Marlin Business Services Corp. reported second quarter 2017 net income of $4.6 million. Before charges related to the aforementioned regulatory matter, second quarter 2017 net income was $4.8 million compared to $4.5 million for the second quarter last year.
Commenting on the Company’s results, Jeffrey A. Hilzinger, Marlin’s President and CEO, said, “Marlin continued to deliver strong performance in the second quarter. In addition to benefitting from robust customer demand, our results reflect solid execution of our Marlin 2.0 strategy that is leading to improvements in scale, enhanced operational efficiencies, sustained profitable growth and more attractive returns on equity. Total second quarter sourced origination volume of $167.8 million was up more than 34% from a year ago and was a record for the second quarter. This growth was broad-based and driven by the strength of our Equipment Finance business. Production from Horizon Keystone Financial, which was acquired earlier in the year, also continues to exceed our expectations. In addition, origination volume for Funding Stream, our working capital loan business, increased to $14.8 million, or 9% of total sourced originations in the quarter, up from $7.9 million, or 6%, of total sourced originations a year ago. Thanks to this strong origination activity, Investment in Leases and Loans increased to $858.7 million, up more than 4% compared to the previous quarter and up 18% from a year ago. Further, we achieved this strong growth while adhering to our strict underwriting standards, and the portfolio performance remained within our targeted range.”
Mr. Hilzinger concluded, “During the quarter, the Board of Directors authorized a stock repurchase program of up to $10 million of Marlin common stock. Given our strong balance sheet and operating momentum, we believe this, in combination with our regular stock dividend and our continued investment in the Marlin 2.0 strategy, are appropriate uses of the Company’s capital resources and underscores our confidence in our growth prospects.”
Readers may access the full release here.