Medallion Bank began the first quarter of 2024 by continuing to grow its Recreation Lending portfolio.
After posting record revenues in 2023, Medallion reported recreation loans grew 13% in the first quarter of 2024 from the first quarter of 2023. At the first quarter’s end, recreation loans totaled $1.4 billion compared with $1.2 billion at the end of 2023’s first quarter.
Recreation loan originations totaled $105.8 million, up 4% from the first quarter of 2023.
Company President Andrew Murstein said the Recreation Lending segment had a standout quarter.
The average Recreation Lending loan size was $20,000. In the quarter, the average interest rate on recreation loans rose 38 basis points to 14.8%.
Chief Financial Officer Anthony Cutrone said the bank maintained tighter credit criteria in the first quarter. Non-prime loan originations were 30% of loans in the quarter, down from 34% in 2023 and 35% in 2022.
Medallion Bank’s success continued into April as Medallion originated $100 million in recreational loans. In April 2023, Medallion originated $80 million, 25% less than April 2024.
“We are happy with that volume,” Cutrone said. “We think those trends continue through Q2.”
