Medallion Financial (US:MFIN)2025-10-29 20:10Financial Performance - Total net income attributable to stockholders for Q3 2025 was $7.8 million, or $0.32 per share, excluding a non-recurring charge of $3.5 million, net income was $11.3 million, compared to $8.6 million in the prior year quarter [6]. - Nine months earnings increased 20% year over year, supported by strong portfolio diversification and disciplined underwriting [5]. - Net income after taxes for the three months ended September 30, 2025, was $13,614 thousand, a 34.7% increase from $10,123 thousand in the same period of 2024 [24]. - Basic net income per share for the three months ended September 30, 2025, was $0.34, a decrease from $0.38 in 2024 [24]. - Other income for the three months ended September 30, 2025, totaled $3,048 thousand, significantly higher than $587 thousand in the same period of 2024 [24]. Loan and Interest Metrics - Net interest income grew 6% to $55.7 million from $52.7 million in the prior year quarter, with a net interest margin on gross loans of 8.21% [6]. - Loan originations increased to $427.4 million, compared to $275.6 million in the prior year quarter, including $208.4 million from strategic partnerships, up from $39.9 million a year ago [6][9]. - The average interest rate on recreation loans was 15.17% at quarter-end, compared to 14.92% a year ago [9]. - Net interest income for the three months ended September 30, 2025, was $55,686 thousand, an increase of 5.4% compared to $52,737 thousand for the same period in 2024 [24]. - Total interest income for the nine months ended September 30, 2025, was $233,637 thousand, up from $214,183 thousand in 2024, representing an increase of 9.1% [24]. Asset and Liability Overview - Total assets amounted to $2.900 billion, up from $2.880 billion at September 30, 2024 [13]. - Total assets increased to $2,900,387 thousand as of September 30, 2025, up from $2,868,606 thousand at December 31, 2024, representing a growth of 1.1% [22]. - Total liabilities decreased to $2,403,510 thousand as of September 30, 2025, from $2,429,648 thousand at December 31, 2024, reflecting a reduction of 1.1% [22]. - Total stockholders' equity increased to $397,448 thousand as of September 30, 2025, compared to $370,170 thousand at December 31, 2024, marking a growth of 7.4% [22]. Cash and Dividend Information - Cash and cash equivalents were $212.1 million as of September 30, 2025, down from $244.7 million a year ago [13]. - The company declared a quarterly cash dividend of $0.12 per share, unchanged from previous quarters and 20% higher than the same quarter last year [11]. Credit Quality - Provision for credit losses decreased to $18,556 thousand for the three months ended September 30, 2025, down from $20,151 thousand in 2024, indicating improved credit quality [24]. - Total strategic partnership loans held as of quarter-end were $15.3 million, compared to $3.2 million a year ago [9]. Portfolio Growth - The loan portfolio reached $2.56 billion, a 3% increase from $2.485 billion a year ago [6]. - The number of shares outstanding increased to 23,279,435 as of September 30, 2025, from 23,135,624 at December 31, 2024, indicating a growth in equity participation [22].