Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | May 25, 2018 | Sep. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | WORLD ACCEPTANCE CORP | ||
Entity Central Index Key | 108,385 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 491,713,593 | ||
Entity Common Stock, Shares Outstanding | 9,128,869 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 32,086,304 | $ 15,200,410 |
Loans and Leases Receivable, Gross | 1,105,114,792 | 1,059,804,132 |
Less: | ||
Loans and Leases Receivable, Deferred Income | 299,108,336 | 291,908,651 |
Allowance for loan losses | (80,825,728) | (72,194,892) |
Loans receivable, net | 725,180,728 | 695,700,589 |
Property and equipment, net | 25,591,418 | 24,184,207 |
Deferred income taxes | 30,239,637 | 39,025,069 |
Other assets, net | 14,210,186 | 13,797,098 |
Goodwill | 7,034,463 | 6,067,220 |
Intangible assets, net | 6,644,301 | 6,614,182 |
Total assets | 840,987,037 | 800,588,775 |
Liabilities: | ||
Senior notes payable | 244,900,000 | 295,136,200 |
Income taxes payable | 14,534,970 | 12,519,417 |
Accounts payable and accrued expenses | 40,444,215 | 31,869,581 |
Total liabilities | 299,879,185 | 339,525,198 |
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 12,171,075 and 13,898,265 shares at March 31, 2013 and March 31, 2012, respectively | 0 | 0 |
Additional paid-in capital | 175,887,227 | 144,241,105 |
Retained earnings | 391,275,705 | 344,605,347 |
Accumulated other comprehensive (loss)/income | (26,055,080) | (27,782,875) |
Total shareholders' equity | 541,107,852 | 461,063,577 |
Commitments and contingencies | ||
Total liabilities and shareholders' equity | $ 840,987,037 | $ 800,588,775 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Mar. 31, 2017 |
Shareholders' equity: | ||
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) | 9,119,443 | 8,782,949 |
Common stock, shares outstanding (in shares) | 9,119,443 | 8,782,949 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | |||
Interest and fee income | $ 481,734,277 | $ 468,759,262 | $ 495,133,436 |
Insurance commissions and other income | 66,971,857 | 62,975,462 | 62,342,271 |
Total revenues | 548,706,134 | 531,734,724 | 557,475,707 |
Expenses: | |||
Provision for loan losses | 130,979,129 | 128,572,162 | 123,598,318 |
General and administrative expenses: | |||
Personnel | 182,947,342 | 171,958,682 | 169,573,039 |
Occupancy and equipment | 43,772,794 | 42,437,711 | 44,460,905 |
Advertising | 22,293,705 | 17,866,422 | 16,863,076 |
Amortization of intangible assets | 990,399 | 489,836 | 528,747 |
Other | 47,428,625 | 34,908,572 | 37,713,908 |
Total general and administrative expenses | 297,432,865 | 267,661,223 | 269,139,675 |
Interest expense | 19,089,635 | 21,504,208 | 26,849,250 |
Total expenses | 447,501,629 | 417,737,593 | 419,587,243 |
Income before income taxes | 101,204,505 | 113,997,131 | 137,888,464 |
Income taxes | 47,514,487 | 40,396,837 | 50,492,907 |
Net income | $ 53,690,018 | $ 73,600,294 | $ 87,395,557 |
Net income per common share: | |||
Basic (in dollars per share) | $ 6.11 | $ 8.45 | $ 10.12 |
Diluted (in dollars per share) | $ 5.99 | $ 8.38 | $ 10.05 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 8,791,168 | 8,705,658 | 8,636,269 |
Diluted (in shares) | 8,958,676 | 8,778,044 | 8,692,191 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net Income (Loss) Attributable to Parent | $ 53,690,018 | $ 73,600,294 | $ 87,395,557 |
Foreign currency translation adjustments | 1,727,795 | (4,848,530) | (8,031,995) |
Comprehensive income | $ 55,417,813 | $ 68,751,764 | $ 79,363,562 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), net [Member] |
Balances at Mar. 31, 2015 | $ 315,567,719 | $ 141,864,764 | $ 188,605,305 | $ (14,902,350) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Proceeds from exercise of stock options, including tax benefits | 3,327,067 | 3,327,067 | ||
Issuance of restricted common stock under stock option plan | (10,322,230) | (10,322,230) | ||
Stock option expense | 3,965,463 | 3,965,463 | ||
Other comprehensive income | (8,031,995) | (8,031,995) | ||
Net income | 87,395,557 | 87,395,557 | ||
Balances at Mar. 31, 2016 | 391,901,581 | 138,835,064 | 276,000,862 | (22,934,345) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Proceeds from exercise of stock options, including tax benefits | 595,343 | 595,343 | ||
Common stock repurchases | (4,995,809) | (4,995,809) | ||
Issuance of restricted common stock under stock option plan | 1,320,036 | 1,320,036 | ||
Stock option expense | 3,490,662 | 3,490,662 | ||
Other comprehensive income | (4,848,530) | (4,848,530) | ||
Net income | 73,600,294 | 73,600,294 | ||
Balances at Mar. 31, 2017 | 461,063,577 | 144,241,105 | 344,605,347 | (27,782,875) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Proceeds from exercise of stock options, including tax benefits | 25,323,531 | 25,323,531 | ||
Stock Repurchased and Retired During Period, Value | 4,614,331 | |||
Issuance of restricted common stock under stock option plan | 1,564,048 | 1,564,048 | ||
Stock option expense | 2,353,214 | 2,353,214 | ||
Other comprehensive income | 1,727,795 | 1,727,795 | ||
Net income | 53,690,018 | 53,690,018 | ||
Balances at Mar. 31, 2018 | 541,107,852 | $ 175,887,227 | $ 391,275,705 | $ (26,055,080) |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 2,405,329 |
CONSOLIDATED STATEMENTS OF SHA7
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Increase (Decrease) in Shareholders' Equity [Roll Forward] | |||
Proceeds from exercise of stock options (in shares) | 389,888 | 33,702 | 89,403 |
Proceeds from exercise of stock options, tax benefits | $ 565,162 | $ 78,382 | |
Common stock repurchases (in shares) | 58,728 | 95,703 | 0 |
Issuance of restricted common stock under stock option plan (in shares) | $ 1,517,357 | $ 284,221 | $ 2,289,017 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flow from operating activities: | |||
Net income | $ 53,690,018 | $ 73,600,294 | $ 87,395,557 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangible assets | 990,399 | 489,836 | 528,747 |
Amortization of loan costs and discounts | 865,727 | 2,029,719 | 2,769,596 |
Provision for loan losses | 130,979,129 | 128,572,162 | 123,598,318 |
Depreciation | 7,339,657 | 6,918,525 | 6,503,561 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 210,117 | (29,583) | 1,401,391 |
Deferred income tax benefit | 8,785,432 | (894,086) | (785,377) |
Compensation related to stock option and restricted stock plans | 5,434,619 | 4,810,698 | (6,356,767) |
Gain (Loss) on Sales of Consumer Loans | 0 | 0 | 1,474,182 |
Change in accounts: | |||
Other assets, net | (858,817) | 492,233 | 1,923,196 |
Income taxes payable | 2,015,553 | 4,277,275 | (9,945,544) |
Accounts payable and accrued expenses | 8,574,634 | (904,326) | 511,863 |
Net cash provided by operating activities | 218,026,468 | 219,362,747 | 206,070,359 |
Cash flows from investing activities: | |||
Increase in loans receivable, net | (143,373,549) | (104,765,019) | (93,980,511) |
Net assets acquired from office acquisitions, primarily loans | (15,586,411) | (16,703,456) | (92,097) |
Increase in intangible assets from acquisitions | (1,987,762) | (4,133,242) | (81,531) |
Purchases of property and equipment, net | (9,171,468) | (6,813,582) | (8,654,804) |
Proceeds from Sale of Property, Plant, and Equipment | 310,542 | 801,797 | 889,946 |
Proceeds from Sale of Loans Receivable | 0 | 0 | 26,218 |
Net cash used in investing activities | (169,808,648) | (131,613,502) | (101,892,779) |
Cash flow from financing activities: | |||
Borrowings from lines of credit | 294,963,800 | 274,901,200 | 295,095,000 |
Payments on lines of credit | (345,200,000) | (354,450,000) | (421,560,000) |
Payments of Loan Costs | 420,000 | 201,200 | 5,500,000 |
Proceeds from exercise of stock options | 25,323,531 | 1,160,505 | 3,248,685 |
Payments Related to Tax Withholding for Share-based Compensation | 1,517,357 | 0 | |
Repurchase of common stock | (4,614,331) | (4,995,809) | 0 |
Excess tax benefits from exercise of stock options | 0 | (565,162) | 78,382 |
Net cash used in financing activities | (31,464,357) | (84,150,466) | (128,637,933) |
(Decrease) increase in cash and cash equivalents | 16,885,894 | 2,823,386 | (25,961,911) |
Effects of foreign currency fluctuations on cash | 132,431 | (775,393) | (1,501,558) |
Cash and cash equivalents at beginning of period | 15,200,410 | 12,377,024 | |
Cash and cash equivalents at end of period | 32,086,304 | 15,200,410 | 12,377,024 |
Interest Paid | 17,696,711 | 19,251,788 | 23,811,210 |
Income Taxes Paid | $ 38,741,119 | $ 38,042,020 | $ 62,530,594 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company's accounting and reporting policies are in accordance with U.S. generally accepted accounting principles ("GAAP") and conform to general practices within the finance company industry. The following is a description of the more significant of these policies used in preparing the Consolidated Financial Statements. Nature of Operations The Company is a small-dollar consumer finance (installment loan) 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. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2018 , the Company operated 1,177 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. Branches in the aforementioned states operate under one of the following names: Amicable Finance, Capitol Loans, Colonial Finance, Freeman Finance, General Credit, Local Loans, Midwestern Financial, Midwestern Loans, Personal Credit, People's Finance, World Acceptance, or World Finance. The Company also operated 131 branches in Mexico. Branches in Mexico operate under the name Pr é stamos Avance or Pr é stamos Viva. The Company is subject to numerous lending regulations that vary by jurisdiction. Principles of Consolidation The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states and Mexico, ParaData Financial Systems (a software company acquired during fiscal 1994), WAC Insurance Company, Ltd. (a captive reinsurance company established in fiscal 1994) and Servicios World Acceptance Corporation de Mexico (a service company established in fiscal 2006). All significant inter-company balances and transactions have been eliminated in consolidation. The financial statements of the Company’s foreign subsidiaries in Mexico are prepared using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the current exchange rate while income and expense are translated at an average exchange rate for the period. The resulting translation gains and losses are recognized as a component of equity in “ Accumulated Other Comprehensive Loss, net .” Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for loan losses. Reclassification Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or shareholders' equity. Business Segments The Company reports operating segments in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has two reportable segments, which are the U.S. and Mexico operating segments. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, and the automobile club, are done within the existing branch network in conjunction with or as a complement to the lending operations. There is no discrete financial information available for these activities, and they do not meet the criteria under FASB ASC Topic 280 to be considered operating segments. At March 31, 2018 and 2017 , the Company's Mexico operations accounted for approximately 9.5% and 8.7% of total consolidated assets, respectively. Total revenues for the years ended March 31, 2018 , 2017 and 2016 were $46.0 million , $40.9 million , $42.2 million , respectively, which represented 8.4% , 7.7% , and 7.6% of consolidated revenues, respectively. For additional financial information regarding the results of our two reportable segments for each of the last three fiscal years, refer to Note 17—Segments in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. As of March 31, 2018 and 2017 the Company had $5.5 million and $3.9 million , respectively, in restricted cash associated with its captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. Loans and Interest and Fee Income The Company is licensed to originate consumer loans in the states of South Carolina, Georgia, Texas, Oklahoma, Louisiana, Tennessee, Illinois, Missouri, New Mexico, Kentucky, Alabama, Wisconsin, Indiana, Mississippi and Idaho. In addition, the Company also originates consumer loans in Mexico. During fiscal 2018 , 2017 and 2016 the Company originated loans generally ranging up to $4,000 , with terms of 42 months or fewer. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancings as new loans. Generally a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. Gross loans receivable at March 31, 2018 and 2017 consisted of the following: 2018 2017 Small loans (U.S.) $ 670,189,211 630,802,614 Large loans (U.S.) 334,041,731 312,458,275 Sales finance loans (U.S.) (1) 2,217 54,247 Payroll deduct "Viva" loans (Mexico) (2) 49,952,025 69,087,314 Traditional installment loans (Mexico) 50,929,608 47,401,682 Total gross loans $ 1,105,114,792 1,059,804,132 _______________________________________________________ (1) The Company decided to wind down the World Class Buying Club program during the third quarter of fiscal 2015. As of March 31, 2015, the Company is no longer financing the purchase of products through the program; however, the Company will continue to service the outstanding retail installment sales contracts. (2) The Company stopped originations of this loan product in fiscal 2018. 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. Loans 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 loan losses. The Company recognizes interest and fee income using the interest method. Charges for late payments are credited to income when collected. The Company generally offers its loans at the prevailing statutory rates for terms generally not to exceed 42 months . Management believes that the carrying value approximates the fair value of its loan portfolio. Nonaccrual Policy 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. Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount that, in management's opinion, is adequate to provide for incurred losses inherent in the existing loan portfolio. The Company charges against current earnings, as a provision for loan losses, amounts added to the allowance to maintain it at levels expected to cover probable incurred losses of principal. When establishing the allowance for loan losses, the Company takes into consideration the growth of the loan portfolio, current levels of charge-offs, current levels of delinquencies, and current economic factors. The Company uses a mathematical calculation to determine the initial allowance at the end of each reporting period. The calculation originated as management's estimate of future charge-offs and is used to allocate expenses to the branch level. There are two components when calculating the allowance for loan losses, which the Company refers to as the general reserve and the specific reserve. This calculation is a starting point and over time, and as needed, additional provisions have been added as determined by management to make the allowance adequate. The general reserve is 4.25% of the gross loan portfolio. The specific reserve represents 100% of the gross loan balance of all loans 91 days or more days past due (151 days or more past due for payroll deduct loans) on a recency basis, including bankrupt accounts in that category. This methodology is based on historical data showing that the collection of loans 91 days or more past due and bankrupt accounts is remote. A process is then performed to determine the adequacy of the allowance for loan losses, which considers trends in current levels of delinquencies, charge-off levels, and economic trends (such as energy and food prices). The primary tool used is the movement model (on a contractual and recency basis) which considers the rolling twelve months of delinquency to determine expected charge-offs. The sum of expected charge-offs, determined from the movement model (on a contractual and recency basis) plus the amount of delinquent refinancings is compared to the allowance resulting from the mathematical calculation to determine if any adjustments are needed to make the allowance adequate. Management would also determine if any adjustments are needed if the consolidated annual provision for loan losses is less than total charge-offs. Management uses a precision level of 5% of the allowance for loan losses compared to the aforementioned movement model when determining if any adjustments are needed. The Company's policy is to charge off loans at the earlier of when such loans are deemed to be uncollectible or when six months have elapsed since the date of the last full contractual payment. The Company's charge-off policy has been consistently applied and no changes have been made during the periods reported. The Company's historical annual charge-off rate (net charge-offs as a percentage of average net loans receivable) for the past 10 years has ranged from 12.9% to 16.7% of net loans. Management considers the charge-off policy when evaluating the appropriateness of the allowance for loan losses. FASB ASC Topic 310-30 prohibits carryover or creation of valuation allowances in the initial accounting of all loans acquired in a transfer that are within the scope of this authoritative literature. The Company believes that loans acquired since the adoption of FASB ASC Topic 310-30 have not shown evidence of deterioration of credit quality since origination, and therefore, are not within the scope of FASB ASC Topic 310-30. Impaired Loans The Company defines impaired loans as bankrupt accounts and accounts 91 days or more past due (151 days or more past due for payroll deduct loans). In accordance with the Company’s charge-off policy, once a loan is deemed uncollectible, 100% of the net investment is charged off, except in the case of a borrower who has filed for bankruptcy. As of March 31, 2018 , bankrupt accounts that had not been charged off were approximately $5.9 million . Bankrupt accounts 91 days or more past due are reserved at 100% of the gross loan balance. The Company also considers accounts 91 days or more past due (151 days or more past due for payroll deduct loans) as impaired, and the accounts are reserved at 100% of the gross loan balance. Delinquency is the primary credit quality indicator used to determine the credit quality of the Company's receivables (additional requirements from ASC 310-10 are disclosed in Note 2). Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: buildings, 25 to 40 years ; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statement of operations. Operating Leases The Company’s branch leases typically have a lease term of three to five years and contain lessee renewal options and cancellation clauses in the event of regulatory changes. The Company typically renews its leases for one or more option periods. Accordingly, the Company amortizes its leasehold improvements over the shorter of their economic lives, which are generally five years , or the lease term that considers renewal periods that are reasonably assured. Other Assets Other assets include cash surrender value of life insurance policies, prepaid expenses, debt issuance costs and other deposits. Intangible Assets and Goodwill Intangible assets include the cost of acquiring existing customers ("customer lists"), and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit, ranging from 8 to 23.0 years with a weighted average of approximately 12.9 years . Non-compete agreements are amortized on a straight line basis over the term of the agreement, ranging from 3 to 5.3 years with a weighted average of approximately 4.6 years . 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. Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates the fair value. The fair value of the customer lists is based on a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. In a business combination, the remaining excess of the purchase price over the fair value of the tangible assets, customer list, and non-compete agreements is allocated to goodwill. The branches the Company acquires are small, privately-owned branches, which do not have sufficient historical data to determine customer attrition. The Company believes that the customers acquired have the same characteristics and perform similarly to its customers. Therefore, the Company utilized the attrition patterns of its customers when developing the estimate of attrition for acquired customers. This estimation method is re-evaluated periodically. The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has two reporting units (U.S. and Mexico), and the Company has multiple components, the lowest level of which is individual branches. The Company’s components are aggregated for impairment testing because they have similar economic characteristics. Impairment of Long-Lived Assets The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the branch level based on the operating cash flows of the branch and the Company’s plans for branch closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The Company did not record any impairment charges for the fiscal year ended 2018 , 2017 , or 2016 . Fair Value of Financial Instruments FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, regardless of whether the financial instrument is recognized on the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash and cash equivalents, loans receivable and senior notes payable. Fair value approximates carrying value for all of these instruments. Loans receivable are originated at prevailing market rates and have an average life of approximately 8 months . Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. Insurance Premiums and Commissions Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are credited to unearned insurance commissions and recognized as income over the life of the related insurance contracts. The Company recognizes insurance income using the Rule of 78s method for credit life (decreasing term), credit accident and health, unemployment insurance and the Pro Rata method for credit life (level term) and credit property. Non-filing Insurance Non-filing insurance premiums are charged on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums and recoveries are remitted to a third party insurance company and are not reflected in the accompanying Consolidated Financial Statements (See Note 8). Claims paid by the third party insurance company result in a reduction to loan losses. Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims are reimbursed through non-filing insurance claims subject to policy limitations. Any remaining losses are charged to the allowance for loan losses. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment related to additional facts and circumstances occurs. Earnings Per Share Earnings per share (“EPS”) is computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of stock options and restricted stock, which are computed using the treasury stock method. See Note 11 for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. Stock-Based Compensation FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 12). At March 31, 2018 , the Company had several share-based employee compensation plans, which are described more fully in Note 12. Share Repurchases On March 10, 2015, the Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock. As of March 31, 2018 , the Company had $1.9 million in aggregate remaining repurchase capacity under the March 10, 2015 repurchase authorization. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements and other market and economic conditions. Although the repurchase authorization above has no stated expiration date, the Company’s stock repurchase program may be suspended or discontinued at any time. The Company has not repurchased any shares of its common stock since the first quarter of fiscal 2018. At the time of this filing, it is uncertain if or when the Company will recommence share repurchases. The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. However, our amended credit facility limits share repurchases to 50% of consolidated adjusted net income in any fiscal year commencing with the fiscal year ending March 31, 2017. Our first priority is to ensure we have enough capital to fund loan growth. To the extent we have excess capital, we may resume repurchasing stock, if appropriate and as authorized by our Board of Directors. As of March 31, 2018 our debt outstanding was $244.9 million and our shareholders' equity was $541.1 million resulting in a debt-to-equity ratio of 0.5 :1.0. We will continue to monitor our debt-to-equity ratio and are committed to maintaining a debt level that will allow us to continue to execute our business objectives, while not putting undue stress on our consolidated balance sheet. Comprehensive Income Total comprehensive income consists of net income and other comprehensive income (loss). The Company’s other comprehensive income (loss) and accumulated other comprehensive income (loss) are composed of foreign currency translation adjustments. Concentration of Risk The Company generally serves individuals with limited access to other sources of consumer credit such as banks, credit unions, other consumer finance businesses and credit card lenders. During the year ended March 31, 2018 , the Company operated in fifteen states in the United States as well as in Mexico. For the years ended March 31, 2018 , 2017 and 2016 , total revenue within the Company's four largest states ( Texas , Georgia , Tennessee , and South Carolina ) accounted for approximately 53% , 53% and 53% , respectively, of the Company's total revenues. The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts. Advertising Costs Advertising costs are expensed when incurred. Advertising costs were approximately $22.3 million , $17.9 million and $16.9 million for fiscal years 2018 , 2017 and 2016 , respectively. Recently Adopted Accounting Standards Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued Accounting Standards Update ("ASU") 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies the accounting for share-based payment transactions, income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public companies the amendments in this ASU became effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The Company adopted ASU No. 2016-09 as of April 1, 2017. Adoption of the guidance impacted the Company's accounting practices in the following ways: • The Company elected to account for forfeitures as they occur, and, in accordance with the modified retrospective approach specified in ASU 2016-09, the Company recorded a cumulative effect reclassification between retained earnings and additional paid-in capital as of the beginning of the adoption year of approximately $2.4 million. The reclassification was needed to reflect deferred tax expense incurred prior to adoption, which had historically been charged to additional paid-in capital, in retained earnings. • The Company will recognize all excess tax benefits and deficiencies as income tax benefit or expense, respectively, in the income statement. The Company will recognize excess tax benefits or shortfalls regardless of whether the transaction reduces taxes payable in the current period. The Company did not record a cumulative adjustment related to this guidance, which is consistent with the prospective approach specified in ASU 2016-09. • The Company will combine excess tax benefits from equity awards with other income tax cash flows and will classify such cash flows as an operating activity. The Company will classify cash paid when directly withholding shares for tax-withholding purposes as a financing activity. The Company will apply this guidance prospectively, as specified in ASU 2016-09. The adoption of this guidance did not have a significant impact on the Company's consolidated financial statements. Recently Issued Accounting Standards to be Adopted Scope of Modification Accounting In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. According to ASU No. 2017-09 an entity should account for the effects of a modification unless all the following are met: 1. The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We have completed our evaluation and determined that the adoption of ASU 2017-09 will not have a material impact on our consolidated financial statements. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU No. 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. The amendments in this Update are effective for public entities who are SEC filers for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses. The amendment seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. The adoption of this ASU could have a material impact on the provision for loan losses in the consolidated statements of operations and allowance for loan losses in the consolidated balance sheets. Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing In April 2016, the FAS |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality Indicators | 12 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses and Credit Quality Indicators | Allowance for Loan Losses and Credit Quality Indicators The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2018 , 2017 , and 2016 : 2018 2017 2016 Balance at beginning of period $ 72,194,892 69,565,804 70,437,988 Provision for loan losses 130,979,129 128,572,162 123,598,318 Loan losses (138,808,839 ) (141,878,119 ) (141,758,366 ) Recoveries 16,047,215 16,519,929 18,196,110 Translation adjustment 413,331 (584,884 ) (908,246 ) Balance at end of period $ 80,825,728 72,194,892 69,565,804 The following is a summary of loans individually and collectively evaluated for impairment for the periods indicated: March 31, 2018 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,627,599 — 4,627,599 Gross loans contractually delinquent 66,124,368 — 66,124,368 Loans not contractually delinquent and not in bankruptcy — 1,034,362,825 1,034,362,825 Gross loan balance 70,751,967 1,034,362,825 1,105,114,792 Unearned interest and fees (19,420,354 ) (279,687,982 ) (299,108,336 ) Net loans 51,331,613 754,674,843 806,006,456 Allowance for loan losses (46,900,686 ) (33,925,042 ) (80,825,728 ) Loans, net of allowance for loan losses $ 4,430,927 720,749,801 725,180,728 March 31, 2017 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,903,728 — 4,903,728 Gross loans contractually delinquent 54,310,791 — 54,310,791 Loans not contractually delinquent and not in bankruptcy — 1,000,589,613 1,000,589,613 Gross loan balance 59,214,519 1,000,589,613 1,059,804,132 Unearned interest and fees (15,336,248 ) (276,572,403 ) (291,908,651 ) Net loans 43,878,271 724,017,210 767,895,481 Allowance for loan losses (39,182,951 ) (33,011,941 ) (72,194,892 ) Loans, net of allowance for loan losses $ 4,695,320 691,005,269 695,700,589 The average net balance of impaired loans was $49.1 million , $42.2 million and $41.2 million , respectively, for the years ended March 31, 2018 , 2017 and 2016 . It is not practicable to compute the amount of interest earned on impaired loans, nor is it practicable to compute the interest income recognized using the cash-basis method during the period such loans are impaired. The following is an assessment of the credit quality for the fiscal years indicated: March 31, March 31, Credit risk Consumer loans- non-bankrupt accounts $ 1,099,180,684 1,053,769,654 Consumer loans- bankrupt accounts 5,934,108 6,034,478 Total gross loans $ 1,105,114,792 1,059,804,132 Consumer credit exposure Credit risk profile based on payment activity, performing $ 1,007,372,253 977,171,570 Contractual non-performing, 61 days or more delinquent (1) 97,742,539 82,632,562 Total gross loans $ 1,105,114,792 1,059,804,132 Credit risk profile based on customer type New borrower $ 160,791,141 168,656,845 Former borrower 115,141,944 108,100,688 Refinance 811,726,005 765,373,325 Delinquent refinance 17,455,702 17,673,274 Total gross loans $ 1,105,114,792 1,059,804,132 (1) Loans in non-accrual status The following is a summary of the past due receivables as of: March 31, March 31, March 31, Contractual basis: 30-60 days past due $ 36,372,504 35,527,103 40,094,824 61-90 days past due 27,907,869 25,823,757 27,082,385 91 days or more past due 69,834,670 56,808,805 48,495,405 Total $ 134,115,043 118,159,665 115,672,614 Percentage of period-end gross loans receivable 12.1 % 11.1 % 10.8 % |
Property and Equipment
Property and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of: March 31, 2018 March 31, 2017 Land $ 576,977 576,977 Building and leasehold improvements 23,281,882 21,410,067 Furniture and equipment 48,733,632 44,377,741 72,592,491 66,364,785 Less accumulated depreciation and amortization (47,001,073 ) (42,180,578 ) Total $ 25,591,418 24,184,207 Depreciation expense was approximately $7.3 million , $6.9 million and $6.5 million for the years ended March 31, 2018 , 2017 and 2016 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: March 31, 2018 March 31, 2017 Gross Carrying Amount Accumulated Amortization Net Intangible Asset Gross Carrying Amount Accumulated Amortization Net Intangible Asset Cost of customer lists $ 27,494,510 (21,098,875 ) 6,395,635 $ 26,678,992 (20,161,116 ) 6,517,876 Value assigned to non-compete agreements 8,629,643 (8,380,977 ) 248,666 8,424,644 (8,328,338 ) 96,306 Total $ 36,124,153 (29,479,852 ) 6,644,301 $ 35,103,636 (28,489,454 ) 6,614,182 The estimated amortization expense for intangible assets for future years ended March 31 is as follows: $1.0 million for 2019 ; $1.0 million for 2020 ; $1.0 million for 2021 ; $0.9 million for 2022 ; $0.9 million for 2023 ; and an aggregate of $1.8 million for the years thereafter. |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill [Abstract] | |
Goodwill | Goodwill The following summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2018 and 2017 : 2018 2017 Balance at beginning of year: Goodwill $ 6,146,851 6,146,851 Accumulated goodwill impairment losses (79,631 ) (25,393 ) Goodwill, net $ 6,067,220 6,121,458 Goodwill acquired during the year (1) $ 967,243 — Impairment losses — (54,238 ) Balance at end of year: Goodwill $ 7,114,094 6,146,851 Accumulated goodwill impairment losses (79,631 ) (79,631 ) Goodwill, net $ 7,034,463 6,067,220 (1) On February 28, 2017, the Company completed an acquisition of fourteen branches from Mathes Management Enterprises, Inc. As of March 31, 2017 the accounting related to this acquisition was preliminary as allowed by FASB ASC Topic 805-10-25. During the twelve months ended March 31, 2018 the Company made an adjustment to the fair value of the customer lists and goodwill related to the purchase, which resulted in the Company's recording approximately $1.0 million of goodwill and a corresponding reduction of the amount previously allocated to customer lists. The Company performed an annual impairment test during the fourth quarters of fiscal 2018 and 2017 and determined that none of the recorded goodwill was impaired. However, the Company did merge one branch during fiscal 2017 that had goodwill associated with it. The goodwill associated with that branch, which was immaterial on a consolidated level, was written off. |
Notes Payable
Notes Payable | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable Senior Notes Payable; Revolving Credit Facility At March 31, 2018 the Company's notes payable consist of a $480.0 million senior revolving credit facility with borrowings of $244.9 million outstanding and $0.3 million standby letters of credit related to workers compensation outstanding. 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 letters of credit as of March 31, 2018 , and they expire on December 31, 2018. The letters of credit are automatically extended for one year on the expiration date. Subject to a borrowing base formula, the Company may borrow at the rate of LIBOR plus 4.0% with a minimum of 5.0% . For the years ended March 31, 2018 , 2017 and 2016 the Company’s effective interest rate, including the commitment fee, was 6.0% , 5.8% , and 5.6% respectively, and the unused amount available under the revolver at March 31, 2018 was $234.8 million . The revolving credit facility has a commitment fee of 0.50% per annum on the unused portion of the commitment. Borrowings under the revolving credit facility mature on June 15, 2019 . Substantially all of the Company's assets, excluding the assets of the Company's Mexican subsidiaries, are pledged as collateral for borrowings under the revolving credit agreement. Debt Covenants The agreement governing the Company’s revolving credit facility contains affirmative and negative covenants, including covenants that 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 also contains financial covenants, including a minimum consolidated net worth of $330.0 million plus 50% of the borrower's consolidated net income for each fiscal year beginning with 2017, a minimum fixed charge coverage ratio of 2.5 to 1.0, a maximum ratio of total debt to consolidated adjusted net worth of 2.0 to 1.0, and a maximum ratio of subordinated debt to consolidated adjusted net worth of 1.0 to 1.0. 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. In addition, the agreement establishes a maximum specified level for the collateral performance indicator. 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 March 31, 2018 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 finance receivables 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. If it is determined that a violation of the FCPA has occurred, as described in Note 16, such violation may give rise to an event of default under the agreement if such violation were to have a material adverse effect on the Company’s business, operations, properties, assets, or condition (financial or otherwise) or if the amount of any settlement, penalties, fines or other payments resulted in the Company failing to satisfy any financial covenants. Debt Maturities As of March 31, 2018 , the aggregate annual maturities of the notes payable for each of the five fiscal years subsequent to March 31, 2018 were as follows: 2019 $ — 2020 244,900,000 2021 — 2022 — 2023 — Total future debt payments $ 244,900,000 |
Insurance Commissions and Other
Insurance Commissions and Other Income | 12 Months Ended |
Mar. 31, 2018 | |
Insurance Commissions and other income [Abstract] | |
Insurance Commissions and Other Income | Insurance and Other Income Insurance and other income for the years ending March 31, 2018 , 2017 and 2016 consist of: 2018 2017 2016 Insurance revenue $ 41,959,092 40,848,245 43,346,884 Tax return preparation revenue 16,801,909 14,695,633 11,920,669 Auto club membership revenue 3,373,023 2,515,282 2,516,634 World Class Buying Club revenue — 136 1,410 Net loss on sale of loans receivable — — (1,572,536 ) Other 4,837,833 4,916,166 6,129,210 Insurance and other income $ 66,971,857 62,975,462 62,342,271 The Company has a wholly-owned, captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. Certain coverages currently sold by the Company on behalf of the unaffiliated insurance carrier are ceded by the carrier to the captive insurance subsidiary, providing the Company with an additional source of income derived from the earned reinsurance premiums. Insurance premiums are ceded to the reinsurance subsidiary as written and revenue is recognized over the life of the related insurance contracts. As of March 31, 2018 , 2017 and 2016 , the amount of net written premiums were $6.2 million , $4.5 million and $3.6 million , respectively, and the amount of earned premiums were $5.3 million , $4.0 million , and $1.7 million , respectively. The Company maintains a cash reserve for claims in an amount determined by the ceding company, and as of March 31, 2018 and 2017 , the cash reserves were $4.9 million and $3.6 million , respectively. |
Non-filing Insurance
Non-filing Insurance | 12 Months Ended |
Mar. 31, 2018 | |
Non-file Insurance [Abstract] | |
Non-filing Insurance | Non-filing Insurance The Company maintains non-filing insurance coverage with an unaffiliated insurance company. The following is a summary of the non-filing insurance activity for the years ended March 31, 2018 , 2017 and 2016 : 2018 2017 2016 Insurance premiums written $ 5,987,538 5,673,653 6,197,928 Recoveries on claims paid $ 1,093,396 1,165,092 1,125,524 Claims paid $ 6,540,136 6,312,511 6,884,185 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Leases | Leases The Company conducts most of its operations from leased facilities, except for its owned corporate office building. The Company's leases typically have a lease term of three to five years and contain lessee renewal options. A majority of the leases provide that the lessee pays property taxes, insurance and common area maintenance costs. It is expected that in the normal course of business, expiring leases will be renewed at the Company's option or replaced by other leases or acquisitions of other properties. All of the Company’s leases are operating leases. The future minimum lease payments under noncancelable operating leases as of March 31, 2018 , are as follows: 2019 $ 25,915,335 2020 16,842,025 2021 8,318,381 2022 2,564,790 2023 1,069,186 Thereafter 36,421 Total future minimum lease payments $ 54,746,138 Rental expense for cancelable and noncancelable operating leases for the years ended March 31, 2018 , 2017 and 2016 , was approximately $28.1 million , $26.9 million and $27.1 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”). The TCJA included significant changes to existing tax law, including a permanent reduction to the U.S. federal corporate income tax rate from 35% to 21%, a one-time repatriation tax on deferred foreign income (“Transition Tax”), deductions, credits and business-related exclusions. The permanent reduction to the U.S. federal corporate income tax rate from 35 % to 21% was effective January 1, 2018. When a federal tax rate changes during a fiscal year, the Internal Revenue Code requires taxpayers to compute a weighted daily average rate for the fiscal year of enactment. As a result, the Company has calculated a U.S. federal statutory corporate income tax rate of 31.55% for the fiscal year ended March 31, 2018. The U.S. corporate federal statutory rate of 31.55% is the weighted daily average rate between the pre-enactment federal statutory rate of 35% and the post-enactment federal statutory rate of 21%. The impact of changes in federal tax rates on deferred tax amounts and the effect of the Transition Tax are significant unusual or infrequent items which are recognized as discrete items in the Company’s income tax expense in the period in which the event occurs. The Company recorded $10.5 million as a provisional amount related to the net impact of revaluing the U.S. deferred tax assets and liabilities in the third quarter of fiscal 2018. The final calculation related to the net impact of revaluing the U.S. deferred tax assets and liabilities resulted in an immaterial reduction in the provisional amount. The Company has recorded an increase in tax expense of $4.9 million related to the foreign “Transition Tax” during the final quarter of fiscal 2018. Income tax expense (benefit) consists of: Current Deferred Total Year ended March 31, 2018 U.S. Federal $ 32,398,898 12,073,220 44,472,118 State and local 3,191,525 94,165 3,285,690 Foreign 3,138,632 (3,381,953 ) (243,321 ) $ 38,729,055 8,785,432 47,514,487 Year ended March 31, 2017 U.S. Federal $ 34,930,677 (14,658 ) 34,916,019 State and local 3,215,621 25,852 3,241,473 Foreign 3,144,625 (905,280 ) 2,239,345 $ 41,290,923 (894,086 ) 40,396,837 Year ended March 31, 2016 U.S. Federal $ 44,781,123 (839,117 ) 43,942,006 State and local 4,866,596 169,985 5,036,581 Foreign 1,630,565 (116,245 ) 1,514,320 $ 51,278,284 (785,377 ) 50,492,907 Income tax expense was $47.5 million , $40.4 million and $50.5 million , for the years ended March 31, 2018 , 2017 and 2016 , respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 31.55% for fiscal 2018 and 35% for fiscal years 2017 and 2016 to pretax income from continuing operations as a result of the following: 2018 2017 2016 Expected income tax $ 31,930,021 39,898,996 48,260,962 Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 2,249,055 2,106,957 3,273,778 Revalue deferred tax assets and liabilities 10,516,827 — — Foreign transition tax 4,854,640 — — Uncertain tax positions (340,993 ) (1,015,222 ) 1,624,865 State tax adjustment for amended returns — 238,301 (370,659 ) Foreign income adjustments 5,483 (332,023 ) (257,873 ) Other, net (1,700,546 ) (500,172 ) (2,038,166 ) $ 47,514,487 40,396,837 50,492,907 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2018 and 2017 are presented below: 2018 2017 Deferred tax assets: Allowance for loan losses $ 24,177,241 28,125,727 Unearned insurance commissions 8,711,298 12,419,811 Accrued expenses primarily related to employee benefits 8,470,247 15,849,041 Reserve for uncollectible interest 795,259 1,125,188 Foreign tax credit carryforward 3,254,926 — Other 1,007,786 — Gross deferred tax assets 46,416,757 57,519,767 Less valuation allowance (3,256,200 ) (1,274 ) Net deferred tax assets 43,160,557 57,518,493 Deferred tax liabilities: Fair value adjustment for loans receivable (6,556,078 ) (9,450,239 ) Property and equipment (2,483,487 ) (3,560,296 ) Intangible assets (1,592,173 ) (2,341,393 ) Deferred net loan origination costs (1,402,733 ) (1,985,387 ) Prepaid expenses (886,449 ) (977,906 ) Other — (178,203 ) Gross deferred tax liabilities (12,920,920 ) (18,493,424 ) Deferred income taxes, net $ 30,239,637 39,025,069 The valuation allowance for deferred tax assets as of March 31, 2018 , and 2017 was $3.3 million and $1,274 , respectively. The valuation allowance against the total deferred tax assets as of March 31, 2018 consisted of $1,274 related to state of Colorado net operating losses in the amount of $54,318 , which expire in 2025, and a foreign tax credit carryforward of $3.3 million , arising in relation to the Section 965 calculation ("Transition Tax") during the current fiscal year. The Company does not expect to generate enough foreign source income in future tax years to realize this tax attribute. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax asset, the Company will need to generate future taxable income prior to the expiration of the deferred tax assets governed by the tax code. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the related temporary differences are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances at March 31, 2018 . The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. The Company is expecting the Mexican subsidiaries to pay the U.S. company a dividend during fiscal 2019. As a result, the Company will no longer claim permanent reinvestment in the respective foreign jurisdiction. At March 31, 2018, because of the Transition Tax, the Company's tax basis in the Mexican subsidiaries is greater than its book basis; therefore, there is no taxable temporary difference. As of March 31, 2018 , 2017 and 2016 , the Company had $8.8 million , $8.9 million and $10.7 million of total gross unrecognized tax benefits including interest, respectively. Of these totals, approximately $6.9 million , $7.2 million and $8.2 million , respectively, represents the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits at March 31, 2018 , 2017 and 2016 are presented below: 2018 2017 2016 Unrecognized tax benefit balance beginning of year $ 7,264,966 9,395,413 7,621,327 Gross increases (decreases) for tax positions of current year 166,375 (237,746 ) 783,265 Gross increases for tax positions of prior years 8,228 637,166 1,798,505 Settlements with tax authorities — (2,403,982 ) — Lapse of statute of limitations (493,340 ) (125,885 ) (807,684 ) Unrecognized tax benefit balance end of year $ 6,946,229 7,264,966 9,395,413 At March 31, 2018 , approximately $4.2 million of gross unrecognized tax benefits are expected to be resolved during the next 12 months through settlements with taxing authorities or the expiration of the statute of limitations. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. As of March 31, 2018 , 2017 and 2016, the Company had $1.9 million , $1.6 million and $1.3 million accrued for gross interest, respectively, of which $0.4 million , $0.7 million , and $0.6 million represented the current period expense for the periods ended March 31, 2018 , 2017 , and 2016 . The Company is subject to U.S. and Mexican income taxes, as well as 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 2013, although carryforward attributes that were generated prior to 2013 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted EPS calculations: For the year ended March 31, 2018 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 53,690,018 8,791,168 $ 6.11 Effect of dilutive securities options and restricted stock — 167,508 Diluted EPS Income available to common shareholders including dilutive securities $ 53,690,018 8,958,676 $ 5.99 For the year ended March 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 73,600,294 8,705,658 $ 8.45 Effect of dilutive securities options and restricted stock — 72,386 Diluted EPS Income available to common shareholders including dilutive securities $ 73,600,294 8,778,044 $ 8.38 For the year ended March 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 87,395,557 8,636,269 $ 10.12 Effect of dilutive securities options and restricted stock — 55,922 Diluted EPS Income available to common shareholders including dilutive securities $ 87,395,557 8,692,191 $ 10.05 Options to purchase 299,455 , 733,053 and 825,505 shares of common stock at various prices were outstanding during the years ended March 31, 2018 , 2017 and 2016 , respectively, but were not included in the computation of diluted EPS because the option exercise price was antidilutive. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit Plans | Benefit Plans Retirement Plan The Company provides a defined contribution employee benefit plan (401(k) plan) covering full-time employees, whereby employees can invest up to the maximum designated for that year. The Company matches 50% of each employee's contributions up to the first 6% of the employee's eligible compensation, providing a maximum employer contribution of 3% of compensation. The Company's expense under this plan was $1,358,148 , $1,377,371 and $1,453,468 , for the years ended March 31, 2018 , 2017 and 2016 , respectively. Supplemental Executive Retirement Plan The Company has instituted a Supplemental Executive Retirement Plan (“SERP”), which is a non-qualified executive benefit plan in which the Company agrees to pay the executive additional benefits in the future, usually at retirement, in return for continued employment by the executive. The SERP is an unfunded plan, and as such, there are no specific assets set aside by the Company in connection with the establishment of the plan. The executive has no rights under the agreement beyond those of a general creditor of the Company. In May 2009 the Company instituted a second Supplemental Executive Retirement Plan to provide to one executive the same type of benefits as are in the original SERP but for which he would not have qualified due to age. This second SERP is also an unfunded plan with no specific assets set aside by the Company in connection with the plan. For the years ended March 31, 2018 , 2017 and 2016 , contributions of $750,669 , $618,013 and $1,796,998 , respectively, were charged to expense related to the SERP. The unfunded liability was $8,258,550 , $8,447,283 and $8,886,195 , as of March 31, 2018 , 2017 and 2016 , respectively. For the three years presented, the unfunded liability was estimated using the following assumptions: an annual salary increase of 3.5% for all 3 years; a discount rate of 6.0% for all 3 years; and a retirement age of 65 . Executive Deferred Compensation Plan The Company has an Executive Deferral Plan. Eligible executives and directors may elect to defer all or a portion of their incentive compensation to be paid under the Executive Deferral Plan. As of March 31, 2018 and 2017 no executive or director had deferred compensation under this plan. Stock Option Plans The Company has a 2002 Stock Option Plan, a 2005 Stock Option Plan, a 2008 Stock Option Plan, a 2011 Stock Option Plan and a 2017 Stock Incentive Plan for the benefit of certain directors, officers, and key employees. Under these plans, a total of 4,950,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Compensation and Stock Option Committee of the Board of Directors. Stock options granted under these plans have a maximum duration of ten years , may be subject to certain vesting requirements, which are generally three to five years for officers, directors, and key employees, and are priced at the market value of the Company's common stock on the grant date of the option. At March 31, 2018 there were a total of 1,258,427 shares available for grant under the plans. 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. The Company has applied the Black-Scholes valuation model in determining the grant date fair value of the stock option awards. Compensation expense is recognized only for those options expected to vest. The weighted-average fair value at the grant date for options issued during the years ended March 31, 2018 , 2017 and 2016 was $39.49 , $22.25 and $10.82 per share, respectively. This fair value was estimated at grant date using the weighted-average assumptions listed below. 2018 2017 2016 Dividend yield 0 % 0 % 0 % Expected volatility 52.97 % 48.90 % 41.41 % Average risk-free interest rate 1.98 % 1.20 % 1.38 % Expected life 5.0 years 5.0 years 5.0 years The expected stock price volatility is based on the historical volatility of the Company’s 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 year ended March 31, 2018 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, beginning of year 860,741 $ 67.28 Granted 58,070 83.33 Exercised (389,888 ) 64.95 Forfeited (16,675 ) 63.73 Expired (14,520 ) 81.08 Options outstanding, end of period 497,728 $ 70.69 5.95 $ 17,227,283 Options exercisable, end of period 297,395 $ 72.22 4.71 $ 9,837,009 The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on March 31, 2018 and the exercise price, multiplied by the number of in-the-money options) that would have been received by option holders had all option holders exercised their options as of March 31, 2018 . This amount will change as the stock's market price changes. The total intrinsic value of options exercised during the periods ended March 31, 2018 , 2017 and 2016 was as follows: 2018 2017 2016 $12,336,156 $661,164 $2,445,011 As of March 31, 2018 , total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $2.5 million , which is expected to be recognized over a weighted-average period of approximately 2.1 years. Restricted Stock During fiscal 2018 , the Company granted 24,456 shares of restricted stock (which are equity classified), to certain executive officers, with a grant date weighted average fair value of $107.52 . One-third of these awards will vest each October 1 over the next three years. During fiscal 2014 and 2013 the Company granted 8,590 and 70,800 Group A performance based restricted stock awards to certain officers. Group A awards vested on April 30, 2015 based on the Company's achievement of the following performance goals as of March 31, 2015: EPS Target Restricted Shares Eligible for Vesting (Percentage of Award) $10.29 100% $9.76 67% $9.26 33% Below $9.26 0% During fiscal 2014 and 2013 the Company granted 56,660 and 443,700 Group B performance based restricted stock awards to certain officers. As of March 31, 2018 no Group B awards remain unforfeited and outstanding. Group B awards would have vested as follows, if the Company achieved the following performance goals during any successive trailing four quarters during the measurement period ending on March 31, 2017: Trailing 4 quarter EPS Target Restricted Shares Eligible for Vesting (Percentage of Award) $13.00 25% $14.50 25% $16.00 25% $18.00 25% During fiscal 2016 the Company determined that the earnings per share targets associated with the Group B stock awards were not achievable during the measurement period which ended on March 31, 2017. Subsequently, the Compensation and Stock Option Committee of the Board of Directors amended the awards allowing 25% of the Group B awards to vest for certain officers. The officers were required to forfeit their remaining Group B shares as a part of the amendment. FASB Topic ASC 718 defines a grant modification as a change in any of the terms or conditions of a stock-based compensation award to include accelerated vesting. The Company determined that since the Group B awards would not have otherwise vested pre-modification, the accelerated vesting qualified as a Type III modification. During the year ended March 31, 2016, the Company released approximately $9.7 million of compensation expense associated with the Group B awards, including $2.9 million related to the Type III modification. Compensation expense 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 recognized compensation expense of $3.1 million , $1.6 million and a net reduction in compensation expense of $8.0 million for the years ended March 31, 2018 , 2017 and 2016 , respectively, which is included as a component of general and administrative expenses in the Company's Consolidated Statements of Operations. As of March 31, 2018 , there was approximately $3.2 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 2.3 years based on current estimates. A summary of the status of the Company’s restricted stock as of March 31, 2018 and changes during the year ended March 31, 2018 , are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2017 111,361 $ 43.11 Granted during the period 24,456 107.52 Vested during the period (60,787 ) 41.38 Forfeited during the period (1,220 ) 51.41 Outstanding at March 31, 2018 73,810 $ 65.74 Total share-based compensation included as a component of net income during the years ended March 31, 2018 , 2017 and 2016 was as follows: 2018 2017 2016 Share-based compensation related to equity classified units: Share-based compensation related to stock options $ 2,353,214 3,490,662 3,965,463 Share-based compensation related to restricted stock 3,081,405 1,604,257 (8,033,213 ) Total share-based compensation related to equity classified awards $ 5,434,619 5,094,919 (4,067,750 ) |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2018 | |
Business Combinations [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 business combinations while all other acquisitions are accounted for as asset purchases. The following table sets forth the acquisition activity of the Company for the years ended March 31, 2018 , 2017 and 2016 : 2018 2017 2016 Number of branches acquired through business combinations 5 14 — Number of asset purchases 34 — 1 Total acquisitions 39 14 1 Purchase price $ 17,574,172 20,836,699 173,628 Tangible assets: Loans receivable, net 15,583,411 16,617,242 92,097 Property and equipment 3,000 86,214 — 15,586,411 16,703,456 92,097 Excess of purchase prices over carrying value of net tangible assets $ 1,987,761 4,133,243 81,531 Customer lists (1) $ 815,518 4,063,243 76,531 Non-compete agreements 205,000 70,000 5,000 Goodwill (1) 967,243 — — (1) On February 28, 2017, the Company completed an acquisition of fourteen branches from Mathes Management Enterprises, Inc. As of March 31, 2017 the accounting related to this acquisition was preliminary as allowed by FASB ASC Topic 805-10-25. During the twelve months ended March 31, 2018 the Company made an adjustment to the fair value of the customer lists and goodwill related to the purchase, which resulted in the Company's recording approximately $1.0 million of goodwill and a corresponding reduction of the amount previously allocated to customer lists. 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. During the year ended March 31, 2018 the Company acquired five branches through three business combinations, as described below. 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. During the year ended March 31, 2018 , the Company recorded 34 acquisitions as asset purchases, as described below. 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 8 months , and that these loans are priced at current rates, management believes the net loan balances approximate their fair value. 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 the fair value. 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 an office 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. In a business combination, the remaining excess of the purchase price over the fair value of the tangible assets, customer lists, and non-compete agreements is allocated to goodwill. On February 15, 2018, the Company completed an acquisition of three branches and nine loan portfolios from Community Finance and Loans, LLC. The acquisition is consistent with the Company's strategy of expansion in areas where demographic profiles and state regulations are attractive. The acquired branches are located in Georgia, and all acquired loan portfolios are located in Georgia and Alabama. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition of the three branches as a business combination and the acquisition of the nine loan portfolios as an asset purchase. In conjunction with the acquisition, the Company allocated the purchase price and intangible assets among the acquired branches (and destination branches in the case of loan portfolios) based on the fair values of their respective acquired assets. The Company recorded no goodwill in its accounting for this acquisition. On October 23, 2017, the Company completed an acquisition of one loan portfolio from 1st Fidelity Loans. The acquisition is consistent with the Company's strategy of expansion in areas where demographic profiles and state regulations are attractive. The acquired loan portfolio is located in the state of Alabama. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition of the loan portfolio as an asset purchase. In conjunction with the acquisition, the Company assigned the entire purchase price and intangible assets to the destination branch. The Company recorded no goodwill in its accounting for this acquisition. On September 8, 2017, the Company completed an acquisition of one branch and fifteen loan portfolios from Sun Loan Company Tennessee, Inc., Sun Loan Company New Mexico #3, Inc., and Sun Loan Company Oklahoma Number 3, Inc. The acquisition is consistent with the Company's strategy of expansion in areas where demographic profiles and state regulations are attractive. The acquired branch is located in Tennessee, and all acquired loan portfolios are located in the states of Tennessee, New Mexico, and Oklahoma. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition of the branch as a business combination and the acquisition of the fifteen loan portfolios as an asset purchase. In conjunction with the acquisition, the Company allocated the purchase price and intangible assets among the acquired branch (and destination branches in the case of loan portfolios) based on the fair values of their respective acquired assets. The Company recorded no goodwill in its accounting for this acquisition. On August 23, 2017, the Company completed an acquisition of one loan portfolio from Alpha Credit of Rockmart LLC. The acquisition is consistent with the Company's strategy of expansion in areas where demographic profiles and state regulations are attractive. The acquired loan portfolio is located in the state of Georgia. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition of the loan portfolio as an asset purchase. In conjunction with the acquisition, the Company assigned the entire purchase price and intangible assets to the destination branch. The Company recorded no goodwill in its accounting for this acquisition. On July 7, 2017, the Company completed an acquisition of one loan portfolio from Sun Loan Company Missouri, Inc. The acquisition is consistent with the Company's strategy of expansion in areas where demographic profiles and state regulations are attractive. The acquired loan portfolio is located in the state of Missouri. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition of the loan portfolio as an asset purchase. In conjunction with the acquisition, the Company assigned the entire purchase price and intangible assets to the destination branch. The Company recorded no goodwill in its accounting for this acquisition. On May 8, 2017, the Company completed an acquisition of two branches and eight loan portfolios from Texan Credit Corporation. The acquisition is consistent with the Company's strategy of expansion in areas where demographic profiles and state regulations are attractive. All acquired branches and loan portfolios are located in the state of Texas. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition of the two branches as a business combination and the acquisition of the eight loan portfolios as an asset purchase. In conjunction with the acquisition, the Company allocated the purchase price and intangible assets among the acquired branches (and destination branches in the case of loan portfolios) based on the fair values of their respective acquired assets. The Company recorded no goodwill in its accounting for this acquisition. The 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. |
Fair Value
Fair Value | 12 Months Ended |
Mar. 31, 2018 | |
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 on a recurring 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 determines 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. Financial assets and liabilities measured at fair value 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 market that are less active. • Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions. The Company’s financial instruments for the periods reported consist of the following: cash and cash equivalents, loans receivable, and senior notes payable. Fair value approximates carrying value for all of these instruments. Loans receivable are originated at prevailing market rates and have an average life of approximately 8 months . Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. The Company also considered its creditworthiness in its determination of fair value. The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: March 31, 2018 March 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Level 1 inputs Cash and cash equivalents $ 32,086,304 $ 32,086,304 $ 15,200,410 $ 15,200,410 Level 3 inputs Loans receivable, net 725,180,728 725,180,728 695,700,589 695,700,589 LIABILITIES Level 3 inputs Senior notes payable 244,900,000 244,900,000 295,136,200 295,136,200 There were no significant assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2018 and 2017 . |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Quarterly Information (Unaudited) The following sets forth selected quarterly operating data: Fiscal 2018 Fiscal 2017 First Second Third Fourth First Second Third Fourth (Dollars in thousands, except for earnings per share data) Total revenues $ 128,910 131,006 136,934 151,858 127,080 129,269 130,815 144,571 Provision for loan losses 30,840 38,976 43,755 17,408 32,014 35,871 39,985 20,702 General and administrative expenses 72,917 70,909 72,886 80,721 62,949 63,456 71,237 70,020 Interest expense 4,247 4,791 5,001 5,052 5,586 5,519 5,274 5,125 Income tax expense 7,838 6,531 13,612 19,534 9,913 8,932 4,679 16,873 Net income $ 13,068 9,799 1,680 29,143 16,618 15,491 9,640 31,851 Earnings per share: Basic $ 1.50 1.12 0.19 3.25 1.91 1.78 1.11 3.67 Diluted $ 1.48 1.10 0.19 3.18 1.89 1.76 1.10 3.64 The Company's highest loan demand occurs generally 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. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results from 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. |
Litigation
Litigation | 12 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation Mexico Investigation As previously disclosed, the Company has retained outside legal counsel and forensic accountants to conduct an investigation of its operations in Mexico, focusing on the legality under the FCPA and certain local laws of certain payments related to loans, the maintenance of the Company’s books and records associated with such payments, and the treatment of compensation matters for certain employees. The investigation continues to address whether and to what extent improper payments, which may violate the FCPA and other local laws, were made approximately between 2010 and 2017 by or on behalf of WAC de México SOFOM, a subsidiary of the Company, to government officials in Mexico relating to loans made to unionized employees. The Company has voluntarily contacted the SEC and the DOJ to advise both agencies that an investigation is underway and that the Company intends to cooperate with both agencies. The SEC has issued a formal order of investigation. A conclusion cannot be drawn at this time as to what potential remedies these agencies may seek. In addition, the Company cannot determine at this time the ultimate effect that the investigation or any remedial measures will have on its operations in Mexico or its decisions with respect thereto. If violations of the FCPA or other local laws occurred, the Company could be subject to fines, civil and criminal penalties, equitable remedies, including profit disgorgement and related interest, and injunctive relief. In addition, any disposition of these matters could adversely impact our ability to collect on outstanding loans and result in further modifications to our business practices and compliance programs, including significant restructuring or curtailment of, or other effects on, our operations in Mexico. Any disposition could also potentially require that a monitor be appointed to review future business practices with the goal of ensuring compliance with the FCPA and other applicable laws. The Company could also face fines, sanctions, and other penalties from authorities in Mexico, as well as third-party claims by shareholders and/or other stakeholders of the Company. In addition, disclosure of the investigation could adversely affect the Company’s reputation and its ability to obtain new business or retain existing business from its current customers and potential customers, to attract and retain employees, and to access the capital markets. If it is determined that a violation of the FCPA has occurred, such violation may give rise to an event of default under the Company’s credit agreement if such violation were to have a material adverse effect on the Company’s business, operations, properties, assets, or condition (financial or otherwise) or if the amount of any settlement, penalties, fines or other payments resulted in the Company failing to satisfy any financial covenants. Additional potential FCPA violations or violations of other laws or regulations may be uncovered through the investigation. In addition to the ultimate liability for disgorgement and related interest, the Company believes that it could be further liable for fines and penalties. The Company is continuing its discussions with the DOJ and SEC regarding the matters under investigation, but the Company cannot reasonably estimate the amount of any fine or penalty that it may have to pay as a part of any possible settlement or assess the potential liability that might be incurred if a settlement is not reached and the government were to litigate the matter. As such, based on the information available at this time, any additional liability related to this matter is not reasonably estimable. The Company will continue to evaluate the amount of its liability pending final resolution of the investigation and any related discussions with the government. CFPB Investigation As previously disclosed, on March 12, 2014, the Company received a CID from the Consumer Financial Protection Bureau CFPB. The stated purpose of the CID is to determine whether the Company has been or is “engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit in violation of Sections 1031 and 1036 of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536, the Truth in Lending Act, 15 U.S.C. §§ 1601, et seq., Regulation Z, 12 C.F.R. pt. 1026, or any other Federal consumer financial law” and “also to determine whether Bureau action to obtain legal or equitable relief would be in the public interest.” The Company responded, within the deadlines specified in the CID, to broad requests for production of documents, answers to interrogatories and written reports related to loans made by the Company and numerous other aspects of the Company’s business. By letter dated January 18, 2018, the CFPB informed the Company that it had concluded its investigation and would not be proceeding with an enforcement action against the Company. See Part I, Item 1, “Business-Government Regulation-Federal Legislation,” for a further discussion of these matters and the federal regulations to which the Company’s operations are subject and Part I, Item 1A,”Risk Factors,” for more information regarding these regulations and related risks. Shareholder Complaints As previously disclosed, on April 22, 2014, a shareholder filed a putative class action complaint, Edna Selan Epstein v. World Acceptance Corporation et al., in the United States District Court for the District of South Carolina (case number 6:14-cv-01606) (the “Edna Epstein Putative Class Action”), against the Company and certain of its current and former officers on behalf of all persons who purchased or otherwise acquired the Company’s common stock between April 25, 2013 and March 12, 2014. Two amended complaints have been filed by the plaintiffs, and several other motions have been filed in the proceedings. The complaint, as currently amended, alleges that (i) the Company made false and misleading statements in various SEC reports and other public statements in violation of federal securities laws preceding the Company’s disclosure in a Form 8-K filed March 13, 2014 that it had received the above-referenced CID from the CFPB, (ii) the Company’s loan growth and volume figures were inflated because of a weakness in the Company’s internal controls relating to its accounting treatment of certain small-dollar loan re-financings, and (iii) additional allegations regarding, among other things, the Company’s receipt of a Notice and Opportunity to Respond and Advise letter from the CFPB on August 7, 2015. The complaint seeks class certification for a class consisting of all persons who purchased or otherwise acquired the Company’s common stock between January 30, 2013 and August 10, 2015, unspecified monetary damages, costs and attorneys’ fees. The Company denied that the claims had any merit and opposed certification of the proposed class. On June 7, 2017, during a court-ordered mediation, the parties reached an agreement in principle to settle the Edna Epstein Putative Class Action. The parties’ stipulation setting forth the terms of the settlement was filed with the court on August 25, 2017. The settlement stipulation provides for a settlement payment to the class of $16 million, all of which has been funded by the Company’s directors and officers (D&O) liability insurance carriers. The court entered an order preliminarily approving the settlement on August 31, 2017. On December 18, 2017, the court entered a final order and judgment approving the settlement. The court’s order approving the settlement resolves the claim asserted against all defendants in the action. Neither the Company nor any of its present or former officers have admitted any wrongdoing or liability in connection with the settlement. As previously disclosed, on July 15, 2015, a shareholder filed a putative derivative complaint, Irwin J. Lipton, et al. v. McLean, et al., in the United States District Court for the District of South Carolina (case number 6:15-cv-02796-MGL) (the “Lipton Derivative Action”), on behalf of the Company against certain of our current and former officers and directors. On September 21, 2015, another shareholder filed a putative derivative complaint, Paul Parshall, et al. v. McLean, et al., in the United States District Court for the District of South Carolina (case number 6:15-cv-03779-MGL) (the “Parshall Derivative Action”), asserting substantially similar claims on behalf of the Company against certain of our current and former officers and directors. On October 14, 2015, the Court entered an order consolidating the Lipton Derivative Action and the Parshall Derivative Action as In re World Acceptance Corp. Derivative Litigation (Lead Case No. 6:15-cv-02796-MGL). The plaintiffs subsequently filed an amended complaint, and the amended consolidated complaint alleges, among other things: (i) that the defendants breached their fiduciary duties by disseminating false and misleading information to the Company’s shareholders regarding the Company’s loan growth, loan renewals, allowances for loan losses, revenue sources, revenue growth, compliance with U.S. generally accepted accounting principles ("GAAP"), and the sufficiency of the Company’s internal controls and accounting procedures; (ii) that the defendants breached their fiduciary duties by failing to ensure that the Company maintained adequate internal controls; (iii) that the defendants breached their fiduciary duties by failing to exercise prudent oversight and supervision of the Company’s officers and other employees to ensure conformity with all applicable laws and regulations; (iv) that the defendants were unjustly enriched as a result of the compensation they received while allegedly breaching their fiduciary duties owed to the Company; (v) that the defendants wasted corporate assets by paying excessive compensation to certain of the Company’s executive officers, awarding self-interested stock options to certain of the Company’s officers and directors, incurring legal liability and legal costs to defend the defendants’ unlawful actions, and authorizing the repurchase of Company stock at artificially inflated prices; (vi) that certain of the defendants breached their fiduciary duty to the Company by selling shares of the Company’s stock at artificially inflated prices while in the possession of material, nonpublic information regarding the Company’s financial condition; (vii) that the defendants violated Section 10(b) of the Securities Exchange Act of 1934 by making false and misleading statements regarding the Company’s practices regarding loan renewals, loan modifications, and accounting for loans; (viii) that the defendants violated Section 14(a) of the Securities Exchange Act of 1934 by failing to disclose alleged material facts in the Company’s 2014 and 2015 proxy statements; and (ix) allegations similar to those made in connection with the Edna Epstein Putative Class Action described above. The consolidated complaint seeks, among other things, unspecified monetary damages and an order directing the Company to take steps to reform and improve its corporate governance and internal procedures to comply with applicable laws and to protect the Company and its shareholders from future wrongdoing such as that described in the consolidated complaint. On February 28, 2017, the Court entered an order dismissing the derivative litigation. The plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Fourth Circuit on March 27, 2017. On June 14, 2017, following mediation, the parties reached an agreement in principle to settle the derivative litigation. The parties’ stipulation setting forth the terms of the settlement was filed with the court on August 4, 2017. The settlement stipulation provides that the Company will adopt certain corporate governance practices and pay plaintiffs’ attorney’s fees and expenses in an amount approved by the court not to exceed $475,000, which fees and expenses will be funded by the Company’s directors and officers (D&O) liability insurance carriers. The court entered an order preliminarily approving the settlement on August 24, 2017. On November 7, 2017, the court entered a final order and judgment approving the settlement and awarding plaintiffs’ attorney’s fees and expenses in the amount of $475,000. The court’s order approving the settlement resolves the claims asserted against all defendants in the action. Neither the Company nor any of its present or former directors and officers have admitted any wrongdoing or liability in connection with the settlement. General In addition, from time to time the Company is involved in routine litigation matters relating to claims arising out of its operations in the normal course of business, including matters in which damages in various amounts are claimed. 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. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from, the matters described above. Based on information currently available, the Company does not believe that any reasonably possible losses arising from currently pending legal matters will be material to the Company’s results of operations or financial conditions. However, in light of the inherent uncertainties involved in such matters, 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. |
Segments Segment (Notes)
Segments Segment (Notes) | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | Segments The Company evaluates segment reporting in accordance with FASB ASC 280, Segment Reporting each reporting period, including evaluating the reporting package reviewed by the Chief Operation Decision Maker (“CODM”). The Company has concluded the Chief Executive Officer qualifies as the CODM. Management believes there are four possible approaches to consider when determining the Company’s operating segments: by nationality, by division, by business line, and by function. In all, these approaches present a total of 13 unique entity components. Of the 13 unique entity components, Management has determined that only the U.S. and Mexico components meet the tests in ASC 280-10-50-1 to be classified as operating segments. The U.S. component is housed within the Nationality approach while the Mexico component is shared by the Nationality and Division approaches. At March 31, 2018 only the U.S. operating segment meets one or more of the quantitative thresholds that trigger separately disclosed reporting. However, Management believes separately disclosed information about the Mexico operating segment would be useful to readers of the financial statements. Therefore, the Company has two reportable segments, which are the U.S. and Mexico components. The following table presents operating results for the Company’s two reportable segments: For the Year Ended March 31, 2018 2017 2016 Revenues: U.S. $ 502,668,332 490,821,420 515,300,873 Mexico 46,037,802 40,913,304 42,174,834 Consolidated revenues 548,706,134 531,734,724 557,475,707 Provision for loan losses: U.S. $ 117,620,140 119,095,712 114,427,629 Mexico 13,358,989 9,476,450 9,170,689 Consolidated provision for loan losses 130,979,129 128,572,162 123,598,318 General and administrative expenses: (1) U.S. $ 269,107,669 244,273,626 241,701,490 Mexico 28,325,196 23,387,597 27,438,185 Consolidated general and administrative expenses 297,432,865 267,661,223 269,139,675 Interest expense: (2) U.S. $ 19,089,635 21,504,208 26,849,250 Mexico — — — Consolidated interest expense 19,089,635 21,504,208 26,849,250 Income tax expense (benefit): U.S. $ 47,757,808 38,157,492 48,978,587 Mexico (243,321 ) 2,239,345 1,514,320 Consolidated income tax expense (benefit) 47,514,487 40,396,837 50,492,907 Net income: U.S. $ 49,093,080 67,790,382 83,343,917 Mexico 4,596,938 5,809,912 4,051,640 Consolidated net income 53,690,018 73,600,294 87,395,557 (1) In accordance with transfer pricing agreements between the segments, the Mexico segment reimburses the U.S. segment for personnel-related and other administrative costs incurred by the U.S. for the benefit of Mexico. For fiscal years 2018 , 2017 , and 2016 these charges totaled $1.0 million ($5.3 million in charges net of approximately $4.3 million of expense related to the investigation into the Company's Mexico operations), $0.4 million ($1.5 million in charges net of approximately $1.1 million of expense reversal related to the retirement of the previous Senior Vice President of Mexico), and $2.7 million , respectively. (2) In accordance with the Company's revolving credit facility, substantially all of the Company’s assets, excluding the Company’s Mexico subsidiaries, are pledged as collateral. Any working capital contributions made by the U.S. to Mexico are treated as contributions of capital. Therefore, the Mexico segment incurs no interest expense. The following table presents long-lived assets (other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets) for the Company’s two reportable segments: March 31, 2018 2017 Total long-lived assets U.S. $ 22,785,951 20,724,777 Mexico 2,805,467 3,459,430 Consolidated total assets 25,591,418 24,184,207 The following table presents total assets for the Company’s two reportable segments: March 31, 2018 2017 Total assets U.S. $ 761,511,639 730,985,558 Mexico 79,475,398 69,603,217 Consolidated total assets 840,987,037 800,588,775 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Mar. 31, 2018 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events Twelfth Amendment to Amended and Restated Revolving Credit Facility On June 1, 2018, the Company entered into a twelfth amendment (the “Twelfth Amendment”) to the Amended and Restated Revolving Credit Agreement, originally dated as of September 17, 2010 (as cumulatively amended, the “Revolving Credit Agreement”), among the Company, the lenders named therein, and Wells Fargo Bank, National Association, as successor Administrative Agent and successor Collateral Agent. The Twelfth Amendment amends the Revolving Credit Agreement to, among other things: (i) extend the maturity date under the Revolving Credit Agreement from June 15, 2019 to June 15, 2020; (ii) require the use of deposit account control agreements in favor of the administrative agent in certain circumstances; and (iii) require quarterly reports updating the schedule showing the Company’s deposit accounts. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations The Company is a small-dollar consumer finance (installment loan) 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. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2018 , the Company operated 1,177 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. Branches in the aforementioned states operate under one of the following names: Amicable Finance, Capitol Loans, Colonial Finance, Freeman Finance, General Credit, Local Loans, Midwestern Financial, Midwestern Loans, Personal Credit, People's Finance, World Acceptance, or World Finance. The Company also operated 131 branches in Mexico. Branches in Mexico operate under the name Pr é stamos Avance or Pr é stamos Viva. The Company is subject to numerous lending regulations that vary by jurisdiction. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of World Acceptance Corporation and its wholly-owned subsidiaries (the “Company”). Subsidiaries consist of operating entities in various states and Mexico, ParaData Financial Systems (a software company acquired during fiscal 1994), WAC Insurance Company, Ltd. (a captive reinsurance company established in fiscal 1994) and Servicios World Acceptance Corporation de Mexico (a service company established in fiscal 2006). All significant inter-company balances and transactions have been eliminated in consolidation. The financial statements of the Company’s foreign subsidiaries in Mexico are prepared using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars at the current exchange rate while income and expense are translated at an average exchange rate for the period. The resulting translation gains and losses are recognized as a component of equity in “ Accumulated Other Comprehensive Loss, net .” |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The most significant item subject to such estimates and assumptions that could materially change in the near term is the allowance for loan losses. |
Reclassifications [Text Block] | Reclassification Certain prior period amounts have been reclassified to conform to the current presentation. Such reclassifications had no impact on previously reported net income or shareholders' equity. |
Business Segments | Business Segments The Company reports operating segments in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items. The Company has two reportable segments, which are the U.S. and Mexico operating segments. The other revenue generating activities of the Company, including the sale of insurance products, income tax preparation, and the automobile club, are done within the existing branch network in conjunction with or as a complement to the lending operations. There is no discrete financial information available for these activities, and they do not meet the criteria under FASB ASC Topic 280 to be considered operating segments. At March 31, 2018 and 2017 , the Company's Mexico operations accounted for approximately 9.5% and 8.7% of total consolidated assets, respectively. Total revenues for the years ended March 31, 2018 , 2017 and 2016 were $46.0 million , $40.9 million , $42.2 million , respectively, which represented 8.4% , 7.7% , and 7.6% of consolidated revenues, respectively. For additional financial information regarding the results of our two reportable segments for each of the last three fiscal years, refer to Note 17—Segments in Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less from the date of original issuance to be cash equivalents. As of March 31, 2018 and 2017 the Company had $5.5 million and $3.9 million , respectively, in restricted cash associated with its captive insurance subsidiary that reinsures a portion of the credit insurance sold in connection with loans made by the Company. |
Loans and Interest Income | Loans and Interest and Fee Income The Company is licensed to originate consumer loans in the states of South Carolina, Georgia, Texas, Oklahoma, Louisiana, Tennessee, Illinois, Missouri, New Mexico, Kentucky, Alabama, Wisconsin, Indiana, Mississippi and Idaho. In addition, the Company also originates consumer loans in Mexico. During fiscal 2018 , 2017 and 2016 the Company originated loans generally ranging up to $4,000 , with terms of 42 months or fewer. Experience indicates that a majority of the consumer loans are refinanced, and the Company accounts for the majority of the refinancings as new loans. Generally a customer must make multiple payments in order to qualify for refinancing. Furthermore, the Company's lending policy has predetermined lending amounts so that in most cases a refinancing will result in advancing additional funds. The Company believes that the advancement of additional funds constitutes more than a minor modification to the terms of the existing loan if the present value of the cash flows under the terms of the new loan will be 10% or more of the present value of the remaining cash flows under the terms of the original loan. Gross loans receivable at March 31, 2018 and 2017 consisted of the following: 2018 2017 Small loans (U.S.) $ 670,189,211 630,802,614 Large loans (U.S.) 334,041,731 312,458,275 Sales finance loans (U.S.) (1) 2,217 54,247 Payroll deduct "Viva" loans (Mexico) (2) 49,952,025 69,087,314 Traditional installment loans (Mexico) 50,929,608 47,401,682 Total gross loans $ 1,105,114,792 1,059,804,132 _______________________________________________________ (1) The Company decided to wind down the World Class Buying Club program during the third quarter of fiscal 2015. As of March 31, 2015, the Company is no longer financing the purchase of products through the program; however, the Company will continue to service the outstanding retail installment sales contracts. (2) The Company stopped originations of this loan product in fiscal 2018. 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. Loans 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 loan losses. The Company recognizes interest and fee income using the interest method. Charges for late payments are credited to income when collected. The Company generally offers its loans at the prevailing statutory rates for terms generally not to exceed 42 months . Management believes that the carrying value approximates the fair value of its loan portfolio. |
Nonaccrual Policy | Nonaccrual Policy 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. |
Allowance for Loan Losses | Allowance for Loan Losses The Company maintains an allowance for loan losses in an amount that, in management's opinion, is adequate to provide for incurred losses inherent in the existing loan portfolio. The Company charges against current earnings, as a provision for loan losses, amounts added to the allowance to maintain it at levels expected to cover probable incurred losses of principal. When establishing the allowance for loan losses, the Company takes into consideration the growth of the loan portfolio, current levels of charge-offs, current levels of delinquencies, and current economic factors. The Company uses a mathematical calculation to determine the initial allowance at the end of each reporting period. The calculation originated as management's estimate of future charge-offs and is used to allocate expenses to the branch level. There are two components when calculating the allowance for loan losses, which the Company refers to as the general reserve and the specific reserve. This calculation is a starting point and over time, and as needed, additional provisions have been added as determined by management to make the allowance adequate. The general reserve is 4.25% of the gross loan portfolio. The specific reserve represents 100% of the gross loan balance of all loans 91 days or more days past due (151 days or more past due for payroll deduct loans) on a recency basis, including bankrupt accounts in that category. This methodology is based on historical data showing that the collection of loans 91 days or more past due and bankrupt accounts is remote. A process is then performed to determine the adequacy of the allowance for loan losses, which considers trends in current levels of delinquencies, charge-off levels, and economic trends (such as energy and food prices). The primary tool used is the movement model (on a contractual and recency basis) which considers the rolling twelve months of delinquency to determine expected charge-offs. The sum of expected charge-offs, determined from the movement model (on a contractual and recency basis) plus the amount of delinquent refinancings is compared to the allowance resulting from the mathematical calculation to determine if any adjustments are needed to make the allowance adequate. Management would also determine if any adjustments are needed if the consolidated annual provision for loan losses is less than total charge-offs. Management uses a precision level of 5% of the allowance for loan losses compared to the aforementioned movement model when determining if any adjustments are needed. The Company's policy is to charge off loans at the earlier of when such loans are deemed to be uncollectible or when six months have elapsed since the date of the last full contractual payment. The Company's charge-off policy has been consistently applied and no changes have been made during the periods reported. The Company's historical annual charge-off rate (net charge-offs as a percentage of average net loans receivable) for the past 10 years has ranged from 12.9% to 16.7% of net loans. Management considers the charge-off policy when evaluating the appropriateness of the allowance for loan losses. FASB ASC Topic 310-30 prohibits carryover or creation of valuation allowances in the initial accounting of all loans acquired in a transfer that are within the scope of this authoritative literature. The Company believes that loans acquired since the adoption of FASB ASC Topic 310-30 have not shown evidence of deterioration of credit quality since origination, and therefore, are not within the scope of FASB ASC Topic 310-30. |
Impaired Loans | Impaired Loans The Company defines impaired loans as bankrupt accounts and accounts 91 days or more past due (151 days or more past due for payroll deduct loans). In accordance with the Company’s charge-off policy, once a loan is deemed uncollectible, 100% of the net investment is charged off, except in the case of a borrower who has filed for bankruptcy. As of March 31, 2018 , bankrupt accounts that had not been charged off were approximately $5.9 million . Bankrupt accounts 91 days or more past due are reserved at 100% of the gross loan balance. The Company also considers accounts 91 days or more past due (151 days or more past due for payroll deduct loans) as impaired, and the accounts are reserved at 100% of the gross loan balance. Delinquency is the primary credit quality indicator used to determine the credit quality of the Company's receivables (additional requirements from ASC 310-10 are disclosed in Note 2). |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful life of the related asset as follows: buildings, 25 to 40 years ; furniture and fixtures, 5 to 10 years; equipment, 3 to 7 years; and vehicles, 3 years. Amortization of leasehold improvements is recorded using the straight-line method over the lesser of the estimated useful life of the asset or the term of the lease. Additions to premises and equipment and major replacements or improvements are added at cost. Maintenance, repairs, and minor replacements are charged to operating expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statement of operations. |
Operating Leases | Operating Leases The Company’s branch leases typically have a lease term of three to five years and contain lessee renewal options and cancellation clauses in the event of regulatory changes. The Company typically renews its leases for one or more option periods. Accordingly, the Company amortizes its leasehold improvements over the shorter of their economic lives, which are generally five years , or the lease term that considers renewal periods that are reasonably assured. |
Other Assets | Other Assets Other assets include cash surrender value of life insurance policies, prepaid expenses, debt issuance costs and other deposits. |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets include the cost of acquiring existing customers ("customer lists"), and the fair value assigned to non-compete agreements. Customer lists are amortized on a straight line or accelerated basis over their estimated period of benefit, ranging from 8 to 23.0 years with a weighted average of approximately 12.9 years . Non-compete agreements are amortized on a straight line basis over the term of the agreement, ranging from 3 to 5.3 years with a weighted average of approximately 4.6 years . 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. Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates the fair value. The fair value of the customer lists is based on a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists. In a business combination, the remaining excess of the purchase price over the fair value of the tangible assets, customer list, and non-compete agreements is allocated to goodwill. The branches the Company acquires are small, privately-owned branches, which do not have sufficient historical data to determine customer attrition. The Company believes that the customers acquired have the same characteristics and perform similarly to its customers. Therefore, the Company utilized the attrition patterns of its customers when developing the estimate of attrition for acquired customers. This estimation method is re-evaluated periodically. The Company evaluates goodwill annually for impairment in the fourth quarter of the fiscal year using the market value-based approach. The Company has two reporting units (U.S. and Mexico), and the Company has multiple components, the lowest level of which is individual branches. The Company’s components are aggregated for impairment testing because they have similar economic characteristics. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses impairment of long-lived assets, including property and equipment and intangible assets, whenever changes or events indicate that the carrying amount may not be recoverable. The Company assesses impairment of these assets generally at the branch level based on the operating cash flows of the branch and the Company’s plans for branch closings. The Company will write down such assets to fair value if, based on an analysis, the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The Company did not record any impairment charges for the fiscal year ended 2018 , 2017 , or 2016 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC Topic 825 requires disclosures about the fair value of all financial instruments, regardless of whether the financial instrument is recognized on the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. The Company’s financial instruments for the periods reported consist of the following: cash and cash equivalents, loans receivable and senior notes payable. Fair value approximates carrying value for all of these instruments. Loans receivable are originated at prevailing market rates and have an average life of approximately 8 months . Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s revolving credit facility has a variable rate based on a margin over LIBOR and reprices with any changes in LIBOR. |
Insurance Premiums | Insurance Premiums and Commissions Insurance premiums for credit life, accident and health, property and unemployment insurance written in connection with certain loans, net of refunds and applicable advance insurance commissions retained by the Company, are remitted monthly to an insurance company. All commissions are credited to unearned insurance commissions and recognized as income over the life of the related insurance contracts. The Company recognizes insurance income using the Rule of 78s method for credit life (decreasing term), credit accident and health, unemployment insurance and the Pro Rata method for credit life (level term) and credit property. |
Non-filing Insurance | Non-filing Insurance Non-filing insurance premiums are charged on certain loans in lieu of recording and perfecting the Company's security interest in the assets pledged. The premiums and recoveries are remitted to a third party insurance company and are not reflected in the accompanying Consolidated Financial Statements (See Note 8). Claims paid by the third party insurance company result in a reduction to loan losses. Certain losses related to such loans, which are not recoverable through life, accident and health, property, or unemployment insurance claims are reimbursed through non-filing insurance claims subject to policy limitations. Any remaining losses are charged to the allowance for loan losses. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment related to additional facts and circumstances occurs. |
Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) is computed in accordance with FASB ASC Topic 260. Basic EPS includes no dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of securities that could share in the earnings of the Company. Potential common stock included in the diluted EPS computation consists of stock options and restricted stock, which are computed using the treasury stock method. See Note 11 for the reconciliation of the numerators and denominators for basic and dilutive EPS calculations. |
Stock-Based Compensation | Stock-Based Compensation FASB ASC Topic 718-10 requires companies to recognize in the income statement the grant-date fair value of stock options and other equity-based compensation issued to employees. FASB ASC Topic 718-10 does not change the accounting guidance for share-based payment transactions with parties other than employees provided in FASB ASC Topic 718-10. Under FASB ASC Topic 718-10, the way an award is classified will affect the measurement of compensation cost. Liability-classified awards are remeasured to fair value at each balance-sheet date until the award is settled. Equity-classified awards are measured at grant-date fair value, amortized over the subsequent vesting period, and are not subsequently remeasured. The fair value of non-vested stock awards for the purposes of recognizing stock-based compensation expense is the market price of the stock on the grant date. The fair value of options is estimated on the grant date using the Black-Scholes option pricing model (see Note 12). At March 31, 2018 , the Company had several share-based employee compensation plans, which are described more fully in Note 12. |
Treasury Stock [Text Block] | Share Repurchases On March 10, 2015, the Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock. As of March 31, 2018 , the Company had $1.9 million in aggregate remaining repurchase capacity under the March 10, 2015 repurchase authorization. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements and other market and economic conditions. Although the repurchase authorization above has no stated expiration date, the Company’s stock repurchase program may be suspended or discontinued at any time. The Company has not repurchased any shares of its common stock since the first quarter of fiscal 2018. At the time of this filing, it is uncertain if or when the Company will recommence share repurchases. The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. However, our amended credit facility limits share repurchases to 50% of consolidated adjusted net income in any fiscal year commencing with the fiscal year ending March 31, 2017. Our first priority is to ensure we have enough capital to fund loan growth. To the extent we have excess capital, we may resume repurchasing stock, if appropriate and as authorized by our Board of Directors. As of March 31, 2018 our debt outstanding was $244.9 million and our shareholders' equity was $541.1 million resulting in a debt-to-equity ratio of 0.5 :1.0. We will continue to monitor our debt-to-equity ratio and are committed to maintaining a debt level that will allow us to continue to execute our business objectives, while not putting undue stress on our consolidated balance sheet. |
Comprehensive Income | Comprehensive Income Total comprehensive income consists of net income and other comprehensive income (loss). The Company’s other comprehensive income (loss) and accumulated other comprehensive income (loss) are composed of foreign currency translation adjustments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk The Company generally serves individuals with limited access to other sources of consumer credit such as banks, credit unions, other consumer finance businesses and credit card lenders. During the year ended March 31, 2018 , the Company operated in fifteen states in the United States as well as in Mexico. For the years ended March 31, 2018 , 2017 and 2016 , total revenue within the Company's four largest states ( Texas , Georgia , Tennessee , and South Carolina ) accounted for approximately 53% , 53% and 53% , respectively, of the Company's total revenues. The Company maintains amounts in bank accounts which, at times, may exceed federally insured limits. The Company has not experienced losses in such accounts, which are maintained with large domestic banks. Management believes the Company’s exposure to credit risk is minimal for these accounts. |
Advertising Costs | Advertising Costs Advertising costs are expensed when incurred. Advertising costs were approximately $22.3 million , $17.9 million and $16.9 million for fiscal years 2018 , 2017 and 2016 , respectively. |
New Accounting Pronouncements Adopted | Scope of Modification Accounting In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting. The amendments in this Update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. According to ASU No. 2017-09 an entity should account for the effects of a modification unless all the following are met: 1. The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified. 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We have completed our evaluation and determined that the adoption of ASU 2017-09 will not have a material impact on our consolidated financial statements. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU No. 2017-04 eliminates Step 2 from the goodwill impairment test. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU No. 2017-04 also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. The amendments in this Update are effective for public entities who are SEC filers for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses. The amendment seeks to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. The adoption of this ASU could have a material impact on the provision for loan losses in the consolidated statements of operations and allowance for loan losses in the consolidated balance sheets. Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing In April 2016, the FASB issued ASU No. 2016-10, Identifying Performance Obligations and Licensing. The amendments clarify the following two aspects of Topic 606: (a) identifying performance obligations; and (b) the licensing implementation guidance. The amendments do not change the core principle of the guidance in Topic 606. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in Topic 606. Public entities should apply the amendments for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein. Early application for public entities is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We have completed our evaluation and concluded that the adoption of ASU 2016-10 will not have a material impact on our consolidated financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU will require lessees to recognize assets and liabilities on leases with terms greater than 12 months and to disclose information related to the amount, timing and uncertainty of cash flows arising from leases, including various qualitative and quantitative requirements. The amendments of this ASU become effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. We are currently evaluating the impact the adoption of this guidance will have on our consolidated financial statements. We expect the standard to have an impact on our assets and liabilities for the addition of right-of-use assets and lease liabilities, but we do not expect it to have a material impact to our results of operations or liquidity. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, which updates certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 will be effective for the Company beginning in its first quarter of 2019 and early adoption is not permitted. We have completed our evaluation and determined that the adoption of ASU 2016-01 will not have a material impact on our consolidated financial statements. Revenue from Contracts with Customers In May 2014 the FASB issued ASU No. 2014-09, which supersedes the revenue recognition requirements Topic 605 (Revenue Recognition), and most industry-specific guidance. ASU No. 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09, as amended by ASU 2015-14 and ASU 2016-20, is effective for fiscal years, and interim periods, beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. We have evaluated revenue from contracts with customers and have concluded that the new standard will not have a material impact on the Company's consolidated financial statements. We adopted this new guidance on its effective date, April 1 2018, using the modified retrospective method whereas prior periods are not restated. 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 as a result of future adoption. |
Allowance for Loan Losses and28
Allowance for Loan Losses and Credit Quality Indicators (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Summary of changes in the allowance for loan losses | The following is a summary of the changes in the allowance for loan losses for the years ended March 31, 2018 , 2017 , and 2016 : 2018 2017 2016 Balance at beginning of period $ 72,194,892 69,565,804 70,437,988 Provision for loan losses 130,979,129 128,572,162 123,598,318 Loan losses (138,808,839 ) (141,878,119 ) (141,758,366 ) Recoveries 16,047,215 16,519,929 18,196,110 Translation adjustment 413,331 (584,884 ) (908,246 ) Balance at end of period $ 80,825,728 72,194,892 69,565,804 |
Summary of loans individually and collectively evaluated for impairment | The following is a summary of loans individually and collectively evaluated for impairment for the periods indicated: March 31, 2018 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,627,599 — 4,627,599 Gross loans contractually delinquent 66,124,368 — 66,124,368 Loans not contractually delinquent and not in bankruptcy — 1,034,362,825 1,034,362,825 Gross loan balance 70,751,967 1,034,362,825 1,105,114,792 Unearned interest and fees (19,420,354 ) (279,687,982 ) (299,108,336 ) Net loans 51,331,613 754,674,843 806,006,456 Allowance for loan losses (46,900,686 ) (33,925,042 ) (80,825,728 ) Loans, net of allowance for loan losses $ 4,430,927 720,749,801 725,180,728 March 31, 2017 Loans individually Loans collectively Total Gross loans in bankruptcy, excluding contractually delinquent $ 4,903,728 — 4,903,728 Gross loans contractually delinquent 54,310,791 — 54,310,791 Loans not contractually delinquent and not in bankruptcy — 1,000,589,613 1,000,589,613 Gross loan balance 59,214,519 1,000,589,613 1,059,804,132 Unearned interest and fees (15,336,248 ) (276,572,403 ) (291,908,651 ) Net loans 43,878,271 724,017,210 767,895,481 Allowance for loan losses (39,182,951 ) (33,011,941 ) (72,194,892 ) Loans, net of allowance for loan losses $ 4,695,320 691,005,269 695,700,589 |
Assessment of the credit quality | The following is an assessment of the credit quality for the fiscal years indicated: March 31, March 31, Credit risk Consumer loans- non-bankrupt accounts $ 1,099,180,684 1,053,769,654 Consumer loans- bankrupt accounts 5,934,108 6,034,478 Total gross loans $ 1,105,114,792 1,059,804,132 Consumer credit exposure Credit risk profile based on payment activity, performing $ 1,007,372,253 977,171,570 Contractual non-performing, 61 days or more delinquent (1) 97,742,539 82,632,562 Total gross loans $ 1,105,114,792 1,059,804,132 Credit risk profile based on customer type New borrower $ 160,791,141 168,656,845 Former borrower 115,141,944 108,100,688 Refinance 811,726,005 765,373,325 Delinquent refinance 17,455,702 17,673,274 Total gross loans $ 1,105,114,792 1,059,804,132 |
Summary of the past due receivables | The following is a summary of the past due receivables as of: March 31, March 31, March 31, Contractual basis: 30-60 days past due $ 36,372,504 35,527,103 40,094,824 61-90 days past due 27,907,869 25,823,757 27,082,385 91 days or more past due 69,834,670 56,808,805 48,495,405 Total $ 134,115,043 118,159,665 115,672,614 Percentage of period-end gross loans receivable 12.1 % 11.1 % 10.8 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of: March 31, 2018 March 31, 2017 Land $ 576,977 576,977 Building and leasehold improvements 23,281,882 21,410,067 Furniture and equipment 48,733,632 44,377,741 72,592,491 66,364,785 Less accumulated depreciation and amortization (47,001,073 ) (42,180,578 ) Total $ 25,591,418 24,184,207 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Gross carrying amount and related accumulated amortization of definite-lived intangible assets | The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets: March 31, 2018 March 31, 2017 Gross Carrying Amount Accumulated Amortization Net Intangible Asset Gross Carrying Amount Accumulated Amortization Net Intangible Asset Cost of customer lists $ 27,494,510 (21,098,875 ) 6,395,635 $ 26,678,992 (20,161,116 ) 6,517,876 Value assigned to non-compete agreements 8,629,643 (8,380,977 ) 248,666 8,424,644 (8,328,338 ) 96,306 Total $ 36,124,153 (29,479,852 ) 6,644,301 $ 35,103,636 (28,489,454 ) 6,614,182 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Goodwill [Abstract] | |
Changes in the carrying amount of goodwill | The following summarizes the changes in the carrying amount of goodwill for the years ended March 31, 2018 and 2017 : 2018 2017 Balance at beginning of year: Goodwill $ 6,146,851 6,146,851 Accumulated goodwill impairment losses (79,631 ) (25,393 ) Goodwill, net $ 6,067,220 6,121,458 Goodwill acquired during the year (1) $ 967,243 — Impairment losses — (54,238 ) Balance at end of year: Goodwill $ 7,114,094 6,146,851 Accumulated goodwill impairment losses (79,631 ) (79,631 ) Goodwill, net $ 7,034,463 6,067,220 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Aggregate annual maturities of the notes payable | As of March 31, 2018 , the aggregate annual maturities of the notes payable for each of the five fiscal years subsequent to March 31, 2018 were as follows: 2019 $ — 2020 244,900,000 2021 — 2022 — 2023 — Total future debt payments $ 244,900,000 |
Insurance Commissions and Oth33
Insurance Commissions and Other Income (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Insurance Commissions and other income [Abstract] | |
Insurance Commissions and Other Income | Insurance and other income for the years ending March 31, 2018 , 2017 and 2016 consist of: 2018 2017 2016 Insurance revenue $ 41,959,092 40,848,245 43,346,884 Tax return preparation revenue 16,801,909 14,695,633 11,920,669 Auto club membership revenue 3,373,023 2,515,282 2,516,634 World Class Buying Club revenue — 136 1,410 Net loss on sale of loans receivable — — (1,572,536 ) Other 4,837,833 4,916,166 6,129,210 Insurance and other income $ 66,971,857 62,975,462 62,342,271 |
Non-filing Insurance (Tables)
Non-filing Insurance (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Non-file Insurance [Abstract] | |
Non-filing Insurance | The Company maintains non-filing insurance coverage with an unaffiliated insurance company. The following is a summary of the non-filing insurance activity for the years ended March 31, 2018 , 2017 and 2016 : 2018 2017 2016 Insurance premiums written $ 5,987,538 5,673,653 6,197,928 Recoveries on claims paid $ 1,093,396 1,165,092 1,125,524 Claims paid $ 6,540,136 6,312,511 6,884,185 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Schedule of future minimum rental payments for operating leases | The future minimum lease payments under noncancelable operating leases as of March 31, 2018 , are as follows: 2019 $ 25,915,335 2020 16,842,025 2021 8,318,381 2022 2,564,790 2023 1,069,186 Thereafter 36,421 Total future minimum lease payments $ 54,746,138 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income tax expense (benefit) | Income tax expense (benefit) consists of: Current Deferred Total Year ended March 31, 2018 U.S. Federal $ 32,398,898 12,073,220 44,472,118 State and local 3,191,525 94,165 3,285,690 Foreign 3,138,632 (3,381,953 ) (243,321 ) $ 38,729,055 8,785,432 47,514,487 Year ended March 31, 2017 U.S. Federal $ 34,930,677 (14,658 ) 34,916,019 State and local 3,215,621 25,852 3,241,473 Foreign 3,144,625 (905,280 ) 2,239,345 $ 41,290,923 (894,086 ) 40,396,837 Year ended March 31, 2016 U.S. Federal $ 44,781,123 (839,117 ) 43,942,006 State and local 4,866,596 169,985 5,036,581 Foreign 1,630,565 (116,245 ) 1,514,320 $ 51,278,284 (785,377 ) 50,492,907 |
Income tax expense reconciliation to U.S federal income tax rate to pretax income | Income tax expense was $47.5 million , $40.4 million and $50.5 million , for the years ended March 31, 2018 , 2017 and 2016 , respectively, and differed from the amounts computed by applying the U.S. federal income tax rate of 31.55% for fiscal 2018 and 35% for fiscal years 2017 and 2016 to pretax income from continuing operations as a result of the following: 2018 2017 2016 Expected income tax $ 31,930,021 39,898,996 48,260,962 Increase (reduction) in income taxes resulting from: State tax, net of federal benefit 2,249,055 2,106,957 3,273,778 Revalue deferred tax assets and liabilities 10,516,827 — — Foreign transition tax 4,854,640 — — Uncertain tax positions (340,993 ) (1,015,222 ) 1,624,865 State tax adjustment for amended returns — 238,301 (370,659 ) Foreign income adjustments 5,483 (332,023 ) (257,873 ) Other, net (1,700,546 ) (500,172 ) (2,038,166 ) $ 47,514,487 40,396,837 50,492,907 |
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2018 and 2017 are presented below: 2018 2017 Deferred tax assets: Allowance for loan losses $ 24,177,241 28,125,727 Unearned insurance commissions 8,711,298 12,419,811 Accrued expenses primarily related to employee benefits 8,470,247 15,849,041 Reserve for uncollectible interest 795,259 1,125,188 Foreign tax credit carryforward 3,254,926 — Other 1,007,786 — Gross deferred tax assets 46,416,757 57,519,767 Less valuation allowance (3,256,200 ) (1,274 ) Net deferred tax assets 43,160,557 57,518,493 Deferred tax liabilities: Fair value adjustment for loans receivable (6,556,078 ) (9,450,239 ) Property and equipment (2,483,487 ) (3,560,296 ) Intangible assets (1,592,173 ) (2,341,393 ) Deferred net loan origination costs (1,402,733 ) (1,985,387 ) Prepaid expenses (886,449 ) (977,906 ) Other — (178,203 ) Gross deferred tax liabilities (12,920,920 ) (18,493,424 ) Deferred income taxes, net $ 30,239,637 39,025,069 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits at March 31, 2018 , 2017 and 2016 are presented below: 2018 2017 2016 Unrecognized tax benefit balance beginning of year $ 7,264,966 9,395,413 7,621,327 Gross increases (decreases) for tax positions of current year 166,375 (237,746 ) 783,265 Gross increases for tax positions of prior years 8,228 637,166 1,798,505 Settlements with tax authorities — (2,403,982 ) — Lapse of statute of limitations (493,340 ) (125,885 ) (807,684 ) Unrecognized tax benefit balance end of year $ 6,946,229 7,264,966 9,395,413 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted average common shares outstanding | The following is a reconciliation of the numerators and denominators of the basic and diluted EPS calculations: For the year ended March 31, 2018 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 53,690,018 8,791,168 $ 6.11 Effect of dilutive securities options and restricted stock — 167,508 Diluted EPS Income available to common shareholders including dilutive securities $ 53,690,018 8,958,676 $ 5.99 For the year ended March 31, 2017 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 73,600,294 8,705,658 $ 8.45 Effect of dilutive securities options and restricted stock — 72,386 Diluted EPS Income available to common shareholders including dilutive securities $ 73,600,294 8,778,044 $ 8.38 For the year ended March 31, 2016 Income (Numerator) Shares (Denominator) Per Share Amount Basic EPS Income available to common shareholders $ 87,395,557 8,636,269 $ 10.12 Effect of dilutive securities options and restricted stock — 55,922 Diluted EPS Income available to common shareholders including dilutive securities $ 87,395,557 8,692,191 $ 10.05 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of weighted-average assumptions | This fair value was estimated at grant date using the weighted-average assumptions listed below. 2018 2017 2016 Dividend yield 0 % 0 % 0 % Expected volatility 52.97 % 48.90 % 41.41 % Average risk-free interest rate 1.98 % 1.20 % 1.38 % Expected life 5.0 years 5.0 years 5.0 years |
Summary schedule of stock option activity | Option activity for the year ended March 31, 2018 was as follows: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, beginning of year 860,741 $ 67.28 Granted 58,070 83.33 Exercised (389,888 ) 64.95 Forfeited (16,675 ) 63.73 Expired (14,520 ) 81.08 Options outstanding, end of period 497,728 $ 70.69 5.95 $ 17,227,283 Options exercisable, end of period 297,395 $ 72.22 4.71 $ 9,837,009 |
Intrinsic value of options exercised | The total intrinsic value of options exercised during the periods ended March 31, 2018 , 2017 and 2016 was as follows: 2018 2017 2016 $12,336,156 $661,164 $2,445,011 |
Shares vesting based on the compounded annual EPS growth | the following performance goals during any successive trailing four quarters during the measurement period ending on March 31, 2017: Trailing 4 quarter EPS Target Restricted Shares Eligible for Vesting (Percentage of Award) $13.00 25% $14.50 25% $16.00 25% $18.00 25% EPS Target Restricted Shares Eligible for Vesting (Percentage of Award) $10.29 100% $9.76 67% $9.26 33% Below $9.26 0% |
Summary of the status and changes restricted stock | A summary of the status of the Company’s restricted stock as of March 31, 2018 and changes during the year ended March 31, 2018 , are presented below: Shares Weighted Average Fair Value at Grant Date Outstanding at March 31, 2017 111,361 $ 43.11 Granted during the period 24,456 107.52 Vested during the period (60,787 ) 41.38 Forfeited during the period (1,220 ) 51.41 Outstanding at March 31, 2018 73,810 $ 65.74 |
Share-based compensation included as a component of net income | Total share-based compensation included as a component of net income during the years ended March 31, 2018 , 2017 and 2016 was as follows: 2018 2017 2016 Share-based compensation related to equity classified units: Share-based compensation related to stock options $ 2,353,214 3,490,662 3,965,463 Share-based compensation related to restricted stock 3,081,405 1,604,257 (8,033,213 ) Total share-based compensation related to equity classified awards $ 5,434,619 5,094,919 (4,067,750 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition activity | The following table sets forth the acquisition activity of the Company for the years ended March 31, 2018 , 2017 and 2016 : 2018 2017 2016 Number of branches acquired through business combinations 5 14 — Number of asset purchases 34 — 1 Total acquisitions 39 14 1 Purchase price $ 17,574,172 20,836,699 173,628 Tangible assets: Loans receivable, net 15,583,411 16,617,242 92,097 Property and equipment 3,000 86,214 — 15,586,411 16,703,456 92,097 Excess of purchase prices over carrying value of net tangible assets $ 1,987,761 4,133,243 81,531 Customer lists (1) $ 815,518 4,063,243 76,531 Non-compete agreements 205,000 70,000 5,000 Goodwill (1) 967,243 — — |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Book value and estimated fair value of the Company's long-term debt | The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows: March 31, 2018 March 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value ASSETS Level 1 inputs Cash and cash equivalents $ 32,086,304 $ 32,086,304 $ 15,200,410 $ 15,200,410 Level 3 inputs Loans receivable, net 725,180,728 725,180,728 695,700,589 695,700,589 LIABILITIES Level 3 inputs Senior notes payable 244,900,000 244,900,000 295,136,200 295,136,200 |
Quarterly Information (Unaudi41
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | The following sets forth selected quarterly operating data: Fiscal 2018 Fiscal 2017 First Second Third Fourth First Second Third Fourth (Dollars in thousands, except for earnings per share data) Total revenues $ 128,910 131,006 136,934 151,858 127,080 129,269 130,815 144,571 Provision for loan losses 30,840 38,976 43,755 17,408 32,014 35,871 39,985 20,702 General and administrative expenses 72,917 70,909 72,886 80,721 62,949 63,456 71,237 70,020 Interest expense 4,247 4,791 5,001 5,052 5,586 5,519 5,274 5,125 Income tax expense 7,838 6,531 13,612 19,534 9,913 8,932 4,679 16,873 Net income $ 13,068 9,799 1,680 29,143 16,618 15,491 9,640 31,851 Earnings per share: Basic $ 1.50 1.12 0.19 3.25 1.91 1.78 1.11 3.67 Diluted $ 1.48 1.10 0.19 3.18 1.89 1.76 1.10 3.64 |
Segments segment (Tables)
Segments segment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Long-lived Assets by Geographic Areas [Table Text Block] | The following table presents long-lived assets (other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets) for the Company’s two reportable segments: March 31, 2018 2017 Total long-lived assets U.S. $ 22,785,951 20,724,777 Mexico 2,805,467 3,459,430 Consolidated total assets 25,591,418 24,184,207 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents operating results for the Company’s two reportable segments: For the Year Ended March 31, 2018 2017 2016 Revenues: U.S. $ 502,668,332 490,821,420 515,300,873 Mexico 46,037,802 40,913,304 42,174,834 Consolidated revenues 548,706,134 531,734,724 557,475,707 Provision for loan losses: U.S. $ 117,620,140 119,095,712 114,427,629 Mexico 13,358,989 9,476,450 9,170,689 Consolidated provision for loan losses 130,979,129 128,572,162 123,598,318 General and administrative expenses: (1) U.S. $ 269,107,669 244,273,626 241,701,490 Mexico 28,325,196 23,387,597 27,438,185 Consolidated general and administrative expenses 297,432,865 267,661,223 269,139,675 Interest expense: (2) U.S. $ 19,089,635 21,504,208 26,849,250 Mexico — — — Consolidated interest expense 19,089,635 21,504,208 26,849,250 Income tax expense (benefit): U.S. $ 47,757,808 38,157,492 48,978,587 Mexico (243,321 ) 2,239,345 1,514,320 Consolidated income tax expense (benefit) 47,514,487 40,396,837 50,492,907 Net income: U.S. $ 49,093,080 67,790,382 83,343,917 Mexico 4,596,938 5,809,912 4,051,640 Consolidated net income 53,690,018 73,600,294 87,395,557 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The following table presents total assets for the Company’s two reportable segments: March 31, 2018 2017 Total assets U.S. $ 761,511,639 730,985,558 Mexico 79,475,398 69,603,217 Consolidated total assets 840,987,037 800,588,775 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2018USD ($)segments | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 10, 2015USD ($) | |
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Document Fiscal Year Focus | 2,018 | ||||||||||||
Advertising Expense | $ 22,293,705 | $ 17,866,422 | $ 16,863,076 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 25,000,000 | ||||||||||||
Loans and Leases Receivable, Gross | $ 1,105,114,792 | $ 1,059,804,132 | $ 1,105,114,792 | 1,059,804,132 | |||||||||
Nature of Operations [Text Block] | Nature of Operations The Company is a small-dollar consumer finance (installment loan) 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. It also offers income tax return preparation services to its customer base and to others. As of March 31, 2018 , the Company operated 1,177 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin. Branches in the aforementioned states operate under one of the following names: Amicable Finance, Capitol Loans, Colonial Finance, Freeman Finance, General Credit, Local Loans, Midwestern Financial, Midwestern Loans, Personal Credit, People's Finance, World Acceptance, or World Finance. The Company also operated 131 branches in Mexico. Branches in Mexico operate under the name Pr é stamos Avance or Pr é stamos Viva. The Company is subject to numerous lending regulations that vary by jurisdiction. | ||||||||||||
Business Segments [Abstract] | |||||||||||||
Number of reportable segments | segments | 2 | ||||||||||||
Document Period End Date | Mar. 31, 2018 | ||||||||||||
Current Fiscal Year End Date | --03-31 | ||||||||||||
Total assets | 840,987,037 | 800,588,775 | $ 840,987,037 | 800,588,775 | |||||||||
Total revenues | 151,858,000 | $ 136,934,000 | $ 131,006,000 | $ 128,910,000 | 144,571,000 | $ 130,815,000 | $ 129,269,000 | $ 127,080,000 | $ 548,706,134 | 531,734,724 | 557,475,707 | ||
Cash and Cash Equivalents [Abstract] | |||||||||||||
Periods of maturity of highly liquid investments (in months) | 3 months | ||||||||||||
Loans and Interest Income [Abstract] | |||||||||||||
Direct consumer loans, Maximum | $ 4,000 | $ 4,000 | |||||||||||
Consumer direct cash loan terms, Maximum (in months) | 42 months | ||||||||||||
Percentage of present value of new loan terms to remaining cash flows under original loan, Minimum (in hundredths) | 10.00% | 10.00% | |||||||||||
Allowance for loan losses [Abstract] | |||||||||||||
Average contractual loan terms | 8 months | ||||||||||||
Principal loans more than ninety days past due included in loan loss reserves (in hundredths) | 100.00% | 100.00% | |||||||||||
General reserve percentage | 4.25% | ||||||||||||
Average loan life | 8 months | ||||||||||||
Impaired loans [Abstract] | |||||||||||||
Number of days past due for loans to be classified as impaired, Minimum (in days) | 91 days or more | ||||||||||||
Net investment in loans deemed uncollectible charged-off (in hundredths) | 100.00% | 100.00% | |||||||||||
Bankrupt accounts that had not been charged off | $ 5,900,000 | $ 5,900,000 | |||||||||||
Accounts past due, reserved (in hundredths) | 100.00% | 100.00% | |||||||||||
Restricted Cash and Cash Equivalents | $ 5,500,000 | 3,900,000 | $ 5,500,000 | 3,900,000 | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 1,900,000 | 1,900,000 | |||||||||||
Stockholders' Equity Attributable to Parent | 541,107,852 | 461,063,577 | $ 541,107,852 | 461,063,577 | 391,901,581 | $ 315,567,719 | |||||||
Minimum [Member] | |||||||||||||
Allowance for loan losses [Abstract] | |||||||||||||
Historial loss ratio, percentage | 12.90% | ||||||||||||
Maximum [Member] | |||||||||||||
Allowance for loan losses [Abstract] | |||||||||||||
Historial loss ratio, percentage | 16.70% | ||||||||||||
Small loans [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 670,189,211 | 630,802,614 | $ 670,189,211 | 630,802,614 | |||||||||
Large loans [Member] [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 334,041,731 | 312,458,275 | 334,041,731 | 312,458,275 | |||||||||
Sales finance loans [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 2,217 | 54,247 | 2,217 | 54,247 | |||||||||
Payroll Deduct MX [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | 49,952,025 | 69,087,314 | 49,952,025 | 69,087,314 | |||||||||
Traditional Installment MX [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Loans and Leases Receivable, Gross | $ 50,929,608 | 47,401,682 | $ 50,929,608 | 47,401,682 | |||||||||
UNITED STATES | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Number of offices operated in the United States of America | 1,177 | 1,177 | |||||||||||
Business Segments [Abstract] | |||||||||||||
Total assets | $ 761,511,639 | 730,985,558 | $ 761,511,639 | 730,985,558 | |||||||||
Total revenues | $ 502,668,332 | $ 490,821,420 | 515,300,873 | ||||||||||
MEXICO | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Number of offices operated in the United States of America | 131 | 131 | |||||||||||
Business Segments [Abstract] | |||||||||||||
Segment Reporting, Measurement Differences Between Segment and Consolidated Profit (Loss) | 0.095 | 0.087 | |||||||||||
Total assets | $ 79,475,398 | $ 69,603,217 | $ 79,475,398 | $ 69,603,217 | |||||||||
Total revenues | $ 46,037,802 | $ 40,913,304 | $ 42,174,834 | ||||||||||
Segment Reporting, Measurement Differences Between Segment and Consolidated Profit (Loss) | 0.084 | 0.077 | 0.076 | ||||||||||
Noncompete Agreements [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years 7 months 6 days | ||||||||||||
Noncompete Agreements [Member] | Minimum [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||||||||
Noncompete Agreements [Member] | Maximum [Member] | |||||||||||||
Schedule of Subsidiaries Information [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years 3 months 18 days |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Mar. 31, 2018 | |
Operating Leases [Abstract] | |
Operating lease terms, Minimum (in years) | 3 years |
Operating lease terms, Maximum (in years) | 5 years |
Amortization period for leasehold improvements operating leases (in years) | 5 years |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 25 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 40 years |
Furniture and fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 5 years |
Furniture and fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 10 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 7 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life (in years) | 3 years |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Additional Disclosures) (Details) | 12 Months Ended | ||
Mar. 31, 2018USD ($)statessegments | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Number of reportable segments | segments | 2 | ||
Fair Value of Financial Instruments [Abstract] | |||
Average loan life | 8 months | ||
Income Taxes [Abstract] | |||
Income tax position, likelihood of being sustained (in hundredths) | 50.00% | ||
Concentration of Risk [Abstract] | |||
Number of states in which entity operates | states | 15 | ||
Number of states with largest concentration of revenue | states | 4 | ||
Concentration Risk, Percentage | 53.00% | 53.00% | 53.00% |
Advertising Costs [Abstract] | |||
Advertising | $ | $ 22,293,705 | $ 17,866,422 | $ 16,863,076 |
Number of Reporting Units | segments | 2 | ||
Customer lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 12 years 10 months 24 days | ||
Customer lists [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 8 months | ||
Customer lists [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 23 years | ||
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 4 years 7 months 6 days | ||
Noncompete Agreements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 3 years | ||
Noncompete Agreements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, useful life (in years) | 5 years 3 months 18 days |
Allowance for Loan Losses and46
Allowance for Loan Losses and Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | |
Allowance for Loan Losses [Roll Forward] | |||||||||||||
Balance at beginning of period | $ 72,194,892 | $ 69,565,804 | $ 72,194,892 | $ 69,565,804 | $ 70,437,988 | ||||||||
Provision for loan losses | $ 17,408,000 | $ 43,755,000 | $ 38,976,000 | 30,840,000 | $ 20,702,000 | $ 39,985,000 | $ 35,871,000 | 32,014,000 | 130,979,129 | 128,572,162 | 123,598,318 | ||
Loan losses | (138,808,839) | (141,878,119) | (141,758,366) | ||||||||||
Recoveries | 16,047,215 | 16,519,929 | 18,196,110 | ||||||||||
Translation adjustment | 413,331 | (584,884) | (908,246) | ||||||||||
Balance at end of period | 80,825,728 | 72,194,892 | 80,825,728 | 72,194,892 | 69,565,804 | ||||||||
Summary of loans individually and collectively evaluated for impairment [Abstract] | |||||||||||||
Bankruptcy, gross loans | $ 4,627,599 | $ 4,903,728 | |||||||||||
91 days or more delinquent, excluding bankruptcy | 66,124,368 | 54,310,791 | |||||||||||
Loans less than 91 days delinquent and not in bankruptcy | 1,034,362,825 | 1,000,589,613 | |||||||||||
Unearned interest and fees | (291,908,651) | ||||||||||||
Net loans | 806,006,456 | 767,895,481 | |||||||||||
Allowance for loan losses | (80,825,728) | (72,194,892) | (72,194,892) | $ (69,565,804) | (72,194,892) | (69,565,804) | $ (70,437,988) | (80,825,728) | (72,194,892) | ||||
Loans receivable, net | 725,180,728 | 695,700,589 | |||||||||||
Loans individually evaluated for impairment (impaired loans) [Member] | |||||||||||||
Allowance for Loan Losses [Roll Forward] | |||||||||||||
Balance at beginning of period | 39,182,951 | 39,182,951 | |||||||||||
Balance at end of period | 46,900,686 | 39,182,951 | 46,900,686 | 39,182,951 | |||||||||
Summary of loans individually and collectively evaluated for impairment [Abstract] | |||||||||||||
Bankruptcy, gross loans | 4,627,599 | 4,903,728 | |||||||||||
91 days or more delinquent, excluding bankruptcy | 66,124,368 | 54,310,791 | |||||||||||
Loans less than 91 days delinquent and not in bankruptcy | 0 | 0 | |||||||||||
Unearned interest and fees | (19,420,354) | (15,336,248) | |||||||||||
Net loans | 51,331,613 | 43,878,271 | |||||||||||
Allowance for loan losses | (46,900,686) | (39,182,951) | (39,182,951) | (39,182,951) | (39,182,951) | (46,900,686) | (39,182,951) | ||||||
Loans receivable, net | 4,430,927 | 4,695,320 | |||||||||||
Loans collectively evaluated for impairment [Member] | |||||||||||||
Allowance for Loan Losses [Roll Forward] | |||||||||||||
Balance at beginning of period | 33,011,941 | 33,011,941 | |||||||||||
Balance at end of period | 33,925,042 | 33,011,941 | 33,925,042 | 33,011,941 | |||||||||
Summary of loans individually and collectively evaluated for impairment [Abstract] | |||||||||||||
Bankruptcy, gross loans | 0 | 0 | |||||||||||
91 days or more delinquent, excluding bankruptcy | 0 | 0 | |||||||||||
Loans less than 91 days delinquent and not in bankruptcy | 1,034,362,825 | 1,000,589,613 | |||||||||||
Unearned interest and fees | (279,687,982) | (276,572,403) | |||||||||||
Net loans | 754,674,843 | 724,017,210 | |||||||||||
Allowance for loan losses | $ (33,925,042) | $ (33,011,941) | $ (33,011,941) | $ (33,011,941) | $ (33,011,941) | (33,925,042) | (33,011,941) | ||||||
Loans receivable, net | $ 720,749,801 | $ 691,005,269 |
Allowance for Loan Losses and47
Allowance for Loan Losses and Credit Quality Indicators (Assessment of Credit Quality) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | $ 49,100,000 | $ 42,200,000 | $ 41,200,000 |
Loans and Leases Receivable, Deferred Income | 299,108,336 | 291,908,651 | |
Loans and Leases Receivable, Gross | 1,105,114,792 | 1,059,804,132 | |
New borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 160,791,141 | ||
Former borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 115,141,944 | ||
Refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 811,726,005 | ||
Delinquent refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 17,455,702 | ||
Consumer loans- non-bankrupt accounts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,099,180,684 | 1,053,769,654 | |
Consumer loans- bankrupt accounts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,934,108 | 6,034,478 | |
Loans Individually Evaluated For Impairment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 70,751,967 | 59,214,519 | |
Loans Collectively Evaluated For Impairment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,034,362,825 | 1,000,589,613 | |
Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,007,372,253 | 977,171,570 | |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 97,742,539 | 82,632,562 | |
Delinquent refinance [Member] | Delinquent refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 17,673,274 | ||
New borrower [Member] | New borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 168,656,845 | ||
Former borrower [Member] | Former borrower [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 108,100,688 | ||
Refinance [Member] | Refinance [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 765,373,325 |
Allowance for Loan Losses and48
Allowance for Loan Losses and Credit Quality Indicators (Summary of Past Due Receivables) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current Fiscal Year End Date | --03-31 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | $ 49,100,000 | $ 42,200,000 | $ 41,200,000 |
Financing Receivable, Percent Past Due | 12.10% | 11.10% | 10.80% |
Total | $ 134,115,043 | $ 118,159,665 | $ 115,672,614 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 36,372,504 | 35,527,103 | 40,094,824 |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 27,907,869 | 25,823,757 | 27,082,385 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 69,834,670 | $ 56,808,805 | $ 48,495,405 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 72,592,491 | $ 66,364,785 | |
Less accumulated depreciation and amortization | (47,001,073) | (42,180,578) | |
Total | 25,591,418 | 24,184,207 | |
Depreciation | 7,339,657 | 6,918,525 | $ 6,503,561 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 576,977 | 576,977 | |
Building and leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 23,281,882 | 21,410,067 | |
Furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 48,733,632 | $ 44,377,741 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 36,124,153 | $ 35,103,636 |
Accumulated Amortization | (29,479,852) | (28,489,454) |
Finite-Lived Intangible Assets, Net | 6,644,301 | 6,614,182 |
Estimated amortization expense for intangible assets for future years [Abstract] | ||
2,014 | 1,000,000 | |
2,015 | 1,000,000 | |
2,016 | 1,000,000 | |
2,017 | 900,000 | |
2,018 | 900,000 | |
Thereafter | 1,800,000 | |
Cost of acquiring existing customers [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,494,510 | 26,678,992 |
Accumulated Amortization | (21,098,875) | (20,161,116) |
Finite-Lived Intangible Assets, Net | 6,395,635 | 6,517,876 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,629,643 | 8,424,644 |
Accumulated Amortization | (8,380,977) | (8,328,338) |
Finite-Lived Intangible Assets, Net | $ 248,666 | $ 96,306 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Balance at beginning of year | |||
Goodwill | $ 6,146,851 | $ 6,146,851 | |
Accumulated goodwill impairment losses | (79,631) | (25,393) | |
Goodwill acquired during the year | 967,243 | 0 | |
Impairment losses | 0 | (54,238) | |
Balance at end of year | |||
Goodwill | 7,114,094 | 6,146,851 | |
Accumulated goodwill impairment losses | (79,631) | (79,631) | |
Goodwill, net | $ 7,034,463 | $ 6,067,220 | $ 6,121,458 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 300,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.98% | 5.79% | 5.59% |
Aggregate annual maturities of notes payable [Abstract] | |||
2,014 | $ 0 | ||
2,015 | 244,900,000 | ||
2,016 | 0 | ||
2,017 | 0 | ||
2,018 | 0 | ||
Total long-term debt | 244,900,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 480,000,000 | ||
Amount outstanding | $ 244,900,000 | ||
Description of variable rate basis | LIBOR | ||
Unused amount available | $ 234,800,000 | ||
Expiration date | Jun. 15, 2019 | ||
Aggregate annual maturities of notes payable [Abstract] | |||
Debt Instrument, Covenant Description | 330,000,000 |
Insurance Commissions and Oth53
Insurance Commissions and Other Income (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Components of Other Income [Line Items] | |||
Insurance commissions and other income | $ 66,971,857 | $ 62,975,462 | $ 62,342,271 |
Gain (Loss) on Sales of Consumer Loans | 0 | 0 | (1,474,182) |
Insurance commissions [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 41,959,092 | 40,848,245 | 43,346,884 |
Tax return preparation revenue [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 16,801,909 | 14,695,633 | 11,920,669 |
Auto club membership revenue [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 3,373,023 | 2,515,282 | 2,516,634 |
World Class Buying Club revenue [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 0 | 136 | 1,410 |
Other [Member] | |||
Components of Other Income [Line Items] | |||
Insurance commissions and other income | 4,837,833 | 4,916,166 | 6,129,210 |
Gain (Loss) on Sales of Consumer Loans | $ 0 | ||
Loans Receivable [Member] | |||
Components of Other Income [Line Items] | |||
Gain (Loss) on Sales of Consumer Loans | $ (1,572,536) | ||
Other [Member] | |||
Components of Other Income [Line Items] | |||
Gain (Loss) on Sales of Consumer Loans | $ 0 |
Insurance Commissions and Oth54
Insurance Commissions and Other Income Reinsurance Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||
Ceded Premiums Written | $ 6.2 | $ 4.5 | $ 3.6 |
Ceded Premiums Earned | 5.3 | 4 | $ 1.7 |
Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | $ 4.9 | $ 3.6 |
Non-filing Insurance (Details)
Non-filing Insurance (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Non-file Insurance [Abstract] | |||
Insurance premiums written | $ 5,987,538 | $ 5,673,653 | $ 6,197,928 |
Recoveries on claims paid | 1,093,396 | 1,165,092 | 1,125,524 |
Claims paid | $ 6,540,136 | $ 6,312,511 | $ 6,884,185 |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Future minimum lease payments under noncancelable operating leases [Abstract] | |||
2,014 | $ 25,915,335 | ||
2,015 | 16,842,025 | ||
2,016 | 8,318,381 | ||
2,017 | 2,564,790 | ||
2,018 | 1,069,186 | ||
Thereafter | 36,421 | ||
Total future minimum lease payments | 54,746,138 | ||
Operating Leases [Abstract] | |||
Rental expense | $ 28,100,000 | $ 26,900,000 | $ 27,100,000 |
Minimum [Member] | |||
Operating Leases [Abstract] | |||
Lessee, Operating Lease, Term of Contract | 3 years | ||
Maximum [Member] | |||
Operating Leases [Abstract] | |||
Lessee, Operating Lease, Term of Contract | 5 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||||||||||
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit | $ 10,516,827 | $ 0 | ||||||||||
Unrecognized Tax Benefits | $ 6,946,229 | $ 7,264,966 | 6,946,229 | 7,264,966 | $ 9,395,413 | $ 7,621,327 | ||||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (237,746) | |||||||||||
Income tax expense | 19,534,000 | $ 13,612,000 | $ 6,531,000 | $ 7,838,000 | 16,873,000 | $ 4,679,000 | $ 8,932,000 | $ 9,913,000 | $ 47,514,487 | 40,396,837 | 50,492,907 | |
U.S. federal income tax rate (in hundredths) | 31.55% | |||||||||||
Valuation allowance for deferred tax assets | 3,256,200 | 1,274 | $ 3,256,200 | 1,274 | ||||||||
Total gross unrecognized tax benefits including interest | 8,809,626 | 8,906,880 | 8,809,626 | 8,906,880 | 10,700,000 | |||||||
Unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate | 6,884,299 | 7,223,668 | 6,884,299 | 7,223,668 | 8,200,000 | |||||||
Accrued gross interest | $ 1,863,400 | $ 1,641,916 | 1,863,400 | 1,641,916 | 1,312,129 | |||||||
Current period gross interest expense | 411,975 | 658,891 | 599,139 | |||||||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 166,375 | 783,265 | ||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 8,228 | 637,166 | 1,798,505 | |||||||||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 0 | (2,403,982) | 0 | |||||||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 493,340 | 125,885 | 807,684 | |||||||||
MEXICO | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit | 4,854,640 | 0 | 0 | |||||||||
Income tax expense | $ (243,321) | $ 2,239,345 | $ 1,514,320 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Deferred Tax Assets, Valuation Allowance, Current | $ 3,256,200 | $ 1,274 | $ 3,256,200 | $ 1,274 | |||||||
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit | 10,516,827 | 0 | |||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4,172,229 | 4,172,229 | |||||||||
Operating Loss Carryforwards | 54,318 | 54,318 | |||||||||
Current Income Tax Expense (Benefit) [Abstract] | |||||||||||
U.S. Federal | 32,398,898 | 34,930,677 | $ 44,781,123 | ||||||||
State and local | 3,191,525 | 3,215,621 | 4,866,596 | ||||||||
Foreign | 3,138,632 | 3,144,625 | 1,630,565 | ||||||||
Current income tax expense | 38,729,055 | 41,290,923 | 51,278,284 | ||||||||
Deferred Income Tax Expense (Benefit) [Abstract] | |||||||||||
U.S. Federal | 12,073,220 | (14,658) | (839,117) | ||||||||
State and local | 94,165 | 25,852 | 169,985 | ||||||||
Foreign | (3,381,953) | (905,280) | (116,245) | ||||||||
Deferred income tax benefit | 8,785,432 | (894,086) | (785,377) | ||||||||
Income Tax Expense (Benefit) [Abstract] | |||||||||||
U.S. Federal | 44,472,118 | 34,916,019 | 43,942,006 | ||||||||
State and local | 3,285,690 | 3,241,473 | 5,036,581 | ||||||||
Foreign | (243,321) | 2,239,345 | 1,514,320 | ||||||||
Income tax expense reconciliation to U.S. federal tax rate [Abstract] | |||||||||||
Expected income tax | 31,930,021 | 39,898,996 | 48,260,962 | ||||||||
Increase (reduction) in income taxes resulting from: | |||||||||||
State tax, net of federal benefit | 2,249,055 | 2,106,957 | 3,273,778 | ||||||||
Insurance income exclusion | 0 | ||||||||||
Uncertain tax positions | (340,993) | (1,015,222) | 1,624,865 | ||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 0 | 238,301 | (370,659) | ||||||||
Foreign income adjustments | 5,483 | (332,023) | (257,873) | ||||||||
Other, net | (1,700,546) | (500,172) | (2,038,166) | ||||||||
Income taxes | 19,534,000 | $ 13,612,000 | $ 6,531,000 | $ 7,838,000 | 16,873,000 | $ 4,679,000 | $ 8,932,000 | $ 9,913,000 | 47,514,487 | 40,396,837 | 50,492,907 |
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | 24,177,241 | 28,125,727 | 24,177,241 | 28,125,727 | |||||||
Unearned insurance commissions | 8,711,298 | 12,419,811 | 8,711,298 | 12,419,811 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 8,470,247 | 15,849,041 | 8,470,247 | 15,849,041 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 795,259 | 1,125,188 | 795,259 | 1,125,188 | |||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 3,254,926 | 3,254,926 | |||||||||
Convertible notes | 0 | 0 | |||||||||
Other | (1,007,786) | 0 | (1,007,786) | 0 | |||||||
Gross deferred tax assets | 46,416,757 | 57,519,767 | 46,416,757 | 57,519,767 | |||||||
Less valuation allowance | (3,256,200) | (1,274) | (3,256,200) | (1,274) | |||||||
Net deferred tax assets | 43,160,557 | 57,518,493 | 43,160,557 | 57,518,493 | |||||||
Deferred tax liabilities: | |||||||||||
Fair value adjustment for loans | (6,556,078) | (9,450,239) | (6,556,078) | (9,450,239) | |||||||
Property and equipment | (2,483,487) | (3,560,296) | (2,483,487) | (3,560,296) | |||||||
Intangible assets | (1,592,173) | (2,341,393) | (1,592,173) | (2,341,393) | |||||||
Deferred net loan origination fees | (1,402,733) | (1,985,387) | (1,402,733) | (1,985,387) | |||||||
Prepaid expenses | (886,449) | (977,906) | (886,449) | (977,906) | |||||||
Gross deferred tax liabilities | (12,920,920) | (18,493,424) | (12,920,920) | (18,493,424) | |||||||
Deferred Tax Liabilities, Other | 0 | (178,203) | 0 | (178,203) | |||||||
Net deferred tax assets | 30,239,637 | 39,025,069 | 30,239,637 | 39,025,069 | |||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits [Roll Forward] | |||||||||||
Unrecognized tax benefits balance at beginning of period | $ 7,264,966 | $ 9,395,413 | 7,264,966 | 9,395,413 | |||||||
Gross increases for tax positions of current year | 166,375 | 783,265 | |||||||||
Gross increases for tax positions of prior years | 8,228 | 637,166 | 1,798,505 | ||||||||
Federal and state tax settlements | 0 | 2,403,982 | 0 | ||||||||
Lapse of statute of limitations | (493,340) | (125,885) | (807,684) | ||||||||
Unrecognized tax benefits balance at end of period | 6,946,229 | 7,264,966 | 6,946,229 | 7,264,966 | 9,395,413 | ||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1,863,400 | $ 1,641,916 | $ 1,863,400 | $ 1,641,916 | $ 1,312,129 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income (Numerator) | |||||||||||
Net income | $ 29,143,000 | $ 1,680,000 | $ 9,799,000 | $ 13,068,000 | $ 31,851,000 | $ 9,640,000 | $ 15,491,000 | $ 16,618,000 | $ 53,690,018 | $ 73,600,294 | $ 87,395,557 |
Shares (Denominator) | |||||||||||
Income available to common shareholders (in shares) | 8,791,168 | 8,705,658 | 8,636,269 | ||||||||
Effect of Dilutive Securities Options and restricted stock (in shares) | 167,508 | 72,386 | 55,922 | ||||||||
Diluted (in shares) | 8,958,676 | 8,778,044 | 8,692,191 | ||||||||
Per Share Amount | |||||||||||
Basic (in dollars per share) | $ 3.25 | $ 0.19 | $ 1.12 | $ 1.50 | $ 3.67 | $ 1.11 | $ 1.78 | $ 1.91 | $ 6.11 | $ 8.45 | $ 10.12 |
Diluted (in dollars per share) | $ 3.18 | $ 0.19 | $ 1.10 | $ 1.48 | $ 3.64 | $ 1.10 | $ 1.76 | $ 1.89 | $ 5.99 | $ 8.38 | $ 10.05 |
Antidilutive options excluded from computation of diluted earnings per share (in shares) | 299,455 | 733,053 | 825,505 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum contribution from employer | 50.00% | ||||
Employer matching contribution, percent | 6.00% | ||||
Amount of cost recognized | $ 1,358,148 | $ 1,377,371 | $ 1,453,468 | ||
Stock Option Plans | |||||
Number of shares available for grant (in shares) | 1,258,427 | ||||
Weighted-average fair value at the grant date | $ 39.49 | $ 22.25 | $ 10.82 | ||
Options Activity [Roll Forward] | |||||
Exercised (in shares) | (389,888) | (33,702) | (89,403) | ||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 5,434,619 | $ 4,810,698 | $ (6,356,767) | ||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Current Fiscal Year End Date | --03-31 | ||||
Stock Options Plans [Member] | |||||
Stock Option Plans | |||||
Shares of authorized common stock reserved for issuance (in shares) | 4,950,000 | ||||
Options Activity [Roll Forward] | |||||
Options outstanding, beginning of year (in shares) | 860,741 | ||||
Granted (in shares) | 58,070 | ||||
Exercised (in shares) | (389,888) | ||||
Forfeited (in shares) | (16,675) | ||||
Expired (in shares) | (14,520) | ||||
Options outstanding, end of period (in shares) | 497,728 | 860,741 | |||
Options exercisable, end of period (in shares) | 297,395 | ||||
Weighted Average Exercise Price [Roll Forward] | |||||
Options outstanding, beginning of year (in dollars per share) | $ 67.28 | ||||
Granted (in dollars per share) | 83.33 | ||||
Exercised (in dollars per share) | 64.95 | ||||
Forfeited (in dollars per share) | 63.73 | ||||
Expired (in dollars per share) | 81.08 | ||||
Options outstanding, end of period (in dollars per share) | 70.69 | $ 67.28 | |||
Options exercisable, end of period (in dollars per share) | $ 72.22 | ||||
Stock Option Activity Additional Disclosures | |||||
Weighted-average remaining contractual term, Options outstanding, end of period | 5 years 11 months 12 days | ||||
Weighted-average remaining contractual terms, Options exercisable, end of period | 4 years 8 months 16 days | ||||
Aggregate intrinsic value, Options outstanding, end of period | $ 17,227,283 | ||||
Aggregate intrinsic value, Options exercisable, end of period | 9,837,009 | ||||
Intrinsic value of options exercised | 12,336,156 | $ 661,164 | 2,445,011 | ||
Compensation Cost Not yet Recognized | |||||
Total unrecognized stock-based compensation expense related to non-vested stock options | $ 2,500,000 | ||||
Weighted average period for recognition | 2 years 1 month 17 days | ||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 2,353,214 | 3,490,662 | 3,965,463 | ||
Weighted average period for recognition | 2 years 1 month 17 days | ||||
Group A Performance Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 8,590 | 70,800 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 60,787 | ||||
Restricted Stock | |||||
Grant date fair value (in dollars per share) | $ 107.52 | ||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 3,081,405 | $ 1,604,257 | (8,033,213) | ||
Summary of the status and changes in restricted stock [Roll Forward] | |||||
Outstanding at beginning of period (in shares) | 111,361 | ||||
Awards granted (in shares) | 24,456 | ||||
Outstanding at end of period (in shares) | 73,810 | 111,361 | |||
Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||||
Outstanding at beginning of period (in dollars per share) | $ 43.11 | ||||
Grant date fair value (in dollars per share) | 107.52 | ||||
Vested during the period, net of cancellations (in dollars per share) | 41.38 | ||||
Cancelled during the period (in dollars per share) | 51.41 | ||||
Outstanding at end of period (in dollars per share) | $ 65.74 | $ 43.11 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3,200,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 1,220 | ||||
Restricted Stock [Member] | EPS Target [Member] | $10.29 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 10.29 | ||||
Vesting Percentage (in hundredths) | 100.00% | ||||
Restricted Stock [Member] | EPS Target [Member] | $9.76 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 9.76 | ||||
Vesting Percentage (in hundredths) | 67.00% | ||||
Restricted Stock [Member] | EPS Target [Member] | $9.26 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 9.26 | ||||
Vesting Percentage (in hundredths) | 33.00% | ||||
Restricted Stock [Member] | EPS Target [Member] | Below $9.26 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Vesting Percentage (in hundredths) | 0.00% | ||||
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $13.00 [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 13 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $14.50 [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 14.50 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $16.00 [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 16 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
Restricted Stock [Member] | Trailing Four Quarter EPS Target [Member] | $18.00 [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 18 | ||||
Vesting Percentage (in hundredths) | 25.00% | ||||
Equity Securities [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ 5,434,619 | $ 5,094,919 | |||
Group B Performance Award [Member] [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 56,660 | 443,700 | |||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ (2,900,000) | ||||
Equity Classified Awards [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | (4,067,750) | ||||
Performance Shares [Member] | |||||
Compensation Cost Not yet Recognized | |||||
Weighted average period for recognition | 2 years 3 months | ||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
Compensation related to stock option and restricted stock plans | $ (9,700,000) | ||||
Weighted average period for recognition | 2 years 3 months | ||||
Maximum [Member] | Stock Options Plans [Member] | |||||
Stock Option Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Vesting period | 5 years | ||||
Maximum [Member] | Restricted Stock [Member] | EPS Target [Member] | Below $9.26 EPS [Member] | |||||
Schedule of vesting of restricted shares on basis of compounded annual EPS growth [Abstract] | |||||
EPS Target (in dollars per share) | $ 9.26 | ||||
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | 750,669 | 618,013 | 1,796,998 | ||
Unfunded liability | $ 8,258,550 | $ 8,447,283 | $ 8,886,195 | ||
Annual salary increase used for estimating unfunded liability | 3.50% | ||||
Discount rate used for estimating unfunded liability | 6.00% | ||||
Retirement age used for estimating unfunded liability | 65 years |
Benefit Plans- Stock Grant Fair
Benefit Plans- Stock Grant Fair Value Assumptions (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | $ 0 | ||||
Compensation related to stock option and restricted stock plans | $ (5,434,619) | $ (4,810,698) | $ 6,356,767 | ||
Dividend yield | 0.00% | 0.00% | 0.00% | ||
Expected volatility | 52.97% | 48.90% | 41.41% | ||
Average risk-free interest rate | 1.98% | 1.20% | 1.38% | ||
Expected life | 5 years | 5 years 3 days | 5 years 3 days | ||
Group A Performance Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock [Abstract] | 8,590 | 70,800 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | $ (3,081,405) | $ (1,604,257) | $ 8,033,213 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 107.52 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | $ 9,700,000 | ||||
Group B Performance Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | 2,900,000 | ||||
Restricted Stock [Abstract] | 56,660 | 443,700 | |||
Share-based Compensation Award, Tranche One [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation related to stock option and restricted stock plans | (0.25) | ||||
Maximum [Member] | EPS Target [Member] | Below $9.26 EPS [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
EPS Target (in dollars per share) | $ 9.26 |
Acquisitions (Details)
Acquisitions (Details) | 12 Months Ended | ||
Mar. 31, 2018USD ($)acquisition | Mar. 31, 2017USD ($)acquisition | Mar. 31, 2016USD ($)acquisition | |
Business Acquisition [Line Items] | |||
Current Fiscal Year End Date | --03-31 | ||
Number of business combinations | acquisition | 5 | 14 | 0 |
Number of asset purchases | acquisition | 34 | 0 | 1 |
Total acquisitions | acquisition | 39 | 14 | 1 |
Finite-lived intangible assets | $ 205,000 | ||
Goodwill | 967,243 | ||
Finite-Lived Customer Lists, Gross | 815,518 | ||
Business Combination, Acquired Receivable, Fair Value | 15,583,411 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,000 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 1,000,000 | ||
Acquired loans term | 8 months | ||
Series of Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 17,574,172 | $ 20,836,699 | $ 174,000 |
Excess of purchase prices over carrying value of net tangible assets | 82,000 | ||
Finite-lived intangible assets | 70,000 | 5,000 | |
Goodwill | 0 | 0 | |
Intangible Assets, Net (Including Goodwill) | 1,987,761 | 4,133,243 | |
Finite-Lived Customer Lists, Gross | 4,063,243 | 77,000 | |
Business Combination, Acquired Receivable, Fair Value | 16,617,242 | 92,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 86,214 | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 15,586,411 | $ 16,703,456 | $ 92,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Average loan life | 8 months | |||
Cash and cash equivalents | $ 32,086,304 | $ 15,200,410 | $ 12,377,024 | $ 38,338,935 |
Loans and Leases Receivable, Net Amount | 725,180,728 | 695,700,589 | ||
Book value of debt [Abstract] | ||||
Senior notes payable | 244,900,000 | 295,136,200 | ||
Total long-term debt | 244,900,000 | |||
Book value [Member] | Senior notes payable [Member] | ||||
Book value of debt [Abstract] | ||||
Senior notes payable | 244,900,000 | 295,136,200 | ||
Estimate of Fair Value Measurement [Member] | Senior notes payable [Member] | ||||
Book value of debt [Abstract] | ||||
Senior notes payable | 244,900,000 | 295,136,200 | ||
Fair Value, Inputs, Level 1 [Member] | Book value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 32,086,304 | 15,200,410 | ||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 32,086,304 | 15,200,410 | ||
Fair Value, Inputs, Level 3 [Member] | Book value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | 725,180,728 | 695,700,589 | ||
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Receivables, Fair Value Disclosure | $ 725,180,728 | $ 695,700,589 |
Quarterly Information (Unaudi64
Quarterly Information (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Total revenues | $ 151,858,000 | $ 136,934,000 | $ 131,006,000 | $ 128,910,000 | $ 144,571,000 | $ 130,815,000 | $ 129,269,000 | $ 127,080,000 | $ 548,706,134 | $ 531,734,724 | $ 557,475,707 |
Provision for loan losses | 17,408,000 | 43,755,000 | 38,976,000 | 30,840,000 | 20,702,000 | 39,985,000 | 35,871,000 | 32,014,000 | 130,979,129 | 128,572,162 | 123,598,318 |
General and administrative expenses | 80,721,000 | 72,886,000 | 70,909,000 | 72,917,000 | 70,020,000 | 71,237,000 | 63,456,000 | 62,949,000 | 297,432,865 | 267,661,223 | 269,139,675 |
Interest expense | 5,052,000 | 5,001,000 | 4,791,000 | 4,247,000 | 5,125,000 | 5,274,000 | 5,519,000 | 5,586,000 | 19,089,635 | 21,504,208 | 26,849,250 |
Income tax expense | 19,534,000 | 13,612,000 | 6,531,000 | 7,838,000 | 16,873,000 | 4,679,000 | 8,932,000 | 9,913,000 | 47,514,487 | 40,396,837 | 50,492,907 |
Net income | $ 29,143,000 | $ 1,680,000 | $ 9,799,000 | $ 13,068,000 | $ 31,851,000 | $ 9,640,000 | $ 15,491,000 | $ 16,618,000 | $ 53,690,018 | $ 73,600,294 | $ 87,395,557 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 3.25 | $ 0.19 | $ 1.12 | $ 1.50 | $ 3.67 | $ 1.11 | $ 1.78 | $ 1.91 | $ 6.11 | $ 8.45 | $ 10.12 |
Diluted (in dollars per share) | $ 3.18 | $ 0.19 | $ 1.10 | $ 1.48 | $ 3.64 | $ 1.10 | $ 1.76 | $ 1.89 | $ 5.99 | $ 8.38 | $ 10.05 |
Segments (Details)
Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table presents operating results for the Company’s two reportable segments: For the Year Ended March 31, 2018 2017 2016 Revenues: U.S. $ 502,668,332 490,821,420 515,300,873 Mexico 46,037,802 40,913,304 42,174,834 Consolidated revenues 548,706,134 531,734,724 557,475,707 Provision for loan losses: U.S. $ 117,620,140 119,095,712 114,427,629 Mexico 13,358,989 9,476,450 9,170,689 Consolidated provision for loan losses 130,979,129 128,572,162 123,598,318 General and administrative expenses: (1) U.S. $ 269,107,669 244,273,626 241,701,490 Mexico 28,325,196 23,387,597 27,438,185 Consolidated general and administrative expenses 297,432,865 267,661,223 269,139,675 Interest expense: (2) U.S. $ 19,089,635 21,504,208 26,849,250 Mexico — — — Consolidated interest expense 19,089,635 21,504,208 26,849,250 Income tax expense (benefit): U.S. $ 47,757,808 38,157,492 48,978,587 Mexico (243,321 ) 2,239,345 1,514,320 Consolidated income tax expense (benefit) 47,514,487 40,396,837 50,492,907 Net income: U.S. $ 49,093,080 67,790,382 83,343,917 Mexico 4,596,938 5,809,912 4,051,640 Consolidated net income 53,690,018 73,600,294 87,395,557 | ||||||||||
Assets | $ 840,987,037 | $ 800,588,775 | $ 840,987,037 | $ 800,588,775 | |||||||
Revenues | 151,858,000 | $ 136,934,000 | $ 131,006,000 | $ 128,910,000 | 144,571,000 | $ 130,815,000 | $ 129,269,000 | $ 127,080,000 | 548,706,134 | 531,734,724 | $ 557,475,707 |
Provision for Loan and Lease Losses | 17,408,000 | 43,755,000 | 38,976,000 | 30,840,000 | 20,702,000 | 39,985,000 | 35,871,000 | 32,014,000 | 130,979,129 | 128,572,162 | 123,598,318 |
General and Administrative Expense | 80,721,000 | 72,886,000 | 70,909,000 | 72,917,000 | 70,020,000 | 71,237,000 | 63,456,000 | 62,949,000 | 297,432,865 | 267,661,223 | 269,139,675 |
Interest Expense | 5,052,000 | 5,001,000 | 4,791,000 | 4,247,000 | 5,125,000 | 5,274,000 | 5,519,000 | 5,586,000 | 19,089,635 | 21,504,208 | 26,849,250 |
Income Tax Expense (Benefit) | 19,534,000 | 13,612,000 | 6,531,000 | 7,838,000 | 16,873,000 | 4,679,000 | 8,932,000 | 9,913,000 | 47,514,487 | 40,396,837 | 50,492,907 |
Net Income (Loss) Attributable to Parent | 29,143,000 | $ 1,680,000 | $ 9,799,000 | $ 13,068,000 | 31,851,000 | $ 9,640,000 | $ 15,491,000 | $ 16,618,000 | 53,690,018 | 73,600,294 | 87,395,557 |
MEXICO | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 79,475,398 | 69,603,217 | 79,475,398 | 69,603,217 | |||||||
Revenues | 46,037,802 | 40,913,304 | 42,174,834 | ||||||||
Provision for Loan and Lease Losses | 13,358,989 | 9,476,450 | 9,170,689 | ||||||||
General and Administrative Expense | 28,325,196 | 23,387,597 | 27,438,185 | ||||||||
Interest Expense | 0 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | (243,321) | 2,239,345 | 1,514,320 | ||||||||
Net Income (Loss) Attributable to Parent | $ 4,596,938 | $ 5,809,912 | $ 4,051,640 | ||||||||
MEXICO | Subsegments Consolidation Items [Domain] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Reporting, Additional Information about Entity's Reportable Segments | 1 | 0.4 | 2.7 | ||||||||
UNITED STATES | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 761,511,639 | $ 730,985,558 | $ 761,511,639 | $ 730,985,558 | |||||||
Revenues | 502,668,332 | 490,821,420 | $ 515,300,873 | ||||||||
Provision for Loan and Lease Losses | 117,620,140 | 119,095,712 | 114,427,629 | ||||||||
General and Administrative Expense | 269,107,669 | 244,273,626 | 241,701,490 | ||||||||
Interest Expense | 19,089,635 | 21,504,208 | 26,849,250 | ||||||||
Income Tax Expense (Benefit) | 47,757,808 | 38,157,492 | 48,978,587 | ||||||||
Net Income (Loss) Attributable to Parent | $ 49,093,080 | $ 67,790,382 | $ 83,343,917 |
Segments Segment long lived ass
Segments Segment long lived assets (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | $ 25,591,418 | $ 24,184,207 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Disclosure on Geographic Areas, Long-Lived Assets | 22,785,951 | 20,724,777 |
MEXICO | ||
Segment Reporting Information [Line Items] | ||
Disclosure on Geographic Areas, Long-Lived Assets | 2,805,467 | 3,459,430 |