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Mar 31, 2024
Medallion Q1 2024 Earnings Report
Reported first quarter results for 2024.
Key Takeaways
Medallion Financial Corp. reported a net income of $10.0 million, or $0.42 per share, for the quarter ended March 31, 2024. Net interest income grew by 10% to $47.9 million. Loan originations were $173.1 million and loans grew 12% to $2.2 billion.
Net income was $10.0 million, or $0.42 per share, compared to $15.4 million, or $0.67 per share, in the prior year quarter.
$3.1 million of cash was collected on taxi medallion-related assets, with recoveries resulting in earnings of $0.04 per share compared to $13.2 million of cash collected, with recoveries resulting in earnings of $0.28 per share in the prior year quarter.
Net interest income grew 10% to $47.9 million from $43.6 million in the prior year quarter.
Loans grew 12% to $2.2 billion as of March 31, 2024, compared to $2.0 billion a year ago.
Forward Guidance
Medallion Financial Corp. expects consumer originations to increase, and will continue to assess repurchase plans, being opportunistic at the right times, with the ultimate goal of providing long term value accretion to its shareholders.
Positive Outlook
- Consumer originations expected to increase as we hit our strong months.
- Continue to assess our repurchase plans.
- Being opportunistic at the right times.
- The ultimate goal of providing long term value accretion to our shareholders.
- Continue to be pleased with our quarterly results, earning $10 million for the shareholders, or $0.42 per diluted share.
Challenges Ahead
- The credit loss provision reflected the seasonality of our consumer lending business, starting relatively high early in the quarter.
- Delinquency declined from the December peak.
- In the prior years we had significant recoveries related to taxi-medallion loans, which in the current quarter only totaled $0.9 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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