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.
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Medallion Financial Corp. (NASDAQ: MFIN) announced it will release its 2023 first quarter results after market close on May 1, 2023. The results will reflect performance for the period ending March 31, 2023. A conference call is scheduled for May 2, 2023, at 9:00 a.m. Eastern time, where management will discuss the financial results. Interested parties may join via U.S. dial-in at (844) 826-3033 or international at (412) 317-5185. The company specializes in originating and servicing loans across various consumer and commercial sectors, focusing on industries like recreation and home improvement. Medallion Financial's largest subsidiary, Medallion Bank, is located in Salt Lake City, Utah. For further details, visit the company's IR website.
Medallion Financial Corp. (NASDAQ: MFIN) reported its Q4 2022 results, showing a net income of $13.1 million ($0.57 per share) versus $19.5 million ($0.78 per share) a year prior. Net interest income rose 22% to $43.6 million, while net interest margin dropped to 8.86%. Loan originations were nearly flat at $191.9 million. For the full year, net income was $43.8 million ($1.83 per share), down from $54.1 million ($2.17 per share) in 2021, despite a 26% increase in net interest income to $160.4 million. The loan loss provision surged to $30.1 million from $4.6 million. The company declared a quarterly dividend of $0.08 per share and repurchased shares totaling $20.6 million during the year.