| Jun'14 | Mar'14 | Dec'13 | Sep'13 | Jun'13 | Mar'13 | Dec'12 | Sep'12 | Jun'12 | Mar'12 | Dec'11 | Sep'11 | Jun'11 | Mar'11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||||
Condensed consolidated net income | |||||||||||||
1,378 | 1,367 | 2,329 | 1,816 | 1,701 | 1,305 | 2,017 | 1,301 | 1,214 | 1,025 | 2,220 | 836 | -311 | 478 |
Adjustments to reconcile condensed consolidated net income to net cash provided by operating activities: | |||||||||||||
Income from tax credits | |||||||||||||
-15 | -13 | -27 | -31 | -29 | -26 | -81 | -122 | -128 | -191 | -436 | -324 | -317 | -313 |
Accretion of interest expense | |||||||||||||
14 | 14 | 22 | 32 | 35 | 46 | 63 | 102 | 133 | 227 | 275 | 278 | 318 | 388 |
Fair value adjustments on SBA loans | |||||||||||||
119 | -1,266 | 348 | -426 | -772 | -376 | 204 | -554 | -569 | -94 | -764 | -871 | -2,686 | -1,172 |
Fair value adjustment of credits in lieu of cash and notes payable in credits in lieu of cash | |||||||||||||
-1 | 1 | -5 | 0 | 7 | 19 | -18 | -20 | 5 | 36 | -161 | -46 | 1 | 75 |
Deferred income taxes | |||||||||||||
-246 | -319 | 296 | -591 | -683 | -311 | 217 | -917 | -681 | -864 | -1,172 | -1,151 | -310 | -240 |
Depreciation and amortization | |||||||||||||
896 | 855 | 830 | 831 | 816 | 807 | 761 | 763 | 711 | 801 | 875 | 1,021 | 1,029 | 1,030 |
Accretion of discount | |||||||||||||
-215 | -70 | -216 | -395 | 62 | 34 | -49 | -281 | 42 | 41 | - | - | - | - |
Provision for loan losses | |||||||||||||
139 | -205 | 938 | 57 | 209 | 118 | 456 | 90 | 154 | 110 | 462 | 215 | 73 | 13 |
Other, net | |||||||||||||
-448 | -643 | -472 | -661 | -487 | -309 | 69 | -481 | -268 | -266 | 39 | -211 | -132 | -90 |
Changes in operating assets and liabilities: | |||||||||||||
Originations of SBA loans held for sale | |||||||||||||
32,813 | 34,224 | 43,569 | 31,870 | 32,490 | 27,238 | 28,202 | 20,461 | 16,003 | 18,683 | 22,196 | 18,777 | 17,721 | 15,852 |
Originations of SBA loans transferred, subject to premium recourse | |||||||||||||
- | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | -274 |
Proceeds from sale of SBA loans held for sale | |||||||||||||
33,367 | 34,955 | 41,566 | 32,240 | 32,816 | 25,111 | 28,346 | 21,378 | 16,732 | 18,287 | 21,088 | 20,106 | 20,460 | 12,217 |
Proceeds from sale of SBA loans, achieving sale status | |||||||||||||
- | - | - | - | - | - | - | - | - | - | 54,493 | -25 | -13,563 | -13,050 |
Liability on SBA loans transferred, subject to premium recourse | |||||||||||||
- | - | - | - | - | - | - | - | - | - | -1,367 | -25 | -14,820 | -14,571 |
Broker receivable | |||||||||||||
-3,426 | -700 | -5,987 | 11,482 | -9,378 | 791 | 6,166 | 4,889 | -8,280 | 9,013 | -5,756 | 1,870 | 4,715 | -7,977 |
Accounts receivable | |||||||||||||
-963 | 263 | -877 | -773 | 144 | 2,784 | -865 | 1,284 | 335 | 2,012 | 361 | -804 | 133 | 823 |
Prepaid expenses, accrued interest receivable and other assets | |||||||||||||
504 | -4,636 | 4,451 | 1,337 | 1,422 | 240 | 210 | -65 | 98 | -3,488 | 3,205 | -618 | -202 | 708 |
Accounts payable, accrued expenses and deferred revenue | |||||||||||||
3,615 | -778 | 1,339 | 1,981 | -1,655 | 2,052 | - | - | - | - | - | - | - | - |
Accounts payable, accrued expenses and deferred revenue | |||||||||||||
- | - | - | - | - | - | - | - | - | -203 | - | 142 | 2,293 | -144 |
Other, net | |||||||||||||
- | 875 | - | - | - | 1,208 | -102 | 2,079 | 1,235 | -186 | 883 | -1,182 | 2,686 | 600 |
Net cash provided by operating activities | |||||||||||||
3,524 | 7,828 | - | - | 8,506 | -2,527 | - | - | - | - | - | - | - | - |
Net cash provided by (used in) operating activities | |||||||||||||
- | - | - | - | - | - | -2,457 | -4,242 | 8,904 | -6,559 | 4,640 | 4,208 | -258 | 2,815 |
Cash flows from investing activities: | |||||||||||||
Return of investments in qualified businesses | |||||||||||||
- | -72 | 0 | 10 | 552 | 970 | 132 | 0 | 1 | 100 | -4 | 1 | 134 | 111 |
Purchase of fixed assets and customer merchant accounts | |||||||||||||
307 | 588 | 587 | 361 | 520 | 564 | 1,742 | 500 | 374 | 439 | 467 | 333 | 323 | 375 |
SBA loans originated for investment, net | |||||||||||||
9,773 | 11,385 | 14,480 | 10,429 | 10,336 | 7,640 | 7,085 | 6,182 | 5,085 | 5,838 | 7,433 | 6,213 | 5,465 | 3,158 |
Payments received on SBA loans | |||||||||||||
-2,936 | -2,159 | -3,213 | -1,850 | -1,145 | -1,201 | -1,738 | -1,175 | -1,140 | -946 | -1,176 | -1,804 | -745 | -947 |
Change in restricted cash | |||||||||||||
- | - | - | - | -2,124 | 1,290 | -442 | -469 | 1,157 | -1,687 | 740 | -30 | -873 | -1,076 |
Other, net | |||||||||||||
- | - | - | 69 | 55 | -15 | - | - | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||||||
-6,644 | -9,886 | - | - | -7,090 | -7,308 | - | - | - | - | - | - | - | - |
Purchase of non-controlling interest | |||||||||||||
- | - | - | - | - | - | - | - | - | - | 396 | 0 | 0 | -200 |
Net cash used in investing activities | |||||||||||||
- | - | - | - | - | - | -6,790 | -6,689 | -5,475 | -3,544 | -7,464 | -4,711 | -4,036 | -1,599 |
Cash flows from financing activities: | |||||||||||||
Net proceeds from (repayments on) bank lines of credit | |||||||||||||
5,612 | -3,977 | -2,845 | 13,182 | -2,357 | -6,530 | 5,558 | 7,662 | -2,958 | 8,125 | -6,058 | 3,280 | 3,120 | 691 |
Increase in cash due to consolidation of new subsidiary | |||||||||||||
- | - | - | - | - | - | 0 | 0 | 0 | 2,763 | - | - | - | - |
Repayments on notes payable | |||||||||||||
10,486 | 104 | 104 | 105 | 104 | 104 | 104 | 105 | 104 | 104 | - | - | - | - |
Issuance of senior notes, net of issuance costs | |||||||||||||
- | - | 24,434 | 0 | -53 | 20,962 | - | - | - | - | - | - | - | - |
Repayments of senior notes | |||||||||||||
2,974 | 2,355 | 3,151 | 1,772 | 1,384 | 1,215 | 1,172 | 1,161 | 1,207 | 1,021 | 904 | 708 | 545 | 664 |
Additions to deferred financing costs | |||||||||||||
-292 | -11 | -759 | -244 | -56 | -808 | - | - | - | - | - | - | - | - |
Net repayments on bank term note payable | |||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | -104 |
Change in restricted cash due to debt refinancing | |||||||||||||
- | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | -750 |
Change in restricted cash related to securitization | |||||||||||||
89 | 6,323 | -7,160 | 12 | 4,277 | -4,898 | 0 | 12 | 368 | 4,673 | -6,012 | 0 | 0 | 3,058 |
Other | |||||||||||||
-77 | -92 | -57 | -272 | 142 | 197 | 864 | -178 | 375 | -193 | -72 | 13 | -327 | 22 |
Net cash provided by financing activities | |||||||||||||
1,887 | -216 | - | - | 585 | 7,604 | - | - | - | - | - | - | - | - |
Net cash provided by financing activities | |||||||||||||
- | - | - | - | - | - | 5,172 | 6,174 | 4,291 | 14,243 | 347 | 2,480 | 2,144 | 2,253 |
Net decrease in cash and cash equivalents | |||||||||||||
-1,233 | -2,274 | 4,747 | -6,238 | 2,001 | -2,231 | -4,075 | -4,757 | 7,720 | 4,140 | -2,477 | 1,977 | -2,150 | 3,469 |
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 | |||||||||||||
348 | 417 | 695 | 973 | 695 | 2,819 | 1,459 | 1,736 | 3,098 | 3,069 | 2,673 | 5,708 | 4,226 | 6,875 |