Marlin Business Services Corp. Reports Second Quarter 2010 Results
Second Quarter Highlights:
- Net Income of $1.6 million for the second quarter of 2010
- Increased sales force by 16 full time equivalents to 69
- 30+ lease delinquencies improved 36 basis points in the second quarter of 2010 and improved 177 basis points from second quarter of 2009
- Non-performing assets improved 17% in the second quarter of 2010 and 63% from second quarter 2009
- Yield on new lease production of 14.56%
- Strong capital position, equity to assets leverage ratio of 30.8%
- Total risk-based capital of 37.87%
MOUNT LAUREL, N.J., Aug. 5, 2010 (GLOBE NEWSWIRE) -- Marlin Business Services Corp. (Nasdaq:MRLN) today reported second quarter 2010 net income of $1.6 million, or $0.12 per diluted share, and net income on an adjusted basis of $1.6 million or $0.12 per share.
"We are encouraged by the operating results for the second quarter and the strengthening fundamentals of our business," says Daniel P. Dyer, Marlin's CEO. "During the quarter, we generated healthy growth in new asset originations at attractive margins. Portfolio credit quality continues its strong performance with lower delinquencies and charge-offs reported this quarter. Looking ahead, our focus is on disciplined growth and capitalizing on the opportunity to serve the growing credit needs of small businesses across the U.S."Second quarter 2010 lease production was $31.7 million, based on initial equipment cost, up 34% from $23.6 million for the first quarter of 2010. Approval rates on lease originations improved to 49% for the second quarter of 2010, versus 46% for the first quarter of 2010. The average implicit yield on new lease production was 14.56% in the second quarter of 2010. Net interest and fee margin was 11.66% for the second quarter of 2010 compared to 11.12% in the first quarter of 2010 and 9.69% a year ago.
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