Medallion Q4 2020 Earnings Report
Key Takeaways
Medallion Financial Corp. reported a net income of $6.5 million, or $0.26 per share, for the fourth quarter of 2020, compared to a net loss of $0.5 million, or $0.02 per share, in the prior year quarter. Net interest income increased by 7.1% to $28.5 million, and net income from consumer and commercial lending segments rose by 97% to $14.2 million. Medallion Bank's Tier 1 leverage ratio stood at 16.93% at quarter-end, with total assets at $1.6 billion.
Net income was $6.5 million, or $0.26 per share, compared to a net loss of $0.5 million, or $0.02 per share, in the prior year quarter.
Net interest income increased 7.1% to $28.5 million.
Net income from consumer and commercial lending segments increased 97% to $14.2 million.
Medallion Bank’s Tier 1 leverage ratio at quarter-end was 16.93%.
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Medallion Revenue by Segment
Forward Guidance
Medallion Financial is focused on building on the momentum of its consumer segments and expanding its fintech Strategic Partnership Program at Medallion Bank.
Positive Outlook
- Application volumes remained high.
- Growth continued in consumer segments.
- Net-charge offs remained low.
- Fintech Strategic Partnership Program volume was up in January.
- Second partnership is expected to be signed in the next 60 days.