0001193125-16-473584.txt : 20160223 0001193125-16-473584.hdr.sgml : 20160223 20160223161833 ACCESSION NUMBER: 0001193125-16-473584 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160217 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160223 DATE AS OF CHANGE: 20160223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDALLION FINANCIAL CORP CENTRAL INDEX KEY: 0001000209 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 043291176 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 814-00188 FILM NUMBER: 161448578 BUSINESS ADDRESS: STREET 1: 437 MADISON AVE 38 TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2123282153 MAIL ADDRESS: STREET 1: 437 MADISON AVENUE STREET 2: 38TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 8-K 1 d14241d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) February 17, 2016

 

 

MEDALLION FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

Delaware

(State or other jurisdiction of incorporation)

 

814-00188   04-3291176

(Commission

File Number)

 

(IRS Employer

Identification Number)

437 Madison Avenue

New York, New York 10022

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (212) 328-2100

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

Medallion Financial Corp. (the “Company”) issued a press release to the news media announcing, among other things, the Company’s results for the quarter ended December 31, 2015 and the year ended December 31, 2015.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in the press release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

 

Exhibit No.

  

Description

99.1    Press release, dated February 17, 2016.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MEDALLION FINANCIAL CORP.
By:  

/s/ Larry D. Hall

  Name: Larry D. Hall
  Title: Chief Financial Officer

Date: February 23, 2016

 

3


Exhibit Index

 

Exhibit No.    Description
99.1    Press release, dated February 17, 2016.

 

4

EX-99.1 2 d14241dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

FOR FURTHER INFORMATION:

 

AT THE COMPANY:   

AT ZLOKOWER COMPANY

Medallion Financial Corp.    Public Relations
437 Madison Avenue    Harry Zlokower/Dave Closs
New York, New York10022    1-212-863-4193

Andrew M. Murstein, President

Larry D. Hall, CFO

1-212-328-2100

1-877-MEDALLION

FOR IMMEDIATE RELEASE:

MEDALLION FINANCIAL CORP. REPORTS

2015 FOURTH QUARTER AND RECORD FULL YEAR RESULTS

 

    Full year record earnings of $29,376,000, an all-time high, or $1.20 per diluted common share, increased 2% from 2014

 

    Fourth quarter earnings of $6,911,000, or $0.29 per share

 

    Managed assets were $1.655 billion, including $1.081 billion at Medallion Bank, both all-time highs

 

    Net interest margin was 6.98% on a combined basis

 

    80% of 2015 earnings came from our consumer lending businesses

 

    Consumer loans originated by Medallion Bank grew 31% from a year ago

 

    Book value per share, or net asset value, increased to $11.42 at December 31, 2015

 

    Quarterly distribution of $0.25 per share declared

NEW YORK, NY – February 17, 2016 – Medallion Financial Corp. (Nasdaq: TAXI) announced that earnings, or net increase in net assets resulting from operations, were $29,376,000 or $1.20 per diluted common share in 2015, up $684,000 or 2% from $28,692,000 or $1.14 per share in 2014, primarily reflecting lower operating expenses and higher net interest income, partially offset by lower net realized/unrealized gains and noninterest income. Net investment income after income taxes was $16,826,000 or $0.69 per share in 2015, up $1,681,000 or 11% from $15,145,000 or $0.60 in 2014.

(more)


Medallion Financial Announces 2015 Fourth Quarter and Full Year Results p. 2

Medallion Bank, the Company’s unconsolidated wholly-owned portfolio company, had net income of $23,238,000 in 2015. Medallion Bank’s consumer lending portfolio grew 31% over the last year, all with a decrease in delinquencies from a year ago, and with loss rates remaining at low levels.

Medallion Financial’s net interest margin was 4.59% for the 2015 quarter, compared to 6.64% in the 2014 quarter, primarily reflecting lower dividends from Medallion Bank which can elect to retain earnings for growth, and was 6.03% in the full year, compared with 6.54% for 2014, primarily reflecting lower rates earned and changes in the portfolio mix. On a combined basis with Medallion Bank, the net interest margin was 6.95% in the quarter and 6.98% in the full year, compared to 6.86% and 7.09% a year ago, reflecting the continued low cost of funds at the Bank, and the Bank’s higher-yielding loan portfolio. The net interest margins demonstrate the strong portfolio earning power of Medallion and the Bank.

Andrew Murstein, President of Medallion Financial stated, “We are extremely pleased with the 2015 fourth quarter and record-setting full year results. While taxi medallion lending continues to have virtually zero losses, the majority of our earnings continue to arise from non-taxi related loan products, primarily from our consumer lending businesses, which was responsible for 80% of our earnings in 2015. We anticipate that this area will contribute to earnings at an increasing rate as we continue to grow these portfolios.”

Larry D. Hall, Chief Financial Officer of Medallion Financial, stated, “All the important indicators of our business continue to demonstrate the quality of Medallion’s operations, including continued growth and profitability, very solid credit performance by the portfolios, strong capital levels, and an experienced management team.”

“For Medallion Financial, loans 90 days or more past due were 3.6%, compared to 2.1% last quarter. On a combined basis with Medallion Bank, loans 90 days or more past due were 2.2%, compared to 1.5% last quarter,” said Mr. Hall. “Medallion loans 90 days or more past due were 3.8% of Medallion Financial’s medallion loan portfolio, up from 1.8% last quarter. Medallion loans 90 days or more past due were 4.1% of the combined medallion loan portfolio, up from 2.5% last quarter. These rates are still down from historical levels, such as during the first 10 years of being a public company when delinquencies averaged 3% and rose as high as 7%. The Company still experienced virtually no losses even at those levels and we had virtually no losses on medallion loans during 2015. The current loan to value of our combined taxi medallion portfolio was 76% at year end, compared to 60% a year ago. Additionally, we also have personal guarantees on virtually all of these loans. Medallion Bank had aggregate loan loss reserves of 2.35%, compared to 2.07% last quarter and 1.91% a year ago, and despite these increased reserves we still had record earnings,” said Mr. Hall.

“Medallion Financial had realized gains of 1.40% in 2015, compared to realized losses of 1.11% in the year ago period, and Medallion Bank had a net loss rate of 1.06% in 2015, compared to 0.77% in the 2014 period. Additionally, Medallion Financial had realized losses on medallion loans of 0.04% for 2015, and 0.0% in 2014, and Medallion Bank had realized losses of 0.0% for both years. These results continue to evidence the solid credit performance of our businesses.”

“Medallion’s debt to equity ratio was 1.45 to 1, providing room for increasing our leverage and growing our businesses down the road. Additionally, we had over $31 million of cash on hand at year end and Medallion Bank continues to have the capacity to raise significant additional deposits.”

Mr. Hall added, “We continue to look for opportunities to replace higher cost borrowings with lower cost fixed and floating rate debt, further enhancing our profitability and lowering our cost of borrowed funds. We see additional opportunities to continue this as rates remain near historic lows.”

(more)


Medallion Financial Announces 2015 Fourth Quarter and Full Year Results p. 3

Medallion loans were $308,408,000 at year end, down $3,486,000 or 1% from $311,894,000 a year ago, representing 51% of the investment portfolio, compared to 59% a year ago, and were yielding 4.09% compared to 4.03% a year ago, up 1%, reflecting our increasing rates as loans refinance. The decrease in outstandings primarily reflected increases in unrealized depreciation reflecting current market conditions, and relatively stable portfolio markets. The managed medallion portfolio, which includes loans at Medallion Bank and those serviced for third parties, was $667,863,000 at year end, down $36,950,000 or 5% from $704,813,000 a year ago, reflecting the above and portfolio decreases in the New York and Chicago markets, reflecting management’s decision to cull weaker and less profitable borrowers from the portfolio.

The commercial loan portfolio was $81,895,000 at year end, compared to $71,149,000 a year ago, an increase of $10,746,000 or 15%, and represented 14% of the investment portfolio in both years. The increase primarily reflected growth in the high-yield mezzanine portfolio, partially offset by a decrease in the other secured commercial loan portfolio. Commercial loans yielded 12.80% at year end, up 7% from 11.91% a year ago, reflecting the change in portfolio mix and higher yields on the mezzanine portfolio. The net managed commercial loan portfolio, which includes loans at Medallion Bank and those serviced for or by third parties, was $122,463,000 at year end, up $8,177,000 or 7% from $114,286,000 a year ago, primarily reflecting the changes described above, and an increase in asset-based loan participations purchased.

Investments in Medallion Bank and other controlled subsidiaries were $159,913,000 at year end, up $23,065,000 or 17% from $136,848,000 a year ago, primarily reflecting our equity in the earnings of Medallion Bank and other portfolio company investments, capital contributions made, dividends paid, portfolio sales, and net appreciation, and which represented 26% of the investment portfolio in both years, and which yielded 12.74% at year end, compared to 11.44% a year ago, primarily reflecting the dividends from Medallion Bank.

Equity investments were $6,859,000 at year end, down $851,000 or 11% from $7,710,000 a year ago, primarily reflecting increased equity investments offset by portfolio depreciation and the transfer of an investment to investment in controlled subsidiaries, and which represented 1% of the investment portfolio at both year ends, and had a dividend yield of 0.72%, compared to 0.86% a year ago.

Medallion Bank’s consumer loan portfolio increased by $147,340,000 or 31% to $619,887,000 at year end from $472,547,000 a year ago, and represented 41% of the managed loan portfolio, compared with 36% a year ago. The consumer loan portfolio yielded 14.06% compared to 14.71% a year ago, primarily reflecting changes in the portfolio mix to loans with higher credit scores including our home improvement lending division where average FICO scores exceed 760. The increase in outstandings reflected increases in all product lines, particularly the home improvement and recreational vehicle lending portfolios.

Overall total managed assets increased $158,000,000 or 11% to $1,655,000,000 at year end, up from $1,497,000,000 a year ago and the Company’s book value per share, or net asset value, increased from $11.16 a year ago to $11.42 at December 31, 2015. This increase is primarily a result of the ability of Medallion Bank to retain earnings in addition to providing a steady dividend source to its parent company, Medallion Financial.

Medallion Financial also announced a distribution of $0.25 per share for the 2015 fourth quarter, compared to $0.24 per share a year ago. This brings the total distributions declared over the last four quarters to $1.00, up 4% from $0.96 in the prior four quarters, and equates to a yield of approximately 16% based on the closing price of the Company’s stock on February 16, 2016. The current distribution will be paid on April 11, 2016 to shareholders of record on March 31, 2016. Since the Company’s initial public offering in 1996, the Company has paid or declared in excess of $254,000,000 or $14.31 per share in distributions.

(more)


Medallion Financial Announces 2015 Fourth Quarter and Full Year Results p. 4

*         *         *

Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services loans in other commercial industries, and its wholly-owned portfolio company, Medallion Bank, also originates and services consumer loans. The Company and its subsidiaries have lent approximately $5 billion to the taxicab industry and other small businesses.

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading “Risk Factors,” in Medallion’s 2014 Annual Report on Form 10-K.


MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

     Year Ended December 31,  

(Dollars in thousands, except per share data)

   2015     2014  

Total investment income

   $ 42,653      $ 41,068   

Total interest expense

     9,422        8,543   
  

 

 

   

 

 

 

Net interest income

     33,231        32,525   
  

 

 

   

 

 

 

Total noninterest income

     319        509   
  

 

 

   

 

 

 

Salaries and benefits

     11,644        12,803   

Professional fees

     1,486        1,194   

Occupancy expense

     877        798   

Other operating expenses

     2,717        3,094   
  

 

 

   

 

 

 

Total operating expenses

     16,724        17,889   
  

 

 

   

 

 

 

Net investment income before income taxes

     16,826        15,145   

Income tax (provision) benefit

     —          —     
  

 

 

   

 

 

 

Net investment income after income taxes

     16,826        15,145   
  

 

 

   

 

 

 

Net realized gains (losses) on investments

     7,636        (5,607
  

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on investments

     (11,916     3,511   

Net change in unrealized appreciation on Medallion Bank and other controlled subsidiaries

     16,830        15,643   
  

 

 

   

 

 

 

Net unrealized appreciation on investments

     4,914        19,154   
  

 

 

   

 

 

 

Net realized/unrealized gains on investments

     12,550        13,547   
  

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 29,376      $ 28,692   
  

 

 

   

 

 

 

Net investment income after income taxes per common share

    

Basic

   $ 0.69      $ 0.61   

Diluted

   $ 0.69      $ 0.60   
  

 

 

   

 

 

 

Net increase in net assets resulting from operations per common share

    

Basic

   $ 1.21      $ 1.15   

Diluted

   $ 1.20      $ 1.14   
  

 

 

   

 

 

 

Distributions declared per share

   $ 1.00      $ 0.96   
  

 

 

   

 

 

 

Weighted average common shares outstanding

    

Basic

     24,315,427        24,850,496   

Diluted

     24,391,959        25,073,323   
  

 

 

   

 

 

 


MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

 

(Dollars in thousands, except per share data)

   December 31, 2015      December 31, 2014  

Assets

     

Medallion loans, at fair value

   $ 308,408       $ 311,894   

Commercial loans, at fair value

     81,895         71,149   

Investment in Medallion Bank and other controlled subsidiaries, at fair value

     159,913         136,848   

Equity investments, at fair value

     6,859         7,710   

Investment securities, at fair value

     49,884         —     
  

 

 

    

 

 

 

Net investments

     606,959         527,601   

Cash and cash equivalents

     30,912         47,083   

Accrued interest receivable

     1,003         988   

Fixed assets, net

     198         256   

Foreclosed properties

     37,882         47,502   

Goodwill, net

     5,099         5,099   

Other assets, net

     6,997         3,758   
  

 

 

    

 

 

 

Total assets

   $ 689,050       $ 632,287   
  

 

 

    

 

 

 

Liabilities

     

Accounts payable and accrued expenses

   $ 5,120       $ 6,651   

Accrued interest payable

     1,302         2,171   

Funds borrowed

     404,540         348,795   
  

 

 

    

 

 

 

Total liabilities

     410,962         357,617   
  

 

 

    

 

 

 

Commitments and contingencies

     —           —     

Total shareholders’ equity (net assets)

     278,088         274,670   
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 689,050       $ 632,287   
  

 

 

    

 

 

 

Number of common shares outstanding

     24,346,693         24,620,623   

Net asset value per share

   $ 11.42       $ 11.16   
  

 

 

    

 

 

 

Total managed loans

   $ 1,410,213       $ 1,291,646   

Total managed assets

     1,654,658         1,497,295   
  

 

 

    

 

 

 
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