balance at beginning of period $ 7,953 $ 8,235 $ 8,153 $ 8,085
Charge-offs (1,608 ) (2,119 ) (3,437 ) (4,391 )
Recoveries 659 543 1,238 1,074
Provision for loan losses   699     1,686     1,749     3,577  
 
Balance at the end of the period $ 7,703   $ 8,345   $ 7,703   $ 8,345  
 
Finance receivables, net of unearned finance charges $ 126,839 $ 113,833 $ 126,839 $ 113,833
 
Allowance for loan losses as a percent of finance receivables, net of unearned finance charges 6.07 % 7.33 % 6.07 % 7.33 %
 
Annualized net charge-offs as a percent of finance receivables, net of unearned finance charges 2.99 % 5.54 % 3.47 % 5.83 %
 
Allowance for loan losses as a percent of annualized net charge-offs 202.92 % 132.38 % 175.15 % 125.79 %
 

ABOUT WHITE RIVER AND COASTAL CREDIT

Founded in 2004, White River is the holding company for Coastal Credit LLC.