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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Assets    
Cash and cash equivalents [1] $ 54,743 $ 17,700
Federal funds sold 57,297 50,121
Equity investments 9,746 10,079
Investment securities 46,792 48,998
Loans 1,229,838 1,160,855
Allowance for loan losses [2],[3] (57,548) (46,093)
Net loans receivable 1,172,290 1,114,762
Accrued interest receivable 10,338 8,662
Property, equipment, and right-of-use lease asset, net 12,404 14,375
Loan collateral in process of foreclosure [4] 54,560 52,711
Goodwill 150,803 150,803
Intangible assets, net 51,090 52,536
Income tax receivable 1,757 1,516
Other assets 20,591 19,404
Total assets 1,642,411 1,541,667
Liabilities    
Accounts payable and accrued expenses [5] 14,902 16,234
Accrued interest payable 4,673 4,398
Deposits [6] 1,065,398 951,651
Short-term borrowings 87,334 38,223
Deferred tax liabilities, net 807 9,341
Operating lease liabilities 11,018 12,738
Long-term debt [7] 153,718 174,614
Total liabilities 1,337,850 1,207,199
Commitments and contingencies [8]
Stockholders’ equity    
Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding)
Common stock (50,000,000 shares of $0.01 par value stock authorized- 27,828,871 shares at December 31, 2020 and 27,597,802 shares at December 31, 2019 issued) 278 276
Additional paid in capital 277,539 275,511
Treasury stock (2,951,243 shares at December 31, 2020 and December 31, 2019) (24,919) (24,919)
Accumulated other comprehensive income (loss) 2,012 999
Retained earnings (accumulated deficit) (23,502) 11,281
Total stockholders’ equity 231,408 263,148
Non-controlling interest in consolidated subsidiaries 73,153 71,320
Total equity 304,561 334,468
Total liabilities and equity $ 1,642,411 $ 1,541,667
Number of shares outstanding 24,877,628 24,646,559
Book value per share $ 9.30 $ 10.68
[1] Includes restricted cash of $2,970 as of December 31, 2020 and 2019.
[2] As of December 31, 2020, the general reserves previously recorded for the Company’s medallion loan portfolio had been reversed as all loans had been deemed impaired and written down to collateral value.
[3] As of December 31, 2020, there was no allowance for loan losses and net charge-offs related to the strategic partnership loans.
[4] Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by Medallion Bank of $3,535 and $8,163 as of December 31, 2020 and 2019.
[5] Includes the short-term portion of lease liabilities of $2,004 and $2,085 as of December 31, 2020 and 2019. Refer to Note 7 for more details.
[6] Includes $2,674 and $2,594 of deferred financing costs as of December 31, 2020 and 2019. Refer to Note 6 for more details.
[7] Includes $3,131 and $2,511 of deferred financing costs as of December 31, 2020 and 2019. Refer to Note 6 for more details.
[8] Refer to Note 11 for details.