Business
Medallion Bank Reports 2021 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend
SALT LAKE CITY, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase
About this update from Medallion Financial Corp.
[{"type":"text","content":"SALT LAKE CITY, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech partners, announced today its 2021 fourth quarter and full-year results. 2021 Fourth Quarter Highlights Net income of $19.0 million, compared to net income of $14.3 million in the prior year period.Net interest income of $37.3 million, compared to $31.3 million in the prior year period.Provision for loan losses was $1.6 million, compared to a quarterly benefit of $4.0 million in the prior year period.Annualized net charge-offs were 0.3% of average loans outstanding, compared to 9.7% in the prior year period.The recreation and home improvement loan portfolios grew 20.8% and 30.7%, respectively, from December 31, 2020.Total assets were $1.5 billion, total capital was $262.4 million, and the Tier 1 leverage ratio was 17.5% at December 31, 2021. 2021 Full-Year Highlights Record net income of $70.0 million, compared to net income of $2.5 million in 2020.Net interest income of $136.8 million, compared to $118.3 million in 2020.Return on assets was 5.0%, compared to 0.2% in 2020.Provision for loan losses was $3.7 million, compared to a provision for loan losses of $63.0 million in 2020.Net charge-offs were 1.2% of average loans outstanding, compared to 5.0% in 2020. Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We finished our best year since we began operating in 2003 with strong quarterly net income driven by the continued growth of our consumer lending businesses. Both our recreation lending and home improvement lending segments had exceptional years. The industries served by these segments experienced elevated demand throughout 2021, which led to sustained portfolio growth, plus we continued to benefit from historically low loan loss provisions. We ended the year with a return on assets of 5.0% and a return on equity of 29.1%, both consistent with supportive economic conditions and growth in the recreation and home improvement industries. We are focused on building on this momentum in 2022.” Recreation Lending Segment The Bank’s recreation loan portfolio grew 20.8% to $965.3 million as of December 31, 2021, compared to $799.0 million at Dec...