Medallion Financial Corp 8-K, filed Oct 29, 2026

Medallion Financial Corp (MFIN)

8-K 2026-10-29 For: 2026-10-29

Added on October 29, 2026

About this 8-K

Medallion Financial Corp filed this 8-K on October 29, 2026.

Medallion Financial Corp. reported third-quarter net income attributable to stockholders of $2.4 million, or $0.10 per share, as loan originations grew 41% to $603.9 million and credit loss provision increased to $30.8 million. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	MFIN	NASDAQ Global Select Market


99.1	Press release, dated October 29, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)


MEDALLION FINANCIAL CORP.

By:		/s/ Anthony N. Cutrone
		Name: Anthony N. Cutrone
		Title: Chief Financial Officer


	Three Months Ended September 30,
	2026								2025
(Dollars in thousands)	Average Balance			Interest		Average Yield/Cost			Average Balance			Interest		Average Yield/Cost
Interest-earning assets
Interest earning cash equivalents	$	67,550		$	598		3.51	%	$	22,094		$	177		3.18	%
Federal funds sold		134,558			1,292		3.81			71,673			1,046		5.79
Investment securities		67,747			700		4.10			60,900			614		4.00
Loans
Recreation		1,816,101			60,977		13.32			1,579,820			53,565		13.45
Home improvement		926,228			21,403		9.17			802,745			20,453		10.11
Commercial		123,946			3,239		10.37			130,486			4,354		13.24
Taxi medallion		1,240			55		17.60			1,593			91		22.66
Strategic partnerships		16,442			626		15.11			12,794			471		14.67
Total loans		2,883,957			86,300		11.87			2,527,438			78,934		12.39
Total interest-earning assets	$	3,153,812		$	88,890		11.18	%	$	2,682,105		$	80,771		11.92	%
Non-interest-earning assets
Allowance for credit losses	$	(128,384	)						$	(108,719	)
Cash		10,052								49,133
Equity investments		8,596								8,903
Loan collateral in process of foreclosure		6,432								8,517
Goodwill and intangible assets		167,603								169,048
Other assets		67,576								61,459
Total non-interest-earning assets		131,875								188,341
Total assets	$	3,285,687							$	2,870,446
Interest-bearing liabilities
Deposits	$	2,424,820		$	24,998		4.09	%	$	2,066,763		$	20,502		3.94	%
Privately placed notes		190,250			4,185		8.73			146,500			3,166		8.57
SBA debentures and borrowings		72,250			814		4.47			77,750			855		4.36
Trust preferred securities		33,000			514		6.18			33,000			562		6.76
Total interest-bearing liabilities		2,720,320			30,511		4.45			2,324,013			25,085		4.28
Non-interest-bearing liabilities
Deferred tax liability		18,242								18,985
Other liabilities (1)		30,930								23,872
Total non-interest-bearing liabilities		49,172								42,857
Total liabilities		2,769,492								2,366,870
Non-controlling interest		112,991								111,201
Total stockholders’ equity		403,204								392,375
Total liabilities and stockholders’ equity	$	3,285,687							$	2,870,446
Net interest income				$	58,379							$	55,686
Net interest margin							7.34	%							8.21	%


	September 30, 2026					December 31, 2025					September 30, 2025
(Dollars in thousands)	Amount		As a Percent of Total Loans			Amount		As a Percent of Total Loans			Amount		As a Percent of Total Loans
Loans held for investment:
Recreation	$	1,852,958		63	%	$	1,617,221		63	%	$	1,545,528		60	%
Home improvement		947,503		32			810,237		32			804,003		31
Commercial		118,691		4			123,068		5			135,123		5
Taxi medallion		1,209	*				1,179	*				1,509	*
Total loans		2,920,361		99			2,551,705		100			2,486,163		97
Loans held for sale, at lower of amortized cost or fair value:
Recreation		—		—			—		—			57,641		2
Strategic partnership		15,233	*				15,144	*				15,277	*
Total loans held for sale, at lower of amortized cost or fair value		15,233	*				15,144	*				72,918		2
Total loans and loans held for sale	$	2,935,594		100	%	$	2,566,849		100	%	$	2,559,081		100	%


Dividends Announced	Amount Per Share		Record Date	Payment Date
Q4 2026	$	0.14	11/9/2026	11/19/2026
Q3 2026		0.14	8/17/2026	8/31/2026
Q2 2026		0.14	5/11/2026	5/21/2026
Q1 2026		0.12	3/19/2026	3/31/2026
Total: Year 2026		0.54
Total: Year 2025		0.47
Total: Year 2024		0.41
Total: Year 2023		0.34
Total: Year 2022 *		0.32


	(Unaudited)						(Unaudited)
(Dollars in thousands, except share and per share data)	September 30, 2026			December 31, 2025			September 30, 2025
Assets
Cash, cash equivalents, and federal funds sold	$	243,056		$	201,564		$	150,978
Investment securities		63,853			60,183			61,081
Equity investments		8,185			8,099			9,305
Loans held for sale, at lower of amortized cost or fair value		15,233			15,144			72,918
Loans		2,920,361			2,551,705			2,486,163
Allowance for credit losses		(133,895	)		(114,789	)		(111,053	)
Net loans receivable		2,786,466			2,436,916			2,375,110
Goodwill and intangible assets, net		167,420			168,504			168,866
Accrued interest receivable		21,967			19,401			16,973
Property, equipment, and right-of-use lease asset, net		17,184			11,861			10,839
Loan collateral in process of foreclosure		6,570			7,333			8,235
Other assets		30,710			26,459			26,082
Total assets	$	3,360,644		$	2,955,464		$	2,900,387
Liabilities
Deposits	$	2,386,276		$	2,084,265		$	2,055,802
Long-term debt		287,837			215,987			215,698
Short-term borrowings		77,000			95,250			80,250
Deferred tax liabilities, net		16,701			19,596			19,019
Operating lease liabilities		11,409			5,041			3,459
Accrued interest payable		6,967			6,319			5,290
Accounts payable and accrued expenses		23,354			20,960			23,992
Total liabilities		2,809,544			2,447,418			2,403,510
Total stockholders’ equity		399,758			408,617			397,448
Non-controlling interest in consolidated subsidiaries		151,342			99,429			99,429
Total equity		551,100			508,046			496,877
Total liabilities and equity	$	3,360,644		$	2,955,464		$	2,900,387
Number of shares outstanding		22,550,694			23,311,683			23,279,435
Book value per share	$	17.73		$	17.53		$	17.07


	Three Months Ended September 30,					Nine Months Ended September 30,
(Dollars in thousands, except share and per share data)	2026			2025		2026		2025
Total interest income	$	88,890		$	80,771	$	252,335	$	233,637
Total interest expense		30,511			25,085		82,650		73,170
Net interest income		58,379			55,686		169,685		160,467
Provision for credit losses		30,769			18,556		75,518		62,132
Net interest income after provision for credit losses		27,610			37,130		94,167		98,335
Other income
Gain on taxi medallion assets, net		1,090			1,767		3,506		3,359
Strategic partnership fees		762			990		2,722		2,461
Gain on sale of recreation and home improvement loans		1,682			—		2,963		1,304
Gain (loss) on equity investments, net		(217	)		257		329		15,783
Other income		107			34		788		951
Total other income, net		3,424			3,048		10,308		23,858
Other expenses
Salaries and employee benefits		10,799			10,145		33,046		30,286
Loan servicing fees		3,989			2,852		11,892		8,568
Collection costs		1,871			1,970		5,739		5,742
Professional fee costs, net		1,592			1,073		4,932		4,010
Regulatory fees		1,120			680		3,101		2,610
Rent expense		710			680		2,105		2,036
Depreciation		661			625		1,949		1,871
Director compensation		467			445		1,340		1,281
Amortization of intangible assets		361			361		1,084		1,084
Other expenses		2,396			1,871		6,105		5,518
Total other expenses		23,966			20,702		71,293		63,006
Income before income taxes		7,068			19,476		33,182		59,187
Income tax provision		2,336			5,862		11,381		18,380
Net income		4,732			13,614		21,801		40,807
Less: income attributable to the non-controlling interest		2,335			2,336		7,006		6,446
Less: redemption of non-controlling interest		—			3,515		—		3,515
Net income attributable to Medallion Financial Corp.	$	2,397		$	7,763	$	14,795	$	30,846
Basic net income per share	$	0.11		$	0.34	$	0.64	$	1.36
Diluted net income per share	$	0.10		$	0.32	$	0.61	$	1.28
Weighted average common shares outstanding
Basic		22,686,300			22,854,836		23,010,224		22,737,572
Diluted		23,647,271			24,437,133		24,067,423		24,131,840