The following are recent financial reports as posted by selected Utah corporations:
SkyWest
SkyWest Inc., based in St. George, reported net income of $97.4 million, or $2.34 per share, for the fourth quarter ended Dec. 31. That compares with $17.5 million, or 42 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $944.4 million, up from $751.8 million in the year-earlier quarter.
For the full year 2024, the company reported net income of $323 million, or $7.77 per share. That compares with $34.3 million, or 77 cents per share, for 2023.
Revenue in 2024 totaled $3.5 billion, up from $2.9 billion in 2023.
SkyWest Inc. is the holding company for SkyWest Airlines, SkyWest Charter and SkyWest Leasing. SkyWest Airlines has a fleet of approximately 500 aircraft connecting passengers to over 240 destinations throughout North America. It operates through partnerships with United Airlines, Delta Air Lines, American Airlines and Alaska Airlines, carrying more than 42 million passengers in 2024.
In announcing the results, Chip Childs, CEO, said the company is pleased that its operational momentum continues.
“We are continuing to make improvements in returning daily scheduled service to smaller communities, increasing the utilization and efficiency of all fleet types, and quickly placing new aircraft deliveries into service,” he said. “I want to thank the SkyWest team for their exceptional teamwork as we continue to execute on these growth opportunities, including progress with expanding our CRJ550 and E175 fleets.”
Medallion Bank
Medallion Bank, based in Salt Lake City, reported net income of $15.6 million for the fourth quarter ended Dec. 31. That compares with $21.9 million for the same quarter a year earlier.
Net interest income in the most recent quarter totaled $53.1 million, compared to $48.9 million in the prior-year period. Total provision for credit losses was $20.5 million, compared to $9.7 million in the prior-year quarter.
For the full year 2024, the company reported net income of $60.6 million, down from $79.9 million in 2023.
During the most recent year, net interest income totaled $204.7 million, compared to $188.9 million in 2023. Total provision for credit losses was $75.8 million, compared to $36.5 million in 2023.
Medallion Bank, a wholly owned subsidiary of Medallion Financial Corp., specializes in consumer loans for the purchase of recreational vehicles, boats and home improvements, as well as loan products and services offered through fintech strategic partners.
“We finished 2024 on a solid note, with quarterly earnings of $15.6 million and net interest income above $53 million,” Donald Poulton, president and CEO, said in announcing the results. “Volumes in our strategic partnership business tripled to $124 million from $40 million in the third quarter. As anticipated, recreation and home improvement loan volumes slowed with the winter season, and loan delinquency and net charge-offs rose in the quarter as is expected.”
FinWise
FinWise Bancorp, based in Murray, reported net income of $2.8 million, or 20 cents per share, for the fourth quarter ended Dec. 31. That compares with $4.2 million, or 32 cents per share, for the same quarter a year earlier.
In the most recent quarter, net interest income was $15.5 million, compared with $14.4 million for the fourth quarter of the prior year. Loan originations totaled $1.3 billion, compared with $1.2 billion in the year-earlier quarter.
For the full year 2024, the company reported net income of $12.7 million, or 93 cents per share. That compares with $17.5 million, or $1.33 per share, for 2023.
The bank had total deposits at the end of 2024 of $545 million, up from $404.8 million a year earlier.
“Our fourth-quarter results capped off a strong 2024 for FinWise, as we made significant progress in our goal to expand and diversify our sources of revenue to enhance the company’s long-term growth,” Kent Landvatter, CEO, said in announcing the results. “We were also pleased with the rebound in loan originations from existing programs, as well as the number of new strategic programs we announced, including four new lending programs, two of which include our credit enhancement product, one payments and one credit card program.
“As we look ahead to 2025, we are excited about the outlook, and currently anticipate continued stability in originations from existing programs, acceleration in production from new and ramping programs, a strong pipeline for new partners, and remain committed to generating positive operating leverage.”