MFIN 8-K
Medallion Financial Corp (MFIN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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:
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Securities registered pursuant to Section 12(b) of the Act:
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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).
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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 7.01 Regulation FD Disclosure.
Medallion Bank, a wholly owned subsidiary of Medallion Financial Corp. (the “Company”), issued a press release to the news media announcing, among other things, Medallion Bank's results for the quarter and year ended December 31, 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 7.01. 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) |
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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: January 29, 2026
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 BANK REPORTS 2025 FOURTH QUARTER AND FULL-YEAR RESULTS AND DECLARES SERIES G PREFERRED STOCK DIVIDEND
SALT LAKE CITY, UT – January 29, 2026– 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 and year ended December 31, 2025. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
2025 Fourth Quarter Highlights
2025 Full-Year Highlights
• Net income of $72.2 million, compared to net income of $60.6 million in 2024, an increase of 19%.
Donald Poulton, Chief Executive Officer of Medallion Bank, stated, “Earnings grew to $19.4 million in the fourth quarter compared to the prior year period, due in part to the sale of the Bank’s remaining taxi medallion asset exposure to an affiliate for a net gain of approximately $5.5 million. Recreation loan volume grew substantially over the prior year quarter as we adjusted pricing to better meet market demand, though the growth was moderated by prudent underwriting changes made to manage credit risk. Home improvement loan originations remain down compared to 2024, but credit approvals increased substantially in the quarter which historically has been an indicator of future volume growth. Strategic partnership loan activity continued to grow with originations of $258million in the quarter. Charge-offs were up from the
prior year quarter, with increases in recreation losses largely offset by a significant reduction in home improvement losses as our loan origination quality improved. Loan delinquency rates in the quarter fell compared to the prior year for both recreation and home improvement loans.”
Recreation Lending Segment
Home Improvement Lending Segment
Series G Preferred Stock Dividend
On January 29, 2026, the Bank’s Board of Directors declared a quarterly cash dividend of $0.5625per share on the Bank’s Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The dividend is payable on April 1, 2026, to holders of record at the close of business on March 16, 2026.
2
Other Information
During the fourth quarter, we reclassified $56.2 million from loans from held for sale to loans receivable. All financial comparisons and ratios, such as delinquency and net charge off ratios, related to the loan portfolio exclude loans classified as held for sale and reflect the loan status as of the end of the applicable reporting period.
* * *
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
For more information, visit www.medallionbank.com
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales (including loan sales), net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “continue,” “expect,” “may,” “maintain,” “potential” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2024, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.
Company Contact:
Investor Relations
212-328-2176
3
MEDALLION BANK
STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three Months Ended December 31, |
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Year Ended December 31, |
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(In thousands) |
2025 |
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2024 |
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2025 |
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2024 |
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Interest income |
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Loan interest including fees |
$ |
75,067 |
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$ |
71,577 |
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$ |
291,921 |
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$ |
268,914 |
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Investments |
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1,489 |
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1,564 |
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6,358 |
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6,306 |
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Total interest income |
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76,556 |
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73,141 |
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298,279 |
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275,220 |
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Interest expense |
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20,637 |
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20,039 |
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80,365 |
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70,509 |
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Net interest income |
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55,919 |
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53,102 |
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217,914 |
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204,711 |
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Provision for credit losses |
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26,272 |
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20,500 |
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81,209 |
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75,845 |
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Net interest income after provision for credit losses |
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29,647 |
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32,602 |
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136,705 |
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128,866 |
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Strategic partnership fees |
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1,160 |
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575 |
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3,621 |
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1,781 |
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Gain on sale of recreation loans |
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— |
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— |
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1,304 |
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— |
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Gain on taxi medallion assets sold to a related party |
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7,581 |
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— |
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7,581 |
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— |
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Other non-interest income |
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2,932 |
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(559 |
) |
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5,840 |
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353 |
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Total non-interest income |
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11,673 |
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16 |
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18,346 |
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2,134 |
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Non-interest expense |
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Salaries and benefits |
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5,698 |
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5,014 |
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21,809 |
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19,985 |
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Loan servicing |
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3,015 |
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3,173 |
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12,711 |
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12,248 |
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Credit and collection costs |
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1,854 |
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1,613 |
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7,476 |
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6,704 |
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Insurance including FDIC assessment |
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1,135 |
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1,119 |
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4,075 |
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4,397 |
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Professional fees |
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671 |
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508 |
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2,365 |
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1,694 |
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Information technology |
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373 |
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329 |
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1,526 |
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1,186 |
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Depreciation and amortization |
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589 |
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404 |
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2,339 |
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587 |
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Occupancy and equipment |
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221 |
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137 |
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644 |
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580 |
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Advertising |
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146 |
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158 |
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343 |
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356 |
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Other |
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740 |
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534 |
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2,406 |
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2,057 |
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Total non-interest expense |
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14,442 |
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12,989 |
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55,694 |
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49,794 |
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Income before income taxes |
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26,878 |
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19,629 |
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99,357 |
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81,206 |
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Provision for income taxes |
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7,477 |
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4,040 |
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27,172 |
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20,624 |
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Net income |
$ |
19,401 |
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$ |
15,589 |
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$ |
72,185 |
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$ |
60,582 |
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Less: Preferred stock dividends |
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2,335 |
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1,512 |
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8,781 |
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6,047 |
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Less: Redemption of Series F preferred shares |
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— |
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— |
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3,515 |
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— |
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Net income attributable to common shareholder |
$ |
17,066 |
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$ |
14,077 |
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$ |
59,889 |
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$ |
54,535 |
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4
MEDALLION BANK
BALANCE SHEETS
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(UNAUDITED) |
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(In thousands) |
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December 31, 2025 |
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December 31, 2024 |
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Assets |
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Cash and federal funds sold |
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$ |
147,449 |
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$ |
126,196 |
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Investment securities, available-for-sale |
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60,183 |
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54,805 |
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Loans held for sale, at the lower of amortized cost or fair value |
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15,144 |
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128,226 |
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Loan receivables, inclusive of net deferred loan acquisition cost and fees |
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2,427,458 |
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2,249,613 |
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Allowance for credit losses |
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(105,519 |
) |
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(91,638 |
) |
Loans, net |
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2,321,939 |
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2,157,975 |
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Loan collateral in process of foreclosure |
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2,589 |
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3,326 |
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Fixed assets and right-of-use lease assets, net |
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8,564 |
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9,126 |
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Deferred tax assets |
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14,353 |
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14,036 |
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Accrued interest receivable |
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19,265 |
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15,083 |
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Other assets |
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25,953 |
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40,326 |
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Total assets |
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$ |
2,615,439 |
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$ |
2,549,099 |
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Liabilities and Shareholders’ Equity |
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Liabilities |
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Deposits |
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$ |
2,084,265 |
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$ |
2,090,071 |
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Short-term borrowings |
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50,000 |
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35,000 |
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Accrued interest payable |
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3,488 |
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5,586 |
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Income tax payable (1) |
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15,229 |
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17,951 |
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Other liabilities |
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11,373 |
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17,204 |
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Due to affiliates |
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|
911 |
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|
910 |
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Total liabilities |
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2,165,266 |
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2,166,722 |
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Shareholder’s Equity |
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Series E Preferred stock |
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|
26,303 |
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26,303 |
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Series F Preferred stock |
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|
— |
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|
42,485 |
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Series G Preferred stock |
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|
73,126 |
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|
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— |
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Common stock |
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|
1,000 |
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|
|
1,000 |
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Additional paid in capital |
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77,500 |
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|
77,500 |
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Accumulated other comprehensive loss, net of tax |
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(3,214 |
) |
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(4,480 |
) |
Retained earnings |
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275,458 |
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|
239,569 |
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Total shareholders’ equity |
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450,173 |
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|
|
382,377 |
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Total liabilities and shareholders’ equity |
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$ |
2,615,439 |
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$ |
2,549,099 |
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5