Medallion Financial Corp. · NASDAQ:MFIN
Medallion Financial — Q4 2024 Earnings Presentation
15 slides from Medallion Financial's earnings presentation, Mar 5, 2025
Slide 1: Fourth Quarter 2024 Earnings Supplement
FOURTH QUARTER 2024 EARNINGS SUPPLEMENT – MARCH 4, 2025
Slide 2: Important Information
Important Information This presentation contains certain forward-looking statements, including statements with regard to the future performance of Medallion Financial Corp. (“MFIN” or the “Company”). Words such as “believes,” “expects,” “projects,” “anticipates” and “future” or similar expressions a
Slide 3: Company Snapshot – 4Q24
Company Snapshot – 4Q24 Primary Business Lines Other Businesses Our Differentiation Consumer Lending – Recreation Taxi Medallion Lending Net Interest Margin • $1.5B of loans • Net assets of $7.7M • 7.84% on gross loans • $72.2M loan originations • $2.6M of cash collections • 8.15% on net loans • 15.
Slide 4: Loan Portfolio Growth and Mix Optimization
Loan Portfolio Growth and Mix Optimization Loan Portfolio at 12/31/24 12/31/23 vs. Type of Loan 12/31/22 12/31/23 12/31/24 12/31/24 Recreation $ 1,184 (62%) $1,336 (60%) $1,543 (62%) +15% Home Home Improvement $626 (33%) $761 (34%) $827 (33%) +9% Improvement Commercial $93 (5%) $115 (5%) $111 (4%) -
Slide 5: Loan Portfolio Growth
Loan Portfolio Growth Loan Balance ($ in millions) $2,600 $2,485 $2,491 $2,386 $2,400 $2,203 $2,216 $2,228 $2,200 $2,157 $1,984 $2,000 $1,917 $1,856 $1,800 $1,735 $1,600 $1,569 $1,489 $1,420 $1,400 $1,341 $1,259 $1,200 $1,000 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
Slide 6: Origination Activity
Origination Activity Loan Originations ($ in millions) $350.0 $300.0 $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Recreation Home Improvement Commercial Medallion Strategic Partnership Medallion Financial Corp. Quarterly Earni
Slide 7: Financial Performance: Net Interest Income
Financial Performance Net Interest Income ($ in millions) $55.0 $52.7 $52.0 $49.9 $50.0 $48.8 $49.0 $47.9 $46.7 $45.0 $43.6 $43.6 $42.0 $40.0 $38.9 $35.6 $35.9 $35.0 $34.1 $29.5 $30.0 $28.7 $25.0 $20.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Medallion Financia
Slide 8: Financial Performance: Net Income
Financial Performance Net Income ($ in millions) (1) $20.0 $19.5 $18.0 $15.9 $16.0 $15.4 $14.2 $14.3 $14.0 $13.3 $13.1 $12.0 $11.2 $10.3 $10.0 $10.1 $9.8 $10.0 $8.4 $8.6 $8.0 $7.6 $7.1 $6.0 $4.0 $2.0 $0.0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 (1) Reflects Ne
Slide 9: Driving Net Interest Income
Driving Net Interest Income Interest Income vs. Interest Expense ($ in millions) 4Q 23 4Q 24 80.0 70.0 Interest income $67.6 $76.5 60.0 Interest expense 18.6 24.5 Interest income, net $49.0 $52.0 50.0 40.0 Net interest margin – gross 8.50% 8.15% Net Interest Income Net interest margin – net 8.20% 7.
Slide 10: Net Charge-Off (NCO) Activity
Net Charge-Off (NCO) Activity 4Q 2024 FY 2024 ($ in millions) Charge-Off Recovery NCO NCO % Charge-Off Recovery NCO NCO % Recreation $20.4 $3.4 $17.0 4.4% $69.3 $14.9 $54.4 3.7% Home Improvement 4.8 1.2 3.6 1.7% 18.0 4.1 13.9 1.8% Commercial 0.1 * 0.1 0.2% 0.1 * 0.1 0.0% Taxi Medallion 0.1 1.0 (0.9)
Slide 11: Resilience of Consumer Lending Segments
Resilience of Consumer Lending Segments Medallion Bank Consumer Loan Charge-offs as a Percentage of Total Consumer Portfolio 10.00% Managed profitably through the Great Recession and returned to pre-Recession levels by the end of 2011 7.50% 6.01% 5.99% Added Home Improvement Prime Credit Lending S
Slide 12: Performance and Shareholder Value
Performance and Shareholder Value Net Income ($ in millions) and Book Value per Share ($ per share) (1) Net Income Book Value/Share $25.0 $18 $16 $20.0 $14 $12 $15.0 $10 $8 $10.0 $6 $4 $5.0 $2 $0.0 $0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net Income BV/Share
Slide 13: Focus on Enhanced Operating Efficiency
Focus on Enhanced Operating Efficiency Quarterly Net Interest Income (NII) vs. Operating Costs(1) ($ In 000’s) ($ in FY FY FY FY FY FY millions) 2019 2020 2021 2022 2023 2024 60,000 NII $97.5 $110.8 $127.8 $160.4 $188.1 $202.5 55,000 Operating 50,000 $52.2 $55.7 $56.4 $72.1 $75.6 $74.4 Costs(1) 45,0
Slide 14: MFIN Capital Structure
MFIN Capital Structure Equity and Borrowings ($ in millions) 700.0 $618.5 600.0 $584.3 $509.8 $524.5 500.0 $440.8 60% 400.0 59% 56% 58% 52% 300.0 200.0 12% 11% 17% 13% 13% 100.0 30% 29% 31% 30% 29% 0.0 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 Medallion Financial Borrowings Non-Controlling Intere
Slide 15: Thank You
Thank You. InvestorRelations@medallion.com (212) 328-2176 Building on a legacy of experience, diversification, and success