Medallion Finacl Stock Price, News & Analysis

Medallion Financial Corp. (MFIN) announced robust second-quarter results for 2022, with net income soaring by 30% to $13.3 million, or $0.54 per share.

Net interest income increased by 32% to $38.9 million, while loan originations rose 45% to $305 million. Total assets surpassed $2 billion, reaching $2.1 billion. The company repurchased 1.27 million shares for $10 million and declared a dividend of $0.08 per share. Overall, the growth in lending across sectors and reduced charge-offs reflect strong financial health.

Medallion Bank (MFIN) reported its second quarter results for 2022, showcasing a net income of $17.9 million, up from $17.5 million year-over-year. Net interest income rose to $40 million with a margin of 9.5%. The total loan portfolio expanded by 28.5% to $1.6 billion, with assets totaling $1.8 billion. However, the provision for loan losses increased to $6 million from a benefit last year, with annualized charge-offs at 0.2%. The Board declared a quarterly cash dividend of $0.50 for Series F preferred stock, payable October 3, 2022.

Medallion Financial Corp. (NASDAQ: MFIN) will report its 2022 Q2 results post-market on July 27, 2022. A conference call is scheduled for July 28 at 9:00 a.m. ET, with dial-in options available. Investors can access the live webcast on the company's website. The earnings conference call will facilitate direct engagement with portfolio managers and analysts, enhancing institutional investor relations. Medallion Financial, based in New York City, originates and services loans across various sectors, including recreation and home improvement.

Medallion Bank (Nasdaq: MFIN) has finalized a deal with Covered Holdings to offer loans via the Covered Care patient financing program. This partnership aims to aid underserved Americans in securing healthcare financing through a buy now, pay later model. Covered Holdings, backed by Fortress Investment Group and Westlake Financial, emphasizes high approval rates and flexible options. Medallion's CEO expressed enthusiasm about leveraging innovative technologies to enhance financial accessibility.

Medallion Financial Corp. (NASDAQ: MFIN) announced its participation in the 3rd Annual Loop Capital Markets Investor Conference on June 1-2, 2022. The first day will feature virtual 1x1 and group meetings, while the second day will include in-person meetings at the Westin New York Times Square. Medallion management will be available for one-on-one discussions on June 2. Interested parties can contact their Loop Capital Markets representative or reach out to Medallion's Investor Relations for scheduling.

Medallion specializes in originating and servicing loans across various industries, including recreation and home improvement.

Medallion Financial Corp. (NASDAQ: MFIN) reported a 17% increase in net income for Q1 2022, totaling $9.8 million, or $0.39 per share, up from $8.4 million, or $0.34 per share in Q1 2021. Net interest income rose 25% to $35.9 million, while loan originations surged 44% to $213.7 million. The recreation loan portfolio surpassed $1 billion. The company reinstated a cash dividend of $0.08 per share and repurchased 67,660 shares at an average price of $9.12. Low charge-offs and improved delinquencies were noted, with net charge-offs at $2.7 million.

Medallion Financial Corp. (NASDAQ: MFIN) announced it will release its Q1 2022 financial results after the market closes on May 2, 2022. A conference call to discuss these results is scheduled for May 3 at 9:00 a.m. Eastern Time. Interested participants can join by dialing (877) 407-0789 for U.S. or (201) 689-8562 internationally. The call will also be available via a webcast on Medallion Financial’s website. Additionally, management will hold individual meetings with institutional investors following the earnings call.

Medallion Financial Corp. (NASDAQ: MFIN) has announced a new stock repurchase program authorized at $35 million, marking the largest in its history. The company also appointed Brent O. Hatch as the new Lead Independent Director and plans to add another independent director soon. Additionally, a cooperation agreement with KORR Value, L.P. was reached, ensuring KORR will withdraw its director nominees for the upcoming annual meeting. Medallion Financial aims to enhance corporate governance and boost shareholder value amidst significant growth in its consumer and commercial lending sectors.

Medallion Bank (Nasdaq: MBNKP) reported a net income of $18.8 million for Q1 2022, a 36% increase from the previous year. Net interest income rose to $37.2 million with a net interest margin of 9.66%. The recreation loan portfolio expanded by 21.5% to $1.0 billion, while home improvement loans surged by 38.3% to $473.5 million. The Board declared a dividend of $0.50 per share on April 28, payable on July 1, 2022.