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Net income of $4.5 million for the second quarter of 2013, an increase of 50% compared to the second quarter of 2012
New lease originations of $91.4 million for the second quarter of 2013
Risk adjusted net interest and fee margin of 11.93% for the quarter
$461.5 million of insured deposits, up 63% year-over-year
Strong capital position, equity to assets ratio of 26.68%
Total risk-based capital ratio of 30.86%
MOUNT LAUREL, N.J., July 30, 2013 (GLOBE NEWSWIRE) -- Marlin Business Services Corp. (Nasdaq:MRLN) today reported second quarter 2013 net income of $4.5 million, or $0.34 per diluted share. Net income improved 50%, or $0.11 per diluted share over second quarter 2012. For the six-month period ended June 30, 2013, net income was $8.1 million, or $0.63 per diluted share.
"Our performance results reflect upon the favorable growth trends and attractive operating metrics of our business," says Daniel P. Dyer, co-founder and Chief Executive Officer. "We continue to see attractive growth opportunities by focusing on serving small and midsize businesses and their credit financing needs by delivering quality products with exceptional service," says Dyer.
Second quarter 2013 lease production was $91.4 million based on initial equipment cost, 13% higher than first quarter 2013 and 14% higher than the second quarter of 2012.
Net interest and fee margin of 13.4% is down 14 basis points from the first quarter of 2013 and is up 14 basis points from the second quarter of 2012. The Company's cost of funds improved 12 basis points from the first quarter of 2013 and 84 basis points from the second 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.