|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash Flows From Operating Activities |
|
|
| Net income |
$ 11,742 |
$ 9,655 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
11,535 |
7,325 |
| Depreciation and amortization |
1,233 |
642 |
| Amortization of stock compensation expense |
165 |
123 |
| Fair value adjustment on interest rate caps |
23 |
172 |
| Deferred income taxes |
4,076 |
(90) |
| Changes in operating assets and liabilities: |
|
|
| Increase in other assets |
(2,107) |
(2,934) |
| Increase in other liabilities |
(765) |
(1,227) |
| Net cash provided by operating activities |
25,902 |
13,666 |
| Cash flows from investing activities: |
|
|
| Net origination of finance receivables |
(20,905) |
(19,279) |
| Purchase of two consumer loan companies, net of cash |
(27,967) |
|
| Purchase of property and equipment |
(1,277) |
(1,444) |
| Net cash (used in) investing activities |
(50,149) |
(20,723) |
| Cash flows from financing activities: |
|
|
| Increase (decrease) in cash overdraft |
5 |
(25) |
| Net advances on senior revolving credit facility |
6,722 |
9,166 |
| Issuance on other notes payable, net |
1,018 |
34 |
| Net proceeds from issuance of common stock |
39,781 |
|
| Repayment of mezzanine debt |
(25,814) |
|
| Net cash provided by financing activities |
21,712 |
9,175 |
| Net change in cash |
(2,535) |
2,118 |
| Cash: |
|
|
| Beginning |
4,849 |
856 |
| Ending |
2,314 |
2,974 |
| Cash payments for interest |
|
|
| Paid to third parties |
4,763 |
3,493 |
| Paid to related parties |
1,152 |
2,330 |
| Cash payments for income taxes |
$ 5,430 |
$ 7,767 |