| Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Condensed consolidated net income | ||||||
7,151 | 5,557 | 3,223 | 1,295 | -1,409 | ||
Adjustments to reconcile condensed consolidated net income to net cash provided by operating activities: | ||||||
Income from tax credits | ||||||
-113 | -522 | -1,390 | -2,380 | -7,837 | ||
Accretion of interest expense | ||||||
135 | 525 | 1,259 | 2,418 | 8,738 | ||
Fair value adjustments on SBA loans | ||||||
-1,226 | -1,013 | -5,493 | 3,494 | - | ||
Fair value adjustment of credits in lieu of cash and notes payable in credits in lieu of cash | ||||||
21 | 3 | -131 | 38 | 900 | ||
Fair value adjustment on warrants | ||||||
- | -111 | - | - | - | ||
Gain on sale/recovery of investments | ||||||
- | - | - | - | 1,117 | ||
Deferred income taxes | ||||||
-1,289 | -2,245 | -2,873 | -633 | -1,710 | ||
Depreciation and amortization | ||||||
3,284 | 3,036 | 3,955 | 4,709 | 5,847 | ||
Accretion of discount | ||||||
-515 | -247 | - | - | - | ||
Provision for loan losses | ||||||
1,322 | 810 | 763 | 1,909 | 1,833 | ||
Lease restructuring charges | ||||||
- | -291 | 990 | - | - | ||
Other, net | ||||||
-1,929 | -946 | -394 | -1,032 | -660 | ||
Changes in operating assets and liabilities: | ||||||
Originations of SBA loans held for sale | ||||||
135,167 | 83,349 | 74,546 | 782 | 14,390 | ||
Originations of SBA loans transferred, subject to premium recourse | ||||||
- | - | -274 | -30,752 | - | ||
Originations of SBA loans, achieving sale status | ||||||
- | - | - | 25,983 | - | ||
Proceeds from originations of SBA loans, achieving sale status | ||||||
- | - | - | 25,983 | 20,323 | ||
Proceeds from sale of SBA loans held for sale | ||||||
131,733 | 84,743 | 73,871 | - | - | ||
Proceeds from sale of SBA loans, achieving sale status | ||||||
- | - | 27,855 | - | - | ||
Liability on SBA loans transferred, subject to premium recourse | ||||||
- | - | -30,783 | 34,094 | - | ||
Broker receivable | ||||||
-3,092 | 11,788 | -7,148 | 5,591 | 6,103 | ||
Accounts receivable | ||||||
1,278 | 2,766 | 513 | 4,982 | -136 | ||
Prepaid expenses, accrued interest receivable and other assets | ||||||
7,450 | -3,245 | 3,093 | 45 | -706 | ||
Accounts payable, accrued expenses and deferred revenue | ||||||
3,717 | -597 | 2,782 | - | - | ||
Accounts payable, accrued expenses and deferred revenue | ||||||
- | - | - | 1,849 | -1,154 | ||
Other, net | ||||||
3,812 | 3,026 | 2,987 | 817 | 495 | ||
Net cash provided by (used in) operating activities | ||||||
4,974 | -4,354 | 11,405 | -2,208 | 3,128 | ||
Cash flows from investing activities: | ||||||
Investments in qualified businesses | ||||||
- | 1,651 | - | 0 | 428 | ||
Return of investments in qualified businesses | ||||||
1,532 | 233 | 242 | 238 | 2,514 | ||
Purchase of fixed assets and customer merchant accounts | ||||||
2,032 | 3,055 | 1,498 | 2,075 | 1,764 | ||
SBA loans originated for investment, net | ||||||
42,885 | 24,190 | 22,269 | 8,244 | 2,111 | ||
Payments received on SBA loans | ||||||
-7,409 | -4,999 | -4,672 | -3,212 | -3,489 | ||
Proceeds from sale of SBA loans held for investment | ||||||
- | - | - | - | 517 | ||
Change in restricted cash | ||||||
- | -1,441 | -1,239 | -533 | -1,183 | ||
Purchase of non-controlling interest | ||||||
145 | 275 | 196 | - | - | ||
Net cash used in investing activities | ||||||
-36,121 | -22,498 | -17,810 | -6,336 | 3,400 | ||
Cash flows from financing activities: | ||||||
Net proceeds from (repayments on) bank lines of credit | ||||||
1,450 | 18,387 | 1,033 | -3,107 | -9,700 | ||
Increase in cash due to consolidation of new subsidiary | ||||||
- | 2,763 | - | 0 | - | ||
Proceeds from term loan | ||||||
- | 10,000 | - | 12,500 | - | ||
Repayments on notes payable | ||||||
417 | 417 | 417 | 12,743 | - | ||
Issuance of senior notes, net of issuance costs | ||||||
45,343 | - | 13,513 | 14,510 | - | ||
Repayments of senior notes | ||||||
7,522 | 4,561 | 2,821 | 299 | - | ||
Additions to deferred financing costs | ||||||
-1,867 | -1,246 | - | - | - | ||
Change in restricted cash due to debt refinancing | ||||||
- | - | -750 | - | - | ||
Additions to deferred financing costs | ||||||
- | - | - | 0 | - | ||
Change in restricted cash related to securitization | ||||||
-7,769 | 5,053 | -2,954 | -4,161 | - | ||
Proceeds from exercise of stock options | ||||||
198 | - | - | - | - | ||
Purchase of treasury shares | ||||||
- | 967 | 16 | - | - | ||
Dividends paid | ||||||
- | - | - | - | 726 | ||
Other | ||||||
10 | 868 | -364 | -355 | -373 | ||
Net cash provided by financing activities | ||||||
29,426 | 29,880 | 7,224 | 6,345 | -10,799 | ||
Net decrease in cash and cash equivalents | ||||||
-1,721 | 3,028 | 819 | -2,199 | -4,271 | ||
Supplemental disclosure of cash flow activities: | ||||||
Cash paid for interest | ||||||
3,986 | 2,844 | 1,346 | 1,289 | 1,286 | ||
Cash paid for taxes | ||||||
5,783 | 5,402 | 1,280 | 388 | 752 | ||
Reduction of credits in lieu of cash and notes payable in credits in lieu of cash balances due to delivery of tax credits to Certified Investors | ||||||
5,182 | 9,362 | 19,482 | 21,181 | 28,902 | ||
Refinance of line of credit to term loan | ||||||
- | - | - | 2,083 | - | ||
Additional paid in capital, upon acquisition of subsidiaries non-controlling interests | ||||||
129 | - | - | 236 | 331 | ||
Conversion of loans held for investment to other real estate owned | ||||||
625 | 426 | 241 | - | - | ||
Assets | ||||||
- | 2,763 | - | - | - | ||
Liabilities | ||||||
- | -7 | - | - | - | ||
Equity | ||||||
- | -2,756 | - | - | - | ||
Addition to additional paid-in capital for warrants expired previously attributable to non-controlling interests | ||||||
- | 338 | - | - | - | ||
Initial allocation of value issued to warrants issued in financing transaction | ||||||
- | 1,959 | - | - | - | ||