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Medallion Financial (MFIN) Q4 2017 Results - Earnings Call Transcript

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Medallion Financial (NASDAQ:MFIN) Q4 2017 Earnings Conference Call March 2, 2018 8:30 AM ET


Garrett Edson - ICR

Andrew Murstein - President

Larry Hall - Chief Financial Officer


Mike Grondahl - Northland Securities


Greeting and welcome to Medallion Financial Fourth Quarter and Full-Year 2017 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host Garrett Edson.

Garrett Edson

Thank you, and good morning. By now, everyone should have access to the earnings announcement, which was released prior to this call, and which may also be found on the company's website at medallion.com.

Before we begin formal remarks, we need to remind everyone that the matters discussed on this call include forward-looking statements or projected financial information that involve risks and uncertainties that may cause the company's actual results to differ materially from those projected in such forward-looking statements and projected financial information.

These statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. For further information on factors that could impact the company in the statements and projections contained herein, please refer to the company's filings with the Securities and Exchange Commission.

Each forward-looking statement and projection of financial information made during this call is based on information available to us as of the date of this call. We disclaim any obligation to update our forward-looking statements unless required by law.

I would now like to introduce Andrew Murstein, President of Medallion Financial.

Andrew Murstein

Thank you, Garrett, and welcome, everyone, to Medallion Financial's fourth quarter earnings call. We appreciate your continued support of Medallion. Joining me on today's call is our Chairman, Alvin Murstein; and our CFO, Larry Hall.

We are very pleased with our

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Comments (4)

berniebalto profile picture
Mr. Washburn - I agree. Just need some other market participants to see the 'good' and not the 'demise'. Things I like about MFIN include: liquidity at 12/31 was 4.93/share; 'hidden value' 8.21/share; decline in short interest from 10/17 (just 5 months) 54%. I really think an investor can make a nice return over the next 12 months buying at this level (4.45/sh).
watch out, tangible BV is about to get cut in half upon conversion
What’s not to like. This looks pretty good to me. Lower medallion loans, higher bank profits.
any concern about the hit to the BS when the bank is consolidated? Asset quality is going to look worse (150M increase to goodwill). They still have a ton of medallion loans as of today, still $320M or so with FVs well above the collateral underwriting them. avg FV is about $360K while to company has written down the collateral to 183K for NYC medallion loans. This is still a huge problem for them
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