Medallion Financial Corp. reported its third-quarter results for 2024, showcasing several highlights. Net income for the quarter was $8.6 million, or $0.37 per share, a decrease from the previous year’s quarter. Despite this, net interest income saw an 8% growth to $52.7 million, with loan originations reaching $275.6 million. The total loans grew by 13% to $2.5 billion compared to the previous year.
The company also noted an increase in the credit loss provision to $20.2 million and repurchased 122,344 shares of common stock at an average cost of $7.89 per share. Additionally, the Board of Directors approved a 10% increase in the quarterly cash dividend to $0.11 per share.
Andrew Murstein, President of Medallion Financial Corp., expressed satisfaction with the quarterly performance. He highlighted the growth in consumer lending segments, particularly in recreation and home improvement loans. The company remains optimistic about the performance of its loan portfolio and net interest income, which reached a record high during the quarter.
In terms of business segments, the Recreation Lending Segment saw a 15% growth in originations, with recreation loans accounting for 63% of total loans. The Home Improvement Lending Segment also experienced growth, with loans increasing by 8% compared to the previous year.
The Commercial Lending Segment had $110.1 million in commercial loans, while the Taxi Medallion Lending Segment collected $4.1 million in cash on taxi medallion-related assets during the quarter.
Regarding capital allocation, the Company declared a quarterly dividend of $0.11 per share and repurchased shares of common stock. A conference call to discuss the third-quarter financial results is scheduled for October 30, 2024.
Medallion Financial Corp. is a specialty finance company that originates and services loans in various consumer and commercial industries, with a focus on recreation and home improvement loans. The company’s total assets, net interest income, and total interest income were all at record highs during the quarter.
Please note that this press release contains forward-looking statements related to business performance, cash flow, and growth strategy. Actual results may differ from these statements due to various factors and developments. For more information, please refer to the Company’s 2023 Annual Report on Form 10-K.
For Investor Relations, contact 212-328-2176 or [email protected].
The consolidated balance sheets and statements of operations for the quarter are provided in the press release.
—
Translation to B1 English:
Medallion Financial Corp. reported its third-quarter results for 2024, highlighting several key points. Despite a decrease in net income compared to the previous year, the company saw an 8% increase in net interest income to $52.7 million, with loan originations reaching $275.6 million. Total loans grew by 13% to $2.5 billion as of September 30, 2024, compared to the previous year.
The credit loss provision increased to $20.2 million, and the company repurchased 122,344 shares of common stock at an average cost of $7.89 per share. Additionally, the Board of Directors approved a 10% increase in the quarterly cash dividend to $0.11 per share.
Andrew Murstein, President of Medallion Financial Corp., expressed satisfaction with the quarterly performance, highlighting the growth in consumer lending segments, particularly in recreation and home improvement loans. The company remains optimistic about the performance of its loan portfolio and net interest income, which reached a record high during the quarter.
In terms of business segments, the Recreation Lending Segment experienced a 15% growth in originations, with recreation loans accounting for 63% of total loans. The Home Improvement Lending Segment also saw growth, with loans increasing by 8% compared to the previous year.
The Commercial Lending Segment had $110.1 million in commercial loans, while the Taxi Medallion Lending Segment collected $4.1 million in cash on taxi medallion-related assets during the quarter.
Regarding capital allocation, the Company declared a quarterly dividend of $0.11 per share and repurchased shares of common stock. A conference call to discuss the third-quarter financial results is scheduled for October 30, 2024.
Medallion Financial Corp. is a specialty finance company that originates and services loans in various consumer and commercial industries, with a focus on recreation and home improvement loans. The company’s total assets, net interest income, and total interest income were all at record highs during the quarter.