Medallion Financial Reports 2024 Earnings and Growth

Medallion Financial ( (MFIN) ) has released its Q4 earnings. Here is a breakdown of the information Medallion Financial presented to its investors.

Medallion Financial Corp. is a specialty finance company that originates and services loans across various consumer and commercial industries, with a focus on recreation and home improvement sectors. Headquartered in New York City, the company also partners with fintech firms to provide loan origination services.

In its latest earnings report, Medallion Financial Corp. announced its financial results for the fourth quarter and full year of 2024. The company reported a decrease in net income for both the quarter and the full year compared to the previous year, despite growth in net interest income and loan originations.

Key highlights from the report include a 69% increase in loan originations for the fourth quarter, reaching $285.7 million, and a 12% growth in total loans to $2.5 billion by year-end. However, the net income for the fourth quarter was $10.1 million, down from $14.3 million in the same period last year, primarily due to a decrease in taxi medallion recoveries. The company also faced an increase in credit loss provisions, which rose to $20.6 million for the quarter.

Despite the challenges, Medallion Financial Corp. achieved record total interest income and net interest income for the year. The company also increased its quarterly dividend by 10% to $0.11 per share, reflecting confidence in its financial stability. Looking forward, Medallion’s management expressed optimism about the company’s positioning for 2025, citing strong performance in loan originations and strategic partnerships.