Old Market Capital (OMCC) 10-Q 9 Nov 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	NICHOLAS FINANCIAL INC
Entity Central Index Key	1,000,045
Trading Symbol	nick
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock Shares Outstanding		12,492,339
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Assets
Cash	$ 3,799	$ 1,849
Finance receivables, net	312,727	311,837
Assets held for resale	2,365	2,148
Income taxes receivable	697	593
Prepaid expenses and other assets	804	977
Property and equipment, net	1,623	1,290
Deferred income taxes	6,766	6,615
Total assets	328,781	325,309
Liabilities and shareholders' equity
Line of credit	209,000	211,000
Drafts payable	2,329	1,499
Interest rate swap agreements	102	205
Accounts payable and accrued expenses	5,448	5,839
Deferred revenues	3,876	3,917
Total liabilities	220,755	222,460
Shareholders' equity
Preferred stock, no par: 5,000 shares authorized; none issued
Common stock, no par: 50,000 shares authorized; 12,492 and 12,466 shares issued, respectively; and 7,779 and 7,753 shares outstanding, respectively	33,591	33,287
Treasury stock: 4,714 common shares, at cost	(70,459)	(70,459)
Retained earnings	144,894	140,021
Total shareholders' equity	108,026	102,849
Total liabilities and shareholders' equity	$ 328,781	$ 325,309

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	50,000	50,000
Common stock, shares issued	12,492	12,466
Common stock, shares outstanding	7,779	7,753
Treasury stock, shares	4,714	4,714

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Interest and fee income on finance receivables	$ 22,647	$ 22,687	$ 45,562	$ 44,712
Expenses:
Marketing	345	364	731	756
Salaries and employee benefits	5,729	5,499	11,322	11,084
Professional Fees	371	377	618	825
Administrative	2,638	2,501	5,202	4,852
Provision for credit losses	8,144	6,178	15,170	11,167
Depreciation	140	119	271	214
Interest expense	2,243	2,273	4,487	4,439
Change in fair value of interest rate swap agreements	(121)	79	(103)	123
Total expenses	19,489	17,390	37,698	33,460
Operating income before income taxes	3,158	5,297	7,864	11,252
Income tax expense	1,188	2,041	2,991	4,326
Net income	$ 1,970	$ 3,256	$ 4,873	$ 6,926
Earnings per share:
Basic (in dollars per share)	$ 0.25	$ 0.43	$ 0.63	$ 0.91
Diluted (in dollars per share)	$ 0.25	$ 0.42	$ 0.62	$ 0.89

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
Net income	$ 4,873	$ 6,926
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	271	214
Gain on sale of property and equipment	(21)	(8)
Provision for credit losses	15,170	11,167
Amortization of dealer discounts	(6,818)	(6,647)
Deferred income taxes	(160)	(40)
Share-based compensation	310	262
Change in fair value of interest rate swap agreements	(103)	123
Changes in operating assets and liabilities:
Prepaid expenses and other assets	173	365
Accounts payable and accrued expenses	(391)	(409)
Income taxes receivable	(104)	(549)
Deferred revenues	(41)	528
Net cash provided by operating activities	13,159	11,932
Cash flows from investing activities
Purchase and origination of finance receivables	(76,148)	(92,756)
Principal payments received	66,906	69,031
Increase in assets held for resale	(217)	(562)
Purchase of property and equipment	(619)	(744)
Proceeds from sale of property and equipment	36	42
Net cash used in investing activities	(10,042)	(24,989)
Cash flows from financing activities
(Decrease) increase on line of credit	(2,000)	12,161
Change in drafts payable	830	(827)
Payment of debt costs		(25)
Expenses related to prior purchase of treasury shares		(50)
Proceeds from exercise of stock options	2	76
Excess tax benefits from share-based compensation	1	7
Net cash (used) provided by financing activities	(1,167)	11,342
Net increase (decrease) in cash	1,950	(1,715)
Cash, beginning of period	1,849	3,388
Cash, end of period	3,799	$ 1,673
Supplemental Disclosure of noncash investing and financing activities:
Tax deficiency from share awards	$ (9)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying consolidated balance sheet as of March 31, 2016, 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, 2017. 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, 2016 as filed with the Securities and Exchange Commission on June 14, 2016. The March 31, 2016 consolidated balance sheet included herein has been derived from the March 31, 2016 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	6 Months Ended
	Sep. 30, 2016
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 bankruptcy accounts are accounted for under the cost-recovery method. Interest income on Chapter 13 bankruptcy 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 three months ended September 30, 2016 and 2015 was 7.01% and 7.57%, respectively in relation to the total amount financed. The average dealer discount associated with new volume for the six months ended September 30, 2016 and 2015 was 7.08% and 7.55%, respectively. 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, involuntary unemployement insurance coverage, 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 deferred and 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	6 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. As such, earnings per share is calculated using the two-class method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards. Earnings per share have been computed based on the following weighted average number of common shares outstanding: Three months ended Six months ended 2016 2015 2016 2015 Numerator: Net income per consolidated statements of income $ 1,970 $ 3,256 $ 4,873 $ 6,926 Less: Allocation of earnings to participating securities (26 ) — (57 ) — Net income allocated to common stock 1,944 $ 3,256 4,816 $ 6,926 Basic earnings per share computation: Net income allocated to common stock $ 1,944 $ 3,256 $ 4,816 $ 6,926 Weighted average common shares outstanding, including shares considered participating securities 7,774 7,622 7,763 7,619 Less: Weighted average participating securities outstanding (102 ) — (91 ) — Weighted average shares of common stock 7,672 7,622 7,672 7,619 Basic earnings per share $ 0.25 0.43 $ 0.63 0.91 Diluted earnings per share computation: Net income allocated to common stock $ 1,944 $ 3,256 $ 4,816 $ 6,926 Undistributed earnings re-allocated to participating securities — — — — Net income allocated to common stock $ 1,944 $ 3,256 $ 4,816 $ 6,926 Weighted average common shares outstanding for basic earnings per share 7,672 7,622 7,672 7,619 Incremental shares from stock options 61 130 61 129 Weighted average shares and dilutive potential common shares 7,733 7,752 7,733 7,748 Diluted earnings per share $ 0.25 $ 0.42 $ 0.62 $ 0.89 Diluted earnings per share do not include the effect of certain stock options as their impact would be anti-dilutive. For the three months ended September 30, 2016 and 2015, potential shares of common stock from stock options totaling 160,000 and 160,217, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the six months ended September 30, 2016 and 2015, potential shares of common stock from stock options totaling 162,486 and 157,623, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

Finance Receivables

Finance Receivables	6 Months Ended
	Sep. 30, 2016
Receivables [Abstract]
Finance Receivables	4. Finance Receivables Finance receivables consist of automobile finance installment Contracts and Direct Loans and are detailed as follows: (In thousands) September 30, March 31, 2016 2016 Finance receivables, gross contract $ 499,814 $ 498,130 Unearned interest (156,360 ) (155,257 ) Finance receivables, net of unearned interest 343,454 342,873 Unearned dealer discounts (17,028 ) (18,023 ) Finance receivables, net of unearned interest and unearned dealer discounts 326,426 324,850 Allowance for credit losses (13,699 ) (13,013 ) Finance receivables, net $ 312,727 $ 311,837 Finance receivables consist of Contracts and Direct Loans, each of which comprises a portfolio segment. The following tables present selected information on the entire portfolio of the Company: As of September 30, 2016 2015 Contract Portfolio Weighted APR 22.53 % 22.77 % Weighted average discount 7.39 % 8.01 % Weighted average term (months) 57 55 Number of active contracts 37,383 38,124 As of September 30, 2016 2015 Direct Loan Portfolio Weighted APR 25.72 % 25.81 % Weighted average term (months) 33 32 Number of active contracts 2,965 3,099 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 (In thousands) Six months ended (In thousands) 2016 2015 2016 2015 Balance at beginning of period $ 12,836 $ 11,524 $ 12,265 $ 11,325 Current period provision 8,067 6,079 15,022 10,965 Losses absorbed (8,576 ) (7,347 ) (15,568 ) (12,869 ) Recoveries 598 699 1,206 1,534 Balance at end of period $ 12,925 $ 10,955 $ 12,925 $ 10,955 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 September 30, 2016, the average model year of vehicles collateralizing the portfolio was a 2008 vehicle. 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 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 September 30, (In thousands) Six months ended September 30, (In thousands) 2016 2015 2016 2015 Balance at beginning of period $ 764 $ 755 $ 748 $ 703 Current period provision 77 99 148 202 Losses absorbed (72 ) (81 ) (144 ) (140 ) Recoveries 5 7 22 15 Balance at end of period $ 774 $ 780 $ 774 $ 780 Direct Loans are originated directly between the Company and the consumer. These loans are typically for amounts ranging from $1,000 to $9,000 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 September 30, 2016, loans made by the Company pursuant to its Direct Loan program constituted approximately 2% 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. As of September 2016, when an account is 180 days contractually delinquent, the account is written off. This change aligns the Company’s charge-off policy with best practices within the subprime auto financing segment, and had an immaterial impact on losses absorbed and the allowance for credit losses. See Item 2 for more discussion. Prior to September 2016, accounts that were 120 days contractually delinquent were written off. Upon notification of a Chapter 13 bankruptcy, an account is monitored for collection with other Chapter 13 bankruptcy 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: (In thousands) September 30, 2016 September 30, 2015 Contracts Direct Loans Contracts Direct Loans Performing accounts $ 466,515 $ 10,930 $ 466,911 $ 11,619 Non-performing accounts 17,964 158 8,178 54 Total $ 484,479 $ 11,088 $ 475,089 $ 11,673 Chapter 13 bankruptcy accounts 4,204 44 4,269 33 Finance receivables, gross contract $ 488,683 $ 11,132 $ 479,358 $ 11,706 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 bankruptcy accounts: (In thousands) Contracts Gross Balance 31 – 60 days 61 – 90 days Over 90 days Total September 30, 2016 $ 484,479 $ 29,327 $ 10,654 $ 7,310 $ 47,291 6.05 % 2.20 % 1.51 % 9.76 % September 30, 2015 $ 475,089 $ 19,746 $ 5,603 $ 2,575 $ 27,924 4.16 % 1.18 % 0.54 % 5.88 % Direct Loans Gross Balance 31 – 60 days 61 – 90 days Over 90 days Total September 30, 2016 $ 11,088 $ 296 $ 87 $ 71 $ 454 2.67 % 0.78 % 0.64 % 4.09 % September 30, 2015 $ 11,673 $ 156 $ 28 $ 26 $ 210 1.34 % 0.24 % 0.22 % 1.80 %

Line of Credit

Line of Credit	6 Months Ended
	Sep. 30, 2016
Line Of Credit Facility [Abstract]
Line of Credit	5. Line of Credit The Company has a line of credit facility (the “Line”) up to $225.0 million The pricing of the Line, which expires on January 30, 2018, is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at September 30, 2016 and March 31, 2016). Pledged as collateral for this Line are all of the assets of the Company. The outstanding amount of the Line was $209.0 million and $211.0 million as of September 30, 2016 and March 31, 2016, respectively. The amount available under the Line was $16.0 million and $14.0 million as of September 30, 2016 and March 31, 2016, respectively. The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests As of September 30, 2016, the Company was in full compliance with all debt covenants.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	6 Months Ended
	Sep. 30, 2016
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 six months ended September 30, 2016 and 2015, 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 had an effective date of June 13, 2012 and a notional amount of $25.0 million. 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 had an effective date of August 13, 2012 and a notional amount of $25.0 million. The locations and amounts of losses in income are as follows: Three months ended September 30, Six months ended September 30, (In thousands) (In thousands) 2016 2015 2016 2015 Periodic change in fair value of interest rate swap agreements $ (121 ) $ 79 $ (103 ) $ 123 Periodic settlement differentials included in interest expense 55 95 118 189 (Gain) loss recognized in income $ (66 ) $ 174 $ 15 $ 312 Net realized 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 September 30, Six months ended September 30, 2016 2015 2016 2015 Variable rate received 0.50 % 0.19 % 0.47 % 0.18 % Fixed rate paid 0.94 % 0.94 % 0.94 % 0.94 %

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The provision for income taxes decreased to approximately $1.2 million for the three months ended September 30, 2016 from approximately $2.0 million for the three months ended September 30, 2015. The Company’s effective tax rate decreased to 37.61% for the three months ended September 30, 2016 from 38.53% for the three months ended September 30, 2015. The provision for income taxes decreased to approximately $3.0 million for the six months ended September 30, 2016 from approximately $4.3 million for the six months ended September 30, 2015. The Company’s effective tax rate decreased to 38.03% for the six months ended September 30, 2016 from 38.44% for the six months ended September 30, 2015.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Sep. 30, 2016
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: September 30, 2016 – liabilities: $ — $ (102 ) $ — $ (102 ) March 31, 2016 – liabilities: $ — $ (205 ) $ — $ (205 ) Financial Instruments Not Measured at Fair Value The Company’s financial instruments consist of cash, 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 Contracts. 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 generally range from 12 to 72 months. The initial terms of the Direct Loans generally range from 12 to 60 months. In addition, there have been minimal changes in interest rates and purchase discounts related to these types of loans due to the competitive nature of the current market. 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 September 30, 2016 was estimated to be equal to the book value. The interest rate for the Line is a variable rate based on LIBOR pricing options. (In thousands) Fair Value Measurement Using Description Level 1 Level 2 Level 3 Fair Value Carrying Cash: September 30, 2016 $ 3,799 $ — $ — $ 3,799 $ 3,799 March 31, 2016 $ 1,849 $ — $ — $ 1,849 $ 1,849 Finance receivables: September 30, 2016 $ — $ — $ 312,727 $ 312,727 $ 312,727 March 31, 2016 $ — $ — $ 311,837 $ 311,837 $ 311,837 Line of credit: September 30, 2016 $ — $ 209,000 $ — $ 209,000 $ 209,000 March 31, 2016 $ — $ 211,000 $ — $ 211,000 $ 211,000 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 have any assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2016 and March 31, 2016.

Contingencies

Contingencies	6 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	9. 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 Stan

Recently Issued Accounting Standards	6 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	10. Recently Issued Accounting Standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update (“ASU”) 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payment. In June 2016, the FASB issued the ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued the ASU 2016-09, “ Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” In February 2016, the FASB issued ASU No. 2016-02, “Leases In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments—Recognition and Measurement of Financial Assets and Liabilities In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) 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.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated balance sheet as of March 31, 2016, 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, 2017. 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, 2016 as filed with the Securities and Exchange Commission on June 14, 2016. The March 31, 2016 consolidated balance sheet included herein has been derived from the March 31, 2016 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 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 bankruptcy accounts are accounted for under the cost-recovery method. Interest income on Chapter 13 bankruptcy 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 three months ended September 30, 2016 and 2015 was 7.01% and 7.57%, respectively in relation to the total amount financed. The average dealer discount associated with new volume for the six months ended September 30, 2016 and 2015 was 7.08% and 7.55%, respectively. 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, involuntary unemployement insurance coverage, 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 deferred and recognized as an adjustment to the yield and are amortized over the life of the loan using the interest method.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update (“ASU”) 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payment. In June 2016, the FASB issued the ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued the ASU 2016-09, “ Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” In February 2016, the FASB issued ASU No. 2016-02, “Leases In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments—Recognition and Measurement of Financial Assets and Liabilities In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers (Topic 606) 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	Three months ended Six months ended 2016 2015 2016 2015 Numerator: Net income per consolidated statements of income $ 1,970 $ 3,256 $ 4,873 $ 6,926 Less: Allocation of earnings to participating securities (26 ) — (57 ) — Net income allocated to common stock 1,944 $ 3,256 4,816 $ 6,926 Basic earnings per share computation: Net income allocated to common stock $ 1,944 $ 3,256 $ 4,816 $ 6,926 Weighted average common shares outstanding, including shares considered participating securities 7,774 7,622 7,763 7,619 Less: Weighted average participating securities outstanding (102 ) — (91 ) — Weighted average shares of common stock 7,672 7,622 7,672 7,619 Basic earnings per share $ 0.25 0.43 $ 0.63 0.91 Diluted earnings per share computation: Net income allocated to common stock $ 1,944 $ 3,256 $ 4,816 $ 6,926 Undistributed earnings re-allocated to participating securities — — — — Net income allocated to common stock $ 1,944 $ 3,256 $ 4,816 $ 6,926 Weighted average common shares outstanding for basic earnings per share 7,672 7,622 7,672 7,619 Incremental shares from stock options 61 130 61 129 Weighted average shares and dilutive potential common shares 7,733 7,752 7,733 7,748 Diluted earnings per share $ 0.25 $ 0.42 $ 0.62 $ 0.89

Finance Receivables (Tables)

Finance Receivables (Tables)	6 Months Ended
	Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans	(In thousands) September 30, March 31, 2016 2016 Finance receivables, gross contract $ 499,814 $ 498,130 Unearned interest (156,360 ) (155,257 ) Finance receivables, net of unearned interest 343,454 342,873 Unearned dealer discounts (17,028 ) (18,023 ) Finance receivables, net of unearned interest and unearned dealer discounts 326,426 324,850 Allowance for credit losses (13,699 ) (13,013 ) Finance receivables, net $ 312,727 $ 311,837
Schedule of information on the entire portfolio	As of September 30, 2016 2015 Contract Portfolio Weighted APR 22.53 % 22.77 % Weighted average discount 7.39 % 8.01 % Weighted average term (months) 57 55 Number of active contracts 37,383 38,124 As of September 30, 2016 2015 Direct Loan Portfolio Weighted APR 25.72 % 25.81 % Weighted average term (months) 33 32 Number of active contracts 2,965 3,099
Schedule of an assessment of the credit quality by creditworthiness	(In thousands) September 30, 2016 September 30, 2015 Contracts Direct Loans Contracts Direct Loans Performing accounts $ 466,515 $ 10,930 $ 466,911 $ 11,619 Non-performing accounts 17,964 158 8,178 54 Total $ 484,479 $ 11,088 $ 475,089 $ 11,673 Chapter 13 bankruptcy accounts 4,204 44 4,269 33 Finance receivables, gross contract $ 488,683 $ 11,132 $ 479,358 $ 11,706
Schedule of information regarding delinquency rates	(In thousands) Contracts Gross Balance Outstanding 31 – 60 days 61 – 90 days Over 90 days Total September 30, 2016 $ 484,479 $ 29,327 $ 10,654 $ 7,310 $ 47,291 6.05 % 2.20 % 1.51 % 9.76 % September 30, 2015 $ 475,089 $ 19,746 $ 5,603 $ 2,575 $ 27,924 4.16 % 1.18 % 0.54 % 5.88 % Direct Loans Gross Balance Outstanding 31 – 60 days 61 – 90 days Over 90 days Total September 30, 2016 $ 11,088 $ 296 $ 87 $ 71 $ 454 2.67 % 0.78 % 0.64 % 4.09 % September 30, 2015 $ 11,673 $ 156 $ 28 $ 26 $ 210 1.34 % 0.24 % 0.22 % 1.80 %
Contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of reconciliation of the changes in the allowance for credit losses	Three months ended (In thousands) Six months ended 2016 2015 2016 2015 Balance at beginning of period $ 12,836 $ 11,524 $ 12,265 $ 11,325 Current period provision 8,067 6,079 15,022 10,965 Losses absorbed (8,576 ) (7,347 ) (15,568 ) (12,869 ) Recoveries 598 699 1,206 1,534 Balance at end of period $ 12,925 $ 10,955 $ 12,925 $ 10,955
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 September 30, (In thousands) Six months ended September 30, (In thousands) 2016 2015 2016 2015 Balance at beginning of period $ 764 $ 755 $ 748 $ 703 Current period provision 77 99 148 202 Losses absorbed (72 ) (81 ) (144 ) (140 ) Recoveries 5 7 22 15 Balance at end of period $ 774 $ 780 $ 774 $ 780

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	6 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of locations and amounts of (gains) losses recognized in income	Three months ended September 30, Six months ended September 30, (In thousands) (In thousands) 2016 2015 2016 2015 Periodic change in fair value of interest rate swap agreements $ (121 ) $ 79 $ (103 ) $ 123 Periodic settlement differentials included in interest expense 55 95 118 189 (Gain) loss recognized in income $ (66 ) $ 174 $ 15 $ 312
Schedule of variable rates received and average fixed rates paid under the swap agreements	Three months ended September 30, Six months ended September 30, 2016 2015 2016 2015 Variable rate received 0.50 % 0.19 % 0.47 % 0.18 % Fixed rate paid 0.94 % 0.94 % 0.94 % 0.94 %

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Sep. 30, 2016
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: September 30, 2016 – liabilities: $ — $ (102 ) $ — $ (102 ) March 31, 2016 – liabilities: $ — $ (205 ) $ — $ (205 )
Schedule of financial instruments not measured at fair value	(In thousands) Fair Value Measurement Using Description Level 1 Level 2 Level 3 Fair Value Carrying Cash: September 30, 2016 $ 3,799 $ — $ — $ 3,799 $ 3,799 March 31, 2016 $ 1,849 $ — $ — $ 1,849 $ 1,849 Finance receivables: September 30, 2016 $ — $ — $ 312,727 $ 312,727 $ 312,727 March 31, 2016 $ — $ — $ 311,837 $ 311,837 $ 311,837 Line of credit: September 30, 2016 $ — $ 209,000 $ — $ 209,000 $ 209,000 March 31, 2016 $ — $ 211,000 $ — $ 211,000 $ 211,000

Revenue Recognition (Detail Tex

Revenue Recognition (Detail Textuals)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Deferred Revenue Disclosure [Abstract]
Interest income accrual on finance receivables suspension condition			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 bankruptcy accounts are accounted for under the cost-recovery method.
Average dealer discount associated with new volume	7.01%	7.57%	7.08%	7.55%

Earnings Per Share - Basic and

Earnings Per Share - Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income per consolidated statements of income	$ 1,970	$ 3,256	$ 4,873	$ 6,926
Less: Allocation of earnings to participating securities	(26)		(57)
Net income allocated to common stock	1,944	3,256	4,816	6,926
Basic earnings per share computation:
Net income allocated to common stock	$ 1,944	$ 3,256	$ 4,816	$ 6,926
Weighted average common shares outstanding, including shares considered participating securities	7,774	7,622	7,763	7,619
Less: Weighted average participating securities outstanding	(102)		(91)
Weighted average shares of common stock	7,672	7,622	7,672	7,619
Basic earnings per share (in dollars per share)	$ 0.25	$ 0.43	$ 0.63	$ 0.91
Diluted earnings per share computation:
Net income allocated to common stock	$ 1,944	$ 3,256	$ 4,816	$ 6,926
Undistributed earnings re-allocated to participating securities
Net income allocated to common stock	$ 1,944	$ 3,256	$ 4,816	$ 6,926
Weighted average common shares outstanding for basic earnings per share	7,672	7,622	7,672	7,619
Incremental shares from stock options	61	130	61	129
Weighted average shares and dilutive potential common shares	7,733	7,752	7,733	7,748
Diluted earnings per share (in dollars per share)	$ 0.25	$ 0.42	$ 0.62	$ 0.89

Earnings Per Share (Detail Text

Earnings Per Share (Detail Textuals) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common stock shares not included in diluted earnings per share calculation	160,000	160,217	162,486	157,623

Finance Receivables - Finance r

Finance Receivables - Finance receivables consist of automobile finance installment Contracts and Direct Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 312,727	$ 311,837
Contracts and Direct Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, gross contract	499,814	498,130
Unearned interest	(156,360)	(155,257)
Finance receivables, net of unearned interest	343,454	342,873
Unearned dealer discounts	(17,028)	(18,023)
Finance receivables, net of unearned interest and unearned dealer discounts	326,426	324,850
Allowance for credit losses	(13,699)	(13,013)
Finance receivables, net	$ 312,727	$ 311,837

Finance Receivables - Selected

Finance Receivables - Selected information on entire portfolio of Company(Details 1) - Contract	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted APR	22.53%	22.77%
Weighted Average Discount	7.39%	8.01%
Weighted average term (months)	57 months	55 months
Number of active contracts	37,383	38,124
Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted APR	25.72%	25.81%
Weighted average term (months)	33 months	32 months
Number of active contracts	2,965	3,099

Finance Receivables - Summary o

Finance Receivables - Summary of reconciliation of changes in allowance for credit losses on contracts (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Current period provision	$ 8,144	$ 6,178	$ 15,170	$ 11,167
Contracts
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	12,836	11,524	12,265	11,325
Current period provision	8,067	6,079	15,022	10,965
Losses absorbed	(8,576)	(7,347)	(15,568)	(12,869)
Recoveries	598	699	1,206	1,534
Balance at end of period	$ 12,925	$ 10,955	$ 12,925	$ 10,955

Finance Receivables - Reconcili

Finance Receivables - Reconciliation of changes in allowance for credit losses on direct loans (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Current period provision	$ 8,144	$ 6,178	$ 15,170	$ 11,167
Direct Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	764	755	748	703
Current period provision	77	99	148	202
Losses absorbed	(72)	(81)	(144)	(140)
Recoveries	5	7	22	15
Balance at end of period	$ 774	$ 780	$ 774	$ 780

Finance Receivables - Assessmen

Finance Receivables - Assessment of credit quality by creditworthiness (Details 4) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Contracts
Financing Receivable, Recorded Investment [Line Items]
Total	$ 484,479	$ 475,089
Chapter 13 bankruptcy accounts	4,204	4,269
Finance receivables, gross contract	488,683	479,358
Contracts | Performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	466,515	466,911
Contracts | Non-performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	17,964	8,178
Direct Loan Portfolio
Financing Receivable, Recorded Investment [Line Items]
Total	11,088	11,673
Chapter 13 bankruptcy accounts	44	33
Finance receivables, gross contract	11,132	11,706
Direct Loan Portfolio | Performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	10,930	11,619
Direct Loan Portfolio | Non-performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	$ 158	$ 54

Finance Receivables - Informati

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 5) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Contracts
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 484,479	$ 475,089
Total	$ 47,291	$ 27,924
Total (in percentage)	9.76%	5.88%
Contracts | 31 - 60 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 29,327	$ 19,746
Total (in percentage)	6.05%	4.16%
Contracts | 61 - 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 10,654	$ 5,603
Total (in percentage)	2.20%	1.18%
Contracts | Over 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 7,310	$ 2,575
Total (in percentage)	1.51%	0.54%
Direct Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 11,088	$ 11,673
Total	$ 454	$ 210
Total (in percentage)	4.09%	1.80%
Direct Loans | 31 - 60 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 296	$ 156
Total (in percentage)	2.67%	1.34%
Direct Loans | 61 - 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 87	$ 28
Total (in percentage)	0.78%	0.24%
Direct Loans | Over 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 71	$ 26
Total (in percentage)	0.64%	0.22%

Finance Receivables (Detail Tex

Finance Receivables (Detail Textuals) - USD ($)	6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 312,727,000	$ 311,837,000
Maximum criteria for receivable to be a performing account	61 days
Minimum criteria for receivable to be a non-performing account	61 days or more
Criteria for delinquent account written off	180 days
Direct Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of direct loan to aggregate principal amount of loan portfolio	2.00%
Direct Loans | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 1,000
Direct Loans | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 9,000

Line of Credit (Detail Textuals

Line of Credit (Detail Textuals) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Line of Credit Facility [Line Items]
Outstanding amount of line of credit facility	$ 209,000	$ 211,000
Line of credit facility
Line of Credit Facility [Line Items]
Maximum amount of line of credit facility	$ 225,000
Line of credit facility, basis spread on variable rate (in percent)	3.00%
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	$ 209,000	$ 211,000
Amount available under the line of credit	$ 16,000	$ 14,000

Interest Rate Swap Agreements -

Interest Rate Swap Agreements - Summary of locations and amounts of (gains) losses in income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Periodic change in fair value of interest rate swap agreements	$ (121)	$ 79	$ (103)	$ 123
Periodic settlement differentials included in interest expense	55	95	118	189
(Gain) loss recognized in income	$ (66)	$ 174	$ 15	$ 312

Interest Rate Swap Agreements33

Interest Rate Swap Agreements - Summary of variable rates received and fixed rates paid under swap (Details 1) - Interest Rate Swap	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Variable rate received	0.50%	0.19%	0.47%	0.18%
Fixed rate paid	0.94%	0.94%	0.94%	0.94%

Interest Rate Swap Agreements34

Interest Rate Swap Agreements (Detail Textuals) - Interest Rate Swap $ in Millions	Jun. 04, 2012USD ($)	Jul. 30, 2012USD ($)	Sep. 30, 2016Contract
Derivatives, Fair Value [Line Items]
Number of interest rate swap agreements | Contract			2
Interest rate swap period	5 years	5 years
Fixed interest rate	1.00%	0.87%
Description of variable rate basis	1-month LIBOR	1-month LIBOR
Interest rate swap agreements, effective date	Jun. 13, 2012	Aug. 13, 2012
Derivative notional amount | $	$ 25	$ 25

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 1,188	$ 2,041	$ 2,991	$ 4,326
Effective tax rate	37.61%	38.53%	38.03%	38.44%

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and liabilities recorded at fair value on recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - liabilities	$ (102)	$ (205)
Recurring Basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - liabilities
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - liabilities	(102)	(205)
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - liabilities
Recurring Basis | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - liabilities	$ (102)	$ (205)

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	$ 3,799	$ 1,849
Finance receivables
Line of credit
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash
Finance receivables
Line of credit	209,000	211,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash
Finance receivables	312,727	311,837
Line of credit
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	3,799	1,849
Finance receivables	312,727	311,837
Line of credit	209,000	211,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	3,799	1,849
Finance receivables	312,727	311,837
Line of credit	$ 209,000	$ 211,000

Fair Value Disclosures (Detail

Fair Value Disclosures (Detail Textuals)	6 Months Ended
	Sep. 30, 2016
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	12 months
Direct Loans | Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial term of finance receivables	60 months