$MBNKO

MEDALLION FINANCIAL CORP

CIK:0001000209|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Interest and fees on loans	$ 82,285	$ 75,528	$ 159,621	$ 149,265
Non-loan interest and dividend income	2,092	1,914	3,824	3,602
Total interest income	84,377	77,442	163,445	152,867
Interest on deposits	22,122	19,608	42,858	39,223
Interest on long-term debt	4,973	3,916	8,781	7,606
Interest on short-term borrowings	35	548	500	1,256
Total interest expense	27,130	24,072	52,139	48,085
Net interest income	57,247	53,370	111,306	104,782
Provision for credit losses	22,273	21,562	44,749	43,576
Net interest income after provision for credit losses	34,974	31,808	66,557	61,206
Other income
Gain on taxi medallion assets, net	1,316	749	2,415	1,592
Strategic partnership fees	1,136	787	1,959	1,472
Gain on sale of recreation loans	1,281	1,304	1,281	1,304
Gain on equity investments, net	232	6,096	545	15,526
Other income	511	273	684	914
Other income, net	4,476	9,209	6,884	20,808
Other expenses
Salaries and employee benefits	11,247	10,148	22,247	20,141
Loan servicing fees	4,366	2,899	7,903	5,716
Collection costs	1,931	2,033	3,868	3,772
Professional fee costs, net	2,088	1,187	3,340	2,937
Regulatory fees	1,002	1,109	1,981	1,930
Rent expense	698	683	1,395	1,358
Depreciation	656	628	1,288	1,246
Amortization of intangible assets	362	362	723	723
Director compensation	441	424	873	836
Other expenses	2,162	2,072	3,709	3,644
Total other expenses	24,953	21,545	47,327	42,303
Net income (loss) before taxes	14,497	19,472	26,114	39,711
Income tax provision	4,717	5,805	9,045	12,518
Net income (loss)	9,780	13,667	17,069	27,193
Less: income attributable to the non-controlling interest	2,335	2,598	4,671	4,110
Net income attributable to Medallion Financial Corp.	$ 7,445	$ 11,069	$ 12,398	$ 23,083
Basic earnings per share	$ 0.32	$ 0.49	$ 0.53	$ 1.02
Diluted earnings per share	$ 0.31	$ 0.46	$ 0.51	$ 0.96
Weighted average common shares outstanding
Basic	23,288,732	22,783,947	23,174,870	22,677,961
Diluted	24,013,303	24,058,084	24,280,184	23,978,214

Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income resulting from operations

$ 17,069

$ 27,193

Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:

Provision for credit losses

44,749

43,576

Proceeds from sales of strategic partnership loans held for sale

410,850

299,978

Gain on sale of recreation loans

(1,281)

(1,304)

Origination of loans held for sale

(417,082)

(304,877)

Paid-in-kind interest income

(590)

(485)

Depreciation and amortization

4,231

4,218

Amortization of loan origination costs and fees, net

6,664

4,915

(Decrease) increase in deferred and other tax liabilities, net

(1,525)

3,109

Net gains on equity investments

(545)

(15,526)

Stock-based compensation expense

3,978

3,369

(Increase) decrease in accrued interest receivable

(1,522)

Increase in other assets

(6,971)

(46,399)

Increase (decrease) in accounts payable and accrued expenses

992

(5,118)

Decrease in accrued interest payable

(220)

(2,485)

Net cash provided by operating activities

58,797

10,184

CASH FLOWS FROM INVESTING ACTIVITIES

Loans originated

(585,785)

(357,691)

Proceeds from principal receipts, sales, and maturities of loans

316,458

325,541

Purchases of investments

(13,385)

(13,550)

Proceeds from principal receipts, sales, and maturities of investments

2,715

23,985

Proceeds from the sale and principal payments on loan collateral in process of foreclosure

6,725

6,771

Net cash used in investing activities

(273,272)

(14,944)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from time deposits and funds borrowed

775,678

1,048,514

Repayments of time deposits and funds borrowed

(533,456)

(1,123,610)

Non-controlling interest equity raised by Medallion Bank

73,126

Cash dividends paid on common stock

(6,333)

(5,562)

Distributions to non-controlling interests

(4,671)

(3,355)

Payment of withholding taxes on net settlement of vested stock

(4,733)

(1,202)

Treasury stock repurchased

(7,684)

(986)

Proceeds from the exercise of stock options

101

257

Net cash provided by (used in) financing activities

218,902

(12,818)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

4,427

(17,578)

Cash and cash equivalents, beginning of period

^[1]

201,564

169,572

Cash and cash equivalents, end of period (1)

^[1]

205,991

151,994

SUPPLEMENTAL INFORMATION

Cash paid during the period for interest

50,155

48,337

Cash paid during the period for income taxes

10,298

9,665

NON-CASH INVESTING

Loans transferred to loan collateral in process of foreclosure, net

$ 6,036

$ 5,846

[1]	Includes federal funds sold.

Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 172,581

$ 136,266

Federal funds sold

33,410

65,298

Investment securities

69,933

60,183

Equity investments

8,734

8,099

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

21,376

15,144

Loans

2,773,366

2,551,705

Allowance for credit losses

(122,701)

^[1]

(114,789)

^[2]

Net loans receivable

2,650,665

2,436,916

Goodwill

150,803

Intangible assets, net

16,979

17,701

Accrued interest receivable

20,923

19,401

Property, equipment, and right-of-use lease assets, net

8,666

11,861

Loan collateral in process of foreclosure

6,646

7,333

Income tax receivable

1,143

Other assets

31,726

26,459

Total assets

3,193,585

2,955,464

Liabilities

Deposits

^[3]

2,293,935

2,084,265

Long-term debt

^[4]

287,547

215,987

Short-term debt

54,500

95,250

Deferred tax liabilities, net

^[5]

19,973

19,596

Operating lease liabilities

3,876

5,041

Accrued interest payable

6,101

6,319

Income tax payable

759

Accounts payable and accrued expenses

^[6]

22,206

20,201

Total liabilities

2,688,138

2,447,418

Commitments and contingencies

Stockholders’ equity

Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding)

Common stock (50,000,000 shares of $0.01 par value stock authorized - 30,102,353 shares at June 30, 2026 and 29,592,592 shares at December 31, 2025 issued)

301

296

Additional paid in capital

298,799

299,458

Treasury stock (7,060,708 shares at June 30, 2026 and 6,280,909 at December 31, 2025)

(58,814)

(51,130)

Accumulated other comprehensive loss

(2,859)

(2,381)

Retained earnings

168,591

162,374

Total stockholders’ equity

406,018

408,617

Non-controlling interest in consolidated subsidiaries

99,429

Total equity

505,447

508,046

Total liabilities and equity

$ 3,193,585

$ 2,955,464

Number of shares outstanding

23,041,645

23,311,683

Book value per share

$ 17.62

$ 17.53

[1]	Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[2]	Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[3]	Includes $5.5 million and $5.2 million of deferred financing costs as of June 30, 2026 and December 31, 2025. Refer to Note 5 for more details.
[4]	Includes $4.7 million and $3.3 million of deferred financing costs as of June 30, 2026 and December 31, 2025. Refer to Note 5 for more details.
[5]	Includes $42.2 million and $42.4 million of deferred tax liabilities related to goodwill and intangible assets as of June 30, 2026 and December 31, 2025. Refer to Note 7 for more details.
[6]	Includes the short-term portion of lease liabilities of $0.5 million and $2.2 million as of June 30, 2026 and December 31, 2025. Refer to Note 6 for more details.