Medallion Financial Corp. announced its third-quarter 2024 results, reporting net income of $8.6 million, or $0.37 per diluted share. This compares to $11.2 million, or $0.48 per share, in the prior year's third quarter. Total interest income for the quarter reached $76.4 million, contributing to a net interest income of $52.7 million, which represents a 6% increase from the previous quarter.
The company's recreation and home improvement loan segments demonstrated growth, increasing 4% and 5% respectively from the previous quarter, reaching a combined total of $2.4 billion. Loan originations for these segments exceeded $235 million during the quarter. The net interest margin for the quarter stood at 8.11%, showing a decrease of only 1 basis point from the prior quarter.
Medallion's fintech strategic partnership program achieved its highest volume quarter to date, originating $40 million in new loans, an increase from $24 million in the second quarter of 2024. In a move reflecting confidence in its financial performance, the board of directors authorized an increase in the quarterly dividend to $0.11 per share, effective with the upcoming payment.
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