Medallion Financial Q2 net income falls to $7.1M ($0.30/share) from $14.2M; NII hits record $49.9M

MEDALLION FINANCIAL CORP

2024-Q2 EPS reported $0.73

Net income $7.1M ($0.30 diluted EPS) vs $14.2M ($0.62) prior year; credit loss provision rose to $18.6M from $8.5M.
Net interest income record $49.9M, up 7% YoY; net interest margin on net loans 8.42% vs 8.77%.
Recreation loan originations $209.6M (+10% YoY); home improvement originations $68.0M (-42% YoY).
Total loans grew 11% to $2.4B; recreation segment 63% of portfolio, up from 62% a year ago.
Repurchased 183,900 shares at avg $8.24; quarterly dividend maintained at $0.10 per share.

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