- Medallion Financial (NASDAQ:MFIN) Q2 net interest margin 8.57% compared with 6.64% in the year-ago period on a combined basis with Medallion Bank.
- Q2 is the first quarter in which Medallion is reporting as a commercial finance company consolidating Medallion Bank's operations and other subsidiaries; previous periods it reported as a business development company with wholly owned subsidiaries treated as unconsolidated portfolio investment companies.
- Q2 net consumer lending portfolio increased 10% from Q1 to $790.7M.
- Net medallion lending portfolio as of June 30, 2018 was $258.1M vs. $452.7M a year earlier.
- Provision for medallion loan losses was $24.8M vs $62.7M in Q1.
- “We continue to move away from our medallion lending and focus on our more profitable lines of business in consumer and mezzanine lending," says CFO Larry Hall.
- Q2 net loss of $14.6M, or 60 cents per share, includes a charge of $6.7M to establish a general reserve on medallion loans less than 90 days past due.
- Source: Press Release
- Previously: Medallion Financial reports Q2 results (Aug. 13)
- Previously: Medallion Financial gets interest from third parties for bank unit (May 14)
More on Medallion Financial Q2: Continues shift away from medallion lending
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