MEDALLION FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Mar 13, 2025.
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FY2024 · Filed Mar 13, 2025
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Consolidated Statements of Operations for the Years Ended
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands, except share and per share data) | 2024 | 2023 | 2022 |
| Interest and fees on loans (1) | $283,316 | $244,829 | $195,074 |
| Non-loan interest and dividend income | 7,386 | 6,211 | 1,547 |
| Total interest income | 290,702 | 251,040 | 196,621 |
| Interest on deposits | 70,504 | 47,780 | 22,666 |
| Interest on long-term debt | 17,091 | 12,670 | 13,387 |
| Interest on short-term borrowings | 572 | 2,496 | 132 |
| Total interest expense(2) | 88,167 | 62,946 | 36,185 |
| Net interest income | 202,535 | 188,094 | 160,436 |
| Provision for credit losses | 76,502 | 37,810 | 30,059 |
| Net interest income after provision for credit losses | 126,033 | 150,284 | 130,377 |
| Other income | |||
| Gains on equity investments, net | 6,917 | 5,178 | 2,779 |
| Gains on sale of loans and taxi medallion | 1,293 | 4,992 | 5,448 |
| Write-down of loan collateral in process of foreclosure | (528) | (1,696) | (657) |
| Other income | 3,648 | 2,846 | 1,956 |
| Total other income, net | 11,330 | 11,320 | 9,526 |
| Other expenses | |||
| Salaries and employee benefits | 38,344 | 37,562 | 31,130 |
| Loan servicing fees | 10,771 | 9,543 | 8,371 |
| Collection costs | 6,380 | 6,000 | 5,314 |
| Regulatory fees | 3,795 | 3,194 | 2,418 |
| Professional fee costs (benefits), net | (1,372) | 5,886 | 13,054 |
| Rent expense | 2,682 | 2,472 | 2,378 |
| Amortization of intangible assets | 1,445 | 1,445 | 1,445 |
| Penalties | 3,000 | — | — |
| Other expenses | 9,382 | 9,466 | 7,943 |
| Total other expenses | 74,427 | 75,568 | 72,053 |
| Income before income taxes | 62,936 | 86,036 | 67,850 |
| Income tax provision | (21,011) | (24,910) | (17,963) |
| Net income after taxes | 41,925 | 61,126 | 49,887 |
| Less: income attributable to the non-controlling interest | 6,047 | 6,047 | 6,047 |
| Net income attributable to Medallion Financial Corp. | $35,878 | $55,079 | $43,840 |
| Basic earnings per share | $1.59 | $2.45 | $1.86 |
| Diluted earnings per share | $1.52 | $2.37 | $1.83 |
| Weighted average common shares outstanding | |||
| Basic | 22,546,051 | 22,510,435 | 23,583,049 |
| Diluted | 23,605,493 | 23,248,323 | 23,927,342 |
(1)
Included in interestand dividends on investment securities is$1.8 million,$1.6 million, and$0.7 million of paid-in-kind interest for the years ended December 31, 2024, 2023, and 2022.
(2)
Average borrowings outstanding were$2.2 billion,$2.0 billion and$1.7 billion as of December 31, 2024, 2023, and 2022 and the related average borrowing costs were 3.93%,3.16%, and 2.17% for the years ended December 31, 2024, 2023, and 2022.
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