Is Devin Singletary's Job Safe With Giants?
Barkley burned the Giants last year, joining the 2,000-yard club and winning a Super Bowl. However, general manager Joe Schoen's decision to let Barkley walk was made with the thought that a younger, cheaper running back could provide a similar impact.
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Rookie running back Tyrone Tracy Jr. didn't chase down the record books or take home Offensive Player (or rookie) of the Year. But he essentially proved Schoen right. If Barkley didn't have an all-time season, and New York found better quarterback play, the discourse would look different.
However, Schoen also signed Devin Singletary to a three-year, $16.5 million deal to be the veteran replacement to Barkley. Tracy quickly dethroned him – and that's for the best – but the contract will go down as a loss for the general manager.
Subsequently, Bleacher Report listed Singletary as a cut candidate. Evaluating Singletary's role in the Giants' new-look backfield reveals that shouldn't be the case.
'A year ago, the New York Giants signed Devin Singletary to a three-year, $16.5 million contract, hoping that he could adequately replace Saquon Barkley,' Kristopher Knox wrote. 'However, rookie Tyrone Tracy Jr. proved to be New York's best back, and the Giants added Cam Skattebo in this year's draft.
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'Releasing Singletary would save $1.5 million in 2025 cap space while erasing his $5 million 2026 salary from the books.'
According to Over the Cap, cutting Singletary with that post-June 1 designation would incur a $4.75 million dead cap charge, a hard pill to swallow given the team's limited cap space. Instead, it would be better cap management to eat the expensive $6.25 million cap hit in 2025 and move on after the season.
Doing so would allow New York to clear $5.25 million with a mere $1.25 million in dead cap.
In the meantime, Singletary profiles as the team's third running back. Skattebo is the more natural complement to Tracy, boasting upside in pass protection and power to spare. Singletary posted an inefficient 437 rushing yards in 2024, but he brings more to the table than Eric Gray, Dante Miller, and Rushawn Baker, who join him on the 90-man roster.
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Singletary isn't the biggest, strongest, or fastest running back in the Giants' room. But that isn't his game. His vision and technique are still top-class, an important pair of traits for a veteran contributing behind two young backs.
At this point in the offseason, moving on from the veteran back isn't likely to turn into an impactful addition. By simply eating the deal, New York can hold onto a stable depth piece and afford some insurance in the event of Skattebo struggling or getting hurt.
Related: 3 Stats Define Giants' Newest Running Back
Related: NFC East Running Back Rankings: Where Do Giants Land?
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Medallion Financial Corp. Reports 2025 Second Quarter Results
Reports 56% Increase in Net Income as Compared to the Prior Year QuarterAnnounces Third Quarter 2025 Dividend of $0.12 Per Share NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, 'Medallion' or the 'Company'), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its financial results for the second quarter ended June 30, 2025. 2025 Second Quarter Highlights Net income grew 56% to $11.1 million, or $0.46 per share, compared to $7.1 million, or $0.30 per share, in the prior year quarter. Net interest income grew 7% to $53.4 million from $49.9 million in the prior year quarter. Net interest margin ("NIM") on net loans was 8.42%, consistent with 8.42% in the prior year quarter, and NIM on gross loans was 8.09%, compared to 8.12% in the prior year quarter. Loan originations grew to $375.0 million, compared to $309.1 million in the prior year quarter, and included $168.6 million of strategic partnership loan originations in the current quarter compared to $24.3 million in the prior year quarter. The loan portfolio as of June 30, 2025 was $2.485 billion, up 4% compared to $2.386 billion a year ago. Credit loss provision increased to $21.6 million from $18.6 million in the prior year quarter. Net book value per share as of June 30, 2025 was $16.77 per share, up 10% from $15.25 a year ago. The Company declared and paid a quarterly cash dividend of $0.12 per share. The Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million. Executive Commentary Andrew Murstein, President and Chief Operating Officer of Medallion Financial, commented, 'We are pleased with the strong results we delivered in the second quarter of 2025, with a 56% increase in net income year-over-year. This performance reflects the strength of our core lending businesses and disciplined execution across our business lines. During the quarter, we saw meaningful contributions from our recreation, home improvement and commercial lending segments, supported by solid portfolio originations and higher interest income. Over the past eight quarters, our commercial division has consistently generated net gains from equity investments, totaling $27.6 million for the two-year period, with six of the past eight quarters having significant gains. These equity gains are a result of years of strategic investment and highlight the long-term value embedded in our commercial portfolio. Although we cannot predict when and if these gains will occur, with a portfolio of more than 30 equity investments, represented by $8.1 million on our balance sheet, we believe we will experience additional gains in the future. In addition, we are pleased that our strategic partners loan program in Medallion Bank continues to grow with $169 million in loan originations in the quarter compared to $24 million a year ago. Overall, we are encouraged by the momentum in our business. With the recent preferred offering at Medallion Bank, we believe we are well-positioned for growth and to continue generating strong returns for our shareholders." Business Segment Highlights Recreation Lending Segment Originations were $142.8 million during the quarter, compared to $209.6 million a year ago. Recreation loans, including loans held for investment and loans held for sale, grew 3% to $1.546 billion, or 62% of total loans, as of June 30, 2025, compared to $1.497 billion a year ago. Average loan size was $21,000 with a weighted average FICO score, measured at the time of loan origination, of 684. Interest income grew 8% to $51.1 million for the quarter, from $47.5 million in the prior year quarter. The average interest rate was 15.12% at quarter-end, 15.10% excluding loans held for sale, compared to 14.80% a year ago. Recreation loans 90 days or more past due were $7.3 million, or 0.49% of gross recreation loans, as of June 30, 2025, compared to $5.9 million, or 0.41%, a year ago. Allowance for credit loss was 5.05% at quarter-end for loans held for investment, compared to 4.35% a year ago. Home Improvement Lending Segment Originations were $54.3 million during the quarter, compared to $68.0 million a year ago. Home improvement loans grew 4% to $803.5 million, or 32% of total loans, as of June 30, 2025, compared to $773.2 million a year ago. Average loan size was $22,000 with a weighted average FICO score, measured at the time of loan origination, of 769. Interest income grew 14% to $20.1 million for the quarter, from $17.7 million in the prior year quarter. The average interest rate was 9.87% at quarter-end, compared to 9.71% a year ago. Home improvement loans 90 days or more past due were $1.3 million, or 0.16% of gross home improvement loans, as of June 30, 2025, compared to $1.3 million, or 0.17%, a year ago. Allowance for credit loss was 2.54% at quarter-end, compared to 2.38% a year ago. Commercial Lending Segment Originations were $9.4 million during the quarter. Commercial loans grew to $121.4 million at June 30, 2025, compared to $110.2 million a year ago. Average loan size was $3.6 million, invested in 34 portfolio companies. For the quarter ended June 30, 2025, net gains recognized with respect to equity investments were $6.1 million. The average interest rate on the portfolio was 13.43%, compared to 13.05% a year ago. Strategic Partnerships Originations were $168.6 million during the quarter, compared to $24.3 million a year ago. Total strategic partnership loans held as of quarter end were $12.3 million. Fees generated from strategic partnerships totaled $0.8 million for the quarter, as compared to $0.5 million for the quarter ended June 30, 2024. Average loan holding period of strategic partnership loans was 5 days. Taxi Medallion Lending Segment The Company collected $2.3 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.4 million. Total net taxi medallion assets declined to $5.9 million, a 41% reduction from a year ago, and represented less than 0.3% of the Company's total assets, as of June 30, 2025. Loan Portfolio The following table provides information regarding the composition of our loan portfolio for the periods presented: June 30, 2025 December 31, 2024 (Dollars in thousands) Amount As aPercent ofTotal Loans Amount As aPercent ofTotal Loans Loans held for investment: Recreation $ 1,486,047 60 % $ 1,422,403 57 % Home improvement 803,535 32 827,211 33 Commercial 121,415 5 111,273 4 Taxi medallion 1,564 * 1,909 * Total loans 2,412,561 97 2,362,796 95 Loans held for sale, at lower of amortized cost or fair value: Recreation 60,205 2 120,840 5 Strategic partnership 12,285 * 7,386 * Total loans held for sale, at lower of amortized cost or fair value 72,490 3 128,226 5 Total loans and loans held for sale $ 2,485,051 100 % $ 2,491,022 100 % (*) Less than 1%. Balance Sheet Cash and cash equivalents, including investment securities, at June 30, 2025 were $213.5 million, compared to $213.8 million at June 30, 2024. As of June 30, 2025, total assets amounted to $2.880 billion, up from $2.761 billion at June 30, 2024. The increase is largely due to an increase in prepaid expense which is a result of the redemption of Medallion Bank's Series F preferred stock on July 1, 2025. As of June 30, 2025, total liabilities amounted to $2.347 billion, up slightly from $2.338 billion a year ago. Capital Allocation Quarterly Dividend The Board of Directors declared a quarterly dividend of $0.12 per share, payable on August 29, 2025, to shareholders of record at the close of business on August 15, 2025. This dividend amount remains unchanged from the $0.12 per share paid in the second quarter of 2025, and 20% higher than the same quarter last year. Dividends Announced AmountPer Share RecordDate PaymentDate Q3 2025 $ 0.12 8/15/2025 8/29/2025 Q2 2025 0.12 5/15/2025 5/30/2025 Q1 2025 0.11 3/17/2025 3/31/2025 Total: Year 2025 (Year to Date) 0.35 Total: Year 2024 0.41 Total: Year 2023 0.34 Total: Year 2022 * 0.32 (*) Dividend reinstated in Q1 2022. Stock Repurchase Plan During the three months ended June 30, 2025, the Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million. As of June 30, 2025, the Company had $14.4 million remaining under its $40 million stock repurchase program. Conference Call Information The Company will host a conference call to discuss its second quarter financial results tomorrow, Thursday, July 31, 2025, at 9:00 a.m. Eastern time. In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at How to Participate Date: Thursday, July 31, 2025 Time: 9:00 a.m. Eastern time Dial-in number: (412) 317-0504 Live webcast: Link to Webcast of 2Q25 Earnings Call A link to the live audio webcast of the conference call will also be available at the Company's IR website. Replay Information The conference call replay will be available following the end of the call through Thursday, August 7, 2025 Dial-in: (412) 317-6671 Passcode: 1020 1134 Additionally, the webcast replay will be available at the Company's IR website. About Medallion Financial Corp. Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit Forward-Looking StatementsPlease note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as 'will' and 'continue' or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, expectations regarding our loan portfolio, including collections on our taxi medallion loans, the potential for future asset growth, and market share opportunities. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, the effects of tariffs, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion's control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading 'Risk Factors' in Medallion's 2024 Annual Report on Form 10-K. Company Contact: Investor RelationsInvestorRelations@ Investor RelationsThe Equity Group Catilcati@ 836-9611 Val Ferrarovferraro@ 836-9633 MEDALLION FINANCIAL BALANCE SHEETS(UNAUDITED) (Dollars in thousands, except share and per share data) June 30,2025 December 31,2024 June 30,2024 Assets Cash, cash equivalents, and federal funds sold $ 151,994 $ 169,572 $ 157,961 Investment securities 61,529 54,805 55,830 Equity investments 8,097 9,198 10,795 Loans held for sale, at lower of amortized cost or fair value 72,490 128,226 — Loans 2,412,561 2,362,796 2,385,590 Allowance for credit losses (106,896 ) (97,368 ) (89,788 ) Net loans receivable 2,305,665 2,265,428 2,295,802 Goodwill and intangible assets, net 169,227 169,949 170,672 Property, equipment, and right-of-use lease asset, net 11,890 13,756 14,094 Accrued interest receivable 15,294 15,314 13,299 Loan collateral in process of foreclosure 9,007 9,932 9,359 Other assets 74,801 32,426 33,064 Total assets $ 2,879,994 $ 2,868,606 $ 2,760,876 Liabilities Deposits $ 2,009,176 $ 2,090,071 $ 2,006,782 Long-term debt 199,928 232,159 230,803 Short-term borrowings 86,750 49,000 37,500 Deferred tax liabilities, net 19,261 20,995 22,394 Operating lease liabilities 4,041 5,128 6,071 Accrued interest payable 5,746 8,231 7,945 Accounts payable and accrued expenses 22,527 24,064 26,592 Total liabilities 2,347,429 2,429,648 2,338,087 Total stockholders' equity 389,896 370,170 354,001 Non-controlling interest in consolidated subsidiaries 142,669 68,788 68,788 Total equity 532,565 438,958 422,789 Total liabilities and equity $ 2,879,994 $ 2,868,606 $ 2,760,876 Number of shares outstanding 23,246,593 23,135,624 23,211,990 Book value per share $ 16.77 $ 16.00 $ 15.25 MEDALLION FINANCIAL CORP.CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands, except share and per share data) 2025 2024 2025 2024 Total interest income $ 77,442 $ 70,704 $ 152,867 $ 137,774 Total interest expense 24,072 20,836 48,085 39,989 Net interest income 53,370 49,868 104,782 97,785 Provision for credit losses 21,562 18,577 43,576 35,778 Net interest income after provision for credit losses 31,808 31,291 61,206 62,007 Other income Gain (loss) on equity investments, net 6,096 (512 ) 15,526 3,655 Gain on sale of recreation loans 1,304 — 1,304 — Gain on taxi medallion assets, net 749 242 1,592 830 Strategic partnership fees 787 480 1,472 806 Other income 273 889 914 1,211 Total other income, net 9,209 1,099 20,808 6,502 Other expenses Salaries and employee benefits 10,148 9,435 20,141 18,892 Loan servicing fees 2,899 2,692 5,716 5,162 Collection costs 1,749 1,659 3,286 3,126 Regulatory fees 1,109 888 1,930 1,865 Professional fee costs, net 1,187 1,845 2,937 2,616 Rent expense 683 698 1,358 1,355 Amortization of intangible assets 362 362 723 723 Other expenses 3,408 2,416 6,212 4,481 Total other expenses 21,545 19,995 42,303 38,220 Income before income taxes 19,472 12,395 39,711 30,289 Income tax provision 5,805 3,782 12,518 10,140 Net income after taxes 13,667 8,613 27,193 20,149 Less: income attributable to the non-controlling interest 2,598 1,512 4,110 3,024 Total net income attributable to Medallion Financial Corp. $ 11,069 $ 7,101 $ 23,083 $ 17,125 Basic net income per share $ 0.49 $ 0.31 $ 1.02 $ 0.76 Diluted net income per share $ 0.46 $ 0.30 $ 0.96 $ 0.73 Weighted average common shares outstanding Basic 22,783,947 22,598,102 22,677,961 22,619,743 Diluted 24,058,084 23,453,162 23,978,214 23,609,104 Dividends declared per common share $ 0.12 $ 0.10 $ 0.24 $ 0.20Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Mets trading for Giants reliever Tyler Rogers: report
The Mets are trading for Giants right-handed reliever Tyler Rogers, per multiple reports. In exchange for Rogers, the Mets are sending right-handed pitcher Blade Tidwell, outfielder Drew Gilbert, and Jose Butto to San Francisco. A submariner with one of the nastiest sinkers in baseball, Rogers has been dominant this season. In 50.0 innings across 53 games, Rogers has a 1.80 ERA (2.60 FIP) and 0.86 WHIP with 38 strikeouts. Rogers, who is a free agent after the season, has been one of the best and most reliable relievers in baseball since making his debut in 2019. His advanced stats this season are incredibly impressive, including his barrel percentage (100th percentile), xERA (99th percentile), average exit velocity (99th percentile), walk percentage (99th percentile), ground ball percentage (99th percentile), and hard hit percentage (94th percentile). Over seven seasons -- all with San Francisco -- he has a 2.79 ERA (3.31 FIP) and 1.09 WHIP in 396.2 innings. Rogers is the second late-inning reliever the Mets have acquired in the last week -- it follows their acquisition of Orioles left-hander Gregory Soto. With Rogers and Soto now on board, the Mets have seriously strengthened the bridge to closer Edwin Diaz. In addition to Rogers and Soto, Reed Garrett, Ryne Stanek, and Brooks Raley will all be counted on to contribute in the late innings down the stretch and into October.
