NEW YORK, July 30, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, "Medallion" or the "Company"), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2024. Net income was $7.1 million, or $0.30 per share, compared to $14.2 million, or $0.62 per share, in the prior year quarter. $2.3 million of cash ...

Forward-Looking Statements Our net interest income reached $49.9 million, an all-time high, grew 4% from the prior quarter, and we saw our net charge-offs drop from what we experienced in the first quarter. We remain cautiously optimistic that the solid performance of our loans and the strong credit quality of our overall loan portfolio will continue. Despite some contraction over the past few years, due mainly to the current interest rate environment, our net interest margin increased two basis points from ...

Core Insights - Medallion Bank reported a net income of $15.0 million for the quarter ended June 30, 2024, down from $19.3 million in the same quarter last year [2] - The total loan portfolio grew by 10% year-over-year, reaching $2.3 billion as of June 30, 2024 [2] - The bank's net interest income increased to $50.2 million, compared to $47.0 million in the prior year quarter, with a net interest margin of 8.55% [2] Financial Performance - Net interest income after provision for credit losses was $32.0 million, down from $38.1 million in the prior year quarter [8] - Total provision for credit losses was $18.2 million, significantly higher than $8.9 million in the prior year quarter [2] - Annualized net charge-offs increased to 2.31% of average loans outstanding, compared to 0.63% in the prior year quarter [2] Loan Portfolio Breakdown - The recreation loan portfolio grew by 12% to $1.497 billion, representing 66% of total loans receivable [3] - Home improvement loan portfolio increased by 6% to $773.2 million, accounting for 34% of loans receivable [4] - Delinquencies for recreation loans rose to $54.3 million (3.75%), while home improvement loans had delinquencies of $6.9 million (0.89%) [3][4] Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.50 per share on the Series F Preferred Stock, payable on October 1, 2024 [5] Company Overview - Medallion Bank specializes in consumer loans for recreational vehicles, boats, and home improvements, and provides loan origination services to fintech partners [6] - The bank is headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp [6]

CONFERENCE CALL AND WEBCAST INFORMATION How to Participate A link to the live audio webcast of the conference call will also be available at the Company's IR website. The webcast replay will be available at the Company's IR website until the next quarter's results are announced. U.S. dial-in number: (844) 512-2921 International dial-in number: (412) 317-6671 Passcode: 1019 0811 To increase relations with institutional investors, management has dedicated time to hosting individual meetings with portfolio man ...

Company Contact: CONFERENCE CALL AND WEBCAST INFORMATION Date: Wednesday, July 31, 2024 Time: 9:00 a.m. Eastern time U.S. dial-in number: (833) 816-1412 International dial-in number: (412) 317-0504 Live webcast: Link to Webcast of 2Q24 Earnings Cal The webcast replay will be available at the Company's IR website until the next quarter's results are announced. INDIVIDUAL MEETING INFORMATION Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loan ...

As disclosed via a Current Report on Form 8-K filed on December 28, 2023, the Company initially completed a private placement of $12.5 million aggregate principal amount of senior unsecured notes to a certain institutional investor. At that time, the notes were to mature on December 30, 2033, and bear a fixed interest rate of 9.00% per year, paid semi-annually, with the initial payment expected on June 30, 2024. On June 24, 2024, the Company completed a private placement amending and restating such 9.00% se ...

Forward-Looking Statements NEW YORK, June 25, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, "Medallion" or the "Company"), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today that it has completed a private placement of $17.5 million aggregate principal amount of senior unsecured notes to a certain institutional investor, by amending and r ...

Over 80% of Votes Cast in Favor of Board's Nominees Brent O. Hatch, Lead Independent Director, added, "Medallion Financial continues to perform well and is positioned for future growth. The Board is committed to continue leveraging the diverse perspectives of its members to set and oversee the strategy that best serves the interests of all Medallion shareholders. We thank shareholders for their engagement leading up to this year's Annual Meeting and we look forward to maintaining the dialogue." Medallion Fi ...

Results Indicate that Shareholders have Decisively Elected Medallion's Director Nominees and Supported the Company's Approach to Executive Compensation – Both by an Extremely Wide Margin NEW YORK, June 11, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN) ("Medallion" or the "Company") today announced the preliminary results of the Company's 2024 Annual Meeting of Shareholders (the "Annual Meeting"). Based on a preliminary vote count provided by the Company's proxy solicitor, Medallion share ...

NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ:MFIN) ("Medallion" or the "Company") today announced that independent proxy advisory firm Glass, Lewis & Co., LLC ("Glass Lewis") has recommended that Medallion shareholders vote on the BLUE proxy card "FOR" ONLY the candidates nominated by the Board of Directors, Robert M. Meyer and David L. Rudnick and "FOR" the advisory vote on the compensation of the Company's named executive officers in connection with the Company's 2024 Annu ...