Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document period end date | 31-Mar-15 | |
Amendment flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current fiscal year end date | -19 | |
Entity central index key | 1260968 | |
Entity current reporting status | Yes | |
Entity filer category | Accelerated Filer | |
Entity registrant name | MARLIN BUSINESS SERVICES CORP. | |
Entity voluntary filers | No | |
Entity well known seasoned issuer | No | |
Entity common stock shares outstanding | 12,823,573 | |
Trading Symbol | MRLN |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $4,534 | $2,437 |
Interest-earning deposits with banks | 108,595 | 108,219 |
Total cash and cash equivalents | 113,129 | 110,656 |
Time deposits | 3,135 | 0 |
Restricted interest-earning deposits with banks | 1,545 | 711 |
Securities available for sale (amortized cost of $5.6 million and $5.8 million at March 31, 2015 and December 31, 2014, respectively) | 5,554 | 5,722 |
Net investment in leases and loans | 628,019 | 629,507 |
Property and equipment, net | 3,516 | 2,846 |
Property tax receivable | 6,212 | 690 |
Other assets | 8,119 | 8,317 |
Total assets | 769,229 | 758,449 |
LIABILITIES AND STOCKHOLDERS EQUITY | ||
Deposits | 557,835 | 550,119 |
Other liabilities: | ||
Sales and property taxes payable | 7,052 | 2,739 |
Accounts payable and accrued expenses | 12,359 | 14,406 |
Net deferred income tax liability | 16,894 | 17,221 |
Total liabilities | 594,140 | 584,485 |
Stockholders equity: | ||
Common Stock, $0.01 par value; 75,000,000 shares authorized; 12,847,888 and 12,838,449 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 128 | 128 |
Preferred Stock, $0.01 par value; 5,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 87,834 | 89,130 |
Stock subscription receivable | -2 | -2 |
Accumulated other comprehensive income (loss) | -35 | -17 |
Retained earnings | 87,164 | 84,725 |
Total stockholders equity | 175,089 | 173,964 |
Total liabilities and stockholders equity | $769,229 | $758,449 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ||
Available-for-sale securities, amortized cost | $5.60 | $5.80 |
Common stock par value | $0.01 | $0.01 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 12,847,888 | 12,838,449 |
Common stock shares outstanding | 12,847,888 | 12,838,449 |
Preferred stock - par or stated value | $0.01 | $0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | 0 | 0 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Consolidated Statements of Operations (Unaudited) | ||
Interest income | $16,487 | $16,737 |
Fee income | 4,120 | 3,685 |
Interest and fee income | 20,607 | 20,422 |
Interest expense | 1,318 | 1,181 |
Net interest and fee income | 19,289 | 19,241 |
Provision for credit losses | 3,340 | 1,732 |
Net interest and fee income after provision for credit losses | 15,949 | 17,509 |
Other income: | ||
Insurance income | 1,466 | 1,317 |
Other income | 365 | 382 |
Other income | 1,831 | 1,699 |
Other expense: | ||
Salaries and benefits | 6,967 | 7,186 |
General and administrative | 4,093 | 4,189 |
Financing related costs | 108 | 290 |
Other expense | 11,168 | 11,665 |
Income before income taxes | 6,612 | 7,543 |
Income tax expense | 2,557 | 2,900 |
Net income | $4,055 | $4,643 |
Basic earnings per share | $0.31 | $0.36 |
Diluted earnings per share | $0.31 | $0.36 |
Cash dividends declared and paid per share | $0.13 | $0.11 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Comprehensive Income | ||
Net income | $4,055 | $4,643 |
Other Comprehensive Income (Loss) | ||
Increase (decrease) in fair value of securities available for sale | -29 | 107 |
Tax effect | 11 | -41 |
Total other comprehensive income (loss) | -18 | 66 |
Comprehensive Income | $4,037 | $4,709 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Stock Subscription Receivable [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2013 | $163,038 | $130 | $91,730 | ($2) | ($257) | $71,437 |
Balance, Shares at Dec. 31, 2013 | 12,994,758 | |||||
Issuance of common stock | 253 | 253 | ||||
Issuance of common stock, shares | 14,428 | |||||
Repurchase of common stock | -5,727 | -3 | -5,724 | |||
Repurchase of common stock, shares | -283,064 | |||||
Exercise of stock options | 154 | 154 | ||||
Exercise of stock options, shares | 14,469 | |||||
Excess tax benefits from stock-based payment arrangements | 754 | 754 | ||||
Stock option compensation recognized | 7 | 7 | ||||
Restricted stock grant | 1 | -1 | ||||
Restricted stock grant, shares | 97,858 | |||||
Restricted stock compensation recognized | 1,957 | 1,957 | ||||
Net change in unrealized gain/loss on securities available for sale, net of tax | 240 | 240 | ||||
Net income | 19,350 | 19,350 | ||||
Cash dividends paid | -6,062 | -6,062 | ||||
Balance at Dec. 31, 2014 | 173,964 | 128 | 89,130 | -2 | -17 | 84,725 |
Balance, Shares at Dec. 31, 2014 | 12,838,449 | 12,838,449 | ||||
Issuance of common stock | 0 | 0 | ||||
Issuance of common stock, shares | 0 | |||||
Repurchase of common stock | -2,676 | -1 | -2,675 | |||
Repurchase of common stock, shares | -145,315 | |||||
Exercise of stock options | 333 | 333 | ||||
Exercise of stock options, shares | 34,164 | 34,164 | ||||
Excess tax benefits from stock-based payment arrangements | 138 | 138 | ||||
Stock option compensation recognized | 0 | 0 | ||||
Restricted stock grant | 1 | -1 | ||||
Restricted stock grant, shares | 120,590 | |||||
Restricted stock compensation recognized | 909 | 909 | ||||
Net change in unrealized gain/loss on securities available for sale, net of tax | -18 | -18 | ||||
Net income | 4,055 | 4,055 | ||||
Cash dividends paid | -1,616 | -1,616 | ||||
Balance at Mar. 31, 2015 | $175,089 | $128 | $87,834 | ($2) | ($35) | $87,164 |
Balance, Shares at Mar. 31, 2015 | 12,847,888 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $4,055 | $4,643 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 393 | 396 |
Stock-based compensation | 909 | 997 |
Excess tax benefits from stock-based payment arrangements | -138 | -311 |
Provision for credit losses | 3,340 | 1,732 |
Net deferred income taxes | -378 | -1,060 |
Amortization of deferred initial direct costs and fees | 1,831 | 1,801 |
Deferred initial direct costs and fees | -1,792 | -1,597 |
Loss on equipment disposed | 137 | 554 |
Effect of changes in other operating items: | ||
Other assets | -5,444 | -2,397 |
Other liabilities | 2,487 | 1,569 |
Net cash provided by operating activities | 5,400 | 6,327 |
Cash flows from investing activities: | ||
Decrease (increase) in time deposits with banks | -3,135 | 0 |
Purchases of equipment for direct financing lease contracts and funds used to originate loans | -81,667 | -74,255 |
Principal collections on leases and loans | 78,848 | 67,428 |
Security deposits collected, net of refunds | -42 | -88 |
Proceeds from the sale of equipment | 833 | 984 |
Acquisitions of property and equipment | -964 | -129 |
Change in restricted interest-earning deposits with banks | -834 | 83 |
Purchases of securities available for sale | 139 | 14 |
Net cash provided by (used in) investing activities | -6,822 | -5,963 |
Cash flows from financing activities: | ||
Increase in deposits | 7,716 | 35,171 |
Repurchases of common stock | -2,676 | -1,496 |
Dividends paid | -1,616 | -1,434 |
Exercise of stock options | 333 | 26 |
Excess tax benefits from stock-based payment arrangements | 138 | 311 |
Net cash provided by (used in) financing activities | 3,895 | 32,578 |
Net increase (decrease) in total cash and cash equivalents | 2,473 | 32,942 |
Total cash and cash equivalents, beginning of period | 110,656 | 85,653 |
Total cash and cash equivalents, end of period | 113,129 | 118,595 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest on deposits and borrowings | 1,133 | 1,038 |
Net cash paid (received) for income taxes | $123 | $1,709 |
The_Company
The Company | 3 Months Ended |
Mar. 31, 2015 | |
The Company [Abstract] | |
Organization | NOTE 1 – The Company |
Description | |
Marlin Business Services Corp. (“the Company”) is a bank holding company and a financial holding company regulated by the Federal Reserve Board under the Bank Holding Company Act. The Company was incorporated in the Commonwealth of Pennsylvania on August 5, 2003. Through its principal operating subsidiary, Marlin Leasing Corporation (“MLC”), the Company provides equipment financing solutions nationwide, primarily to small and mid-sized businesses in a segment of the equipment leasing market commonly referred to in the industry as the “small-ticket” segment. The Company finances over 100 categories of commercial equipment important to its end user customers, including copiers, security systems, computers, telecommunications equipment and certain commercial and industrial equipment. In May 2000, we established AssuranceOne, Ltd., a Bermuda-based, wholly-owned captive insurance subsidiary, which enables us to reinsure the property insurance coverage for the equipment financed by MLC and Marlin Business Bank (“MBB”) for our end user customers. Effective March 12, 2008, the Company opened MBB, a commercial bank chartered by the State of Utah and a member of the Federal Reserve System. MBB serves as the Company’s primary funding source through its issuance of Federal Deposit Insurance Corporation (“FDIC”)-insured deposits. | |
References to the “Company,” “Marlin,” “Registrant,” “we,” “us” and “our” herein refer to Marlin Business Services Corp. and its wholly-owned subsidiaries, unless the context otherwise requires. | |
Summary_of_Critical_Accounting
Summary of Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Critical Accounting Policies [Abstract] | |
Summary of Critical Accounting Policies | NOTE 2 – Summary of Critical Accounting Policies |
Basis of financial statement presentation. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. MLC and MBB are managed together as a single business segment and are aggregated for financial reporting purposes as they exhibit similar economic characteristics, share the same leasing portfolio and have one product offering. All intercompany accounts and transactions have been eliminated in consolidation. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position at March 31, 2015 and the results of operations for the three-month periods ended March 31, 2015 and 2014, and cash flows for the three-month periods ended March 31, 2015 and 2014. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and note disclosures included in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 6, 2015 and Form 10-K/A filed with the SEC on April 13, 2015. The consolidated results of operations for the three-month periods ended March 31, 2015 and 2014 and the consolidated statements of cash flows for the three-month periods ended March 31, 2015 and 2014 are not necessarily indicative of the results of operations or cash flows for the respective full years or any other period. | |
Time Deposits with Banks. Time deposits with banks are primarily composed of FDIC insured certificates of deposits that have original maturity dates of greater than 90 days. These deposits are held on the balance sheet at amortized cost. Generally, the certificates of deposits have the ability to redeem early, however, early redemption penalties may be incurred. | |
There have been no other significant changes to the Company’s accounting policies as disclosed in the Company’s 2014 Annual Report on Forms 10-K and 10-K/A. | |
Recent Accounting Pronouncements. | |
In January 2015, the FASB issued Accounting Standards Update 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless the event is unusual in nature and occurs infrequently. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. | |
The adoption of this new requirement is not expected to have a material impact on the consolidated earnings, financial position or cash flows of the Company. | |
Net_Investment_in_Leases_and_L
Net Investment in Leases and Loans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net Investment in Leases and Loans [Abstract] | |||||||||
Net Investment in Leases and Loans | NOTE 3 – Net Investment in Leases and Loans | ||||||||
Net investment in leases and loans consists of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Dollars in thousands) | |||||||||
Minimum lease payments receivable | $ | 707,903 | $ | 710,801 | |||||
Estimated residual value of equipment | 27,389 | 27,458 | |||||||
Unearned lease income, net of initial direct costs and fees deferred | -96,889 | -98,738 | |||||||
Security deposits | -2,558 | -2,600 | |||||||
Loans, including unamortized deferred fees and costs | 1,405 | 1,123 | |||||||
Allowance for credit losses | -9,231 | -8,537 | |||||||
$ | 628,019 | $ | 629,507 | ||||||
At March 31, 2015, a total of $2.9 million of minimum lease payments receivable is assigned as collateral for the borrowing facility. At March 31, 2015, there is no amount outstanding under this borrowing facility and the unused borrowing capacity is $75.0 million. In addition, $32.7 million in net investment in leases are pledged as collateral for the secured borrowing capacity at the Federal Reserve Discount Window. | |||||||||
Initial direct costs net of fees deferred were $ 10.1 million and $ 10.1 million as of March 31, 2015 and December 31, 2014, respectively. Initial direct costs are netted in unearned income and will be amortized to income using the effective interest method. At March 31, 2015 and December 31, 2014, $22.1 million and $22.0 million, respectively, of the estimated residual value of equipment retained on our Condensed Consolidated Balance Sheets was related to copiers. | |||||||||
Minimum lease payments receivable under lease contracts and the amortization of unearned lease income, including initial direct costs and fees deferred, are as follows as of March 31, 2015: | |||||||||
Minimum Lease | |||||||||
Payments | Income | ||||||||
Receivable | Amortization | ||||||||
(Dollars in thousands) | |||||||||
Period Ending December 31, | |||||||||
2015 | $ | 233,506 | $ | 41,246 | |||||
2016 | 230,886 | 32,600 | |||||||
2017 | 141,009 | 15,547 | |||||||
2018 | 70,832 | 5,968 | |||||||
2019 | 28,584 | 1,443 | |||||||
Thereafter | 3,086 | 85 | |||||||
$ | 707,903 | $ | 96,889 | ||||||
As of March 31, 2015 and December 31, 2014, the Company maintained total finance receivables which were on a non-accrual basis of $2.0 million and $1.7 million, respectively. As of March 31, 2015 and December 31, 2014, the Company had total finance receivables in which the terms of the original agreements had been renegotiated in the amount of $0.8 million and $1.0 million, respectively. (See Note 4 for income recognition on leases and loans and additional asset quality information.) |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Allowance For Credit Losses [Abstract] | ||||||||||
Allowance For Credit Losses | NOTE 4 – Allowance for Credit Losses | |||||||||
In accordance with the Contingencies Topic of the FASB ASC, we maintain an allowance for credit losses at an amount sufficient to absorb losses inherent in our existing lease and loan portfolios as of the reporting dates based on our estimate of probable net credit losses. | ||||||||||
The table which follows provides activity in the allowance for credit losses and asset quality statistics. | ||||||||||
Three Months Ended | Year Ended | |||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | 2014 | ||||||||
(Dollars in thousands) | ||||||||||
Allowance for credit losses, beginning of period | $ | 8,537 | $ | 8,467 | $ | 8,467 | ||||
Charge-offs | -3,143 | -2,635 | -11,463 | |||||||
Recoveries | 497 | 595 | 2,417 | |||||||
Net charge-offs | -2,646 | -2,040 | -9,046 | |||||||
Provision for credit losses | 3,340 | 1,732 | 9,116 | |||||||
Allowance for credit losses, end of period | -1 | $ | 9,231 | $ | 8,159 | $ | 8,537 | |||
Annualized net charge-offs to average total finance receivables | -2 | 1.70% | 1.38% | 1.50% | ||||||
Allowance for credit losses to total finance receivables, end of period | -2 | 1.47% | 1.36% | 1.36% | ||||||
Average total finance receivables | -2 | $ | 622,120 | $ | 589,922 | $ | 602,923 | |||
Total finance receivables, end of period | -2 | $ | 627,167 | $ | 598,590 | $ | 627,922 | |||
Delinquencies greater than 60 days past due | $ | 4,057 | $ | 3,404 | $ | 3,602 | ||||
Delinquencies greater than 60 days past due | -3 | 0.57% | 0.50% | 0.51% | ||||||
Allowance for credit losses to delinquent accounts greater than 60 days past due | -3 | 227.53% | 239.69% | 237.01% | ||||||
Non-accrual leases and loans, end of period | $ | 1,975 | $ | 1,686 | $ | 1,742 | ||||
Renegotiated leases and loans, end of period | $ | 774 | $ | 1,239 | $ | 1,014 | ||||
__________________ | ||||||||||
(1) At March 31, 2015 the allowance for credit losses allocated to loans was less than $0.1 million. At December 31, 2014 and March 31, 2014, there was no allowance for credit losses allocated to loans. | ||||||||||
(2) Total finance receivables include net investment in direct financing leases and loans. For purposes of asset quality and allowance calculations, the effects of (i) the allowance for credit losses and (ii) initial direct costs and fees deferred are excluded. | ||||||||||
(3) Calculated as a percent of total minimum lease payments receivable for leases and as a percent of principal outstanding for loans. | ||||||||||
Net investments in finance receivables are generally charged-off when they are contractually past due for 120 days or more. Income recognition is discontinued on leases or loans when a default on monthly payment exists for a period of 90 days or more. Income recognition resumes when a lease or loan becomes less than 90 days delinquent. At March 31, 2015, December 31, 2014 and March 31, 2014, there were no finance receivables past due 90 days or more and still accruing. | ||||||||||
Net charge-offs for the three-month period ended March 31, 2015 were $2.6 million (1.70% of average total finance receivables on an annualized basis), compared to $2.4 million (1.56% of average total finance receivables on an annualized basis) for the three-month period ended December 31, 2014 and $2.0 million (1.38% of average total finance receivables on an annualized basis) for the three-month period ended March 31, 2014. | ||||||||||
Other_Assets
Other Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Assets [Abstract] | |||||||||
Other Assets | NOTE 5 – Other Assets | ||||||||
Other assets are comprised of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(Dollars in thousands) | |||||||||
Accrued fees receivable | $ | 2,507 | $ | 2,465 | |||||
Prepaid expenses | 1,812 | 1,748 | |||||||
Income taxes receivable | — | 854 | |||||||
Other | 3,800 | 3,250 | |||||||
$ | 8,119 | $ | 8,317 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Commitments and Contingencies [Abstract] | |||||||||||
Commitments And Contingencies | NOTE 6 – Commitments and Contingencies | ||||||||||
MBB is a member bank in a non-profit, multi-financial institution consortium serving as a catalyst for community development by offering flexible financing for affordable, quality housing to low- and moderate-income residents. Currently, MBB receives approximately 1.2% participation in each funded loan under the program. MBB records loans in its financial statements when they have been funded or become payable. Such loans help MBB satisfy its obligations under the Community Reinvestment Act of 1977. At March 31, 2015, MBB had an unfunded commitment of $0.7 million for this activity. Unless renewed prior to termination, MBB’s one-year commitment to the consortium will expire in September 2015. | |||||||||||
The Company is involved in legal proceedings, which include claims, litigation and suits arising in the ordinary course of business. In the opinion of management, these actions will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||||
As of March 31, 2015, the Company leases all five of its office locations including its executive offices in Mt. Laurel, New Jersey, and its offices in or near Atlanta, Georgia; Philadelphia, Pennsylvania; Salt Lake City, Utah; and Sherwood, Oregon. These lease commitments are accounted for as operating leases. The Company has entered into several capital leases to finance corporate property and equipment. | |||||||||||
The following is a schedule of future minimum lease payments for capital and operating leases as of March 31, 2015: | |||||||||||
Future Minimum Lease Payment Obligations | |||||||||||
Capital | Operating | ||||||||||
Period Ending December 31, | Leases | Leases | Total | ||||||||
(Dollars in thousands) | |||||||||||
2015 | $ | 76 | $ | 1,102 | $ | 1,178 | |||||
2016 | 102 | 1,478 | 1,580 | ||||||||
2017 | 77 | 1,483 | 1,560 | ||||||||
2018 | — | 1,428 | 1,428 | ||||||||
2019 | — | 1,394 | 1,394 | ||||||||
Thereafter | — | 670 | 670 | ||||||||
Total minimum lease payments | $ | 255 | $ | 7,555 | $ | 7,810 | |||||
Less: amount representing interest | -17 | ||||||||||
Present value of minimum lease payments | $ | 238 | |||||||||
Rent expense was $0.3 million and $0.2 million for the three-months ended March 31, 2015 and March 31, 2014, respectively. | |||||||||||
The Company has an employment agreement with a certain senior officer that currently extends through November 2015, with certain renewal options. | |||||||||||
Deposits
Deposits | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Deposits [Abstract] | ||||||
Deposits | NOTE 7 – Deposits | |||||
MBB serves as the Company’s primary funding source. MBB issues fixed-rate FDIC-insured certificates of deposit raised nationally through various brokered deposit relationships and fixed-rate FDIC-insured deposits received from direct sources. On February 23, 2014, MBB began offering FDIC-insured money market deposit accounts (“the MMDA Product”) through participation in a partner bank’s insured savings account product. This brokered deposit product has a variable rate, no maturity date and is offered to the clients of the partner bank and recorded as a single deposit account at MBB. As of March 31, 2015, money market deposit accounts totaled $48.0 million. | ||||||
As of March 31, 2015, the remaining scheduled maturities of certificates of deposits are as follows: | ||||||
Scheduled | ||||||
Maturities | ||||||
(Dollars in thousands) | ||||||
Period Ending December 31, | ||||||
2015 | $ | 176,556 | ||||
2016 | 156,828 | |||||
2017 | 117,184 | |||||
2018 | 41,860 | |||||
2019 | 16,822 | |||||
Thereafter | 598 | |||||
Total | $ | 509,848 | ||||
Certificates of deposits are time deposits issued in denominations of $250,000 or less. The MMDA Product is also issued to customers in amounts less than $250,000. The FDIC insures deposits up to $250,000 per depositor. The weighted average all-in interest rate of deposits at March 31, 2015 was 0.97%. |
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Fair Value Measurements And Disclosures About Fair Value Of Financial Instruments [Abstract] | |||||||||||||||
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments | NOTE 8 – Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments | ||||||||||||||
Fair Value Measurements | |||||||||||||||
The Fair Value Measurements and Disclosures Topic of the FASB ASC establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. Its provisions do not apply to fair value measurements for purposes of lease classification and measurement, which is addressed in the Leases Topic of the FASB ASC. | |||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the measurement date (exit price). A three-level valuation hierarchy is required for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety. | |||||||||||||||
The three levels are defined as follows: | |||||||||||||||
Level 1 – Inputs to the valuation are unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 2 – Inputs to the valuation may include quoted prices for similar assets and liabilities in active or inactive markets, and inputs other than quoted prices, such as interest rates and yield curves, which are observable for the asset or liability for substantially the full term of the financial instrument. | |||||||||||||||
Level 3 – Inputs to the valuation are unobservable and significant to the fair value measurement. Level 3 inputs shall be used to measure fair value only to the extent that observable inputs are not available. | |||||||||||||||
The Company characterizes active markets as those where transaction volumes are sufficient to provide objective pricing information, such as an exchange traded price. Inactive markets are typically characterized by low transaction volumes, and price quotations that vary substantially among market participants or are not based on current information. | |||||||||||||||
The Company’s balances measured at fair value on a recurring basis include the following as of March 31, 2015 and December 31, 2014: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Assets | |||||||||||||||
Securities available for sale | $ | 3,329 | $ | 2,225 | $ | 3,281 | $ | 2,441 | |||||||
At this time, the Company has not elected to report any assets and liabilities using the fair value option available under the Financial Instruments Topic of the FASB ASC. There have been no transfers between Level 1 and Level 2 of the fair value hierarchy. | |||||||||||||||
Disclosures about the Fair Value of Financial Instruments | |||||||||||||||
The Financial Instruments Topic of the FASB ASC requires the disclosure of the estimated fair value of financial instruments including those financial instruments not measured at fair value on a recurring basis. This requirement excludes certain instruments, such as the net investment in leases and all nonfinancial instruments. | |||||||||||||||
The fair values shown below have been derived, in part, by management’s assumptions, the estimated amount and timing of future cash flows and estimated discount rates. Valuation techniques involve uncertainties and require assumptions and judgments regarding prepayments, credit risk and discount rates. Changes in these assumptions will result in different valuation estimates. The fair values presented would not necessarily be realized in an immediate sale. Derived fair value estimates cannot necessarily be substantiated by comparison to independent markets or to other companies’ fair value information. | |||||||||||||||
The following summarizes the carrying amount and estimated fair value of the Company’s financial instruments: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 113,129 | $ | 113,129 | $ | 110,656 | $ | 110,656 | |||||||
Restricted interest-earning deposits with banks | 1,545 | 1,545 | 711 | 711 | |||||||||||
Time deposits with banks | 3,135 | 3,140 | — | — | |||||||||||
Loans | 1,405 | 1,398 | 1,123 | 1,123 | |||||||||||
Financial Liabilities | |||||||||||||||
Deposits | $ | 557,835 | $ | 558,520 | $ | 550,119 | $ | 549,578 | |||||||
The paragraphs which follow describe the methods and assumptions used in estimating the fair values of financial instruments. | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||
The carrying amounts of the Company’s cash and cash equivalents approximate fair value as of March 31, 2015 and December 31, 2014, because they bear interest at market rates and had maturities of less than 90 days at the time of purchase. This fair value measurement is classified as Level 1. | |||||||||||||||
Time Deposits with Banks | |||||||||||||||
Fair value of time deposits is estimated by discounting cash flows of current rates paid by market participants for similar time deposits of the same or similar remaining maturities. This fair value measurement is classified as Level 2. | |||||||||||||||
Restricted Interest-Earning Deposits with Banks | |||||||||||||||
The Company maintains interest-earning trust accounts related to our secured debt facility. The book value of such accounts is included in restricted interest-earning deposits with banks on the accompanying Consolidated Balance Sheet. These accounts earn a floating market rate of interest which results in a fair value approximating the carrying amount at March 31, 2015 and December 31, 2014. This fair value measurement is classified as Level 1. | |||||||||||||||
Securities Available for Sale | |||||||||||||||
Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon various sources of market pricing. Securities are classified within the fair value hierarchy after giving consideration to the activity level in the market for the security type and the observability of the inputs used to determine the fair value. When available, the Company uses quoted prices in active markets and classifies such instruments within Level 1 of the fair value hierarchy. Level 1 securities include mutual funds. When instruments are traded in secondary markets and quoted market prices do not exist for such securities, the Company relies on prices obtained from third-party pricing vendors and classifies these instruments within Level 2 of the fair value hierarchy. The third-party vendors use a variety of methods when pricing securities that incorporate relevant market data to arrive at an estimate of what a buyer in the marketplace would pay for a security under current market conditions. Level 2 securities include municipal bonds. | |||||||||||||||
Loans | |||||||||||||||
Loans are primarily comprised of participating interests acquired through membership in a non-profit, multi-financial institution consortium serving as a catalyst for community development by offering financing for affordable, quality housing to low- and moderate-income. Such loans help MBB satisfy its obligations under the Community Reinvestment Act of 1977. The fair value of these loans approximates the carrying amount at March 31, 2015 and December 31, 2014. This estimate was based on recent comparable sales transactions with consideration of current market rates. This fair value measurement is classified as Level 2. The Company also invests in a small business loan product tailored to the small business market. Fair value for these loans are estimated by discounting cash flows at an imputed market rate for similar loan products with similar characteristics. This fair value measurement is classified as Level 2. | |||||||||||||||
Deposits | |||||||||||||||
Deposit liabilities with no defined maturity such as MMDA deposits have a fair value equal to the amount payable on demand at the reporting date (i.e., their carrying amount). Fair value for certificates of deposits is estimated by discounting cash flows at current rates paid by the Company for similar certificates of deposit of the same or similar remaining maturities. This fair value measurement is classified as Level 2. | |||||||||||||||
Earnings_Per_Common_Share_EPS
Earnings Per Common Share ("EPS") | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Common Share ("EPS") [Abstract] | ||||||||
Earnings Per Common Share ("EPS") | NOTE 9 – Earnings Per Share | |||||||
The Company’s restricted stock awards are paid non-forfeitable common stock dividends and thus meet the criteria of participating securities. Accordingly, EPS has been calculated using the two-class method, under which earnings are allocated to both common stock and participating securities. | ||||||||
Basic EPS has been computed by dividing net income allocated to common stock by the weighted average common shares used in computing basic EPS. For the computation of basic EPS, all shares of restricted stock have been deducted from the weighted average shares outstanding. | ||||||||
Diluted EPS has been computed by dividing net income allocated to common stock by the weighted average number of common shares used in computing basic EPS, further adjusted by including the dilutive impact of the exercise or conversion of common stock equivalents, such as stock options, into shares of common stock as if those securities were exercised or converted. | ||||||||
The following table provides net income and shares used in computing basic and diluted EPS: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands, except per-share data) | ||||||||
Basic EPS | ||||||||
Net income | $ | 4,055 | $ | 4,643 | ||||
Less: net income allocated to participating securities | -123 | -158 | ||||||
Net income allocated to common stock | $ | 3,932 | $ | 4,485 | ||||
Weighted average common shares outstanding | 12,857,294 | 12,968,323 | ||||||
Less: Unvested restricted stock awards considered participating securities | -370,053 | -421,643 | ||||||
Adjusted weighted average common shares used in computing basic EPS | 12,487,241 | 12,546,680 | ||||||
Basic EPS | $ | 0.31 | $ | 0.36 | ||||
Diluted EPS | ||||||||
Net income allocated to common stock | $ | 3,932 | $ | 4,485 | ||||
Adjusted weighted average common shares used in computing basic EPS | 12,487,241 | 12,546,680 | ||||||
Add: Effect of dilutive stock options | 36,017 | 66,317 | ||||||
Adjusted weighted average common shares used in computing diluted EPS | 12,523,258 | 12,612,997 | ||||||
Diluted EPS | $ | 0.31 | $ | 0.36 | ||||
For each of the three-month periods ended March 31, 2015 and March 31, 2014, options to purchase 15,698 shares of common stock were not considered in the computation of potential common shares for purposes of diluted EPS, since the exercise prices of the options were greater than the average market price of the Company’s common stock for the respective periods. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||
Stockholders' Equity | NOTE 10 – Stockholders’ Equity | ||||||||||||||||
Stockholders’ Equity | |||||||||||||||||
On November 2, 2007, the Company’s Board of Directors approved a stock repurchase plan, under which, the Company was authorized to repurchase up to $15 million in value of its outstanding shares of common stock (the “2007 Repurchase Plan”). On July 29, 2014, the Company’s Board of Directors approved a new stock repurchase plan to replace the 2007 Repurchase Plan (the “2014 Repurchase Plan”). Under the 2014 Repurchase Plan, the Company is authorized to repurchase up to $15 million in value of its outstanding shares of common stock. This authority may be exercised from time to time and in such amounts as market conditions warrant. Any shares purchased under this plan are returned to the status of authorized but unissued shares of common stock. The repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time. The repurchases are funded using the Company’s working capital. | |||||||||||||||||
During the three-month period ended March 31, 2015, the Company purchased 112,129 shares of its common stock in the open market under the 2014 Repurchase Plan at an average cost of $ 18.45 per share. During the three-month period ended March 31, 2014, the Company did not purchase any shares of its common stock in the open market under the 2007 Repurchase Plan. At March 31, 2015, the Company had $ 11.3 million remaining in the 2014 Repurchase Plan. | |||||||||||||||||
In addition to the repurchases described above, participants in the Company’s 2003 Equity Compensation Plan, as amended (the “2003 Plan”) and the Company’s 2014 Equity Compensation Plan (approved by the Company’s shareholders on June 3, 2014) (the “2014 Plan”) and together with the 2003 Plan, collectively, (the “Equity Compensation Plans”) may have shares withheld to cover income taxes. There were 33,186 shares repurchased to cover income tax withholding in connection with shares granted under the Equity Compensation Plans during the three-month period ended March 31, 2015, at an average cost of $ 18.27 per share. There were 65,075 shares repurchased to cover income tax withholding in connection with shares granted under the 2003 Plan during the three-month period ended March 31, 2014, at an average cost of $ 22.99 per share. | |||||||||||||||||
Regulatory Capital Requirements | |||||||||||||||||
Through its issuance of FDIC-insured deposits, MBB serves as the Company’s primary funding source. Over time, MBB may offer other products and services to the Company’s customer base. MBB operates as a Utah state-chartered, Federal Reserve member commercial bank, insured by the FDIC. As a state-chartered Federal Reserve member bank, MBB is supervised by both the Federal Reserve Bank of San Francisco and the Utah Department of Financial Institutions. | |||||||||||||||||
The Company and MBB are subject to capital adequacy regulations issued jointly by the federal bank regulatory agencies. These risk-based capital and leverage guidelines make regulatory capital requirements more sensitive to differences in risk profiles among banking organizations and consider off-balance sheet exposures in determining capital adequacy. The federal bank regulatory agencies and/or the U.S. Congress may determine to increase capital requirements in the future due to the current economic environment. Under the capital adequacy regulation, at least half of a banking organization’s total capital is required to be "Tier 1 Capital" as defined in the regulations, comprised of common equity, retained earnings and a limited amount of non-cumulative perpetual preferred stock. The remaining capital, "Tier 2 Capital," as defined in the regulations, may consist of other preferred stock, a limited amount of term subordinated debt or a limited amount of the reserve for possible credit losses. The regulations establish minimum leverage ratios for banking organizations, which are calculated by dividing Tier 1 Capital by total quarterly average assets. Recognizing that the risk-based capital standards principally address credit risk rather than interest rate, liquidity, operational or other risks, many banking organizations are expected to maintain capital in excess of the minimum standards. | |||||||||||||||||
On January 1, 2015, the Company and MBB became subject to new capital adequacy standards. The new standards require a minimum for Tier 1 leverage ratio of 4%; previously certain banking organizations were allowed to maintain a 3% minimum Tier 1 leverage ratio subject to certain requirements. The new standards raised the required minimum Tier 1 risk-based ratio from 4% to 6%. The Total risk-based capital ratio of 8% did not change. The new capital adequacy standards establish a new common equity Tier 1 risk-based capital ratio with a required 4.5% minimum (6.5% to be considered well-capitalized). There is also a new capital conservation buffer which is phased in from 2015 to 2019. When added to the minimum capital ratios and fully phased in, the capital conservation buffer will require banking organizations to hold an additional 2.5% of capital above the minimum requirements. If a banking organization does not maintain capital above the minimum plus the capital conservation buffer it may be subject to restrictions on dividends, share buybacks, and certain discretionary payments such as bonus payments. | |||||||||||||||||
The Company plans to provide the necessary capital to maintain MBB at “well-capitalized” status as defined by banking regulations. MBB’s Tier 1 Capital balance at March 31, 2015 was $121.3 million, which met all capital requirements to which MBB is subject and qualified MBB for “well-capitalized” status. At March 31, 2015, the Company also exceeded its regulatory capital requirements and was considered “well-capitalized” as defined by federal banking regulations. | |||||||||||||||||
The following table sets forth the Tier 1 leverage ratio, common equity Tier 1 risk-based capital ratio, Tier 1 risk-based capital ratio and total risk-based capital ratio for Marlin Business Services Corp. and MBB at March 31, 2015. | |||||||||||||||||
Minimum Capital | Well-Capitalized Capital | ||||||||||||||||
Actual | Requirement | Requirement | |||||||||||||||
Ratio | Amount | Ratio | -1 | Amount | Ratio | Amount | |||||||||||
(Dollars in thousands) | |||||||||||||||||
Tier 1 Leverage Capital | |||||||||||||||||
Marlin Business Services Corp. | 23.21% | $ | 175,110 | 4% | $ | 30,180 | 5% | $ | 37,725 | ||||||||
Marlin Business Bank | 17.35% | $ | 121,327 | 5% | $ | 34,957 | 5% | $ | 34,957 | ||||||||
Common Equity Tier 1 Risk-Based Capital | |||||||||||||||||
Marlin Business Services Corp. | 26.00% | 175,110 | 4.50% | 30,313 | 6.50% | 43,785 | |||||||||||
Marlin Business Bank | 18.91% | 121,327 | 6.50% | 41,707 | 6.50% | 41,707 | |||||||||||
Tier 1 Risk-based Capital | |||||||||||||||||
Marlin Business Services Corp. | 26.00% | $ | 175,110 | 6% | $ | 40,417 | 8% | $ | 53,890 | ||||||||
Marlin Business Bank | 18.91% | $ | 121,327 | 8% | $ | 51,331 | 8% | $ | 51,331 | ||||||||
Total Risk-based Capital | |||||||||||||||||
Marlin Business Services Corp. | 27.25% | $ | 183,540 | 8% | $ | 53,890 | 10% | $ | 67,362 | ||||||||
Marlin Business Bank | 20.16% | $ | 129,360 | 15% | $ | 96,246 | 10% | -1 | $ | 64,164 | |||||||
__________________ | |||||||||||||||||
(1) MBB is required to maintain “well-capitalized” status and must also maintain a total risk-based capital ratio greater than 15% pursuant to an agreement entered into by and among MBB, the Company, MLC and the FDIC in conjunction with the opening of MBB (the “FDIC Agreement”). | |||||||||||||||||
Prompt Corrective Action. The Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) requires the federal regulators to take prompt corrective action against any undercapitalized institution. Five capital categories have been established under federal banking regulations: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Well-capitalized institutions significantly exceed the required minimum level for each relevant capital measure. Adequately capitalized institutions include depository institutions that meet but do not significantly exceed the required minimum level for each relevant capital measure. Undercapitalized institutions consist of those that fail to meet the required minimum level for one or more relevant capital measures. Significantly undercapitalized characterizes depository institutions with capital levels significantly below the minimum requirements for any relevant capital measure. Critically undercapitalized refers to depository institutions with minimal capital and at serious risk for government seizure. | |||||||||||||||||
Under certain circumstances, a well-capitalized, adequately capitalized or undercapitalized institution may be treated as if the institution were in the next lower capital category. A depository institution is generally prohibited from making capital distributions, including paying dividends, or paying management fees to a holding company if the institution would thereafter be undercapitalized. Institutions that are adequately capitalized but not well-capitalized cannot accept, renew or roll over brokered deposits except with a waiver from the FDIC and are subject to restrictions on the interest rates that can be paid on such deposits. Undercapitalized institutions may not accept, renew or roll over brokered deposits. | |||||||||||||||||
The federal bank regulatory agencies are permitted or, in certain cases, required to take certain actions with respect to institutions falling within one of the three undercapitalized categories. Depending on the level of an institution’s capital, the agency’s corrective powers include, among other things: | |||||||||||||||||
• prohibiting the payment of principal and interest on subordinated debt; | |||||||||||||||||
• prohibiting the holding company from making distributions without prior regulatory approval; | |||||||||||||||||
• placing limits on asset growth and restrictions on activities; | |||||||||||||||||
• placing additional restrictions on transactions with affiliates; | |||||||||||||||||
• restricting the interest rate the institution may pay on deposits; | |||||||||||||||||
• prohibiting the institution from accepting deposits from correspondent banks; and | |||||||||||||||||
• in the most severe cases, appointing a conservator or receiver for the institution. | |||||||||||||||||
A banking institution that is undercapitalized is required to submit a capital restoration plan, and such a plan will not be accepted unless, among other things, the banking institution’s holding company guarantees the plan up to a certain specified amount. Any such guarantee from a depository institution’s holding company is entitled to a priority of payment in bankruptcy. | |||||||||||||||||
Pursuant to the FDIC Agreement entered into in conjunction with the opening of MBB, MBB must keep its total risk-based capital ratio above 15%. MBB’s total risk-based capital ratio of 20.16% at March 31, 2015 exceeded the threshold for “well capitalized” status under the applicable laws and regulations, and also exceeded the 15% minimum total risk-based capital ratio required in the FDIC Agreement. | |||||||||||||||||
Dividends. The Federal Reserve Board has issued policy statements requiring insured banks and bank holding companies to have an established assessment process for maintaining capital commensurate with their overall risk profile. Such assessment process may affect the ability of the organizations to pay dividends. Although generally organizations may pay dividends only out of current operating earnings, dividends may be paid if the distribution is prudent relative to the organization’s financial position and risk profile, after consideration of current and prospective economic conditions. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||||||||
Stock-Based Compensation | NOTE 11 – Stock-Based Compensation | |||||||||||||||||||||
Under the terms of the 2014 Plan, employees, certain consultants and advisors and non-employee members of the Company’s Board of Directors have the opportunity to receive incentive and nonqualified grants of stock options, stock appreciation rights, restricted stock and other equity-based awards as approved by the Company’s Board of Directors. These award programs are used to attract, retain and motivate employees and to encourage individuals in key management roles to retain stock. The Company has a policy of issuing new shares to satisfy awards under the 2014 Plan. The aggregate number of shares under the 2014 Plan that may be issued pursuant to stock options or restricted stock grants is 1,200,000 with not more than 1,000,000 of such shares available for issuance as restricted stock grants. There were 963,730 shares available for future grants under the 2014 Plan as of March 31, 2015, of which 763,730 shares were available to be issued as restricted stock grants. | ||||||||||||||||||||||
Total stock-based compensation expense was $0.9 million and $1.0 million for the three-month periods ended March 31, 2015 and March 31, 2014, respectively. Excess tax benefits from stock-based payment arrangements decreased cash provided by operating activities and increased cash provided by financing activities by $0.1 million for the three-month period ended March 31, 2015. Excess tax benefits from stock-based payment arrangements decreased cash provided by operating activities and increased cash provided by financing activities by $0.3 million for the three-month period ended March 31, 2014. | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of the grant and have 7- to 10-year contractual terms. All options issued contain service conditions based on the participant’s continued service with the Company and provide for accelerated vesting if there is a change in control as defined in the Equity Compensation Plans. Employee stock options generally vest over four years. | ||||||||||||||||||||||
The Company also issues stock options to non-employee independent directors. These options generally vest in one year. | ||||||||||||||||||||||
There were no stock options granted during either of the three-month periods ended March 31, 2015 and March 31, 2014. | ||||||||||||||||||||||
A summary of option activity for the three-month period ended March 31, 2015 follows: | ||||||||||||||||||||||
Weighted | ||||||||||||||||||||||
Average | ||||||||||||||||||||||
Number of | Exercise Price | |||||||||||||||||||||
Options | Shares | Per Share | ||||||||||||||||||||
Outstanding, December 31, 2014 | 193,351 | $ | 10.23 | |||||||||||||||||||
Granted | — | — | ||||||||||||||||||||
Exercised | -34,164 | 9.75 | ||||||||||||||||||||
Forfeited | -77,532 | 9.52 | ||||||||||||||||||||
Expired | — | — | ||||||||||||||||||||
Outstanding, March 31, 2015 | 81,655 | 11.1 | ||||||||||||||||||||
During the three-month period ended March 31, 2015, the Company did not recognize compensation expense related to options. During the three-month period ended March 31, 2014, the Company recognized total compensation expense related to options of less than $0.1 million. | ||||||||||||||||||||||
There were 34,164 and 1,284 stock options exercised during the three-month periods ended March 31, 2015 and March 31, 2014, respectively. The total pretax intrinsic values of stock options exercised were $0.3 million and less than $0.1 million for the three-month periods ended March 31, 2015 and March 31, 2014, respectively. | ||||||||||||||||||||||
The following table summarizes information about the stock options outstanding and exercisable as of March 31, 2015. | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Weighted | Weighted | Aggregate | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | |||||||||||||||||
Range of | Number | Remaining | Exercise | Value | Number | Remaining | Exercise | Value | ||||||||||||||
Exercise Prices | Outstanding | Life (Years) | Price | (In thousands) | Exercisable | Life (Years) | Price | (In thousands) | ||||||||||||||
$ | 7.17 - 7.79 | 21,851 | 0.6 | $ | 7.52 | $ | 273 | 21,851 | 0.6 | $ | 7.52 | $ | 273 | |||||||||
$ | 12.08 - 12.41 | 59,804 | 2.1 | 12.39 | 458 | 44,106 | 2.1 | 12.38 | 338 | |||||||||||||
81,655 | 1.7 | 11.09 | $ | 731 | 65,957 | 1.6 | 10.77 | $ | 611 | |||||||||||||
The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price of $20.03 as of March 31, 2015, which would have been received by the option holders had all option holders exercised their options as of that date. | ||||||||||||||||||||||
As of March 31, 2015, there was no future compensation cost related to non-vested stock options not yet recognized in the Consolidated Statements of Operations based on the most probable performance assumptions. As of March 31, 2015, $0.2 million of additional potential compensation cost related to non-vested stock options has not been recognized due to performance targets not being achieved. However, in certain circumstances, these options may be subject to vesting prior to their expiration dates. The weighted average remaining term of these options is approximately 2.1 years. | ||||||||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||
Restricted stock awards provide that, during the applicable vesting periods, the shares awarded may not be sold or transferred by the participant. The vesting period for restricted stock awards generally ranges from three to 10 years. All awards issued contain service conditions based on the participant’s continued service with the Company and may provide for accelerated vesting if there is a change in control as defined in the Equity Compensation Plans. | ||||||||||||||||||||||
The vesting of certain restricted shares may be accelerated to a minimum of three years based on achievement of various individual performance measures. Acceleration of expense for awards based on individual performance factors occurs when the achievement of the performance criteria is determined. | ||||||||||||||||||||||
In addition, the Company has issued certain shares under a Management Stock Ownership Program. Under this program, restrictions on the shares lapse at the end of 10 years but may lapse (vest) in a minimum of three years if the employee continues in service at the Company and owns a matching number of other common shares in addition to the restricted shares. | ||||||||||||||||||||||
Of the total restricted stock awards granted during the three-month period ended March 31, 2015, 70,694 shares may be subject to accelerated vesting based on individual performance factors; no shares have vesting contingent upon performance factors. Vesting was accelerated in 2014 and 2015 on certain awards based on the achievement of certain performance criteria determined annually, as described below. | ||||||||||||||||||||||
The Company also issues restricted stock to non-employee independent directors. These shares generally vest in seven years from the grant date or six months following the director’s termination from Board of Directors service. | ||||||||||||||||||||||
The following table summarizes the activity of the non-vested restricted stock during the three months ended March 31, 2015: | ||||||||||||||||||||||
Weighted | ||||||||||||||||||||||
Average | ||||||||||||||||||||||
Grant-Date | ||||||||||||||||||||||
Non-vested restricted stock | Shares | Fair Value | ||||||||||||||||||||
Outstanding at December 31, 2014 | 346,036 | $ | 15.99 | |||||||||||||||||||
Granted | 121,490 | 17.03 | ||||||||||||||||||||
Vested | -93,327 | 16.27 | ||||||||||||||||||||
Forfeited | -900 | 18.72 | ||||||||||||||||||||
Outstanding at March 31, 2015 | 373,299 | 16.25 | ||||||||||||||||||||
During the three-month period ended March 31, 2015, the Company granted restricted stock awards with a grant date fair value totaling $2.1 million. There were no restricted stock awards granted during the three-month period ended March 31, 2014. | ||||||||||||||||||||||
As vesting occurs, or is deemed likely to occur, compensation expense is recognized over the requisite service period and additional paid-in capital is increased. The Company recognized $0.9 million and $1.0 million of compensation expense related to restricted stock for the three-month periods ended March 31, 2015 and March 31, 2014, respectively. | ||||||||||||||||||||||
Of the $0.9 million total compensation expense related to restricted stock for the three-month period ended March 31, 2015, approximately $0.6 million related to accelerated vesting based on achievement of certain performance criteria determined annually. Of the $1.0 million total compensation expense related to restricted stock for the three-month period ended March 31, 2014, approximately $0.7 million related to accelerated vesting, which was also based on the achievement of certain performance criteria determined annually. | ||||||||||||||||||||||
As of March 31, 2015, there was $4.8 million of unrecognized compensation cost related to non-vested restricted stock compensation scheduled to be recognized over a weighted average period of 4.2 years. In the event individual performance targets are achieved, $2.0 million of the unrecognized compensation cost would accelerate to be recognized over a weighted average period of 1.6 years. In addition, certain of the awards granted may result in the issuance of 61,298 additional shares of stock if achievement of certain targets is greater than 100%. The expense related to the additional shares awarded will be dependent on the Company’s stock price when the achievement level is determined. | ||||||||||||||||||||||
The fair value of shares that vested during the three-month periods ended March 31, 2015 and March 31, 2014 was $1.7 million and $4.2 million, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Events Subsequent to Year-End | NOTE 12 – Subsequent Events |
The Company declared a dividend of $0.125 per share on April 30, 2015. The quarterly dividend, which is expected to result in a dividend payment of approximately $1.6 million, is scheduled to be paid on May 21, 2015 to shareholders of record on the close of business on May 11, 2015. It represents the Company’s fifteenth consecutive quarterly cash dividend. The payment of future dividends will be subject to approval by the Company’s Board of Directors. | |
On April 8, 2015, the Company’s affiliate, Marlin Receivables Corp. (“MRC”), amended its $75.0 million borrowing facility. The amendment changed the amount under the loan facility from $75.0 million to $50.0 million, and changed the commitment termination date of the facility from April 8, 2015 to July 7, 2015. | |
As previously disclosed in the Company’s Form 8-K filed on April 30, 2015, the Company announced that Lynne C. Wilson is resigning from her position as Senior Vice President and Chief Financial Officer. In connection with her resignation, the Company and Ms. Wilson have entered into a separation agreement and general release of claims dated April 30, 2015. Under the separation agreement, Ms. Wilson’s employment with the Company will terminate on May 31, 2015. The Company anticipates a second quarter 2015 after-tax charge of approximately $0.2 million due to a cash severance payment and vesting of outstanding restricted equity awards as defined by the separation agreement. | |
Summary_of_Critical_Accounting1
Summary of Critical Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Critical Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of financial statement presentation. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. MLC and MBB are managed together as a single business segment and are aggregated for financial reporting purposes as they exhibit similar economic characteristics, share the same leasing portfolio and have one product offering. All intercompany accounts and transactions have been eliminated in consolidation. |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring items) necessary to present fairly the Company’s financial position at March 31, 2015 and the results of operations for the three-month periods ended March 31, 2015 and 2014, and cash flows for the three-month periods ended March 31, 2015 and 2014. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and note disclosures included in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 6, 2015 and Form 10-K/A filed with the SEC on April 13, 2015. The consolidated results of operations for the three-month periods ended March 31, 2015 and 2014 and the consolidated statements of cash flows for the three-month periods ended March 31, 2015 and 2014 are not necessarily indicative of the results of operations or cash flows for the respective full years or any other period. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. |
In January 2015, the FASB issued Accounting Standards Update 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This Update eliminates from GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless the event is unusual in nature and occurs infrequently. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. | |
The adoption of this new requirement is not expected to have a material impact on the consolidated earnings, financial position or cash flows of the Company. | |
Time Deposits with Banks, Policy [Policy Text Block] | Time Deposits with Banks. Time deposits with banks are primarily composed of FDIC insured certificates of deposits that have original maturity dates of greater than 90 days. These deposits are held on the balance sheet at amortized cost. Generally, the certificates of deposits have the ability to redeem early, however, early redemption penalties may be incurred. |
Net_Investment_in_Leases_and_L1
Net Investment in Leases and Loans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net Investment in Leases and Loans [Abstract] | |||||||||
Components of Net Investment in Leases and Loans [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
(Dollars in thousands) | |||||||||
Minimum lease payments receivable | $ | 707,903 | $ | 710,801 | |||||
Estimated residual value of equipment | 27,389 | 27,458 | |||||||
Unearned lease income, net of initial direct costs and fees deferred | -96,889 | -98,738 | |||||||
Security deposits | -2,558 | -2,600 | |||||||
Loans, including unamortized deferred fees and costs | 1,405 | 1,123 | |||||||
Allowance for credit losses | -9,231 | -8,537 | |||||||
$ | 628,019 | $ | 629,507 | ||||||
Schedule of Future Minimum Lease Payments Receivable and Amortization of Unearned Lease Income [Table Text Block] | Minimum Lease | ||||||||
Payments | Income | ||||||||
Receivable | Amortization | ||||||||
(Dollars in thousands) | |||||||||
Period Ending December 31, | |||||||||
2015 | $ | 233,506 | $ | 41,246 | |||||
2016 | 230,886 | 32,600 | |||||||
2017 | 141,009 | 15,547 | |||||||
2018 | 70,832 | 5,968 | |||||||
2019 | 28,584 | 1,443 | |||||||
Thereafter | 3,086 | 85 | |||||||
$ | 707,903 | $ | 96,889 |
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Allowance For Credit Losses [Abstract] | ||||||||||
Allowance for Credit Losses on Finance Receivables [Table Text Block] | Three Months Ended | Year Ended | ||||||||
March 31, | December 31, | |||||||||
2015 | 2014 | 2014 | ||||||||
(Dollars in thousands) | ||||||||||
Allowance for credit losses, beginning of period | $ | 8,537 | $ | 8,467 | $ | 8,467 | ||||
Charge-offs | -3,143 | -2,635 | -11,463 | |||||||
Recoveries | 497 | 595 | 2,417 | |||||||
Net charge-offs | -2,646 | -2,040 | -9,046 | |||||||
Provision for credit losses | 3,340 | 1,732 | 9,116 | |||||||
Allowance for credit losses, end of period | -1 | $ | 9,231 | $ | 8,159 | $ | 8,537 | |||
Annualized net charge-offs to average total finance receivables | -2 | 1.70% | 1.38% | 1.50% | ||||||
Allowance for credit losses to total finance receivables, end of period | -2 | 1.47% | 1.36% | 1.36% | ||||||
Average total finance receivables | -2 | $ | 622,120 | $ | 589,922 | $ | 602,923 | |||
Total finance receivables, end of period | -2 | $ | 627,167 | $ | 598,590 | $ | 627,922 | |||
Delinquencies greater than 60 days past due | $ | 4,057 | $ | 3,404 | $ | 3,602 | ||||
Delinquencies greater than 60 days past due | -3 | 0.57% | 0.50% | 0.51% | ||||||
Allowance for credit losses to delinquent accounts greater than 60 days past due | -3 | 227.53% | 239.69% | 237.01% | ||||||
Non-accrual leases and loans, end of period | $ | 1,975 | $ | 1,686 | $ | 1,742 | ||||
Renegotiated leases and loans, end of period | $ | 774 | $ | 1,239 | $ | 1,014 |
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Prepaid Expense and Other Assets [Abstract] | |||||||||
Schedule of Other Assets [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
(Dollars in thousands) | |||||||||
Accrued fees receivable | $ | 2,507 | $ | 2,465 | |||||
Prepaid expenses | 1,812 | 1,748 | |||||||
Income taxes receivable | — | 854 | |||||||
Other | 3,800 | 3,250 | |||||||
$ | 8,119 | $ | 8,317 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Capital And Operating Leases Future Minimum Payments Due Table [Abstract] | |||||||||||
Schedule Of Future Minimum Rental Payments For Capital And Operating Leases [Table Text Block] | Future Minimum Lease Payment Obligations | ||||||||||
Capital | Operating | ||||||||||
Period Ending December 31, | Leases | Leases | Total | ||||||||
(Dollars in thousands) | |||||||||||
2015 | $ | 76 | $ | 1,102 | $ | 1,178 | |||||
2016 | 102 | 1,478 | 1,580 | ||||||||
2017 | 77 | 1,483 | 1,560 | ||||||||
2018 | — | 1,428 | 1,428 | ||||||||
2019 | — | 1,394 | 1,394 | ||||||||
Thereafter | — | 670 | 670 | ||||||||
Total minimum lease payments | $ | 255 | $ | 7,555 | $ | 7,810 | |||||
Less: amount representing interest | -17 | ||||||||||
Present value of minimum lease payments | $ | 238 |
Deposits_Tables
Deposits (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Contractual Maturities of Time Deposits [Abstract] | ||||||
Contractual Maturities Of Time Deposits [Table Text Block] | Scheduled | |||||
Maturities | ||||||
(Dollars in thousands) | ||||||
Period Ending December 31, | ||||||
2015 | $ | 176,556 | ||||
2016 | 156,828 | |||||
2017 | 117,184 | |||||
2018 | 41,860 | |||||
2019 | 16,822 | |||||
Thereafter | 598 | |||||
Total | $ | 509,848 |
Fair_Value_Measurements_and_Di1
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Fair Value Measurements And Disclosures About Fair Value Of Financial Instruments [Abstract] | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis [Table Text Block] | 31-Mar-15 | 31-Dec-14 | |||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | ||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Assets | |||||||||||||||
Securities available for sale | $ | 3,329 | $ | 2,225 | $ | 3,281 | $ | 2,441 | |||||||
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments [Table Text Block] | 31-Mar-15 | 31-Dec-14 | |||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||
Amount | Value | Amount | Value | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Financial Assets | |||||||||||||||
Cash and cash equivalents | $ | 113,129 | $ | 113,129 | $ | 110,656 | $ | 110,656 | |||||||
Restricted interest-earning deposits with banks | 1,545 | 1,545 | 711 | 711 | |||||||||||
Time deposits with banks | 3,135 | 3,140 | — | — | |||||||||||
Loans | 1,405 | 1,398 | 1,123 | 1,123 | |||||||||||
Financial Liabilities | |||||||||||||||
Deposits | $ | 557,835 | $ | 558,520 | $ | 550,119 | $ | 549,578 |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Common Share ("EPS") [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands, except per-share data) | ||||||||
Basic EPS | ||||||||
Net income | $ | 4,055 | $ | 4,643 | ||||
Less: net income allocated to participating securities | -123 | -158 | ||||||
Net income allocated to common stock | $ | 3,932 | $ | 4,485 | ||||
Weighted average common shares outstanding | 12,857,294 | 12,968,323 | ||||||
Less: Unvested restricted stock awards considered participating securities | -370,053 | -421,643 | ||||||
Adjusted weighted average common shares used in computing basic EPS | 12,487,241 | 12,546,680 | ||||||
Basic EPS | $ | 0.31 | $ | 0.36 | ||||
Diluted EPS | ||||||||
Net income allocated to common stock | $ | 3,932 | $ | 4,485 | ||||
Adjusted weighted average common shares used in computing basic EPS | 12,487,241 | 12,546,680 | ||||||
Add: Effect of dilutive stock options | 36,017 | 66,317 | ||||||
Adjusted weighted average common shares used in computing diluted EPS | 12,523,258 | 12,612,997 | ||||||
Diluted EPS | $ | 0.31 | $ | 0.36 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity [Abstract] | |||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Capital | Well-Capitalized Capital | |||||||||||||||
Actual | Requirement | Requirement | |||||||||||||||
Ratio | Amount | Ratio | -1 | Amount | Ratio | Amount | |||||||||||
(Dollars in thousands) | |||||||||||||||||
Tier 1 Leverage Capital | |||||||||||||||||
Marlin Business Services Corp. | 23.21% | $ | 175,110 | 4% | $ | 30,180 | 5% | $ | 37,725 | ||||||||
Marlin Business Bank | 17.35% | $ | 121,327 | 5% | $ | 34,957 | 5% | $ | 34,957 | ||||||||
Common Equity Tier 1 Risk-Based Capital | |||||||||||||||||
Marlin Business Services Corp. | 26.00% | 175,110 | 4.50% | 30,313 | 6.50% | 43,785 | |||||||||||
Marlin Business Bank | 18.91% | 121,327 | 6.50% | 41,707 | 6.50% | 41,707 | |||||||||||
Tier 1 Risk-based Capital | |||||||||||||||||
Marlin Business Services Corp. | 26.00% | $ | 175,110 | 6% | $ | 40,417 | 8% | $ | 53,890 | ||||||||
Marlin Business Bank | 18.91% | $ | 121,327 | 8% | $ | 51,331 | 8% | $ | 51,331 | ||||||||
Total Risk-based Capital | |||||||||||||||||
Marlin Business Services Corp. | 27.25% | $ | 183,540 | 8% | $ | 53,890 | 10% | $ | 67,362 | ||||||||
Marlin Business Bank | 20.16% | $ | 129,360 | 15% | $ | 96,246 | 10% | -1 | $ | 64,164 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||||||||
Schedule of Stock-based Compensation, Stock Options Activity [Table Text Block] | Weighted | |||||||||||||||||||||
Average | ||||||||||||||||||||||
Number of | Exercise Price | |||||||||||||||||||||
Options | Shares | Per Share | ||||||||||||||||||||
Outstanding, December 31, 2014 | 193,351 | $ | 10.23 | |||||||||||||||||||
Granted | — | — | ||||||||||||||||||||
Exercised | -34,164 | 9.75 | ||||||||||||||||||||
Forfeited | -77,532 | 9.52 | ||||||||||||||||||||
Expired | — | — | ||||||||||||||||||||
Outstanding, March 31, 2015 | 81,655 | 11.1 | ||||||||||||||||||||
Schedule of Stock-based Compensation, Options Outstanding and Exercisable under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||||
Weighted | Weighted | Aggregate | Weighted | Weighted | Aggregate | |||||||||||||||||
Average | Average | Intrinsic | Average | Average | Intrinsic | |||||||||||||||||
Range of | Number | Remaining | Exercise | Value | Number | Remaining | Exercise | Value | ||||||||||||||
Exercise Prices | Outstanding | Life (Years) | Price | (In thousands) | Exercisable | Life (Years) | Price | (In thousands) | ||||||||||||||
$ | 7.17 - 7.79 | 21,851 | 0.6 | $ | 7.52 | $ | 273 | 21,851 | 0.6 | $ | 7.52 | $ | 273 | |||||||||
$ | 12.08 - 12.41 | 59,804 | 2.1 | 12.39 | 458 | 44,106 | 2.1 | 12.38 | 338 | |||||||||||||
81,655 | 1.7 | 11.09 | $ | 731 | 65,957 | 1.6 | 10.77 | $ | 611 | |||||||||||||
Schedule of Stock-based Compensation, Restricted Stock Activity [Table Text Block] | Weighted | |||||||||||||||||||||
Average | ||||||||||||||||||||||
Grant-Date | ||||||||||||||||||||||
Non-vested restricted stock | Shares | Fair Value | ||||||||||||||||||||
Outstanding at December 31, 2014 | 346,036 | $ | 15.99 | |||||||||||||||||||
Granted | 121,490 | 17.03 | ||||||||||||||||||||
Vested | -93,327 | 16.27 | ||||||||||||||||||||
Forfeited | -900 | 18.72 | ||||||||||||||||||||
Outstanding at March 31, 2015 | 373,299 | 16.25 |
The_Company_Narrative_Details
The Company (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Number | |
More than [Member] | |
Entity Information [Line Items] | |
Categories of commercial equipment | 100 |
Assurance One Ltd [Member] | |
Entity Information [Line Items] | |
Entity Incorporation, State Country Name | Bermuda |
Entity Incorporation, Date of Incorporation | 31-May-00 |
Marlin Business Bank [Member] | |
Entity Information [Line Items] | |
Entity Incorporation, State Country Name | Utah |
Entity Incorporation, Date of Incorporation | 12-Mar-08 |
Marlin Business Services Corp [Member] | |
Entity Information [Line Items] | |
Entity Incorporation, State Country Name | Pennsylvania |
Entity Incorporation, Date of Incorporation | 5-Aug-03 |
Net_Investment_in_Leases_and_L2
Net Investment in Leases and Loans (Narratives) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Net Investment in Leases and Loans [Abstract] | ||||
Net Investment in Leases, Initial Direct Costs | $10,100,000 | $10,100,000 | ||
Product Information [Line Items] | ||||
Estimated Residual Value of Equipment | 27,389,000 | 27,458,000 | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | 2,900,000 | |||
Non-accrual leases and loans, end of period | 1,975,000 | 1,742,000 | 1,686,000 | 1,665,000 |
Renegotiated leases and loans, end of period | 774,000 | 1,014,000 | 1,239,000 | 815,000 |
Debt Instrument, Unused Borrowing Capacity, Amount | 75,000,000 | |||
Debt Instrument, Debt Default, Amount | 0 | |||
Leases Pledged as Collateral [Member] | ||||
Product Information [Line Items] | ||||
Loans and Leases Receivable, Collateral for Secured Borrowings | 32,700,000 | |||
Copier Product [Member] | ||||
Product Information [Line Items] | ||||
Estimated Residual Value of Equipment | $22,100,000 | $22,000,000 |
Net_Investment_in_Leases_and_L3
Net Investment in Leases and Loans (Net Investment Components) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||||
In Thousands, unless otherwise specified | ||||||||
Net Investment in Leases and Loans [Abstract] | ||||||||
Minimum lease payments receivable | $707,903 | $710,801 | ||||||
Estimated Residual Value of Equipment | 27,389 | 27,458 | ||||||
Unearned Lease Income, Including Initial Direct Costs and Fees Deferred | -96,889 | -98,738 | ||||||
Security Deposits | -2,558 | -2,600 | ||||||
Loans, Including Unamortized Deferred Fees and Costs | 1,405 | 1,123 | ||||||
Allowance for Credit Losses | -9,231 | [1] | -8,537 | [1] | -8,159 | [1] | -8,467 | [1] |
Net investment in leases and loans | $628,019 | $629,507 | ||||||
[1] | (1)At March 31, 2015 the allowance for credit losses allocated to loans was less than $0.1million. At December 31, 2014 and March 31, 2014, there was no allowance for credit losses allocated to loans. |
Net_Investment_in_Leases_and_L4
Net Investment in Leases and Loans (Future Minimum Lease Payments Receivable Schedule) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Future Minimum Lease Payments Receivable Schedule [Abstract] | ||
2015 | $233,506 | |
2016 | 230,886 | |
2017 | 141,009 | |
2018 | 70,832 | |
2019 | 28,584 | |
Thereafter | 3,086 | |
Minimum Lease Payments Receivable | 707,903 | 710,801 |
Future Scheduled Income Amortization [Abstract] | ||
2015 | 41,246 | |
2016 | 32,600 | |
2017 | 15,547 | |
2018 | 5,968 | |
2019 | 1,443 | |
Thereafter | 85 | |
Unearned Lease Income, Including Initial Direct Costs and Fees Deferred | $96,889 | $98,738 |
Allowance_for_Credit_Losses_Na
Allowance for Credit Losses (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Allowance for Credit Losses [Line Items] | ||||||||||
Loans and Leases Receivable, Allowance | $9,231,000 | [1] | $8,537,000 | [1] | $8,159,000 | [1] | $8,537,000 | [1] | $8,467,000 | [1] |
Net charge-offs | -2,646,000 | -2,400,000 | -2,040,000 | -9,046,000 | -7,638,000 | |||||
Annualized net charge-offs to average total finance receivables | 1.70% | [2] | 1.56% | [2] | 1.38% | [2] | 1.50% | [2] | 1.41% | [2] |
Finance Receivables 90 Days or More Past Due and Still Accruing | 0 | 0 | 0 | 0 | ||||||
Threshold Period Past Due for Write-off of Financing Receivable | 120 days | |||||||||
Threshold Period Past Due For Recognition Of Interest Income | 90 days | |||||||||
Commercial Loan [Member] | ||||||||||
Allowance for Credit Losses [Line Items] | ||||||||||
Loans and Leases Receivable, Allowance | $100,000 | $0 | $0 | $0 | ||||||
[1] | (1)At March 31, 2015 the allowance for credit losses allocated to loans was less than $0.1million. At December 31, 2014 and March 31, 2014, there was no allowance for credit losses allocated to loans. | |||||||||
[2] | (2)Total finance receivables include net investment in direct financing leases and loans. For purposes of asset quality and allowance calculations, the effects of (i) the allowance for credit losses and (ii) initial direct costs and fees deferred are excluded. |
Allowance_for_Credit_Losses_De
Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Allowance for Credit Losses [Roll Forward] | ||||||||||
Allowance for credit losses, beginning of period | $8,537 | [1] | $8,467 | [1] | $8,467 | [1] | ||||
Charge-offs | -3,143 | -2,635 | -11,463 | -9,499 | ||||||
Recoveries | 497 | 595 | 2,417 | 1,861 | ||||||
Net charge-offs | -2,646 | -2,400 | -2,040 | -9,046 | -7,638 | |||||
Provision for credit losses | 3,340 | 1,732 | 9,116 | 9,617 | ||||||
Allowance for credit losses, end of period | 9,231 | [1] | 8,537 | [1] | 8,159 | [1] | 8,537 | [1] | 8,467 | [1] |
Annualized net charge-offs to average total finance receivables | 1.70% | [2] | 1.56% | [2] | 1.38% | [2] | 1.50% | [2] | 1.41% | [2] |
Allowance for credit losses to total finance receivables, end of period | 1.47% | [2] | 1.36% | [2] | 1.36% | [2] | 1.36% | [2] | 1.42% | [2] |
Average total finance receivables | 622,120 | [2] | 589,922 | [2] | 602,923 | [2] | 540,717 | [2] | ||
Total finance receivables, end of period | 627,167 | [2] | 627,922 | [2] | 598,590 | [2] | 627,922 | [2] | 595,253 | [2] |
Delinquencies greater than 60 days past due | 4,057 | 3,602 | 3,404 | 3,602 | 3,204 | |||||
Delinquencies greater than 60 days past due as a percentage of total finance receivables | 0.57% | [3] | 0.51% | [3] | 0.50% | [3] | 0.51% | [3] | 0.47% | [3] |
Allowance for credit losses to delinquent accounts greater than 60 days past due | 227.53% | [3] | 237.01% | [3] | 239.69% | [3] | 237.01% | [3] | 264.26% | [3] |
Non-accrual leases and loans, end of period | 1,975 | 1,742 | 1,686 | 1,742 | 1,665 | |||||
Renegotiated leases and loans, end of period | $774 | $1,014 | $1,239 | $1,014 | $815 | |||||
[1] | (1)At March 31, 2015 the allowance for credit losses allocated to loans was less than $0.1million. At December 31, 2014 and March 31, 2014, there was no allowance for credit losses allocated to loans. | |||||||||
[2] | (2)Total finance receivables include net investment in direct financing leases and loans. For purposes of asset quality and allowance calculations, the effects of (i) the allowance for credit losses and (ii) initial direct costs and fees deferred are excluded. | |||||||||
[3] | (3)Calculated as a percent of total minimum lease payments receivable for leases and as a percent of principal outstanding for loans. | |||||||||
Other_Assets_Details
Other Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets [Abstract] | ||
Accrued fees receivable | $2,507 | $2,465 |
Prepaid expenses | 1,812 | 1,748 |
Income taxes receivable | 0 | 854 |
Other assets, miscellaneous | 3,800 | 3,250 |
Other assets, total | $8,119 | $8,317 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narratives) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Number | ||
Entity Location [Line Items] | ||
Number Of Offices | 5 | |
Operating Leases, Rent Expense | $0.30 | $0.20 |
Membership Expiration Date, Extended | 9/30/15 | |
Employment Agreement Expiration Date | 30-Nov-15 | |
Marlin Business Bank [Member] | ||
Entity Location [Line Items] | ||
Loan Participation Ownership Percentage | 1.20% | |
Unfunded Loan Commitments | $0.70 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Capital And Operating Leases Future Minimum Payments Due [Abstract] | |
2015, total lease payments due | $1,178 |
2016, total lease payments due | 1,580 |
2017, total lease payments due | 1,560 |
2018, total lease payments due | 1,428 |
2019, total lease payments due | 1,394 |
Thereafter, total lease payments due | 670 |
Total minimum lease payments due | 7,810 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments [Abstract] | |
2015, capital lease payments due | 76 |
2016, capital lease payments due | 102 |
2017, capital lease payments due | 77 |
2018, capital lease payments due | 0 |
2019, capital lease payments due | 0 |
Thereafter, capital lease payments due | 0 |
Total minimum lease payments due, capital leases | 255 |
Less: amount representing interest | -17 |
Present value of minimum lease payments, capital leases | 238 |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2015, operating lease payments due | 1,102 |
2016, operating lease payments due | 1,478 |
2017, operating lease payments due | 1,483 |
2018, operating lease payments due | 1,428 |
2019, operating lease payments due | 1,394 |
Thereafter, operating lease payments due | 670 |
Total minimum lease payments due, operating leases | $7,555 |
Deposits_Details
Deposits (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Contractual Maturities of Time Deposits [Abstract] | ||
2015 | $176,556,000 | |
2016 | 156,828,000 | |
2017 | 117,184,000 | |
2018 | 41,860,000 | |
2019 | 16,822,000 | |
Thereafter | 598,000 | |
Total | 509,848,000 | 550,119,000 |
Maximum time deposit liability denomination | 250,000 | |
Cash FDIC Insured Amount | 250,000 | |
Weighted average all-in interest rate of all deposit liabilities outstanding | 0.97% | |
Marlin Business Bank [Member] | ||
Contractual Maturities of Time Deposits [Abstract] | ||
Money market deposit accounts | $48,000,000 |
Fair_Value_Measurements_and_Di2
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments (Balances Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $5,554 | $5,722 |
Fair Value Assets Level 1 To Level 2 Transfers Amount | 0 | 0 |
Fair Value Assets Level 2 To Level 1 Transfers Amount | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,329 | 3,281 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $2,225 | $2,441 |
Fair_Value_Measurements_and_Di3
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments (Estimated Fair Values and Carrying Amounts) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Total cash and cash equivalents | $113,129 | $110,656 | $118,595 | $85,653 |
Restricted interest-earning deposits with banks | 1,545 | 711 | ||
Securities available for sale | 5,554 | 5,722 | ||
Time deposits with banks | 3,135 | 0 | ||
Loans | 1,405 | 1,123 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits | 557,835 | 550,119 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Total cash and cash equivalents | 113,129 | 110,656 | ||
Restricted interest-earning deposits with banks | 1,545 | 711 | ||
Time deposits with banks | 3,135 | 0 | ||
Loans | 1,405 | 1,123 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits | 557,835 | 550,119 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Total cash and cash equivalents | 113,129 | 110,656 | ||
Restricted interest-earning deposits with banks | 1,545 | 711 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Time deposits with banks | 3,140 | 0 | ||
Loans | 1,398 | 1,123 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits | $558,520 | $549,578 |
Earnings_Per_Common_Share_EPS_
Earnings Per Common Share (EPS Basic) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Earnings Per Share, Basic [Abstract] | |||
Net Income | $4,055 | $4,643 | $19,350 |
Less: net income allocated to participating securities | -123 | -158 | |
Net income allocated to common stock | $3,932 | $4,485 | |
Weighted average common shares outstanding | 12,857,294 | 12,968,323 | |
Less: Unvested restricted stock awards considered participating securities | -370,053 | -421,643 | |
Adjusted weighted average common shares used in computing basic EPS | 12,487,241 | 12,546,680 | |
Basic earnings per share | $0.31 | $0.36 |
Earnings_Per_Common_Share_EPS_1
Earnings Per Common Share (EPS Diluted) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share, Diluted [Abstract] | ||
Net income allocated to common stock | $3,932 | $4,485 |
Adjusted weighted average common shares used in computing basic EPS | 12,487,241 | 12,546,680 |
Add: Effect of dilutive stock options | 36,017 | 66,317 |
Adjusted weighted average common shares used in computing diluted EPS | 12,523,258 | 12,612,997 |
Diluted earnings per share | $0.31 | $0.36 |
Antidilutive securities excluded from computation of earnings per share amount | 15,698 | 15,698 |
Stockholders_Equity_Narratives
Stockholders' Equity (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Jul. 29, 2014 | Nov. 02, 2007 | |
Dividends Paid [Line Items] | |||||
Cash dividends declared per share | $0.13 | ||||
Cash dividend declared on common stock, date declared | 30-Apr-15 | ||||
Cash dividend declared on common stock, payable date | 21-May-15 | ||||
Cash dividend declared on common stock, date of record | 11-May-15 | ||||
Cash dividends paid | $1,616,000 | $6,062,000 | |||
Stock Repurchase [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | 15,000,000 | 15,000,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 11,300,000 | ||||
Instrument Stock Repurchase Plan [Member] | |||||
Stock Repurchase [Line Items] | |||||
Stock Repurchased During Period, Shares | 112,129 | 0 | |||
Stock Repurchased During Period, Average Cost Per Share | $18.45 | $0 | |||
Instrument Equity Compensation Plan [Member] | |||||
Stock Repurchase [Line Items] | |||||
Stock Repurchased During Period, Shares | 33,186 | 65,075 | |||
Stock Repurchased During Period, Average Cost Per Share | $18.27 | $22.99 | |||
Marlin Business Services Corp. [Member] | |||||
Regulatory Capital Requirements Miscellaneous Information [Line Items] | |||||
Total stockholders equity (regulatory) | 175,110,000 | ||||
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | ||||
Tier One Risk Based Capital to Risk Weighted Assets | 26.00% | ||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | ||||
Total Risk Based Capital to Risk Weighted Assets | 27.25% | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | ||||
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | ||||
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | ||||
New Capital Conservation Buffer | 2.50% | ||||
Marlin Business Bank [Member] | |||||
Regulatory Capital Requirements Miscellaneous Information [Line Items] | |||||
Total stockholders equity (regulatory) | $121,327,000 | ||||
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 15.00% | ||||
Tier One Risk Based Capital to Risk Weighted Assets | 18.91% | ||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 5.00% | ||||
FDIC Agreement Capital Required To Be Well Capitalized To Risk Weighted Assets | 15.00% | ||||
Total Risk Based Capital to Risk Weighted Assets | 20.16% | ||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | ||||
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 6.50% | ||||
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | ||||
New Capital Conservation Buffer | 2.50% |
Stockholders_Equity_Regulatory
Stockholders' Equity (Regulatory Capital Ratios) (Details) (USD $) | Mar. 31, 2015 | |
Marlin Business Services Corp. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $175,110,000 | |
Tier One Leverage Capital Required for Capital Adequacy | 30,180,000 | |
Tier One Leverage Capital Required to be Well Capitalized | 37,725,000 | |
Common Equity Tier One Risk Based Capital | 175,110,000 | |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy | 30,312,855 | |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized | 43,785,235 | |
Tier One Risk Based Capital | 175,110,000 | |
Tier One Risk Based Capital Required for Capital Adequacy | 40,417,000 | |
Tier One Risk Based Capital Required to be Well Capitalized | 53,890,000 | |
Total Risk Based Capital | 183,540,000 | |
Total Risk Based Capital Required for Capital Adequacy | 53,890,000 | |
Total Risk Based Capital Required to be Well Capitalized | 67,362,000 | |
Tier One Leverage Capital to Average Assets | 23.21% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | |
Common Equity Tier One Risk Based Capital To Risk Weighted Assets | 26.00% | |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 4.50% | |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | |
Tier One Risk Based Capital to Risk Weighted Assets | 26.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | |
Total Risk Based Capital to Risk Weighted Assets | 27.25% | |
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |
Marlin Business Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | 121,327,000 | |
Tier One Leverage Capital Required for Capital Adequacy | 34,957,000 | |
Tier One Leverage Capital Required to be Well Capitalized | 34,957,000 | |
Common Equity Tier One Risk Based Capital | 121,327,000 | |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy | 41,707,000 | |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized | 41,707,000 | |
Tier One Risk Based Capital | 121,327,000 | |
Tier One Risk Based Capital Required for Capital Adequacy | 51,331,000 | |
Tier One Risk Based Capital Required to be Well Capitalized | 51,331,000 | |
Total Risk Based Capital | 129,360,000 | |
Total Risk Based Capital Required for Capital Adequacy | 96,246,000 | |
Total Risk Based Capital Required to be Well Capitalized | $64,164,000 | |
Tier One Leverage Capital to Average Assets | 17.35% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 5.00% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | |
Common Equity Tier One Risk Based Capital To Risk Weighted Assets | 18.91% | |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 6.50% | |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | |
Tier One Risk Based Capital to Risk Weighted Assets | 18.91% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | |
Total Risk Based Capital to Risk Weighted Assets | 20.16% | |
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 15.00% | |
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | [1] |
[1] | (1)MBB is required to maintain bwell-capitalizedb status and must also maintain a total risk-based capital ratio greater than 15% pursuant to an agreement entered into by and among MBB, the Company, MLC and the FDIC in conjunction with the opening of MBB (the bFDIC Agreementb). | |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narratives) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Stock-based Compensation Arrangements [Line Items] | |||
Equity Compensation Plan, Aggregate Number of Shares Authorized | 1,200,000 | ||
Equity Compensation Plan, Number of Shares Available for Grant | 963,730 | ||
Number of Shares, Stock Options Granted | 0 | ||
Stock-based Compensation Expense | $900,000 | $1,000,000 | |
Stock Options Exercised, Number of Shares | 34,164 | ||
Stock-based Awards Other Than Options, Additional Grants Contingently Issuable | 61,298 | ||
Excess tax benefits from stock-based payment arrangements | 138,000 | 311,000 | 754,000 |
Common Stock Closing Price Per Share | $20.03 | ||
Stock Options [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Number of Shares, Stock Options Granted | 0 | 0 | |
Stock-based Compensation Expense | 0 | 100,000 | |
Stock Options Exercised, Number of Shares | 34,164 | 1,284 | |
Stock Options Exercised, Total Intrinsic Value | 300,000 | 100,000 | |
Tax Benefit from Stock-based Compensation | 0 | ||
Stock-based Awards, Vesting Period in Years | 4 years | ||
Total Compensation Cost Not yet Recognized on Nonvested Stock-based Awards, Portion Subject to Pre-expiration Vesting | 200,000 | ||
Total Compensation Cost Not yet Recognized on Nonvested Stock-based Awards, Portion Subject to Pre-expiration Vesting, Period for Recognition, in Years | 2 years 1 month | ||
Stock Options [Member] | Minimum [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Stock-based Awards, Vesting Period in Years | 7 years | ||
Stock Options [Member] | Maximum [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Stock-based Awards, Vesting Period in Years | 10 years | ||
Restricted Stock [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Equity Compensation Plan, Aggregate Number of Shares Authorized | 1,000,000 | ||
Equity Compensation Plan, Number of Shares Available for Grant | 763,730 | ||
Stock-based Compensation Expense | 900,000 | 1,000,000 | |
Total Compensation Cost Not yet Recognized on Nonvested Stock-based Awards | 4,800,000 | ||
Compensation Cost Not yet Recognized on Nonvested Stock-based Awards, Period for Recognition in Years | 4 years 2 months | ||
Stock-based Awards Other Than Options, Subject to Performance Acceleration, Grants in Period | 70,694 | ||
Stock-based Awards Other Than Options, Contingent on Performance, Grants in Period | 0 | ||
Stock-based Awards, Grants in Period, Aggregate Grant Date Fair Value | 2,100,000 | 0 | |
Stock-based Compensation Expense Due to Performance Acceleration | 600,000 | 681,000 | |
Total Compensation Cost Not yet Recognized on Nonvested Stock-based Awards, Portion Subject to Acceleration | 2,000,000 | ||
Total Compensation Cost Not yet Recognized on Nonvested Stock-based Awards, Portion Subject to Pre-expiration Vesting, Period for Recognition, in Years | 1 year 7 months | ||
Stock-based Awards Other Than Options, Additional Grants Contingently Issuable | 61,298 | ||
Stock-based Awards Other than Options, Vested in Period, Total Fair Value | $1,700,000 | $4,200,000 | |
Restricted Stock [Member] | Minimum [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Stock-based Awards, Vesting Period in Years | 3 years | ||
Restricted Stock [Member] | Minimum [Member] | Director [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Stock-based Awards, Vesting Period in Years | 6 months | ||
Restricted Stock [Member] | Maximum [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Stock-based Awards, Vesting Period in Years | 10 years | ||
Restricted Stock [Member] | Maximum [Member] | Director [Member] | |||
Stock-based Compensation Arrangements [Line Items] | |||
Stock-based Awards, Vesting Period in Years | 7 years |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Option Activity) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock-based Compensation Arrangements, Options, Outstanding [Roll Forward] | |
Number of Shares Outstanding, Beginning of Period | 193,351 |
Number of Shares, Stock Options Granted | 0 |
Number of Shares, Stock Options Exercised | -34,164 |
Number of Shares, Forfeited | -77,532 |
Number of Shares, Expired | 0 |
Number of Shares Outstanding, End of Period | 81,655 |
Weighted Average Exercise Price Per Share, Outstanding at Beginning of Period | $10.23 |
Weighted Average Exercise Price Per Share, Granted | $0 |
Weighted Average Exercise Price Per Share, Exercised | $9.75 |
Weighted Average Exercise Price Per Share, Forfeitures | $9.52 |
Weighted Average Exercise Price Per Share, Expired | $0 |
Weighted Average Exercise Price Per Share, Outstanding at End of Period | $11.09 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Stock Options Outstanding and Exercisable) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding, Number of Shares | 81,655 | 193,351 |
Options Outstanding, Weighted Average Remaining Life (Years) | 1 year 8 months | |
Options Outstanding, Weighted Average Exercise Price | $11.09 | $10.23 |
Options Outstanding, Aggregate Intrinsic Value | $731 | |
Options Exercisable, Number of Shares | 65,957 | |
Options Exercisable, Weighted Average Remaining Life (Years) | 1 year 7 months | |
Options Exercisable, Weighted Average Exercise Price | $10.77 | |
Options Exercisable, Aggregate Intrinsic Value | 611 | |
$7.17 - 7.79 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding and Exercisable, Lower Price in Range Category | $7.17 | |
Options Outstanding and Exercisable, Upper Price in Range Category | $7.79 | |
Options Outstanding, Number of Shares | 21,851 | |
Options Outstanding, Weighted Average Remaining Life (Years) | 0 years 7 months | |
Options Outstanding, Weighted Average Exercise Price | $7.52 | |
Options Outstanding, Aggregate Intrinsic Value | 273 | |
Options Exercisable, Number of Shares | 21,851 | |
Options Exercisable, Weighted Average Remaining Life (Years) | 0 years 7 months | |
Options Exercisable, Weighted Average Exercise Price | $7.52 | |
Options Exercisable, Aggregate Intrinsic Value | 273 | |
$12.08 - 12.41 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding and Exercisable, Lower Price in Range Category | $12.08 | |
Options Outstanding and Exercisable, Upper Price in Range Category | $12.41 | |
Options Outstanding, Number of Shares | 59,804 | |
Options Outstanding, Weighted Average Remaining Life (Years) | 2 years 1 month | |
Options Outstanding, Weighted Average Exercise Price | $12.39 | |
Options Outstanding, Aggregate Intrinsic Value | 458 | |
Options Exercisable, Number of Shares | 44,106 | |
Options Exercisable, Weighted Average Remaining Life (Years) | 2 years 1 month | |
Options Exercisable, Weighted Average Exercise Price | $12.38 | |
Options Exercisable, Aggregate Intrinsic Value | $338 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary of Non-Vested Restricted Stock Activity) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock-based Compensation Arrangements, Restricted Stock, Nonvested [Roll Forward] | |
Shares Outstanding, Beginning of Period | 346,036 |
Shares, Granted | 121,490 |
Shares, Vested | -93,327 |
Shares, Forfeited | -900 |
Shares Outstanding, End of Period | 373,299 |
Weighted Average Grant-Date Fair Value, Outstanding at Beginning of Period | $15.99 |
Weighted Average Grant-Date Fair Value, Granted | $17.03 |
Weighted Average Grant-Date Fair Value, Vested | $16.27 |
Weighted Average Grant-Date Fair Value, Forfeited | $18.72 |
Weighted Average Grant-Date Fair Value, Outstanding at End of Period | $16.25 |
Subsequent_Events_NarrativesDe
Subsequent Events (Narratives)(Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Apr. 08, 2015 | |
Number | |||
Subsequent Event [Line Items] | |||
Cash dividends declared per share | $0.13 | ||
Cash dividends declared | $1,616,000 | $6,062,000 | |
Cash dividend declared on common stock, date declared | 30-Apr-15 | ||
Cash dividend declared on common stock, payable date | 21-May-15 | ||
Cash dividend declared on common stock, date of record | 11-May-15 | ||
Number of consecutive quartely cash dividends declared. | 15 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 75,000,000 | ||
Debt Instrument, Maturity Date Range, End | 8-Apr-15 | ||
Debt Instrument, Maturity Date Range, End Amendment | 1-Jul-15 | ||
Separation Agreement Date | 30-Apr-15 | ||
Employment Termination Date | 31-May-15 | ||
Estimated charge, net of income taxes, related to resignation | 200,000 | ||
Marlin Receivables Corporation [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $50,000,000 |
Uncategorized_Items
Uncategorized Items | ||||||
[us-gaap_CommonStockSharesOutstanding] | 12,847,888 | |||||
[us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest] | -2,000 | -35,000 | 87,834,000 | 128,000 | 87,164,000 |