Old Market Capital (OMCC) 10-Q 14 Aug 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Jun. 30, 2019	Aug. 09, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	NICHOLAS FINANCIAL INC
Entity Central Index Key	0001000045
Trading Symbol	NICK
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	0-26680
Entity Tax Identification Number	592506879
Entity Address, Address Line One	2454 McMullen Booth Road
Entity Address, Address Line Two	Building C
Entity Address, City or Town	Clearwater
Entity Address, State or Province	Florida
Entity Address, Postal Zip Code	33759
City Area Code	(727)
Local Phone Number	726-0763
Entity Common Stock Shares Outstanding		12.6

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Assets
Cash	$ 7,539	$ 35,595
Restricted cash	26,978	2,047
Finance receivables, net	209,426	202,042
Repossessed assets	2,025	1,924
Income taxes receivable	1,669	1,654
Prepaid expenses and other assets	3,831	1,378
Property and equipment, net	616	656
Intangibles	93
Goodwill	328
Deferred income taxes	6,918	7,124
Total assets	259,423	252,420
Liabilities and shareholders’ equity
Credit facility	149,000	145,000
Unamortized debt issuance costs	(2,897)	(2,381)
Net long-term debt	146,103	142,619
Drafts payable	1,475	1,312
Accounts payable and accrued expenses	6,335	3,604
Total liabilities	153,913	147,535
Shareholders’ equity
Preferred stock, no par: 5,000 shares authorized; none issued
Common stock, no par: 50,000 shares authorized; 12,642 and 12,624 shares issued, respectively; and 7,928 and 7,910 shares outstanding, respectively	34,694	34,660
Treasury stock: 4,714 common shares, at cost	(70,459)	(70,459)
Retained earnings	141,275	140,684
Total shareholders’ equity	105,510	104,885
Total liabilities and shareholders’ equity	259,423	252,420
Variable Interest Entity
Assets
Restricted cash	26,978	2,047
Finance receivables, net	164,162	187,584
Repossessed assets	1,407
Total assets	192,547	189,631
Liabilities and shareholders’ equity
Credit facility	146,103	142,619
Accounts payable and accrued expenses	779
Total liabilities	$ 146,882	$ 142,619

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2019	Mar. 31, 2019
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	12,642	12,624
Common stock, shares outstanding	7,928	7,910
Treasury stock, shares	4,714	4,714

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Interest and fee income on finance receivables	$ 16,641,000	$ 18,759,000
Expenses:
Marketing	411,000	367,000
Salaries and employee benefits	4,821,000	5,266,000
Administrative	3,638,000	3,065,000
Provision for credit losses	4,385,000	5,426,000
Amortization of intangibles	14,000
Depreciation	87,000	103,000
Interest expense	2,488,000	2,540,000
Total operating expenses	15,844,000	16,767,000
Operating income before income taxes	797,000	1,992,000
Income tax expense	206,000	572,000
Net income	$ 591,000	$ 1,420,000
Earnings per share:
Basic (in dollars per share)	$ 0.07	$ 0.18
Diluted (in dollars per share)	$ 0.07	$ 0.18

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income	$ 591	$ 1,420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	87	103
Amortization of intangibles	14
Gain on sale of property and equipment	(7)
Provision for credit losses	4,385	5,426
Amortization of dealer discounts	(2,063)	(2,247)
Amortization of insurance and fee commissions	(1,047)	(538)
Accretion of purchase price discount	(404)
Deferred income taxes	206	323
Share-based compensation	34	60
Changes in operating assets and liabilities:
Accrued interest receivable	(269)	33
Increase in repossessed assets	(8)	(70)
Prepaid expenses and other assets	283	(69)
Accounts payable and accrued expenses	(535)	505
Income taxes receivable	(15)	249
Unearned insurance and fee commissions	111	(50)
Net cash provided by operating activities	1,363	5,145
Cash flows from investing activities
Purchase and origination of finance receivables	(21,110)	(22,173)
Principal payments received	33,110	32,785
Net assets acquired from branch acquisitions, primarily loans	(20,501)
Purchase of property and equipment	(14)	(15)
Proceeds from sale of property and equipment	7
Net cash (used in) provided by investing activities	(8,508)	10,597
Cash flows from financing activities
Repayments on credit facility	(8,000)	(14,750)
Proceeds from the credit facility	12,000
Change in drafts payable	163	1,492
Payment of loan origination fees	(143)	(200)
Proceeds from exercise of stock options		71
Net cash provided by (used in) financing activities	4,020	(13,387)
Net (decrease) increase in cash	(3,125)	2,355
Cash, beginning of period	37,642	2,626
Cash, end of period	$ 34,517	$ 4,981

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Nicholas Financial, Inc. (“Nicholas Financial – Canada”) is a Canadian holding company incorporated under the laws of British Columbia with several wholly-owned United States subsidiaries, including Nicholas Financial, Inc., a Florida corporation (“NFI”). The accompanying consolidated balance sheet as of March 31, 2019, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial – Canada, and its wholly-owned subsidiaries, (collectively, 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 pursuant to the Securities and Exchange Act of 1934, as amended, and with Article 8 of Regulation S-X thereunder. Accordingly, they do not include all of the information and notes to the consolidated financial statements required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2020. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019 as filed with the Securities and Exchange Commission on June 28, 2019. The March 31, 2019 consolidated balance sheet included herein has been derived from the March 31, 2019 audited consolidated balance sheet included in the aforementioned Form 10-K. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and fair value of the assets and liabilities for business combination.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2019
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”). As of February 2019, Chapter 13 bankruptcy accounts are charged-off at the time the bankruptcy status is confirmed on the account. Chapter 13 bankruptcy accounts, for which the corresponding bankruptcy plan has not been confirmed by the relevant court as of June 30, 2019 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 June 30, 2019 and 2018 was 8.28% and 8.32%, respectively, in relation to the total amount financed. 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	3 Months Ended
	Jun. 30, 2019
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 method, as such awards are more dilutive under this method than the treasury stock method. Basic earnings per share is calculated by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period, which excludes the participating securities. Diluted earnings per share includes the dilutive effect of additional potential common shares from stock compensation awards. Earnings per share have been computed based on the following weighted average number of common shares outstanding: Three months ended June 30, (In thousands, except per share amounts) 2019 2018 Numerator: Net income $ 591 $ 1,420 Less: Allocation of earnings to participating securities (4 ) (11 ) Net income allocated to common stock $ 587 $ 1,409 Basic earnings per share computation: Net income allocated to common stock $ 587 $ 1,409 Weighted average common shares outstanding, including shares considered participating securities 7,973 7,890 Less: Weighted average participating securities outstanding (52 ) (71 ) Weighted average shares of common stock 7,921 7,819 Basic earnings per share $ 0.07 $ 0.18 Diluted earnings per share computation: Net income allocated to common stock $ 587 $ 1,409 Undistributed earnings re-allocated to participating securities — — Numerator for diluted earnings per share $ 587 $ 1,409 Weighted average common shares outstanding for basic earnings per share 7,921 7,819 Incremental shares from stock options 1 11 Weighted average shares and dilutive potential common shares 7,922 7,830 Diluted earnings per share $ 0.07 $ 0.18 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 June 30, 2019 and 2018, potential shares of common stock from stock options totaling 60,600 and 116,100, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

Finance Receivables

Finance Receivables	3 Months Ended
	Jun. 30, 2019
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) June 30, 2019 March 31, 2019 June 30, 2018 Finance receivables $ 235,931 $ 228,994 $ 286,391 Accrued interest receivable 3,158 2,889 2,609 Unearned dealer discounts (9,533 ) (10,083 ) (13,345 ) Unearned insurance and fee commissions (2,715 ) (2,826 ) (3,253 ) Finance receivables, net of unearned 226,841 218,974 272,402 Purchase price discount (1,303 ) — — Allowance for credit losses (16,112 ) (16,932 ) (19,065 ) Finance receivables, net $ 209,426 $ 202,042 $ 253,337 Contracts and Direct Loans each comprise a portfolio segment. The following tables present selected information on the entire portfolio of the Company: As of June 30, Contract Portfolio 2019 2018 Average APR 22.63 % 22.38 % Average discount 7.65 % 7.44 % Average term (months) 52 54 Number of active contracts 28,631 32,069 As of June 30, Direct Loan Portfolio 2019 2018 Average APR 26.24 % 25.16 % Average term (months) 27 28 Number of active contracts 2,763 2,498 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 June 30, 2019, 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 the typical Contract 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 June 30, 2019, loans made by the Company pursuant to its Direct Loan program constituted approximately 3.7% 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 June 30, 2019 and 2018: Three months ended June 30, 2019 Contracts Direct Loans Consolidated Balance at beginning of period $ 16,575 $ 357 $ 16,932 Provision for credit losses 3,980 405 4,385 Charge-offs (6,811 ) (157 ) (6,968 ) Recoveries 1,750 13 1,763 Balance at June 30, 2019 $ 15,494 $ 618 $ 16,112 Three months ended June 30, 2018 Contracts Direct Loans Consolidated Balance at beginning of period $ 19,433 $ 833 $ 20,266 Provision for credit losses 5,227 199 5,426 Charge-offs (7,049 ) (90 ) (7,139 ) Recoveries 505 7 512 Balance at June 30, 2018 $ 18,116 $ 949 $ 19,065 During the first quarter of the fiscal year ending March 31, 2019, the Company began using the trailing six-month charge-offs, annualized, to calculate the allowance for credit losses. 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 assets, and bankrupt accounts when determining management’s estimate of probable credit losses and adequacy of the allowance for credit losses. If the allowance for credit losses is determined to be inadequate, then an additional charge to the provision would be recorded to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio. The following table is an assessment of the credit quality by creditworthiness: (In thousands) June 30, 2019 June 30, 2018 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 219,772 $ 8,549 $ 228,321 $ 265,267 $ 7,292 $ 272,559 Non-performing accounts 6,939 149 7,088 10,719 224 10,943 Total 226,711 8,698 235,409 275,986 7,516 283,502 Chapter 13 bankruptcy accounts 519 3 522 3,486 57 3,543 Finance receivables $ 227,230 $ 8,701 $ 235,931 $ 279,472 $ 7,573 $ 287,045 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 10% 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 payment extensions. The only modification of terms in those circumstances is to advance the obligor’s next due date by one month and extend the maturity date of the receivable. There are no other concessions, such as a reduction in interest rate, or forgiveness of principal or of accrued interest. Accordingly, the Company considers such extensions to be insignificant delays in payments rather than troubled debt restructurings. A non-performing account is defined as an account that is contractually delinquent for over 60 days or is a Chapter 13 bankruptcy account for which the corresponding bankruptcy plan has not been confirmed by the relevant court. Once the account is deemed non-performing, the accrual of interest income is suspended. As of February 2019, the Company changed the charge-off policy from 181 days contractually delinquent to 121 days contractually delinquent. Also, as of February 2019, once Chapter 13 bankruptcy plans are confirmed by the relevant court, the corresponding accounts are charged-off. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings or to allow the customer to begin making regularly scheduled payments. The Company does consider Chapter 13 bankruptcy accounts, for which the corresponding bankruptcy plan has not been confirmed as of the period end, to be troubled debt restructurings, and included in the Company’s allowance for credit losses is a specific reserve of approximately $212,000 and $774,000 for these accounts as of June 30, 2019 and June 30, 2018, respectively. 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: Contracts (In thousands, except percentages) Balance Outstanding 31 – 59 days 60 – 89 days 90 – 119 days 120+ Total June 30, 2019 $ 226,711 $ 13,566 $ 5,302 $ 1,627 $ 10 $ 20,505 5.98 % 2.34 % 0.72 % — 9.04 % June 30, 2018 $ 275,986 $ 16,645 $ 6,624 $ 2,377 $ 1,718 $ 27,364 6.03 % 2.40 % 0.86 % 0.62 % 9.91 % Direct Loans Balance Outstanding 31 – 59 days 60 – 89 days 90 – 119 days 120+ Total June 30, 2019 $ 8,698 $ 228 $ 103 $ 46 $ — $ 377 2.62 % 1.18 % 0.53 % — 4.33 % June 30, 2018 $ 7,516 $ 167 $ 82 $ 36 $ 106 $ 391 2.22 % 1.09 % 0.48 % 1.41 % 5.20 %

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangibles	5. Goodwill and Intangibles On April 30, 2019, the Company completed an acquisition of three branches from ML Credit, Inc. Two acquired branches are located in the state of North Carolina and one branch is located in South Carolina. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition as a business combination. In conjunction with the acquisition, the Company allocated the purchase price, tangible assets, and intangible assets among the acquired branches based on the fair values of their respective acquired assets. As of June 30, 2019, the accounting related to this acquisition is preliminary. The final determination of the fair value of the customer lists and goodwill will be completed within the twelve-month measurement period from the date of the acquisition as required by FASB ASC Topic 805-10-25. The Company recorded the following goodwill and intangibles in its preliminary accounting for this acquisition. As of June 30, 2019 Acquisitions: Number of branches acquired through business combinations 3 Purchase price $ 20,501 Tangible assets: Finance receivable, net 20,097 Other assets 124 Assumed liabilities (155 ) Total net tangible assets 20,066 Excess of purchase prices over carrying value of net tangible assets $ 435 Indirect dealer network relationships $ 64 Direct customer relationships 43 Goodwill 328 Total goodwill and intangible assets $ 435 The Company incurred approximately $278,000 in expenses related to the purchase of Metrolina asset.

Credit Facility

Credit Facility	3 Months Ended
	Jun. 30, 2019
Line Of Credit Facility [Abstract]
Credit Facility	6. Credit Facility Senior Secured Credit Facility On March 29, 2019, NF Funding I, wholly-owned, special purpose financing subsidiary of NFI entered into a senior secured credit facility (the “Credit Facility”) pursuant to a credit agreement with Ares Agent Services, L.P., as administrative agent and collateral agent, and the lenders that are party thereto (the “Credit Agreement”). The Company’s prior credit facility was paid off in connection with this Credit Facility. Pursuant to the Credit Agreement, the lenders have agreed to extend to NF Funding I a line of credit of up to $175,000,000, which will be used to purchase motor vehicle retail installment sale contracts from NFI on a revolving basis pursuant to a related receivables purchase agreement between NF Funding I and NFI (the “Receivables Purchase Agreement”). Under the terms of the Receivables Purchase Agreement, NFI will sell to NF Funding I the receivables under the installment sale contracts. NFI will continue to service the motor vehicle retail installment sale contracts transferred to NF Funding I pursuant to a related servicing agreement (the “Servicing Agreement”). The availability of funds under the Credit Facility is generally limited to 82.5% of the value of non-delinquent receivables, and outstanding advances under the Credit Facility will accrue interest at a rate of LIBOR plus 3.75%. The commitment period for advances under the Credit Facility is three years. At the end of the commitment period, the outstanding balance would be paid off over a four-year amortization period. In connection with the Credit Facility, NFI has guaranteed NF Funding I ’s obligations under the Credit Agreement up to 10% of the highest aggregate principal amount outstanding under the Credit Agreement at any time pursuant to the Limited Guaranty. The Company is also obligated to cover any losses of the lender parties resulting from certain “bad acts” of the Company or its subsidiaries, such as fraud, misappropriation of funds or unpermitted disposition of the assets. Pursuant to a related security agreement (the “Security Agreement”), NF Funding I granted a security interest in substantially all of its assets as collateral for its obligations under the Credit Facility. In addition, NFI pledged the equity interests of NF Funding I as additional collateral. The Credit Agreement and the other loan documents contain customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, investments, and sales of receivables. If an event of default occurs, the lenders could increase borrowing costs, restrict NF Funding I ’s ability to obtain additional advances under the Credit Facility, accelerate all amounts outstanding under the Credit Facility, enforce their interest against collateral pledged under the Credit Facility or enforce their rights under the Company’s guarantees. Once sold to NF Funding I , the assets described above are separate and distinct from the Company’s own assets and will not be available to the Company’s creditors should the Company become insolvent, although they will be presented on a consolidated basis on the Company’s balance sheet. Future maturities of debt as of June 30, 2019 are as follows: (in thousands) Quarter Ended June 30, 2020 $ — 2021 — 2022 — 2023 — 2024 49,668 Thereafter 99,332 $ 149,000 Prior Line of Credit Prior to March 29, 2019, the Company utilized a line of credit facility (the “Line of Credit”) ranging from $140 million to $225 million during fiscal years 2019 and 2018 (reduced to $200 million on March 30, 2018). The credit agreement for the Line of Credit required 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 years provided indicators that the Company may not have been 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 amendments to the corresponding credit agreement or waivers. On November 2, 2018, the Company entered into a Waiver and Amendment No. 9 (“Amendment No. 9”) to the credit 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 credit agreement. Among other things, Amendment No. 10: • waived compliance with the minimum interest coverage ratio for the measurement period ended November 30, 2018; • modified the minimum interest coverage ratio to 0.44 to 1.0 for the measurement period ended on December 31, 2019, 0.2 to 1.0 for the measurement period ended January 31, 2019, and 1.0 to 1.0 for the measurement period ended February 28, 2019 and thereafter; and • reduced the Line of Credit to $140 million.

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stock Repurchase Program	Note 7. Stock Repurchase Program In May 2019, the Company’s Board of Directors (“Board”) authorized a new stock repurchase program allowing for the repurchase of up to $8.0 million of the Company’s outstanding shares of common stock in open market purchases, privately negotiated transactions, or through other structures in accordance with applicable federal securities laws. The authorization was effective immediately. As of June 30, 2019, the Company had not repurchased any shares of common stock.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes The Company recorded an income tax expense of approximately $206,000 for the three-months ended June 30, 2019 compared to income tax expense of approximately $572,000 for the three-months ended June 30, 2018. The Company’s effective tax rate decreased to 25.8% for the three-months ended June 30, 2019 from 28.7% for the three-months ended June 30, 2018.

Leases

Leases	3 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 9. Leases The Company adopted a new lease accounting standard in April 2019. See Note 12, “Summary of Significant Accounting Policies,” for an overview of the transition to this standard. The Company maintains lease agreements related to its branch network and for its corporate headquarters. The branch lease agreements range from one to five years and generally contain options to extend from one to three years. The corporate headquarters lease agreement expires in April 2020 and the Company is in the process of negotiating a new lease agreement. All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time. The Company’s lease liability was $2.7 million as of June 30, 2019. This liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate on its senior revolving credit facility. The lease asset was $2.7 million as of June 30, 2019. This asset includes right-of-use assets equaling the lease liability, net of prepaid rent and deferred rents that existed as of the adoption of the new lease standard. The Company has made several policy elections related to lease assets and liabilities. The Company elected to utilize the package of transition practical expedients, which includes not reassessing the following at adoption: (i) whether existing contracts contained leases, (ii) the existing classification of leases as operating or financing, or (iii) the initial direct costs of leases. In addition, the Company did not use hindsight to determine the lease term or include options to extend for leases existing at the transition date. The Company had elected the practical expedient of combining lease and non-lease components for its real estate leases in calculating the present value of the fixed payments without having to perform an allocation between the types of lease components. Future minimum lease payments under non-cancellable operating leases in effect as of June 30, 2019, are as follows: in thousands 2020 (remaining nine months) $ 1,674 2021 1,312 2022 521 2023 120 2024 40 Thereafter $ 8 Total future minimum lease payments 3,675 Present value adjustment (937 ) Operating lease liability $ 2,738 The following table reports information about the Company’s lease cost for the three months ended June 30, 2019 (in thousands): Lease cost: Operating lease cost $ 466 Variable lease cost 116 Total lease cost $ 582 The following table reports other information about the Company’s leases for the three months ended June 30, 2019 (dollar amounts in thousands): Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 481 Operating Lease - Operating Cash Flows (Liability Reduction) $ 442 Weighted Average Lease Term - Operating Leases 2.0 years Weighted Average Discount Rate - Operating Leases 6.5%

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures	10. 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 Credit Facility. 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 Credit Facility. Based on these market conditions, the fair value of the Credit Facility as of June 30, 2019 was estimated to be equal to the book value. The interest rate for the Credit Facility 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 and restricted cash: June 30. 2019 $ 34,517 $ — $ — $ 34,517 $ 34,517 March 31, 2019 $ 37,642 $ — $ — $ 37,642 $ 37,642 Finance receivables: June 30. 2019 $ — $ — $ 209,426 $ 209,426 $ 209,426 March 31, 2019 $ — $ — $ 202,042 $ 202,042 $ 202,042 Repossessed assets: June 30. 2019 $ — $ — $ 2,025 $ 2,025 $ 2,025 March 31, 2019 $ — $ — $ 1,924 $ 1,924 $ 1,924 Credit facility: June 30. 2019 $ — $ 149,000 $ — $ 149,000 $ 149,000 March 31, 2019 $ — $ 145,000 $ — $ 145,000 $ 145,000 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	3 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Contingencies	11. 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	3 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	12. Summary of Significant Accounting Policies Reclassifications The Company made certain reclassifications to 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 February 2016, the Financial Accounting Standards Board (“ FASB As a result of the adoption of the new lease standard on April 1, 2019, the Company recorded $2.7 million for both lease liabilities and the corresponding lease assets. The lease liabilities were based on the present value of the remaining minimum rental payments using discount rates as of the effective date. There was no impact to the consolidated statements of income related to the adoption of this standard. The adoption of this standard did not require the Company to alter its debt covenants. In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12 Derivatives and Hedging (Topic 815). The guidance is intended to better align an entity’s risk management activities and financial reporting for hedging relationships. This guidance was effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. The impact of the adoption of this guidance on its Consolidated Financial Statements and related disclosures was not material. Recent Accounting Pronouncements In June 2016, the FASB issued an accounting update to change the impairment model for estimating credit losses on financial assets. The current incurred loss impairment model requires the recognition of credit losses when it is probable that a loss has been incurred. The incurred loss model will be replaced by an expected loss model, which requires entities to estimate the lifetime expected credit loss on such instruments and to record an allowance to offset the amortized cost basis of the financial asset. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements and is in the process of quantifying the potential impacts. In August 2018, the FASB issued an accounting update to provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments align the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use software. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

Variable Interest Entity

Variable Interest Entity	3 Months Ended
	Jun. 30, 2019
Variable Interest Entity [Abstract]
Variable Interest Entity	13. Variable Interest Entity In March 2019, the Company entered into a new senior secured credit facility collateralized by customer financed receivables by transferring the receivables into a bankruptcy-remote variable interest entity (VIE). Under the terms of the transaction, all cash collections and other cash proceeds of the customer receivables go first to the servicer and the holders of the asset-backed notes, and then to the residual equity holder. The Company retained the servicing of the portfolio and receives a monthly fee of 2.5% (annualized) based on the outstanding balance of the financed receivables, and the Company currently holds all of the residual equity. In addition, the Company, rather than the VIE, will retain certain credit insurance income together with certain recoveries related to credit insurance and on charge-offs of the financed receivables, which will continue to be reflected as a reduction of net charge-offs on a consolidated basis for as long as the Company consolidates the VIE. The Company consolidates the VIE when the Company determines that it is the primary beneficiary, the Company has the power to direct the activities that most significantly impact the performance of the VIE and it has the obligation to absorb losses and the right to receive significant residual returns. The assets of the VIE serve as collateral for the obligations of the VIE. The lender has no recourse to assets outside of the VIE. The following table presents the assets and liabilities held by the VIE (for legal purposes, the assets and the liabilities of the VIE remain distinct from the Company): June 30, 2019 (Unaudited) March 31, 2019 Assets Restricted cash $ 26,978 $ 2,047 Finance receivables, net 164,162 187,584 Repossessed assets 1,407 — Total assets $ 192,547 $ 189,631 Liabilities Credit facility $ 146,103 $ 142,619 Accounts payable and accrued expenses 779 — Total liabilities $ 146,882 $ 142,619

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Nicholas Financial, Inc. (“Nicholas Financial – Canada”) is a Canadian holding company incorporated under the laws of British Columbia with several wholly-owned United States subsidiaries, including Nicholas Financial, Inc., a Florida corporation (“NFI”). The accompanying consolidated balance sheet as of March 31, 2019, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial – Canada, and its wholly-owned subsidiaries, (collectively, 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 pursuant to the Securities and Exchange Act of 1934, as amended, and with Article 8 of Regulation S-X thereunder. Accordingly, they do not include all of the information and notes to the consolidated financial statements required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2020. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019 as filed with the Securities and Exchange Commission on June 28, 2019. The March 31, 2019 consolidated balance sheet included herein has been derived from the March 31, 2019 audited consolidated balance sheet included in the aforementioned Form 10-K. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and fair value of the assets and liabilities for business combination.
Revenue Recognition	Revenue Recognition Finance receivables consist of automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”). As of February 2019, Chapter 13 bankruptcy accounts are charged-off at the time the bankruptcy status is confirmed on the account. Chapter 13 bankruptcy accounts, for which the corresponding bankruptcy plan has not been confirmed by the relevant court as of June 30, 2019 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 June 30, 2019 and 2018 was 8.28% and 8.32%, respectively, in relation to the total amount financed. 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 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 February 2016, the Financial Accounting Standards Board (“ FASB As a result of the adoption of the new lease standard on April 1, 2019, the Company recorded $2.7 million for both lease liabilities and the corresponding lease assets. The lease liabilities were based on the present value of the remaining minimum rental payments using discount rates as of the effective date. There was no impact to the consolidated statements of income related to the adoption of this standard. The adoption of this standard did not require the Company to alter its debt covenants. In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12 Derivatives and Hedging (Topic 815). The guidance is intended to better align an entity’s risk management activities and financial reporting for hedging relationships. This guidance was effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. The impact of the adoption of this guidance on its Consolidated Financial Statements and related disclosures was not material. Recent Accounting Pronouncements In June 2016, the FASB issued an accounting update to change the impairment model for estimating credit losses on financial assets. The current incurred loss impairment model requires the recognition of credit losses when it is probable that a loss has been incurred. The incurred loss model will be replaced by an expected loss model, which requires entities to estimate the lifetime expected credit loss on such instruments and to record an allowance to offset the amortized cost basis of the financial asset. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company believes the implementation of the accounting update will have a material adverse effect on the Company’s consolidated financial statements and is in the process of quantifying the potential impacts. In August 2018, the FASB issued an accounting update to provide additional guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract. The amendments align the capitalization requirements for hosting arrangements that are service contracts with the capitalization principles for internal-use software. This update is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the potential impact of this update on its consolidated financial statements. The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings (loss) per share	Three months ended June 30, (In thousands, except per share amounts) 2019 2018 Numerator: Net income $ 591 $ 1,420 Less: Allocation of earnings to participating securities (4 ) (11 ) Net income allocated to common stock $ 587 $ 1,409 Basic earnings per share computation: Net income allocated to common stock $ 587 $ 1,409 Weighted average common shares outstanding, including shares considered participating securities 7,973 7,890 Less: Weighted average participating securities outstanding (52 ) (71 ) Weighted average shares of common stock 7,921 7,819 Basic earnings per share $ 0.07 $ 0.18 Diluted earnings per share computation: Net income allocated to common stock $ 587 $ 1,409 Undistributed earnings re-allocated to participating securities — — Numerator for diluted earnings per share $ 587 $ 1,409 Weighted average common shares outstanding for basic earnings per share 7,921 7,819 Incremental shares from stock options 1 11 Weighted average shares and dilutive potential common shares 7,922 7,830 Diluted earnings per share $ 0.07 $ 0.18

Finance Receivables (Tables)

Finance Receivables (Tables)	3 Months Ended
	Jun. 30, 2019
Accounts Notes And Loans Receivable [Line Items]
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans	(In thousands) June 30, 2019 March 31, 2019 June 30, 2018 Finance receivables $ 235,931 $ 228,994 $ 286,391 Accrued interest receivable 3,158 2,889 2,609 Unearned dealer discounts (9,533 ) (10,083 ) (13,345 ) Unearned insurance and fee commissions (2,715 ) (2,826 ) (3,253 ) Finance receivables, net of unearned 226,841 218,974 272,402 Purchase price discount (1,303 ) — — Allowance for credit losses (16,112 ) (16,932 ) (19,065 ) Finance receivables, net $ 209,426 $ 202,042 $ 253,337
Schedule of selected information on entire comprise portfolio	As of June 30, Contract Portfolio 2019 2018 Average APR 22.63 % 22.38 % Average discount 7.65 % 7.44 % Average term (months) 52 54 Number of active contracts 28,631 32,069 As of June 30, Direct Loan Portfolio 2019 2018 Average APR 26.24 % 25.16 % Average term (months) 27 28 Number of active contracts 2,763 2,498
Schedule of reconciliation of the changes in the allowance for credit losses	Three months ended June 30, 2019 Contracts Direct Loans Consolidated Balance at beginning of period $ 16,575 $ 357 $ 16,932 Provision for credit losses 3,980 405 4,385 Charge-offs (6,811 ) (157 ) (6,968 ) Recoveries 1,750 13 1,763 Balance at June 30, 2019 $ 15,494 $ 618 $ 16,112 Three months ended June 30, 2018 Contracts Direct Loans Consolidated Balance at beginning of period $ 19,433 $ 833 $ 20,266 Provision for credit losses 5,227 199 5,426 Charge-offs (7,049 ) (90 ) (7,139 ) Recoveries 505 7 512 Balance at June 30, 2018 $ 18,116 $ 949 $ 19,065
Schedule of an assessment of the credit quality by creditworthiness	(In thousands) June 30, 2019 June 30, 2018 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 219,772 $ 8,549 $ 228,321 $ 265,267 $ 7,292 $ 272,559 Non-performing accounts 6,939 149 7,088 10,719 224 10,943 Total 226,711 8,698 235,409 275,986 7,516 283,502 Chapter 13 bankruptcy accounts 519 3 522 3,486 57 3,543 Finance receivables $ 227,230 $ 8,701 $ 235,931 $ 279,472 $ 7,573 $ 287,045
Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Schedule of information regarding delinquency rates	Direct Loans Balance Outstanding 31 – 59 days 60 – 89 days 90 – 119 days 120+ Total June 30, 2019 $ 8,698 $ 228 $ 103 $ 46 $ — $ 377 2.62 % 1.18 % 0.53 % — 4.33 % June 30, 2018 $ 7,516 $ 167 $ 82 $ 36 $ 106 $ 391 2.22 % 1.09 % 0.48 % 1.41 % 5.20 %
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Schedule of information regarding delinquency rates	Contracts (In thousands, except percentages) Balance Outstanding 31 – 59 days 60 – 89 days 90 – 119 days 120+ Total June 30, 2019 $ 226,711 $ 13,566 $ 5,302 $ 1,627 $ 10 $ 20,505 5.98 % 2.34 % 0.72 % — 9.04 % June 30, 2018 $ 275,986 $ 16,645 $ 6,624 $ 2,377 $ 1,718 $ 27,364 6.03 % 2.40 % 0.86 % 0.62 % 9.91 %

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangibles in its Preliminary Accounting for Acquisition	The Company recorded the following goodwill and intangibles in its preliminary accounting for this acquisition. As of June 30, 2019 Acquisitions: Number of branches acquired through business combinations 3 Purchase price $ 20,501 Tangible assets: Finance receivable, net 20,097 Other assets 124 Assumed liabilities (155 ) Total net tangible assets 20,066 Excess of purchase prices over carrying value of net tangible assets $ 435 Indirect dealer network relationships $ 64 Direct customer relationships 43 Goodwill 328 Total goodwill and intangible assets $ 435

Credit Facility (Tables)

Credit Facility (Tables)	3 Months Ended
	Jun. 30, 2019
Line Of Credit Facility [Abstract]
Schedule of Future Maturities of Debt	Future maturities of debt as of June 30, 2019 are as follows: (in thousands) Quarter Ended June 30, 2020 $ — 2021 — 2022 — 2023 — 2024 49,668 Thereafter 99,332 $ 149,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Summary of future minimum lease payments under non-cancellable operating leases	Future minimum lease payments under non-cancellable operating leases in effect as of June 30, 2019, are as follows: in thousands 2020 (remaining nine months) $ 1,674 2021 1,312 2022 521 2023 120 2024 40 Thereafter $ 8 Total future minimum lease payments 3,675 Present value adjustment (937 ) Operating lease liability $ 2,738
Schedule of lease cost	The following table reports information about the Company’s lease cost for the three months ended June 30, 2019 (in thousands): Lease cost: Operating lease cost $ 466 Variable lease cost 116 Total lease cost $ 582
Schedule of other lease information	The following table reports other information about the Company’s leases for the three months ended June 30, 2019 (dollar amounts in thousands): Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 481 Operating Lease - Operating Cash Flows (Liability Reduction) $ 442 Weighted Average Lease Term - Operating Leases 2.0 years Weighted Average Discount Rate - Operating Leases 6.5%

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Jun. 30, 2019
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 Value Cash and restricted cash: June 30. 2019 $ 34,517 $ — $ — $ 34,517 $ 34,517 March 31, 2019 $ 37,642 $ — $ — $ 37,642 $ 37,642 Finance receivables: June 30. 2019 $ — $ — $ 209,426 $ 209,426 $ 209,426 March 31, 2019 $ — $ — $ 202,042 $ 202,042 $ 202,042 Repossessed assets: June 30. 2019 $ — $ — $ 2,025 $ 2,025 $ 2,025 March 31, 2019 $ — $ — $ 1,924 $ 1,924 $ 1,924 Credit facility: June 30. 2019 $ — $ 149,000 $ — $ 149,000 $ 149,000 March 31, 2019 $ — $ 145,000 $ — $ 145,000 $ 145,000

Variable Interest Entity (Table

Variable Interest Entity (Tables)	3 Months Ended
	Jun. 30, 2019
Variable Interest Entity [Abstract]
Schedule of Assets and Liabilities Held by VIE	The following table presents the assets and liabilities held by the VIE (for legal purposes, the assets and the liabilities of the VIE remain distinct from the Company): June 30, 2019 (Unaudited) March 31, 2019 Assets Restricted cash $ 26,978 $ 2,047 Finance receivables, net 164,162 187,584 Repossessed assets 1,407 — Total assets $ 192,547 $ 189,631 Liabilities Credit facility $ 146,103 $ 142,619 Accounts payable and accrued expenses 779 — Total liabilities $ 146,882 $ 142,619

Revenue Recognition (Detail Tex

Revenue Recognition (Detail Textuals)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
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 is contractually delinquent for 61 days or more, or the collateral is repossessed, whichever is earlier. The Company reverses the accrual of interest income when the loan is contractually delinquent 61 days or more.
Average dealer discount associated with new volume	8.28%	8.32%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 591	$ 1,420
Less: Allocation of earnings to participating securities	(4)	(11)
Net income allocated to common stock	587	1,409
Basic earnings per share computation:
Net income allocated to common stock	$ 587	$ 1,409
Weighted average common shares outstanding, including shares considered participating securities	7,973	7,890
Less: Weighted average participating securities outstanding	(52)	(71)
Weighted average shares of common stock	7,921	7,819
Basic earnings per share	$ 0.07	$ 0.18
Diluted earnings per share computation:
Net income allocated to common stock	$ 587	$ 1,409
Numerator for diluted earnings per share	$ 587	$ 1,409
Weighted average common shares outstanding for basic earnings per share	7,921	7,819
Incremental shares from stock options	1	11
Weighted average shares and dilutive potential common shares	7,922	7,830
Diluted earnings per share	$ 0.07	$ 0.18

Earnings Per Share (Details Tex

Earnings Per Share (Details Textuals) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
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	60,600	116,100

Finance Receivables - Summary o

Finance Receivables - Summary of contracts and direct loans included in finance receivables (Details) - Finance receivables - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Allowance for credit losses	$ (16,112)	$ (16,932)	$ (19,065)	$ (20,266)
Contracts and direct loans
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	235,931	228,994	286,391
Accrued interest receivable	3,158	2,889	2,609
Unearned dealer discounts	(9,533)	(10,083)	(13,345)
Unearned insurance and fee commissions	(2,715)	(2,826)	(3,253)
Finance receivables, net of unearned	226,841	218,974	272,402
Purchase price discount	(1,303)
Allowance for credit losses	(16,112)	(16,932)	(19,065)
Finance receivables, net	$ 209,426	$ 202,042	$ 253,337

Finance Receivables - Selected

Finance Receivables - Selected information on entire portfolio of Company (Details 1) - Contract	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Average APR	22.63%	22.38%
Average discount	7.65%	7.44%
Average term (months)	52 months	54 months
Number of active contracts	28,631	32,069
Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Average APR	26.24%	25.16%
Average term (months)	26 months	28 months
Number of active contracts	2,763	2,498

Finance Receivables (Detail Tex

Finance Receivables (Detail Textuals) - Direct Loans	Jun. 30, 2019USD ($)
Accounts Notes And Loans Receivable [Line Items]
Percentage of direct loan to total loan portfolio	3.70%
Minimum
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 500
Maximum
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 11,000

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
	Jun. 30, 2019	Jun. 30, 2018
Accounts Notes And Loans Receivable [Line Items]
Provision for credit losses	$ 4,385	$ 5,426
Finance receivables
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	16,932	20,266
Provision for credit losses	4,385	5,426
Charge-offs	(6,968)	(7,139)
Recoveries	1,763	512
Balance at end of period	16,112	19,065
Finance receivables | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	16,575	19,433
Provision for credit losses	3,980	5,227
Charge-offs	(6,811)	(7,049)
Recoveries	1,750	505
Balance at end of period	15,494	18,116
Finance receivables | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	357	833
Provision for credit losses	405	199
Charge-offs	(157)	(90)
Recoveries	13	7
Balance at end of period	$ 618	$ 949

Finance Receivables - Assessmen

Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) - Finance receivables - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Accounts Notes And Loans Receivable [Line Items]
Total	$ 235,409	$ 283,502
Finance receivables	235,931	287,045
Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	522	3,543
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	8,698	7,516
Finance receivables	8,701	7,573
Direct Loans | Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	3	57
Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	228,321	272,559
Performing accounts | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	8,549	7,292
Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	7,088	10,943
Non-performing accounts | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	149	224
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	226,711	275,986
Finance receivables	227,230	279,472
Contract Portfolio | Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	519	3,486
Contract Portfolio | Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	219,772	265,267
Contract Portfolio | Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	$ 6,939	$ 10,719

Finance Receivables (Detail T_2

Finance Receivables (Detail Textuals 1) - USD ($) $ in Thousands	Feb. 28, 2019	Jun. 30, 2019	Jun. 30, 2018
Accounts Notes And Loans Receivable [Line Items]
Maximum criteria for receivable to be a performing account		61 days
Percentage of more than payment contractually for delinquent		10.00%
Minimum criteria for receivable to be a non-performing account		60 days
Troubled debt restructuring allowance for credit losses		$ 212,000	$ 774,000
Maximum
Accounts Notes And Loans Receivable [Line Items]
Criteria for receivable to be delinquent account	181 days
Minimum
Accounts Notes And Loans Receivable [Line Items]
Criteria for receivable to be delinquent account	121 days

Finance Receivables - Informati

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 4) - Finance receivables - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 235,409	$ 283,502
Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	8,698	7,516
Total	$ 377	$ 391
Total (in percentage)	4.33%	5.20%
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 226,711	$ 275,986
Total	$ 20,505	$ 27,364
Total (in percentage)	9.04%	9.91%
31 - 59 days | Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 228	$ 167
Total (in percentage)	2.62%	2.22%
31 - 59 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 13,566	$ 16,645
Total (in percentage)	5.98%	6.03%
60 - 89 days | Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 103	$ 82
Total (in percentage)	1.18%	1.09%
60 - 89 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 5,302	$ 6,624
Total (in percentage)	2.34%	2.40%
90 - 119 days | Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 46	$ 36
Total (in percentage)	0.53%	0.48%
90 - 119 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 1,627	$ 2,377
Total (in percentage)	0.72%	0.86%
Over 120 days | Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total		$ 106
Total (in percentage)		1.41%
Over 120 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 10	$ 1,718
Total (in percentage)		0.62%

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Detail Textuals)	Apr. 30, 2019Branch	Jun. 30, 2019USD ($)
ML Credit Inc
Business Acquisition [Line Items]
Acquisition completion date	Apr. 30, 2019
Number of branches acquired	3
ML Credit Inc | North Carolina
Business Acquisition [Line Items]
Number of branches acquired	2
ML Credit Inc | South Carolina
Business Acquisition [Line Items]
Number of branches acquired	1
Metrolina
Business Acquisition [Line Items]
Expense related to asset acquisition | $		$ 278,000

Goodwill and Intangibles (Det_2

Goodwill and Intangibles (Details) $ in Thousands	Jun. 30, 2019USD ($)Branch
Tangible assets:
Goodwill	$ 328
ML Credit Inc
Business Acquisition [Line Items]
Number of branches acquired through business combinations | Branch	3
Purchase price	$ 20,501
Tangible assets:
Finance receivable, net	20,097
Other assets	124
Assumed liabilities	(155)
Total net tangible assets	20,066
Excess of purchase prices over carrying value of net tangible assets	435
Goodwill	328
Total goodwill and intangible assets	435
Indirect Dealer Network Relationships | ML Credit Inc
Tangible assets:
Intangible assets	64
Direct Customer Relationships | ML Credit Inc
Tangible assets:
Intangible assets	$ 43

Credit Facility (Detail Textual

Credit Facility (Detail Textuals) - USD ($)	Mar. 29, 2019	Feb. 12, 2019	Jun. 30, 2019	Dec. 31, 2019	Mar. 31, 2019	Feb. 28, 2019	Jan. 31, 2019	Mar. 31, 2018	Mar. 30, 2018
Line Of Credit Facility [Line Items]
Line of credit facility utilized			$ 149,000,000		$ 145,000,000
Interest coverage ratio description			The minimum interest coverage ratio to 0.44 to 1.0 for the measurement period ended on December 31, 2019, 0.2 to 1.0 for the measurement period ended January 31, 2019, and 1.0 to 1.0 for the measurement period ended February 28, 2019 and thereafter
Aggregate amount available under the line of credit		$ 140,000,000
Minimum interest coverage ratio						1.00%	0.20%
Scenario, Forecast [Member]
Line Of Credit Facility [Line Items]
Minimum interest coverage ratio				0.44%
Minimum
Line Of Credit Facility [Line Items]
Line of credit facility utilized					140,000,000			$ 140,000,000
Maximum
Line Of Credit Facility [Line Items]
Line of credit facility utilized					$ 225,000,000			$ 225,000,000
Senior Secured Credit Facility
Line Of Credit Facility [Line Items]
Line of credit facility amount	$ 175,000,000
Debt instrument description of variable rate basis			outstanding advances under the Credit Facility will accrue interest at a rate of LIBOR
Debt Instrument, Basis Spread on Variable Rate	3.75%
Commitment period for advances under Credit Facility	3 years
Amortization period over which outstanding balance of credit facility is paid off	4 years
Senior Secured Credit Facility | Maximum
Line Of Credit Facility [Line Items]
Credit Facility available as percentage of value of non-delinquent receivables	82.50%
Percentage of borrowers obligation under credit agreement	10.00%
Line of credit facility
Line Of Credit Facility [Line Items]
Line of credit facility amount									$ 200,000,000

Credit Facility - Schedule of F

Credit Facility - Schedule of Future Maturities of Debt (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Long Term Debt By Maturity [Abstract]
2024	$ 49,668
Thereafter	99,332
Future maturities of debt	$ 149,000

Stock Repurchase Program (Detai

Stock Repurchase Program (Detail Textuals) - New Stock Repurchase Program - Common Stock - USD ($)	3 Months Ended
	Jun. 30, 2019	May 31, 2019
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 8,000,000
Number of shares repurchased	0

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 206,000	$ 572,000
Decrease in effective tax rate	25.80%	28.70%

Leases (Detail Textuals)

Leases (Detail Textuals) - USD ($)	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Lessee Lease Description [Line Items]
Operating lease, liability	$ 2,738,000	$ 0
Operating lease, right-of-use asset	$ 2,700,000	$ 0
Branch network lease agreement
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Operating lease minimum term to extend	1 year
Operating lease maximum term to extend	3 years
Corporate headquarters lease agreement
Lessee Lease Description [Line Items]
Operating lease expiration period	2020-04
Minimum | Branch network lease agreement
Lessee Lease Description [Line Items]
Operating lease, term of contract	1 year
Maximum | Branch network lease agreement
Lessee Lease Description [Line Items]
Operating lease, term of contract	5 years

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Leases [Abstract]
2020 (remaining nine months)	$ 1,674,000
2021	1,312,000
2022	521,000
2023	120,000
2024	40,000
Thereafter	8,000
Total future minimum lease payments	3,675,000
Present value adjustment	(937,000)
Operating lease, liability	$ 2,738,000	$ 0

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2019USD ($)
Lease cost:
Operating lease cost	$ 466
Variable lease cost	116
Total lease cost	$ 582

Leases - Schedule of Other Leas

Leases - Schedule of Other Lease Information (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2019USD ($)
Other Lease Information
Operating Lease - Operating Cash Flows (Fixed Payments)	$ 481
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 442
Weighted Average Lease Term - Operating Leases	2 years
Weighted Average Discount Rate - Operating Leases	6.50%

Fair Value Disclosures (Detail

Fair Value Disclosures (Detail Textuals)	1 Months Ended	3 Months Ended
	Dec. 31, 2017	Jun. 30, 2019
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	60 months	72 months
Direct Loans | Minimum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables		12 months
Direct Loans | Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial terms of finance receivables		60 months

Fair Value Disclosures - Summar

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	$ 34,517	$ 37,642
Finance receivables	209,426	202,042
Repossessed assets:	2,025	1,924
Credit facility	149,000	145,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	34,517	37,642
Finance receivables	209,426	202,042
Repossessed assets:	2,025	1,924
Credit facility	149,000	145,000
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	34,517	37,642
Finance receivables	0	0
Repossessed assets:	0	0
Credit facility	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	0	0
Finance receivables	0	0
Repossessed assets:	0	0
Credit facility	149,000	145,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	0	0
Finance receivables	209,426	202,042
Repossessed assets:	2,025	1,924
Credit facility	$ 0	$ 0

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Detail Textuals) - USD ($)	Jun. 30, 2019	Apr. 01, 2019	Mar. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 2,700,000		$ 0
Operating lease, liability	$ 2,738,000		$ 0
ASU 2016-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease, right-of-use asset		$ 2,700,000
Operating lease, liability		$ 2,700,000

Variable Interest Entity (Detai

Variable Interest Entity (Detail Textuals) - USD ($)	1 Months Ended
	Mar. 31, 2019	Jun. 30, 2019
Variable Interest Entity [Abstract]
Monthly servicing fee percent of outstanding financed receivables	2.50%
Recourse to assets		$ 0

Variable Interest Entity - Summ

Variable Interest Entity - Summary of Assets and Liabilities Held by VIE (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019
Assets
Restricted cash	$ 26,978	$ 2,047
Finance receivables, net	209,426	202,042
Repossessed assets	2,025	1,924
Total assets	259,423	252,420
Liabilities
Credit facility	149,000	145,000
Accounts payable and accrued expenses	6,335	3,604
Total liabilities	153,913	147,535
Variable Interest Entity
Assets
Restricted cash	26,978	2,047
Finance receivables, net	164,162	187,584
Repossessed assets	1,407
Total assets	192,547	189,631
Liabilities
Credit facility	146,103	142,619
Accounts payable and accrued expenses	779
Total liabilities	$ 146,882	$ 142,619