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Goodwill and Intangibles

3 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

5. Goodwill and Intangibles

On April 30, 2019, the Company completed an acquisition of three branches from ML Credit, Inc. Two acquired branches are located in the state of North Carolina and one branch is located in South Carolina. Based on its evaluation of the agreement consistent with the framework described above, the Company accounted for the acquisition as a business combination. In conjunction with the acquisition, the Company allocated the purchase price, tangible assets, and intangible assets among the acquired branches based on the fair values of their respective acquired assets. As of June 30, 2019, the accounting related to this acquisition is preliminary. The final determination of the fair value of the customer lists and goodwill will be completed within the twelve-month measurement period from the date of the acquisition as required by FASB ASC Topic 805-10-25. The Company recorded the following goodwill and intangibles in its preliminary accounting for this acquisition.

	As of
	June 30, 2019
Acquisitions:
Number of branches acquired through business combinations	3
Purchase price	$	20,501
Tangible assets:
Finance receivable, net		20,097
Other assets		124
Assumed liabilities		(155	)
Total net tangible assets		20,066
Excess of purchase prices over carrying value of net tangible assets	$	435

Indirect dealer network relationships	$	64
Direct customer relationships		43
Goodwill		328
Total goodwill and intangible assets	$	435

The Company incurred approximately $278,000 in expenses related to the purchase of Metrolina asset.