Earnings ·
Medallion Financial reports Q3 net income of $2.4M on $603.9M in loan originations
MBNKOMedallion Financial Corp
Medallion Financial Corp. reported third-quarter net income attributable to stockholders of $2.4 million, or $0.10 per share, a decline from $7.8 million in the prior-year period. Net interest income rose 5% to $58.4 million, while loan originations surged 41% year-over-year to $603.9 million. The company declared and paid a quarterly cash dividend of $0.14 per share and repurchased $5.6 million in common stock. Additionally, the Board approved a new $40 million stock repurchase program following the completion of its previous authorization. Medallion Financial is a specialty finance company that originates and services consumer and commercial loans.