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Medallion Financial (MFIN) - 2024 Q4 - Annual Results
MFINMedallion Financial (MFIN)2025-03-04 21:05

Financial Performance - Net income for Q4 2024 was 10.1million,or10.1 million, or 0.43 per share, down from 14.3million,or14.3 million, or 0.60 per share in Q4 2023, with taxi medallion recoveries contributing 1.3millioncomparedto1.3 million compared to 12.5 million in the prior year quarter [8]. - Full-year net income was 35.9million,or35.9 million, or 1.52 per share, compared to 55.1million,or55.1 million, or 2.37 per share in the previous year, including 6.9millionoftaximedallionrecoveriesversus6.9 million of taxi medallion recoveries versus 29.6 million in the prior year [8]. - Total net income attributable to Medallion Financial Corp. for Q4 2024 was 10,142,000,adecreaseof29.510,142,000, a decrease of 29.5% from 14,318,000 in Q4 2023 [22]. - Basic net income per share for Q4 2024 was 0.45,downfrom0.45, down from 0.63 in Q4 2023, representing a decline of 28.6% [22]. Loan Originations and Growth - Loan originations for the full year reached 1.0billion,a41.0 billion, a 4% increase from 960.0 million in the previous year, with Q4 originations growing 69% to 285.7millionfrom285.7 million from 169.1 million [8]. - Total loans, including loans held for sale, increased 12% to 2.5billionasofDecember31,2024,comparedto2.5 billion as of December 31, 2024, compared to 2.2 billion a year ago [8]. - The recreation loans segment saw a 15% growth to 1.5billion,representing621.5 billion, representing 62% of total loans, while home improvement loans grew 9% to 827.2 million, accounting for 33% of total loans [12]. Interest Income and Expenses - Net interest income for Q4 2024 grew 6% to 52.0millionfrom52.0 million from 49.0 million in Q4 2023, while full-year net interest income increased 8% to 202.5millionfrom202.5 million from 188.1 million [8]. - Total interest income for Q4 2024 was 76,519,000,anincreaseof13.776,519,000, an increase of 13.7% from 67,585,000 in Q4 2023 [22]. - Total interest expense increased to 24,507,000inQ42024,up32.124,507,000 in Q4 2024, up 32.1% from 18,567,000 in Q4 2023 [22]. Credit Loss Provisions - The company recorded a credit loss provision of 20.6millioninQ42024,upfrom20.6 million in Q4 2024, up from 10.8 million in the prior year quarter, and a total of 76.5millionforthefullyear,comparedto76.5 million for the full year, compared to 37.8 million in the previous year [8]. - Provision for credit losses increased significantly to 20,572,000inQ42024,comparedto20,572,000 in Q4 2024, compared to 10,764,000 in Q4 2023, reflecting a 90.5% rise [22]. - Net interest income after provision for credit losses decreased to 31,440,000inQ42024,down17.731,440,000 in Q4 2024, down 17.7% from 38,254,000 in Q4 2023 [22]. Dividends and Share Repurchase - The Board of Directors declared a quarterly dividend of 0.11pershare,a100.11 per share, a 10% increase from the previous dividend [8]. - Dividends declared per common share increased to 0.11 in Q4 2024, compared to 0.10inQ42023,markinga100.10 in Q4 2023, marking a 10% increase [22]. - The company repurchased 570,404 shares of common stock at an average cost of 8.07 per share during the year, totaling 4.6million[8].TotalAssetsandOtherIncome−Totalassetsgrewto4.6 million [8]. Total Assets and Other Income - Total assets grew to 2.9 billion as of December 31, 2024, an 11% increase from 2.6billionayearago[8].−Totalotherincome,netfortheyearendedDecember31,2024,was2.6 billion a year ago [8]. - Total other income, net for the year ended December 31, 2024, was 11,330,000, slightly up from 11,320,000in2023[22].OtherExpensesandIncomeTax−Totalotherexpensesdecreasedto11,320,000 in 2023 [22]. Other Expenses and Income Tax - Total other expenses decreased to 17,213,000 in Q4 2024, down 9.8% from 19,084,000inQ42023[22].−IncometaxprovisionforQ42024was19,084,000 in Q4 2023 [22]. - Income tax provision for Q4 2024 was 6,815,000, slightly up from $6,328,000 in Q4 2023, indicating an increase of 7.7% [22].