In addition, White River has completed repurchases under its prior stock repurchase program originally authorized in October 2008 and reauthorized in November 2009. Under this program, White River was authorized to repurchase up to 500,000 shares of its outstanding common stock, from time to time and subject to market conditions, on the open market or in privately negotiated transactions. As of September 30, 2011, White River has repurchased all 500,000 shares under this program at an average price per share of $15.34.

PROVISION FOR LOAN LOSSES

The consolidated provision for loan losses was $0.9 million compared to $1.6 million for the quarters ended September 30, 2011 and 2010, respectively.

The following table documents the quarterly provision, allowance for loan losses and net charge offs at Coastal Credit for the third quarter 2009 through the third quarter 2011:

 

Quarter
     

Provision

(in millions)
       

Allowance for LoanLosses as a Percent ofFinance Receivables
       

Annualized Net Charge-offsas a Percent ofFinance Receivables
3rd 2011 $0.9 5.83% 2.81%
2nd 2011 $0.7 6.07% 2.99%
1st 2011 $1.1 6.59% 4.14%
4th 2010 $1.3 6.92% 5.40%
3rd 2010 $1.6 7.19% 5.21%
2nd 2010 $1.6 7.33% 5.54%
1st 2010 $1.9 7.42% 6.27%
4th 2009 $2.3 7.44% 7.40%
3rd 2009 $2.2 7.27% 7.62%
 

This provision for loan losses at Coastal Credit reflects management’s assessment of the reserves necessary for the current credit environment.