FOR IMMEDIATE RELEASE:
MEDALLION FINANCIAL CORP. REPORTS 2026 SECOND QUARTER RESULTS
Record Assets Surpass $3.0 billion, Loan Originations Increase 63%
NEW YORK, NY – July 29, 2026 – 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, today announced its financial results for the quarter ended June 30, 2026.
2026 Second Quarter Highlights
•Total net income attributable to stockholders for the second quarter was $7.4 million, or $0.31 per share, compared to $11.1 million, or $0.46 per share, in the prior year quarter. Total net income for the quarter included a $0.2 million gain on equity investments, compared to a $6.1 million gain on equity in the prior year quarter.
•Net interest income grew 7% to $57.2 million from $53.4 million in the prior year quarter.
•Net interest margin (“NIM”) on gross loans was 7.94%, compared to 8.09% in the prior year quarter, and NIM on net loans was 8.28%, compared to 8.42% in the prior year quarter.
•Total assets exceeded $3.0 billion for the first time in company history.
•Loan originations grew 63% to $611.6 million, compared to $375.0 million in the prior year quarter, and included $247.1 million of strategic partnership loan originations in the current quarter, compared to $168.6 million in the prior year quarter.
•Total loan portfolio as of June 30, 2026 was $2.795 billion, up 12.5% compared to $2.485 billion a year ago.
•Credit loss provision was $22.3 million, compared to $21.6 million in the prior year quarter.
•Net book value per share at June 30, 2026 was $17.62 compared to $16.77 a year ago.
•The Company declared and paid a quarterly cash dividend of $0.14 per share.
•The Company repurchased 779,799 shares of its common stock at an average cost of $9.85 per share for $7.7 million.
Executive Commentary
Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Our second quarter results further demonstrate the strength and scalability of our lending platform. We achieved record assets of more than $3.0 billion, increased loan originations by 63%, grew net interest income by 7%, and continued to build book value while maintaining disciplined underwriting standards.
Demand across our recreation and home improvement lending businesses remains healthy, and our strategic partnership business continues to expand with strategic partnership originations reaching $247 million during the quarter. Additionally, we repurchased nearly 780,000 shares during the quarter at an average price of $9.85 per share, which we believe creates meaningful long-term shareholder value.
Despite the absence of significant gains on equity investments in the quarter, our core lending franchise continued to produce meaningful operating results supporting our earnings. As our loan portfolio expanded, we recorded higher credit provisions to support that growth, reflecting the up front reserve requirements associated with new loan originations. These originations provide visibility into future portfolio and earnings growth.
We believe Medallion is well positioned for continued profitable growth through disciplined underwriting, a strong funding base, expanding strategic partnerships, and prudent capital allocation.”
Business Highlights
Recreation Lending
•Originations were $228.5 million during the quarter, up 63.0% compared to $142.8 million a year ago.
•Recreation loans, including loans held for investment and loans held for sale, grew 14% to $1.760 billion, or 63% of total loans, as of June 30, 2026, compared to $1.546 billion, or 62%, a year ago.
•Average loan size as of June 30, 2026 was $22,300 with a weighted average FICO score, measured at the time of loan origination, of 686.
•Interest income grew 12% to $57.1 million for the quarter, from $51.1 million in the prior year quarter.
•The average interest rate was 15.06% at quarter-end, compared to 15.12% a year ago.
•Recreation loans 90 days or more past due were $9.7 million, or 0.57% of gross recreation loans, as of June 30, 2026, compared to $7.3 million, or 0.49%, a year ago.
•Allowance for credit losses as of June 30, 2026 was 5.16%, compared to 5.05% a year ago.
Home Improvement Lending
•Originations were $128.6 million during the quarter, up 31.7% compared to $54.3 million a year ago.
•Home improvement loans were $885.6 million, or 32% of total loans, as of June 30, 2026, compared to $803.5 million, or 32%, a year ago.
•Average loan size as of June 30, 2026 was $24,500 with a weighted average FICO score, measured at the time of loan origination, of 768.
•Interest income was $20.9 million for the quarter, compared to $20.1 million in the prior year quarter.
•The average interest rate was 9.69% at quarter-end, compared to 9.87% a year ago.
•Home improvement loans 90 days or more past due were $1.5 million, or 0.17% of gross home improvement loans, as of June 30, 2026, compared to $1.3 million, or 0.16%, a year ago.
•Allowance for credit losses as of June 30, 2026 was 2.42%, compared to 2.54% a year ago.
Commercial Lending
•Commercial loans were $126.2 million as of June 30, 2026, compared to $121.4 million a year ago.
•Average loan size was $4.1 million as of June 30, 2026, invested across 30 portfolio companies.
•Interest income was $3.5 million for the quarter, compared to $3.8 million in the prior year quarter.
•The average interest rate on the portfolio was 14.37% as of June 30, 2026, compared to 13.43% a year ago.
•We recognized $0.2 million of net equity gains during the quarter, compared to $6.1 million a year ago.
Strategic Partnerships
•Originations were $247.1 million during the quarter, compared to $168.6 million a year ago.
•Total strategic partnership loans held for sale as of June 30, 2026 were $21.4 million, compared to $12.3 million a year ago.
•Fees generated from strategic partnerships were $1.1 million for the quarter, compared to $0.8 million in the prior year quarter.
•The average holding period of strategic partnership loans was approximately five days.
Taxi Medallion Lending
•The Company collected $1.8 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-related assets declined to $3.5 million, a 42% reduction from a year ago, and represented 0.1% of the Company’s total assets, as of June 30, 2026.
AVERAGE BALANCES AND RATES
The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities and reflects the average yield on assets and average costs on liabilities as of and for the three months ended June 30, 2026 and 2025.
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Three Months Ended June 30, |
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2026 |
|
|
2025 |
|
(Dollars in thousands) |
|
Average
Balance |
|
|
Interest |
|
|
Average
Yield/Cost |
|
|
Average
Balance |
|
|
Interest |
|
|
Average
Yield/Cost |
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning cash equivalents |
|
$ |
65,222 |
|
|
$ |
521 |
|
|
|
3.20 |
% |
|
$ |
35,166 |
|
|
$ |
367 |
|
|
|
4.19 |
% |
Federal funds sold |
|
|
67,191 |
|
|
|
877 |
|
|
|
5.24 |
|
|
|
67,533 |
|
|
|
954 |
|
|
|
5.67 |
|
Investment securities |
|
|
69,020 |
|
|
|
694 |
|
|
|
4.03 |
|
|
|
60,991 |
|
|
|
593 |
|
|
|
3.90 |
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Recreation |
|
|
1,702,708 |
|
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|
57,101 |
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13.45 |
|
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1,530,529 |
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|
51,101 |
|
|
|
13.39 |
|
Home improvement |
|
|
845,756 |
|
|
|
20,929 |
|
|
|
9.93 |
|
|
|
808,517 |
|
|
|
20,133 |
|
|
|
9.99 |
|
Commercial |
|
|
122,878 |
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|
|
3,505 |
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|
11.44 |
|
|
|
118,735 |
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3,839 |
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|
|
12.97 |
|
Taxi medallion |
|
|
1,209 |
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|
|
167 |
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|
55.40 |
|
|
|
1,607 |
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|
|
72 |
|
|
|
17.97 |
|
Strategic partnerships |
|
|
14,110 |
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|
583 |
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16.57 |
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|
|
10,558 |
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|
|
383 |
|
|
|
14.55 |
|
Total loans |
|
|
2,686,661 |
|
|
|
82,285 |
|
|
|
12.28 |
|
|
|
2,469,946 |
|
|
|
75,528 |
|
|
|
12.27 |
|
Total interest-earning assets, before allowance |
|
|
2,888,094 |
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|
|
|
|
|
11.71 |
|
|
|
2,633,636 |
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|
|
|
|
|
11.75 |
|
Allowance for credit losses |
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|
(118,655 |
) |
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|
|
|
|
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|
(103,117 |
) |
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Total interest-earning assets, net of allowance |
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$ |
2,769,439 |
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|
$ |
84,377 |
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|
|
12.21 |
% |
|
$ |
2,530,519 |
|
|
$ |
77,442 |
|
|
|
12.23 |
% |
Non-interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cash |
|
|
60,400 |
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|
|
|
|
|
|
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|
58,030 |
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|
|
|
|
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Equity investments |
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|
8,425 |
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|
|
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|
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|
8,522 |
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Loan collateral in process of foreclosure |
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6,299 |
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9,010 |
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Goodwill and intangible assets |
|
|
167,964 |
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169,409 |
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Other assets |
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59,806 |
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|
|
|
|
|
|
|
62,360 |
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Total non-interest-earning assets |
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302,894 |
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|
|
|
|
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|
307,331 |
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Total assets |
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$ |
3,072,333 |
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|
|
|
|
$ |
2,837,850 |
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Interest-bearing liabilities |
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Deposits |
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$ |
2,240,678 |
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|
$ |
22,122 |
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|
|
3.96 |
% |
|
$ |
2,047,347 |
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|
$ |
19,608 |
|
|
|
3.84 |
% |
Privately placed notes |
|
|
171,500 |
|
|
|
3,689 |
|
|
|
8.63 |
|
|
|
146,500 |
|
|
|
3,172 |
|
|
|
8.68 |
|
SBA debentures and borrowings |
|
|
73,500 |
|
|
|
813 |
|
|
|
4.44 |
|
|
|
70,500 |
|
|
|
733 |
|
|
|
4.17 |
|
Trust preferred securities |
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|
33,000 |
|
|
|
506 |
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|
|
6.15 |
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|
|
33,000 |
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|
|
559 |
|
|
|
6.79 |
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Total interest-bearing liabilities |
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|
2,518,678 |
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|
|
27,130 |
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|
|
4.32 |
|
|
|
2,297,347 |
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|
|
24,072 |
|
|
|
4.20 |
|
Non-interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Deferred tax liability |
|
|
20,392 |
|
|
|
|
|
|
|
|
|
19,920 |
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|
|
|
|
|
|
Other liabilities (1) |
|
|
24,482 |
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|
|
|
|
|
|
|
28,206 |
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|
|
|
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|
Total non-interest-bearing liabilities |
|
|
44,874 |
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|
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|
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|
48,126 |
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Total liabilities |
|
|
2,563,552 |
|
|
|
|
|
|
|
|
|
2,345,473 |
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|
|
|
|
|
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Non-controlling interest |
|
|
100,013 |
|
|
|
|
|
|
|
|
|
106,049 |
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|
|
|
|
|
|
Total stockholders’ equity |
|
|
408,768 |
|
|
|
|
|
|
|
|
|
386,328 |
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|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
3,072,333 |
|
|
|
|
|
|
|
|
$ |
2,837,850 |
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
57,247 |
|
|
|
|
|
|
|
|
$ |
53,370 |
|
|
|
|
Net interest margin, gross |
|
|
|
|
|
|
|
|
7.94 |
|
|
|
|
|
|
|
|
|
8.09 |
|
Net interest margin, net of allowance |
|
|
|
|
|
|
|
|
8.28 |
% |
|
|
|
|
|
|
|
|
8.42 |
% |
(1)Includes deferred financing costs of $10.2 million and $8.5 million as of June 30, 2026 and 2025.
Loan Portfolio
The following table provides information regarding the composition of our loan portfolio for the dates presented:
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June 30, 2026 |
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December 31, 2025 |
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June 30, 2025 |
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(Dollars in thousands) |
|
Amount |
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As a
Percent of
Total Loans |
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|
Amount |
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As a
Percent of
Total Loans |
|
|
Amount |
|
|
As a
Percent of
Total Loans |
|
Loans held for investment: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recreation |
|
$ |
1,760,297 |
|
|
|
63 |
% |
|
$ |
1,617,221 |
|
|
|
63 |
% |
|
$ |
1,486,047 |
|
|
|
60 |
% |
Home improvement |
|
|
885,599 |
|
|
|
32 |
|
|
|
810,237 |
|
|
|
32 |
|
|
|
803,535 |
|
|
|
32 |
|
Commercial |
|
|
126,177 |
|
|
|
5 |
|
|
|
123,068 |
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|
5 |
|
|
|
121,415 |
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|
|
5 |
|
Taxi medallion |
|
|
1,293 |
|
|
* |
|
|
|
1,179 |
|
|
* |
|
|
|
1,564 |
|
|
* |
|
Total loans |
|
|
2,773,366 |
|
|
|
99 |
|
|
|
2,551,705 |
|
|
|
100 |
|
|
|
2,412,561 |
|
|
|
98 |
|
Loans held for sale, at lower of amortized cost or fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recreation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60,205 |
|
|
|
2 |
|
Strategic partnership |
|
|
21,376 |
|
|
* |
|
|
|
15,144 |
|
|
* |
|
|
|
12,285 |
|
|
* |
|
Total loans held for sale, at lower of amortized cost or fair value |
|
|
21,376 |
|
|
* |
|
|
|
15,144 |
|
|
* |
|
|
|
72,490 |
|
|
|
2 |
|
Total loans and loans held for sale |
|
$ |
2,794,742 |
|
|
|
100 |
% |
|
$ |
2,566,849 |
|
|
|
100 |
% |
|
$ |
2,485,051 |
|
|
|
100 |
% |
(*) Less than 1%.
Balance Sheet
•Cash and cash equivalents, including investment securities, as of June 30, 2026, were $275.9 million, compared to $213.5 million as of June 30, 2025.
•As of June 30, 2026, total assets were $3.194 billion, up from $2.880 billion as of June 30, 2025.
•As of June 30, 2026, total liabilities were $2.688 billion, up from $2.347 billion as of June 30, 2025.
Capital Allocation
Quarterly Dividend
•The Board of Directors declared a quarterly dividend of $0.14 per share, payable on August 31, 2026, to stockholders of record at the close of business on August 17, 2026.
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|
Dividends Announced |
|
Amount
Per Share |
|
|
Record
Date |
|
Payment
Date |
Q3 2026 |
|
$ |
0.14 |
|
|
8/17/2026 |
|
8/31/2026 |
Q2 2026 |
|
|
0.14 |
|
|
5/11/2026 |
|
5/21/2026 |
Q1 2026 |
|
|
0.12 |
|
|
3/19/2026 |
|
3/31/2026 |
Total: Year 2026 (Year to Date) |
|
|
0.40 |
|
|
|
|
|
Total: Year 2025 |
|
|
0.47 |
|
|
|
|
|
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 quarter ended June 30, 2026, the Company repurchased 779,799 shares of its common stock at an average cost of $9.85 per share for $7.7 million.
•As of June 30, 2026, the Company had $6.7 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 30, 2026, 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 www.medallion.com.
How to Participate
•Date: Thursday, July 30, 2026
•Time: 9:00 a.m. Eastern time
•Dial-in number: (833) 816-1412 or (412) 317-0504
•Live webcast: Link to Webcast of 2Q26 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 6, 2026
•Dial-in: (844) 512-2921 or (412) 317-6671
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 portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (swimming pools, replacement roofs, 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 www.medallion.com.
Forward-Looking Statements
Please 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, the impact of the conflict with Iran, 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 2025 Annual Report on Form 10-K.
Investor Relations
InvestorRelations@medallion.com
212-328-2176
MEDALLION FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
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|
|
(Unaudited) |
|
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|
|
(Unaudited) |
|
(Dollars in thousands, except share and per share data) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
June 30, 2025 |
|
Assets |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and federal funds sold |
|
$ |
205,991 |
|
|
$ |
201,564 |
|
|
$ |
151,994 |
|
Investment securities |
|
|
69,933 |
|
|
|
60,183 |
|
|
|
61,529 |
|
Equity investments |
|
|
8,734 |
|
|
|
8,099 |
|
|
|
8,097 |
|
Loans held for sale, at lower of amortized cost or fair value |
|
|
21,376 |
|
|
|
15,144 |
|
|
|
72,490 |
|
Loans |
|
|
2,773,366 |
|
|
|
2,551,705 |
|
|
|
2,412,561 |
|
Allowance for credit losses |
|
|
(122,701 |
) |
|
|
(114,789 |
) |
|
|
(106,896 |
) |
Net loans receivable |
|
|
2,650,665 |
|
|
|
2,436,916 |
|
|
|
2,305,665 |
|
Goodwill and intangible assets, net |
|
|
167,782 |
|
|
|
168,504 |
|
|
|
169,227 |
|
Accrued interest receivable |
|
|
20,923 |
|
|
|
19,401 |
|
|
|
15,294 |
|
Property, equipment, and right-of-use lease asset, net |
|
|
8,666 |
|
|
|
11,861 |
|
|
|
11,890 |
|
Loan collateral in process of foreclosure |
|
|
6,646 |
|
|
|
7,333 |
|
|
|
9,007 |
|
Other assets |
|
|
32,869 |
|
|
|
26,459 |
|
|
|
74,801 |
|
Total assets |
|
$ |
3,193,585 |
|
|
$ |
2,955,464 |
|
|
$ |
2,879,994 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
2,293,935 |
|
|
$ |
2,084,265 |
|
|
$ |
2,009,176 |
|
Long-term debt |
|
|
287,547 |
|
|
|
215,987 |
|
|
|
199,928 |
|
Short-term borrowings |
|
|
54,500 |
|
|
|
95,250 |
|
|
|
86,750 |
|
Deferred tax liabilities, net |
|
|
19,973 |
|
|
|
19,596 |
|
|
|
19,261 |
|
Operating lease liabilities |
|
|
3,876 |
|
|
|
5,041 |
|
|
|
4,041 |
|
Accrued interest payable |
|
|
6,101 |
|
|
|
6,319 |
|
|
|
5,746 |
|
Accounts payable and accrued expenses |
|
|
22,206 |
|
|
|
20,960 |
|
|
|
22,527 |
|
Total liabilities |
|
|
2,688,138 |
|
|
|
2,447,418 |
|
|
|
2,347,429 |
|
Total stockholders’ equity |
|
|
406,018 |
|
|
|
408,617 |
|
|
|
389,896 |
|
Non-controlling interest in consolidated subsidiaries |
|
|
99,429 |
|
|
|
99,429 |
|
|
|
142,669 |
|
Total equity |
|
|
505,447 |
|
|
|
508,046 |
|
|
|
532,565 |
|
Total liabilities and equity |
|
$ |
3,193,585 |
|
|
$ |
2,955,464 |
|
|
$ |
2,879,994 |
|
Number of shares outstanding |
|
|
23,041,645 |
|
|
|
23,311,683 |
|
|
|
23,246,593 |
|
Book value per share |
|
$ |
17.62 |
|
|
$ |
17.53 |
|
|
$ |
16.77 |
|
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) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Total interest income |
|
$ |
84,377 |
|
|
$ |
77,442 |
|
|
$ |
163,445 |
|
|
$ |
152,867 |
|
Total interest expense |
|
|
27,130 |
|
|
|
24,072 |
|
|
|
52,139 |
|
|
|
48,085 |
|
Net interest income |
|
|
57,247 |
|
|
|
53,370 |
|
|
|
111,306 |
|
|
|
104,782 |
|
Provision for credit losses |
|
|
22,273 |
|
|
|
21,562 |
|
|
|
44,749 |
|
|
|
43,576 |
|
Net interest income after provision for credit losses |
|
|
34,974 |
|
|
|
31,808 |
|
|
|
66,557 |
|
|
|
61,206 |
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
Gain on taxi medallion assets, net |
|
|
1,316 |
|
|
|
749 |
|
|
|
2,415 |
|
|
|
1,592 |
|
Strategic partnership fees |
|
|
1,136 |
|
|
|
787 |
|
|
|
1,959 |
|
|
|
1,472 |
|
Gain on sale of recreation loans held for sale |
|
|
1,281 |
|
|
|
1,304 |
|
|
|
1,281 |
|
|
|
1,304 |
|
Gain on equity investments, net |
|
|
232 |
|
|
|
6,096 |
|
|
|
545 |
|
|
|
15,526 |
|
Other income |
|
|
511 |
|
|
|
273 |
|
|
|
684 |
|
|
|
914 |
|
Total other income, net |
|
|
4,476 |
|
|
|
9,209 |
|
|
|
6,884 |
|
|
|
20,808 |
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
11,247 |
|
|
|
10,148 |
|
|
|
22,247 |
|
|
|
20,141 |
|
Loan servicing fees |
|
|
4,366 |
|
|
|
2,899 |
|
|
|
7,903 |
|
|
|
5,716 |
|
Collection costs |
|
|
1,931 |
|
|
|
2,033 |
|
|
|
3,868 |
|
|
|
3,772 |
|
Professional fee costs, net |
|
|
2,088 |
|
|
|
1,187 |
|
|
|
3,340 |
|
|
|
2,937 |
|
Regulatory fees |
|
|
1,002 |
|
|
|
1,109 |
|
|
|
1,981 |
|
|
|
1,930 |
|
Rent expense |
|
|
698 |
|
|
|
683 |
|
|
|
1,395 |
|
|
|
1,358 |
|
Depreciation |
|
|
656 |
|
|
|
628 |
|
|
|
1,288 |
|
|
|
1,246 |
|
Amortization of intangible assets |
|
|
362 |
|
|
|
362 |
|
|
|
723 |
|
|
|
723 |
|
Director compensation |
|
|
441 |
|
|
|
424 |
|
|
|
873 |
|
|
|
836 |
|
Other expenses |
|
|
2,162 |
|
|
|
2,072 |
|
|
|
3,709 |
|
|
|
3,644 |
|
Total other expenses |
|
|
24,953 |
|
|
|
21,545 |
|
|
|
47,327 |
|
|
|
42,303 |
|
Income before income taxes |
|
|
14,497 |
|
|
|
19,472 |
|
|
|
26,114 |
|
|
|
39,711 |
|
Income tax provision |
|
|
4,717 |
|
|
|
5,805 |
|
|
|
9,045 |
|
|
|
12,518 |
|
Net income |
|
|
9,780 |
|
|
|
13,667 |
|
|
|
17,069 |
|
|
|
27,193 |
|
Less: income attributable to the non-controlling interest |
|
|
2,335 |
|
|
|
2,598 |
|
|
|
4,671 |
|
|
|
4,110 |
|
Net income attributable to Medallion Financial Corp. |
|
$ |
7,445 |
|
|
$ |
11,069 |
|
|
$ |
12,398 |
|
|
$ |
23,083 |
|
Basic net income per share |
|
$ |
0.32 |
|
|
$ |
0.49 |
|
|
$ |
0.53 |
|
|
$ |
1.02 |
|
Diluted net income per share |
|
$ |
0.31 |
|
|
$ |
0.46 |
|
|
$ |
0.51 |
|
|
$ |
0.96 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
23,288,732 |
|
|
|
22,783,947 |
|
|
|
23,174,870 |
|
|
|
22,677,961 |
|
Diluted |
|
|
24,013,303 |
|
|
|
24,058,084 |
|
|
|
24,280,184 |
|
|
|
23,978,214 |
|