Medallion Financial Corp. Reports 2026 Third Quarter Results
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
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
Home Improvement Lending
Commercial Lending
Strategic Partnerships
Taxi Medallion Lending
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.
(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:
(*) Less than 1%.
Balance Sheet
Capital Allocation
Quarterly Dividend
(*) Dividend reinstated in Q1 2022.
Stock Repurchase Plan
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
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
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