Medallion Financial Q3 2026 earnings fall to $2.4M
Loan originations rose 41% year over year, while management said day-one provisions were a large part of the earnings decline.
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Rhea-AI Filing Summary
Medallion Financial Corp. reported third-quarter 2026 net income attributable to the company of $2.4 million, compared with $7.8 million a year earlier; diluted earnings per share were $0.10 versus $0.32. Net interest income rose 5% to $58.4 million, while net interest margin was 7.34%, compared with 8.21%. Credit loss provision increased to $30.8 million from $18.6 million. Management said large upfront day-one provisions tied to loan growth were a large part of the earnings decrease.
Loan originations increased 41% to $603.9 million, and total loans and loans held for sale were $2.936 billion as of September 30, 2026, up 15% from a year earlier. Medallion paid a $0.14-per-share quarterly dividend and repurchased 483,871 shares for $5.6 million during the quarter. After quarter-end, it completed the prior $40 million repurchase program and approved a new $40 million program. Medallion Bank raised $55 million through its Series G preferred stock reopening; in October, Medallion repurchased $15 million of trust preferred securities at a meaningful discount, which management said will result in a gain on extinguishment in the fourth quarter.
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Positive
- Moderate pointNet interest income rose 5% to $58.4 million.
Negative
- Moderate pointNet income attributable to Medallion Financial Corp. fell to $2.4 million from $7.8 million.
Filing Explained
The newly approved
8-K Event Classification
Key Figures
Key Terms
Net interest margin financial
Allowance for credit losses financial
day-one provisions financial
trust preferred securities financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were MFIN's third-quarter 2026 results?
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AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
(Address of Principal Executive Offices) (Zip Code)
(
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
Medallion Financial Corp. (the “Company”), issued a press release to the news media announcing, among other things, the Company’s results for the quarter ended September 30, 2026.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in the press release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are being filed with this Current Report on Form 8-K:
99.1 |
Press release, dated October 29, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 29, 2026
MEDALLION FINANCIAL CORP. |
||
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By: |
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/s/ Anthony N. Cutrone |
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Name: Anthony N. Cutrone |
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Title: Chief Financial Officer |
3
Exhibit 99.1
FOR IMMEDIATE RELEASE:
MEDALLION FINANCIAL CORP. REPORTS 2026 THIRD QUARTER RESULTS
NEW YORK, NY – October 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 September 30, 2026.
2026 Third Quarter Highlights
Executive Commentary
Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, "Our third quarter results further demonstrate the strength of our consumer lending platform. We continued to grow our loan portfolio, with total assets reaching a record level of more than $3.3 billion. During the quarter, recreation and home improvement loans increased 5% and 7%, respectively, from last quarter. They have grown 16% and 18% over the past twelve months. Total loan originations increased 41% year-over-year to $603.9 million. We are especially pleased with the growth in our home improvement loan origination volume, which grew by 145% in this quarter from last year.
As we’ve said previously, growth at these levels requires us to recognize large upfront day-one provisions, which reduced earnings significantly during the quarter. While these provisions result in an immediate impact on reported earnings, they reflect the expansion of our loan portfolio and position us to generate increased earnings and shareholder value over time. These day-one provisions are a large part of the decrease in earnings this quarter from the prior year.
We were also pleased to have successfully raised an additional $55 million of preferred stock at Medallion Bank through the reopening of our investment grade rated Series G Preferred Stock, underscoring the confidence investors continue to place in our business model and growth strategy. We expect this additional capital to be accretive to our shareholders as we deploy it in our consumer lending business in the coming quarters.
In addition, we repurchased $5.6 million of our common stock during the quarter and, subsequent to quarter end, completed our previously authorized $40 million stock repurchase program. Our board of directors has authorized a new $40 million stock repurchase program; we intend to remain disciplined and opportunistic in repurchasing shares while continuing to support the growth of our business and create long-term shareholder value.
Lastly, we were able to repurchase $15 million of our trust preferred securities in October at a meaningful discount, which will result in a gain on the extinguishment of that debt in the upcoming fourth quarter."
Business Highlights
Recreation Lending
Home Improvement Lending
Commercial Lending
Strategic Partnerships
Taxi Medallion Lending
2
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 September 30, 2026 and 2025.
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Three Months Ended September 30, |
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2026 |
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2025 |
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(Dollars in thousands) |
|
Average |
|
|
Interest |
|
|
Average |
|
|
Average |
|
|
Interest |
|
|
Average |
|
||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest earning cash equivalents |
|
$ |
67,550 |
|
|
$ |
598 |
|
|
|
3.51 |
% |
|
$ |
22,094 |
|
|
$ |
177 |
|
|
|
3.18 |
% |
Federal funds sold |
|
|
134,558 |
|
|
|
1,292 |
|
|
|
3.81 |
|
|
|
71,673 |
|
|
|
1,046 |
|
|
|
5.79 |
|
Investment securities |
|
|
67,747 |
|
|
|
700 |
|
|
|
4.10 |
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|
|
60,900 |
|
|
|
614 |
|
|
|
4.00 |
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Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Recreation |
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1,816,101 |
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|
|
60,977 |
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|
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13.32 |
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|
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1,579,820 |
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|
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53,565 |
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|
13.45 |
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Home improvement |
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926,228 |
|
|
|
21,403 |
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|
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9.17 |
|
|
|
802,745 |
|
|
|
20,453 |
|
|
|
10.11 |
|
Commercial |
|
|
123,946 |
|
|
|
3,239 |
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|
|
10.37 |
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|
|
130,486 |
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|
|
4,354 |
|
|
|
13.24 |
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Taxi medallion |
|
|
1,240 |
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|
|
55 |
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|
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17.60 |
|
|
|
1,593 |
|
|
|
91 |
|
|
|
22.66 |
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Strategic partnerships |
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16,442 |
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|
|
626 |
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|
|
15.11 |
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|
|
12,794 |
|
|
|
471 |
|
|
|
14.67 |
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Total loans |
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2,883,957 |
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|
|
86,300 |
|
|
|
11.87 |
|
|
|
2,527,438 |
|
|
|
78,934 |
|
|
|
12.39 |
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Total interest-earning assets |
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$ |
3,153,812 |
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$ |
88,890 |
|
|
|
11.18 |
% |
|
$ |
2,682,105 |
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|
$ |
80,771 |
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|
|
11.92 |
% |
Non-interest-earning assets |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Allowance for credit losses |
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$ |
(128,384 |
) |
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|
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|
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$ |
(108,719 |
) |
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|
|
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||||
Cash |
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10,052 |
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|
|
|
|
|
|
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49,133 |
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|
|
|
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Equity investments |
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8,596 |
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|
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|
|
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8,903 |
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Loan collateral in process of foreclosure |
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6,432 |
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|
|
|
|
|
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8,517 |
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|
|
|
|
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Goodwill and intangible assets |
|
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167,603 |
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|
|
|
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169,048 |
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|
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|
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Other assets |
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67,576 |
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61,459 |
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||||
Total non-interest-earning assets |
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131,875 |
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188,341 |
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||||
Total assets |
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$ |
3,285,687 |
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|
|
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|
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|
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$ |
2,870,446 |
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|
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|
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|
||||
Interest-bearing liabilities |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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||||||
Deposits |
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$ |
2,424,820 |
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$ |
24,998 |
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|
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4.09 |
% |
|
$ |
2,066,763 |
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|
$ |
20,502 |
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|
|
3.94 |
% |
Privately placed notes |
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|
190,250 |
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|
|
4,185 |
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|
|
8.73 |
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|
|
146,500 |
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|
|
3,166 |
|
|
|
8.57 |
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SBA debentures and borrowings |
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72,250 |
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|
|
814 |
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|
|
4.47 |
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|
|
77,750 |
|
|
|
855 |
|
|
|
4.36 |
|
Trust preferred securities |
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33,000 |
|
|
|
514 |
|
|
|
6.18 |
|
|
|
33,000 |
|
|
|
562 |
|
|
|
6.76 |
|
Total interest-bearing liabilities |
|
|
2,720,320 |
|
|
|
30,511 |
|
|
|
4.45 |
|
|
|
2,324,013 |
|
|
|
25,085 |
|
|
|
4.28 |
|
Non-interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred tax liability |
|
|
18,242 |
|
|
|
|
|
|
|
|
|
18,985 |
|
|
|
|
|
|
|
||||
Other liabilities (1) |
|
|
30,930 |
|
|
|
|
|
|
|
|
|
23,872 |
|
|
|
|
|
|
|
||||
Total non-interest-bearing liabilities |
|
|
49,172 |
|
|
|
|
|
|
|
|
|
42,857 |
|
|
|
|
|
|
|
||||
Total liabilities |
|
|
2,769,492 |
|
|
|
|
|
|
|
|
|
2,366,870 |
|
|
|
|
|
|
|
||||
Non-controlling interest |
|
|
112,991 |
|
|
|
|
|
|
|
|
|
111,201 |
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|
|
|
|
|
|
||||
Total stockholders’ equity |
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403,204 |
|
|
|
|
|
|
|
|
|
392,375 |
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ equity |
|
$ |
3,285,687 |
|
|
|
|
|
|
|
|
$ |
2,870,446 |
|
|
|
|
|
|
|
||||
Net interest income |
|
|
|
|
$ |
58,379 |
|
|
|
|
|
|
|
|
$ |
55,686 |
|
|
|
|
||||
Net interest margin |
|
|
|
|
|
|
|
|
7.34 |
% |
|
|
|
|
|
|
|
|
8.21 |
% |
||||
3
Loan Portfolio
The following table provides information regarding the composition of our loan portfolio for the dates presented:
|
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September 30, 2026 |
|
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December 31, 2025 |
|
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September 30, 2025 |
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|||||||||||||||
(Dollars in thousands) |
|
Amount |
|
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As a |
|
|
Amount |
|
|
As a |
|
|
Amount |
|
|
As a |
|
||||||
Loans held for investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Recreation |
|
$ |
1,852,958 |
|
|
|
63 |
% |
|
$ |
1,617,221 |
|
|
|
63 |
% |
|
$ |
1,545,528 |
|
|
|
60 |
% |
Home improvement |
|
|
947,503 |
|
|
|
32 |
|
|
|
810,237 |
|
|
|
32 |
|
|
|
804,003 |
|
|
|
31 |
|
Commercial |
|
|
118,691 |
|
|
|
4 |
|
|
|
123,068 |
|
|
|
5 |
|
|
|
135,123 |
|
|
|
5 |
|
Taxi medallion |
|
|
1,209 |
|
|
* |
|
|
|
1,179 |
|
|
* |
|
|
|
1,509 |
|
|
* |
|
|||
Total loans |
|
|
2,920,361 |
|
|
|
99 |
|
|
|
2,551,705 |
|
|
|
100 |
|
|
|
2,486,163 |
|
|
|
97 |
|
Loans held for sale, at lower of amortized cost or fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Recreation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
57,641 |
|
|
|
2 |
|
Strategic partnership |
|
|
15,233 |
|
|
* |
|
|
|
15,144 |
|
|
* |
|
|
|
15,277 |
|
|
* |
|
|||
Total loans held for sale, at lower of amortized cost or fair value |
|
|
15,233 |
|
|
* |
|
|
|
15,144 |
|
|
* |
|
|
|
72,918 |
|
|
|
2 |
|
||
Total loans and loans held for sale |
|
$ |
2,935,594 |
|
|
|
100 |
% |
|
$ |
2,566,849 |
|
|
|
100 |
% |
|
$ |
2,559,081 |
|
|
|
100 |
% |
(*) Less than 1%.
Balance Sheet
Capital Allocation
Quarterly Dividend
Dividends Announced |
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Amount |
|
|
Record |
|
Payment |
|
Q4 2026 |
|
$ |
0.14 |
|
|
11/9/2026 |
|
11/19/2026 |
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 |
|
|
0.54 |
|
|
|
|
|
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
4
Conference Call Information
The Company will host a conference call to discuss its third quarter financial results tomorrow, Friday, October 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
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 Friday, November 6, 2026
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
5
MEDALLION FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
(Unaudited) |
|
|
|
|
|
(Unaudited) |
|
|||
(Dollars in thousands, except share and per share data) |
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
September 30, 2025 |
|
|||
Assets |
|
|
|
|
|
|
|
|
|
|||
Cash, cash equivalents, and federal funds sold |
|
$ |
243,056 |
|
|
$ |
201,564 |
|
|
$ |
150,978 |
|
Investment securities |
|
|
63,853 |
|
|
|
60,183 |
|
|
|
61,081 |
|
Equity investments |
|
|
8,185 |
|
|
|
8,099 |
|
|
|
9,305 |
|
Loans held for sale, at lower of amortized cost or fair value |
|
|
15,233 |
|
|
|
15,144 |
|
|
|
72,918 |
|
Loans |
|
|
2,920,361 |
|
|
|
2,551,705 |
|
|
|
2,486,163 |
|
Allowance for credit losses |
|
|
(133,895 |
) |
|
|
(114,789 |
) |
|
|
(111,053 |
) |
Net loans receivable |
|
|
2,786,466 |
|
|
|
2,436,916 |
|
|
|
2,375,110 |
|
Goodwill and intangible assets, net |
|
|
167,420 |
|
|
|
168,504 |
|
|
|
168,866 |
|
Accrued interest receivable |
|
|
21,967 |
|
|
|
19,401 |
|
|
|
16,973 |
|
Property, equipment, and right-of-use lease asset, net |
|
|
17,184 |
|
|
|
11,861 |
|
|
|
10,839 |
|
Loan collateral in process of foreclosure |
|
|
6,570 |
|
|
|
7,333 |
|
|
|
8,235 |
|
Other assets |
|
|
30,710 |
|
|
|
26,459 |
|
|
|
26,082 |
|
Total assets |
|
$ |
3,360,644 |
|
|
$ |
2,955,464 |
|
|
$ |
2,900,387 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
$ |
2,386,276 |
|
|
$ |
2,084,265 |
|
|
$ |
2,055,802 |
|
Long-term debt |
|
|
287,837 |
|
|
|
215,987 |
|
|
|
215,698 |
|
Short-term borrowings |
|
|
77,000 |
|
|
|
95,250 |
|
|
|
80,250 |
|
Deferred tax liabilities, net |
|
|
16,701 |
|
|
|
19,596 |
|
|
|
19,019 |
|
Operating lease liabilities |
|
|
11,409 |
|
|
|
5,041 |
|
|
|
3,459 |
|
Accrued interest payable |
|
|
6,967 |
|
|
|
6,319 |
|
|
|
5,290 |
|
Accounts payable and accrued expenses |
|
|
23,354 |
|
|
|
20,960 |
|
|
|
23,992 |
|
Total liabilities |
|
|
2,809,544 |
|
|
|
2,447,418 |
|
|
|
2,403,510 |
|
Total stockholders’ equity |
|
|
399,758 |
|
|
|
408,617 |
|
|
|
397,448 |
|
Non-controlling interest in consolidated subsidiaries |
|
|
151,342 |
|
|
|
99,429 |
|
|
|
99,429 |
|
Total equity |
|
|
551,100 |
|
|
|
508,046 |
|
|
|
496,877 |
|
Total liabilities and equity |
|
$ |
3,360,644 |
|
|
$ |
2,955,464 |
|
|
$ |
2,900,387 |
|
Number of shares outstanding |
|
|
22,550,694 |
|
|
|
23,311,683 |
|
|
|
23,279,435 |
|
Book value per share |
|
$ |
17.73 |
|
|
$ |
17.53 |
|
|
$ |
17.07 |
|
6
MEDALLION FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
(Dollars in thousands, except share and per share data) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Total interest income |
|
$ |
88,890 |
|
|
$ |
80,771 |
|
|
$ |
252,335 |
|
|
$ |
233,637 |
|
Total interest expense |
|
|
30,511 |
|
|
|
25,085 |
|
|
|
82,650 |
|
|
|
73,170 |
|
Net interest income |
|
|
58,379 |
|
|
|
55,686 |
|
|
|
169,685 |
|
|
|
160,467 |
|
Provision for credit losses |
|
|
30,769 |
|
|
|
18,556 |
|
|
|
75,518 |
|
|
|
62,132 |
|
Net interest income after provision for credit losses |
|
|
27,610 |
|
|
|
37,130 |
|
|
|
94,167 |
|
|
|
98,335 |
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain on taxi medallion assets, net |
|
|
1,090 |
|
|
|
1,767 |
|
|
|
3,506 |
|
|
|
3,359 |
|
Strategic partnership fees |
|
|
762 |
|
|
|
990 |
|
|
|
2,722 |
|
|
|
2,461 |
|
Gain on sale of recreation and home improvement loans |
|
|
1,682 |
|
|
|
— |
|
|
|
2,963 |
|
|
|
1,304 |
|
Gain (loss) on equity investments, net |
|
|
(217 |
) |
|
|
257 |
|
|
|
329 |
|
|
|
15,783 |
|
Other income |
|
|
107 |
|
|
|
34 |
|
|
|
788 |
|
|
|
951 |
|
Total other income, net |
|
|
3,424 |
|
|
|
3,048 |
|
|
|
10,308 |
|
|
|
23,858 |
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
10,799 |
|
|
|
10,145 |
|
|
|
33,046 |
|
|
|
30,286 |
|
Loan servicing fees |
|
|
3,989 |
|
|
|
2,852 |
|
|
|
11,892 |
|
|
|
8,568 |
|
Collection costs |
|
|
1,871 |
|
|
|
1,970 |
|
|
|
5,739 |
|
|
|
5,742 |
|
Professional fee costs, net |
|
|
1,592 |
|
|
|
1,073 |
|
|
|
4,932 |
|
|
|
4,010 |
|
Regulatory fees |
|
|
1,120 |
|
|
|
680 |
|
|
|
3,101 |
|
|
|
2,610 |
|
Rent expense |
|
|
710 |
|
|
|
680 |
|
|
|
2,105 |
|
|
|
2,036 |
|
Depreciation |
|
|
661 |
|
|
|
625 |
|
|
|
1,949 |
|
|
|
1,871 |
|
Director compensation |
|
|
467 |
|
|
|
445 |
|
|
|
1,340 |
|
|
|
1,281 |
|
Amortization of intangible assets |
|
|
361 |
|
|
|
361 |
|
|
|
1,084 |
|
|
|
1,084 |
|
Other expenses |
|
|
2,396 |
|
|
|
1,871 |
|
|
|
6,105 |
|
|
|
5,518 |
|
Total other expenses |
|
|
23,966 |
|
|
|
20,702 |
|
|
|
71,293 |
|
|
|
63,006 |
|
Income before income taxes |
|
|
7,068 |
|
|
|
19,476 |
|
|
|
33,182 |
|
|
|
59,187 |
|
Income tax provision |
|
|
2,336 |
|
|
|
5,862 |
|
|
|
11,381 |
|
|
|
18,380 |
|
Net income |
|
|
4,732 |
|
|
|
13,614 |
|
|
|
21,801 |
|
|
|
40,807 |
|
Less: income attributable to the non-controlling interest |
|
|
2,335 |
|
|
|
2,336 |
|
|
|
7,006 |
|
|
|
6,446 |
|
Less: redemption of non-controlling interest |
|
|
— |
|
|
|
3,515 |
|
|
|
— |
|
|
|
3,515 |
|
Net income attributable to Medallion Financial Corp. |
|
$ |
2,397 |
|
|
$ |
7,763 |
|
|
$ |
14,795 |
|
|
$ |
30,846 |
|
Basic net income per share |
|
$ |
0.11 |
|
|
$ |
0.34 |
|
|
$ |
0.64 |
|
|
$ |
1.36 |
|
Diluted net income per share |
|
$ |
0.10 |
|
|
$ |
0.32 |
|
|
$ |
0.61 |
|
|
$ |
1.28 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
22,686,300 |
|
|
|
22,854,836 |
|
|
|
23,010,224 |
|
|
|
22,737,572 |
|
Diluted |
|
|
23,647,271 |
|
|
|
24,437,133 |
|
|
|
24,067,423 |
|
|
|
24,131,840 |
|
7