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

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

2026 Third Quarter Highlights * Net income of $11.8 million, compared to $19.8 million in the prior year quarter. * Net income attributable to common shareholder of $9.5 million, compared to $14.0 million in the prior year quarter. * Net interest income of $60.0 million, compared to $55.7 million in the prior year quarter. Total non-interest income of $2.6 million, compared to $2.5 million in the prior year quarter. * Net interest margin of 8.03%, compared to 8.61% in the prior year quarter. * Recreation loan originations grew 40% from the prior year quarter to $198.2 million, and the loan portfolio grew 20% to $1.9 billion, exclusive of loans held for sale. * Home Improvement loan originations grew 145% from the prior year quarter to $146.3 million, and the loan portfolio grew 18% to $947.5 million. * Strategic partnership loan originations grew 25% from the prior year quarter to $259.4 million. During the quarter, the Bank added rFinance to its growing strategic partnership program, with originations beginning in the fourth quarter. * Total provision for credit losses was $29.8 million, compared to $17.2 million in the prior year quarter. The current quarter provision for credit losses included $5.7 million related to increased allowance for credit losses tied to consumer loan growth, compared to $1.9 million in the prior year quarter. * Annualized net charge-offs in the quarter were 2.83% of average loans outstanding, compared to 2.28% in the prior year quarter. * Annualized return on average assets and return on average equity were 1.61% and 10.18%, respectively, compared to 3.08% and 17.77%, respectively, for the prior year quarter, reflecting significant loan growth. * Total assets were $3.0 billion and the Tier 1 leverage ratio was 17.4% at September 30, 2026. * Closed a public offering of 2,200,000 shares of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share and an aggregate liquidation amount of $55.0 million. Series G Preferred Stock Dividend