Medallion Financial Corp. Reports 2026 First Quarter Results

NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) -- 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, today announced its financial results for the quarter ended March 31, 2026.

2026 First Quarter Highlights

Total net income attributable to stockholders for the first quarter was $5.0 million, or $0.20 per share, compared to $12.0 million, or $0.50 per share, in the prior year quarter. Total net income for the prior year quarter included a $9.4 million gain on equity investments, compared to $0.3 million in the current quarter.
Net interest income grew 5% to $54.1 million from $51.4 million in the prior year quarter.
Net interest margin (“NIM”) on gross loans was 8.00%, compared to 7.94% in the prior year quarter, and NIM on net loans was 8.35%, compared to 8.25% in the prior year quarter.
Loan originations grew 34% to $376.9 million, compared to $281.6 million in the prior year quarter, and included $170.0 million of strategic partnership loan originations in the current quarter, compared to $136.2 million in the prior year quarter.
Credit loss provision was $22.5 million, compared to $22.0 million in the prior year quarter.
The loan portfolio, including loans held for sale, as of March 31, 2026, was $2.618 billion, up 5% from $2.486 billion a year ago.
Net book value per share at March 31, 2026 was $17.10 compared to $16.36 a year ago.
The Company declared and paid a quarterly cash dividend of $0.12 per share.
Subsequent to March 31, 2026, the Board of Directors increased the quarterly cash dividend to $0.14 per share.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Following the strong results we achieved in 2025, Medallion continued that momentum in the first quarter 2026, demonstrating our ability to achieve growth across our lending segments. Loan originations grew 64% year-over-year in our recreation segment and 32% year-over-year in our home improvement segment, reflecting healthy demand and the strength of our platform. We saw year-over-year increases in our total portfolio, which expanded to a record $2.618 billion, net interest income, which increased to $54.1 million, and net book value per share, which grew to $17.10.

We continue to see both strong consumer demand for our loan products and improved credit performance. Credit losses in our recreation segment fell to 4.38% in the quarter compared to 4.67% in the 2025 quarter, while credit losses in our home improvement segment extended their multi-quarter decline. We continue to closely monitor the economic environment while remaining disciplined in our underwriting and focused on appropriate risk-adjusted returns.

As we continue to invest in our platform, we are implementing significant technological change and adding talented employees. This effort is designed to help create sustained loan origination growth in the coming periods. Ultimately, our business and lending model is designed to perform across cycles, and organic growth in high-quality assets will create resilience in varying market conditions.

We delivered one of our strongest loan volume quarters on record, reflecting exceptional demand for our products and the success of our origination efforts. We’re excited about the underlying business momentum and confident this strong volume positions us well for solid returns ahead.”

Business Highlights

Recreation Lending

Originations were $142.5 million during the quarter, compared to $86.8 million a year ago.
Recreation loans, including loans held for investment and loans held for sale, grew 7.5% to $1.672 billion, or 64% of total loans, as of March 31, 2026, compared to $1.546 billion, or 62%, a year ago.
Average loan size as of March 31, 2026 was $22,600 with a weighted average FICO score, measured at the time of loan origination, of 687.
Interest income grew 7% to $54.0 million for the quarter, from $50.5 million in the prior year quarter.
The average interest rate was 15.11% at quarter-end, compared to 15.01% a year ago.
Recreation loans 90 days or more past due were $9.2 million, or 0.57% of gross recreation loans, as of March 31, 2026, compared to $7.1 million, or 0.48%, a year ago.
Allowance for credit losses as of March 31, 2026 was 5.19%, compared to 5.00% a year ago.

Home Improvement Lending

Originations were $64.4 million during the quarter, compared to $48.8 million a year ago.
Home improvement loans were $814.9 million, or 31% of total loans, as of March 31, 2026, compared to $812.4 million, or 33%, a year ago.
Average loan size as of March 31, 2026 was $22,900 with a weighted average FICO score, measured at the time of loan origination, of 781.
Interest income was $19.4 million for the quarter, compared to $19.8 million in the prior year quarter.
The average interest rate was 9.82% at quarter-end, relatively unchanged as compared to 9.83% a year ago.
Home improvement loans 90 days or more past due were $1.4 million, or 0.17% of gross home improvement loans, as of March 31, 2026, compared to $1.5 million, or 0.19%, a year ago.
Allowance for credit losses as of March 31, 2026 was 2.49%, unchanged from a year ago.

Commercial Lending

Commercial loans were $119.6 million as of March 31, 2026, compared to $116.1 million a year ago.
Average loan size was $4.2 million as of March 31, 2026, invested across 28 portfolio companies.
The average interest rate on the portfolio was 14.18% as of March 31, 2026, compared to 13.14% a year ago.
We recognized $0.3 million of net equity gains during the quarter, compared to $9.4 million a year ago.

Strategic Partnerships

Originations were $170.0 million during the quarter, compared to $136.2 million a year ago.
Total strategic partnership loans held as of March 31, 2026 were $10.8 million, compared to $10.5 million a year ago.
Fees generated from strategic partnerships were $0.8 million for the quarter, compared to $0.7 million in the prior year quarter.
The average holding period of strategic partnership loans was approximately five days.

Taxi Medallion Lending

The Company collected $1.7 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.1 million.
Total net taxi medallion-related assets declined to $3.8 million, a 45% reduction from a year ago, and represented less than 0.2% of the Company’s total assets, as of March 31, 2026.

Average Balance Sheet

The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities, and which reflects the average yield on assets and average costs on liabilities as of and for the three months ended March 31, 2026 and 2025.

	Three Months Ended March 31,
	2026								2025
(Dollars in thousands)	Average Balance			Interest		Average Yield/Cost			Average Balance			Interest		Average Yield/Cost
Interest-earning assets
Interest earning cash equivalents	$	35,577		$	268		3.06	%	$	37,291		$	352		3.83	%
Federal funds sold		60,605			859		5.75			46,665			817		7.10
Investment securities		62,200			605		3.94			57,960			519		3.63
Loans
Recreation		1,636,409			54,034		13.39			1,542,323			50,466		13.25
Home improvement		812,577			19,376		9.67			820,012			19,771		9.78
Commercial		120,876			3,449		11.57			112,557			3,098		11.16
Taxi medallion		1,171			59		20.43			1,697			80		19.12
Strategic partnerships		10,066			418		16.84			8,050			322		16.22
Total loans		2,581,099			77,336		12.15			2,484,639			73,737		12.04
Total interest-earning assets, before allowance		2,739,481					11.70			2,626,555					11.65
Allowance for credit losses		(115,560	)							(98,261	)
Total interest-earning assets, net of allowance	$	2,623,921		$	79,068		12.21	%	$	2,528,294		$	75,425		12.10	%
Non-interest-earning assets
Cash		59,936								65,941
Equity investments		8,099								9,117
Loan collateral in process of foreclosure		6,972								9,547
Goodwill and intangible assets		168,325								169,770
Other assets		57,196								56,616
Total non-interest-earning assets		300,528								310,991
Total assets	$	2,924,449							$	2,839,285
Interest-bearing liabilities
Deposits	$	2,126,975		$	20,736		3.95	%	$	2,093,173		$	19,617		3.80	%
Privately placed notes		130,875			2,902		8.99			146,500			3,175		8.79
SBA debentures and borrowings		79,250			867		4.44			67,813			660		3.95
Trust preferred securities		33,000			504		6.19			33,000			561		6.89
Total interest-bearing liabilities		2,370,100			25,009		4.28			2,340,486			24,013		4.16
Non-interest-bearing liabilities
Deferred tax liability		19,480								20,510
Other liabilities⁽¹⁾		25,583								33,036
Total non-interest-bearing liabilities		45,063								53,546
Total liabilities		2,415,163								2,394,032
Non-controlling interest		100,013								69,166
Total stockholders’ equity		409,273								376,087
Total liabilities and stockholders’ equity	$	2,924,449							$	2,839,285
Net interest income				$	54,059							$	51,412
Net interest margin, gross							8.00								7.94
Net interest margin, net of allowance							8.35	%							8.25	%

(1) Includes deferred financing costs of $8.2 and $8.1 million as of March 31, 2026 and 2025.

Loan Portfolio

The following table provides information regarding the composition of our loan portfolio for the dates presented:

	March 31, 2026					December 31, 2025					March 31, 2025
(Dollars in thousands)	Amount		As a Percent of Total Loans			Amount		As a Percent of Total Loans			Amount		As a Percent of Total Loans
Loans held for investment:
Recreation	$	1,671,538		64	%	$	1,617,221		63	%	$	1,431,610		58	%
Home improvement		814,933		31			810,237		32			812,381		33
Commercial		119,612		5			123,068		5			116,059		5
Taxi medallion		1,126	*				1,179	*				1,650	*
Total loans		2,607,209		100			2,551,705		100			2,361,700		95
Loans held for sale, at lower of amortized cost or fair value:
Recreation		—		—			—		—			114,234		5
Strategic partnership		10,786	*				15,144	*				10,499	*
Total loans held for sale, at lower of amortized cost or fair value		10,786		—			15,144		—			124,733		5
Total loans and loans held for sale	$	2,617,995		100	%	$	2,566,849		100	%	$	2,486,433		100	%

(*) Less than 1%.

Balance Sheet

Cash and cash equivalents, including investment securities, as of March 31, 2026, were $206.6 million, compared to $218.4 million as of March 31, 2025.
As of March 31, 2026, total assets were $2.950 billion, up from $2.848 billion as of March 31, 2025.
As of March 31, 2026, total liabilities were $2.443 billion, up from $2.399 billion as of March 31, 2025.

Capital Allocation

Quarterly Dividend

The Board of Directors declared a quarterly dividend of $0.14 per share, payable on May 21, 2026, to stockholders of record at the close of business on May 11, 2026.

Dividends Announced	Amount Per Share		Record Date	Payment Date
Q2 2026	$	0.14	5/11/2026	5/21/2026
Q1 2026		0.12	3/19/2026	3/31/2026
Total: Year 2026 (Year to Date)		0.26
Total: Year 2025		0.47
Total: Year 2024		0.41
Total: Year 2023		0.34
Total: Year 2022 *		0.32

(*) Dividend reinstated in Q1 2022.

Stock Repurchase Plan

During the quarter ended March 31, 2026, the Company did not repurchase any shares of its common stock.
As of March 31, 2026, the Company had $14.4 million remaining under its $40 million stock repurchase program.

Conference Call Information

The Company will host a conference call to discuss its first quarter financial results tomorrow, Thursday, April 30, 2026, at 9:00 a.m. Eastern time.

In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

How to Participate

Date: Thursday, April 30, 2026
Time: 9:00 a.m. Eastern time
Dial-in number: (877) 407-4018 or (201) 689-8471
Live webcast: Link to Webcast of 1Q26 Earnings Call

A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

Replay Information

The conference call replay will be available following the end of the call through Thursday, May 7, 2026

Dial-in: (844) 512-2921 or (412) 317-6671
Passcode: 1375 9966

Additionally, the webcast replay will be available at the Company’s IR website.

About Medallion Financial Corp.

Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a 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 www.medallion.com.

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, expectations regarding our loan portfolio, including collections on our taxi medallion loans, 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, the effects of tariffs, the impact of the conflict with Iran, 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, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2025 Annual Report on Form 10-K.

Investor Relations
InvestorRelations@medallion.com
212-328-2176

Investor Relations
The Equity Group Inc.
Lena Cati
lcati@theequitygroup.com
(212) 836-9611

Val Ferraro
vferraro@theequitygroup.com
(212) 836-9633

MEDALLION FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)‌

	(Unaudited)						(Unaudited)
(Dollars in thousands, except share and per share data)	March 31, 2026			December 31, 2025			March 31, 2025
Assets
Cash, cash equivalents, and federal funds sold	$	138,649		$	201,564		$	157,994
Investment securities		67,934			60,183			60,424
Equity investments		8,099			8,099			8,997
Loans held for sale, at lower of amortized cost or fair value		10,786			15,144			124,733
Loans		2,607,209			2,551,705			2,361,700
Allowance for credit losses		(116,696	)		(114,789	)		(100,366	)
Net loans receivable		2,490,513			2,436,916			2,261,334
Goodwill and intangible assets, net		168,143			168,504			169,588
Property, equipment, and right-of-use lease asset, net		19,261			11,861			12,814
Accrued interest receivable		10,999			19,401			14,437
Loan collateral in process of foreclosure		6,418			7,333			9,183
Other assets		29,684			26,459			28,234
Total assets	$	2,950,486		$	2,955,464		$	2,847,738
Liabilities
Deposits	$	2,128,568		$	2,084,265		$	2,022,828
Long-term debt		214,159			215,987			199,665
Short-term borrowings		44,500			95,250			111,750
Deferred tax liabilities, net		21,217			19,596			21,538
Operating lease liabilities		4,489			5,041			4,528
Accrued interest payable		5,635			6,319			6,610
Accounts payable and accrued expenses		24,405			20,960			31,807
Total liabilities		2,442,973			2,447,418			2,398,726
Total stockholders’ equity		408,084			408,617			380,224
Non-controlling interest in consolidated subsidiaries		99,429			99,429			68,788
Total equity		507,513			508,046			449,012
Total liabilities and equity	$	2,950,486		$	2,955,464		$	2,847,738
Number of shares outstanding		23,864,438			23,311,683			23,235,030
Book value per share	$	17.10		$	17.53		$	16.36

MEDALLION FINANCIAL CORP.‌
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)‌

	Three Months Ended March 31,
(Dollars in thousands, except share and per share data)	2026		2025
Total interest income	$	79,068	$	75,425
Total interest expense		25,009		24,013
Net interest income		54,059		51,412
Provision for credit losses		22,476		22,014
Net interest income after provision for credit losses		31,583		29,398
Other income
Gain on equity investments, net		313		9,430
Gain on taxi medallion assets, net		1,099		843
Strategic partnership fees		823		685
Other income		173		641
Total other income, net		2,408		11,599
Other expenses
Salaries and employee benefits		11,000		9,993
Loan servicing fees		3,537		2,817
Collection costs		1,937		1,739
Professional fee costs, net		1,252		1,750
Regulatory fees		979		821
Rent expense		697		675
Depreciation		632		618
Amortization of intangible assets		361		361
Director compensation		432		190
Other expenses		1,547		1,794
Total other expenses		22,374		20,758
Income before income taxes		11,617		20,239
Income tax provision		4,328		6,713
Net income		7,289		13,526
Less: income attributable to the non-controlling interest		2,336		1,512
Net income attributable to Medallion Financial Corp.	$	4,953	$	12,014
Basic net income per share	$	0.21	$	0.53
Diluted net income per share	$	0.20	$	0.50
Weighted average common shares outstanding
Basic		23,059,744		22,570,797
Diluted		24,545,801		23,897,167
Dividends declared per common share	$	0.14	$	0.12

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