Make us your home page
Instagram

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

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

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

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

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

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

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

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

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

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Gourmet food fight between top chefs raises $200,000

    News

    ST. PETERSBURG — The chefs came armed with their secret ingredients — pork rinds, truffle butter, pork bellies.

    (From left to right) Chefs Ryan Mitchell, Michael Buttacavoli, Ted Dorsey and Matthew Brennan compete during Tampa Bay Food Fight at The Coliseum in St. Petersburg on Tuesday. The event features chefs from the Tampa Bay area and benefitted Metropolitan Ministries. EVE EDELHEIT   |   Times
  2. HSN star Joy Mangano promotes new book: Inventing Joy

    Retail

    ST. PETERSBURG — After more than 30 years, Joy Mangano knows a thing or two about promoting products. Now she's promoting herself.

    Inventor and entrepreneur Joy Mangano is releasing her first new book, Inventing Joy on Nov. 7. [TIERRA SMITH | Times]
  3. Moffitt CEO Alan List, new chair of Tampa Hillsborough EDC, outlines goals for 2018

    Economic Development

    Moffitt Cancer Center CEO Alan List was officially elected the 2018 chairman of the Tampa Hillsborough Economic Development Corp. at the EDC's annual meeting held Tuesday night at the Amalie Arena. He endorsed a stronger pursuit of life science business for the region and praised ongoing efforts to raise the national …

    Dr. Alan F. List, CEO of Tampa's Moffitt Cancer Center, now wears an economic development hat as the 2018 chairman of the Tampa Hillsborough Economic Development Corp. [Special to the Times]
  4. Demolition begins on wing of Channelside Bay Plaza, making way for Water Street Tampa (w/video)

    Business

    TAMPA — The original developers of Channelside Bay Plaza at first wanted the name of the complex to include the word "Garrison." That would have fit, because the center turned out to be fort-like, inwardly focused and unwelcoming.

    A pedestrian bridge in the southwest wing of Channelside Bay Plaza was demolished in Tampa on Wednesday, Oct. 18, 2017. [Gabriella Angotti-Jones  | Times]
  5. Sunday Supper returns with 25 chefs, food fests galore

    Food & Dining

    Save the date: SUNDAY SUPPER

    This just might be the dinner of the year. The Bern's family of restaurants has organized a James Beard Foundation fundraiser to fund the Bern Laxer Memorial Scholarship for culinary students in the state of Florida for a number of years. But this week they announced the …

    Bern’s Steak House located at 1208 S Howard Ave, Tampa on Wednesday 2/19014