Medallion Financial Corp Files 10-Q for Period Ending March 31, 2024

AI Summary

MEDALLION FINANCIAL CORP (MBNKO) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Medallion Financial Corp filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and segments, such as Home Improvement, Recreation, and Commercial Lending. Specific financial metrics and accounting standards updates are referenced, including those from 2016 and 2023. The company's business address is 437 Madison Ave, 38th Floor, New York, NY 10022. The filing was submitted on May 7, 2024.

Why It Matters

For investors and stakeholders tracking MEDALLION FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for Medallion Financial Corp, crucial for assessing the company's health and investment potential. The detailed segment information (e.g., Home Improvement, Recreation, Commercial Lending) allows for a deeper understanding of where the company generates revenue and its operational focus.

Risk Assessment

Risk Level: medium — MEDALLION FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information. However, the absence of specific financial performance figures (revenue, net income, EPS) in the provided text prevents a more precise risk assessment.

Analyst Insight

Investors should review the full 10-Q filing to analyze Medallion Financial Corp's financial performance, segment contributions, and any disclosed risks or forward-looking statements.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 10-Q — Form Type (FORM TYPE)
• 001-37747 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• MEDALLION FINANCIAL CORP (company) — FILER
• 437 MADISON AVE 38 TH FLOOR (company) — BUSINESS ADDRESS
• NEW YORK (company) — BUSINESS ADDRESS CITY
• NY (company) — BUSINESS ADDRESS STATE
• 10022 (company) — BUSINESS ADDRESS ZIP
• 2123282153 (company) — BUSINESS PHONE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-07 (date) — FILED AS OF DATE

FAQ

Industry Context

Medallion Financial Corp operates within the finance services sector, specifically focusing on lending and financial services.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the full 10-Q document for detailed financial statements and management discussion.
2. Investigate the performance of specific segments like Home Improvement, Recreation, and Commercial Lending.
3. Compare current quarter results with historical data and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update on the company's financial position and operations compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share MFIN NASDAQ Global Select
• $0 — of registrant's Common Stock, par value $0.01, as of May 6, 2024, was 23,376,542 .
• $2.6 billion — nding businesses. Our total assets were $2.6 billion as of both March 31, 2024 and December

Filing Documents

• mfin-20240331.htm (10-Q) — 5211KB
• mfin-ex31_1.htm (EX-31.1) — 14KB
• mfin-ex31_2.htm (EX-31.2) — 14KB
• mfin-ex32_1.htm (EX-32.1) — 7KB
• mfin-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-054668.txt ( ) — 21875KB
• mfin-20240331.xsd (EX-101.SCH) — 2312KB
• mfin-20240331_htm.xml (XML) — 5388KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 32

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 51

—OTHER INFORMATION

PART II—OTHER INFORMATION 52

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 52

RISK FACTORS

ITEM 1A. RISK FACTORS 52

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 52

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 52

EXHIBITS

ITEM 6. EXHIBITS 53

SIGNATURES

SIGNATURES 54 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The following discussion should be read in conjunction with our financial statements and the notes to those statements and other financial information appearing elsewhere in this report. This report contains forward-looking statements relating to future events and future performance applicable to us within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act, including, without limitation, statements regarding our expectations, beliefs, intentions, or future strategies that are signified by the words expects, anticipates, intends, believes, or similar language. In connection with certain forward-looking statements contained in this Form 10-Q and those that may be made in the future by or on behalf of the Company, the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this Form 10-Q were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory, and other uncertainties and contingencies, all of which are difficult or impossible to predict, and many of which are beyond control of the Company. In particular, any forward-looking statements are subject to the risks and great uncertainties associated with the pending litigation with the Securities and Exchange Commission as well as the U.S. and global economies, including the current inflationary environment and the risk of recession. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statements. The statements have not been audited by, examined by, compiled by, or subjected to agreed-upon procedures by independent accountants, and no third-

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS BASIS OF PREPARATION We, Medallion Financial Corp., or the Company, are a specialty finance company organized as a Delaware corporation. Our strategic focus is growing our consumer finance and commercial lending businesses. Our total assets were $2.6 billion as of both March 31, 2024 and December 31, 2023. We conduct our business through various wholly-owned subsidiaries including: Medallion Bank, or the Bank, a Federal Deposit Insurance Corporation, or FDIC, insured industrial bank that originates consumer loans, raises deposits and conducts other banking activities; Medallion Capital, Inc., or Medallion Capital, a Small Business Investment Company, or SBIC, which operates a mezzanine financing business; Medallion Funding LLC, or Medallion Funding, an SBIC, historically our primary taxi medallion lending company; and Freshstart Venture Capital Corp., or Freshstart, which historically originated and serviced taxi medallion and commercial loans and was an SBIC through 2023. Our consolidated balance sheet as of March 31, 2024, and the related consolidated statements of operations, consolidated statements of other comprehensive income, consolidated statements of stockholders' equity and cash flows for the three months then ended included in Item 1 have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying consolidated financial statements include all adjustments, which are of a normal and recurring nature, necessary to present fairly our consolidated financial position and results of operations. The results of operations for the three months ended March 31, 2024 may not be indi

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (1) ORGANIZATION OF MEDALLION FINANCIAL CORP. AND ITS SUBSIDIARIES Medallion Financial Corp., or the Company, is a specialty finance company organized as a Delaware corporation that reports as a bank holding company, but is not a bank holding company for regulatory purposes. The Company conducts its business through various wholly-owned subsidiaries including its primary operating company, Medallion Bank, or the Bank, a Federal Deposit Insurance Corporation, or FDIC, insured industrial bank that originates consumer loans, raises deposits, and conducts other banking activities. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes examinations by those agencies. The Bank was formed in May 2002 for the purpose of obtaining an industrial bank charter pursuant to the laws of the State of Utah. The Bank originates consumer loans on a national basis for the purchase of recreational vehicles, or RVs, boats, collector automobiles, and other consumer recreational equipment and to finance home improvements such as roofs, swimming pools, and windows. Prior to 2015, the Bank originated commercial loans to finance the purchase of taxi medallions, all of which are serviced by the Company. The loans are financed primarily with time certificates of deposit which are originated nationally through a variety of brokered deposit relationships. The Company also conducts business through its subsidiaries Medallion Capital, Inc., or Medallion Capital, a Small Business Investment Company, or SBIC, which conducts a mezzanine financing business; Medallion Funding LLC, or MFC, an SBIC, which historically was the Company's primary taxi medallion lending company; and Freshstart Venture Capital Corp., or FSVC, which historically originated and serviced taxi medallion and commercial loans and was an SBIC through 2023. Medallion Capital and MF

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