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Mar 31, 2023
Medallion Q1 2023 Earnings Report
Reported first quarter results, showing increased net income and loan originations.
Key Takeaways
Medallion Financial Corp. reported a strong first quarter with net income of $15.4 million, or $0.67 per share, driven by growth in the consumer loan portfolio and medallion loan recoveries. Loan originations increased to $227.3 million, and total assets grew by 20% year-over-year.
Net income was $15.4 million, or $0.67 per share, compared to $9.8 million, or $0.39 per share, in the prior year quarter.
Net interest income grew 21% to $43.6 million from $35.9 million in the prior year quarter.
Loan originations were $227.3 million, compared to $213.7 million in the prior year quarter.
Total assets were $2.4 billion at March 31, 2023, a 20% increase over March 31, 2022.
Forward Guidance
The company expects collections and recoveries to fluctuate for the foreseeable future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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