2015 n o r t h c a r o l i n a
COMMISSIONER OF BANKS
Ray Grace
Commissioner To The Honorable Roy Cooper, Governor
It is my pleasure to submit to you our 2015 Annual Report ("Report") on consumer finance lenders ("CFLs") licensed in North Carolina. The figures in this Report are compiled from unaudited reports submitted by licensees in accordance with N.C.G.S. § 53-184(b).
On December 31, 2015, there were 82 CFLs with 489 branch offices in North Carolina (see Chart A for 5-year trend).
Given the diversity in the size of the CFLs, these companies have been broken down into three segments. Large CFLs are defined as having 40 or more branch locations, medium as those having 7-39 branch locations and small as those having 6 or fewer branch locations.
For the year ended December 31, 2015, CFLs had aggregate outstanding loans of $744,937,019 and stated equity of $242,128,478. Assets of these lenders totaled $923,091,622 in 2015, a 49% decrease from the previous years' $1,815,903,276 (see Chart B for 5-year trend). However, the decline is misleading, as it is a result of misreported data. Certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume distorted the numbers. While in the aggregate the industry experienced a profitable year in 2015, operating losses in 2015 were reported by 33% of CFLs, with Provision for Credit Losses Expense and Interest Expense totaling approximately 33% of Total Operating Income. Income exceeded expenses in medium and small-sized companies.
As a convenience to the public and the industry, this report is also available on the Commissioner of Banks' website at www.nccob.gov.
Roy Cooper
Governor
State of North Carolina
OFFICE OF THE COMMISSIONER OF BANKS
Ray Grace
Commissioner of Banks
Respectfully submitted,
Ray Grace,
Commissioner of Banks
Location: 316 W. Edenton Street, Raleigh, NC 27603
Mailing Address: 4309 Mail Service Center, Raleigh, NC 27699-4309
(919)733-3016 Fax (919)733-6918 Internet: http://www.nccob.gov
An Equal Opportunity/Affirmative Action Employer The North Carolina Consumer Finance Act ............................................................................................... 1
Number of Offices and Assets Comparison .............................................................................................. 2
Licensee Home Offices ............................................................................................................................... 3
Offices by County and Region.................................................................................................................. 10
Consolidated Comparative Balance Sheet .............................................................................................. 20
Consolidated Statement of Income and Expense ................................................................................... 21
Loan Classifications ................................................................................................................................. 22
Other Consumer Finance Loan Data ........................................................................................................ 23
Table Charts.............................................................................................................................................. 24
Changes in Receivables and Related Categories ............................................................................ 24
Income and Expense Comparison for 2011 to 2014 ......................................................................... 24
Income and Expense Comparison by Company Size for 2014 ......................................................... 25
Total Number of Loans Made by Year 2009 to 2014 ........................................................................ 26
Total Dollar Amount of Loans Made by Year 2009 to 2014 .............................................................. 26
Classification of Loans by Size (Number) 2009 to 2014 ................................................................... 27
Loans by Size of Company (Number) for 2014 ................................................................................ 28
Classification of Loans by Size ($Amount) 2009 to 2014.................................................................. 29
Loans by Size of Company ($Amount) for 2014 ............................................................................... 30
Loans by Type of Security (Number) 2009 to 2014 .......................................................................... 31
Loans by Type of Security ($Amount) 2009 to 2014 ......................................................................... 31
Loans by Type of Borrower (Number) 2009 to 2014 ......................................................................... 32
Loans by Type of Borrower ($Amount) 2009 to 2014 ....................................................................... 32
n o r t h c a r o l i n a COMMISSIONER OF BANKS
Table of Contents n o r t h c a r o l i n a COMMISSIONER OF BANKS
The North Carolina Consumer Finance Act
The North Carolina Consumer Finance Act, N.C.G.S. § 53-164 et seq (the Act)., authorizes the Office of the Commissioner of Banks (NCCOB) to license and supervise finance companies that offer installment loans to North Carolina consumers. The Act authorizes interest rates on loans in excess of the limits otherwise applicable under Chapter 24 of the North Carolina General Statutes.
Lenders that do not charge rates in excess of those permitted by Chapter 24 are exempted from the Act. Also exempted are banks, trust companies, savings and loan associations, cooperative credit unions, agricultural credit corporations, production credit associations, pawn brokers, and installment paper dealers.
Amendments to the Act adopted during the 2013 Legislative Session resulted in a revised interest rate structure effective for loans made after July 1, 2013. Due to this change, there were two rate structures in place for loans originated during the period covered by this report.
Loans Made Prior to July 1, 2013. The rates authorized under the Act as it existed prior to July 1, 2013, provided for loans of $3,000 or less made subject to G.S. § 53-173 and loans of $10,000 or less made subject to G.S. § 53-176. Loan terms under both G.S. § 53-173 and G.S. § 53-176 were no less than 6 months and no more than 84 months, payable in substantially equal consecutive monthly installments.
- Licensees subject to G.S. § 53-173 were permitted interest rates of 36% per year on the portion of the unpaid principal balance not exceeding $600 and 15% on the remainder
- Licensees subject to G.S. § 53-176 were permitted interest rates of 30% per year on the unpaid balance not exceeding $1,000 and 18% on the remainder up to $7,500. In addition, loans exceeding $7,500 were restricted to a flat rate of 18% per year.
Loans Made After July 1, 2013. Following the passage of Session Law 2013-162 (Senate Bill 489), rate structures under the Act were consolidated into G.S. § 53-176. NCCOB grandfathered all licensees formerly operating under § 53-173 into § 53-176 in an effort to ease this transition. Under the revised G.S. § 53-176, the maximum loan amount was increased to $15,000 with a minimum term of 12 months and a maximum of 96 months, payable in substantially equal consecutive monthly installments.
- For loans of less than $10,000, all licensees are now permitted to charge 30% per year on the unpaid balance not exceeding $4,000, 24% per year on the principal balance of more than $4,000 and less than $8,000, and 18% on the remainder up to 15,000. Loans of more than $10,000 are restricted to a flat interest rate of 18% per year.
1  Change in 2015 assets due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
n o r t h c a r o l i n a COMMISSIONER OF BANKS
Chart B
Chart A
2011 - 2015
Number of Consumer Finance Offices
2011 - 2015
Consumer Finance Assets Comparison
2 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Consumer Finance Act Licensees
December 31, 2015
Licensee
Home Office
Loan Category
Loans Receivable ($)
Number of
Operating
Locations
G.S. 53-176
1
0*
AC Autopay
1147 Broadway Suite 100
Denver, CO 80203
G.S. 53-176
1
250
Accredited Lending Solutions, Inc.
3953-B Market Street
Wilmington, NC 28403
G.S. 53-176
1
0*
Alcove Lending Specialists, LLC
404 North 3rd Street, Suite 107
Wilmington, NC 28401
G.S. 53-176
2
197,310
Allied Finance Company of Kannapolis, Inc.
2113 Dale Earnhardt Blvd.
Kannapolis, NC 28082
G.S. 53-176
12
24,595,402
Allied Financial Services, Inc.
821 Baxter Street, Suite 307
Charlotte, NC 28202
G.S. 53-176
2
1,962,576
Alpha Finance Company
38 East Cheek Street
Sparta, NC 28675
G.S. 53-176
1
1,308,610
Amity Finance of Kings Mountain, Inc.
219 South Battleground Avenue
Kings Mountain, NC 28086
G.S. 53-176
1
499,346
Amity Finance of Mooresville, Inc.
236 North Main Street
Mooresville, NC 28115
G.S. 53-176
1
871,705
Amity Finance, Inc.
2477 East Ozark Avenue
Gastonia, NC 28054
G.S. 53-176
1
0*
AMS Financial
3836 W. Hwy 74
Monroe, NC 28110
G.S. 53-176
4
4,666,908
Atlantic Discount Corporation
1300 S. Croatan Highway
Kill Devil Hills, NC 27948
3 n o r t h c a r o l i n a COMMISSIONER OF BANKS
G.S. 53-176
1
153,905
ATP Investments, LLC
320 N. Salem Street, Unit 106
Apex, NC 27502
G.S. 53-176
1
422,800
Automatic Financing, Inc.
7048 Knightdale Blvd Suite 100
Knightdale, NC 27545
G.S. 53-176
9
30,741,235
Basic Finance, Inc.
4664 NC Hwy 90 East
Hiddenite, NC 28636
G.S. 53-176
1
1,585,839
Brighter Financial, Inc.
285 N. Talbert Blvd.
Lexington, NC 27292
G.S. 53-176
1
1,425,086
Cape Fear Finance Company, LLC
108 McFarland Avenue
Rossville, GA 30741
G.S. 53-176
1
839,615
Cape Fear Lending Inc.
7050 Market Street
Wilmington, NC 28411
G.S. 53-176
2
3,304,494
Capitol Credit Company
745 Carolina Avenue
Washington, NC 27889
G.S. 53-176
1
435,348
Cardinal Finance Company of Lumberton, Inc.
406 North Chestnut Street
Lumberton, NC 28358
G.S. 53-176
1
1,264,308
Cardinal Finance Company of Whiteville, Inc.
608 S. Madison Street
Whiteville, NC 28472
G.S. 53-176
1
109,763
Carolina Finance Company of Tarboro N.C., Inc.
423 Main Street
Tarboro, NC 27886
G.S. 53-176
6
11,670,244
Century Finance, Inc.
453 Sunset Avenue
Rocky Mount, NC 27804
G.S. 53-176
2
45,930
Choice Loan of Georgia, Inc.
25 Technology Parkway South, Ste. 201
Peachtree Corners, GA 30092
G.S. 53-176
6
7,821,044
Coastal Finance Company, Inc.
4370-A Arendell Street
Morehead City, NC 28557
4 n o r t h c a r o l i n a COMMISSIONER OF BANKS
G.S. 53-176
1
0*
Confident Financial Solutions Inc.
2560 55th Street
Boulder, CO 80301
G.S. 53-176
1
1,970,558
Consumer Financial Services Inc.
119 S. Van Buren Road
Eden, NC 27288
G.S. 53-176
5
10,724,650
Creekside Finance, Inc.
171 West Cornish Road
Blowing Rock, NC 28605
G.S. 53-176
1
0*
Delmarva Funding
9201 Corporate Blvd, Suite #110
Rockville, MD 20850
G.S. 53-176
1
507,884
Eastern Financial Services, LLC
3209 South Memorial Drive
Greenville, NC 27833
G.S. 53-176
1
0*
FCC Finance LLC
17000 N. Dallas Parkway, Ste. 120
Dallas, TX 75248
G.S. 53-176
3
3,686,222
Federal Financial Services, Inc.
116 E. Market
Elkin, NC 28621
G.S. 53-176
4
4,037,754
Future Financial Services, LLC
827 Hardee Road
Kinston, NC 28504
G.S. 53-176
1
897,462
Greene Finance Corporation
141 N. Main Street
Mount Airy, NC 27030
G.S. 53-176
1
1,333,806
Greenville Financial Services, Inc.
3101 S. Memorial Drive
Greenville, NC 27834
G.S. 53-176
1
3,149,362
Hanover Financial Services, Inc.
4230 Market Street
Wilmington, NC 28405
G.S. 53-176
4
3,281,539
Heritage Finance Co., Inc.
687 Rutherford Road
Marion, NC 28752
G.S. 53-176
1
1,049,655
Holiday Finance, Inc.
1410 Dale Earnhardt Blvd.
Kannapolis, NC 28083
G.S. 53-176
12
9,092,565
Home Credit Corporation, Inc.
946 West Andrews Avenue
Henderson, NC 27536
5 n o r t h c a r o l i n a COMMISSIONER OF BANKS
G.S. 53-176
1
997,269
Imperial Finance Company of Mount Olive, Incorporated
507-A N. Breazeale Avenue
Mount Olive, NC 28365
G.S. 53-176
1
322,934
KR Finance, LLC
1834 Startown Road SE
Hickory, NC 28602
G.S. 53-176
1
415,099
Lend Street Financial, Inc.
1714 Franklin Street
Oakland, CA 94612
G.S. 53-176
28
96,750,072
Lendmark Financial Services, LLC
2118 Usher Street
Covington, GA 30014
G.S. 53-176
1
913,126
M & J Loans of Shelby, Inc.
409 S. LaFayette St.
Shelby, NC 28151
G.S. 53-176
1
1,166,427
Macon Credit Company, Inc.
339 Westgate Road
Franklin, NC 28734
G.S. 53-176
35
105,960,344
Mariner Finance North Carolina, Inc.
8211 Town Center Dr.
Nottingham, MD 21236-5904
G.S. 53-176
1
1,814,696
Marion Credit Company, Inc.
216 South Main Street
Marion, NC 28752
G.S. 53-176
1
560,407
Metrolina Credit Company of Burlington, Inc.
2260 South Church Street, Suite 407
Burlington, NC 27216
G.S. 53-176
3
4,186,865
Mid-East Acceptance Corporation of N.C., Inc.
3015 S. Memorial Drive
Greenville, NC 27834
G.S. 53-176
1
0*
Mid-South Finance, LLC
709 W. Front Street
Lillington, NC 27546
G.S. 53-176
3
1,662,503
Mid-State Financial, LLC
3472 Sunset Avenue
Rocky Mount, NC 27804
G.S. 53-176
1
1,511,035
Mitchell Credit Company , Inc.
155 Oak Avenue
Spruce Pine, NC 28777
6 n o r t h c a r o l i n a COMMISSIONER OF BANKS
G.S. 53-176
4
1,580,010
ML Credit Group, LLC
7140A East Independence Blvd
Charlotte, NC 28227
G.S. 53-176
22
30,921,134
National Finance Company, Inc.
1500 South Horner Boulevard
Sanford, NC 27330
G.S. 53-176
6
8,620,709
New Southern Loans, Inc.
112 South Pearl Street
Rocky Mount, NC 27804
G.S. 53-176
6
1,535,232
Nicholas Financial, Inc.
2454 McMullen Booth Rd, Bldg. C Suite 501B
Clearwater, FL 33759
G.S. 53-176
9
7,830,070
North State Acceptance, L.L.C.
2305 East Millbrook Road
Raleigh, NC 27604
G.S. 53-176
2
8,136,238
Omni Financial of North Carolina, Inc.
One Radisson Plaza, Suite 804
New Rochelle, NY 10801
G.S. 53-176
1
35,644
OneMain Consumer Loan, Inc. **
970 Branchview Dr, NE, Suite 130
Concord, NC 28025
G.S. 53-176
79
77,351,546
OneMain Financial Group, LLC
300 St. Paul Place, BSP17D
Baltimore, MD 21202
G.S. 53-176
69
49,097,995
OneMain Financial of America, Inc.
601 NW Second Street
Evansville, IN 47701-0059
G.S. 53-176
2
361,256
Port City Finance Company LLC
5733 Oleander Drive
Wilmington, NC 28403
G.S. 53-176
7
1,182,848
Professional Financial Services of North Carolina, LLC
181 Security Place
Spartanburg, SC 29307
G.S. 53-176
2
1,919,400
Quality Finance Co., Inc.
2026 W. US 70 Highway
Goldsboro, NC 27530
G.S. 53-176
36
77,470,106
Regional Finance Corporation of North Carolina
979 Batesville Road, Suite B
Greer, SC 29651
7
** OneMain Consumer Loan, Inc. resulted from a merger between Springleaf Financial Services of America, Inc. and OneMain Financial Services, Inc. n o r t h c a r o l i n a COMMISSIONER OF BANKS
G.S. 53-176
4
4,711,880
Royalty Management Corporation
200 South Broad Street
Edenton, NC 27932
G.S. 53-176
1
1,444,516
Sandhill Finance Company, Inc.
Cross Pointe Place, 1701 North Sandhills Blvd.
Aberdeen, NC 28315
G.S. 53-176
1
2,542,168
Security Credit Corporation
710 S. Brightleaf Blvd.
Smithfield, NC 27577
G.S. 53-176
1
1,356,355
Select Acceptance Corporation
3004 S. Memorial Drive
Greenville, NC 27834
G.S. 53-176
5
8,675,451
Southern Loans, Inc.
112 S. Pearl Street
Rocky Mount, NC 27804
G.S. 53-176
1
110,392
Steele Financial Services, Inc.
143 N. Main Street, Suite 3
Kernersville, NC 27284
G.S. 53-176
1
135,633
The Money Shoppe, Inc.
211 N. Main Street
Graham, NC 27253
G.S. 53-176
22
79,382,383
Time Investment Corporation
1501-C W. Arlington Blvd.
Greenville, NC 27835
G.S. 53-176
2
3,324,152
Trophy Financial, Inc.
452 S. Main Street
Laurinburg, NC 28352
G.S. 53-176
1
1,974,357
Turner Finance Co., Inc.
2418 North Main Avenue
Newton, NC 28658
G.S. 53-176
1
190,417
Universal Acceptance Corporation
2600 Discovery Drive
Raleigh, NC 27616
G.S. 53-176
5
8,886,292
Universal Finance, Inc.
141 West Main Street
Forest City, NC 28043
G.S. 53-176
3
2,587,442
Wagner Financial Services, Inc.
175 Jonestown Road
Winston-Salem, NC 27104
8 n o r t h c a r o l i n a COMMISSIONER OF BANKS
G.S. 53-176
17
11,017,468
Welcome Finance Company , Inc.
112 West Center Street
Mebane, NC 27302
G.S. 53-176
1
1,700,323
Westlake Direct, LLC
4751 Wilshire Blvd., Suite 100
Los Angeles, CA 90010
G.S. 53-176
1
398,601
Whitestone Financial CPS Inc.
1713 Spring Garden St.
Greensboro, NC 27403
G.S. 53-176
1
149,886
Whitestone Financial, Inc.
1796 Silas Creek Parkway
Winston-Salem, NC 27103
G.S. 53-176
1
393,163
WNC Credit Company, Inc.
48 N. Church Street
Murphy, NC 28906
$744,937,019
489
TOTALS
* Licensed as of December 31, 2015. However, no loans receivable were on licensee's books as of this date.
9 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Mountain
Number of Consumer Finance Offices by Region and County
Alleghany
1
Alleghany
1
Alleghany
1
Alleghany
1
Alleghany
1
Alleghany
1
Ashe
4
Ashe
4
Ashe
4
Ashe
4
Ashe
4
Ashe
4
Buncombe
10
Buncombe
10
Buncombe
10
Buncombe
10
Buncombe
10
Buncombe
10
Burke
5
Burke
5
Burke
5
Burke
5
Burke
5
Burke
5
Caldwell
6
Caldwell
6
Caldwell
6
Caldwell
6
Caldwell
6
Caldwell
6
Cherokee
3
Cherokee
3
Cherokee
3
Cherokee
3
Cherokee
3
Cherokee
3
Haywood
5
Haywood
5
Haywood
5
Haywood
5
Haywood
5
Haywood
5
Henderson
6
Henderson
6
Henderson
6
Henderson
6
10 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Henderson
6
Henderson
6
Lincoln
3
Lincoln
3
Lincoln
3
Lincoln
3
Lincoln
3
Lincoln
3
Macon
3
Macon
3
Macon
3
Macon
3
Macon
3
Macon
3
Mitchell
2
Mitchell
2
Mitchell
2
Mitchell
2
Mitchell
2
Mitchell
2
Transylvania
1
Transylvania
1
Transylvania
1
Transylvania
1
Transylvania
1
Transylvania
1
Watauga
2
Watauga
2
Watauga
2
Watauga
2
Watauga
2
Watauga
2
Wilkes
6
Wilkes
6
Wilkes
6
Wilkes
6
Wilkes
6
Wilkes
6
Yancey
2
Yancey
2
Yancey
2
Yancey
2
Yancey
2
Yancey
2
Less than 20,000
20,000 - 50,000
50,000 - 80,000
80,000 - 200,000
200,000 - 500,000
Greater than 500,000
Population **
** 2015 Provisional County Population Estimates (www.osbm.state.nc.us/ncosbm/facts_and_figures)
11 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Piedmont
Number of Consumer Finance Offices by Region and County
Alamance
14
Alamance
14
Alamance
14
Alamance
14
Alamance
14
Alamance
14
Alexander
2
Alexander
2
Alexander
2
Alexander
2
Alexander
2
Alexander
2
Anson
1
Anson
1
Anson
1
Anson
1
Anson
1
Anson
1
Cabarrus
10
Cabarrus
10
Cabarrus
10
Cabarrus
10
Cabarrus
10
Cabarrus
10
Catawba
14
Catawba
14
Catawba
14
Catawba
14
Catawba
14
Catawba
14
Cleveland
8
Cleveland
8
Cleveland
8
Cleveland
8
Cleveland
8
Cleveland
8
Davidson
3
Davidson
3
Davidson
3
Davidson
3
Davidson
3
Davidson
3
Davie
2
Davie
2
Davie
2
Davie
2
12 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Davie
2
Davie
2
Durham
6
Durham
6
Durham
6
Durham
6
Durham
6
Durham
6
Forsyth
19
Forsyth
19
Forsyth
19
Forsyth
19
Forsyth
19
Forsyth
19
Franklin
3
Franklin
3
Franklin
3
Franklin
3
Franklin
3
Franklin
3
Gaston
8
Gaston
8
Gaston
8
Gaston
8
Gaston
8
Gaston
8
Granville
1
Granville
1
Granville
1
Granville
1
Granville
1
Granville
1
Guilford
20
Guilford
20
Guilford
20
Guilford
20
Guilford
20
Guilford
20
Iredell
11
Iredell
11
Iredell
11
Iredell
11
Iredell
11
Iredell
11
Lee
4
Lee
4
Lee
4
Lee
4
Lee
4
Lee
4
13 n o r t h c a r o l i n a COMMISSIONER OF BANKS
McDowell
5
McDowell
5
McDowell
5
McDowell
5
McDowell
5
McDowell
5
Mecklenburg
16
Mecklenburg
16
Mecklenburg
16
Mecklenburg
16
Mecklenburg
16
Mecklenburg
16
Moore
5
Moore
5
Moore
5
Moore
5
Moore
5
Moore
5
Person
2
Person
2
Person
2
Person
2
Person
2
Person
2
Randolph
3
Randolph
3
Randolph
3
Randolph
3
Randolph
3
Randolph
3
Richmond
8
Richmond
8
Richmond
8
Richmond
8
Richmond
8
Richmond
8
Rockingham
10
Rockingham
10
Rockingham
10
Rockingham
10
Rockingham
10
Rockingham
10
Rowan
7
Rowan
7
Rowan
7
Rowan
7
Rowan
7
Rowan
7
Rutherford
5
Rutherford
5
14 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Rutherford
5
Rutherford
5
Rutherford
5
Rutherford
5
Stanly
5
Stanly
5
Stanly
5
Stanly
5
Stanly
5
Stanly
5
Surry
8
Surry
8
Surry
8
Surry
8
Surry
8
Surry
8
Union
7
Union
7
Union
7
Union
7
Union
7
Union
7
Vance
8
Vance
8
Vance
8
Vance
8
Vance
8
Vance
8
Wake
28
Wake
28
Wake
28
Wake
28
Wake
28
Wake
28
Yadkin
2
Yadkin
2
Yadkin
2
Yadkin
2
Yadkin
2
Yadkin
2
Less than 20,000
20,000 - 50,000
50,000 - 80,000
80,000 - 200,000
200,000 - 500,000
Greater than 500,000
Population **
** 2015 Provisional County Population Estimates (www.osbm.state.nc.us/ncosbm/facts_and_figures)
15 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Coastal
Number of Consumer Finance Offices by Region and County
Beaufort
5
Beaufort
5
Beaufort
5
Beaufort
5
Beaufort
5
Beaufort
5
Brunswick
2
Brunswick
2
Brunswick
2
Brunswick
2
Brunswick
2
Brunswick
2
Carteret
4
Carteret
4
Carteret
4
Carteret
4
Carteret
4
Carteret
4
Chowan
2
Chowan
2
Chowan
2
Chowan
2
Chowan
2
Chowan
2
Columbus
4
Columbus
4
Columbus
4
Columbus
4
Columbus
4
Columbus
4
Craven
5
Craven
5
Craven
5
Craven
5
Craven
5
Craven
5
Cumberland
15
Cumberland
15
Cumberland
15
Cumberland
15
Cumberland
15
Cumberland
15
Currituck
1
Currituck
1
Currituck
1
Currituck
1
16 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Currituck
1
Currituck
1
Dare
1
Dare
1
Dare
1
Dare
1
Dare
1
Dare
1
Duplin
4
Duplin
4
Duplin
4
Duplin
4
Duplin
4
Duplin
4
Edgecombe
3
Edgecombe
3
Edgecombe
3
Edgecombe
3
Edgecombe
3
Edgecombe
3
Greene
1
Greene
1
Greene
1
Greene
1
Greene
1
Greene
1
Halifax
9
Halifax
9
Halifax
9
Halifax
9
Halifax
9
Halifax
9
Harnett
6
Harnett
6
Harnett
6
Harnett
6
Harnett
6
Harnett
6
Hertford
4
Hertford
4
Hertford
4
Hertford
4
Hertford
4
Hertford
4
Hoke
1
Hoke
1
Hoke
1
Hoke
1
Hoke
1
Hoke
1
17 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Johnston
9
Johnston
9
Johnston
9
Johnston
9
Johnston
9
Johnston
9
Lenoir
5
Lenoir
5
Lenoir
5
Lenoir
5
Lenoir
5
Lenoir
5
Martin
3
Martin
3
Martin
3
Martin
3
Martin
3
Martin
3
Nash
10
Nash
10
Nash
10
Nash
10
Nash
10
Nash
10
New Hanover
19
New Hanover
19
New Hanover
19
New Hanover
19
New Hanover
19
New Hanover
19
Onslow
8
Onslow
8
Onslow
8
Onslow
8
Onslow
8
Onslow
8
Pasquotank
5
Pasquotank
5
Pasquotank
5
Pasquotank
5
Pasquotank
5
Pasquotank
5
Pitt
16
Pitt
16
Pitt
16
Pitt
16
Pitt
16
Pitt
16
Robeson
9
Robeson
9
18 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Robeson
9
Robeson
9
Robeson
9
Robeson
9
Sampson
4
Sampson
4
Sampson
4
Sampson
4
Sampson
4
Sampson
4
Scotland
5
Scotland
5
Scotland
5
Scotland
5
Scotland
5
Scotland
5
Washington
1
Washington
1
Washington
1
Washington
1
Washington
1
Washington
1
Wayne
9
Wayne
9
Wayne
9
Wayne
9
Wayne
9
Wayne
9
Wilson
7
Wilson
7
Wilson
7
Wilson
7
Wilson
7
Wilson
7
Less than 20,000
20,000 - 50,000
50,000 - 80,000
80,000 - 200,000
200,000 - 500,000
Greater than 500,000
Population **
** 2015 Provisional County Population Estimates (www.osbm.state.nc.us/ncosbm/facts_and_figures)
19  Change in 2015 assets due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
n o r t h c a r o l i n a COMMISSIONER OF BANKS
Consolidated Balance Sheet
January 1, 2015 - December 31, 2015
Assets
2014
$ 31,247,843
$ 53,708,381
Cash
Loans Receivable
744,937,019
1,055,571,270
Less Reserve for Loan Losses
39,790,944
68,563,067
Net Loans Receivable
705,146,075
987,008,203
Real Estate
1,807,383
1,816,710
Furniture and Equipment
17,022,327
12,407,294
Unamortized Fee
15,121,293
-3,060,439
Other Assets
130,286,163
786,483,665
$ 1,815,903,276
$ 923,091,622
Total Assets
Liabilities, Net Worth and Shareholders' Equity
Accounts and Notes Payable
$ 223,655,802
$ 296,945,650
(a) Banks and other lending institutions
(b) Parent company or affiliates
262,363,862
1,092,989,287
(c) Other
68,711,937
89,744,423
Total Accounts and Notes Payable
628,021,449
1,406,389,512
Other Liabilities
52,941,695
82,213,023
Total Liabilities
680,963,144
1,488,602,535
Net Worth and Shareholders' Equity
242,128,478
327,300,741
$ 1,815,903,276
$ 923,091,622
Total Liabilities, Worth and Shareholders' Equity
20
2015 * n o r t h c a r o l i n a COMMISSIONER OF BANKS
Consolidated Statement of Income and Expense
January 1, 2015 - December 31, 2015
2015
Income
Interest Collected and Earned on Loans under 53-176
$ 168,102,758
Loan Processing Fees Under G.S. 53-176(b)
11,452,025
Insurance Income, Including Origination Fees
19,508,366
NSF Income
669,579
Late Fee Income
12,997,216
Deferral Charge Income
-2,755,492
Other Income
32,984,338
Total Income
$ 242,958,790
Expenses
Salaries, wages, and benefits
$ 72,546,549
Occupancy expense
12,436,816
Depreciation and amortization
2,100,792
Interest Expense
30,367,824
Provision for credit losses
50,992,914
Information Technology Services
3,954,845
Product Management Services
2,984,086
Administrative Expenses
39,609,496
Management Fees
2,135,431
Provision for State & Local Taxes
831,067
Other expenses
22,776,288
Total Expenses, Before Income Taxes
$ 240,736,108
Net Income, Before Income Taxes
$ 2,222,682
Income Taxes (tax credits are entered as negative)
-4,137,658
Net Income
$ 6,360,340
21 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Loan Classifications
January 1, 2015 - December 31, 2015
Loan Balances
Amount
Number
$ 728,400,778
333,082
Loans Receivable, Beginning of Year*
1,269,737,046
438,615
Loans Made During the Year
84,580,120
15,613
Loan Balances Purchased During the Year
57,041,396
6,195
Loan Balances Sold During the Year
54,758,943
32,922
Loan Balances Charged Off During the Year
1,225,980,586
0
Collections of Principal During the Year
$ 744,937,019
317,943
Loans Receivable Outstanding at End of Period
Loans By Size
Amount
Number
Loans Made During the Year
$ 4,187,149
8,006
(a) $600.00 or less
26,274,073
32,466
(b) $600.01 to $1,000.00
454,996,105
256,020
(c) $1,000.01 to $3,000.00
271,880,627
72,879
(d) $3,000.01 to $5,000.00
262,115,998
43,485
(e) $5,000.01 to $7,500.00
138,733,370
16,301
(f) $7,500.01 to $10,000.00
72,878,181
6,714
(g) $10,000.01 to $12,500.00
38,671,543
2,744
(h) $12,500.01 to $15,000.00
$ 1,269,737,046
438,615
Total Loans Made
Loans By Type of Security
Amount
Number
Loans Made During the Year
$ 567,306,754
233,159
(a) Personal property
217,170,037
68,762
(b) Signature endorsement
465,928,899
131,371
(c) Motor vehicles
19,331,356
5,323
(d) Other consideration
$ 1,269,737,046
438,615
Total Loans Made During the Period
Loans By Type of Borrower
Amount
Number
Loans Made During the Year
$ 828,895,186
276,112
(a) Which renewed existing accounts
156,796,488
66,589
(b) To former borrowers
284,045,372
95,914
(c) To new borrowers
$ 1,269,737,046
438,615
Total Loans Made During the Period
* Does not match prior years' published chart for loans outstanding at end of period due to unreported disposition of loan balances by companies no longer licensed at reporting date.
22 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Other Consumer Finance Loan Data
January 1, 2015 - December 31, 2015
Number of Loan Applications:
Number
(a) Approved *
407,808
(b) Withdrawn
28,341
(c) Denied
460,753
Loans with specified fees collected:
Number
Amount
(a) Processing fees
356,768
$ 11,155,340
(b) UCC-1
31,199
703,864
(c) Returned check fees
24,451
670,374
(d) Non-Filing fees: Third Party
117,560
3,558,222
(e) Non-Filing fees: Self Insurance
63,665
1,900,631
(f) Insurance Origination fees
343,772
1,458,582
Loans with credit insurance and net premiums collected
Number
Premiums Charged
(a) Credit life insurance
319,661
$ 15,031,465
(b) Credit accident and health insurance
161,253
24,171,466
(c) Credit unemployment insurance
142,631
19,283,614
(d) Credit property insurance
244,256
9,681,540
As of December 31, total number and amount of loans:
Number
Amount
(a) Current or less than 30 days past due
286,906
$ 679,828,368
(b) 30-59 days past due
8,840
16,605,749
(c) 60-89 days past due
4,111
7,627,072
(d) 90 + days past due
12,626
22,187,882
Defaults, reposessions and filing insurance:
Number
Amount
(a) Charged-off or otherwise uncollectable during year
35,097
$ 78,539,731
(b) Recoveries
17,341
4,479,935
(c) Where collateral was repossessed
2,123
5,308,232
(d) Where claim made against non-filing insurance policy
2,525
6,858,105
* Approved applications do not necessarily reflect loans made in this reporting period.
23 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Changes in Receivables and Related Categories % of change
2015 *
2014
(42)
$744,937,019
$1,055,571,270 Loan Receivables
(72)
$39,790,944
$68,563,067 Loan Loss Reserves
(97)
$923,091,622
$1,815,903,276 Total Assets
(119)
$680,963,144
$1,488,602,535 Total Liabilities
(35)
$242,128,478
$327,300,741 Net Worth of Firms
Income and Expense Comparison 2015 *
2014
2013
$242,958,790
$607,980,905
$421,998,004 Income
$240,736,108
$479,214,707
$343,007,734 Expense
2013
2014
2015
24
* Change in 2015 numbers are due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
n o r t h c a r o l i n a COMMISSIONER OF BANKS
Income and Expense Comparison by Company Size for 2015
Expense Totals
Income Totals
$68,892,245
$48,336,201 Large Companies (40 or more locations)
$123,315,832
$137,188,537 Medium Companies (7-39 locations)
$48,528,031
$57,434,052 Small Companies (6 or less locations)
Income Totals
Expense Totals
25 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Total Number of Loans Made by Year
2011
2012
2013
2014
2015 *
461,588
489,464
553,432
528,479
438,615 TotalLoanCount
2011
2012
2013
2014
2015
Total Dollar Amount of Loans Made by Year
2011
2012
2013
2014
2015 *
$1,233,173,285
$1,297,270,429
$1,618,388,309
$1,664,759,350
$1,269,737,046 Total Loans Made
2011
2012
2013
2014
2015
26
* Change in 2015 numbers are due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
n o r t h c a r o l i n a COMMISSIONER OF BANKS
Classification of Loans by Size (Number)
2011
2012
2013
2014
2015 *
15,242
14,948
11,430
9,475
8,006 $600 or Less
36,237
37,113
43,631
40,866
32,466 Over $600 to $1,000
279,592
300,492
324,807
292,794
256,020 Over $1,000 to $3,000
64,091
69,401
80,881
81,972
72,879 Over $3,000 to $5,000
38,909
41,174
48,439
53,903
43,485 Over $5,000 to $7,500
27,517
26,336
30,828
31,483
16,301 Over $7,500 to $10,000
0
0
11,636
15,654
6,714 Over $10,000 to $12,500
0
0
1,780
2,332
2,744 Over $12,500 to $15,000
2011
2012
2013
2014
2015
27
* Change in 2015 numbers are due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
n o r t h c a r o l i n a COMMISSIONER OF BANKS
2015 Loans by Size of Company (Number) Small companies (6 or less locations
Medium Companies (7-39 locations)
Large Companies (40 or more locations)
5,118
2,868
20 $600 or Less
11,922
20,515
29 Over $600 to $1,000
45,443
190,869
19,708 Over $1,000 to $3,000
9,844
39,143
23,892 Over $3,000 to $5,000
3,944
15,604
23,937 Over $5,000 to $7,500
1,553
3,937
10,811 Over $7,500 to $10,000
548
873
5,293 Over $10,000 to $12,500
392
403
1,949 Over $12,500 to $15,000
Large Companies (40 or more locations)
Medium Companies (7-39 locations)
Small companies (6 or less locations
28 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Classification of Loans by Size ($ Amount)
2011
2012
2013
2014
2015 *
$7,508,804
$7,336,530
$5,763,357
$4,963,269
$4,187,149 $600 or Less
$29,103,800
$29,706,113
$34,357,312
$33,103,887
$26,274,073 Over $600 to $1,000
$483,447,900
$525,252,719
$569,317,489
$518,051,791
$454,996,105 Over $1,000 to $3,000
$241,910,013
$261,934,258
$304,095,955
$307,896,581
$271,880,627 Over $3,000 to $5,000
$235,036,575
$247,517,823
$294,573,372
$330,368,375
$262,115,998 Over $5,000 to $7,500
$236,166,193
$225,522,986
$262,859,907
$273,830,809
$138,733,370 Over $7,500 to $10,000
$0
$0
$123,512,268
$165,753,609
$72,878,181 Over $10,000 to $12,500
$0
$0
$23,908,649
$30,791,029
$38,671,543 Over $12,500 to $15,000
2011
2012
2013
2014
2015
29
* Change in 2015 numbers are due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
n o r t h c a r o l i n a COMMISSIONER OF BANKS
2015 Loans by Size of Company ($ Amount) Small companies (6 or less locations
Medium Companies (7-39 locations)
Large Companies (40 or more locations)
$2,647,705
$1,529,352
$10,092 $600 or Less
$9,472,602
$16,777,134
$24,337 Over $600 to $1,000
$78,653,973
$336,803,299
$39,538,833 Over $1,000 to $3,000
$36,855,900
$143,337,793
$91,686,934 Over $3,000 to $5,000
$23,743,275
$93,098,389
$145,274,334 Over $5,000 to $7,500
$13,548,262
$33,599,021
$91,586,087 Over $7,500 to $10,000
$6,034,779
$9,575,601
$57,267,801 Over $10,000 to $12,500
$5,926,360
$5,568,780
$27,176,403 Over $12,500 to $15,000
Large Companies (40 or more locations)
Medium Companies (7-39 locations)
Small companies (6 or less locations
30 n o r t h c a r o l i n a COMMISSIONER OF BANKS
Loans by Type of Security (Number)
2011
2012
2013
2014
2015 *
296,540
300,719
352,902
246,968
233,159 Personal Property
54,203
74,665
79,193
119,828
68,762 Signature Endorsement
98,777
102,157
112,835
155,593
131,371 Motor Vehicles
12,068
11,923
8,034
6,090
5,323 Other Considerations
2011
2012
2013
2014
2015
Loans by Type of Security ($ Amount)
2011
2012
2013
2014
2015 *
$663,179,791
$658,689,460
$780,357,579
$561,231,719
$567,306,754 Personal Property
$250,068,561
$295,396,783
$452,255,169
$575,003,692
$217,170,037 Signature Endorsement
$286,206,964
$309,364,478
$361,872,191
$508,979,808
$465,928,899 Motor Vehicles
$33,717,969
$33,819,708
$22,814,629
$19,544,131
$19,331,356 Other Considerations
2011
2012
2013
2014
2015
31
* Change in 2015 numbers are due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
n o r t h c a r o l i n a COMMISSIONER OF BANKS
Loans by Type of Borrower (Number)
2011
2012
2013
2014
2015 *
303,744
328,958
352,514
358,523
276,112 Renewed Existing Accounts
55,369
60,384
77,319
68,358
66,589 Former Borrowers
102,475
100,122
123,131
101,598
95,914 New Borrowers
2011
2012
2013
2014
2015
Loans by Type of Borrower ($ Amount)
2011
2012
2013
2014
2015 *
$829,065,690
$898,376,979
$1,011,903,306
$1,126,296,110
$828,895,186 Renewed Existing Accounts
$128,159,207
$130,563,648
$196,349,046
$174,216,822
$156,796,488 Former Borrowers
$275,948,388
$268,329,802
$409,047,216
$364,246,418
$284,045,372 New Borrowers
2011
2012
2013
2014
2015
* Change in 2015 numbers are due to misreported data by certain licensees involved in mergers and lenders reporting national loan volume rather than North Carolina-specific loan volume.
32