Chesswood Group, a North American commercial equipment finance provider for small and medium-sized businesses reported its results for the first quarter ended March 31, 2018.

The company generated record quarterly income before tax, along with strong operating earnings of $8.3 million, compared to $8.0 million last year. Chesswood generated these record Canadian dollar results even though the U.S. exchange rate during the quarter (1.26:1) was significantly lower than in the first quarter of 2017 (1.32:1). According to Chesswood, the effect of the weaker U.S. dollar on operating income for the quarter was $490,000. Chesswood’s finance receivables grew to $750 million in the quarter, driven by record quarterly originations of $94 million, a 19% increase from $79 million in the first quarter of last year.

“Our first quarter results not only reflect record portfolio growth and excellent operating income but they also reflect an improvement in our U.S. delinquency markers that was better than expected,” said Barry Shafran, Chesswood’s President and CEO. “We continue to look with optimism on the business climate and activity, especially in the U.S., following the recent lowering of tax rates, the easing of regulations and the very low unemployment numbers,” added Shafran.

Through two wholly-owned subsidiaries in the U.S. and Canada, Chesswood Group Limited is North America’s only publicly-traded commercial equipment finance company focused on small and medium-sized businesses. The company's Colorado-based Pawnee Leasing Corporation, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through established relationships with over 600 independent brokers in 48 U.S. states. In Canada, Blue Chip Leasing Corporation has been originating and servicing commercial equipment leases and loans since 1996, and today operates through a nationwide network of more than 50 independent brokers.