Medallion Financial Corp. Reports 2026 Third Quarter Results

Loan growth accompanied higher credit loss provisions, while net interest margin narrowed from the prior-year quarter.

Rhea-AI Summary

Medallion Financial (MFIN) reported third-quarter 2026 net income attributable to stockholders of $2.4 million, down from the prior-year quarter. Earnings per share fell to $0.10 from $0.32, while net interest income rose 5% to $58.4 million. Net interest margin narrowed to 7.34% from 8.21%, and credit loss provisions increased to $30.8 million from $18.6 million.

Originations grew 41% to $603.9 million, and the loan portfolio reached $2.936 billion, up 15% year over year. Medallion Bank raised $55 million through additional Series G preferred stock. After quarter-end, Medallion completed its previous repurchase program and authorized a new $40 million program. It also repurchased $15 million of trust preferred securities in October; the company expects a fourth-quarter debt-extinguishment gain. A $0.14 quarterly dividend is payable November 19, 2026.

20 points · 1 major

PositiveiHow this balance works

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0 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point$55 million of additional Series G preferred stock raised capital at Medallion Bank. 21% of market cap
• Moderate pointNet interest income grew 5% year over year to $58.4 million in the third quarter.
• Moderate pointLoan originations rose 41% to $603.9 million from $427.4 million in the prior-year quarter.
• Moderate pointTotal loan portfolio increased 15% year over year to $2.936 billion at September 30, 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.New $40 million repurchase program authorized October 27, 2026, after completion of the previous program. 15% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.$15 million of trust preferred securities repurchased at a discount in October; Medallion expects a fourth-quarter gain. 5.7% of market cap

14 minor points

• Minor point483,871 common shares repurchased during the quarter for $5.6 million, averaging $11.48 per share.
• Minor pointNet book value per share rose to $17.73 from $17.07 a year earlier.
• Minor pointCash and cash equivalents, including investment securities, increased to $306.9 million from $212.1 million a year earlier.
• Minor pointTotal assets increased to $3.361 billion from $2.900 billion at September 30, 2025.
• Minor pointRecreation originations grew 40% to $198.2 million from $141.7 million in the prior-year quarter.
• Minor pointRecreation loans, including loans held for sale, increased 16% year over year to $1.853 billion.
• Minor pointRecreation interest income increased to $60.977 million from $53.565 million in the prior-year quarter.
• Minor pointHome improvement originations grew 145% to $146.3 million from $59.7 million in the prior-year quarter.
• Minor pointHome improvement loans increased 18% year over year to $947.5 million.
• Minor pointHome improvement interest income increased to $21.403 million from $20.453 million in the prior-year quarter.
• Minor pointCommercial portfolio average interest rate rose to 14.36% from 13.71% a year earlier.
• Minor pointStrategic partnership originations increased 25% to $259.4 million from $208.4 million in the prior-year quarter.
• Minor pointrFinance Credit Company joined the strategic partnership program as its sixth partner in September 2026.
• Minor pointTaxi medallion collections of $1.7 million produced $1.1 million in net recoveries and gains during the quarter.

Negative

• Moderate pointNet income attributable to stockholders fell to $2.4 million, or $0.10 per share, from $7.8 million, or $0.32.
• Moderate pointCredit loss provision increased to $30.8 million from $18.6 million in the prior-year quarter.
• Moderate pointNet interest margin narrowed to 7.34% from 8.21% in the prior-year quarter.
• Minor pointInterest expense increased to $30.511 million from $25.085 million in the prior-year quarter.
• Minor pointTotal liabilities increased to $2.810 billion from $2.404 billion at September 30, 2025.

9 minor points

• Minor pointRecreation loans at least 90 days past due rose to $11.9 million, or 0.66%, from $8.9 million, or 0.57%, year over year.
• Minor pointRecreation credit loss allowance increased to 5.30% from 5.10% a year earlier.
• Minor pointRecreation weighted average interest rate declined to 15.01% from 15.17% a year earlier.
• Minor pointHome improvement loans at least 90 days past due rose to $1.7 million, or 0.18%, from $1.3 million, or 0.16%, year over year.
• Minor pointHome improvement credit loss allowance increased to 2.59% from 2.55% a year earlier.
• Minor pointHome improvement weighted average interest rate declined to 9.52% from 9.87% a year earlier.
• Minor pointCommercial loans declined to $118.7 million from $135.1 million a year earlier.
• Minor pointCommercial interest income declined to $3.239 million from $4.354 million in the prior-year quarter.
• Minor pointStrategic partnership fees declined to $0.8 million from $1.0 million in the prior-year quarter.

News Explained

Management says upfront “day-one” credit provisions tied to consumer-loan growth were a large part of the earnings decline; that allowance component was about $5.6 million this quarter, versus $1.9 million in the prior-year quarter.

Key Figures

Net income attributable to stockholders: $2.4 million Net interest income: $58.4 million Net interest margin: 7.34% +5 more

Net income attributable to stockholders

$2.4 million

Q3 2026; compared with $7.8 million in the prior-year quarter

Net interest income

$58.4 million

Q3 2026; compared with $55.7 million in the prior-year quarter

Net interest margin

7.34%

Q3 2026; compared with 8.21% in the prior-year quarter

Loan originations

$603.9 million

Q3 2026; up 41% from the prior-year quarter

Total loan portfolio

$2.936 billion

As of September 30, 2026; up 15% year over year

Credit loss provision

$30.8 million

Q3 2026; compared with $18.6 million in the prior-year quarter

Preferred stock raised

$55 million

Medallion Bank Series G preferred stock

New stock repurchase program

$40 million

Approved by the board on October 27, 2026

Historical Context

2 past events · Latest: Oct 19

2 events

1. Oct 19

   Trust preferred repurchase

   24h Move

   +0.3%

   Earlier agreement covered a $15 million liquidation amount; current results report completion and a fourth-quarter gain.

2. Sep 30

   Preferred stock offering

   24h Move

   +0.3%

   The earlier closing documented the $55 million Series G issuance, which the results identify as capital raised.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

nim, fico score, trust preferred securities, 10b5-1 trading plans

4 terms

nim financial

"Net interest margin (“NIM”) was 7.34%"

NIM (net interest margin) measures the gap between the interest a bank earns on loans and other interest‑producing assets and the interest it pays to depositors and creditors, shown as a percentage of the bank’s earning assets. Think of it like a store’s markup: a wider NIM means the bank keeps more money from its core lending activity, boosting profit potential. Investors watch NIM because shifts reveal how profitable a bank’s lending is, and how sensitive that profit is to interest‑rate changes and shifts in the mix of loans versus other assets.

fico score financial

"weighted average FICO score, measured at the time of loan origination"

A FICO score is a three-digit number that summarizes an individual’s credit history into an easy-to-read “financial report card” used by lenders to judge how likely someone is to repay borrowed money. It matters to investors because widespread changes in average FICO scores affect consumer borrowing, loan default rates, and the health of banks and lenders — which in turn influence interest income, credit losses, and overall economic activity.

trust preferred securities financial

"repurchase $15 million of our trust preferred securities in October"

Trust preferred securities are a hybrid investment that blends features of bonds and stocks: an issuing company places assets into a separate trust which sells these securities and passes regular payments to holders much like bond interest. They can behave like equity for regulatory or accounting purposes while still offering a fixed-income stream, so they matter to investors because they carry higher income than plain bonds but also higher risk and potential sensitivity to issuer capital and credit moves.

10b5-1 trading plans regulatory

"or pursuant to 10b5-1 trading plans"

A 10b5-1 trading plan is a written, pre-set schedule that lets company insiders automatically buy or sell stock at specified times or prices, similar to setting up automatic bill payments. It matters to investors because it lowers the chance that executives are trading based on secret information and provides a clear record of planned trades, helping markets judge whether insider sales reflect business fundamentals or personal needs.

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

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NEW YORK, Oct. 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 September 30, 2026.

2026 Third Quarter Highlights

• Total net income attributable to stockholders for the third quarter was $2.4 million, or $0.10 per share, compared to $7.8 million, or $0.32 per share, in the prior year quarter.
• Net interest income grew 5% to $58.4 million from $55.7 million in the prior year quarter.
• Net interest margin (“NIM”) was 7.34% compared to 8.21% in the prior year quarter.
• Loan originations grew 41% to $603.9 million, compared to $427.4 million in the prior year quarter, and included $259.4 million of strategic partnership loan originations in the current quarter, compared to $208.4 million in the prior year quarter.
• Total loan portfolio as of September 30, 2026 was $2.936 billion, up 15% compared to $2.559 billion a year ago.
• Credit loss provision was $30.8 million, compared to $18.6 million in the prior year quarter. The current quarter credit loss provision included approximately $5.6 million related to allowance for credit losses tied to consumer loan growth, compared to $1.9 million in the prior year quarter.
• Net book value per share at September 30, 2026 was $17.73 compared to $17.07 a year ago.
• The Company declared and paid a quarterly cash dividend of $0.14 per share.
• The Company repurchased 483,871 shares of its common stock at an average cost of $11.48 per share for $5.6 million.
• Subsequent to quarter end, the Board of Directors approved a new $40 million stock repurchase program.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, "Our third quarter results further demonstrate the strength of our consumer lending platform. We continued to grow our loan portfolio, with total assets reaching a record level of more than $3.3 billion. During the quarter, recreation and home improvement loans increased 5% and 7%, respectively, from last quarter. They have grown 16% and 18% over the past twelve months. Total loan originations increased 41% year-over-year to $603.9 million. We are especially pleased with the growth in our home improvement loan origination volume, which grew by 145% in this quarter from last year.

As we’ve said previously, growth at these levels requires us to recognize large upfront day-one provisions, which reduced earnings significantly during the quarter. While these provisions result in an immediate impact on reported earnings, they reflect the expansion of our loan portfolio and position us to generate increased earnings and shareholder value over time. These day-one provisions are a large part of the decrease in earnings this quarter from the prior year.

We were also pleased to have successfully raised an additional $55 million of preferred stock at Medallion Bank through the reopening of our investment grade rated Series G Preferred Stock, underscoring the confidence investors continue to place in our business model and growth strategy. We expect this additional capital to be accretive to our shareholders as we deploy it in our consumer lending business in the coming quarters.

In addition, we repurchased $5.6 million of our common stock during the quarter and, subsequent to quarter end, completed our previously authorized $40 million stock repurchase program. Our board of directors has authorized a new $40 million stock repurchase program; we intend to remain disciplined and opportunistic in repurchasing shares while continuing to support the growth of our business and create long-term shareholder value.

Lastly, we were able to repurchase $15 million of our trust preferred securities in October at a meaningful discount, which will result in a gain on the extinguishment of that debt in the upcoming fourth quarter."

Business Highlights

Recreation Lending

• Originations were $198.2 million during the quarter, up 40% compared to $141.7 million a year ago.
• Recreation loans, including loans held for investment and loans held for sale, grew 16% to $1.853 billion, or 63% of total loans, as of September 30, 2026, compared to $1.603 billion, or 63%, a year ago.
• Average loan size as of September 30, 2026 was $23,000 with a weighted average FICO score, measured at the time of loan origination, of 683.
• Interest income grew 14% to $61.0 million for the quarter, from $53.6 million in the prior year quarter.
• The weighted average interest rate was 15.01% at quarter-end, compared to 15.17% a year ago.
• Recreation loans 90 days or more past due were $11.9 million, or 0.66% of gross recreation loans, as of September 30, 2026, compared to $8.9 million, or 0.57%, a year ago.
• Allowance for credit losses as of September 30, 2026 was 5.30%, compared to 5.10% a year ago.
  

Home Improvement Lending

• Originations were $146.3 million during the quarter, up 145% compared to $59.7 million a year ago.
• Home improvement loans grew 18% to $947.5 million, or 32% of total loans, as of September 30, 2026, compared to $804.0 million, or 31%, a year ago.
• Average loan size as of September 30, 2026 was $26,500 with a weighted average FICO score, measured at the time of loan origination, of 768.
• Interest income grew 5% to $21.4 million for the quarter, compared to $20.5 million in the prior year quarter.
• The weighted average interest rate was 9.52% at quarter-end, compared to 9.87% a year ago.
• Home improvement loans 90 days or more past due were $1.7 million, or 0.18% of gross home improvement loans, as of September 30, 2026, compared to $1.3 million, or 0.16%, a year ago.
• Allowance for credit losses as of September 30, 2026 was 2.59%, compared to 2.55% a year ago.
  

Commercial Lending

• Commercial loans were $118.7 million as of September 30, 2026, compared to $135.1 million a year ago.
• Average loan size was $4.0 million as of September 30, 2026, invested across 30 portfolio companies.
• Interest income was $3.2 million for the quarter, compared to $4.2 million in the prior year quarter.
• The average interest rate on the portfolio was 14.36% as of September 30, 2026, compared to 13.71% a year ago.

Strategic Partnerships

• Originations were $259.4 million during the quarter, up 25% compared to $208.4 million a year ago.
• Total strategic partnership loans held for sale as of September 30, 2026 were $15.2 million, compared to $15.3 million a year ago.
• Fees generated from strategic partnerships were $0.8 million for the quarter, compared to $1.0 million in the prior year quarter.
• The average holding period of strategic partnership loans was approximately five days.
• In September 2026, rFinance Credit Company (finance affiliate of Renewal by Andersen) was added as the sixth partner to the strategic partnership program.
  

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 $3.0 million, a 42% reduction from a year ago, and represented less than 0.1% of the Company’s total assets, as of September 30, 2026.
  

Average Balances and Rates

The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities and reflects the average yield on assets and average costs on liabilities as of and for the three months ended September 30, 2026 and 2025.

		Three Months Ended September 30,
		2026												2025
(Dollars in thousands)		Average Balance				Interest				Average Yield/Cost				Average Balance				Interest				Average Yield/Cost
Interest-earning assets
Interest earning cash equivalents		$	67,550			$	598				3.51	%		$	22,094			$	177				3.18	%
Federal funds sold			134,558				1,292				3.81				71,673				1,046				5.79
Investment securities			67,747				700				4.10				60,900				614				4.00
Loans
Recreation			1,816,101				60,977				13.32				1,579,820				53,565				13.45
Home improvement			926,228				21,403				9.17				802,745				20,453				10.11
Commercial			123,946				3,239				10.37				130,486				4,354				13.24
Taxi medallion			1,240				55				17.60				1,593				91				22.66
Strategic partnerships			16,442				626				15.11				12,794				471				14.67
Total loans			2,883,957				86,300				11.87				2,527,438				78,934				12.39
Total interest-earning assets		$	3,153,812			$	88,890				11.18	%		$	2,682,105			$	80,771				11.92	%
Non-interest-earning assets
Allowance for credit losses		$	(128,384	)										$	(108,719	)
Cash			10,052												49,133
Equity investments			8,596												8,903
Loan collateral in process of foreclosure			6,432												8,517
Goodwill and intangible assets			167,603												169,048
Other assets			67,576												61,459
Total non-interest-earning assets			131,875												188,341
Total assets		$	3,285,687											$	2,870,446
Interest-bearing liabilities
Deposits		$	2,424,820			$	24,998				4.09	%		$	2,066,763			$	20,502				3.94	%
Privately placed notes			190,250				4,185				8.73				146,500				3,166				8.57
SBA debentures and borrowings			72,250				814				4.47				77,750				855				4.36
Trust preferred securities			33,000				514				6.18				33,000				562				6.76
Total interest-bearing liabilities			2,720,320				30,511				4.45				2,324,013				25,085				4.28
Non-interest-bearing liabilities
Deferred tax liability			18,242												18,985
Other liabilities (1)			30,930												23,872
Total non-interest-bearing liabilities			49,172												42,857
Total liabilities			2,769,492												2,366,870
Non-controlling interest			112,991												111,201
Total stockholders’ equity			403,204												392,375
Total liabilities and stockholders’ equity		$	3,285,687											$	2,870,446
Net interest income						$	58,379											$	55,686
Net interest margin											7.34	%											8.21	%

(1) Includes deferred financing costs of $9.9 million and $9.0 million as of September 30, 2026 and 2025.

Loan Portfolio

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

		September 30, 2026								December 31, 2025								September 30, 2025
(Dollars in thousands)		Amount				As a Percent of Total Loans				Amount				As a Percent of Total Loans				Amount				As a Percent of Total Loans
Loans held for investment:
Recreation		$	1,852,958				63	%		$	1,617,221				63	%		$	1,545,528				60	%
Home improvement			947,503				32				810,237				32				804,003				31
Commercial			118,691				4				123,068				5				135,123				5
Taxi medallion			1,209			*					1,179			*					1,509			*
Total loans			2,920,361				99				2,551,705				100				2,486,163				97
Loans held for sale, at lower of amortized cost or fair value:
Recreation			—				—				—				—				57,641				2
Strategic partnership			15,233			*					15,144			*					15,277			*
Total loans held for sale, at lower of amortized cost or fair value			15,233			*					15,144			*					72,918				2
Total loans and loans held for sale		$	2,935,594				100	%		$	2,566,849				100	%		$	2,559,081				100	%

(*) Less than 1%.

Balance Sheet 

• Cash and cash equivalents, including investment securities, as of September 30, 2026, were $306.9 million, compared to $212.1 million as of September 30, 2025.
• As of September 30, 2026, total assets were $3.361 billion, up from $2.900 billion as of September 30, 2025.
• As of September 30, 2026, total liabilities were $2.810 billion, up from $2.404 billion as of September 30, 2025.
  

Capital Allocation

Quarterly Dividend

• The Board of Directors declared a quarterly dividend of $0.14 per share, payable on November 19, 2026, to stockholders of record at the close of business on November 9, 2026.
  
  

Dividends Announced		Amount Per Share				Record Date		Payment Date
Q4 2026		$	0.14			11/9/2026		11/19/2026
Q3 2026			0.14			8/17/2026		8/31/2026
Q2 2026			0.14			5/11/2026		5/21/2026
Q1 2026			0.12			3/19/2026		3/31/2026
Total: Year 2026			0.54
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 quarter ended September 30, 2026, the Company repurchased 483,871 shares of its common stock at an average cost of $11.48 per share for $5.6 million.
• As of September 30, 2026, the Company had $1.2 million remaining under its $40 million stock repurchase program, all of which was utilized subsequent to quarter end.
• On October 27, 2026, the Board of Directors approved a new stock repurchase plan in the amount of $40 million. Under the repurchase program, we may repurchase our outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including accelerated share repurchase transactions, block trades, or pursuant to 10b5-1 trading plans. Any repurchases will be at management’s discretion and will be subject to market conditions, the price of the Company’s shares and other factors. The stock repurchase program may be modified, suspended or terminated by the Board of Directors at any time.
  

Conference Call Information

The Company will host a conference call to discuss its third quarter financial results tomorrow, Friday, October 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: Friday, October 30, 2026
• Time: 9:00 a.m. Eastern time
• Dial-in number: (833) 816-1412 or (412) 317-0504
• Live webcast: Link to Webcast of 3Q26 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 Friday, November 6, 2026

• Dial-in: (844) 512-2921 or (412) 317-6671
• Passcode: 1021 2416

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 (swimming pools, replacement roofs, 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
InvestorRelations@medallion.com
212-328-2176

MEDALLION FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED)‌
		(Unaudited)								(Unaudited)
(Dollars in thousands, except share and per share data)		September 30, 2026				December 31, 2025				September 30, 2025
Assets
Cash, cash equivalents, and federal funds sold		$	243,056			$	201,564			$	150,978
Investment securities			63,853				60,183				61,081
Equity investments			8,185				8,099				9,305
Loans held for sale, at lower of amortized cost or fair value			15,233				15,144				72,918
Loans			2,920,361				2,551,705				2,486,163
Allowance for credit losses			(133,895	)			(114,789	)			(111,053	)
Net loans receivable			2,786,466				2,436,916				2,375,110
Goodwill and intangible assets, net			167,420				168,504				168,866
Accrued interest receivable			21,967				19,401				16,973
Property, equipment, and right-of-use lease asset, net			17,184				11,861				10,839
Loan collateral in process of foreclosure			6,570				7,333				8,235
Other assets			30,710				26,459				26,082
Total assets		$	3,360,644			$	2,955,464			$	2,900,387
Liabilities
Deposits		$	2,386,276			$	2,084,265			$	2,055,802
Long-term debt			287,837				215,987				215,698
Short-term borrowings			77,000				95,250				80,250
Deferred tax liabilities, net			16,701				19,596				19,019
Operating lease liabilities			11,409				5,041				3,459
Accrued interest payable			6,967				6,319				5,290
Accounts payable and accrued expenses			23,354				20,960				23,992
Total liabilities			2,809,544				2,447,418				2,403,510
Total stockholders’ equity			399,758				408,617				397,448
Non-controlling interest in consolidated subsidiaries			151,342				99,429				99,429
Total equity			551,100				508,046				496,877
Total liabilities and equity		$	3,360,644			$	2,955,464			$	2,900,387
Number of shares outstanding			22,550,694				23,311,683				23,279,435
Book value per share		$	17.73			$	17.53			$	17.07

MEDALLION FINANCIAL CORP.‌ CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)‌
		Three Months Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands, except share and per share data)		2026				2025				2026				2025
Total interest income		$	88,890			$	80,771			$	252,335			$	233,637
Total interest expense			30,511				25,085				82,650				73,170
Net interest income			58,379				55,686				169,685				160,467
Provision for credit losses			30,769				18,556				75,518				62,132
Net interest income after provision for credit losses			27,610				37,130				94,167				98,335
Other income
Gain on taxi medallion assets, net			1,090				1,767				3,506				3,359
Strategic partnership fees			762				990				2,722				2,461
Gain on sale of recreation and home improvement loans			1,682				—				2,963				1,304
Gain (loss) on equity investments, net			(217	)			257				329				15,783
Other income			107				34				788				951
Total other income, net			3,424				3,048				10,308				23,858
Other expenses
Salaries and employee benefits			10,799				10,145				33,046				30,286
Loan servicing fees			3,989				2,852				11,892				8,568
Collection costs			1,871				1,970				5,739				5,742
Professional fee costs, net			1,592				1,073				4,932				4,010
Regulatory fees			1,120				680				3,101				2,610
Rent expense			710				680				2,105				2,036
Depreciation			661				625				1,949				1,871
Director compensation			467				445				1,340				1,281
Amortization of intangible assets			361				361				1,084				1,084
Other expenses			2,396				1,871				6,105				5,518
Total other expenses			23,966				20,702				71,293				63,006
Income before income taxes			7,068				19,476				33,182				59,187
Income tax provision			2,336				5,862				11,381				18,380
Net income			4,732				13,614				21,801				40,807
Less: income attributable to the non-controlling interest			2,335				2,336				7,006				6,446
Less: redemption of non-controlling interest			—				3,515				—				3,515
Net income attributable to Medallion Financial Corp.		$	2,397			$	7,763			$	14,795			$	30,846
Basic net income per share		$	0.11			$	0.34			$	0.64			$	1.36
Diluted net income per share		$	0.10			$	0.32			$	0.61			$	1.28
Weighted average common shares outstanding
Basic			22,686,300				22,854,836				23,010,224				22,737,572
Diluted			23,647,271				24,437,133				24,067,423				24,131,840

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Medallion Financial's third-quarter 2026 earnings?

Medallion Financial earned $2.4 million attributable to stockholders, or $0.10 per share, compared with $7.8 million, or $0.32 per share, in the prior-year quarter. Net interest income increased 5% to $58.4 million, while credit loss provisions increased to $30.8 million from $18.6 million.

How large is Medallion Financial's new stock repurchase program?

The board authorized a new $40 million stock repurchase program on October 27, 2026. The previous $40 million program was completed after quarter-end. During the third quarter, Medallion repurchased 483,871 common shares for $5.6 million at an average cost of $11.48 per share.

Why did loan growth affect Medallion Financial's third-quarter 2026 earnings?

Medallion said loan growth required upfront credit loss provisions that reduced quarterly earnings. The quarter's provision included approximately $5.6 million of credit loss allowances tied to consumer loan growth, compared with $1.9 million in the prior-year quarter.

Who qualifies for Medallion Financial's November 2026 dividend?

Stockholders of record at the close of business on November 9, 2026, qualify for the $0.14-per-share quarterly dividend payable November 19, 2026. The amount is unchanged from the third-quarter dividend.