Medallion Bank Reports 2026 First Quarter Results and Declares Series G Preferred Stock Dividend

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 to 8.35% in the prior year quarter.
• Recreation loan originations grew 64% from the prior year quarter to $142.5 million, and the loan portfolio grew 17% 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 than 1% 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 to 3.41% in the prior year quarter.
• Annualized return on assets and return on equity were 2.03% and 11.93%, respectively, compared to 2.51% and 16.49%, respectively, for the prior year period.
• Total assets were $2.6 billion and the Tier 1 leverage ratio was 17.4% 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 $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 July 1, 2026, to holders of record at the close of business on June 15, 2026.

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.