Third Quarter Highlights:
- Net Income of $1.4 million, an increase of 182% over the third quarter of 2009
- Increased sales force by 15 full-time equivalents to 84
- 12.9% increase in origination funding from the second quarter of 2010
- 30+ day lease delinquencies improved 29 basis points from the second quarter of 2010 and improved 120 basis points from third quarter of 2009
- Non-performing assets improved 15% from the second quarter of 2010 and 54% from third quarter of 2009
- Available committed funding of $105 million
- Strong capital position, equity to assets ratio of 33.1%
- Total risk-based capital of 40.24%
MOUNT LAUREL, N.J., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Marlin Business Services Corp. (Nasdaq:MRLN) today reported third quarter 2010 net income of $1.4 million, or $0.11 per diluted share, and net income on an adjusted basis of $1.4 million, or $0.11 per share.
"Despite the lingering effects of a weak economy, we're pleased with the solid results for the quarter," says Daniel P. Dyer, Marlin's CEO. "We continue to make steady progress on the sales side, with solid new lease originations growth and continued investment in the sales force. Portfolio credit quality is in very good shape and the underlying credit and profit fundamentals of the business are solidly intact to support profitable growth in the future. Looking ahead, our attention is squarely focused on disciplined growth and capitalizing on the exciting opportunity to serve the growing demand for our services by customers across the U.S."Third quarter 2010 lease production was $35.8 million, based on initial equipment cost, up 12.9% from $31.7 million for the second quarter of 2010. Approval rates on lease originations were 49% for the third quarter of 2010. The average implicit yield on new lease production was 14.40% in the third quarter of 2010. Net interest and fee margin was 12.26% for the third quarter of 2010 compared to 11.66% in the second quarter of 2010 and 10.20% a year ago.