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Medallion Bank Reports 2024 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend
SALT LAKE CITY, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank specializing in consumer loans for the
About this update from Medallion Financial Corp.
[{"type":"text","content":"SALT LAKE CITY, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced its results for the quarter and year ended December 31, 2024. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN). 2024 Fourth Quarter Highlights Net income of $15.6 million, compared to $21.9 million in the prior year quarter.Net interest income of $53.1 million, compared to $48.9 million in the prior year quarter.Net interest margin of 8.28%, compared to 8.62% in the prior year quarter.Total provision for credit losses was $20.5 million, compared to $9.7 million in the prior year quarter. Total provision for credit losses included $0.9 million of net taxi medallion recoveries, compared to $12.0 million of net taxi medallion recoveries in the prior year quarter.Annualized net charge-offs were 3.28% of average loans outstanding, compared to 1.04% in the prior year quarter.In December 2024, the Bank signed a letter of intent to sell up to $121 million of recreation loans at a premium to par value. 2024 Full-Year Highlights Net income of $60.6 million, compared to net income of $79.9 million in 2023.Net interest income of $204.7 million, compared to $188.9 million in 2023.Net interest margin of 8.48%, compared to 8.84% in 2023.Total provision for credit losses was $75.8 million, compared to $36.5 million in 2023. Total provision for credit losses included $4.9 million of net taxi medallion recoveries, compared to $18.1 million of net taxi medallion recoveries in 2023.Total net charge-offs were 2.82% of average loans outstanding, compared to 1.52% in 2023.Return on assets and return on equity were 2.52% and 16.62%, respectively, compared to 3.74% and 24.57% in 2023.Total loan portfolio grew 13% to $2.4 billion.Total assets were $2.5 billion, total capital was $382.4 million, and the Tier 1 leverage ratio was 15.68% as of December 31, 2024. Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We finished 2024 on a solid note, with quarterly earnings of $15.6 million and net interest income above $53 million. Volumes in our strategic partnership business tripled to...