Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Feb. 02, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NICHOLAS FINANCIAL INC | |
Entity Central Index Key | 1000045 | |
Trading Symbol | nick | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock Shares Outstanding | 12,310,735 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Assets | ||
Cash | $2,635,791 | $2,635,036 |
Finance receivables, net | 282,845,253 | 269,343,595 |
Assets held for resale | 2,041,974 | 1,696,330 |
Income taxes receivable | 646,342 | 1,093,682 |
Prepaid expenses and other assets | 877,764 | 891,044 |
Property and equipment, net | 906,348 | 869,693 |
Interest rate swap agreements | 100,811 | 183,603 |
Deferred income taxes | 6,445,921 | 6,716,596 |
Total assets | 296,500,204 | 283,429,579 |
Liabilities and shareholders' equity | ||
Line of credit | 130,000,000 | 127,900,000 |
Drafts payable | 1,668,605 | 2,338,561 |
Interest rate swap agreements | 23,086 | |
Accounts payable and accrued expenses | 6,352,633 | 8,924,919 |
Deferred revenues | 2,903,406 | 2,328,544 |
Total liabilities | 140,947,730 | 141,492,024 |
Shareholders' equity | ||
Preferred stock, no par: 5,000,000 shares authorized; none issued | ||
Common stock, no par: 50,000,000 shares authorized; 12,292,329 and 12,220,874 shares issued and outstanding, respectively | 31,758,255 | 31,151,781 |
Retained earnings | 123,794,219 | 110,785,774 |
Total shareholders' equity | 155,552,474 | 141,937,555 |
Total liabilities and shareholders' equity | $296,500,204 | $283,429,579 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value (in dollars per share) | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Common stock, no par value (in dollars per share) | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 12,292,329 | 12,220,874 |
Common stock, shares outstanding | 12,292,329 | 12,220,874 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | ||||
Interest and fee income on finance receivables | $21,800,765 | $20,761,230 | $64,856,351 | $62,185,889 |
Expenses: | ||||
Marketing | 333,813 | 350,408 | 1,196,069 | 1,109,997 |
Salaries and employee benefits | 5,100,035 | 4,859,897 | 15,441,864 | 14,542,906 |
Professional Fees | 314,124 | 1,060,863 | 1,124,912 | 2,012,249 |
Administrative | 2,422,678 | 2,225,656 | 7,272,577 | 6,614,055 |
Provision for credit losses | 5,796,648 | 4,183,035 | 15,182,698 | 10,797,930 |
Dividend tax | 142,557 | |||
Depreciation | 92,070 | 78,755 | 276,194 | 230,909 |
Interest expense | 1,457,919 | 1,441,175 | 4,391,697 | 4,288,979 |
Change in fair value of interest rate swap agreements | 144,999 | -98,346 | 105,878 | -681,989 |
Total operating expenses | 15,662,286 | 14,101,443 | 44,991,889 | 39,057,593 |
Operating income before income taxes | 6,138,479 | 6,659,787 | 19,864,462 | 23,128,296 |
Income tax expense | 2,368,923 | 2,833,019 | 6,856,017 | 9,284,483 |
Net income | $3,769,556 | $3,826,768 | $13,008,445 | $13,843,813 |
Earnings per share: | ||||
Basic (in dollars per share) | $0.31 | $0.32 | $1.07 | $1.15 |
Diluted (in dollars per share) | $0.30 | $0.31 | $1.05 | $1.13 |
Dividends declared per share (in dollars per share) | $0.24 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | ||
Net income | $13,008,445 | $13,843,813 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 276,194 | 230,909 |
Loss (gain) on sale of property and equipment | 6,691 | -21,800 |
Provision for credit losses | 15,182,698 | 10,797,930 |
Amortization of dealer discounts | -10,204,562 | -9,911,725 |
Deferred income taxes | 270,675 | 1,378,601 |
Share-based compensation | 382,883 | 405,264 |
Change in fair value of interest rate swap agreements | 105,878 | -681,989 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 13,280 | 24,912 |
Accounts payable and accrued expenses | -2,572,286 | -728,528 |
Income taxes receivable | 447,340 | -173,824 |
Deferred revenues | 574,862 | 654,952 |
Net cash provided by operating activities | 17,492,098 | 15,818,515 |
Cash flows from investing activities | ||
Purchase and origination of finance receivables | -119,758,892 | -111,941,584 |
Principal payments received | 101,279,098 | 99,626,856 |
Increase in assets held for resale | -345,644 | -554,507 |
Purchase of property and equipment | -377,859 | -273,507 |
Proceeds from sale of property and equipment | 58,319 | 40,781 |
Net cash used in investing activities | -19,144,978 | -13,101,961 |
Cash flows from financing activities | ||
Net draws on line of credit | 2,100,000 | 1,500,000 |
Change in drafts payable | -669,956 | -525,556 |
Payment of cash dividends | -2,851,126 | |
Proceeds from exercise of stock options | 154,575 | 275,772 |
Excess tax benefits from share-based compensation | 69,016 | 176,106 |
Net cash provided (used) by financing activities | 1,653,635 | -1,424,804 |
Net increase in cash | 755 | 1,291,750 |
Cash, beginning of period | 2,635,036 | 2,797,716 |
Cash, end of period | $2,635,791 | $4,089,466 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ||
Basis of Presentation | 1 | Basis of Presentation |
The accompanying consolidated balance sheet as of March 31, 2014, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial, Inc. (including its subsidiaries, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q pursuant to the Securities and Exchange Act of 1934, as amended in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2015. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014 as filed with the Securities and Exchange Commission on June 16, 2014. The March 31, 2014 consolidated balance sheet included herein has been derived from the March 31, 2014 audited consolidated balance sheet included in the aforementioned Form 10-K. | ||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and the fair value of interest rate swap agreements. |
Revenue_Recognition
Revenue Recognition | 9 Months Ended | |
Dec. 31, 2014 | ||
Deferred Revenue Disclosure [Abstract] | ||
Revenue Recognition | 2 | Revenue Recognition |
Finance receivables consist of automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”). Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan enters bankruptcy status, is contractually delinquent for 60 days or more or the collateral is repossessed, whichever is earlier. Chapter 13 bankrupt accounts are accounted for under the cost-recovery method. Interest income on Chapter 13 bankrupt accounts does not resume until all principal amounts are recovered (see Note 4). | ||
A dealer discount represents the difference between the finance receivable, net of unearned interest, of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The entire amount of discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the nine months ended December 31, 2014 and 2013 was 8.13% and 8.47%, respectively in relation to the total amount financed. | ||
Gross finance receivables represent principal balance plus unearned income. The amount of future unearned income is computed as the product of the Contract rate, the Contract term, and the Contract amount. | ||
Deferred revenues consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method. | ||
The Company’s net costs for originating direct loans are recognized as an adjustment to the yield and are amortized over the life of the loan using the interest method. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share | 3 | Earnings Per Share | |||||||||||||||
Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for earnings per share – net income | $ | 3,769,556 | $ | 3,826,768 | $ | 13,008,445 | $ | 13,843,813 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted average shares | 12,197,125 | 12,108,988 | 12,188,778 | 12,088,835 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and other share awards | 178,214 | 225,191 | 183,220 | 197,136 | |||||||||||||
Denominator for diluted earnings per share | 12,375,339 | 12,334,179 | 12,371,998 | 12,285,971 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.31 | $ | 0.32 | $ | 1.07 | $ | 1.15 | |||||||||
Diluted | $ | 0.3 | $ | 0.31 | $ | 1.05 | $ | 1.13 | |||||||||
For the three months ended December 31, 2014 and 2013, potential shares of common stock from stock options totaling 130,870 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the nine months ended December 31, 2014 and 2013 potential shares of common stock from stock options totaling 83,036 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. |
Finance_Receivables
Finance Receivables | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||
Finance Receivables | 4. Finance Receivables | ||||||||||||||||||||
Finance receivables consist of automobile finance installment Contracts and Direct Loans and are detailed as follows: | |||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||
Finance receivables, gross contract | $ | 447,456,954 | $ | 424,344,193 | |||||||||||||||||
Unearned interest | (134,947,560 | ) | (124,306,969 | ) | |||||||||||||||||
Finance receivables, net of unearned interest | 312,509,394 | 300,037,224 | |||||||||||||||||||
Unearned dealer discounts | (17,535,048 | ) | (17,214,269 | ) | |||||||||||||||||
Finance receivables, net of unearned interest and unearned dealer discounts | 294,974,346 | 282,822,955 | |||||||||||||||||||
Allowance for credit losses | (12,129,093 | ) | (13,479,360 | ) | |||||||||||||||||
Finance receivables, net | $ | 282,845,253 | $ | 269,343,595 | |||||||||||||||||
The terms of the Contracts range from 12 to 72 months and the Direct Loans range from 6 to 48 months. The Contracts and Direct Loans bear a weighted average effective interest rate of 22.93% and 26.33% as of December 31, 2014, respectively and 23.08% and 26.32% as of March 31, 2014, respectively. | |||||||||||||||||||||
Finance receivables consist of Contracts and Direct Loans, each of which comprises a portfolio segment. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment. | |||||||||||||||||||||
The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts: | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 11,942,694 | $ | 13,479,022 | $ | 12,889,082 | $ | 16,090,652 | |||||||||||||
Current period provision | 5,658,695 | 4,157,616 | 14,799,782 | 10,525,262 | |||||||||||||||||
Losses absorbed | (6,948,034 | ) | (5,540,334 | ) | (18,844,447 | ) | (16,218,673 | ) | |||||||||||||
Recoveries | 682,830 | 884,373 | 2,491,768 | 2,583,436 | |||||||||||||||||
Balance at end of period | $ | 11,336,185 | $ | 12,980,677 | $ | 11,336,185 | $ | 12,980,677 | |||||||||||||
The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominately for used vehicles. As of December 31, 2014, the average model year of vehicles collateralizing the portfolio was a 2006 vehicle. The average loan to value ratio, which expresses the amount of the Contract as a percentage of the value of the automobile, is approximately 96%. The Company utilizes a static pool approach to track portfolio performance. If the allowance for credit losses is determined to be inadequate for a static pool, then an additional charge to income through the provision is used to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate allowance for credit losses. | |||||||||||||||||||||
The following table sets forth a reconciliation of the changes in the allowance for credit losses on Direct Loans: | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 734,500 | $ | 659,615 | $ | 590,278 | $ | 467,917 | |||||||||||||
Current period provision | 137,953 | 25,419 | 382,916 | 272,668 | |||||||||||||||||
Losses absorbed | (82,948 | ) | (56,424 | ) | (202,063 | ) | (126,997 | ) | |||||||||||||
Recoveries | 3,403 | 9,172 | 21,777 | 24,194 | |||||||||||||||||
Balance at end of period | $ | 792,908 | $ | 637,782 | $ | 792,908 | $ | 637,782 | |||||||||||||
Direct Loans are originated directly between the Company and the consumer. These loans are typically for amounts ranging from $1,000 to $8,000 and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a significantly better credit risk than our typical Contract due to the customer’s historical payment history with the Company. In deciding whether or not to make a loan, the Company considers the individual’s credit history, job stability, income and impressions created during a personal interview with a Company loan officer. Additionally, because most of Direct Loans made by the Company to date have been made to borrowers under Contracts previously purchased by the Company, the payment history of the borrower under the Contract is a significant factor in making the loan decision. As of December 31, 2014, loans made by the Company pursuant to its Direct Loan program constituted approximately 3% of the aggregate principal amount of the Company’s loan portfolio. | |||||||||||||||||||||
Changes in the allowance for credit losses for both Contracts and Direct Loans were driven by current economic conditions and trends over several reporting periods which are useful in estimating future losses and overall portfolio performance. | |||||||||||||||||||||
A performing account is defined as an account that is less than 61 days past due. A non-performing account is defined as an account that is contractually delinquent for 61 days or more and the accrual of interest income is suspended. When an account is 120 days contractually delinquent, the account is written off. Upon notification of a Chapter 13 bankruptcy, an account is monitored for collection with other Chapter 13 bankrupt accounts. In the event the debtors balance has been reduced by the bankruptcy court, the Company will record a loss equal to the amount of principal balance reduction. The remaining balance will be reduced as payments are received by the bankruptcy court. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings or to allow the customer to begin making regularly scheduled payments. | |||||||||||||||||||||
The following table is an assessment of the credit quality by creditworthiness: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Contracts | Direct Loans | Contracts | Direct Loans | ||||||||||||||||||
Performing accounts | $ | 422,592,527 | $ | 11,575,091 | $ | 388,770,979 | $ | 11,231,143 | |||||||||||||
Non-performing accounts | 9,284,558 | 105,818 | 7,011,853 | 69,933 | |||||||||||||||||
Total | $ | 431,877,085 | $ | 11,680,909 | $ | 395,782,832 | $ | 11,301,076 | |||||||||||||
Chapter 13 bankrupt accounts | 3,872,186 | 26,774 | 4,002,282 | 18,811 | |||||||||||||||||
Finance receivables, gross contract | $ | 435,749,271 | $ | 11,707,683 | $ | 399,785,114 | $ | 11,319,887 | |||||||||||||
The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and under its Direct Loans, excluding Chapter 13 bankrupt accounts: | |||||||||||||||||||||
Contracts | Gross Balance | 31 – 60 days | 61 – 90 days | Over 90 days | Total | ||||||||||||||||
Outstanding | |||||||||||||||||||||
December 31, 2014 | $ | 431,877,085 | $ | 21,749,891 | $ | 6,103,607 | $ | 3,180,951 | $ | 31,034,449 | |||||||||||
5.04 | % | 1.41 | % | 0.74 | % | 7.19 | % | ||||||||||||||
December 31, 2013 | $ | 395,782,832 | $ | 18,523,310 | $ | 4,829,999 | $ | 2,106,854 | $ | 25,460,163 | |||||||||||
4.68 | % | 1.22 | % | 0.53 | % | 6.43 | % | ||||||||||||||
Direct Loans | Gross Balance | 31 – 60 days | 61 – 90 days | Over 90 days | Total | ||||||||||||||||
Outstanding | |||||||||||||||||||||
December 31, 2014 | $ | 11,680,909 | $ | 164,347 | $ | 59,043 | $ | 46,776 | $ | 270,166 | |||||||||||
1.41 | % | 0.51 | % | 0.4 | % | 2.31 | % | ||||||||||||||
December 31, 2013 | $ | 11,301,076 | $ | 176,446 | $ | 40,887 | $ | 29,046 | $ | 246,379 | |||||||||||
1.56 | % | 0.36 | % | 0.26 | % | 2.18 | % |
Line_of_Credit
Line of Credit | 9 Months Ended | |
Dec. 31, 2014 | ||
Line Of Credit Facility [Abstract] | ||
Line of Credit | 5 | Line of Credit |
The Company has a line of credit facility (the “Line”) up to $150,000,000. The pricing of the Line, which expires on January 31, 2015, is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at December 31, 2014 and March 31, 2014). Pledged as collateral for this Line are all of the assets of the Company. The outstanding amount of the Line was $130,000,000 and $127,900,000 as of December 31, 2014 and March 31, 2014, respectively. The amount available under the Line was approximately $20,000,000 and $22,100,000 as of December 31, 2014 and March 31, 2014, respectively. The line was subsequently amended, see Note 12 – “Subsequent Events”. | ||
The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of December 31, 2014, the Company was in full compliance with all debt covenants. |
Interest_Rate_Swap_Agreements
Interest Rate Swap Agreements | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Interest Rate Swap Agreements | 6 | Interest Rate Swap Agreements | |||||||||||||||
The Company utilizes interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements convert a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables. | |||||||||||||||||
As of the nine months ended December 31, 2014 and 2013 no new contracts were initiated and no contracts matured. | |||||||||||||||||
The Company currently has two interest rate swap agreements. A June 4, 2012 interest rate swap agreement provides for a five-year interest rate swap in which the Company pays a fixed rate of 1% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of June 13, 2012 and a notional amount of $25,000,000. A July 30, 2012 agreement provides for a five-year interest rate swap in which the Company pays a fixed rate of 0.87% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of August 13, 2012 and a notional amount of $25,000,000. | |||||||||||||||||
The locations and amounts of (gains) losses in income are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Periodic change in fair value of interest rate swap agreements | $ | 144,999 | $ | (98,346 | ) | $ | 105,878 | $ | (681,989 | ) | |||||||
Periodic settlement differentials included in interest expense | 98,517 | 95,641 | 297,355 | 284,680 | |||||||||||||
Total | $ | 243,516 | $ | (2,705 | ) | $ | 403,233 | $ | (397,309 | ) | |||||||
Net realized gains and losses from the interest rate swap agreements were recorded in the interest expense line item of the consolidated statements of income. The following table summarizes the average variable rates received and average fixed rates paid under the swap agreements. | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Variable rate received | 0.16 | % | 0.17 | % | 0.15 | % | 0.18 | % | |||||||||
Fixed rate paid | 0.94 | % | 0.94 | % | 0.94 | % | 0.94 | % | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |
Dec. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | 7 | Income Taxes |
The provision for income taxes decreased to approximately $2.4 million for the three months ended December 31, 2014 from approximately $2.8 million for the three months ended December 31, 2013. The Company’s effective tax rate decreased to 38.59% for the three months ended December 31, 2014 from 42.54% for the three months ended December 31, 2013. The provision for income taxes decreased to approximately $6.9 million for the nine months ended December 31, 2014 from approximately $9.3 million for the nine months ended December 31, 2013. The Company’s effective tax rate decreased to 34.51% for the nine months ended December 31, 2014 from 40.14% for the nine months ended December 31, 2013. The significant decrease in the effective tax rate for the nine months ended December 31, 2014 is related to certain professional fees totaling approximately $1.2 million associated with the potential sale of the Company becoming deductible during the three months ended June 30, 2014 when the Arrangement Agreement was terminated. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures | 8 | Fair Value Disclosures | |||||||||||||||
The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||
The Company estimates the fair value of interest rate swap agreements based on the estimated net present value of the future cash flows using a forward interest rate yield curve in effect as of the measurement period, adjusted for nonperformance risk, if any, including a quantitative and qualitative evaluation of both the Company’s credit risk and the counterparty’s credit risk. Accordingly, the Company classifies interest rate swap agreements as Level 2. | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Interest rate swap agreements: | |||||||||||||||||
December 31, 2014 – asset: | $ | — | $ | 100,811 | $ | — | $ | 100,811 | |||||||||
December 31, 2014 – liability: | $ | — | $ | (23,086 | ) | $ | — | $ | (23,086 | ) | |||||||
March 31, 2014 – asset: | $ | — | $ | 183,603 | $ | — | $ | 183,603 | |||||||||
Financial Instruments Not Measured at Fair Value | |||||||||||||||||
The Company’s financial instruments consist of finance receivables and the Line. For each of these financial instruments the carrying value approximates fair value. | |||||||||||||||||
Finance receivables, net approximates fair value based on the price paid to acquire indirect loans. The price paid reflects competitive market interest rates and purchase discounts for the Company’s chosen credit grade in the economic environment. This market is highly liquid as the Company acquires individual loans on a daily basis from dealers. The initial terms of the Contracts range from 12 to 72 months. The initial terms of the Direct Loans range from 6 to 48 months. In addition, there have been minimal changes in interest rates and purchase discounts related to these types of loans. If liquidated outside of the normal course of business, the amount received may not be the carrying value. | |||||||||||||||||
Based on current market conditions, any new or renewed credit facility would contain pricing that approximates the Company’s current Line. Based on these market conditions, the fair value of the Line as of December 31, 2014 was estimated to be equal to the book value. The interest rate for the Line is a variable rate based on LIBOR pricing options. | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Finance receivables: | |||||||||||||||||
31-Dec-14 | $ | — | $ | — | $ | 282,845,000 | $ | 282,845,000 | |||||||||
31-Mar-14 | $ | — | $ | — | $ | 269,344,000 | $ | 269,344,000 | |||||||||
Line of credit: | |||||||||||||||||
31-Dec-14 | $ | — | $ | 130,000,000 | $ | — | $ | 130,000,000 | |||||||||
31-Mar-14 | $ | — | $ | 127,900,000 | $ | — | $ | 127,900,000 | |||||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | |||||||||||||||||
The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. The Company does not currently have any assets or liabilities measured at fair value on a nonrecurring basis. |
Cash_Dividend
Cash Dividend | 9 Months Ended | |
Dec. 31, 2014 | ||
Dividends [Abstract] | ||
Cash Dividend | 9 | Cash Dividend |
Dividends were not declared or paid during the nine months ended December 31, 2014. On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013. On August 13, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on September 27, 2013 to shareholders of record as of September 20, 2013. | ||
Payment of cash dividends results in a 5% withholding tax payable by the Company under the Canada-United States Income Tax Convention which is included in earnings under the caption of dividend tax. |
Contingencies
Contingencies | 9 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Contingencies | 10 | Contingencies |
The Company currently is not a party to any pending legal proceedings other than ordinary routine litigation incidental to its business, none of which, if decided adversely to the Company, would, in the opinion of management, have a material adverse effect on the Company’s financial condition or results of operations. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended | |
Dec. 31, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recently Issued Accounting Standards | 11 | Recently Issued Accounting Standards |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The ASU requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method. The Company will be evaluating the effect that the ASU will have on the consolidated financial statements and related disclosures. | ||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures in certain circumstances. The guidance is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe the adoption of this ASU will have a significant impact on the consolidated financial statements. | ||
The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events |
On January 30, 2015, the Company entered into Amendment No. 4 (the “Amendment”) to its Second Amended and Restated Loan and Security Agreement, dated as of January 12, 2010, as previously amended (the “Line”). The Amendment, among other things, extends the maturity date of the Line from January 31, 2015 to January 31, 2018. | |
Prior to the Amendment, the credit facility provided for a $150.0 million revolving line of credit. The Amendment provides for an increase in the credit line of $75 million, bringing the total credit line to $225 million, in the event of the successful completion of a presently contemplated issuer tender offer. As previously announced, Nicholas intends to purchase up to $70.0 million (but not less than $50.0 million) in aggregate value of the Company’s outstanding Common shares via a modified “Dutch auction” tender offer. If such a tender offer is not successfully completed, the credit line will remain at $150.0 million. Borrowings under the Line may be under various LIBOR pricing options, plus 300 basis points, with a 1% floor on LIBOR. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of computation of basic and diluted earnings per share | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator for earnings per share – net income | $ | 3,769,556 | $ | 3,826,768 | $ | 13,008,445 | $ | 13,843,813 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted average shares | 12,197,125 | 12,108,988 | 12,188,778 | 12,088,835 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock options and other share awards | 178,214 | 225,191 | 183,220 | 197,136 | |||||||||||||
Denominator for diluted earnings per share | 12,375,339 | 12,334,179 | 12,371,998 | 12,285,971 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.31 | $ | 0.32 | $ | 1.07 | $ | 1.15 | |||||||||
Diluted | $ | 0.3 | $ | 0.31 | $ | 1.05 | $ | 1.13 | |||||||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 9 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans | |||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||
Finance receivables, gross contract | $ | 447,456,954 | $ | 424,344,193 | |||||||||||||||||
Unearned interest | (134,947,560 | ) | (124,306,969 | ) | |||||||||||||||||
Finance receivables, net of unearned interest | 312,509,394 | 300,037,224 | |||||||||||||||||||
Unearned dealer discounts | (17,535,048 | ) | (17,214,269 | ) | |||||||||||||||||
Finance receivables, net of unearned interest and unearned dealer discounts | 294,974,346 | 282,822,955 | |||||||||||||||||||
Allowance for credit losses | (12,129,093 | ) | (13,479,360 | ) | |||||||||||||||||
Finance receivables, net | $ | 282,845,253 | $ | 269,343,595 | |||||||||||||||||
Schedule of an assessment of the credit quality by creditworthiness | December 31, | December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Contracts | Direct Loans | Contracts | Direct Loans | ||||||||||||||||||
Performing accounts | $ | 422,592,527 | $ | 11,575,091 | $ | 388,770,979 | $ | 11,231,143 | |||||||||||||
Non-performing accounts | 9,284,558 | 105,818 | 7,011,853 | 69,933 | |||||||||||||||||
Total | $ | 431,877,085 | $ | 11,680,909 | $ | 395,782,832 | $ | 11,301,076 | |||||||||||||
Chapter 13 bankrupt accounts | 3,872,186 | 26,774 | 4,002,282 | 18,811 | |||||||||||||||||
Finance receivables, gross contract | $ | 435,749,271 | $ | 11,707,683 | $ | 399,785,114 | $ | 11,319,887 | |||||||||||||
Schedule of information regarding delinquency rates | |||||||||||||||||||||
Contracts | Gross Balance | 31 – 60 days | 61 – 90 days | Over 90 days | Total | ||||||||||||||||
Outstanding | |||||||||||||||||||||
December 31, 2014 | $ | 431,877,085 | $ | 21,749,891 | $ | 6,103,607 | $ | 3,180,951 | $ | 31,034,449 | |||||||||||
5.04 | % | 1.41 | % | 0.74 | % | 7.19 | % | ||||||||||||||
December 31, 2013 | $ | 395,782,832 | $ | 18,523,310 | $ | 4,829,999 | $ | 2,106,854 | $ | 25,460,163 | |||||||||||
4.68 | % | 1.22 | % | 0.53 | % | 6.43 | % | ||||||||||||||
Direct Loans | Gross Balance | 31 – 60 days | 61 – 90 days | Over 90 days | Total | ||||||||||||||||
Outstanding | |||||||||||||||||||||
December 31, 2014 | $ | 11,680,909 | $ | 164,347 | $ | 59,043 | $ | 46,776 | $ | 270,166 | |||||||||||
1.41 | % | 0.51 | % | 0.4 | % | 2.31 | % | ||||||||||||||
December 31, 2013 | $ | 11,301,076 | $ | 176,446 | $ | 40,887 | $ | 29,046 | $ | 246,379 | |||||||||||
1.56 | % | 0.36 | % | 0.26 | % | 2.18 | % | ||||||||||||||
Contracts | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Schedule of reconciliation of the changes in the allowance for credit losses | Three months ended | Nine months ended | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 11,942,694 | $ | 13,479,022 | $ | 12,889,082 | $ | 16,090,652 | |||||||||||||
Current period provision | 5,658,695 | 4,157,616 | 14,799,782 | 10,525,262 | |||||||||||||||||
Losses absorbed | (6,948,034 | ) | (5,540,334 | ) | (18,844,447 | ) | (16,218,673 | ) | |||||||||||||
Recoveries | 682,830 | 884,373 | 2,491,768 | 2,583,436 | |||||||||||||||||
Balance at end of period | $ | 11,336,185 | $ | 12,980,677 | $ | 11,336,185 | $ | 12,980,677 | |||||||||||||
Direct Loans | |||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||
Schedule of reconciliation of the changes in the allowance for credit losses | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Balance at beginning of period | $ | 734,500 | $ | 659,615 | $ | 590,278 | $ | 467,917 | |||||||||||||
Current period provision | 137,953 | 25,419 | 382,916 | 272,668 | |||||||||||||||||
Losses absorbed | (82,948 | ) | (56,424 | ) | (202,063 | ) | (126,997 | ) | |||||||||||||
Recoveries | 3,403 | 9,172 | 21,777 | 24,194 | |||||||||||||||||
Balance at end of period | $ | 792,908 | $ | 637,782 | $ | 792,908 | $ | 637,782 | |||||||||||||
Interest_Rate_Swap_Agreements_
Interest Rate Swap Agreements (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Schedule of locations and amounts of (gains) losses recognized in income | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Periodic change in fair value of interest rate swap agreements | $ | 144,999 | $ | (98,346 | ) | $ | 105,878 | $ | (681,989 | ) | |||||||
Periodic settlement differentials included in interest expense | 98,517 | 95,641 | 297,355 | 284,680 | |||||||||||||
Total | $ | 243,516 | $ | (2,705 | ) | $ | 403,233 | $ | (397,309 | ) | |||||||
Schedule of variable rates received and average fixed rates paid under the swap agreements | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Variable rate received | 0.16 | % | 0.17 | % | 0.15 | % | 0.18 | % | |||||||||
Fixed rate paid | 0.94 | % | 0.94 | % | 0.94 | % | 0.94 | % | |||||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of assets and liabilities recorded at fair value on a recurring basis | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Interest rate swap agreements: | |||||||||||||||||
December 31, 2014 – asset: | $ | — | $ | 100,811 | $ | — | $ | 100,811 | |||||||||
December 31, 2014 – liability: | $ | — | $ | (23,086 | ) | $ | — | $ | (23,086 | ) | |||||||
March 31, 2014 – asset: | $ | — | $ | 183,603 | $ | — | $ | 183,603 | |||||||||
Schedule of financial instruments not measured at fair value | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Finance receivables: | |||||||||||||||||
31-Dec-14 | $ | — | $ | — | $ | 282,845,000 | $ | 282,845,000 | |||||||||
31-Mar-14 | $ | — | $ | — | $ | 269,344,000 | $ | 269,344,000 | |||||||||
Line of credit: | |||||||||||||||||
31-Dec-14 | $ | — | $ | 130,000,000 | $ | — | $ | 130,000,000 | |||||||||
31-Mar-14 | $ | — | $ | 127,900,000 | $ | — | $ | 127,900,000 | |||||||||
Revenue_Recognition_Detail_Tex
Revenue Recognition (Detail Textuals) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Revenue Disclosure [Abstract] | ||
Average dealer discount associated with new volume | 8.13% | 8.47% |
Earnings_Per_Share_Basic_and_d
Earnings Per Share - Basic and diluted earnings per share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Numerator for earnings per share - net income | $3,769,556 | $3,826,768 | $13,008,445 | $13,843,813 |
Denominator: | ||||
Denominator for basic earnings per share - weighted average shares | 12,197,125 | 12,108,988 | 12,188,778 | 12,088,835 |
Effect of dilutive securities: | ||||
Stock options and other share awards | 178,214 | 225,191 | 183,220 | 197,136 |
Denominator for diluted earnings per share | 12,375,339 | 12,334,179 | 12,371,998 | 12,285,971 |
Earnings per share: | ||||
Basic (in dollars per share) | $0.31 | $0.32 | $1.07 | $1.15 |
Diluted (in dollars per share) | $0.30 | $0.31 | $1.05 | $1.13 |
Earnings_Per_Share_Detail_Text
Earnings Per Share (Detail Textuals) (Stock options) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential common stock from stock options not included in the diluted earnings per share calculation | 130,870 | 10,000 | 83,036 | 10,000 |
Finance_Receivables_Finance_re
Finance Receivables - Finance receivables consist of automobile finance installment Contracts and Direct Loans (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables, net | $282,845,253 | $269,343,595 |
Finance receivables | Contracts And Direct Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables, gross contract | 447,456,954 | 424,344,193 |
Unearned interest | -134,947,560 | -124,306,969 |
Finance receivables, net of unearned interest | 312,509,394 | 300,037,224 |
Unearned dealer discounts | -17,535,048 | -17,214,269 |
Finance receivables, net of unearned interest and unearned dealer discounts | 294,974,346 | 282,822,955 |
Allowance for credit losses | -12,129,093 | -13,479,360 |
Finance receivables, net | $282,845,253 | $269,343,595 |
Finance_Receivables_Summary_of
Finance Receivables - Summary of reconciliation of changes in allowance for credit losses on contracts (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Current period provision | $5,796,648 | $4,183,035 | $15,182,698 | $10,797,930 |
Finance receivables | Contracts | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 11,942,694 | 13,479,022 | 12,889,082 | 16,090,652 |
Current period provision | 5,658,695 | 4,157,616 | 14,799,782 | 10,525,262 |
Losses absorbed | -6,948,034 | -5,540,334 | -18,844,447 | -16,218,673 |
Recoveries | 682,830 | 884,373 | 2,491,768 | 2,583,436 |
Balance at end of period | $11,336,185 | $12,980,677 | $11,336,185 | $12,980,677 |
Finance_Receivables_Reconcilia
Finance Receivables - Reconciliation of changes in allowance for credit losses on direct loans (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Current period provision | $5,796,648 | $4,183,035 | $15,182,698 | $10,797,930 |
Finance receivables | Direct Loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 734,500 | 659,615 | 590,278 | 467,917 |
Current period provision | 137,953 | 25,419 | 382,916 | 272,668 |
Losses absorbed | -82,948 | -56,424 | -202,063 | -126,997 |
Recoveries | 3,403 | 9,172 | 21,777 | 24,194 |
Balance at end of period | $792,908 | $637,782 | $792,908 | $637,782 |
Finance_Receivables_Assessment
Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) (Finance receivables, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $431,877,085 | $395,782,832 |
Finance receivables, gross contract | 435,749,271 | 399,785,114 |
Contracts | Performing accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 422,592,527 | 388,770,979 |
Contracts | Non-performing accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 9,284,558 | 7,011,853 |
Contracts | Chapter 13 bankrupt accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 3,872,186 | 4,002,282 |
Direct Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11,680,909 | 11,301,076 |
Finance receivables, gross contract | 11,707,683 | 11,319,887 |
Direct Loans | Performing accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 11,575,091 | 11,231,143 |
Direct Loans | Non-performing accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | 105,818 | 69,933 |
Direct Loans | Chapter 13 bankrupt accounts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total | $26,774 | $18,811 |
Finance_Receivables_Informatio
Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 4) (Finance receivables, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross Balance Outstanding | $431,877,085 | $395,782,832 |
31 - 60 days | 21,749,891 | 18,523,310 |
31 - 60 days (in percentage) | 5.04% | 4.68% |
61 - 90 days | 6,103,607 | 4,829,999 |
61 - 90 days (in percentage) | 1.41% | 1.22% |
Over 90 days | 3,180,951 | 2,106,854 |
Over 90 days (in percentage) | 0.74% | 0.53% |
Total | 31,034,449 | 25,460,163 |
Total (in percentage) | 7.19% | 6.43% |
Direct Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross Balance Outstanding | 11,680,909 | 11,301,076 |
31 - 60 days | 164,347 | 176,446 |
31 - 60 days (in percentage) | 1.41% | 1.56% |
61 - 90 days | 59,043 | 40,887 |
61 - 90 days (in percentage) | 0.51% | 0.36% |
Over 90 days | 46,776 | 29,046 |
Over 90 days (in percentage) | 0.40% | 0.26% |
Total | $270,166 | $246,379 |
Total (in percentage) | 2.31% | 2.18% |
Finance_Receivables_Detail_Tex
Finance Receivables (Detail Textuals) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance receivables, net | 282,845,253 | $269,343,595 |
Finance receivables | Contracts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted average effective interest rate | 22.93% | 23.08% |
Finance receivables | Contracts | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Initial term of finance receivables | 12 months | |
Finance receivables | Contracts | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Initial term of finance receivables | 72 months | |
Finance receivables | Direct Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted average effective interest rate | 26.33% | 26.32% |
Percentage of direct loan to aggregate principal amount of loan portfolio | 3.00% | |
Finance receivables | Direct Loans | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Initial term of finance receivables | 6 months | |
Finance receivables, net | 1,000 | |
Finance receivables | Direct Loans | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Initial term of finance receivables | 48 months | |
Finance receivables, net | 8,000 |
Finance_Receivables_Detail_Tex1
Finance Receivables (Detail Textuals 1) (Finance receivables, Contracts) | 9 Months Ended |
Dec. 31, 2014 | |
Finance receivables | Contracts | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Percentage of average wholesale value of automobile | 96.00% |
Finance_Receivables_Detail_Tex2
Finance Receivables (Detail Textuals 2) | 9 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Maximum criteria for receivable to be a performing account | 61 days |
Minimum criteria for receivable to be a non-performing account | 61 days |
Criteria for receivable to be delinquent account | 120 days |
Line_of_Credit_Detail_Textuals
Line of Credit (Detail Textuals) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Outstanding amount of line of credit facility | $130,000,000 | $127,900,000 |
Line of credit facility | ||
Line of Credit Facility [Line Items] | ||
Maximum amount of line of credit facility | 150,000,000 | |
Line of credit facility, Basis Spread on Variable Rate | 3.00% | |
Line of credit facility, Description of Variable Rate Basis | 30-day LIBOR | |
Line of credit facility, Floor rate | 1.00% | |
Interest rate | 4.00% | 4.00% |
Outstanding amount of line of credit facility | 130,000,000 | 127,900,000 |
Amount available under the line of credit | $20,000,000 | $22,100,000 |
Interest_Rate_Swap_Agreements_1
Interest Rate Swap Agreements - Summary of locations and amounts of gains (losses) in income (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Periodic change in fair value of interest rate swap agreements | $144,999 | ($98,346) | $105,878 | ($681,989) |
Periodic settlement differentials included in interest expense | 98,517 | 95,641 | 297,355 | 284,680 |
Total | $243,516 | ($2,705) | $403,233 | ($397,309) |
Interest_Rate_Swap_Agreements_2
Interest Rate Swap Agreements - Summary of variable rates received and fixed rates paid under swap (Details 2) (Interest Rate Swap) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Variable rate received | 0.16% | 0.17% | 0.15% | 0.18% |
Fixed rate paid | 0.94% | 0.94% | 0.94% | 0.94% |
Interest_Rate_Swap_Agreements_3
Interest Rate Swap Agreements (Detail Textuals) (USD $) | 0 Months Ended | 1 Months Ended | |
Jun. 04, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | |
Swap | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swap agreements | 2 | ||
Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate swap period | 5 years | 5 years | |
Fixed rate paid | 1.00% | 0.87% | |
Description of rate for the variable rate of the interest rate | 1-month LIBOR rate | 1-month LIBOR rate | |
Derivative notional amount | $25,000,000 | $25,000,000 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $2,368,923 | $2,833,019 | $6,856,017 | $9,284,483 |
Income tax rate | 38.59% | 42.54% | 34.51% | 40.14% |
Professional Fees | $314,124 | $1,060,863 | $1,124,912 | $2,012,249 |
Fair_Value_Disclosures_Assets_
Fair Value Disclosures - Assets and liabilities recorded at fair value on recurring basis (Details) (Recurring Basis, USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap agreements - asset | ||
Interest rate swap agreements - liability | ||
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap agreements - asset | 100,811 | 183,603 |
Interest rate swap agreements - liability | -23,086 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap agreements - asset | ||
Interest rate swap agreements - liability | ||
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap agreements - asset | 100,811 | 183,603 |
Interest rate swap agreements - liability | ($23,086) |
Fair_Value_Disclosures_Summary
Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance receivables | ||
Line of credit | ||
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance receivables | ||
Line of credit | 130,000,000 | 127,900,000 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance receivables | 282,845,000 | 269,344,000 |
Line of credit | ||
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance receivables | 282,845,000 | 269,344,000 |
Line of credit | $130,000,000 | $127,900,000 |
Fair_Value_Disclosures_Detail_
Fair Value Disclosures (Detail Textuals) (Finance receivables) | 9 Months Ended |
Dec. 31, 2014 | |
Contracts | Minimum | |
Financial Instruments Not Measured At Fair Value [Line Items] | |
Initial term of finance receivables | 12 months |
Contracts | Maximum | |
Financial Instruments Not Measured At Fair Value [Line Items] | |
Initial term of finance receivables | 72 months |
Direct Loans | Minimum | |
Financial Instruments Not Measured At Fair Value [Line Items] | |
Initial term of finance receivables | 6 months |
Direct Loans | Maximum | |
Financial Instruments Not Measured At Fair Value [Line Items] | |
Initial term of finance receivables | 48 months |
Cash_Dividend_Detail_Textuals
Cash Dividend (Detail Textuals) (USD $) | 0 Months Ended | 9 Months Ended | |
Aug. 13, 2013 | 7-May-13 | Dec. 31, 2014 | |
Dividends [Abstract] | |||
Dividend paid in cash (in dollars per share) | $0.12 | $0.12 | |
Dividends payable, date declared | 13-Aug-13 | 7-May-13 | |
Dividends payable, date to be paid | 27-Sep-13 | 28-Jun-13 | |
Dividends payable, date of record | 20-Sep-13 | 21-Jun-13 | |
Withholding tax payable percentage | 5.00% |
Subsequent_Events_Detail_Textu
Subsequent Events (Detail Textuals) (Revolving line of credit, USD $) | 1 Months Ended | |
Jan. 30, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||
Maximum amount of line of credit facility | $150,000,000 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Maximum amount of line of credit facility | 225,000,000 | |
Subsequent Event | Amendment No. 4 to Second Amended and Restated Loan and Security Agreement | ||
Subsequent Event [Line Items] | ||
Maximum amount of line of credit facility | 75,000,000 | |
Line of credit facility, Basis Spread on Variable Rate | 3.00% | |
Line of credit facility, Description of Variable Rate Basis | LIBOR | |
Line of credit facility, Floor rate | 1.00% | |
Subsequent Event | "Dutch auction" tender offer | ||
Subsequent Event [Line Items] | ||
Maximum amount of line of credit facility | $70,000,000 | |
Line of credit facility, Description | As previously announced, Nicholas intends to purchase up to $70.0 million (but not less than $50.0 million) in aggregate value of the Companybs outstanding Common shares via a modified bDutch auctionb tender offer. If such a tender offer is not successfully completed, the credit line will remain at $150.0 million. | |
Line of credit facility, Basis Spread on Variable Rate | 3.00% | |
Line of credit facility, Description of Variable Rate Basis | LIBOR | |
Line of credit facility, Floor rate | 1.00% |