Question-and-Answer Session
Operator
Thank you. (Operator Instructions) We’ll take our first question today from Rick Shane with Jefferies.
Rick Shane - Jefferies
Hi, guys. Thanks for taking my questions. A couple of different things here. What was on absolute dollar basis the growth loss number for the quarter and the recoveries if you have it please?
Sandy McLean
The net charge-offs were 17.77 million of which recoveries were 1.9 million.
Rick Shane - Jefferies
Okay, perfect. What percentage of the loan volume for the quarter was renewals and refinances?
Sandy McLean
Combined renewals were 76.7%.
Rick Shane - Jefferies
Okay. Just help us understand, I mean credit was very good. It contravenes the trend that we’ve basically seen for any other consumer finance company out there at this point. You have a big enough sample size in terms of your portfolio that it’s hard to imagine that your customer base is that different from what’s going on nationally. How do you - when you look at this and sort of say, okay, great, we had a wonderful quarter in terms of credit, especially almost an extraordinary quarter in the context of everybody else, what do you think you guys are doing that’s creating this differential?
Sandy McLean
Let me begin by saying, our customer base is not generally the same as what you’ve been seeing overall from a national standpoint, meaning credit cards and mortgage loans and so forth. Ours is kind of a specialized customer base that has difficulties all the time, but I don’t know, Mark, if you have something too, what’s...
Mark Roland
Maybe just a little bit. I mean we did slow down a little bit on our office expansion, which has given us the opportunity at the supervisory level to take a look at some of those branches that had struggled a bit with delinquencies and charge-offs over the past several months. I mean if you look at individual branches, you see a wide disparity between the best and the worst. When we have additional time to focus on those offices that have been struggling, those results are apparent. The other thing is I think we’ve mentioned before, when you see the trend in the general fuel cost and related cost of energy, that dropped down significantly in the January, February, March, April timeframe. I mean over time that being a significant portion of our customers’ monthly budget, that helps. We’ve seen fuel prices trending back up recently, but I don’t know how far they’ll go. But I think a lot of it is management. A lot of it is the fact that our customers perhaps are less stressed by fuel and energy prices. That’s about what we know about it.
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