Medallion Financial Q3 net income $11.2M ($0.48/sh); dividend raised 25% to $0.10

MEDALLION FINANCIAL CORP

2023-Q3 EPS reported $1.77

Net income $11.2M ($0.48/diluted) vs $7.6M ($0.32) in Q3 2022; net interest income up 16% to $48.8M.
Board increased quarterly dividend 25% to $0.10/share, payable Nov 30 to holders of record Nov 15.
Loan originations $217.4M, down from $273.7M; total loans grew 19% to $2.2B; total assets hit all-time high $2.6B.
Collected $5.7M on taxi medallion assets in Q3; subsequent $9.4M collection in Oct to add $8.0M pre-tax gain in Q4.
Credit loss provision rose to $14.5M from $10.0M; recreation originations fell to $92.6M from $149.2M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MEDALLION FINANCIAL CORP reported the quarter ended September 30, 2023 results: net income $11.2 million, EPS $0.48 per share.

Period: the quarter ended September 30, 2023
Net income: $11.2 million
EPS: $0.48 per share
Result: reported results

Exact text from the filing

MEDALLION FINANCIAL CORP. REPORTS 2023 THIRD QUARTER RESULTS NEW YORK, NY – October 30, 2023 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended September 30, 2023.

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Source: SEC EDGAR

accession 0000950170-23-056383

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