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Marlin Hires New CFO; Q2 Originations Rise 5% Y/Y

August 05, 2015, 07:15 AM

Marlin Business Services Corp. announced the hiring of W. Taylor Kamp as Senior Vice President and Chief Financial Officer. Mr. Kamp brings more than 25 years of experience to Marlin, including extensive financial and corporate development experience.  Mr. Kamp will report directly to Daniel P. Dyer, Co-founder and Chief Executive Officer of Marlin. Mr. Kamp was most recently Managing Director and Head of Corporate Development and Mergers & Acquisitions for CIT Group, Inc. where he managed world-wide activities related to the purchase and sale of businesses and portfolios. From 2000 until 2010, Mr. Kamp served in various managing director and senior corporate development roles within CIT. From 1987 until 2000, Mr. Kamp was with Citigroup Inc. where he served in various senior finance positions, including Chief Financial Officer of Citigroup's international commercial operations (1999 to 2000), consumer real estate services (1997 to 1999) and commercial operations and transport finance (1993 to 1996).

"Taylor is extremely well qualified to serve as our CFO," said Daniel P. Dyer, Co-founder and Chief Executive Officer.  "His deep financial and corporate development experience will be a strong complement to our executive team and will be invaluable as we continue to drive our strategic and financial goals," said Dyer.

"I am very excited to join the Marlin executive team and to join a company with such strong growth prospects," said Kamp. "Marlin has a long track record of success in the lending and leasing space and is a respected market leader and innovator in serving their clients and partners."

The Company also today reported second quarter 2015 net income of $4.1 million, or $0.32 per diluted share, compared to $4.9 million and $0.38 per diluted share for second quarter 2014. During the second quarter 2015, the Company recorded one-time charges related to the resignation of its Chief Financial Officer of $0.2 million, net of tax. Second quarter 2015 net income adjusted for one-time charges is $4.4 million, or $0.34 per diluted share.

"We're delighted with the strong new asset growth this quarter," said Daniel P. Dyer, Co-founder and Chief Executive Officer. 

"Business development opportunities remain robust and as a result we plan on adding more sales resources. We anticipate the sales force to grow 20% year-over-year and volume growth to accelerate in the second half of 2015," said Ed Siciliano, Executive Vice President and Chief Sales Officer.

", our new small business working capital loan portal, is operational and generating considerable customer interest.  Going forward, we're excited about the growth prospects and market opportunity for loans and how it syncs with the needs of our small business customer base," said Dyer.

Second quarter 2015 lease and loan production is $93.2 million, up 14% compared to $81.6 million in the first quarter of 2015 and up 5% compared to $88.9 million in second quarter of 2014. Yields on new lease and loan originations were 11.16%, up 31 basis points compared to 10.85% for the first quarter of 2015 and 11.35% for the second quarter of 2014.

To read the full press release, click here.

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