Fourth Quarter and Full-Year Highlights:
- Net income of $5.7 million for the full-year 2010, a 447% increase over 2009
- New equipment lease originations growth of 51% year-over-year
- Strong capital position, equity to assets leverage ratio of 34.2%
- Total risk-based capital of 40.84%
MOUNT LAUREL, N.J., March 8, 2011 (GLOBE NEWSWIRE) -- Marlin Business Services Corp. (Nasdaq:MRLN) today reported fourth quarter 2010 net income of $1.4 million, or $0.11 per diluted share. Net income for the full-year 2010 was $5.7 million, or $0.44 per diluted share.
"We're very excited with the momentum build of our business," says Daniel P. Dyer, Marlin's CEO. "This quarter we posted another solid gain in new lease asset origination and customer account growth. Asset quality remains very strong as demonstrated by the favorable charge-off and delinquency trends throughout 2010. Looking ahead to 2011, we are well positioned to serve the growing credit needs of small and mid-sized businesses led by a financially strong, well-capitalized balance sheet and the overall strength of our funding platform led by Marlin Business Bank. As an industry leader, our service oriented approach to serving customers will pave the way to continued profitable growth in the future," says Dyer.Fourth quarter 2010 lease production was $42.9 million, based on initial equipment cost, up 19.8% from $35.8 million for the third quarter of 2010. For the full-year 2010, lease equipment volume reached $134.0 million versus $88.9 million for the full-year 2009, representing an increase of 51%. Approval rates on lease originations were 54% for the fourth quarter of 2010 and 50% for the full-year 2010. The average implicit yield on new lease production was 13.98% in the fourth quarter of 2010. Net interest and fee margin was 12.10% for the fourth quarter of 2010 compared to 12.26% in the third quarter of 2010 and 10.28% a year ago.