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EX - 99.1 2 d218197dex991.htm EX - 99.1 MEDALLION FINANCIAL CORP FOR IMMEDIATE RELEASE : MEDALLION FINANCIAL CORP . REPORTS 2021 THIRD QUARTER RESULTS Exhibit 99.1 NEW YORK , NY - November 1 , 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 third quarter results . 2021 Third Quarter Highlights • Net income of $ 15.9 million , or $ 0.64 per share , compared to a net loss of $ 23.6 million , or $ 0.97 per share , in the prior year quarter . Net interest income grew 17 % to $ 34.1 million from $ 29.1 million in the prior year quarter . • Net interest margin was 9.48 % , compared to 8.72 % in the prior year quarter . Loan originations increased 43 % to $ 195.8 million , as compared to the prior year quarter . Executive Commentary – Andrew Murstein , President of Medallion " This was in many ways the strongest quarter ever for Medallion . We achieved record performances across the board and are well - positioned to continue our growth moving forward . We are focusing on growing our consumer and commercial lending businesses , where our Bank subsidiary reported return on equity above 30 % for the third quarter . In addition , we continue to explore dispositions of our non - core assets at opportunistic times . During the quarter we also successfully sold another tranche of shares in one of our fintech investments , and we are seeking additional investment opportunities in similar companies . " Loan Detail • Loan originations were $ 195.8 million during the quarter , primarily in our recreation and home improvement segments . • During the third quarter , net charge - offs remained at near all - time lows and were a net benefit of $ 0.8 million . Loans 90 days or more past due were 0.29 % of loans at September 30 , 2021 ; as compared to 0.22 % at June 30 , 2021 ; and 0.57 % at December 31 , 2020 . Business Segment Highlights Consumer Lending Segments We originated $ 187.1 million of new loans during the 2021 third quarter . • Our net consumer loan portfolio was $ 1.3 billion as of quarter - end , compared to $ 1.1 billion a year ago . • Our net consumer loan portfolio was 94 % of total net loans receivable as of quarter end . Net loan portfolio grew 16 % for recreation and 26 % for home improvement from September 30 , 2020 . Net interest income grew 15 % to $ 35.9 million for the quarter , compared to $ 31.0 million in the prior year quarter . The average interest rate on the portfolio was 12.82 % at quarter - end , compared to 13.87 % a year ago . Consumer loans 90 days or more past due were $ 3.2 million , or 0.25 % of gross consumer loans as of September 30 , 2021 , compared to $ 4.2 million , or 0.38 % , a year ago . Delinquencies continued to be lower than historical averages . Net income for the third quarter was $ 16.6 million , compared to $ 13.8 million in the prior year quarter .