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Medallion Bank Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Series F (MBNKP-0.59%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Medallion Financial Corp.'s operations through its subsidiaries, including Medallion Bank, which originates consumer loans for recreational vehicles and home improvements, and Medallion Capital, which conducts mezzanine financing.
Total assets at the end of 2024 were reported at $2.9 billion, an increase from $2.6 billion in 2023. The increase in assets was driven by growth in the consumer loan portfolio.
Net interest income for the year was $202.5 million, up from $188.1 million in 2023, attributed to higher yields on new loan originations.
The allowance for credit losses increased to $97.4 million from $84.2 million in the previous year, reflecting changes in qualitative factors and portfolio growth.
Recreation lending accounted for 67% of interest income, with loan originations totaling $526.6 million for the year.
Home improvement lending saw a 9% increase in its portfolio, with originations of $298.6 million, though the segment's net interest margin decreased due to higher funding costs.
Commercial lending reported $14.3 million in new loan originations, with a focus on manufacturing and technical services industries.
Taxi medallion loans and assets, now less than 1% of total assets, continued to be valued conservatively, with a focus on collection and recovery efforts.
The filing also addresses the company's strategic partnership program, which originated $203.6 million in loans through fintech collaborations.
Medallion Financial Corp. reported net income attributable to shareholders of $35.9 million, or $1.52 per share, down from $55.1 million, or $2.37 per share, in 2023.
The company continues to explore strategic alternatives for Medallion Bank, including potential public offerings or sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Medallion Bank Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock Series F annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.