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EX - 99.1 2 d84852dex991.htm EX - 99.1 MEDALLION M FINANCIAL Exhibit 99.1 FOR IMMEDIATE RELEASE : MEDALLION FINANCIAL CORP . REPORTS 2021 FIRST QUARTER RESULTS NEW YORK , NY – May 3 , 2021 - Medallion Financial Corp. ( NASDAQ : MFIN , “ Medallion Financial ” or the “ Company ” ) , a finance company that originates and services loans in various consumer and commercial niche industries , announced today its 2021 first quarter results . 2021 First Quarter Highlights Net income was $ 8.4 million , or $ 0.34 per share , compared to a net loss of $ 13.6 million , or $ 0.56 per share , in the prior year quarter . • Net interest income was $ 28.7 million in the quarter , primarily reflecting the contribution of the consumer lending segments , compared to $ 26.5 million in the 2020 quarter . • • Net interest margin was 9.18 % in the quarter . Net income from the Company's consumer and commercial lending segments increased to $ 15.1 million in 2021 , compared to $ 4.3 million a year ago . The recreation and home improvement net loan portfolios grew 11 % and 33 % from March 31 , 2020 . • Consumer originations were $ 142.0 million in the quarter , up 37 % from $ 103.2 million in 2020 quarter . Operating expenses decreased $ 4.6 million from the prior year quarter . • Medallion Bank's Tier 1 leverage ratio at quarter - end was 18.03 % . • Total assets were $ 1.7 billion as of March 31 , 2021 . The Company sold an additional $ 51.4 million in senior notes during the quarter through April , for a total of $ 85.0 million including notes sold in December 2020 . Andrew Murstein , President of Medallion Financial , stated , “ We are very pleased with this quarter's results , which was , in many ways , one of our best quarters . Medallion Financial recorded $ 8.4 million of net income for the quarter , reflecting continued strong underlying performance from our consumer lending segments . Medallion Bank continues to perform well , with the highest volume to date in March for its recreation lending segment . In addition , during the quarter , we recorded low consumer charge - offs and delinquencies . We continue to monitor expenses at Medallion Financial and are taking steps that we hope will produce long - term value for our shareholders . Our second fintech partnership will soon be active , and we look forward to providing updates throughout the year on the progress we are making with this initiative . ” Larry Hall , CFO of Medallion Financial , stated , “ Our net interest margin continued to move higher as losses from the medallion segment are no longer having such a large impact on the Company's financial results , while our higher yielding consumer portfolio continues to perform well , leading to a net interest margin of 9.18 % . We were also able to raise funds through the sale of senior notes , at a rate lower than our publicly traded debt ( MFINL ) , and used some of the proceeds to pay off that debt at maturity in April . " Consumer Lending Segments The Company's net consumer lending portfolio was $ 1.1 billion as of March 31 , 2021 , compared to $ 965.3 million at March 31 , 2020. Net interest income for the 2021 first quarter was $ 31.4 million , compared to $ 27.4 million in the 2020 first quarter , a 15 % increase . The average interest rate on the portfolio was 13.44 % at March 31 , 2021 , compared to 14.42 % a year ago . Consumer loan delinquencies 90 days or more past due were $ 3.3 million , or 0.29 % of total gross loans as of March 31 , 2021 , compared to $ 5.4 million , or 0.56 % , a year ago . Delinquencies were lower due to improved credit performance by our borrowers .