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Medallion Bank Reports 2025 Second Quarter Results and Declares Series G Preferred Stock Dividend
SALT LAKE CITY, July 30, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKO, 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, July 30, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKO, 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 ended June 30, 2025. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN). 2025 Second Quarter Highlights Net income of $17.3 million, compared to $15.0 million in the prior year quarter.Net interest income of $53.9 million, compared to $50.2 million in the prior year quarter. Total non-interest income of $2.7 million, compared to $0.9 million in the prior year quarter.Net interest margin of 8.54%, compared to 8.55% in the prior year quarter.Total provision for credit losses was $18.7 million, compared to $18.2 million in the prior year quarter.Annualized net charge-offs were 2.66% of average loans outstanding, compared to 2.31% in the prior year quarter.Annualized return on assets and return on equity were 2.75% and 16.11%, respectively, compared to 2.57% and 16.77%, respectively, for the prior year period.The total loan portfolio grew 1% from June 30, 2024 to $2.3 billion as of June 30, 2025.Closed a public offering of 3,100,000 shares of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share and an aggregate liquidation amount of $77.5 million.Total assets were $2.6 billion and the Tier 1 leverage ratio was 19.3% at June 30, 2025. The Series F preferred stock, which was redeemed on July 1, 2025, contributed 171 basis points to the Tier 1 leverage ratio as of June 30, 2025. Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Earnings grew to $17.3 million in the second quarter, but the highlight for the quarter was secondary and capital market activity. As previously reported, we completed an initial sale of recreation loans, then completed a $77.5 million Series G preferred stock offering and announced the redemption of $46 million of our Series F preferred securities. While demand for both recreation and home improvement loans recovered slightly from the first quarter, overall volumes remained moderate. Strategic partnership volumes continued to grow, reaching $169 ...