Make us your home page
Instagram

Clearwater auto lender Nicholas Financial sees shares drop in wake of quarterly loss, risk review

Ralph Finkenbrink, CEO of Clearwater consumer finance company Nicholas Financial. [Company handout]

Ralph Finkenbrink, CEO of Clearwater consumer finance company Nicholas Financial. [Company handout]

Clearwater specialty auto lender Nicholas Financial saw its shares drop Friday morning to their lowest price since 2010 in the wake of a quarterly loss and an announced effort to tighten the company's risk assessment tools when making loans.

"Our net earnings for the three and twelve months ended March 31, 2017 were adversely affected primarily by an increase in the provision for credit losses due to higher charge-offs and past-due accounts along with a reduction in the gross portfolio yield," Nicholas Financial stated in its earnings release earlier this week. Shares fell Thursday on the news.

The company, which provides consumer auto financing, also cited "an extremely competitive market, greater than anticipated losses, and lower auction proceeds" for undermining its loss estimates and leading to actual losses greater than anticipated.

"We remain cautious with respect to near term losses as delinquency percentages remain elevated," the company stated.

On Friday, Nicholas Financial shares were down as much as 14.3 percent to $8.15 before rising to $8.35, up 2.45 percent by noon.

Clearwater auto lender Nicholas Financial sees shares drop in wake of quarterly loss, risk review 05/19/17 [Last modified: Friday, May 19, 2017 12:02pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Dragon ride in Harry Potter section of Universal closing for new themed ride

    Florida

    Universal Orlando announced Monday that it will close Dragon Challenge for a new "highly themed" Harry Potter ride to open in 2019 — sending wizard fans into a guessing game with hopes for a Floo Powder Network or the maze from the Triwizard Tournament.

    Universal Orlando announced Monday that it will close Dragon Challenge on Sept. 5 for a new "highly themed" Harry Potter ride to open in 2019. The ride, originally the Dueling Dragons roller coaster, was renamed and incorporated into the Wizarding World of Harry Potter when the hugely popular area opened in 2010.
  2. Would you let your company implant a chip in you?

    Working Life

    Would you ask an employee to get a chip implanted in her hand? Sounds invasive and intrusive. But come Aug. 1, one company in Wisconsin will be giving it a try.

    Three Square Market - a developer of software used in vending machines - is offering all of its employees the option to get a microchip implanted between the thumb and forefinger. [Photo from video]
  3. Daniel Lipton resigns as artistic director of Opera Tampa

    Stage

    TAMPA — Daniel Lipton has resigned as artistic director of Opera Tampa, the David A. Straz Jr. Center for the Performing Arts announced.

    Daniel Lipton became the artistic director and conductor of Opera Tampa in 2012. Lipton replaced the opera's only previous director, Anton Coppola, who retired. [Times file (2012)]
  4. Throwback Tampa Bay station 102.9 goes from R&B jams to WFLA-AM's conservative talk

    Blogs

    Talk radio station WFLA-AM (970) began simulcasting on 102.9 FM in the Tampa area this morning. 

    Tampa's 102.9 is going from Throwback Tampa Bay to WFLA-AM's news radio.
  5. Bank of Tampa expanding into Sarasota

    Banking

    TAMPA — The Bank of Tampa is expanding to Sarasota County. It opened a loan office this month in downtown Sarasota at 1858 Ringling Blvd., which will be converted to a full-service branch within the year, the company said in a release Monday.

    The Bank of Tampa is expanding to Sarasota. Charles Murphy, pictured, will lead the Sarasota branch. | [Courtesy of The Bank of Tampa]