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Medallion Bank Reports 2022 First Quarter Results and Declares Series F Preferred Stock Dividend
SALT LAKE CITY, April 29, 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, April 29, 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 offering loan origination services to fintech strategic partners, announced today its 2022 first quarter results. 2022 Second Quarter Highlights Net income of $18.8 million, compared to net income of $13.8 million in the prior year period.Net interest income of $37.2 million with a net interest margin of 9.66%, compared to $31.0 million and 9.92% in the prior year period.Annualized ROA and ROE were 4.88% and 28.55%, respectively, as of March 31, 2022, compared to 4.34% and 25.03% in the prior year period.Provision for loan losses was $2.1 million, compared to a provision of $2.7 million in the prior year period.Annualized net charge-offs were 0.7% of average loans outstanding, compared to 1.0% in the prior year period.The recreation and home improvement loan portfolios grew 21.5% and 38.3%, respectively, during the 12-month period ending March 31, 2022.Total assets were $1.6 billion, total capital was $273.0 million, and the Tier 1 leverage ratio was 17.5% at March 31, 2022. Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “The momentum of record earnings, loan originations, and historically low loan losses in 2021 continued into the first quarter of 2022. Our $18.8 million of net income was more than 36% higher than the prior year period. This was largely driven by asset growth in both our Recreation Lending and Home Improvement Lending segments. Stable loan loss provisions complemented that growth, reflecting strong consumer credit performance. With market rates now rising after years of stability, our team continues to execute our strategic plan with a primary focus of meeting the financing needs of our customers.” Recreation Lending Segment The Bank’s recreation loan portfolio grew 21.5% to $1.0 billion as of March 31, 2022, compared to $828.7 million at March 31, 2021.Net interest income was $28.3 million, compared to $24.3 million in the prior year period.Recreation loans were 67.4% of loans receivable as of March 31, 2022, compared to 68.8% at March 31, 2021.The provision for recreation loan losses was $1.7 million, compared to $3.6 million in the prior year period.Annu...