第99.1展示文本
即時新聞稿：
美銀金融公司報告2024年第三季度業績
紐約，紐約– 2024年10月29日– 美達利金融公司（納斯達克：MFIN，「美達利」或「公司」），一家專業金融公司，致力於在各種消費和商業行業發起和服務貸款，同時通過金融科技戰略合作伙伴提供貸款產品和服務，今天宣佈了截至2024年9月30日的季度業績。 消費金融公司蘋果CEO庫克大規模出售股票，套現逾3億港元。
2024年第三季度要點
Medallion總裁Andrew Murstein的執行評論
我們對本季度的表現感到滿意。儘管出租車牌照相關的收入減少，去年同期我們曾經歷過權益收益的缺失，但收入仍然強勁。每股收益爲0.37美元，其中包括每股約0.07美元額外的津貼，與我們的消費貸款業務增長相關，旅遊和家居改造貸款分別較上一季度增長了4%和5%，合計達到24億美元，本季度的發放額超過23500萬美元。我們對這兩個消費者領域的整體信用表現感到滿意，旅遊貸款平均利率爲14.92%，家居改造貸款平均利率爲9.76%。本季度，我們以16.33%的平均利率發放旅遊貸款，以10.75%的平均利率發放家居改造貸款。
我們的淨利息收入在本季達到了5270萬美元，比僅一個季度前增長了6%。我們保持謹慎樂觀，認爲我們的貸款組合的優秀表現將持續下去。我們本季的淨利息收益率爲8.11%，僅比上季下降了1個點子，因爲我們繼續提高收益以抵消我們平均借款成本的上升。
我們的總利息收入爲7.64000萬美元，淨利息收入爲5270萬美元，總資產爲29億美元，均創下歷史新高。我們在medallion bk utah 8% non cum perp pref stk ser f usd25的金融科技戰略合作項目中，剛剛完成有史以來成交量最高的一個季度，新增貸款金額達到4億美元，較今年第二季度的2400萬美元有所增加。因此，我們對未來的季度持樂觀態度，並希望繼續在我們最新的業務線中實現有意義的產量增長。
最後，我們很高興地宣佈，我們的董事會已授權將我們的季度股息提高到每股0.11美元，從下個月起開始支付，體現了我們強勁的財務表現和持續致力於爲股東創造價值。這一增長凸顯了我們對公司未來增長和穩定的信心，以及我們專注於向投資者返還資本的舉措。
業務板塊摘要
娛樂貸款板塊
家庭裝修貸款板塊
商業貸款業務板塊。
出租車牌照貸款板塊。
資本配置
季度股息
股票回購計劃
2
電話會議信息
公司將於2024年10月30日（星期三）上午9:00舉行電話會議，討論其第三季度財務業績。
關於公司發佈的收益公告，公司已更新季度輔助資料展示，現在可以在該鏈接查看 www.medallion.com.
如何參與
會議呼叫的現場音頻網絡廣播鏈接也可以在這裏找到 公司的IR網站.
Replay Information
The webcast replay will be available at the Company's IR website until the next quarter’s results are announced.
The conference call replay will be available following the end of the call through Wednesday, November 6.
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 www.medallion.com.
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, the impact of the pending SEC litigation, expectations regarding our loan portfolio, including collections on our 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, 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, a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2023 Annual Report on Form 10-K.
Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
3
MEDALLION FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in thousands, except share and per share data) |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|||
Assets |
|
|
|
|
|
|
|
|
|
|||
Cash, cash equivalents, and federal funds sold |
|
$ |
187,929 |
|
|
$ |
149,845 |
|
|
$ |
127,642 |
|
Investment and equity securities |
|
|
66,651 |
|
|
|
65,712 |
|
|
|
63,717 |
|
Loans |
|
|
2,485,279 |
|
|
|
2,215,886 |
|
|
|
2,203,038 |
|
Allowance for credit losses |
|
|
(96,518 |
) |
|
|
(84,235 |
) |
|
|
(79,133 |
) |
Net loans receivable |
|
|
2,388,761 |
|
|
|
2,131,651 |
|
|
|
2,123,905 |
|
Goodwill and intangible assets, net |
|
|
170,311 |
|
|
|
171,394 |
|
|
|
171,755 |
|
Property, equipment, and right-of-use lease asset, net |
|
|
14,172 |
|
|
|
14,076 |
|
|
|
13,278 |
|
Accrued interest receivable |
|
|
14,108 |
|
|
|
13,538 |
|
|
|
13,593 |
|
Loan collateral in process of foreclosure |
|
|
8,818 |
|
|
|
11,772 |
|
|
|
15,923 |
|
Other assets |
|
|
29,302 |
|
|
|
29,839 |
|
|
|
28,814 |
|
Total assets |
|
$ |
2,880,052 |
|
|
$ |
2,587,827 |
|
|
$ |
2,558,627 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
$ |
2,108,132 |
|
|
$ |
1,866,657 |
|
|
$ |
1,855,096 |
|
Long-term debt |
|
|
232,037 |
|
|
|
235,544 |
|
|
|
218,137 |
|
Short-term borrowings |
|
|
49,000 |
|
|
|
8,000 |
|
|
|
18,489 |
|
Deferred tax liabilities, net |
|
|
20,598 |
|
|
|
21,207 |
|
|
|
23,131 |
|
Operating lease liabilities |
|
|
5,534 |
|
|
|
7,019 |
|
|
|
7,075 |
|
Accrued interest payable |
|
|
6,888 |
|
|
|
6,822 |
|
|
|
4,624 |
|
Accounts payable and accrued expenses |
|
|
26,687 |
|
|
|
30,804 |
|
|
|
34,813 |
|
Total liabilities |
|
|
2,448,876 |
|
|
|
2,176,053 |
|
|
|
2,161,365 |
|
Total stockholders’ equity |
|
|
362,388 |
|
|
|
342,986 |
|
|
|
328,474 |
|
Non-controlling interest in consolidated subsidiaries |
|
|
68,788 |
|
|
|
68,788 |
|
|
|
68,788 |
|
Total equity |
|
|
431,176 |
|
|
|
411,774 |
|
|
|
397,262 |
|
Total liabilities and equity |
|
$ |
2,880,052 |
|
|
$ |
2,587,827 |
|
|
$ |
2,558,627 |
|
Number of shares outstanding |
|
|
23,084,277 |
|
|
|
23,449,646 |
|
|
|
23,363,731 |
|
Book value per share |
|
$ |
15.70 |
|
|
$ |
14.63 |
|
|
$ |
14.06 |
|
4
MEDALLION FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
(Dollars in thousands, except share and per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Total interest income |
|
$ |
76,409 |
|
|
$ |
65,886 |
|
|
$ |
214,183 |
|
|
$ |
183,455 |
|
Total interest expense |
|
|
23,672 |
|
|
|
17,102 |
|
|
|
63,661 |
|
|
|
44,379 |
|
Net interest income |
|
|
52,737 |
|
|
|
48,784 |
|
|
|
150,522 |
|
|
|
139,076 |
|
Provision for credit losses |
|
|
20,151 |
|
|
|
14,532 |
|
|
|
55,929 |
|
|
|
27,045 |
|
Net interest income after provision for credit losses |
|
|
32,586 |
|
|
|
34,252 |
|
|
|
94,593 |
|
|
|
112,031 |
|
Other income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Loss) gain on equity investments |
|
|
(519 |
) |
|
|
2,180 |
|
|
|
3,136 |
|
|
|
2,189 |
|
Gain on sale of loans and taxi medallions |
|
|
340 |
|
|
|
1,417 |
|
|
|
1,170 |
|
|
|
4,578 |
|
Write-down of loan collateral in process of foreclosure |
|
|
(19 |
) |
|
|
(30 |
) |
|
|
(19 |
) |
|
|
(303 |
) |
Other income |
|
|
785 |
|
|
|
739 |
|
|
|
2,802 |
|
|
|
1,868 |
|
Total other income, net |
|
|
587 |
|
|
|
4,306 |
|
|
|
7,089 |
|
|
|
8,332 |
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
9,456 |
|
|
|
9,630 |
|
|
|
28,347 |
|
|
|
27,805 |
|
Loan servicing fees |
|
|
2,790 |
|
|
|
2,501 |
|
|
|
7,951 |
|
|
|
7,084 |
|
Collection costs |
|
|
1,673 |
|
|
|
1,583 |
|
|
|
4,799 |
|
|
|
4,729 |
|
Regulatory fees |
|
|
961 |
|
|
|
1,021 |
|
|
|
2,826 |
|
|
|
2,484 |
|
Professional fees |
|
|
818 |
|
|
|
1,148 |
|
|
|
3,434 |
|
|
|
4,223 |
|
Rent expense |
|
|
664 |
|
|
|
629 |
|
|
|
2,019 |
|
|
|
1,855 |
|
Amortization of intangible assets |
|
|
361 |
|
|
|
361 |
|
|
|
1,084 |
|
|
|
1,084 |
|
Other expenses |
|
|
2,272 |
|
|
|
2,216 |
|
|
|
6,755 |
|
|
|
7,220 |
|
Total other expenses |
|
|
18,995 |
|
|
|
19,089 |
|
|
|
57,215 |
|
|
|
56,484 |
|
Income before income taxes |
|
|
14,178 |
|
|
|
19,469 |
|
|
|
44,467 |
|
|
|
63,879 |
|
Income tax provision |
|
|
4,055 |
|
|
|
6,727 |
|
|
|
14,196 |
|
|
|
18,582 |
|
Net income after taxes |
|
|
10,123 |
|
|
|
12,742 |
|
|
|
30,271 |
|
|
|
45,297 |
|
Less: income attributable to the non-controlling interest |
|
|
1,512 |
|
|
|
1,512 |
|
|
|
4,535 |
|
|
|
4,536 |
|
Total net income attributable to Medallion Financial Corp. |
|
$ |
8,611 |
|
|
$ |
11,230 |
|
|
$ |
25,736 |
|
|
$ |
40,761 |
|
Basic net income per share |
|
$ |
0.38 |
|
|
$ |
0.50 |
|
|
$ |
1.14 |
|
|
$ |
1.81 |
|
Diluted net income per share |
|
$ |
0.37 |
|
|
$ |
0.48 |
|
|
$ |
1.09 |
|
|
$ |
1.77 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
22,490,792 |
|
|
|
22,596,982 |
|
|
|
22,576,446 |
|
|
|
22,469,968 |
|
Diluted |
|
|
23,447,929 |
|
|
|
23,392,901 |
|
|
|
23,555,065 |
|
|
|
23,067,944 |
|
Dividends declared per common share |
|
$ |
0.10 |
|
|
$ |
0.08 |
|
|
$ |
0.30 |
|
|
$ |
0.24 |
|
5