v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest and fees on loans $ 308,066 $ 283,316 $ 244,829
Non-loan interest and dividend income 7,254 7,386 6,211
Total dividend and interest income 315,320 290,702 251,040
Interest on deposits 80,361 70,504 47,780
Interest on long-term debt 15,226 17,091 12,670
Interest on short-term borrowings 2,840 572 2,496
Total interest expense [1] 98,427 88,167 62,946
Net interest income 216,893 202,535 188,094
Provision for credit losses 89,822 76,502 37,810
Net interest income after allowance for credit losses 127,071 126,033 150,284
Other income      
Gain on equity investments, net 24,552 6,917 5,178
Gain on taxi medallion assets, net 4,632 884 3,296
Strategic partnership fees 3,621 1,781 2,064
Gain on sale of recreation loans held for sale 1,304 0 0
Other income 3,884 1,748 782
Total other income, net 37,993 11,330 11,320
Other expenses      
Salaries and employee benefits 41,664 38,344 37,562
Loan servicing fees 11,500 10,771 9,543
Collection costs 6,681 6,380 6,000
Regulatory fees 3,634 3,795 3,194
Professional fee costs (benefits), net 5,005 (1,372) 5,886
Rent expense 2,789 2,682 2,472
Amortization of intangible assets 1,445 1,445 1,445
Penalties 0 3,000 0
Other expenses 12,461 9,382 9,466
Total other expenses 85,179 74,427 75,568
Income (loss) before income taxes 79,885 62,936 86,036
Income tax provision 24,544 21,011 24,910
Net income after taxes 55,341 41,925 61,126
Less: income attributable to the non-controlling interest 8,782 6,047 6,047
Less:redemption of Series F preferred stock - funds paid in excess of carrying value 3,515 0 0
Net income (loss) attributable to Medallion Financial Corp. $ 43,044 $ 35,878 $ 55,079
Basic earnings per share $ 1.89 $ 1.59 $ 2.45
Diluted earnings per share $ 1.78 $ 1.52 $ 2.37
Weighted average common shares outstanding      
Basic 22,774,561 22,546,051 22,510,435
Diluted 24,247,788 23,605,493 23,248,323
[1] Average borrowings outstanding were $2.3 billion, $2.2 billion and $2.0 billion as of December 31, 2025, 2024, and 2023 and the related average borrowing costs were 4.22%, 3.93%, and 3.16% for the years ended December 31, 2025, 2024, and 2023.