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EX - 99.1 2 d205741dex991.htm EX - 99.1 MEDALLION M Exhibit 99.1 FOR IMMEDIATE RELEASE : MEDALLION FINANCIAL CORP . REPORTS 2021 SECOND QUARTER RESULTS NEW YORK , NY - August 2 , 2021 - Medallion Financial Corp. ( NASDAQ : MFIN , “ Medallion ” or the “ Company ” ) , a finance company that originates and services loans in various consumer and commercial industries , announced today its 2021 second quarter results . 2021 Second Quarter Highlights • Net income was $ 10.3 million , or $ 0.41 per share , compared to a net loss of $ 4.0 million , or $ 0.16 per share , in the prior year quarter . • Medallion Bank net income was a record $ 17.5 million for the quarter , compared to $ 1.8 million in the prior year quarter . Net interest income grew 10.1 % to $ 29.5 million , primarily reflecting the contribution from the consumer lending segments , compared to $ 26.8 million in the 2020 quarter . • Net interest margin was 8.84 % , compared to 8.23 % in the prior year quarter . • • • Net income from the Company's consumer and commercial lending segments increased to $ 16.2 million in the quarter , compared to $ 9.0 million a year ago . Net loan portfolios grew 13 % for recreation and 30 % for home improvement from June 30 , 2020 . Consumer loan originations were up 31 % from the prior year quarter to $ 197.5 million . • Our consumer loan portfolio was 94 % of total net loans receivable as of June 30 , 2021 . Total assets were $ 1.74 billion as of June 30 , 2021 , compared to $ 1.65 billion as of June 30 , 2020 . Executive Commentary – Andrew Murstein , President of Medallion " This quarter we maintained the strength and momentum in Medallion Bank , which is our top priority . That is the fastest growing and most profitable part of our Company . Our growth strategy is clear ; we are investing in our consumer business and signing fintech strategic partnerships . At the same time , we seek to minimize our risk profile by maintaining the strong , and even improving , credit quality benchmarks we have in place . We also made progress on advancing our exit strategy for our non - core assets . " Business Segment Highlights Consumer Lending Segments • Our net consumer loan portfolio was $ 1.2 billion as of June 30 , 2021 , compared to $ 1.0 billion on June 30 , 2020 . Net interest income grew 14 % to $ 33.1 million for the quarter , compared to $ 29.1 million in the prior year quarter . The average interest rate on the portfolio was 13.14 % at quarter - end , compared to 14.14 % a year ago . Consumer loans 90 days or more past due were $ 2.8 million , or 0.23 % of total gross loans as of June 30 , 2021 , compared to $ 3.5 million , or 0.33 % , a year ago . Delinquencies continued to be lower than historical averages due to solid performance by our borrowers . • Net income for the second quarter was $ 15.8 million , compared to $ 8.6 million in the 2020 second quarter .