Medallion Financial, the parent company of Medallion Bank, said Wednesday the company’s Recreation Lending segment saw significant growth in the third quarter of 2024.
The company said recreation loans grew 15% to $1.6 billion at the end of September from the $1.3 billion in recreation loans made as of Sept. 30, 2023. Originations during the quarter totaled $139.1 million, up 50% from the third quarter of 2023.
The increased lending helped the company to $8.6 million in profits during the third quarter of 2024.
Executive Vice President and Chief Financial Officer Anthony Cutrone said the Recreation Lending segment posted a good third quarter.
“Typically, Q2 and Q3 is where we see big amounts of originations, particularly in Rec,” Cutrone said. “We would not expect Q3 to be indicative of what we see in Q4. The portfolio will probably stay flat, maybe a little bit of contraction, similar to what we saw in Q4 of last year.”
Medallion Financial also raised its quarterly dividend by 10%, from 10 cents a share to 11 cents a share. The dividend will be payable Nov. 27 to shareholders of record Nov. 15.