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Marlin Reports Total Q2 Originations of $121.5MM, Up 30% Y/Y

July 29, 2016, 07:10 AM
Filed Under: Corporate Earnings

Marlin Business Services Corp. reported second quarter 2016 net income of $4.5 million compared to $4.1 million for the second quarter last year.  Return on equity for the quarter was 11.66%, up from 9.47% a year ago.

“I am very pleased with Marlin’s second quarter results that included accelerating origination volume, excellent credit quality and solid net income growth,” commented Jeffrey Hilzinger, Marlin’s President and Chief Executive Officer.  “Total originations increased 30.3% year-over-year to $121.5 million, and we have now achieved new records for origination volume in each of the last three quarters. We continue to benefit from last year’s strategic investments in expanding our sales force coupled with contributions from Funding Stream, our working capital loan product, and the Transportation and Franchise channel initiatives. Importantly, we are achieving this growth while maintaining our disciplined underwriting standards and strong overall credit quality, which remains a top priority at Marlin.  In addition, second quarter net income of $4.5 million, or $0.36 per share, increased 22% compared to the prior quarter and 8% year-over-year driven by gains in revenue from the growth in earning assets along with careful expense management.”

Mr. Hilzinger concluded, “I look forward to building on the fundamental strengths of our business to take Marlin to the next level of growth and profitability. Our management team is energized, excited and working with a sense of urgency to capitalize on the significant opportunities we see as a provider of credit products and services to small businesses nationwide.  With the recent changes in Marlin’s leadership, we are taking a fresh look at how we operate and how we empower our employees to better serve our customers. I believe that the actions we are taking today will help expand our market share and drive profitable growth in the quarters and years ahead.”

Read the full Marlin Business Services Corp. press release here.

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