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(Marlin Business Services Corp. Reports Third Quarter 2006 Earnings)Tj
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0 -2.55714 TD
(MOUNT LAUREL, N.J., Nov. 2 /PRNewswire-FirstCall/ -- Marlin Business Ser\
vices Corp. \(Nasdaq: MRLN\) )Tj
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(today reported net income of $4.7 million for the third quarter ended Se\
ptember 30, 2006, a 38% increase over $3.4 )Tj
T*
(million for the same period in 2005. Diluted net earnings per share was \
$0.39 compared with $0.29 for the same )Tj
T*
(period in 2005. Net income in the third quarter of 2005 was impacted by \
an after-tax charge of $756,000, or $0.06 )Tj
T*
(diluted earnings per share, for expected losses related to Hurricane Kat\
rina.)Tj
0 -2.55714 TD
(For the nine months ended September 30, 2006 net income was $14.8 millio\
n compared to $11.9 million for the )Tj
0 -1.2 TD
(same period in 2005. Diluted net earnings per share for the nine-month p\
eriod ended September 30, 2006 was $1.22 )Tj
0 -1.20001 TD
(compared to $0.99 per diluted share reported for the same period in 2005\
. Excluding the impact of adjustments )Tj
0 -1.2 TD
(related to Hurricane Katrina for both periods, net income for the nine-m\
onth period ended September 30, 2006 )Tj
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(would have been $14.2 million compared to $12.6 million of net income fo\
r the nine- month period ended )Tj
T*
(September 30, 2005. Diluted earnings per share, excluding the impact of \
Katrina-related adjustments, would have )Tj
T*
(been $1.17 for the nine- month period ended September 30, 2006 compared \
to $1.06 per diluted share for the third )Tj
0 -1.20001 TD
(quarter ended September 30, 2005.)Tj
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("Along with reporting another solid quarter of results, we are excited t\
o announce two new financial products )Tj
0 -1.2 TD
(targeting the small business market," said Daniel P. Dyer, Chairman and \
CEO of Marlin Business Services Corp. )Tj
T*
("The recent launch of Factoring and our Business Capital Loan Product ar\
e natural extensions to our core leasing )Tj
T*
(business and Marlin's strategy of serving the financing needs of small b\
usiness.")Tj
/T1_2 1 Tf
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( Highlights for the quarter ended September 30, 2006 include:)Tj
0 -2.39999 TD
( Asset Origination)Tj
T*
( - Based on initial equipment cost, lease production was $102.0 mill\
ion in)Tj
0 -1.2 TD
( the third quarter of 2006 compared to $97.9 million in the second\
)Tj
T*
( quarter of 2006 and $79.6 million in the third quarter of 2005. \
Net)Tj
T*
( investment in leases was $656.8 million at September 30, 2006.)Tj
0 -2.39999 TD
( - Our end user customer base grew to more than 86,000 at September \
30,)Tj
0 -1.2 TD
( 2006 compared with 85,000 at June 30, 2006 and 82,000 at Septembe\
r 30,)Tj
T*
( 2005. The number of active leases in our portfolio was approxima\
tely)Tj
T*
( 109,000 at September 30, 2006.)Tj
0 -2.39999 TD
( Net Interest and Fee Margin and Cost of Funds)Tj
T*
( - The interest income yield was 12.57% as a percentage of average n\
et)Tj
0 -1.2 TD
( investment in leases for the quarter ended September 30, 2006, an\
)Tj
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( increase of 3 basis points from the quarter ended June 30, 2006 a\
nd a)Tj
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( decrease of 46 basis points from the third quarter of 2005.)Tj
0 -2.39999 TD
( - Fee income as a percentage of average net investment in leases wa\
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0 -1.2 TD
( 3.35% for the quarter ended September 30, 2006 compared to 3.44% \
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( Tangible Equity $126,241 $129,60\
1)Tj
0 -1.2 TD
( Debt to Tangible Equity 4.17 5.5\
0)Tj
0 -2.39999 TD
( Expense Ratios:)Tj
T*
( Salaries and Benefits Expense $5,254 $5,17\
1)Tj
0 -1.2 TD
( Salaries and Benefits Expense)Tj
T*
( annualized % of Avg. Net Invest. 3.55% 3.31\
%)Tj
0 -2.39999 TD
( Total personnel end of quarter 319 31\
0)Tj
T*
( General and Administrative Expense $3,078 $2,86\
8)Tj
0 -1.2 TD
( General and Administrative Expense)Tj
T*
( annualized % of Avg. Net Invest. 2.08% 1.84\
%)Tj
0 -2.39999 TD
( Efficiency Ratio 44.16% 41.55\
%)Tj
T*
( Net Income:)Tj
0 -1.2 TD
( Net Income $5,288 $4,73\
0)Tj
0 -2.39999 TD
( Annualized Performance Measures:)Tj
0 -1.2 TD
( Return on Average Assets 3.09% 2.55\
%)Tj
0 -2.39999 TD
( Return on Average Stockholders')Tj
0 -1.2 TD
( Equity 17.24% 14.79\
%)Tj
0 -2.39999 TD
( Per Share Data:)Tj
T*
( Number of Shares - Basic 11,780,018 11,838,67\
7)Tj
0 -1.2 TD
( EPS- Basic $0.45 $0.4\
0)Tj
0 -2.39999 TD
( Number of Shares - Diluted 12,092,752 12,154,88\
9)Tj
0 -1.2 TD
( EPS- Diluted $0.44 $0.3\
9)Tj
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0 -2.55232 TD
(SOURCE Marlin Business Services Corp.)Tj
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(Contact: Lynne Wilson of Marlin Business Services Corp., +1-856-359-9111\
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0 -1.2 TD
( quarter ended September, 30, 2006 compared to $5.1 million for th\
e)Tj
T*
( quarter ended June 30, 2006. The increase in fee income is primar\
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( attributed to higher late fee realization partially offset by low\
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T*
( residual income on disposed equipment in the current quarter comp\
ared)Tj
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( to the second quarter of 2006. Residual income from disposed equ\
ipment)Tj
T*
( was a net gain of $68,000 in the third quarter ended September 30\
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( compared to a net gain of $246,000 in the second quarter ended Ju\
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( 2006.)Tj
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( - The average cost of funds as a percentage of net investment in le\
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0 -1.2 TD
( was 4.41% for the quarter ended September 30, 2006. This was a 3\
5)Tj
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( basis point increase from the 4.06% for the quarter ended June 30\
,)Tj
T*
( 2006. The increase in the average cost of funds was attributed t\
o the)Tj
T*
( assumption of higher debt balances to fund originations as a resu\
lt of)Tj
T*
( completing a new term securitization transaction, and an increase\
in)Tj
T*
( the variable rate for warehouse borrowings for the quarter ended)Tj
T*
( September 30, 2006. In addition, the Company increased its avail\
able)Tj
T*
( financing through a pre-funding feature in the recent term)Tj
T*
( securitization transaction. The pre-funding proceeds of $122 mil\
lion)Tj
T*
( will be used to finance new lease production into the fourth quar\
ter of)Tj
T*
( 2006. The pre-funding amount increased cost of funds as a percen\
tage)Tj
T*
( of net investment in leases by approximately 10 basis points in t\
he)Tj
T*
( current quarter.)Tj
0 -2.39999 TD
( - Due to the factors discussed above, the net interest and fee marg\
in)Tj
0 -1.2 TD
( was 11.51% as a percentage of average net investment in leases fo\
r the)Tj
T*
( quarter ended September 30, 2006, a decrease of 41 basis points)Tj
T*
( compared to 11.92% for the quarter ended June 30, 2006.)Tj
0 -2.39999 TD
( - The average implicit yield on new business was 12.73% for the qua\
rter)Tj
0 -1.2 TD
( ended September 30, 2006 compared to 12.68% for the quarter ended\
June)Tj
T*
( 30, 2006 and 12.61% in the third quarter of 2005.)Tj
0 -2.39999 TD
( Credit Quality)Tj
T*
( - Net charge-offs totaled $2.7 million for the quarter ended Septem\
ber)Tj
0 -1.2 TD
( 30, 2006, compared with $2.1 million for the second quarter of 20\
06.)Tj
0 -2.39999 TD
( - On an annualized basis, net charge-offs were 1.72% of average net\
)Tj
0 -1.2 TD
( investment in leases during the third quarter of 2006 compared to\
1.44%)Tj
T*
( for the second quarter of 2006 and 1.74% for the full year ended)Tj
T*
( December 31, 2005.)Tj
0 -2.39999 TD
( - As of September 30, 2006, 0.58% of our total lease portfolio was \
60 or)Tj
0 -1.2 TD
( more days delinquent, compared to 0.54% as of June 30, 2006 and 0\
.61%)Tj
T*
( as of December 31, 2005. Allowance for credit losses was $7.8 mil\
lion)Tj
T*
( as of September 30, 2006, compared to $7.4 million as of June 30,\
2006.)Tj
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( - Allowance for credit losses as a percentage of net investment in \
leases)Tj
0 -1.2 TD
( was 1.21% at both September 30, 2006 and June 30, 2006.)Tj
0 -2.39999 TD
( - At September 30, 2006, the allowance for credit losses was 176.1%\
of)Tj
0 -1.2 TD
( leases 60 or more days delinquent compared to 190.6% at June 30, \
2006)Tj
T*
( and 192.30% at December 31, 2005.)Tj
0 -2.39999 TD
( - In conjunction with this release, static pool loss statistics hav\
e been)Tj
0 -1.2 TD
( updated as supplemental information on the investor relations sec\
tion)Tj
T*
( of our website at )Tj
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(.)Tj
-15 -2.54286 Td
( Operating Expenses)Tj
0 -2.39999 TD
( - Salaries and benefits expense was $5.2 million in the third quart\
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0 -1.2 TD
( 2006 compared to $5.3 million in the second quarter. Salaries an\
d)Tj
T*
( benefits expense was 3.31% as an annualized percentage of average\
net)Tj
T*
( investment in leases for the third quarter of 2006 compared to 3.\
55%)Tj
T*
( in the quarter ended June 30, 2006 and 3.40% in the third quarter\
of)Tj
T*
( 2005. In the third quarter of 2006, the Company incurred approxim\
ately)Tj
T*
( $144,000 of salaries and benefits expense associated with Marlin)Tj
T*
( Business Bank \(in organization\) compared to approximately $60,0\
00 for)Tj
T*
( the third quarter ended September 30, 2005. In addition, option-r\
elated)Tj
T*
( compensation expense totaled $240,000 in the third quarter due to\
the)Tj
T*
( adoption of SFAS 123\(R\).)Tj
0 -2.39999 TD
( - Other general and administrative expenses were $2.9 million for t\
he)Tj
0 -1.2 TD
( third quarter of 2006, a decrease of $211,000 from $3.1 million f\
or the)Tj
T*
( second quarter of 2006. Other general and administrative expenses\
as an)Tj
T*
( annualized percentage of average net investment in leases was 1.8\
4% for)Tj
T*
( the third quarter of 2006 compared to 2.08% for the second quarte\
r of)Tj
T*
( 2006 and 2.27% in the third quarter of 2005.)Tj
0 -2.40001 TD
( Funding and Liquidity)Tj
0 -2.39999 TD
( - On September 21, 2006 we completed our eighth term asset-backed)Tj
0 -1.2 TD
( securitization transaction at a weighted average fixed borrowing \
cost)Tj
0 -1.20001 TD
( of 5.51% over the term of the transaction. The securitization am\
ounted)Tj
0 -1.2 TD
( to $380.2 million, and the note classes were rated P-1/A-1+, Aaa/\
AAA,)Tj
T*
( A2/A, Baa2/BBB by Moody's Investors Service, Inc. and Standard & \
Poor's)Tj
T*
( Ratings Service. Proceeds from the transaction were used to repa\
y the)Tj
T*
( Company's revolving warehouse credit facilities and provide addit\
ional)Tj
0 -1.20001 TD
( liquidity for future lease production. As a result of hedging act\
ivity)Tj
0 -1.2 TD
( and other transaction costs, we expect total interest expense on \
the)Tj
T*
( 2006 term transaction to approximate an average of 5.21% over the\
term)Tj
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( of the borrowing.)Tj
0 -2.39999 TD
( - On September 15, 2006, the Company paid off its 2003-1 term)Tj
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( securitization when the remaining note balances outstanding were)Tj
0 -1.2 TD
( approximately $31.5 million at a coupon rate of approximately 3.1\
9%.)Tj
0 -2.39999 TD
( - On September 28, 2006, the Company extended its $125 million ware\
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0 -1.2 TD
( facility to September 27, 2007.)Tj
0 -2.39999 TD
( - During the third quarter ended September 30, 2006 the Company ent\
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0 -1.2 TD
( into a series of forward starting interest rate swap agreements w\
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T*
( total underlying notional amounts of \(i\) $200.0 million at a bl\
ended)Tj
T*
( strike rate of approximately 5.25% to commence in October 2007,)Tj
T*
( related to its forecasted 2007 term note securitization and \(ii\)\
$100)Tj
T*
( million at a blended strike rate of approximately 5.34% to commen\
ce in)Tj
T*
( October 2008, related to its forecasted 2008 term note securitiza\
tion.)Tj
0 -2.39999 TD
( - Capital increased an additional $310,000 through the exercise of)Tj
0 -1.2 TD
( employee stock options and the related tax benefits during the th\
ird)Tj
T*
( quarter of 2006.)Tj
0 -2.39999 TD
( - The Company's debt to equity ratio was 5.50:1 at September 30, 20\
06)Tj
0 -1.2 TD
( compared to 4.17:1 at June 30, 2006. The increase in this ratio \
is)Tj
T*
( primarily attributed to the additional borrowings associated with\
the)Tj
T*
( $122 million pre-funding feature of our 2006 term securitization.\
Our)Tj
T*
( debt to equity ratio was a similar 5.42:1 at September 30, 2005)Tj
T*
( following our 2005 securitization.)Tj
0 -2.39999 TD
( Conference Call and Webcast)Tj
/T1_0 1 Tf
0 -2.55232 TD
(We will host a conference call on Friday, November 3, 2006 at 9:00 a.m. \
EST to discuss our third quarter 2006 )Tj
0 -1.2 TD
(results. If you wish to participate, please call \(800\) 903-0258 approx\
imately 10 minutes in advance of the call time. )Tj
T*
(The conference ID will be: "7Marlin." The call will also be Webcast on t\
he Investor Relations page of the Marlin )Tj
T*
(Business Services Corp. website, )Tj
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(http://www.marlincorp.com)Tj
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(Investor Relations section of Marlin's website for approximately 90 days\
.)Tj
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(About Marlin Business Services Corp.)Tj
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(Marlin Business Services Corp. is a nationwide provider of equipment lea\
sing solutions primarily to small )Tj
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(businesses. The Company's principal operating subsidiary, Marlin Leasing\
Corporation, finances over 60 equipment )Tj
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(categories in a segment of the market generally referred to as "small-ti\
cket" leasing \(i.e. leasing transactions less )Tj
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(than $250,000\). The Company was founded in 1997 and completed its initi\
al public offering of common stock on )Tj
T*
(November 12, 2003. In addition to its executive offices in Mount Laurel,\
NJ, Marlin has regional offices in or near )Tj
T*
(Atlanta, Chicago, Denver, Philadelphia and Salt Lake City. For more info\
rmation, visit )Tj
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(or call toll-free at \(888\) 479-9111.)Tj
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(This release contains "forward-looking statements" within the meaning of\
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(regarding future financial and operating results\) involve risks, uncert\
ainties and contingencies, many of which are )Tj
0 -1.2 TD
(beyond our control, which may cause actual results, performance, or achi\
evements to differ materially from )Tj
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(anticipated results, performance, or achievements. All statements contai\
ned in this release that are not clearly )Tj
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(historical in nature are forward-looking, and the words "anticipate," "b\
elieve," "expect," "estimate," "plan," "may," )Tj
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("intend," and similar expressions are generally intended to identify for\
ward- looking statements. Economic, )Tj
T*
(business, funding, market, competitive, legal and/or regulatory factors,\
among others, affecting our business are )Tj
T*
(examples of factors that could cause actual results to differ materially\
from those described in the forward-looking )Tj
T*
(statements. More detailed information about these factors is contained i\
n our filings with the SEC, including the )Tj
T*
(sections captioned "Risk Factors" and "Business" in the Company's Form 1\
0-K/A filed with the Securities and )Tj
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(Exchange Commission. We are under no obligation to \(and expressly discl\
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(alter our forward- looking statements, whether as a result of new inform\
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( 2006 2005\
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( ---- ----\
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( \(Unaudited\))Tj
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( Assets)Tj
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( Cash and cash equivalents $34,159 $34,4\
72)Tj
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( Restricted cash 179,964 47,7\
86)Tj
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( Net investment in direct financing leases 656,842 572,5\
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( Property and equipment, net 3,573 3,7\
76)Tj
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( Property tax receivables 721 1\
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( Fair value of cash flow hedge derivatives 690 3,3\
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( Other assets 10,970 8,8\
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( ------ ---\
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( Total assets $886,919 $670,9\
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( Liabilities and Stockholders' Equity)Tj
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( Revolving and term secured borrowings $712,355 $516,8\
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( Other liabilities:)Tj
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( Fair value of cash flow hedge derivatives 1,801 \
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( Sales and property taxes payable 10,069 7,7\
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( Accounts payable and accrued expenses 9,364 8,4\
67)Tj
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( Deferred income tax liability 23,729 25,3\
62)Tj
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( ------ ----\
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( Total liabilities 757,318 558,3\
80)Tj
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( ------- -----\
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( Commitments and Contingencies)Tj
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( Stockholders' equity:)Tj
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( shares issued and outstanding, respectively 120 1\
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( Preferred Stock, $0.01 par value; 5,000,000)Tj
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( shares authorized; none issued - \
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( Additional paid-in capital 80,567 77,1\
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( Stock subscription receivable \(19\) \
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( Cumulative other comprehensive income 2,370 3,5\
20)Tj
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( Retained earnings 46,563 31,8\
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( ------ ----\
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( Total stockholders' equity 129,601 112,6\
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( ------- -----\
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( Total liabilities and stockholders')Tj
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( equity $886,919 $670,9\
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( \(Dollars in thousands, except per-share data\))Tj
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( 2006 2005 2006 2\
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( Income:)Tj
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( Interest income $19,629 $17,490 $55,996 $4\
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( Fee income 5,241 4,225 15,245 1\
3,258)Tj
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( ----- ----- ------ -\
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( Interest and fee income 24,870 21,715 71,241 6\
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( Interest expense 6,888 5,618 18,389 1\
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( ----- ----- ----- \
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( Net interest and fee income)Tj
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( after provision for credit)Tj
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( losses 14,900 12,587 45,756 3\
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( Insurance and other income 1,365 1,162 3,949 \
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( ----- ----- ----- \
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( Operating income 16,265 13,749 49,705 4\
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( Non-interest expense:)Tj
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( Salaries and benefits 5,171 4,567 15,570 1\
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( General and administrative 2,868 3,049 8,692 \
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( Non-interest expense 8,447 8,006 25,322 2\
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( taxes 7,818 5,743 24,383 1\
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( Income taxes 3,088 2,299 9,631 \
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