Medallion Bank Reports 2026 First Quarter Results and Declares Series G Preferred Stock Dividend

SALT LAKE CITY, April 29, 2026 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKO, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2026. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

2026 First Quarter Highlights

• Net income of $13.0 million, compared to $15.6 million in the prior year quarter.
• Net income attributable to common shareholder of $10.7 million, compared to $14.1 million in the prior year quarter.
• Net interest income of $54.6 million, compared to $52.2 million in the prior year quarter. Total non-interest income of $1.1 million, compared to $1.7 million in the prior year quarter.
• Net interest margin of 8.39%, compared to 8.35% in the prior year quarter.
• Recreation loan originations grew 64% from the prior year quarter to $142.5 million, and the loan portfolio grew 17% to $1.7 billion.
• Home Improvement loan originations grew 32% from the prior year quarter to $64.4 million, and the loan portfolio grew less than 1% to $814.9 million.
• Strategic partnership loan originations grew 25% from the prior year quarter to $170.0 million.
• Total provision for credit losses was $22.1 million, compared to $19.0 million in the prior year quarter.
• Annualized net charge-offs were 3.40% of average loans outstanding, compared to 3.41% in the prior year quarter.
• Annualized return on assets and return on equity were 2.03% and 11.93%, respectively, compared to 2.51% and 16.49%, respectively, for the prior year period.
• Total assets were $2.6 billion and the Tier 1 leverage ratio was 17.4% at March 31, 2026.
  

Series G Preferred Stock Dividend

On April 28, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of $0.5625 per share on the Bank’s Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The dividend is payable on July 1, 2026, to holders of record at the close of business on June 15, 2026.

Other Information

Beginning this quarter, the Bank has updated the format of its earnings press release. The Bank’s quarterly and annual filings with the FDIC are available in the Investor Relations section of the Bank’s website.

About Medallion Bank

Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

For more information, visit www.medallionbank.com

For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2025, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com

(1) The majority of income tax payable is payable to Medallion Financial Corp, pursuant to a tax sharing agreement.