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

Core Viewpoint - Medallion Bank reported a net income of $15.5 million for Q3 2024, a decrease from $17.2 million in the same quarter last year, while net interest income increased to $53.2 million, reflecting growth in loan origination volumes for recreational and home improvement loans [2][3]. Financial Performance - Net income for Q3 2024 was $15.5 million, down from $17.2 million in Q3 2023 [2]. - Net interest income rose to $53.2 million from $48.7 million year-over-year [2]. - The net interest margin decreased to 8.44% from 8.70% in the prior year [2]. - Total provision for credit losses was $20.2 million, compared to $14.0 million in the prior year [2]. - Annualized net charge-offs increased to 2.31% of average loans outstanding from 1.97% in the prior year [2]. - Total assets reached $2.6 billion, with a Tier 1 leverage ratio of 15.66% as of September 30, 2024 [2]. Loan Portfolio Growth - The total loan portfolio grew by 13% year-over-year to $2.4 billion as of September 30, 2024 [2]. - The recreation loan portfolio increased by 15% to $1.555 billion, with loan originations of $139.1 million compared to $92.6 million in the prior year [3]. - The home improvement loan portfolio grew by 8% to $814.1 million, with loan originations of $96.5 million compared to $79.3 million in the prior year [4]. Delinquency and Charge-Offs - Delinquencies for recreation loans increased to $64.6 million (4.15%) from $51.4 million (3.82%) year-over-year [3]. - Annualized net charge-offs for recreation loans rose to 3.18% from 2.67% in the prior year [3]. - Delinquencies for home improvement loans increased to $8.3 million (1.02%) from $6.8 million (0.90%) year-over-year [4]. Strategic Partnerships - The bank originated $40 million in loans through fintech strategic partners during the quarter, indicating a cautious but steady growth in this area [3]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.50 per share on Series F Preferred Stock, payable on January 2, 2025 [5].