Marlin Business Services reported fourth quarter and full-year 2010 net income of $1.4 million and $5.7 million, respectively up from $0.46 million and $1.0 million for the same 2009 periods.

Marlin said fourth quarter 2010 lease production was $42.9 million, based on initial equipment cost, was more than double the $20.0 million reported for the same year ago quarter. For the full-year 2010, lease equipment volume reached $134.0 million versus $88.9 million for the full-year 2009, representing an increase of 51%.

New asset production in the fourth quarter was 3,669 leases compared to 2,295 leases in the fourth quarter 2009. Marlin notes 87 sales reps in the fourth quarter versus 38 in the same quarter in 2009. Average monthly sources in the fourth quarter 2010 numbered 725 compared to 421 in the same 2009 quarter.

“We’re very excited with the momentum build of our business,” says Daniel P. Dyer, Marlin’s CEO. “This quarter we posted another solid gain in new lease asset origination and customer account growth. Asset quality remains very strong as demonstrated by the favorable charge-off and delinquency trends throughout 2010. Looking ahead to 2011, we are well positioned to serve the growing credit needs of small and mid-sized businesses led by a financially strong, well-capitalized balance sheet and the overall strength of our funding platform led by Marlin Business Bank.”