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Marlin: Direct Origination Volume Jumps 41.1% in Q1 Y/Y

May 03, 2019, 07:30 AM
Filed Under: Corporate Ratings

Marlin reported first-quarter 2019 net income of $5.1 million compared with net income of $6.2 million a year ago. First-quarter net income on an adjusted basis was $5 million compared with $6.2 million a year ago.

“We enjoyed a solid start to 2019 as strong execution delivered excellent origination volume growth and stable portfolio performance. First quarter total sourced origination volume was $208.4 million, up 27.1 percent year-over-year, and a record for a first quarter,” said Jeffrey A. Hilzinger, Marlin’s President and CEO. “Growth in the quarter was driven by increased customer demand for both our Equipment Finance and Working Capital Loan products and was strong in both our Direct and Indirect origination channels.”
“We also referred or sold $56.5 million of leases and loans as part of our capital markets initiatives. Because of these origination and capital markets activities, our net investment in leases and loans is now consistently in excess of $1 billion and up 10 percent from a year ago,” he said. “Total managed assets, which includes both our balance sheet portfolio and assets we sell but continue to service for others, grew to more than $1.2 billion, an increase of 19.1 percent from the first quarter last year. In addition, our focus on maintaining disciplined underwriting standards continues to be a top priority and portfolio performance during the quarter was stable and within expectations.”

Results of Operations
Total sourced origination volume for the first quarter of $208.4 million was up 27.1 percent from a year ago. Direct origination volume of $43.6 million in the first quarter was up 41.1 percent from $30.9 million in the first quarter 2018. Indirect origination volume in the first quarter of 2019 was $149.9 million, up 16.3 percent from $128.8 million in the first quarter last year. Assets originated for sale in the first quarter of $11.3 million compared with none in the first quarter last year. Referral volume totaled $3.6 million, down from $4.2 million in the first quarter last year.

For the full results release, visit here.

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