Fourth Quarter and Full Year Highlights:
- Net income of $3.6 million for the fourth quarter of 2012, and $11.7 million for the full year, up 89% year-over-year
- New lease originations of $87.8 million for the fourth quarter of 2012, and $322.2 million for the full year, up 41% year-over-year
- Risk adjusted net interest and fee margin of 11.55% for the quarter
- $378 million of insured deposits, up 90% year-over-year
- Average cost of deposits of 1.00% for the fourth quarter
- Strong capital position, equity to assets ratio of 29.01%
- Total risk-based capital ratio of 33.04%
- Efficiency ratio improved to 60% for the full year, compared to 70% for 2011
MOUNT LAUREL, N.J., Jan. 30, 2013 (GLOBE NEWSWIRE) -- Marlin Business Services Corp. (Nasdaq:MRLN) today reported fourth quarter 2012 net income of $3.6 million, or $0.28 per diluted share. Net income for the full year 2012 was $11.7 million, or $0.91 per diluted share.
"There were many positive developments for our business in 2012," says Daniel P. Dyer, Marlin's co-founder and Chief Executive Officer. "We delivered strong asset and profit growth and favorable credit quality performance, with a focus on delivering value-added credit products and services to our customers," says Mr. Dyer.Fourth quarter 2012 lease production was $87.8 million based on initial equipment cost, up from $81.6 million for the third quarter of 2012 and 28% higher than the fourth quarter of 2011. Full year 2012 lease origination volume was $322.2 million, a 41% increase year-over-year. Net interest and fee margin increased in the fourth quarter of 2012 to 13.54%, from 13.51% in the third quarter of 2012, and has increased 50 basis points from the fourth quarter a year ago. For the full year, net interest and fee margin is 13.42%, an improvement of 83 basis points over 2011.