NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Medallion Monetary (NASDAQ:) Corp. (NASDAQ: MFIN, Medallion or the Firm), a specialty finance firm that originates and companies loans in numerous shopper and industrial industries, in addition to provides mortgage services and products by means of fintech strategic companions, introduced right now its outcomes for the quarter ended September 30, 2024.

2024 Third Quarter Highlights

• Web revenue was $8.6 million, or $0.37 per share, in comparison with $11.2 million, or $0.48 per share, within the prior yr quarter.
• Web curiosity revenue grew 8% to $52.7 million from $48.8 million within the prior yr quarter.
• Web curiosity margin on gross loans was 8.11%, in comparison with 8.35% within the prior yr quarter, and on internet loans it was 8.42%, in comparison with 8.64% within the prior yr quarter.
• Mortgage originations have been $275.6 million, in comparison with $217.4 million within the prior yr quarter.
• Loans grew 13% to $2.5 billion as of September 30, 2024, in comparison with $2.2 billion a yr in the past.
• The credit score loss provision elevated to $20.2 million from $14.5 million within the prior yr quarter.
• The Firm repurchased 122,344 shares of frequent inventory at a mean price of $7.89 per share.
• Subsequent to September 30, 2024, the Board of Administrators elevated the quarterly money dividend 10% to $0.11 per share.

Government Commentary “ Andrew Murstein, President of Medallion

“We continue to be pleased with our quarterly performance. The earnings were strong despite lower taxi medallion related recoveries and the absence of equity gains, both of which we experienced in the prior year quarter. At $0.37 per share, our earnings included approximately $0.07 per share of additional allowance tied to the growth of our consumer lending segments, which saw recreation and home improvement loans grow 4% and 5% from the previous quarter to a combined $2.4 billion, with over $235 million in originations this quarter. We continue to be comfortable with the overall credit performance of these two consumer segments, which carry weighted average coupons of 14.92% for recreation loans and 9.76% for home improvement loans. During the quarter we originated recreation loans at an average rate of 16.33% and home improvement loans at an average rate of 10.75%.

Our net interest income reached $52.7 million during the quarter, up 6% from just a quarter ago. We remain cautiously optimistic that the solid performance of our loan portfolio will continue. Our net interest margin during the quarter was 8.11%, decreasing only 1 basis point from the prior quarter, as we continue to increase our yield to offset the rise in our average cost of borrowings.

Our total interest income of $76.4 million, net interest income of $52.7 million, and total assets of $2.9 billion were all record highs. Our fintech strategic partnership program at Medallion Bank had its highest volume quarter ever with $40 million of new loans, up from $24 million in the second quarter of this year.  As a result, we are optimistic about the quarters ahead and are hopeful to continue delivering meaningful growth in origination volumes in our newest business line.

Lastly, we are pleased to announce that our board of directors has authorized an increase of our quarterly dividend to $0.11 per share beginning with the upcoming payment next month, reflecting our strong financial performance and ongoing commitment to delivering value to our shareholders. This increase underscores our confidence in the Company’s future growth and stability, as well as our focus on returning capital to investors.”

Enterprise Phase Highlights

Recreation Lending Phase

• Originations have been $139.1 million through the quarter, in comparison with $92.6 million a yr in the past.
• Recreation loans grew 15% to $1.6 billion as of September 30, 2024, in comparison with $1.3 billion a yr in the past.
• Recreation loans have been 63% of complete loans as of September 30, 2024, in comparison with 61% a yr in the past.
• Web curiosity revenue grew 9% to $38.9 million for the quarter, from $35.6 million within the prior yr quarter.
• The typical rate of interest was 14.92% at quarter-end, in comparison with 14.73% a yr in the past.
• Recreation loans 90 days or extra late have been $7.5 million, or 0.50% of gross recreation loans, as of September 30, 2024, in comparison with $5.9 million, or 0.45%, a yr in the past.
• Allowance for credit score loss price was 4.53% as of September 30, 2024, in comparison with 4.24% a yr in the past.

Residence Enchancment Lending Phase

• Originations have been $96.5 million through the quarter, in comparison with $79.3 million a yr in the past.
• Residence enchancment loans grew 8% to $814.1 million as of September 30, 2024, in comparison with $750.5 million a yr in the past.
• Residence enchancment loans have been 33% of complete loans as of September 30, 2024, in comparison with 34% a yr in the past.
• Web curiosity revenue grew 5% to $12.0 million for the quarter, from $11.4 million within the prior yr quarter.
• The typical rate of interest was 9.76% at quarter-end, in comparison with 9.38% a yr in the past.
• Residence enchancment loans 90 days or extra late have been $1.6 million, or 0.19% of gross residence enchancment loans, as of September 30, 2024, in comparison with $1.0 million, or 0.13%, a yr in the past.
• Allowance for credit score loss price was 2.42% as of September 30, 2024, in comparison with 2.31% a yr in the past.

Business Lending Phase

• Business loans have been $110.1 million at September 30, 2024, in comparison with $100.3 million a yr in the past.
• The typical rate of interest on the portfolio was 12.90%, in comparison with 12.91% a yr in the past.

Taxi Medallion Lending Phase

• The Firm collected $4.1 million of money on taxi medallion-related property through the quarter.
• Complete internet taxi medallion property declined to $8.8 million (comprised of $1.9 million of loans internet of allowance for credit score losses and $6.9 million of mortgage collateral in strategy of foreclosures), a 46% discount from a yr in the past, and represented lower than half a p.c of the Firm’s complete property as of September 30, 2024.

Capital Allocation

Quarterly Dividend

• The Board of Administrators declared a quarterly dividend of $0.11 per share, payable on November 27, 2024 to shareholders of document on the shut of enterprise on November 15, 2024.

Inventory Repurchase Plan

• Through the third quarter, the Firm repurchased 122,344 shares of its frequent inventory at a mean price of $7.89 per share, for a complete of $1.0 million.
• As of September 30, 2024, the Firm had $15.4 million remaining beneath its $40 million share repurchase program.

Convention Name Data

The Firm will host a convention name to debate its third quarter monetary outcomes tomorrow, Wednesday, October 30, 2024 at 9:00 a.m. Japanese time.

In reference to its earnings launch, the Firm has up to date its quarterly complement presentation, which is now obtainable at www.medallion.com.

The way to Take part

• Date: Wednesday, October 30, 2024
• Time: 9:00 a.m. Japanese time
• U.S. dial-in quantity: (833) 816-1412
• Worldwide dial-in quantity: (412) 317-0504
• Dwell webcast: Hyperlink to Webcast of 3Q24 Earnings Name

A hyperlink to the reside audio webcast of the convention name can even be obtainable on the Firm’s IR web site.

Replay Data

The webcast replay can be obtainable on the Firm’s IR web site till the subsequent quarter’s outcomes are introduced.

The convention name replay can be obtainable following the top of the decision by means of Wednesday, November 6.

• U.S. dial-in quantity: (844) 512-2921
• Worldwide dial-in quantity: (412) 317-6671
• Entry ID: 1019 3247

About Medallion Monetary Corp.

Medallion Monetary Corp. (NASDAQ:MFIN) and its subsidiaries originate and repair a rising portfolio of shopper loans and mezzanine loans in numerous industries. Key industries served embody recreation (towable RVs and marine) and residential enchancment (substitute roofs, swimming swimming pools, and home windows). Medallion Monetary Corp. is headquartered in New York Metropolis, NY, and its largest subsidiary, Medallion Financial institution, is headquartered in Salt Lake Metropolis, Utah. For extra info, please go to www.medallion.com.

Ahead-Wanting Statements
Please notice that this press release accommodates forward-looking statements that contain dangers and uncertainties referring to enterprise efficiency, money stream, internet curiosity revenue and bills, different bills, earnings, progress, and our progress technique. These statements are sometimes, however not at all times, made utilizing phrases or phrases akin to will and proceed or the damaging model of these phrases or different comparable phrases or phrases of a future or forward-looking nature. These statements relate to future public bulletins of our earnings, the impression of the pending SEC litigation, expectations relating to our mortgage portfolio, together with collections on our medallion loans, the potential for future asset progress, and market share alternatives. Medallion’s precise outcomes could differ considerably from the outcomes mentioned in such forward-looking statements. For instance, statements concerning the results of the present financial system, whether or not inflation or the danger of recession, operations, monetary efficiency and prospects represent forward-looking statements and are topic to the danger that the precise impacts could differ, presumably materially, from what’s mirrored in these forward-looking statements as a consequence of components and future developments which are unsure, unpredictable and in lots of circumstances past Medallion’s management. Along with dangers referring to the present financial system, an outline of sure dangers to which Medallion is or could also be topic, together with dangers associated to the pending SEC litigation, please check with the components mentioned beneath the heading Threat Elements in Medallion’s 2023 Annual Report on Type 10-Ok.

Firm Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com