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.
For further details see:
Medallion Financial GAAP EPS of $0.62 beats by $0.26, revenue of $48.64M beats by $4.34M