| 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 | |||||||||||||
6,890 | 7,213 | 7,151 | 6,839 | 6,324 | 5,837 | 5,557 | 5,760 | 5,295 | 3,770 | 3,223 | 0 | 0 | 0 |
Adjustments to reconcile condensed consolidated net income to net cash provided by operating activities: | |||||||||||||
Income from tax credits | |||||||||||||
-86 | -100 | -113 | -167 | -258 | -357 | -522 | -877 | -1,079 | -1,268 | -1,390 | 0 | 0 | 0 |
Accretion of interest expense | |||||||||||||
82 | 103 | 135 | 176 | 246 | 344 | 525 | 737 | 913 | 1,098 | 1,259 | 0 | 0 | 0 |
Fair value adjustments on SBA loans | |||||||||||||
-1,225 | -2,116 | -1,226 | -1,370 | -1,498 | -1,295 | -1,013 | -1,981 | -2,298 | -4,415 | -5,493 | 0 | 0 | 0 |
Fair value adjustment of credits in lieu of cash and notes payable in credits in lieu of cash | |||||||||||||
-5 | 3 | 21 | 8 | -12 | -14 | 3 | -140 | -166 | -170 | -131 | 0 | 0 | 0 |
Deferred income taxes | |||||||||||||
-860 | -1,297 | -1,289 | -1,368 | -1,694 | -1,692 | -2,245 | -3,634 | -3,868 | -3,497 | -2,873 | 0 | 0 | 0 |
Depreciation and amortization | |||||||||||||
3,412 | 3,332 | 3,284 | 3,215 | 3,147 | 3,042 | 3,036 | 3,150 | 3,408 | 3,726 | 3,955 | 0 | 0 | 0 |
Accretion of discount | |||||||||||||
-896 | -619 | -515 | -348 | -234 | -254 | -247 | 0 | 0 | 0 | - | - | - | - |
Provision for loan losses | |||||||||||||
929 | 999 | 1,322 | 840 | 873 | 818 | 810 | 816 | 941 | 860 | 763 | 0 | 0 | 0 |
Other, net | |||||||||||||
-2,224 | -2,263 | -1,929 | -1,388 | -1,208 | -989 | -946 | -976 | -706 | -570 | -394 | 0 | 0 | 0 |
Changes in operating assets and liabilities: | |||||||||||||
Originations of SBA loans held for sale | |||||||||||||
142,476 | 142,153 | 135,167 | 119,800 | 108,391 | 91,904 | 83,349 | 77,343 | 75,659 | 77,377 | 74,546 | 0 | 0 | 0 |
Originations of SBA loans transferred, subject to premium recourse | |||||||||||||
- | - | - | - | - | - | - | - | - | - | -274 | 0 | 0 | 0 |
Proceeds from sale of SBA loans held for sale | |||||||||||||
142,128 | 141,577 | 131,733 | 118,513 | 107,651 | 91,567 | 84,743 | 77,485 | 76,213 | 79,941 | 73,871 | 0 | 0 | 0 |
Proceeds from sale of SBA loans, achieving sale status | |||||||||||||
- | - | - | - | - | - | - | - | - | - | 27,855 | 0 | 0 | 0 |
Liability on SBA loans transferred, subject to premium recourse | |||||||||||||
- | - | - | - | - | - | - | - | - | - | -30,783 | 0 | 0 | 0 |
Broker receivable | |||||||||||||
1,369 | -4,583 | -3,092 | 9,061 | 2,468 | 3,566 | 11,788 | -134 | -3,153 | 9,842 | -7,148 | 0 | 0 | 0 |
Accounts receivable | |||||||||||||
-2,350 | -1,243 | 1,278 | 1,290 | 3,347 | 3,538 | 2,766 | 3,992 | 1,904 | 1,702 | 513 | 0 | 0 | 0 |
Prepaid expenses, accrued interest receivable and other assets | |||||||||||||
1,656 | 2,574 | 7,450 | 3,209 | 1,807 | 483 | -3,245 | -250 | -803 | -1,103 | 3,093 | 0 | 0 | 0 |
Accounts payable, accrued expenses and deferred revenue | |||||||||||||
6,157 | 887 | 3,717 | 0 | 0 | 0 | - | - | - | - | - | - | - | - |
Accounts payable, accrued expenses and deferred revenue | |||||||||||||
- | - | - | - | - | - | - | - | - | 0 | - | 0 | 0 | 0 |
Other, net | |||||||||||||
- | 0 | - | - | - | 4,420 | 3,026 | 4,011 | 750 | 2,201 | 2,987 | 0 | 0 | 0 |
Net cash provided by operating activities | |||||||||||||
0 | 0 | - | - | 0 | 0 | - | - | - | - | - | - | - | - |
Net cash provided by (used in) operating activities | |||||||||||||
- | - | - | - | - | - | -4,354 | 2,743 | 11,193 | 2,031 | 11,405 | 0 | 0 | 0 |
Cash flows from investing activities: | |||||||||||||
Return of investments in qualified businesses | |||||||||||||
- | 490 | 1,532 | 1,664 | 1,654 | 1,103 | 233 | 97 | 98 | 231 | 242 | 0 | 0 | 0 |
Purchase of fixed assets and customer merchant accounts | |||||||||||||
1,843 | 2,056 | 2,032 | 3,187 | 3,326 | 3,180 | 3,055 | 1,780 | 1,613 | 1,562 | 1,498 | 0 | 0 | 0 |
SBA loans originated for investment, net | |||||||||||||
46,067 | 46,630 | 42,885 | 35,490 | 31,243 | 25,992 | 24,190 | 24,538 | 24,569 | 24,949 | 22,269 | 0 | 0 | 0 |
Payments received on SBA loans | |||||||||||||
-10,158 | -8,367 | -7,409 | -5,934 | -5,259 | -5,254 | -4,999 | -4,437 | -5,066 | -4,671 | -4,672 | 0 | 0 | 0 |
Change in restricted cash | |||||||||||||
- | - | - | - | -1,745 | 1,536 | -1,441 | -259 | 180 | -1,850 | -1,239 | 0 | 0 | 0 |
Other, net | |||||||||||||
- | - | - | 0 | 0 | 0 | - | - | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||||||
0 | 0 | - | - | 0 | 0 | - | - | - | - | - | - | - | - |
Purchase of non-controlling interest | |||||||||||||
- | - | - | - | - | - | - | - | - | - | 196 | 0 | 0 | 0 |
Net cash used in investing activities | |||||||||||||
- | - | - | - | - | - | -22,498 | -23,172 | -21,194 | -19,755 | -17,810 | 0 | 0 | 0 |
Cash flows from financing activities: | |||||||||||||
Net proceeds from (repayments on) bank lines of credit | |||||||||||||
11,972 | 4,003 | 1,450 | 9,853 | 4,333 | 3,732 | 18,387 | 6,771 | 2,389 | 8,467 | 1,033 | 0 | 0 | 0 |
Increase in cash due to consolidation of new subsidiary | |||||||||||||
- | - | - | - | - | - | 2,763 | 0 | 0 | 0 | - | - | - | - |
Repayments on notes payable | |||||||||||||
10,799 | 417 | 417 | 417 | 417 | 417 | 417 | 0 | 0 | 0 | - | - | - | - |
Issuance of senior notes, net of issuance costs | |||||||||||||
- | - | 45,343 | 0 | 0 | 0 | - | - | - | - | - | - | - | - |
Repayments of senior notes | |||||||||||||
10,252 | 8,662 | 7,522 | 5,543 | 4,932 | 4,755 | 4,561 | 4,293 | 3,840 | 3,178 | 2,821 | 0 | 0 | 0 |
Additions to deferred financing costs | |||||||||||||
-1,306 | -1,070 | -1,867 | 0 | 0 | 0 | - | - | - | - | - | - | - | - |
Net repayments on bank term note payable | |||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | 0 |
Change in restricted cash due to debt refinancing | |||||||||||||
- | - | - | - | - | - | - | - | - | - | -750 | 0 | 0 | 0 |
Change in restricted cash related to securitization | |||||||||||||
-736 | 3,452 | -7,769 | -609 | -609 | -4,518 | 5,053 | -959 | -971 | -1,339 | -2,954 | 0 | 0 | 0 |
Other | |||||||||||||
-498 | -279 | 10 | 931 | 1,025 | 1,258 | 868 | -68 | 123 | -579 | -364 | 0 | 0 | 0 |
Net cash provided by financing activities | |||||||||||||
0 | 0 | - | - | 0 | 0 | - | - | - | - | - | - | - | - |
Net cash provided by financing activities | |||||||||||||
- | - | - | - | - | - | 29,880 | 25,055 | 21,361 | 19,214 | 7,224 | 0 | 0 | 0 |
Net decrease in cash and cash equivalents | |||||||||||||
-4,998 | -1,764 | -1,721 | -10,543 | -9,062 | -3,343 | 3,028 | 4,626 | 11,360 | 1,490 | 819 | 0 | 0 | 0 |
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 | |||||||||||||
2,433 | 2,780 | 5,182 | 5,946 | 6,709 | 9,112 | 9,362 | 10,576 | 14,548 | 15,676 | 19,482 | 0 | 0 | 0 |