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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.20% | 24.95 | 24.55 | 25.00 | 24.95 | 24.78 | 24.79 | 1,517 | 18:11:58 |
2021 Third Quarter Highlights
Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We again achieved record quarterly net income, reflecting ongoing strong performance in our consumer lending businesses. Loan origination growth remained elevated, and we continued to benefit from historically low loan loss provisions. The Bank is fortunate to be operating in markets that have experienced demand surges during the COVID pandemic. This has allowed us to deliver four consecutive quarters of significant bottom-line results, which are reflected in our year-to-date return on assets of 5.0% and return on equity of 28.9%. We continue to execute our strategy and are optimistic about future growth and performance.”
Recreation Lending Segment
Home Improvement Lending Segment
Medallion Lending Segment
Unless otherwise specified, loan portfolios are presented net of deferred loan acquisition costs.
Series F Preferred Stock Dividend
On October 26, 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 January 3, 2022 to holders of record at the close of business on December 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 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, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “believe,” “continue to,” “expect,” “should,” “strategy,” and “will” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to our future earnings, returns, capital levels, 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, 2020, 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. In addition, 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 Relations212-328-2176InvestorRelations@medallion.com
MEDALLION BANKSTATEMENTS OF OPERATIONS(UNAUDITED) | ||||||
For the Three Months Ended September 30, | ||||||
(In thousands) | 2021 | 2020 | ||||
Total interest income | $ | 39,524 | $ | 36,565 | ||
Total interest expense | 4,189 | 5,454 | ||||
Net interest income | 35,335 | 31,111 | ||||
Provision (benefit) for loan losses | (196 | ) | 35,299 | |||
Net interest income (loss) after provision for loan losses | 35,531 | (4,188 | ) | |||
Other income (loss) | ||||||
Write-downs of loan collateral in process of foreclosure and other assets | (298 | ) | (5,574 | ) | ||
Other non-interest income | 222 | 109 | ||||
Total other loss | (76 | ) | (5,465 | ) | ||
Non-interest expense | ||||||
Salaries and benefits | 2,797 | 2,535 | ||||
Loan servicing | 2,584 | 2,831 | ||||
Collection costs | 1,335 | 1,170 | ||||
Regulatory fees | 488 | 348 | ||||
Professional fees | 431 | 384 | ||||
Occupancy and equipment | 199 | 234 | ||||
Other | 809 | 902 | ||||
Total non-interest expense | 8,643 | 8,404 | ||||
Income (loss) before income taxes | 26,812 | (18,057 | ) | |||
Provision (benefit) for income taxes | 7,116 | (4,859 | ) | |||
Net income (loss) | $ | 19,696 | $ | (13,198 | ) |
MEDALLION BANKBALANCE SHEETS(UNAUDITED) | |||||||||
(In thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||
Assets | |||||||||
Cash and federal funds sold | $ | 56,088 | $ | 58,977 | $ | 39,884 | |||
Investment securities, available-for-sale | 47,511 | 46,792 | 45,991 | ||||||
Loans, inclusive of net deferred loan acquisition costs | 1,351,240 | 1,167,748 | 1,206,780 | ||||||
Allowance for loan losses | (52,954 | ) | (65,557 | ) | (98,446 | ) | |||
Loans, net | 1,298,286 | 1,102,191 | 1,108,334 | ||||||
Loan collateral in process of foreclosure | 28,069 | 35,557 | 25,900 | ||||||
Fixed assets and right-of-use assets, net | 3,964 | 3,418 | 3,462 | ||||||
Deferred tax assets | 7,632 | 11,839 | 20,470 | ||||||
Due from affiliates | - | 3,298 | - | ||||||
Income tax receivable | - | 549 | - | ||||||
Accrued interest receivable and other assets | 35,291 | 28,746 | 35,904 | ||||||
Total assets | $ | 1,476,841 | $ | 1,291,367 | $ | 1,279,945 | |||
Liabilities and shareholders' equity | |||||||||
Deposits and other funds borrowed | $ | 1,196,508 | $ | 1,065,398 | $ | 1,057,499 | |||
Accrued interest payable | 1,562 | 1,515 | 1,992 | ||||||
Income taxes payable | 9,789 | - | 2,948 | ||||||
Other liabilities | 10,689 | 5,980 | 9,288 | ||||||
Due to affiliates | 586 | - | 996 | ||||||
Total liabilities | 1,219,134 | 1,072,893 | 1,072,723 | ||||||
Total shareholders' equity | 257,707 | 218,474 | 207,222 | ||||||
Total liabilities and shareholders' equity | $ | 1,476,841 | $ | 1,291,367 | $ | 1,279,945 |
1 Year Medallion Bank Chart |
1 Month Medallion Bank Chart |
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