Parent Company Only Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

The following shows the condensed financial information of Medallion Financial Corp. (parent company only).

Condensed Balance Sheets

(Dollars in thousands)	December 31, 2020		December 31, 2019
Assets
Cash	$	33,743	$	4,477
Net loans receivable		12,293		26,802
Loan collateral in process of foreclosure		9,960		11,104
Goodwill and intangible assets		175,731		177,176
Investment in bank subsidiaries		149,686		158,201
Investment in non-bank subsidiaries		88,165		92,856
Income tax receivable		1,470		4,708
Other assets		10,912		14,111
Total assets	$	481,960	$	489,435
Liabilities
Other liabilities	$	21,302	$	18,660
Intercompany payables		51,352		54,904
Short-term borrowings		53,359		8,188
Deferred tax liabilities		24,172		30,728
Long-term borrowings		100,367		113,807
Total liabilities		250,552		226,287
Total stockholders’ equity		231,408		263,148
Total liabilities and equity	$	481,960	$	489,435

Condensed Statements of Operations

	Year Ended
(Dollars in thousands)	December 31, 2020			December 31, 2019			Nine Months Ended December 31, 2018
Interest income	$	(2,824	)	$	(2,552	)	$	(1,958	)
Interest expense		8,602			8,856			5,480
Net interest loss		(11,426	)		(11,408	)		(7,438	)
Provision for loan losses		5,127			6,377			19,190
Net interest loss after provision for loan losses		(16,553	)		(17,785	)		(26,628	)
Other income (expense), net		(22,062	)		(13,686	)		(16,913	)
Loss before income taxes and undistributed earnings of subsidiaries		(38,615	)		(31,471	)		(43,541	)
Income tax benefit		10,454			7,013			5,328
Loss before undistributed earnings of subsidiaries		(28,161	)		(24,458	)		(38,213	)
Undistributed earnings (losses) of subsidiaries		(6,622	)		22,696			28,041
Net income (loss) attributable to parent company	$	(34,783	)	$	(1,762	)	$	(10,172	)

Condensed Statements of Other Comprehensive Income (Loss)

	Year Ended
(Dollars in thousands)	December 31, 2020			December 31, 2019			Nine Months Ended December 31, 2018
Net loss	$	(34,783	)	$	(1,762	)	$	(10,172	)
Other comprehensive income (loss)		1,013			1,081			(82	)
Total comprehensive income (loss) attributable to Medallion Financial Corp.	$	(33,770	)	$	(681	)	$	(10,254	)

Condensed Statements of Cash Flow

	Year Ended
(Dollars in thousands)	December 31, 2020			December 31, 2019			Nine Months Ended December 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES Net loss	$	(34,783	)	$	(1,762	)	$	(10,172	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiaries		6,622			(22,696	)		(28,041	)
Provision for loan losses		5,127			6,377			19,190
Depreciation and amortization		5,357			5,484			5,451
Change in deferred and other tax assets/liabilities, net		(3,317	)		(2,225	)		4,512
Net change in loan collateral in process of foreclosure		4,940			906			678
Net change in unrealized depreciation on investments		3,493			1,786			—
Stock-based compensation expense		2,031			1,221			425
Decrease in other assets		2,299			988			4,073
Increase in deferred financing costs		(1,233	)		(1,297	)		—
Decrease in intercompany payables		(3,552	)		(8,448	)		(3,368	)
Increase in other liabilities		2,336			(1,759	)		4,237
Net cash used by operating activities		(10,680	)		(21,425	)		(3,015	)
CASH FLOWS FROM INVESTING ACTIVITIES
Loans originated		(14	)		(3,312	)		(309	)
Proceeds from principal receipts, sales, and maturities of loans and investments		1,193			2,313			10,900
Purchases of investments		(2,304	)		(1,125	)		—
Proceeds from sale and principal payments of loan collateral in process of foreclosure		1,276			2,403			487
Dividends from subsidiaries		7,597			6,248			5,200
Net cash provided by investing activities		7,748			6,527			16,278
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from funds borrowed		33,600			36,000			—
Repayments of funds borrowed		(1,402	)		(17,735	)		(17,208	)
Net cash provided by (used for) financing activities		32,198			18,265			(17,208	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29,266			3,367			(3,945	)
Cash and cash equivalents, beginning of period		4,477			1,110			5,055
Cash and cash equivalents, end of period	$	33,743		$	4,477		$	1,110