Chesswood Group, an equipment finance provider for small and medium-sized businesses throughout North America, reported record net income and operating earnings for 2016. Net income for 2016 of $24.3 million was up more than 22% from fiscal 2015, while year-over-year operating income increased more than 5% to reach $30.3 million, with results fueled by strong growth in lease and loan originations in our U.S. and Canadian businesses.

A service-driven approach combined with a positive economic climate for small and medium-sized businesses drove demand for the financing products of Chesswood's subsidiaries in 2016. Originations increased by 42% over last year as gross lease and loan receivables from equipment finance passed the $500 million mark for the first time in the company's history.

"Strong organic growth and cash flow, along with our increase in operating earnings and net income, allowed us to again reward shareholders with substantial dividends in 2016," said Barry Shafran, Chesswood's President and Chief Executive Officer. "Our operating companies once again delivered excellent results while our U.S. business, Pawnee Leasing, has also been building out its technology and infrastructure resources," added Shafran.