Marlin Business Services (MRLN) Tops Q1 EPS by 10c

Marlin Business Services (NASDAQ: MRLN) reported Q1 EPS of $0.50, $0.10 better than the analyst estimate of $0.40.

First Quarter Summary:

• Net income of $6.2 million, or $0.50 per diluted share
• Net income on an adjusted basis was also $6.2 million, or $0.50 per diluted share, an increase of 44% compared with net income on an adjusted basis of $4.3 million, or $0.34 per diluted share in the first quarter last year
• Net interest and fee income of $23.8 million for the quarter, compared with $21.7 million for the first quarter last year
• ROE of 13.7%; ROE on an adjusted basis of 13.7% compared with ROE on an adjusted basis of 10.4% in the first quarter last year
• Net Investment in loans and leases totaled $930.6 million, up 12.3% from a year ago and total managed assets surpassed the $1 billion milestone and ended the first quarter at $1.02 billion, up 19.4% from a year ago
• Total first quarter origination volume (excluding leases and loans originated but referred to third parties) of $159.7 million, up 9.0% year-over-year
• Total direct and indirect origination yield of 12.44%, up 85 basis points from the prior quarter and up 58 basis points year-over-year
• 30+ and 60+ day delinquencies on total finance receivables increased modestly from prior quarter to 105 basis points and 64 basis points, respectively
• Annualized net charge-offs of 1.68%, compared with 1.87% in the prior quarter and 1.57% in the first quarter last year
• Provision for credit losses of $4.6 million compared with $4.5 million in the prior quarter and $3.9 million in the first quarter last year
• Closed on a $300 million forward flow agreement with Varadero Capital
• Strong capital position, with equity to assets ratio of 17.2%

For earnings history and earnings-related data on Marlin Business Services (MRLN) click here.

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