Medallion Bank Reports 2024 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend

Core Insights - Medallion Bank reported solid financial performance for the fourth quarter and full year of 2024, with quarterly earnings of $15.6 million and net interest income exceeding $53 million [4][6]. 2024 Fourth Quarter Highlights - Quarterly net income was $15.6 million, down from $21.9 million in the same quarter of the previous year [6]. - Net interest income for the quarter was $53.1 million, compared to $48.9 million in the prior year quarter [6]. - The bank's total provision for credit losses was $20.5 million, significantly higher than $9.7 million in the prior year quarter [6]. - Annualized net charge-offs were 3.28% of average loans outstanding, up from 1.04% in the prior year quarter [6]. - The recreation loan portfolio grew 15% to $1.543 billion as of December 31, 2024 [7]. 2024 Full-Year Highlights - Full-year net income was $60.6 million, down from $79.9 million in 2023 [6]. - Total net interest income for the year was $204.7 million, compared to $188.9 million in 2023 [6]. - The total provision for credit losses for the year was $75.8 million, compared to $36.5 million in 2023 [6]. - The total loan portfolio grew by 13% to $2.4 billion [6]. - The bank's total assets reached $2.5 billion, with total capital at $382.4 million as of December 31, 2024 [6]. Recreation Lending Segment - Loan originations in the recreation lending segment were $72.2 million in the fourth quarter, compared to $62.7 million in the prior year quarter [7]. - For the year, recreation loan originations totaled $526.6 million, up from $447.0 million in 2023 [7]. - Annualized net charge-offs for recreation loans were 4.35% in the fourth quarter, compared to 4.23% in the prior year quarter [7]. Home Improvement Lending Segment - The home improvement loan portfolio grew 9% to $827.2 million as of December 31, 2024 [11]. - Loan originations for home improvement loans were $82.5 million in the fourth quarter, compared to $66.0 million in the prior year quarter [11]. - The provision for home improvement credit losses was $4.4 million in the fourth quarter, down from $6.9 million in the prior year quarter [11]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank's Series F Preferred Stock, payable on April 1, 2025 [8].