# EDGAR Filing Document

**Accession Number:** 0001000209
**File Stem:** 0001193125-23-044803
**Filing Date:** 2023-2
**Character Count:** 22134
**Document Hash:** 8245d9dffca7798f5293e6b17795df52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044803.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044803

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**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:** 001-37747
- **FILM NUMBER:** 23653051

**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

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### 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 22, 2023

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## MEDALLION FINANCIAL CORP.

#### (Exact name of registrant as specified in its charter)

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#### Delaware

#### (State or other jurisdiction of incorporation)

#### 001-37747

#### (Commission File Number)

#### 04-3291176

#### (IRS Employer Identification No.)

#### 437 Madison Avenue

#### New York, New York 10022

#### (Address of principal executive offices) (Zip code)
(212) 328-2100

#### (Registrant's telephone number, including area code)

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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:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.01 per share MFIN | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

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Medallion Financial Corp. (the "Company"), issued a press release to the news media announcing, among other things, the Company's results for the year and quarter ended December 31, 2022.

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.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits**  |

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(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

The following exhibits are being filed with this Current Report on Form 8-K:

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| | |
|:---|:---|
| 99.1 | [Press release, dated February 22, 2023](d628013dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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

Dated: February 22, 2023

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| | |
|:---|:---|
| **MEDALLION FINANCIAL CORP.** | **MEDALLION FINANCIAL CORP.** |
| By: | /s/ Anthony N. Cutrone |
|  | Name: Anthony N. Cutrone |
|  | Title: Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

![LOGO](g628013g0222223938201.jpg) **<u> </u>**

**<u>FOR IMMEDIATE RELEASE</u>**

**MEDALLION FINANCIAL CORP. REPORTS 2022 FOURTH QUARTER** 

**AND FULL-YEAR RESULTS** 

**NEW YORK, NY – February 22, 2023 –** Medallion Financial Corp. (NASDAQ: MFIN, "Medallion" or the "Company"), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter and full-year ended December 31, 2022.

**2022 Fourth Quarter Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $13.1 million, or $0.57 per share, compared to $19.5 million, or $0.78 per share, in the
prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income grew 22% to $43.6 million from $35.6 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin was 8.86%, compared to 9.38% in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan originations were $191.9 million, compared to $192.6 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The loan loss provision increased to $9.0 million from $2.6 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company declared and paid a quarterly cash dividend of $0.08 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company repurchased 257,231 shares of its common stock for $1.8 million.

**2022 Full-Year Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $43.8 million, or $1.83 per share, compared to $54.1 million, or $2.17 per share, in the
prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income grew 26% to $160.4 million from $127.8 million in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin was 9.05%, compared to 9.25% in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan originations increased 32% to $983.9 million from $747.4 million in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The loan loss provision was $30.1 million for the year, compared to $4.6 million in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total assets were $2.3 billion at year-end, a 21% increase over the
prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company reinstated its quarterly dividend in the first quarter, and declared and paid cash dividends for a
total of $0.32 per share during the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company repurchased 2,650,911 shares of its common stock, or 10.5% of its outstanding shares at the beginning
of the year, during the year for $20.6 million.

**Executive Commentary – Andrew Murstein, President of Medallion** 

"Driven by the continued growth of our loan portfolio, we generated the highest level of net interest income in our 25-plus year history as a public company. Our bottom-line performance remained strong, especially given the normalization of our loan loss provision during the year. This performance enabled us to pay shareholders $0.32 per share in dividends and buy back more than $20 million of our stock, reinforcing our commitment to our shareholders. We believe that our business is positioned to continue to drive shareholder value and help us navigate the current macro environment."

------

**Business Segment Highlights** 

*Recreation Lending Segment* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Originations were $79.3 million during the quarter, compared to $95.2 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recreation loans grew 23% to $1.2 billion as of December 31, 2022, compared to $961.3 million a
year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recreation loans were 62% of total loans as of December 31, 2022, compared to 65% a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income grew 11% to $32.7 million for the quarter, from $29.4 million in the prior year
quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average interest rate was 14.28% at quarter-end, compared to 14.50% a
year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recreation loans 90 days or more past due were $7.4 million, or 0.64% of gross recreation loans, as of
December 31, 2022, compared to $3.8 million, or 0.41%, a year ago.

*Home Improvement Lending Segment* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Originations grew to $97.1 million during the quarter, up from $78.3 million of the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home improvement loans grew 43% to $626.4 million as of December 31, 2022, compared to
$436.8 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home improvement loans were 33% of total loans as of December 31, 2022, compared to 29% a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income grew 17% to $10.1 million for the quarter, from $8.6 million in the prior year
quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average interest rate was 8.65% at quarter-end, compared to 8.47% a
year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Home improvement loans 90 days or more past due were $0.6 million, or 0.09% of gross home improvement loans,
as of December 31, 2022, compared to $0.1 million, or 0.03%, a year ago.

*Commercial Lending Segment* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial loans were $92.9 million at December 31, 2022, compared to $76.7 million a year ago.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average interest rate on the portfolio was 12.23%, compared to 12.34% a year ago.

*Medallion Lending Segment* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company collected $5.2 million in the fourth quarter and $29.2 million in the full-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total net medallion exposure declined to $24.5 million (comprised of $4.1 million of loans net of
allowance for loan losses and $20.4 million of loan collateral in process of foreclosure), a 40% reduction from a year ago, and represented 1% of the Company's total assets, as of December 31, 2022.

**Loan Detail** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, net charge-offs were $6.7 million, compared to a benefit of $0.1 million in the
prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total loans 90 days or more past due were 0.47% of loans at December 31, 2022, compared to 0.28% at
December 31, 2021.

**Capital Allocation** 

*Quarterly Dividend* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Directors declared a quarterly cash dividend of $0.08 per share payable on March 31, 2023 to
shareholders of record at the close of business on March 15, 2023.

------

*Stock Repurchase Plan* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the fourth quarter, the Company repurchased 257,231 shares of its common stock at an average cost of $6.98
per share, for a total of $1.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the year, the Company repurchased 2,650,911 shares of its common stock at an average cost of $7.78 per
share, for a total of $20.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2022, the Company had $20.0 million remaining under its $40 million share
repurchase program.

**Current Expected Credit Loss (CECL) Adoption** 

On January 1, 2023, the Company adopted the Current Expected Credit Loss accounting standard (Topic 326), otherwise known as CECL. Our initial calculation of the CECL transition amount as of that date was an $11.6 million increase in our allowance for loan losses, or allowance for credit losses as it is called under CECL, for consumer loans and a $2.2 million increase with respect to our commercial loans. The medallion loan allowance was not affected. With the adoption of CECL, we expect that there will be earlier recognition of credit losses, including a near-term effect of larger loan loss provisions, compared to the previous incurred losses accounting standard.

**Conference Call Information** 

The Company will host a conference call to discuss its fourth quarter and full-year financial results tomorrow, Thursday, February 23, 2023, at 9:00 a.m. Eastern time.

As part of its earnings release, the Company has updated its quarterly supplement presentation, which is now available at <u>www.medallion.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conference Call Dial-In: (877) 407-0789 (U.S.) or (201) 689-8562 (international)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Live Webcast: <u>Link to Webcast</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Call Replay: available following the end of the call through Thursday, March 2, 2023, by telephone at (844) 512-2921 (U.S.) or (412) 317-6671 (international), passcode 1373 6324.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Webcast Replay: available at <u>http://www.medallion.com/investors.html</u> until the next quarter's results
are announced.

**About Medallion Financial Corp.** 

Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit <u>www.medallion.com</u>.

**Forward-Looking Statements** 

*Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as "will" and "continue" or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, the impact of the pending SEC investigation, expectations regarding our loan portfolio, the potential for future asset growth and market share opportunities. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, as well as the COVID-19 pandemic on Medallion's business, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion's control. In addition to risks relating to the current economy, as well as the COVID-19 pandemic, a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, please refer to the factors discussed under the heading "Risk Factors" in Medallion's 2021 Annual Report on Form 10-K.* 

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**<u>Company Contact:</u>**

Investor Relations

212-328-2176

<u>InvestorRelations@medallion.com</u> 

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**MEDALLION FINANCIAL CORP.** 

**CONSOLIDATED BALANCE SHEETS** 

**(UNAUDITED)** 

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| | | |
|:---|:---|:---|
| *(Dollars in thousands, except share and per share data)* | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents, and federal funds sold | $**105598** | $124484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity investments and investment securities | **58785** | 54498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | **1916953** | 1488924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | **(63845)** | (50166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loans receivable | **1853108** | 1438758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan collateral in process of foreclosure | **21819** | 37430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill and intangible assets | **172838** | 174283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | **47731** | 43604 |
|  **Total assets** | $**2259879** | $1873057 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | $**1607110** | $1250880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | **219320** | 219973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other liabilities | **27776** | 19113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities and other tax payables | **26753** | 18210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | **8396** | 9053 |
|  **Total liabilities** | **1889355** | 1517229 |
|  Commitments and contingencies |  |  |
|  **Total stockholders' equity** | **301736** | 287040 |
|  Non-controlling interest in consolidated subsidiaries | **68788** | 68788 |
|  **Total equity** | **370524** | 355828 |
|  **Total liabilities and equity** | $**2259879** | $1873057 |
|  Number of shares outstanding | **23061673** | 25173386 |
|  **Book value per share** | $**13.08** | $11.40 |

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**MEDALLION FINANCIAL CORP.** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(UNAUDITED)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| *(Dollars in thousands, except share and per share data)* | **2022** | **2021** | **2022** | **2021** |
|  **Total interest income** | $**54513** | $43013 | $**196621** | $158966 |
|  **Total interest expense** | **10926** | 7422 | **36185** | 31140 |
|  **Net interest income** | **43587** | 35591 | **160436** | 127826 |
|  Provision for loan losses | **9013** | 2622 | **30059** | 4622 |
|  **Net interest income after provision for loan losses** | **34574** | 32969 | **130377** | 123204 |
|  **Other income (loss)** |  |  |  |  |
|  Gain (loss) on equity investments | **(206)** | 10073 | **2779** | 17379 |
|  Write-down of loan collateral in process of foreclosure | **(49)** | (207) | **(657)** | (5592) |
|  Gain on extinguishment of debt | **—** | **—** | **—** | 4626 |
|  Sponsorship and race winnings, net | **—** | 2414 | **—** | 12567 |
|  Other income | **1125** | 2377 | **7404** | 2586 |
|  **Total other income, net** | **870** | 14657 | **9526** | 31566 |
|  **Other expenses** |  |  |  |  |
|  Salaries and employee benefits | **7421** | 10048 | **31130** | 31591 |
|  Professional fees | **948** | 617 | **13054** | 5311 |
|  Loan servicing fees | **2140** | 1951 | **8371** | 7013 |
|  Collection costs | **1379** | 1269 | **5314** | 5279 |
|  Race team related expenses | **—** | 2340 | **—** | 9559 |
|  Other expenses | **3913** | 3489 | **14184** | 14146 |
|  **Total other expenses** | **15801** | 19714 | **72053** | 72899 |
|  **Income before income taxes** | **19643** | 27912 | **67850** | 81871 |
|  Income tax provision | **5071** | 7644 | **17963** | 24217 |
|  **Net income after taxes** | **14572** | 20268 | **49887** | 57654 |
|  Less: income attributable to the non-controlling interest | **1512** | 798 | **6047** | 3546 |
|  **Total net income attributable to Medallion Financial Corp.** | $**13060** | $19470 | $**43840** | $54108 |
|  Income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $**0.59** | $0.79 | $**1.86** | $2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $**0.57** | $0.78 | $**1.83** | $2.17 |
|  Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **22286272** | 24647971 | **23583049** | 24599804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **22725292** | 24935027 | **23927342** | 24943169 |
|  Dividends declared per common share | $**0.08** | $**—** | $**0.32** | $**—** |

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