Medallion Bank Reports 2026 First Quarter Results and Declares Series G Preferred Stock Dividend
Rhea-AI Summary
Medallion Bank (Nasdaq: MBNKO; parent Medallion Financial Corp., Nasdaq: MFIN) reported results for the quarter ended March 31, 2026. Net income was $13.0 million and net income attributable to common shareholders was $10.7 million. Recreation originations rose to $142.5 million and total loans reached $2.6 billion. The Board declared a $0.5625 quarterly dividend on Series G preferred payable July 1, 2026 to holders of record June 15, 2026.
Positive
- Recreation loan originations +64% to $142.5 million
- Strategic partnership originations +25% to $170.0 million
- Loan portfolio grew 17% to $1.7 billion (recreation)
- Tier 1 leverage ratio at 17.4% at quarter end
Negative
- Net income declined from $15.6M to $13.0M (≈16.7%)
- Net income to common shareholders fell from $14.1M to $10.7M (≈24%)
- Provision for credit losses increased from $19.0M to $22.1M (≈16%)
- Return on equity declined from 16.49% to 11.93% (≈28%)
- Home improvement loan portfolio grew less than 1% to $814.9 million
News Market Reaction – MFIN
In the Apr 30 session, MFIN declined 1.08%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SALT LAKE CITY, April 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 March 31, 2026. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
2026 First Quarter Highlights
- Net income of
$13.0 million , compared to$15.6 million in the prior year quarter. - Net income attributable to common shareholder of
$10.7 million , compared to$14.1 million in the prior year quarter. - Net interest income of
$54.6 million , compared to$52.2 million in the prior year quarter. Total non-interest income of$1.1 million , compared to$1.7 million in the prior year quarter. - Net interest margin of
8.39% , compared to8.35% in the prior year quarter. - Recreation loan originations grew
64% from the prior year quarter to$142.5 million , and the loan portfolio grew17% to$1.7 billion . - Home Improvement loan originations grew
32% from the prior year quarter to$64.4 million , and the loan portfolio grew less than1% to$814.9 million . - Strategic partnership loan originations grew
25% from the prior year quarter to$170.0 million . - Total provision for credit losses was
$22.1 million , compared to$19.0 million in the prior year quarter. - Annualized net charge-offs were
3.40% of average loans outstanding, compared to3.41% in the prior year quarter. - Annualized return on assets and return on equity were
2.03% and11.93% , respectively, compared to2.51% and16.49% , respectively, for the prior year period. - Total assets were
$2.6 billion and the Tier 1 leverage ratio was17.4% at March 31, 2026.
Series G Preferred Stock Dividend
On April 28, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of
Other Information
Beginning this quarter, the Bank has updated the format of its earnings press release. The Bank’s quarterly and annual filings with the FDIC are available in the Investor Relations section of the Bank’s website.
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 March 31, | |||||
| (In thousands) | 2026 | 2025 | |||
| Interest income | |||||
| Loan interest including fees | $ | 73,828 | $ | 70,617 | |
| Investments | 1,464 | 1,217 | |||
| Total interest income | 75,292 | 71,834 | |||
| Interest expense | 20,737 | 19,617 | |||
| Net interest income | 54,555 | 52,217 | |||
| Provision for credit losses | 22,063 | 19,038 | |||
| Net interest income after provision for credit losses | 32,492 | 33,179 | |||
| Strategic partnership fees | 823 | 685 | |||
| Other non-interest income | 281 | 996 | |||
| Total non-interest income | 1,104 | 1,681 | |||
| Non-interest expense | |||||
| Salaries and benefits | 6,202 | 5,348 | |||
| Loan servicing | 3,537 | 3,154 | |||
| Collection costs | 1,909 | 1,691 | |||
| Insurance including FDIC assessment | 1,073 | 931 | |||
| Professional fees | 983 | 610 | |||
| Information technology | 417 | 322 | |||
| Depreciation and amortization | 592 | 579 | |||
| Occupancy and equipment | 164 | 148 | |||
| Advertising | 65 | 43 | |||
| Other | 612 | 558 | |||
| Total non-interest expense | 15,554 | 13,384 | |||
| Income before income taxes | 18,042 | 21,476 | |||
| Provision for income taxes | 5,037 | 5,837 | |||
| Net income | $ | 13,005 | $ | 15,639 | |
| Less: Preferred stock dividends | 2,336 | 1,512 | |||
| Net income attributable to common shareholder | $ | 10,669 | $ | 14,127 | |
| MEDALLION BANK BALANCE SHEETS | |||||||||||
| (UNAUDITED) | (UNAUDITED) | ||||||||||
| (In thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||
| Assets | |||||||||||
| Cash and federal funds sold | $ | 115,491 | $ | 147,449 | $ | 115,108 | |||||
| Investment securities, available-for-sale | 67,934 | 60,183 | 60,424 | ||||||||
| Loans held for sale, at the lower of amortized cost or fair value | 10,786 | 15,144 | 124,733 | ||||||||
| Loan receivables, inclusive of net deferred loan acquisition cost and fees | 2,486,471 | 2,427,458 | 2,243,991 | ||||||||
| Allowance for credit losses | (107,025 | ) | (105,519 | ) | (91,807 | ) | |||||
| Loans, net | 2,379,446 | 2,321,939 | 2,152,184 | ||||||||
| Loan collateral in process of foreclosure | 2,289 | 2,589 | 3,174 | ||||||||
| Fixed assets and right-of-use lease assets, net | 8,131 | 8,564 | 8,543 | ||||||||
| Deferred tax assets | 14,290 | 14,353 | 13,860 | ||||||||
| Accrued interest receivable | 19,203 | 19,265 | 14,339 | ||||||||
| Other assets | 28,301 | 25,953 | 38,598 | ||||||||
| Total assets | $ | 2,645,871 | $ | 2,615,439 | $ | 2,530,963 | |||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Liabilities | |||||||||||
| Deposits | $ | 2,128,568 | $ | 2,084,265 | $ | 2,022,828 | |||||
| Short-term borrowings | 40,000 | 50,000 | 65,000 | ||||||||
| Accrued interest payable | 3,731 | 3,488 | 4,557 | ||||||||
| Income tax payable(1) | 11,048 | 15,229 | 23,853 | ||||||||
| Other liabilities | 18,109 | 11,373 | 22,702 | ||||||||
| Due to affiliates | 958 | 911 | 881 | ||||||||
| Total liabilities | 2,202,414 | 2,165,266 | 2,139,821 | ||||||||
| 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 | — | ||||||||
| 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 | (3,599 | ) | (3,214 | ) | (3,842 | ) | |||||
| Retained earnings | 269,127 | 275,458 | 247,696 | ||||||||
| Total shareholders’ equity | 443,457 | 450,173 | 391,142 | ||||||||
| Total liabilities and shareholders’ equity | $ | 2,645,871 | $ | 2,615,439 | $ | 2,530,963 | |||||
(1) The majority of income tax payable is payable to Medallion Financial Corp, pursuant to a tax sharing agreement.
