Medallion Financial, a specialty finance company with a leading position servicing the taxicab industry, announced that earnings, or net increase in net assets resulting from operations were $6.25 million in Q2/13 compared to $5.92 million in Q2/12, an increase of $.33 million or 6%.

For the six months, earnings, or net increase in net assets resulting from operations were $12.72 million compared with $11.38 million in the same 2012 period, an increase of $1.34 million or 12%.

Medallion Financial’s on-balance sheet taxicab medallion loan portfolio was $294 million at quarter end, up from $278 million a year ago. Total managed medallion loans decreased $11 million or 2% to $662 million at quarter end, down from $673 million a year ago, primarily reflecting loan pay downs.

Medallion Financial’s on-balance sheet commercial loan portfolio was $59,000,000 at quarter end, up $5,000,000 or 9% from $54,000,000 a year ago, primarily reflecting growth in the commercial secured and high-yield mezzanine loan portfolios. The managed commercial loan portfolio was $109,000,000 at quarter end, down $6,000,000 or 5% from $115,000,000 last year, primarily reflecting decreases and reserve increases in the asset-based loan portfolio at Medallion Bank.

Andrew Murstein, president of Medallion Financial noted, “With the apparent resolution of the new medallion auction litigation in NYC, we are looking forward to opportunities to invest in and lend to purchasers of the 2,000 medallions expected to be issued over time, including as many as 400 before the end of this year,” Murstein said. “The taxi industry remains extremely strong in New York and in all of the markets we service as does our medallion loan portfolio which has a loan-to-value ratio under 40%.”