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

Q: What were Medallion Bank’s key financial results for Q2 2026 (MFIN)?

Medallion Bank reported Q2 2026 net income of $16.0 million and net interest income of $58.1 million . According to Medallion Bank, net income attributable to the common shareholder was $13.7 million , with a net interest margin of 8.46% and total assets of $2.8 billion .

Q: How did Medallion Bank’s Q2 2026 results compare to Q2 2025 (MFIN)?

Net income decreased to $16.0 million from $17.3 million , while net interest income rose to $58.1 million from $53.6 million . According to Medallion Bank, net interest margin eased slightly from 8.55% to 8.46% , and provisions for credit losses increased year over year.

Q: What were Medallion Bank’s credit quality metrics in Q2 2026 (MFIN)?

Provision for credit losses was $21.6 million and annualized net charge-offs were 2.56% of average loans. According to Medallion Bank, provisions increased from $18.7 million a year earlier, while annualized net charge-offs compared to 2.66% in the prior year quarter.

Q: What were Medallion Bank’s capital and leverage metrics at June 30, 2026 (MFIN)?

Medallion Bank reported total assets of $2.83 billion and a Tier 1 leverage ratio of 16.9% at June 30, 2026. According to Medallion Bank, shareholders’ equity totaled $450.0 million , including Series E and Series G preferred stock and common equity.

Q: How did Medallion Bank’s profitability ratios change in Q2 2026 (MFIN)?

Annualized return on average assets was 2.36% and return on average equity was 14.39% for Q2 2026. According to Medallion Bank, these metrics compared to 2.75% ROA and 16.11% ROE in the prior-year quarter, indicating lower profitability ratios.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Medallion Bank (Nasdaq: MBNKO), subsidiary of Medallion Financial (Nasdaq: MFIN), reported 2026 second quarter net income of $16.0 million, down from $17.3 million a year earlier, with net income attributable to the common shareholder at $13.7 million versus $14.7 million. Net interest income rose to $58.1 million from $53.6 million, while net interest margin was 8.46% compared with 8.55%.

Recreation loan originations increased 60% year over year to $228.5 million and the portfolio reached $1.8 billion. Home Improvement originations climbed 137% to $128.6 million, with the portfolio at $885.6 million. Strategic partnership originations grew 47% to $247.1 million, and Together Loans joined the strategic partnership program. Provision for credit losses was $21.6 million, up from $18.7 million. Total assets were $2.8 billion and the Tier 1 leverage ratio was 16.9% at June 30, 2026. The board declared a quarterly Series G preferred dividend of $0.5625 per share, payable October 1, 2026.

Positive

Net interest income increased to $58.1M from $53.6M YoY
Recreation loan originations up 60% YoY to $228.5M
Home Improvement originations up 137% YoY to $128.6M
Strategic partnership originations up 47% YoY to $247.1M
Total assets reached $2.83B at June 30, 2026
Tier 1 leverage ratio reported at 16.9% at quarter-end
Series G preferred dividend of $0.5625 per share declared

Negative

Net income declined to $16.0M from $17.3M YoY
Net income to common fell to $13.7M from $14.7M YoY
Provision for credit losses rose to $21.6M from $18.7M
Non-interest expense increased to $16.8M from $14.1M YoY
Annualized ROA decreased to 2.36% from 2.75%
Annualized ROE decreased to 14.39% from 16.11%

AI-generated analysis. How Rhea-AI works. Not financial advice.

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07/29/2026 - 04:05 PM

SALT LAKE CITY, July 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 June 30, 2026. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

2026 Second Quarter Highlights

Net income of $16.0 million, compared to $17.3 million in the prior year quarter.
Net income attributable to common shareholder of $13.7 million, compared to $14.7 million in the prior year quarter.
Net interest income of $58.1 million, compared to $53.6 million in the prior year quarter. Total non-interest income of $3.0 million in both the current and prior year quarters.
Net interest margin of 8.46%, compared to 8.55% in the prior year quarter.
Recreation loan originations grew 60% from the prior year quarter to $228.5 million, and the loan portfolio grew 18% to $1.8 billion.
Home Improvement loan originations grew 137% from the prior year quarter to $128.6 million, and the loan portfolio grew 10% to $885.6 million.
Strategic partnership loan originations grew 47% from the prior year quarter to $247.1 million. During the quarter, the Bank added Together Loans to its growing strategic partnership program.
Total provision for credit losses was $21.6 million, compared to $18.7 million in the prior year quarter.
Annualized net charge-offs were 2.56% of average loans outstanding, compared to 2.66% in the prior year quarter.
Annualized return on average assets and return on average equity were 2.36% and 14.39%, respectively, compared to 2.75% and 16.11%, respectively, for the prior year period.
Total assets were $2.8 billion and the Tier 1 leverage ratio was 16.9% at June 30, 2026.

Series G Preferred Stock Dividend

On June 25, 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 October 1, 2026, to holders of record at the close of business on September 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 June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Interest income
Loan interest including fees	$	78,613	$	71,688	$	152,441	$	142,305
Investments		1,571		1,547		3,035		2,883
Total interest income		80,184		73,235		155,476		145,188
Interest expense		22,123		19,608		42,860		39,225
Net interest income		58,061		53,627		112,616		105,963
Provision for credit losses		21,567		18,697		43,630		37,735
Net interest income after provision for credit losses		36,494		34,930		68,986		68,228
Strategic partnership fees		1,136		787		1,959		1,472
Gain on sale of recreation loans		1,281		1,304		1,281		1,304
Other non-interest income		573		880		854		1,757
Total non-interest income		2,990		2,971		4,094		4,533
Non-interest expense
Salaries and benefits		6,438		5,297		12,640		10,645
Loan servicing		4,335		3,293		7,872		6,447
Collection costs		1,901		1,985		3,810		3,675
Insurance including FDIC assessment		1,139		1,219		2,212		2,150
Professional fees		897		592		1,880		1,202
Information technology		476		324		893		646
Depreciation and amortization		612		587		1,204		1,165
Occupancy and equipment		163		137		327		286
Advertising		128		81		193		124
Other		681		614		1,293		1,173
Total non-interest expense		16,770		14,129		32,324		27,513
Income before income taxes		22,714		23,772		40,756		45,248
Provision for income taxes		6,728		6,468		11,765		12,305
Net income	$	15,986	$	17,304	$	28,991	$	32,943
Less: Preferred stock dividends		2,335		2,598		4,671		4,110
Net income attributable to common shareholder	$	13,651	$	14,706	$	24,320	$	28,833

MEDALLION BANK
BALANCE SHEETS

	(UNAUDITED)				(UNAUDITED)
(In thousands)	June 30, 2026		December 31, 2025		June 30, 2025
Assets
Cash and federal funds sold	$	128,662	$	147,449	$	117,345
Investment securities, available-for-sale		69,933		60,183		61,529
Loans held for sale, at the lower of amortized cost or fair value		21,376		15,144		72,490

Loan receivables, inclusive of net deferred loan acquisition cost and fees		2,645,896		2,427,458		2,289,582
Allowance for credit losses		(112,356)		(105,519)		(95,462)
Loans, net		2,533,540		2,321,939		2,194,120
Repossessed assets⁽¹⁾		3,031		2,589		3,414
Fixed assets and right-of-use lease assets, net		7,593		8,564		7,972
Deferred tax assets		14,288		14,353		14,647
Accrued interest receivable		20,769		19,265		15,124
Other assets		29,926		25,953		85,418
Total assets	$	2,829,118	$	2,615,439	$	2,572,059
Liabilities and Shareholders’ Equity
Liabilities
Deposits	$	2,293,715	$	2,084,265	$	2,009,176
Short-term borrowings		50,000		50,000		40,000
Accrued interest payable		2,981		3,488		3,065
Income tax payable⁽²⁾		12,325		15,229		26,734
Other liabilities		18,955		11,373		18,406
Due to affiliates		1,127		911		1,037
Total liabilities		2,379,103		2,165,266		2,098,418
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		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		(3,692)		(3,214)		(3,931)
Retained earnings		275,778		275,458		257,158
Total shareholders’ equity		450,015		450,173		473,641
Total liabilities and shareholders’ equity	$	2,829,118	$	2,615,439	$	2,572,059

(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.

FAQ

What were Medallion Bank’s key financial results for Q2 2026 (MFIN)?

Medallion Bank reported Q2 2026 net income of $16.0 million and net interest income of $58.1 million. According to Medallion Bank, net income attributable to the common shareholder was $13.7 million, with a net interest margin of 8.46% and total assets of $2.8 billion.

How did Medallion Bank’s Q2 2026 results compare to Q2 2025 (MFIN)?

Net income decreased to $16.0 million from $17.3 million, while net interest income rose to $58.1 million from $53.6 million. According to Medallion Bank, net interest margin eased slightly from 8.55% to 8.46%, and provisions for credit losses increased year over year.

What dividend did Medallion Bank declare on its Series G preferred stock (MBNKO)?

Medallion Bank declared a quarterly Series G preferred dividend of $0.5625 per share, payable October 1, 2026. According to Medallion Bank, the dividend goes to holders of record on September 15, 2026, and the Series G preferred trades under ticker MBNKO.

How did Medallion Bank’s loan originations perform in Q2 2026 (MFIN)?

Loan originations increased significantly across segments, led by Recreation and Home Improvement portfolios. According to Medallion Bank, Recreation originations rose 60% to $228.5 million, Home Improvement originations rose 137% to $128.6 million, and strategic partnership originations grew 47% to $247.1 million.

What were Medallion Bank’s credit quality metrics in Q2 2026 (MFIN)?

Provision for credit losses was $21.6 million and annualized net charge-offs were 2.56% of average loans. According to Medallion Bank, provisions increased from $18.7 million a year earlier, while annualized net charge-offs compared to 2.66% in the prior year quarter.

What were Medallion Bank’s capital and leverage metrics at June 30, 2026 (MFIN)?

Medallion Bank reported total assets of $2.83 billion and a Tier 1 leverage ratio of 16.9% at June 30, 2026. According to Medallion Bank, shareholders’ equity totaled $450.0 million, including Series E and Series G preferred stock and common equity.

How did Medallion Bank’s profitability ratios change in Q2 2026 (MFIN)?

Annualized return on average assets was 2.36% and return on average equity was 14.39% for Q2 2026. According to Medallion Bank, these metrics compared to 2.75% ROA and 16.11% ROE in the prior-year quarter, indicating lower profitability ratios.