MEDALLION FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations for the Years Ended
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands, except share and per share data) | 2023 | 2022 | 2021 |
| Interest and fees on loans | $244,829 | $195,074 | $157,990 |
| Interest and dividends on investment securities | 6,211 | 1,547 | 976 |
| Total interest income(1) | 251,040 | 196,621 | 158,966 |
| Interest on deposits | 47,780 | 22,666 | 17,543 |
| Interest on long-term debt | 12,670 | 13,387 | 12,907 |
| Interest on short-term borrowings | 2,496 | 132 | 690 |
| Total interest expense(2) | 62,946 | 36,185 | 31,140 |
| Net interest income | 188,094 | 160,436 | 127,826 |
| Provision for credit losses | 37,810 | 30,059 | 4,622 |
| Net interest income after provision for credit losses | 150,284 | 130,377 | 123,204 |
| Other income | |||
| Gain on equity investments | 5,178 | 2,779 | 17,379 |
| Gain on sale of loans and taxi medallion | 4,992 | 5,448 | 1,788 |
| Write-down of loan collateral in process of foreclosure | (1,696) | (657) | (5,592) |
| Sponsorship and race winnings, net | — | — | 12,567 |
| Gain on extinguishment of debt | — | — | 4,626 |
| Other income | 2,846 | 1,956 | 798 |
| Total other income, net | 11,320 | 9,526 | 31,566 |
| Other expenses | |||
| Salaries and employee benefits | 37,562 | 31,130 | 31,591 |
| Loan servicing fees | 9,543 | 8,371 | 7,013 |
| Collection costs | 6,000 | 5,314 | 5,279 |
| Professional fees | 5,886 | 13,054 | 5,311 |
| Regulatory fees | 3,194 | 2,418 | 1,872 |
| Rent expense | 2,472 | 2,378 | 2,454 |
| Amortization of intangible assets | 1,445 | 1,445 | 1,445 |
| Race team related expenses | — | — | 9,559 |
| Other expenses | 9,466 | 7,943 | 8,375 |
| Total other expenses | 75,568 | 72,053 | 72,899 |
| Income before income taxes | 86,036 | 67,850 | 81,871 |
| Income tax provision | (24,910) | (17,963) | (24,217) |
| Net income after taxes | 61,126 | 49,887 | 57,654 |
| Less: income attributable to the non-controlling interest | 6,047 | 6,047 | 3,546 |
| Total net income attributable to Medallion Financial Corp. | $55,079 | $43,840 | $54,108 |
| Basic net income per share | $2.45 | $1.86 | $2.20 |
| Diluted net income per share | $2.37 | $1.83 | $2.17 |
| Weighted average common shares outstanding | |||
| Basic | 22,510,435 | 23,583,049 | 24,599,804 |
| Diluted | 23,248,323 | 23,927,342 | 24,943,169 |
(1)
Included in interest and investment income is$1.6 million,$0.7 million, and$0.8 million of paid-in-kind interest for the years ended December 31, 2023, 2022, and 2021.
(2)
Average borrowings outstanding were$2.0 billion,$1.7 billion and$1.4 billion as of December 31, 2023, 2022, and 2021 and the related average borrowing costs were 3.16%,2.17%, and 2.28% for the years ended December 31, 2023, 2022, and 2021.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.