Medallion Financial Corp. Reports 2026 Second Quarter Results

NEW YORK, July 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 June 30, 2026.

2026 Second Quarter Highlights

  • Total net income attributable to stockholders for the second quarter was $7.4 million, or $0.31 per share, compared to $11.1 million, or $0.46 per share, in the prior year quarter. Total net income for the quarter included a $0.2 million gain on equity investments, compared to a $6.1 million gain on equity in the prior year quarter.
  • Net interest income grew 7% to $57.2 million from $53.4 million in the prior year quarter.
  • Net interest margin (“NIM”) on gross loans was 7.94%, compared to 8.09% in the prior year quarter, and NIM on net loans was 8.28%, compared to 8.42% in the prior year quarter.
  • Total assets exceeded $3.0 billion for the first time in company history.
  • Loan originations grew 63% to $611.6 million, compared to $375.0 million in the prior year quarter, and included $247.1 million of strategic partnership loan originations in the current quarter, compared to $168.6 million in the prior year quarter.
  • Total loan portfolio as of June 30, 2026 was $2.795 billion, up 12.5% compared to $2.485 billion a year ago.
  • Credit loss provision was $22.3 million, compared to $21.6 million in the prior year quarter.
  • Net book value per share at June 30, 2026 was $17.62 compared to $16.77 a year ago.
  • The Company declared and paid a quarterly cash dividend of $0.14 per share.
  • The Company repurchased 779,799 shares of its common stock at an average cost of $9.85 per share for $7.7 million.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Our second quarter results further demonstrate the strength and scalability of our lending platform. We achieved record assets of more than $3.0 billion, increased loan originations by 63%, grew net interest income by 7%, and continued to build book value while maintaining disciplined underwriting standards.

Demand across our recreation and home improvement lending businesses remains healthy, and our strategic partnership business continues to expand with strategic partnership originations reaching $247 million during the quarter. Additionally, we repurchased nearly 780,000 shares during the quarter at an average price of $9.85 per share, which we believe creates meaningful long-term shareholder value.

Despite the absence of significant gains on equity investments in the quarter, our core lending franchise continued to produce meaningful operating results supporting our earnings. As our loan portfolio expanded, we recorded higher credit provisions to support that growth, reflecting the up front reserve requirements associated with new loan originations. These originations provide visibility into future portfolio and earnings growth.

We believe Medallion is well positioned for continued profitable growth through disciplined underwriting, a strong funding base, expanding strategic partnerships, and prudent capital allocation.”

Business Highlights

Recreation Lending

  • Originations were $228.5 million during the quarter, up 63.0% compared to $142.8 million a year ago.
  • Recreation loans, including loans held for investment and loans held for sale, grew 14% to $1.760 billion, or 63% of total loans, as of June 30, 2026, compared to $1.546 billion, or 62%, a year ago.
  • Average loan size as of June 30, 2026 was $22,300 with a weighted average FICO score, measured at the time of loan origination, of 686.
  • Interest income grew 12% to $57.1 million for the quarter, from $51.1 million in the prior year quarter.
  • The average interest rate was 15.06% at quarter-end, compared to 15.12% a year ago.
  • Recreation loans 90 days or more past due were $9.7 million, or 0.57% of gross recreation loans, as of June 30, 2026, compared to $7.3 million, or 0.49%, a year ago.
  • Allowance for credit losses as of June 30, 2026 was 5.16%, compared to 5.05% a year ago.

Home Improvement Lending

  • Originations were $128.6 million during the quarter, up 31.7% compared to $54.3 million a year ago.
  • Home improvement loans were $885.6 million, or 32% of total loans, as of June 30, 2026, compared to $803.5 million, or 32%, a year ago.
  • Average loan size as of June 30, 2026 was $24,500 with a weighted average FICO score, measured at the time of loan origination, of 768.
  • Interest income was $20.9 million for the quarter, compared to $20.1 million in the prior year quarter.
  • The average interest rate was 9.69% at quarter-end, compared to 9.87% a year ago.
  • Home improvement loans 90 days or more past due were $1.5 million, or 0.17% of gross home improvement loans, as of June 30, 2026, compared to $1.3 million, or 0.16%, a year ago.
  • Allowance for credit losses as of June 30, 2026 was 2.42%, compared to 2.54% a year ago.

Commercial Lending

  • Commercial loans were $126.2 million as of June 30, 2026, compared to $121.4 million a year ago.
  • Average loan size was $4.1 million as of June 30, 2026, invested across 30 portfolio companies.
  • Interest income was $3.5 million for the quarter, compared to $3.8 million in the prior year quarter.
  • The average interest rate on the portfolio was 14.37% as of June 30, 2026, compared to 13.43% a year ago.
  • We recognized $0.2 million of net equity gains during the quarter, compared to $6.1 million a year ago.

Strategic Partnerships

  • Originations were $247.1 million during the quarter, compared to $168.6 million a year ago.
  • Total strategic partnership loans held for sale as of June 30, 2026 were $21.4 million, compared to $12.3 million a year ago.
  • Fees generated from strategic partnerships were $1.1 million for the quarter, compared to $0.8 million in the prior year quarter.
  • The average holding period of strategic partnership loans was approximately five days.

Taxi Medallion Lending

  • The Company collected $1.8 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.4 million.
  • Total net taxi medallion-related assets declined to $3.5 million, a 42% reduction from a year ago, and represented 0.1% of the Company’s total assets, as of June 30, 2026.

AVERAGE BALANCES AND RATES

The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities and reflects the average yield on assets and average costs on liabilities as of and for the three months ended June 30, 2026 and 2025.*

  Three Months Ended June 30, 
  2026  2025 
(Dollars in thousands) Average
Balance		  Interest  Average
Yield/Cost		  Average
Balance		  Interest  Average
Yield/Cost		 
Interest-earning assets                  
Interest earning cash equivalents $65,222  $521   3.20% $35,166  $367   4.19%
Federal funds sold  67,191   877   5.24   67,533   954   5.67 
Investment securities  69,020   694   4.03   60,991   593   3.90 
Loans                  
Recreation  1,702,708   57,101   13.45   1,530,529   51,101   13.39 
Home improvement  845,756   20,929   9.93   808,517   20,133   9.99 
Commercial  122,878   3,505   11.44   118,735   3,839   12.97 
Taxi medallion  1,209   167   55.40   1,607   72   17.97 
Strategic partnerships  14,110   583   16.57   10,558   383   14.55 
Total loans  2,686,661   82,285   12.28   2,469,946   75,528   12.27 
Total interest-earning assets, before allowance  2,888,094      11.71   2,633,636      11.75 
Allowance for credit losses  (118,655)        (103,117)      
Total interest-earning assets, net of allowance $2,769,439  $84,377   12.21% $2,530,519  $77,442   12.23%
Non-interest-earning assets                  
Cash  60,400         58,030       
Equity investments  8,425         8,522       
Loan collateral in process of foreclosure  6,299         9,010       
Goodwill and intangible assets  167,964         169,409       
Other assets  59,806         62,360       
Total non-interest-earning assets  302,894         307,331       
Total assets $3,072,333        $2,837,850       
Interest-bearing liabilities                  
Deposits $2,240,678  $22,122   3.96% $2,047,347  $19,608   3.84%
Privately placed notes  171,500   3,689   8.63   146,500   3,172   8.68 
SBA debentures and borrowings  73,500   813   4.44   70,500   733   4.17 
Trust preferred securities  33,000   506   6.15   33,000   559   6.79 
Total interest-bearing liabilities  2,518,678   27,130   4.32   2,297,347   24,072   4.20 
Non-interest-bearing liabilities                  
Deferred tax liability  20,392         19,920       
Other liabilities(1)  24,482         28,206       
Total non-interest-bearing liabilities  44,874         48,126       
Total liabilities  2,563,552         2,345,473       
Non-controlling interest  100,013         106,049       
Total stockholders’ equity  408,768         386,328       
Total liabilities and stockholders’ equity $3,072,333        $2,837,850       
Net interest income    $57,247        $53,370    
Net interest margin, gross        7.94         8.09 
Net interest margin, net of allowance        8.28%        8.42%

(1)    Includes deferred financing costs of $10.2 million and $8.5 million as of June 30, 2026 and 2025.

Loan Portfolio

The following table provides information regarding the composition of our loan portfolio for the dates presented:

  June 30, 2026  December 31, 2025  June 30, 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 $1,760,297   63% $1,617,221   63% $1,486,047   60%
Home improvement  885,599   32   810,237   32   803,535   32 
Commercial  126,177   5   123,068   5   121,415   5 
Taxi medallion  1,293  *   1,179  *   1,564  * 
Total loans  2,773,366   99   2,551,705   100   2,412,561   98 
Loans held for sale, at lower of amortized cost or fair value:                  
Recreation  —   —   —   —   60,205   2 
Strategic partnership  21,376  *   15,144  *   12,285  * 
Total loans held for sale, at lower of amortized cost or fair value  21,376  *   15,144  *   72,490   2 
Total loans and loans held for sale $2,794,742   100% $2,566,849   100% $2,485,051   100%

(*) Less than 1%.

Balance Sheet

  • Cash and cash equivalents, including investment securities, as of June 30, 2026, were $275.9 million, compared to $213.5 million as of June 30, 2025.
  • As of June 30, 2026, total assets were $3.194 billion, up from $2.880 billion as of June 30, 2025.
  • As of June 30, 2026, total liabilities were $2.688 billion, up from $2.347 billion as of June 30, 2025.

Capital Allocation

Quarterly Dividend

  • The Board of Directors declared a quarterly dividend of $0.14 per share, payable on August 31, 2026, to stockholders of record at the close of business on August 17, 2026.

Dividends Announced Amount
Per Share		  Record
Date		 Payment
Date
Q3 2026 $0.14  8/17/2026 8/31/2026
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)  0.40     
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 June 30, 2026, the Company repurchased 779,799 shares of its common stock at an average cost of $9.85 per share for $7.7 million.
  • As of June 30, 2026, the Company had $6.7 million remaining under its $40 million stock repurchase program.

Conference Call Information

The Company will host a conference call to discuss its second quarter financial results tomorrow, Thursday, July 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, August 6, 2026

  • Dial-in: (844) 512-2921 or (412) 317-6671
  • Passcode: 1021 0218

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 (swimming pools, replacement roofs, 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


MEDALLION FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)‌
 
  (Unaudited)     (Unaudited) 
(Dollars in thousands, except share and per share data) June 30, 2026  December 31, 2025  June 30, 2025 
Assets         
Cash, cash equivalents, and federal funds sold $205,991  $201,564  $151,994 
Investment securities  69,933   60,183   61,529 
Equity investments  8,734   8,099   8,097 
Loans held for sale, at lower of amortized cost or fair value  21,376   15,144   72,490 
Loans  2,773,366   2,551,705   2,412,561 
Allowance for credit losses  (122,701)  (114,789)  (106,896)
Net loans receivable  2,650,665   2,436,916   2,305,665 
Goodwill and intangible assets, net  167,782   168,504   169,227 
Accrued interest receivable  20,923   19,401   15,294 
Property, equipment, and right-of-use lease asset, net  8,666   11,861   11,890 
Loan collateral in process of foreclosure  6,646   7,333   9,007 
Other assets  32,869   26,459   74,801 
Total assets $3,193,585  $2,955,464  $2,879,994 
Liabilities         
Deposits $2,293,935  $2,084,265  $2,009,176 
Long-term debt  287,547   215,987   199,928 
Short-term borrowings  54,500   95,250   86,750 
Deferred tax liabilities, net  19,973   19,596   19,261 
Operating lease liabilities  3,876   5,041   4,041 
Accrued interest payable  6,101   6,319   5,746 
Accounts payable and accrued expenses  22,206   20,960   22,527 
Total liabilities  2,688,138   2,447,418   2,347,429 
Total stockholders’ equity  406,018   408,617   389,896 
Non-controlling interest in consolidated subsidiaries  99,429   99,429   142,669 
Total equity  505,447   508,046   532,565 
Total liabilities and equity $3,193,585  $2,955,464  $2,879,994 
Number of shares outstanding  23,041,645   23,311,683   23,246,593 
Book value per share $17.62  $17.53  $16.77 
             


MEDALLION FINANCIAL CORP.‌
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)‌
 
  Three Months Ended June 30,  Six Months Ended June 30, 
(Dollars in thousands, except share and per share data) 2026  2025  2026  2025 
Total interest income $84,377  $77,442  $163,445  $152,867 
Total interest expense  27,130   24,072   52,139   48,085 
Net interest income  57,247   53,370   111,306   104,782 
Provision for credit losses  22,273   21,562   44,749   43,576 
Net interest income after provision for credit losses  34,974   31,808   66,557   61,206 
Other income            
Gain on taxi medallion assets, net  1,316   749   2,415   1,592 
Strategic partnership fees  1,136   787   1,959   1,472 
Gain on sale of recreation loans held for sale  1,281   1,304   1,281   1,304 
Gain on equity investments, net  232   6,096   545   15,526 
Other income  511   273   684   914 
Total other income, net  4,476   9,209   6,884   20,808 
Other expenses            
Salaries and employee benefits  11,247   10,148   22,247   20,141 
Loan servicing fees  4,366   2,899   7,903   5,716 
Collection costs  1,931   2,033   3,868   3,772 
Professional fee costs, net  2,088   1,187   3,340   2,937 
Regulatory fees  1,002   1,109   1,981   1,930 
Rent expense  698   683   1,395   1,358 
Depreciation  656   628   1,288   1,246 
Amortization of intangible assets  362   362   723   723 
Director compensation  441   424   873   836 
Other expenses  2,162   2,072   3,709   3,644 
Total other expenses  24,953   21,545   47,327   42,303 
Income before income taxes  14,497   19,472   26,114   39,711 
Income tax provision  4,717   5,805   9,045   12,518 
Net income  9,780   13,667   17,069   27,193 
Less: income attributable to the non-controlling interest  2,335   2,598   4,671   4,110 
Net income attributable to Medallion Financial Corp. $7,445  $11,069  $12,398  $23,083 
Basic net income per share $0.32  $0.49  $0.53  $1.02 
Diluted net income per share $0.31  $0.46  $0.51  $0.96 
Weighted average common shares outstanding            
Basic  23,288,732   22,783,947   23,174,870   22,677,961 
Diluted  24,013,303   24,058,084   24,280,184   23,978,214 



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07/29/2026 16:07 -0400

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