Medallion Financial (MFIN) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $10.1 million, or $0.43 per share, down from $14.3 million, or $0.60 per share in Q4 2023, with taxi medallion recoveries contributing $1.3 million compared to $12.5 million in the prior year quarter [8]. - Full-year net income was $35.9 million, or $1.52 per share, compared to $55.1 million, or $2.37 per share in the previous year, including $6.9 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, a decrease of 29.5% from $14,318,000 in Q4 2023 [22]. - Basic net income per share for Q4 2024 was $0.45, 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 $1.0 billion, a 4% increase from $960.0 million in the previous year, with Q4 originations growing 69% to $285.7 million from $169.1 million [8]. - Total loans, including loans held for sale, increased 12% to $2.5 billion as of December 31, 2024, compared to $2.2 billion a year ago [8]. - The recreation loans segment saw a 15% growth to $1.5 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 $52.0 million from $49.0 million in Q4 2023, while full-year net interest income increased 8% to $202.5 million from $188.1 million [8]. - Total interest income for Q4 2024 was $76,519,000, an increase of 13.7% from $67,585,000 in Q4 2023 [22]. - Total interest expense increased to $24,507,000 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 $20.6 million in Q4 2024, up from $10.8 million in the prior year quarter, and a total of $76.5 million for the full year, compared to $37.8 million in the previous year [8]. - Provision for credit losses increased significantly to $20,572,000 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 $31,440,000 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 $0.11 per share, a 10% increase from the previous dividend [8]. - Dividends declared per common share increased to $0.11 in Q4 2024, compared to $0.10 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 $4.6 million [8]. Total Assets and Other Income - Total assets grew to $2.9 billion as of December 31, 2024, an 11% increase from $2.6 billion a year ago [8]. - Total other income, net for the year ended December 31, 2024, was $11,330,000, slightly up from $11,320,000 in 2023 [22]. Other Expenses and Income Tax - Total other expenses decreased to $17,213,000 in Q4 2024, down 9.8% from $19,084,000 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].