Medallion Financial Corp. reported its financial results for the second quarter of 2026, revealing a net income of $7.4 million, or $0.32 per diluted share, a decrease from $11.1 million, or $0.49 per diluted share, in the same period last year. For the first half of 2026, net income attributable to stockholders was $12.4 million, down from $23.1 million in the prior year. Total interest income increased to $84.4 million for the quarter and $163.4 million for the six months, compared to $77.4 million and $152.9 million, respectively, in 2025. This growth was driven by an increase in the loan portfolio, particularly in the recreation and home improvement segments, with the average yield on loans rising to 12.28% for the quarter.
The company's total assets grew to $3.19 billion as of June 30, 2026, up from $2.96 billion at the end of 2025. Loans, including those held for sale, reached $2.79 billion, with significant contributions from recreation loans at $1.76 billion and home improvement loans at $885.6 million. The allowance for credit losses increased to $122.7 million, representing 4.42% of total loans held for investment, reflecting the growth in the consumer loan portfolio and adjustments to forecasts. The provision for credit losses for the quarter was $22.3 million, slightly higher than the $21.6 million recorded in the same quarter of the previous year.
Operationally, Medallion Financial has expanded its strategic partnership program, which now includes five active partnerships, contributing to the growth in loan originations. The company originated $611.6 million in loans during the second quarter, a significant increase from $375.1 million in the same period last year. The recreation lending segment saw a 60% increase in originations, while home improvement loans surged by 137%. The company continues to focus on maintaining strong credit quality, with a weighted average FICO score of 714 for its consumer loans.
In terms of strategic developments, Medallion Financial has been actively managing its capital structure, issuing $75 million in senior unsecured notes in April 2026 and maintaining a strong liquidity position. The company has also been repurchasing shares, with $6.7 million remaining under its stock repurchase program as of June 30, 2026. Looking ahead, Medallion Financial anticipates continued growth in its lending segments, although it remains cautious about the potential impacts of rising interest rates and economic conditions on its operations and profitability.
About MEDALLION FINANCIAL CORP
Medallion Financial Corp. is a specialty finance company providing consumer and commercial loans through subsidiaries. Its core segments include recreational vehicle, home improvement, and business financing, serving individual consumers and small to mid-size businesses nationwide. The company leverages dealer, contractor, and fintech partnerships, focusing on niche markets with secured, fixed-rate loans, and maintains a diversified funding base and regulatory compliance.
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