Medallion Financial Corp. Reports 2025 Fourth Quarter and Full-Year Results

Rhea-AI Summary

Medallion Financial (NASDAQ: MFIN) reported 2025 fourth-quarter net income of $12.2M ($0.50/share), a 20% increase year-over-year, and full-year net income of $43.0M ($1.78/share), up 20%.

Loan originations rose to $421.3M in Q4 and $1.505B for 2025; total loans were $2.567B at year-end.

Positive

• Net income +20% to $43.0M for 2025
• Loan originations increased to $1.505B in 2025
• Net book value per share +10% to $17.53
• Strategic partnership originations grew to $771.6M in 2025
• Strong cash position of $261.7M including investment securities

Negative

• Credit loss provision rose to $89.8M for 2025
• Quarterly credit provision of $27.7M in Q4 2025
• Loans 90+ days past due in recreation rose to 0.82%
• Stock repurchases modest: 108,351 shares for $1.0M in 2025

Key Figures

Q4 2025 net income: $12.2 million ($0.50 per share), up 20% 2025 net income: $43.0 million ($1.78 per share), up 20% 2025 loan originations: $1.505 billion +5 more

8 metrics

Q4 2025 net income $12.2 million ($0.50 per share), up 20% Compared to $10.1 million ($0.43) in prior-year quarter

2025 net income $43.0 million ($1.78 per share), up 20% Compared to $35.9 million ($1.52) in prior year

2025 loan originations $1.505 billion Compared to $1.043 billion in prior year

Loan portfolio size $2.567 billion Loans and loans held for sale as of Dec. 31, 2025 vs $2.491 billion

2025 credit loss provision $89.8 million Compared to $76.5 million in prior year

Quarterly dividend $0.12 per share Declared for Q1 2026; 2025 total dividends $0.47

Share repurchases 2025 108,351 shares at $9.10 for $1.0 million Under $40 million stock repurchase program

Net book value per share $17.53 Up from $16.00 at end of prior year

Market Reality Check

Price: $10.41 Vol: Volume 18,603 vs 20-day a...

low vol

$10.41 Last Close

Volume Volume 18,603 vs 20-day average 42,184 (relative volume 0.44) suggests subdued trading ahead of results. low

Technical Shares at $10.41 are trading above the 200-day MA of $9.96 and within 5.19% of the 52-week high.

Peers on Argus

MFIN is up 1.36% while momentum peers like FOA and RM are only modestly higher (...

2 Up

MFIN is up 1.36% while momentum peers like FOA and RM are only modestly higher (FOA 0.44% up). Broader peers show mixed moves, with CPSS down 1.53%, pointing to a stock-specific focus rather than a uniform sector move.

Historical Context

5 past events · Latest: 2026-02-11 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
2026-02-11	Earnings timing	Neutral	-0.3%	Announcement of date and call details for 2025 Q4 and full-year results.
2026-02-04	Leadership hire	Positive	+0.0%	Senior sales and marketing hire to support growth in key lending lines.
2026-01-29	Bank earnings	Positive	+2.4%	Medallion Bank reported higher 2025 earnings and declared a preferred dividend.
2026-01-14	Investor conference	Neutral	-0.7%	Planned participation in the Sidoti Conference with investor meetings.
2026-01-12	Executive promotions	Positive	-0.6%	Executive promotions at Medallion Bank aimed at supporting leadership continuity.

Pattern Detected

Recent company and bank updates, including earnings and leadership changes, have mostly seen modest price alignment, with only one clear divergence on positive management news.

Recent Company History

Over the past months, Medallion Financial has issued a series of operational and corporate updates. These include scheduling its 2025 earnings release, Medallion Bank’s strong Q4 and full-year 2025 results with higher net interest income and a preferred dividend, leadership additions to drive growth in home improvement and recreation lending, and executive promotions at the bank level. The company also participated in the Sidoti conference to engage investors. Today’s detailed 2025 results and dividend update build directly on this earlier guidance and bank-level performance.

Market Pulse Summary

This announcement details a record year for Medallion, with net income rising to $43.0 million, orig...

Analysis

This announcement details a record year for Medallion, with net income rising to $43.0 million, originations reaching $1.505 billion, and net book value per share climbing to $17.53. At the same time, the credit loss provision increased to $89.8 million, and recreation delinquencies ticked higher, highlighting credit-risk considerations. Investors can track segment-level originations, asset quality indicators, and the sustainability of the $0.12 quarterly dividend as key metrics in future updates.

Key Terms

net interest margin, credit loss provision, loans held for investment, loans held for sale

4 terms

net interest margin financial

"Net interest margin on gross loans was 8.04%, compared to 7.84%..."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

credit loss provision financial

"Credit loss provision was $27.7 million, compared to $20.6 million..."

An amount a lender sets aside from earnings to cover loans or other receivables it expects may not be repaid, like an insurance cushion against customer defaults. It matters to investors because larger provisions reduce reported profits and can signal worsening borrower credit or economic stress, while smaller provisions can boost short-term earnings but may hide rising risk to the lender’s future capital and stability.

loans held for investment financial

"Loans held for investment: Recreation $1,617,221 ..."

Loans held for investment are loans a bank or lender plans to keep on its balance sheet and collect payments from, rather than sell to another party. Think of it like owning a rental property instead of flipping it: the owner expects steady income but also carries the risk that borrowers may stop paying, so investors watch this line to judge a lender’s interest income stability, credit quality, and liquidity needs.

loans held for sale financial

"Loans held for sale, at lower of amortized cost or fair value:"

Loans held for sale are loans a bank or lender has made but intends to sell to another investor rather than keep on its books. Think of it like a shop buying products specifically to resell: the practice shows how active the lender is in originating loans, affects near-term cash flow and profit prospects, and signals how much credit risk the lender plans to transfer off its balance sheet—information investors use to assess liquidity, earnings volatility and risk exposure.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 18, 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 and full-year ended December 31, 2025.

2025 Fourth Quarter Highlights

• Total net income attributable to stockholders for the fourth quarter was $12.2 million, or $0.50 per share, up 20% compared to $10.1 million, or $0.43 per share in the prior year quarter.
• Net interest income grew 8% to $56.4 million from $52.0 million in the prior year quarter.
• Net interest margin on gross loans was 8.04%, compared to 7.84% in the prior year quarter, and net interest margin on net loans was 8.39%, compared to 8.15% in the prior year quarter.
• Loan originations grew to $421.3 million, compared to $285.7 million in the prior year quarter, and included $258.3 million of strategic partnership loan originations in the current quarter, compared to $123.7 million in the prior year quarter.
• Credit loss provision was $27.7 million, compared to $20.6 million in the prior year quarter.
• The Company declared and paid a quarterly cash dividend of $0.12 per share.

2025 Full-Year Highlights

• Total net income attributable to stockholders for 2025 was $43.0 million, or $1.78 per share, up 20% compared to $35.9 million, or $1.52 per share, in the prior year.
• Net interest income grew 7% to $216.9 million from $202.5 million in the prior year.
• Net interest margin on gross loans was 8.06%, compared to 8.05% in the prior year, and net interest margin on net loans was 8.40%, compared to 8.35% in the prior year.
• Loan originations grew to $1.505 billion, compared to $1.043 billion in the prior year, and included $771.6 million of strategic partnership loan originations in the current year, compared to $203.6 million in the prior year.
• The loan portfolio, including loans held for sale, as of December 31, 2025 was $2.567 billion, up 3% from $2.491 billion a year ago.
• Credit loss provision was $89.8 million, compared to $76.5 million in the prior year.
• The Company repurchased 108,351 shares of common stock at an average cost of $9.10 per share in the year, for a total of $1.0 million.
• Net book value per share at the end of 2025 was $17.53 per share, up 10% from $16.00 a year ago.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp. commented, “2025 marked a record year for Medallion, with solid performance across our core financial metrics and operating segments. We delivered increases in net interest income, net income, originations, and portfolio size on both a quarterly and full-year basis, reflecting the strength of our platform and consistent execution across our business lines. Demand remained healthy, credit performance was solid, and our results demonstrate our ability to continue scaling the business profitably while maintaining discipline.

These results reflect a focused operating approach and our ongoing commitment to prudent growth across the platform. We continue to prioritize a disciplined origination strategy, prudent balance sheet management, and effective capital deployment while expanding our portfolio.

Ending the year with positive momentum, we believe we are well-positioned to build on this performance and continue delivering consistent, favorable risk-adjusted returns for our shareholders.”

2026 Strategy

Andrew Murstein continued by stating, “As I step into the role of Chief Executive Officer, our focus for 2026 is to build upon the strong foundation established over the past 30+ years, while further refining our strategic priorities.

We aim to continue to grow our core business lines by targeting sustained growth in our recreation segment. In addition, we believe there is significant growth potential within our home improvement line. As a result, in recent months, we added experienced talent to support increased growth and originations in this line, with the goal of continuing to expand the portfolio.

Our commercial lending segment remains a strong contributor to earnings, with the average interest rates increasing to 14.22% this year.

At the same time, our strategic partnership program continues to be a rapidly growing component of our business. While per-loan origination fees and interest income associated with this business remain modest due to the short time the loans remain on our books, originations continue to expand meaningfully quarter over quarter, and we see great potential in this business over the next several years.

We remain thoughtful and disciplined in evaluating new business lines and growth opportunities. We will continue to assess adjacent markets where we believe we can expand the business in an accretive manner, consistent with our standards and return objectives.

Looking ahead, I am proud of where the Company stands today and am focused on advancing the platform by continuing to execute with discipline, consistency, and a long-term view toward value creation. With a proven business model, a diversified portfolio, and an experienced management team, I believe the Company is well-positioned to perform well in the coming years and continue to create long-term value for shareholders.”

Business Highlights

Recreation Lending

• Originations were $97.2 million during the quarter, compared to $72.2 million a year ago. Total originations for the year ended December 31, 2025 were $468.5 million, compared to $526.6 million for the prior year.
• Recreation loans, including loans held for investment and loans held for sale, grew 5% to $1.62 billion, or 63% of total loans, as of December 31, 2025, compared to $1.54 billion a year ago, or 62%, a year ago.
• Average loan size as of December 31, 2025 was $22,000 with a weighted average FICO score, measured at the time of loan origination, of 688.
• Interest income grew 6% to $54.2 million for the quarter, from $51.3 million in the prior year quarter. Total interest income for the year ended December 31, 2025 was $209.3 million, compared to $194.1 million for the prior year.
• The average interest rate was 15.16% at year-end, compared to 15.07% a year ago.
• Recreation loans 90 days or more past due were $12.9 million, or 0.82% of gross recreation loans, as of December 31, 2025, compared to $10.0 million, or 0.67%, a year ago.
• Allowance for credit loss as of December 31, 2025 was 5.32% for loans held for investment, compared to 5.00% a year ago.
  

Home Improvement Lending

• Originations were $61.7 million during the quarter, compared to $82.5 million a year ago. Total originations for the year ended December 31, 2025 were $224.5 million, compared to $298.6 million for the prior year.
• Home improvement loans were $810.2 million, or 32% of total loans, as of December 31, 2025, compared to $827.2 million, or 33%, a year ago.
• Average loan size as of December 31, 2025 was $22,000 with a weighted average FICO score, measured at the time of loan origination, of 779.
• Interest income grew 2% to $20.3 million for the quarter, from $19.9 million in the prior year quarter. Total interest income for the year ended December 31, 2025 was $80.6 million, compared to $74.0 million a year ago.
• The average interest rate was 9.87% at year-end, compared to 9.81% a year ago.
• Home improvement loans 90 days or more past due were $1.3 million, or 0.16% of gross home improvement loans, as of December 31, 2025, compared to $1.4 million, or 0.17%, a year ago.
• Allowance for credit loss was 2.41% as of December 31, 2025, compared to 2.48% a year ago.
  

Commercial Lending

• Originations were $4.1 million during the quarter, compared to $7.3 million a year ago. Total originations for the year ended December 31, 2025 were $40.6 million, compared to $14.3 million for the prior year.
• Commercial loans grew to $123.1 million as of December 31, 2025, compared to $111.3 million a year ago.
• Average loan size was $4.2 million as of December 31, 2025, invested across 28 portfolio companies.
• The average interest rate on the portfolio was 14.22% as of December 31, 2025, compared to 12.97% a year ago.
• Recognized $8.8 million of net equity gains during the quarter, compared to $3.8 million a year ago.
  

Strategic Partnerships

• Originations were $258.3 million during the quarter, compared to $123.7 million a year ago. Total originations for the year ended December 31, 2025 were $771.6 million, compared to $203.6 million for the prior year.
• Total strategic partnership loans held as of December 31, 2025 were $15.1 million, compared to $7.4 million a year ago.
• Fees generated from strategic partnerships were $1.2 million for the quarter, compared to $0.6 million a year ago. Total fees generated from strategic partnerships were $3.6 million for the year ended December 31, 2025, compared to $1.8 million for the prior year.
• The average loan holding period of strategic partnership loans was five days.

Taxi Medallion Lending

• The Company collected $2.5 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.4 million. Total cash collections on taxi medallion-related assets during the year ended December 31, 2025 were $13.6 million, resulting in net recoveries and gains of $4.6 million.
• Total net taxi medallion-related assets declined to $4.3 million, a 45% reduction from a year ago, and represented less than two tenths of one percent of the Company’s total assets, as of December 31, 2025.

Loan Portfolio

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

		December 31,
		2025								2024
(Dollars in thousands)		Amount				As a Percent of Total Loans				Amount				As a Percent of Total Loans
Loans held for investment:
Recreation		$	1,617,221				63	%		$	1,422,403				57	%
Home improvement			810,237				32				827,211				33
Commercial			123,068				5				111,273				4
Taxi medallion			1,179			*					1,909			*
Total loans			2,551,705				99				2,362,796				95
Loans held for sale, at lower of amortized cost or fair value:
Recreation			—				—				120,840				5
Strategic partnership			15,144			*					7,386			*
Total loans held for sale, at lower of amortized cost or fair value			15,144				—				128,226				5
Total loans and loans held for sale		$	2,566,849				100	%		$	2,491,022				100	%
(*) Less than 1%.

Balance Sheet 

• Cash and cash equivalents, including investment securities, as of December 31, 2025 were $261.7 million, compared to $224.4 million as of December 31, 2024.
• As of December 31, 2025, total assets were $2.955 billion, up from $2.869 billion as of December 31, 2024.
• As of December 31, 2025, total liabilities were $2.447 billion, up from $2.430 billion as of December 31, 2024.
  

Capital Allocation

Quarterly Dividend

• The Board of Directors declared a quarterly dividend of $0.12 per share, payable on March 31, 2026, to stockholders of record at the close of business on March 19, 2026.
  

Dividends Announced		Amount Per Share			Record Date		Payment Date
Q1 2026		$	0.12		3/19/2026		3/31/2026
Total: Year 2026			0.12
Q4 2025			0.12		11/12/2025		11/24/2025
Q3 2025			0.12		8/15/2025		8/29/2025
Q2 2025			0.12		5/15/2025		5/30/2025
Q1 2025			0.11		3/17/2025		3/31/2025
Total: Year 2025			0.47
Total: Year 2024			0.41
Total: Year 2023			0.34
Total: Year 2022 *			0.32

(*) Dividend reinstated in Q1 2022.

Stock Repurchase Plan

• During the year ended December 31, 2025, the Company repurchased 108,351 shares of its common stock at an average cost of $9.10 per share for $1.0 million.
• As of December 31, 2025, 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 fourth quarter financial results tomorrow, Thursday, February 19, 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, February 19, 2026
• Time: 9:00 a.m. Eastern time
• Dial-in number: (412) 317-0504
• Live webcast: Link to Webcast of 4Q25 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, February 26, 2026

• Dial-in: (412) 317-6671
• Passcode: 1020 6753

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, 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 2024 Annual Report on Form 10-K.

Company Contact:

Investor Relations
InvestorRelations@medallion.com
212-328-2176

Investor Relations
The Equity Group Inc.
Lena Cati
lcati@theequitygroup.com
(212) 836-9611

Val Ferraro
vferraro@theequitygroup.com
(212) 836-9633

MEDALLION FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED)‌
		December 31,
(Dollars in thousands, except share and per share data)		2025				2024				2023
Assets
Cash, cash equivalents, and federal funds sold		$	201,564			$	169,572			$	149,845
Investment securities			60,183				54,805				54,282
Equity investments			8,099				9,198				11,430
Loans held for sale, at lower of amortized cost or fair value			15,144				128,226				—
Loans			2,551,705				2,362,796				2,215,886
Allowance for credit losses			(114,789	)			(97,368	)			(84,235	)
Net loans receivable			2,436,916				2,265,428				2,131,651
Goodwill and intangible assets, net			168,504				169,949				171,394
Property, equipment, and right-of-use lease asset, net			11,861				13,756				14,076
Accrued interest receivable			19,401				15,314				13,538
Loan collateral in process of foreclosure			7,333				9,932				11,772
Other assets			26,459				32,426				29,839
Total assets		$	2,955,464			$	2,868,606			$	2,587,827
Liabilities
Deposits		$	2,084,265			$	2,090,071			$	1,866,657
Long-term debt			215,987				232,159				235,544
Short-term borrowings			95,250				49,000				8,000
Deferred tax liabilities, net			19,596				20,995				21,207
Operating lease liabilities			5,041				5,128				7,019
Accrued interest payable			6,319				8,231				6,822
Accounts payable and accrued expenses			20,960				24,064				30,804
Total liabilities			2,447,418				2,429,648				2,176,053
Total stockholders’ equity			408,617				370,170				342,986
Non-controlling interest in consolidated subsidiaries			99,429				68,788				68,788
Total equity			508,046				438,958				411,774
Total liabilities and equity		$	2,955,464			$	2,868,606			$	2,587,827
Number of shares outstanding			23,311,683				23,135,624				23,449,646
Book value per share		$	17.53			$	16.00			$	14.63

MEDALLION FINANCIAL CORP.‌ CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)‌
		Three Months Ended December 31,								Years Ended December 31,
(Dollars in thousands, except share and per share data)		2025				2024				2025				2024
Total interest income		$	81,682			$	76,519			$	315,320			$	290,702
Total interest expense			25,257				24,507				98,427				88,167
Net interest income			56,425				52,012				216,893				202,535
Provision for credit losses			27,690				20,572				89,822				76,502
Net interest income after provision for credit losses			28,735				31,440				127,071				126,033
Other income
Gain on equity investments, net			8,767				3,782				24,552				6,917
Gain (loss) on taxi medallion assets, net			1,275				(386	)			4,632				884
Strategic partnership fees			1,159				575				3,621				1,781
Gain on sale of recreation loans			—				—				1,304				—
Other income			2,936				271				3,884				1,748
Total other income, net			14,137				4,242				37,993				11,330
Other expenses
Salaries and employee benefits			11,378				9,997				41,664				38,344
Loan servicing fees			2,932				2,820				11,500				10,771
Collection costs			1,735				1,581				6,681				6,380
Regulatory fees			1,025				969				3,634				3,795
Professional fee costs, net			994				(4,806	)			5,005				(1,372	)
Rent expense			753				663				2,789				2,682
Amortization of intangible assets			361				361				1,445				1,445
Penalties			—				3,000				—				3,000
Other expenses			2,996				2,628				12,461				9,382
Total other expenses			22,174				17,213				85,179				74,427
Income before income taxes			20,698				18,469				79,885				62,936
Income tax provision			6,164				6,815				24,544				21,011
Net income after taxes			14,534				11,654				55,341				41,925
Less: income attributable to the non-controlling interest			2,335				1,512				8,782				6,047
Less: redemption of non-controlling interest			—				—				3,515				—
Net income attributable to Medallion Financial Corp. stockholders		$	12,199			$	10,142			$	43,044			$	35,878
Basic net income per share		$	0.53			$	0.45			$	1.89			$	1.59
Diluted net income per share		$	0.50			$	0.43			$	1.78			$	1.52
Weighted average common shares outstanding
Basic			22,884,320				22,455,498				22,774,561				22,546,051
Diluted			24,594,425				23,757,406				24,247,788				23,605,493

FAQ

What were Medallion Financial (MFIN) Q4 2025 earnings and EPS?

Medallion reported Q4 2025 net income of $12.2 million, or $0.50 per share. According to the company, this represented a 20% increase versus the prior-year quarter and reflected higher net interest income and originations.

How much did Medallion (MFIN) originate in loans during 2025 and Q4 2025?

Medallion originated $1.505 billion in loans for full-year 2025 and $421.3 million in Q4. According to the company, strategic partnership originations contributed significantly, totaling $771.6 million for the year.

What dividend did Medallion Financial (MFIN) declare and when is it payable?

The board declared a quarterly cash dividend of $0.12 per share, payable March 31, 2026 to shareholders of record on March 19, 2026. According to the company, this continues their regular quarterly dividend policy.

How did Medallion's credit provisions and delinquencies change in 2025?

Credit loss provision totaled $89.8 million for 2025, with a Q4 provision of $27.7 million. According to the company, recreation loans 90+ days past due rose to 0.82%, reflecting modest credit pressure.

What is Medallion Financial's (MFIN) capital allocation status including buybacks?

Medallion repurchased 108,351 shares for about $1.0 million in 2025 and had $14.4 million remaining under a $40 million program. According to the company, capital deployment also included regular quarterly dividends.