XML 18 R4.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and fees on loans [1]     $ 95,080,000
Interest and dividends on investment securities [1]     1,644,000
Medallion lease income [1]     133,000
Interest income on investments [1]     3,287,000
Total interest income /total investment income [1],[2]     100,836,000
Interest on deposits [1]     14,230,000
Interest on short-term borrowings [1]     4,441,000
Interest on long-term debt [1]     6,145,000
Interest expense [1]     3,551,000
Total interest expense [1],[3]     28,367,000
Net interest income/net investment income $ 110,811,000 $ 97,517,000 72,469,000 [1]
Provision for loan losses 69,817,000 47,386,000 59,008,000 [1]
Net interest income after provision for loan losses 40,994,000 50,131,000 13,461,000 [1]
Other income (loss)      
Writedown of loan collateral in process of foreclosure [1]     (2,188,000)
Sponsorship and race winnings, net 20,042,000 18,742,000 14,368,000 [1]
Gain (loss) on equity investments [1]     (939,000)
Gain on the extinguishment of debt   4,145,000  
Gain on deconsolidation of Trust III [1]     25,325,000
Gain on sale of loans [1]     4,946,000
Other income [1]     494,000
Total other income (loss), net [1]     42,006,000
Other expenses      
Salaries and employee benefits [1]     21,706,000
Race team related expenses 8,366,000 8,996,000 7,121,000 [1]
Professional fees [1]     9,332,000
Loan servicing fees [1]     3,470,000
Collection costs [1]     5,207,000
Rent expense [1]     2,040,000
Regulatory fees [1]     1,703,000
Amortization of intangible assets 1,445,000 1,446,000 1,083,000 [1]
Travel, meals, and entertainment [1]     1,448,000
Intangible asset impairment [1]     5,615,000
Other expenses [1]     7,464,000
Total other expenses [1],[4]     66,189,000
Income (loss) before income taxes/net investment loss before taxes (36,981,000) 2,337,000 (10,722,000) [1],[4]
Income tax (provision) benefit [1]     (373,000)
Net income (loss) after taxes/net investment income (loss) after taxes [1]     (11,095,000)
Net realized losses on investments [1],[5]     (34,745,000)
Income tax benefit [1]     8,426,000
Total net realized losses on investments [1]     (26,319,000)
Net change in unrealized appreciation on Medallion Bank and other controlled subsidiaries [1]     29,115,000
Net change in unrealized depreciation on investments other than securities [1]     (1,915,000)
Net change in unrealized appreciation (depreciation) on investments [1]     (4,403,000)
Income tax (provision) benefit [1]     (8,122,000)
Net unrealized appreciation on investments [1]     14,675,000
Net realized/unrealized gains (losses) on investments [1]     (11,644,000)
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations $ (26,907,000) $ 1,996,000 (22,739,000) [1]
Less: income attributable to the non-controlling interest [1]     2,307,000
Total net income (loss) attributable to Medallion Financial Corp./net increase (decrease) on net assets resulting from operations [1]     $ (25,046,000)
Basic net loss per share $ (1.42) $ (0.07) $ (1.03) [1]
Diluted net loss per share $ (1.42) $ (0.07) $ (1.03) [1]
Weighted average common shares outstanding      
Basic 24,445,452 24,342,979 24,214,978 [1]
Diluted 24,445,452 24,342,979 24,214,978 [1]
Bank Holding Company Accounting [Member]      
Interest and fees on loans $ 143,701,000 $ 130,167,000  
Interest and dividends on investment securities 1,208,000 2,225,000  
Medallion lease income 53,000 170,000  
Total interest income /total investment income [2] 144,962,000 132,562,000  
Interest on deposits 22,330,000 22,521,000  
Interest on short-term borrowings 2,006,000 3,242,000  
Interest on long-term debt 9,815,000 9,282,000  
Total interest expense [3] 34,151,000 35,045,000  
Net interest income/net investment income 110,811,000 97,517,000  
Provision for loan losses 69,817,000 47,386,000  
Net interest income after provision for loan losses 40,994,000 50,131,000  
Other income (loss)      
Writedown of loan collateral in process of foreclosure (24,523,000) (4,381,000)  
Sponsorship and race winnings, net 20,042,000 18,742,000  
Gain (loss) on equity investments (2,985,000)    
Gain on the extinguishment of debt   4,145,000  
Other income 1,530,000 1,881,000  
Total other income (loss), net (5,936,000) 20,387,000  
Other expenses      
Salaries and employee benefits 28,172,000 24,971,000  
Race team related expenses 8,366,000 8,996,000  
Professional fees 8,047,000 7,402,000  
Loan servicing fees 6,737,000 5,253,000  
Collection costs 5,454,000 6,638,000  
Rent expense 2,833,000 2,419,000  
Regulatory fees 1,822,000 1,722,000  
Amortization of intangible assets 1,445,000 1,446,000  
Travel, meals, and entertainment 375,000 1,138,000  
Other expenses 8,788,000 8,196,000  
Total other expenses [4] 72,039,000 68,181,000  
Income (loss) before income taxes/net investment loss before taxes [4] (36,981,000) 2,337,000  
Income tax (provision) benefit 10,074,000 (341,000)  
Net income (loss) after taxes/net investment income (loss) after taxes (26,907,000) 1,996,000  
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations (26,907,000) 1,996,000  
Less: income attributable to the non-controlling interest 7,876,000 3,758,000  
Total net income (loss) attributable to Medallion Financial Corp./net increase (decrease) on net assets resulting from operations $ (34,783,000) $ (1,762,000)  
Basic net loss per share $ (1.42) $ (0.07)  
Diluted net loss per share $ (1.42) $ (0.07)  
Weighted average common shares outstanding      
Basic 24,445,452 24,342,979  
Diluted 24,445,452 24,342,979  
Controlled Subsidiary Investment [Member]      
Dividend income from controlled subsidiaries [1]     $ 28,000
Interest income [1]     10,000
Affiliate Investment [Member]      
Interest income [1]     $ 654,000
[1] Balance includes the nine months ended December 31, 2018 under Bank Holding Company Accounting and the three months ended March 31, 2018 under Investment Company Accounting.
[2] Included in interest and investment income is $1,188, $834, and $1,869 of paid in kind interest for the years ended December 31, 2020, 2019, and 2018.
[3] Average borrowings outstanding were $1,258,486, $1,138,746, and $1,198,124, and the related average borrowing costs were 2.71%, 3.08%, and 2.37% for the years ended December 31, 2020, 2019, and 2018.
[4] Includes $256 of net revenues received from Medallion Bank for the year ended December 31, 2018, primarily for expense reimbursements. See Notes 5 and 12 for additional information.
[5] There were no net losses on investment securities of affiliated issuers for the year ended December 31, 2018.