Medallion Financial Q1 net income $15.4M ($0.67 EPS) vs $9.8M; chairman CEO term to expire 2027

MEDALLION FINANCIAL CORP

2023-Q1 EPS reported $0.67

Net income $15.4M ($0.67 EPS) vs $9.8M ($0.39); net interest income up 21% to $43.6M.
Loan originations $227.3M, up 6%; consumer loans grew 20% YoY to $2.4B total assets.
Medallion recoveries $13.2M contributed $0.28 EPS; credit loss provision $4.0M vs $3.2M.
Chairman/CEO Alvin Murstein not renewing term, CEO expires May 28, 2027; President Andrew Murstein term extended to same date.
Quarterly dividend $0.08/share payable May 31; $20M remaining in $40M buyback program.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Alvin Murstein

Chief Executive Officer and Chairman of the Board

MFIN · MEDALLION FINANCIAL CORP

Effective: 2027-05-28
Filed: May 1, 2023, 7:59 PM ET

Mr. Alvin Murstein, the Company’s Chairman of the Board and Chief Executive Officer, notified the Company of his election not to renew the term of his employment

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MEDALLION FINANCIAL CORP reported quarter ended March 31, 2023 results: net income $15.4 million, EPS $0.67 per share.

Period: quarter ended March 31, 2023
Net income: $15.4 million
EPS: $0.67 per share
Result: reported results

Exact text from the filing

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 March 31, 2023. 2023 First Quarter Highlights • Net income was $15.4 million, or $0.67 per share, compared to $9.8 million, or $0.39 per share, in the prior year quarter.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Alvin Murstein departed as Chief Executive Officer and Chairman of the Board at MEDALLION FINANCIAL CORP.

Action: not renewing
Role: Chief Executive Officer and Chairman of the Board

Exact text from the filing

Mr. Alvin Murstein, the Company’s Chairman of the Board and Chief Executive Officer, notified the Company of his election not to renew the term of his employment

View on SEC.gov

51 earnings releases filed in the last 30 days. Browse all earnings releases →

MEDALLION FINANCIAL CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-130388

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