This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Medallion Financial Corp. Reports 2012 Fourth Quarter And Record Full Year Results

Medallion Financial Corp. (Nasdaq: TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, announced that earnings, or net increase in net assets resulting from operations was $6,523,000 or $0.30 per diluted common share in the 2012 fourth quarter, up $891,000 or 16% from $5,632,000 or $0.32 per diluted common share in the 2011 fourth quarter. For the 2012 full year, net increase in net assets resulting from operations was a record $24,517,000 or $1.21 per diluted common share, up 28% from $19,163,000 or $1.09 per share in 2011.

Andrew Murstein, President of Medallion Financial stated, “We are extremely pleased with the fourth quarter and full year results. Total earnings for the year were the highest since the Company went public 16 years ago. We are also pleased that we will be increasing our dividend to $0.22 per share, the highest it’s been in 12 years. Over the last 10 years we have given our shareholders an annual return including dividends of over 24% per year. We are proud to have performed so well, and we feel confident in our future.”

Medallion Bank, the Company’s unconsolidated wholly-owned portfolio company, had net income of $5,282,000 in the 2012 fourth quarter, compared to $3,980,000 in the 2011 fourth quarter, an increase of $1,302,000 or 33%. For the 2012 full year, Medallion Bank earned $19,546,000, up 24% from $15,775,000 in 2011. As the Company continues to use Medallion Bank as a primary funding source, it refers more loans to Medallion Bank for origination to take advantage of current short term borrowing rates which are at historically low levels, and which are the Company’s least expensive source of funds.

Medallion Financial’s net interest margin was 6.43% for the 2012 fourth quarter and 4.89% for the full year, compared to 7.00% and 5.10% for the comparable 2011 periods. On a combined basis with Medallion Bank, the net interest margin was 6.48% and 6.31% in the quarter and full year, compared to 7.18% and 6.68% a year ago, reflecting the continued low cost of funds at the Bank, and the Bank’s higher-yielding loan portfolio. Both measures reflect the strong portfolio earning power of Medallion, as net interest margins remained at high levels compared to most other financial institutions.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.18 -0.47%
FB $118.18 0.10%
GOOG $698.82 0.45%
YHOO $37.08 3.00%
TSLA $212.77 -4.40%


Chart of I:DJI
DOW 17,704.34 +53.08 0.30%
S&P 500 2,054.25 +3.13 0.15%
NASDAQ 4,728.9180 +3.2790 0.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs