As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q3 YTD 9/30/2017 USD

Cash flows from operating activities

Net income 16,231 19,350 15,966 17,279 9,398

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

Depreciation and amortization 1,816 1,612 1,684 1,823 2,155
Stock-based compensation 2,560 1,964 2,736 1,837 2,213
Excess tax (benefits) deficit from stock-based payment arrangements (1,052) (754) (333) 24 0
Change in fair value of derivatives 2 NA NA NA NA
Provision for credit losses 9,617 9,116 9,995 12,414 13,878
Net deferred income taxes (57) (848) (382) (1,746) (4,823)
Amortization of deferred initial direct costs and fees 6,774 7,263 7,530 8,694 8,242
Deferred initial direct costs and fees (7,762) (7,096) (8,515) (12,012) NA
Loss on equipment disposed 2,384 1,405 537 846 787
Gain on leases sold 0 0 (76) (473) (925)
Leases originated for sale 0 0 (3,589) (1,226) (2,687)
Proceeds from sale of leases originated for sale 0 0 3,665 18,605 2,732
Effect of changes in other operating items
Other assets 13,878 1,682 (3,598) (2,657) (2,993)
Other liabilities 1,529 (1,025) 1,001 (587) 11,634
Net cash provided by operating activities 45,920 32,669 26,621 42,821 39,611

Cash flows from investing activities

Net change in time deposits with banks 0 0 (7,368) (2,237) 1,245
Purchases of equipment for direct financing lease contracts and funds used to originate loans (349,915) (335,272) (381,295) (503,225) (457,814)
Principal collections on leases and loans 241,538 288,864 315,847 359,273 315,021
Proceeds from sale of leases originated for investment NA NA NA NA 28,902
Security deposits collected, net of refunds (147) (31) (392) (715) (348)
Proceeds from the sale of equipment 3,453 3,319 3,368 3,533 2,490
Acquisitions of property and equipment (1,011) (1,614) (2,350) (1,019) (1,526)
Business combinations NA NA NA NA (2,500)
Change in restricted interest-earning deposits with banks 2,247 562 495 216 0
Purchases of securities available for sale, net (1,047) 53 (858) 504 (5,912)
Net cash (used in) investing activities (104,882) (44,119) (72,553) (143,670) (120,442)

Cash flows from financing activities

Net change in deposits 124,850 47,081 37,821 109,417 109,597
Warehouse and bank facility repayments (15,514) NA NA NA NA
Issuances of common stock 270 253 234 259 169
Repurchases of common stock (1,168) (5,727) (11,320) (345) (2,982)
Dividends paid (31,369) (6,062) (32,249) (6,907) (5,260)
Exercise of stock options 1,524 154 586 77 487
Excess tax benefits (deficit) from stock-based payment arrangements 1,052 754 333 (24) 0
Net cash provided by financing activities 79,645 36,453 (4,595) 102,477 102,011
Net (decrease) increase in total cash and cash equivalents 20,683 25,003 (50,527) 1,628 21,180
Total cash and cash equivalents, beginning of period 64,970 85,653 110,656 60,129 61,757
Total cash and cash equivalents, end of period 85,653 110,656 60,129 61,757 82,937

Supplemental disclosures of cash flow information

Cash paid for interest on deposits and borrowings 3,474 4,258 5,118 7,145 7,142
Net cash paid for income taxes (5,471) 10,243 13,309 8,185 9,873
Leases transferred into held for sale from investment NA NA NA NA 28,022
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.