Old Market Capital (OMCC) 10-Q 11 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Dec. 31, 2020	Feb. 08, 2021
Cover [Abstract]
Entity Registrant Name	NICHOLAS FINANCIAL INC
Entity Central Index Key	0001000045
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	0-26680
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	59-2506879
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	FL
Entity Address, Postal Zip Code	33759
City Area Code	(727)
Local Phone Number	726-0763
Entity Common Stock Shares Outstanding		12.6
Title of 12(b) Security	Common Stock
Trading Symbol	NICK
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Assets
Cash	$ 20,535	$ 16,802
Restricted cash	8,726	7,882
Equity investments with readily determinable fair values	4,286
Finance receivables, net	172,386	199,781
Repossessed assets	805	1,340
Operating lease right-of-use assets	2,940	2,598
Prepaid expenses and other assets	892	1,126
Income taxes receivable	308	4,898
Property and equipment, net	681	482
Deferred income taxes	3,134	3,909
Total assets	214,693	238,818
Liabilities and shareholders’ equity
Credit facility, net of debt issuance costs	91,547	124,255
Note payable	3,244
Net long-term debt	94,791	124,255
Operating lease liabilities	2,929	2,652
Accounts payable and accrued expenses	3,513	4,332
Total liabilities	101,233	131,239
Shareholders’ equity
Preferred stock, no par: 5,000 shares authorized; none issued
Common stock, no par: 50,000 shares authorized; 12,653 and 12,639 shares issued, respectively; and 7,726 and 7,806 shares outstanding, respectively	35,014	34,867
Treasury stock: 4,927 and 4,833 common shares, at cost, respectively	(72,186)	(71,438)
Retained earnings	150,632	144,150
Total shareholders’ equity	113,460	107,579
Total liabilities and shareholders’ equity	214,693	238,818
Variable Interest Entity
Assets
Restricted cash	8,726	7,882
Finance receivables, net	159,117	165,966
Repossessed assets	760	1,277
Total assets	168,603	175,125
Liabilities and shareholders’ equity
Credit facility, net of debt issuance costs	91,547	124,255
Accounts payable and accrued expenses	424	597
Total liabilities	$ 91,971	$ 124,852

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2020	Mar. 31, 2020
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	12,653	12,639
Common stock, shares outstanding	7,726	7,806
Treasury stock, shares	4,927	4,833

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Interest and fee income on finance receivables	$ 13,180,000	$ 14,973,000	$ 41,395,000	$ 47,199,000
Realized gain on equity investments	238,000		238,000
Unrealized gain on equity investments	1,056,000		1,101,000
Total revenue	14,474,000	14,973,000	42,734,000	47,199,000
Expenses:
Marketing	341,000	402,000	918,000	1,240,000
Salaries and employee benefits	4,387,000	4,629,000	13,337,000	14,168,000
Administrative	2,628,000	2,839,000	8,454,000	10,190,000
Provision for credit losses	650,000	4,597,000	7,000,000	12,982,000
Depreciation	51,000	80,000	172,000	250,000
Interest expense	1,442,000	1,886,000	4,660,000	6,672,000
Total expenses	9,499,000	14,433,000	34,541,000	45,502,000
Income before income taxes	4,975,000	540,000	8,193,000	1,697,000
Income tax expense	1,190,000	229,000	1,711,000	527,000
Net income	$ 3,785,000	$ 311,000	$ 6,482,000	$ 1,170,000
Earnings per share:
Basic (in dollars per share)	$ 0.49	$ 0.04	$ 0.84	$ 0.15
Diluted (in dollars per share)	$ 0.49	$ 0.04	$ 0.85	$ 0.15

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Retained Earnings
Balance at Mar. 31, 2019	$ 104,885	$ 34,660	$ (70,459)	$ 140,684
Balance (in shares) at Mar. 31, 2019		7,910
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)		39
Exercise of stock options	5	$ 5
Exercise of stock options (in shares)		2
Cancellation of restricted stock awards (in shares)		(25)
Share-based compensation	148	$ 148
Treasury stock purchases	(216)		(216)
Treasury stock purchases (in shares)		(24)
Net income	1,170			1,170
Balance at Dec. 31, 2019	105,992	$ 34,813	(70,675)	141,854
Balance (in shares) at Dec. 31, 2019		7,902
Balance at Sep. 30, 2019	105,833	$ 34,749	(70,459)	141,543
Balance (in shares) at Sep. 30, 2019		7,925
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	5	$ 5
Exercise of stock options (in shares)		1
Share-based compensation	59	$ 59
Treasury stock purchases	(216)		(216)
Treasury stock purchases (in shares)		(24)
Net income	311			311
Balance at Dec. 31, 2019	105,992	$ 34,813	(70,675)	141,854
Balance (in shares) at Dec. 31, 2019		7,902
Balance at Mar. 31, 2020	107,579	$ 34,867	(71,438)	144,150
Balance (in shares) at Mar. 31, 2020		7,806
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)		14
Share-based compensation	147	$ 147
Treasury stock purchases	(748)		(748)
Treasury stock purchases (in shares)		(94)
Net income	6,482			6,482
Balance at Dec. 31, 2020	113,460	$ 35,014	(72,186)	150,632
Balance (in shares) at Dec. 31, 2020		7,726
Balance at Sep. 30, 2020	110,144	$ 34,964	(71,667)	146,847
Balance (in shares) at Sep. 30, 2020		7,787
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)		3
Share-based compensation	50	$ 50
Treasury stock purchases	(519)		(519)
Treasury stock purchases (in shares)		(64)
Net income	3,785			3,785
Balance at Dec. 31, 2020	$ 113,460	$ 35,014	$ (72,186)	$ 150,632
Balance (in shares) at Dec. 31, 2020		7,726

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net income	$ 6,482	$ 1,170
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	172	250
Amortization of debt issuance costs	322	324
Amortization of operating lease right-of-use assets	1,198	1,485
Gain on sale of property and equipment	(13)	(9)
Purchase of equity investments	(4,142)
Proceeds from sale of equity investments	1,195
Unrealized gains on equity securities	(1,101)
Realized gains on equity securities	(238)
Provision for credit losses	7,000	12,982
Amortization of dealer discounts	(4,828)	(6,138)
Amortization of insurance and fee commissions	(1,770)	(1,984)
Accretion of purchase price discount	(468)	(1,453)
Principal reduction on operating lease liabilities	(1,077)	(1,446)
Share-based compensation	147	148
Changes in operating assets and liabilities:
Accrued interest receivable	536	(199)
Repossessed assets	535	517
Prepaid expenses and other assets	48	(1,602)
Accounts payable and accrued expenses	(819)	350
Income taxes receivable	4,590	(15)
Deferred income taxes	775	527
Unearned insurance and fee commissions	(278)	182
Net cash provided by operating activities	8,266	5,089
Cash flows from investing activities
Purchase and origination of finance receivables	(60,252)	(66,572)
Principal payments received	87,455	94,994
Net assets acquired from branch acquisitions, primarily loans		(20,483)
Purchase of property and equipment	(382)	(81)
Proceeds from sale of property and equipment	24	7
Net cash provided by investing activities	26,845	7,865
Cash flows from financing activities
Repayments on credit facility	(33,030)	(38,950)
Proceeds from the credit facility		13,400
Payment of loan origination fees		(729)
Proceeds from note payable	3,244
Proceeds from exercise of stock options		5
Purchases of treasury stock	(748)	(216)
Net cash used in financing activities	(30,534)	(26,490)
Net increase (decrease) in cash and restricted cash	4,577	(13,536)
Cash and restricted cash at the beginning of period	24,684	37,642
Cash and restricted cash at the end of period	29,261	24,106
Supplemental Disclosures:
Interest paid	4,491	5,936
Income taxes paid	986	15
Leased assets obtained in exchange for new operating lease liabilities	$ 1,865	$ 1,024

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2020
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, 2020, 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, 2021. 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, 2020 as filed with the Securities and Exchange Commission on June 22, 2020. The March 31, 2020 consolidated balance sheet included herein has been derived from the March 31, 2020 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	9 Months Ended
	Dec. 31, 2020
Revenue Recognition And Deferred Revenue [Abstract]
Revenue Recognition	Note 2. Revenue Recognition Interest income on finance receivables is recognized using the interest method. 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. The Company defines a non-performing asset as one that is 61 or more days past due, a Chapter 7 bankruptcy account, or a Chapter 13 bankruptcy account that has not been confirmed by the courts, for which the accrual of interest income is suspended. Upon confirmation of a Chapter 13 bankruptcy trustee’s plan (BK13), the account is immediately charged-off. Upon notification of a Chapter 7 bankruptcy, an account is monitored for collectability. In the event the debtors’ balance is reduced by the bankruptcy court, the Company records a loss equal to the amount of principal balance reduction. The remaining balance is reduced as payments are received. In the event an account is dismissed from bankruptcy, the Company will decide whether to begin repossession proceedings or to allow the customer to make regularly scheduled payments. 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 dealer discount. The dealer 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 and nine months ended December 31, 2020 and 2019 was 7.5% and 7.9% and 7.4% and 7.9%, in relation to the total amount financed, 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, and involuntary unemployment insurance coverage. These commissions are amortized over the life of the contract using the effective interest method.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 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 December 31, (In thousands, except per share amounts) Nine months ended December 31, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 3,785 $ 311 $ 6,482 $ 1,170 Less: Allocation of earnings to participating securities (23 ) (2 ) (34 ) (6 ) Net income allocated to common stock $ 3,762 $ 309 $ 6,448 $ 1,164 Basic earnings per share computation: Net income allocated to common stock $ 3,762 $ 309 $ 6,448 $ 1,164 Weighted average common shares outstanding, including shares considered participating securities 7,722 7,970 7,703 7,901 Less: Weighted average participating securities outstanding (48 ) (52 ) (41 ) (40 ) Weighted average shares of common stock 7,674 7,918 7,662 7,861 Basic earnings per share $ 0.49 $ 0.04 $ 0.84 $ 0.15 Diluted earnings per share computation: Net income allocated to common stock $ 3,762 $ 309 $ 6,448 $ 1,164 Undistributed earnings re-allocated to participating securities 23 2 34 6 Numerator for diluted earnings per share $ 3,785 $ 311 $ 6,482 $ 1,170 Weighted average common shares outstanding for basic earnings per share 7,674 7,918 7,662 7,861 Incremental shares from stock options — 1 — 1 Weighted average shares and dilutive potential common shares 7,674 7,919 7,662 7,862 Diluted earnings per share $ 0.49 $ 0.04 $ 0.85 $ 0.15

Finance Receivables

Finance Receivables	9 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Finance Receivables	Note 4. Finance Receivables Finance Receivables Portfolio Finance receivables consist of Contracts and Direct Loans and are detailed as follows: (In thousands) December 31, 2020 March 31, 2020 December 31, 2019 Finance receivables $ 188,626 $ 219,366 $ 211,813 Accrued interest receivable 2,628 3,164 3,088 Unearned dealer discounts (7,006 ) (8,056 ) (8,436 ) Unearned insurance and fee commissions (2,338 ) (2,616 ) (2,644 ) Purchase price discount (447 ) (915 ) (222 ) Finance receivables, net of unearned 181,463 210,943 203,599 Allowance for credit losses (9,077 ) (11,162 ) (13,272 ) Finance receivables, net $ 172,386 $ 199,781 $ 190,327 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 2020 2019 Average APR 22.7 % 22.7 % Average discount 7.6 % 7.7 % Average term (months) 51 51 Number of active contracts 23,388 25,995 As of December 31, Direct Loan Portfolio 2020 2019 Average APR 28.4 % 27.0 % Average term (months) 26 26 Number of active contracts 4,126 3,376 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, 2020, the average model year of vehicles collateralizing the portfolio was a 2011 vehicle. Direct Loans are typically for amounts ranging from $500 to $15,000 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 “typically” 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, 2020, loans made by the Company pursuant to its Direct Loan program constituted approximately 7.6% 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 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. Additionally, credit loss trends over several reporting periods are utilized in estimating future losses and overall portfolio performance. Conversely, the Company could identify abnormalities in the composition of the portfolio, which would indicate the calculation is overstated and management judgement may be required to determine the allowance of credit losses for both Contracts and Direct Loans. 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 and nine months ended December 31, 2020 and 2019: Three months ended December 31, 2020 Nine months ended December 31, 2020 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of period $ 10,977 $ 492 $ 11,469 $ 10,433 $ 729 $ 11,162 Provision for credit losses 601 49 650 6,951 49 7,000 Charge-offs (4,411 ) (179 ) (4,590 ) (12,819 ) (477 ) (13,296 ) Recoveries 1,527 21 1,548 4,129 82 4,211 Balance at December 31, 2020 $ 8,694 $ 383 $ 9,077 $ 8,694 $ 383 $ 9,077 Three months ended December 31, 2019 Nine months ended December 31, 2019 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of period $ 12,680 $ 850 $ 13,530 $ 16,575 $ 357 $ 16,932 Provision for credit losses 4,597 0 4,597 12,177 805 12,982 Charge-offs (7,350 ) (144 ) (7,494 ) (22,057 ) (483 ) (22,540 ) Recoveries 2,626 13 2,639 5,858 40 5,898 Balance at December 31, 2019 $ 12,553 $ 719 $ 13,272 $ 12,553 $ 719 $ 13,272 The Company uses the trailing six-month charge-offs, annualized, to calculate the allowance for credit losses. The Company’s allowance for credit losses also incorporates recent trends such as delinquency, non-performing assets, and bankruptcy. The Company believes that this approach reflects the current trends of incurred losses within the portfolio and aligns the allowance for credit losses with the portfolio’s performance indicators. The following table is an assessment of the credit quality by creditworthiness: (In thousands) December 31, 2020 December 31, 2019 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 167,071 $ 13,925 $ 180,996 $ 191,773 $ 11,229 $ 203,002 Non-performing accounts 7,099 302 7,401 8,319 194 8,513 Total 174,170 14,227 188,397 200,092 11,423 211,515 Chapter 13 bankruptcy accounts 218 11 229 289 9 298 Finance receivables $ 174,388 $ 14,238 $ 188,626 $ 200,381 $ 11,432 $ 211,813 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 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 61 days or more or is a Chapter 13 bankruptcy account for which the accrual interest income has been suspended. The Company’s charge-off policy is to charge off an account in the month the contract becomes 121 days contractually delinquent. 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 resume 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 $118,000 and $0 for these accounts as of December 31, 2020 and December 31, 2019, 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 30 – 59 days 60 – 89 days 90 – 119 days 120+ Total December 31, 2020 $ 174,170 $ 12,914 $ 4,955 $ 2,117 $ 28 $ 20,014 7.41 % 2.84 % 1.22 % 0.02 % 11.49 % March 31, 2020 207,247 14,977 4,290 1,893 19 21,179 7.23 % 2.07 % 0.91 % 0.01 % 10.22 % December 31, 2019 $ 200,092 $ 16,748 $ 5,993 $ 2,279 $ 47 $ 25,067 8.37 % 3.00 % 1.14 % 0.02 % 12.53 % Direct Loans Balance Outstanding 30 – 59 days 60 – 89 days 90 – 119 days 120+ Total December 31, 2020 $ 14,227 $ 442 $ 188 $ 110 $ 4 $ 744 3.11 % 1.32 % 0.77 % 0.03 % 5.23 % March 31, 2020 11,844 344 136 59 — 539 2.90 % 1.15 % 0.50 % — 4.55 % December 31, 2019 $ 11,423 $ 331 $ 123 $ 68 $ 3 $ 525 2.90 % 1.08 % 0.60 % 0.03 % 4.60 %

Investments

Investments	9 Months Ended
	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investments	Note 5. Investments Equity Securities The Company adopted ASU 20116-01 on July 1, 2020. The first purchases of equity securities occurred in the second quarter of Fiscal Year 2021, so no prospective basis existed for these equity investments. The purchase of these equity investments was recorded in the Consolidated Balance Sheets at $4.3 million as of December 31, 2020. The Company defined these equity investments as trading securities with changes in fair value were immediately recognized through net income in each quarter. As of December 31, 2020, the carrying values of our equity securities were included in the following line items in our consolidated balance sheet: (In thousands) Fair Value with Changes Recognized in Income Measurement Alternative - No Readily Determinable Fair Value Marketable securities $ 4,286 $ - Total equity securities $ 4,286 $ - The calculation of net unrealized gains and losses for the period that relate to equity securities still held at December 31, 2020 is as follows (in thousand): Nine Months Ended December 31, 2020 Unrealized gains on equity securities as of March 31, 2020 $ - Unrealized gains on equity securities for the nine months ended December 31, 2020 (1,101 ) Unrealized gains on equity securities as of December 31, 2020 $ (1,101 ) For the three months ended December 31, 2020, the Company recorded realized gains on equity securities of $0.2 million. Both unrealized and realized gains were reflected in earnings.

Acquisition

Acquisition	9 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquisition	Note 6. Acquisition On April 30, 2019, the Company completed an acquisition of three branches, representing substantially all of the assets, of ML Credit Group, LLC (d/b/a Metrolina Credit Company) (“Metrolina”). 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, the Company accounted for the acquisition as a business combination. The Company allocated the purchase price to acquired assets and liabilities on their fair values. The Company acquired finance receivables, net of $20.1 million, other assets of $0.1 million, assumed liabilities of $0.2 million and incurred approximately $0.3 million in related expenses. The purchase price allocation resulted in goodwill of $0.3 million which the Company determined to be impaired as of March 31, 2020. Finance receivables from the Metrolina acquisition as of December 31, 2020 and March 31, 2020 were $5.9 million and $10.9 million, respectively.

Credit Facility

Credit Facility	9 Months Ended
	Dec. 31, 2020
Line Of Credit Facility [Abstract]
Credit Facility	Note 7. 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 a 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, NF Funding I granted a security interest in substantially all of its assets as collateral for its obligations under the Credit Facility. 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 are presented on a consolidated basis on the Company’s balance sheet. Future maturities of debt as of December 31, 2020 for the fiscal years ended, are as follows: (in thousands) Quarter Ended December 31, FY2021 $ — FY2022 2,701 FY2023 23,993 FY2024 23,450 FY2025 23,450 Thereafter 23,450 $ 97,044

Note Payable

Note Payable	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Note Payable	Note 8. Note Payable On May 27, 2020, the Company obtained a loan in the amount of $3,243,900 from a bank in connection with the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (the “PPP Loan”). Pursuant to the Paycheck Protection Program, all or a portion of the PPP Loan may be forgiven if the Company uses the proceeds of the PPP Loan for its payroll costs and other expenses in accordance with the requirements of the Paycheck Protection Program. The Company used the proceeds of the PPP Loan for payroll costs and other covered expenses and sought full forgiveness of the PPP Loan, but there can be no assurance that the Company will obtain any forgiveness of the PPP Loan. If the PPP Loan is not fully forgiven, the Company will remain liable for the full and punctual payment of the outstanding principal balance plus accrued and unpaid interest. The PPP Loan accrues interest at a rate per annum equal to 1.00% and an initial payment of accrued and unpaid interest was due on December 27, 2020. The Company submitted the forgiveness application to Fifth Third Bank, the lender, on December 7, 2020 and submitted supplemental documentation on January 16, 2021. Therefore, per the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, the deferral period for loan payments was extended to either (1) the date that SBA remits the borrower’s loan forgiveness amount to the lender or (2) if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period (the loan forgiveness covered expired on [December 27, 2020]). The outstanding principal balance plus accrued and unpaid interest is due on May 22, 2022. The PPP Loan is unsecured. The PPP Loan may be prepaid at any time prior to maturity with no prepayment penalties. The related promissory note contains events of default and other provisions customary for a loan of this type.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes The Company recorded an income tax expense of approximately $1,190,000 for the three months ended December 31, 2020 compared to income tax expense of approximately $229,000 for the three months ended December 31, 2019. The Company’s effective tax rate decreased to 23.9% for the three months ended December 31, 2020 from 42.4% for the three months ended December 31, 2019. The decrease was primarily attributed to the return to normalized effective tax rate in the current quarter. The Company recorded an income tax expense of approximately $1,711,000 for the nine months ended December 31, 2020 compared to income tax expense of approximately $527,000 for the nine months ended December 31, 2019. The Company’s effective tax rate decreased to 20.9% for the nine months ended December 31, 2020 from 31.1% for the nine months ended December 31, 2019. The decrease was primarily attributed to prior year Net Operating Losses recognized in the Fiscal Year of 2021.

Leases

Leases	9 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 10. Leases 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 renewed in April 2020 and expires in March 2023. 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 $2.9 million as of December 31, 2020. 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 $2.9 million as of December 31, 2020. 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 December 31, 2020, are as follows: in thousands FY2021 $ 378 FY2022 1,235 FY2023 859 FY2024 385 FY2025 272 Thereafter $ 122 Total future minimum lease payments 3,251 Present value adjustment (322 ) Operating lease liability $ 2,929 The following table reports information about the Company’s lease cost for the three months ended December 31, 2020 (in thousands): Lease cost: Operating lease cost $ 365 Variable lease cost 82 Total lease cost $ 447 The following table reports information about the Company’s lease cost for the nine months ended December 31, 2020 (in thousands): Lease cost: Operating lease cost $ 1,148 Variable lease cost 264 Total lease cost $ 1,412 The following table reports other information about the Company’s leases for the three months ended December 31, 2020 (dollar amounts in thousands): Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 380 Operating Lease - Operating Cash Flows (Liability Reduction) $ 339 Weighted Average Lease Term - Operating Leases 2.75 years Weighted Average Discount Rate - Operating Leases 6.5% The following table reports other information about the Company’s leases for the nine months ended December 31, 2020 (dollar amounts in thousands): Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 1,198 Operating Lease - Operating Cash Flows (Liability Reduction) $ 1,077 Weighted Average Lease Term - Operating Leases 2.71 years Weighted Average Discount Rate - Operating Leases 6.5%

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Note 11. Fair Value Disclosures The Company’s financial instruments consist of cash, equity investments, finance receivables, repossessed assets, the Credit Facility, and the note payable. For each of these financial instruments, the carrying value approximates fair value. Equity investments occurred in second quarter of Fiscal Year 2021, so no prospective basis existed for these equity investments. The purchase of these equity investments was recorded in the Consolidated Balance Sheets at $4.3 as of December 31, 2020, at fair market value. The Company defined these equity investments as trading securities with changes in fair value were immediately recognized through net income in each quarter, respectively. 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 December 31, 2020 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. The note payable loan in the amount of $3,243,900 from a bank in connection with the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (the “PPP Loan”). Pursuant to the Paycheck Protection Program, all or a portion of the PPP Loan may be forgiven if the Company uses the proceeds of the PPP Loan for its payroll costs and other expenses in accordance with the requirements of the Paycheck Protection Program. (In thousands) Fair Value Measurement Using Description Level 1 Level 2 Level 3 Fair Value Carrying Value Cash and restricted cash: December 31, 2020 $ 29,261 $ - $ - $ 29,261 $ 29,261 March 31, 2020 $ 24,684 $ - $ - $ 24,684 $ 24,684 Equity investments with readily determinable fair values December 31, 2020 $ 4,286 $ - $ - $ 4,286 $ 4,286 March 31, 2020 $ - $ - $ - $ - $ - Finance receivables: December 31, 2020 $ - $ - $ 172,386 $ 172,386 $ 172,386 March 31, 2020 $ - $ - $ 199,781 $ 199,781 $ 199,781 Repossessed assets: December 31, 2020 $ - $ - $ 805 $ 805 $ 805 March 31, 2020 $ - $ - $ 1,340 $ 1,340 $ 1,340 Credit facility: December 31, 2020 $ - $ 93,800 $ - $ 93,800 $ 93,800 March 31, 2020 $ - $ 126,830 $ - $ 126,830 $ 126,830 Note payable: December 31, 2020 $ - $ - $ 3,244 $ 3,244 $ 3,244 March 31, 2020 $ - $ - $ - $ - $ - 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. Management has determined that this level to be most appropriate for finance receivables, repossessed assets, and note payable shown in the table above. Level 2 assets are financial assets and liabilities that do not have regular market pricing, but whose fair value can be determined based on other data values or market pricing. Management has determined that this level to be most appropriate for the credit facility shown in the table above. Level 1 assets are financial assets that have a regular mark to market mechanism for setting a fair market value. These assets are considered to have readily observable, transparent prices and therefore a reliable, fair market value. Management has determined that this level to be most appropriate for cash, restricted cash, and equity investments.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and 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. The extent to which the COVID-19 pandemic will ultimately impact our business, financial condition, results of operations or cash flows will depend on numerous evolving factors that we are unable to accurately predict at this time. The length and scope of the restrictions imposed by various governments and success of efforts to find a suitable vaccine, among other factors, will determine the ultimate severity of the COVID-19 impact on our business. It is likely that prolonged periods of difficult market conditions could have material adverse impacts on our business, financial condition, results of operations and cash flows. The Company has discussed COVID-19 throughout the 10-Q, including but not limited, to forward-looking information and Item 2. Management’s Discussions and Analysis of Financial Condition and Results of Operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	13. Summary of Significant Accounting Policies Reclassifications Certain prior-period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or shareholders’ equity. The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2020 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at December 31, 2020, except as described below: Equity Securities Following our adoption of ASU 2016-01 on July 1, 2020, as described in "Recent Adopted Accounting Pronouncements", we account for our investments in equity securities in accordance with ASC 321-10 Investments - Equity Securities. Our equity securities may be classified into two categories and accounted for as follows: • Equity securities with a readily determinable fair value are reported at fair value, with both realized and unrealized gains and losses included in earnings. See “Note 5-Investments” • Equity securities without a readily determinable fair value are reported at their cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact on fair value. Any dividends received are recorded in realized gains. Equity investments include our investment in common shares with readily determinable fair values. The fair value of equity investments with readily determinable fair values is primarily obtained from third-party pricing services. For equity investments without readily determinable fair values, when an orderly transaction for the identical or similar investment of the same issuer is identified, we use the valuation techniques permitted under ASC 820 Fair Value Measurement to evaluate the observed transaction(s) and adjust the fair value of the equity investment. ASC 321-10 also provides guidance related to accounting for impairment of equity securities without readily determinable fair values. The qualitative assessment to determine whether impairment exists requires the use of our judgment in certain circumstances. If, after completing the qualitative assessment, we conclude an equity investment without a readily determinable fair value is impaired, a loss for the difference between the equity investment’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income. Recent Adopted Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This amendment requires that equity investments be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, less impairment, plus or minus any change in the investment’s observable price. For financial liabilities that are measured at fair value, the amendment requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument specific credit risk. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The standard requires retrospective application for equity investments with readily determinable fair values and prospective application for equity investments without readily determinable fair values. The Company adopted the standard during the year and no prospective basis existed for these equity investments since they were also purchased during the fiscal year. The purchase of these equity investments was recorded in the Consolidated Balance Sheets. See Note 10 for further information. Recent Accounting Pronouncements In June 2016, the FASB issued the ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Among other things, the amendments in this ASU require the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The ASU also requires additional disclosures related to estimates and judgments used to measure all expected credit losses. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Recently, the FASB voted to delay the implementation date for this accounting standard, for smaller reporting companies, the new effective date is beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this ASU on the consolidated financial statements and is collecting and analyzing data that will be needed to produce historical inputs into any models created as a result of adopting this ASU. At this time, the Company believes the adoption of this ASU will likely have a material effect and is expected to increase the overall allowance for credit losses. 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	9 Months Ended
	Dec. 31, 2020
Variable Interest Entity [Abstract]
Variable Interest Entity	14. 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 retains 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, retains 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): December 31, 2020 (Unaudited) March 31, 2020 Assets Restricted cash $ 8,726 $ 7,882 Finance receivables, net 159,117 165,966 Repossessed assets 760 1,277 Total assets $ 168,603 $ 175,125 Liabilities Credit facility, net of debt issuance costs $ 91,547 $ 124,255 Accounts payable and accrued expenses 424 597 Total liabilities $ 91,971 $ 124,852

Stock Plans

Stock Plans	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Stock Plans	Note 15. Stock Plans In May 2019 and August 2019, the Company’s Board of Directors (“Board”) authorized a new stock repurchase program allowing for the repurchase of up to $8.0 million and $1.0 million, respectively, 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 with a total repurchase authorization of $9.0 million. The timing and actual number of repurchases will depend on a variety of factors, including stock price, corporate and regulatory requirements and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time. The table shown below summarizes treasury share transactions under the Company’s stock repurchase program. Three months ended December 31, (In thousands) 2020 2019 Number of Shares Amount Number of Shares Amount Treasury stock repurchases at the beginning of period 4,863 $ (71,667 ) 4,714 $ (70,459 ) Treasury stock purchased 64 (519 ) 24 (216 ) Treasury stock repurchases at the end of period 4,927 $ (72,186 ) 4,738 $ (70,675 ) Nine months ended December 31, (In thousands) 2020 2019 Number of Shares Amount Number of Shares Amount Treasury stock repurchases at the beginning of period 4,833 $ (71,438 ) 4,714 $ (70,459 ) Treasury stock purchased 94 (748 ) 24 (216 ) Treasury stock repurchases at the end of period 4,927 $ (72,186 ) 4,738 $ (70,675 ) For the three months and nine months ended December 31, 2020, the Company repurchased a total of approximately 64,000 shares of common stock at an aggregate cost of approximately $519 thousand and average cost per share of $8.04 ;

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2020
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, 2020, 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, 2021. 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, 2020 as filed with the Securities and Exchange Commission on June 22, 2020. The March 31, 2020 consolidated balance sheet included herein has been derived from the March 31, 2020 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 Interest income on finance receivables is recognized using the interest method. 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. The Company defines a non-performing asset as one that is 61 or more days past due, a Chapter 7 bankruptcy account, or a Chapter 13 bankruptcy account that has not been confirmed by the courts, for which the accrual of interest income is suspended. Upon confirmation of a Chapter 13 bankruptcy trustee’s plan (BK13), the account is immediately charged-off. Upon notification of a Chapter 7 bankruptcy, an account is monitored for collectability. In the event the debtors’ balance is reduced by the bankruptcy court, the Company records a loss equal to the amount of principal balance reduction. The remaining balance is reduced as payments are received. In the event an account is dismissed from bankruptcy, the Company will decide whether to begin repossession proceedings or to allow the customer to make regularly scheduled payments. 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 dealer discount. The dealer 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 and nine months ended December 31, 2020 and 2019 was 7.5% and 7.9% and 7.4% and 7.9%, in relation to the total amount financed, 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, and involuntary unemployment insurance coverage. These commissions are amortized over the life of the contract using the effective interest method.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or shareholders’ equity. The significant accounting policies used in preparation of our Consolidated Financial Statements are disclosed in our 2020 Annual Report on Form 10-K. Those significant accounting policies remain unchanged at December 31, 2020, except as described below: Equity Securities Following our adoption of ASU 2016-01 on July 1, 2020, as described in "Recent Adopted Accounting Pronouncements", we account for our investments in equity securities in accordance with ASC 321-10 Investments - Equity Securities. Our equity securities may be classified into two categories and accounted for as follows: • Equity securities with a readily determinable fair value are reported at fair value, with both realized and unrealized gains and losses included in earnings. See “Note 5-Investments” • Equity securities without a readily determinable fair value are reported at their cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer and their impact on fair value. Any dividends received are recorded in realized gains. Equity investments include our investment in common shares with readily determinable fair values. The fair value of equity investments with readily determinable fair values is primarily obtained from third-party pricing services. For equity investments without readily determinable fair values, when an orderly transaction for the identical or similar investment of the same issuer is identified, we use the valuation techniques permitted under ASC 820 Fair Value Measurement to evaluate the observed transaction(s) and adjust the fair value of the equity investment. ASC 321-10 also provides guidance related to accounting for impairment of equity securities without readily determinable fair values. The qualitative assessment to determine whether impairment exists requires the use of our judgment in certain circumstances. If, after completing the qualitative assessment, we conclude an equity investment without a readily determinable fair value is impaired, a loss for the difference between the equity investment’s carrying value and its fair value may be recognized as a reduction to noninterest income in the Consolidated Statements of Income.
Recently Adopted Accounting Pronouncements	Recent Adopted Accounting Pronouncements In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. This amendment requires that equity investments be measured at fair value with changes in fair value recognized in net income. When fair value is not readily determinable, an entity may elect to measure the equity investment at cost, less impairment, plus or minus any change in the investment’s observable price. For financial liabilities that are measured at fair value, the amendment requires an entity to present separately, in other comprehensive income, any change in fair value resulting from a change in instrument specific credit risk. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The standard requires retrospective application for equity investments with readily determinable fair values and prospective application for equity investments without readily determinable fair values. The Company adopted the standard during the year and no prospective basis existed for these equity investments since they were also purchased during the fiscal year. The purchase of these equity investments was recorded in the Consolidated Balance Sheets. See Note 10 for further information. Recent Accounting Pronouncements In June 2016, the FASB issued the ASU 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Among other things, the amendments in this ASU require the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The ASU also requires additional disclosures related to estimates and judgments used to measure all expected credit losses. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Recently, the FASB voted to delay the implementation date for this accounting standard, for smaller reporting companies, the new effective date is beginning after December 15, 2022, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this ASU on the consolidated financial statements and is collecting and analyzing data that will be needed to produce historical inputs into any models created as a result of adopting this ASU. At this time, the Company believes the adoption of this ASU will likely have a material effect and is expected to increase the overall allowance for credit losses. 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, 2020
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings (loss) per share	Three months ended December 31, (In thousands, except per share amounts) Nine months ended December 31, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 3,785 $ 311 $ 6,482 $ 1,170 Less: Allocation of earnings to participating securities (23 ) (2 ) (34 ) (6 ) Net income allocated to common stock $ 3,762 $ 309 $ 6,448 $ 1,164 Basic earnings per share computation: Net income allocated to common stock $ 3,762 $ 309 $ 6,448 $ 1,164 Weighted average common shares outstanding, including shares considered participating securities 7,722 7,970 7,703 7,901 Less: Weighted average participating securities outstanding (48 ) (52 ) (41 ) (40 ) Weighted average shares of common stock 7,674 7,918 7,662 7,861 Basic earnings per share $ 0.49 $ 0.04 $ 0.84 $ 0.15 Diluted earnings per share computation: Net income allocated to common stock $ 3,762 $ 309 $ 6,448 $ 1,164 Undistributed earnings re-allocated to participating securities 23 2 34 6 Numerator for diluted earnings per share $ 3,785 $ 311 $ 6,482 $ 1,170 Weighted average common shares outstanding for basic earnings per share 7,674 7,918 7,662 7,861 Incremental shares from stock options — 1 — 1 Weighted average shares and dilutive potential common shares 7,674 7,919 7,662 7,862 Diluted earnings per share $ 0.49 $ 0.04 $ 0.85 $ 0.15

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans	Finance receivables consist of Contracts and Direct Loans and are detailed as follows: (In thousands) December 31, 2020 March 31, 2020 December 31, 2019 Finance receivables $ 188,626 $ 219,366 $ 211,813 Accrued interest receivable 2,628 3,164 3,088 Unearned dealer discounts (7,006 ) (8,056 ) (8,436 ) Unearned insurance and fee commissions (2,338 ) (2,616 ) (2,644 ) Purchase price discount (447 ) (915 ) (222 ) Finance receivables, net of unearned 181,463 210,943 203,599 Allowance for credit losses (9,077 ) (11,162 ) (13,272 ) Finance receivables, net $ 172,386 $ 199,781 $ 190,327
Schedule of selected information on entire comprise portfolio	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 2020 2019 Average APR 22.7 % 22.7 % Average discount 7.6 % 7.7 % Average term (months) 51 51 Number of active contracts 23,388 25,995 As of December 31, Direct Loan Portfolio 2020 2019 Average APR 28.4 % 27.0 % Average term (months) 26 26 Number of active contracts 4,126 3,376
Schedule of reconciliation of the changes in the 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 and nine months ended December 31, 2020 and 2019: Three months ended December 31, 2020 Nine months ended December 31, 2020 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of period $ 10,977 $ 492 $ 11,469 $ 10,433 $ 729 $ 11,162 Provision for credit losses 601 49 650 6,951 49 7,000 Charge-offs (4,411 ) (179 ) (4,590 ) (12,819 ) (477 ) (13,296 ) Recoveries 1,527 21 1,548 4,129 82 4,211 Balance at December 31, 2020 $ 8,694 $ 383 $ 9,077 $ 8,694 $ 383 $ 9,077 Three months ended December 31, 2019 Nine months ended December 31, 2019 Contracts Direct Loans Consolidated Contracts Direct Loans Consolidated Balance at beginning of period $ 12,680 $ 850 $ 13,530 $ 16,575 $ 357 $ 16,932 Provision for credit losses 4,597 0 4,597 12,177 805 12,982 Charge-offs (7,350 ) (144 ) (7,494 ) (22,057 ) (483 ) (22,540 ) Recoveries 2,626 13 2,639 5,858 40 5,898 Balance at December 31, 2019 $ 12,553 $ 719 $ 13,272 $ 12,553 $ 719 $ 13,272
Schedule of an assessment of the credit quality by creditworthiness	The following table is an assessment of the credit quality by creditworthiness: (In thousands) December 31, 2020 December 31, 2019 Contracts Direct Loans Total Contracts Direct Loans Total Performing accounts $ 167,071 $ 13,925 $ 180,996 $ 191,773 $ 11,229 $ 203,002 Non-performing accounts 7,099 302 7,401 8,319 194 8,513 Total 174,170 14,227 188,397 200,092 11,423 211,515 Chapter 13 bankruptcy accounts 218 11 229 289 9 298 Finance receivables $ 174,388 $ 14,238 $ 188,626 $ 200,381 $ 11,432 $ 211,813
Schedule of information regarding delinquency rates	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 30 – 59 days 60 – 89 days 90 – 119 days 120+ Total December 31, 2020 $ 174,170 $ 12,914 $ 4,955 $ 2,117 $ 28 $ 20,014 7.41 % 2.84 % 1.22 % 0.02 % 11.49 % March 31, 2020 207,247 14,977 4,290 1,893 19 21,179 7.23 % 2.07 % 0.91 % 0.01 % 10.22 % December 31, 2019 $ 200,092 $ 16,748 $ 5,993 $ 2,279 $ 47 $ 25,067 8.37 % 3.00 % 1.14 % 0.02 % 12.53 % Direct Loans Balance Outstanding 30 – 59 days 60 – 89 days 90 – 119 days 120+ Total December 31, 2020 $ 14,227 $ 442 $ 188 $ 110 $ 4 $ 744 3.11 % 1.32 % 0.77 % 0.03 % 5.23 % March 31, 2020 11,844 344 136 59 — 539 2.90 % 1.15 % 0.50 % — 4.55 % December 31, 2019 $ 11,423 $ 331 $ 123 $ 68 $ 3 $ 525 2.90 % 1.08 % 0.60 % 0.03 % 4.60 %

Investments (Tables)

Investments (Tables)	9 Months Ended
	Dec. 31, 2020
Investments Debt And Equity Securities [Abstract]
Schedule of Carrying Values of Equity Securities	As of December 31, 2020, the carrying values of our equity securities were included in the following line items in our consolidated balance sheet: (In thousands) Fair Value with Changes Recognized in Income Measurement Alternative - No Readily Determinable Fair Value Marketable securities $ 4,286 $ - Total equity securities $ 4,286 $ -
Calculation of Net Unrealized Gains and Losses that Relate to Equity Securities	The calculation of net unrealized gains and losses for the period that relate to equity securities still held at December 31, 2020 is as follows (in thousand): Nine Months Ended December 31, 2020 Unrealized gains on equity securities as of March 31, 2020 $ - Unrealized gains on equity securities for the nine months ended December 31, 2020 (1,101 ) Unrealized gains on equity securities as of December 31, 2020 $ (1,101 )

Credit Facility (Tables)

Credit Facility (Tables)	9 Months Ended
	Dec. 31, 2020
Line Of Credit Facility [Abstract]
Schedule of Future Maturities of Debt	Future maturities of debt as of December 31, 2020 for the fiscal years ended, are as follows: (in thousands) Quarter Ended December 31, FY2021 $ — FY2022 2,701 FY2023 23,993 FY2024 23,450 FY2025 23,450 Thereafter 23,450 $ 97,044

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2020
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 December 31, 2020, are as follows: in thousands FY2021 $ 378 FY2022 1,235 FY2023 859 FY2024 385 FY2025 272 Thereafter $ 122 Total future minimum lease payments 3,251 Present value adjustment (322 ) Operating lease liability $ 2,929
Schedule of lease cost	The following table reports information about the Company’s lease cost for the three months ended December 31, 2020 (in thousands): Lease cost: Operating lease cost $ 365 Variable lease cost 82 Total lease cost $ 447 The following table reports information about the Company’s lease cost for the nine months ended December 31, 2020 (in thousands): Lease cost: Operating lease cost $ 1,148 Variable lease cost 264 Total lease cost $ 1,412
Schedule of other lease information	The following table reports other information about the Company’s leases for the three months ended December 31, 2020 (dollar amounts in thousands): Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 380 Operating Lease - Operating Cash Flows (Liability Reduction) $ 339 Weighted Average Lease Term - Operating Leases 2.75 years Weighted Average Discount Rate - Operating Leases 6.5% The following table reports other information about the Company’s leases for the nine months ended December 31, 2020 (dollar amounts in thousands): Other Lease Information Operating Lease - Operating Cash Flows (Fixed Payments) $ 1,198 Operating Lease - Operating Cash Flows (Liability Reduction) $ 1,077 Weighted Average Lease Term - Operating Leases 2.71 years Weighted Average Discount Rate - Operating Leases 6.5%

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Dec. 31, 2020
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: December 31, 2020 $ 29,261 $ - $ - $ 29,261 $ 29,261 March 31, 2020 $ 24,684 $ - $ - $ 24,684 $ 24,684 Equity investments with readily determinable fair values December 31, 2020 $ 4,286 $ - $ - $ 4,286 $ 4,286 March 31, 2020 $ - $ - $ - $ - $ - Finance receivables: December 31, 2020 $ - $ - $ 172,386 $ 172,386 $ 172,386 March 31, 2020 $ - $ - $ 199,781 $ 199,781 $ 199,781 Repossessed assets: December 31, 2020 $ - $ - $ 805 $ 805 $ 805 March 31, 2020 $ - $ - $ 1,340 $ 1,340 $ 1,340 Credit facility: December 31, 2020 $ - $ 93,800 $ - $ 93,800 $ 93,800 March 31, 2020 $ - $ 126,830 $ - $ 126,830 $ 126,830 Note payable: December 31, 2020 $ - $ - $ 3,244 $ 3,244 $ 3,244 March 31, 2020 $ - $ - $ - $ - $ -

Variable Interest Entity (Table

Variable Interest Entity (Tables)	9 Months Ended
	Dec. 31, 2020
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): December 31, 2020 (Unaudited) March 31, 2020 Assets Restricted cash $ 8,726 $ 7,882 Finance receivables, net 159,117 165,966 Repossessed assets 760 1,277 Total assets $ 168,603 $ 175,125 Liabilities Credit facility, net of debt issuance costs $ 91,547 $ 124,255 Accounts payable and accrued expenses 424 597 Total liabilities $ 91,971 $ 124,852

Stock Plans (Tables)

Stock Plans (Tables)	9 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Summary of Treasury Share Transactions Under the Company's Stock Repurchase Program	The table shown below summarizes treasury share transactions under the Company’s stock repurchase program. Three months ended December 31, (In thousands) 2020 2019 Number of Shares Amount Number of Shares Amount Treasury stock repurchases at the beginning of period 4,863 $ (71,667 ) 4,714 $ (70,459 ) Treasury stock purchased 64 (519 ) 24 (216 ) Treasury stock repurchases at the end of period 4,927 $ (72,186 ) 4,738 $ (70,675 ) Nine months ended December 31, (In thousands) 2020 2019 Number of Shares Amount Number of Shares Amount Treasury stock repurchases at the beginning of period 4,833 $ (71,438 ) 4,714 $ (70,459 ) Treasury stock purchased 94 (748 ) 24 (216 ) Treasury stock repurchases at the end of period 4,927 $ (72,186 ) 4,738 $ (70,675 )

Revenue Recognition (Detail Tex

Revenue Recognition (Detail Textuals)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
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	7.50%	7.90%	7.40%	7.90%

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, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 3,785	$ 311	$ 6,482	$ 1,170
Less: Allocation of earnings to participating securities	(23)	(2)	(34)	(6)
Net income allocated to common stock	3,762	309	6,448	1,164
Basic earnings per share computation:
Net income allocated to common stock	$ 3,762	$ 309	$ 6,448	$ 1,164
Weighted average common shares outstanding, including shares considered participating securities	7,722	7,970	7,703	7,901
Less: Weighted average participating securities outstanding	(48)	(52)	(41)	(40)
Weighted average shares of common stock	7,674	7,918	7,662	7,861
Basic earnings per share	$ 0.49	$ 0.04	$ 0.84	$ 0.15
Diluted earnings per share computation:
Net income allocated to common stock	$ 3,762	$ 309	$ 6,448	$ 1,164
Undistributed earnings re-allocated to participating securities	23	2	34	6
Numerator for diluted earnings per share	$ 3,785	$ 311	$ 6,482	$ 1,170
Weighted average common shares outstanding for basic earnings per share	7,674	7,918	7,662	7,861
Incremental shares from stock options		1		1
Weighted average shares and dilutive potential common shares	7,674	7,919	7,662	7,862
Diluted earnings per share	$ 0.49	$ 0.04	$ 0.85	$ 0.15

Finance Receivables - Summary o

Finance Receivables - Summary of contracts and direct loans included in finance receivables (Details) - Finance receivables - USD ($) $ in Thousands	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Allowance for credit losses	$ (9,077)	$ (11,469)	$ (11,162)	$ (13,272)	$ (13,530)	$ (16,932)
Contracts and direct loans
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	188,626		219,366	211,813
Accrued interest receivable	2,628		3,164	3,088
Unearned dealer discounts	(7,006)		(8,056)	(8,436)
Unearned insurance and fee commissions	(2,338)		(2,616)	(2,644)
Purchase price discount	(447)		(915)	(222)
Finance receivables, net of unearned	181,463		210,943	203,599
Allowance for credit losses	(9,077)		(11,162)	(13,272)
Finance receivables, net	$ 172,386		$ 199,781	$ 190,327

Finance Receivables - Selected

Finance Receivables - Selected information on entire portfolio of Company (Details 1) - Contract	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Average APR	22.70%	22.70%
Average discount	7.60%	7.70%
Average term (months)	51 months	52 months
Number of active contracts	23,388	25,995
Direct Loan Portfolio
Accounts Notes And Loans Receivable [Line Items]
Average APR	28.40%	27.00%
Average term (months)	27 months	27 months
Number of active contracts	4,126	3,376

Finance Receivables (Detail Tex

Finance Receivables (Detail Textuals) - Direct Loans	Dec. 31, 2020USD ($)
Accounts Notes And Loans Receivable [Line Items]
Percentage of direct loan to total loan portfolio	7.60%
Minimum
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 500
Maximum
Accounts Notes And Loans Receivable [Line Items]
Finance receivables, net	$ 15,000

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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Provision for credit losses	$ 650	$ 4,597	$ 7,000	$ 12,982
Finance receivables
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	11,469	13,530	11,162	16,932
Provision for credit losses	650	4,597	7,000	12,982
Charge-offs	(4,590)	(7,494)	(13,296)	(22,540)
Recoveries	1,548	2,639	4,211	5,898
Balance at end of period	9,077	13,272	9,077	13,272
Finance receivables | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	10,977	12,680	10,433	16,575
Provision for credit losses	601	4,597	6,951	12,177
Charge-offs	(4,411)	(7,350)	(12,819)	(22,057)
Recoveries	1,527	2,626	4,129	5,858
Balance at end of period	8,694	12,553	8,694	12,553
Finance receivables | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Balance at beginning of period	492	850	729	357
Provision for credit losses	49	0	49	805
Charge-offs	(179)	(144)	(477)	(483)
Recoveries	21	13	82	40
Balance at end of period	$ 383	$ 719	$ 383	$ 719

Finance Receivables - Assessmen

Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) - Finance receivables - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total	$ 188,397		$ 211,515
Finance receivables	188,626		211,813
Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	229		298
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	14,227	$ 11,844	11,423
Finance receivables	14,238		11,432
Direct Loans | Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	11		9
Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	180,996		203,002
Performing accounts | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	13,925		11,229
Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	7,401		8,513
Non-performing accounts | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	302		194
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	174,170	$ 207,247	200,092
Finance receivables	174,388		200,381
Contract Portfolio | Chapter 13 bankruptcy
Accounts Notes And Loans Receivable [Line Items]
Finance receivables	218		289
Contract Portfolio | Performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	167,071		191,773
Contract Portfolio | Non-performing accounts
Accounts Notes And Loans Receivable [Line Items]
Total	$ 7,099		$ 8,319

Finance Receivables (Detail T_2

Finance Receivables (Detail Textuals 1) - USD ($)	Feb. 28, 2019	Dec. 31, 2020	Dec. 31, 2019
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		25.00%
Minimum criteria for receivable to be a non-performing account		61 days
Troubled debt restructuring allowance for credit losses		$ 118,000	$ 0
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	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 188,397		$ 211,515
Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	14,227	$ 11,844	11,423
Total	$ 744	$ 539	$ 525
Total (in percentage)	5.23%	4.55%	4.60%
Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Balance Outstanding	$ 174,170	$ 207,247	$ 200,092
Total	$ 20,014	$ 21,179	$ 25,067
Total (in percentage)	11.49%	10.22%	12.53%
30 - 59 days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 442	$ 344	$ 331
Total (in percentage)	3.11%	2.90%	2.90%
30 - 59 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 12,914	$ 14,977	$ 16,748
Total (in percentage)	7.41%	7.23%	8.37%
60 - 89 days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 188	$ 136	$ 123
Total (in percentage)	1.32%	1.15%	1.08%
60 - 89 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 4,955	$ 4,290	$ 5,993
Total (in percentage)	2.84%	2.07%	3.00%
90 - 119 days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 110	$ 59	$ 68
Total (in percentage)	0.77%	0.50%	0.60%
90 - 119 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 2,117	$ 1,893	$ 2,279
Total (in percentage)	1.22%	0.91%	1.14%
Over 120 days | Direct Loans
Accounts Notes And Loans Receivable [Line Items]
Total	$ 4		$ 3
Total (in percentage)	0.03%		0.03%
Over 120 days | Contract Portfolio
Accounts Notes And Loans Receivable [Line Items]
Total	$ 28	$ 19	$ 47
Total (in percentage)	0.02%	0.01%	0.02%

Investments (Detail Textuals)

Investments (Detail Textuals) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Investments Debt And Equity Securities [Abstract]
Purchase of equity investments	$ 4,286	$ 4,286
Realized gains on equity securities	$ 200	$ 238

Investments - Schedule of Carry

Investments - Schedule of Carrying Values of Equity Securities (Details 1) $ in Thousands	Dec. 31, 2020USD ($)
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Purchase of equity investments	$ 4,286
Marketable Securities
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Purchase of equity investments	$ 4,286

Investments - Calculation of Ne

Investments - Calculation of Net Unrealized Gains and Losses that Relate to Equity Securities (Details 2) $ in Thousands	9 Months Ended
	Dec. 31, 2020USD ($)
Investments Debt And Equity Securities [Abstract]
Unrealized gains on equity securities for the nine months ended December 31, 2020	$ (1,101)
Unrealized gains on equity securities as of December 31, 2020	$ (1,101)

Acquisition (Detail Textuals)

Acquisition (Detail Textuals) - Metrolina $ in Millions	Apr. 30, 2019USD ($)Branch	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Acquisition completion date	Apr. 30, 2019
Number of branches acquired | Branch	3
Finance receivable, net	$ 20.1	$ 5.9	$ 10.9
Other assets	0.1
Assumed liabilities	0.2
Expense related to asset acquisition	0.3
Goodwill	$ 0.3
North Carolina
Business Acquisition [Line Items]
Number of branches acquired | Branch	2
South Carolina
Business Acquisition [Line Items]
Number of branches acquired | Branch	1

Credit Facility (Detail Textual

Credit Facility (Detail Textuals) - Senior Secured Credit Facility - USD ($)	Mar. 29, 2019	Dec. 31, 2020
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
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%

Credit Facility - Schedule of F

Credit Facility - Schedule of Future Maturities of Debt (Detail) $ in Thousands	Dec. 31, 2020USD ($)
Long Term Debt By Maturity [Abstract]
FY2022	$ 2,701
FY2023	23,993
FY2024	23,450
FY2025	23,450
Thereafter	23,450
Future maturities of debt	$ 97,044

Note Payable (Detail Textuals)

Note Payable (Detail Textuals) - Paycheck Protection Program - USD ($)	May 27, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from Loans	$ 3,243,900	$ 3,243,900
Loan interest rate	1.00%
Accrued and unpaid initial payment date	Dec. 27, 2020
Borrowers loan forgiveness covered period	10 months
Loan maturity date	May 22, 2022
Prepayment penalties upon early repayment	$ 0

Income Taxes (Detail Textuals)

Income Taxes (Detail Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 1,190,000	$ 229,000	$ 1,711,000	$ 527,000
Increase (decrease) in effective tax rate	23.90%	42.40%	20.90%	31.10%

Leases (Detail Textuals)

Leases (Detail Textuals) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Lessee Lease Description [Line Items]
Operating lease liabilities	$ 2,929	$ 2,652
Operating lease right-of-use assets	$ 2,940	$ 2,598
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 renewal period	2020-04
Operating lease expiration period	2023-03
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 ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Leases [Abstract]
FY2021	$ 378
FY2022	1,235
FY2023	859
FY2024	385
FY2025	272
Thereafter	122
Total future minimum lease payments	3,251
Present value adjustment	(322)
Operating lease liabilities	$ 2,929	$ 2,652

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Lease cost:
Operating lease cost	$ 365	$ 1,148
Variable lease cost	82	264
Total lease cost	$ 447	$ 1,412

Leases - Schedule of Other Leas

Leases - Schedule of Other Lease Information (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Other Lease Information
Operating Lease - Operating Cash Flows (Fixed Payments)	$ 380	$ 1,198
Operating Lease - Operating Cash Flows (Liability Reduction)	$ 339	$ 1,077
Weighted Average Lease Term - Operating Leases	2 years 9 months	2 years 8 months 15 days
Weighted Average Discount Rate - Operating Leases	6.50%	6.50%

Fair Value Disclosures (Detail

Fair Value Disclosures (Detail Textuals) - USD ($)	May 27, 2020	Dec. 31, 2017	Dec. 31, 2020
Financial Instruments Not Measured At Fair Value [Line Items]
Equity investments with readily determinable fair values			$ 4,286,000
Paycheck Protection Program
Financial Instruments Not Measured At Fair Value [Line Items]
Proceeds from Loans	$ 3,243,900		$ 3,243,900
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	Dec. 31, 2020	Mar. 31, 2020
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	$ 29,261	$ 24,684
Equity investments with readily determinable fair values	4,286	0
Finance receivables	172,386	199,781
Repossessed assets:	805	1,340
Credit facility	93,800	126,830
Note payable	3,244	0
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	29,261	24,684
Equity investments with readily determinable fair values	4,286	0
Finance receivables	172,386	199,781
Repossessed assets:	805	1,340
Credit facility	93,800	126,830
Note payable	3,244	0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	29,261	24,684
Equity investments with readily determinable fair values	4,286	0
Finance receivables	0	0
Repossessed assets:	0	0
Credit facility	0	0
Note payable	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	0	0
Equity investments with readily determinable fair values	0	0
Finance receivables	0	0
Repossessed assets:	0	0
Credit facility	93,800	126,830
Note payable	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and restricted cash	0	0
Equity investments with readily determinable fair values	0	0
Finance receivables	172,386	199,781
Repossessed assets:	805	1,340
Credit facility	0	0
Note payable	$ 3,244	$ 0

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Detail Textuals)	9 Months Ended
	Dec. 31, 2020Equity
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of equity securities	2
ASU 2016-01
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true

Variable Interest Entity (Detai

Variable Interest Entity (Detail Textuals) - USD ($)	1 Months Ended
	Mar. 31, 2019	Dec. 31, 2020
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	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Assets
Restricted cash	$ 8,726	$ 7,882
Finance receivables, net	172,386	199,781
Repossessed assets	805	1,340
Total assets	214,693	238,818
Liabilities
Credit facility, net of debt issuance costs	91,547	124,255
Accounts payable and accrued expenses	3,513	4,332
Total liabilities	101,233	131,239
Variable Interest Entity
Assets
Restricted cash	8,726	7,882	$ 7,882
Finance receivables, net	159,117	165,966	165,966
Repossessed assets	760	1,277	1,277
Total assets	168,603	175,125	175,125
Liabilities
Credit facility, net of debt issuance costs	91,547	124,255	124,255
Accounts payable and accrued expenses	424	597	597
Total liabilities	$ 91,971	$ 124,852	$ 124,852

Stock Plans (Detail Textuals)

Stock Plans (Detail Textuals) - USD ($)	3 Months Ended		9 Months Ended		10 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Feb. 08, 2021	Aug. 31, 2019	May 31, 2019
Equity Class Of Treasury Stock [Line Items]
Number of shares repurchased	64,000	24,000	94,000	24,000
Aggregate cost of shares repurchased	$ 519,000	$ 216,000	$ 748,000	$ 216,000
New Stock Repurchase Program | Common Stock
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 9,000,000		$ 9,000,000			$ 1,000,000	$ 8,000,000
Number of shares repurchased	64,000		94,000
Aggregate cost of shares repurchased	$ 519,000		$ 748,000
Shares repurchased, average cost per share	$ 8.04		$ 7.96
Remaining aggregate amount available for repurchases of shares of common stock	$ 7,137,000		$ 7,137,000
New Stock Repurchase Program | Common Stock | Subsequent Event
Equity Class Of Treasury Stock [Line Items]
Number of shares repurchased					17,000
Aggregate cost of shares repurchased					$ 100,000
Shares repurchased, average cost per share					$ 8.56

Stock Plans - Summary of Treasu

Stock Plans - Summary of Treasury Share Transactions Under the Company's Stock Repurchase Program (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Treasury stock repurchases at the beginning of period, Number of Shares	4,863	4,714	4,833	4,714
Treasury stock purchased, Number of Shares	64	24	94	24
Treasury stock repurchases at the end of period, Number of Shares	4,927	4,738	4,927	4,738
Treasury stock repurchases at the beginning of period, Amount	$ (71,667)	$ (70,459)	$ (71,438)	$ (70,459)
Treasury stock, Amount	(519)	(216)	(748)	(216)
Treasury stock repurchases at the end of period, Amount	$ (72,186)	$ (70,675)	$ (72,186)	$ (70,675)