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

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
InvestorRelations@medallion.com 

MEDALLION BANK 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		$	142,305
Investments		1,571			1,547			3,035			2,883
Total interest income		80,184			73,235			155,476			145,188
Interest expense		22,123			19,608			42,860			39,225
Net interest income		58,061			53,627			112,616			105,963
Provision for credit losses		21,567			18,697			43,630			37,735
Net interest income after provision for credit losses		36,494			34,930			68,986			68,228
Strategic partnership fees		1,136			787			1,959			1,472
Gain on sale of recreation loans		1,281			1,304			1,281			1,304
Other non-interest income		573			880			854			1,757
Total non-interest income		2,990			2,971			4,094			4,533
Non-interest expense
Salaries and benefits		6,438			5,297			12,640			10,645
Loan servicing		4,335			3,293			7,872			6,447
Collection costs		1,901			1,985			3,810			3,675
Insurance including FDIC assessment		1,139			1,219			2,212			2,150
Professional fees		897			592			1,880			1,202
Information technology		476			324			893			646
Depreciation and amortization		612			587			1,204			1,165
Occupancy and equipment		163			137			327			286
Advertising		128			81			193			124
Other		681			614			1,293			1,173
Total non-interest expense		16,770			14,129			32,324			27,513
Income before income taxes		22,714			23,772			40,756			45,248
Provision for income taxes		6,728			6,468			11,765			12,305
Net income	$	15,986		$	17,304		$	28,991		$	32,943
Less: Preferred stock dividends		2,335			2,598			4,671			4,110
Net income attributable to common shareholder	$	13,651		$	14,706		$	24,320		$	28,833

MEDALLION BANK
BALANCE SHEETS

	(UNAUDITED)								(UNAUDITED)
(In thousands)	June 30, 2026				December 31, 2025				June 30, 2025
Assets
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.

07/29/2026 16:05 -0400

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