South Carolina
|
570425114
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
108
Frederick Street
Greenville, South
Carolina
|
29607
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
(864)
298-9800
|
||
(Registrant's
telephone number, including area
code)
|
Title of Each
Class
|
Name of Each Exchange on Which Registered
|
|
Common
Stock, no par value
|
The
NASDAQ Stock Market LLC
|
|
(NASDAQ
Global Select Market)
|
Large
accelerated filer o
|
Accelerated
filer x
|
|
Non-accelerated
filer o
|
Smaller reporting company o | |
(Do not check if smaller reporting company) |
Item
No.
|
Page
|
|
PART
I
|
||
1.
|
Business
|
1
|
1A.
|
Risk
Factors
|
9
|
1B.
|
Unresolved
Staff Comments
|
14
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2.
|
Properties
|
14
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3.
|
Legal
Proceedings
|
14
|
4.
|
Submission
of Matters to a Vote of Security Holders
|
14
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PART
II
|
||
5.
|
Market
for Registrant's Common Equity, Related Stockholder Matters and
Issuer
Purchases of
Equity Securities
|
14
|
6.
|
Selected
Financial Data
|
15
|
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
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7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
26
|
8.
|
Financial
Statements and Supplementary Data
|
27
|
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
55
|
9A.
|
Controls
and Procedures
|
55
|
|
||
9B.
|
Other
Information
|
55
|
|
||
PART
III
|
|
|
|
||
10.
|
Directors,
Executive Officers and Corporate Governance
|
56
|
|
||
11.
|
Executive
Compensation
|
56
|
|
||
12.
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
56
|
|
||
13.
|
Certain
Relationships and Related Transactions, and Director
Independence
|
56
|
|
||
14.
|
Principal
Accountant Fees and Services
|
57
|
|
||
PART
IV
|
|
|
|
||
15.
|
Exhibits
and Financial Statement Schedules
|
57
|
At
March 31,
|
|||||||||||||||||||||||||||||||
State
|
1999
|
|
2000
|
|
2001
|
|
2002
|
|
2003
|
|
2004
|
|
2005
|
|
2006
|
|
2007
|
|
2008
|
||||||||||||
South
Carolina
|
63
|
63
|
62
|
62
|
65
|
65
|
65
|
68
|
89
|
92
|
|||||||||||||||||||||
Georgia
|
49
|
48
|
48
|
52
|
52
|
74
|
76
|
74
|
96
|
97
|
|||||||||||||||||||||
Texas
|
131
|
135
|
135
|
136
|
142
|
150
|
164
|
168
|
183
|
204
|
|||||||||||||||||||||
Oklahoma
|
40
|
43
|
43
|
46
|
45
|
47
|
51
|
58
|
62
|
70
|
|||||||||||||||||||||
Louisiana
|
20
|
21
|
20
|
20
|
20
|
20
|
20
|
24
|
28
|
34
|
|||||||||||||||||||||
Tennessee
|
30
|
35
|
38
|
40
|
45
|
51
|
55
|
61
|
72
|
80
|
|||||||||||||||||||||
Illinois
|
20
|
30
|
30
|
29
|
28
|
30
|
33
|
37
|
40
|
58
|
|||||||||||||||||||||
Missouri
|
16
|
18
|
22
|
22
|
22
|
26
|
36
|
38
|
44
|
49
|
|||||||||||||||||||||
New
Mexico
|
10
|
13
|
12
|
12
|
16
|
19
|
20
|
22
|
27
|
32
|
|||||||||||||||||||||
Kentucky
(1)
|
-
|
4
|
10
|
22
|
30
|
30
|
36
|
41
|
45
|
52
|
|||||||||||||||||||||
Alabama
(2)
|
-
|
-
|
-
|
-
|
5
|
14
|
21
|
26
|
31
|
35
|
|||||||||||||||||||||
Colorado
(3)
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
-
|
-
|
-
|
|||||||||||||||||||||
Mexico
(4)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3
|
15
|
35
|
|||||||||||||||||||||
Total
|
379
|
410
|
420
|
441
|
470
|
526
|
579
|
620
|
732
|
838
|
(1) |
The
Company commenced operations in Kentucky in March
2000.
|
(2) |
The
Company commenced operations in Alabama in January
2003.
|
(3)
|
The
Company commenced operations in Colorado in August 2004 and ceased
operations in April 2005.
|
(4)
|
The
Company commenced operations in Mexico in September
2005.
|
At
March 31,
|
|||||||||||||||||||||||||||||||
State
|
1999
|
|
2000
|
|
2001
|
|
2002
|
|
2003
|
|
2004
|
|
2005
|
|
2006
|
|
2007
|
|
2008
|
||||||||||||
South
Carolina
|
22
|
%
|
21
|
%
|
21
|
%
|
19
|
%
|
15
|
%
|
14
|
%
|
12
|
%
|
11
|
%
|
13
|
%
|
12
|
%
|
|||||||||||
Georgia
|
16
|
15
|
12
|
12
|
12
|
13
|
13
|
13
|
14
|
15
|
|||||||||||||||||||||
Texas
|
31
|
28
|
25
|
24
|
23
|
21
|
20
|
24
|
23
|
22
|
|||||||||||||||||||||
Oklahoma
|
7
|
6
|
6
|
5
|
5
|
5
|
5
|
6
|
5
|
5
|
|||||||||||||||||||||
Louisiana
|
4
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Tennessee
|
12
|
13
|
11
|
12
|
14
|
15
|
18
|
15
|
15
|
14
|
|||||||||||||||||||||
Illinois
|
3
|
4
|
5
|
5
|
5
|
5
|
5
|
5
|
6
|
6
|
|||||||||||||||||||||
Missouri
|
2
|
3
|
4
|
5
|
5
|
6
|
6
|
6
|
5
|
6
|
|||||||||||||||||||||
New
Mexico
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Kentucky
(1)
|
-
|
4
|
10
|
12
|
13
|
12
|
12
|
11
|
9
|
9
|
|||||||||||||||||||||
Alabama
(2)
|
-
|
-
|
-
|
-
|
2
|
3
|
3
|
3
|
3
|
3
|
|||||||||||||||||||||
Colorado
(3)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Mexico
(4)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
2
|
|||||||||||||||||||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
(1)
|
The
Company commenced operations in Kentucky in March
2000.
|
(2) |
The
Company commenced operations in Alabama in January
2003.
|
(3) |
The
Company commenced operations in Colorado in August 2004 and ceased
operations in April 2005.
|
(4) |
The
Company commenced operations in Mexico in September
2005.
|
Total Number
|
|
Average Gross Loan
|
|
||||
|
|
of Loans
|
|
Balance
|
|||
South
Carolina
|
80,297
|
$
|
903
|
||||
Georgia
|
76,846
|
1,147
|
|||||
Texas
|
192,539
|
687
|
|||||
Oklahoma
|
44,005
|
737
|
|||||
Louisiana
|
21,767
|
785
|
|||||
Tennessee
|
80,060
|
1,049
|
|||||
Illinois
|
36,828
|
911
|
|||||
Missouri
|
33,857
|
1,041
|
|||||
New
Mexico
|
23,029
|
792
|
|||||
Kentucky
|
40,441
|
1,272
|
|||||
Alabama
|
23,640
|
862
|
|||||
Mexico
|
30,326
|
467
|
|||||
Total
|
683,635
|
$
|
877
|
Period
of Service as Executive Officer and
|
||||
Pre-executive
Officer Experience (if an
|
||||
Name
and Age
|
Position
|
Executive
Officer for Less Than Five Years)
|
||
A.
Alexander McLean, III (56)
|
Chief
Executive Officer;
Chairman
and Director
|
Chief
Executive Officer since March 2006; Executive
Vice
President from August 1996 until March 2006;
Senior
Vice President from July 1992 until August
1996;
CFO from June 1989 until March 2006; Director
since
June 1989; and Chairman since August 2007
|
||
Kelly
M. Malson (37)
|
Vice
President and Chief
Financial
Officer
|
Vice
President and CFO since March 2006; Vice
President
of Internal Audit from September 2005 to March 2006; Financial
Compliance
Manager,
Itron
Inc., from July 2004 to August 2005; Senior
Manager,
KPMG LLP from April 2002 until July
2004
|
Mark
C. Roland (51)
|
President
and Chief Operating
Officer and
Director
|
President
since March 2006; Chief Operating
Officer
since April 2005; Executive Vice
President
from April 2002 to March 2006; Senior Vice
President
from January 1996 to April 2002
|
||
Jeff
Tinney (45)
|
Senior
Vice President,
Western
Division
|
Senior
Vice President, Western Division, since
June
2007; Vice President, Operations – Texas and New
Mexico
from June 2001 to June 2007; Vice President,
Operations
– Texas and Louisiana from April 1998 to
June
2001; Vice President, Operations – Louisiana from January 1997 to April
1998
|
||
Daniel
Clinton Dyer (35)
|
Senior
Vice President,
Central
Division
|
Senior
Vice President, Central Division since
June
2005; Vice President, Operations –
Tennessee
and Missouri from April 2002 to June
2005;
Supervisor of Nashville District from September
2001
to March 2002; Manager in Nashville from January
1997
to August 2001
|
||
James
Daniel Walters (40)
|
Senior
Vice President,
Southern
Division
|
Senior
Vice President, Southern Division since
April
2005; Vice President, Operations – South
Carolina
and Alabama from August 1998 to
March
2005.
|
||
Francisco
J. Sauza (53)
|
Senior
Vice President
|
Vice
President of Operations since April 2005; President of Border Consulting
Group from July 2004 to March 2005; Senior Manager of KPMG and
BearingPoint Consulting from January 2000 to June 2004; Partner
of Atlanta
Consulting Group from February 1998 to January
2000.
|
· |
the
prevailing laws and regulatory environment of each state
in which we
operate or seek to operate, which are subject to change at
any time;
|
· |
our
ability to obtain and maintain any regulatory approvals,
government
permits or licenses that may be required;
|
· |
the
degree of competition in new markets and its effect on our
ability to
attract new customers;
|
· |
our
ability to compete for expansion opportunities in suitable
locations;
|
· |
our
ability to recruit, train and retain qualified personnel;
|
· |
our
ability to adapt our infrastructure and systems to accommodate
our growth;
and
|
· |
our
ability to obtain adequate financing for our expansion
plans.
|
· |
Declaring
or paying dividends or making distributions on or acquiring common
or
preferred stock or warrants or
options;
|
· |
Redeeming
or purchasing or prepaying principal or interest on subordinated
debt
|
· |
Incurring
additional indebtedness; and
|
· |
Entering
into a merger, consolidation or sale of substantial assets or
subsidiaries.
|
(c) Total Number
|
(d) Approximate Dollar
|
||||||||||||
(a) Total
|
|
(b) Average
|
|
of Shares Purchased
|
|
Value of Shares
|
|
||||||
|
|
Number of
|
|
Price Paid
|
|
as Part of Publicly
|
|
That May Yet be
|
|
||||
|
|
Shares
|
|
per
|
|
Announced Plans
|
|
Purchased Under the
|
|
||||
|
|
Purchased
|
|
Share
|
|
or Programs
|
|
Plans or Programs
|
|||||
January
1 through January 31, 2008
|
-
|
-
|
-
|
11,547,976
|
|||||||||
February
1 through February 29, 2008
|
190,000
|
30.82
|
190,000
|
15,693,026
|
(1)
|
||||||||
March
1 through March 31, 2008
|
495,000
|
29.75
|
495,000
|
964,709
|
|||||||||
Total
for the Quarter
|
685,000
|
$
|
30.05
|
685,000
|
Fiscal
2008
|
|||||||
Quarter
|
|
High
|
|
Low
|
|||
First
|
$
|
45.74
|
$
|
39.27
|
|||
Second
|
43.16
|
27.76
|
|||||
Third
|
35.59
|
26.40
|
|||||
Fourth
|
35.50
|
19.89
|
Fiscal
2007
|
|||||||
Quarter
|
|
High
|
|
Low
|
|||
First
|
$
|
36.90
|
$
|
25.12
|
|||
Second
|
47.30
|
33.90
|
|||||
Third
|
50.81
|
43.60
|
|||||
Fourth
|
49.10
|
37.00
|
Years
Ended March 31,
|
||||||||||||||||
2008
|
|
2007
|
|
2006
|
|
2005
|
|
2004
|
|
|||||||
Statement
of Operations Data:
|
||||||||||||||||
Interest
and fee income
|
$
|
292,457
|
$
|
247,007
|
$
|
204,450
|
$
|
177,582
|
$
|
151,499
|
||||||
Insurance
commissions and other income
|
53,590
|
45,311
|
38,822
|
33,176
|
27,653
|
|||||||||||
Total
revenues
|
346,047
|
292,318
|
243,272
|
210,758
|
179,152
|
|||||||||||
Provision
for loan losses
|
67,542
|
51,925
|
46,026
|
40,037
|
33,481
|
|||||||||||
General
and administrative expenses
|
179,219
|
153,627
|
128,514
|
112,223
|
96,313
|
|||||||||||
Interest
expense
|
11,569
|
9,596
|
7,137
|
4,640
|
3,943
|
|||||||||||
Total
expenses
|
258,330
|
215,148
|
181,677
|
156,900
|
133,737
|
|||||||||||
Income
before income taxes
|
87,717
|
77,170
|
61,595
|
53,858
|
45,415
|
|||||||||||
Income
taxes
|
34,721
|
29,274
|
23,080
|
19,868
|
16,650
|
|||||||||||
Net
income
|
$
|
52,996
|
$
|
47,896
|
$
|
38,515
|
$
|
33,990
|
$
|
28,765
|
||||||
Net
income per common share (diluted)
|
$
|
3.05
|
$
|
2.60
|
$
|
2.02
|
$
|
1.74
|
$
|
1.49
|
||||||
Diluted
weighted average shares
|
17,375
|
18,394
|
19,098
|
19,558
|
19,347
|
|||||||||||
Balance
Sheet Data (end of period):
|
||||||||||||||||
Loans
receivable, net of unearned and deferred fees
|
$
|
445,091
|
$
|
378,038
|
$
|
312,746
|
$
|
267,024
|
$
|
236,528
|
||||||
Allowance
for loan losses
|
(33,526
|
)
|
(27,840
|
)
|
(22,717
|
)
|
(20,673
|
)
|
(17,261
|
)
|
||||||
Loans
receivable, net
|
411,565
|
350,198
|
290,029
|
246,351
|
219,267
|
|||||||||||
Total
assets
|
486,110
|
411,116
|
332,784
|
293,507
|
261,969
|
|||||||||||
Total
debt
|
214,900
|
171,200
|
100,600
|
83,900
|
95,032
|
|||||||||||
Shareholders'
equity
|
234,305
|
215,493
|
210,430
|
189,711
|
156,580
|
|||||||||||
Other
Operating Data:
|
||||||||||||||||
As
a percentage of average loans receivable:
|
||||||||||||||||
Provision
for loan losses
|
15.8
|
%
|
14.5
|
%
|
15.4
|
%
|
15.3
|
%
|
15.1
|
%
|
||||||
Net
charge-offs
|
14.5
|
%
|
13.3
|
%
|
14.8
|
%
|
14.6
|
%
|
14.7
|
%
|
||||||
Number
of offices open at year-end
|
838
|
732
|
620
|
579
|
526
|
Years
Ended March 31,
|
||||||||||
2008
|
2007
|
2006
|
||||||||
|
(Dollars
in thousands)
|
|||||||||
Average
gross loans receivable
(1)
|
$
|
576,050
|
480,120
|
396,582
|
||||||
Average
net loans receivable
(2)
|
426,524
|
358,047
|
298,267
|
|||||||
Expenses
as a percentage of total revenue:
|
||||||||||
Provision
for loan losses
|
19.5
|
%
|
17.8
|
%
|
18.9
|
%
|
||||
General
and administrative
|
51.8
|
%
|
52.6
|
%
|
52.8
|
%
|
||||
Total
interest expense
|
3.3
|
%
|
3.3
|
%
|
2.9
|
%
|
||||
Operating
margin (3)
|
28.7
|
%
|
29.7
|
%
|
28.3
|
%
|
||||
Return
on average assets
|
11.3
|
%
|
12.5
|
%
|
11.9
|
%
|
||||
Offices
opened and acquired, net
|
106
|
112
|
41
|
|||||||
Total
offices (at period end)
|
838
|
732
|
620
|
(1)
|
Average
gross loans receivable have been determined by averaging month-end
gross
loans receivable over the indicated
period.
|
(2)
|
Average
loans receivable have been determined by averaging month-end gross
loans
receivable less unearned interest and deferred fees over the indicated
period.
|
(3)
|
Operating
margin is computed as total revenues less provision for loan losses
and
general and administrative expenses as a percentage of total revenues.
|
At
March 31,
|
||||||||||
2008
|
2007
|
2006
|
||||||||
(Dollars
in thousands)
|
||||||||||
Recency
basis:
|
||||||||||
61-90
days past due
|
$
|
10,414
|
7,732
|
5,886
|
||||||
91
days or more past due
|
5,003
|
3,495
|
2,672
|
|||||||
Total
|
$
|
15,417
|
11,227
|
8,558
|
||||||
Percentage
of period-end gross loans receivable
|
2.6
|
%
|
2.2
|
%
|
2.1
|
%
|
||||
Contractual
basis:
|
||||||||||
61-90
days past due
|
$
|
12,838
|
9,684
|
7,664
|
||||||
91
days or more past due
|
11,123
|
8,209
|
6,654
|
|||||||
Total
|
$
|
23,961
|
17,893
|
14,318
|
||||||
Percentage
of period-end gross loans receivable
|
4.0
|
%
|
3.5
|
%
|
3.4
|
%
|
Loan Volume
|
Percent of
|
Percent of Total
|
||||||||
by Category
|
Total Charge-offs
|
Loans Made by Category
|
||||||||
Renewals
|
73.3
|
%
|
71.6
|
%
|
4.7
|
%
|
||||
Former
borrowers
|
9.7
|
%
|
5.9
|
%
|
3.2
|
%
|
||||
New
borrowers
|
17.0
|
%
|
22.5
|
%
|
9.6
|
%
|
||||
100.0
|
%
|
100.0
|
%
|
March
31,
|
||||||||||
2008
|
2007
|
2006
|
||||||||
Balance
at the beginning of the year
|
$
|
27,840,239
|
22,717,192
|
20,672,740
|
||||||
Provision
for loan losses
|
67,541,805
|
51,925,080
|
46,025,912
|
|||||||
Loan
losses
|
(68,985,269
|
)
|
(53,979,375
|
)
|
(49,267,992
|
)
|
||||
Recoveries
|
6,989,297
|
6,227,742
|
4,849,244
|
|||||||
Allowance
on acquired loans
|
140,075
|
949,600
|
437,288
|
|||||||
Balance
at the end of the year
|
$
|
33,526,147
|
27,840,239
|
22,717,192
|
||||||
Allowance
as a percentage of loans receivable, net of unearned and
deferred fees
|
7.5
|
%
|
7.4
|
%
|
7.3
|
%
|
||||
Net
charge-offs as a percentage of average loans receivable (1)
|
14.5
|
%
|
13.3
|
%
|
14.8
|
%
|
(1)
|
Average
loans receivable have been determined by averaging month-end gross
loans
receivable less unearned interest and deferred fees over the indicated
period.
|
At
or for the Three Months Ended
|
|||||||||||||||||||||||||
2008
|
2007
|
||||||||||||||||||||||||
First,
|
Second,
|
Third,
|
Fourth,
|
First,
|
Second,
|
Third,
|
Fourth,
|
||||||||||||||||||
|
(Dollars
in thousands)
|
||||||||||||||||||||||||
Total
revenues
|
$
|
76,389
|
80,198
|
88,043
|
101,417
|
63,837
|
67,208
|
74,103
|
87,170
|
||||||||||||||||
Provision
for loan losses
|
14,217
|
18,416
|
23,224
|
11,685
|
11,167
|
13,813
|
18,365
|
8,580
|
|||||||||||||||||
General
and administrative expenses
|
42,191
|
41,930
|
47,470
|
47,628
|
34,847
|
35,289
|
41,460
|
42,031
|
|||||||||||||||||
Net
income
|
10,850
|
10,466
|
7,288
|
24,392
|
9,987
|
9,861
|
7,011
|
21,037
|
|||||||||||||||||
Gross
loans receivable
|
$
|
544,964
|
571,319
|
663,217
|
599,509
|
447,840
|
470,275
|
560,741
|
505,788
|
||||||||||||||||
Number
of offices open
|
782
|
817
|
831
|
838
|
641
|
678
|
730
|
732
|
Fiscal
Year Ended March 31,
|
||||||||||||||||||||||
2009
|
2010
|
2011
|
2012
|
2013
|
Thereafter
|
Total
|
||||||||||||||||
Convertible
Senior Subordinated
Notes
Payable
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
110,000
|
$
|
-
|
$
|
-
|
$
|
110,000
|
||||||||
Maturities
of
Notes
Payable
|
200
|
104,700
|
-
|
-
|
-
|
-
|
104,900
|
|||||||||||||||
Interest
Payments on Convertible
|
||||||||||||||||||||||
Senior
Subordinated Notes Payable
|
3,300
|
3,300
|
3,300
|
3,300
|
-
|
-
|
13,200
|
|||||||||||||||
Interest
Payments on
Notes
Payable
|
5,525
|
2,744
|
-
|
-
|
-
|
-
|
8,269
|
|||||||||||||||
Minimum
Lease Payments
|
11,305
|
7,464
|
3,473
|
978
|
272
|
-
|
23,492
|
|||||||||||||||
Total
|
$
|
20,330
|
$
|
118,208
|
$
|
6,773
|
$
|
114,278
|
$
|
272
|
$
|
-
|
$
|
259,861
|
March
31,
|
|||||||
2008
|
2007
|
||||||
Assets
|
|||||||
Cash
and cash equivalents
|
$
|
7,589,575
|
5,779,032
|
||||
Gross
loans receivable
|
599,508,969
|
505,788,440
|
|||||
Less:
|
|||||||
Unearned
interest and deferred fees
|
(154,418,105
|
)
|
(127,750,015
|
)
|
|||
Allowance
for loan losses
|
(33,526,147
|
)
|
(27,840,239
|
)
|
|||
Loans
receivable, net
|
411,564,717
|
350,198,186
|
|||||
Property
and equipment, net
|
18,654,010
|
14,310,458
|
|||||
Deferred
income taxes
|
22,134,066
|
14,507,000
|
|||||
Other
assets, net
|
10,818,057
|
10,221,562
|
|||||
Goodwill
|
5,352,675
|
5,039,630
|
|||||
Intangible
assets, net
|
9,997,327
|
11,060,139
|
|||||
$
|
486,110,427
|
411,116,007
|
|||||
Liabilities
and Shareholders' Equity
|
|||||||
Liabilities:
|
|||||||
Senior
notes payable
|
104,500,000
|
60,600,000
|
|||||
Convertible
senior subordinated notes payable
|
110,000,000
|
110,000,000
|
|||||
Other
notes payable
|
400,000
|
600,000
|
|||||
Income
taxes payable
|
18,039,242
|
8,015,514
|
|||||
Accounts
payable and accrued expenses
|
18,865,913
|
16,407,846
|
|||||
Total
liabilities
|
251,805,155
|
195,623,360
|
|||||
Shareholders'
equity:
|
|||||||
Preferred
stock, no par value
|
|||||||
Authorized
5,000,000 shares, no shares issued or outstanding
|
-
|
-
|
|||||
Common
stock, no par value
|
|||||||
Authorized
95,000,000 shares; issued and outstanding 16,278,684 and 17,492,521
shares
at March 31, 2008 and 2007, respectively
|
-
|
-
|
|||||
Additional
paid-in capital
|
1,323,001
|
5,770,665
|
|||||
Retained
earnings
|
232,812,768
|
209,769,808
|
|||||
Accumulated
other comprehensive income (loss), net of tax
|
169,503
|
(47,826
|
)
|
||||
Total
shareholders' equity
|
234,305,272
|
215,492,647
|
|||||
Commitments
and contingencies
|
|||||||
$
|
486,110,427
|
411,116,007
|
Years
Ended March 31,
|
||||||||||
2008
|
2007
|
2006
|
||||||||
Revenues:
|
||||||||||
Interest
and fee income
|
$
|
292,457,259
|
247,007,668
|
204,450,428
|
||||||
Insurance
commissions and other income
|
53,589,595
|
45,310,752
|
38,821,587
|
|||||||
Total
revenues
|
346,046,854
|
292,318,420
|
243,272,015
|
|||||||
Expenses:
|
||||||||||
Provision
for loan losses
|
67,541,805
|
51,925,080
|
46,025,912
|
|||||||
General
and administrative expenses:
|
||||||||||
Personnel
|
119,483,185
|
102,824,945
|
84,817,025
|
|||||||
Occupancy
and equipment
|
21,554,655
|
17,397,672
|
14,166,977
|
|||||||
Data
processing
|
2,112,399
|
2,159,712
|
2,108,740
|
|||||||
Advertising
|
12,647,576
|
10,277,796
|
8,592,492
|
|||||||
Amortization
of intangible assets
|
2,505,465
|
2,885,202
|
2,860,555
|
|||||||
Other
|
20,915,465
|
18,081,517
|
15,968,496
|
|||||||
179,218,745
|
153,626,844
|
128,514,285
|
||||||||
Interest
expense
|
11,569,110
|
9,596,116
|
7,136,853
|
|||||||
Total
expenses
|
258,329,660
|
215,148,040
|
181,677,050
|
|||||||
Income
before income taxes
|
87,717,194
|
77,170,380
|
61,594,965
|
|||||||
Income
taxes
|
34,721,036
|
29,274,000
|
23,080,000
|
|||||||
Net
income
|
$
|
52,996,158
|
47,896,380
|
38,514,965
|
||||||
Net
income per common share:
|
||||||||||
Basic
|
$
|
3.11
|
2.66
|
2.08
|
||||||
Diluted
|
$
|
3.05
|
2.60
|
2.02
|
||||||
Weighted
average shares outstanding:
|
||||||||||
Basic
|
17,044,122
|
18,018,370
|
18,493,389
|
|||||||
Diluted
|
17,374,746
|
18,393,728
|
19,098,087
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss), Net
|
|
Total
Shareholders’
Equity
|
|
Total
Comprehensive
Income
|
|
|||||||
Balances
at March 31, 2005
|
$
|
11,964,056
|
177,747,137
|
-
|
189,711,193
|
|||||||||||
Proceeds
from exercise of stock options (190,397 shares), including tax benefits
of
$1,205,288
|
3,045,527
|
-
|
-
|
3,045,527
|
||||||||||||
Common
stock repurchases
(800,400 shares) |
(13,800,225
|
)
|
(6,991,249
|
)
|
-
|
(20,791,474
|
)
|
|||||||||
Other
comprehensive loss
|
-
|
-
|
(50,092
|
)
|
(50,092
|
)
|
(50,092
|
)
|
||||||||
Net
income
|
-
|
38,514,965
|
-
|
38,514,965
|
38,514,965
|
|||||||||||
Total
comprehensive income
|
-
|
-
|
-
|
-
|
38,464,873
|
|||||||||||