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Name | Symbol | Market | Type |
---|---|---|---|
Medallion Bank | NASDAQ:MBNKP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 1.01% | 25.00 | 24.50 | 25.10 | 25.00 | 24.51 | 24.96 | 1,193 | 21:05:55 |
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 partners, announced today its 2021 first quarter results. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
2021 First Quarter Highlights
Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Following a strong 2020 fourth quarter, the Bank continued its momentum into 2021 with $13.8 million of first quarter net income. Volume overall remained elevated with record loan volumes in our recreation lending segment in March. Both charge-off and delinquency ratios were low in the quarter. With the high-volume months in our annual cycle still ahead, we expect continued growth throughout the year. New York City taxi medallion values were unchanged from year end but we slightly adjusted downward the values in some of the smaller medallion markets. Such adjustments had an immaterial impact on our earnings this quarter. Finally, we signed our second fintech partner during the first quarter and expect to begin providing loan origination services in the second quarter.”
Recreation Lending Segment
The Bank’s recreation loan portfolio was $828.7 million as of March 31, 2021, compared to $743.5 million at March 31, 2020. Net interest income for the first quarter was $29.6 million, compared to $28.1 million in the prior year period. Recreation loans were at 69% and 67% of loans receivable as of March 31, 2021 and March 31, 2020, respectively. The provision for recreation loan losses was $3.6 million, compared to $10.5 million in the prior year period. Recreation loan delinquencies 90 days or more past due were $3.2 million, or 0.4% of gross recreation loans, as of March 31, 2021, compared to $5.3 million, or 0.7%, at March 31, 2020. Delinquencies were lower due to improved credit performance by our borrowers.
Home Improvement Lending Segment
The Bank’s home improvement loan portfolio was $342.3 million as of March 31, 2021, compared to $256.1 million at March 31, 2020. Net interest income for the first quarter was $7.5 million, compared to $5.5 million in the prior year period. Home improvement loans were 28% and 23% of loans receivable as of March 31, 2021 and March 31, 2020, respectively. The provision for home improvement loan losses was $0.5 million, compared to $1.5 million in the prior year period. Home improvement loan delinquencies 90 days or more past due were $150,000, or 0.04% of gross home improvement loans as of March 31, 2021, compared to $222,000, or 0.09%, at March 31, 2020. Delinquencies were lower due to improved credit performance by our borrowers.
Medallion Lending Segment
The Bank’s gross medallion loan portfolio before the allowance for loan losses was $31.8 million as of March 31, 2021, compared to $105.1 million at March 31, 2020. Medallion loans were 2.6% of the Bank’s loans receivable as of March 31, 2021, compared to 9.5% at March 31, 2020. The total gross exposure of the medallion lending segment, which includes loan collateral in process of foreclosure and remarketed assets, was $42.6 million, or 3% of total assets, as of March 31, 2021, compared to $107.3 million, or 9%, at March 31, 2020. Of that exposure, the medallion loan portfolio net of the allowance for loan losses was $6.5 million as of March 31, 2021, compared to $74.3 million at March 31, 2020.
Unless otherwise specified, loan portfolios are presented net of deferred loan acquisition costs.
* * *
On April 29, 2021, the Bank’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable on July 1, 2021 to holders of record at the close of business on June 15, 2021.
* * *
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats and home improvements, and offering loan origination services to fintech 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 with an office in Bothell, Washington, 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, net investment income, earnings, and growth. These statements are often, but not always, made through the use of words or phrases such as “expects” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings the maintenance of our current capital levels, the potential for future asset growth and market share growth opportunities. 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, 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 BANKSTATEMENTS OF OPERATIONS(UNAUDITED) For the Three Months Ended March 31, (In thousands)2021
2020
Total interest income$
35,756
$
33,750
Total interest expense
4,711
5,941
Net interest income
31,045
27,809
Provision for loan losses
2,739
15,271
Net interest income after provision for loan losses
28,306
12,538
Other income (loss) Write-downs of loan collateral in process of foreclosure and other assets
(1,129
)
(4,576
)
Other non-interest income
94
17
Total other income (loss)
(1,035
)
(4,559
)
Non-interest expense Salaries and benefits
2,804
2,524
Loan servicing
2,648
2,755
Collection costs
1,014
963
Regulatory fees
438
365
Professional fees
424
769
Occupancy and equipment
185
215
Other
1,007
974
Total non-interest expense
8,520
8,565
Income before income taxes
18,751
(586
)
Provision for income taxes
4,979
(150
)
Net income$
13,772
$
(436
)
MEDALLION BANKBALANCE SHEETS(UNAUDITED) (In thousands) March 31, 2021 December 31, 2020 March 31, 2020 Assets Cash and federal funds sold$
72,452
$
58,977
$
39,808
Investment securities, available-for-sale
38,081
46,792
46,127
Loans, inclusive of net deferred loan acquisition costs
1,203,994
1,167,748
1,105,918
Allowance for loan losses
(65,285
)
(65,557
)
(66,036
)
Loans, net
1,138,709
1,102,191
1,039,882
Loan collateral in process of foreclosure
33,178
35,557
25,579
Fixed assets and right-of-use assets, net
3,316
3,418
3,764
Deferred tax assets
11,768
11,839
12,912
Due from affiliates
-
3,298
-
Income tax receivable
-
549
-
Accrued interest receivable and other assets
32,679
28,746
31,221
Total assets
$
1,330,183
$
1,291,367
$
1,199,293
Liabilities and shareholders' equity Deposits and other funds borrowed
$
1,084,074
$
1,065,398
$
960,376
Accrued interest payable
1,819
1,515
2,103
Income taxes payable
4,870
-
2,341
Other liabilities
10,189
5,980
9,857
Due to affiliates
601
-
924
Total liabilities
1,101,553
1,072,893
975,601
Total shareholders' equity
228,630
218,474
223,692
Total liabilities and shareholders' equity
$
1,330,183
$
1,291,367
$
1,199,293
View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005062/en/
Company Contact: Investor Relations 212-328-2168 InvestorRelations@medallion.com
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