CASH 2018 Special Proxy Statement

CRESTMARK BANCORP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 5 – NET INVESTMENT IN DIRECT FINANCING AND SALES-TYPE LEASES (Continued) Future minimum lease payments receivable on noncancelable direct financing and sales-type leases are as follows: 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,377,466 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,401,168 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,270,671 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,547,680 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,253,825 Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,032 $215,023,842 NOTE 6 – EQUIPMENT ON OPERATING LEASES, NET Equipment on operating leases, net is comprised of the following at year-end 2017 and 2016 2017 2016 Operating lease equipment . . . . . . . . . . . . . . . . . . . . . . . . . $145,179,584 $120,432,430 Premium on acquired operating leases . . . . . . . . . . . . . . . . 78,460 184,332 145,258,044 120,616,762 Less: accumulated depreciation and amortization . . . . . . . (53,128,073) (34,002,666) $ 92,129,971 $ 86,614,096 Future minimum lease payments receivable on equipment on operating leases are as follows: 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,851,682 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,421,203 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,843,141 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,884,900 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700,969 Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,578,946 $61,280,841 F-24