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
Through its mergers and acquisitions over the years, Banc of California has grown from its credit union status in the 1940s to a bank with more than $5.5 billion in assets. With the bank’s footprint nestled in Southern California, the... read more
Within the last six months, two decisions have been published regarding temporary administrative freezes on debtor funds in bank accounts, with dramatically different outcomes. One decision by the Court of Appeals for the Ninth Circuit, In the Matter of Mwangi... read more