SALT LAKE CITY, Oct. 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 September 30, 2026. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
2026 Third Quarter Highlights
- Net income of $11.8 million, compared to $19.8 million in the prior year quarter.
- Net income attributable to common shareholder of $9.5 million, compared to $14.0 million in the prior year quarter.
- Net interest income of $60.0 million, compared to $55.7 million in the prior year quarter. Total non-interest income of $2.6 million, compared to $2.5 million in the prior year quarter.
- Net interest margin of 8.03%, compared to 8.61% in the prior year quarter.
- Recreation loan originations grew 40% from the prior year quarter to $198.2 million, and the loan portfolio grew 20% to $1.9 billion, exclusive of loans held for sale.
- Home Improvement loan originations grew 145% from the prior year quarter to $146.3 million, and the loan portfolio grew 18% to $947.5 million.
- Strategic partnership loan originations grew 25% from the prior year quarter to $259.4 million. During the quarter, the Bank added rFinance to its growing strategic partnership program, with originations beginning in the fourth quarter.
- Total provision for credit losses was $29.8 million, compared to $17.2 million in the prior year quarter. The current quarter provision for credit losses included $5.7 million related to increased allowance for credit losses tied to consumer loan growth, compared to $1.9 million in the prior year quarter.
- Annualized net charge-offs in the quarter were 2.83% of average loans outstanding, compared to 2.28% in the prior year quarter.
- Annualized return on average assets and return on average equity were 1.61% and 10.18%, respectively, compared to 3.08% and 17.77%, respectively, for the prior year quarter, reflecting significant loan growth.
- Total assets were $3.0 billion and the Tier 1 leverage ratio was 17.4% at September 30, 2026.
- Closed a public offering of 2,200,000 shares of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share and an aggregate liquidation amount of $55.0 million.
Series G Preferred Stock Dividend
On October 29, 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 January 4, 2027, to holders of record at the close of business on December 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 September 30, | Nine Months Ended September 30, | ||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||
| Interest income | |||||||||||
| Loan interest including fees | $ | 83,006 | $ | 74,549 | $ | 235,447 | $ | 216,854 | |||
| Investments | 1,992 | 1,660 | 5,027 | 4,543 | |||||||
| Total interest income | 84,998 | 76,209 | 240,474 | 221,397 | |||||||
| Interest expense | 24,998 | 20,503 | 67,858 | 59,728 | |||||||
| Net interest income | 60,000 | 55,706 | 172,616 | 161,669 | |||||||
| Provision for credit losses | 29,835 | 17,202 | 73,465 | 54,937 | |||||||
| Net interest income after provision for credit losses | 30,165 | 38,504 | 99,151 | 106,732 | |||||||
| Strategic partnership fees | 762 | 990 | 2,722 | 2,461 | |||||||
| Gain on sale of loans | 1,682 | — | 2,963 | 1,304 | |||||||
| Other non-interest income | 114 | 1,476 | 967 | 3,234 | |||||||
| Total non-interest income | 2,558 | 2,466 | 6,652 | 6,999 | |||||||
| Non-interest expense | |||||||||||
| Salaries and benefits | 6,248 | 5,466 | 18,888 | 16,111 | |||||||
| Loan servicing | 3,931 | 3,249 | 11,803 | 9,696 | |||||||
| Collection costs | 1,759 | 1,947 | 5,569 | 5,622 | |||||||
| Insurance including FDIC assessment | 1,258 | 790 | 3,470 | 2,940 | |||||||
| Professional fees | 779 | 492 | 2,659 | 1,694 | |||||||
| Information technology | 483 | 507 | 1,376 | 1,153 | |||||||
| Depreciation and amortization | 609 | 585 | 1,813 | 1,750 | |||||||
| Occupancy and equipment | 138 | 137 | 465 | 423 | |||||||
| Advertising | 322 | 73 | 515 | 197 | |||||||
| Other | 877 | 493 | 2,170 | 1,666 | |||||||
| Total non-interest expense | 16,404 | 13,739 | 48,728 | 41,252 | |||||||
| Income before income taxes | 16,319 | 27,231 | 57,075 | 72,479 | |||||||
| Provision for income taxes | 4,474 | 7,390 | 16,239 | 19,695 | |||||||
| Net income | $ | 11,845 | $ | 19,841 | $ | 40,836 | $ | 52,784 | |||
| Less: Preferred stock dividends | 2,336 | 2,336 | 7,007 | 6,446 | |||||||
| Less: Redemption of Series F preferred stock – funds paid in excess of carrying value | — | 3,515 | — | 3,515 | |||||||
| Net income attributable to common shareholder | $ | 9,509 | $ | 13,990 | $ | 33,829 | $ | 42,823 | |||
| MEDALLION BANK BALANCE SHEETS |
|||||||||||
| (UNAUDITED) | (UNAUDITED) | ||||||||||
| (In thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||
| Assets | |||||||||||
| Cash and federal funds sold | $ | 170,148 | $ | 147,449 | $ | 112,102 | |||||
| Investment securities, available-for-sale | 63,853 | 60,183 | 61,081 | ||||||||
| Loans held for sale, at the lower of amortized cost or fair value | 15,233 | 15,144 | 72,918 | ||||||||
| Loan receivables, inclusive of net deferred loan acquisition cost and fees | 2,800,461 | 2,427,458 | 2,349,531 | ||||||||
| Allowance for credit losses | (122,635 | ) | (105,519 | ) | (99,334 | ) | |||||
| Loans, net | 2,677,826 | 2,321,939 | 2,250,197 | ||||||||
| Repossessed assets(1) | 3,422 | 2,589 | 3,353 | ||||||||
| Fixed assets and right-of-use lease assets, net | 7,204 | 8,564 | 7,330 | ||||||||
| Deferred tax assets | 16,036 | 14,353 | 14,368 | ||||||||
| Accrued interest receivable | 21,738 | 19,265 | 16,835 | ||||||||
| Other assets | 28,390 | 25,953 | 36,338 | ||||||||
| Total assets | $ | 3,003,850 | $ | 2,615,439 | $ | 2,574,522 | |||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Liabilities | |||||||||||
| Deposits | $ | 2,386,276 | $ | 2,084,265 | $ | 2,055,802 | |||||
| Short-term borrowings | 75,000 | 50,000 | 35,000 | ||||||||
| Accrued interest payable | 2,459 | 3,488 | 3,273 | ||||||||
| Income tax payable(2) | 17,919 | 15,229 | 21,734 | ||||||||
| Other liabilities | 18,541 | 11,373 | 18,720 | ||||||||
| Due to affiliates | 766 | 911 | 921 | ||||||||
| Total liabilities | 2,500,961 | 2,165,266 | 2,135,450 | ||||||||
| Shareholders’ Equity | |||||||||||
| Series E preferred stock | 26,303 | 26,303 | 26,303 | ||||||||
| Series G preferred stock | 125,039 | 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 | (5,240 | ) | (3,214 | ) | (3,249 | ) | |||||
| Retained earnings | 278,287 | 275,458 | 264,392 | ||||||||
| Total shareholders’ equity | 502,889 | 450,173 | 439,072 | ||||||||
| Total liabilities and shareholders’ equity | $ | 3,003,850 | $ | 2,615,439 | $ | 2,574,522 | |||||
(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.
Media gallery
