Old Market Capital (OMCC) 10-Q 9 Feb 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2017	Feb. 01, 2018
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		12,599,201
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Mar. 31, 2017
Assets
Cash	$ 3,082	$ 2,855
Finance receivables, net	281,358	317,205
Assets held for resale	2,975	2,453
Income taxes receivable	620	719
Prepaid expenses and other assets	729	674
Property and equipment, net	970	1,184
Interest rate swap agreements		17
Deferred income taxes	6,456	8,505
Total assets	296,190	333,612
Liabilities and shareholders' equity
Line of credit	178,000	213,000
Drafts payable	2,186	1,851
Accounts payable and accrued expenses	4,994	5,932
Deferred revenues	3,313	3,969
Total liabilities	188,493	224,752
Shareholders' equity
Preferred stock, no par: 5,000 shares authorized; none issued
Common stock, no par: 50,000 shares authorized; 12,599 and 12,524 shares issued, respectively; and 7,885 and 7,810 shares outstanding, respectively	34,467	33,889
Treasury stock: 4,714 common shares, at cost	(70,459)	(70,459)
Retained earnings	143,689	145,430
Total shareholders' equity	107,697	108,860
Total liabilities and shareholders' equity	$ 296,190	$ 333,612

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2017	Mar. 31, 2017
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	12,599	12,524
Common stock, shares outstanding	7,885	7,810
Treasury stock, shares	4,714	4,714

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Interest and fee income on finance receivables	$ 20,526	$ 22,044	$ 64,062	$ 67,606
Expenses:
Marketing	351	369	1,095	1,100
Salaries and employee benefits	4,826	5,041	14,835	16,363
Administrative	2,845	2,932	8,698	8,752
Provision for credit losses	8,989	8,796	28,887	23,966
Depreciation	116	142	356	413
Interest expense	2,585	2,258	7,483	6,745
Change in fair value of interest rate swap agreements		(81)	17	(184)
Total expenses	19,712	19,457	61,371	57,155
Operating income before income taxes	814	2,587	2,691	10,451
Income tax expense	3,712	981	4,432	3,972
Net income (loss)	$ (2,898)	$ 1,606	$ (1,741)	$ 6,479
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.37)	$ 0.21	$ (0.22)	$ 0.83
Diluted (in dollars per share)	$ (0.37)	$ 0.21	$ (0.22)	$ 0.83

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income (loss)	$ (1,741)	$ 6,479
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	356	413
Gain on sale of property and equipment	(22)	(13)
Provision for credit losses	28,887	23,966
Amortization of dealer discounts	(8,670)	(9,830)
Amortization of commission for products	(1,226)	(1,342)
Deferred income taxes	2,049	(626)
Share-based compensation	240	474
Change in fair value of interest rate swap agreements	17	(184)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	156	345
Accounts payable and accrued expenses	(938)	1,552
Income taxes receivable	99	1,198
Deferred revenues	(656)	86
Net cash provided by operating activities	18,551	22,518
Cash flows from investing activities
Purchase and origination of finance receivables	(74,760)	(118,276)
Principal payments received	91,616	95,562
Increase in assets held for resale	(522)	(828)
Purchase of property and equipment	(143)	(728)
Proceeds from sale of property and equipment	23	38
Net cash provided by (used in) investing activities	16,214	(24,232)
Cash flows from financing activities
(Decrease) Increase on line of credit	(35,000)	3,340
Change in drafts payable	335	188
Payment of loan origination fees	(211)
Proceeds from exercise of stock options	338	1
Net cash (used in) provided by financing activities	(34,538)	3,529
Net increase in cash	227	1,815
Cash, beginning of period	2,855	1,849
Cash, end of period	$ 3,082	3,664
Supplemental Disclosure of noncash investing and financing activities:
Tax deficiency from share awards		$ (9)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying consolidated balance sheet as of March 31, 2017, 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 S-X. 10-K 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, 2017
Revenue Recognition and Deferred Revenue [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 61 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 December 31, 2017 and 2016 was 6.89% and 6.87%, respectively in relation to the total amount financed. The average dealer discount associated with new volume for the nine months ended December 31, 2017 and 2016 was 7.23% and 7.00%, 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 unemployment insurance coverage, and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings (Loss) Per Share The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. Earnings (loss) per share is calculated using the two-class Three months ended (In thousands, except per Nine months ended (In thousands, except per 2017 2016 2017 2016 Numerator: Net income (loss) $ (2,898 ) $ 1,606 $ (1,741 ) $ 6,479 Less: Allocation of earnings (loss) to participating securities 40 (22 ) 23 (76 ) Net income (loss) allocated to common stock (2,858 ) 1,584 (1,718 ) 6,403 Basic earnings (loss) per share computation: Net income (loss) allocated to common stock $ (2,858 ) $ 1,584 $ (1,718 ) $ 6,403 Weighted average common shares outstanding, including shares considered participating securities 7,910 7,697 7,876 7,763 Less: Weighted average participating securities outstanding (110 ) (107 ) (102 ) (91 ) Weighted average shares of common stock 7,800 7,590 7,774 7,672 Basic earnings (loss) per share $ (0.37 ) $ 0.21 $ (0.22 ) $ 0.83 Diluted earnings (loss) per share computation: Net income (loss) allocated to common stock $ (2,858 ) $ 1,584 $ (1,718 ) $ 6,403 Undistributed earnings re-allocated — — — — Numerator for diluted earnings (loss) per share $ (2,858 ) $ 1,584 $ (1,718 ) $ 6,403 Weighted average common shares outstanding for basic earnings (loss) per share 7,800 7,590 7,774 7,672 Incremental shares from stock options — 60 — 60 Weighted average shares and dilutive potential common shares 7,800 7,650 7,774 7,732 Diluted earnings (loss) per share $ (0.37 ) $ 0.21 $ (0.22 ) $ 0.83 Diluted earnings (loss) per share do not include the effect of certain stock options as their impact would be anti-dilutive. The potential shares of common stock from stock options totaling 189,690 were excluded from the diluted earnings (loss) per share calculation for December 31, 2017 because the Company experienced a net loss for the period. The potential shares of common stock from stock options totaling 160,000 were excluded from the diluted earnings (loss) per share calculation for December 31, 2016 because their effect is anti-dilutive.

Finance Receivables

Finance Receivables	9 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Finance Receivables	4. Finance Receivables Finance receivables consist of Contracts and Direct Loans and are detailed as follows: (In thousands) December 31, March 31, Finance receivables, gross contract $ 454,277 $ 512,720 Unearned interest (137,594 ) (160,853 ) Finance receivables, net of unearned interest 316,683 351,867 Unearned dealer discounts (14,138 ) (17,004 ) Finance receivables, net of unearned interest and unearned dealer discounts 302,545 334,863 Allowance for credit losses (21,187 ) (17,658 ) Finance receivables, net $ 281,358 $ 317,205 Contracts and Direct Loans each comprise a portfolio segment. The following tables present selected information on the entire portfolio of the Company: As of December 31, Contract Portfolio 2017 2016 Weighted APR 22.21 % 22.43 % Weighted average discount 7.25 % 7.48 % Weighted average term (months) 57 57 Number of active contracts 33,993 37,834 As of December 31, Direct Loan Portfolio 2017 2016 Weighted APR 25.18 % 25.69 % Weighted average term (months) 33 33 Number of active contracts 2,718 3,023 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) Nine months ended December 31, (In thousands) 2017 2016 2017 2016 Balance at beginning of period $ 19,967 $ 12,925 $ 16,885 $ 12,265 Current period provision 8,818 8,701 28,498 23,723 Losses absorbed (8,745 ) (8,247 ) (26,372 ) (23,815 ) Recoveries 360 570 1,389 1,776 Balance at end of period $ 20,400 $ 13,949 $ 20,400 $ 13,949 The allowance for credit losses is increased by charges against earnings and decreased by charge-offs (net of recoveries). The Company aggregates Contracts into static pools consisting of Contracts purchased during a three-month period for each branch location as management considers these pools to have similar risk characteristics and are considered smaller-balance homogenous loans. The Company analyzes each consolidated static pool at specific points in time to estimate losses that are probable of being incurred as of the reporting date. It has maintained historical write-off write-off 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, 2017, the average model year of vehicles collateralizing the portfolio was a 2010 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 December 31, (In thousands) Nine months ended December 31, (In thousands) 2017 2016 2017 2016 Balance at beginning of period $ 782 $ 774 $ 773 $ 748 Current period provision 171 95 389 243 Losses absorbed (172 ) (73 ) (395 ) (217 ) Recoveries 6 3 20 25 Balance at end of period $ 787 $ 799 $ 787 $ 799 Direct Loans are typically for amounts ranging from $1,000 to $11,000 and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. Much of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a better credit risk than Contracts due to the customer’s historical payment history with the Company; however, the underlying collateral is less valuable. In deciding if 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 the 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, 2017, 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 credit loss trends over several reporting periods which are utilized in estimating future losses and overall portfolio performance. A performing account is defined as an account that is less than 61 days past due. We define an automobile contract as delinquent when more than 25% of a payment contractually due by a certain date has not been paid by the immediately following due date, which date may have been extended within limits specified in the servicing agreements or as a result of a deferral. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. In certain circumstances, we will grant obligors one-month The following table is an assessment of the credit quality by creditworthiness: (In thousands) December 31, 2017 December 31, 2016 Contracts Direct Loans Contracts Direct Loans Performing accounts $ 412,775 $ 10,349 $ 462,569 $ 11,231 Non-performing 27,053 217 36,980 280 Total $ 439,828 $ 10,566 $ 499,549 $ 11,511 Chapter 13 bankruptcy accounts 3,843 40 4,220 36 Finance receivables, gross contract $ 443,671 $ 10,606 $ 503,769 $ 11,547 A non-performing non-performing 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, except percentages) Contracts Gross Balance Outstanding 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2017 $ 439,828 $ 33,453 $ 14,039 $ 7,893 $ 5,121 $ 60,506 7.61 % 3.19 % 1.79 % 1.16 % 13.76 % December 31, 2016 $ 499,549 $ 35,184 $ 17,263 $ 11,072 $ 8,645 $ 72,164 7.04 % 3.46 % 2.22 % 1.73 % 14.45 % Direct Loans Gross Balance Outstanding 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2017 $ 10,566 $ 254 $ 102 $ 32 $ 83 $ 471 2.41 % 0.97 % 0.30 % 0.78 % 4.46 % December 31, 2016 $ 11,511 $ 282 $ 155 $ 61 $ 64 $ 562 2.45 % 1.34 % 0.53 % 0.56 % 4.88 %

Line of Credit

Line of Credit	9 Months Ended
	Dec. 31, 2017
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. On November 8, 2017, the Company executed amendment 7 to this existing Line which extended the maturity date to March 31, 2018 and increased the pricing of the Line to 400 basis points above 30 day LIBOR, while maintaining the 1% floor on LIBOR. The amendment also increased the beneficial ownership limit from 20% to 30% and revised the calculation of availability and the minimum interest coverage ratio. The threshold for the minimum interest coverage ratio was lowered for the period ending December 31, 2017. On December 30, 2016, the Company executed an amendment which increased the pricing of the Line to 350 basis points above 30 day LIBOR while maintaining the 1% floor on LIBOR. Prior to December 30, 2016, the pricing on the Line was 300 basis points above 30 day LIBOR with a 1% floor on LIBOR. Pledged as collateral for this Line are all the assets of the Company. The Line requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. As of December, 31 2017, the Company is in compliance with all debt covenants. The Company has a longstanding relationship with its lenders and believes it is probable that it will be able to obtain financing from either its existing lenders or from other sources; however, we can provide no assurances that the lenders will approve the further renewal or extension of the Line past March 31, 2018 or, assuming that they will approve it, that the facility will not be on terms less favorable than the current agreement. The Company may also determine to seek alternative financing, including but not limited to, the issuance of equity or debt; however, we may not be able to raise additional funds on acceptable terms, or at all.

Interest Rate Swap Agreements

Interest Rate Swap Agreements	9 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap Agreements	6. Interest Rate Swap Agreements The Company previously utilized interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements converted a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables. During the nine months ended December 31, 2017, no new contracts were initiated and both interest rate swap contracts matured. During the nine months ended December 31, 2016, no new contracts were initiated and no contracts matured. On June 13, 2017 an interest rate swap agreement with an effective date of June 13, 2012, a notional amount of $25.0 million, and a fixed rate of interest of 1.00% expired. On July 30, 2017 an interest rate swap agreement with an effective date of July 30, 2012, a notional amount of $25.0 million, and a fixed rate of interest of 0.87% expired. The locations and amounts of loss and gain in income are as follows: Three months ended December 31, Nine months ended December 31, 2017 2016 2017 2016 Periodic change in fair value of interest rate swap agreements $ — $ (81 ) $ 17 $ (184 ) Periodic settlement differentials included in interest expense — 45 18 163 Loss (gain) recognized in income $ — $ (36 ) $ 35 $ (21 ) Net realized losses and gains 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 December 31, Nine months ended December 31, 2017 2016 2017 2016 Variable rate received — 0.58 % 1.05 % 0.51 % Fixed rate paid — 0.94 % 0.91 % 0.94 %

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act was passed into law (“TCJA”). The TCJA includes a broad range of tax reform including changes to tax rates and deductions that are effective January 1, 2018. The decrease in the enacted corporate tax rate expected to apply when our temporary differences are realized or settled ultimately resulted in a one-time The provision for income taxes increased to approximately $3.7 million for the three months ended December 31, 2017 from approximately $1.0 million for the three months ended December 31, 2016. The Company’s effective tax rate increased to 456.48% for the three months ended December 31, 2017 from 37.93% for the three months ended December 31, 2016. The provision for income taxes increased to approximately $4.4 million for the nine months ended December 31, 2017 from approximately $4.0 million for the nine months ended December 31, 2016. The Company’s effective tax rate increased to 164.70% for the nine months ended December 31, 2017 from 38.01% for the nine months ended December 31, 2016.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Dec. 31, 2017
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, 2017 – assets: $ — $ — $ — $ — March 31, 2017 – assets: $ — $ 17 $ — $ 17 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 72 months. 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, 2017 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 Value Cash: December 31, 2017 $ 3,082 $ — $ — $ 3,082 $ 3,082 March 31, 2017 $ 2,855 $ — $ — $ 2,855 $ 2,855 Finance receivables: December 31, 2017 $ — $ — $ 281,358 $ 281,358 $ 281,358 March 31, 2017 $ — $ — $ 317,205 $ 317,205 $ 317,205 Line of credit: December 31, 2017 $ — $ 178,000 $ — $ 178,000 $ 178,000 March 31, 2017 $ — $ 213,000 $ — $ 213,000 $ 213,000 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 December 31, 2017 and March 31, 2017.

Contingencies

Contingencies	9 Months Ended
	Dec. 31, 2017
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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	10. Summary of Significant Accounting Policies Reclassifications The Company made certain reclassifications to the 2016 statements of cash flows. The amortization of deferred revenues decreased cash flows from operating activities by $1.342 million for 2016 and correspondingly increased cash flows from investing activities. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update (“ASU”) 2016-15 2016-15 In June 2016, the FASB issued the ASU 2016-13 conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The ASU also requires additional disclosures related to estimates and judgments used to measure all expected credit losses. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this ASU on the consolidated financial statements, and is collecting and analyzing data that will be needed to produce historical inputs into any models created as a result of adopting this ASU. At this time, we believe the adoption of this ASU will likely have a material adverse effect on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, 2016-02 In January 2016, the FASB issued ASU No. 2016-01, In May 2014, the FASB issued ASU No. 2014-09, 2014-09 2014-09 in-scope 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.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated balance sheet as of March 31, 2017, 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 S-X. 10-K 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 61 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 December 31, 2017 and 2016 was 6.89% and 6.87%, respectively in relation to the total amount financed. The average dealer discount associated with new volume for the nine months ended December 31, 2017 and 2016 was 7.23% and 7.00%, 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 unemployment insurance coverage, and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method.
Reclassifications	Reclassifications The Company made certain reclassifications to the 2016 statements of cash flows. The amortization of deferred revenues decreased cash flows from operating activities by $1.342 million for 2016 and correspondingly increased cash flows from investing activities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update (“ASU”) 2016-15 2016-15 In June 2016, the FASB issued the ASU 2016-13 conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The ASU also requires additional disclosures related to estimates and judgments used to measure all expected credit losses. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of this ASU on the consolidated financial statements, and is collecting and analyzing data that will be needed to produce historical inputs into any models created as a result of adopting this ASU. At this time, we believe the adoption of this ASU will likely have a material adverse effect on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, 2016-02 In January 2016, the FASB issued ASU No. 2016-01, In May 2014, the FASB issued ASU No. 2014-09, 2014-09 2014-09 in-scope 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)	9 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	Three months ended (In thousands, except per Nine months ended (In thousands, except per 2017 2016 2017 2016 Numerator: Net income (loss) $ (2,898 ) $ 1,606 $ (1,741 ) $ 6,479 Less: Allocation of earnings (loss) to participating securities 40 (22 ) 23 (76 ) Net income (loss) allocated to common stock (2,858 ) 1,584 (1,718 ) 6,403 Basic earnings (loss) per share computation: Net income (loss) allocated to common stock $ (2,858 ) $ 1,584 $ (1,718 ) $ 6,403 Weighted average common shares outstanding, including shares considered participating securities 7,910 7,697 7,876 7,763 Less: Weighted average participating securities outstanding (110 ) (107 ) (102 ) (91 ) Weighted average shares of common stock 7,800 7,590 7,774 7,672 Basic earnings (loss) per share $ (0.37 ) $ 0.21 $ (0.22 ) $ 0.83 Diluted earnings (loss) per share computation: Net income (loss) allocated to common stock $ (2,858 ) $ 1,584 $ (1,718 ) $ 6,403 Undistributed earnings re-allocated — — — — Numerator for diluted earnings (loss) per share $ (2,858 ) $ 1,584 $ (1,718 ) $ 6,403 Weighted average common shares outstanding for basic earnings (loss) per share 7,800 7,590 7,774 7,672 Incremental shares from stock options — 60 — 60 Weighted average shares and dilutive potential common shares 7,800 7,650 7,774 7,732 Diluted earnings (loss) per share $ (0.37 ) $ 0.21 $ (0.22 ) $ 0.83

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans	(In thousands) December 31, March 31, Finance receivables, gross contract $ 454,277 $ 512,720 Unearned interest (137,594 ) (160,853 ) Finance receivables, net of unearned interest 316,683 351,867 Unearned dealer discounts (14,138 ) (17,004 ) Finance receivables, net of unearned interest and unearned dealer discounts 302,545 334,863 Allowance for credit losses (21,187 ) (17,658 ) Finance receivables, net $ 281,358 $ 317,205
Schedule of information on the entire portfolio	As of December 31, Contract Portfolio 2017 2016 Weighted APR 22.21 % 22.43 % Weighted average discount 7.25 % 7.48 % Weighted average term (months) 57 57 Number of active contracts 33,993 37,834 As of December 31, Direct Loan Portfolio 2017 2016 Weighted APR 25.18 % 25.69 % Weighted average term (months) 33 33 Number of active contracts 2,718 3,023
Schedule of an assessment of the credit quality by creditworthiness	(In thousands) December 31, 2017 December 31, 2016 Contracts Direct Loans Contracts Direct Loans Performing accounts $ 412,775 $ 10,349 $ 462,569 $ 11,231 Non-performing 27,053 217 36,980 280 Total $ 439,828 $ 10,566 $ 499,549 $ 11,511 Chapter 13 bankruptcy accounts 3,843 40 4,220 36 Finance receivables, gross contract $ 443,671 $ 10,606 $ 503,769 $ 11,547
Schedule of information regarding delinquency rates	(In thousands, except percentages) Contracts Gross Balance Outstanding 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2017 $ 439,828 $ 33,453 $ 14,039 $ 7,893 $ 5,121 $ 60,506 7.61 % 3.19 % 1.79 % 1.16 % 13.76 % December 31, 2016 $ 499,549 $ 35,184 $ 17,263 $ 11,072 $ 8,645 $ 72,164 7.04 % 3.46 % 2.22 % 1.73 % 14.45 % Direct Loans Gross Balance Outstanding 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2017 $ 10,566 $ 254 $ 102 $ 32 $ 83 $ 471 2.41 % 0.97 % 0.30 % 0.78 % 4.46 % December 31, 2016 $ 11,511 $ 282 $ 155 $ 61 $ 64 $ 562 2.45 % 1.34 % 0.53 % 0.56 % 4.88 %
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) Nine months ended December 31, (In thousands) 2017 2016 2017 2016 Balance at beginning of period $ 19,967 $ 12,925 $ 16,885 $ 12,265 Current period provision 8,818 8,701 28,498 23,723 Losses absorbed (8,745 ) (8,247 ) (26,372 ) (23,815 ) Recoveries 360 570 1,389 1,776 Balance at end of period $ 20,400 $ 13,949 $ 20,400 $ 13,949
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 December 31, (In thousands) Nine months ended December 31, (In thousands) 2017 2016 2017 2016 Balance at beginning of period $ 782 $ 774 $ 773 $ 748 Current period provision 171 95 389 243 Losses absorbed (172 ) (73 ) (395 ) (217 ) Recoveries 6 3 20 25 Balance at end of period $ 787 $ 799 $ 787 $ 799

Interest Rate Swap Agreements (

Interest Rate Swap Agreements (Tables)	9 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of locations and amounts of (gains) losses recognized in income	Three months ended December 31, Nine months ended December 31, 2017 2016 2017 2016 Periodic change in fair value of interest rate swap agreements $ — $ (81 ) $ 17 $ (184 ) Periodic settlement differentials included in interest expense — 45 18 163 Loss (gain) recognized in income $ — $ (36 ) $ 35 $ (21 )
Schedule of variable rates received and average fixed rates paid under the swap agreements	Three months ended December 31, Nine months ended December 31, 2017 2016 2017 2016 Variable rate received — 0.58 % 1.05 % 0.51 % Fixed rate paid — 0.94 % 0.91 % 0.94 %

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Dec. 31, 2017
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, 2017 – assets: $ — $ — $ — $ — March 31, 2017 – assets: $ — $ 17 $ — $ 17
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 Value Cash: December 31, 2017 $ 3,082 $ — $ — $ 3,082 $ 3,082 March 31, 2017 $ 2,855 $ — $ — $ 2,855 $ 2,855 Finance receivables: December 31, 2017 $ — $ — $ 281,358 $ 281,358 $ 281,358 March 31, 2017 $ — $ — $ 317,205 $ 317,205 $ 317,205 Line of credit: December 31, 2017 $ — $ 178,000 $ — $ 178,000 $ 178,000 March 31, 2017 $ — $ 213,000 $ — $ 213,000 $ 213,000

Revenue Recognition (Detail Tex

Revenue Recognition (Detail Textuals)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenue Recognition and Deferred Revenue [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 61 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	6.89%	6.87%	7.23%	7.00%

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		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income (loss)	$ (2,898)	$ 1,606	$ (1,741)	$ 6,479
Less: Allocation of earnings (loss) to participating securities	40	(22)	23	(76)
Net income (loss) allocated to common stock	(2,858)	1,584	(1,718)	6,403
Basic earnings (loss) per share computation:
Net income (loss) allocated to common stock	$ (2,858)	$ 1,584	$ (1,718)	$ 6,403
Weighted average common shares outstanding, including shares considered participating securities	7,910	7,697	7,876	7,763
Less: Weighted average participating securities outstanding	(110)	(107)	(102)	(91)
Weighted average shares of common stock	7,800	7,590	7,774	7,672
Basic earnings (loss) per share	$ (0.37)	$ 0.21	$ (0.22)	$ 0.83
Diluted earnings (loss) per share computation:
Net income (loss) allocated to common stock	$ (2,858)	$ 1,584	$ (1,718)	$ 6,403
Undistributed earnings re-allocated to participating securities	0	0	0	0
Numerator for diluted earnings (loss) per share	$ (2,858)	$ 1,584	$ (1,718)	$ 6,403
Weighted average common shares outstanding for basic earnings (loss) per share	7,800	7,590	7,774	7,672
Incremental shares from stock options		60		60
Weighted average shares and dilutive potential common shares	7,800	7,650	7,774	7,732
Diluted earnings (loss) per share	$ (0.37)	$ 0.21	$ (0.22)	$ 0.83

Earnings Per Share (Detail Text

Earnings Per Share (Detail Textuals) - shares	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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	189,690	160,000

Finance Receivables - Finance r

Finance Receivables - Finance receivables consist of automobile finance installment Contracts and Direct Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Mar. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 281,358	$ 317,205
Contracts and Direct Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, gross contract	454,277	512,720
Unearned interest	(137,594)	(160,853)
Finance receivables, net of unearned interest	316,683	351,867
Unearned dealer discounts	(14,138)	(17,004)
Finance receivables, net of unearned interest and unearned dealer discounts	302,545	334,863
Allowance for credit losses	(21,187)	(17,658)
Finance receivables, net	$ 281,358	$ 317,205

Finance Receivables - Selected

Finance Receivables - Selected information on entire portfolio of Company (Details 1) - Contract	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted APR	22.21%	22.43%
Weighted average discount	7.25%	7.48%
Weighted average term (months)	57 months	57 months
Number of active contracts	33,993	37,834
Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted APR	25.18%	25.69%
Weighted average term (months)	33 months	33 months
Number of active contracts	2,718	3,023

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		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Current period provision	$ 8,989	$ 8,796	$ 28,887	$ 23,966
Contracts
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	19,967	12,925	16,885	12,265
Current period provision	8,818	8,701	28,498	23,723
Losses absorbed	(8,745)	(8,247)	(26,372)	(23,815)
Recoveries	360	570	1,389	1,776
Balance at end of period	20,400	13,949	20,400	13,949
Direct Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	782	774	773	748
Current period provision	171	95	389	243
Losses absorbed	(172)	(73)	(395)	(217)
Recoveries	6	3	20	25
Balance at end of period	$ 787	$ 799	$ 787	$ 799

Finance Receivables - Assessmen

Finance Receivables - Assessment of credit quality by creditworthiness (Details 4) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Contracts
Financing Receivable, Recorded Investment [Line Items]
Total	$ 439,828	$ 499,549
Chapter 13 bankruptcy accounts	3,843	4,220
Finance receivables, gross contract	443,671	503,769
Contracts | Performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	412,775	462,569
Contracts | Non-performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	27,053	36,980
Direct Loans
Financing Receivable, Recorded Investment [Line Items]
Total	10,566	11,511
Chapter 13 bankruptcy accounts	40	36
Finance receivables, gross contract	10,606	11,547
Direct Loans | Performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	10,349	11,231
Direct Loans | Non-performing accounts
Financing Receivable, Recorded Investment [Line Items]
Total	$ 217	$ 280

Finance Receivables - Informati

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 5) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Contracts
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 439,828	$ 499,549
Total	$ 60,506	$ 72,164
Total (in percentage)	13.76%	14.45%
Contracts | 31 - 60 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 33,453	$ 35,184
Total (in percentage)	7.61%	7.04%
Contracts | 61 - 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 14,039	$ 17,263
Total (in percentage)	3.19%	3.46%
Contracts | 91 - 120 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 7,893	$ 11,072
Total (in percentage)	1.79%	2.22%
Contracts | Over 120 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 5,121	$ 8,645
Total (in percentage)	1.16%	1.73%
Direct Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 10,566	$ 11,511
Total	$ 471	$ 562
Total (in percentage)	4.46%	4.88%
Direct Loans | 31 - 60 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 254	$ 282
Total (in percentage)	2.41%	2.45%
Direct Loans | 61 - 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 102	$ 155
Total (in percentage)	0.97%	1.34%
Direct Loans | 91 - 120 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 32	$ 61
Total (in percentage)	0.30%	0.53%
Direct Loans | Over 120 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross Balance Outstanding	$ 83	$ 64
Total (in percentage)	0.78%	0.56%

Finance Receivables (Detail Tex

Finance Receivables (Detail Textuals) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2017	Mar. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 281,358	$ 317,205
Maximum criteria for receivable to be a performing account	61 days
Minimum threshold percentage of payment due for automobile contract to be delinquent	25.00%
Minimum criteria for receivable to be a non-performing account	61 days or more
Criteria for delinquent account written off	180 days
Period for maintaining historical write off information with respect to static pool	10 years
Percentage of liquidation level assist in determining allowance for credit losses for 1st snapshot	20.00%
Percentage of liquidation level assist in determining allowance for credit losses for 2nd snapshot	40.00%
Percentage of liquidation level assist in determining allowance for credit losses for 3rd snapshot	60.00%
Percentage of liquidation level assist in determining allowance for credit losses in 5th snapshot	80.00%
Percentage of liquidation level assist in determining allowance for credit losses in 5th snapshot	100.00%
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	$ 11,000

Line of Credit (Detail Textuals

Line of Credit (Detail Textuals) - Line of credit facility - USD ($) $ in Millions	Nov. 08, 2017	Nov. 07, 2017	Dec. 30, 2016	Dec. 29, 2016	Dec. 31, 2017
Line of Credit Facility [Line Items]
Maximum amount of line of credit facility					$ 225
Maturity date	Mar. 31, 2018
Line of credit, basis spread on variable rate	4.00%		3.50%	3.00%
Description of variable rate basis	30 day LIBOR		30 day LIBOR	30 day LIBOR
Line of credit facility, floor rate	1.00%		1.00%	1.00%
Increased beneficial ownership limit	30.00%	20.00%

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		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Periodic change in fair value of interest rate swap agreements	$ 0	$ (81)	$ 17	$ (184)
Periodic settlement differentials included in interest expense	0	45	18	163
Loss (gain) recognized in income	$ 0	$ (36)	$ 35	$ (21)

Interest Rate Swap Agreements32

Interest Rate Swap Agreements - Summary of variable rates received and fixed rates paid under swap (Details 1) - Interest Rate Swap	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Variable rate received	0.00%	0.58%	1.05%	0.51%
Fixed rate paid	0.00%	0.94%	0.91%	0.94%

Interest Rate Swap Agreements33

Interest Rate Swap Agreements (Detail Textuals) - Interest Rate Swap - USD ($) $ in Millions	Jun. 13, 2017	Jul. 30, 2017
Derivatives, Fair Value [Line Items]
Derivative notional amount	$ 25	$ 25
Fixed interest rate	1.00%	0.87%
Interest rate swap agreements, effective date	Jun. 13, 2012	Jul. 30, 2012

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense due to one-time revaluation of deferred tax assets	$ 3,400
Provision for income taxes		$ 3,712	$ 981	$ 4,432	$ 3,972
Increase in effective tax rate		456.48%	37.93%	164.70%	38.01%

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and liabilities recorded at fair value on recurring basis (Details) - Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2017	Mar. 31, 2017
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - assets	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - assets	0	17
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - assets	0	0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements - assets	$ 0	$ 17

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Mar. 31, 2017
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	$ 3,082	$ 2,855
Finance receivables	0	0
Line of credit	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	0	0
Finance receivables	0	0
Line of credit	178,000	213,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	0	0
Finance receivables	281,358	317,205
Line of credit	0	0
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	3,082	2,855
Finance receivables	281,358	317,205
Line of credit	178,000	213,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	3,082	2,855
Finance receivables	281,358	317,205
Line of credit	$ 178,000	$ 213,000

Fair Value Disclosures (Detail

Fair Value Disclosures (Detail Textuals)	9 Months Ended
	Dec. 31, 2017
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	72 months

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Detail Textuals) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Amortization of deferred revenues decreased cash flows from operating activities	$ (1,226)	$ (1,342)