Earnings ·
Medallion Financial reports Q2 net income of $7.4M on record assets surpassing $3.0 billion
MBNKOMedallion Financial Corp
Medallion Financial Corp. reported second-quarter net income attributable to stockholders of $7.4 million, or $0.31 per share, a decline from $11.1 million in the prior-year period due to lower equity investment gains. Net interest income grew 7% to $57.2 million as total assets exceeded $3.0 billion for the first time. Loan originations surged 63% to $611.6 million, driven by strong demand in recreation and home improvement lending segments. The company also declared a quarterly cash dividend of $0.14 per share and repurchased nearly 780,000 shares for $7.7 million. Medallion Financial Corp. is a specialty finance company that originates and services consumer and commercial loans.