|
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 |
$ 16,231 |
$ 11,697 |
$ 6,175 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
1,816 |
2,259 |
2,476 |
| Stock-based compensation |
2,560 |
2,560 |
2,315 |
| Excess tax benefits from stock-based payment arrangements |
(1,052) |
(592) |
(1,283) |
| Amortization of deferred net losses on cash flow hedge derivatives |
0 |
53 |
161 |
| Change in fair value of derivatives |
2 |
6 |
53 |
| Provision for credit losses |
9,617 |
5,920 |
4,134 |
| Net deferred income taxes |
(57) |
(3,031) |
(6,255) |
| Amortization of deferred initial direct costs and fees |
6,774 |
5,680 |
5,164 |
| Deferred initial direct costs and fees |
(7,762) |
(7,773) |
(5,612) |
| Loss on equipment disposed |
2,384 |
3,097 |
2,827 |
| Effect of changes in other operating items: |
|
|
|
| Other assets |
13,878 |
(729) |
5,040 |
| Other liabilities |
1,529 |
5,772 |
915 |
| Net cash provided by (used in) operating activities |
45,920 |
24,919 |
16,110 |
| Cash flows from investing activities: |
|
|
|
| Purchases of equipment for direct financing lease contracts and funds used to originate loans |
(349,915) |
(322,284) |
(229,054) |
| Principal collections on leases and loans |
241,538 |
196,171 |
183,101 |
| Security deposits collected, net of refunds |
(147) |
(337) |
(1,910) |
| Proceeds from the sale of equipment |
3,453 |
4,350 |
5,079 |
| Acquisitions of property and equipment |
(1,011) |
(961) |
(823) |
| Change in restricted interest-earning deposits with banks |
2,247 |
25,117 |
18,470 |
| Purchases of securities available for sale |
1,047 |
3,029 |
188 |
| Net cash provided by (used in) investing activities |
(104,882) |
(100,973) |
(25,325) |
| Cash flows from financing activities: |
|
|
|
| Increase in deposits |
124,850 |
179,609 |
105,660 |
| Term securitization repayments |
0 |
(45,119) |
(83,064) |
| Warehouse and bank facility advances |
0 |
11,902 |
40,681 |
| Warehouse and bank facility repayments |
(15,514) |
(43,273) |
(44,263) |
| Issuances of common stock |
270 |
136 |
172 |
| Repurchases of common stock |
(1,168) |
(2,189) |
(6,449) |
| Dividends paid |
(31,369) |
(3,552) |
(766) |
| Exercise of stock options |
1,524 |
851 |
1,234 |
| Excess tax benefits from stock-based payment arrangements |
1,052 |
592 |
1,283 |
| Debt issuance costs |
0 |
(218) |
(14) |
| Net cash provided by (used in) financing activities |
79,645 |
98,739 |
14,474 |
| Net increase (decrease) in total cash and cash equivalents |
20,683 |
22,685 |
5,259 |
| Total cash and cash equivalents, beginning of period |
64,970 |
42,285 |
37,026 |
| Total cash and cash equivalents, end of period |
85,653 |
64,970 |
42,285 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Cash paid for interest on deposits and borrowings |
3,474 |
5,553 |
10,078 |
| Net cash paid for income taxes |
$ (5,471) |
$ 9,554 |
$ 4,538 |