Business
Medallion Bank Reports 2022 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend
SALT LAKE CITY, Jan. 30, 2023 (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. 30, 2023 (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 strategic partners, announced today its results for the quarter and year ended December 31, 2022. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN). 2022 Fourth Quarter Highlights Net income of $19.7 million, compared to net income of $19.0 million in the prior year quarter.Net interest income of $44.4 million with a net interest margin of 9.2%, compared to $37.3 million and 9.9% in the prior year quarter.Provision for loan losses was $8.4 million, compared to $1.6 million in the prior year quarter.Annualized net charge-offs were 1.7% of average loans outstanding, compared to 0.3% in the prior year quarter. 2022 Full-Year Highlights Record net income of $74.6 million, compared to net income of $70.0 million in 2021.Net interest income of $164.6 million with a net interest margin of 9.4%, compared to $136.8 million and 10.0% in 2021.ROA and ROE were 4.2% and 26.5%, respectively, for the year ended December 31, 2022, compared to 5.0% and 29.1% for the prior year.Provision for loan losses was $24.7 million, compared to $3.7 million in 2021.Net charge-offs were 1.0% of average loans outstanding, compared to 1.2% in 2021.The total loan portfolio grew 28.8% to $1.8 billion during the year.Total assets were $2.0 billion, total capital was $306.7 million, and the Tier 1 leverage ratio was 16.2% at December 31, 2022. Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We had another tremendous year. We closed out 2022 with record annual net income driven by growth in our recreation and home improvement lending segments. In the fourth quarter, net income was a record high even with recreation loan demand and loan loss provisions continuing to move toward historical levels. We believe our culture, our team, and our superior customer service model have positioned us well for the coming year.” Recreation Lending Segment The Bank’s recreation loan portfolio grew 22.6% to $1.2 billion as of December 31, 2022, compared to $965.3 million at December 31, 2021.Net interest income was $33.4 million, compared to $28.7 million in the...