Medallion Financial Corp. Reports 2010 Second Quarter Results
Medallion Financial Corp. (NASDAQ:TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, announced that net increase in net assets resulting from operations, was $ 3,035,000 or $0.17 per diluted common share in the 2010 second quarter, up from $2,003,000 or $0.11 per diluted common share in the 2009 second quarter, an increase of 52%. Net investment income after income taxes was $2,940,000, or $0.17 per share in the 2010 second quarter, up from $2,116,000, or $0.12 per share in the 2009 second quarter, an increase of 39%. Net investment income after income taxes on a combined basis with Medallion Bank was $7,531,000, or $0.43 per share in the 2010 second quarter, up from $5,828,000, or $0.33 per share in the year ago quarter, an increase of 29%.
Medallion’s on balance sheet taxicab medallion loan portfolio was $333,318,000, down from $375,894,000 at the end of the 2009 second quarter. The decrease resulted primarily from placing more medallion loans into Medallion Bank, an unconsolidated wholly-owned portfolio investment, whose results are not consolidated with these numbers, but whose growth is noted below, and also from our continuing ability to participate these high-quality loans to financial institutions which desire safe and profitable loan growth. In addition, Medallion earns fee income for originating and managing these loans. Our on balance sheet commercial loan portfolio was $71,669,000, down from $82,889,000 a year ago.
Medallion’s managed taxicab medallion loan portfolio, which includes Medallion Bank, and loans serviced for or by third parties, was $615,635,000 at quarter end, up from $581,920,000 a year ago. This was an all time high for the Company and reflects the Company’s continuing focus of growing the medallion business. Our managed commercial loan portfolio was $127,788,000, down from $157,840,000 a year ago, and Medallion Bank’s consumer loan portfolio was $186,557,000, down from $191,729,000. Total assets under management increased to $1,057,983,000, up from $1,052,165,000, a year ago.
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