Medallion Bank celebrated a record year for recreation loan originations in 2024. According to financial results released Thursday, the bank originated over $526 million in new recreation loans during the year.
The originations boosted the bank’s recreation loan portfolio by 15% to $1.543 billion at the end of 2024.
Medallion Bank President and CEO Donald Poulton said, “As we look ahead, our priorities remain constant: loan originations of predictable credit quality and managed growth that continues to deliver increasing net interest income while maintaining or growing our market position.”
Recreation loan originations grew 17.8% from 2023, including a 15% increase in the fourth quarter of 2024 to $72.2 million compared with the fourth quarter of 2023.
The bank registered $60.6 million in profits for the year, down 24% from 2023 levels. The bank’s total loan portfolio grew 13% in 2024 to $2.4 billion. Medallion Bank held $2.5 billion in total assets at the end of 2024.
With record recreation loan originations, Medallion Bank announced plans to set up to $121 million of recreation loans in the secondary market. Poulton said the bank viewed loan sales as an efficient way to recycle capital and generate earnings when demand exceeds the bank’s capacity.
