MicroFinancial said net income increased to $2.0 million in the first quarter 2011 from $0.6 million in the same quarter 2010. The company noted that revenue for the quarter increased to $13.3 million compared to $12.3 million last year due primarily to an increase in leasing revenue associated with new lease originations.

New originations for the quarter increased 1.7% to $18.4 million as compared to $18.1 million in the first quarter of 2010. Headcount at March 31, 2011 was 119 as compared to 114 for the same period last year.

The first quarter 2011 provision for credit losses decreased $2.2 million to $4.8 million as compared to the first quarter of 2010. This decrease was due primarily to lower delinquency levels and lower charge off levels. First quarter 2011 net charge-offs decreased to $5.0 million from $7.0 million in the comparable period of 2010, the company said.

Commenting on first quarter results, Richard Latour, president and chief executive officer said, “We are very pleased with the continued improvement in our financial performance in the first quarter of 2011. Our net investment in leases at the end of the first quarter was approximately $140 million, an increase of approximately 11% over the same period in 2010. We are also pleased to see that our delinquency levels and net charge offs dropped considerably for the quarter. From an operational standpoint we had a very good quarter in signing up new vendors in that we approved slightly over 450 new vendors.”

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