Nicholas Financial Inc (NICK) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

Exhibit 99.1

Nicholas Financial Reports

4th Quarter Fiscal Year 2022 Results

May 24, 2022 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced a net income for the three months ended March 31, 2022 of $0.4 million compared to net income of $1.9 million for the three months ended March 31, 2021. Diluted net income per share was $0.05 for the three months ended March 31, 2022 as compared to diluted net income per share of $0.24 for the three months ended March 31, 2021. Interest and fee income on finance receivables decreased 4.0% to $12.3 million for the three months ended March 31, 2022 as compared to $12.8 million for the three months ended March 31, 2021. The Company reported income before income taxes for the three months ended March 31, 2022 of $0.5 million compared to income before income taxes of $2.8 million for the three months ended March 31, 2021. The Company recorded an income tax expense

The Company announced net income for the year ended March 31, 2022 of $3.0 million compared to $8.4 million for the year ended March 31, 2021. Diluted net income per share was $0.39 for the year ended March 31, 2022 as compared to $1.09 for the year ended March 31, 2021. Interest and fee income on finance receivables decreased 8.3% to $49.7 million for the year ended March 31, 2022 as compared to $54.2 million for the year ended March 31, 2021. The Company reported income before income taxes for the year ended March 31, 2022 of $4.0 million compared to income before income taxes of $10.9 million for the year ended March 31, 2021. The Company recorded an income tax expense of approximately $1.0 million during the year ended March 31, 2022 as compared to income tax expense of $2.6 million during the year ended March 31, 2021.

For the year ended March 31, 2022, the Company originated $114.5 million in finance receivables, collected $119.6 million in principal payments, reduced debt by $33.3 million and cash by $28.2 million.

"Despite the competitive lending environment, we are very pleased with our 4th Quarter originations. Thanks to the efforts of our great employees, we were able to purchase and originate $34.6 million in combined receivable volume - outperforming combined originations by $6.7 million year over year,” commented Mike Rost, interim CEO of Nicholas Financial. “Our direct loan originations more than doubled year over year and our portfolio losses continue trending at historically low levels. This is yet another testament to our tenured underwriting managers, who adequately price for risk and use a time-tested lending model across our branch network," Rost continued.

"Our training agenda continued into the fourth quarter, with new hire onboarding as well as more in-depth training for our seasoned Branch Managers and Assistant Branch Managers. We also continued our expansion efforts, utilizing our Virtual Service Center to increase our indirect originations. During the quarter, we increased our finance receivables, net by $2.9 million. This is something we haven't done in a long time and are very proud of," concluded Rost.