MFIN 8-K
Medallion Financial Corp (MFIN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
Medallion Financial Corp. (the “Company”), issued a press release to the news media announcing, among other things, the Company’s results for the quarter ended September 30, 2025.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in the press release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are being filed with this Current Report on Form 8-K:
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 29, 2025
MEDALLION FINANCIAL CORP. |
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By: |
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/s/ Anthony N. Cutrone |
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Name: Anthony N. Cutrone |
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Title: Chief Financial Officer |
3
Exhibit 99.1
FOR IMMEDIATE RELEASE:
MEDALLION FINANCIAL CORP. REPORTS 2025 THIRD QUARTER RESULTS
NEW YORK, NY – October 29, 2025 – 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 three and nine months ended September 30, 2025.
2025 Third Quarter Highlights
Executive Commentary
Andrew Murstein, President and Chief Operating Officer of Medallion Financial, commented, “We are very pleased with our continued strong results. This quarter we reached record highs in net interest income, loan volume and total assets. We had a 31% increase in net income year-over-year when excluding the $3.5 million non-recurring charges related to the redemption of the Bank's series F preferred stock, and continued momentum across our core lending businesses. Net interest margin continued to improve on both gross and net loans. Our diverse business lines delivered meaningful contributions, with higher interest income and disciplined execution supporting strong financial performance. The loan portfolio continued to grow, reaching $2.56 billion, and loan originations reaching $427 million at the end of the quarter.
Our strategic partnership loan program continues to scale, with $208 million in originations this quarter, up significantly from $169 million in the prior quarter and $40 million a year ago, further demonstrating the appeal and growth potential of this platform. We continue to see strong momentum in this channel and intend to continue expanding the program as we move forward. Furthermore, during the quarter, we collected over $6 million from taxi medallion-related assets, which resulted in net recoveries and gains of $3.4 million for the period.
Our nine months earnings have increased 20% year over year. We continue to benefit from strong portfolio diversification, disciplined underwriting, consistently high credit performance, and stable, attractive yields generated by our lending platform. We are strengthening our analytical and data-driven approach to lending, supported by digital tools that enhance various stages of our lending business, from underwriting and origination, to servicing and portfolio management. This integrated platform allows us to evaluate credit risk with greater precision, improving decision-making and maintaining strong credit performance across different micro- and macro-economic cycles. These capabilities, along with our strong leadership team and momentum across business lines, position Medallion for sustainable growth and allow us to continue generating strong returns for our stockholders."
Business Segment Highlights
Recreation Lending Segment
Home Improvement Lending Segment
Commercial Lending Segment
Strategic Partnerships
Taxi Medallion Lending Segment
2
Loan Portfolio
The following table provides information regarding the composition of our loan portfolio for the dates presented:
|
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September 30, 2025 |
|
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December 31, 2024 |
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||||||||||
(Dollars in thousands) |
|
Amount |
|
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As a |
|
|
Amount |
|
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As a |
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||||
Loans held for investment: |
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|
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|
|
|
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||||
Recreation |
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$ |
1,545,528 |
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|
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60 |
% |
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$ |
1,422,403 |
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|
|
57 |
% |
Home improvement |
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804,003 |
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|
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31 |
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|
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827,211 |
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|
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33 |
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Commercial |
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135,123 |
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5 |
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111,273 |
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|
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4 |
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Taxi medallion |
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1,509 |
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* |
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|
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1,909 |
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* |
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Total loans |
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2,486,163 |
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|
|
97 |
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|
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2,362,796 |
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|
95 |
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Loans held for sale, at lower of amortized cost or fair value: |
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Recreation |
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57,641 |
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2 |
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120,840 |
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5 |
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Strategic partnership |
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15,277 |
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* |
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7,386 |
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* |
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Total loans held for sale, at lower of amortized cost or fair value |
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72,918 |
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3 |
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128,226 |
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5 |
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Total loans and loans held for sale |
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$ |
2,559,081 |
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100 |
% |
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$ |
2,491,022 |
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100 |
% |
(*) Less than 1%.
Balance Sheet
Capital Allocation
Quarterly Dividend
Dividends Announced |
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Amount |
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Record |
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Payment |
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Q4 2025 |
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0.12 |
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11/12/2025 |
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11/24/2025 |
Q3 2025 |
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0.12 |
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8/15/2025 |
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8/29/2025 |
Q2 2025 |
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0.12 |
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5/15/2025 |
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5/30/2025 |
Q1 2025 |
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0.11 |
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3/17/2025 |
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3/31/2025 |
Total: Year 2025 |
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0.47 |
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Total: Year 2024 |
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0.41 |
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Total: Year 2023 |
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0.34 |
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Total: Year 2022 * |
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0.32 |
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(*) Dividend reinstated in Q1 2022.
Stock Repurchase Plan
3
Conference Call Information
The Company will host a conference call to discuss its third quarter financial results tomorrow, Thursday, October 30, 2025, 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 Thursday, November 6, 2025
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 growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, 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, 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 2024 Annual Report on Form 10-K.
Company Contact:
Investor Relations
212-328-2176
Investor Relations
The Equity Group Inc.
Lena Cati
(212) 836-9611
Val Ferraro
(212) 836-9633
4
MEDALLION FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
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(Unaudited) |
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(Unaudited) |
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(Dollars in thousands, except share and per share data) |
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September 30, 2025 |
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December 31, 2024 |
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September 30, 2024 |
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Assets |
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Cash, cash equivalents, and federal funds sold |
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$ |
150,978 |
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$ |
169,572 |
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$ |
187,929 |
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Investment securities |
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61,081 |
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54,805 |
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56,754 |
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Equity investments |
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9,305 |
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9,198 |
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9,897 |
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Loans held for sale, at lower of amortized cost or fair value |
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72,918 |
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128,226 |
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— |
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Loans |
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2,486,163 |
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2,362,796 |
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2,485,279 |
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Allowance for credit losses |
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(111,053 |
) |
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(97,368 |
) |
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(96,518 |
) |
Net loans receivable |
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2,375,110 |
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2,265,428 |
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2,388,761 |
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Goodwill and intangible assets, net |
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168,866 |
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169,949 |
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170,311 |
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Property, equipment, and right-of-use lease asset, net |
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10,839 |
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13,756 |
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14,172 |
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Accrued interest receivable |
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16,973 |
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|
15,314 |
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|
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14,108 |
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Loan collateral in process of foreclosure |
|
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8,235 |
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|
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9,932 |
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|
|
8,818 |
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Other assets |
|
|
26,082 |
|
|
|
32,426 |
|
|
|
29,302 |
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Total assets |
|
$ |
2,900,387 |
|
|
$ |
2,868,606 |
|
|
$ |
2,880,052 |
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Liabilities |
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
$ |
2,055,802 |
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$ |
2,090,071 |
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$ |
2,108,132 |
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Long-term debt |
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215,698 |
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|
232,159 |
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|
232,037 |
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Short-term borrowings |
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80,250 |
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|
49,000 |
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|
49,000 |
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Deferred tax liabilities, net |
|
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19,019 |
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|
|
20,995 |
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|
20,598 |
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Operating lease liabilities |
|
|
3,459 |
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|
|
5,128 |
|
|
|
5,534 |
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Accrued interest payable |
|
|
5,290 |
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|
|
8,231 |
|
|
|
6,888 |
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Accounts payable and accrued expenses |
|
|
23,992 |
|
|
|
24,064 |
|
|
|
26,687 |
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Total liabilities |
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2,403,510 |
|
|
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2,429,648 |
|
|
|
2,448,876 |
|
Total stockholders’ equity |
|
|
397,448 |
|
|
|
370,170 |
|
|
|
362,388 |
|
Non-controlling interest in consolidated subsidiaries |
|
|
99,429 |
|
|
|
68,788 |
|
|
|
68,788 |
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Total equity |
|
|
496,877 |
|
|
|
438,958 |
|
|
|
431,176 |
|
Total liabilities and equity |
|
$ |
2,900,387 |
|
|
$ |
2,868,606 |
|
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$ |
2,880,052 |
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Number of shares outstanding |
|
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23,279,435 |
|
|
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23,135,624 |
|
|
|
23,084,277 |
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Book value per share |
|
$ |
17.07 |
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|
$ |
16.00 |
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|
$ |
15.70 |
|
5
MEDALLION FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(Dollars in thousands, except share and per share data) |
|
2025 |
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2024 |
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2025 |
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|
2024 |
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||||
Total interest income |
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$ |
80,771 |
|
|
$ |
76,409 |
|
|
$ |
233,637 |
|
|
$ |
214,183 |
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Total interest expense |
|
|
25,085 |
|
|
|
23,672 |
|
|
|
73,170 |
|
|
|
63,661 |
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Net interest income |
|
|
55,686 |
|
|
|
52,737 |
|
|
|
160,467 |
|
|
|
150,522 |
|
Provision for credit losses |
|
|
18,556 |
|
|
|
20,151 |
|
|
|
62,132 |
|
|
|
55,929 |
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Net interest income after provision for credit losses |
|
|
37,130 |
|
|
|
32,586 |
|
|
|
98,335 |
|
|
|
94,593 |
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Other income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain (loss) on equity investments, net |
|
|
257 |
|
|
|
(519 |
) |
|
|
15,783 |
|
|
|
3,136 |
|
Gain on taxi medallion assets, net |
|
|
1,767 |
|
|
|
340 |
|
|
|
3,359 |
|
|
|
1,170 |
|
Strategic partnership fees |
|
|
990 |
|
|
|
400 |
|
|
|
2,461 |
|
|
|
1,206 |
|
Gain on sale of recreation loans |
|
|
— |
|
|
|
— |
|
|
|
1,304 |
|
|
|
— |
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Other income |
|
|
34 |
|
|
|
366 |
|
|
|
951 |
|
|
|
1,577 |
|
Total other income, net |
|
|
3,048 |
|
|
|
587 |
|
|
|
23,858 |
|
|
|
7,089 |
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Other expenses |
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|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits |
|
|
10,145 |
|
|
|
9,456 |
|
|
|
30,286 |
|
|
|
28,347 |
|
Loan servicing fees |
|
|
2,852 |
|
|
|
2,790 |
|
|
|
8,568 |
|
|
|
7,951 |
|
Collection costs |
|
|
1,660 |
|
|
|
1,673 |
|
|
|
4,947 |
|
|
|
4,799 |
|
Regulatory fees |
|
|
680 |
|
|
|
961 |
|
|
|
2,610 |
|
|
|
2,826 |
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Professional fee costs, net |
|
|
1,073 |
|
|
|
818 |
|
|
|
4,010 |
|
|
|
3,434 |
|
Rent expense |
|
|
680 |
|
|
|
664 |
|
|
|
2,036 |
|
|
|
2,019 |
|
Amortization of intangible assets |
|
|
361 |
|
|
|
361 |
|
|
|
1,084 |
|
|
|
1,084 |
|
Other expenses |
|
|
3,251 |
|
|
|
2,272 |
|
|
|
9,465 |
|
|
|
6,755 |
|
Total other expenses |
|
|
20,702 |
|
|
|
18,995 |
|
|
|
63,006 |
|
|
|
57,215 |
|
Income before income taxes |
|
|
19,476 |
|
|
|
14,178 |
|
|
|
59,187 |
|
|
|
44,467 |
|
Income tax provision |
|
|
5,862 |
|
|
|
4,055 |
|
|
|
18,380 |
|
|
|
14,196 |
|
Net income after taxes |
|
|
13,614 |
|
|
|
10,123 |
|
|
|
40,807 |
|
|
|
30,271 |
|
Less: income attributable to the non-controlling interest |
|
|
2,336 |
|
|
|
1,512 |
|
|
|
6,446 |
|
|
|
4,535 |
|
Less: redemption of non-controlling interest |
|
|
3,515 |
|
|
|
— |
|
|
|
3,515 |
|
|
|
— |
|
Net income attributable to Medallion Financial Corp. |
|
$ |
7,763 |
|
|
$ |
8,611 |
|
|
$ |
30,846 |
|
|
$ |
25,736 |
|
Basic net income per share |
|
$ |
0.34 |
|
|
$ |
0.38 |
|
|
$ |
1.36 |
|
|
$ |
1.14 |
|
Diluted net income per share |
|
$ |
0.32 |
|
|
$ |
0.37 |
|
|
$ |
1.28 |
|
|
$ |
1.09 |
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
22,854,836 |
|
|
|
22,490,792 |
|
|
|
22,737,572 |
|
|
|
22,576,446 |
|
Diluted |
|
|
24,437,133 |
|
|
|
23,447,929 |
|
|
|
24,131,840 |
|
|
|
23,555,065 |
|
6