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March 19, 2007
Medallion Bank Financial Information
The following table presents MB's statement of operations and other valuation adjustments on other controlled subsidiaries for the years ended December 31, 2006, 2005, and 2004.
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Year ended December 31,
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2006
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2005
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2004
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Statement of operations
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Investment income
Interest expense |
$29,956,940
10,453,732
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$22,376,878
6,413,605
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$14,301,397
3,244,540
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Non interest income
Operating expenses
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19,503,208
508,601
6,289,009
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15,963,273
434,146
5,543,633
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11,056,857
160,697
3,869,221
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Net investment income before income taxes
Income tax provision
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13,722,800
4,387,959
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10,853,786
1,973,019
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7,348,333
1,911,737
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Net investment income after income taxes
Net realized/unrealized (losses) of Medallion Bank and other controlled subsidiaries (1)
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9,334,841
(1,880,520)
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8,880,767
(3,868,343)
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5,436,596
(5,093,235)
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Net increase in net assets resulting from operations of Medallion Bank and other controlled subsidiaries |
$7,454,321 |
$5,012,424 |
$343,361 |
(1) Includes $1,450,068, ($230,649), and ($2,826,598) of net realized/unrealized gains (losses) of controlled subsidiaries other than Medallion Bank for the years ended December 31, 2006, 2005, and 2004.
The following table presents MB's balance sheets and the net investment in other controlled subsidiaries as of December 31, 2006 and 2005.
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2006
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2005
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Medallion loans, at fair value
Commercial loans, at fair value
Consumer loans, at fair value
Investment securities, at fair value
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$ 93,944,562
60,237,698
111,798,871
21,682,923
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$ 73,893,149
54,322,488
85,678,412
18,092,838
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Net investments ($0 pledged as collateral under borrowing arrangements at December 31, 2006 and 2005)
Cash ($0 at December 31, 2006 and $0 December 31, 2005 restricted as to use by lender)
Accrued interest receivable
Fixed assets, net
Other assets, net
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287,664,054
14,698,918
2,435,766
184,091
3,958,506
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231,986,887
20,227,118
1,702,018
160,199
5,002,719
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Total assets
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$308,941,335
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$259,078,941
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Accounts payable and accrued expenses
Payable to parent
Fixed rate borrowings
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$499,983
267,246
261,483,540
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$511,181
324,234
219,107,214
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Total liabilities
Medallion Bank equity
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262,250,769
46,690,566 |
219,942,629
39,136,312 |
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| Total liabilities and equity |
$308,941,335 |
$259,078,941 |
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Investment in other controlled subsidiaries
Total investment in Medallion Bank and other controlled subsidiaries
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$3,530,220
$50,488,032
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$874,847
$40,335,393
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- Back to Press Release
- Consolidated Statements of Operations
- 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 commercial and consumer loans in targeted niche industries. The Company and its subsidiaries have lent over $3 billion to its taxicab, commercial, and consumer customers.
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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