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. 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.
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