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.


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Medallion Financial Corp.