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Commitments and Contingencies
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Litigation The Company is involved in pending litigation in the ordinary course of business. In the opinion of management, such litigation will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. Regulatory matters Based on recent regulatory action against another financial institution that utilizes the services of one of our deposit program partners in a similar manner to us, the FDIC could deem some of the charging practices by our deposit program partner to be in violation of applicable regulations. The FDIC or other regulatory authorities could bring an action against WEX Bank alleging violations. WEX Bank could be financially penalized by regulatory authorities in connection with such fee practices. Our program partner has contractually indemnified WEX Bank for portions of such liability. In the opinion of management, this potential regulatory action will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. Extension of Credit to Customers The Company had aggregate commitments of approximately $5,927,000 at December 31, 2014, and $5,650,000 at December 31, 2013, related to payment processing services, primarily related to commitments to extend credit to customers and customers of strategic relationships as part of the Company’s established lending product agreements. Many of these commitments are not expected to be used; therefore, total unused credit available to customers and customers of strategic relationships does not represent future cash requirements. The Company can increase or decrease its customers’ credit lines at its discretion at any time. These amounts are not recorded on the consolidated balance sheet. Operating and Capital Leases The Company leases office space, equipment, and vehicles under non-cancelable operating and capital lease agreements that expire at various dates through 2023. In addition, the Company rents office equipment under agreements that may be canceled at any time. Rental expense related to office space, equipment, and vehicle leases amounted to $8,838 for the year ended December 31, 2014, $7,257 for the year ended December 31, 2013 and $5,601 for the year ended December 31, 2012. These amounts were included in occupancy and equipment on the consolidated statements of income. The Company leases information technology hardware and software under agreements that may be terminated by the Company at any time. Lease expense related to information technology hardware and software leases totaled $9,852 for the year ended December 31, 2014, $8,249 for the year ended December 31, 2013, and $6,959 for the year ended December 31, 2012. These amounts were included in technology leasing and support on the consolidated statements of income. Future minimum lease payments under non-cancelable operating and capital leases are as follows:
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