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)
                     
September 30, December 31, September 30,
2011 2010 2010
$ % $ % $ %
 
Finance receivables - gross balance $ 133,928 $ 119,788 $ 118,898
 
Delinquencies:
30-59 days $ 1,225 0.9 % $ 1,209 1.0 % $ 1,025 0.9 %
60-89 days 512 0.4 % 538 0.4 % 552 0.5 %
90+ days   442 0.3 %   354 0.3 %   630 0.5 %
Total delinquencies $ 2,179 1.6 % $ 2,101 1.8 % $ 2,207 1.9 %
 
               
 
Coastal Credit LLC
Allowance for Loan Losses - Finance Receivables
(in thousands except percentages)
 

Quarters Ended September 30,

Nine Months Ended September 30,
2011 2010 2011 2010
Balance at beginning of period $ 7,703 $ 8,345 $ 8,153 $ 8,085
Charge-offs (1,614 ) (2,062 ) (5,051 ) (6,453 )
Recoveries 686 539 1,924 1,613
Provision for loan losses   928     1,583     2,677     5,160  
 
Balance at the end of the period $ 7,703   $ 8,405   $ 7,703   $ 8,405  
 
Finance receivables, net of unearned finance charges $ 132,070 $ 116,944 $ 132,070 $ 116,944
 
Allowance for loan losses as a percent of finance receivables, net of unearned finance charges 5.83 % 7.19 % 5.83 % 7.19 %
 
Annualized net charge-offs as a percent of finance receivables, net of unearned finance charges 2.81 % 5.21 % 3.16 % 5.52 %
 
Allowance for loan losses as a percent of annualized net charge-offs 207.52 % 137.97 % 184.75 % 130.24 %
 
 

ABOUT WHITE RIVER AND COASTAL CREDIT

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