XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flow from operating activities:    
Net income $ 15,770,828 $ 15,509,649
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 1,214,784 1,382,128
Amortization of investment in historic tax credits 977,846 434,096
Amortization of debt issuance costs 145,421 144,171
Provision for credit losses 30,265,811 25,660,660
Depreciation 2,449,931 1,716,612
Loss on sale of property and equipment 289,254 34,058
Deferred income tax benefit (3,789,722) 2,512,174
Compensation related to stock option and restricted stock plans, net of taxes and adjustments 4,184,090 4,583,600
Change in accounts:    
Other assets, net (9,999,219) 2,545,580
Income taxes payable 831,167 2,582,959
Accounts payable and accrued expenses 7,187,031 (5,266,403)
Net cash provided by operating activities 49,527,222 51,839,284
Cash flows from investing activities:    
Increase in loans receivable, net (98,996,207)  
Increase in loans receivable, net   73,293,367
Net assets acquired from acquisitions, primarily loans (142,870) (4,776,558)
Increase in intangible assets from acquisitions (16,769) (985,354)
Purchases of property and equipment (915,582) (2,376,871)
Proceeds from sale of property and equipment 59,100 18,515
Net cash provided by (used in) investing activities (100,012,328) 65,173,099
Cash flow from financing activities:    
Borrowings from senior notes payable 108,792,088 32,705,500
Payments on senior notes payable (46,100,000) (131,600,000)
Debt issuance costs associated with senior notes payable 0 (205,500)
Proceeds from exercise of stock options 1,808,854 0
Payments for taxes related to net share settlement of equity awards (137,489) (119,865)
Repayment of finance lease (154,619) 0
Repurchase of common stock (21,082,862) (19,451,287)
Net cash provided by (used in) financing activities 43,125,972 (118,671,152)
Net change in cash and cash equivalents (7,359,134) (1,658,769)
Cash and cash equivalents at beginning of period 15,746,454 11,618,922
Cash and cash equivalents at end of period 8,387,320 9,960,153
Supplemental Disclosures:    
Interest paid during the period 5,295,753 6,046,067
Income taxes paid during the period $ 7,729,025 $ 666,505