MFIN - Medallion Financial GAAP EPS of $0.62 beats by $0.26 revenue of $48.64M beats by $4.34M

July, 24 2023 04:05 PM Medallion Financial Corp.

2023-07-24 16:05:50 ET

Medallion Financial press release ( NASDAQ: MFIN ): Q2 GAAP EPS of $0.62 beats by $0.26 .
Revenue of $48.64M (+5.2% Y/Y) beats by $4.34M .
$10.6 million of cash collected on taxi medallion-related assets, with recoveries resulting in earnings of $0.22 per share.
Net interest income grew 20% to $46.7 million from $38.9 million in the prior year quarter.
Net interest margin on net loans was 8.77%, compared to 9.07% in the prior year quarter, and on gross loans it was 8.48%, compared to 8.78% in the prior year quarter.
Loan originations were $346 million, compared to $305 million in the prior year quarter.
The credit loss provision increased to $8.5 million from $7.8 million in the prior year quarter.
Total assets grew to an all-time high of $2.5 billion at June 30, 2023, a 19% increase over June 30, 2022.
The Company declared and paid a quarterly cash dividend of $0.08 per share.

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