SALT LAKE CITY, July 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 June 30, 2026. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
2026 Second Quarter Highlights
- Net income of $16.0 million, compared to $17.3 million in the prior year quarter.
- Net income attributable to common shareholder of $13.7 million, compared to $14.7 million in the prior year quarter.
- Net interest income of $58.1 million, compared to $53.6 million in the prior year quarter. Total non-interest income of $3.0 million in both the current and prior year quarters.
- Net interest margin of 8.46%, compared to 8.55% in the prior year quarter.
- Recreation loan originations grew 60% from the prior year quarter to $228.5 million, and the loan portfolio grew 18% to $1.8 billion.
- Home Improvement loan originations grew 137% from the prior year quarter to $128.6 million, and the loan portfolio grew 10% to $885.6 million.
- Strategic partnership loan originations grew 47% from the prior year quarter to $247.1 million. During the quarter, the Bank added Together Loans to its growing strategic partnership program.
- Total provision for credit losses was $21.6 million, compared to $18.7 million in the prior year quarter.
- Annualized net charge-offs were 2.56% of average loans outstanding, compared to 2.66% in the prior year quarter.
- Annualized return on average assets and return on average equity were 2.36% and 14.39%, respectively, compared to 2.75% and 16.11%, respectively, for the prior year period.
- Total assets were $2.8 billion and the Tier 1 leverage ratio was 16.9% at June 30, 2026.
Series G Preferred Stock Dividend
On June 25, 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 October 1, 2026, to holders of record at the close of business on September 15, 2026.
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
[email protected]
STATEMENTS OF OPERATIONS
(UNAUDITED) Three Months Ended June 30, Six Months Ended June 30,(In thousands)2026
2025
2026
2025
Interest income Loan interest including fees$78,613 $71,688 $152,441 $142,305Investments 1,571 1,547 3,035 2,883Total interest income 80,184 73,235 155,476 145,188Interest expense 22,123 19,608 42,860 39,225Net interest income 58,061 53,627 112,616 105,963Provision for credit losses 21,567 18,697 43,630 37,735Net interest income after provision for credit losses 36,494 34,930 68,986 68,228Strategic partnership fees 1,136 787 1,959 1,472Gain on sale of recreation loans 1,281 1,304 1,281 1,304Other non-interest income 573 880 854 1,757Total non-interest income 2,990 2,971 4,094 4,533Non-interest expense Salaries and benefits 6,438 5,297 12,640 10,645Loan servicing 4,335 3,293 7,872 6,447Collection costs 1,901 1,985 3,810 3,675Insurance including FDIC assessment 1,139 1,219 2,212 2,150Professional fees 897 592 1,880 1,202Information technology 476 324 893 646Depreciation and amortization 612 587 1,204 1,165Occupancy and equipment 163 137 327 286Advertising 128 81 193 124Other 681 614 1,293 1,173Total non-interest expense 16,770 14,129 32,324 27,513Income before income taxes 22,714 23,772 40,756 45,248Provision for income taxes 6,728 6,468 11,765 12,305Net income$15,986 $17,304 $28,991 $32,943Less: Preferred stock dividends 2,335 2,598 4,671 4,110Net income attributable to common shareholder$13,651 $14,706 $24,320 $28,833
MEDALLION BANK
BALANCE SHEETS
(UNAUDITED)
(In thousands)June 30, 2026 December 31, 2025 June 30, 2025Assets Cash and federal funds sold$128,662 $147,449 $117,345 Investment securities, available-for-sale 69,933 60,183 61,529 Loans held for sale, at the lower of amortized cost or fair value 21,376 15,144 72,490 Loan receivables, inclusive of net deferred loan acquisition cost and fees 2,645,896 2,427,458 2,289,582 Allowance for credit losses (112,356) (105,519) (95,462) Loans, net 2,533,540 2,321,939 2,194,120 Repossessed assets(1) 3,031 2,589 3,414 Fixed assets and right-of-use lease assets, net 7,593 8,564 7,972 Deferred tax assets 14,288 14,353 14,647 Accrued interest receivable 20,769 19,265 15,124 Other assets 29,926 25,953 85,418 Total assets$2,829,118 $2,615,439 $2,572,059 Liabilities and Shareholders’ Equity Liabilities Deposits$2,293,715 $2,084,265 $2,009,176 Short-term borrowings 50,000 50,000 40,000 Accrued interest payable 2,981 3,488 3,065 Income tax payable(2) 12,325 15,229 26,734 Other liabilities 18,955 11,373 18,406 Due to affiliates 1,127 911 1,037 Total liabilities 2,379,103 2,165,266 2,098,418 Shareholders’ Equity Series E preferred stock 26,303 26,303 26,303 Series F preferred stock — — 42,485 Series G preferred stock 73,126 73,126 73,126 Common stock 1,000 1,000 1,000 Additional paid in capital 77,500 77,500 77,500 Accumulated other comprehensive loss, net of tax (3,692) (3,214) (3,931) Retained earnings 275,778 275,458 257,158 Total shareholders’ equity 450,015 450,173 473,641 Total liabilities and shareholders’ equity$2,829,118 $2,615,439 $2,572,059
(1) Formerly described as loan collateral in process of foreclosure.
(2) The majority of income tax payable is payable to Medallion Financial Corp, pursuant to a tax sharing agreement.