Medallion Financial (MFIN) - 2024 Q3 - Quarterly Results

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]