Element Financial reported its earning assets, consisting of its finance receivables and equipment under operating leases, have grown substantially during the period to December 31, 2014 to $9,745.7 million from $3,002.3 million reported at December 31, 2013.

Element said the growth over December 31, 2013 is primarily due to the combined effect of the total new originations for the year in the amount of $4,717.1 million, helped by the large contribution of the Trinity vendor program and new origination volume contributed by PHH Arval, the acquisition of PHH Arval which added $4,298.2 million of finance receivables on July 7, 2014, net of repayments, syndication activities, depreciation of equipment under operating leases, changes in foreign exchange rates and others of $2,271.9 million.

The company is reporting net income of $47.1 million for the three months ended December 31, 2014, compared to a net loss of $0.3 million in the comparative period ended December 31, 2013, and a net loss of $20.0 million in the immediately preceding quarter ended September 30, 2014.

The increase over the comparative period ended December 31, 2013 is due to the increased volume of business and earning assets during the current quarter and the timing of acquisition costs incurred related to the acquisition of the rail and helicopter portfolios in December 2013. The increase over the immediately preceding quarter is primarily due to the timing of business acquisition costs related to the acquisition of PHH Arval.

“These results are in line with the guidance we provided to investors last year and offer improved visibility into how our fully integrated operations can be expected to perform through 2015,” said Steven Hudson, Element’s chairman and CEO. “With total assets in excess of $11 billion, we are steadily advancing toward our objective of establishing Element as a profitable and durable North American commercial finance company in each of our four chosen verticals,” added Hudson.

Overall, new originations grew 41.8% to $1.67 billion for the three-month period ended December 31, 2014 versus $1.17 billion in Q3/14. Fleet Management accounted for $727.6 million of Q4 originations versus $482.5 million in the previous period. The Rail Finance vertical contributed $136.7 million to Q4 originations versus $162.6 million in the previous period. Aviation Finance accounted for $397.2 million of Q4 originations versus $157.1 million in the previous period. The Commercial & Vendor vertical accounted for $404.2 million of Q4 originations versus $372.6 million in the previous quarter.

Financial revenue for the three-month period ended December 31, 2014 was $175.7 million or 8.2% of average earning assets versus $157.0 million in the previous quarter or 8.0% of average earning assets. Other revenue included in financial revenue amounted to $54.8 million or 2.6% of average earning assets versus $47.3 million or 2.4% of average earning assets in the previous quarter. Interest expense was $50.0 million for the three-month period ended December 31, 2014 or 2.3% of average earning assets versus $45.8 million or 2.3% of average earning assets in the previous quarter.

The company’s earning assets, consisting of the company’s Finance receivables and Equipment under operating leases, have grown substantially during the year ended December 31, 2014 to $9,745.7 million from $3,002.3 million reported at December 31, 2013. The growth over December 31, 2013 is primarily due to the combined effect of the total new originations for the year in the amount of $4,717.1 million, helped by the large contribution of the Trinity vendor program and new origination volume contributed by PHH Arval, the acquisition of PHH Arval which added $4,298.2 million of finance receivables on July 7, 2014, net of repayments, syndication activities, amortization of equipment under operating leases, and changes in foreign exchange rates and others of $2,271.9 million.

The company reported net income for the year ended December 31, 2014 of $54.1 million, compared to a net loss of $1.7 million for the comparative year ended December 31, 2013.

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