Medallion Financial (MFIN) reported $53.32 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 0.4%. EPS of $0.37 for the same period compares to $0.48 a year ago. The reported revenue represents a surprise of +0.84% over the Zacks Consensus Estimate of $52.88 million. With the consensus EPS estimate being $0.36, the EPS surprise was +2.78%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations ...

Medallion Financial (MFIN) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 2.78%. A quarter ago, it was expected that this business development company would post earnings of $0.33 per share when it actually produced earnings of $0.30, delivering a surprise of -9.09%. Over the last f ...

Financial Performance - Net income for Q3 2024 was $8.6 million, or $0.37 per share, down from $11.2 million, or $0.48 per share, in Q3 2023[2] - Total net income attributable to Medallion Financial Corp. for Q3 2024 was $8,611,000, a decrease of 23.4% from $11,230,000 in Q3 2023[14] - Basic net income per share for Q3 2024 was $0.38, down from $0.50 in Q3 2023, representing a 24% decline[14] - Income before income taxes for Q3 2024 was $14,178,000, down 27.2% from $19,469,000 in Q3 2023[14] Revenue and Income - Net interest income increased by 8% to $52.7 million from $48.8 million in the prior year quarter[2] - Total interest income for Q3 2024 was $76,409,000, an increase of 15.5% from $65,886,000 in Q3 2023[14] - Net interest income after provision for credit losses decreased to $32,586,000 in Q3 2024, down 4.9% from $34,252,000 in Q3 2023[14] - Total interest expense for Q3 2024 rose to $23,672,000, an increase of 38.5% from $17,102,000 in Q3 2023[14] Loan Performance - Loan originations reached $275.6 million, compared to $217.4 million in the same quarter last year, representing a growth of 27%[2] - Total loans grew by 13% to $2.5 billion as of September 30, 2024, compared to $2.2 billion a year ago[2] - Recreation loans grew 15% to $1.6 billion, accounting for 63% of total loans as of September 30, 2024[6] - Home improvement loans increased by 8% to $814.1 million, representing 33% of total loans[7] Credit Loss Provision - The credit loss provision rose to $20.2 million from $14.5 million in the prior year quarter[2] - Provision for credit losses increased significantly to $20,151,000 in Q3 2024, compared to $14,532,000 in Q3 2023, reflecting a 38.6% rise[14] Dividends - The Board of Directors declared a quarterly dividend of $0.11 per share, reflecting a 10% increase[2][6] - Dividends declared per common share increased to $0.10 in Q3 2024, compared to $0.08 in Q3 2023, marking a 25% increase[14] Assets and Shares - Total assets reached a record high of $2.88 billion, up from $2.56 billion a year ago[13] - Weighted average diluted shares outstanding increased to 23,447,929 in Q3 2024 from 23,392,901 in Q3 2023[14] Interest Rates - The average interest rate for recreation loans was 14.92%, while for home improvement loans it was 9.76%[6][7] Other Expenses - Total other expenses for the nine months ended September 30, 2024, were $57,215,000, slightly up from $56,484,000 in the same period of 2023[14]

Core Viewpoint - Medallion Bank reported a net income of $15.5 million for Q3 2024, a decrease from $17.2 million in the same quarter last year, while net interest income increased to $53.2 million, reflecting growth in loan origination volumes for recreational and home improvement loans [2][3]. Financial Performance - Net income for Q3 2024 was $15.5 million, down from $17.2 million in Q3 2023 [2]. - Net interest income rose to $53.2 million from $48.7 million year-over-year [2]. - The net interest margin decreased to 8.44% from 8.70% in the prior year [2]. - Total provision for credit losses was $20.2 million, compared to $14.0 million in the prior year [2]. - Annualized net charge-offs increased to 2.31% of average loans outstanding from 1.97% in the prior year [2]. - Total assets reached $2.6 billion, with a Tier 1 leverage ratio of 15.66% as of September 30, 2024 [2]. Loan Portfolio Growth - The total loan portfolio grew by 13% year-over-year to $2.4 billion as of September 30, 2024 [2]. - The recreation loan portfolio increased by 15% to $1.555 billion, with loan originations of $139.1 million compared to $92.6 million in the prior year [3]. - The home improvement loan portfolio grew by 8% to $814.1 million, with loan originations of $96.5 million compared to $79.3 million in the prior year [4]. Delinquency and Charge-Offs - Delinquencies for recreation loans increased to $64.6 million (4.15%) from $51.4 million (3.82%) year-over-year [3]. - Annualized net charge-offs for recreation loans rose to 3.18% from 2.67% in the prior year [3]. - Delinquencies for home improvement loans increased to $8.3 million (1.02%) from $6.8 million (0.90%) year-over-year [4]. Strategic Partnerships - The bank originated $40 million in loans through fintech strategic partners during the quarter, indicating a cautious but steady growth in this area [3]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.50 per share on Series F Preferred Stock, payable on January 2, 2025 [5].

Wall Street expects a year-over-year decline in earnings on lower revenues when Medallion Financial (MFIN) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Oct ...

NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, the "Company"), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as loan products and services offered through fintech strategic partners, announced today that it will report its results for the quarter ended September 30, 2024, after the market closes on Tuesday, October 29, 2024. CONFERENCE CALL AND WEBCAST INFORMATION A conference call to discuss the fi ...

2Q24 results show worrying trends that must be addressed immediately. Core charge-offs (YoY), ROAA, ROAE and holding company cash-burn trended poorly. Quarterly earnings, ROAA and core ROAA (Ex. Taxi Medallion) are at 3-year lows. Low Price/Tangible Book Value multiple may be an indication of market skepticism despite Russell 3000 inclusion. ZimCal believes that Medallion Financial Corp. has tremendous upside with the right governance and leadership. ZimCal previously provided MFIN with a version of its "5 ...

NEW YORK, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, "Medallion" or the "Company"), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today it will participate in the upcoming Investor Summit 2024 Conference. Investor Summit 2024 Conference The Conference will take place virtually MFIN management will participate in a presentation ...

Medallion Financial (MFIN) came out with quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -9.09%. A quarter ago, it was expected that this business development company would post earnings of $0.35 per share when it actually produced earnings of $0.42, delivering a surprise of 20%. Over the last fou ...

FOR IMMEDIATE RELEASE: NEW YORK, NY – July 30, 2024 – Medallion Financial Corp. (NASDAQ: MFIN, "Medallion" or the "Company"), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2024. 2024 Second Quarter Highlights • Net income was $7.1 million, or $0.30 per share, compared to $14.2 million, or $0.62 per share, in th ...