Parent Company Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent Company Only Condensed Financial Statements

(22) PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

The following shows the condensed financial information of Medallion Financial Corp. (parent company only) under Bank Holding Company Accounting.

Condensed Balance Sheets

(Dollars in thousands)	December 31, 2019		December 31, 2018
Assets
Cash	$	4,477	$	1,110
Net loans receivable		26,802		37,737
Loans collateral in process of foreclosure		11,104		12,001
Goodwill and intangible assets		177,176		178,621
Investments in bank subsidiaries		158,201		142,469
Investments in non-bank subsidiaries		92,856		91,059
Income tax receivable		4,708		—
Other assets		14,111		5,776
Total assets	$	489,435	$	468,773
Liabilities
Other liabilities	$	18,660	$	9,073
Intercompany payables		54,904		63,352
Short-term borrowings		8,188		38,870
Deferred tax liabilities		30,728		28,245
Long-term borrowings		113,807		66,625
Total liabilities		226,287		206,165
Total stockholders’ equity		263,148		262,608
Total liabilities and equity	$	489,435	$	468,773

Condensed Statements of Operations

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

Condensed Statements of Other Comprehensive Income (Loss)

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

Condensed Statements of Cash Flow

(Dollars in thousands)	Year Ended December 31, 2019			Nine Months Ended December 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    Net income (loss)	$	(1,762	)	$	(10,172	)
Adjustments to reconcile net income (loss) to net cash provided by    operating activities:
Equity in undistributed earnings of subsidiaries		(22,696	)		(28,041	)
Provision for loan losses		6,377			19,190
Depreciation and amortization		5,484			5,451
Change in deferred and other tax assets/liabilities, net		(2,225	)		4,512
Proceeds from sales of loan collateral in process of foreclosure		2,403			487
Net change in loan collateral in process of foreclosure		906			678
Net change in unrealized depreciation on investments		1,786			—
Stock-based compensation expense		1,221			425
Decrease in other assets		988			4,073
Increase in deferred financing costs		(1,297	)		—
Decrease in intercompany payables		(8,448	)		(3,368	)
Increase in other liabilities		(1,759	)		4,237
Net cash used by operating activities		(19,022	)		(2,528	)
CASH FLOWS FROM INVESTING ACTIVITIES
Loans originated		(3,312	)		(309	)
Proceeds from principal receipts, sales, and maturities    of loans and investments		2,313			10,900
Purchases of investments		(1,125	)		—
Dividends from subsidiaries		6,248			5,200
Net cash provided by investing activities		4,124			15,791
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from funds borrowed		36,000			—
Repayments of funds borrowed		(17,735	)		(17,208	)
Net cash provided by (used for) financing activities		18,265			(17,208	)
NET INCREASE (DECREASE) IN CASH AND    CASH EQUIVALENTS		3,367			(3,945	)
Cash and cash equivalents, beginning of period		1,110			5,055
Cash and cash equivalents, end of period	$	4,477		$	1,110