Welcome to our dedicated page for Medallion Financial news (Ticker: MFIN), a resource for investors and traders seeking the latest updates and insights on Medallion Financial stock.
Medallion Financial Corp. (NASDAQ: MFIN) is a publicly traded specialty finance company with a significant presence in financing taxi medallions and other targeted industries. The company operates the largest taxitop advertising network in the United States.
Medallion Financial Corp. focuses on originating and servicing loans across various sectors, including recreation, home improvement, commercial lending, medallion lending, and corporate and other investments. Its most profitable segment is the Recreation sector, which includes financing for towable RVs and marine vehicles.
Headquartered in New York City with its primary subsidiary, Medallion Bank, located in Salt Lake City, Utah, the company is committed to expanding its consumer and mezzanine loan portfolio. Key industries served by Medallion include home improvement projects like replacement roofs, swimming pools, and windows.
In recent developments, Medallion Financial has made significant strides, such as being included in the Russell 3000® Index, which highlights the company’s financial performance and growth. This inclusion is a testament to Medallion’s successful strategic transformation into a leading consumer and commercial lender. The company is poised to introduce its services to a broader segment of the investment community through this prominent index.
Medallion Financial’s executive compensation and board nominees have gained support from ISS, a leading independent governance advisory firm. This endorsement reflects the company's alignment of pay and performance and the introduction of performance equity into its long-term incentive program.
The company is actively engaged in its annual proxy solicitation process, urging shareholders to vote for the re-election of two highly qualified directors and the approval of executive compensation packages. Medallion Financial remains focused on delivering substantial value creation for its shareholders.
For more information, visit the company's official 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.
Medallion Financial Corp. (NASDAQ: MFIN) announced it will report its fourth quarter and full-year financial results for 2022 on February 22, 2023, after market close. A conference call is scheduled for February 23 at 9:00 a.m. Eastern time to discuss these results. Investors can participate by calling (877) 407-0789 (U.S.) or (201) 689-8562 (international), with a live webcast available for viewing. A replay will be accessible through March 2, 2023. The company focuses on originating and servicing loans across consumer and commercial sectors, including recreation and home improvement industries.
Medallion Bank (Nasdaq: MFIN) reported strong financial results for Q4 and the year ending December 31, 2022, showing net income of $19.7 million for Q4 and a record annual net income of $74.6 million. The bank’s total loan portfolio increased by 28.8% to $1.8 billion, with significant growth in the home improvement and recreation lending segments. However, provisions for loan losses rose to $8.4 million in Q4, up from $1.6 million a year prior. The bank will pay a dividend of $0.50 on its Series F Preferred Stock on April 3, 2023. The adoption of the CECL accounting standard on January 1, 2023, may lead to larger loan loss provisions going forward.
Medallion Bank (Nasdaq: MFIN) reported a net income of $18.3 million for Q3 2022, down from $19.7 million in the previous year. The bank's net interest income rose to $43.0 million with a net interest margin of 9.3%, compared to 10.1% last year. Total loan portfolio expanded 30.4% to $1.8 billion. However, provisions for loan losses increased to $8.2 million from a gain of $0.2 million the prior year, while annualized net charge-offs rose to 1.3%.
The recreation lending segment and home improvement lending portfolios saw notable growth of 24.9% and 44.2%, respectively.
Medallion Financial Corp. (NASDAQ: MFIN) reported Q3 2022 net income of $7.6 million ($0.32/share), down from $15.9 million ($0.64/share) year-over-year. Net interest income rose 23% to $42.0 million. Loan originations surged 40% to $273.7 million, while the loan loss provision stood at $10.0 million. The company declared a quarterly dividend of $0.08/share and repurchased $8.2 million worth of stock. Despite strong consumer lending growth, the company faced challenges in its commercial segment with fluctuating earnings.
Medallion Financial Corp. (NASDAQ: MFIN) will release its third quarter 2022 results on October 27, 2022, post-market. A conference call is scheduled for the following morning, October 28, at 9:00 a.m. Eastern time, to discuss the results. The call will be accessible via dial-in or live webcast, with replay options available until November 4. The company focuses on originating and servicing loans across various industries, particularly in recreation and home improvement. Medallion's headquarters is in New York City, with its main lending subsidiary based in Utah.
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.
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