Chesswood Group, a North American commercial equipment finance provider for small and medium-sized businesses, reported its results for Q1/18.

The Toronto-based company said its pre-tax Q1/18 income was a record with operating earnings of $8.3 million, compared to $8.0 million for the same quarter in 2017. 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 Q1/17 (1.32:1). Net income of $5.9 million was up from $4.7 million a year earlier

Chesswood said the effect of the weaker U.S. dollar on operating income for the quarter was $490,000. The company’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 Q1/17.

“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.”

Through its two wholly-owned subsidiaries in the U.S. and Canada, Chesswood is a North American, publicly-traded commercial equipment finance company focused on small and medium-sized businesses. It’s Colorado-based Pawnee Leasing finances a highly diversified portfolio of commercial equipment leases and loans through established relationships with more than 600 independent brokers in the lower 48 states. In Canada, Blue Chip Leasing 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.