COVER
COVER - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-19599 | |
Entity Registrant Name | WORLD ACCEPTANCE CORP | |
Entity Incorporation, State or Country Code | SC | |
Entity Tax Identification Number | 57-0425114 | |
Entity Address, Address Line One | 104 S Main Street | |
Entity Address, City or Town | Greenville, | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29601 | |
City Area Code | (864) | |
Local Phone Number | 298-9800 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | WRLD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,080,276 | |
Entity Central Index Key | 0000108385 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 12,775,524 | $ 16,508,935 |
Gross loans receivable | 1,400,621,989 | 1,390,015,568 |
Less: | ||
Unearned interest, insurance and fees | (372,310,672) | (376,674,349) |
Allowance for credit losses | (121,082,068) | (125,552,733) |
Loans receivable, net | 907,229,249 | 887,788,486 |
Income taxes receivable | 1,716,789 | 0 |
Operating lease right‐of‐use assets, net | 80,049,367 | 81,289,240 |
Property and equipment, net | 23,195,803 | 23,926,080 |
Deferred income taxes, net | 37,047,569 | 41,722,361 |
Other assets, net | 38,046,804 | 43,422,669 |
Goodwill | 7,370,791 | 7,370,791 |
Intangible assets, net | 12,106,773 | 15,289,579 |
Total assets | 1,119,538,669 | 1,117,318,141 |
Liabilities: | ||
Senior notes payable | 305,089,480 | 307,910,824 |
Senior unsecured notes payable, net | 279,915,756 | 287,352,892 |
Income taxes payable | 0 | 2,532,766 |
Operating lease liability | 82,471,106 | 83,735,002 |
Accounts payable and accrued expenses | 45,043,161 | 50,559,920 |
Total liabilities | 712,519,503 | 732,091,404 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding | 0 | 0 |
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 6,073,299 and 6,231,082 shares at December 31, 2023 and March 31, 2023, respectively | 0 | 0 |
Additional paid-in capital | 284,870,280 | 288,071,839 |
Retained earnings | 122,148,886 | 97,154,898 |
Total shareholders' equity | 407,019,166 | 385,226,737 |
Total liabilities and shareholders' equity | $ 1,119,538,669 | $ 1,117,318,141 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 95,000,000 | 95,000,000 |
Common stock, shares issued (in shares) | 6,073,299 | 6,231,082 |
Common stock, shares outstanding (in shares) | 6,073,299 | 6,231,082 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||||
Interest and fee income | $ 118,665,105 | $ 126,201,028 | $ 352,237,133 | $ 386,867,966 |
Insurance and other income, net | 19,084,282 | 20,331,122 | 61,711,366 | 68,840,650 |
Total revenues | 137,749,387 | 146,532,150 | 413,948,499 | 455,708,616 |
Expenses: | ||||
Provision for credit losses | 40,631,994 | 59,608,655 | 127,697,072 | 214,051,068 |
General and administrative expenses: | ||||
Personnel | 39,890,187 | 40,700,713 | 120,119,638 | 131,173,726 |
Occupancy and equipment | 12,090,198 | 12,932,456 | 37,138,444 | 39,658,067 |
Advertising | 3,721,155 | 1,323,671 | 8,712,406 | 4,541,863 |
Amortization of intangible assets | 1,050,926 | 1,114,540 | 3,182,805 | 3,352,694 |
Other | 9,156,841 | 8,880,014 | 27,828,730 | 27,569,744 |
Total general and administrative expenses | 65,909,307 | 64,951,394 | 196,982,023 | 206,296,094 |
Interest expense | 11,689,924 | 14,070,458 | 36,475,411 | 38,277,223 |
Total expenses | 118,231,225 | 138,630,507 | 361,154,506 | 458,624,385 |
Income (loss) before income taxes | 19,518,162 | 7,901,643 | 52,793,993 | (2,915,769) |
Income tax expense | 2,853,344 | 2,097,057 | 10,508,008 | 483,696 |
Net income (loss) | $ 16,664,818 | $ 5,804,586 | $ 42,285,985 | $ (3,399,465) |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 2.89 | $ 1.01 | $ 7.32 | $ (0.59) |
Diluted (in dollars per share) | $ 2.84 | $ 0.99 | $ 7.17 | $ (0.59) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 5,772,503 | 5,761,954 | 5,775,108 | 5,743,094 |
Diluted (in shares) | 5,860,117 | 5,857,490 | 5,896,716 | 5,743,094 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Mar. 31, 2022 | 6,348,314 | |||||
Beginning balances at Mar. 31, 2022 | $ 373,024,428 | $ (1,880,346) | $ 280,907,085 | $ 92,117,343 | $ (1,880,346) | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||
Proceeds from exercise of stock options (in shares) | 5,596 | |||||
Proceeds from exercise of stock options | 486,372 | 486,372 | ||||
Common stock repurchases (in shares) | (73,643) | |||||
Common stock repurchases | (14,314,088) | (14,314,088) | ||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares) | (51,658) | |||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations | 2,969,433 | 2,969,433 | ||||
Stock-based compensation related to stock options | 1,869,879 | 1,869,879 | ||||
Net income (loss) | (3,399,465) | (3,399,465) | ||||
Ending balance (in shares) at Dec. 31, 2022 | 6,228,609 | |||||
Ending balances at Dec. 31, 2022 | 358,756,213 | 286,232,769 | 72,523,444 | |||
Beginning balance (in shares) at Sep. 30, 2022 | 6,281,721 | |||||
Beginning balances at Sep. 30, 2022 | 355,666,126 | 288,947,268 | 66,718,858 | |||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||
Proceeds from exercise of stock options (in shares) | 1,296 | |||||
Proceeds from exercise of stock options | 82,825 | 82,825 | ||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares) | (54,408) | |||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations | (3,222,444) | (3,222,444) | ||||
Stock-based compensation related to stock options | 425,120 | 425,120 | ||||
Net income (loss) | 5,804,586 | 5,804,586 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 6,228,609 | |||||
Ending balances at Dec. 31, 2022 | $ 358,756,213 | 286,232,769 | 72,523,444 | |||
Beginning balance (in shares) at Mar. 31, 2023 | 6,231,082 | 6,231,082 | ||||
Beginning balances at Mar. 31, 2023 | $ 385,226,737 | 288,071,839 | 97,154,898 | |||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||
Proceeds from exercise of stock options (in shares) | 22,847 | |||||
Proceeds from exercise of stock options | 2,018,412 | 2,018,412 | ||||
Common stock repurchases (in shares) | (148,765) | |||||
Common stock repurchases | (17,291,997) | (17,291,997) | ||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares) | (31,865) | |||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations | (1,348,623) | (1,348,623) | ||||
Stock-based compensation related to stock options | (3,871,348) | (3,871,348) | ||||
Net income (loss) | $ 42,285,985 | 42,285,985 | ||||
Ending balance (in shares) at Dec. 31, 2023 | 6,073,299 | 6,073,299 | ||||
Ending balances at Dec. 31, 2023 | $ 407,019,166 | 284,870,280 | 122,148,886 | |||
Beginning balance (in shares) at Sep. 30, 2023 | 6,246,818 | |||||
Beginning balances at Sep. 30, 2023 | 410,022,795 | 287,246,730 | 122,776,065 | |||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||
Proceeds from exercise of stock options (in shares) | 11,104 | |||||
Proceeds from exercise of stock options | 948,441 | 948,441 | ||||
Common stock repurchases (in shares) | (148,765) | |||||
Common stock repurchases | (17,291,997) | (17,291,997) | ||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares) | (35,858) | |||||
Stock-based compensation (reversal) related to restricted stock, net of cancellations | (3,514,473) | (3,514,473) | ||||
Stock-based compensation related to stock options | 189,582 | 189,582 | ||||
Net income (loss) | $ 16,664,818 | 16,664,818 | ||||
Ending balance (in shares) at Dec. 31, 2023 | 6,073,299 | 6,073,299 | ||||
Ending balances at Dec. 31, 2023 | $ 407,019,166 | $ 284,870,280 | $ 122,148,886 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2023-02 [Member] | ||||
Issuance of restricted common stock under stock option plan | $ 2,823,774 | $ 2,543,001 | $ 2,823,774 | $ 2,543,001 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 42,285,985 | $ (3,399,465) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization of intangible assets | 3,182,805 | 3,352,694 |
Accrued unearned interest | (4,225,244) | (2,253,757) |
Amortization of deferred loan cost | 10,285,733 | 12,187,196 |
Gain on extinguishment of senior unsecured notes payable | (1,162,581) | 0 |
Amortization of debt issuance costs | 1,338,352 | 1,170,040 |
Provision for credit losses | 127,697,072 | 214,051,068 |
Depreciation | 4,937,169 | 4,648,277 |
Amortization of finance leases | 0 | 204,552 |
Gain on asset acquisitions, net of income tax | 0 | (3,708,344) |
Loss (gain) on sale of property and equipment | (95,621) | 21,261 |
Deferred income tax expense (benefit) | 4,674,792 | (3,665,493) |
Stock-based compensation (reversal) related to equity classified awards | (2,396,197) | 7,382,313 |
Change in accounts: | ||
Other assets, net | 5,213,994 | (6,579,852) |
Income taxes payable | (4,249,555) | (8,295,947) |
Accounts payable and accrued expenses | (5,516,759) | (9,241,015) |
Net cash provided by operating activities | 181,969,945 | 205,873,528 |
Cash flows from investing activities: | ||
Increase in loans receivable, net | (153,198,324) | (189,511,989) |
Cash paid for acquisitions, primarily loans | 0 | (22,314,902) |
Purchases of property and equipment | (4,419,445) | (4,517,809) |
Proceeds from the sale of property and equipment | 308,174 | 349,792 |
Net cash used in investing activities | (157,309,595) | (215,994,908) |
Cash flow from financing activities: | ||
Borrowings from senior notes payable | 215,066,622 | 251,431,701 |
Payments on senior notes payable | (217,887,966) | (221,914,242) |
Payments for extinguished senior unsecured notes payable | (6,978,717) | 0 |
Debt issuance costs associated with senior unsecured notes payable | 0 | (104,656) |
Payments for debt extinguishment costs | (20,625) | 0 |
Debt issuance costs associated with senior notes payable | (475,716) | (1,115,136) |
Proceeds from exercise of stock options | 2,018,412 | 486,372 |
Payments for taxes related to net share settlement of equity awards | (2,823,774) | (2,543,001) |
Repayment of finance lease | 0 | (80,067) |
Repurchase of common stock | (17,291,997) | (14,314,088) |
Net cash provided by (used in) financing activities | (28,393,761) | 11,846,883 |
Net change in cash and cash equivalents | (3,733,411) | 1,725,503 |
Cash and cash equivalents at beginning of period | 16,508,935 | 19,236,322 |
Cash and cash equivalents at end of period | 12,775,524 | 20,961,825 |
Supplemental Disclosures: | ||
Interest paid during the period | 41,233,947 | 42,834,034 |
Income taxes paid during the period | 7,726,889 | 10,772,869 |
Finance lease right-of-use assets, net transferred to property and equipment, net | $ 0 | $ 402,960 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The consolidated financial statements of the Company at December 31, 2023 and 2022 and for the three and nine months then ended were prepared in accordance with the instructions for Form 10-Q and are unaudited; however, in the opinion of management, all adjustments (consisting only of items of a normal, recurring nature) necessary for a fair presentation of the financial position at December 31, 2023, and the results of operations and cash flows for the periods ended December 31, 2023 and 2022, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
SUMMARY OF SIGNIFICANT POLICIES
SUMMARY OF SIGNIFICANT POLICIES | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT POLICIES | SUMMARY OF SIGNIFICANT POLICIES Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals. Seasonality The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters, and operating results for its fourth fiscal quarter are generally higher than in other quarters. Loans receivable, net Loans receivable are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.6 million and $4.9 million as of December 31, 2023 and March 31, 2023, respectively. From time to time, the Company may sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing . Allowance for credit losses Refer to Note 4, “Loans Receivable and Allowance for Credit Losses,” for information regarding the Company's CECL allowance model and a description of the methodology it utilizes. Reclassification Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income (loss) or shareholders' equity, with the exception of the following. As a result of adopting ASU 2023-02, Investments- Equity Method and Joint Venture (Topic 323) , in March 2023 with an effective date of April 1, 2022, previously reported net income for the three months ended December 31, 2022, net loss for the nine months ended December 31, 2022 and shareholders' equity as of December 31, 2022 were immaterially impacted to conform to the modified retrospective application of this newly adopted ASU. Recently Adopted Accounting Standards Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures . The amendments in this update eliminated the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The adoption of ASU 2022-02 on April 1, 2023 expanded our gross charge-off disclosures, but had no other impact on the Company’s Consolidated Financial Statements. Recently Issued Accounting Standards Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's Consolidated Financial Statements and related disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU 2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company's Consolidated Financial Statements and related disclosures. We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the Consolidated Financial Statements and related disclosures as a result of future adoption. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair Value Disclosures The Company may carry certain financial instruments and derivative assets and liabilities at fair value measured on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company measures the fair values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value measurements are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are: • Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less active. • Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions. The Company’s financial instruments consist of cash and cash equivalents, loans receivable, net, senior notes payable, and senior unsecured notes payable. Loans receivable are originated at prevailing market rates and have an average life of approximately less than twelve months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s senior notes payable, consisting of a senior revolving credit facility has a variable rate based on a margin over SOFR and reprices with any changes in SOFR. The fair value of the senior unsecured notes payable is estimated based on quoted prices in markets that are not active. The Company also considers its creditworthiness in its estimation of fair value. The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below. December 31, 2023 March 31, 2023 Input Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Cash and cash equivalents 1 $ 12,775,524 $ 12,775,524 $ 16,508,935 $ 16,508,935 Loans receivable, net 3 907,229,249 907,229,249 887,788,486 887,788,486 LIABILITIES Senior unsecured notes payable 2 282,610,000 257,517,058 290,860,000 218,127,548 Senior notes payable 3 305,089,480 305,089,480 307,910,824 307,910,824 There were no significant assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2023 or March 31, 2023. |
LOANS RECEIVABLE AND ALLOWANCE
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The following is a summary of gross loans receivable by Customer Tenure as of: Customer Tenure December 31, 2023 March 31, 2023 0 to 5 months $ 88,474,205 $ 81,803,668 6 to 17 months 83,641,505 133,650,188 18 to 35 months 154,272,047 135,396,187 36 to 59 months 212,663,970 244,414,255 60+ months 861,562,368 792,189,216 Tax advance loans 7,894 2,562,054 Total gross loans $ 1,400,621,989 $ 1,390,015,568 Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which is monitored by management on a daily basis. On an as needed basis, qualitative information may be taken into consideration if new information arises related to the customer’s ability to repay the loan. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due. The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,199,541,510 $ 67,910,482 $ 4,917,687 $ 119,767 $ 36,259 $ 8,904 $ 1,272,534,609 30 - 60 days past due 39,988,200 5,754,817 604,508 28,282 15,556 3,633 46,394,996 61 - 90 days past due 25,958,915 3,677,614 285,870 14,542 18,404 1,843 29,957,188 91 or more days past due 43,659,995 7,522,539 512,369 21,530 5,091 5,778 51,727,302 Total $ 1,309,148,620 $ 84,865,452 $ 6,320,434 $ 184,121 $ 75,310 $ 20,158 $ 1,400,614,095 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ 2,294 $ — $ — $ — $ — $ — $ 2,294 30 - 60 days past due 2,508 — — — — — 2,508 61 - 90 days past due 3,092 — — — — — 3,092 91 or more days past due — — — — — — — Total $ 7,894 $ — $ — $ — $ — $ — $ 7,894 Total gross loans $ 1,400,621,989 The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,200,504,088 $ 62,076,656 $ 1,998,218 $ 148,662 $ 23,046 $ 6,863 $ 1,264,757,533 30 - 60 days past due 40,791,746 4,689,867 160,956 42,700 8,504 2,988 45,696,761 61 - 90 days past due 26,319,250 2,572,733 92,088 40,281 884 — 29,025,236 91 or more days past due 41,832,821 5,944,645 160,361 29,494 4,430 2,233 47,973,984 Total $ 1,309,447,905 $ 75,283,901 $ 2,411,623 $ 261,137 $ 36,864 $ 12,084 $ 1,387,453,514 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ 1,932,607 $ 3,524 $ — $ — $ — $ — $ 1,936,131 30 - 60 days past due 609,844 736 — — — — 610,580 61 - 90 days past due — 4,845 — — — — 4,845 91 or more days past due 409 10,089 — — — — 10,498 Total $ 2,542,860 $ 19,194 $ — $ — $ — $ — $ 2,562,054 Total gross loans $ 1,390,015,568 The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,188,126,383 $ 60,651,793 $ 3,944,841 $ 52,853 $ 12,484 $ 652 $ 1,252,789,006 30 - 60 days past due 40,230,196 3,897,049 250,587 941 1,006 — 44,379,779 61 - 90 days past due 28,592,002 3,484,278 236,372 1,646 — 296 32,314,594 91 or more days past due 52,200,038 16,832,332 1,888,635 128,681 61,820 19,210 71,130,716 Total $ 1,309,148,619 $ 84,865,452 $ 6,320,435 $ 184,121 $ 75,310 $ 20,158 $ 1,400,614,095 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ — $ — $ — $ — $ — $ — $ — 30 - 60 days past due 439 — — — — — 439 61 - 90 days past due 1,714 — — — — — 1,714 91 or more days past due 5,741 — — — — — 5,741 Total $ 7,894 $ — $ — $ — $ — $ — $ 7,894 Total gross loans $ 1,400,621,989 The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,174,237,761 $ 53,652,011 $ 1,554,144 $ 64,233 $ 5,142 $ 1,491 $ 1,229,514,782 30 - 60 days past due 47,346,331 3,661,493 77,857 6,714 — — 51,092,395 61 - 90 days past due 33,012,804 3,030,052 44,129 7,643 — — 36,094,628 91 or more days past due 54,851,010 14,940,345 735,493 182,547 31,721 10,593 70,751,709 Total $ 1,309,447,906 $ 75,283,901 $ 2,411,623 $ 261,137 $ 36,863 $ 12,084 $ 1,387,453,514 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ 1,932,607 $ — $ — $ — $ — $ — $ 1,932,607 30 - 60 days past due 609,844 — — — — — 609,844 61 - 90 days past due — — — — — — — 91 or more days past due 409 19,194 — — — — 19,603 Total $ 2,542,860 $ 19,194 $ — $ — $ — $ — $ 2,562,054 Total gross loans $ 1,390,015,568 The following table provides a breakdown of the Company’s gross charge-offs by year of origination for the three and nine months ended December 31, 2023: Three months ended December 31, Nine months ended December 31, Gross Charge-offs by Origination Gross Charge-offs by Origination Origination by Calendar Year Loans Tax advance loans Total Loans Tax advance loans Total 2018 and prior $ 1,958 $ — $ 1,958 $ 9,686 $ — $ 9,686 2019 2,448 — 2,448 19,986 — 19,986 2020 32,909 — 32,909 177,372 — 177,372 2021 943,234 — 943,234 5,589,791 — 5,589,791 2022 15,175,088 188 15,175,276 95,994,906 5,436 96,000,342 2023 38,460,870 118,287 38,579,157 54,171,402 1,260,035 55,431,437 Total $ 54,616,507 $ 118,475 $ 54,734,982 $ 155,963,143 $ 1,265,471 $ 157,228,614 The following table provides a breakdown of the Company’s gross charge-offs by year of origination for the three and nine months ended December 31, 2022: Three months ended December 31, Nine months ended December 31, Gross Charge-offs by Origination Gross Charge-offs by Origination Origination by Calendar Year Loans Tax advance loans Total Loans Tax advance loans Total 2017 and prior $ 656 $ — $ 656 $ 10,102 $ — $ 10,102 2018 19,203 — 19,203 39,797 — 39,797 2019 158,346 — 158,346 334,091 — 334,091 2020 441,199 — 441,199 2,591,494 — 2,591,494 2021 19,276,965 263 19,277,228 125,968,883 19,885 125,988,768 2022 66,102,716 383,534 66,486,250 97,354,602 2,413,550 99,768,152 Total $ 85,999,085 $ 383,797 $ 86,382,882 $ 226,298,969 $ 2,433,435 $ 228,732,404 The allowance for credit losses is applied to amortized cost, which is defined as the amount at which a financing receivable is originated, and net of deferred fees and costs, collection of cash, and charge-offs. Amortized cost also includes interest earned but not collected. Credit Risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looked to borrower characteristics as a way to disaggregate loans into pools sharing similar risks. In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below. 1. Borrower type 2. Active months 3. Prior loan performance 4. Customer Tenure To determine how well each metric predicts default risk the Company uses loss rate data over an observation period of twelve months at the loan level. The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are: 1. 0 to 5 months 2. 6 to 17 months 3. 18 to 35 months 4. 36 to 59 months 5. 60+ months Management will continue to monitor this credit metric on a quarterly basis. Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods. All loans that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. Loans are charged-off at the earlier of 120 days past due on a recency basis or when deemed uncollectible. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in first pay success for new borrowers, 60-89 day delinquencies on a recency basis, FICO scores, percent of loan balances that are paying and percentage of gross loans that are acquired loans. From time to time, the Company will make changes, as deemed appropriate, to our new borrower underwriting guidance. As a result, management also considers whether a change in our new borrower underwriting might suggest a change is needed to the allowance for credit losses. If a change is determined necessary, then the Company has elected to immediately revert back to historical experience past the forecast period. Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment do not have a significant impact on loans outstanding at the end of a particular reporting period. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent six-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate. The following table presents a roll forward of the allowance for credit losses for the three and nine months ended December 31, 2023 and 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Beginning balance $ 128,892,192 $ 155,892,100 $ 125,552,733 $ 134,242,862 Provision for credit losses 40,631,994 59,608,655 127,697,072 214,051,068 Charge-offs (54,734,982) (86,382,882) (157,228,614) (228,732,404) Recoveries 1 6,292,864 15,421,670 25,060,877 24,978,017 Net charge-offs (48,442,118) (70,961,212) (132,167,737) (203,754,387) Ending Balance $ 121,082,068 $ 144,539,543 $ 121,082,068 $ 144,539,543 The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at December 31, 2023: Days Past Due - Recency Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 70,723,005 $ 5,258,173 $ 4,431,184 $ 8,061,843 $ 17,751,200 $ 88,474,205 6 to 17 months 70,403,444 4,322,410 2,974,763 5,940,888 13,238,061 83,641,505 18 to 35 months 136,529,566 6,306,026 4,251,454 7,185,001 17,742,481 154,272,047 36 to 59 months 191,171,843 7,712,458 5,057,386 8,722,283 21,492,127 212,663,970 60+ months 803,706,751 22,795,929 13,242,401 21,817,287 57,855,617 861,562,368 Tax advance loans 2,294 2,508 3,092 — 5,600 7,894 Total gross loans 1,272,536,903 46,397,504 29,960,280 51,727,302 128,085,086 1,400,621,989 Unearned interest, insurance and fees (340,464,381) (9,305,045) (8,165,777) (14,375,469) (31,846,291) (372,310,672) Total net loans $ 932,072,522 $ 37,092,459 $ 21,794,503 $ 37,351,833 $ 96,238,795 $ 1,028,311,317 Percentage of period-end gross loans receivable 3.3% 2.1% 3.7% 9.1% The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2023: Days Past Due - Recency Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 64,615,314 $ 5,451,276 $ 4,407,751 $ 7,329,327 $ 17,188,354 $ 81,803,668 6 to 17 months 113,946,833 6,527,355 4,655,441 8,520,559 19,703,355 133,650,188 18 to 35 months 120,125,821 5,336,994 3,727,331 6,206,041 15,270,366 135,396,187 36 to 59 months 223,734,062 8,070,011 4,839,000 7,771,182 20,680,193 244,414,255 60+ months 742,335,503 20,311,125 11,395,713 18,146,875 49,853,713 792,189,216 Tax advance loans 1,936,131 610,580 4,845 10,498 625,923 2,562,054 Total gross loans 1,266,693,664 46,307,341 29,030,081 47,984,482 123,321,904 1,390,015,568 Unearned interest, insurance and fees (343,255,876) (12,548,627) (7,866,737) (13,003,109) (33,418,473) (376,674,349) Total net loans $ 923,437,788 $ 33,758,714 $ 21,163,344 $ 34,981,373 $ 89,903,431 $ 1,013,341,219 Percentage of period-end gross loans receivable 3.3 % 2.1 % 3.5 % 8.9 % The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at December 31, 2023: Days Past Due - Contractual Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 69,745,014 $ 5,057,373 $ 4,433,801 $ 9,238,017 $ 18,729,191 $ 88,474,205 6 to 17 months 68,600,697 3,932,710 3,077,743 8,030,355 15,040,808 83,641,505 18 to 35 months 134,132,918 5,933,072 4,509,138 9,696,919 20,139,129 154,272,047 36 to 59 months 187,676,345 7,282,389 5,443,963 12,261,273 24,987,625 212,663,970 60+ months 792,634,032 22,174,235 14,849,949 31,904,152 68,928,336 861,562,368 Tax advance loans — 439 1,714 5,741 7,894 7,894 Total gross loans 1,252,789,006 44,380,218 32,316,308 71,136,457 147,832,983 1,400,621,989 Unearned interest, insurance and fees (336,138,470) (8,303,761) (8,796,156) (19,072,285) (36,172,202) (372,310,672) Total net loans $ 916,650,536 $ 36,076,457 $ 23,520,152 $ 52,064,172 $ 111,660,781 $ 1,028,311,317 Percentage of period-end gross loans receivable 3.2% 2.3% 5.1% 10.6 % The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2023: Days Past Due - Contractual Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 61,850,142 $ 5,320,659 $ 4,864,498 $ 9,768,369 $ 19,953,526 $ 81,803,668 6 to 17 months 109,694,389 6,892,610 5,613,468 11,449,721 23,955,799 133,650,188 18 to 35 months 115,711,782 5,721,694 4,499,010 9,463,701 19,684,405 135,396,187 36 to 59 months 217,821,239 8,991,995 6,078,488 11,522,533 26,593,016 244,414,255 60+ months 724,437,230 24,165,437 15,039,164 28,547,385 67,751,986 792,189,216 Tax advance loans 1,932,607 609,844 — 19,603 629,447 2,562,054 Total gross loans 1,231,447,389 51,702,239 36,094,628 70,771,312 158,568,179 1,390,015,568 Unearned interest, insurance and fees (333,704,639) (14,010,568) (9,781,128) (19,178,014) (42,969,710) (376,674,349) Total net loans $ 897,742,750 $ 37,691,671 $ 26,313,500 $ 51,593,298 $ 115,598,469 $ 1,013,341,219 Percentage of period-end gross loans receivable 3.7 % 2.6 % 5.1 % 11.4 % The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest revenue is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced. The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three and nine months ended December 31, 2023 and December 31, 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Customer Tenure 0 to 5 months $ (1,358,755) $ (1,813,804) $ (3,904,031) $ (8,117,103) 6 to 17 months (777,293) (1,627,586) (2,651,226) (4,605,102) 18 to 35 months (946,820) (1,285,309) (2,609,760) (3,862,834) 36 to 59 months (1,065,935) (1,365,428) (3,211,393) (3,543,651) 60+ months (2,822,515) (3,352,265) (7,972,048) (9,724,169) Total $ (6,971,318) $ (9,444,392) $ (20,348,458) $ (29,852,859) The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three and nine months ended December 31, 2023 and 2022: Nonaccrual Loans Receivable Customer Tenure As of December 31, 2023 As of March 31, 2023 Interest Income Recognized for the three months ended December 31, 2023 Interest Income Recognized for the three months ended December 31, 2022 Interest Income Recognized for the nine months ended December 31, 2023 Interest Income Recognized for the nine months ended December 31, 2022 0 to 5 months $ 14,079,793 $ 15,781,494 $ 197,470 $ 480,947 $ 769,418 $ 1,522,535 6 to 17 months 11,853,469 18,288,714 319,474 450,877 1,168,253 1,216,091 18 to 35 months 15,380,814 15,551,806 396,720 544,689 1,249,102 1,741,780 36 to 59 months 19,379,244 19,745,397 547,608 555,085 1,728,965 1,606,466 60+ months 51,666,613 49,285,814 1,497,757 1,711,201 4,785,842 4,975,538 Tax advance loans 50,950 19,603 — — — — Unearned interest, insurance and fees (29,880,847) (32,158,640) — — — — Total $ 82,530,036 $ 86,514,188 $ 2,959,029 $ 3,742,799 $ 9,701,580 $ 11,062,410 As of December 31, 2023 and March 31, 2023, there were no loans receivable 61 days or more past due, not on nonaccrual status, and no loans receivable on nonaccrual status with no related allowance for credit losses. |
LEASES
LEASES | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES Accounting Policies and Matters Requiring Management's Judgment The Company uses its effective annual interest rate, adjusted for certain assumptions, as the discount rate when evaluating leases under Topic 842. Management applies the adjusted effective annual interest rate to leases entered for the entirety of the subsequent year. Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company generally does not believe it is reasonably certain to exercise any options associated with its office equipment leases. Periodic Disclosures The Company's operating leases consist of real estate leases for office space as well as office equipment. Both the branch real estate and office equipment lease terms generally range from three years to five years, and generally contain options to extend which mirror the original terms of the lease. During the second quarter of fiscal 2023, the lease terms associated with the Company's finance leases expired and the Company exercised its purchase option to acquire the IT equipment. Because it was reasonably certain that the Company would obtain the assets at the end of their lease terms, the right-of-use assets have amortized over the useful life of the asset, rather than over the lease term. As of December 31, 2023, the Company had no finance leases. The following table reports information about the Company's lease cost for the three and nine months ended December 31, 2023 and 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Lease Cost Finance lease cost $ — $ — $ — $ 205,975 Amortization of right-of-use assets — — — 204,552 Interest on lease liabilities — — — 1,423 Operating lease cost $ 6,163,762 $ 6,746,965 $ 19,000,163 $ 21,013,997 Variable lease cost $ 888,119 $ 920,991 $ 2,808,845 $ 2,772,620 Total lease cost $ 7,051,881 $ 7,667,956 $ 21,809,008 $ 23,992,592 The following table reports other information about the Company's leases for the three and nine months ended December 31, 2023 and 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Other Lease Information Cash paid for amounts included in the measurement of lease liabilities $ 6,265,527 $ 6,550,184 $ 18,965,468 $ 19,998,398 Operating cash flows from finance leases — — — 1,423 Operating cash flows from operating leases 6,265,527 6,550,184 18,965,468 19,916,908 Financing cash flows from finance leases — — — 80,067 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,568,169 $ 3,447,091 $ 13,560,648 $ 13,912,470 Weighted-average remaining lease term — finance leases — — — — Weighted average remaining lease term — operating leases 6.9 years 7.1 years 6.9 years 7.1 years Weighted-average discount rate — finance leases — % — % — % — % Weighted-average discount rate — operating leases 6.3 % 6.1 % 6.3 % 6.1 % The aggregate annual lease obligations as of December 31, 2023 are as follows: Operating Leases Remainder of 2024 $ 6,054,892 2025 21,532,117 2026 18,010,788 2027 13,832,252 2028 11,124,461 Thereafter 31,854,653 Total undiscounted lease liability $ 102,409,163 Imputed interest 19,938,057 Total discounted lease liability $ 82,471,106 The Company had no leases with related parties at December 31, 2023 or March 31, 2023. |
AVERAGE SHARE INFORMATION
AVERAGE SHARE INFORMATION | 9 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
AVERAGE SHARE INFORMATION | AVERAGE SHARE INFORMATION The following is a summary of the basic and diluted average common shares outstanding: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Basic: Weighted average common shares outstanding (denominator) 5,772,503 5,761,954 5,775,108 5,743,094 Diluted: Weighted average common shares outstanding 5,772,503 5,761,954 5,775,108 5,743,094 Dilutive potential common shares 2 87,614 95,536 121,608 — Weighted average diluted shares outstanding (denominator) 5,860,117 5,857,490 5,896,716 5,743,094 Options to purchase 291,826 and 332,275 shares of common stock at various prices were outstanding during the three months ended December 31, 2023 and 2022, respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock Incentive Plans The Company maintains the 2008 Plan, the 2011 Plan and the 2017 Plan for the benefit of certain non-employee directors, officers, and key employees. Under these plans, a total of 3,350,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Compensation Committee. Stock options granted under these plans have a maximum term of 10 years, may be subject to certain vesting requirements, which are generally three Stock-based compensation is recognized as provided under FASB ASC Topic 718-10 and FASB ASC Topic 505-50. FASB ASC Topic 718-10 requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense over the requisite service period (generally the vesting period) in the Consolidated Financial Statements based on their grant date fair values. Stock-based compensation related to restricted stock is based on the number of shares expected to vest and the fair market value of the common stock on the grant date. The Company has applied the Black-Scholes valuation model in determining the grant date fair value of stock option awards. Compensation expense is recognized only for those awards expected to vest. Long-term Incentive Program and Non-Employee Director Awards On October 15, 2018, the Compensation Committee and Board approved and adopted a long-term incentive program that seeks to motivate and reward certain employees and to align management’s interest with shareholders’ interest by focusing executives on the achievement of long-term results. The program is comprised of four components: Service Options, Performance Options, Restricted Stock, and Performance Shares. Pursuant to this program, in fiscal 2019, the Compensation Committee approved certain grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the 2011 Plan and the 2017 Plan to certain employee directors, vice presidents of operations, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved certain grants of Service Options and Restricted Stock to certain of the Company’s non-employee directors. Under the long-term incentive program, up to 100% of the shares of restricted stock subject to the Performance Shares will vest, if at all, based on the achievement of two trailing earnings per share performance targets established by the Compensation Committee that are based on earnings per share (measured at the end of each calendar quarter, commencing with the calendar quarter ending September 30, 2019) for the previous four calendar quarters. The Performance Shares are eligible to vest over the Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the Performance Share Measurement Period (or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement). The Performance Share performance targets are set forth below. Trailing 4-Quarter EPS Targets for Restricted Stock Eligible for Vesting $16.35 40% $20.45 60% The Restricted Stock awards typically vest in six equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The Service Options typically vest in three equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Service Options have a 10-year term. The Performance Options will fully vest if the Company attains the trailing earnings per share target over four consecutive calendar quarters occurring between September 30, 2018 and March 31, 2025 described below. Such performance target was established by the Compensation Committee and will be measured at the end of each calendar quarter commencing on September 30, 2019. The Performance Options are eligible to vest over the Option Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the Option Measurement Period or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Performance Options have a 10-year term. The Performance Option performance target is set forth below. Trailing 4-Quarter EPS Targets for Options Eligible for Vesting $25.30 100% Stock Options The weighted-average fair value at the grant date for options issued during the three months ended December 31, 2023 and 2022 was $68.52 and $44.23, respectively. The weighted-average fair value at the grant date for options issued during the nine months ended December 31, 2023 and 2022 was $69.00 and $53.51, respectively. Fair value was estimated at grant date using the weighted-average assumptions listed below: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Dividend yield —% —% —% —% Expected volatility 62.54% 57.46% 62.55% 57.09% Average risk-free rate 4.70% 3.91% 4.69% 3.59% Expected life 4.6 years 5.8 years 4.6 years 5.8 years The expected stock price volatility is based on the historical volatility of the Company's common stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after the grant date. The risk-free rate reflects the interest rate at grant date on zero coupon U.S. governmental bonds having a remaining life similar to the expected option term. Option activity for the nine months ended December 31, 2023 was as follows: Shares Weighted Average Exercise Weighted Average Aggregate Intrinsic Value Options outstanding, beginning of period 314,742 $ 104.41 Granted during period 2,598 124.67 Exercised during period (22,847) 88.34 Forfeited during period (11,027) 122.25 Expired during period (2,682) 162.17 Options outstanding, end of period 280,784 3 $ 104.66 5.2 years $ 8,250,477 Options exercisable, end of period 128,057 $ 105.11 5.1 years $ 3,919,056 The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on December 31, 2023 and the exercise price, multiplied by the number of in-the-money options that are currently exercisable) that would have been received by option holders had all option holders exercised their options as of December 31, 2023. This amount will change as the market price of the common stock changes. The total intrinsic value of options exercised during the periods ended December 31, 2023 and 2022 was as follows: December 31, December 31, Three months ended $ 369,543 $ 51,106 Nine months ended $ 810,853 $ 481,572 As of December 31, 2023, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $0.6 million, which is expected to be recognized over a weighted-average period of approximately 1.3 years. Restricted Stock During the first nine months of fiscal 2024, the Company granted 3,993 shares of restricted stock (which are equity classified) to certain vice presidents and senior vice presidents with a grant date weighted average fair value of $120.12 per share. During fiscal 2023, the Company granted 3,250 shares of restricted stock (which are equity classified) to certain vice presidents with a grant date weighted average fair value of $129.85 per share. As of December 31, 2023, there was approximately $1.9 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 0.9 years based on current estimates. A summary of the status of the Company’s restricted stock as of December 31, 2023, and changes during the nine months ended December 31, 2023, are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2023 460,614 $ 101.82 Granted during the period 3,993 120.12 Vested during the period (62,983) 103.85 Forfeited during the period (13,047) 116.56 Outstanding at December 31, 2023 388,577 $ 101.18 Total Stock-Based Compensation Total stock-based compensation included as a component of personnel expenses in the Company's Consolidated Statements of Operations during the three and nine month periods ended December 31, 2023 and 2022 was as follows: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Stock-based compensation related to equity classified awards: Stock-based compensation (reversal) related to stock options 4 $ 189,582 $ 425,120 $ (3,871,348) $ 1,869,879 Stock-based compensation (reversal) related to restricted stock, net of adjustments and exclusive of cancellations 5 (690,699) (679,443) 1,475,151 5,512,434 Total stock-based compensation (reversal) related to equity classified awards $ (501,117) $ (254,323) $ (2,396,197) $ 7,382,313 |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS The Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as a business combination while all other acquisitions are accounted for as asset purchases. The following table sets forth the Company's acquisition activity for the nine months ended December 31, 2023 and 2022: Nine months ended December 31, 2023 2022 Acquisitions: Number of loan portfolios acquired through asset purchases — 43 Total acquisitions — 43 Purchase price $ — $ 22,314,902 Tangible assets: Loans receivable, net — 27,105,078 Purchase price amount below carrying value of net tangible assets 6 $ — $ (4,790,176) Acquisitions that are accounted for as business combinations typically result in one or more new branches. In such cases, the Company typically retains the existing employees and the branch location from the acquisition. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. The remainder is allocated to goodwill. Acquisitions that are accounted for as asset purchases are typically limited to acquisitions of loan portfolios. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. In an asset purchase, no goodwill is recorded. The Company’s acquisitions include tangible assets (generally loans and furniture and equipment) and intangible assets (generally non-compete agreements, customer lists, and goodwill), both of which are recorded at their fair values, which are estimated pursuant to the processes described below. Acquired loans are valued at the net loan balance. Given the short-term nature of these loans, generally less than twelve months, and that these loans are priced at current rates, management believes the net loan balances approximate their fair value. Under CECL, acquired loans are included in the reserve calculations for all loan types (excluding TALs). Management includes recent acquisition activity compared to historical activity when considering reasonable and supportable forecasts as it relates to assessing the adequacy of the allowance for expected credit losses. The Company did not acquire any loans that would qualify as PCDs during the nine months ended December 31, 2023 and 2022. Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values. Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates their fair values. Customer lists are valued with a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. Customer lists are allocated at a branch level and are evaluated for impairment at a branch level when a triggering event occurs in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to a branch is less than $100,000, and management believes that in the event a triggering event were to occur, the impairment loss to an unamortized customer list would be immaterial. The estimated results of all acquisitions have been included in the Company’s Consolidated Financial Statements since the respective acquisition date. The pro forma impact of these branches as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported. |
DEBT
DEBT | 9 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Senior Notes Payable; Revolving Credit Facility On November 9, 2023, the Company amended its revolving credit agreement ("Eleventh Amendment") to (i) permit the Company to repurchase up to $20 million of Company securities in its fiscal quarter ending December 31, 2023 and (ii) not require the minimum fixed charges coverage ratio to be at least 2.0 to 1.0 for the fiscal quarter ending September 30, 2023 in order to make such repurchases. At December 31, 2023, the Company's senior notes payable consisted of a $580.0 million senior revolving credit facility, which has an accordion feature permitting the maximum aggregate commitments to increase to $730.0 million provided that certain conditions are met. At December 31, 2023, $305.1 million was outstanding under the Company's credit facility, not including a $524.0 thousand outstanding standby letter of credit related to workers compensation under a $1.5 million sub-facility. To the extent that the letter of credit is drawn upon, the disbursement will be funded by the credit facility. There are no amounts due related to the letter of credit as of December 31, 2023. The letter of credit expires on December 31, 2024 and automatically extends for one year on the expiration date. Subject to a borrowing base formula, the Company may borrow at the rate of one month SOFR plus 0.10% and an applicable margin of 3.5% with a minimum rate of 4.5%. The revolving credit facility has a commitment fee of 0.50% per annum on the unused portion of the commitment. Commitment fees on the unused portion of the borrowing totaled $1.3 million and $0.9 million for the nine months ended December 31, 2023 and 2022, respectively. For the nine months ended December 31, 2023 and fiscal year ended March 31, 2023, the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, was 9.8% annualized and 7.0%, respectively. At December 31, 2023, the unused amount available under the revolving credit facility was $274.4 million and borrowings under the revolving credit facility mature on June 7, 2026. Substantially all of the Company’s assets are pledged as collateral for borrowings under the revolving credit agreement. Senior Unsecured Notes Payable On September 27, 2021, we issued $300 million in aggregate principal amount of 7.0% senior notes due 2026. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of the Company’s existing and certain of its future subsidiaries that guarantee the revolving credit facility. Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing May 1, 2022. We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes. During the fourth quarter of fiscal 2023, the Company repurchased and extinguished $9.1 million of its Notes, net of $0.1 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $7.2 million. During the first nine months of fiscal 2024, the Company repurchased and extinguished $8.25 million of its Notes, net of $88.1 thousand unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $7.0 million. For the three and nine months ended December 31, 2023, the Company recognized a $0.6 million and $1.2 million gain on extinguishment, respectively. In accordance with ASC 470, the Company recognized the gain on extinguishment as a component of interest expense in the Company's Consolidated Statements of Operations. Debt Covenants The agreement governing the Company’s revolving credit facility contains affirmative and negative covenants, including covenants that generally restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, redeem or prepay subordinated debt, amend subordinated debt documents, make changes in the nature of its business, and engage in transactions with affiliates. The agreement allows the Company to incur subordinated debt that matures after the termination date for the revolving credit facility and that contains specified subordination terms, subject to limitations on amount imposed by the financial covenants under the agreement. The agreement's financial covenants include (i) a minimum consolidated net worth of $325.0 million on and after December 31, 2020; (ii) a maximum ratio of total debt to consolidated adjusted net worth of 2.5 to 1.0 (decreasing to 2.25 to 1.0 for the fiscal quarters ending March 31, 2023 and June 30, 2023, 2.0 to 1.0 for the fiscal quarter ending September 30, 2023, and 2.25 to 1.0 for the fiscal quarter ending December 31, 2023); (iii) a maximum collateral performance indicator of 26% as of the end of each calendar month (increasing to 28% for the calendar months ending October 31, 2022 through June 30, 2023); and (iv) a minimum fixed charges coverage ratio of 1.25 to 1.0 for the fiscal quarter ended December 31, 2022, 1.15 to 1.0 for the fiscal quarters ending March 31, 2023 and June 30, 2023, 1.50 to 1.0 for the fiscal quarter ending September 30, 2023, 2.0 to 1.0 for the fiscal quarter ending December 31, 2023, and 2.25 to 1.0 for each fiscal quarter thereafter, where the ratio for the most recent four consecutive fiscal quarters must be at least 2.0 to 1.0, other than for the fiscal quarter ending September 30, 2023, in order for the Company to declare dividends or purchase any class or series of its capital stock or other equity. The collateral performance indicator is equal to the sum of (a) a three-month rolling average rate of receivables at least sixty days past due and (b) an eight-month rolling average net charge-off rate. The Company was in compliance with these covenants at December 31, 2023 and does not believe that these covenants will materially limit its business and expansion strategy. The agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, invalidity of subordination provisions of subordinated debt, certain changes of control of the Company, and the occurrence of certain regulatory events, (including the entry of any stay, order, judgment, ruling or similar event related to the Company’s or any of its subsidiaries’ originating, holding, pledging, collecting or enforcing its eligible loans receivable that is material to the Company or any subsidiary) which remains unvacated, undischarged, unbonded or unstayed by appeal or otherwise for a period of 60 days from the date of its entry and is reasonably likely to cause a material adverse change. The indenture governing the Notes contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to (i) incur additional indebtedness or issue certain disqualified stock and preferred stock; (ii) pay dividends or distributions or redeem or purchase capital stock; (iii) prepay subordinated debt or make certain investments; (iv) transfer and sell assets; (v) create or permit to exist liens; (vi) enter into agreements that restrict dividends, loans and other distributions from their subsidiaries; (vii) engage in a merger, consolidation or sell, transfer or otherwise dispose of all or substantially all of their assets; and (viii) engage in transactions with affiliates. However, these covenants are subject to a number of important detailed qualifications and exceptions. Debt Maturities The aggregate annual maturities of the Company's debt arrangements as of December 31, 2023 are as follows: Amount Remainder of 2024 $ — 2025 — 2026 — 2027 587,699,480 2028 — Total future debt payments $ 587,699,480 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES As of December 31, 2023 and March 31, 2023, the Company had $1.0 million and $1.1 million, respectively, of total gross unrecognized tax benefits including interest. Approximately $0.8 million and $0.9 million, respectively, represent the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. At December 31, 2023, approximately $0.4 million of gross unrecognized tax benefits are expected to be resolved during the next twelve months through the expiration of the statute of limitations and settlement with taxing authorities. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had approximately $296.8 thousand accrued for gross interest as of December 31, 2023, and accrued $3.9 thousand during the nine months ended December 31, 2023. Investment in HTC was $19.4 million and $23.0 million as of December 31, 2023 and March 31, 2023, respectively, which is included as a component of Other assets, net in the Consolidated Balance Sheets. The Company recognized net amortization from these investments of $1.2 million and $0.4 million during the three months ended December 31, 2023 and 2022, respectively, and $3.2 million and $1.7 million during the nine months ended December 31, 2023 and 2022, respectively, in income tax expense. The Company recognized tax benefits from these investments of $1.2 million and $0.5 million during the three months ended December 31, 2023 and 2022, respectively, and $3.6 million and $1.5 million during the nine months ended December 31, 2023 and 2022, respectively, in income tax expense and in Income taxes payable in the Consolidated Statements of Cash Flows. The Company did not recognize any non-tax related activity or have any significant modifications in the investments during the current period. The Company is subject to U.S. income taxes, as well as taxes in various other state and local jurisdictions. With the exception of a few states, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2019, although carryforward attributes that were generated prior to 2019 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General From time to time the Company is involved in litigation matters relating to claims arising out of its operations in the normal course of business. Estimating an amount or range of possible losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve fines, penalties or damages that are discretionary in amount, involve a large number of claimants or significant discretion by regulatory authorities, represent a change in regulatory policy or interpretation, present novel legal theories, are in the early stages of the proceedings, are subject to appeal or could result in a change in business practices. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. However, in light of the inherent uncertainties involved, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Management is not aware of any significant events occurring subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||||
Net income (loss) | $ 16,664,818 | $ 5,804,586 | $ 42,285,985 | $ (3,399,465) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT POLICI_2
SUMMARY OF SIGNIFICANT POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals. |
Seasonality | Seasonality The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters, and operating results for its fourth fiscal quarter are generally higher than in other quarters. |
Loans receivable, net | Loans receivable, net Loans receivable are carried at the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.6 million and $4.9 million as of December 31, 2023 and March 31, 2023, respectively. From time to time, the Company may sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing . |
Allowance for credit losses | Allowance for credit losses Refer to Note 4, “Loans Receivable and Allowance for Credit Losses,” for information regarding the Company's CECL allowance model and a description of the methodology it utilizes. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income (loss) or shareholders' equity, with the exception of the following. As a result of adopting ASU 2023-02, Investments- Equity Method and Joint Venture (Topic 323) |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures . The amendments in this update eliminated the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this update require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The adoption of ASU 2022-02 on April 1, 2023 expanded our gross charge-off disclosures, but had no other impact on the Company’s Consolidated Financial Statements. Recently Issued Accounting Standards Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's Consolidated Financial Statements and related disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU 2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company's Consolidated Financial Statements and related disclosures. We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the Consolidated Financial Statements and related disclosures as a result of future adoption. |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Assets and Liabilities | The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below. December 31, 2023 March 31, 2023 Input Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Cash and cash equivalents 1 $ 12,775,524 $ 12,775,524 $ 16,508,935 $ 16,508,935 Loans receivable, net 3 907,229,249 907,229,249 887,788,486 887,788,486 LIABILITIES Senior unsecured notes payable 2 282,610,000 257,517,058 290,860,000 218,127,548 Senior notes payable 3 305,089,480 305,089,480 307,910,824 307,910,824 |
LOANS RECEIVABLE AND ALLOWANC_2
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Gross Loans Receivable by Customer Tenure | The following is a summary of gross loans receivable by Customer Tenure as of: Customer Tenure December 31, 2023 March 31, 2023 0 to 5 months $ 88,474,205 $ 81,803,668 6 to 17 months 83,641,505 133,650,188 18 to 35 months 154,272,047 135,396,187 36 to 59 months 212,663,970 244,414,255 60+ months 861,562,368 792,189,216 Tax advance loans 7,894 2,562,054 Total gross loans $ 1,400,621,989 $ 1,390,015,568 The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three and nine months ended December 31, 2023 and December 31, 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Customer Tenure 0 to 5 months $ (1,358,755) $ (1,813,804) $ (3,904,031) $ (8,117,103) 6 to 17 months (777,293) (1,627,586) (2,651,226) (4,605,102) 18 to 35 months (946,820) (1,285,309) (2,609,760) (3,862,834) 36 to 59 months (1,065,935) (1,365,428) (3,211,393) (3,543,651) 60+ months (2,822,515) (3,352,265) (7,972,048) (9,724,169) Total $ (6,971,318) $ (9,444,392) $ (20,348,458) $ (29,852,859) |
Schedule of Payment Performance on a Recency Basis | The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,199,541,510 $ 67,910,482 $ 4,917,687 $ 119,767 $ 36,259 $ 8,904 $ 1,272,534,609 30 - 60 days past due 39,988,200 5,754,817 604,508 28,282 15,556 3,633 46,394,996 61 - 90 days past due 25,958,915 3,677,614 285,870 14,542 18,404 1,843 29,957,188 91 or more days past due 43,659,995 7,522,539 512,369 21,530 5,091 5,778 51,727,302 Total $ 1,309,148,620 $ 84,865,452 $ 6,320,434 $ 184,121 $ 75,310 $ 20,158 $ 1,400,614,095 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ 2,294 $ — $ — $ — $ — $ — $ 2,294 30 - 60 days past due 2,508 — — — — — 2,508 61 - 90 days past due 3,092 — — — — — 3,092 91 or more days past due — — — — — — — Total $ 7,894 $ — $ — $ — $ — $ — $ 7,894 Total gross loans $ 1,400,621,989 The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,200,504,088 $ 62,076,656 $ 1,998,218 $ 148,662 $ 23,046 $ 6,863 $ 1,264,757,533 30 - 60 days past due 40,791,746 4,689,867 160,956 42,700 8,504 2,988 45,696,761 61 - 90 days past due 26,319,250 2,572,733 92,088 40,281 884 — 29,025,236 91 or more days past due 41,832,821 5,944,645 160,361 29,494 4,430 2,233 47,973,984 Total $ 1,309,447,905 $ 75,283,901 $ 2,411,623 $ 261,137 $ 36,864 $ 12,084 $ 1,387,453,514 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ 1,932,607 $ 3,524 $ — $ — $ — $ — $ 1,936,131 30 - 60 days past due 609,844 736 — — — — 610,580 61 - 90 days past due — 4,845 — — — — 4,845 91 or more days past due 409 10,089 — — — — 10,498 Total $ 2,542,860 $ 19,194 $ — $ — $ — $ — $ 2,562,054 Total gross loans $ 1,390,015,568 The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,188,126,383 $ 60,651,793 $ 3,944,841 $ 52,853 $ 12,484 $ 652 $ 1,252,789,006 30 - 60 days past due 40,230,196 3,897,049 250,587 941 1,006 — 44,379,779 61 - 90 days past due 28,592,002 3,484,278 236,372 1,646 — 296 32,314,594 91 or more days past due 52,200,038 16,832,332 1,888,635 128,681 61,820 19,210 71,130,716 Total $ 1,309,148,619 $ 84,865,452 $ 6,320,435 $ 184,121 $ 75,310 $ 20,158 $ 1,400,614,095 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ — $ — $ — $ — $ — $ — $ — 30 - 60 days past due 439 — — — — — 439 61 - 90 days past due 1,714 — — — — — 1,714 91 or more days past due 5,741 — — — — — 5,741 Total $ 7,894 $ — $ — $ — $ — $ — $ 7,894 Total gross loans $ 1,400,621,989 The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2023: Term Loans By Origination Loans Up to Between Between Between Between More than Total Current $ 1,174,237,761 $ 53,652,011 $ 1,554,144 $ 64,233 $ 5,142 $ 1,491 $ 1,229,514,782 30 - 60 days past due 47,346,331 3,661,493 77,857 6,714 — — 51,092,395 61 - 90 days past due 33,012,804 3,030,052 44,129 7,643 — — 36,094,628 91 or more days past due 54,851,010 14,940,345 735,493 182,547 31,721 10,593 70,751,709 Total $ 1,309,447,906 $ 75,283,901 $ 2,411,623 $ 261,137 $ 36,863 $ 12,084 $ 1,387,453,514 Term Loans By Origination Tax advance loans Up to Between Between Between Between More than Total Current $ 1,932,607 $ — $ — $ — $ — $ — $ 1,932,607 30 - 60 days past due 609,844 — — — — — 609,844 61 - 90 days past due — — — — — — — 91 or more days past due 409 19,194 — — — — 19,603 Total $ 2,542,860 $ 19,194 $ — $ — $ — $ — $ 2,562,054 Total gross loans $ 1,390,015,568 The following table provides a breakdown of the Company’s gross charge-offs by year of origination for the three and nine months ended December 31, 2023: Three months ended December 31, Nine months ended December 31, Gross Charge-offs by Origination Gross Charge-offs by Origination Origination by Calendar Year Loans Tax advance loans Total Loans Tax advance loans Total 2018 and prior $ 1,958 $ — $ 1,958 $ 9,686 $ — $ 9,686 2019 2,448 — 2,448 19,986 — 19,986 2020 32,909 — 32,909 177,372 — 177,372 2021 943,234 — 943,234 5,589,791 — 5,589,791 2022 15,175,088 188 15,175,276 95,994,906 5,436 96,000,342 2023 38,460,870 118,287 38,579,157 54,171,402 1,260,035 55,431,437 Total $ 54,616,507 $ 118,475 $ 54,734,982 $ 155,963,143 $ 1,265,471 $ 157,228,614 The following table provides a breakdown of the Company’s gross charge-offs by year of origination for the three and nine months ended December 31, 2022: Three months ended December 31, Nine months ended December 31, Gross Charge-offs by Origination Gross Charge-offs by Origination Origination by Calendar Year Loans Tax advance loans Total Loans Tax advance loans Total 2017 and prior $ 656 $ — $ 656 $ 10,102 $ — $ 10,102 2018 19,203 — 19,203 39,797 — 39,797 2019 158,346 — 158,346 334,091 — 334,091 2020 441,199 — 441,199 2,591,494 — 2,591,494 2021 19,276,965 263 19,277,228 125,968,883 19,885 125,988,768 2022 66,102,716 383,534 66,486,250 97,354,602 2,413,550 99,768,152 Total $ 85,999,085 $ 383,797 $ 86,382,882 $ 226,298,969 $ 2,433,435 $ 228,732,404 |
Summary of Changes in the Allowance for Loan Losses | The following table presents a roll forward of the allowance for credit losses for the three and nine months ended December 31, 2023 and 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Beginning balance $ 128,892,192 $ 155,892,100 $ 125,552,733 $ 134,242,862 Provision for credit losses 40,631,994 59,608,655 127,697,072 214,051,068 Charge-offs (54,734,982) (86,382,882) (157,228,614) (228,732,404) Recoveries 1 6,292,864 15,421,670 25,060,877 24,978,017 Net charge-offs (48,442,118) (70,961,212) (132,167,737) (203,754,387) Ending Balance $ 121,082,068 $ 144,539,543 $ 121,082,068 $ 144,539,543 |
Summary of the Past Due Receivables | The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at December 31, 2023: Days Past Due - Recency Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 70,723,005 $ 5,258,173 $ 4,431,184 $ 8,061,843 $ 17,751,200 $ 88,474,205 6 to 17 months 70,403,444 4,322,410 2,974,763 5,940,888 13,238,061 83,641,505 18 to 35 months 136,529,566 6,306,026 4,251,454 7,185,001 17,742,481 154,272,047 36 to 59 months 191,171,843 7,712,458 5,057,386 8,722,283 21,492,127 212,663,970 60+ months 803,706,751 22,795,929 13,242,401 21,817,287 57,855,617 861,562,368 Tax advance loans 2,294 2,508 3,092 — 5,600 7,894 Total gross loans 1,272,536,903 46,397,504 29,960,280 51,727,302 128,085,086 1,400,621,989 Unearned interest, insurance and fees (340,464,381) (9,305,045) (8,165,777) (14,375,469) (31,846,291) (372,310,672) Total net loans $ 932,072,522 $ 37,092,459 $ 21,794,503 $ 37,351,833 $ 96,238,795 $ 1,028,311,317 Percentage of period-end gross loans receivable 3.3% 2.1% 3.7% 9.1% The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2023: Days Past Due - Recency Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 64,615,314 $ 5,451,276 $ 4,407,751 $ 7,329,327 $ 17,188,354 $ 81,803,668 6 to 17 months 113,946,833 6,527,355 4,655,441 8,520,559 19,703,355 133,650,188 18 to 35 months 120,125,821 5,336,994 3,727,331 6,206,041 15,270,366 135,396,187 36 to 59 months 223,734,062 8,070,011 4,839,000 7,771,182 20,680,193 244,414,255 60+ months 742,335,503 20,311,125 11,395,713 18,146,875 49,853,713 792,189,216 Tax advance loans 1,936,131 610,580 4,845 10,498 625,923 2,562,054 Total gross loans 1,266,693,664 46,307,341 29,030,081 47,984,482 123,321,904 1,390,015,568 Unearned interest, insurance and fees (343,255,876) (12,548,627) (7,866,737) (13,003,109) (33,418,473) (376,674,349) Total net loans $ 923,437,788 $ 33,758,714 $ 21,163,344 $ 34,981,373 $ 89,903,431 $ 1,013,341,219 Percentage of period-end gross loans receivable 3.3 % 2.1 % 3.5 % 8.9 % The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at December 31, 2023: Days Past Due - Contractual Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 69,745,014 $ 5,057,373 $ 4,433,801 $ 9,238,017 $ 18,729,191 $ 88,474,205 6 to 17 months 68,600,697 3,932,710 3,077,743 8,030,355 15,040,808 83,641,505 18 to 35 months 134,132,918 5,933,072 4,509,138 9,696,919 20,139,129 154,272,047 36 to 59 months 187,676,345 7,282,389 5,443,963 12,261,273 24,987,625 212,663,970 60+ months 792,634,032 22,174,235 14,849,949 31,904,152 68,928,336 861,562,368 Tax advance loans — 439 1,714 5,741 7,894 7,894 Total gross loans 1,252,789,006 44,380,218 32,316,308 71,136,457 147,832,983 1,400,621,989 Unearned interest, insurance and fees (336,138,470) (8,303,761) (8,796,156) (19,072,285) (36,172,202) (372,310,672) Total net loans $ 916,650,536 $ 36,076,457 $ 23,520,152 $ 52,064,172 $ 111,660,781 $ 1,028,311,317 Percentage of period-end gross loans receivable 3.2% 2.3% 5.1% 10.6 % The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2023: Days Past Due - Contractual Basis Customer Tenure Current 30 - 60 61 - 90 Over 90 Total Past Due Total Loans 0 to 5 months $ 61,850,142 $ 5,320,659 $ 4,864,498 $ 9,768,369 $ 19,953,526 $ 81,803,668 6 to 17 months 109,694,389 6,892,610 5,613,468 11,449,721 23,955,799 133,650,188 18 to 35 months 115,711,782 5,721,694 4,499,010 9,463,701 19,684,405 135,396,187 36 to 59 months 217,821,239 8,991,995 6,078,488 11,522,533 26,593,016 244,414,255 60+ months 724,437,230 24,165,437 15,039,164 28,547,385 67,751,986 792,189,216 Tax advance loans 1,932,607 609,844 — 19,603 629,447 2,562,054 Total gross loans 1,231,447,389 51,702,239 36,094,628 70,771,312 158,568,179 1,390,015,568 Unearned interest, insurance and fees (333,704,639) (14,010,568) (9,781,128) (19,178,014) (42,969,710) (376,674,349) Total net loans $ 897,742,750 $ 37,691,671 $ 26,313,500 $ 51,593,298 $ 115,598,469 $ 1,013,341,219 Percentage of period-end gross loans receivable 3.7 % 2.6 % 5.1 % 11.4 % |
Schedule of Amortized Cost Basis of Loans on Nonaccrual | The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three and nine months ended December 31, 2023 and 2022: Nonaccrual Loans Receivable Customer Tenure As of December 31, 2023 As of March 31, 2023 Interest Income Recognized for the three months ended December 31, 2023 Interest Income Recognized for the three months ended December 31, 2022 Interest Income Recognized for the nine months ended December 31, 2023 Interest Income Recognized for the nine months ended December 31, 2022 0 to 5 months $ 14,079,793 $ 15,781,494 $ 197,470 $ 480,947 $ 769,418 $ 1,522,535 6 to 17 months 11,853,469 18,288,714 319,474 450,877 1,168,253 1,216,091 18 to 35 months 15,380,814 15,551,806 396,720 544,689 1,249,102 1,741,780 36 to 59 months 19,379,244 19,745,397 547,608 555,085 1,728,965 1,606,466 60+ months 51,666,613 49,285,814 1,497,757 1,711,201 4,785,842 4,975,538 Tax advance loans 50,950 19,603 — — — — Unearned interest, insurance and fees (29,880,847) (32,158,640) — — — — Total $ 82,530,036 $ 86,514,188 $ 2,959,029 $ 3,742,799 $ 9,701,580 $ 11,062,410 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table reports information about the Company's lease cost for the three and nine months ended December 31, 2023 and 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Lease Cost Finance lease cost $ — $ — $ — $ 205,975 Amortization of right-of-use assets — — — 204,552 Interest on lease liabilities — — — 1,423 Operating lease cost $ 6,163,762 $ 6,746,965 $ 19,000,163 $ 21,013,997 Variable lease cost $ 888,119 $ 920,991 $ 2,808,845 $ 2,772,620 Total lease cost $ 7,051,881 $ 7,667,956 $ 21,809,008 $ 23,992,592 The following table reports other information about the Company's leases for the three and nine months ended December 31, 2023 and 2022: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Other Lease Information Cash paid for amounts included in the measurement of lease liabilities $ 6,265,527 $ 6,550,184 $ 18,965,468 $ 19,998,398 Operating cash flows from finance leases — — — 1,423 Operating cash flows from operating leases 6,265,527 6,550,184 18,965,468 19,916,908 Financing cash flows from finance leases — — — 80,067 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,568,169 $ 3,447,091 $ 13,560,648 $ 13,912,470 Weighted-average remaining lease term — finance leases — — — — Weighted average remaining lease term — operating leases 6.9 years 7.1 years 6.9 years 7.1 years Weighted-average discount rate — finance leases — % — % — % — % Weighted-average discount rate — operating leases 6.3 % 6.1 % 6.3 % 6.1 % |
Schedule of Operating Lease Maturity | The aggregate annual lease obligations as of December 31, 2023 are as follows: Operating Leases Remainder of 2024 $ 6,054,892 2025 21,532,117 2026 18,010,788 2027 13,832,252 2028 11,124,461 Thereafter 31,854,653 Total undiscounted lease liability $ 102,409,163 Imputed interest 19,938,057 Total discounted lease liability $ 82,471,106 |
Schedule of Finance Lease Maturity | The aggregate annual lease obligations as of December 31, 2023 are as follows: Operating Leases Remainder of 2024 $ 6,054,892 2025 21,532,117 2026 18,010,788 2027 13,832,252 2028 11,124,461 Thereafter 31,854,653 Total undiscounted lease liability $ 102,409,163 Imputed interest 19,938,057 Total discounted lease liability $ 82,471,106 |
AVERAGE SHARE INFORMATION (Tabl
AVERAGE SHARE INFORMATION (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Average Common Shares Outstanding | The following is a summary of the basic and diluted average common shares outstanding: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Basic: Weighted average common shares outstanding (denominator) 5,772,503 5,761,954 5,775,108 5,743,094 Diluted: Weighted average common shares outstanding 5,772,503 5,761,954 5,775,108 5,743,094 Dilutive potential common shares 2 87,614 95,536 121,608 — Weighted average diluted shares outstanding (denominator) 5,860,117 5,857,490 5,896,716 5,743,094 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Performance Shares Vesting Based on EPS Targets | The Performance Share performance targets are set forth below. Trailing 4-Quarter EPS Targets for Restricted Stock Eligible for Vesting $16.35 40% $20.45 60% Trailing 4-Quarter EPS Targets for Options Eligible for Vesting $25.30 100% |
Schedule of Fair Value was Estimated at Grant Date Using the Weighted-Average | Fair value was estimated at grant date using the weighted-average assumptions listed below: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Dividend yield —% —% —% —% Expected volatility 62.54% 57.46% 62.55% 57.09% Average risk-free rate 4.70% 3.91% 4.69% 3.59% Expected life 4.6 years 5.8 years 4.6 years 5.8 years |
Schedule of Stock Option Activity | Option activity for the nine months ended December 31, 2023 was as follows: Shares Weighted Average Exercise Weighted Average Aggregate Intrinsic Value Options outstanding, beginning of period 314,742 $ 104.41 Granted during period 2,598 124.67 Exercised during period (22,847) 88.34 Forfeited during period (11,027) 122.25 Expired during period (2,682) 162.17 Options outstanding, end of period 280,784 3 $ 104.66 5.2 years $ 8,250,477 Options exercisable, end of period 128,057 $ 105.11 5.1 years $ 3,919,056 |
Schedule of Intrinsic Value of Options Exercised | The total intrinsic value of options exercised during the periods ended December 31, 2023 and 2022 was as follows: December 31, December 31, Three months ended $ 369,543 $ 51,106 Nine months ended $ 810,853 $ 481,572 |
Summary of the Status and Changes Restricted Stock | A summary of the status of the Company’s restricted stock as of December 31, 2023, and changes during the nine months ended December 31, 2023, are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2023 460,614 $ 101.82 Granted during the period 3,993 120.12 Vested during the period (62,983) 103.85 Forfeited during the period (13,047) 116.56 Outstanding at December 31, 2023 388,577 $ 101.18 |
Schedule of Share-Based Compensation Included as a Component of Net Income (Loss) | Total stock-based compensation included as a component of personnel expenses in the Company's Consolidated Statements of Operations during the three and nine month periods ended December 31, 2023 and 2022 was as follows: Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Stock-based compensation related to equity classified awards: Stock-based compensation (reversal) related to stock options 4 $ 189,582 $ 425,120 $ (3,871,348) $ 1,869,879 Stock-based compensation (reversal) related to restricted stock, net of adjustments and exclusive of cancellations 5 (690,699) (679,443) 1,475,151 5,512,434 Total stock-based compensation (reversal) related to equity classified awards $ (501,117) $ (254,323) $ (2,396,197) $ 7,382,313 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table sets forth the Company's acquisition activity for the nine months ended December 31, 2023 and 2022: Nine months ended December 31, 2023 2022 Acquisitions: Number of loan portfolios acquired through asset purchases — 43 Total acquisitions — 43 Purchase price $ — $ 22,314,902 Tangible assets: Loans receivable, net — 27,105,078 Purchase price amount below carrying value of net tangible assets 6 $ — $ (4,790,176) |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Aggregate Annual Maturities of the Notes Payable | The aggregate annual maturities of the Company's debt arrangements as of December 31, 2023 are as follows: Amount Remainder of 2024 $ — 2025 — 2026 — 2027 587,699,480 2028 — Total future debt payments $ 587,699,480 |
SUMMARY OF SIGNIFICANT POLICI_3
SUMMARY OF SIGNIFICANT POLICIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Mar. 31, 2023 |
Accounting Policies [Abstract] | ||
Unamortized deferred origination fees and costs | $ 5.6 | $ 4.9 |
FAIR VALUE (Details)
FAIR VALUE (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes payable, net | $ 279,915,756 | $ 287,352,892 |
Senior notes payable | 305,089,480 | 307,910,824 |
Fair Value, Inputs, Level 1 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 12,775,524 | 16,508,935 |
Fair Value, Inputs, Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 12,775,524 | 16,508,935 |
Fair Value, Inputs, Level 3 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net | 907,229,249 | 887,788,486 |
Fair Value, Inputs, Level 3 | Carrying Value | Senior notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes payable | 305,089,480 | 307,910,824 |
Fair Value, Inputs, Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net | 907,229,249 | 887,788,486 |
Fair Value, Inputs, Level 3 | Estimated Fair Value | Senior notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes payable | 305,089,480 | 307,910,824 |
Fair Value, Inputs, Level 2 | Carrying Value | Senior notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes payable, net | 282,610,000 | 290,860,000 |
Fair Value, Inputs, Level 2 | Estimated Fair Value | Senior notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior unsecured notes payable, net | $ 257,517,058 | $ 218,127,548 |
LOANS RECEIVABLE AND ALLOWANC_3
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Gross Loans Receivable By Customer Tenure) (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | $ 1,400,621,989 | $ 1,390,015,568 |
Tax advance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 7,894 | 2,562,054 |
0 to 5 months | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 88,474,205 | 81,803,668 |
6 to 17 months | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 83,641,505 | 133,650,188 |
18 to 35 months | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 154,272,047 | 135,396,187 |
36 to 59 months | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 212,663,970 | 244,414,255 |
60+ months | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | $ 861,562,368 | $ 792,189,216 |
LOANS RECEIVABLE AND ALLOWANC_4
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Payment Performance On A Recency Basis) (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | $ 1,400,621,989 | $ 1,390,015,568 |
Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 1,309,148,620 | 1,309,447,905 |
Financing receivable, between 1 and 2 years ago | 84,865,452 | 75,283,901 |
Financing receivable, between 2 and 3 years ago | 6,320,434 | 2,411,623 |
Financing receivable, between 3 and 4 years ago | 184,121 | 261,137 |
Financing receivable, between 4 and 5 years ago | 75,310 | 36,864 |
Financing receivable, more than 5 years ago | 20,158 | 12,084 |
Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,400,614,095 | 1,387,453,514 |
Loans | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 39,988,200 | 40,791,746 |
Financing receivable, between 1 and 2 years ago | 5,754,817 | 4,689,867 |
Financing receivable, between 2 and 3 years ago | 604,508 | 160,956 |
Financing receivable, between 3 and 4 years ago | 28,282 | 42,700 |
Financing receivable, between 4 and 5 years ago | 15,556 | 8,504 |
Financing receivable, more than 5 years ago | 3,633 | 2,988 |
Gross loans receivable | 46,394,996 | 45,696,761 |
Loans | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 25,958,915 | 26,319,250 |
Financing receivable, between 1 and 2 years ago | 3,677,614 | 2,572,733 |
Financing receivable, between 2 and 3 years ago | 285,870 | 92,088 |
Financing receivable, between 3 and 4 years ago | 14,542 | 40,281 |
Financing receivable, between 4 and 5 years ago | 18,404 | 884 |
Financing receivable, more than 5 years ago | 1,843 | 0 |
Gross loans receivable | 29,957,188 | 29,025,236 |
Loans | 91 or more days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 43,659,995 | 41,832,821 |
Financing receivable, between 1 and 2 years ago | 7,522,539 | 5,944,645 |
Financing receivable, between 2 and 3 years ago | 512,369 | 160,361 |
Financing receivable, between 3 and 4 years ago | 21,530 | 29,494 |
Financing receivable, between 4 and 5 years ago | 5,091 | 4,430 |
Financing receivable, more than 5 years ago | 5,778 | 2,233 |
Gross loans receivable | 51,727,302 | 47,973,984 |
Tax advance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 7,894 | 2,542,860 |
Financing receivable, between 1 and 2 years ago | 0 | 19,194 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 7,894 | 2,562,054 |
Tax advance loans | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 2,508 | 609,844 |
Financing receivable, between 1 and 2 years ago | 0 | 736 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 2,508 | 610,580 |
Tax advance loans | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 3,092 | 0 |
Financing receivable, between 1 and 2 years ago | 0 | 4,845 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 3,092 | 4,845 |
Tax advance loans | 91 or more days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 0 | 409 |
Financing receivable, between 1 and 2 years ago | 0 | 10,089 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 0 | 10,498 |
Performing Financing Receivable | Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 1,199,541,510 | 1,200,504,088 |
Financing receivable, between 1 and 2 years ago | 67,910,482 | 62,076,656 |
Financing receivable, between 2 and 3 years ago | 4,917,687 | 1,998,218 |
Financing receivable, between 3 and 4 years ago | 119,767 | 148,662 |
Financing receivable, between 4 and 5 years ago | 36,259 | 23,046 |
Financing receivable, more than 5 years ago | 8,904 | 6,863 |
Performing Financing Receivable | Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,272,534,609 | 1,264,757,533 |
Performing Financing Receivable | Tax advance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 2,294 | 1,932,607 |
Financing receivable, between 1 and 2 years ago | 0 | 3,524 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | $ 2,294 | $ 1,936,131 |
LOANS RECEIVABLE AND ALLOWANC_5
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Payment Performance On A Contractual Basis) (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | $ 1,400,621,989 | $ 1,390,015,568 |
Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 1,309,148,620 | 1,309,447,905 |
Financing receivable, between 1 and 2 years ago | 84,865,452 | 75,283,901 |
Financing receivable, between 2 and 3 years ago | 6,320,434 | 2,411,623 |
Financing receivable, between 3 and 4 years ago | 184,121 | 261,137 |
Financing receivable, between 4 and 5 years ago | 75,310 | 36,864 |
Financing receivable, more than 5 years ago | 20,158 | 12,084 |
Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,400,614,095 | 1,387,453,514 |
Loans | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 39,988,200 | 40,791,746 |
Financing receivable, between 1 and 2 years ago | 5,754,817 | 4,689,867 |
Financing receivable, between 2 and 3 years ago | 604,508 | 160,956 |
Financing receivable, between 3 and 4 years ago | 28,282 | 42,700 |
Financing receivable, between 4 and 5 years ago | 15,556 | 8,504 |
Financing receivable, more than 5 years ago | 3,633 | 2,988 |
Gross loans receivable | 46,394,996 | 45,696,761 |
Loans | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 25,958,915 | 26,319,250 |
Financing receivable, between 1 and 2 years ago | 3,677,614 | 2,572,733 |
Financing receivable, between 2 and 3 years ago | 285,870 | 92,088 |
Financing receivable, between 3 and 4 years ago | 14,542 | 40,281 |
Financing receivable, between 4 and 5 years ago | 18,404 | 884 |
Financing receivable, more than 5 years ago | 1,843 | 0 |
Gross loans receivable | 29,957,188 | 29,025,236 |
Loans | 91 or more days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 43,659,995 | 41,832,821 |
Financing receivable, between 1 and 2 years ago | 7,522,539 | 5,944,645 |
Financing receivable, between 2 and 3 years ago | 512,369 | 160,361 |
Financing receivable, between 3 and 4 years ago | 21,530 | 29,494 |
Financing receivable, between 4 and 5 years ago | 5,091 | 4,430 |
Financing receivable, more than 5 years ago | 5,778 | 2,233 |
Gross loans receivable | 51,727,302 | 47,973,984 |
Tax advance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 7,894 | 2,542,860 |
Financing receivable, between 1 and 2 years ago | 0 | 19,194 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 7,894 | 2,562,054 |
Tax advance loans | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 2,508 | 609,844 |
Financing receivable, between 1 and 2 years ago | 0 | 736 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 2,508 | 610,580 |
Tax advance loans | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 3,092 | 0 |
Financing receivable, between 1 and 2 years ago | 0 | 4,845 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 3,092 | 4,845 |
Tax advance loans | 91 or more days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 0 | 409 |
Financing receivable, between 1 and 2 years ago | 0 | 10,089 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 0 | 10,498 |
Performing Financing Receivable | Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 1,199,541,510 | 1,200,504,088 |
Financing receivable, between 1 and 2 years ago | 67,910,482 | 62,076,656 |
Financing receivable, between 2 and 3 years ago | 4,917,687 | 1,998,218 |
Financing receivable, between 3 and 4 years ago | 119,767 | 148,662 |
Financing receivable, between 4 and 5 years ago | 36,259 | 23,046 |
Financing receivable, more than 5 years ago | 8,904 | 6,863 |
Performing Financing Receivable | Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,272,534,609 | 1,264,757,533 |
Performing Financing Receivable | Tax advance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 2,294 | 1,932,607 |
Financing receivable, between 1 and 2 years ago | 0 | 3,524 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 2,294 | 1,936,131 |
Contractual basis | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,400,621,989 | 1,390,015,568 |
Contractual basis | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 44,380,218 | 51,702,239 |
Contractual basis | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 32,316,308 | 36,094,628 |
Contractual basis | 91 or more days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 71,136,457 | 70,771,312 |
Contractual basis | Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 1,309,148,619 | 1,309,447,906 |
Financing receivable, between 1 and 2 years ago | 84,865,452 | 75,283,901 |
Financing receivable, between 2 and 3 years ago | 6,320,435 | 2,411,623 |
Financing receivable, between 3 and 4 years ago | 184,121 | 261,137 |
Financing receivable, between 4 and 5 years ago | 75,310 | 36,863 |
Financing receivable, more than 5 years ago | 20,158 | 12,084 |
Contractual basis | Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,400,614,095 | 1,387,453,514 |
Contractual basis | Loans | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 40,230,196 | 47,346,331 |
Financing receivable, between 1 and 2 years ago | 3,897,049 | 3,661,493 |
Financing receivable, between 2 and 3 years ago | 250,587 | 77,857 |
Financing receivable, between 3 and 4 years ago | 941 | 6,714 |
Financing receivable, between 4 and 5 years ago | 1,006 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 44,379,779 | 51,092,395 |
Contractual basis | Loans | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 28,592,002 | 33,012,804 |
Financing receivable, between 1 and 2 years ago | 3,484,278 | 3,030,052 |
Financing receivable, between 2 and 3 years ago | 236,372 | 44,129 |
Financing receivable, between 3 and 4 years ago | 1,646 | 7,643 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 296 | 0 |
Gross loans receivable | 32,314,594 | 36,094,628 |
Contractual basis | Loans | 91 or more days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 52,200,038 | 54,851,010 |
Financing receivable, between 1 and 2 years ago | 16,832,332 | 14,940,345 |
Financing receivable, between 2 and 3 years ago | 1,888,635 | 735,493 |
Financing receivable, between 3 and 4 years ago | 128,681 | 182,547 |
Financing receivable, between 4 and 5 years ago | 61,820 | 31,721 |
Financing receivable, more than 5 years ago | 19,210 | 10,593 |
Gross loans receivable | 71,130,716 | 70,751,709 |
Contractual basis | Tax advance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 7,894 | 2,542,860 |
Financing receivable, between 1 and 2 years ago | 0 | 19,194 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 7,894 | 2,562,054 |
Contractual basis | Tax advance loans | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 439 | 609,844 |
Financing receivable, between 1 and 2 years ago | 0 | 0 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 439 | 609,844 |
Contractual basis | Tax advance loans | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 1,714 | 0 |
Financing receivable, between 1 and 2 years ago | 0 | 0 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 1,714 | 0 |
Contractual basis | Tax advance loans | 91 or more days past due | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 5,741 | 409 |
Financing receivable, between 1 and 2 years ago | 0 | 19,194 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | 5,741 | 19,603 |
Contractual basis | Performing Financing Receivable | Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 1,188,126,383 | 1,174,237,761 |
Financing receivable, between 1 and 2 years ago | 60,651,793 | 53,652,011 |
Financing receivable, between 2 and 3 years ago | 3,944,841 | 1,554,144 |
Financing receivable, between 3 and 4 years ago | 52,853 | 64,233 |
Financing receivable, between 4 and 5 years ago | 12,484 | 5,142 |
Financing receivable, more than 5 years ago | 652 | 1,491 |
Contractual basis | Performing Financing Receivable | Loans | Consumer Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Gross loans receivable | 1,252,789,006 | 1,229,514,782 |
Contractual basis | Performing Financing Receivable | Tax advance loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, up to 1 year ago | 0 | 1,932,607 |
Financing receivable, between 1 and 2 years ago | 0 | 0 |
Financing receivable, between 2 and 3 years ago | 0 | 0 |
Financing receivable, between 3 and 4 years ago | 0 | 0 |
Financing receivable, between 4 and 5 years ago | 0 | 0 |
Financing receivable, more than 5 years ago | 0 | 0 |
Gross loans receivable | $ 0 | $ 1,932,607 |
LOANS RECEIVABLE AND ALLOWANC_6
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Company’s Gross Charge-Offs By Year of Origination) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable, gross charge-offs, prior | $ 1,958 | $ 656 | $ 9,686 | $ 10,102 |
Financing receivable, gross charge-offs, four years before | 2,448 | 19,203 | 19,986 | 39,797 |
Financing receivable, gross charge-offs, three years before | 32,909 | 158,346 | 177,372 | 334,091 |
Financing receivable, gross charge-offs, two years before | 943,234 | 441,199 | 5,589,791 | 2,591,494 |
Financing receivable, gross charge-offs, one year before | 15,175,276 | 19,277,228 | 96,000,342 | 125,988,768 |
Financing receivable, gross charge-offs, current | 38,579,157 | 66,486,250 | 55,431,437 | 99,768,152 |
Total | 54,734,982 | 86,382,882 | 157,228,614 | 228,732,404 |
Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable, gross charge-offs, prior | 1,958 | 656 | 9,686 | 10,102 |
Financing receivable, gross charge-offs, four years before | 2,448 | 19,203 | 19,986 | 39,797 |
Financing receivable, gross charge-offs, three years before | 32,909 | 158,346 | 177,372 | 334,091 |
Financing receivable, gross charge-offs, two years before | 943,234 | 441,199 | 5,589,791 | 2,591,494 |
Financing receivable, gross charge-offs, one year before | 15,175,088 | 19,276,965 | 95,994,906 | 125,968,883 |
Financing receivable, gross charge-offs, current | 38,460,870 | 66,102,716 | 54,171,402 | 97,354,602 |
Total | 54,616,507 | 85,999,085 | 155,963,143 | 226,298,969 |
Tax advance loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable, gross charge-offs, prior | 0 | 0 | 0 | 0 |
Financing receivable, gross charge-offs, four years before | 0 | 0 | 0 | 0 |
Financing receivable, gross charge-offs, three years before | 0 | 0 | 0 | 0 |
Financing receivable, gross charge-offs, two years before | 0 | 0 | 0 | 0 |
Financing receivable, gross charge-offs, one year before | 188 | 263 | 5,436 | 19,885 |
Financing receivable, gross charge-offs, current | 118,287 | 383,534 | 1,260,035 | 2,413,550 |
Total | $ 118,475 | $ 383,797 | $ 1,265,471 | $ 2,433,435 |
LOANS RECEIVABLE AND ALLOWANC_7
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Roll Forward of the Allowance for Credit Losses on Our Gross Loans Receivable) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 128,892,192 | $ 155,892,100 | $ 125,552,733 | $ 134,242,862 |
Provision for credit losses | 40,631,994 | 59,608,655 | 127,697,072 | 214,051,068 |
Charge-offs | (54,734,982) | (86,382,882) | (157,228,614) | (228,732,404) |
Recoveries | 6,292,864 | 15,421,670 | 25,060,877 | 24,978,017 |
Net charge-offs | (48,442,118) | (70,961,212) | (132,167,737) | (203,754,387) |
Ending Balance | $ 121,082,068 | $ 144,539,543 | $ 121,082,068 | $ 144,539,543 |
LOANS RECEIVABLE AND ALLOWANC_8
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Summary of Past Due Receivables) (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 1,400,621,989 | $ 1,390,015,568 |
Unearned interest, insurance and fees | (5,600,000) | (4,900,000) |
Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 7,894 | 2,562,054 |
30 - 60 days past due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 88,474,205 | 81,803,668 |
30 - 60 days past due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 83,641,505 | 133,650,188 |
30 - 60 days past due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 154,272,047 | 135,396,187 |
30 - 60 days past due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 212,663,970 | 244,414,255 |
30 - 60 days past due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 861,562,368 | 792,189,216 |
Recency Basis | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 1,400,621,989 | 1,390,015,568 |
Unearned interest, insurance and fees | (372,310,672) | (376,674,349) |
Total net loans | $ 1,028,311,317 | $ 1,013,341,219 |
Financing receivable, percent past due | 9.10% | 8.90% |
Recency Basis | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 7,894 | $ 2,562,054 |
Recency Basis | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 88,474,205 | 81,803,668 |
Recency Basis | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 83,641,505 | 133,650,188 |
Recency Basis | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 154,272,047 | 135,396,187 |
Recency Basis | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 212,663,970 | 244,414,255 |
Recency Basis | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 861,562,368 | 792,189,216 |
Recency Basis | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 1,272,536,903 | 1,266,693,664 |
Unearned interest, insurance and fees | (340,464,381) | (343,255,876) |
Total net loans | 932,072,522 | 923,437,788 |
Recency Basis | Current | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 2,294 | 1,936,131 |
Recency Basis | Current | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 70,723,005 | 64,615,314 |
Recency Basis | Current | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 70,403,444 | 113,946,833 |
Recency Basis | Current | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 136,529,566 | 120,125,821 |
Recency Basis | Current | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 191,171,843 | 223,734,062 |
Recency Basis | Current | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 803,706,751 | 742,335,503 |
Recency Basis | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 46,397,504 | 46,307,341 |
Unearned interest, insurance and fees | (9,305,045) | (12,548,627) |
Total net loans | $ 37,092,459 | $ 33,758,714 |
Financing receivable, percent past due | 3.30% | 3.30% |
Recency Basis | 30 - 60 days past due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 2,508 | $ 610,580 |
Recency Basis | 30 - 60 days past due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 5,258,173 | 5,451,276 |
Recency Basis | 30 - 60 days past due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 4,322,410 | 6,527,355 |
Recency Basis | 30 - 60 days past due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 6,306,026 | 5,336,994 |
Recency Basis | 30 - 60 days past due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 7,712,458 | 8,070,011 |
Recency Basis | 30 - 60 days past due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 22,795,929 | 20,311,125 |
Recency Basis | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 29,960,280 | 29,030,081 |
Unearned interest, insurance and fees | (8,165,777) | (7,866,737) |
Total net loans | $ 21,794,503 | $ 21,163,344 |
Financing receivable, percent past due | 2.10% | 2.10% |
Recency Basis | 61 - 90 days past due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 3,092 | $ 4,845 |
Recency Basis | 61 - 90 days past due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 4,431,184 | 4,407,751 |
Recency Basis | 61 - 90 days past due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 2,974,763 | 4,655,441 |
Recency Basis | 61 - 90 days past due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 4,251,454 | 3,727,331 |
Recency Basis | 61 - 90 days past due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 5,057,386 | 4,839,000 |
Recency Basis | 61 - 90 days past due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 13,242,401 | 11,395,713 |
Recency Basis | 91 or more days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 51,727,302 | 47,984,482 |
Unearned interest, insurance and fees | (14,375,469) | (13,003,109) |
Total net loans | $ 37,351,833 | $ 34,981,373 |
Financing receivable, percent past due | 3.70% | 3.50% |
Recency Basis | 91 or more days past due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 0 | $ 10,498 |
Recency Basis | 91 or more days past due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 8,061,843 | 7,329,327 |
Recency Basis | 91 or more days past due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 5,940,888 | 8,520,559 |
Recency Basis | 91 or more days past due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 7,185,001 | 6,206,041 |
Recency Basis | 91 or more days past due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 8,722,283 | 7,771,182 |
Recency Basis | 91 or more days past due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 21,817,287 | 18,146,875 |
Recency Basis | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 128,085,086 | 123,321,904 |
Unearned interest, insurance and fees | (31,846,291) | (33,418,473) |
Total net loans | 96,238,795 | 89,903,431 |
Recency Basis | Total Past Due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 5,600 | 625,923 |
Recency Basis | Total Past Due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 17,751,200 | 17,188,354 |
Recency Basis | Total Past Due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 13,238,061 | 19,703,355 |
Recency Basis | Total Past Due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 17,742,481 | 15,270,366 |
Recency Basis | Total Past Due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 21,492,127 | 20,680,193 |
Recency Basis | Total Past Due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 57,855,617 | 49,853,713 |
Contractual basis | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 1,400,621,989 | 1,390,015,568 |
Unearned interest, insurance and fees | (372,310,672) | (376,674,349) |
Total net loans | $ 1,028,311,317 | $ 1,013,341,219 |
Financing receivable, percent past due | 10.60% | 11.40% |
Contractual basis | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 7,894 | $ 2,562,054 |
Contractual basis | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 88,474,205 | 81,803,668 |
Contractual basis | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 83,641,505 | 133,650,188 |
Contractual basis | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 154,272,047 | 135,396,187 |
Contractual basis | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 212,663,970 | 244,414,255 |
Contractual basis | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 861,562,368 | 792,189,216 |
Contractual basis | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 1,252,789,006 | 1,231,447,389 |
Unearned interest, insurance and fees | (336,138,470) | (333,704,639) |
Total net loans | 916,650,536 | 897,742,750 |
Contractual basis | Current | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 0 | 1,932,607 |
Contractual basis | Current | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 69,745,014 | 61,850,142 |
Contractual basis | Current | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 68,600,697 | 109,694,389 |
Contractual basis | Current | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 134,132,918 | 115,711,782 |
Contractual basis | Current | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 187,676,345 | 217,821,239 |
Contractual basis | Current | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 792,634,032 | 724,437,230 |
Contractual basis | 30 - 60 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 44,380,218 | 51,702,239 |
Unearned interest, insurance and fees | (8,303,761) | (14,010,568) |
Total net loans | $ 36,076,457 | $ 37,691,671 |
Financing receivable, percent past due | 3.20% | 3.70% |
Contractual basis | 30 - 60 days past due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 439 | $ 609,844 |
Contractual basis | 30 - 60 days past due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 5,057,373 | 5,320,659 |
Contractual basis | 30 - 60 days past due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 3,932,710 | 6,892,610 |
Contractual basis | 30 - 60 days past due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 5,933,072 | 5,721,694 |
Contractual basis | 30 - 60 days past due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 7,282,389 | 8,991,995 |
Contractual basis | 30 - 60 days past due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 22,174,235 | 24,165,437 |
Contractual basis | 61 - 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 32,316,308 | 36,094,628 |
Unearned interest, insurance and fees | (8,796,156) | (9,781,128) |
Total net loans | $ 23,520,152 | $ 26,313,500 |
Financing receivable, percent past due | 2.30% | 2.60% |
Contractual basis | 61 - 90 days past due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 1,714 | $ 0 |
Contractual basis | 61 - 90 days past due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 4,433,801 | 4,864,498 |
Contractual basis | 61 - 90 days past due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 3,077,743 | 5,613,468 |
Contractual basis | 61 - 90 days past due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 4,509,138 | 4,499,010 |
Contractual basis | 61 - 90 days past due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 5,443,963 | 6,078,488 |
Contractual basis | 61 - 90 days past due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 14,849,949 | 15,039,164 |
Contractual basis | 91 or more days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 71,136,457 | 70,771,312 |
Unearned interest, insurance and fees | (19,072,285) | (19,178,014) |
Total net loans | $ 52,064,172 | $ 51,593,298 |
Financing receivable, percent past due | 5.10% | 5.10% |
Contractual basis | 91 or more days past due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 5,741 | $ 19,603 |
Contractual basis | 91 or more days past due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 9,238,017 | 9,768,369 |
Contractual basis | 91 or more days past due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 8,030,355 | 11,449,721 |
Contractual basis | 91 or more days past due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 9,696,919 | 9,463,701 |
Contractual basis | 91 or more days past due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 12,261,273 | 11,522,533 |
Contractual basis | 91 or more days past due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 31,904,152 | 28,547,385 |
Contractual basis | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 147,832,983 | 158,568,179 |
Unearned interest, insurance and fees | (36,172,202) | (42,969,710) |
Total net loans | 111,660,781 | 115,598,469 |
Contractual basis | Total Past Due | Tax advance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 7,894 | 629,447 |
Contractual basis | Total Past Due | 0 to 5 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 18,729,191 | 19,953,526 |
Contractual basis | Total Past Due | 6 to 17 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 15,040,808 | 23,955,799 |
Contractual basis | Total Past Due | 18 to 35 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 20,139,129 | 19,684,405 |
Contractual basis | Total Past Due | 36 to 59 months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | 24,987,625 | 26,593,016 |
Contractual basis | Total Past Due | 60+ months | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Gross loans receivable | $ 68,928,336 | $ 67,751,986 |
LOANS RECEIVABLE AND ALLOWANC_9
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||||
Charge offs | $ 3.7 | $ 11.4 | $ 16.2 | $ 11.4 |
Proceeds from prior write offs, prior periods | 0.8 | 8.4 | 5.7 | 8.4 |
Proceeds from prior write offs, current period | $ 2.9 | $ 3 | $ 10.5 | $ 3 |
LOANS RECEIVABLE AND ALLOWAN_10
LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Nonaccrual) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Financing Receivable, Nonaccrual [Line Items] | |||||
Uncollected accrued interest reversed | $ (6,971,318) | $ (9,444,392) | $ (20,348,458) | $ (29,852,859) | |
Financing receivable, nonaccrual | 82,530,036 | 82,530,036 | $ 86,514,188 | ||
Interest Income Recognized | 2,959,029 | 3,742,799 | 9,701,580 | 11,062,410 | |
Nonaccrual status | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Unearned interest, insurance and fees | (29,880,847) | (29,880,847) | (32,158,640) | ||
Tax advance loans | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Financing receivable, nonaccrual | 50,950 | 50,950 | 19,603 | ||
Interest Income Recognized | 0 | 0 | 0 | 0 | |
0 to 5 months | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Uncollected accrued interest reversed | (1,358,755) | (1,813,804) | (3,904,031) | (8,117,103) | |
Financing receivable, nonaccrual | 14,079,793 | 14,079,793 | 15,781,494 | ||
Interest Income Recognized | 197,470 | 480,947 | 769,418 | 1,522,535 | |
6 to 17 months | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Uncollected accrued interest reversed | (777,293) | (1,627,586) | (2,651,226) | (4,605,102) | |
Financing receivable, nonaccrual | 11,853,469 | 11,853,469 | 18,288,714 | ||
Interest Income Recognized | 319,474 | 450,877 | 1,168,253 | 1,216,091 | |
18 to 35 months | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Uncollected accrued interest reversed | (946,820) | (1,285,309) | (2,609,760) | (3,862,834) | |
Financing receivable, nonaccrual | 15,380,814 | 15,380,814 | 15,551,806 | ||
Interest Income Recognized | 396,720 | 544,689 | 1,249,102 | 1,741,780 | |
36 to 59 months | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Uncollected accrued interest reversed | (1,065,935) | (1,365,428) | (3,211,393) | (3,543,651) | |
Financing receivable, nonaccrual | 19,379,244 | 19,379,244 | 19,745,397 | ||
Interest Income Recognized | 547,608 | 555,085 | 1,728,965 | 1,606,466 | |
60+ months | |||||
Financing Receivable, Nonaccrual [Line Items] | |||||
Uncollected accrued interest reversed | (2,822,515) | (3,352,265) | (7,972,048) | (9,724,169) | |
Financing receivable, nonaccrual | 51,666,613 | 51,666,613 | $ 49,285,814 | ||
Interest Income Recognized | $ 1,497,757 | $ 1,711,201 | $ 4,785,842 | $ 4,975,538 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | Dec. 31, 2023 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, term of contract | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease, term of contract | 5 years |
LEASES (Lease Cost) (Details)
LEASES (Lease Cost) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Finance lease cost | $ 0 | $ 0 | $ 0 | $ 205,975 |
Amortization of right-of-use assets | 0 | 0 | 0 | 204,552 |
Interest on lease liabilities | 0 | 0 | 0 | 1,423 |
Operating lease cost | 6,163,762 | 6,746,965 | 19,000,163 | 21,013,997 |
Variable lease cost | 888,119 | 920,991 | 2,808,845 | 2,772,620 |
Total lease cost | 7,051,881 | 7,667,956 | 21,809,008 | 23,992,592 |
Cash paid for amounts included in the measurement of lease liabilities | 6,265,527 | 6,550,184 | 18,965,468 | 19,998,398 |
Operating cash flows from finance leases | 0 | 0 | 0 | 1,423 |
Operating cash flows from operating leases | 6,265,527 | 6,550,184 | 18,965,468 | 19,916,908 |
Financing cash flows from finance leases | 0 | 0 | 0 | 80,067 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4,568,169 | $ 3,447,091 | $ 13,560,648 | $ 13,912,470 |
Weighted average remaining lease term — operating leases | 6 years 10 months 24 days | 7 years 1 month 6 days | 6 years 10 months 24 days | 7 years 1 month 6 days |
Weighted-average discount rate — finance leases | 0% | 0% | 0% | 0% |
Weighted-average discount rate — operating leases | 6.30% | 6.10% | 6.30% | 6.10% |
LEASES (Aggregate Annual Lease
LEASES (Aggregate Annual Lease Obligations) (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Operating Leases | ||
Remainder of 2024 | $ 6,054,892 | |
2025 | 21,532,117 | |
2026 | 18,010,788 | |
2027 | 13,832,252 | |
2028 | 11,124,461 | |
Thereafter | 31,854,653 | |
Total undiscounted lease liability | 102,409,163 | |
Imputed interest | 19,938,057 | |
Total discounted lease liability | $ 82,471,106 | $ 83,735,002 |
AVERAGE SHARE INFORMATION (Deta
AVERAGE SHARE INFORMATION (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Basic: | ||||
Weighted average common shares outstanding (in shares) | 5,772,503 | 5,761,954 | 5,775,108 | 5,743,094 |
Diluted: | ||||
Weighted average common shares outstanding (in shares) | 5,772,503 | 5,761,954 | 5,775,108 | 5,743,094 |
Dilutive potential common shares (in shares) | 87,614 | 95,536 | 121,608 | 0 |
Weighted average diluted shares outstanding (in shares) | 5,860,117 | 5,857,490 | 5,896,716 | 5,743,094 |
Anti-dilutive shares (in shares) | 291,826 | 332,275 | 299,904 | 338,154 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2023 USD ($) installment $ / shares shares | Sep. 30, 2023 USD ($) | Jun. 30, 2023 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2023 USD ($) installment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Mar. 31, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant (in shares) | shares | 165,196 | 165,196 | |||||
Vesting percentage | 100% | ||||||
Weighted-average fair value at the grant date (in dollars per share) | $ / shares | $ 68.52 | $ 44.23 | $ 69 | $ 53.51 | |||
Stock-based compensation (reversal) related to equity classified awards | $ (2,396,197) | $ 7,382,313 | |||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares of authorized common stock reserved for issuance (in shares) | shares | 3,350,000 | 3,350,000 | |||||
Options outstanding (in shares) | shares | 280,784 | 280,784 | 314,742 | ||||
Total unrecognized stock-based compensation expense related to non-vested stock options | $ 600,000 | $ 600,000 | |||||
Weighted average period for recognition | 1 year 3 months 18 days | ||||||
Stock-based compensation (reversal) related to equity classified awards | $ 189,582 | $ 425,120 | $ (3,871,348) | 1,869,879 | |||
Employee Stock Option | Scenario 1 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options outstanding (in shares) | shares | 43,862 | 43,862 | |||||
Employee Stock Option | Scenario 2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options outstanding (in shares) | shares | 108,865 | 108,865 | |||||
Employee Stock Option | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Employee Stock Option | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock option, expiration period | 10 years | ||||||
Vesting period | 6 years | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of installments | installment | 6 | 6 | |||||
Awards granted (in shares) | shares | 3,250 | 3,993 | |||||
Grant date fair value (in dollars per share) | $ / shares | $ 129.85 | $ 120.12 | |||||
Unvested restricted stock awards | $ 1,900,000 | $ 1,900,000 | |||||
Stock based compensation expense (reversal) | (700,000) | (2,100,000) | |||||
Forfeiture credit | 1,400,000 | 2,800,000 | |||||
Stock-based compensation (reversal) related to equity classified awards | $ (690,699) | $ (679,443) | $ 1,475,151 | $ 5,512,434 | |||
Service Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 10 years | ||||||
Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 10 years | ||||||
Weighted average period for recognition | 10 months 24 days | ||||||
Stock based compensation expense (reversal) | $ 4,900,000 |
STOCK-BASED COMPENSATION (Share
STOCK-BASED COMPENSATION (Share and Options Performance Targets) (Details) | 9 Months Ended |
Dec. 31, 2023 $ / shares | |
Target 1 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
EPS target (in dollars per share) | $ 16.35 |
Vesting percentage | 40% |
Target 2 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
EPS target (in dollars per share) | $ 20.45 |
Vesting percentage | 60% |
Target 3 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
EPS target (in dollars per share) | $ 25.30 |
Vesting percentage | 100% |
STOCK-BASED COMPENSATION (Grant
STOCK-BASED COMPENSATION (Grants Date Using The Weighted-Average Assumptions) (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Dividend yield | 0% | 0% | 0% | 0% |
Expected volatility | 62.54% | 57.46% | 62.55% | 57.09% |
Average risk-free rate | 4.70% | 3.91% | 4.69% | 3.59% |
Expected life | 4 years 7 months 6 days | 5 years 9 months 18 days | 4 years 7 months 6 days | 5 years 9 months 18 days |
STOCK-BASED COMPENSATION (Stock
STOCK-BASED COMPENSATION (Stock Option Activity and Intrinsic Value) (Details) - Stock Options Plans - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Options Activity [Roll Forward] | ||||
Options outstanding, beginning of year (in shares) | 314,742 | |||
Granted (in shares) | 2,598 | |||
Exercised (in shares) | (22,847) | |||
Forfeited (in shares) | (11,027) | |||
Expired (in shares) | (2,682) | |||
Options outstanding, end of period (in shares) | 280,784 | 280,784 | ||
Options exercisable, end of period (in shares) | 128,057 | 128,057 | ||
Weighted Average Exercise Price | ||||
Options outstanding, beginning of year (in dollars per share) | $ 104.41 | |||
Granted (in dollars per share) | 124.67 | |||
Exercised (in dollars per share) | 88.34 | |||
Forfeited (in dollars per share) | 122.25 | |||
Expired (in dollars per share) | 162.17 | |||
Options outstanding, end of period (in dollars per share) | $ 104.66 | 104.66 | ||
Options exercisable, end of period (in dollars per share) | $ 105.11 | $ 105.11 | ||
Stock Option Activity Additional Disclosures [Abstract] | ||||
Weighted-average remaining contractual term, options outstanding, end of period | 5 years 2 months 12 days | |||
Weighted-average remaining contractual terms, options exercisable, end of period | 5 years 1 month 6 days | |||
Aggregate intrinsic value, options outstanding, end of period | $ 8,250,477 | $ 8,250,477 | ||
Aggregate intrinsic value, options exercisable, end of period | 3,919,056 | 3,919,056 | ||
Intrinsic value of options exercised | $ 369,543 | $ 51,106 | $ 810,853 | $ 481,572 |
STOCK-BASED COMPENSATION (Compa
STOCK-BASED COMPENSATION (Company Restricted Stock and Total Stock-Based Compensation) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted Average Fair Value at Grant Date | |||||
Stock-based compensation (reversal) related to equity classified awards | $ (2,396,197) | $ 7,382,313 | |||
Restricted Stock | |||||
Shares | |||||
Outstanding at beginning of year (in shares) | 460,614 | 460,614 | |||
Granted during the period (in shares) | 3,250 | 3,993 | |||
Vested during the period (in shares) | (62,983) | ||||
Forfeited during the period (in shares) | (13,047) | ||||
Outstanding at end of period (in shares) | 388,577 | 388,577 | |||
Weighted Average Fair Value at Grant Date | |||||
Outstanding at beginning period (in dollars per share) | $ 101.82 | $ 101.82 | |||
Granted during the period (in shares) | $ 129.85 | 120.12 | |||
Vested during the period (in dollars per share) | 103.85 | ||||
Forfeited during the period (in dollars per share) | 116.56 | ||||
Outstanding at ending period (in dollars per share) | $ 101.18 | $ 101.18 | |||
Stock-based compensation (reversal) related to equity classified awards | $ (690,699) | $ (679,443) | $ 1,475,151 | 5,512,434 | |
Stock Options Plans | |||||
Weighted Average Fair Value at Grant Date | |||||
Stock-based compensation (reversal) related to equity classified awards | 189,582 | 425,120 | (3,871,348) | 1,869,879 | |
Equity Securities | |||||
Weighted Average Fair Value at Grant Date | |||||
Stock-based compensation (reversal) related to equity classified awards | $ (501,117) | $ (254,323) | $ (2,396,197) | $ 7,382,313 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) | Dec. 31, 2023 USD ($) acquisition | Dec. 31, 2022 USD ($) acquisition |
Business Acquisition [Line Items] | ||
Number of loan portfolios acquired through asset purchases | acquisition | 0 | 43 |
Total acquisitions | acquisition | 0 | 43 |
Loans receivable, net | $ 0 | $ 27,105,078 |
Purchase price amount below carrying value of net tangible assets | 0 | (4,790,176) |
Series of Individually Immaterial Business Acquisitions | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 0 | $ 22,314,902 |
ACQUISITIONS (Narrative) (Detai
ACQUISITIONS (Narrative) (Details) - USD ($) | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Gain on acquisition, net of income tax | $ 0 | $ 3,708,344 | |
Income tax related to asset acquisition | $ 1,100,000 | ||
Insurance And Other Income, Net | |||
Business Acquisition [Line Items] | |||
Gain on acquisition, net of income tax | $ 4,800,000 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 27, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Nov. 09, 2023 USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Letters of credit outstanding, amount | $ 524,000 | $ 524,000 | ||||
Gain on extinguishment of senior unsecured notes payable | 1,162,581 | $ 0 | ||||
Senior Notes Due 2026 | Senior notes | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate, percentage | 7% | |||||
Aggregate principal amount | $ 300,000,000 | |||||
Redemption price, percentage of equity offerings | 40% | |||||
Repurchased and extinguished amount of debt | 8,250,000 | $ 9,100,000 | ||||
Debt issuance costs | 88,100 | 88,100 | 100,000 | |||
Reacquisition price | 7,000,000 | 7,000,000 | $ 7,200,000 | |||
Gain on extinguishment of senior unsecured notes payable | 600,000 | 1,200,000 | ||||
Senior Notes Due 2026 | Senior notes | Period One | ||||||
Line of Credit Facility [Line Items] | ||||||
Redemption price percent | 100% | |||||
Senior Notes Due 2026 | Senior notes | Period Two | ||||||
Line of Credit Facility [Line Items] | ||||||
Redemption price percent | 107% | |||||
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 580,000,000 | 580,000,000 | ||||
Accordion feature | 730,000,000 | 730,000,000 | ||||
Amount outstanding | $ 305,100,000 | $ 305,100,000 | ||||
Extension period | 1 year | |||||
Interest rate, percentage | 3.50% | 3.50% | ||||
Commitment fee percentage | 0.50% | |||||
Unused borrowing capacity, fee | $ 1,300,000 | $ 900,000 | ||||
Interest rate, effective percentage | 9.80% | 9.80% | 7% | |||
Unused amount available | $ 274,400,000 | $ 274,400,000 | ||||
Debt covenants minimum net worth | $ 325,000,000 | |||||
Fixed conversion ratio | 2 | |||||
Expiration period | 60 days | |||||
Revolving Credit Facility | Scenario 1 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt covenant, maximum ratio of total debt | 2.5 | |||||
Debt covenant, maximum collateral performance indicator percentage | 26% | |||||
Fixed conversion ratio | 1.25 | |||||
Revolving Credit Facility | Scenario 2 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt covenant, maximum ratio of total debt | 2.25 | |||||
Debt covenant, maximum collateral performance indicator percentage | 28% | |||||
Fixed conversion ratio | 1.15 | |||||
Revolving Credit Facility | Scenario 3 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt covenant, maximum ratio of total debt | 2 | |||||
Fixed conversion ratio | 1.50 | |||||
Revolving Credit Facility | Scenario4 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt covenant, maximum ratio of total debt | 2.25 | |||||
Fixed conversion ratio | 2 | |||||
Revolving Credit Facility | Scenario 5 | ||||||
Line of Credit Facility [Line Items] | ||||||
Fixed conversion ratio | 2.25 | |||||
Revolving Credit Facility | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate, percentage | 4.50% | 4.50% | ||||
Revolving Credit Facility | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate (in hundredths) | 0.10% | |||||
Revolving Credit Facility | Eleventh Amendment | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 20,000,000 | |||||
Net income available for fixed charges to fixed charges | 2 | |||||
Revolving Credit Facility | Sub-Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 1,500,000 | $ 1,500,000 |
DEBT (Debt Maturities) (Details
DEBT (Debt Maturities) (Details) | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2024 | $ 0 |
2025 | 0 |
2026 | 0 |
2027 | 587,699,480 |
2028 | 0 |
Total future debt payments | $ 587,699,480 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Income Tax Contingency [Line Items] | |||||
Total gross unrecognized tax benefits including interest | $ 1,000,000 | $ 1,000,000 | $ 1,100,000 | ||
Unrecognized tax benefits | 800,000 | 800,000 | 900,000 | ||
Gross unrecognized tax benefits, limitations and settlement with taxing authorities | 400,000 | 400,000 | |||
Accrued gross interest | 296,800 | 296,800 | |||
Gross interest expense | 3,900 | ||||
Historic Tax Credit Investment | |||||
Income Tax Contingency [Line Items] | |||||
Equity method investment | 19,400,000 | 19,400,000 | $ 23,000,000 | ||
Historic tax credit investments amortization | 1,200,000 | $ 400,000 | 3,200,000 | $ 1,700,000 | |
Tax benefits from these investments | $ 1,200,000 | $ 500,000 | $ 3,600,000 | $ 1,500,000 |