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Sep 30, 2023
Medallion Q3 2023 Earnings Report
Reported strong results with increased net income and net interest income.
Key Takeaways
Medallion Financial Corp. reported a strong third quarter with net income of $11.2 million, or $0.48 per share, compared to $7.6 million, or $0.32 per share, in the prior year quarter. Net interest income grew 16% to $48.8 million. Total assets grew to an all-time high of $2.6 billion.
Net income was $11.2 million, or $0.48 per share, compared to $7.6 million, or $0.32 per share, in the prior year quarter.
$5.7 million of cash was collected on taxi medallion-related assets, with recoveries resulting in earnings of $0.10 per share.
Net interest income grew 16% to $48.8 million from $42.0 million in the prior year quarter.
Loans grew 19% to $2.2 billion as of September 30, 2023, compared to $1.9 billion a year ago.
Forward Guidance
Medallion Financial Corp. did not provide specific forward guidance in the provided document. The document focuses on the results of the third quarter of 2023 and provides some commentary on recent events.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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