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NICHOLAS FINANCIAL INC

FORM 10-Q(Quarterly Report)

Filed 08/11/14 for the Period Ending 06/30/14

Address 2454 MCMULLEN BOOTH RDBLDG C SUITE 501 BCLEARWATER, FL, 33759

Telephone 7277260763CIK 0001000045

Symbol NICKSIC Code 6153 - Short-Term Business Credit Institutions

Industry Consumer LendingSector Financials

Fiscal Year 03/31

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED June 30, 2014

FOR THE TRANSITION PERIOD FROM TO .

Commission file number: 0-26680

NICHOLAS FINANCIAL, INC. (Exact Name of Registrant as Specified in its Charter)

(727) 726-0763 (Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No �

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes No �

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes � No

As of July 30, 2014, the registrant had 12,273,734 shares of common stock outstanding.

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

� TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

British Columbia, Canada 8736-3354 (State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

2454 McMullen Booth Road, Building C Clearwater, Florida 33759

(Address of Principal Executive Offices) (Zip Code)

Large accelerated filer � Accelerated filer

Non-accelerated filer � Smaller reporting company �

Table of Contents

NICHOLAS FINANCIAL, INC. FORM 10-Q

TABLE OF CONTENTS

1

Page

Part I. Financial Information

Item 1. Financial Statements (Unaudited)

Consolidated Balance Sheets as of June 30, 2014 and March 31, 2014 2

Consolidated Statements of Income for the three months ended June 30, 2014 and 2013 3

Consolidated Statements of Cash Flows for the three months ended June 30, 2014 and 2013 4

Notes to the Consolidated Financial Statements 5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12

Item 3. Quantitative and Qualitative Disclosures about Market Risk 19

Item 4. Controls and Procedures 19

Part II. Other Information

Item 1. Legal Proceedings 20

Item 1A. Risk Factors 20

Item 6. Exhibits 20

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PART I. FINANCIAL INFORMATION

Nicholas Financial, Inc. and Subsidiaries Consolidated Balance Sheets

See accompanying notes.

2

ITEM 1. FINANCIAL STATEMENTS

June 30, 2014

(Unaudited) March 31,

2014 Assets Cash $ 2,290,969 $ 2,635,036 Finance receivables, net 278,173,259 269,343,595 Assets held for resale 2,040,030 1,696,330 Income taxes receivable — 1,093,682 Prepaid expenses and other assets 814,146 891,044 Property and equipment, net 897,111 869,693 Interest rate swap agreements 59,998 183,603 Deferred income taxes 7,009,056 6,716,596

Total assets $ 291,284,569 $ 283,429,579

Liabilities and shareholders’ equity Line of credit $ 131,400,000 $ 127,900,000 Drafts payable 1,623,610 2,338,561 Accounts payable and accrued expenses 7,581,169 8,924,919 Interest rate swap agreements 88,682 — Income taxes payable 936,646 — Deferred revenues 2,583,798 2,328,544

Total liabilities 144,213,905 141,492,024

Shareholders’ equity Preferred stock, no par: 5,000,000 shares authorized; none issued — — Common stock, no par: 50,000,000 shares authorized; 12,273,734 and 12,220,874 shares issued and

outstanding, respectively 31,375,702 31,151,781 Retained earnings 115,694,962 110,785,774

Total shareholders’ equity 147,070,664 141,937,555

Total liabilities and shareholders’ equity $ 291,284,569 $ 283,429,579

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Nicholas Financial, Inc. and Subsidiaries Consolidated Statements of Income

(Unaudited)


3

Three months ended

June 30, 2014 2013 Interest and fee income on finance receivables $ 21,332,514 $ 20,475,735

Expenses: Marketing 402,867 396,074 Salaries and employee benefits 5,221,180 4,851,450 Professional fees 617,848 468,403 Administrative 2,376,124 2,132,543 Provision for credit losses 4,231,815 2,641,791 Dividend taxes — 73,019 Depreciation 90,583 75,335 Interest expense 1,448,585 1,404,906 Change in fair value of interest rate swap agreements 212,287 (833,259 )

14,601,289 11,210,262

Operating income before income taxes 6,731,225 9,265,473 Income tax expense 1,822,037 3,564,980

Net income $ 4,909,188 $ 5,700,493

Earnings per share:

Basic $ 0.40 $ 0.47

Diluted $ 0.40 $ 0.46

Dividends declared per share $ — $ 0.12

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Nicholas Financial, Inc. and Subsidiaries Consolidated Statements of Cash Flows

(Unaudited)


4

Three months ended

June 30, 2014 2013 Cash flows from operating activities Net income $ 4,909,188 $ 5,700,493 Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation 90,583 75,335 Gain on sale of property and equipment — (2,013 ) Provision for credit losses 4,231,815 2,641,791 Amortization of dealer discounts (3,283,641 ) (2,974,446 ) Deferred income taxes (292,460 ) 858,193 Share-based compensation 116,023 122,259 Change in fair value of interest rate swap agreements 212,287 (833,259 )

Changes in operating assets and liabilities: Prepaid expenses and other assets 76,898 (2,958 ) Accounts payable and accrued expenses (1,343,750 ) (740,518 ) Income taxes receivable/payable 2,030,328 2,603,069 Deferred revenues 255,254 240,923

Net cash provided by operating activities 7,002,525 7,688,869

Cash flows from investing activities Purchase and origination of finance receivables (43,142,921 ) (39,328,663 ) Principal payments received 33,365,083 34,229,127 Increase in assets held for resale (343,700 ) (578,359 ) Purchase of property and equipment (118,001 ) (101,122 ) Proceeds from sale of property and equipment — 12,800

Net cash used in investing activities (10,239,539 ) (5,766,217 )

Cash flows from financing activities Net draws on line of credit 3,500,000 521,510 Change in drafts payable (714,951 ) (272,791 ) Payment of cash dividends — (1,460,372 ) Proceeds from exercise of stock options 71,716 83,140 Excess tax benefits from share-based compensation 36,182 67,096

Net cash provided (used) by financing activities 2,892,947 (1,061,417 )

Net (decrease) increase in cash (344,067 ) 861,235 Cash, beginning of period 2,635,036 2,797,716

Cash, end of period $ 2,290,969 $ 3,658,951

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Nicholas Financial, Inc. and Subsidiaries Notes to the Consolidated Financial Statements

(Unaudited)

1. Basis of Presentation

The accompanying consolidated balance sheet as of March 31, 2014, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial, Inc. (including its subsidiaries, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q pursuant to the Securities and Exchange Act of 1934, as amended in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2015. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014 as filed with the Securities and Exchange Commission on June 16, 2014. The March 31, 2014 consolidated balance sheet included herein has been derived from the March 31, 2014 audited consolidated balance sheet included in the aforementioned Form 10-K.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and the fair value of interest rate swap agreements.

2. Revenue Recognition

Finance receivables consist of automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”). Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan enters bankruptcy status, is contractually delinquent for 60 days or more or the collateral is repossessed, whichever is earlier. Chapter 13 bankrupt accounts are accounted for under the cost-recovery method. Interest income on Chapter 13 bankrupt accounts does not resume until all principal amounts are recovered (see Note 4).

A dealer discount represents the difference between the finance receivable, net of unearned interest, of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The entire amount of discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the three months ended June 30, 2014 and 2013 was 8.19% and 8.35%, respectively in relation to the total amount financed. The decrease in the average dealer discount is due to an increase in competition.

Gross finance receivables represent principal balance plus unearned income. The amount of future unearned income is computed as the product of the Contract rate, the Contract term, and the Contract amount.

Deferred revenues consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method.

The Company’s net costs for originating direct loans are recognized as an adjustment to the yield and are amortized over the life of the loan using the interest method.

5

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Nicholas Financial, Inc. and Subsidiaries Notes to the Consolidated Financial Statements (Continued)

(Unaudited) 3. Earnings Per Share

Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows:

For the three months ended June 30, 2014 and 2013, potential common stock from stock options totaling 90,000 and 10,000, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

4. Finance Receivables

Finance receivables consist of automobile finance installment Contracts and Direct Loans and are detailed as follows:

The terms of the Contracts range from 12 to 72 months and the Direct Loans range from 6 to 48 months. The Contracts and Direct Loans bear a weighted average effective interest rate of 23.03% and 26.37% as of June 30, 2014, respectively and 23.08% and 26.32% as of March 31, 2014, respectively.

Finance receivables consist of Contracts and Direct Loans, each of which comprises a portfolio segment. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment.

The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:

6

Three months ended

June 30, 2014 2013

Numerator for earnings per share – net income $ 4,909,188 $ 5,700,493

Denominator: Denominator for basic earnings per share – weighted average

shares 12,178,293 12,065,012 Effect of dilutive securities:

Stock options and other share awards 184,909 222,480

Denominator for diluted earnings per share 12,363,202 12,287,492

Earnings per share: Basic $ 0.40 $ 0.47

Diluted $ 0.40 $ 0.46

June 30, March 31, 2014 2014 Finance receivables, gross contract $ 440,506,362 $ 424,344,193 Unearned interest (130,935,575 ) (124,306,969 )

Finance receivables, net of unearned interest 309,570,787 300,037,224 Unearned dealer discounts (17,756,663 ) (17,214,269 )

Finance receivables, net of unearned interest and unearned dealer discounts 291,814,124 282,822,955

Allowance for credit losses (13,640,865 ) (13,479,360 )

Finance receivables, net $ 278,173,259 $ 269,343,595

Three months ended

June 30, 2014 2013 Balance at beginning of period $ 12,889,082 $ 16,090,652 Current period provision 4,073,398 2,494,430 Losses absorbed (4,849,623 ) (4,648,976 ) Recoveries 821,048 875,067

Balance at end of period $ 12,933,905 $ 14,811,173

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(Unaudited) 4. Finance Receivables (continued) The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominately for used vehicles. As of June 30, 2014, the average model year of vehicles collateralizing the portfolio was a 2006 vehicle. The average loan to value ratio, which expresses the amount of the Contract as a percentage of the value of the automobile, is approximately 95%. The Company utilizes a static pool approach to track portfolio performance. If the allowance for credit losses is determined to be inadequate for a static pool, then an additional charge to income through the provision is used to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate allowance for credit losses.

The following table sets forth a reconciliation of the changes in the allowance for credit losses on Direct Loans:

Direct Loans are originated directly between the Company and the consumer. These loans are typically for amounts ranging from $1,000 to $8,000 and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a significantly better credit risk than our typical Contract due to the customer’s historical payment history with the Company. In deciding whether or not to make a loan, the Company considers the individual’s credit history, job stability, income and impressions created during a personal interview with a Company loan officer. Additionally, because most of Direct Loans made by the Company to date have been made to borrowers under Contracts previously purchased by the Company, the payment history of the borrower under the Contract is a significant factor in making the loan decision. As of June 30, 2014, loans made by the Company pursuant to its Direct Loan program constituted approximately 3% of the aggregate principal amount of the Company’s loan portfolio.

Changes in the allowance for credit losses for both Contracts and Direct Loans were driven by current economic conditions and trends over several reporting periods which are useful in estimating future losses and overall portfolio performance.

A performing account is defined as an account that is less than 61 days past due. A non-performing account is defined as an account that is contractually delinquent for 61 days or more and the accrual of interest income is suspended. When an account is 120 days contractually delinquent, the account is written off. Upon notification of a Chapter 13 bankruptcy, an account is monitored for collection with other Chapter 13 bankrupt accounts. In the event the debtors balance has been reduced by the bankruptcy court, the Company will record a loss equal to the amount of principal balance reduction. The remaining balance will be reduced as payments are received by the bankruptcy court. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings to allow the customer to begin making regularly scheduled payments.

7

Three months ended

June 30, 2014 2013 Balance at beginning of period $ 590,278 $ 467,917 Current period provision 158,418 147,361 Losses absorbed (54,101 ) (27,586 ) Recoveries 12,365 4,189

Balance at end of period $ 706,960 $ 591,881

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(Unaudited) 4. Finance Receivables (continued) The following table is an assessment of the credit quality by creditworthiness:

The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and under its Direct Loans, excluding Chapter 13 bankrupt accounts:

5. Line of Credit

The Company has a line of credit facility (the “Line”) up to $150,000,000. The pricing of the Line, which expires on November 30, 2014, is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at June 30, 2014 and March 31, 2014). Pledged as collateral for this Line are all of the assets of the Company. The outstanding amount of the Line was $131,400,000 and $127,900,000 as of June 30, 2014 and March 31, 2014, respectively. The amount available under the Line was approximately $18,600,000 and $22,100,000 as of June 30, 2014 and March 31, 2014, respectively.

The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of June 30, 2014, the Company was in full compliance with all debt covenants.

6. Interest Rate Swap Agreements

The Company utilizes interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements convert a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables.

The following table summarizes the activity in the notional amounts of interest rate swap agreements:

8

June 30,

2014 June 30,

2013 Contracts Direct Loans Contracts Direct Loans Performing accounts $ 420,006,795 $ 11,118,330 $ 396,448,006 $ 9,613,865 Non-performing accounts 5,889,676 57,331 4,470,426 41,083

Total $ 425,896,471 $ 11,175,661 $ 391,977,580 $ 9,654,948 Chapter 13 bankrupt accounts 3,406,706 27,458 1,802,820 11,922

Finance receivables, gross contract $ 429,303,240 $ 11,203,119 $ 393,780,400 $ 9,666,870

Contracts Gross Balance Outstanding 31 – 60 days 61 – 90 days Over 90 days Total

June 30, 2014 $ 425,896,471 $ 16,433,351 $ 4,346,201 $ 1,543,475 $ 22,323,027 3.86 % 1.02 % 0.36 % 5.24 %

June 30, 2013 $ 391,977,580 $ 12,506,882 $ 3,138,575 $ 1,331,851 $ 16,977,308 3.19 % 0.80 % 0.34 % 4.33 %

Direct Loans Gross Balance Outstanding 31 – 60 days 61 – 90 days Over 90 days Total

June 30, 2014 $ 11,175,661 $ 183,159 $ 41,491 $ 15,840 $ 240,490 1.64 % 0.37 % 0.14 % 2.15 %

June 30, 2013 $ 9,654,948 $ 79,552 $ 27,046 $ 14,037 $ 120,635 0.82 % 0.28 % 0.15 % 1.25 %

Three months ended June 30, 2014 2013 Notional amounts at April 1 $ 50,000,000 $ 50,000,000 New contracts — — Matured contracts — —

Notional amounts at June 30 $ 50,000,000 $ 50,000,000

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(Unaudited) 6. Interest Rate Swap Agreements (continued) The Company currently has two interest rate swap agreements. A June 4, 2012 interest rate swap agreement provides for a five-year interest rate swap in which the Company pays a fixed rate of 1% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of June 13, 2012 and a notional amount of $25,000,000. A July 30, 2012 agreement provides for a five-year interest rate swap in which the Company pays a fixed rate of 0.87% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of August 13, 2012 and a notional amount of $25,000,000.

The locations and amounts of (gains) losses in income are as follows:

Net realized gains and losses from the interest rate swap agreements were recorded in the interest expense line item of the consolidated statements of income. The following table summarizes the average variable rates received and average fixed rates paid under the swap agreements.

7. Income Taxes

The provision for income taxes decreased to approximately $1.8 million for the three months ended June 30, 2014 from approximately $3.6 million for the three months ended June 30, 2013. The Company’s effective tax rate decreased to 27.07% for the three months ended June 30, 2014 from 38.48% for the three months ended June 30, 2013. The decrease in the effective tax rate is related to certain professional fees associated with the potential sale of the Company becoming deductible during the three months ended June 30, 2014 when the Arrangement Agreement was terminated.

8. Fair Value Disclosures

The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The Company estimates the fair value of interest rate swap agreements based on the estimated net present value of the future cash flows using a forward interest rate yield curve in effect as of the measurement period, adjusted for nonperformance risk, if any, including a quantitative and qualitative evaluation of both the Company’s credit risk and the counterparty’s credit risk. Accordingly, the Company classifies interest rate swap agreements as Level 2.

9

Three months ended

June 30, 2014 2013 Periodic change in fair value of interest rate swap agreements $ 212,287 $ (833,259 ) Periodic settlement differentials included in interest expense 98,992 93,314

Total $ 311,279 $ (739,945 )

Three months ended

June 30, 2014 2013 Variable rate received 0.15 % 0.20 % Fixed rate paid 0.94 % 0.94 %

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(Unaudited) 8. Fair Value Disclosures (continued)

Financial Instruments Not Measured at Fair Value

The Company’s financial instruments consist of finance receivables and the Line. For each of these financial instruments the carrying value approximates fair value.

Finance receivables, net approximates fair value based on the price paid to acquire indirect loans. The price paid reflects competitive market interest rates and purchase discounts for the Company’s chosen credit grade in the economic environment. This market is highly liquid as the Company acquires individual loans on a daily basis from dealers. The initial terms of the Contracts range from 12 to 72 months. The initial terms of the Direct Loans range from 6 to 48 months. In addition, there have been minimal changes in interest rates and purchase discounts related to these types of loans. If liquidated outside of the normal course of business, the amount received may not be the carrying value.

Based on current market conditions, any new or renewed credit facility would contain pricing that approximates the Company’s current Line. Based on these market conditions, the fair value of the Line as of June 30, 2014 was estimated to be equal to the book value. The interest rate for the Line is a variable rate based on LIBOR pricing options.

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. The Company does not currently have any assets or liabilities measured at fair value on a nonrecurring basis.

9. Cash Dividend

Dividends were not declared or paid during the three months ended June 30, 2014. On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013.

Payment of cash dividends results in a 5% withholding tax payable by the Company under the Canada-United States Income Tax Convention which is included in earnings under the caption of dividend tax.

10

Fair Value Measurement Using Description Level 1 Level 2 Level 3 Fair Value Interest rate swap agreements:

June 30, 2014: Effective June 13, 2012 - liability $ — $ (88,682 ) $ — $ (88,682 ) Effective August 13, 2012 - asset — $ 59,998 — $ 59,998

March 31, 2014 - asset $ — $ 183,603 $ — $ 183,603

Fair Value Measurement Using Description Level 1 Level 2 Level 3 Fair Value Finance receivables:

June 30, 2014 $ — $ — $ 278,173,000 $ 278,173,000 March 31, 2014 $ — $ — $ 269,344,000 $ 269,344,000

Line of credit: June 30, 2014 $ — $ 131,400,000 $ — $ 131,400,000 March 31, 2014 $ — $ 127,900,000 $ — $ 127,900,000

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(Unaudited) 10. Contingencies

The following is a brief summary of litigation filed against the Company and its directors related to the Arrangement contemplated in the recently terminated Arrangement Agreement between the Company, on the one hand, and Prospect Capital Corporation (“Prospect”) and three of its subsidiaries, on the other hand:

Jason Simpson v. Nicholas Financial, Inc., et al., Case No. 13-011726-CI (Circuit Court, Pinellas County, Florida), filed December 24, 2013; Gabriella Rago v. Nicholas Financial, Inc., et al., Case No. 8:13-cv-03261-VMC-TGW (U.S. District Court, Tampa, Florida), filed December 30, 2013; Matthew John Leonard v. Nicholas Financial, Inc., et al., Case No. 13-011811-CI (Circuit Court, Pinellas County, Florida), filed December 31, 2013; Michelangelo Lombardo v. Nicholas Financial, Inc., et al., Case No. 14-000095-CI (Circuit Court, Pinellas County, Florida), filed January 3, 2014; Edward Opton v. Stephen Bragin, et al., Case No. 14-000139-CI (Circuit Court, Pinellas County, Florida), filed January 6, 2014; Marvin Biver v. Nicholas Financial, Inc., et al., Case No. 8:14-cv-00250-VMC-TGW (U.S. District Court, Tampa, Florida), filed February 3, 2014; and Richard Abrons v. Nicholas Financial, Inc., et al., Case No. 8:14-cv-00583-VMC-TGW (U.S. District Court, Tampa, Florida), filed March 10, 2014. These seven substantially similar lawsuits were filed in connection with the Arrangement contemplated in the Arrangement Agreement between the Company, on the one hand, and Prospect and three Prospect subsidiaries, on the other hand. On April 30, 2014, the Biver and the Abrons lawsuits were consolidated (hereafter, the “Biver lawsuit”). On May 8, 2014, the Rago lawsuit was voluntarily dismissed.

Each plaintiff to the lawsuits purported to represent a class of all of the Company’s shareholders other than the defendants and any person or entity related to or affiliated with any defendant. Each plaintiff alleged that the consideration to be paid for the Company’s Common Shares was inadequate and that certain terms of the Arrangement Agreement were contrary to the interests of the Company’s public shareholders. Each plaintiff sought declaratory relief, injunctive relief, other equitable relief and/or unspecified damages with respect to the proposed transaction. Each plaintiff, except for the plaintiffs in the Biver lawsuit, also sought an award of attorneys’ fees. From July 8, 2014 to July 15, 2014, following the Company’s June 12, 2014 announcement that the Company’s Board of Directors had determined to terminate the Arrangement Agreement, each pending lawsuit was voluntarily dismissed. No monies or other consideration were exchanged between the plaintiffs and defendants.

The Company currently is not a party to any pending legal proceedings other than ordinary routine litigation incidental to its business, none of which, if decided adversely to the Company, would, in the opinion of management, have a material adverse effect on the Company’s financial condition or results of operations.

11. Recently Issued Accounting Standards

In May 2014, the FASB issued ASU No. 2014-09, Summary and Amendments That Create Revenue from Contracts with Customers (Topic 660) and Other Assets and Deferred Costs-Contracts with Customer (Subtopic 340-40) . ASU 2014-09 sets new guidance to clarify principles for recognizing revenue and develop a common revenue standard with the International Accounting Standards Board. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the effect of adopting ASU No. 2014-09 on its consolidated financial statements.

The Company does not believe there are any other recently issued accounting standards that have not yet been adopted that will have a material impact on the Company’s consolidated financial statements.

11

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Information

This report on Form 10-Q contains various statements, other than those concerning historical information, that are based on management’s beliefs and assumptions, as well as information currently available to management, and should be considered forward-looking statements. This notice is intended to take advantage of the safe harbor provided by the Private Securities Litigation Reform Act of 1995 with respect to such forward-looking statements. When used in this document, the words “anticipate”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results are fluctuations in the economy, the ability to access bank financing, the degree and nature of competition, demand for consumer financing in the markets served by the Company, the Company’s products and services, increases in the default rates experienced on Contracts, adverse regulatory changes in the Company’s existing and future markets, the Company’s ability to expand its business, including its ability to complete acquisitions and integrate the operations of acquired businesses, to recruit and retain qualified employees, to expand into new markets and to maintain profit margins in the face of increased pricing competition. All forward looking statements included in this report are based on information available to the Company on the date hereof, and the Company assumes no obligations to update any such forward looking statement. You should also consult factors described from time to time in the Company’s filings made with the Securities and Exchange Commission, including its reports on Forms 10-K, 10-Q, 8-K and annual reports to shareholders.

Strategic Alternatives

As reported on July 1, 2014, the Company’s Board of Directors (the “Board”) determined to discontinue its previously announced exploration of possible strategic alternatives for the Company, including, but not limited to, the possible sale of the Company to Prospect Capital Corporation or another third party, potential acquisition and expansion opportunities and/or a possible debt or equity financing. Effective as of the same date, the Board terminated its engagement of Janney Montgomery Scott LLC, which was acting as the Board’s independent financial advisor in connection with such exploration of strategic alternatives.

Litigation and Legal Matters

See “Item 1. Legal Proceedings” in Part II of this quarterly report below.

Critical Accounting Policy

The Company’s critical accounting policy relates to the allowance for credit losses. It is based on management’s opinion of an amount that is adequate to absorb losses in the existing portfolio. The allowance for credit losses is established through a provision for losses based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate credit loss allowance.

Because of the nature of the customers under the Company’s Contracts and its Direct Loans, the Company considers the establishment of adequate reserves for credit losses to be imperative. The Company segregates its Contracts into static pools for purposes of establishing reserves for losses. All Contracts purchased by a branch during a fiscal quarter comprise a static pool. The Company pools Contracts according to branch location because the branches purchase Contracts in different geographic markets. This method of pooling by branch and quarter allows the Company to evaluate the different markets where the branches operate. The pools also allow the Company to evaluate the different levels of customer income, stability, credit history, and the types of vehicles purchased in each market. Each such static pool consists of the Contracts purchased by a branch office during the fiscal quarter.

Contracts are purchased from many different dealers and are all purchased on an individual Contract by Contract basis. Individual Contract pricing is determined by the automobile dealerships and is generally the lesser of state maximum interest rates or the maximum interest rate the customer will accept. In certain markets, competitive forces will drive down Contract rates from the maximum rate to a level where an individual competitor is willing to buy an individual Contract. The Company only buys Contracts on an individual basis and never purchases Contracts in batches, although the Company may consider portfolio acquisitions as part of its growth strategy.

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The Company has detailed underwriting guidelines it utilizes to determine which Contracts to purchase. These guidelines are specific and are designed to cause all of the Contracts that the Company purchases to have common risk characteristics. The Company utilizes its District Managers to evaluate their respective branch locations for adherence to these underwriting guidelines. The Company also utilizes an internal audit department to assure adherence to its underwriting guidelines. The Company utilizes the branch model, which allows for Contract purchasing to be done on the branch level. Each Branch Manager may interpret the guidelines differently, and as a result, the common risk characteristics tend to be the same on an individual branch level but not necessarily compared to another branch.

The allowance for loan losses is established through charges to earnings through the provision for credit losses. The allowance for credit losses is maintained at an amount that reduces the net carrying amount of finance receivables for incurred losses. If a static pool is fully liquidated and has any remaining reserves, the excess provision is immediately reversed during the period. For static pools that are not fully liquidated that are deemed to have excess reserves, such amounts are reversed against provision for credit losses during the period.

In analyzing a static pool, the Company considers the performance of prior static pools originated by the branch office, the performance of prior Contracts purchased from the dealers whose Contracts are included in the current static pool, the credit rating of the customers under the Contracts in the static pool, and current market and economic conditions. Each static pool is analyzed monthly to determine if the loss reserves are adequate, and adjustments are made if they are determined to be necessary.

Introduction

Consolidated net income decreased 14% to approximately $4.9 million for the three-month period ended June 30, 2014 as compared to $5.7 million for the corresponding period ended June 30, 2013. Diluted earnings per share decreased 13% to $0.40 as compared to $0.46 for the three months ended June 30, 2014 and June 30, 2013, respectively.

The results for the three-month period ended June 30, 2014 were adversely affected by a reduction in the fair value of the interest rate swap agreements and an increase in the provision for credit losses. Also, after-tax earnings were positively affected as a significant portion of the professional fees that were not deductible for income tax purposes in fiscal year ended March 31, 2014 are now deductible since the Company determined to terminate the Arrangement Agreement for sale of the Company and the exploration of strategic alternatives. This resulted in a lower effective tax rate and after-tax impact of $0.07 per share.

The Company’s software subsidiary, Nicholas Data Services, did not contribute significantly to consolidated operations in the three ended June 30, 2014 or 2013 and operations ceased during the quarter ended June 30, 2014.

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Note: All three-month key performance indicators expressed as percentages have been annualized.

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Three months ended

June 30, Portfolio Summary 2014 2013

Average finance receivables, net of unearned interest (1) $ 304,915,588 $ 285,637,997

Average indebtedness (2) $ 129,837,500 $ 125,880,390

Interest and fee income on finance receivables $ 21,332,514 $ 20,475,735 Interest expense 1,448,586 1,404,906

Net interest and fee income on finance receivables $ 19,879,012 $ 19,064,466

Weighted average contractual rate (3) 23.12 % 23.28 %

Average cost of borrowed funds (2) 4.46 % 4.46 %

Gross portfolio yield (4) 27.98 % 28.66 %

Interest expense as a percentage of average finance receivables, net of unearned interest 1.90 % 1.97 %

Provision for credit losses as a percentage of average finance receivables, net of unearned interest 5.55 % 3.70 %

Net portfolio yield (4) 20.53 % 22.99 %

Marketing, salaries, employee benefits, depreciation, administrative, dividend tax expense and professional fees as a percentage of average finance receivables, net of unearned interest (5) 11.42 % 11.12 %

Pre-tax yield as a percentage of average finance receivables, net of unearned interest (6) 9.11 % 11.87 %

Write-off to liquidation (7) 6.44 % 5.90 % Net charge-off percentage (8) 5.34 % 5.15 %

(1) Average finance receivables, net of unearned interest, represents the average of gross finance receivables, less unearned interest throughout the period.

(2) Average indebtedness represents the average outstanding borrowings under the Line. Average cost of borrowed funds represents interest expense as a percentage of average indebtedness.

(3) Weighted average contractual rate represents the weighted average annual percentage rate (“APR”) of all Contracts and Direct Loans. (4) Gross portfolio yield represents finance revenues as a percentage of average finance receivables, net of unearned interest. Net portfolio

yield represents finance revenue minus (a) interest expense and (b) the provision for credit losses as a percentage of average finance receivables, net of unearned interest.

(5) The numerators include expenses associated with the potential sale of the Company and include taxes associated with the payments of cash dividends. Absent these expenses, the percentages would have been 11.00% and 10.69% for the three months ended June 30, 2014 and 2013, respectively.

(6) Pre-tax yield represents net portfolio yield minus administrative expenses as a percentage of average finance receivables, net of unearned interest.

(7) Write-off to liquidation percentage is defined as net charge-offs divided by liquidation. Liquidation is defined as beginning gross receivable balance plus current period purchases minus voids and refinances minus ending gross receivable balance.

(8) Net charge-off percentage represents net charge-offs divided by average finance receivables, net of unearned interest, outstanding during the period.

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Three months ended June 30, 2014 compared to three months June 30, 2013

Interest Income and Loan Portfolio

Interest and fee income on finance receivables, predominately finance charge income, increased 4% to approximately $21.3 million for the three-month period ended June 30, 2014 from $20.5 million for the corresponding period ended June 30, 2013. Average finance receivables, net of unearned interest equaled approximately $304.9 million for the three-month period ended June 30, 2014, an increase of 6.8% from $285.6 million for the corresponding period ended June 30, 2013. The primary reason average finance receivables, net of unearned interest increased was the opening of one additional branch office and the increase of the portfolio size at our existing branches (see “Contract Procurement” and “Loan Origination” below). The gross finance receivable balance increased 9% to approximately $440.5 million as of June 30, 2014, from $403.4 million as of June 30, 2013. The primary reason interest income increased was the increase in the outstanding loan portfolio. The gross portfolio yield decreased to 27.98% for the three-month period ended June 30, 2014 compared to 28.66% for the three-month period ended June 30, 2013. The gross portfolio yield decreased primarily due to the decrease of the overall weighted average APR, which is a result from increased competition. The net portfolio yield decreased to 20.53% for the corresponding period ended June 30, 2014 from 22.99% for the three-month period ended June 30, 2013. The net portfolio yields decreased due to a decrease in the gross portfolio yield and an increase in the provision for credit losses (see “Analysis of Credit Losses” below).

Marketing, Salaries, Employee Benefits, Depreciation, Administrative, Professional Fee Expenses and Dividend Taxes

Marketing, salaries, employee benefits, depreciation, administrative, professional fee expenses and dividend taxes increased to approximately $8.7 million for the three-month period ended June 30, 2014 from approximately $8.0 million for the corresponding period ended June 30, 2013. The increase was primarily related to the increase in salaries, employee benefits and administrative expenses which was primarily attributable to newer branch locations and an increase in costs associated with maintaining the finance receivable portfolio. The Company operated 66 and 64 branch locations as of June 30, 2014 and 2013, respectively. Marketing, salaries, employee benefits, depreciation, administrative, professional fee expenses and dividend taxes as a percentage of finance receivables, net of unearned interest, increased to 11.42% for the three-month period ended June 30, 2014 from 11.12% for the three-month period ended June 30, 2013. For the three months ended June 30, 2014, the numerator includes expenses associated with the potential sale of the Company. Absent these expenses, the percentage would have been 11.00%. For the three months ended June 30, 2013, the numerator includes dividend taxes and expenses associated with the potential sale of the Company. Absent these costs, the percentage would have been 10.69%.

Interest Expense

Interest expense remained relatively flat at $1.4 million for the three-month period ended June 30, 2014 and 2013 due to limited changes in average borrowing on the Line, minimal changes in interest rates and no changes to interest rate swap agreements. The following table summarizes the Company’s average cost of borrowed funds:

The Company’s average cost of funds remained flat. The credit spread increased and the variable interest decreased due to a decrease in LIBOR rates in the three months ended June 30, 2014 and June 30, 2014.

The notional amount of interest rate swap agreements was $50.0 million at a weighted average fixed rate of 0.94% for each of the three-month periods ended June 30, 2014 and 2013. For further discussions regarding the effect of interest rate swap agreements see Note 6 – “Interest Rate Swap Agreements”.

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Three months ended June 30, 2014 2013 Variable interest under the line of credit facility 0.29 % 0.35 % Settlements under interest rate swap agreements 0.30 % 0.30 % Credit spread under the line of credit facility 3.87 % 3.81 %

Average cost of borrowed funds 4.46 % 4.46 %

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Contract Procurement

The Company purchases Contracts in the fifteen states listed in the table below. The Contracts purchased by the Company are predominately for used vehicles; for the three-month period ended June 30, 2014 and 2013, less than 2% were for new vehicles.

The following tables present selected information on Contracts purchased by the Company, net of unearned interest.

Loan Origination

The following table presents selected information on Direct Loans originated by the Company, net of unearned interest.

Analysis of Credit Losses

As of June 30, 2014, the Company had 1,415 active static pools. The average pool upon inception consisted of 60 Contracts with aggregate finance receivables, net of unearned interest, of approximately $630,000.

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Three months ended

June 30, State 2014 2013 FL $ 15,175,792 $ 12,109,051 GA 5,247,446 4,147,343 NC 3,990,023 4,448,482 SC 1,086,325 1,400,374 OH 6,099,123 6,065,865 MI 1,966,102 1,715,302 VA 1,408,356 1,460,241 IN 2,000,891 2,134,790 KY 2,225,752 2,317,470 MD 1,249,570 519,657 AL 1,510,745 1,783,268 TN 1,550,917 1,774,514 IL 1,081,316 556,335 MO 1,743,740 1,133,722 KS 433,504 316,300

Total $ 46,769,602 $ 41,882,714

Three months ended

June 30, Contracts 2014 2013 Purchases $ 46,769,602 $ 41,882,714 Weighted average APR 23.01 % 22.81 % Average discount 8.19 % 8.35 % Weighted average term (months) 54 51 Average loan $ 11,020 $ 10,576 Number of Contracts 4,244 3,960

Three months ended

June 30, Direct Loans Originated 2014 2013 Originations $ 2,665,547 $ 2,639,159 Weighted average APR 26.69 % 25.82 % Weighted average term (months) 30 29 Average loan $ 3,578 $ 3,491 Number of loans 745 756

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The Company anticipates losses absorbed as a percentage of liquidation (see note 7 in the Portfolio Summary table on page 14 for the definition of write-off to liquidation) will be in the 5%-10% range during the remainder of the current fiscal year; however, no assurances can be given that the actual losses absorbed may not be higher as a result of continued fierce competition. The longer-term outlook for portfolio performance will depend largely on the competition. Other indicators include the overall economic conditions, the unemployment rate, and the price of oil which impacts the cost of gasoline, food and many other items used or consumed by the average person. Also, the Company’s ability to monitor, manage and implement its underwriting philosophy in additional geographic areas as it strives to continue its expansion will impact future portfolio performance. The Company does not believe there have been any significant changes in loan concentrations or terms of Contracts purchased during the three months ended June 30, 2014.

The provision for credit losses increased to approximately $4.2 million from approximately $2.6 million for the three months ended June 30, 2014 and 2013, respectively. The Company has experienced favorable variances between projected write-offs and actual write-offs on many seasoned pools which has resulted in an increase in expected future cash flows. However, due to increased competition in more recent periods, the percentage of loans acquired that are categorized in the lower tiers of the Company’s guidelines has increased. During the current periods, static pools originated during fiscal 2014 and 2013, while still performing at acceptable net charge-off levels, have experienced losses higher than static pools originated in previous years. Consequently, if this trend continues, the Company would expect the provision for credit losses to remain higher for future static pools. Accordingly, the amount of additional provision necessary to maintain an adequate allowance to absorb incurred losses in the existing portfolio was greater than the provision in fiscal 2014. The Company’s losses as a percentage of liquidation increased to 6.44% from 5.90% for the three months ended June 30, 2014 and 2013, respectively. The Company has also experienced slightly increased losses in part due to a small decrease in auction proceeds from repossessed vehicles. These proceeds are dependent upon several variables including the general market for repossessed vehicles. During the three months ended June 30, 2014 and 2013, auction proceeds from the sale of repossessed vehicles averaged approximately 50% and 51%, respectively, of the related principal balance.

The Company also considers the following factors to assist in determining the appropriate loss reserve levels: unemployment rates; competition; the number of bankruptcy filings; the results of internal branch audits; consumer sentiment; consumer spending; economic growth (i.e., changes in GDP); the condition of the housing sector; and other leading economic indicators. The Company continues to evaluate reserve levels on a pool-by-pool basis during each reporting period. While unemployment rates have stabilized somewhat, they remain elevated, which will make it difficult for improvement in loss rates. The longer-term outlook for portfolio performance will depend on overall economic conditions, the unemployment rate, the rational or irrational behavior of the Company’s competitors, and the Company’s ability to monitor, manage and implement its underwriting philosophy in additional geographic areas as it strives to continue its expansion.

The delinquency percentage for Contracts more than thirty days past due as of June 30, 2014 was 5.24% as compared to 4.33% as of June 30, 2013. This increase is primarily as a result of increased competition in all markets that the Company presently operates in. Increased competition typically reduces discounts on Contracts purchased and also results in a greater percentage of Contracts, while still within guidelines, that result in lower credit quality. The delinquency percentage for Direct Loans more than thirty days past due as of June 30, 2014 was 2.15% as compared to 1.25% as of June 30, 2014. See Note 4 – “Finance Receivables” for changes in allowance for credit losses, credit quality and delinquencies. Such increases in the delinquency percentage for Contracts and the losses as a percentage of liquidation were contemplated in determining the appropriate reserve levels, particularly for less seasoned pools.

Recoveries as a percentage of charge-offs decreased to approximately 19.1% for the three months ended June 30, 2014 from approximately 21.4% for the three months ended June 30, 2013. Historically, recoveries as a percentage of charge-offs fluctuate from period to period, and the Company does not attribute this increase to any particular change in operational strategy or economic event.

In accordance with our policies and procedures, certain borrowers qualify for, and the Company offers, one-month principal payment deferrals on Contracts and Direct Loans. For the three months ended June 30, 2014 and June 30, 2013 the Company granted deferrals to approximately 5.17% and 5.28%, respectively, of total Contracts and Direct Loans. The number of deferrals is influenced by portfolio performance, general economic conditions and the unemployment rate.

Income Taxes

The provision for income taxes decreased to approximately $1.8 million for the three months ended June 30, 2014 from approximately $3.6 million for the three months ended June 30, 2013. The Company’s effective tax rate decreased to 27.07% for the three months ended June 30, 2014 from 38.48% for the three months ended June 30, 2013. The decrease in the effective tax rate is related to certain professional fees associated with the potential sale of the Company becoming deductible during the three months ended June 30, 2014 when the Arrangement Agreement was terminated.

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Liquidity and Capital Resources

The Company’s cash flows are summarized as follows:

The Company’s primary use of working capital during the three months ended June 30, 2014, was the funding of the purchase of Contracts which are financed substantially through cash from principal payments received and cash from operations. The Line is secured by all of the assets of the Company and has a maturity date of November 30, 2014. The Company may borrow up to $150.0 million. Borrowings under the Line may be under various LIBOR pricing options plus 300 basis points with a 1% floor on LIBOR. As of June 30, 2014, the amount outstanding under the Line was approximately $131.4 million, and the amount available under the Line was approximately $18.6 million. The Company will be looking to amend the current Line and extend the maturity date in the near future.

The Company will continue to depend on the availability of the Line, together with cash from operations, to finance future operations. Amounts outstanding under the Line have increased by approximately $3.5 million during the three months ended June 30, 2014. The increase of the Line is principally related to the fact that cash needed to fund new contracts exceeded cash received from operations. The amount of debt the Company incurs from time to time under these financing mechanisms depends on the Company’s need for cash and ability to borrow under the terms of the Line. The Company believes that borrowings available under the Line as well as cash flow from operations will be sufficient to meet its short-term funding needs. The Line requires compliance with certain debt covenants including financial ratios, asset quality and other performance tests. The Company is in compliance with all of its debt covenants.

On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013. No dividends were declared during the quarter ending June 30, 2014.

Contractual Obligations

The following table summarizes the Company’s material obligations as of June 30, 2014.

The Company’s Line matures on November 30, 2014. Interest on outstanding borrowings under the Line as of June 30, 2014, is based on an effective interest rate of 4.46% which includes the estimated effect of the interest rate swap agreements settlements through the maturity date. The effective interest rate used in the above table does not contemplate the possibility of entering into interest rate swap agreements in the future.

Future Expansion

The Company currently operates a total of sixty-six branch locations in fifteen states, including twenty-one in Florida; eight in Ohio; six in North Carolina and Georgia; three in Kentucky, Indiana, Missouri, Michigan, and Alabama; two in Virginia, Tennessee, Illinois, and South Carolina; and one each in Maryland, and Kansas. Each office is budgeted (size of branch, number of employees and location) to handle up to 1,000 accounts and up to $7.5 million in gross finance receivables. To date, twenty-two of our branches meet this capacity. The Company continues to evaluate additional markets for future branch locations, and subject to market conditions, may open additional branch locations during fiscal 2015.

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Three months ended June 30, 2014 2013 Cash provided by (used in):

Operating activities $ 7,002,525 $ 7,688,869 Investing activities (primarily purchase of Contracts) (10,239,539 ) (5,766,217 ) Financing activities 2,892,947 (1,061,417 )

Net (decrease) increase in cash $ (344,067 ) $ 861,235

Payments Due by Period

Total Less than

1 year 1 to 3 years

3 to 5 years

More than

5 years

Operating leases $ 3,750,320 $ 1,766,035 $ 1,610,292 $ 373,993 $ — Line of credit 131,400,000 131,400,000 — — — Interest on Line 1 2,441,850 2,441,850 — — —

Total $ 137,592,170 $ 135,607,885 $ 1,610,292 $ 373,993 $ —

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Market risks relating to the Company’s operations result primarily from changes in interest rates. The Company does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes.

Interest rate risk

Management’s objective is to minimize the cost of borrowing through an appropriate mix of fixed and floating rate debt. Derivative financial instruments, such as interest rate swap agreements, may be used for the purpose of managing fluctuating interest rate exposures that exist from ongoing business operations. The Company does not use interest rate swap agreements for speculative purposes. At June 30, 2014, $81,400,000, or approximately 61.9% of our total debt was subject to floating interest rates; however, due to a 1% floor on the debt these rates are effectively fixed until the variable rates exceed this threshold. As a result, a hypothetical 1% increase in the variable interest rates as of June 30, 2014 applicable to this floating rate debt would have an annual after-tax impact of approximately $76,000.

Evaluation of disclosure controls and procedures . In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q, the Company’s management evaluated, with the participation of the Company’s President and Chief Executive Officer and Vice President and Chief Financial Officer, the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based upon their evaluation of these disclosure controls and procedures, the President and Chief Executive Officer and the Vice President and Chief Financial Officer have concluded that the disclosure controls and procedures were effective as of the date of such evaluation to ensure that material information relating to the Company, including its consolidated subsidiaries, was made known to them by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q was being prepared.

Changes in internal controls . There have been no changes in the Company’s internal control over financial reporting that occurred during the Company’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARK ET RISK

ITEM 4. CONTROLS AND PROCEDURES

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PART II - OTHER INFORMATION

The following is a brief summary of litigation filed against the Company and its directors related to the Arrangement contemplated in the recently terminated Arrangement Agreement between the Company, on the one hand, and Prospect Capital Corporation (“Prospect”) and three of its subsidiaries, on the other hand:

Jason Simpson v. Nicholas Financial, Inc., et al., Case No. 13-011726-CI (Circuit Court, Pinellas County, Florida), filed December 24, 2013; Gabriella Rago v. Nicholas Financial, Inc., et al., Case No. 8:13-cv-03261-VMC-TGW (U.S. District Court, Tampa, Florida), filed December 30, 2013; Matthew John Leonard v. Nicholas Financial, Inc., et al., Case No. 13-011811-CI (Circuit Court, Pinellas County, Florida), filed December 31, 2013; Michelangelo Lombardo v. Nicholas Financial, Inc., et al., Case No. 14-000095-CI (Circuit Court, Pinellas County, Florida), filed January 3, 2014; Edward Opton v. Stephen Bragin, et al., Case No. 14-000139-CI (Circuit Court, Pinellas County, Florida), filed January 6, 2014; Marvin Biver v. Nicholas Financial, Inc., et al., Case No. 8:14-cv-00250-VMC-TGW (U.S. District Court, Tampa, Florida), filed February 3, 2014; and Richard Abrons v. Nicholas Financial, Inc., et al., Case No. 8:14-cv-00583-VMC-TGW (U.S. District Court, Tampa, Florida), filed March 10, 2014. These seven substantially similar lawsuits were filed in connection with the Arrangement contemplated in the Arrangement Agreement between the Company, on the one hand, and Prospect and three Prospect subsidiaries, on the other hand. On April 30, 2014, the Biver and the Abrons lawsuits were consolidated (hereafter, the “Biver lawsuit”). On May 8, 2014, the Rago lawsuit was voluntarily dismissed.

Each plaintiff to the lawsuits purported to represent a class of all of the Company’s shareholders other than the defendants and any person or entity related to or affiliated with any defendant. Each plaintiff alleged that the consideration to be paid for the Company’s Common Shares was inadequate and that certain terms of the Arrangement Agreement were contrary to the interests of the Company’s public shareholders. Each plaintiff sought declaratory relief, injunctive relief, other equitable relief and/or unspecified damages with respect to the proposed transaction. Each plaintiff, except for the plaintiffs in the Biver lawsuit, also sought an award of attorneys’ fees. From July 8, 2014 to July 15, 2014, following the Company’s June 12, 2014 announcement that the Company’s Board of Directors had determined to terminate the Arrangement Agreement, each pending lawsuit was voluntarily dismissed. No monies or other consideration were exchanged between the plaintiffs and defendants.

The Company currently is not a party to any pending legal proceedings other than ordinary routine litigation incidental to its business, none of which, if decided adversely to the Company, would, in the opinion of management, have a material adverse effect on the Company’s financial condition or results of operations.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2014, which could materially affect our business, financial condition or future results. The risks described in the Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

See exhibit index following the signature page.

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ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

ITEM 6. EXHIBITS

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

NICHOLAS FINANCIAL, INC. (Registrant)

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Date: August 11, 2014 /s/ Ralph T. Finkenbrink Ralph T. Finkenbrink

Chairman of the Board, President, Chief Executive Officer and Director

Date: August 11, 2014 /s/ Katie L. MacGillivary Katie L. MacGillivary Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit No. Description

10.8 Form of Dealer Agreement and Schedule thereto listing dealers that are parties to such agreements

31.1 Certification of the President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 Certification of the Vice President and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1* Certification of the Chief Executive Officer Pursuant to 18 U.S.C. § 1350

32.2* Certification of the Chief Financial Officer Pursuant to 18 U.S.C. § 1350

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB XBRL Taxonomy Extension Labels Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Linkbase Document

* This certification accompanies the Quarterly Report on Form 10-Q and is not filed as part of it.

Exhibit 10.8

Non-Recourse Dealer Retail Agreement

The undersigned Dealer proposes to sell to the undersigned Nicholas Financial, Inc. (NFI), from time to time, Promissory Notes, Security Agreements, Retail Installment contracts, Conditional Sales Contracts, or other instruments hereinafter referred to as “Contracts”, evidencing installment payment obligations owing Dealer arising from the time sale of motor vehicle(s) and secured by such Contracts. It is understood that NFI shall have the sole discretion to determine which Contracts it will purchase from Dealer.

NICHOLAS FINANCIAL, INC. Automobile Dealer Retail Agreement

1. Dealer represents and warrants that Contracts submitted to NFI for purchase shall represent valid, bona fide sales for the respective amount therein set forth in such Contracts and that such Contracts represent sales of motor vehicles owned by the Dealer and are free and clear of all liens and encumbrances.

2. Upon purchase by NFI of any contracts hereunder from dealer, dealer shall endorse and assign to NFI the obligations and all pertinent security, security instruments, along with such provisional endorsements as may be stipulated for such contracts purchased by NFI.

3. This Agreement, and sums payable hereunder, may not be assigned by Dealer without written consent of NFI.

4. Dealer acknowledges that NFI charges an acquisition fee and a $75.00 loan processing charge on all contracts purchased and funded by NFI. The acquisition fee and loan processing charge are taken from Dealer Proceeds and are Non-Refundable. The amount is disclosed on each transaction and is set by Nicholas Financial, Inc.

5. Perfection of Security Interest: For each Contract purchased by NFI, Dealer shall, within 20 days of the date of the Contract or within a lesser time period if required by applicable law, file and record all documents necessary to properly perfect the valid and enforceable first priority security interest of NFI in the Vehicle and shall send NFI all security interest filing receipts. A Contract shall be subject to Repurchase for the life of the Contract if NFI suffers a loss due to the Dealership’s failure to (1) file and record, within 20 days of the date of the Contract or within a lesser time period if required by applicable law, all documents required to properly perfect the valid and enforceable first priority security interest of NFI in the Vehicle; (2) send NFI the filing receipts reflecting said perfection.

6. Indemnity : As a separate and cumulative obligation, Dealer shall defend and hold NFI harmless from any and all claims, defenses, offsets, damages, suits, administrative or other proceedings, cost (including reasonable attorney’s fees), expenses, losses, and liabilities. (Collectively Claims) arising out of connected with or relating to the Contract or the goods or services sold there under. Timing of indemnification is within 7 days of demand by NFI.

7. Add-on Products and Services:

a. Defined . “Add-on Products and Services,” or “APS,” shall mean service contracts, mechanical breakdown contracts, GAP

contracts, credit life and credit accident and health insurance. In addition, the term shall include other products and services acceptable to and approved in writing by NFI from time to time.

b. Cancellation of APS . If APS has been sold by the Dealer and financed in a Contract purchased by NFI, Dealer agrees that such APS shall be cancelable upon demand by Buyer. Upon such cancellation, Dealer shall immediately notify NFI that the Buyer has canceled the APS. Upon cancellation, Buyer shall be entitled to a refund of the unearned portion of the cash price of the APS as provided in the APS Contract or as may otherwise be required by law, whichever is greater. As between NFI and Dealer, Dealer agrees to pay to NFI, as appropriate, any refund due to Buyer under the terms of an APS Contract. Dealer’s liability under this Section shall be limited to the amount Dealer collected and retained or otherwise received, directly or indirectly, in connection with the sale of the APS.

8. Privacy: Dealer shall not make any unauthorized disclosure of, or use any personal information of individual consumers which it receives from NFI or on NFI’s behalf other than to carry out the purposes for which such information is received. NFI and Dealer shall comply in all respects with all applicable requirements of Title V of the Gramm-Leach-Bliley Act of 1999 and its implementing regulations.

9. No Provisions hereof may be modified, changed or supplemented, unless both parties agree to the amendment in writing.

Nicholas Financial, Inc. Dealer:

By: By:

Date: Date:

DEALER NAME DEALER NAME

12K & UNDER MOTORS ALL RIGHT AUTO SALES INC 1ST CHOICE AUTO SALES INC ALL SEASON AUTO SALES LLC 1ST CLASS AUTO SALES ALL SEASONS AUTO SALES 24/7 MOTORS LLC ALL STAR AUTO SALES 247 AUTO SALES ALL STAR DODGE CHRYSLER JEEP 3 BROTHERS INC ALL STAR MOTORS INC 301CARSALES.COM ALLAN VIGIL FORD 31 W AUTO BROKERS INC ALLANS SHOWCASE 4 WHEELS OF FOX LAKES SALES ALLEN TURNER AUTOMOTIVE 40 HIGHWAY AUTO SALES LLC ALLSTAR MOTORS, INC. 4042 MOTORS LLC ALM MALL OF GEORGIA 5 STAR AUTO SALES ALMA CHEVROLET BUICK GMC 60 WEST AUTO SALES LLC AL ’S AUTO MART 83 AUTO SALES LLC ALTERNATIVES A & D MOTORS, INC. ALWAYS APPROVED AUTO LLC A & S GRAND AVE AMBAR MOTORS, INC. A 1 AUTO SALES INC AMERICAN AUTO SALES WHOLESALE A LOT OF USED CARS AMERICAN PRESTIGE AUTOS INC A PLUS CAR SALES & RENTALS INC AMERICAN SALES & LEASING INC A.R.J.’S AUTO SALES, INC AMERIFIRST AUTO CENTER, INC. AACC AUTO CAR SALES, INC AMG AUTO SALES INC ABBY’S AUTOS, INC. ANDY MOHR BUICK PONTIAC GMC ABC AUTOTRADER LLC ANDY MOHR CHEVROLET, INC. ABERNETHY CHRYSLER JEEP DODGE ANDY MOHR FORD, INC. ACCURATE AUTOMOTIVE OF ANDY MOHR TOYOTA ACES AUTO MART ANSWER ONE MOTORS ACTIVE AUTO SALES ANTHONY PONTIAC GMC BUICK INC ADAMS AUTO GROUP ANTHONY WAYNE AUTO SALES ADAMSON FORD LLC ANTIQUE MOTORS ADS AUTO DISCOUNT SALES INC APPROVAL AUTO CREDIT INC. ADVANCE AUTO WHOLESALE, INC. ARB WHOLESALE CARS INC ADVANCED AUTO & TRUCK ARC AUTO LLC ADVANCED AUTO BROKERS, INC. ARCH ABRAHAM NISSAN LTD ADVENTURE CHRYSLER JEEP ARCH AUTO SALES AFFORDABLE AUTO MOTORS, INC ARDMORE AUTO SALES LLC AJ CAR SALES ARENA AUTO SALES AJ’S AUTO ARES FINANCIAL SERVICES LLC AK IMPORTS AUTO SALES ARMSTRONG FORD OF HOMESTEAD ALABAMA DIRECT AUTO ASA REMARKETING ALEXANDRIA MOTORS INC ASANKA CARS.COM ALFA MOTORS ASSOCIATED AUTOMOTIVE GROUP ALL AMERICAN AUTO MART ATCHINSON FORD SALES ALL CARS LLC ATL AUTO TRADE INC ALL IN ONE AUTOMOTIVE GROUP ATL AUTOS .COM


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AUTOPLEX IMPORT BELL’S AUTO SALES AUTOPLEX, LLC BELMONTE AUTO IMPORTS AUTOQUICK, INC. BENNETTS AUTO SALES OF OCALA AUTORAMA PREOWNED CARS BENSON CADILLAC NISSAN, INC. AUTOS BEST INC BENSON FORD MERCURY AUTOS DIRECT ONLINE BENSON NISSAN AUTOS R US BEREA AUTO MALL AUTOSHOW SALES AND SERVICE BERGER CHEVROLET AUTOWAY CHEVROLET BERKELEY FORD AUTOWAY FORD OF BRADENTON BERT SMITH INTERNATIONAL AUTOWAY HONDA ISUZU BESSEMER AL AUTOMOTIVE LLC AUTOWORLD USA BEST AUTO SELECTION INC AVENUE AUTO AND RV BEST BUY AUTO MART LLC II AXELROD PONTIAC BEST BUY AUTO OF TAMPA BAY INC B & B ELITE AUTO SALES LLC BEST BUY AUTO SALES OF TAMPA B & W MOTORS BEST BUY MOTORS BACHMAN AUTO GROUP, INC. BEST CAR PRICE USA, INC. BAKER BUICK GMC CADILLAC BEST CARS KC INC BAKER’S BODY SHOP BEST CHEVROLET BALLAS BUICK GMC BEST DEAL AUTO SALES BALTIMORE WASHINGTON AUTO BEST DEAL AUTO SALES INC BANK AUTO SALES BEST KIA BARBIES AUTOS CORPORATION BEST VALUE AUTO SALES INC BARGAIN SPOT CENTER BETTER AUTOMALL LLC BARRY BROWN MOTORS LLC BEXLEY MOTORCAR COMPANY LLC BARTOW FORD COMPANY BIG BLUE AUTOS, LLC BARTOW MOTORS BIG BOYS TOYS FLORIDA LLC BARTS CAR STORE BIG CHOICES AUTO SALES INC BARTS CAR STORE INC BIG M CHEVROLET BARTS CAR STORE INC BIG O DODGE OF GREENVILLE, INC BASELINE AUTO SALES, INC. BILL BLACK CHEVROLET, BATES FORD INC BILL BRYAN CHRYSLER DODGE JEEP BEACH AUTO BROKERS, INC BILL BRYAN SUBARU BEACH AUTO KINGS BILL CLOUGH FORD INC BEACHSIDE RIDE BILL ESTES CHEVROLET BEASLEY-CROSS PRE OWNED INC BILL KAY CHEVROLET GEO INC BEAU TOWNSEND NISSAN, INC. BILL KAY FORD INC BEDFORD AUTO WHOLESALE BILL OWENS AUTO SALES BEEJAY AUTO SALES INC BILLS & SON AUTO SALES INC BEFORD AUTO BILLS AUTO SALES & LEASING,LTD BEHLMANN ST PETERS PREOWNED BILTMORE MOTOR CORP. BELAIR ROAD DISCOUNT AUTO BIRMINGHAM WHOLESALE AUTO LLC BELLAMY AUTOMOTIVE GROUP, INC BLAKE HOLLENBECK AUTO SALES IN BELLS AUTO SALES BLEECKER BUICK-GMC INC


BLEECKER CHRYSLER DODGE JEEP BYERS CHEVROLET LLC BLOOMINGTON AUTO CENTER BYERS DELAWARE BLUE SPRINGD FORD SALES INC BYERS DELAWARE AUTO LLC BLUESLADE MOTOR CARS LLC BYERS KIA BOB HOOK OF SHELBYVILLE, LLC BYRONS AUTO SALES BOB KING MITSUBISHI C & D AUTO EXCHANGE BOB KING’S MAZDA C & J AUTO WORLD LLC BOB MAXEY FORD C & S SALES BOB MAXEY LINCOLN-MERCURY CADDY SHACK BOB PULTE CHEVROLET GEO, INC. CADILLAC OF NOVI INC BOB STEELE CHEVROLET INC. CALIFORNIA AUTO CONNECTION INC BOBB CHRYSLER DODGE JEEP RAM CALVARY CARS & SERVICE, INC BOBB SUZUKI CAMPBELL CHEVOFBOWLGREENKYINC BOBBY LAYMAN CHEVROLET, INC. CANCILA MARTY DODGE CHRYSLER J BOBBY MURRAY TOYOTA CAPITAL AUTO BROKERS BOB’S AUTO SALES CAPITAL FORD INC BOMMARITO CHEVROLET MAZDA CAPITAL MOTORS BONIFACE HIERS MAZDA CAPITAL MOTORS LLC BORCHERDING ENTERPRISE, INC CAPITOL AUTO BOSAK HONDA CAPITOL AUTO SALES, INC. BOULEVARD AUTO EXCHANGE 2 INC CAR BAZAAR INC OF FRANKLIN BRADLEY CHEVROLET, INC. CAR BIZ OF TENNESSEE BRAD’S USED CARS CAR CENTRAL BRAMAN HONDA OF PALM BEACH CAR CITY USA LLC BRAMLETT PONTIAC INC CAR CONCEPTS REMARKETING BRANDON AUTO MALL FIAT CAR CONNECTION BRANDON HONDA CAR COUNTRY BRANDON MITSUBISHI CAR CREDIT INC BRANNON HONDA CAR CREDIT XPRESS BRECKENRIDGE MOTORS EAST LLC CAR DEPOT BREVARD VALUE MOTORS CAR FACTORY OUTLET BRICKELL HONDA BUICK & GMC CAR FINDERS, LLC BROMAR LLC CAR MART FL.COM BROMLEY AUTO SALES, LLC CAR SOURCE, LLC. BROOKS AUTO SALES CAR ZONE BUCKEYE CITY AUTOMOTIVE GROUP CARCITY BUCKEYE FORD LINCOLN MERC OF O CARDINAL MOTORS INC BUCKEYE MOTORS CARDIRECT LLC BUCKEYE NISSAN, INC. CAREY PAUL HONDA BUDS AUTO SALES CARL GREGORY CHRYSLER-DODGE- BUSH AUTO PLACE CARMART AUTO SALES BUYERS CHOICE AUTO CENTER LLC CARMART AUTO SALES, INC. BUZZ KARZ LLC CARMART AUTOMALL LLC BYERLY FORD-NISSAN, INC CARMART EXPRESS


CAROLINA AUTO EXCHANGE CHARLOTTE MOTOR CARS LLC CAROLINA MOTORCARS CHARS CARS LLC CARPLUS AUTO SALES INC CHASE AUTO GROUP CARPORT SALES & LEASING, INC. CHATHAM PARKWAY TOYOTA CARPROS AUTO SALES CHESAPEAKE AUTO GROUP CARRIAGE MITSUBISHI CHESTATEE FORD INC CARROLLTON MOTORS CHEVROLET BUICK OF QUINCY INC. CARS & CREDIT OF FLORIDA CHEVROLET OF SPARTANBURG CARS & TRUCKS CHICAGO AUTO SOURCE INC CARS 4 LESS LLC CHICAGO MOTORS INC CARS 4 YOU LLC CHRIS CARROLL AUTOMOTIVE CARS N CARS, INC. CHRIS LEITH AUTOMOTIVE INC CARS OF JAX INC CHRIS MOTORS AUTO SALES CARS OF SARASOTA LLC CHRIS SPEARS PRESTIGE AUTO CARS PLUS LLC CHRONIC INC. CARS TRUCKS & MORE INC CIRCLE CITY ENTERPRISES, INC. CARS UNLIMITED CITI CARS, INC. CARS YOU CAN TRUST CITY AUTO SALES CARSMART, INC. CITY MOTORS FLORIDA LLC CARXPRESS CITY STYLE IMPORTS INC CARZ N TRUX CITY TO CITY AUTO SALES, LLC CARZ, INC. CITY USED CARS, INC CARZONE USA CJ’S AUTO STORE CARZZ AUTO SALES INC CLARK CARS INC CAS SALES & RENTALS CLARK’S SUNSHINE CASCADE AUTO GROUP, LTD CLARKSVILLE AUTO SALES CASTLE BUICK GMC CLASSIC AUTO GROUP INC CASTRIOTA CHEVROLET GEO INC. CLASSIC CADILLAC SAAB CAVALIER AUTO SALES INC CLASSIC FORD OF GENEVA CBF MOTORS LLC CLEAN CARS CC MOTORS INC CLEARWATER CARS INC CD S AUTOMOTIVE CLEARWATER TOYOTA CENTRAL 1 AUTO BROKERS CLIFT BUICK GMC CENTRAL FLORIDA EXPORTS, INC. CLINTON FAMILY FORD CENTRAL MOTOR WERKS, INC COACHS BEST BUY MOTORS LLC CENTRAL PONTIAC INC. COAST TO COAST AUTO SALES CENTURY BUICK COASTAL AUTOMOTIVE INC CERTIFIED AUTO CENTER COCONUT CREEK HYUNDAI CERTIFIED AUTO DEALERS COGGIN HONDA CHAMPION CHEVROLET COLBERT’S AUTO OUTLET CHAMPION OF DECATUR, INC. COLUMBUS AUTO RESALE, INC CHAMPION TRUCK CENTER LLC COLUMBUS AUTO SOURCE CHARLES BARKER PREOWNED OUTLET COLUMBUS AUTO WAREHOUSE LLC CHARLES MOTOR CO. COLUMBUS CAR TRADER


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DENNIS AUTO POINT DYNASTY MOTORS DENNY’S AUTO SALES, INC. E & R AUTO SALES INC DEPENDABLE MOTOR VEHICLES INC EAGLE LAKE CARS DEREK MOTORCAR CO INC EAGLE ONE AUTO SALES DESTINYS AUTO SALES EARL TINDOL FORD, INC. DETROIT AUTO PARTS LLC EAST ANDERSON AUTO SALES DETROIT II AUTOMOBILES EAST BEACH AUTO SALES DG & M AUTO SALES INC EAST LAKE TRUCK & CAR SALES DI LUSSO MOTORCARS EASTERN SHORE AUTO BROKERS INC DIAMOND MOTORS OF DAYTONA EASTGATE MOTORCARS, INC DIANE SAUER CHEVROLET, INC. EASY AUTO AND TRUCK DICK BROOKS HONDA EAZY RIDE AUTO SALES LLC DICK MASHETER FORD, INC. ECONO AUTO SALES INC DICK SCOTT NISSAN, INC. ECONOMIC AUTO SALES INC DICK WICKSTROM CHEVROLET INC ECONOMY AUTO MART DISCOVERY AUTO CENTER LLC ECONOMY MOTORS LLC DIVERSIFIED AUTO SALES ED HOWARD LINCOLN MERCURY INC. DIXIE IMPORT INC ED NAPLETON ELMHURST IMPORTS I DIXIE WAY MOTORS INC ED NAPLETON HONDA DM MOTORS, INC. ED TILLMAN AUTO SALES DODGE OF ANTIOCH INC ED VOYLES HONDA DOMESTIC ACQUISITIONS ED VOYLES HYUNDAI DON AYERS PONTIAC INC ED VOYLES KIA OF CHAMBLEE DON BROWN CHEVROLET, INC. EDDIE ANDRESON MOTORS DON FRANKLIN CHEVROLET, BUICK EDDIE AUTO BROKERS DON HINDS FORD, INC. EDDIE MERCER AUTOMOTIVE DON JACKSON CHRYSLER DODGE EDGE MOTORS DON JACKSON IMPORTS CARS INC EDWARDS CHEVROLET CO DON MOORE CHEVROLET CADILLAC EJ’S QUALITY AUTO SALES, INC. DON REID FORD INC. ELITE AUTO SALES OF ORLANDO DORAL CARS OUTLET ELITE AUTO WHOLESALE DOTSON BROS CHRYS DODGE PLYM ELITE AUTOMOTIVE GROUP DOWNTOWN BEDFORD AUTO ELITE CAR SALES WEST INC DRIVE NOW AUTO SALES ELITE IMPORTS DRIVER SEAT AUTO SALES LLC ELITE MOTORS, INC. DRIVERIGHT AUTO SALES, INC. ELYRIA BUDGET AUTO SALES INC DRIVERS WORLD EMPIRE AUTO SALES & SERVICE DRIVEWAY MOTORS EMPIRE AUTOMOTIVE GROUP DRIVEWAYCARS.COM ENON AUTO SALES DRIVING DREAMS AUTO SALES LLC ENTERPRISE DRY RIDGE TOYOTA ENTERPRISE CAR SALES DUBLIN CADILLAC NISSAN GMC ENTERPRISE CAR SALES DUVAL CARS LLC ENTERPRISE CAR SALES DUVAL FORD ENTERPRISE CAR SALES


ENTERPRISE CAR SALES FIRST UNION AUTOMOTIVE LLC ENTERPRISE CAR SALES FITZGERALD MOTORS, INC. ENTERPRISE LEASING CO OF FIVE POINTS AUTO GROUP INC ENTERPRISE LEASING CO. OF ORL. FIVE STAR AUTO SALES OF ENTERPRISE LEASING COMPANY FIVE STAR CAR & TRUCK ENTERPRISE LEASING COMPANY FIVE STAR DODGE ENTERPRISE LEASING COMPANY FIVE STAR FORD STONE MOUNTAIN ERNEST MOTORS, INC. FL PRICE BUSTER AUTO SALES ERNIE PATTI AUTO LEASING & FLAMINGO AUTO SALES ESTERO BAY CHEVROLET INC FLEET STREET REMARKETING ESTLE CHEVROLET CADILLAC FLETCHER CHRYSLER PRODUCTS INC EXCLUSIVE CARZ AND AUTO FLORENCE AUTO MART INC EXCLUSIVE MOTOR CARS LLC FLORIDA AUTO EXCHANGE EXCLUSIVE MOTORCARS LLC FLORIDA FINE CARS INC EXECUTIVE AUTO SALES FLORIDA TRUCK SALES EXECUTIVE CARS LLC FLOW HONDA EXECUTIVE MOTORS FLOW MOTORS EXOTIC MOTORCARS FLOWERS HONDA EXPRESS AUTO SALES NO 1 FMC AUTO SALES INC EXPRESS MOTORS LLC FOREMAN MOTORS, INC. EXTREME DODGE DODGE TRUCK FORT MYERS TOYOTA INC. EXTREME IMPORTS FORT PIERCE MOTORS, INC. EZ AUTO & TRUCK PLAZA II INC FORT WALTON BEACH E-Z WAY CAR SALES & RENTALS FORT WAYNE AUTO CONNECTION LLC FAIRLANE FORD SALES, INC. FORT WAYNE TOYOTA/LEXUS OF FAITH MOTORS, INC. FORTUNE MOTOR GROUP FALCONE AUTOMOTIVE FOXWORTHY AUTO SUPERSTORE FAME FINANCE COMPANY FRANK LETA AUTOMOTIVE OUTLET FAMILY KIA FRANK MYERS AUTO SALES, INC FANELLIS AUTO FRANK SHOOP CHEVY BUICK PONTIA FANTASTIC 4 AUTO SALES FRED ANDERSON KIA FAST AUTO SALES, LLC FRED ANDERSON NISSAN OF RALEIG FASTLANE AUTO CREDIT INC FRENSLEY CHRYSLER PLYMOUTH FERCO MOTORS CORP FRIENDLY FINANCE AUTO SALES FERMAN NISSAN FRITZ ASSOCIATES FIAT OF SAVANNAH FRONTIER MOTORS INC FIAT OF SOUTH ATLANTA FUTURE AUTOMOTIVE LLC FIAT OF WINTER HAVEN G & R AUTO SALES CORP FIRKINS C.P.J.S. G & W MOTORS INC FIRKINS NISSAN GABE ROWE NISSAN FIRST AUTO CREDIT GAINESVILLE MITSUBISHI FIRST CHOICE AUTOMOTIVE INC GANLEY BEDFORD IMPORTS INC FIRST CLASS AUTO CHOICE GANLEY CHEVROLET, INC FIRST STOP AUTO SALES GANLEY CHRYSLER JEEP DODGE INC


GANLEY EAST, INC GOOD TO GO AUTO SALES, INC. GANLEY FORD WEST, INC. GOODMAN CHEV OLDS CAD NISSAN GANLEY LINCOLN MERCURY GR MOTOR COMPANY GANLEY, INC GRACE AUTOMOTIVE LLC GARY SMITH FORD GRAINGER NISSAN GASTONIA CHRYSLER JEEP DODGE GRANT CAR CONCEPTS GASTONIA NISSAN, INC GRANT MOTORS CORP. GATES CHEV PONT GMC BUICK GRAVITY AUTOS ATLANTA GATES NISSAN, LLC GRAVITY AUTOS ROSWELL GATEWAY AUTO PLAZA GREAT BRIDGE AUTO SALES GATEWAY AUTOMOTIVE SALES & GREAT INVESTMENT MOTORS GATOR CHRYSLER-PLYMOUTH, INC. GREAT LAKES HYUNDAI, INC. GATOR TRUCK CENTER INC GREEN LIGHT CAR SALES GATORLAND KIA GREEN TREE TOYOTA GENE GORMAN & ASSOC. INC. DBA GREENBRIER VW LLC GENE GORMAN AUTO SALES GREENE FORD COMPANY GENTHE AUTOMOTIVE-EUREKA LLC GREENLIGHT MOTORS, LLC GEN-X CORP GREEN’S TOYOTA GEOFF ROGERS AUTOPLEX GREG SWEET CHEVY BUICK OLDS GEORGETOWN AUTO SALES GREG SWEET FORD INC GEORGIA CHRYSLER DODGE GRIFFIN FORD SALES, INC. GERDON AUTO SALES INC GRIFFIN MOTOR CO, INC GERMAIN FORD GROGANS TOWNE CHRYSLER GERMAIN OF SARASOTA GROW AUTO FINANCIAL INC GERMAIN TOYOTA GS AUTO BROKERS LLC GERMAIN TOYOTA GUARANTEE AUTOMAXX CORPORATION GERWECK NISSAN GULF ATLANTIC WHOLESALE INC GETTEL NISSAN OF SARASOTA GULF COAST AUTO BROKERS, INC. GETTEL TOYOTA GULF MOTORS OF FT. MEYERS GINN MOTOR COMPANY GWINNETT PLACE NISSAN GLASSMAN OLDSMOBILE, INC. H & H AUTO SALES GLEN BURNIE AUTO EXCHANGE, INC H & H AUTO SALES GLENN BUICK GMC TRUCKS HAIMS MOTORS INC GLOBAL AUTO EXPO INC HALLMAN AUTOMOTIVE GLOBAL MOTORS INC HALLMARK HYUNDAI GLOBE AUTO SALES HAMILTON CHEVROLET INC GLOVER AUTO SALES HAMMCO INC GMOTORCARS INC HANNA IMPORTS GMT AUTO SALES, INC HANS AUTO GOLDEN OLDIES HAPPY AUTO MART GOLLING CHRYSLER JEEP HAPPY CARS INC GOOD BAD NO CREDIT AUTO SALES HARBOR CITY AUTO SALES, INC. GOOD CARS HARBOR NISSAN GOOD MOTOR COMPANY HARDIE’S USED CARS, LLC


HARDY CHEVROLET HARDY CHEVROLET INC HAROLD CHEVROLET BUICK, INC. HARRELSON NISSA HARRIET SALLEY AUTO GROUP LLC HATCHER’S AUTO SALES HATFIELD USED CAR CENTER HAVANA FORD INC. HAWKINSON NISSAN LLC HEADQUARTER TOYOTA HEARTLAND CHEVROLET HEAVENLY IMPORTS LLC HENDRICK HONDA HENDRICKSCARS.COM HENNESSY MAZDA PONTIAC HERITAGE AUTOMOTIVE GROUP HERITAGE CADILLAC-OLDS, INC. HERITAGE MOTOR COMPANY HERITAGE NISSAN HERRINGTON AUTOMOTIVE HIBDON MOTOR SALES HICKORY HOLLOW CARNIVAL KIA HIGH Q AUTOMOTIVE CONSULTING HIGHLINE IMPORTS, INC. HIGHWAY 31 AUTO SALES LLC HILBISH MOTORS CO, INC HILL NISSAN INC HILLSIDE AUTO SALES HILLTOP MOTORS HILTON HEAD MITSUBISHI HILTON HEAD NISSAN HOLLYWOOD MOTOR CO #1 HOLLYWOOD MOTOR CO #3 HOMESTEAD MOTORS HOMETOWN AUTO MART, INC HONDA CARS OF BRADENTON HONDA MALL OF GEORGIA HONDA MARYSVILLE HONDA OF FRONTENAC HONDA OF GAINESVILLE HONDA OF MENTOR HONDA OF OCALA HONDA OF TIFFANY SPRINGS HONDA VOLVO OF JOLIET

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TOP GUN AUTO SALES LLC TOWN & COUNTRY AUTO SALES, LLC TOWN & COUNTRY FORD, INC. TOWN & COUNTRY FORD, INC. TOWNE EAST AUTO TOYOTA OF CINCINNATI TOYOTA OF ELIZABETH CITY TOYOTA OF GASTONIA TOYOTA OF HOLLYWOOD TOYOTA OF LOUISVILLE, INC. TOYOTA OF MCDONOUGH TOYOTA OF MUNCIE TOYOTA ON NICHOLASVILLE TOYOTA WEST/SCION WEST TRI CITY AUTO SALES TRIAD AUTOPLEX TRI-CITY AUTO MART TRI-COUNTY CHRYSLER PRODUCTS TROPICAL AUTO OUTLET TROPICAL AUTO SALES TRUST MOTORS LLC TRYON AUTO MALL TWIN CITY CARS INC U.S. AUTO GROUP, INC. U-DRIVE U-DRIVE AUTO LLC ULTIMATE AUTO DEALS INC ULTIMATE IMAGE AUTO, INC UNITED AUTO SALES UNITED LUXURY MOTORS LLC UNITED SALES AND LEASING, INC UNITED VEHICLE SALES UNIVERSAL AUTO PLAZA UNIVERSAL AUTO PLAZA LLC UNIVERSITY HYUNDAI OF DECATUR UNIVERSITY KIA UNIVERSITY MOTORS UNIVERSITY NISSAN UNLIMITED AUTOMOTIVE UNLIMITED MOTORS UNLIMITED MOTORS UPPER MARLBORO FORD LLC US 1 CHRYSLER DODGE JEEP USA AUTO & LENDING INC

USA MOTORCARS USED AUTO IMPORTS OF FLORIDA USED CAR FACTORY INC USED CAR SUPERMARKET V & S AUTO SALES LLC V & V AUTO CENTER INC VA CARS INC VADEN NISSAN, INC. VAN PAEMEL SALES VANN YORK PONTIAC BUICK GMC VANN YORK PONTIAC, INC. VANN YORK TOYOTA, INC VANTAGE MOTORS LLC VARSITY LINCOLN MERCURY VEHICLES 4 SALES, INC. VELOCITY MOTORS INC VERACITY MOTOR COMPANY LLC VESTAVIA HILLS AUTOMOTIVE VICTORIA MOTORS, LLC VICTORY AUTO EXPRESS INC VICTORY AUTO INC VICTORY CHEVROLET BUICK VICTORY CHEVROLET LLC VICTORY HONDA OF MONROE VICTORY LAP MOTORS VILLAGE AUTOMOTIVE VIN DEVERS, INC VINCE WHIBBS PONTIAC-GMC VININGS ENTERPRISES INC VIP AUTO ENTERPRISES INC VIP AUTO GROUP, INC. VIRGINA MOTOR CO. VOGUE MOTOR CO INC VOLUSIA AUTO SALES VOLVO OF FT. MYERS VULCAN MOTORS LLC WABASH AUTO CARE INC WADE FORD INC WAGNER SUBARU WALDEN AUTOMOTIVE ENTERPRISES WALT SWEENEY FORD, INC WALT’S LIVE OAK FORD WANTED WHEELS INC WASHINGTON BLVD MOTORS


WAYNESVILLE AUTO MART WEB AUTO BROKERS WEBBER AUTOMOTIVE LLC WEINE AUTO SALES EAST WEINLE AUTO SALES WEST COUNTY NISSAN LLC WEST END AUTO SALES & SERVICE WEST KENDALL TOYOTA WEST SIDE TOYOTA WESTSIDE MOTOR CO WHEELS & DEALS AUTO SALES WHEELS & DEALS AUTO SALES OF WHEELS AUTO SALES WHEELS MOTOR SALES WHITEWATER MOTOR COMPANY INC WHOLESALE, INC WILDCAT AUTO SALES WILDWOOD MOTORS WILLETT HONDA SOUTH WINDSOR AUTO SALES WINTER PARK AUTO EXCHANGE INC WMD MOTORS INC WONDERGEM, INC WOODBRIDGE MOTORS, INC. WOODY ANDERSON FORD WOODY SANDER FORD, INC. WORLD AUTO, INC. WORLD CAR CENTER & FINANCING WORLEY AUTO SALES WOW CAR COMPANY WRIGHT’S AUTO SALES WWW.GETAUCTIONCARS.COM WYRICK AUTO SALES XCITING AUTO SALES LLC XL1 MOTORSPORTS, INC XTREME MOTORS INC YARK AUTOMOTIVE GROUP, INC YERTON LEASING & AUTO SALES YES AUTO SALES INC YES AUTOMOTIVE LLC YES GUARANTEED AUTO FINANCING YESHUA AUTO SALES LLC YOUR DEAL AUTOMOTIVE ZAPPIA MOTORS

ZEIGLER CHRYSLER DODGE JEEP ZENA HOLDINGS LLC ZOMBIE JOHNS KILLER DEALS LLC

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13A-14(A) OF THE SEC URITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ralph T. Finkenbrink, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nicholas Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary

to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material

respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as

defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such controls and procedures to be designed under our

supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be

designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the

registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial

reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting

which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2014 /s/ Ralph T. Finkenbrink Ralph T. Finkenbrink President and Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13A-14(A) OF THE SEC URITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Katie L. MacGillivary certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nicholas Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary

to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material

respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as

defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such controls and procedures to be designed under our

supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be

designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the

registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial

reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting

which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 11, 2014 /s/ Katie L. MacGillivary Katie L. MacGillivary Vice President and Chief Financial Officer (Principal Financial Officer)

Exhibit 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

Pursuant to 18 U.S.C. § 1350

Solely for the purpose of complying with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned President and Chief Executive Officer of Nicholas Financial, Inc. (the “Company”), hereby certify that the Quarterly Report on Form 10-Q of the Company for the three months ended June 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Ralph T. Finkenbrink Ralph T. Finkenbrink President and Chief Executive Officer

Dated: August 11, 2014

Exhibit 32.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

Pursuant to 18 U.S.C. § 1350

Solely for the purpose of complying with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Senior Vice President and Chief Financial Officer of Nicholas Financial, Inc. (the “Company”), hereby certify that the Quarterly Report on Form 10-Q of the Company for the three months ended June 30, 2014 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Katie L. MacGillivary Katie L. MacGillivary Vice President and Chief Financial Officer

Dated: August 11, 2014

NICHOLAS FINANCIAL INC - Barchart.com

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