Marlin Business Services Corp. (NASDAQ:MRLN) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 09:00 am ET

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Marlin Business Services Corp. (NASDAQ:MRLN) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings. And welcome to the Marlin's Second Quarter 2020 Earnings Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note, this conference is being recorded.

I would now like to turn the conference over to your host, Lasse Glassen, Managing Director, ADDO Investor Relations. Thank you. You may begin.

Executive
Lasse Glassen

Good morning and thank you for joining us today for Marlin Business Service Corp.'s 2020 second quarter results conference call. On the call today is Jeff Hilzinger, President and Chief Executive Officer; Lou Maslowe, Senior Vice President and Chief Risk Officer; and Mike Bogansky, Senior Vice President and Chief Financial Officer.

Before beginning today's call, let me remind you that some of the statements made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995 as further described in slide two of the Company's quarterly earnings supplemental presentation. This is posted under the Events & Presentations in the Investors section of the Company's website at www.marlincapitalsolutions.com.

Such forward-looking statements represent only the Company's current beliefs regarding future events and are not guarantees of performance or results. Actual performance or results may differ materially from those projected or implied in such forward-looking statements due to a variety of factors, including, but not limited to the factors described under the headings Forward-Looking Statements and Risk Factors in Marlin's periodic reports filed with the United States Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q, which are also available in the Investors section of the Company's website. Investors are cautioned not to place undue reliance on such forward-looking statements.

During this call, Marlin may discuss various non-GAAP financial measures, including adjusted earnings per share and adjusted operating efficiency ratio. Please refer to our earnings release for a description of these and other non-GAAP financial measures as well as a reconciliation of such measures to their most directly comparable GAAP financial measure.

With that, it's now my pleasure to turn the call over to Marlin's President and Chief Executive Officer, Jeff Hilzinger. Jeff? Thank you, Lasse. Good morning and thank you everyone for joining us to discuss our 2020 second quarter results. My comments today will focus on an overview of the key highlights from this past quarter and Marlin's operational response to mitigate the impact of the COVID-19 pandemic on our business. Lou Maslowe, our Chief Risk Officer, will provide an update on the performance of our portfolio and Mike Bogansky, our Chief Financial Officer, will follow with additional details on our second quarter financial results. During the second quarter, we continued to operate in a challenging and uncertain environment arising from the ongoing COVID-19 health crisis. Second quarter total sourced origination volume of $67.2 million was well below our year ago results. During the quarter, demand for financing by the small business community continued at the reduced levels we began experiencing in mid-March, driven by the challenges facing many industries from widespread quarantine