Welcome to our dedicated page for Medallion Finacl news (Ticker: MFIN), a resource for investors and traders seeking the latest updates and insights on Medallion Finacl stock.
Medallion Financial Corp. reports developments for a specialty finance business that originates and services loans across consumer and commercial categories, including recreation, home improvement, commercial lending, and loan origination services for fintech strategic partners. News commonly covers quarterly earnings, net interest income, net interest margin, loan originations, credit loss provisions, portfolio growth, book value, and common-stock dividends.
Company updates also include activity at Medallion Bank, its wholly owned FDIC-insured subsidiary, which provides consumer loans for recreational vehicles, boats, and home improvements and reports its own results and preferred-stock dividends. Other recurring topics include debt financing, senior notes, balance-sheet management, and leadership changes tied to the lending platform.
Medallion Financial Corp. (MFIN) has successfully completed a private placement of $33.6 million in senior unsecured notes, set to mature on December 30, 2027, with a fixed interest rate of 7.50%. The funds will be utilized for general corporate purposes, including paying off existing 9% senior notes due in April 2021. The notes received an investment grade rating of A minus from Egan-Jones. This event highlights the company's strong performance in commercial and consumer lending. The offering was led by Piper Sandler & Co., with co-placement by Oppenheimer & Co. and B. Riley Securities.
Medallion Financial Corp. (Nasdaq: MFIN) will participate in the Jefferies Virtual Crossover Consumer Finance Summit on December 10, 2020. Interested parties can arrange meetings through their Jefferies representatives. Medallion Financial specializes in originating and servicing loans across various sectors, having lent over $9 billion since its IPO in 1996. Its subsidiary, Medallion Bank, also provides consumer loans. This participation highlights Medallion's ongoing engagement in the financial services sector.
Medallion Financial Corp. (NASDAQ: MFIN) reported a net loss of $23.6 million, or $0.97 per share, for Q3 2020, a shift from a net income of $5.0 million in Q3 2019. The medallion segment faced a significant loss of nearly $36 million due to COVID-19 impacts, prompting all loans to be placed on non-accrual status. Net interest income rose 15% to $29.1 million, driven by strong performance in consumer lending. The company’s total assets reached $1.6 billion, and the Tier 1 leverage ratio stood at 15.47%. A $3.8 million payment from a large borrower is expected to affect Q4 results positively.
Medallion Financial Corp. (Nasdaq: MFIN) will report its 2020 third quarter results on November 2, 2020, at 7:30 a.m. Eastern Time. A conference call to discuss these results will follow at 9:00 a.m. the same day. Interested parties can join the call by dialing (877) 407-0789 or (201) 689-8562. A live webcast will also be available on the company's website. A replay of the call will be accessible until November 9, 2020. Medallion Financial has lent over $9 billion since its IPO in 1996, specializing in various loans through its subsidiary, Medallion Bank.