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November 9, 2005
Consolidated Income Statements
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Quarter Ended
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Nine Months Ended
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September 30,
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September 30,
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2005
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2004
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2005
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2004
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Interest income on investments
Dividends and interest income on short-term investments
Medallion lease income
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$14,170,478
411,531
117,000
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$10,692,530
173,650
111,815
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$40,272,883
1,187,948
342,000
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$27,169,393
372,924
321,815
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Total investment income |
$14,699,009 |
$10,977,995 |
$41,802,831 |
$27,864,132 |
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Interest on floating rate borrowings
Interest on fixed rate borrowings
Total interest expense
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3,613,645
2,883,322
6,496,967
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2,493,258
2,033,317
4,526,575
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9,780,888
7,808,291
17,589,179
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6,158,612
4,922,050
11,080,662
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Net interest income |
8,202,042 |
6,451,420 |
24,213,652 |
16,783,470 |
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Gain on sale of loans
Other income
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222,784
635,810
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331,685
596,587
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837,735
2,451,530
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730,126
1,818,222
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Total noninterest income |
858,594 |
928,272 |
3,289,265 |
2,548,348 |
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Salaries and benefits
Professional fees
Other operating expenses
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2,885,908
562,843
2,129,716
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2,463,084
307,528
2,201,942
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8,506,370
1,550,221
6,209,681
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7,167,565
1,311,133
5,889,500
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Total operating expenses |
5,578,467 |
4,972,554 |
16,266,272 |
14,368,198 |
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Net investment income before income taxes
Income tax provision
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3,482,169
296,003
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2,407,138
566,180
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11,236,645
1,537,034
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4,963,620
1,674,277
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Net investment income after taxes
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3,186,166
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1,840,958
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9,699,611
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3,289,343
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Net realized gains (losses) on investments
Net change in unrealized depreciation on investments
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2,150,192
(1,760,437)
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(2,784,101)
20,998,466
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3,515,263
(6,955,930)
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(3,298,663)
18,933,821
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Net realized/unrealized losses on investments
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389,755
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18,214,365
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(3,440,667)
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15,635,158
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Net increase (decrease) in net assets from operations
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$3,575,921
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$20,055,323
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$6,258,944
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$18,924,501
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Weighted average shares
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Basic
Diluted
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17,066,001
17,564,203
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18,075,879
18,456,246
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17,064,028
17,543,201
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18,144,724
18,540,732
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Net investment income after income taxes per share
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Basic
Diluted
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$ 0.19
0.18
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$ 0.10
0.10
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$ 0.57
0.55
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$ 0.18
0.18
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Net increase (decrease) in net assets from operations per share
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Basic
Diluted
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$ 0.21
0.20
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$ 1.11
1.09
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$ 0.37
0.36
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$ 1.04
1.02
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Dividends declared per share
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$0.14
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$0.10
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$0.39
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$0.26
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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 "Investment Considerations," in Medallion's 2002 Annual Report on Form 10-K.
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