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Medallion Financial Corp. Reports 2025 Second Quarter Results
| June 30, 2025 | December 31, 2024 | |||||||||||
| (Dollars in thousands) | Amount | As a Percent of Total Loans | Amount | As a Percent of Total Loans | ||||||||
| Loans held for investment: | ||||||||||||
| Recreation | $ | 1,486,047 | 60 | % | $ | 1,422,403 | 57 | % | ||||
| Home improvement | 803,535 | 32 | 827,211 | 33 | ||||||||
| Commercial | 121,415 | 5 | 111,273 | 4 | ||||||||
| Taxi medallion | 1,564 | * | 1,909 | * | ||||||||
| Total loans | 2,412,561 | 97 | 2,362,796 | 95 | ||||||||
| Loans held for sale, at lower of amortized cost or fair value: | ||||||||||||
| Recreation | 60,205 | 2 | 120,840 | 5 | ||||||||
| Strategic partnership | 12,285 | * | 7,386 | * | ||||||||
| Total loans held for sale, at lower of amortized cost or fair value | 72,490 | 3 | 128,226 | 5 | ||||||||
| Total loans and loans held for sale | $ | 2,485,051 | 100 | % | $ | 2,491,022 | 100 | % |
(*) Less than 1%.
Balance Sheet
- Cash and cash equivalents, including investment securities, at June 30, 2025 were $213.5 million, compared to $213.8 million at June 30, 2024. As of June 30, 2025, total assets amounted to $2.880 billion, up from $2.761 billion at June 30, 2024. The increase is largely due to an increase in prepaid expense which is a result of the redemption of Medallion Bank's Series F preferred stock on July 1, 2025. As of June 30, 2025, total liabilities amounted to $2.347 billion, up slightly from $2.338 billion a year ago.
Capital Allocation
Quarterly Dividend
- The Board of Directors declared a quarterly dividend of $0.12 per share, payable on August 29, 2025, to shareholders of record at the close of business on August 15, 2025. This dividend amount remains unchanged from the $0.12 per share paid in the second quarter of 2025, and 20% higher than the same quarter last year.
| Dividends Announced | Amount Per Share | Record Date | Payment Date | ||||
| Q3 2025 | $ | 0.12 | 8/15/2025 | 8/29/2025 | |||
| Q2 2025 | 0.12 | 5/15/2025 | 5/30/2025 | ||||
| Q1 2025 | 0.11 | 3/17/2025 | 3/31/2025 | ||||
| Total: Year 2025 (Year to Date) | 0.35 | ||||||
| Total: Year 2024 | 0.41 | ||||||
| Total: Year 2023 | 0.34 | ||||||
| Total: Year 2022 * | 0.32 |
(*) Dividend reinstated in Q1 2022.
Stock Repurchase Plan
- During the three months ended June 30, 2025, the Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million. As of June 30, 2025, the Company had $14.4 million remaining under its $40 million stock repurchase program.
Conference Call Information
The Company will host a conference call to discuss its second quarter financial results tomorrow, Thursday, July 31, 2025, at 9:00 a.m. Eastern time.
In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at .
How to Participate
- Date : Thursday, July 31, 2025 Time : 9:00 a.m. Eastern time Dial-in number : (412) 317-0504 Live webcast : Link to Webcast of 2Q25 Earnings Call
A link to the live audio webcast of the conference call will also be available at the Company's IR website .
Replay Information
The conference call replay will be available following the end of the call through Thursday, August 7, 2025
- Dial-in : (412) 317-6671 Passcode : 1020 1134
Additionally, the webcast replay will be available at the Company's IR website .
About Medallion Financial Corp.
Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please 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, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as“will” and“continue” 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, expectations regarding our loan portfolio, including collections on our taxi medallion loans, the potential for future asset growth, and market share opportunities. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, the effects of tariffs, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion's control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading“Risk Factors” in Medallion's 2024 Annual Report on Form 10-K.
Company Contact:
Investor Relations
...
212-328-2176
Investor Relations
The Equity Group Inc.
Lena Cati
...
(212) 836-9611
Val Ferraro
...
(212) 836-9633
| MEDALLION FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||
| (Dollars in thousands, except share and per share data) | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||||
| Assets | ||||||||||||
| Cash, cash equivalents, and federal funds sold | $ | 151,994 | $ | 169,572 | $ | 157,961 | ||||||
| Investment securities | 61,529 | 54,805 | 55,830 | |||||||||
| Equity investments | 8,097 | 9,198 | 10,795 | |||||||||
| Loans held for sale, at lower of amortized cost or fair value | 72,490 | 128,226 | - | |||||||||
| Loans | 2,412,561 | 2,362,796 | 2,385,590 | |||||||||
| Allowance for credit losses | (106,896 | ) | (97,368 | ) | (89,788 | ) | ||||||
| Net loans receivable | 2,305,665 | 2,265,428 | 2,295,802 | |||||||||
| Goodwill and intangible assets, net | 169,227 | 169,949 | 170,672 | |||||||||
| Property, equipment, and right-of-use lease asset, net | 11,890 | 13,756 | 14,094 | |||||||||
| Accrued interest receivable | 15,294 | 15,314 | 13,299 | |||||||||
| Loan collateral in process of foreclosure | 9,007 | 9,932 | 9,359 | |||||||||
| Other assets | 74,801 | 32,426 | 33,064 | |||||||||
| Total assets | $ | 2,879,994 | $ | 2,868,606 | $ | 2,760,876 | ||||||
| Liabilities | ||||||||||||
| Deposits | $ | 2,009,176 | $ | 2,090,071 | $ | 2,006,782 | ||||||
| Long-term debt | 199,928 | 232,159 | 230,803 | |||||||||
| Short-term borrowings | 86,750 | 49,000 | 37,500 | |||||||||
| Deferred tax liabilities, net | 19,261 | 20,995 | 22,394 | |||||||||
| Operating lease liabilities | 4,041 | 5,128 | 6,071 | |||||||||
| Accrued interest payable | 5,746 | 8,231 | 7,945 | |||||||||
| Accounts payable and accrued expenses | 22,527 | 24,064 | 26,592 | |||||||||
| Total liabilities | 2,347,429 | 2,429,648 | 2,338,087 | |||||||||
| Total stockholders' equity | 389,896 | 370,170 | 354,001 | |||||||||
| Non-controlling interest in consolidated subsidiaries | 142,669 | 68,788 | 68,788 | |||||||||
| Total equity | 532,565 | 438,958 | 422,789 | |||||||||
| Total liabilities and equity | $ | 2,879,994 | $ | 2,868,606 | $ | 2,760,876 | ||||||
| Number of shares outstanding | 23,246,593 | 23,135,624 | 23,211,990 | |||||||||
| Book value per share | $ | 16.77 | $ | 16.00 | $ | 15.25 | ||||||
| MEDALLION FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (Dollars in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Total interest income | $ | 77,442 | $ | 70,704 | $ | 152,867 | $ | 137,774 | |||||
| Total interest expense | 24,072 | 20,836 | 48,085 | 39,989 | |||||||||
| Net interest income | 53,370 | 49,868 | 104,782 | 97,785 | |||||||||
| Provision for credit losses | 21,562 | 18,577 | 43,576 | 35,778 | |||||||||
| Net interest income after provision for credit losses | 31,808 | 31,291 | 61,206 | 62,007 | |||||||||
| Other income | |||||||||||||
| Gain (loss) on equity investments, net | 6,096 | (512 | ) | 15,526 | 3,655 | ||||||||
| Gain on sale of recreation loans | 1,304 | - | 1,304 | - | |||||||||
| Gain on taxi medallion assets, net | 749 | 242 | 1,592 | 830 | |||||||||
| Strategic partnership fees | 787 | 480 | 1,472 | 806 | |||||||||
| Other income | 273 | 889 | 914 | 1,211 | |||||||||
| Total other income, net | 9,209 | 1,099 | 20,808 | 6,502 | |||||||||
| Other expenses | |||||||||||||
| Salaries and employee benefits | 10,148 | 9,435 | 20,141 | 18,892 | |||||||||
| Loan servicing fees | 2,899 | 2,692 | 5,716 | 5,162 | |||||||||
| Collection costs | 1,749 | 1,659 | 3,286 | 3,126 | |||||||||
| Regulatory fees | 1,109 | 888 | 1,930 | 1,865 | |||||||||
| Professional fee costs, net | 1,187 | 1,845 | 2,937 | 2,616 | |||||||||
| Rent expense | 683 | 698 | 1,358 | 1,355 | |||||||||
| Amortization of intangible assets | 362 | 362 | 723 | 723 | |||||||||
| Other expenses | 3,408 | 2,416 | 6,212 | 4,481 | |||||||||
| Total other expenses | 21,545 | 19,995 | 42,303 | 38,220 | |||||||||
| Income before income taxes | 19,472 | 12,395 | 39,711 | 30,289 | |||||||||
| Income tax provision | 5,805 | 3,782 | 12,518 | 10,140 | |||||||||
| Net income after taxes | 13,667 | 8,613 | 27,193 | 20,149 | |||||||||
| Less: income attributable to the non-controlling interest | 2,598 | 1,512 | 4,110 | 3,024 | |||||||||
| Total net income attributable to Medallion Financial Corp. | $ | 11,069 | $ | 7,101 | $ | 23,083 | $ | 17,125 | |||||
| Basic net income per share | $ | 0.49 | $ | 0.31 | $ | 1.02 | $ | 0.76 | |||||
| Diluted net income per share | $ | 0.46 | $ | 0.30 | $ | 0.96 | $ | 0.73 | |||||
| Weighted average common shares outstanding | |||||||||||||
| Basic | 22,783,947 | 22,598,102 | 22,677,961 | 22,619,743 | |||||||||
| Diluted | 24,058,084 | 23,453,162 | 23,978,214 | 23,609,104 | |||||||||
| Dividends declared per common share | $ | 0.12 | $ | 0.10 | $ | 0.24 | $ | 0.20 |
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