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Medallion Financial ( (MFIN) ) has issued an announcement.
Medallion Bank reported a net income of $15.6 million for the fourth quarter of 2024, a decrease from $21.9 million in the previous year’s quarter. The Bank saw its net interest income rise to $53.1 million, while its provision for credit losses increased significantly. The annualized net charge-offs also rose, reflecting challenges in the economic environment. For the full year 2024, the Bank’s net income was $60.6 million, down from $79.9 million in 2023, with a substantial increase in credit loss provisions. Despite these challenges, the Bank’s loan portfolio grew by 13% to $2.4 billion, driven by strong recreation loan originations and strategic partnerships. A letter of intent was signed in December 2024 to sell up to $121 million of recreation loans, aligning with the Bank’s strategy to efficiently recycle capital and meet customer demand in 2025. A quarterly dividend on Series F Preferred Stock was also declared, reflecting the Bank’s ongoing commitment to returning value to shareholders.
More about Medallion Financial
Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City. It specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works with dealers, contractors, and financial service providers across the United States and is a wholly owned subsidiary of Medallion Financial Corp.
YTD Price Performance: 3.81%
Average Trading Volume: 59,303
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $218.5M
Learn more about MFIN stock on TipRanks’ Stock Analysis page.
