Medallion Bank reports record Q1 net income $21.4M; loan portfolio up 26.4% YoY

MEDALLION FINANCIAL CORP

2023-Q1 EPS reported $0.67

Record net income of $21.4M vs. $18.8M in Q1 2022, driven by loan growth and medallion recoveries.
Net interest income $44.3M (NIM 9.05%), compared to $37.2M (9.66%) in prior year quarter.
Total loan portfolio grew 26.4% to $1.9B; recreation loans up 20.5%, home improvement up 41.4%.
Annualized net charge-offs rose to 2.5% from 0.7%, partly due to CECL adoption and $2.5M bankruptcy charge-offs.
Declared Series F preferred dividend $0.50/share payable July 3, 2023 to holders of record June 15.

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