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
DateQ2 2026 $0.14  5/11/2026 5/21/2026Q1 2026  0.12  3/19/2026 3/31/2026Total: 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
[email protected]
212-328-2176

Investor Relations
The Equity Group Inc.
Lena Cati
[email protected]
(212) 836-9611

Val Ferraro
[email protected]
(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