|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ 2,067 |
$ (2,179) |
$ 3,647 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
| Impairment losses |
135 |
341 |
887 |
| Net losses (gains) on sales of real estate |
16 |
19 |
(532) |
| Deferred income taxes |
155 |
(218) |
(369) |
| Provision for loan losses, net |
1,237 |
1,934 |
460 |
| Allowance for accounts receivable |
29 |
170 |
|
| Unrealized premium adjustment |
1,071 |
1,431 |
1,441 |
| Amortization and accretion, net |
(360) |
(153) |
(135) |
| Share-based compensation |
49 |
138 |
178 |
| Capitalized loan origination costs |
(264) |
(348) |
(260) |
| Loans funded, held for sale |
(24,722) |
(26,125) |
(26,350) |
| Proceeds from sale of guaranteed loans |
23,687 |
18,473 |
15,774 |
| Principal collected on loans |
2,049 |
740 |
1,812 |
| Loan fees remitted, net |
(62) |
(73) |
(81) |
| Change in operating assets and liabilities: |
|
|
|
| Borrower advances |
(2,364) |
2,079 |
401 |
| Accounts payable and accrued expenses |
(1,012) |
1,982 |
(639) |
| Other assets |
(284) |
14 |
(296) |
| Net cash provided by (used in) operating activities |
1,427 |
(1,775) |
(4,062) |
| Cash flows from investing activities: |
|
|
|
| Loans funded |
(31,409) |
(28,036) |
(12,002) |
| Principal collected on loans receivable |
26,512 |
27,822 |
19,661 |
| Principal collected on retained interests in transferred assets |
88 |
107 |
132 |
| Purchase of furniture, fixtures, and equipment |
(10) |
(33) |
(31) |
| Proceeds from sales of real estate owned, net |
1,736 |
716 |
415 |
| Proceeds from unconsolidated subsidiary |
|
|
1,373 |
| Release of restricted cash and cash equivalents, net |
|
2,233 |
3,553 |
| Net cash provided by (used in) investing activities |
(3,083) |
2,809 |
13,101 |
| Cash flows from financing activities: |
|
|
|
| Proceeds from (repayment of) revolving credit facility, net |
2,500 |
(5,900) |
4,000 |
| Proceeds from issuance of SBIC debentures |
14,500 |
4,000 |
5,000 |
| Payment of principal on SBIC debentures and structured notes payable |
(4,190) |
(5,265) |
(16,893) |
| Proceeds from secured borrowings-government guaranteed loans |
3,293 |
8,498 |
11,639 |
| Payment of principal on secured borrowings-government guaranteed loans |
(2,049) |
(740) |
(1,812) |
| Payment of borrowing costs |
(402) |
(147) |
(326) |
| Payment of dividends |
(5,245) |
(6,752) |
(6,787) |
| Net cash provided by (used in) financing activities |
8,407 |
(6,306) |
(5,179) |
| Net increase (decrease) in cash and cash equivalents |
6,751 |
(5,272) |
3,860 |
| Cash and cash equivalents, beginning of year |
1,230 |
6,502 |
2,642 |
| Cash and cash equivalents, end of year |
$ 7,981 |
$ 1,230 |
$ 6,502 |