熱門資訊> 正文
2022-01-28 21:36
SALT LAKE CITY, Jan. 28, 2022 (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 partners, announced today its 2021 fourth quarter and full-year results.
2021 Fourth Quarter Highlights
2021 Full-Year Highlights
Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, "We finished our best year since we began operating in 2003 with strong quarterly net income driven by the continued growth of our consumer lending businesses. Both our recreation lending and home improvement lending segments had exceptional years. The industries served by these segments experienced elevated demand throughout 2021, which led to sustained portfolio growth, plus we continued to benefit from historically low loan loss provisions. We ended the year with a return on assets of 5.0% and a return on equity of 29.1%, both consistent with supportive economic conditions and growth in the recreation and home improvement industries. We are focused on building on this momentum in 2022."
Recreation Lending Segment
Home Improvement Lending Segment
Series F Preferred Stock Dividend
On January 27, 2022, 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 April 1, 2022, to holders of record at the close of business on March 15, 2022.
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
Forward-Looking Statements
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 "expect," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature, such as "building", "maintaining" or "momentum." 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 Relations
212-328-2176
InvestorRelations@medallion.com
MEDALLION BANK STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||||||
For the Three Months Ended December 31, |
For the Twelve Months Ended December 31, |
|||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||
Total interest income | $ | 41,436 | $ | 36,349 | $ | 154,310 | $ | 140,654 | ||||
Total interest expense | 4,178 | 5,015 | 17,544 | 22,330 | ||||||||
Net interest income | 37,258 | 31,334 | 136,766 | 118,324 | ||||||||
Provision (benefit) for loan losses | 1,578 | (3,959 | ) | 3,746 | 63,048 | |||||||
Net interest income after provision for loan losses | 35,680 | 35,293 | 133,020 | 55,276 | ||||||||
Other income (loss) | ||||||||||||
Write-downs of loan collateral in process of foreclosure and other assets | (140 | ) | (7,393 | ) | (2,990 | ) | (18,199 | ) | ||||
Other non-interest income | 386 | 86 | 1,144 | 261 | ||||||||
Total other (loss) | 246 | (7,307 | ) | (1,846 | ) | (17,938 | ) | |||||
Non-interest expense | ||||||||||||
Salaries and benefits | 3,838 | 2,665 | 12,237 | 10,275 | ||||||||
Loan servicing | 2,756 | 2,739 | 10,692 | 11,158 | ||||||||
Collection costs | 1,305 | 1,021 | 4,775 | 4,294 | ||||||||
Regulatory fees | 489 | 874 | 1,872 | 1,822 | ||||||||
Professional fees | 366 | 446 | 1,695 | 2,017 | ||||||||
Occupancy and equipment | 217 | 106 | 789 | 783 | ||||||||
Other | 872 | 633 | 3,552 | 3,546 | ||||||||
Total non-interest expense | 9,843 | 8,484 | 35,612 | 33,895 | ||||||||
Income before income taxes | 26,083 | 19,502 | 95,562 | 3,443 | ||||||||
Provision for income taxes | 7,071 | 5,177 | 25,563 | 928 | ||||||||
Net income | $ | 19,012 | $ | 14,325 | $ | 69,999 | $ | 2,515 |
MEDALLION BANK BALANCE SHEETS (UNAUDITED) |
||||||
(In thousands) | December 31, 2021 | December 31, 2020 | ||||
Assets | ||||||
Cash and federal funds sold | $ | 61,402 | $ | 58,977 | ||
Investment securities, available-for-sale | 44,772 | 46,792 | ||||
Loans, inclusive of net deferred loan acquisition costs | 1,415,415 | 1,167,748 | ||||
Allowance for loan losses | (53,384 | ) | (65,557 | ) | ||
Loans, net | 1,362,031 | 1,102,191 | ||||
Loan collateral in process of foreclosure | 21,438 | 35,557 | ||||
Fixed assets and right-of-use assets, net | 4,230 | 3,418 | ||||
Deferred tax assets | 7,576 | 11,839 | ||||
Due from affiliates | - | 3,298 | ||||
Income tax receivable | - | 549 | ||||
Accrued interest receivable and other assets | 37,788 | 28,746 | ||||
Total assets | $ | 1,539,237 | $ | 1,291,367 | ||
Liabilities and shareholders' equity | ||||||
Deposits and other funds borrowed | $ | 1,250,880 | $ | 1,065,398 | ||
Accrued interest payable | 1,228 | 1,515 | ||||
Income taxes payable | 16,104 | - | ||||
Other liabilities | 7,672 | 5,980 | ||||
Due to affiliates | 906 | - | ||||
Total liabilities | 1,276,790 | 1,072,893 | ||||
Total shareholders' equity | 262,447 | 218,474 | ||||
Total liabilities and shareholders' equity | $ | 1,539,237 | $ | 1,291,367 |