Marlin Business Services reported first quarter 2011 net income of $0.75 million, down from $1.24 million in the same year-ago quarter. Interest and fee income of $14.0 million was down from $16.6 million in the first quarter 2010.

Marlin said first quarter 2011 lease production was $47.0 million, up 10% from $42.9 million for the fourth quarter of 2010 and 99% higher than the first quarter of 2010. Average monthly originating sources reached 740 for the first quarter of 2011, up 2% from the fourth quarter of 2010 and a 53% increase over the first quarter of 2010. The sales force grew to 94 full-time equivalents from 87 in the fourth quarter of 2010 and 53 in the first quarter of 2010, a 77% increase over the prior year.

Marlin’s provision for credit losses in the first quarter was $1.2 million, down from $3.1 million or 61% compared the first quarter last year. The company noted that its 60+ day portfolio delinquencies and charge-offs in the first quarter were at a four year low.

“We continue to move in a favorable direction, growing our business and providing access to credit to the small business customers we serve,” says Daniel P. Dyer, Marlin’s CEO. “All of our key sales metrics are accelerating with origination volume doubling compared to the first quarter of 2010.”
Dyer noted that borrowing rates continued to improve due to the greater use of lower cost deposit funding at Marlin Business Bank.

To read the full text of the Marlin Business Services news release:
click here.