Medallion Financial Corp. Reports 2026 First Quarter Results

NEW YORK, April 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 March 31, 2026.

2026 First Quarter Highlights

• Total net income attributable to stockholders for the first quarter was $5.0 million, or $0.20 per share, compared to $12.0 million, or $0.50 per share, in the prior year quarter. Total net income for the prior year quarter included a $9.4 million gain on equity investments, compared to $0.3 million in the current quarter.

• Net interest income grew 5% to $54.1 million from $51.4 million in the prior year quarter.

• Net interest margin (“NIM”) on gross loans was 8.00%, compared to 7.94% in the prior year quarter, and NIM on net loans was 8.35%, compared to 8.25% in the prior year quarter.

• Loan originations grew 34% to $376.9 million, compared to $281.6 million in the prior year quarter, and included $170.0 million of strategic partnership loan originations in the current quarter, compared to $136.2 million in the prior year quarter.

• Credit loss provision was $22.5 million, compared to $22.0 million in the prior year quarter.

• The loan portfolio, including loans held for sale, as of March 31, 2026, was $2.618 billion, up 5% from $2.486 billion a year ago.

• Net book value per share at March 31, 2026 was $17.10 compared to $16.36 a year ago.

• The Company declared and paid a quarterly cash dividend of $0.12 per share.

• Subsequent to March 31, 2026, the Board of Directors increased the quarterly cash dividend to $0.14 per share.
  

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Following the strong results we achieved in 2025, Medallion continued that momentum in the first quarter 2026, demonstrating our ability to achieve growth across our lending segments. Loan originations grew 64% year-over-year in our recreation segment and 32% year-over-year in our home improvement segment, reflecting healthy demand and the strength of our platform. We saw year-over-year increases in our total portfolio, which expanded to a record $2.618 billion, net interest income, which increased to $54.1 million, and net book value per share, which grew to $17.10.

We continue to see both strong consumer demand for our loan products and improved credit performance. Credit losses in our recreation segment fell to 4.38% in the quarter compared to 4.67% in the 2025 quarter, while credit losses in our home improvement segment extended their multi-quarter decline. We continue to closely monitor the economic environment while remaining disciplined in our underwriting and focused on appropriate risk-adjusted returns.

As we continue to invest in our platform, we are implementing significant technological change and adding talented employees. This effort is designed to help create sustained loan origination growth in the coming periods. Ultimately, our business and lending model is designed to perform across cycles, and organic growth in high-quality assets will create resilience in varying market conditions.

We delivered one of our strongest loan volume quarters on record, reflecting exceptional demand for our products and the success of our origination efforts. We’re excited about the underlying business momentum and confident this strong volume positions us well for solid returns ahead.”

Business Highlights

Recreation Lending

• Originations were $142.5 million during the quarter, compared to $86.8 million a year ago.

• Recreation loans, including loans held for investment and loans held for sale, grew 7.5% to $1.672 billion, or 64% of total loans, as of March 31, 2026, compared to $1.546 billion, or 62%, a year ago.

• Average loan size as of March 31, 2026 was $22,600 with a weighted average FICO score, measured at the time of loan origination, of 687.

• Interest income grew 7% to $54.0 million for the quarter, from $50.5 million in the prior year quarter.

• The average interest rate was 15.11% at quarter-end, compared to 15.01% a year ago.

• Recreation loans 90 days or more past due were $9.2 million, or 0.57% of gross recreation loans, as of March 31, 2026, compared to $7.1 million, or 0.48%, a year ago.

• Allowance for credit losses as of March 31, 2026 was 5.19%, compared to 5.00% a year ago.
  

Home Improvement Lending

• Originations were $64.4 million during the quarter, compared to $48.8 million a year ago.

• Home improvement loans were $814.9 million, or 31% of total loans, as of March 31, 2026, compared to $812.4 million, or 33%, a year ago.

• Average loan size as of March 31, 2026 was $22,900 with a weighted average FICO score, measured at the time of loan origination, of 781.

• Interest income was $19.4 million for the quarter, compared to $19.8 million in the prior year quarter.

• The average interest rate was 9.82% at quarter-end, relatively unchanged as compared to 9.83% a year ago.

• Home improvement loans 90 days or more past due were $1.4 million, or 0.17% of gross home improvement loans, as of March 31, 2026, compared to $1.5 million, or 0.19%, a year ago.

• Allowance for credit losses as of March 31, 2026 was 2.49%, unchanged from a year ago.
  

Commercial Lending

• Commercial loans were $119.6 million as of March 31, 2026, compared to $116.1 million a year ago.

• Average loan size was $4.2 million as of March 31, 2026, invested across 28 portfolio companies.

• The average interest rate on the portfolio was 14.18% as of March 31, 2026, compared to 13.14% a year ago.

• We recognized $0.3 million of net equity gains during the quarter, compared to $9.4 million a year ago.

Strategic Partnerships

• Originations were $170.0 million during the quarter, compared to $136.2 million a year ago.

• Total strategic partnership loans held as of March 31, 2026 were $10.8 million, compared to $10.5 million a year ago.

• Fees generated from strategic partnerships were $0.8 million for the quarter, compared to $0.7 million in the prior year quarter.

• The average holding period of strategic partnership loans was approximately five days.

Taxi Medallion Lending

• The Company collected $1.7 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 $3.8 million, a 45% reduction from a year ago, and represented less than 0.2% of the Company’s total assets, as of March 31, 2026.
  

Average Balance Sheet

The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities, and which reflects the average yield on assets and average costs on liabilities as of and for the three months ended March 31, 2026 and 2025.

(1) Includes deferred financing costs of $8.2 and $8.1 million as of March 31, 2026 and 2025.

Loan Portfolio

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

(*) Less than 1%.

Balance Sheet

• Cash and cash equivalents, including investment securities, as of March 31, 2026, were $206.6 million, compared to $218.4 million as of March 31, 2025.

• As of March 31, 2026, total assets were $2.950 billion, up from $2.848 billion as of March 31, 2025.

• As of March 31, 2026, total liabilities were $2.443 billion, up from $2.399 billion as of March 31, 2025.
  

Capital Allocation

Quarterly Dividend

• The Board of Directors declared a quarterly dividend of $0.14 per share, payable on May 21, 2026, to stockholders of record at the close of business on May 11, 2026.
  
  

(*) Dividend reinstated in Q1 2022.

Stock Repurchase Plan

• During the quarter ended March 31, 2026, the Company did not repurchase any shares of its common stock.

• As of March 31, 2026, the Company had $14.4 million remaining under its $40 million stock repurchase program.

Conference Call Information

The Company will host a conference call to discuss its first quarter financial results tomorrow, Thursday, April 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

• Date: Thursday, April 30, 2026

• Time: 9:00 a.m. Eastern time

• Dial-in number: (877) 407-4018 or (201) 689-8471

• Live webcast: Link to Webcast of 1Q26 Earnings Call

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, May 7, 2026

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

• Passcode: 1375 9966

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 (replacement roofs, swimming pools, 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
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Investor Relations
The Equity Group Inc.
Lena Cati
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Val Ferraro
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(212) 836-9633