NEW YORK, Oct. 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 September 30, 2026.

2026 Third Quarter Highlights

  • Total net income attributable to stockholders for the third quarter was $2.4 million, or $0.10 per share, compared to $7.8 million, or $0.32 per share, in the prior year quarter.
  • Net interest income grew 5% to $58.4 million from $55.7 million in the prior year quarter.
  • Net interest margin (“NIM”) was 7.34% compared to 8.21% in the prior year quarter.
  • Loan originations grew 41% to $603.9 million, compared to $427.4 million in the prior year quarter, and included $259.4 million of strategic partnership loan originations in the current quarter, compared to $208.4 million in the prior year quarter.
  • Total loan portfolio as of September 30, 2026 was $2.936 billion, up 15% compared to $2.559 billion a year ago.
  • Credit loss provision was $30.8 million, compared to $18.6 million in the prior year quarter. The current quarter credit loss provision included approximately $5.6 million related to allowance for credit losses tied to consumer loan growth, compared to $1.9 million in the prior year quarter.
  • Net book value per share at September 30, 2026 was $17.73 compared to $17.07 a year ago.
  • The Company declared and paid a quarterly cash dividend of $0.14 per share.
  • The Company repurchased 483,871 shares of its common stock at an average cost of $11.48 per share for $5.6 million.
  • Subsequent to quarter end, the Board of Directors approved a new $40 million stock repurchase program.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Our third quarter results further demonstrate the strength of our consumer lending platform. We continued to grow our loan portfolio, with total assets reaching a record level of more than $3.3 billion. During the quarter, recreation and home improvement loans increased 5% and 7%, respectively, from last quarter. They have grown 16% and 18% over the past twelve months. Total loan originations increased 41% year-over-year to $603.9 million. We are especially pleased with the growth in our home improvement loan origination volume, which grew by 145% in this quarter from last year.

As we’ve said previously, growth at these levels requires us to recognize large upfront day-one provisions, which reduced earnings significantly during the quarter. While these provisions result in an immediate impact on reported earnings, they reflect the expansion of our loan portfolio and position us to generate increased earnings and shareholder value over time. These day-one provisions are a large part of the decrease in earnings this quarter from the prior year.

We were also pleased to have successfully raised an additional $55 million of preferred stock at Medallion Bank through the reopening of our investment grade rated Series G Preferred Stock, underscoring the confidence investors continue to place in our business model and growth strategy. We expect this additional capital to be accretive to our shareholders as we deploy it in our consumer lending business in the coming quarters.

In addition, we repurchased $5.6 million of our common stock during the quarter and, subsequent to quarter end, completed our previously authorized $40 million stock repurchase program. Our board of directors has authorized a new $40 million stock repurchase program; we intend to remain disciplined and opportunistic in repurchasing shares while continuing to support the growth of our business and create long-term shareholder value.

Lastly, we were able to repurchase $15 million of our trust preferred securities in October at a meaningful discount, which will result in a gain on the extinguishment of that debt in the upcoming fourth quarter.”

Business Highlights

Recreation Lending

  • Originations were $198.2 million during the quarter, up 40% compared to $141.7 million a year ago.
  • Recreation loans, including loans held for investment and loans held for sale, grew 16% to $1.853 billion, or 63% of total loans, as of September 30, 2026, compared to $1.603 billion, or 63%, a year ago.
  • Average loan size as of September 30, 2026 was $23,000 with a weighted average FICO score, measured at the time of loan origination, of 683.
  • Interest income grew 14% to $61.0 million for the quarter, from $53.6 million in the prior year quarter.
  • The weighted average interest rate was 15.01% at quarter-end, compared to 15.17% a year ago.
  • Recreation loans 90 days or more past due were $11.9 million, or 0.66% of gross recreation loans, as of September 30, 2026, compared to $8.9 million, or 0.57%, a year ago.
  • Allowance for credit losses as of September 30, 2026 was 5.30%, compared to 5.10% a year ago.

Home Improvement Lending

  • Originations were $146.3 million during the quarter, up 145% compared to $59.7 million a year ago.
  • Home improvement loans grew 18% to $947.5 million, or 32% of total loans, as of September 30, 2026, compared to $804.0 million, or 31%, a year ago.
  • Average loan size as of September 30, 2026 was $26,500 with a weighted average FICO score, measured at the time of loan origination, of 768.
  • Interest income grew 5% to $21.4 million for the quarter, compared to $20.5 million in the prior year quarter.
  • The weighted average interest rate was 9.52% at quarter-end, compared to 9.87% a year ago.
  • Home improvement loans 90 days or more past due were $1.7 million, or 0.18% of gross home improvement loans, as of September 30, 2026, compared to $1.3 million, or 0.16%, a year ago.
  • Allowance for credit losses as of September 30, 2026 was 2.59%, compared to 2.55% a year ago.

Commercial Lending

  • Commercial loans were $118.7 million as of September 30, 2026, compared to $135.1 million a year ago.
  • Average loan size was $4.0 million as of September 30, 2026, invested across 30 portfolio companies.
  • Interest income was $3.2 million for the quarter, compared to $4.2 million in the prior year quarter.
  • The average interest rate on the portfolio was 14.36% as of September 30, 2026, compared to 13.71% a year ago.

Strategic Partnerships

  • Originations were $259.4 million during the quarter, up 25% compared to $208.4 million a year ago.
  • Total strategic partnership loans held for sale as of September 30, 2026 were $15.2 million, compared to $15.3 million a year ago.
  • Fees generated from strategic partnerships were $0.8 million for the quarter, compared to $1.0 million in the prior year quarter.
  • The average holding period of strategic partnership loans was approximately five days.
  • In September 2026, rFinance Credit Company (finance affiliate of Renewal by Andersen) was added as the sixth partner to the strategic partnership program.

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 $3.0 million, a 42% reduction from a year ago, and represented less than 0.1% of the Company’s total assets, as of September 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 September 30, 2026 and 2025.

    Three Months Ended September 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   $ 67,550     $ 598       3.51 %   $ 22,094     $ 177       3.18 %
Federal funds sold     134,558       1,292       3.81       71,673       1,046       5.79  
Investment securities     67,747       700       4.10       60,900       614       4.00  
Loans                                    
Recreation     1,816,101       60,977       13.32       1,579,820       53,565       13.45  
Home improvement     926,228       21,403       9.17       802,745       20,453       10.11  
Commercial     123,946       3,239       10.37       130,486       4,354       13.24  
Taxi medallion     1,240       55       17.60       1,593       91       22.66  
Strategic partnerships     16,442       626       15.11       12,794       471       14.67  
Total loans     2,883,957       86,300       11.87       2,527,438       78,934       12.39  
Total interest-earning assets   $ 3,153,812     $ 88,890       11.18 %   $ 2,682,105     $ 80,771       11.92 %
Non-interest-earning assets                                    
Allowance for credit losses   $ (128,384 )               $ (108,719 )            
Cash     10,052                   49,133              
Equity investments     8,596                   8,903              
Loan collateral in process of foreclosure     6,432                   8,517              
Goodwill and intangible assets     167,603                   169,048              
Other assets     67,576                   61,459              
Total non-interest-earning assets     131,875                   188,341              
Total assets   $ 3,285,687                 $ 2,870,446              
Interest-bearing liabilities                                    
Deposits   $ 2,424,820     $ 24,998       4.09 %   $ 2,066,763     $ 20,502       3.94 %
Privately placed notes     190,250       4,185       8.73       146,500       3,166       8.57  
SBA debentures and borrowings     72,250       814       4.47       77,750       855       4.36  
Trust preferred securities     33,000       514       6.18       33,000       562       6.76  
Total interest-bearing liabilities     2,720,320       30,511       4.45       2,324,013       25,085       4.28  
Non-interest-bearing liabilities                                    
Deferred tax liability     18,242                   18,985              
Other liabilities (1)     30,930                   23,872              
Total non-interest-bearing liabilities     49,172                   42,857              
Total liabilities     2,769,492                   2,366,870              
Non-controlling interest     112,991                   111,201              
Total stockholders’ equity     403,204                   392,375              
Total liabilities and stockholders’ equity   $ 3,285,687                 $ 2,870,446              
Net interest income         $ 58,379                 $ 55,686        
Net interest margin                 7.34 %                 8.21 %

(1) Includes deferred financing costs of $9.9 million and $9.0 million as of September 30, 2026 and 2025.


Loan Portfolio

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

    September 30, 2026     December 31, 2025     September 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   $ 1,852,958       63 %   $ 1,617,221       63 %   $ 1,545,528       60 %
Home improvement     947,503       32       810,237       32       804,003       31  
Commercial     118,691       4       123,068       5       135,123       5  
Taxi medallion     1,209     *       1,179     *       1,509     *  
Total loans     2,920,361       99       2,551,705       100       2,486,163       97  
Loans held for sale, at lower of amortized cost or fair value:                                    
Recreation     —       —       —       —       57,641       2  
Strategic partnership     15,233     *       15,144     *       15,277     *  
Total loans held for sale, at lower of amortized cost or fair value     15,233     *       15,144     *       72,918       2  
Total loans and loans held for sale   $ 2,935,594       100 %   $ 2,566,849       100 %   $ 2,559,081       100 %

(*) Less than 1%.


Balance Sheet 

  • Cash and cash equivalents, including investment securities, as of September 30, 2026, were $306.9 million, compared to $212.1 million as of September 30, 2025.
  • As of September 30, 2026, total assets were $3.361 billion, up from $2.900 billion as of September 30, 2025.
  • As of September 30, 2026, total liabilities were $2.810 billion, up from $2.404 billion as of September 30, 2025.

Capital Allocation

Quarterly Dividend

  • The Board of Directors declared a quarterly dividend of $0.14 per share, payable on November 19, 2026, to stockholders of record at the close of business on November 9, 2026.
Dividends Announced   Amount
Per Share		     Record
Date		   Payment
Date
Q4 2026   $ 0.14     11/9/2026   11/19/2026
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     0.54          
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 September 30, 2026, the Company repurchased 483,871 shares of its common stock at an average cost of $11.48 per share for $5.6 million.
  • As of September 30, 2026, the Company had $1.2 million remaining under its $40 million stock repurchase program, all of which was utilized subsequent to quarter end.
  • On October 27, 2026, the Board of Directors approved a new stock repurchase plan in the amount of $40 million. Under the repurchase program, we may repurchase our outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including accelerated share repurchase transactions, block trades, or pursuant to 10b5-1 trading plans. Any repurchases will be at management’s discretion and will be subject to market conditions, the price of the Company’s shares and other factors. The stock repurchase program may be modified, suspended or terminated by the Board of Directors at any time.

Conference Call Information

The Company will host a conference call to discuss its third quarter financial results tomorrow, Friday, October 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 Friday, November 6, 2026

  • Dial-in: (844) 512-2921 or (412) 317-6671
  • Passcode: 1021 2416

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)   September 30, 2026     December 31, 2025     September 30, 2025  
Assets                  
Cash, cash equivalents, and federal funds sold   $ 243,056     $ 201,564     $ 150,978  
Investment securities     63,853       60,183       61,081  
Equity investments     8,185       8,099       9,305  
Loans held for sale, at lower of amortized cost or fair value     15,233       15,144       72,918  
Loans     2,920,361       2,551,705       2,486,163  
Allowance for credit losses     (133,895 )     (114,789 )     (111,053 )
Net loans receivable     2,786,466       2,436,916       2,375,110  
Goodwill and intangible assets, net     167,420       168,504       168,866  
Accrued interest receivable     21,967       19,401       16,973  
Property, equipment, and right-of-use lease asset, net     17,184       11,861       10,839  
Loan collateral in process of foreclosure     6,570       7,333       8,235  
Other assets     30,710       26,459       26,082  
Total assets   $ 3,360,644     $ 2,955,464     $ 2,900,387  
Liabilities                  
Deposits   $ 2,386,276     $ 2,084,265     $ 2,055,802  
Long-term debt     287,837       215,987       215,698  
Short-term borrowings     77,000       95,250       80,250  
Deferred tax liabilities, net     16,701       19,596       19,019  
Operating lease liabilities     11,409       5,041       3,459  
Accrued interest payable     6,967       6,319       5,290  
Accounts payable and accrued expenses     23,354       20,960       23,992  
Total liabilities     2,809,544       2,447,418       2,403,510  
Total stockholders’ equity     399,758       408,617       397,448  
Non-controlling interest in consolidated subsidiaries     151,342       99,429       99,429  
Total equity     551,100       508,046       496,877  
Total liabilities and equity   $ 3,360,644     $ 2,955,464     $ 2,900,387  
Number of shares outstanding     22,550,694       23,311,683       23,279,435  
Book value per share   $ 17.73     $ 17.53     $ 17.07  

MEDALLION FINANCIAL CORP.‌
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)‌		  
             
    Three Months Ended September 30,     Nine Months Ended September 30,  
(Dollars in thousands, except share and per share data)   2026     2025     2026     2025  
Total interest income   $ 88,890     $ 80,771     $ 252,335     $ 233,637  
Total interest expense     30,511       25,085       82,650       73,170  
Net interest income     58,379       55,686       169,685       160,467  
Provision for credit losses     30,769       18,556       75,518       62,132  
Net interest income after provision for credit losses     27,610       37,130       94,167       98,335  
Other income                        
Gain on taxi medallion assets, net     1,090       1,767       3,506       3,359  
Strategic partnership fees     762       990       2,722       2,461  
Gain on sale of recreation and home improvement loans     1,682       —       2,963       1,304  
Gain (loss) on equity investments, net     (217 )     257       329       15,783  
Other income     107       34       788       951  
Total other income, net     3,424       3,048       10,308       23,858  
Other expenses                        
Salaries and employee benefits     10,799       10,145       33,046       30,286  
Loan servicing fees     3,989       2,852       11,892       8,568  
Collection costs     1,871       1,970       5,739       5,742  
Professional fee costs, net     1,592       1,073       4,932       4,010  
Regulatory fees     1,120       680       3,101       2,610  
Rent expense     710       680       2,105       2,036  
Depreciation     661       625       1,949       1,871  
Director compensation     467       445       1,340       1,281  
Amortization of intangible assets     361       361       1,084       1,084  
Other expenses     2,396       1,871       6,105       5,518  
Total other expenses     23,966       20,702       71,293       63,006  
Income before income taxes     7,068       19,476       33,182       59,187  
Income tax provision     2,336       5,862       11,381       18,380  
Net income     4,732       13,614       21,801       40,807  
Less: income attributable to the non-controlling interest     2,335       2,336       7,006       6,446  
Less: redemption of non-controlling interest     —       3,515       —       3,515  
Net income attributable to Medallion Financial Corp.   $ 2,397     $ 7,763     $ 14,795     $ 30,846  
Basic net income per share   $ 0.11     $ 0.34     $ 0.64     $ 1.36  
Diluted net income per share   $ 0.10     $ 0.32     $ 0.61     $ 1.28  
Weighted average common shares outstanding                        
Basic     22,686,300       22,854,836       23,010,224       22,737,572  
Diluted     23,647,271       24,437,133       24,067,423       24,131,840  


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Medallion Financial Corp.