Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+1.76%
$10.11
100% positive prob.
5-Day Prediction
+7.75%
$10.70
100% positive prob.
20-Day Prediction
+6.78%
$10.60
95% positive prob.
SEC 8-K filings with transcript text
Jul 29, 2026 · 100% conf.
1D
+1.76%
$10.11
Act: +1.71%
5D
+7.75%
$10.70
Act: +8.66%
20D
+6.78%
$10.60
2 mfin-ex99_1.htm
Exhibit 99.1
Record Assets Surpass $3.0 billion, Loan Originations Increase 63%
NEW YORK, NY – July 29, 2026 – Medallion Financial Corp. (NASDAQ: MFIN) (“Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced its financial results for the quarter ended June 30, 2026.
2026 Second Quarter Highlights
• Total net income attributable to stockholders for the second quarter was $7.4 million, or $0.31 per share, compared to $11.1 million, or $0.46 per share, in the prior year quarter. Total net income for the quarter included a $0.2 million gain on equity investments, compared to a $6.1 million gain on equity in the prior year quarter.
• Net interest income grew 7% to $57.2 million from $53.4 million in the prior year quarter.
• Net interest margin (“NIM”) on gross loans was 7.94%, compared to 8.09% in the prior year quarter, and NIM on net loans was 8.28%, compared to 8.42% in the prior year quarter.
• Total assets exceeded $3.0 billion for the first time in company history.
• Loan originations grew 63% to $611.6 million, compared to $375.0 million in the prior year quarter, and included $247.1 million of strategic partnership loan originations in the current quarter, compared to $168.6 million in the prior year quarter.
• Total loan portfolio as of June 30, 2026 was $2.795 billion, up 12.5% compared to $2.485 billion a year ago.
• Credit loss provision was $22.3 million, compared to $21.6 million in the prior year quarter.
• Net book value per share at June 30, 2026 was $17.62 compared to $16.77 a year ago.
• The Company declared and paid a quarterly cash dividend of $0.14 per share.
• The Company repurchased 779,799 shares of its common stock at an average cost of $9.85 per share for $7.7 million.
Executive Commentary
Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Our second quarter results further demonstrate the strength and scalability of our lending platform. We achieved record assets of more than $3.0 billion, increased loan originations by 63%, grew net interest income by 7%, and continued to build book value while maintaining disciplined underwriting standards.
Demand across our recreation and home improvement lending businesses remains healthy, and our strategic partnership business continues to expand with strategic partnership originations reaching $247 million during the quarter. Additionally, we repurchased nearly 780,000 shares during the quarter at an average price of $9.85 per share, which we believe creates meaningful long-term shareholder value.
Despite the absence of significant gains on equity investments in the quarter, our core lending franchise continued to produce meaningful operating results supporting our earnings. As our loan portfolio expanded, we recorded higher credit provisions to support that growth, reflecting the up front reserve requirements associated with new loan originations. These originations provide visibility into future portfolio and earnings growth.
We believe Medallion is well positioned for continued profitable growth through disciplined underwriting, a strong funding base, expanding strategic partnerships, and prudent capital allocation.”
Business Highlights
Recreation Lending
• Originations were $228.5 million during the quarter, up 63.0% compared to $142.8 million a year ago.
• Recreation loans, including loans held for investment and loans held for sale, grew 14% to $1.760 billion, or 63% of total loans, as of June 30, 2026, compared to $1.546 billion, or 62%, a year ago.
• Average loan size as of June 30, 2026 was $22,300 with a weighted average FICO score, measured at the time of loan origination, of 686.
• Interest income grew 12% to $57.1 million for the quarter, from $51.1 million in the prior year quarter.
• The average interest rate was 15.06% at quarter-end, compared to 15.12% a year ago.
• Recreation loans 90 days or more past due were $9.7 million, or 0.57% of gross recreation loans, as of June 30, 2026, compared to $7.3 million, or 0.49%, a year ago.
• Allowance for credit losses as of June 30, 2026 was 5.16%, compared to 5.05% a year ago.
Home Improvement Lending
• Originations were $128.6 million during the quarter, up 31.7% compared to $54.3 million a year ago.
• Home improvement loans were $885.6 million, or 32% of total loans, as of June 30, 2026, compared to $803.5 million, or 32%, a year ago.
• Average loan size as of June 30, 2026 was $24,500 with a weighted average FICO score, measured at the time of loan origination, of 768.
• Interest income was $20.9 million for the quarter, compared to $20.1 million in the prior year quarter.
• The average interest rate w
Apr 29, 2026
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – April 29, 2026 – Medallion Financial Corp. (NASDAQ: MFIN) (“Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced its financial results for the quarter ended March 31, 2026.
2026 First Quarter Highlights
• Total net income attributable to stockholders for the first quarter was $5.0 million, or $0.20 per share, compared to $12.0 million, or $0.50 per share, in the prior year quarter. Total net income for the prior year quarter included a $9.4 million gain on equity investments, compared to $0.3 million in the current quarter.
• Net interest income grew 5% to $54.1 million from $51.4 million in the prior year quarter.
• Net interest margin (“NIM”) on gross loans was 8.00%, compared to 7.94% in the prior year quarter, and NIM on net loans was 8.35%, compared to 8.25% in the prior year quarter.
• Loan originations grew 34% to $376.9 million, compared to $281.6 million in the prior year quarter, and included $170.0 million of strategic partnership loan originations in the current quarter, compared to $136.2 million in the prior year quarter.
• Credit loss provision was $22.5 million, compared to $22.0 million in the prior year quarter.
• The loan portfolio, including loans held for sale, as of March 31, 2026, was $2.618 billion, up 5% from $2.486 billion a year ago.
• Net book value per share at March 31, 2026 was $17.10 compared to $16.36 a year ago.
• The Company declared and paid a quarterly cash dividend of $0.12 per share.
• Subsequent to March 31, 2026, the Board of Directors increased the quarterly cash dividend to $0.14 per share.
Executive Commentary
Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Following the strong results we achieved in 2025, Medallion continued that momentum in the first quarter 2026, demonstrating our ability to achieve growth across our lending segments. Loan originations grew 64% year-over-year in our recreation segment and 32% year-over-year in our home improvement segment, reflecting healthy demand and the strength of our platform. We saw year-over-year increases in our total portfolio, which expanded to a record $2.618 billion, net interest income, which increased to $54.1 million, and net book value per share, which grew to $17.10.
We continue to see both strong consumer demand for our loan products and improved credit performance. Credit losses in our recreation segment fell to 4.38% in the quarter compared to 4.67% in the 2025 quarter, while credit losses in our home improvement segment extended their multi-quarter decline. We continue to closely monitor the economic environment while remaining disciplined in our underwriting and focused on appropriate risk-adjusted returns.
As we continue to invest in our platform, we are implementing significant technological change and adding talented employees. This effort is designed to help create sustained loan origination growth in the coming periods. Ultimately, our business and lending model is designed to perform across cycles, and organic growth in high-quality assets will create resilience in varying market conditions.
We delivered one of our strongest loan volume quarters on record, reflecting exceptional demand for our products and the success of our origination efforts. We’re excited about the underlying business momentum and confident this strong volume positions us well for solid returns ahead.”
Business Highlights
Recreation Lending
• Originations were $142.5 million during the quarter, compared to $86.8 million a year ago.
• Recreation loans, including loans held for investment and loans held for sale, grew 7.5% to $1.672 billion, or 64% of total loans, as of March 31, 2026, compared to $1.546 billion, or 62%, a year ago.
• Average loan size as of March 31, 2026 was $22,600 with a weighted average FICO score, measured at the time of loan origination, of 687.
• Interest income grew 7% to $54.0 million for the quarter, from $50.5 million in the prior year quarter.
• The average interest rate was 15.11% at quarter-end, compared to 15.01% a year ago.
• Recreation loans 90 days or more past due were $9.2 million, or 0.57% of gross recreation loans, as of March 31, 2026, compared to $7.1 million, or 0.48%, a year ago.
• Allowance for credit losses as of March 31, 2026 was 5.19%, compared to 5.00% a year ago.
Home Improvement Lending
• Originations were $64.4 million during the quarter, compared to $48.8 million a year ago.
• Home improvement loans were $814.9 million, or 31% of total loans, as of March 31, 2026, compared to $812.4 million, or 33%, a year ago.
• Average loan size as of March 31, 2026 was $22,900 with a
Feb 18, 2026
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – February 18, 2026 – Medallion Financial Corp. (NASDAQ: MFIN) (“Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced its financial results for the quarter and full-year ended December 31, 2025.
2025 Fourth Quarter Highlights
• Total net income attributable to stockholders for the fourth quarter was $12.2 million, or $0.50 per share, up 20% compared to $10.1 million, or $0.43 per share in the prior year quarter.
• Net interest income grew 8% to $56.4 million from $52.0 million in the prior year quarter.
• Net interest margin on gross loans was 8.04%, compared to 7.84% in the prior year quarter, and net interest margin on net loans was 8.39%, compared to 8.15% in the prior year quarter.
• Loan originations grew to $421.3 million, compared to $285.7 million in the prior year quarter, and included $258.3 million of strategic partnership loan originations in the current quarter, compared to $123.7 million in the prior year quarter.
• Credit loss provision was $27.7 million, compared to $20.6 million in the prior year quarter.
• The Company declared and paid a quarterly cash dividend of $0.12 per share.
2025 Full-Year Highlights
• Total net income attributable to stockholders for 2025 was $43.0 million, or $1.78 per share, up 20% compared to $35.9 million, or $1.52 per share, in the prior year.
• Net interest income grew 7% to $216.9 million from $202.5 million in the prior year.
• Net interest margin on gross loans was 8.06%, compared to 8.05% in the prior year, and net interest margin on net loans was 8.40%, compared to 8.35% in the prior year.
• Loan originations grew to $1.505 billion, compared to $1.043 billion in the prior year, and included $771.6 million of strategic partnership loan originations in the current year, compared to $203.6 million in the prior year.
• The loan portfolio, including loans held for sale, as of December 31, 2025 was $2.567 billion, up 3% from $2.491 billion a year ago.
• Credit loss provision was $89.8 million, compared to $76.5 million in the prior year.
• The Company repurchased 108,351 shares of common stock at an average cost of $9.10 per share in the year, for a total of $1.0 million.
• Net book value per share at the end of 2025 was $17.53 per share, up 10% from $16.00 a year ago.
Executive Commentary
Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp. commented, “2025 marked a record year for Medallion, with solid performance across our core financial metrics and operating segments. We delivered increases in net interest income, net income, originations, and portfolio size on both a quarterly and full-year basis, reflecting the strength of our platform and consistent execution across our business lines. Demand remained healthy, credit performance was solid, and our results demonstrate our ability to continue scaling the business profitably while maintaining discipline.
These results reflect a focused operating approach and our ongoing commitment to prudent growth across the platform. We continue to prioritize a disciplined origination strategy, prudent balance sheet management, and effective capital deployment while expanding our portfolio.
Ending the year with positive momentum, we believe we are well-positioned to build on this performance and continue delivering consistent, favorable risk-adjusted returns for our shareholders.”
2026 Strategy
Andrew Murstein continued by stating, “As I step into the role of Chief Executive Officer, our focus for 2026 is to build upon the strong foundation established over the past 30+ years, while further refining our strategic priorities.
We aim to continue to grow our core business lines by targeting sustained growth in our recreation segment. In addition, we believe there is significant growth potential within our home improvement line. As a result, in recent months, we added experienced talent to support increased growth and originations in this line, with the goal of continuing to expand the portfolio.
Our commercial lending segment remains a strong contributor to earnings, with the average interest rates increasing to 14.22% this year.
At the same time, our strategic partnership program continues to be a rapidly growing component of our business. While per-loan origination fees and interest income associated with this business remain modest due to the short time the loans remain on our books, originations continue to expand meaningfully quarter over quarter, and we see great potential in this business over the next several years.
We remain thoughtful and disciplined in evaluating new business lines and growth opportunities. We
Oct 29, 2025
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – October 29, 2025 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced its financial results for the three and nine months ended September 30, 2025.
2025 Third Quarter Highlights
• Total net income attributable to stockholders for the 2025 third quarter was $7.8 million, or $0.32 per share, which includes a non-recurring charge of $3.5 million related to the redemption of Medallion Bank's series F preferred stock. Excluding this non-recurring charge, net income for the 2025 third quarter was $11.3 million, as compared to $8.6 million, or $0.37 per share, in the prior year quarter.
• Net interest income grew 6% to $55.7 million from $52.7 million in the prior year quarter.
• Net interest margin ("NIM") on gross loans was 8.21%, compared to 8.11% in the prior year quarter, and NIM on net loans was 8.56%, compared to 8.42% in the prior year quarter.
• Loan originations grew to $427.4 million, compared to $275.6 million in the prior year quarter, and included $208.4 million of strategic partnership loan originations in the current quarter compared to $39.9 million in the prior year quarter.
• The loan portfolio as of September 30, 2025 was $2.559 billion, up 3% from $2.485 billion a year ago.
• Credit loss provision was $18.6 million, compared to $20.2 million in the prior year quarter.
• Net book value per share as of September 30, 2025 was $17.07 per share, up 9% from $15.70 a year ago.
• The Company declared and paid a quarterly cash dividend of $0.12 per share.
Executive Commentary
Andrew Murstein, President and Chief Operating Officer of Medallion Financial, commented, “We are very pleased with our continued strong results. This quarter we reached record highs in net interest income, loan volume and total assets. We had a 31% increase in net income year-over-year when excluding the $3.5 million non-recurring charges related to the redemption of the Bank's series F preferred stock, and continued momentum across our core lending businesses. Net interest margin continued to improve on both gross and net loans. Our diverse business lines delivered meaningful contributions, with higher interest income and disciplined execution supporting strong financial performance. The loan portfolio continued to grow, reaching $2.56 billion, and loan originations reaching $427 million at the end of the quarter.
Our strategic partnership loan program continues to scale, with $208 million in originations this quarter, up significantly from $169 million in the prior quarter and $40 million a year ago, further demonstrating the appeal and growth potential of this platform. We continue to see strong momentum in this channel and intend to continue expanding the program as we move forward. Furthermore, during the quarter, we collected over $6 million from taxi medallion-related assets, which resulted in net recoveries and gains of $3.4 million for the period.
Our nine months earnings have increased 20% year over year. We continue to benefit from strong portfolio diversification, disciplined underwriting, consistently high credit performance, and stable, attractive yields generated by our lending platform. We are strengthening our analytical and data-driven approach to lending, supported by digital tools that enhance various stages of our lending business, from underwriting and origination, to servicing and portfolio management. This integrated platform allows us to evaluate credit risk with greater precision, improving decision-making and maintaining strong credit performance across different micro- and macro-economic cycles. These capabilities, along with our strong leadership team and momentum across business lines, position Medallion for sustainable growth and allow us to continue generating strong returns for our stockholders."
Business Segment Highlights
Recreation Lending Segment
• Originations were $141.7 million during the quarter, compared to $139.1 million a year ago.
• Recreation loans, including loans held for investment and loans held for sale, grew 3% to $1.603 billion, or 63% of total loans, as of September 30, 2025, compared to $1.555 billion a year ago.
• Average loan size was $21,000 with a weighted average FICO score, measured at the time of loan origination, of 685.
• Interest income grew 4% to $53.6 million for the quarter, from $51.4 million in the prior year quarter.
• The average interest rate was 15.17% at quarter-end, or 15.15% excluding loans held for sale, compared to 14.92% a year ago.
• Recreation loans 90 days or more past due were $8.9 million, or 0.57% of gross recreation loans, as of September 30, 2025,
Jul 30, 2025
2 mfin-ex99_1.htm
Exhibit 99.1
Reports 56% Increase in Net Income as Compared to the Prior Year Quarter
Announces Third Quarter 2025 Dividend of $0.12 Per Share
NEW YORK, NY – July 30, 2025 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its financial results for the second quarter ended June 30, 2025.
2025 Second Quarter Highlights
• Net income grew 56% to $11.1 million, or $0.46 per share, compared to $7.1 million, or $0.30 per share, in the prior year quarter.
• Net interest income grew 7% to $53.4 million from $49.9 million in the prior year quarter.
• Net interest margin ("NIM") on net loans was 8.42%, consistent with 8.42% in the prior year quarter, and NIM on gross loans was 8.09%, compared to 8.12% in the prior year quarter.
• Loan originations grew to $375.0 million, compared to $309.1 million in the prior year quarter, and included $168.6 million of strategic partnership loan originations in the current quarter compared to $24.3 million in the prior year quarter.
• The loan portfolio as of June 30, 2025 was $2.485 billion, up 4% compared to $2.386 billion a year ago.
• Credit loss provision increased to $21.6 million from $18.6 million in the prior year quarter.
• Net book value per share as of June 30, 2025 was $16.77 per share, up 10% from $15.25 a year ago.
• The Company declared and paid a quarterly cash dividend of $0.12 per share.
• The Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million.
Executive Commentary
Andrew Murstein, President and Chief Operating Officer of Medallion Financial, commented, “We are pleased with the strong results we delivered in the second quarter of 2025, with a 56% increase in net income year-over-year. This performance reflects the strength of our core lending businesses and disciplined execution across our business lines.
During the quarter, we saw meaningful contributions from our recreation, home improvement and commercial lending segments, supported by solid portfolio originations and higher interest income. Over the past eight quarters, our commercial division has consistently generated net gains from equity investments, totaling $27.6 million for the two-year period, with six of the past eight quarters having significant gains. These equity gains are a result of years of strategic investment and highlight the long-term value embedded in our commercial portfolio. Although we cannot predict when and if these gains will occur, with a portfolio of more than 30 equity investments, represented by $8.1 million on our balance sheet, we believe we will experience additional gains in the future. In addition, we are pleased that our strategic partners loan program in Medallion Bank continues to grow with $169 million in loan originations in the quarter compared to $24 million a year ago.
Overall, we are encouraged by the momentum in our business. With the recent preferred offering at Medallion Bank, we believe we are well-positioned for growth and to continue generating strong returns for our shareholders."
Business Segment Highlights
Recreation Lending Segment
• Originations were $142.8 million during the quarter, compared to $209.6 million a year ago.
• Recreation loans, including loans held for investment and loans held for sale, grew 3% to $1.546 billion, or 62% of total loans, as of June 30, 2025, compared to $1.497 billion a year ago.
• Average loan size was $21,000 with a weighted average FICO score, measured at the time of loan origination, of 684.
• Interest income grew 8% to $51.1 million for the quarter, from $47.5 million in the prior year quarter.
• The average interest rate was 15.12% at quarter-end, 15.10% excluding loans held for sale, compared to 14.80% a year ago.
• Recreation loans 90 days or more past due were $7.3 million, or 0.49% of gross recreation loans, as of June 30, 2025, compared to $5.9 million, or 0.41%, a year ago.
• Allowance for credit loss was 5.05% at quarter-end for loans held for investment, compared to 4.35% a year ago.
Home Improvement Lending Segment
• Originations were $54.3 million during the quarter, compared to $68.0 million a year ago.
• Home improvement loans grew 4% to $803.5 million, or 32% of total loans, as of June 30, 2025, compared to $773.2 million a year ago.
• Average loan size was $22,000 with a weighted average FICO score, measured at the time of loan origination, of 769.
• Interest income grew 14% to $20.1 million for the quarter, from $17.7 million in the prior year quarter.
• The average interest rate was 9.87% at quarter-end, compared to 9.71% a year ago.
• Home improvement loans 90 da
Apr 30, 2025
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – April 30, 2025 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2025.
March 31, 2025 First Quarter Highlights
• Net income grew 20% to $12.0 million, or $0.50 per share, compared to $10.0 million, or $0.42 per share, in the prior year quarter.
• Net interest income grew 7% to $51.4 million from $47.9 million in the prior year quarter.
• Net interest margin on net loans was 8.25%, compared to 8.39% in the prior year quarter, and on gross loans it was 7.94%, compared to 8.10% in the prior year quarter.
• Loan originations grew to $281.6 million, compared to $173.1 million in the prior year quarter, and included $136.2 million of strategic partnership loans in the current quarter compared to $15.7 million in the prior year quarter.
• Loans grew 12% to $2.5 billion as of March 31, 2025, compared to $2.2 billion a year ago.
• Credit loss provision increased to $22.0 million from $17.2 million in the prior year quarter.
• The Company declared and paid a quarterly cash dividend of $0.11 per share.
• Subsequent to March 31, 2025, the Board of Directors increased the quarterly cash dividend to $0.12 per share.
Executive Commentary – Andrew Murstein, President of Medallion
"Once again we are pleased with our bottom-line performance and the $0.50 per share earnings this quarter. We have done a great job pivoting fully away from our legacy taxi medallion lending business. Our consumer lending businesses continue to perform well. Our commercial division, Medallion Capital, which we acquired for approximately 1.1 million MFIN shares back in 1998, had another greater quarter and generated strong equity gains. Since 2015, Medallion Capital has generated $67 million of earnings for our shareholders.
We originated more than $280 million of loans during the quarter, with strategic partnership loans accounting for nearly half. Strategic partnership loan volume increased to $136 million this quarter up from just $16 million one year ago. We saw delinquencies in both of our consumer loan portfolios improve from a quarter ago.
Lastly, we are happy to announce that our board of directors has increased our quarterly dividend to $0.12 per share. We look forward to a bright future for our Company and continuing to deliver positive returns to our shareholders.”
Business Segment Highlights
Recreation Lending Segment
• Originations were $86.8 million during the quarter, compared to $105.8 million a year ago.
• Recreation loans, including loans held for investment and loans held for sale, grew 13% to $1.5 billion, or 62% of total loans, as of March 31, 2025, compared to $1.4 billion a year ago.
• Interest income grew 15% to $50.5 million for the quarter, from $43.9 million in the prior year quarter.
• The average interest rate was 15.01% at quarter-end, 15.10% excluding loans held sale, compared to 14.80% a year ago.
• Recreation loans 90 days or more past due were $7.1 million, or 0.48% of gross recreation loans, as of March 31, 2025, compared to $6.4 million, or 0.48%, a year ago.
• Allowance for credit loss was 5.00% at quarter-end for loans held for investment, compared to 4.40% a year ago.
Home Improvement Lending Segment
• Originations were $48.8 million during the quarter, compared to $51.6 million a year ago.
• Home improvement loans grew 8% to $812.4 million, or 33% of total loans, as of March 31, 2025, compared to $752.3 million a year ago.
• Interest income grew 13% to $19.8 million for the quarter, from $17.4 million in the prior year quarter.
• The average interest rate was 9.83% at quarter-end, compared to 9.60% a year ago.
• Home improvement loans 90 days or more past due were $1.5 million, or 0.19% of gross home improvement loans, as of March 31, 2025, compared to $1.4 million, or 0.18%, a year ago.
• Allowance for credit loss was 2.49% at quarter-end, compared to 2.38% a year ago.
Commercial Lending Segment
• Commercial loans were $116.1 million at March 31, 2025, compared to $106.6 million a year ago.
• The average interest rate on the portfolio was 13.14%, compared to 13.00% a year ago.
Taxi Medallion Lending Segment
• The Company collected $2.6 million of cash on taxi medallion-related assets during the quarter.
• Total net taxi medallion assets declined to $6.8 million, a 37% reduction from a year ago, and represented less than 0.5% of the Company’s total assets, as of March 31, 2025.
Capital Allocation
Quarterly Dividend
• The Board of Directors declared a quarterly dividend of $0.12 per share, payable on May 30, 2025, to shareholders of record at the clos
Mar 4, 2025
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – March 4, 2025 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter and full-year ended December 31, 2024.
2024 Fourth Quarter Highlights
• Net income was $10.1 million, or $0.43 per share, compared to $14.3 million, or $0.60 per share, in the prior year quarter, and included $1.3 million of taxi medallion recoveries in the current quarter compared to $12.5 million in the prior year quarter.
• Net interest income grew 6% to $52.0 million from $49.0 million in the prior year quarter.
• Net interest margin on net loans was 8.15%, compared to 8.50% in the prior year quarter, and on gross loans it was 7.84%, compared to 8.20% in the prior year quarter.
• Loan originations grew 69% to $285.7 million, compared to $169.1 million in the prior year quarter.
• Credit loss provision increased to $20.6 million from $10.8 million in the prior year quarter.
• The Board of Directors increased the quarterly dividend 10% to $0.11 per share.
• In connection with a pending agreement in principle with the SEC's Division of Enforcement on terms of settlement, the Company recorded a charge of $3.0 million as well as a benefit of $5.5 million related to insurance coverage of legal costs incurred.
2024 Full-Year Highlights
• Net income was $35.9 million, or $1.52 per share, compared to $55.1 million, or $2.37 per share, in the prior year, and included $6.9 million of taxi medallion recoveries in the current year compared to $29.6 million in the prior year.
• Net interest income grew 8% to $202.5 million from $188.1 million in the prior year.
• Net interest margin on net loans was 8.35%, compared to 8.68% in the prior year, and on gross loans it was 8.05%, compared to 8.38% in the prior year.
• Loan originations were $1.0 billion, compared to $960.0 million in the prior year.
• Total loans, including loans held for sale, grew 12% to $2.5 billion as of December 31, 2024, compared to $2.2 billion a year ago.
• Credit loss provision increased to $76.5 million from $37.8 million in the prior year.
• The Company repurchased 570,404 shares of common stock at an average cost of $8.07 per share in the year, for a total of $4.6 million.
• Total assets grew to $2.9 billion as of December 31, 2024, an 11% increase over December 31, 2023.
Executive Commentary – Andrew Murstein, President of Medallion
"We continue to be pleased with our quarterly and full-year performance. In the fourth quarter of 2023, taxi medallion recoveries added $0.37 to our bottom line compared to only $0.04 this quarter. For the full year, and the first time in our history, we originated over $1 billion of loans, more than half of which were high yielding recreation loans. We are quite pleased with this accomplishment.
Our commercial lending group, Medallion Capital, exited a portfolio investment during the quarter generating net gains of $3.8 million on equity investments, with full year net gains of $6.9 million. Although our equity investments are small, over time they have generated meaningful earnings to our bottom line, with net gains totaling nearly $15 million over the past three years.
Finally, in the quarter we reached an agreement in principle on terms of settlement and recorded a charge of $3.0 million related to the SEC matter as well as recognized a $5.5 million benefit related to insurance coverage of legal costs associated with this matter. The agreement is subject to approval of the Commissioners of the SEC and the court, and we look forward to bringing closure to this matter.
We are quite happy with where we are as a company, especially with the performance we have delivered over the past several years. We finished the year with record total interest income, net interest income, assets, strategic partnership loan volume, and total equity. We believe we are well-positioned for 2025 and the years ahead.”
Business Segment Highlights
Recreation Lending Segment
• Originations were $72.2 million during the quarter, compared to $62.7 million a year ago.
• Recreation loans, including loans held for investment and loans held for sale, grew 15% to $1.5 billion, or 62% of total loans, as of December 31, 2024, compared to $1.3 billion, or 60% of total loans, a year ago.
• Interest income grew 15% to $51.3 million for the quarter, from $44.4 million in the prior year quarter.
• The average interest rate was 15.07% at year-end, compared to 14.79% a year ago.
• Recreation loans 90 days or more past due were $10.0 million, or 0.67% of gross recreation loans, as of December 31, 2024, compared to $9.1 million, or 0.70%, a y
Oct 29, 2024
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – October 29, 2024 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as offers loan products and services through fintech strategic partners, announced today its results for the quarter ended September 30, 2024.
2024 Third Quarter Highlights
• Net income was $8.6 million, or $0.37 per share, compared to $11.2 million, or $0.48 per share, in the prior year quarter.
• Net interest income grew 8% to $52.7 million from $48.8 million in the prior year quarter.
• Net interest margin on gross loans was 8.11%, compared to 8.35% in the prior year quarter, and on net loans it was 8.42%, compared to 8.64% in the prior year quarter.
• Loan originations were $275.6 million, compared to $217.4 million in the prior year quarter.
• Loans grew 13% to $2.5 billion as of September 30, 2024, compared to $2.2 billion a year ago.
• The credit loss provision increased to $20.2 million from $14.5 million in the prior year quarter.
• The Company repurchased 122,344 shares of common stock at an average cost of $7.89 per share.
• Subsequent to September 30, 2024, the Board of Directors increased the quarterly cash dividend 10% to $0.11 per share.
Executive Commentary – Andrew Murstein, President of Medallion
"We continue to be pleased with our quarterly performance. The earnings were strong despite lower taxi medallion related recoveries and the absence of equity gains, both of which we experienced in the prior year quarter. At $0.37 per share, our earnings included approximately $0.07 per share of additional allowance tied to the growth of our consumer lending segments, which saw recreation and home improvement loans grow 4% and 5% from the previous quarter to a combined $2.4 billion, with over $235 million in originations this quarter. We continue to be comfortable with the overall credit performance of these two consumer segments, which carry weighted average coupons of 14.92% for recreation loans and 9.76% for home improvement loans. During the quarter we originated recreation loans at an average rate of 16.33% and home improvement loans at an average rate of 10.75%.
Our net interest income reached $52.7 million during the quarter, up 6% from just a quarter ago. We remain cautiously optimistic that the solid performance of our loan portfolio will continue. Our net interest margin during the quarter was 8.11%, decreasing only 1 basis point from the prior quarter, as we continue to increase our yield to offset the rise in our average cost of borrowings.
Our total interest income of $76.4 million, net interest income of $52.7 million, and total assets of $2.9 billion were all record highs. Our fintech strategic partnership program at Medallion Bank had its highest volume quarter ever with $40 million of new loans, up from $24 million in the second quarter of this year. As a result, we are optimistic about the quarters ahead and are hopeful to continue delivering meaningful growth in origination volumes in our newest business line.
Lastly, we are pleased to announce that our board of directors has authorized an increase of our quarterly dividend to $0.11 per share beginning with the upcoming payment next month, reflecting our strong financial performance and ongoing commitment to delivering value to our shareholders. This increase underscores our confidence in the Company’s future growth and stability, as well as our focus on returning capital to investors."
Business Segment Highlights
Recreation Lending Segment
• Originations were $139.1 million during the quarter, compared to $92.6 million a year ago.
• Recreation loans grew 15% to $1.6 billion as of September 30, 2024, compared to $1.3 billion a year ago.
• Recreation loans were 63% of total loans as of September 30, 2024, compared to 61% a year ago.
• Net interest income grew 9% to $38.9 million for the quarter, from $35.6 million in the prior year quarter.
• The average interest rate was 14.92% at quarter-end, compared to 14.73% a year ago.
• Recreation loans 90 days or more past due were $7.5 million, or 0.50% of gross recreation loans, as of September 30, 2024, compared to $5.9 million, or 0.45%, a year ago.
• Allowance for credit loss rate was 4.53% as of September 30, 2024, compared to 4.24% a year ago.
Home Improvement Lending Segment
• Originations were $96.5 million during the quarter, compared to $79.3 million a year ago.
• Home improvement loans grew 8% to $814.1 million as of September 30, 2024, compared to $750.5 million a year ago.
• Home improvement loans were 33% of total loans as of September 30, 2024, compared to 34% a year ago.
• Net interest income grew 5% to $12.0 million for the quarter, from $11.4 million in the prior year quarter.
• Th
Jul 30, 2024
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – July 30, 2024 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2024.
2024 Second Quarter Highlights
• Net income was $7.1 million, or $0.30 per share, compared to $14.2 million, or $0.62 per share, in the prior year quarter.
• $2.3 million of cash was collected on taxi medallion-related assets, compared to $10.6 million of cash collected, in the prior year quarter.
• Net interest income grew 7% to $49.9 million from $46.7 million in the prior year quarter.
• Net interest margin on net loans was 8.42%, compared to 8.77% in the prior year quarter, and on gross loans it was 8.12%, compared to 8.48% in the prior year quarter.
• Loan originations were $309.1 million, compared to $346.3 million in the prior year quarter.
• Loans grew 11% to $2.4 billion as of June 30, 2024, compared to $2.2 billion a year ago.
• The credit loss provision increased to $18.6 million from $8.5 million in the prior year quarter. The total provision included $1.0 million of net taxi medallion recoveries in the current quarter compared to $5.3 million of net taxi medallion recoveries in the prior year quarter.
• The Company repurchased 183,900 shares of common stock at an average cost of $8.24 per share.
• The Company declared and paid a quarterly cash dividend of $0.10 per share.
Executive Commentary – Andrew Murstein, President of Medallion
"Overall this was another solid quarter for us. Notable in the quarter, our earnings included approximately $0.12 per share of additional allowance tied to the growth of our loan portfolio, primarily within our recreation segment, which grew 10% from the first quarter to $1.5 billion, with over $200 million in originations this quarter. We continue to be pleased with the credit performance of that segment. Additionally, our results reflect atypical professional fees in the quarter associated with our successful defense of an activist proxy campaign.
Our net interest income reached $49.9 million, an all-time high, grew 4% from the prior quarter, and we saw our net charge-offs drop from what we experienced in the first quarter. We remain cautiously optimistic that the solid performance of our loans and the strong credit quality of our overall loan portfolio will continue. Despite some contraction over the past few years, due mainly to the current interest rate environment, our net interest margin increased two basis points from the first quarter.
Lastly, unlike the first quarter, our commercial division did not have any significant equity gains this quarter. Their net interest margin was more than 9% as they grew their loan portfolio by 19% from last year.”
Business Segment Highlights
Recreation Lending Segment
• Originations were $209.6 million during the quarter, compared to $190.0 million a year ago.
• Recreation loans grew 12% to $1.5 billion as of June 30, 2024, compared to $1.3 billion a year ago.
• Recreation loans were 63% of total loans as of June 30, 2024, compared to 62% a year ago.
• Net interest income grew 9% to $36.5 million for the quarter, from $33.5 million in the prior year quarter.
• The average interest rate was 14.80% at quarter-end, compared to 14.62% a year ago.
• Recreation loans 90 days or more past due were $5.9 million, or 0.41% of gross recreation loans, as of June 30, 2024, compared to $5.0 million, or 0.39%, a year ago.
• Allowance for credit loss rate was 4.35% as of June 30, 2024, compared to 4.07% a year ago.
Home Improvement Lending Segment
• Originations were $68.0 million during the quarter, compared to $117.0 million a year ago.
• Home improvement loans grew 6% to $773.2 million as of June 30, 2024, compared to $728.5 million a year ago.
• Home improvement loans were 32% of total loans as of June 30, 2024, compared to 34% a year ago.
• Net interest income grew 4% to $11.5 million for the quarter, from $11.1 million in the prior year quarter.
• The average interest rate was 9.71% at quarter-end, compared to 9.21% a year ago.
• Home improvement loans 90 days or more past due were $1.3 million, or 0.17% of gross home improvement loans, as of June 30, 2024, compared to $1.1 million, or 0.16%, a year ago.
• Allowance for credit loss rate was 2.38% as of June 30, 2024, compared to 2.26% a year ago.
Commercial Lending Segment
• Commercial loans were $110.2 million at June 30, 2024, compared to $92.6 million a year ago.
• The average interest rate on the portfolio was 13.05%, compared to 12.64 % a year ago.
Taxi Medallion Lending Segment
• The Company collected $2.3 million of cash on taxi medallion-related asse
Apr 30, 2024
2 mfin-ex99_1.htm
Exhibit 99.1
NEW YORK, NY – April 30, 2024 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2024.
2024 First Quarter Highlights
• Net income was $10.0 million, or $0.42 per share, compared to $15.4 million, or $0.67 per share, in the prior year quarter.
• $3.1 million of cash was collected on taxi medallion-related assets, with recoveries resulting in earnings of $0.04 per share compared to $13.2 million of cash collected, with recoveries resulting in earnings of $0.28 per share in the prior year quarter.
• Net interest income grew 10% to $47.9 million from $43.6 million in the prior year quarter.
• Net interest margin on net loans was 8.39%, compared to 8.71% in the prior year quarter, and on gross loans it was 8.10%, compared to 8.42% in the prior year quarter.
• Loan originations were $173.1 million, compared to $227.3 million in the prior year quarter.
• Loans grew 12% to $2.2 billion as of March 31, 2024, compared to $2.0 billion a year ago.
• The credit loss provision increased to $17.2 million from $4.0 million in the prior year quarter. The total provision included $0.9 million of net taxi medallion recoveries in the current quarter compared to $7.1 million of net taxi medallion recoveries in the prior year quarter.
• Repurchased 264,160 shares of its common stock at an average cost of $8.05 per share, for a total of $2.1 million.
• The Company declared and paid a quarterly cash dividend of $0.10 per share
Executive Commentary – Andrew Murstein, President of Medallion
“Once again, we continue to be pleased with our quarterly results, earning $10 million for the shareholders, or $0.42 per diluted share. The credit loss provision reflected the seasonality of our consumer lending business, starting relatively high early in the quarter and decreasing late in the quarter as delinquency declined from the December peak. Additionally, in the prior years we had significant recoveries related to taxi-medallion loans, which in the current quarter only totaled $0.9 million. As we look to the remainder of the year, we also expect consumer originations to increase as we hit our strong months.
In addition to our quarterly dividend, we returned an additional $2.1 million to shareholders in the form of stock repurchases made in the first quarter. We’ll continue to assess our repurchase plans, being opportunistic at the right times, with the ultimate goal of providing long term value accretion to our shareholders.”
Business Segment Highlights
Recreation Lending Segment
• Originations were $105.8 million during the quarter, compared to $101.7 million a year ago.
• Recreation loans grew 13% to $1.4 billion as of March 31, 2024, compared to $1.2 billion a year ago.
• Recreation loans were 61% of total loans as of March 31, 2024, consistent with a year ago.
• Net interest income grew 7% to $34.3 million for the quarter, from $32.0 million in the prior year quarter.
• The average interest rate was 14.80% at quarter-end, compared to 14.42% a year ago.
• Recreation loans 90 days or more past due were $6.4 million, or 0.48% of gross recreation loans, as of March 31, 2024, compared to $4.2 million, or 0.36%, a year ago.
• Allowance for credit loss rate was 4.40% as of March 31, 2024, compared to 4.12% a year ago.
Home Improvement Lending Segment
• Originations were $51.6 million during the quarter, compared to $95.0 million a year ago.
• Home improvement loans grew 12% to $752.3 million as of March 31, 2024, compared to $669.6 million a year ago.
• Home improvement loans were 34% of total loans as of March 31, 2024, consistent with a year ago.
• Net interest income grew 14% to $11.8 million for the quarter, from $10.4 million in the prior year quarter.
• The average interest rate was 9.60% at quarter-end, compared to 8.83% a year ago.
• Home improvement loans 90 days or more past due were $1.4 million, or 0.18% of gross home improvement loans, as of March 31, 2024, compared to $0.4 million, or 0.07%, a year ago.
• Allowance for credit loss rate was 2.38% as of March 31, 2024, compared to 2.19% a year ago.
Commercial Lending Segment
• Commercial loans were $106.6 million at March 31, 2024, compared to $95.3 million a year ago.
• The average interest rate on the portfolio was 13.00%, compared to 12.42% a year ago.
Taxi Medallion Lending Segment
• The Company collected $3.1 million of cash on taxi medallion-related assets during the quarter.
• Total net taxi medallion assets declined to $10.8 million (comprised of $2.1 million of loans net of allowance for credit losses and $8.7 million of loan co
Feb 20, 2024
2 mfin-ex99_1.htm
NEW YORK, NY – February 20, 2024 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter and full-year ended December 31, 2023.
2023 Fourth Quarter Highlights
• Net income was $14.3 million, or $0.60 per share, compared to $13.1 million, or $0.57 per share, in the prior year quarter.
• Net interest income grew 12% to $49.0 million from $43.6 million in the prior year quarter.
• Net interest margin on net loans was 8.50%, compared to 8.86% in the prior year quarter, and on gross loans it was 8.20%, compared to 8.59% in the prior year quarter.
• Loan originations were $169.1 million, compared to $191.9 million in the prior year quarter.
• The credit loss provision increased to $10.8 million from $9.0 million in the prior year quarter and included a net benefit of $12.1 million related to taxi medallion recoveries.
• Beginning with the fourth quarter, the Board of Directors increased the quarterly dividend 25% to $0.10 per share.
2023 Full-Year Highlights
• Net income was $55.1 million, or $2.37 per share, compared to $43.8 million, or $1.83 per share, in the prior year.
• Net interest income grew 17% to $188.1 million from $160.4 million in the prior year.
• Net interest margin on net loans was 8.68%, compared to 9.05% in the prior year quarter, and on gross loans it was 8.38%, compared to 8.73% in the prior year.
• Loan originations were $960.0 million, compared to $983.9 million in the prior year.
• Loans grew 16% to $2.2 billion as of December 31, 2023, compared to $1.9 billion a year ago.
• The credit loss provision increased to $37.8 million from $30.1 million in the prior year and included a net benefit of $26.3 million related to taxi medallion recoveries.
• Total assets grew to $2.6 billion at December 31, 2023, a 15% increase over December 31, 2022.
Executive Commentary – Andrew Murstein, President of Medallion
"Once again, we continue to be quite pleased with our bottom-line results. This was our highest annual total earnings and highest annual earnings per share in our history, with each of our businesses contributing to the success. In the past three years we have generated $153 million of earnings for our shareholders, reinstated our quarterly dividend and then raised it, returned $36 million to shareholders in the form of dividends and stock repurchases, and increased loans by 80%. Our continual reinvestment in our businesses has positioned the Company for long term success.”
Business Segment Highlights
Recreation Lending Segment
• Originations were $62.7 million during the quarter, compared to $79.3 million a year ago.
• Recreation loans grew 13% to $1.3 billion, or 60% of total loans, as of December 31, 2023, compared to $1.2 billion, or 62% of total loans, a year ago.
• Net interest income grew 8% to $35.2 million for the quarter, from $32.7 million in the prior year quarter.
• The average interest rate was 14.79% at year-end, compared to 14.28% a year ago.
• Recreation loans 90 days or more past due were $9.1 million, or 0.70% of gross recreation loans, as of December 31, 2023, compared to $7.4 million, or 0.64%, a year ago.
• Allowance for credit loss rate was 4.31% at year-end, compared to 3.55% a year ago and 4.39% with the implementation of CECL on January 1, 2023.
Home Improvement Lending Segment
• Originations were $66.0 million during the quarter, compared to $97.1 million a year ago.
• Home improvement loans grew 21% to $760.6 million, or 34% of total loans, as of December 31, 2023, compared to $626.4 million, or 33% of total loans, a year ago.
• Net interest income grew 16% to $11.7 million for the quarter, from $10.1 million in the prior year quarter.
• The average interest rate was 9.51% at year-end, compared to 8.65% a year ago.
• Home improvement loans 90 days or more past due were $1.5 million, or 0.20% of gross home improvement loans, as of December 31, 2023, compared to $0.6 million, or 0.09%, a year ago.
• Allowance for credit loss rate was 2.76% at year-end, compared to 1.81% a year ago and 2.05% with the implementation of CECL on January 1, 2023.
Commercial Lending Segment
• Commercial loans were $114.8 million at 2023, compared to $92.9 million a year ago.
• The average interest rate on the portfolio was 12.87%, compared to 12.23% a year ago.
Taxi Medallion Lending Segment
• The Company collected $16.2 million of cash on taxi medallion related assets during the quarter and $45.2 million of cash on taxi medallion-related assets during the year, with net recoveries contributing earnings of $0.33 per share for the quarter and $0.93 per share for the
Oct 30, 2023
2 mfin-ex99_1.htm
NEW YORK, NY – October 30, 2023 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended September 30, 2023.
2023 Third Quarter Highlights
• Net income was $11.2 million, or $0.48 per share, compared to $7.6 million, or $0.32 per share, in the prior year quarter.
• $5.7 million of cash was collected on taxi medallion-related assets, with recoveries resulting in earnings of $0.10 per share.
• Net interest income grew 16% to $48.8 million from $42.0 million in the prior year quarter.
• Net interest margin on net loans was 8.64%, compared to 8.91% in the prior year quarter, and on gross loans it was 8.35%, compared to 8.63% in the prior year quarter.
• Loan originations were $217.4 million, compared to $273.7 million in the prior year quarter.
• Loans grew 19% to $2.2 billion as of September 30, 2023, compared to $1.9 billion a year ago.
• The credit loss provision increased to $14.5 million from $10.0 million in the prior year quarter.
• Total assets grew to an all-time high of $2.6 billion at September 30, 2023, a 16% increase over September 30, 2022.
• Subsequent to September 30, 2023, the board of directors increased the quarterly dividend 25% to $0.10 per share.
Executive Commentary – Andrew Murstein, President of Medallion
“We continue to be pleased with our strong results. Our earnings of nearly $41 million for the first nine months of the year were up 32% compared to last year. This is our highest net income for the nine-months through September since we went public. Net interest income grew 16% over the prior year quarter and grew 4% from the second quarter.
With over $200 million of consumer loans originated during the quarter, we continued to increase market share while taking pro-active steps to increase credit standards, increase pricing, and moderate growth to a level sustainable with our long-term strategy. Cash collections related to our taxi medallion assets were $5.7 million, adding $0.10 to our bottom line. In October, we collected an additional $9.4 million from one of larger taxi medallion borrowers, which will result in a pre-tax gain of $8.0 million in the fourth quarter.
Our board of directors has authorized a 25% increase of our quarterly dividend to $0.10 per share beginning with the upcoming dividend payment next month, another sign of our commitment to providing sustainable shareholder value over the long-term.”
Business Segment Highlights
Recreation Lending Segment
• Originations were $92.6 million during the quarter, compared to $149.2 million a year ago.
• Recreation loans grew 15% to $1.3 billion as of September 30, 2023, compared to $1.2 billion a year ago.
• Recreation loans were 61% of total loans as of September 30, 2023, compared to 63% a year ago.
• Net interest income grew 13% to $35.6 million for the quarter, from $31.5 million in in the prior year quarter.
• The average interest rate was 14.73% at quarter-end, compared to 14.21% a year ago.
• Recreation loans 90 days or more past due were $5.9 million, or 0.45% of gross recreation loans, as of September 30, 2023, compared to $5.1 million, or 0.45%, a year ago.
Home Improvement Lending Segment
• Originations were $79.3 million during the quarter, compared to $100.5 million a year ago.
• Home improvement loans grew 30% to $750.5 million as of September 30, 2023, compared to $575.2 million a year ago.
• Home improvement loans were 34% of total loans as of September 30, 2023, compared to 31% a year ago.
• Net interest income grew 19% to $11.4 million for the quarter, from $9.6 million in the prior year quarter.
• The average interest rate was 9.38% at quarter-end, compared to 8.55% a year ago.
• Home improvement loans 90 days or more past due were $1.0 million, or 0.13% of gross home improvement loans, as of September 30, 2023, compared to $0.5 million, or 0.09%, a year ago.
Commercial Lending Segment
• Commercial loans were $100.3 million at September 30, 2023, compared to $93.7 million a year ago.
• The average interest rate on the portfolio was 12.91%, compared to 12.26% a year ago.
Medallion Lending Segment
• The Company collected $5.7 million of cash on taxi medallion-related assets during the quarter.
• Total net taxi medallion assets declined to $16.2 million (comprised of $2.2 million of loans net of allowance for credit losses and $14.0 million of loan collateral in process of foreclosure), a 41% reduction from a year ago, and represented less than 1% of the Company’s total assets, as of September 30, 2023.
Capital Allocation
Quarterly Dividend
• The Board of Directors increased the quarterly dividend
Jul 24, 2023
2 d387971dex991.htm
Exhibit 99.1
NEW YORK, NY – July 24, 2023 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2023.
2023 Second Quarter Highlights
•
Net income was $14.2 million, or $0.62 per share, compared to $13.3 million, or $0.54 per share, in the prior year quarter.
•
$10.6 million of cash collected on taxi medallion-related assets, with recoveries resulting in earnings of $0.22 per share.
•
Net interest income grew 20% to $46.7 million from $38.9 million in the prior year quarter.
•
Net interest margin on net loans was 8.77%, compared to 9.07% in the prior year quarter, and on gross loans it was 8.48%, compared to 8.78% in the prior year quarter.
•
Loan originations were $346 million, compared to $305 million in the prior year quarter.
•
The credit loss provision increased to $8.5 million from $7.8 million in the prior year quarter.
•
Total assets grew to an all-time high of $2.5 billion at
June 30, 2023, a 19% increase over June 30, 2022.
•
The Company declared and paid a quarterly cash dividend of $0.08 per share.
Executive Commentary – Andrew Murstein, President of Medallion
“We are very pleased with our second quarter results. Net interest income grew 20% over the prior year quarter and importantly grew 7% from just one quarter ago. As we have been saying since interest rates started to increase, we believe we will be able to manage through the current interest rate environment by growing our loan portfolio and passing along a portion of those increases. Our consumer teams originated over $300 million of loans in the quarter, which is a record second quarter for us, and led to our loan portfolio exceeding $2 billion for the first time in our history. We had another strong quarter of cash collections related to our medallion assets, with over $10 million collected. This helped us deliver one of our strongest quarters ever, with earnings per share of $0.62.”
Business Segment Highlights
Recreation Lending Segment
•
Originations were $190.0 million during the quarter, compared to $170.2 million a year ago.
•
Recreation loans grew 21% to $1.3 billion as of June 30, 2023, compared to $1.1 billion a year ago.
•
Recreation loans were 62% of total loans as of June 30, 2023, compared to 63% a year ago.
•
Net interest income grew 14% to $33.5 million for the quarter, from $29.4 million in the prior year quarter.
•
The average interest rate was 14.62% at quarter-end, compared to 14.23% a year ago.
•
Recreation loans 90 days or more past due were $5.0 million, or 0.39% of gross recreation loans, as of June 30, 2023, compared to $3.8 million, or 0.36%, a year ago.
Home Improvement Lending Segment
•
Originations were $117.0 million during the quarter, compared to $105.2 million a year ago.
•
Home improvement loans grew 38% to $728.5 million as of June 30, 2023, compared to $526.3 million a year ago.
•
Home improvement loans were 34% of total loans as of June 30, 2023, compared to 30% a year ago.
•
Net interest income grew 24% to $11.1 million for the quarter, from $9.0 million in the prior year quarter.
•
The average interest rate was 9.21% at quarter-end, compared to 8.50% a year ago.
•
Home improvement loans 90 days or more past due were $1.1 million, or 0.16% of gross home improvement loans, as of June 30, 2023, compared to $0.4 million, or 0.07%, a year ago.
Commercial Lending Segment
•
Commercial loans were $92.6 million at June 30, 2023, compared to $96.9 million a year ago.
•
The average interest rate on the portfolio was 12.64%, compared to 12.33% a year ago.
Medallion Lending Segment
•
The Company collected $10.6 million of cash on taxi medallion-related assets during the quarter.
•
Total net taxi medallion assets declined to $17.7 million (comprised of $1.6 million of loans net of allowance for credit losses and $16.1 million of loan collateral in process of foreclosure), a 43% reduction from a year ago, and represented less than 1% of the Company’s total assets, as of June 30, 2023.
Capital Allocation
Quarterly Dividend
•
The Board of Directors declared a quarterly cash dividend of $0.08 per share payable on August 31, 2023 to shareholders of record at the close of business on August 15, 2023.
Conference Call Information
The Company will host a conference call to discuss its second quarter financial results tomorrow, Tuesday, July 25, 2023, at 9:00 a.m. Eastern time.
As part of its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.
How to Participate
•
Date: Tuesday, July 25, 2023
•
May 1, 2023
2 d504278dex991.htm
Exhibit 99.1
NEW YORK, NY – May 1, 2023 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2023.
2023 First Quarter Highlights
•
Net income was $15.4 million, or $0.67 per share, compared to $9.8 million, or $0.39 per share, in the prior year quarter.
•
$13.2 million of cash collected on medallion-related assets. Medallion recoveries resulted in earnings of $0.28 per share.
•
Net interest income grew 21% to $43.6 million from $35.9 million in the prior year quarter.
•
Net interest margin on net loans was 8.71%, compared to 9.20% in the prior year quarter, and on gross loans it was 8.42%, compared to 8.91% in the prior year quarter.
•
Loan originations were $227.3 million, compared to $213.7 million in the prior year quarter.
•
The credit loss provision increased to $4.0 million from $3.2 million in the prior year quarter.
•
Total assets were $2.4 billion at March 31, 2023, a 20% increase over March 31, 2022.
•
The Company declared and paid a quarterly cash dividend of $0.08 per share.
Executive Commentary – Andrew Murstein, President of Medallion
“We are very pleased with our first quarter results which reflects one of our best quarters since our IPO in 1996. Despite the current interest rate environment, the growth in our consumer loan portfolio was enough to counteract our rising cost of funds, allowing us to grow our net interest income year-over-year and maintain it sequentially from the fourth quarter. Our earnings per share of $0.67 included $0.28 specific to medallion loan recoveries, tied to the more than $13 million of cash collected during the three months. While recent collection activity has been good the past several quarters and our team has done a great job, we reiterate collections and recoveries are expected to fluctuate for the foreseeable future. We are happy with the more than $200 million of loan originations during the quarter, which helped our total assets grow 20% year-over-year.”
Business Segment Highlights
Recreation Lending Segment
•
Originations were $101.7 million during the quarter, compared to $114.4 million a year ago.
•
Recreation loans grew 21% to $1.2 billion as of March 31, 2023, compared to $1.0 billion a year ago.
•
Recreation loans were 61% of total loans as of March 31, 2023, compared to 64% a year ago.
•
Net interest income grew 16% to $32.0 million for the quarter, from $27.5 million in the prior year quarter.
•
The average interest rate was 14.42% at quarter-end, compared to 14.36% a year ago.
•
Recreation loans 90 days or more past due were $4.2 million, or 0.36% of gross recreation loans, as of March 31, 2023, compared to $3.8 million, or 0.39%, a year ago.
Home Improvement Lending Segment
•
Originations grew to $95.0 million during the quarter, up from $89.8 million of the prior year quarter.
•
Home improvement loans grew 41% to $669.6 million as of March 31, 2023, compared to $473.4 million a year ago.
•
Home improvement loans were 34% of total loans as of March 31, 2023, compared to 30% a year ago.
•
Net interest income grew 24% to $10.4 million for the quarter, from $8.4 million in the prior year quarter.
•
The average interest rate was 8.83% at quarter-end, compared to 8.47% a year ago.
•
Home improvement loans 90 days or more past due were $0.4 million, or 0.07% of gross home improvement loans, as of March 31, 2023, compared to $0.3 million, or 0.06%, a year ago.
Commercial Lending Segment
•
Commercial loans were $95.3 million at March 31, 2023, compared to $77.9 million a year ago.
•
The average interest rate on the portfolio was 12.42%, compared to 12.41% a year ago.
Medallion Lending Segment
•
The Company collected $13.2 million during the quarter.
•
Total net medallion assets declined to $20.9 million (comprised of $1.9 million of loans net of allowance for credit losses and $19.0 million of loan collateral in process of foreclosure), a 44% reduction from a year ago, and represented 1% of the Company’s total assets, as of March 31, 2023.
Loan Detail
•
During the quarter, net charge-offs were $11.3 million, compared to net $2.7 million in the prior year quarter.
•
Total loans 90 days or more past due were 0.24% of loans at March 31, 2023, compared to 0.27% at March 31, 2022.
Capital Allocation
Quarterly Dividend
•
The Board of Directors declared a quarterly cash dividend of $0.08 per share payable on May 31, 2023 to shareholders of record at the close of business on May 15, 2023.
Stock Repurchase Plan
•
As of March 31, 2023, the Company had $20.0 million remaining under its $40 million share r
Feb 22, 2023
2 d628013dex991.htm
Exhibit 99.1
– February 22, 2023 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter and full-year ended December 31, 2022.
2022 Fourth Quarter Highlights
•
Net income was $13.1 million, or $0.57 per share, compared to $19.5 million, or $0.78 per share, in the prior year quarter.
•
Net interest income grew 22% to $43.6 million from $35.6 million in the prior year quarter.
•
Net interest margin was 8.86%, compared to 9.38% in the prior year quarter.
•
Loan originations were $191.9 million, compared to $192.6 million in the prior year quarter.
•
The loan loss provision increased to $9.0 million from $2.6 million in the prior year quarter.
•
The Company declared and paid a quarterly cash dividend of $0.08 per share.
•
The Company repurchased 257,231 shares of its common stock for $1.8 million.
2022 Full-Year Highlights
•
Net income was $43.8 million, or $1.83 per share, compared to $54.1 million, or $2.17 per share, in the prior year.
•
Net interest income grew 26% to $160.4 million from $127.8 million in the prior year.
•
Net interest margin was 9.05%, compared to 9.25% in the prior year.
•
Loan originations increased 32% to $983.9 million from $747.4 million in the prior year.
•
The loan loss provision was $30.1 million for the year, compared to $4.6 million in the prior year.
•
Total assets were $2.3 billion at year-end, a 21% increase over the prior year.
•
The Company reinstated its quarterly dividend in the first quarter, and declared and paid cash dividends for a total of $0.32 per share during the year.
•
The Company repurchased 2,650,911 shares of its common stock, or 10.5% of its outstanding shares at the beginning of the year, during the year for $20.6 million.
Executive Commentary – Andrew Murstein, President of Medallion
“Driven by the continued growth of our loan portfolio, we generated the highest level of net interest income in our 25-plus year history as a public company. Our bottom-line performance remained strong, especially given the normalization of our loan loss provision during the year. This performance enabled us to pay shareholders $0.32 per share in dividends and buy back more than $20 million of our stock, reinforcing our commitment to our shareholders. We believe that our business is positioned to continue to drive shareholder value and help us navigate the current macro environment.”
Business Segment Highlights
Recreation Lending Segment
•
Originations were $79.3 million during the quarter, compared to $95.2 million a year ago.
•
Recreation loans grew 23% to $1.2 billion as of December 31, 2022, compared to $961.3 million a year ago.
•
Recreation loans were 62% of total loans as of December 31, 2022, compared to 65% a year ago.
•
Net interest income grew 11% to $32.7 million for the quarter, from $29.4 million in the prior year quarter.
•
The average interest rate was 14.28% at quarter-end, compared to 14.50% a year ago.
•
Recreation loans 90 days or more past due were $7.4 million, or 0.64% of gross recreation loans, as of December 31, 2022, compared to $3.8 million, or 0.41%, a year ago.
Home Improvement Lending Segment
•
Originations grew to $97.1 million during the quarter, up from $78.3 million of the prior year quarter.
•
Home improvement loans grew 43% to $626.4 million as of December 31, 2022, compared to $436.8 million a year ago.
•
Home improvement loans were 33% of total loans as of December 31, 2022, compared to 29% a year ago.
•
Net interest income grew 17% to $10.1 million for the quarter, from $8.6 million in the prior year quarter.
•
The average interest rate was 8.65% at quarter-end, compared to 8.47% a year ago.
•
Home improvement loans 90 days or more past due were $0.6 million, or 0.09% of gross home improvement loans, as of December 31, 2022, compared to $0.1 million, or 0.03%, a year ago.
Commercial Lending Segment
•
Commercial loans were $92.9 million at December 31, 2022, compared to $76.7 million a year ago.
•
The average interest rate on the portfolio was 12.23%, compared to 12.34% a year ago.
Medallion Lending Segment
•
The Company collected $5.2 million in the fourth quarter and $29.2 million in the full-year.
•
Total net medallion exposure declined to $24.5 million (comprised of $4.1 million of loans net of allowance for loan losses and $20.4 million of loan collateral in process of foreclosure), a 40% reduction from a year ago, and represented 1% of the Company’s total assets, as of December 31, 2022.
Loan Detail
•
During the quarter, net charge-offs were $6.7 million, com
Oct 27, 2022
2 d414645dex991.htm
Exhibit 99.1
NEW YORK, NY – October 27, 2022 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended September 30, 2022.
2022 Third Quarter Highlights
•
Net income was $7.6 million, or $0.32 per share, compared to $15.9 million, or $0.64 per share, in the prior year quarter.
•
Net interest income grew 23% to $42.0 million from $34.1 million in the prior year quarter.
•
Net interest margin was 8.91%, compared to 9.48% in the prior year quarter.
•
Loan originations increased 40% to $273.7 million from $195.8 million in the prior year quarter.
•
The loan loss provision was $10.0 million, compared to a benefit of $0.3 million in the prior year quarter.
•
The Company declared and paid a quarterly cash dividend of $0.08 per share.
•
The Company repurchased 1,053,870 shares of its common stock during the quarter for $8.2 million.
Executive Commentary – Andrew Murstein, President of Medallion
“Our financial results for the quarter were again driven by growth in our consumer lending businesses. Our team is navigating the rising interest rate environment well. Overall loan originations remained strong with 40% growth this quarter over last year, resulting in 25% growth in recreation loans and 44% in home improvement loans. Our current quarter results included the impact of $3.2 million of loan loss provisions and equity losses related to our commercial business, and unlike last year did not include any gains from the exits of fintech investments. As we’ve stated in the past, the earnings in our commercial lending segment can fluctuate depending on several factors, including the timing of investment exits, but over the long term this segment has been profitable. We repurchased $8.2 million of our common stock during the quarter and declared and paid an $0.08 per share dividend.”
Business Segment Highlights
Consumer Lending Segments
•
Originations grew to $249.6 million during the quarter, or 33% over the $187.1 million of the prior year quarter.
•
Consumer loans were $1.7 billion as of September 30, 2022, compared to $1.3 billion a year ago.
•
Consumer loans were 94% of total loans as of September 30, 2022, similar to a year ago.
•
The loan portfolios grew 25% for recreation and 44% for home improvement from September 30, 2021.
•
Net interest income grew 15% to $41.1 million for the quarter, from $35.9 million in the prior year quarter.
•
The average interest rate on the portfolio was 12.30% at quarter-end, compared to 12.82% a year ago.
•
Consumer loans 90 days or more past due were $5.6 million, or 0.33% of gross consumer loans, as of September 30, 2022, compared to $3.2 million, or 0.25%, a year ago.
Commercial Lending Segment
•
The Company originated $4.5 million in loans during the third quarter, compared to $5.7 million in the prior year quarter.
•
Commercial loans were $93.7 million at September 30, 2022, compared to $72.1 million a year ago.
•
The average interest rate on the portfolio was 12.26%, compared to 12.66% a year ago.
Medallion Lending Segment
•
The Company collected $5.0 million in the third quarter.
•
Total net medallion exposure declined to $27.6 million (comprised of $4.4 million of loans net of allowance for loan losses and $23.2 million of loan collateral in process of foreclosure), representing less than 2% of the Company’s total assets, as of September 30, 2022.
Loan Detail
•
During the quarter, net charge-offs were $7.7 million, compared to a benefit of $0.8 million in the prior year quarter.
•
Loans 90 days or more past due were 0.33% of loans at September 30, 2022, compared to 0.29% at September 30, 2021.
Capital Allocation
Quarterly Dividend
•
The Board of Directors declared a quarterly cash dividend of $0.08 per share payable on November 30, 2022, to shareholders of record at the close of business on November 15, 2022.
Stock Repurchase Plan
•
During the third quarter, the Company repurchased 1,053,870 shares of its common stock at an average cost of $7.81 per share, for a total of $8.2 million.
•
At the end of the quarter, the Company has $21.8 million remaining under its $40 million share repurchase program.
Conference Call Information
The Company will host a conference call to discuss its third quarter financial results tomorrow, Friday, October 28, 2022, at 9:00 a.m. Eastern time.
As part of its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.
•
Conference Call Dial-In: (877)
407-0789 (U.S.) or (201) 689-8562 (international)
•
Live Webcast: Link to Webcast
•
Call Replay:
Jul 27, 2022
2 d345982dex991.htm
Exhibit 99.1
NEW YORK, NY – July 27, 2022 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2022.
2022 Second Quarter Highlights
•
Net income grew 30% to $13.3 million, or $0.54 per share, compared to $10.3 million, or $0.41 per share, in the prior year quarter.
•
Net interest income grew 32% to $38.9 million from $29.5 million in the prior year quarter.
•
Net interest margin was 9.07%, compared to 8.84% in the prior year quarter.
•
Loan originations increased 45% to $305.0 million from $210.9 million in the prior year quarter.
•
Total assets exceeded $2 billion for the first time, ending the quarter at $2.1 billion.
•
A cash dividend of $0.08 per share was paid on May 31, 2022.
•
The Company repurchased 1,272,150 shares of its common stock during the quarter for $10 million.
Executive Commentary – Andrew Murstein, President of Medallion
“We are very pleased with our second quarter results. The continued growth in our consumer and commercial lending businesses generated positive results. Loan originations were 45% higher this quarter over last year, which helped our recreation loan portfolio grow 24%, our home improvement loan portfolio grow 43%, and our commercial loan portfolio grow 39%. We also returned money to our shareholders with the repurchase of $10 million of our common stock under our $35 million stock repurchase program and the declaration and payment of an $0.08 per share dividend.”
Loan Detail
•
During the quarter, net charge-offs were $0.7 million, compared to $10.2 million in the prior year quarter.
•
Loans 90 days or more past due were 0.3% of loans at June 30, 2022, compared to 0.2% at June 30, 2021.
Business Segment Highlights
Consumer Lending Segments
•
Originations grew to $275.4 million during the quarter, or 40% over the $197.5 million of the prior year quarter.
•
Consumer loans were $1.6 billion as of June 30, 2022, compared to $1.3 billion a year ago.
•
Consumer loans were 94% of total loans as of June 30, 2022, similar to a year ago.
•
The loan portfolios grew 24% for recreation and 43% for home improvement from June 30, 2021.
•
Net interest income grew 16% to $38.4 million for the quarter, from $33.1 million in the prior year quarter.
•
The average interest rate on the portfolio was 12.33% at quarter-end, compared to 13.14% a year ago.
•
Consumer loans 90 days or more past due were $4.2 million, or 0.3% of gross consumer loans, as of June 30, 2022, compared to $2.8 million, or 0.2%, a year ago. Delinquencies continued to be lower than historical averages.
Commercial Lending Segment
•
The Company originated $19.3 million in loans during the second quarter, compared to $11.1 million in the prior year quarter.
•
Commercial loans were $96.9 million at June 30, 2022, compared to $69.5 million a year ago.
•
The average interest rate on the portfolio was 12.33%, compared to 12.69% a year ago.
Medallion Lending Segment
•
The Company collected $13.1 million in the second quarter.
•
Total net medallion exposure declined to $30.8 million (comprised of $4.7 million of loans net of allowance for loan losses and $26.1 million of loan collateral in process of foreclosure), representing less than 2% of the Company’s total assets, as of June 30, 2022.
Capital Allocation
Quarterly Dividend
•
The Board of Directors declared a quarterly cash dividend of $0.08 per share payable on August 31, 2022, to shareholders of record at the close of business on August 15, 2022.
Stock Repurchase Plan
•
During the second quarter, the Company repurchased 1,272,150 shares of its common stock at an average cost of $7.84 per share, for a total of $10 million.
Conference Call Information
The Company will host a conference call to discuss its second quarter financial results tomorrow, Thursday, July 28, 2022, at 9:00 a.m. Eastern time.
The Company will release an updated quarterly supplement presentation in conjunction with the earnings call. The presentation is now available at www.medallion.com and will also be discussed during the call.
•
Conference Call Dial-In: (800)
919-0370 (U.S.) or (212) 231-2915 (international).
•
Live Webcast: available on Medallion’s website at http://www.medallion.com/investors.html
•
Call Replay: available following the end of the call through Thursday, August 4, 2022, by telephone at (844) 512-2921 (U.S.) or (412) 317-6671 (international), passcode 2201 9899.
•
Webcast Replay: available at http://www.medallion.com/investors.html until the next quarter’s results are announced.
About Medallion Financial Corp.
Medallion Financial Corp.
May 2, 2022
2 d766339dex991.htm
Exhibit 99.1
NEW YORK, NY – May 2, 2022 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its 2022 first quarter results for the quarter ended March 31, 2022.
2022 First Quarter Highlights
•
Net income grew 17% to $9.8 million, or $0.39 per share, compared to $8.4 million, or $0.34 per share, in the prior year quarter.
•
Net interest income grew 25% to $35.9 million from $28.7 million in the prior year quarter.
•
Net interest margin was 9.20%, in line with the 9.18% in the prior year quarter.
•
Loan originations increased 44% to $213.7 million from $148.0 million in the prior year quarter.
•
During the quarter, the recreation loan portfolio exceeded $1 billion for the first time.
•
Medallion paid a cash dividend of $0.08 per share during the quarter.
Executive Commentary – Andrew Murstein, President of Medallion
“We had a great start to the year as we maintained our momentum, resulting in another strong quarter. Over the past four quarters, we increased our recreation loans by 22% and home improvement loans by 38%, and we reduced our medallion exposure by 61%. Given our strong performance, we were also able to reinstate our dividend and resume purchases under our stock repurchase plan this quarter.”
Loan Detail
•
During the quarter, net charge-offs remained low at $2.7 million, compared to $2.8 million in the prior year quarter.
•
Loans 90 days or more past due were 0.27% of loans at March 31, 2022, compared to 0.33% at March 31, 2021.
Business Segment Highlights
Consumer Lending Segments
•
We grew originations by 44% to $204.2 million during the 2022 first quarter, compared to $141.9 million in the prior year quarter.
•
Consumer loans were $1.5 billion as of March 31, 2022, compared to $1.2 billion a year ago.
•
Consumer loans were 94% of total loans as of March 31, 2022, compared to 93% a year ago.
•
The loan portfolios grew 22% for recreation and 38% for home improvement from March 31, 2021.
•
Net interest income grew 14% to $35.9 million for the quarter, from $31.4 million in the prior year quarter.
•
The average interest rate on the portfolio was 12.42% at quarter-end, compared to 13.44% a year ago.
•
Consumer loans 90 days or more past due were $4.1 million, or 0.28% of gross consumer loans, as of March 31, 2022, compared to $3.3 million, or 0.29%, a year ago. Delinquencies continued to be lower than historical averages.
•
Segment net income for the first quarter was $16.3 million, compared to $14.8 million in the prior year quarter.
Commercial Lending Segment
•
We originated $4.4 million during the 2022 first quarter, compared to $4.2 million in the prior year quarter.
•
Commercial loans were $77.9 million at March 31, 2022, compared to $58.9 million a year ago.
•
The average interest rate on the portfolio was 12.41%, compared to 12.65% a year ago.
Medallion Lending Segment
•
The Company collected $5.2 million in the first quarter.
•
Total net medallion exposure declined to $37.1 million (comprised of $4.6 million of loans net of allowance for loan losses and $32.5 million of loan collateral in process of foreclosure), representing less than 2% of the Company’s total assets, as of March 31, 2022.
Capital Allocation
Quarterly Dividend
•
The Company reinstated its quarterly dividend in February 2022. The first $0.08 per share dividend was paid on March 31, 2022.
•
The Board of Directors declared a quarterly cash dividend of $0.08 per share payable on May 31, 2022, to shareholders of record at the close of business on May 16, 2022.
Stock Repurchase Plan
•
During the 2022 first quarter, the Company repurchased 67,660 shares of its common stock at an average of $9.12 per share.
•
As announced earlier today, the Company authorized a new repurchase plan for $35 million of its shares.
Conference Call Information
The Company will host a conference call to discuss its first quarter financial results on Tuesday, May 3, 2022, at 9:00 a.m. Eastern time.
The Company will incorporate a slide show presentation in conjunction with the earnings call. The presentation is now available at www.medallion.com and will also be discussed during the call.
•
Conference Call Dial-In: (877)
407-0789 (U.S.) or (201) 689-8562 (international). Please dial the number 10 minutes prior to the scheduled start time.
•
Live Webcast: available on Medallion’s website at http://www.medallion.com/investors.html
•
Call Replay: available following the end of the call through Tuesday, May 10, 2022, by telephone at (844) 512-2921 (U.S.) or (412) 317-6671 (international), passcode 13729508.
•
Webcast Replay: available at http://www.
Feb 23, 2022
2 d276438dex991.htm
Exhibit 99.1
Company Reinstates Quarterly Dividend at $0.08 Per Share
NEW YORK, NY – February 23, 2022 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a finance company that originates and services loans in various consumer and commercial industries, announced today its 2021 fourth quarter and full-year results.
2021 Fourth Quarter Highlights
•
Net income was $19.5 million, or $0.78 per share, compared to net income of $6.5 million, or $0.26 per share, in the prior year quarter.
•
Net interest income grew 25.1% to $35.6 million from $28.5 million in the prior year quarter.
•
Net interest margin was 9.38%, up from 8.89% in the prior year quarter.
•
Loan originations increased 91.1% to $192.6 million from $100.8 million in the prior year quarter.
•
The Company sold additional shares in a fintech investment for a gain of $5.4 million.
•
The Company sold a legacy investment, its NASCAR race team, for a gain of $0.7 million. The sale increased tangible book value by $26.2 million, or more than $1 per share.
2021 Full-Year Highlights
•
Net income was $54.1 million, or $2.17 per share, a record, compared to a net loss of $34.8 million, or $1.42 per share, in the prior year.
•
Net interest income grew 15.4% to $127.8 million from $110.8 million in the prior year.
•
Net interest margin was 9.25%, up from 8.65% in the prior year.
•
Loan originations increased 50.3% to $747.4 million from $497.2 million in the prior year.
•
Medallion sold 80% of its fintech investment for a gain of $11.3 million.
•
The Company settled all bank debt, negotiated discounts and recognized a gain on the extinguishment of debt of $4.6 million.
Executive Commentary – Andrew Murstein, President of Medallion
“We finished the year with sustained momentum on our strategy which helped us achieve the highest earnings in our 25-year history as a public company. We reported strong performance in most of our key metrics, including net interest income, net income and EPS. This was driven by our consumer and commercial lending segments, which now account for 99% of our consolidated loans.
Our focus on the top and bottom lines drove consistently strong performance throughout the year, as we grew EPS in each quarter. We believe with our team and the continued strength of our recreation, home improvement and commercial segments, we are well-positioned to continue our performance moving forward. Our confidence in the business has been supported by our Board’s recent action to reinstate our quarterly dividend for the first time in over five years.”
Loan Detail
•
Loan originations were $192.6 million during the quarter, primarily in our recreation and home improvement segments.
•
During the fourth quarter, net charge-offs remained low and were a net benefit of $0.1 million.
•
Loans 90 days or more past due were 0.28% of loans at December 31, 2021, compared to 0.57% at December 31, 2020.
Business Segment Highlights
Consumer Lending Segments
•
We originated $173.5 million of new loans during the 2021 fourth quarter, compared to $97.9 million in the prior year quarter.
•
Our consumer loan portfolio was $1.4 billion as of year-end, compared to $1.1 billion a year ago.
•
Our consumer loan portfolio was 93.9% of total loans receivable as of year-end, compared to 91.6% a year ago.
•
The loan portfolios grew 21.3% for recreation and 30.8% for home improvement from December 31, 2020.
•
Net interest income grew 19.5% to $38.0 million for the quarter, from $31.8 million in the prior year quarter.
•
The average interest rate on the portfolio was 12.57% at quarter-end, compared to 13.64% a year ago.
•
Consumer loans 90 days or more past due were $4.0 million, or 0.29% of gross consumer loans, as of December 31, 2021, compared to $5.5 million, or 0.50%, a year ago. Delinquencies continued to be lower than historical averages.
•
Segment net income for the fourth quarter was $16.2 million, compared to $14.2 million in the prior year quarter.
Commercial Lending Segment
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We originated $15.5 million of new loans during the 2021 fourth quarter, compared to $1.5 million in the prior year quarter.
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The Company’s commercial loan portfolio was $76.7 million at year-end, compared to $65.3 million a year ago.
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The average interest rate on the portfolio was 12.37%, compared to 13.06% a year ago.
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Segment net income for the fourth quarter was $2.8 million, compared to less than $0.1 million in the prior year quarter.
Medallion Lending Segment
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The Company collected $8.4 million in the fourth quarter and $24.9 million in the full-year.
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Total net medallion exposure declined to $40.5 million (comprised of $4.8 million of loans net of allowance for loan losses and $35.7 million of loan collateral in process of foreclosure), representing
Nov 1, 2021
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Exhibit 99.1
NEW YORK, NY – November 1, 2021 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a finance company that originates and services loans in various consumer and commercial industries, announced today its 2021 third quarter results.
2021 Third Quarter Highlights
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Net income of $15.9 million, or $0.64 per share, compared to a net loss of $23.6 million, or $0.97 per share, in the prior year quarter.
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Net interest income grew 17% to $34.1 million from $29.1 million in the prior year quarter.
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Net interest margin was 9.48%, compared to 8.72% in the prior year quarter.
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Loan originations increased 43% to $195.8 million, as compared to the prior year quarter.
Executive Commentary – Andrew Murstein, President of Medallion
“This was in many ways the strongest quarter ever for Medallion. We achieved record performances across the board and are well-positioned to continue our growth moving forward. We are focusing on growing our consumer and commercial lending businesses, where our Bank subsidiary reported return on equity above 30% for the third quarter. In addition, we continue to explore dispositions of our non-core assets at opportunistic times. During the quarter we also successfully sold another tranche of shares in one of our fintech investments, and we are seeking additional investment opportunities in similar companies.”
Loan Detail
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Loan originations were $195.8 million during the quarter, primarily in our recreation and home improvement segments.
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During the third quarter, net charge-offs remained at near all-time lows and were a net benefit of $0.8 million.
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Loans 90 days or more past due were 0.29% of loans at September 30, 2021; as compared to 0.22% at June 30, 2021; and 0.57% at December 31, 2020.
Business Segment Highlights
Consumer Lending Segments
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We originated $187.1 million of new loans during the 2021 third quarter.
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Our net consumer loan portfolio was $1.3 billion as of quarter-end, compared to $1.1 billion a year ago.
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Our net consumer loan portfolio was 94% of total net loans receivable as of quarter end.
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Net loan portfolio grew 16% for recreation and 26% for home improvement from September 30, 2020.
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Net interest income grew 15% to $35.9 million for the quarter, compared to $31.0 million in the prior year quarter.
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The average interest rate on the portfolio was 12.82% at quarter-end, compared to 13.87% a year ago.
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Consumer loans 90 days or more past due were $3.2 million, or 0.25% of gross consumer loans as of September 30, 2021, compared to $4.2 million, or 0.38%, a year ago. Delinquencies continued to be lower than historical averages.
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Net income for the third quarter was $16.6 million, compared to $13.8 million in the prior year quarter.
Commercial Lending Segment
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We originated $5.7 million of new loans during the 2021 third quarter, as compared to $0.9 million in the prior year quarter.
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The Company’s net commercial loan portfolio was $70.2 million at quarter-end, compared to $68.0 million a year ago.
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The average interest rate on the portfolio was 12.66%, compared to 13.11% a year ago.
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Net income for the third quarter was $1.5 million, compared to $0.3 million in the prior year quarter.
Medallion Lending Segment
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During the quarter, the Company collected $7.6 million on its medallion portfolio.
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Total net medallion exposure declined to $47.3 million (which is comprised of $5.5 million of net loans and $41.8 million of loan collateral in process of foreclosure), less than 3% of total assets, as of September 30, 2021.
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Net income for the third quarter was $1.5 million, compared to a $35.9 million net loss in the 2020 quarter.
Other Financial Information
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The Company continues to evaluate and make progress on strategic alternatives for some of its non-core assets.
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The Company recognized a gain of $2.7 million in connection with a partial sale of a non-core investment, a fintech company the Company invested in 2016.
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Total assets were $1.8 billion as of September 30, 2021, compared to $1.7 billion as of June 30, 2021, and $1.6 billion as of September 30, 2020.
Retirement of Long-Time Chief Financial Officer
The Company also announced that after a 45-year career in finance, Larry Hall, CFO of Medallion, has decided to retire. Mr. Hall has had a distinguished 21-year career with Medallion, the past 17 years as CFO. As part of the Company’s succession plan, the Company has promoted Anthony Cutrone to Executive Vice President and Chief Financial Officer. Mr. Cutrone has spent approximately 14 years with Medallion and has held various positions within the accounting and finance function, most recently as Director of Finance. This change is effective January 1, 2022. Mr. Hall will continue to serve as CFO until that time in order to assist th
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