Nicholas profits up 54%

CLEARWATER — Nicholas Financial Inc. (symbol: NICK) earned $4.5 million in profits on $16.0 million in revenues over the three months ended Dec. 31, 2010. Those numbers are up 54% and 11% over the year, respectively.

The company, a Clearwater-based provider of consumer finance products such as auto loans, said a lower charge-off rate combined with increased revenues to boost profits.

The quarter also brought two new markets under the Nicholas fold, as the firm signed leases for new branch locations in Chicago and St. Louis. The two new branches will give Nicholas 56 total locations in 14 states.

Earlier this month, Nicholas Financial received an unsolicited purchase offer from an outside buyer, which boosted the firm's share value by nearly 20%.