Medallion Bank Reports 2024 Second Quarter Results and Declares Series F Preferred Stock Dividend

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]