Net income was $19.5 million, or $0.78 per share, compared to net income of $6.5 million, or $0.26 per share, in the prior year quarter.

Net interest income grew 25.1% to $35.6 million from $28.5 million in the prior year quarter.

Net interest margin was 9.38%, up from 8.89% in the prior year quarter.

Loan originations increased 91.1% to $192.6 million from $100.8 million in the prior year quarter.

The Company sold additional shares in a fintech investment for a gain of $5.4 million.

The Company sold a legacy investment, its NASCAR race team, for a gain of $0.7 million. The sale increased tangible book value by $26.2 million, or more than $1 per share.

Net income was $54.1 million, or $2.17 per share, a record, compared to a net loss of $34.8 million, or $1.42 per share, in the prior year.

Net interest income grew 15.4% to $127.8 million from $110.8 million in the prior year.

Net interest margin was 9.25%, up from 8.65% in the prior year.

Loan originations increased 50.3% to $747.4 million from $497.2 million in the prior year.

Medallion sold 80% of its fintech investment for a gain of $11.3 million.

The Company settled all bank debt, negotiated discounts and recognized a gain on the extinguishment of debt of $4.6 million.

Loan originations were $192.6 million during the quarter, primarily in our recreation and home improvement segments.

During the fourth quarter, net charge-offs remained low and were a net benefit of $0.1 million.

Loans 90 days or more past due were 0.28% of loans at December 31, 2021, compared to 0.57% at December 31, 2020.

We originated $173.5 million of new loans during the 2021 fourth quarter, compared to $97.9 million in the prior year quarter.

Our consumer loan portfolio was $1.4 billion as of year-end, compared to $1.1 billion a year ago.

Our consumer loan portfolio was 93.9% of total loans receivable as of year-end, compared to 91.6% a year ago.

The loan portfolios grew 21.3% for recreation and 30.8% for home improvement from December 31, 2020.

Net interest income grew 19.5% to $38.0 million for the quarter, from $31.8 million in the prior year quarter.

The average interest rate on the portfolio was 12.57% at quarter-end, compared to 13.64% a year ago.

Consumer loans 90 days or more past due were $4.0 million, or 0.29% of gross consumer loans, as of December 31, 2021, compared to $5.5 million, or 0.50%, a year ago. Delinquencies continued to be lower than historical averages.

Segment net income for the fourth quarter was $16.2 million, compared to $14.2 million in the prior year quarter.

We originated $15.5 million of new loans during the 2021 fourth quarter, compared to $1.5 million in the prior year quarter.

The Company’s commercial loan portfolio was $76.7 million at year-end, compared to $65.3 million a year ago.

The average interest rate on the portfolio was 12.37%, compared to 13.06% a year ago.

Segment net income for the fourth quarter was $2.8 million, compared to less than $0.1 million in the prior year quarter.

The Company collected $8.4 million in the fourth quarter and $24.9 million in the full-year.

Total net medallion exposure declined to $40.5 million (comprised of $4.8 million of loans net of allowance for loan losses and $35.7 million of loan collateral in process of foreclosure), representing less than 3% of its total assets, as of December 31, 2021.

During the year, the Company sold shares in a fintech investment which it made in 2016. As a result, the Company recognized a gain of $5.4 million in the fourth quarter and $11.3 million in the full-year ended December 31, 2021. The Company still holds approximately 20% of its original investment.

Total assets were $1.9 billion as of December 31, 2021, compared to $1.6 billion as of December 31, 2020.

Conference Call Dial-In: (844) 826-3033 (toll-free) or (412) 317-5185 (international). Please dial the number 10 minutes prior to the scheduled start time.

Live Webcast: available on Medallion’s website at http://www.medallion.com/investors.html

Call Replay: available following the end of the call through Thursday, March 3, 2022, by telephone at (844) 512-2921 (toll-free) or (412) 317-6671 (international), passcode 10164207.

Webcast Replay: available at http://www.medallion.com/investors.html until the next quarter’s results are announced.

(Dollars in thousands, except share and per share data)

Assets

Cash, cash equivalents, and federal funds sold

Equity investments and investment securities

Loans

Allowance for loan losses

Net loans receivable

Loan collateral in process of foreclosure

Goodwill and intangible assets

Other assets

Total assets

Liabilities

Deposits

Long-term debt

Accounts payable and other liabilities

Deferred tax liabilities and other tax payables

Operating lease liabilities

Short-term borrowings

Total liabilities

Commitments and contingencies

Total stockholders’ equity

Non-controlling interest in consolidated subsidiaries

Total equity

Total liabilities and equity

Number of shares outstanding

Book value per share

(Dollars in thousands, except share and per share data)

Total interest income

Total interest expense

Net interest income

Provision (benefit) for loan losses

Net interest income after provision (benefit) for loan losses

Other income (loss)

Sponsorship and race winnings, net

Gain (loss) on equity investments

Write-down of loan collateral in process of foreclosure

Gain on extinguishment of debt

Other income (loss)

Total other income (loss), net

Other expenses

Salaries and employee benefits

Race team related expenses

Loan servicing fees

Professional fees

Collection costs

Other expenses

Total other expenses

Income (loss) before income taxes

Income tax (provision) benefit

Net income (loss) after taxes

Less: income attributable to the non-controlling interest

Total net income (loss) attributable to Medallion Financial Corp.

Basic net income (loss) per share

Diluted net income (loss) per share

Weighted average common shares outstanding

Basic

Diluted