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Medallion Bank Reports 2024 Fourth Quarter and Full-Year Results and Declares Series F Preferred Stock Dividend
MFINMedallion Financial (MFIN) GlobeNewswire News Room·2025-01-30 21:01

Core Insights - Medallion Bank reported solid financial performance for the fourth quarter and full year of 2024, with quarterly earnings of 15.6millionandnetinterestincomeexceeding15.6 million and net interest income exceeding 53 million [4][6]. 2024 Fourth Quarter Highlights - Quarterly net income was 15.6million,downfrom15.6 million, down from 21.9 million in the same quarter of the previous year [6]. - Net interest income for the quarter was 53.1million,comparedto53.1 million, compared to 48.9 million in the prior year quarter [6]. - The bank's total provision for credit losses was 20.5million,significantlyhigherthan20.5 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 1.543billionasofDecember31,2024[7].2024Full−YearHighlights−Full−yearnetincomewas1.543 billion as of December 31, 2024 [7]. 2024 Full-Year Highlights - Full-year net income was 60.6 million, down from 79.9millionin2023[6].−Totalnetinterestincomefortheyearwas79.9 million in 2023 [6]. - Total net interest income for the year was 204.7 million, compared to 188.9millionin2023[6].−Thetotalprovisionforcreditlossesfortheyearwas188.9 million in 2023 [6]. - The total provision for credit losses for the year was 75.8 million, compared to 36.5millionin2023[6].−Thetotalloanportfoliogrewby1336.5 million in 2023 [6]. - The total loan portfolio grew by 13% to 2.4 billion [6]. - The bank's total assets reached 2.5billion,withtotalcapitalat2.5 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 72.2millioninthefourthquarter,comparedto72.2 million in the fourth quarter, compared to 62.7 million in the prior year quarter [7]. - For the year, recreation loan originations totaled 526.6million,upfrom526.6 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 827.2millionasofDecember31,2024[11].−Loanoriginationsforhomeimprovementloanswere827.2 million as of December 31, 2024 [11]. - Loan originations for home improvement loans were 82.5 million in the fourth quarter, compared to 66.0millionintheprioryearquarter[11].−Theprovisionforhomeimprovementcreditlosseswas66.0 million in the prior year quarter [11]. - The provision for home improvement credit losses was 4.4 million in the fourth quarter, down from 6.9millionintheprioryearquarter[11].DividendDeclaration−TheBoardofDirectorsdeclaredaquarterlycashdividendof6.9 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].