 |
|
|
March 12, 2009
Consolidated Statements of Operations
|
Year Ended December 31,
|
|
|
| (Dollars in thousands, except per share data) |
2008
|
2007
|
2006
|
|
|
Total investment income
Total interest expense
|
$52,284
23,711
|
$51,393
30,704
|
$39,635
24,190
|
|
|
|
Net interest income |
28,573 |
20,689 |
15,445 |
Total noninterest income
|
3,837
|
2,444
|
2,646
|
|
|
|
Salaries and benefits
Professional fees
Occupancy expense
Other operating expenses
|
10,689
1,606
1,271
3,754
|
10,192
2,603
1,353
3,687
|
8,193
1,955
1,266
3,512
|
|
|
|
Total operating expenses |
17,320 |
17,835 |
14,926 |
|
|
|
Net investment income before income taxes
Income tax (provision) benefit
|
15,090
-
|
5,298
-
|
3,165
-
|
|
|
|
Net investment income after income taxes |
15,090 |
5,298 |
3,165 |
Net realized gains (losses) on investments
|
(3,746)
|
14,172
|
3,080
|
|
|
|
Net change in unrealized appreciation (depreciation) on investments
Net change in unrealized appreciation (depreciation) on Medallion Bank and other controlled subsidiaries
|
6,323
(2,419)
|
(6,326)
2,292
|
(591)
7,454
|
|
|
Net unrealized appreciation (depreciation) on investments
|
3,904 |
(4,034) |
6,863 |
|
|
Net realized/unrealized gains on investments
|
158 |
10,138 |
9,943 |
Net increase in net assets resulting from operations
|
$15,248
|
$15,436
|
$13,108
|
|
|
|
Net investment income after income taxes per common share
|
|
|
|
Basic
Diluted
|
$0.86
0.85
|
$0.30
0.30
|
$0.18
0.18
|
|
Net increase in net assets resulting from operations per common share
|
|
|
|
Basic
Diluted
|
$0.87
0.86
|
$0.88
0.87
|
$0.76
0.74
|
|
Dividends declared per share
|
$0.76
|
$0.76
|
$0.70
|
|
Weighted average common shares outstanding
|
|
|
|
Basic
Diluted
|
17,520,966
17,722,575
|
17,480,523
17,786,310
|
17,293,665
17,761,039
|
- Back to Press Release
- Consolidated Balance Sheets
Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services loans in other commercial industries and its wholly-owned portfolio company Medallion Bank also originates and services consumer loans. The Company and its subsidiaries have lent over $3.3 billion to its taxicab industry and other small businesses.
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading "Risk Factors," in Medallion's 2007 Annual Report on Form 10-K.
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