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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
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
Home Improvement Lending
Commercial Lending
Strategic Partnerships
Taxi Medallion Lending
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
Capital Allocation
Quarterly Dividend
| 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
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
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
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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