Medallion Financial Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total net income attributable to stockholders was $2.4 million ($0.10 per share), a decrease from $7.8 million ($0.32 per share) in the prior year quarter.
• Net interest income grew 5% year-over-year to $58.4 million from $55.7 million.
• Net interest margin (NIM) declined to 7.34% from 8.21% in the prior year quarter.
• Loan originations increased 41% to $603.9 million, compared to $427.4 million in the prior year quarter.
• Total loan portfolio reached $2.936 billion as of September 30, 2026, up 15% from $2.559 billion a year ago.
• Credit loss provision was $30.8 million, compared to $18.6 million in the prior year quarter; approximately $5.6 million of the current provision was tied to consumer loan growth.
• Net book value per share was $17.73 at September 30, 2026, compared to $17.07 a year ago.
• Total assets reached $3.361 billion as of September 30, 2026, up from $2.900 billion a year ago.
• Total liabilities were $2.810 billion as of September 30, 2026, up from $2.404 billion a year ago.
• Cash and cash equivalents, including investment securities, were $306.9 million as of September 30, 2026, compared to $212.1 million a year ago.

Business Segments and Product Lines:

• Recreation Lending: Originations were $198.2 million, up 40% year-over-year; portfolio grew 16% to $1.853 billion (63% of total loans). Average loan size was $23,000 with a weighted average FICO of 683. Interest income grew 14% to $61.0 million. Loans 90+ days past due were $11.9 million (0.66% of gross loans). Allowance for credit losses was 5.30%.
• Home Improvement Lending: Originations surged 145% to $146.3 million; portfolio grew 18% to $947.5 million (32% of total loans). Average loan size was $26,500 with a weighted average FICO of 768. Interest income grew 5% to $21.4 million. Loans 90+ days past due were $1.7 million (0.18% of gross loans). Allowance for credit losses was 2.59%.
• Commercial Lending: Portfolio declined to $118.7 million from $135.1 million a year ago. Interest income was $3.2 million, down from $4.2 million. Average loan size was $4.0 million across 30 portfolio companies.
• Strategic Partnerships: Originations were $259.4 million, up 25% year-over-year. Fees generated were $0.8 million, down from $1.0 million. rFinance Credit Company was added as the sixth partner in September 2026.
• Taxi Medallion Lending: Total net assets declined 42% to $3.0 million, representing less than 0.1% of total assets. The company collected $1.7 million in cash, resulting in net recoveries and gains of $1.1 million.

Other Key Points:

• The Company declared and paid a quarterly cash dividend of $0.14 per share.
• The Company repurchased 483,871 shares of common stock at an average cost of $11.48 per share for $5.6 million during the quarter.
• Subsequent to quarter end, the Board approved a new $40 million stock repurchase program.
• The Company successfully raised an additional $55 million of preferred stock at Medallion Bank via the reopening of Series G Preferred Stock.
• The Company repurchased $15 million of trust preferred securities in October at a discount, expected to result in a gain on extinguishment in the fourth quarter.
• A conference call to discuss results is scheduled for October 30, 2026, at 9:00 a.m. Eastern time.