Old Market Capital (OMCC) 10-Q 14 Feb 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2018	Feb. 07, 2019
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	Non-accelerated Filer
Entity Common Stock Shares Outstanding		12,623,652
Document Type	10-Q
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Assets
Cash	$ 4,252	$ 2,626
Finance receivables, net	219,210	266,573
Assets held for resale	1,902	2,117
Income taxes receivable	2,115	1,505
Prepaid expenses and other assets	987	906
Property and equipment, net	642	843
Deferred income taxes	5,438	6,289
Total assets	234,546	280,859
Liabilities and shareholders' equity
Line of credit	120,000	165,750
Drafts payable	1,345	1,672
Accounts payable and accrued expenses	3,610	5,000
Total liabilities	124,955	172,422
Shareholders' equity
Preferred stock, no par: 5,000 shares authorized; none issued
Common stock, no par: 50,000 shares authorized; 12,622 and 12,609 shares issued, respectively; and 7,908 and 7,895 shares outstanding, respectively	34,621	34,564
Treasury stock: 4,714 common shares, at cost	(70,459)	(70,459)
Retained earnings	145,429	144,332
Total shareholders' equity	109,591	108,437
Total liabilities and shareholders' equity	$ 234,546	$ 280,859

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2018	Mar. 31, 2018
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	12,622	12,609
Common stock, shares outstanding	7,908	7,895
Treasury stock, shares	4,714	4,714

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Interest and fee income on finance receivables	$ 16,740	$ 20,526	$ 54,903	$ 64,062
Expenses:
Marketing	652	351	1,756	1,095
Salaries and employee benefits	4,575	4,826	14,182	14,835
Administrative	2,530	2,845	8,387	8,698
Provision for credit losses	7,870	8,989	21,670	28,887
Depreciation	91	116	290	356
Interest expense	2,303	2,585	7,228	7,500
Total operating expenses	18,021	19,712	53,513	61,371
Operating income (loss) before income taxes	(1,281)	814	1,390	2,691
Income tax expense (benefit)	(376)	3,712	293	4,432
Net income (loss)	$ (905)	$ (2,898)	$ 1,097	$ (1,741)
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.12)	$ (0.37)	$ 0.14	$ (0.22)
Diluted (in dollars per share)	$ (0.12)	$ (0.37)	$ 0.14	$ (0.22)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)	$ 1,097	$ (1,741)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	290	356
Gain on sale of property and equipment	(38)	(22)
Provision for credit losses	21,670	28,887
Amortization of dealer discounts	(8,140)	(8,670)
Amortization of commission for products	(1,508)	(1,226)
Deferred income taxes	851	2,049
Share-based compensation	41	240
Change in fair value of interest rate swap agreements		17
Changes in operating assets and liabilities:
Accrued interest receivable	221	149
Prepaid expenses and other assets	319	156
Accounts payable and accrued expenses	(1,390)	(938)
Income taxes receivable	(610)	99
Net cash provided by operating activities	12,803	19,356
Cash flows from investing activities
Purchase and origination of finance receivables	(56,266)	(86,517)
Principal payments received	91,386	102,568
Decrease (increase) in assets held for resale	215	(522)
Purchase of property and equipment	(113)	(143)
Proceeds from sale of property and equipment	62	23
Net cash provided by investing activities	35,284	15,409
Cash flows from financing activities
Repayments on line of credit	(45,750)	(35,000)
Change in drafts payable	(327)	335
Payment of loan origination fees	(400)	(211)
Proceeds from exercise of stock options	16	338
Net cash used in financing activities	(46,461)	(34,538)
Net increase in cash	1,626	227
Cash, beginning of period	2,626	2,855
Cash, end of period	$ 4,252	$ 3,082

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying consolidated balance sheet as of March 31, 2018, 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, 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.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2018
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. We reverse finance charge amounts previously accrued upon suspension of accrual of finance charges. 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 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, 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, 2018 and 2017 was 8.13% and 6.89%, respectively in relation to the total amount financed. The average dealer discount associated with new volume for the nine-months ended December 31, 2018 and 2017 was 8.29% and 7.23%, respectively. Unearned insurance and fee commissions 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, 2018
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. Earnings per share is calculated using the two-class Three months ended (In thousands, except Nine months ended (In thousands, except 2018 2017 2018 2017 Numerator: Net income (loss) $ (905 ) $ (2,898 ) $ 1,097 $ (1,741 ) Less: Allocation of earnings to participating securities 5 40 (10 ) 23 Net income (loss) allocated to common stock $ (900 ) $ (2,858 ) $ 1,087 $ (1,718 ) Basic earnings (loss) per share computation: Net income (loss) allocated to common stock $ (900 ) $ (2,858 ) $ 1,087 $ (1,718 ) Weighted average common shares outstanding, including shares considered participating securities 7,859 7,910 7,855 7,876 Less: Weighted average participating securities outstanding (46 ) (110 ) (68 ) (102 ) Weighted average shares of common stock 7,813 7,800 7,787 7,774 Basic earnings (loss) per share $ (0.12 ) $ (0.37 ) $ 0.14 $ (0.22 ) Diluted earnings (loss) per share computation: Net income (loss) allocated to common stock $ (900 ) $ (2,858 ) $ 1,087 $ (1,718 ) Undistributed earnings re-allocated — — — — Numerator for diluted earnings (loss) per share $ (900 ) $ $ 1,087 $ Weighted average common shares outstanding for basic earnings per share 7,813 7,800 7,787 7,774 Incremental shares from stock options 7 — — — Weighted average shares and dilutive potential common shares 7,820 7,800 7,787 7,774 Diluted earnings (loss) per share $ (0.12 ) $ (0.37 ) $ 0.14 $ (0.22 ) 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 December 31, 2018 and 2017, potential shares of common stock from stock options totaling 35,000 and 157,230, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the nine-months ended December 31, 2018 and 2017, potential shares of common stock from stock options totaling 68,600 and 194,687, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

Finance Receivables

Finance Receivables	9 Months Ended
	Dec. 31, 2018
Receivables [Abstract]
Finance Receivables	4. Finance Receivables Finance Receivables Portfolio Finance receivables consist of Contracts and Direct Loans and are detailed as follows: (In thousands) December 31, March 31, December 31, Finance receivables $ 250,279 $ 301,155 $ 313,631 Accrued interest receivable 2,421 2,642 3,052 Unearned dealer discounts (10,757 ) (13,655 ) (14,138 ) Unearned insurance and fee commissions (2,758 ) (3,303 ) (3,313 ) Finance receivables, net of unearned 239,185 286,839 299,232 Allowance for credit losses (19,975 ) (20,266 ) (21,187 ) Finance receivables, net $ 219,210 $ 266,573 $ 278,045 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 2018 2017 Average APR 22.68 % 22.21 % Average discount 7.46 % 7.25 % Average term (months) 53 57 Number of active contracts 29,061 33,993 As of December 31, Direct Loan Portfolio 2018 2017 Average APR 25.97 % 25.18 % Average term (months) 27 33 Number of active contracts 2,641 2,718 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 predominantly for used vehicles. As of December 31, 2018, the average model year of vehicles collateralizing the portfolio was a 2010 vehicle. Direct Loans are typically for amounts ranging from $500 to $11,000 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 better credit risk than typical Contracts due to the customer’s prior payment history with the Company; however, the underlying collateral is less valuable. In deciding whether 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 current or former customers, the payment history of the borrower is a significant factor in making the loan decision. As of December 31, 2018, loans made by the Company pursuant to its Direct Loan program constituted approximately 3.4% 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 primarily by current economic conditions and credit loss trends over several reporting periods which are utilized in estimating future losses and overall portfolio performance. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment. Allowance for Credit Losses The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts and Direct Loans for the three-months ended December 31, 2018 and 2017: Three months ended December 31, 2018 Contracts Direct Loans Consolidated Balance at beginning of period $ 18,692 $ 484 $ 19,176 Provision for credit losses 7,743 127 7,870 Charge-offs (7,337 ) (103 ) (7,440 ) Recoveries 359 10 369 Balance at December 31, 2018 $ 19,457 $ 518 $ 19,975 Three months ended December 31, 2017 Contracts Direct Loans Consolidated Balance at beginning of period $ 19,967 $ 782 $ 20,749 Provision for credit losses 8,818 171 8,989 Charge-offs (8,745 ) (172 ) (8,917 ) Recoveries 360 6 366 Balance at December 31, 2017 $ 20,400 $ 787 $ 21,187 The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts and Direct Loans for the nine-months ended December 31, 2018 and 2017: Nine months ended December 31, 2018 Contracts Direct Loans Consolidated Balance at beginning of period $ 19,433 $ 833 $ 20,266 Provision for credit losses 21,655 15 21,670 Charge-offs (22,965 ) (357 ) (23,322 ) Recoveries 1,334 27 1,361 Balance at December 31, 2018 $ 19,457 $ 518 $ 19,975 Nine months ended December 31, 2017 Contracts Direct Loans Consolidated Balance at beginning of period $ 16,885 $ 773 $ 17,658 Provision for credit losses 28,498 389 28,887 Charge-offs (26,372 ) (395 ) (26,767 ) Recoveries 1,389 20 1,409 Balance at December 31, 2017 $ 20,400 $ 787 $ 21,187 During the first quarter of the fiscal year ending March 31, 2019, the Company began using the trailing six-month In addition, the Company takes into consideration the composition of the portfolio, current economic conditions, the estimated net realizable value of the underlying collateral, historical loan loss experience, delinquency, non-performing Prior to June 30, 2018, the Company calculated the allowance for credit losses by reference to static pools, which each pool consisted of Contracts purchased during a three-month period for each branch location as management considers these pools to have similar risk characteristics and were considered smaller-balance homogenous loans. The Company analyzed each consolidated static pool at specific points in time to estimate losses that were probable of being incurred as of the reporting date. The Company maintained historical write-off write-off-to The following table is an assessment of the credit quality by creditworthiness: (In thousands) December 31, 2018 December 31, 2017 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 225,110 $ 8,284 $ 233,394 $ 283,340 $ 8,030 $ 291,370 Non-performing 13,073 186 13,259 18,204 174 18,378 Total 238,183 8,470 246,653 301,544 8,204 309,748 Chapter 13 bankruptcy accounts 3,564 62 3,626 3,843 40 3,883 Finance receivables $ 241,747 $ 8,532 $ 250,279 $ 305,387 $ 8,244 $ 313,631 A performing account is defined as an account that is less than 61 days past due. The Company defines 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, the Company will grant obligors one-month A non-performing The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding Chapter 13 bankruptcy accounts: (In thousands, except percentages) Contracts Balance 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2018 $ 238,183 $ 18,229 $ 6,897 $ 3,760 $ 2,416 $ 31,302 7.65 % 2.90 % 1.58 % 1.01 % 13.14 % December 31, 2017 $ 301,544 $ 22,583 $ 9,413 $ 5,320 $ 3,471 $ 40,787 7.49 % 3.12 % 1.76 % 1.15 % 13.53 % Direct Loans Balance 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2018 $ 8,470 $ 188 $ 88 $ 30 $ 68 $ 374 2.22 % 1.04 % 0.35 % 0.80 % 4.42 % December 31, 2017 $ 8,204 $ 204 $ 81 $ 26 $ 67 $ 378 2.49 % 0.99 % 0.32 % 0.82 % 4.61 %

Line of Credit

Line of Credit	9 Months Ended
	Dec. 31, 2018
Line Of Credit Facility [Abstract]
Line of Credit	5. Line of Credit The Company had a line of credit facility (the “Line of Credit” or the “Line”) up to $225 million during fiscal year 2018. On March 30, 2018, the Company executed Amendment No. 8 to the Second Amended and Restated Loan and Security Agreement, a one-year renewal extending the maturity date to March 31, 2019, reducing the Line of Credit to $200 million, and changing the minimum interest coverage ratio from a quarterly to monthly test. The pricing of the Line of Credit remained at 400 basis points above 30-day LIBOR, with a 1% floor on LIBOR and the beneficial ownership limit remained at 30%. Pledged as collateral for this Line of Credit are all the assets of the Company. The credit agreement requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. The Company’s operating results over the past two years provide indicators that the Company may not be able to continue to comply with certain of the required financial ratios, covenants and financial tests prior to the maturity date of the Line of Credit in the absence of an amendment to the corresponding credit agreement or waiver. On November 2, 2018, the Company entered into a Waiver and Amendment No. 9 (“Amendment No. 9”) to the Second Amended and Restated Loan and Security Agreement governing the Line of Credit. Among other things, Amendment No. 9 waived compliance with the minimum interest coverage ratio and minimum loss reserve requirements for the measurement period ending August 31, 2018. On February 12, 2019, the Company entered into a Waiver and Amendment No. 10 (Amendment No. 10) to the Second Amended and Restated Loan and Security Agreement. Among other things, Amendment No. 10: • waived compliance with the minimum interest coverage ratio for the measurement period ending November 30, 2018; and • modifies the minimum interest coverage ratio to 0.44 to 1.0 for measurement periods ending on or after December 31, 2018, 0.20 to 1.0 for the measurement period ending January 31, 2019, and 1.0 to 1.0 for the measurement period ending February 28, 2019 and thereafter; and • reduced the Line of Credit to $140 million. Only after giving effect to this amendment was the Company in compliance with all debt covenants as of December 31, 2018. See Note 10 “Subsequent Events” for further discussion of Amendment No. 10. The Company’s operating results over the past few years continue to provide indicators that the Company may not be able to continue to comply with certain of the required financial ratios, covenants and financial tests in the absence of amendments or waivers with respect to the corresponding credit agreement. Failure to meet any financial ratios, covenants or financial tests could result in the event of default under our Line of Credit. If an event of default occurs under the Line of Credit, the Company’s lenders could increase the Company’s borrowing costs, restrict the ability to obtain additional borrowings under the Line of Credit, accelerate all amounts outstanding, or enforce their interest against collateral pledged under the Line of Credit. There are no assurances that the lenders will approve a renewal or extension of the Line of Credit past the current maturity date of March 31, 2019, or, assuming that they will approve it, that the Line of Credit will not be on terms less favorable than the current agreement. In the event, the Company obtains information that the existing lenders do not intend to extend the relationship, the Company will seek alternative financing. The Company believes it is probable that it will be able to obtain financing from either its existing lenders or from other sources; however, it cannot provide any assurances that it will be successful in replacing the Line of Credit on reasonable terms or at all.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The Company recorded an income tax benefit of approximately $376,000 for the three-months ended December 31, 2018 compared to income tax expense of approximately $3.7 million for the three-months ended December 31, 2017. The Company’s effective tax rate decreased to 29.4% for the three-months ended December 31, 2018 from 456.0% for the three-months ended December 31, 2017. The income tax expense was approximately $293,000 for the nine-months ended December 31, 2018 and was approximately $4.4 million for the nine-months ended December 31, 2017. The Company’s effective tax rate decreased to 21.1% for the nine-months ended December 31, 2018 from 164.7% for the nine- months ended December 31, 2017. The changes in the effective rates were attributable to a reduction in the current period operating income and the Tax Cuts and Jobs Act enacted in the prior year.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures	7. 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. The Company’s financial instruments consist of cash, finance receivables, repossessed assets, and the Line of Credit. 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. Beginning in December 2017, the maximum initial term of a Contract was reduced to 60 months. The initial terms of the Direct Loans generally range from 12 to 60 months. If liquidated outside of the normal course of business, the amount received may not be the carrying value. Repossessed assets are valued at the lower of the finance receivable balance prior to repossession or the estimated net realizable value of the repossessed asset. The Company estimates the net realizable value using the projected cash value upon liquidation plus insurance claims outstanding, if any. Based on current market conditions, any new or renewed credit facility would be expected to contain pricing that approximates the Company’s current Line of Credit. Based on these market conditions, the fair value of the Line of Credit as of December 31, 2018 was estimated to be equal to the book value. The interest rate for the Line of Credit 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: December 31, 2018 $ 4,252 $ — $ — $ 4,252 $ 4,252 March 31, 2018 $ 2,626 $ — $ — $ 2,626 $ 2,626 Finance receivables: December 31, 2018 $ — $ — $ 219,210 $ 219,210 $ 219,210 March 31, 2018 $ — $ — $ 267,401 $ 267,401 $ 266,573 Repossessed assets: December 31, 2018 $ — $ — $ 1,902 $ 1,902 $ 1,902 March 31, 2018 $ — $ — $ 2,117 $ 2,117 $ 2,117 Line of credit: December 31, 2018 $ — $ 120,000 $ — $ 120,000 $ 120,000 March 31, 2018 $ — $ 165,750 $ — $ 165,750 $ 165,750 The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3.

Contingencies

Contingencies	9 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	8. 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, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	9. Summary of Significant Accounting Policies Reclassifications The Company made certain reclassifications to finance receivables, as a result of which it no longer reports a gross receivable and unearned interest balance. Therefore, the prior fiscal year balance sheet reflects a reclassification, to net the gross receivable and the unearned interest balance. The Company also reclassed the unearned insurance and fee commissions from a liability to net finance receivables, net of unearned discounts and insurance commissions. Net income and shareholders’ equity were not changed. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue ASU 2014-09 by ASU 2014-09 is In May 2017, the FASB issued ASU 2017-09, Compensation In January 2017, the FASB issued ASU 2017-01, Business In August 2016, the FASB issued the Accounting Standards Update (“ASU”) 2016-15 Statement ASU 2016-15 had Recent Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-02, “Income ASU No. 2018-02 permits ASU No. 2018-02 is In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12 Derivatives In June 2016, the FASB issued the ASU 2016-13 Financial In February 2016, the FASB issued ASU No. 2016-02, “Leases”, ASU 2016-02 is The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

Subsequent Event

Subsequent Event	9 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	10. Subsequent Event On February 12, 2019, the Company entered into an amendment to its existing loan and security agreement governing the terms and conditions of its Line of Credit. Such amendment: • waives compliance with the minimum interest coverage ratio requirement for the measurement period ending November 30, 2018; • modifies the minimum interest coverage ratio requirement to be 0.44 to 1.0 for the measurement period ending December 31, 2018, and 0.20 to 1.0 for the measurement period ending January 31, 2019, and 1.0 to 1.0 for the measurement period ending February 28, 2019 and thereafter; and • reduced the Line of Credit to $140 million. After giving effect to such amendment, the interest coverage ratio is calculated as of each month end for the three-month period then ended The Company’s obligations under the loan and security agreement are secured by substantially all of the operating assets of the Company. The loan and security agreement contains other events of default and requires the Company to comply with certain other financial ratios and covenants and to satisfy specified financial tests, including maintenance of asset quality and portfolio performance tests. Unless waived by lender, failure to meet any required financial ratios, covenants or financial tests would result in an event of default under the loan and security agreement. If an event of default occurs, theCompany’s lenders could increase borrowing costs, restrict the Company’s ability to obtain additional borrowings under the facility, accelerate all amounts outstanding under the facility, or enforce their interest against collateral pledged under the facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated balance sheet as of March 31, 2018, 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, 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.
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. We reverse finance charge amounts previously accrued upon suspension of accrual of finance charges. 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 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, 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, 2018 and 2017 was 8.13% and 6.89%, respectively in relation to the total amount financed. The average dealer discount associated with new volume for the nine-months ended December 31, 2018 and 2017 was 8.29% and 7.23%, respectively. Unearned insurance and fee commissions 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 finance receivables, as a result of which it no longer reports a gross receivable and unearned interest balance. Therefore, the prior fiscal year balance sheet reflects a reclassification, to net the gross receivable and the unearned interest balance. The Company also reclassed the unearned insurance and fee commissions from a liability to net finance receivables, net of unearned discounts and insurance commissions. Net income and shareholders’ equity were not changed.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue ASU 2014-09 by ASU 2014-09 is In May 2017, the FASB issued ASU 2017-09, Compensation In January 2017, the FASB issued ASU 2017-01, Business In August 2016, the FASB issued the Accounting Standards Update (“ASU”) 2016-15 Statement ASU 2016-15 had Recent Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-02, “Income ASU No. 2018-02 permits ASU No. 2018-02 is In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12 Derivatives In June 2016, the FASB issued the ASU 2016-13 Financial In February 2016, the FASB issued ASU No. 2016-02, “Leases”, ASU 2016-02 is 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, 2018
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings (loss) per share	Three months ended (In thousands, except Nine months ended (In thousands, except 2018 2017 2018 2017 Numerator: Net income (loss) $ (905 ) $ (2,898 ) $ 1,097 $ (1,741 ) Less: Allocation of earnings to participating securities 5 40 (10 ) 23 Net income (loss) allocated to common stock $ (900 ) $ (2,858 ) $ 1,087 $ (1,718 ) Basic earnings (loss) per share computation: Net income (loss) allocated to common stock $ (900 ) $ (2,858 ) $ 1,087 $ (1,718 ) Weighted average common shares outstanding, including shares considered participating securities 7,859 7,910 7,855 7,876 Less: Weighted average participating securities outstanding (46 ) (110 ) (68 ) (102 ) Weighted average shares of common stock 7,813 7,800 7,787 7,774 Basic earnings (loss) per share $ (0.12 ) $ (0.37 ) $ 0.14 $ (0.22 ) Diluted earnings (loss) per share computation: Net income (loss) allocated to common stock $ (900 ) $ (2,858 ) $ 1,087 $ (1,718 ) Undistributed earnings re-allocated — — — — Numerator for diluted earnings (loss) per share $ (900 ) $ $ 1,087 $ Weighted average common shares outstanding for basic earnings per share 7,813 7,800 7,787 7,774 Incremental shares from stock options 7 — — — Weighted average shares and dilutive potential common shares 7,820 7,800 7,787 7,774 Diluted earnings (loss) per share $ (0.12 ) $ (0.37 ) $ 0.14 $ (0.22 )

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Dec. 31, 2018
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, December 31, Finance receivables $ 250,279 $ 301,155 $ 313,631 Accrued interest receivable 2,421 2,642 3,052 Unearned dealer discounts (10,757 ) (13,655 ) (14,138 ) Unearned insurance and fee commissions (2,758 ) (3,303 ) (3,313 ) Finance receivables, net of unearned 239,185 286,839 299,232 Allowance for credit losses (19,975 ) (20,266 ) (21,187 ) Finance receivables, net $ 219,210 $ 266,573 $ 278,045
Schedule of selected information on entire comprise portfolio	As of December 31, Contract Portfolio 2018 2017 Average APR 22.68 % 22.21 % Average discount 7.46 % 7.25 % Average term (months) 53 57 Number of active contracts 29,061 33,993 As of December 31, Direct Loan Portfolio 2018 2017 Average APR 25.97 % 25.18 % Average term (months) 27 33 Number of active contracts 2,641 2,718
Schedule of reconciliation of the changes in the allowance for credit losses	Three months ended December 31, 2018 Contracts Direct Loans Consolidated Balance at beginning of period $ 18,692 $ 484 $ 19,176 Provision for credit losses 7,743 127 7,870 Charge-offs (7,337 ) (103 ) (7,440 ) Recoveries 359 10 369 Balance at December 31, 2018 $ 19,457 $ 518 $ 19,975 Three months ended December 31, 2017 Contracts Direct Loans Consolidated Balance at beginning of period $ 19,967 $ 782 $ 20,749 Provision for credit losses 8,818 171 8,989 Charge-offs (8,745 ) (172 ) (8,917 ) Recoveries 360 6 366 Balance at December 31, 2017 $ 20,400 $ 787 $ 21,187 Nine months ended December 31, 2018 Contracts Direct Loans Consolidated Balance at beginning of period $ 19,433 $ 833 $ 20,266 Provision for credit losses 21,655 15 21,670 Charge-offs (22,965 ) (357 ) (23,322 ) Recoveries 1,334 27 1,361 Balance at December 31, 2018 $ 19,457 $ 518 $ 19,975 Nine months ended December 31, 2017 Contracts Direct Loans Consolidated Balance at beginning of period $ 16,885 $ 773 $ 17,658 Provision for credit losses 28,498 389 28,887 Charge-offs (26,372 ) (395 ) (26,767 ) Recoveries 1,389 20 1,409 Balance at December 31, 2017 $ 20,400 $ 787 $ 21,187
Schedule of an assessment of the credit quality by creditworthiness	(In thousands) December 31, 2018 December 31, 2017 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 225,110 $ 8,284 $ 233,394 $ 283,340 $ 8,030 $ 291,370 Non-performing 13,073 186 13,259 18,204 174 18,378 Total 238,183 8,470 246,653 301,544 8,204 309,748 Chapter 13 bankruptcy accounts 3,564 62 3,626 3,843 40 3,883 Finance receivables $ 241,747 $ 8,532 $ 250,279 $ 305,387 $ 8,244 $ 313,631
Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of information regarding delinquency rates	(In thousands, except percentages) Contracts Balance 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2018 $ 238,183 $ 18,229 $ 6,897 $ 3,760 $ 2,416 $ 31,302 7.65 % 2.90 % 1.58 % 1.01 % 13.14 % December 31, 2017 $ 301,544 $ 22,583 $ 9,413 $ 5,320 $ 3,471 $ 40,787 7.49 % 3.12 % 1.76 % 1.15 % 13.53 %
Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Schedule of information regarding delinquency rates	Direct Loans Balance 31 – 60 days 61 – 90 days 91 – 120 days Over 120 Total December 31, 2018 $ 8,470 $ 188 $ 88 $ 30 $ 68 $ 374 2.22 % 1.04 % 0.35 % 0.80 % 4.42 % December 31, 2017 $ 8,204 $ 204 $ 81 $ 26 $ 67 $ 378 2.49 % 0.99 % 0.32 % 0.82 % 4.61 %

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
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: December 31, 2018 $ 4,252 $ — $ — $ 4,252 $ 4,252 March 31, 2018 $ 2,626 $ — $ — $ 2,626 $ 2,626 Finance receivables: December 31, 2018 $ — $ — $ 219,210 $ 219,210 $ 219,210 March 31, 2018 $ — $ — $ 267,401 $ 267,401 $ 266,573 Repossessed assets: December 31, 2018 $ — $ — $ 1,902 $ 1,902 $ 1,902 March 31, 2018 $ — $ — $ 2,117 $ 2,117 $ 2,117 Line of credit: December 31, 2018 $ — $ 120,000 $ — $ 120,000 $ 120,000 March 31, 2018 $ — $ 165,750 $ — $ 165,750 $ 165,750

Revenue Recognition (Detail Tex

Revenue Recognition (Detail Textuals)	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
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. We reverse finance charge amounts previously accrued upon suspension of accrual of finance charges. Chapter 13 bankruptcy accounts are accounted for under the cost-recovery method.
Average dealer discount associated with new volume	8.13%	6.89%	8.29%	7.23%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income (loss)	$ (905)	$ (2,898)	$ 1,097	$ (1,741)
Less: Allocation of earnings to participating securities	5	40	(10)	23
Net income (loss) allocated to common stock	(900)	(2,858)	1,087	(1,718)
Basic earnings (loss) per share computation:
Net income (loss) allocated to common stock	$ (900)	$ (2,858)	$ 1,087	$ (1,718)
Weighted average common shares outstanding, including shares considered participating securities	7,859	7,910	7,855	7,876
Less: Weighted average participating securities outstanding	(46)	(110)	(68)	(102)
Weighted average shares of common stock	7,813	7,800	7,787	7,774
Basic earnings (loss) per share (in dollars per share)	$ (0.12)	$ (0.37)	$ 0.14	$ (0.22)
Diluted earnings (loss) per share computation:
Net income (loss) allocated to common stock	$ (900)	$ (2,858)	$ 1,087	$ (1,718)
Undistributed earnings re-allocated to participating securities	0	0	0	0
Numerator for diluted earnings (loss) per share	$ (900)	$ (2,858)	$ 1,087	$ (1,718)
Weighted average common shares outstanding for basic earnings per share	7,813	7,800	7,787	7,774
Incremental shares from stock options	7	0	0	0
Weighted average shares and dilutive potential common shares	7,820	7,800	7,787	7,774
Diluted earnings (loss) per share (in dollars per share)	$ (0.12)	$ (0.37)	$ 0.14	$ (0.22)

Earnings Per Share (Detail Text

Earnings Per Share (Detail Textuals) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common stock shares not included in diluted earnings per share calculation	35,000	157,230	68,600	194,687

Finance Receivables - Summary o

Finance Receivables - Summary of contracts included in finance receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Mar. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 219,210		$ 266,573
Finance receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	(19,975)	$ (19,176)	(20,266)	$ (21,187)	$ (20,749)	$ (17,658)
Finance receivables | Contracts and direct loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	250,279		301,155	313,631
Accrued interest receivable	2,421		2,642	3,052
Unearned dealer discounts	(10,757)		(13,655)	(14,138)
Unearned insurance and fee commissions	(2,758)		(3,303)	(3,313)
Finance receivables, net of unearned	239,185		286,839	299,232
Allowance for credit losses	(19,975)		(20,266)	(21,187)
Finance receivables, net	$ 219,210		$ 266,573	$ 278,045

Finance Receivables - Selected

Finance Receivables - Selected information on entire portfolio of Company (Details 1) - Contract	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average APR	22.68%	22.21%
Average discount	7.46%	7.25%
Average term (months)	53 months	57 months
Number of active contracts	29,061	33,993
Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average APR	25.97%	25.18%
Average term (months)	27 months	33 months
Number of active contracts	2,641	2,718

Finance Receivables - Summary_2

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, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for credit losses	$ 7,870	$ 8,989	$ 21,670	$ 28,887
Finance receivables
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	19,176	20,749	20,266	17,658
Provision for credit losses	7,870	8,989	21,670	28,887
Charge-offs	(7,440)	(8,917)	(23,322)	(26,767)
Recoveries	369	366	1,361	1,409
Balance at end of period	19,975	21,187	19,975	21,187
Finance receivables | Contract Portfolio
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	18,692	19,967	19,433	16,885
Provision for credit losses	7,743	8,818	21,655	28,498
Charge-offs	(7,337)	(8,745)	(22,965)	(26,372)
Recoveries	359	360	1,334	1,389
Balance at end of period	19,457	20,400	19,457	20,400
Finance receivables | Direct Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	484	782	833	773
Provision for credit losses	127	171	15	389
Charge-offs	(103)	(172)	(357)	(395)
Recoveries	10	6	27	20
Balance at end of period	$ 518	$ 787	$ 518	$ 787

Finance Receivables - Assessmen

Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) - Finance receivables - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 246,653	$ 309,748
Finance receivables	250,279	313,631
Performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	233,394	291,370
Non-performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	13,259	18,378
Chapter 13 bankruptcy accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,626	3,883
Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	238,183	301,544
Finance receivables	241,747	305,387
Contract Portfolio | Performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	225,110	283,340
Contract Portfolio | Non-performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	13,073	18,204
Contract Portfolio | Chapter 13 bankruptcy accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	3,564	3,843
Direct Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	8,470	8,204
Finance receivables	8,532	8,244
Direct Loans | Performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	8,284	8,030
Direct Loans | Non-performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	186	174
Direct Loans | Chapter 13 bankruptcy accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 62	$ 40

Finance Receivables - Informati

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 4) - Finance receivables - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance Outstanding	$ 246,653	$ 309,748
Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance Outstanding	238,183	301,544
Total	$ 31,302	$ 40,787
Total (in percentage)	13.14%	13.53%
Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance Outstanding	$ 8,470	$ 8,204
Total	$ 374	$ 378
Total (in percentage)	4.42%	4.61%
31 - 60 days | Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 18,229	$ 22,583
Total (in percentage)	7.65%	7.49%
31 - 60 days | Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 188	$ 204
Total (in percentage)	2.22%	2.49%
61 - 90 days | Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 6,897	$ 9,413
Total (in percentage)	2.90%	3.12%
61 - 90 days | Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 88	$ 81
Total (in percentage)	1.04%	0.99%
Over 90 days | Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 3,760	$ 5,320
Total (in percentage)	1.58%	1.76%
Over 90 days | Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 30	$ 26
Total (in percentage)	0.35%	0.32%
Over 120 days | Contract Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 2,416	$ 3,471
Total (in percentage)	1.01%	1.15%
Over 120 days | Direct Loan Portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 68	$ 67
Total (in percentage)	0.80%	0.82%

Finance Receivables (Detail Tex

Finance Receivables (Detail Textuals) - USD ($)	9 Months Ended
	Dec. 31, 2018	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 219,210,000	$ 266,573,000
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 4th snapshot	80.00%
Percentage of liquidation level assist in determining allowance for credit losses in 5th snapshot	100.00%
Finance receivables | Direct Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of direct loan to total loan portfolio	3.40%
Finance receivables | Direct Loans | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 500
Finance receivables | Direct Loans | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 11,000

Finance Receivables (Detail T_2

Finance Receivables (Detail Textuals 1) - USD ($)	9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Maximum criteria for receivable to be a performing account	61 days
Percentage of more than payment contractually for delinquent	25.00%
Minimum criteria for receivable to be a non-performing account	61 days
Criteria for receivable to be delinquent account	180 days
Troubled debt restructuring allowance for credit losses	$ 774,000	$ 0

Line of Credit (Detail Textuals

Line of Credit (Detail Textuals) - Line of credit facility - USD ($) $ in Millions	Feb. 12, 2019	Dec. 31, 2018	Mar. 30, 2018
Line of Credit Facility [Line Items]
Line of credit facility amount		$ 225	$ 200
Maturity date		Mar. 31, 2019
Debt Instrument, Basis Spread on Variable Rate		4.00%
Debt instrument description of variable rate basis		30-day LIBOR
Line of credit facility, floor rate		1.00%
Increased the beneficial ownership limit		30.00%
Subsequent event
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.00%
Debt instrument description of variable rate basis	LIBOR plus 4.0
Interest coverage ratio description	The minimum interest coverage ratio requirement to be 0.44 to 1.0 for the measurement period ending December 31, 2018, and 0.20 to 1.0 for the measurement period ending January 31, 2019, and 1.0 to 1.0 for the measurement period ending February 28, 2019 and thereafter
Aggregate amount available under the line of credit	$ 140

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (376)	$ 3,712	$ 293	$ 4,432
Decrease in effective tax rate	29.40%	456.00%	21.10%	164.70%

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Mar. 31, 2018
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	$ 4,252	$ 2,626
Finance receivables	219,210	267,401
Repossessed assets	1,902	2,117
Line of credit	120,000	165,750
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	4,252	2,626
Finance receivables	219,210	266,573
Repossessed assets	1,902	2,117
Line of credit	120,000	165,750
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	4,252	2,626
Finance receivables	0	0
Repossessed assets	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
Repossessed assets	0	0
Line of credit	120,000	165,750
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash	0	0
Finance receivables	219,210	267,401
Repossessed assets	1,902	2,117
Line of credit	$ 0	$ 0

Fair Value Disclosures (Detail

Fair Value Disclosures (Detail Textuals)	9 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Contract Portfolio | Minimum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables	12 months
Contract Portfolio | Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables	72 months	60 months
Direct Loan Portfolio | Minimum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables	12 months
Direct Loan Portfolio | Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables	60 months

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Detail Textuals)	9 Months Ended
	Dec. 31, 2018
Tax year 2017
Significant Accounting Policies [Line Items]
Corporate income tax rate	35.00%
Latest tax year
Significant Accounting Policies [Line Items]
Corporate income tax rate	21.00%

Subsequent Event (Detail Textua

Subsequent Event (Detail Textuals) - Line of credit facility - USD ($) $ in Millions	Feb. 12, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Basis rate		4.00%
Description of variable rate		30-day LIBOR
Subsequent event
Debt Instrument [Line Items]
Interest coverage ratio description	The minimum interest coverage ratio requirement to be 0.44 to 1.0 for the measurement period ending December 31, 2018, and 0.20 to 1.0 for the measurement period ending January 31, 2019, and 1.0 to 1.0 for the measurement period ending February 28, 2019 and thereafter
Basis rate	3.00%
Description of variable rate	LIBOR plus 4.0
Interest rates for borrowings under the credit facility	4.00%
Aggregate amount available under the line of credit	$ 140