Marlin Business Services reported Q1/16 net income of $3.7 million compared to $4.1 million for first quarter 2015. Return on equity for the quarter was 9.74%, up from 9.33% a year ago.

The following highlights were excerpted from the news release:

• Lease and loan originations of $108.4 million in Q1/16 were up 35% from $80.3 million in the same quarter a year earlier.
• The net investment in leases and loans at the end of Q1/16 was $702.1 million, up 12% from $628.0 million in the same quarter a year earlier.
• Net interest and fee margin as a percentage of average finance receivables was 11.58% for the first quarter ended March 31, 2016, up 6 basis points from Q4/15 and down 82 basis points from a year ago. The decrease in margin percentage from a year ago was a result of the roll-off of higher yielding assets, a decline in late fees and a slight increase in the company’s cost of funds.
• Total implicit yield on originations of 11.69% in Q1/16 was up from 10.85% in Q1/15.
• The average monthly lease sources grew from 1,015 in Q1/15 to 1,075 in Q1/16. The number of sales reps expanded from 125 in Q1/15 to 136 in the most recent quarter.

“The record origination growth the company experienced in the first quarter demonstrates that our strategic investments in talent and new channels are beginning to pay off, and we expect this momentum to continue throughout the year,” said Edward Siciliano, interim CEO and chief sales officer. “I want to thank all Marlin employees for their hard work and dedication in the first quarter.”