XBRL Financials

Financials

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023
Cover [Abstract]
Document Type	PREC14A
Amendment Flag	false
Entity Registrant Name	MEDALLION FINANCIAL CORP
Entity Central Index Key	0001000209

Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance Table


Year		Summary Compensation Table Total for PEO ($) (1)		Compensation Actually Paid to PEO ($) (2)		Average Summary Compensation Table for Non-PEO Named Executive Officers ($) (1)		Average Compensation Actually Paid to Non-PEO Named Executive Officers ($) (2)		Value of Initial Fixed $100 Investment Based on Total Shareholder Return ($)		Net Income ($)
2023			3,038,040		3,350,486		2,957,572		3,515,757		218		55,079,000
	2022		2,525,860		2,615,441		2,105,523		2,216,740		152		43,840,000
	2021		1,831,597		1,896,437		1,928,810		2,062,829		118		54,108,000

(1)

For the years ended December 31, 2023 and December 31, 2022, our Principal Executive Officer (“PEO”) was Alvin Murstein, our Chief Executive Officer, and the Non-PEO named executive officers (“Non-PEO NEOs”) were, Andrew M. Murstein, Anthony N. Cutrone, Donald S. Poulton, and D. Justin Haley. For the year ended December 31, 2021, our PEO was Alvin Murstein, our Chief Executive Officer, and the Non-PEO NEOs were, Andrew M. Murstein, Larry D. Hall, Donald S. Poulton, and Alexander S. Travis. The following tables set forth the adjustments made during each year represented in the Pay Versus Performance Table to arrive at compensation “actually paid” to our NEOs during each of the years in question.

(2)

Amounts reported in this column are based on total compensation reported for our PEO and the average of the total compensation reported for the Non-PEO NEOs in the Summary Compensation Table for the indicated fiscal years and adjusted as shown in the tables below. Fair value of equity awards was computed in accordance with the Company’s methodology used for financial reporting purposes.


Adjustments to Determine Compensation “Actually Paid” for PEO	2023 ($)			2022 ($)			2021 ($)
Deduct for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table		(398,319	)		(330,839	)		(110,236	)
Deduct for Amounts Reported under the “Option Awards” Column in the Summary Compensation Table	—				—			(110,236	)
Increase for Fair Value of Awards Granted during Covered Year that Remain Unvested as of Year End		565,439			307,577			200,650
Increase for Fair Value of Awards Granted during Covered Year that Vested During Covered Year	—			—			—
Increase/Deduct for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Year-End		65,500			33,028			26,214
Increase/Deduct for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Covered Year that Vested During Covered Year		57,362			57,917			58,448
Deduct for Fair Value of Awards Granted Prior to Covered Year that Failed to Meet Applicable Vesting Conditions During Covered Year	—			—			—
Increase Based on Dividends or Other Earnings Paid During Covered Year Prior to Vesting Date of Award		22,463			21,898			—
Total Adjustments		312,446			89,581			64,840

Adjustments to Determine Compensation “Actually Paid” for Non-PEO NEOs	2023 ($)			2022 ($)			2021 ($)
Deduct for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table		(759,111	)		(472,170	)		(166,804	)
Deduct for Amounts Reported under the “Option Awards” Column in the Summary Compensation Table	—			—				(166,806	)
Increase for Fair Value of Awards Granted during Covered Year that Remain Unvested as of Year End		1,077,605			438,971			282,887
Increase for Fair Value of Awards Granted during Covered Year that Vested During Covered Year	—			—				30,415
Increase/Deduct for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Year-End		127,667			41,614			30,227
Increase/Deduct for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Covered Year that Vested During Covered Year		76,392			72,889			151,854
Deduct for Fair Value of Awards Granted Prior to Covered Year that Failed to Meet Applicable Vesting Conditions During Covered Year	—			—				(27,754	)
Increase Based on Dividends or Other Earnings Paid During Covered Year Prior to Vesting Date of Award		35,632			29,913			—
Total Adjustments		558,185			111,217			134,019

Named Executive Officers, Footnote

PEO Total Compensation Amount

$ 3,038,040

$ 2,525,860

$ 1,831,597

PEO Actually Paid Compensation Amount

$ 3,350,486

2,615,441

1,896,437

Adjustment To PEO Compensation, Footnote


Adjustments to Determine Compensation “Actually Paid” for PEO	2023 ($)			2022 ($)			2021 ($)
Deduct for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table		(398,319	)		(330,839	)		(110,236	)
Deduct for Amounts Reported under the “Option Awards” Column in the Summary Compensation Table	—				—			(110,236	)
Increase for Fair Value of Awards Granted during Covered Year that Remain Unvested as of Year End		565,439			307,577			200,650
Increase for Fair Value of Awards Granted during Covered Year that Vested During Covered Year	—			—			—
Increase/Deduct for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Year-End		65,500			33,028			26,214
Increase/Deduct for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Covered Year that Vested During Covered Year		57,362			57,917			58,448
Deduct for Fair Value of Awards Granted Prior to Covered Year that Failed to Meet Applicable Vesting Conditions During Covered Year	—			—			—
Increase Based on Dividends or Other Earnings Paid During Covered Year Prior to Vesting Date of Award		22,463			21,898			—
Total Adjustments		312,446			89,581			64,840

Adjustments to Determine Compensation “Actually Paid” for Non-PEO NEOs	2023 ($)			2022 ($)			2021 ($)
Deduct for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table		(759,111	)		(472,170	)		(166,804	)
Deduct for Amounts Reported under the “Option Awards” Column in the Summary Compensation Table	—			—				(166,806	)
Increase for Fair Value of Awards Granted during Covered Year that Remain Unvested as of Year End		1,077,605			438,971			282,887
Increase for Fair Value of Awards Granted during Covered Year that Vested During Covered Year	—			—				30,415
Increase/Deduct for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Year-End		127,667			41,614			30,227
Increase/Deduct for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Covered Year that Vested During Covered Year		76,392			72,889			151,854
Deduct for Fair Value of Awards Granted Prior to Covered Year that Failed to Meet Applicable Vesting Conditions During Covered Year	—			—				(27,754	)
Increase Based on Dividends or Other Earnings Paid During Covered Year Prior to Vesting Date of Award		35,632			29,913			—
Total Adjustments		558,185			111,217			134,019

Non-PEO NEO Average Total Compensation Amount

$ 2,957,572

2,105,523

1,928,810

Non-PEO NEO Average Compensation Actually Paid Amount

$ 3,515,757

2,216,740

2,062,829

Adjustment to Non-PEO NEO Compensation Footnote


Adjustments to Determine Compensation “Actually Paid” for PEO	2023 ($)			2022 ($)			2021 ($)
Deduct for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table		(398,319	)		(330,839	)		(110,236	)
Deduct for Amounts Reported under the “Option Awards” Column in the Summary Compensation Table	—				—			(110,236	)
Increase for Fair Value of Awards Granted during Covered Year that Remain Unvested as of Year End		565,439			307,577			200,650
Increase for Fair Value of Awards Granted during Covered Year that Vested During Covered Year	—			—			—
Increase/Deduct for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Year-End		65,500			33,028			26,214
Increase/Deduct for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Covered Year that Vested During Covered Year		57,362			57,917			58,448
Deduct for Fair Value of Awards Granted Prior to Covered Year that Failed to Meet Applicable Vesting Conditions During Covered Year	—			—			—
Increase Based on Dividends or Other Earnings Paid During Covered Year Prior to Vesting Date of Award		22,463			21,898			—
Total Adjustments		312,446			89,581			64,840

Adjustments to Determine Compensation “Actually Paid” for Non-PEO NEOs	2023 ($)			2022 ($)			2021 ($)
Deduct for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table		(759,111	)		(472,170	)		(166,804	)
Deduct for Amounts Reported under the “Option Awards” Column in the Summary Compensation Table	—			—				(166,806	)
Increase for Fair Value of Awards Granted during Covered Year that Remain Unvested as of Year End		1,077,605			438,971			282,887
Increase for Fair Value of Awards Granted during Covered Year that Vested During Covered Year	—			—				30,415
Increase/Deduct for Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Covered Year that were Outstanding and Unvested as of Year-End		127,667			41,614			30,227
Increase/Deduct for Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Covered Year that Vested During Covered Year		76,392			72,889			151,854
Deduct for Fair Value of Awards Granted Prior to Covered Year that Failed to Meet Applicable Vesting Conditions During Covered Year	—			—				(27,754	)
Increase Based on Dividends or Other Earnings Paid During Covered Year Prior to Vesting Date of Award		35,632			29,913			—
Total Adjustments		558,185			111,217			134,019

Compensation Actually Paid vs. Total Shareholder Return

The graphs below describe the relationship between compensation actually paid to our PEO and to the non-PEO NEOs (as calculated above) and our financial and stock performance for the indicated years. The first graph reflects the relationship among the compensation actually paid to the PEO, the average compensation actually paid to the non-PEO NEOs and our cumulative total shareholder return for the years ended December 31, 2023, 2022, and 2021.

Compensation Actually Paid vs. Net Income

The graph below reflects the relationship among the compensation actually paid to the PEO, the average compensation actually paid to the non-PEO NEOs and the Company’s net income for the years ended December 31, 2023, 2022, and 2021.

Tabular List, Table

Company’s Most Important Financial Performance Measures

The following are the most important financial performance measures used by the Company to link compensation actually paid to our NEOs to the performance of the Company for the fiscal year ended December 31, 2023.

•

Net Income Attributable to Shareholders

•

Diluted EPS

•

Return on Shareholders’ Equity

•

Asset Growth

•

Medallion Portfolio Cash Received

•

Medallion Bank Segment Performance Metrics