Medallion Financial Corp. reported its financial results for the third quarter and the first nine months of 2025, revealing a total revenue of $80.8 million for the quarter, up from $76.4 million in the same period last year. For the nine months ending September 30, 2025, total revenue reached $233.6 million, compared to $214.2 million in 2024. The company’s net income attributable to shareholders was $7.8 million, or $0.32 per diluted share, for the third quarter, a decrease from $8.6 million, or $0.37 per diluted share, in the prior year. Year-to-date net income was $30.8 million, or $1.28 per diluted share, compared to $25.7 million, or $1.09 per diluted share, for the same period in 2024.
The company’s total assets increased to $2.90 billion as of September 30, 2025, compared to $2.87 billion at the end of 2024. The growth in total assets was primarily driven by an increase in loans, which rose to $2.56 billion, up from $2.49 billion at the end of the previous fiscal year. The allowance for credit losses also increased to $111.1 million, representing 4.47% of total loans held for investment, compared to 4.12% at the end of 2024. The provision for credit losses for the third quarter was $18.6 million, slightly lower than the $20.2 million recorded in the same quarter of 2024.
Operationally, Medallion Financial Corp. has focused on its consumer finance and commercial lending businesses, with the recreation lending segment accounting for 66% of total interest income for the quarter. The company has maintained relationships with approximately 3,300 dealers and financial service providers, which are crucial for its loan origination process. The average interest rate on loans increased to 12.39% for the third quarter, reflecting higher rates on new originations. However, the company has also seen a decline in home improvement loan originations, which were $59.7 million for the quarter, down from $96.5 million in the previous year.
Looking ahead, Medallion Financial Corp. is navigating a challenging economic environment characterized by rising interest rates and inflationary pressures. The company has indicated that it will continue to monitor market conditions closely and adjust its lending strategies accordingly. Management remains cautious about the potential for economic downturns and is focusing on maintaining credit quality in its loan portfolio. The company has also expressed interest in exploring various strategic alternatives for its banking subsidiary, including potential public offerings or sales, although no definitive plans have been established.
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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