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Marlin Reports Higher Origination Activity in Q1 2015

May 01, 2015, 07:15 AM
Filed Under: Corporate Earnings

Marlin Business Services reported first quarter 2015 net income of $4.1 million compared to $4.6 million for first quarter 2014.

"Origination activity for the quarter is higher year over year on stronger dealer demand," said Daniel P. Dyer, Co-founder and Chief Executive Officer. "The growth of our sales force this quarter is part of an active campaign to invest resources in the core business and our new initiatives. We are also excited about our recently announced small business working capital loan product and its long term growth potential," said Dyer.

First quarter 2015 lease and loan production is $81.6 million, compared to $89.5 million in the fourth quarter of 2014 and $74.0 million in first quarter of 2014.

Net interest and fee margin as a percentage of average finance receivables is 12.40% for the first quarter ended March 31, 2015, down slightly from 12.48% in the fourth quarter of 2014 and down 65 basis points from a year ago. The year-over-year decrease in margin percentage is a result of the competitively low interest rate environment and a slight increase in cost of funds. The Company's cost of funds was 85 basis points, compared to 86 basis points for the fourth quarter of 2014 and 80 basis points for the first quarter of 2014.

The allowance for credit losses as a percentage of total finance receivables is 1.47% at March 31, 2015, and represents 228% of total 60+ day delinquencies.

To read the full press release, click here.

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