Marlin Business Services Corp. Reports Second Quarter 2011 Results
Today reported second quarter 2011 net income of $1.5 million, or $0.12 per diluted share. For the sixth-month period ended June 30, 2011, net income was $2.3 million, or $0.18 per diluted share."We're pleased with the momentum in all aspects of our business," says Daniel P. Dyer, Marlin's CEO. "Our intense focus on delivering high quality and consistent service to customers is an important component of our sales growth strategy. Supporting asset growth this quarter, dealer and lease account activity were up significantly over first quarter levels. Credit quality is in terrific shape with strong delinquency and charge-off performance across all segments of the portfolio. Borrowing costs continue to steadily decline benefiting from our low cost bank deposit strategy to fund lease originations and portfolio growth," says Dyer.
Second quarter 2011 lease production was $53.9 million, based on initial equipment cost, up 15% from $47.0 million for the first quarter of 2011 and 70% higher than the second quarter of 2010. Average monthly originating sources reached 826 for the second quarter of 2011, up 12% from the first quarter of 2011 and a 42% increase over the second quarter of 2010. The sales force grew to 97 full-time equivalents from 94 in the first quarter of 2011 and 69 in the second quarter of 2010, a 41% increase over the prior year.
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