Medallion Financial Corp. reported a total revenue of $290.7 million for the fiscal year ending December 31, 2024, marking an increase from $251.0 million in the previous year. The company's net income attributable to shareholders was $35.9 million, or $1.52 per share, down from $55.1 million, or $2.37 per share, in 2023. The decline in profitability was attributed to a higher provision for credit losses, which rose to $76.5 million from $37.8 million in the prior year, reflecting increased charge-offs and rising loss rates in the recreation and home improvement loan segments.
Total loans held for investment increased by 12% to $2.5 billion as of December 31, 2024, driven by over $1.0 billion in loan originations during the year. The recreation lending segment, which focuses on financing recreational vehicles and related equipment, accounted for $1.5 billion of the total loans, while home improvement loans totaled $827.2 million. The company also reported a significant increase in strategic partnership loans, which rose to $203.6 million, up 72% from the previous year. The weighted average FICO scores for recreation and home improvement loans remained stable, indicating a focus on maintaining credit quality.
Operationally, Medallion Financial Corp. has continued to expand its strategic partnership program, which began in 2019, to provide lending services to fintech companies. The company has also maintained a disciplined approach to underwriting, with a focus on mitigating concentration risks. As of December 31, 2024, the company employed 174 individuals, an increase from 169 in the previous year, reflecting its growth strategy and operational needs.
Looking ahead, Medallion Financial Corp. anticipates continued growth in its consumer finance and commercial lending businesses, although it remains cautious about the potential impacts of economic conditions, including inflation and interest rate fluctuations. The company is actively monitoring market trends and adjusting its strategies to navigate the evolving financial landscape. The management has expressed confidence in its ability to adapt and capitalize on opportunities while managing risks associated with its loan portfolios.
About MEDALLION FINANCIAL CORP
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