Marlin Business Services reported third quarter 2012 net income of $3.4 million. For the nine-month period ended September 30, 2012, net income was $8.1 million.
Third quarter 2012 lease production was $81.6 million based on initial equipment cost, up from $80.4 million for the second quarter of 2012 and 37% higher than the third quarter of 2011. Net interest and fee margin increased in the third quarter of 2012, to 13.51% from 13.22% in the second quarter of 2012, and has increased 74 basis points from the third quarter a year ago.
The company’s cost of funds improved 39 basis points from the second quarter of 2012 and 168 basis points from the third quarter of 2011. The improvement resulted from the Company’s continuing shift in funding mix to lower-cost insured deposits issued by the Company’s subsidiary, Marlin Business Bank.
Third quarter net lease charge-offs were 0.89% of average total finance receivables, representing an improvement of 15 basis points from the second quarter of 2012 and an improvement of 84 basis points from the third quarter of 2011.
“The business is well-positioned to grow and address the credit needs of small businesses,” said Daniel P. Dyer, Marlin’s co-founder and chief executive officer. “Reflecting our favorable earnings, we have declared a quarterly cash dividend of $0.08 per share,” Dyer said.
To read Marlin’s full Q3 earnings news release click here.
No tags available
A well-drafted equipment lease or equipment financing agreement differs substantially from documentation often used by traditional lenders in transactions secured by personal property. Some of the key differences are a result of the equipment lessors’/lenders’ focus on the leased or... read more
As diminished margins and dwindling earning asset yields create an environment where improved profitability is a constant challenge, Monitor asked its 2015 Bank 50 participants to identify key areas of focus... read more