As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q1 YTD 3/31/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q1 YTD 3/31/2018 USD

Cash flows from operating activities

Net income 19,350 15,966 17,279 25,292 6,185

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization 1,612 1,684 1,823 2,964 1,024
Stock-based compensation 1,964 2,736 1,837 2,738 921
Excess tax (benefits) deficit from stock-based payment arrangements (754) (333) 24 0 NA
Change in fair value of equity securities NA NA NA NA 55
Provision for credit losses 9,116 9,995 12,414 18,394 4,612
Net deferred income taxes (848) (382) (1,746) 1,598 1,883
Amortization of deferred initial direct costs and fees 7,263 7,530 8,694 11,375 3,202
Deferred initial direct costs and fees (7,096) NA NA NA NA
Loss on equipment disposed 1,405 537 846 1,070 310
Gain on leases sold 0 (76) (473) (2,876) (1,681)
Leases originated for sale 0 (3,589) (1,226) (4,669) (547)
Proceeds from sale of leases originated for sale 0 3,665 1,234 4,727 558
Effect of changes in other operating items
Other assets 1,682 (3,598) (2,657) (19,026) 1,058
Other liabilities (1,025) 1,001 (587) 11,284 4,122
Net cash provided by operating activities 32,669 35,136 37,462 52,871 21,702

Cash flows from investing activities

Net change in time deposits with banks 0 (7,368) (2,237) 1,495 446
Purchases of equipment for direct financing lease contracts and funds used to originate loans (335,272) (389,810) (515,237) (634,709) (165,937)
Principal collections on leases and loans 288,864 315,847 359,273 426,482 115,428
Proceeds from sale of leases originated for investment NA 0 17,371 64,895 24,104
Security deposits collected, net of refunds (31) (392) (715) (448) (93)
Proceeds from the sale of equipment 3,319 3,368 3,533 3,415 808
Acquisitions of property and equipment (1,614) (2,350) (1,019) (1,854) (246)
Acquisition of intangible assets NA 0 0 (2,500) NA
Change in restricted interest-earning deposits with banks 562 495 216 0 NA
Business combinations NA NA NA NA 0
Principle payments received on securities available for sale 53 (858) 504 (5,601) 444
Net cash (used in) investing activities (44,119) (81,068) (138,311) (148,825) (25,046)

Cash flows from financing activities

Net change in deposits 47,081 37,821 109,417 111,958 23,830
Issuances of common stock 253 234 259 356 NA
Repurchases of common stock (5,727) (11,320) (345) (4,501) (1,000)
Dividends paid (6,062) (32,249) (6,907) (6,958) (1,741)
Exercise of stock options 154 586 77 488 0
Excess tax benefits (deficit) from stock-based payment arrangements 754 333 (24) 0 NA
Net cash provided by financing activities 36,453 (4,595) 102,477 101,343 21,089
Net (decrease) increase in total cash and cash equivalents 25,003 (50,527) 1,628 5,389 17,745
Total cash and cash equivalents, beginning of period 85,653 110,656 60,129 61,757 67,146
Total cash and cash equivalents, end of period 110,656 60,129 61,757 67,146 84,891

Supplemental disclosures of cash flow information

Cash paid for interest on deposits and borrowings 4,258 5,118 7,145 10,329 3,045
Net cash paid (refunds received) for income taxes 10,243 13,309 8,185 10,195 (8,092)
Leases transferred into held for sale from investment NA 0 16,884 62,077 22,434

Supplemental disclosures of non cash investing activities

Acquisition of property and equipment through capital lease arrangements NA 0 0 385 NA
Purchase of equipment for direct financing lease contracts and loans originated NA 0 0 10,681 5,028
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.