This Day On The Street
Continue to site
ADVERTISEMENT
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 2013 Third 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 earnings, or net increase in net assets resulting from operations were $6,397,000 or $0.29 per diluted common share in the 2013 third quarter, compared to $6,611,000 or $0.31 per share in the 2012 third quarter. Net investment income after income taxes in the 2013 third quarter was $4,415,000 or $0.20 per share, up $3,078,000 from $1,337,000 or $0.06 per share in the 2012 third quarter.

For the 2013 nine months, earnings, or net increase in net assets resulting from operations were $19,118,000 or $0.87 per share, compared with $17,993,000 or $0.91 per share in the same 2012 period, an increase of $1,125,000 or 6%. Net investment income after income taxes was $8,620,000 or $0.39 per share in 2013’s first nine months, up $3,880,000 or 82% from $4,740,000 or $0.24 per share in the 2012 nine month period.

Medallion Financial’s net interest margin was 6.33% for the 2013 third quarter, compared to 4.21% in the 2012 third quarter, primarily reflecting our reduced cost of funds from funding sources that have been favorably repriced, as well as higher interest recoveries and other bonuses and Medallion Bank dividends. For the first nine months, Medallion’s net interest margin was 5.53%, compared with 4.38% in the 2012 period.

On a combined basis with Medallion Bank, the net interest margin was 6.96% in the quarter, compared to 6.39% a year ago, reflecting the continued low cost of funds at the Bank, and the Bank’s higher-yielding loan portfolio. Net interest margin was 6.55% and 6.25% on a combined basis with the Bank for the comparable nine month periods.

Andrew Murstein, President of Medallion Financial stated, “We are extremely pleased with the 2013 third quarter and year-to-date results, which were among the highest in the Company’s history. Also, we are pleased to announce that we are increasing our dividend for the quarter to $0.23 per share, the highest it has been in 13 years. Over the 10 years ended in 2012, we have given our shareholders an annual return including dividends of approximately 25% per year, and for the 2013 nine months, have provided a total return of 44%. We are proud to have performed so well, and we feel confident in our future.

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,040.37 +29.69 0.16%
S&P 500 2,111.73 +4.34 0.21%
NASDAQ 5,082.9290 +12.9030 0.25%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs