Lasse. our a to everyone Thank provider an the you, thank this strategy of us key the businesses. begin with update from continued highlights our to third equipment past overview an on results. XXXX solutions to of execution with of an from Marlin you into I’ll joining small for along quarter quarter, transform Good lessor morning and capital discuss nationwide
for Officer guidance Lou Financial financial with follow will our Maslowe, our Bogansky, Chief results Risk details and Officer will additional of comment Mike our remainder on portfolio Chief the financial performance on the and year.
strong on year-over-year growth total volume in we a quarter, double-digit delivered sourced third growth in the and earnings During basis. origination
in quarter, to by increase a specific during credit modest a tempered charge-offs within portfolio. in our related dealer’s activities was increase and fraudulent an delinquencies $XXX,XXX increase allowance was growth due a specific for to the While equipment there losses an earnings net provision only in
total sourced the of quarter year-over-year. originations Looking XX.X%. more quarter, detail are million the the Year-to-date million, end through in $XXX.X totaled total volume XX.X% up originations, $XXX.X third at third in sourced up of
of products, the driven our from as than growth was Loan origination moderate indirect volume was quarter Although Equipment and third more Working both year, first direct quarters Finance Capital channels. and well as year-over-year two our both growth during the by
loan volume application growth approval declined and below both more the expectations lease by our Finance rates than Capital as and XX%, was the in volume Loan up during was While Equipment quarter. and Working origination products booking in
took has that sold flows and our conditions However, markets than been advantage mix execution year. markets loans capital anticipated, we our towards favorable origination more lower-yielding skewed was given expected than and capital the better origination because of leases throughout
assets leases and $X.XXX service a up X.X% As activities, portfolio of loans the Total net XX.X% our billion result year. balance which managed from but others, these billion, ago. to nearly $X.X at continue assets of investment our for at and in from quarter sheet third and last to markets includes both year expanded origination sold we’ve end, capital an increase quarter a stood
diluted earnings share For per the quarter nearly with per for of compared up we share, the $X.XX XX% quarter, third $X.XX GAAP year. last diluted reported
growth, coupled Loans strong credit Working to quarter provision with respect the expected origination third the third for the our additional his particularly earnings remarks. losses, change to with in despite the $X.XX. However, volume we are earnings quarter Capital Bogansky to lower of higher quarter, a Mike reducing the guidance earnings $X.XX details our on in range guidance per provide share full-year to will than
target strategically improvements fixed appetite. leveraging transformation processing Marlin our second, to to returns costs growth; our to X.X to now Marlin like on fourth, leveraging market; we to I’d on an base company’s first, expanding proactively risk equity and through update business expect Through operational consistent X.X, capital efficiency by portfolio improve better move be drive growth initiatives. and scale better reduce the to third, our risk costs; managing our company’s fixed the and unit with profile operating origination improving and and costs through by
share like made on areas since to we’ve of with the each you our last in these progress I’d call.
our expansion, focused as of providing business to to respect meet rather and the with strategic needs our products of multiple customers. First, thinking lessor, equipment market Marlin an than solutions solely remains small ourselves on financing
but only have we end-user with our by go-to to not equipment expanded vendor addition, In through continuing strategy customers. our partners, market our also originate also directly
component of Working increased delivering balance Working representing Capital at to Loan is volume quarter year-over-year $XX.X XX% strategy our million, of by growth. Loan third origination XX% while key year-over-year portfolio million the quarter our A Capital expectations, $XX.X market product, end, expansion below a
of In the than continues Loan to our better Capital performance, expectations. perform portfolio terms credit Working
approximately built Although has on our other This historically financing small has originated business equipment vendors expansion of is another focused customers providing Marlin intermediaries, XXX,XXX the directly relationships part solicitable with leverages strategy over through and market time. company to our customers. key strategy its end-user solutions
needs. objective these the The financing acquisition repeat and keep acquisition meeting time, customer we initial pay over in our beyond offering with is do transaction. set It of broader costs a that important to business customer customers customers lowers mind, products costs significantly our not to financing by is this additional because by these ongoing blended identify create their opportunities strategy direct under multiple to relationships with
During XX%. third a the $XX.X origination and quarter, million, in year $XX.X to resulting direct quarter of million the increase last up volume year-over-year in from increased
We through reduced year to Marlin’s close headway year, to equity $X.X coupled repurchases, also continue in to million past growth with fixed from portfolio on XX.X% have ratio we second key our assets the over which Marlin’s to a Thanks focuses stock leveraging make priority solid costs on and XX.X% to growth. capital ago.
asset very by and exposure also geographies credit its better further opportunity program our sales syndication way diversify Overall, particular see to overall risk efficient asset use to as composition our of and portfolio optimize industries, classes. productively, as terms asset Our and more capital managing funding returns, an to we remains our active. to sources an in
and full maximum year our by of our this retain of equity advantage. or intermediate advantage and leases us of to sales origination carry our lower credit during third the an decreasing the allow and allowing To customers particularly equipment percentage to to yields. given assets continue months the with needs us quarter, ratio, strong to our opportunity nine very first take to correspondingly financing high the Further, meet of asset during end, assets quality that we originated unusually loans to
with generated conditions robust million. investor of coupled $XX.X net the gain market sale product favorable in and on sale immediate $X.X volume resulted This pre-tax million of for demand approximately assets that an Marlin’s in
In We service allows million relationship customers total, $XXX us assets ongoing assets servicing approximately continue our our these now we with these of are to which capital for partners. an to support in direct in markets strategy. maintain
focus, strides and company’s our in the better we growth third costs of automation. efficiencies continue leveraging to operating area to and through process fixed improving ongoing improvements by make Turning through
compared expenses, the expense of a for GAAP receivables to the On average X.X% certain non-GAAP last of managed last receivables for a as for third for X.X% quarter as After finance managed non-interest compared our improved average percentage X.X%, year. a with adjusting adjusted third basis, expense percentage X.X% improved non-interest our to the quarter quarter year. finance to third
last same versus year a same to last Moreover, adjusted XX.X% first and On versus the months XX.X% was XX.X% and the year. XX.X% for XX.X% for company’s same period first quarter months period improved last the operating the XX% for efficiency period XX% basis same last the third company’s third nine quarter period the for year, improved the efficiency for on the GAAP ratio the versus nine same for versus year. basis, the ratio for XX.X% the for to
leverage fixed operate to costs more various adjusted through as improve automation through initiatives. we process our renewal continue our efficiently and portfolio We to expect and our efficiency ratio growth
company’s risk we our remain commensurate And it such appetite. profile is managing risk focused with proactively that on fourth, the
We continue delinquency the also upward in on areas adjustments address underperforming collection experiencing. and are and staff the response added underwriting pressure Marlin the that to to of have make portfolio industry to
performance better and his and surveillance processes to mitigate continue additional also Lou performance identify portfolio’s adjustments our will dealer to dealer the to in problems. provide details on We make remarks. onboarding
as who Deputy on was who January General Corporation, Counsel today Secretary. where Xst. welcome General and Counsel Secretary Corporate from Melcher, joins Ryan he would and Deputy company’s Corporate like Marlin’s Counsel Marlin and I to new Finally, Ryan become PHH will joins General the us
rigorous take Ryan to of XXst and regulatory public Ed has environment. to I opportunity who current for leaving counsel the team. Marlin’s this also years be would significant of General like Dietz, experience a service. thrilled the financing SEC excellent compliance Counsel, company matters, complex in and on Securities December to will matters his transactions, I’m Law part within company matters of Ryan have and governance corporate a thank
the prudently, continue In credit portfolio. performance of managing summary, grow the we to proactively while
we the to next and quarter. also Importantly, longer-term business during we strong, that to remain realizing reorganization strong and earnings good year. our implemented from momentum we are profitability near-term cost very last both progress and objectives the quarter the still continue expect Overall, expected the make this of continue our we strategic year growth fundamentals and expect savings on
call like turn our discuss portfolio to With now Officer more Maslowe, detail. to performance the I’d Chief the Lou? over Risk to in Lou of that, our
