- Net income of $3.7 million for the first quarter of 2013, an increase of 121% compared to first quarter 2012
- New lease originations of $80.9 million for the first quarter of 2013
- Risk adjusted net interest and fee margin of 11.78% for the quarter
- $419.6 million of insured deposits, up 76% year-over-year
- Average cost of deposits of 0.95%
- Strong capital position, equity to assets ratio of 27.7%
- Total risk-based capital ratio of 32.1%
- Efficiency ratio of 55% compared to 72% a year ago
MOUNT LAUREL, N.J., April 30, 2013 (GLOBE NEWSWIRE) -- Marlin Business Services Corp. (Nasdaq:MRLN) today reported first quarter 2013 net income of $3.7 million, or $0.28 per diluted share. Net income improved 121% and diluted earnings per share improved 115% over first quarter 2012.
"Performance for the quarter was led by solid asset growth," says Daniel P. Dyer, Marlin's co-founder and Chief Executive Officer. "As we move forward in 2013, our growth focus is on expanding our market footprint and serving the credit needs of small business," says Mr. Dyer.First quarter 2013 lease production was $80.9 million based on initial equipment cost, 12% higher than the first quarter of 2012. Net interest and fee margin of 13.5% is stable compared to the fourth quarter of 2012. The Company's cost of funds improved 24 basis points from the fourth quarter of 2012 and 118 basis points from the first quarter of 2012. The improvement resulted from the Company's use of lower-cost insured deposits issued by the Company's subsidiary, Marlin Business Bank, as its primary funding source. The allowance for credit losses as a percentage of total finance receivables stands at 1.35% at March 31, 2013, compared to 1.30% as of December 31, 2012. The allowance for credit losses as of March 31, 2013 represents 207% of total 60+ day delinquencies.