Medallion Bank reports record Q4 net income $21.9M, full-year $79.9M; loan portfolio grows 15%

MEDALLION FINANCIAL CORP

2023-FY EPS reported $2.37

Q4 net income $21.9M vs $19.7M prior year; full-year net income $79.9M vs $74.6M in 2022.
Net interest margin 8.62% for Q4 (down from 9.19%); total loan portfolio grew 15% to $2.1B.
Recreation loan portfolio $1.336B (+13%); annualized net charge-offs 4.2% (up from 2.4%).
Home improvement loan portfolio $760.6M (+21%); annualized net charge-offs 1.7% (up from 1.1%).
Medallion loan recoveries $12.0M in Q4 reduced provision by 226 bps; declared Series F preferred dividend $0.50/share payable Apr 1.

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