MEDALLION FINANCIAL CORP

Listed Company

MBNKOCIK 0001000209NasdaqAcceleratedSmaller ReportingFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$43.04M

Total Assets

$2.96B

Equity

$408.62M

Shares Out

23.53M

Op. Cash Flow

$126.28M

Business

MEDALLION FINANCIAL CORP is a specialty finance company that originates and services consumer and commercial loans through its banking and SBIC subsidiaries. It offers loans financing recreational vehicles, boats, collector cars and other recreational equipment, home improvement projects, commercial business financings, strategic partnership lending programs, and historically taxi medallion loans. Its operating divisions include Medallion Bank, SBIC subsidiaries (Medallion Capital, Medallion Funding, Freshstart) and a strategic partnerships program. Loans are originated nationwide through dealer, contractor and financial service provider relationships and sold or held on its balance sheet.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	308	283	245	195	158
Non-loan interest and dividend income	7	7	6	2	976,000
Total dividend and interest income	315	291	251	197	159
Interest on deposits	80	71	48	23	18
Interest on long-term debt	15	17	13	13	13
Interest on short-term borrowings	3	572,000	2	132,000	690,000
Total interest expense	98	88	63	36	—
Net interest income	217	203	188	160	128
Provision for credit losses	90	77	38	30	—
Net interest income after allowance for credit losses	127	126	150	130	123
Gain on equity investments, net	25	7	5	3	17
Gain on taxi medallion assets, net	5	884,000	3	—	—
Strategic partnership fees	4	2	2	—	—
Gain on sale of recreation loans held for sale	1	0	0	—	—
Other income	4	2	782,000	2	798,000
Total other income, net	38	11	11	10	32
Salaries and employee benefits	42	38	38	31	32
Loan servicing fees	12	11	10	8	7
Collection costs	7	6	6	5	5
Regulatory fees	4	4	3	2	2
Professional fee costs (benefits), net	5	−1	6	13	—
Rent expense	3	3	2	2	2
Amortization of intangible assets	1	1	1	1	1
Penalties	0	3	0	0	—
Other expenses	12	9	9	8	8
Total other expenses	85	74	76	72	73
Income (loss) before income taxes	80	63	86	68	82
Income tax provision	25	21	25	−18	−24
Net income after taxes	55	42	61	—	58
Less: income attributable to the non-controlling interest	9	6	6	6	4
Less:redemption of Series F preferred stock - funds paid in excess of carrying value	4	0	0	—	—
Net income (loss) attributable to Medallion Financial Corp.	43	36	55	44	54
Basic earnings per share	1.89	1.59	2.45	1.86	2.2
Diluted earnings per share	1.78	1.52	2.37	1.83	2.17
Basic	23	23	23	24	25
Diluted	24	24	23	24	25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	136	98	53	33	64
Federal funds sold	65	71	97	72	60
Investment securities	60	55	54	48	45
Equity investments	8	9	11	10	0
Loans held for sale, at lower of amortized cost or fair value	15	128	0	—	—
Loans	2,552	2,363	2,216	—	—
Allowance for credit losses	−115	−97	−84	−64	—
Net loans	2,437	2,265	2,132	—	—
Goodwill	151	151	151	151	151
Intangible assets, net	18	19	21	22	24
Property, equipment, and right-of-use lease asset, net	12	14	14	13	12
Accrued interest receivable	19	15	14	13	11
Loan collateral in process of foreclosure	7	10	12	22	37
Income tax receivable	0	2	671,000	2	833,000
Other assets	26	30	29	20	20
Total assets	2,955	2,869	2,588	2,260	1,873
Deposits	2,084	2,090	1,867	1,607	1,251
Long-term debt	216	232	236	214	220
Short-term debt	95	49	8	5	0
Deferred tax liabilities, net	20	21	21	27	18
Operating lease liabilities	5	5	7	8	9
Accrued interest payable	6	8	7	5	3
Income tax payable	759,000	0	0	—	—
Accounts payable and accrued expenses	20	24	31	23	16
Total liabilities	2,447	2,430	2,176	1,889	1,517
Commitments and contingencies	—	—	—	—	—
Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding)	0	0	0	0	0
Common stock (50,000,000 shares of $0.01 par value stock authorized - 29,592,592 shares at December 31, 2025 and 29,308,182 shares at December 31, 2024 issued)	296,000	293,000	291,000	287,000	281,000
Additional paid in capital	299	293	288	284	280
Treasury stock (6,280,909 shares at December 31, 2025 and 6,172,588 December 31, 2024)	−51	−50	−46	−46	−25
Accumulated other comprehensive income (loss)	−2	−4	−4	−3	1
Retained earnings	162	130	104	67	31
Total stockholders equity	409	370	343	302	287
Non-controlling interest in consolidated subsidiaries	99	69	69	69	69
Total equity	508	439	412	371	356
Total liabilities and equity	2,955	2,869	2,588	2,260	1,873
Number of shares outstanding	23	23	23	23	25
Book value per share	17.53	16	14.63	13.08	11.4

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Proceeds from sales of strategic partnership loans held for sale	764	197	118	—	—
Origination of loans held for sale	−772	−204	−118	—	—
Gain on sale of recreation loans held for sale	−1	0	0	—	—
Paid-in-kind interest income	−1	−2	−2	−724,000	−814,000
Depreciation and amortization	8	6	5	5	7
Amortization of origination fees, net	11	9	10	9	8
Increase (decrease) in deferred and other tax liabilities, net	1	−2	−345,000	7	18
Net change in value of loan collateral in process of foreclosure	0	410,000	11	6	9
Net gains on equity investments	−25	−7	−5	−3	—
Stock-based compensation expense	7	6	5	3	2
Increase in accrued interest receivable	−4	−2	−925,000	−2	−283,000
Increase in other assets	−1	−5	−15	−4	−5
(Increase) decrease in accounts payable and accrued expenses	−4	−9	6	6	3
Decrease (increase) in accrued interest payable	−2	1	2	1	−1
Net cash provided by operating activities	126	109	114	109	79
Loans originated	−750	−856	−857	−1,001	−761
Proceeds from principal receipts, sales, maturities, and recoveries of loans	591	504	498	535	464
Purchases of investments	−15	−8	−12	−21	−19
Proceeds from principal receipts, sales, and maturities of investments	36	16	9	15	36
Proceeds from the sale and principal payments on loan collateral in process of foreclosure	13	14	21	23	24
Net cash used for investing activities	−124	−329	−341	−449	−238
Proceeds from time deposits and funds borrowed	1,518	1,323	975	839	806
Repayments of time deposits and funds borrowed	−1,493	−1,062	−690	−484	−627
Non-controlling interest equity raised by Medallion Bank	73	0	0	—	0
Cash dividends paid on common stock	−11	−9	−8	−8	0
Distributions to non-controlling interests	−9	−6	−6	−6	−7
Payment of withholding taxes on net settlement of vested stock	−1	−944,000	−768,000	0	0
Treasury stock repurchased	−986,000	−5	0	−21	0
Proceeds from the exercise of stock options	516,000	259,000	442,000	155,000	241,000
Net cash provided by financing activities	30	240	271	321	172
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	32	20	44	−19	12
Cash paid during the period for interest	96	83	58	32	30
Cash paid during the period for income taxes	23	22	25	9	5
Transfer of loans (from) to loans held for sale	−55	121	0	—	—
Loans transferred to loan collateral in process of foreclosure, net	30	28	21	13	16

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