fiscal year ended march 31 , 2017 decreased to $ 8.7 million as compared to $ 20.1 million and $ 26.1 million for the fiscal years ended march 31 , 2016 and 2015 , respectively . the decrease from $ 20.1 million to $ 8.7 million was a result of 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 . the company 's consolidated net income for the fiscal years ended march 31 , 2017 , 2016 , and 2015 were $ 5.4 million , $ 12.4 million and $ 16.9 million , respectively . the company believes that an extremely competitive market has been the primary driver for weaker results during the past two fiscal years , eventually leading to a net loss of $ ( 1.1 ) million during the final quarter in the 2017 fiscal year . the company 's operating results have deteriorated as a result of several factors , including , but not limited to , lower auction proceeds , the acquisition of contracts that contained some degree of fraudulent information that at the time of contract acquisition was not identified , and an increase in the number of contracts and direct loans under which customers decided to discontinue payments to us after they were approved by other lenders for new vehicle financing . in addition , aggressive competition has forced the company to purchase lower credit quality contracts . historically , the company was able to expand its automobile finance business in the non-prime credit market by offering to purchase contracts on terms that are competitive with those of other companies . however , it has become increasingly difficult for the company to match or exceed pricing of its competitors , which has resulted in declining contract acquisition rates during the 2016 and 2017 fiscal years . the company expects this trend to continue in the foreseeable future . the company continues to experience decreasing yields associated with contract acquisition , which is directly correlated to the level of competition . if competing companies continue to reduce their contract acquisition yields as part of their operating strategy , the market , and the company , will continue to experience reduced yields . while it is difficult to predict the level of competition long-term , the company believes that the current highly competitive environment will prevail for the foreseeable future , which will continue to put pressure on its margins . the weighted average apr of the portfolio for the fiscal years ended march 31 , 2017 , 2016 , and 2015 were 22.44 % , 22.73 % , and 22.93 % , respectively . the average dealer discounts as a percent of gross finance receivables associated with new volume for the fiscal years ended march 31 , 2017 , 2016 , and 2015 were 7.08 % , 7.51 % , and 8.08 % , respectively . furthermore , the company expects the trend of declining auction proceeds to continue for the foreseeable future . decreased auction proceeds resulting from sales of used automobiles at depressed prices can put downward pressure on its margins . 24 replace_table_token_9_th ( 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 . ( 3 ) gross portfolio yield represents interest and fee income on finance receivables as a percentage of average finance receivables , net of unearned interest . net portfolio yield represents ( a ) interest and fee income on finance receivables minus ( b ) interest expense minus ( c ) the provision for credit losses , as a percentage of average finance receivables , net of unearned interest . ( 4 ) pre-tax yield represents net portfolio yield minus administrative expenses ( marketing , salaries , employee benefits , depreciation , and administrative ) , as a percentage of average finance receivables , net of unearned interest . ( 5 ) write-off to liquidation percentage is defined as net charge-offs divided by liquidation . liquidation is defined as beginning receivable balance plus current period purchases and originations minus ending receivable balance . ( 6 ) net charge-off percentage represents net charge-offs divided by average finance receivables , net of unearned interest , outstanding during the period . 25 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 incurred in the existing portfolio . the allowance for credit losses is established through a provision for credit losses based on management 's evaluation of the risk inherent in the loan portfolio which includes the competitive environment that existed when the loan was acquired , 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 loan program , 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 . story_separator_special_tag marketing , salaries and employee benefits , depreciation , and administrative expenses marketing , salaries and employee benefits , depreciation , and administrative expenses increased to $ 35.3 million for the fiscal year ended march 31 , 2016 compared to $ 34.0 million for the fiscal year ended march 31 , 2015 , primarily because of an increase in cost associated with maintaining the finance receivables portfolio . the company opened three new branch locations during the fiscal year ended march 31 , 2016 , and consolidated two branch locations into branches previously established within their market . however , the company increased the average headcount to 338 for the fiscal year ended march 31 , 2016 from 330 for the fiscal year ended march 31 , 2015. marketing , salaries and employee benefits , depreciation , and administrative expenses as a percentage of average finance receivables , net of unearned interest , decreased to 10.54 % for the fiscal year ended march 31 , 2016 from 10.96 % for the fiscal year ended march 31 , 2015. absent the professional expenses associated with the abandoned sale of the company the percentage would have been 10.85 % for the fiscal year ended march 31 , 2015 . 29 interest expense interest expense increased to $ 9.0 million for the fiscal year ended march 31 , 2016 as compared to $ 6.0 million for the fiscal year ended march 31 , 2015. the average outstanding debt as of march 31 , 2016 and march 31 , 2015 was $ 208.2 million and $ 133.4 million , respectively . the total average debt outstanding increased due to the tender offer executed on march 19 , 2015. the following table summarizes the company 's average cost of borrowed funds for the fiscal years ended march 31 : replace_table_token_13_th the company 's average cost of borrowed funds decreased mostly due to the fixed notional amount interest rate swap agreements representing a lower percentage of average debt . during fiscal 2016 libor rates have increased , which has caused the credit spread to decrease and the variable interest expense to increase . the variable interest rate also includes a decrease in the unused line fees offset with an increase in amortized loan origination fees . for a further discussion regarding the company 's line of credit , see  liquidity and capital resources below and note 5line of credit to our audited consolidated financial statements included elsewhere in this report . the weighted average notional amount of interest rate swaps was $ 50.0 million at a weighted average fixed rate of 0.94 % for each of the fiscal years ended march 31 , 2016 and 2015. for a further discussion regarding the effect of our interest rate swap agreements , see note 6interest rate swap agreements  to our audited consolidated financial statements included elsewhere in this report . analysis of credit losses as of march 31 , 2016 , the company had approximately 1,400 active static pools . the average pool upon inception consisted of 61 contracts with aggregate finance receivables , net of unearned interest , of approximately $ 683,000. the following table sets forth a reconciliation of the changes in the allowance for credit losses on contracts for the fiscal years ended march 31 : replace_table_token_14_th 30 the following table sets forth a reconciliation of the changes in the allowance for credit losses on direct loans for the fiscal years ended march 31 : replace_table_token_15_th the provision for credit losses increased to $ 26.3 million for the fiscal year ended march 31 , 2016 from $ 20.4 million for the fiscal year ended march 31 , 2015 , largely due to the fact that net charge-offs increased to 7.56 % for the fiscal year ended march 31 , 2016 from 7.04 % for the fiscal year ended march 31 , 2015 , as well as the portfolio growing . during the fourth quarter of the fiscal year ended march 31 , 2016 , the company refined its allowance for credit loss model to incorporate recent trends that include the acquisition of longer term contracts and increased delinquencies . the company feels that these improvements to the current model better reflect the current trends of incurred losses within the portfolio and better align the allowance for credit losses with the portfolio 's performance indicators . the company 's losses as a percentage of liquidation increased to 9.10 % for the fiscal year ended march 31 , 2016 as compared to 8.13 % for the fiscal year ended march 31 , 2015. this increase was primarily the result of increased competition in all markets in which the company presently operates . increased competition has led to a higher percentage of loans acquired that are categorized in the lower tiers of the company 's guidelines . the company also experienced a decrease in auction prices from fiscal year 2015 to fiscal year 2016. decreased auction proceeds from repossessed vehicles increased the amount of write-offs which , in turn , increased the write-off to liquidation percentage . during the fiscal years ended march 31 , 2016 and 2015 , auction proceeds from the sale of repossessed vehicles averaged approximately 42 % and 46 % , respectively , of the related principal balance . recoveries as a percentage of charge-offs were approximately 10.59 % and 13.82 % for the fiscal years ended march 31 , 2016 and 2015 , respectively . historically , recoveries as a percentage of charge-offs have fluctuated from period to period , and the company does not attribute this decrease to any particular change in operational strategy or economic events however , we have generally experienced declining auction proceeds for approximately the past five years . the delinquency percentage for contracts more than thirty days past due , excluding chapter 13 bankruptcy accounts , as of march 31 , 2016 increased to 5.57 % from 4.17 % as of march 31 , 2015.

liquidity and capital resources the company 's cash flows are summarized as follows : replace_table_token_16_th the company made certain reclassifications to the 2016 and 2015 statements of cash flows . the amortization of deferred revenues decreased cash flows from operating activities by $ 1.7 million and $ 1.3 million for 2016 and 2015 respectively , and correspondingly increased cash flows from investing activities . net income and shareholders ' equity was not changed . the company 's primary use of working capital for the fiscal year ended march 31 , 2017 was funding the purchase of contracts , which are financed substantially through cash from principal payments received , cash from operations and our line of credit ( the line ) . the line is secured by all of the assets of the company and has a maturity date of january 30 , 2018. the company may borrow up to $ 225.0 million under the line . prior to december 30 , 2016 , borrowings under the line were under various libor pricing options plus 300 basis points with a 1 % floor on libor . effective december 30 , 2016 the company entered into an amendment to adjust its availability calculation which temporarily increased pricing of the line to 350 basis points above 30 day libor with a 1 % floor on libor through june 30 , 2017. as of march 31 , 2017 , the amount outstanding under the line was $ 213.0 million . the exact amount that the company may borrow under the line at any given time is determined in accordance with the second amended and restated loan and security agreement , as subsequently amended . the company will continue to depend on the availability of the line , together with cash from operations , to finance future operations . the availability of funds under the line generally depends on availability calculations as defined in the corresponding credit agreement . in addition , our credit facility requires us to comply with certain financial ratios and covenants and to satisfy specified financial tests , including maintenance of asset quality and portfolio performance tests .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the company 's cash flows are summarized as follows : replace_table_token_16_th the company made certain reclassifications to the 2016 and 2015 statements of cash flows . the amortization of deferred revenues decreased cash flows from operating activities by $ 1.7 million and $ 1.3 million for 2016 and 2015 respectively , and correspondingly increased cash flows from investing activities . net income and shareholders ' equity was not changed . the company 's primary use of working capital for the fiscal year ended march 31 , 2017 was funding the purchase of contracts , which are financed substantially through cash from principal payments received , cash from operations and our line of credit ( the line ) . the line is secured by all of the assets of the company and has a maturity date of january 30 , 2018. the company may borrow up to $ 225.0 million under the line . prior to december 30 , 2016 , borrowings under the line were under various libor pricing options plus 300 basis points with a 1 % floor on libor . effective december 30 , 2016 the company entered into an amendment to adjust its availability calculation which temporarily increased pricing of the line to 350 basis points above 30 day libor with a 1 % floor on libor through june 30 , 2017. as of march 31 , 2017 , the amount outstanding under the line was $ 213.0 million . the exact amount that the company may borrow under the line at any given time is determined in accordance with the second amended and restated loan and security agreement , as subsequently amended . the company will continue to depend on the availability of the line , together with cash from operations , to finance future operations . the availability of funds under the line generally depends on availability calculations as defined in the corresponding credit agreement . in addition , our credit facility requires us to comply with certain financial ratios and covenants and to satisfy specified financial tests , including maintenance of asset quality and portfolio performance tests .
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 Suspicious Activity Report : fiscal year ended march 31 , 2017 decreased to $ 8.7 million as compared to $ 20.1 million and $ 26.1 million for the fiscal years ended march 31 , 2016 and 2015 , respectively . the decrease from $ 20.1 million to $ 8.7 million was a result of 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 . the company 's consolidated net income for the fiscal years ended march 31 , 2017 , 2016 , and 2015 were $ 5.4 million , $ 12.4 million and $ 16.9 million , respectively . the company believes that an extremely competitive market has been the primary driver for weaker results during the past two fiscal years , eventually leading to a net loss of $ ( 1.1 ) million during the final quarter in the 2017 fiscal year . the company 's operating results have deteriorated as a result of several factors , including , but not limited to , lower auction proceeds , the acquisition of contracts that contained some degree of fraudulent information that at the time of contract acquisition was not identified , and an increase in the number of contracts and direct loans under which customers decided to discontinue payments to us after they were approved by other lenders for new vehicle financing . in addition , aggressive competition has forced the company to purchase lower credit quality contracts . historically , the company was able to expand its automobile finance business in the non-prime credit market by offering to purchase contracts on terms that are competitive with those of other companies . however , it has become increasingly difficult for the company to match or exceed pricing of its competitors , which has resulted in declining contract acquisition rates during the 2016 and 2017 fiscal years . the company expects this trend to continue in the foreseeable future . the company continues to experience decreasing yields associated with contract acquisition , which is directly correlated to the level of competition . if competing companies continue to reduce their contract acquisition yields as part of their operating strategy , the market , and the company , will continue to experience reduced yields . while it is difficult to predict the level of competition long-term , the company believes that the current highly competitive environment will prevail for the foreseeable future , which will continue to put pressure on its margins . the weighted average apr of the portfolio for the fiscal years ended march 31 , 2017 , 2016 , and 2015 were 22.44 % , 22.73 % , and 22.93 % , respectively . the average dealer discounts as a percent of gross finance receivables associated with new volume for the fiscal years ended march 31 , 2017 , 2016 , and 2015 were 7.08 % , 7.51 % , and 8.08 % , respectively . furthermore , the company expects the trend of declining auction proceeds to continue for the foreseeable future . decreased auction proceeds resulting from sales of used automobiles at depressed prices can put downward pressure on its margins . 24 replace_table_token_9_th ( 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 . ( 3 ) gross portfolio yield represents interest and fee income on finance receivables as a percentage of average finance receivables , net of unearned interest . net portfolio yield represents ( a ) interest and fee income on finance receivables minus ( b ) interest expense minus ( c ) the provision for credit losses , as a percentage of average finance receivables , net of unearned interest . ( 4 ) pre-tax yield represents net portfolio yield minus administrative expenses ( marketing , salaries , employee benefits , depreciation , and administrative ) , as a percentage of average finance receivables , net of unearned interest . ( 5 ) write-off to liquidation percentage is defined as net charge-offs divided by liquidation . liquidation is defined as beginning receivable balance plus current period purchases and originations minus ending receivable balance . ( 6 ) net charge-off percentage represents net charge-offs divided by average finance receivables , net of unearned interest , outstanding during the period . 25 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 incurred in the existing portfolio . the allowance for credit losses is established through a provision for credit losses based on management 's evaluation of the risk inherent in the loan portfolio which includes the competitive environment that existed when the loan was acquired , 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 loan program , 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 . story_separator_special_tag marketing , salaries and employee benefits , depreciation , and administrative expenses marketing , salaries and employee benefits , depreciation , and administrative expenses increased to $ 35.3 million for the fiscal year ended march 31 , 2016 compared to $ 34.0 million for the fiscal year ended march 31 , 2015 , primarily because of an increase in cost associated with maintaining the finance receivables portfolio . the company opened three new branch locations during the fiscal year ended march 31 , 2016 , and consolidated two branch locations into branches previously established within their market . however , the company increased the average headcount to 338 for the fiscal year ended march 31 , 2016 from 330 for the fiscal year ended march 31 , 2015. marketing , salaries and employee benefits , depreciation , and administrative expenses as a percentage of average finance receivables , net of unearned interest , decreased to 10.54 % for the fiscal year ended march 31 , 2016 from 10.96 % for the fiscal year ended march 31 , 2015. absent the professional expenses associated with the abandoned sale of the company the percentage would have been 10.85 % for the fiscal year ended march 31 , 2015 . 29 interest expense interest expense increased to $ 9.0 million for the fiscal year ended march 31 , 2016 as compared to $ 6.0 million for the fiscal year ended march 31 , 2015. the average outstanding debt as of march 31 , 2016 and march 31 , 2015 was $ 208.2 million and $ 133.4 million , respectively . the total average debt outstanding increased due to the tender offer executed on march 19 , 2015. the following table summarizes the company 's average cost of borrowed funds for the fiscal years ended march 31 : replace_table_token_13_th the company 's average cost of borrowed funds decreased mostly due to the fixed notional amount interest rate swap agreements representing a lower percentage of average debt . during fiscal 2016 libor rates have increased , which has caused the credit spread to decrease and the variable interest expense to increase . the variable interest rate also includes a decrease in the unused line fees offset with an increase in amortized loan origination fees . for a further discussion regarding the company 's line of credit , see  liquidity and capital resources below and note 5line of credit to our audited consolidated financial statements included elsewhere in this report . the weighted average notional amount of interest rate swaps was $ 50.0 million at a weighted average fixed rate of 0.94 % for each of the fiscal years ended march 31 , 2016 and 2015. for a further discussion regarding the effect of our interest rate swap agreements , see note 6interest rate swap agreements  to our audited consolidated financial statements included elsewhere in this report . analysis of credit losses as of march 31 , 2016 , the company had approximately 1,400 active static pools . the average pool upon inception consisted of 61 contracts with aggregate finance receivables , net of unearned interest , of approximately $ 683,000. the following table sets forth a reconciliation of the changes in the allowance for credit losses on contracts for the fiscal years ended march 31 : replace_table_token_14_th 30 the following table sets forth a reconciliation of the changes in the allowance for credit losses on direct loans for the fiscal years ended march 31 : replace_table_token_15_th the provision for credit losses increased to $ 26.3 million for the fiscal year ended march 31 , 2016 from $ 20.4 million for the fiscal year ended march 31 , 2015 , largely due to the fact that net charge-offs increased to 7.56 % for the fiscal year ended march 31 , 2016 from 7.04 % for the fiscal year ended march 31 , 2015 , as well as the portfolio growing . during the fourth quarter of the fiscal year ended march 31 , 2016 , the company refined its allowance for credit loss model to incorporate recent trends that include the acquisition of longer term contracts and increased delinquencies . the company feels that these improvements to the current model better reflect the current trends of incurred losses within the portfolio and better align the allowance for credit losses with the portfolio 's performance indicators . the company 's losses as a percentage of liquidation increased to 9.10 % for the fiscal year ended march 31 , 2016 as compared to 8.13 % for the fiscal year ended march 31 , 2015. this increase was primarily the result of increased competition in all markets in which the company presently operates . increased competition has led to a higher percentage of loans acquired that are categorized in the lower tiers of the company 's guidelines . the company also experienced a decrease in auction prices from fiscal year 2015 to fiscal year 2016. decreased auction proceeds from repossessed vehicles increased the amount of write-offs which , in turn , increased the write-off to liquidation percentage . during the fiscal years ended march 31 , 2016 and 2015 , auction proceeds from the sale of repossessed vehicles averaged approximately 42 % and 46 % , respectively , of the related principal balance . recoveries as a percentage of charge-offs were approximately 10.59 % and 13.82 % for the fiscal years ended march 31 , 2016 and 2015 , respectively . historically , recoveries as a percentage of charge-offs have fluctuated from period to period , and the company does not attribute this decrease to any particular change in operational strategy or economic events however , we have generally experienced declining auction proceeds for approximately the past five years . the delinquency percentage for contracts more than thirty days past due , excluding chapter 13 bankruptcy accounts , as of march 31 , 2016 increased to 5.57 % from 4.17 % as of march 31 , 2015.

