Core Insights - Medallion Bank has appointed Joel Cannon as Senior Vice President of Sales and Marketing, aiming to enhance its leadership in recreation lending and expand its home improvement finance and strategic partnership businesses [1][4]. Group 1: Appointment and Background - Joel Cannon brings over 20 years of leadership experience in consumer lending, performance marketing, and product development, previously serving as SVP of Sales and Marketing at Regions Home Improvement Financing [2]. - Prior to his banking career, Joel held leadership roles in product, sales, and marketing at an edtech software start-up and a performance marketing firm, and he is a former board member of the Utah Bankers Association [3]. Group 2: Company Strategy and Vision - The appointment of Joel Cannon reflects Medallion Bank's commitment to maintaining its leadership position in recreation lending while growing its home improvement finance and strategic partnership businesses [4]. - Joel expressed enthusiasm for leading growth initiatives in home improvement and recreation lending, focusing on providing flexible and innovative financing options to contractors, dealers, partners, and borrowers [5].

Core Insights - Medallion Bank reported a net income of $19.4 million for Q4 2025, an increase from $15.6 million in the same period last year, driven by the sale of taxi medallion assets and growth in recreation loan volume [4][6] - The bank's total loan portfolio reached $2.4 billion as of December 31, 2025, up from $2.2 billion a year earlier, with significant contributions from recreation and home improvement loans [6][11] - Strategic partnership loan originations surged to $258 million in Q4 2025, compared to $123.7 million in Q4 2024, indicating strong growth in this segment [6][11] 2025 Fourth Quarter Highlights - Net interest income for Q4 2025 was $55.9 million, compared to $53.1 million in Q4 2024, reflecting a net interest margin of 8.51% [6][11] - Total non-interest income increased to $11.7 million, primarily due to the sale of taxi medallion assets [6][11] - Charge-offs rose to 3.35% of average loans outstanding, up from 3.28% in the prior year quarter, but were offset by a reduction in home improvement losses [6][11] 2025 Full-Year Highlights - Annual net income for 2025 was $72.2 million, a 19% increase from $60.6 million in 2024 [6][11] - Total provision for credit losses for the year was $81.2 million, compared to $75.8 million in 2024, reflecting growth in the loan portfolio [6][11] - The bank's return on assets and return on equity improved to 2.84% and 17.05%, respectively, compared to 2.52% and 16.62% in 2024 [6][11] Recreation Lending Segment - The recreation loan portfolio grew to $1.617 billion as of December 31, 2025, from $1.422 billion a year earlier, with Q4 loan originations of $97.2 million, up from $72.2 million [5][11] - Delinquency rates for recreation loans decreased to 5.93% as of December 31, 2025, down from 6.15% a year prior [11] - The provision for recreation credit losses was $25.0 million in Q4 2025, compared to $17.7 million in the prior year quarter [11] Home Improvement Lending Segment - The home improvement loan portfolio decreased to $810.2 million as of December 31, 2025, from $827.2 million in 2024, with Q4 loan originations of $61.7 million, down from $82.5 million [11] - Delinquency rates for home improvement loans improved to 1.05% as of December 31, 2025, from 1.11% a year earlier [11] - The provision for home improvement credit losses was $1.3 million in Q4 2025, significantly lower than $4.4 million in the prior year quarter [11] Capital and Dividends - The issuance of Series G preferred stock and redemption of Series F preferred stock increased the bank's capital by a net $27.1 million, raising total capital to $450.2 million as of December 31, 2025 [6][11] - A quarterly cash dividend of $0.5625 per share on Series G preferred stock was declared, payable on April 1, 2026 [8]

Core Insights - Medallion Bank reported a net income of $17.3 million for Q2 2025, an increase from $15.0 million in the same quarter last year, highlighting strong earnings growth and significant capital market activities [3][6] - The bank's total loan portfolio grew by 1% year-over-year to $2.3 billion as of June 30, 2025, with strategic partnership volumes increasing by 24% from Q1 2025 [4][6] Financial Performance - Net interest income reached $53.9 million, up from $50.2 million in the prior year quarter, while total non-interest income increased to $2.7 million from $0.9 million [6] - The net interest margin slightly decreased to 8.54% from 8.55% year-over-year [6] - Annualized net charge-offs rose to 2.66% of average loans outstanding compared to 2.31% in the prior year quarter [6] Loan Portfolio Details - The recreation loan portfolio decreased by 0.8% to $1.486 billion, with loan originations at $142.8 million, down from $209.6 million in the prior year quarter [7] - The home improvement loan portfolio grew by 4% to $803.5 million, with loan originations at $54.3 million, compared to $68.0 million in the prior year quarter [12] - Delinquency rates for home improvement loans improved, remaining stable at 0.86%, while recreation loans saw an increase in delinquencies to 4.42% [7][12] Capital Market Activities - The bank completed a $77.5 million Series G preferred stock offering and redeemed $46 million of Series F preferred securities [3][4] - The Series F preferred stock was fully redeemed on July 1, 2025, with no further dividends to be paid [8] Strategic Partnerships - Strategic partnership volumes reached $169 million in Q2 2025, reflecting a 24% increase from $136 million in Q1 2025 [4]

Core Viewpoint - Medallion Bank has successfully closed a public offering of 3,100,000 shares of its Series G Preferred Stock, raising an aggregate liquidation amount of $77.5 million, which includes a partial exercise of the underwriters' option [1][2] Group 1: Offering Details - The Series G Preferred Stock has a par value of $1.00 per share and a liquidation amount of $25 per share [1] - The offering was priced on May 15, 2025, and commenced trading on the Nasdaq Capital Market under the ticker symbol "MBNKO" on May 22, 2025 [2] - The offering was exempt from the registration requirements of the Securities Act of 1933 and was made only by means of an offering circular [5] Group 2: Use of Proceeds - Medallion Bank intends to use the net proceeds from the offering for general corporate purposes, which may include increasing capital levels, growing consumer loan portfolios, or redeeming outstanding Series F Preferred Stock, subject to regulatory approval [3] Group 3: Company Background - Medallion Bank specializes in providing consumer loans for recreational vehicles, boats, and home improvements, and offers loan origination services to fintech partners [7] - The bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp [7] Group 4: Management and Advisors - Piper Sandler & Co. and Lucid Capital Markets, LLC acted as joint book-running managers for the offering, with several other firms serving as lead managers [4]