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Medallion Financial Corp. Reports 2022 Fourth Quarter and Full-Year Results
NEW YORK, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that
About this update from Medallion Financial Corp.
[{"type":"text","content":"NEW YORK, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter and full-year ended December 31, 2022. 2022 Fourth Quarter Highlights Net income was $13.1 million, or $0.57 per share, compared to $19.5 million, or $0.78 per share, in the prior year quarter.Net interest income grew 22% to $43.6 million from $35.6 million in the prior year quarter.Net interest margin was 8.86%, compared to 9.38% in the prior year quarter.Loan originations were $191.9 million, compared to $192.6 million in the prior year quarter.The loan loss provision increased to $9.0 million from $2.6 million in the prior year quarter.The Company declared and paid a quarterly cash dividend of $0.08 per share.The Company repurchased 257,231 shares of its common stock for $1.8 million. 2022 Full-Year Highlights Net income was $43.8 million, or $1.83 per share, compared to $54.1 million, or $2.17 per share, in the prior year.Net interest income grew 26% to $160.4 million from $127.8 million in the prior year.Net interest margin was 9.05%, compared to 9.25% in the prior year.Loan originations increased 32% to $983.9 million from $747.4 million in the prior year.The loan loss provision was $30.1 million for the year, compared to $4.6 million in the prior year.Total assets were $2.3 billion at year-end, a 21% increase over the prior year.The Company reinstated its quarterly dividend in the first quarter, and declared and paid cash dividends for a total of $0.32 per share during the year.The Company repurchased 2,650,911 shares of its common stock, or 10.5% of its outstanding shares at the beginning of the year, during the year for $20.6 million. Executive Commentary – Andrew Murstein, President of Medallion “Driven by the continued growth of our loan portfolio, we generated the highest level of net interest income in our 25-plus year history as a public company. Our bottom-line performance remained strong, especially given the normalization of our loan loss provision during the year. This performance enabled us to pay shareholders $0.32 per share in dividends and buy back more than $20 mill...