Medallion Bank Reports 2025 First Quarter Results and Declares Series F Preferred Stock Dividend
Medallion Bank reported strong Q1 2025 financial results, with net income rising 8% to $15.6 million compared to $14.5 million in the prior year quarter. The bank's total loan portfolio grew 6% to $2.2 billion, while net interest income increased to $52.2 million from $48.2 million.
Key performance metrics include:
- Net interest margin: 8.35%
- Return on assets: 2.51%
- Return on equity: 16.49%
- Tier 1 leverage ratio: 16.0%
The Recreation Lending segment's portfolio grew 5% to $1.432 billion, while the Home Improvement portfolio increased 8% to $812.4 million. Despite economic uncertainty affecting demand, strategic partnership volumes grew to $136 million. The bank completed a post-quarter sale of $53 million in recreation loans at a premium to par value.
The Board declared a quarterly cash dividend of $0.67982 per share on Series F Preferred Stock, payable July 1, 2025.
Medallion Bank ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto in aumento dell'8%, pari a 15,6 milioni di dollari rispetto ai 14,5 milioni dello stesso periodo dell'anno precedente. Il portafoglio totale dei prestiti della banca è cresciuto del 6%, raggiungendo i 2,2 miliardi di dollari, mentre il reddito netto da interessi è salito a 52,2 milioni di dollari dai 48,2 milioni.
Le principali metriche di performance includono:
- Margine di interesse netto: 8,35%
- Rendimento degli attivi: 2,51%
- Rendimento del capitale proprio: 16,49%
- Rapporto di leva Tier 1: 16,0%
Il portafoglio del segmento Recreation Lending è cresciuto del 5%, raggiungendo 1,432 miliardi di dollari, mentre il portafoglio Home Improvement è aumentato dell'8%, arrivando a 812,4 milioni di dollari. Nonostante l'incertezza economica che ha influenzato la domanda, i volumi delle partnership strategiche sono cresciuti fino a 136 milioni di dollari. La banca ha completato, dopo la chiusura del trimestre, la vendita di prestiti ricreativi per 53 milioni di dollari a un premio rispetto al valore nominale.
Il Consiglio ha dichiarato un dividendo trimestrale in contanti di 0,67982 dollari per azione sulle azioni privilegiate di Serie F, pagabile il 1° luglio 2025.
Medallion Bank reportó sólidos resultados financieros en el primer trimestre de 2025, con un incremento del 8% en el ingreso neto, alcanzando 15,6 millones de dólares frente a los 14,5 millones del mismo trimestre del año anterior. La cartera total de préstamos del banco creció un 6%, llegando a 2,2 mil millones de dólares, mientras que los ingresos netos por intereses aumentaron a 52,2 millones desde 48,2 millones.
Las métricas clave de desempeño incluyen:
- Margen neto de interés: 8,35%
- Retorno sobre activos: 2,51%
- Retorno sobre patrimonio: 16,49%
- Índice de apalancamiento Tier 1: 16,0%
La cartera del segmento Recreation Lending creció un 5%, alcanzando 1.432 millones de dólares, mientras que la cartera de Home Improvement aumentó un 8%, llegando a 812,4 millones. A pesar de la incertidumbre económica que afectó la demanda, los volúmenes de asociaciones estratégicas crecieron hasta 136 millones. El banco completó una venta post-trimestre de préstamos recreativos por 53 millones a un precio superior al valor nominal.
La Junta declaró un dividendo trimestral en efectivo de 0,67982 dólares por acción sobre las acciones preferentes Serie F, pagadero el 1 de julio de 2025.
메달리언 은행은 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익이 8% 증가하여 전년 동기 1,450만 달러에서 1,560만 달러로 상승했습니다. 은행의 총 대출 포트폴리오는 6% 증가하여 22억 달러에 달했으며, 순이자수익은 4,820만 달러에서 5,220만 달러로 증가했습니다.
주요 성과 지표는 다음과 같습니다:
- 순이자마진: 8.35%
- 자산수익률: 2.51%
- 자기자본이익률: 16.49%
- Tier 1 레버리지 비율: 16.0%
레크리에이션 대출 부문의 포트폴리오는 5% 증가하여 14억 3,200만 달러에 이르렀고, 주택 개선 포트폴리오는 8% 증가하여 8억 1,240만 달러가 되었습니다. 경제 불확실성으로 수요가 영향을 받았음에도 불구하고 전략적 파트너십 거래액은 1억 3,600만 달러로 증가했습니다. 은행은 분기 종료 후 명목가 대비 프리미엄으로 5,300만 달러 상당의 레크리에이션 대출을 매각했습니다.
이사회는 2025년 7월 1일 지급 예정인 시리즈 F 우선주 주당 0.67982달러의 분기 현금 배당을 선언했습니다.
Medallion Bank a publié de solides résultats financiers pour le premier trimestre 2025, avec un revenu net en hausse de 8% à 15,6 millions de dollars, contre 14,5 millions au trimestre précédent. Le portefeuille total de prêts de la banque a augmenté de 6% pour atteindre 2,2 milliards de dollars, tandis que le revenu net d'intérêts est passé de 48,2 millions à 52,2 millions de dollars.
Les principaux indicateurs de performance sont :
- Marge nette d'intérêt : 8,35%
- Rendement des actifs : 2,51%
- Rendement des capitaux propres : 16,49%
- Ratio de levier Tier 1 : 16,0%
Le portefeuille du segment Recreation Lending a augmenté de 5% pour atteindre 1,432 milliard de dollars, tandis que le portefeuille Home Improvement a progressé de 8% à 812,4 millions de dollars. Malgré l'incertitude économique affectant la demande, les volumes des partenariats stratégiques ont augmenté à 136 millions de dollars. La banque a réalisé, après la fin du trimestre, une vente de prêts de loisirs d'une valeur de 53 millions de dollars avec une prime par rapport à la valeur nominale.
Le conseil d'administration a déclaré un dividende trimestriel en espèces de 0,67982 dollar par action sur les actions préférentielles de série F, payable le 1er juillet 2025.
Medallion Bank meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Nettoeinkommen, das um 8 % auf 15,6 Millionen US-Dollar stieg, verglichen mit 14,5 Millionen US-Dollar im Vorjahresquartal. Das gesamte Kreditportfolio der Bank wuchs um 6 % auf 2,2 Milliarden US-Dollar, während der Nettozinsertrag von 48,2 Millionen auf 52,2 Millionen US-Dollar anstieg.
Wichtige Leistungskennzahlen umfassen:
- Nettozinsmarge: 8,35 %
- Rendite auf Vermögenswerte: 2,51 %
- Eigenkapitalrendite: 16,49 %
- Tier-1-Leverage-Ratio: 16,0 %
Das Portfolio des Segments Recreation Lending wuchs um 5 % auf 1,432 Milliarden US-Dollar, während das Home Improvement-Portfolio um 8 % auf 812,4 Millionen US-Dollar zunahm. Trotz wirtschaftlicher Unsicherheiten, die die Nachfrage beeinträchtigten, stiegen die Volumina strategischer Partnerschaften auf 136 Millionen US-Dollar. Die Bank tätigte nach Quartalsende einen Verkauf von Freizeitzahlungen in Höhe von 53 Millionen US-Dollar zu einem Aufpreis gegenüber dem Nennwert.
Der Vorstand erklärte eine vierteljährliche Bardividende von 0,67982 US-Dollar pro Aktie der Vorzugsaktien Serie F, zahlbar am 1. Juli 2025.
- Net income increased 8% YoY to $15.6M in Q1 2025
- Net interest income grew to $52.2M from $48.2M YoY
- Total loan portfolio grew 6% YoY to $2.2B
- Strategic partnership volumes increased to $136M from $124M QoQ
- Successfully completed sale of $53M recreation loans at premium to par value
- Strong Tier 1 leverage ratio of 16.0%
- Home improvement loan portfolio grew 8% YoY to $812.4M
- Home improvement net charge-offs improved to 1.55% from 2.12% YoY
- Net interest margin declined to 8.35% from 8.59% YoY
- Credit loss provisions increased to $19.0M from $17.0M YoY
- Recreation loan delinquencies increased to 4.76% from 4.06% YoY
- Recreation loan originations decreased to $86.8M from $105.8M YoY
- Recreation loan net charge-offs increased to 4.67% from 4.36% YoY
- Home improvement loan delinquencies rose to 1.02% from 0.87% YoY
- Economic uncertainty reduced demand in recreation and home improvement lending
Insights
Medallion Bank delivered 8% higher earnings with continued loan growth, but increased provisions and rising delinquencies signal credit quality caution.
Medallion Bank reported
The financial performance shows a mixed picture. While net interest income grew to
A closer look at the recreation lending segment (representing
The home improvement segment (
A significant post-quarter development was the
SALT LAKE CITY, April 30, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2025. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
2025 First Quarter Highlights
- Net income of
$15.6 million , compared to$14.5 million in the prior year quarter. - Net interest income of
$52.2 million , compared to$48.2 million in the prior year quarter. - Net interest margin of
8.35% , compared to8.59% in the prior year quarter. - Total provision for credit losses was
$19.0 million , compared to$17.0 million in the prior year quarter. - Annualized net charge-offs were
3.41% of average loans outstanding, compared to3.38% in the prior year quarter. - Annualized return on assets and return on equity were
2.51% and16.49% , respectively, compared to2.59% and16.47% , respectively, for the prior year period. - The total loan portfolio grew
6% from March 31, 2024 to$2.2 billion as of March 31, 2025. - Total assets were
$2.5 billion and the Tier 1 leverage ratio was16.0% at March 31, 2025.
Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Our performance was strong in the first quarter. Our earnings were
Recreation Lending Segment
- Excluding loans held for sale, the Bank’s recreation loan portfolio grew
5% to$1.43 2 billion as of March 31, 2025, compared to$1.36 5 billion at March 31, 2024. Loan originations were$86.8 million , compared to$105.8 million in the prior year quarter. - Recreation loans were
64% of loans receivable as of March 31, 2025, essentially unchanged from64% at March 31, 2024. - Net interest income was
$39.2 million , compared to$35.6 million in the prior year quarter. - Delinquencies 30 days or more past due were
$68.2 million , or4.76% , of recreation loans as of March 31, 2025, compared to$55.5 million , or4.06% , at March 31, 2024. - Annualized net charge-offs were
4.67% of average recreation loans outstanding, compared to4.36% in the prior year quarter. - The provision for recreation credit losses was
$16.9 million and the allowance for credit losses was5.00% of the outstanding balance, compared to$17.0 million and4.40% of the outstanding balance in the prior year quarter.
Home Improvement Lending Segment
- The Bank’s home improvement loan portfolio grew
8% to$812.4 million as of March 31, 2025, compared to$752.3 million at March 31, 2024. Loan originations were$48.8 million , compared to$51.6 million in the prior year quarter. - Home improvement loans were
36% of loans receivable as of March 31, 2025, compared to35% at March 31, 2024. - Net interest income was
$13.3 million , compared to$12.4 million in the prior year quarter. - Delinquencies 30 days or more past due were
$8.3 million , or1.02% , of home improvement loans as of March 31, 2025, compared to$6.5 million , or0.87% , at March 31, 2024. - Annualized net charge-offs were
1.55% of average home improvement loans outstanding, compared to2.12% in the prior year quarter. - The provision for home improvement credit losses was
$2.8 million and the allowance for credit losses was2.49% of the outstanding balance, compared to$0.9 million and2.38% of the outstanding balance in the prior year quarter.
Series F Preferred Stock Dividend
On April 24, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of
About Medallion Bank
Medallion Bank 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 directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
For more information, visit www.medallionbank.com
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales (including loan sales), net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “continue,” “expect,” “may,” “maintain,” “potential” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2024, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.
Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
| MEDALLION BANK STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||
| Three Months Ended March 31, | ||||||
| (In thousands) | 2025 | 2024 | ||||
| Interest income | ||||||
| Loan interest including fees | $ | 70,617 | $ | 61,424 | ||
| Investments | 1,217 | 1,544 | ||||
| Total interest income | 71,834 | 62,968 | ||||
| Interest expense | 19,617 | 14,753 | ||||
| Net interest income | 52,217 | 48,215 | ||||
| Provision for credit losses | 19,038 | 17,002 | ||||
| Net interest income after provision for credit losses | 33,179 | 31,213 | ||||
| Other non-interest income | 1,681 | 602 | ||||
| Non-interest expense | ||||||
| Salaries and benefits | 5,348 | 4,984 | ||||
| Loan servicing | 3,154 | 2,867 | ||||
| Collection costs | 1,492 | 1,404 | ||||
| Regulatory fees | 821 | 977 | ||||
| Professional fees | 610 | 432 | ||||
| Information technology | 322 | 267 | ||||
| Occupancy and equipment | 727 | 207 | ||||
| Other | 910 | 752 | ||||
| Total non-interest expense | 13,384 | 11,890 | ||||
| Income before income taxes | 21,476 | 19,925 | ||||
| Provision for income taxes | 5,837 | 5,445 | ||||
| Net income | $ | 15,639 | $ | 14,480 | ||
| Less: Preferred stock dividends | 1,512 | 1,512 | ||||
| Net income attributable to common shareholder | $ | 14,127 | $ | 12,968 | ||
| MEDALLION BANK | |||||||||||
| BALANCE SHEETS | |||||||||||
| (UNAUDITED) | (UNAUDITED) | ||||||||||
| (In thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||
| Assets | |||||||||||
| Cash and federal funds sold | $ | 115,108 | $ | 126,196 | $ | 136,705 | |||||
| Investment securities, available-for-sale | 60,424 | 54,805 | 53,038 | ||||||||
| Loans held for sale, at the lower of amortized cost or fair value | 124,733 | 128,226 | — | ||||||||
| Loan receivables, inclusive of net deferred loan acquisition cost and fees | 2,243,991 | 2,249,614 | 2,121,180 | ||||||||
| Allowance for credit losses | (91,807 | ) | (91,638 | ) | (78,648 | ) | |||||
| Loans, net | 2,152,184 | 2,157,976 | 2,042,532 | ||||||||
| Loan collateral in process of foreclosure | 3,174 | 3,326 | 3,263 | ||||||||
| Fixed assets and right-of-use lease assets, net | 8,543 | 9,126 | 8,417 | ||||||||
| Deferred tax assets | 13,860 | 14,036 | 12,500 | ||||||||
| Accrued interest receivable | 14,339 | 15,083 | 13,405 | ||||||||
| Other assets | 38,598 | 40,325 | 36,656 | ||||||||
| Total assets | $ | 2,530,963 | $ | 2,549,099 | $ | 2,306,516 | |||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Liabilities | |||||||||||
| Deposits and other funds borrowed | $ | 2,087,828 | $ | 2,125,071 | $ | 1,899,061 | |||||
| Accrued interest payable | 4,557 | 5,586 | 4,191 | ||||||||
| Income tax payable | 23,853 | 17,951 | 26,336 | ||||||||
| Other liabilities | 22,702 | 17,204 | 17,837 | ||||||||
| Due to affiliates | 881 | 910 | 481 | ||||||||
| Total liabilities | 2,139,821 | 2,166,722 | 1,947,906 | ||||||||
| Shareholder’s Equity | |||||||||||
| Series E Preferred stock | 26,303 | 26,303 | 26,303 | ||||||||
| Series F Preferred stock | 42,485 | 42,485 | 42,485 | ||||||||
| Common stock | 1,000 | 1,000 | 1,000 | ||||||||
| Additional paid in capital | 77,500 | 77,500 | 77,500 | ||||||||
| Accumulated other comprehensive loss, net of tax | (3,842 | ) | (4,480 | ) | (4,680 | ) | |||||
| Retained earnings | 247,696 | 239,569 | 216,002 | ||||||||
| Total shareholders’ equity | 391,142 | 382,377 | 358,610 | ||||||||
| Total liabilities and shareholders’ equity | $ | 2,530,963 | $ | 2,549,099 | $ | 2,306,516 | |||||
FAQ
What was Medallion Bank (MFIN) net income in Q1 2025?
How much did Medallion Bank's loan portfolio grow from March 2024 to March 2025?
What is the Q1 2025 dividend for Medallion Bank's Series F Preferred Stock?
How did Medallion Bank's recreation lending perform in Q1 2025?
What was Medallion Bank's net interest margin in Q1 2025?
How much did Medallion Bank sell in recreation loans after Q1 2025?
