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November 6, 2006
Consolidated Income Statements
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Three Months ended
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Nine Months Ended
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September 30,
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September 30,
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2006
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2005
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2006
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2005
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Interest income on investments
Dividends and interest income on short-term investments
Medallion lease income
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$16,825,583
737,817
132,646
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$14,170,478
411,531
117,000
|
$48,209,746
2,058,621
372,646
|
$40,272,883
1,187,948
342,000
|
|
|
Total investment income |
17,696,046 |
14,699,009 |
50,641,013 |
41,802,831 |
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Interest on floating rate borrowings
Interest on fixed rate borrowings
Total interest expense
|
4,863,678
4,127,791
8,991,469
|
3,613,645
2,883,322
6,496,967
|
13,891,977
11,072,600
24,964,577
|
9,780,888
7,808,291
17,589,179
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|
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Net interest income |
8,704,577 |
8,202,042 |
25,676,436 |
24,213,652 |
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Gain on sale of loans
Other income
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-
201,580
|
222,784
635,810
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-
1,485,254
|
837,735
2,451,530
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|
|
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Total noninterest income |
201,580 |
858,594 |
1,485,254 |
3,289,265 |
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Salaries and benefits
Professional fees
Other operating expenses
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2,709,544
549,524
1,575,587
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2,980,309
562,843
2,035,315
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8,034,648
1,712,508
4,839,515
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8,731,113
1,550,221
5,984,938
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|
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Total operating expenses |
4,834,655 |
5,578,467 |
14,586,671 |
16,266,272 |
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Net investment income before income taxes
Income tax provision
|
4,071,502
1,290,281
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3,482,169
296,003
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12,575,019
3,596,830
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11,236,645
1,537,034
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Net investment income after income taxes
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2,781,221
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3,186,166
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8,978,189
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9,699,611
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Net realized gains (losses) on investments
Net change in unrealized depreciation on investments
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(696,202)
(684,163)
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2,150,192
(1,760,437)
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(650,738)
(1,064,356)
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3,515,263
(6,955,930)
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Net realized/unrealized gains (losses) on investments
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(1,380,365)
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389,755
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(1,715,094)
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(3,440,667)
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Net increase in net assets resulting from operations
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$1,400,856
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$3,575,921
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$7,263,095
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$6,258,944
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Net investment income before income taxes per common share
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|
|
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Basic
Diluted
|
$0.24
0.23
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$0.20
0.20
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$0.73
0.71
|
$0.66
0.64
|
|
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Net investment income after income taxes per common share
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|
|
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Basic
Diluted
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$ 0.16
0.16
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$ 0.19
0.18
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$ 0.52
0.51
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$ 0.57
0.55
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Net increase in net assets resulting from operations per common share
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|
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Basic
Diluted
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$ 0.08
0.08
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$ 0.21
0.20
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$ 0.42
0.41
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$ 0.37
0.36
|
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Dividends declared per share
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$0.18
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$0.14
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$0.50
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$0.39
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Weighted average common shares outstanding
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|
|
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Basic
Diluted
|
17,312,915
17,749,934
|
17,066,001
17,564,203
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17,269,881
17,757,496
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17,064,028
17,543,201
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- Back to Press Release
- Consolidated Balance Sheets
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 2005 Annual Report on Form 10-K.
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