Marlin Business Services reported Q4/14 net income of $4.9 million was up 44% from $3.4 million for the same quarter a year earlier. Marlin noted it Q4/14 provision charges and staffing costs were $0.7 million and $1.5 million lower, respectively compared to the same period a year earlier.

Full-year 2014 net income of $19.4 million was up 20% compared to $16.2 million for the year earlier period.

“We had a solid year of performance,” said Daniel P. Dyer, co-founder and CEO. “Core earnings grew 19% and we delivered strong asset quality results. In 2015, our focus is to continue to grow our highly profitable lease business along with focusing on new value creating opportunities aimed to serve small businesses,” said Dyer.

Fourth quarter 2014 lease production was $89.5 million based on initial equipment cost, compared to $82.5 million in the third quarter of 2014 and $90.9 million in fourth quarter of 2013. Full year lease origination volume was $334.8 million, down from $349.5 million a year earlier.

Net interest and fee margin as a percentage of average finance receivables was 12.48% for Q4/14, down 88 basis points from a year ago. The decrease in margin percentage is a result of the competitively low interest rate environment and a slight increase in cost of funds. The company’s cost of funds increased slightly to 86 basis points, compared to 82 basis points for the third quarter of 2014 and 76 basis points for the fourth quarter of 2013.

To view the full Marlin Business Services news release, click here.