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

Medallion Financial Corp.

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.


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