Marlin Business Services reported third quarter 2011 net income was $1.8 million, up from $1.4 million or 28% higher compared to the same quarter last year.

Marlin said leased equipment volume in the third-quarter of $59.7 million, was up 11% from $53.9 million sequentially and 67% higher than the $35.8 million reported for the same period in 2010. The company also noted that its average number of monthly originating sources reached 831 in the most current quarter, up from 625 in the same quarter last year.

The company noted that its portfolio quality metrics also improved as leasing net charge-offs of $1.6 million were down from $2.8 million in the third quarter 2010. Provision charges for the third quarter and nine-months ended September 30, 2011 were $.84 million and $2.9 million, respectively down from $2.1 million and $7.7 million in the same periods in 2010.

“Our asset quality is in terrific condition,” said George D. Pelose, Marlin’s chief operating officer. “We posted another strong quarter with delinquency and charge-off levels at historical lows. We attribute these solid performance indicators to our disciplined approach to credit and risk management,” Pelose added.

Daniel P. Dyer, Marlin’s co-founder and CEO said, “Performance this quarter reflects on the favorable growth and profit fundamentals of our business.”
Dyer added, “Our confidence in the future is driven by a firm belief that customers will continue to be attracted to Marlin’s quality products and service offerings and management’s proven ability to execute during the current business cycle. Looking ahead, we expect profit growth to be strengthened by the expanded use of low- cost deposit funding to fund balance sheet growth through our bank franchise, Marlin Business Bank.”

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