LEAF Commercial Capital Reports 55% Growth in Loan and Lease Volume for Q1

February 06, 2013, 07:32 AM

Filed Under: Corporate Earnings

Related: LEAF, LEAF Commercial Capital, Resource America

Resource America, Inc. reported adjusted income from continuing operations attributable to common shareholders, net of tax, a non-GAAP measure, of $1.4 million for the first fiscal quarter ended December 31, 2012 as compared to an adjusted loss from continuing operations attributable to common shareholders, net of tax, of $2.6 million for the first fiscal quarter ended December 31, 2011. The Company reported a GAAP net loss attributable to common shareholders of $1.4 million for the first fiscal quarter ended December 31, 2012 as compared to net income attributable to common shareholders of $185,000 for the first fiscal quarter ended December 31, 2011.

LEAF Commercial Capital

LEAF Commercial Capital, Inc. ("LEAF"), the Company's equipment leasing joint venture, continued to grow its lease origination and servicing operations during the first fiscal quarter ended December 31, 2012.

Lease and loan origination volume increased by 55% compared to the first fiscal quarter ended December 31, 2011.
LEAF's commercial finance assets as of December 31, 2012 increased by 69% from December 31, 2011.
Increased Warehouse Capacity: LEAF expanded and renewed for two years, its Guggenheim Securities arranged revolving warehouse line as of December 31, 2012. This revolving line of credit was expanded to $192.0 million with the other existing facility participants, Well Fargo Capital Finance and Natixis increasing their commitment to LEAF as well. This renewal increases LEAF's overall warehouse capacity to over $340.0 million and these lines of credit provide liquidity to fund lease originations prior to utilizing the term securitization market for permanent financing.

Resource America, Inc. is a specialized asset management company that uses industry specific expertise to evaluate, originate, service and manage investment opportunities for its own account and for outside investors in the real estate, financial fund management and commercial finance sectors as well as our joint ventures.

Read the full Resource America, Inc. earning press release.