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ZimCal Asset Management, expresses concern over Medallion Financial Corp.'s 1Q24 results, emphasizing the need for change in governance and leadership. Despite a boost in earnings from recoveries and provisions, critical metrics show performance decline. The company urges MFIN to address subprime loan risks and track key data for mitigation. ZimCal emphasizes the importance of monitoring trends and taking concrete actions to improve the company's financial health.
Medallion Financial Corp. reported its 2024 first quarter results, with net income of $10.0 million, or $0.42 per share, a decrease from the prior year quarter. Cash collected on taxi medallion-related assets was $3.1 million, compared to $13.2 million in the prior year. Loan originations were $173.1 million, a decrease from the prior year. Total loans grew to $2.2 billion, with a credit loss provision of $17.2 million. The company repurchased shares and declared a quarterly cash dividend of $0.10 per share.
Medallion Bank, a subsidiary of Medallion Financial Corp., reported its 2024 Q1 results with net income of $14.5 million, net interest income of $48.2 million, and a loan portfolio growth of 12%. The bank also declared a $0.50 per share dividend on its Series F Preferred Stock.