Parent Company Only Condensed Financial Statements (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Condensed Financial Information Disclosure [Abstract] |
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| Condensed Balance Sheets |
The following presents the condensed financial information of Medallion Financial Corp. (parent company only). Condensed Balance Sheets
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December 31, |
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(Dollars in thousands) |
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2025 |
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|
2024 |
|
Assets |
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|
|
|
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Cash |
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$ |
20,102 |
|
|
$ |
26,395 |
|
Investment in bank subsidiary (1) |
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|
618,677 |
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|
552,326 |
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Investment in non-bank subsidiaries |
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|
82,080 |
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|
96,653 |
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Income tax receivable |
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|
11,859 |
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|
|
21,870 |
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Intercompany receivable |
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|
850 |
|
|
|
— |
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Net loans receivable |
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|
542 |
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|
782 |
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Loan collateral in process of foreclosure |
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|
159 |
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|
361 |
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Other assets |
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2,994 |
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|
|
4,933 |
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Total assets |
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$ |
737,263 |
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$ |
703,320 |
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Liabilities |
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Long-term borrowings (2) |
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$ |
146,693 |
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$ |
177,169 |
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Short-term borrowings |
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31,250 |
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|
|
— |
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Deferred tax liabilities |
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38,453 |
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|
|
38,096 |
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Intercompany payables |
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— |
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|
31,435 |
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Other liabilities |
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|
12,821 |
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|
17,662 |
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Total liabilities |
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229,217 |
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264,362 |
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Parent company equity |
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|
408,617 |
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|
370,170 |
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Non-controlling interest |
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|
99,429 |
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|
|
68,788 |
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Total stockholders’ equity |
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|
508,046 |
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|
|
438,958 |
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Total liabilities and equity |
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$ |
737,263 |
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$ |
703,320 |
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(1)Includes $168.5 million and $169.9 million of goodwill and intangible assets of the Company which relate specifically to the Bank and $99.4 million and $68.8 million related to non-controlling interests in consolidated subsidiaries as of December 31, 2025 and 2024. (2)Includes $1.8 million and $2.3 million of deferred financing costs as of December 31, 2025 and 2024.
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| Condensed Statements of Operations |
Condensed Statements of Operations
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Year Ended December 31, |
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(Dollars in thousands) |
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2025 |
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|
2024 |
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|
2023 |
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Dividend income |
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$ |
29,616 |
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$ |
25,600 |
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$ |
25,125 |
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Interest income |
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|
804 |
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|
1,260 |
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|
1,243 |
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Total dividend and interest income |
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30,420 |
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26,860 |
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26,368 |
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Interest expense |
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14,893 |
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14,800 |
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12,771 |
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Net interest income |
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15,527 |
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|
12,060 |
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|
13,597 |
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Benefit for credit losses |
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(229 |
) |
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(133 |
) |
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(310 |
) |
Net interest income after allowance for credit losses |
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15,756 |
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12,193 |
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13,907 |
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Other income, net (1) |
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1,266 |
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|
997 |
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2,625 |
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Other expense, net |
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21,605 |
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18,656 |
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|
22,781 |
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Loss before income taxes and undistributed earnings of subsidiaries |
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|
(4,583 |
) |
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(5,466 |
) |
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(6,249 |
) |
Income tax benefit |
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|
7,083 |
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|
3,095 |
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|
5,291 |
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Loss before undistributed earnings of subsidiaries |
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2,500 |
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(2,371 |
) |
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(958 |
) |
Undistributed earnings of subsidiaries |
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40,544 |
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|
38,249 |
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|
56,037 |
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Net income attributable to parent company |
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$ |
43,044 |
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$ |
35,878 |
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$ |
55,079 |
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(1)Includes $1.3 million, $1.0 million, and $3.1 million of net gains on the disposition of taxi medallion assets for the years ended December 31, 2025, 2024, and 2023.
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| Condensed Statements of Other Comprehensive Income |
Condensed Statements of Other Comprehensive Income
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Year Ended December 31, |
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(Dollars in thousands) |
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2025 |
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|
2024 |
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2023 |
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Net income attributable to parent company |
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$ |
43,044 |
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$ |
35,878 |
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$ |
55,079 |
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Change in unrealized gains (losses) on investment securities |
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1,757 |
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|
68 |
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(482 |
) |
Tax effect on unrealized (losses) gains on investments |
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(491 |
) |
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(19 |
) |
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|
135 |
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Total comprehensive income attributable to Medallion Financial Corp. |
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$ |
44,310 |
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$ |
35,927 |
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$ |
54,732 |
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| Condensed Statements of Cash Flow |
Condensed Statements of Cash Flow
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Year Ended December 31, |
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(Dollars in thousands) |
|
2025 |
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|
2024 |
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|
2023 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income/net decrease in net assets resulting from operations |
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$ |
43,044 |
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$ |
35,878 |
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$ |
55,079 |
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Adjustments to reconcile net income/net decrease in net assets resulting from
operations to net cash provided by operating activities: |
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Equity in undistributed earnings of subsidiaries |
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(71,606 |
) |
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(63,846 |
) |
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(81,164 |
) |
Benefit for credit losses |
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(229 |
) |
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(133 |
) |
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|
(310 |
) |
Depreciation and amortization |
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2,237 |
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|
2,252 |
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|
2,198 |
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Change in deferred and other tax assets/liabilities, net |
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|
10,368 |
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|
2,458 |
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(947 |
) |
Net change in loan collateral in process of foreclosure |
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— |
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— |
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|
252 |
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Stock-based compensation expense |
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6,735 |
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6,053 |
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4,713 |
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Decrease in other assets |
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|
1,939 |
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1,680 |
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|
990 |
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Decrease (increase) in deferred financing costs |
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(10 |
) |
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(272 |
) |
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(1,437 |
) |
Decrease in intercompany payables |
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(503 |
) |
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(1,165 |
) |
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(778 |
) |
Decrease in other liabilities |
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(4,796 |
) |
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(7,614 |
) |
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(134 |
) |
Net cash used for operating activities |
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(12,821 |
) |
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(24,709 |
) |
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(21,538 |
) |
CASH FLOWS FROM INVESTING ACTIVITIES |
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Loans originated |
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(72 |
) |
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(110 |
) |
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(1,612 |
) |
Proceeds from principal receipts, sales, and maturities of loans and investments |
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|
541 |
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1,864 |
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2,057 |
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Proceeds from sale and principal payments of loan collateral in process of foreclosure |
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|
202 |
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|
434 |
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|
954 |
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Investment in subsidiaries |
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(11,116 |
) |
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— |
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(5,125 |
) |
Dividends from subsidiaries |
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29,616 |
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25,600 |
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|
25,125 |
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Net cash provided by investing activities |
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19,171 |
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27,788 |
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|
21,399 |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from funds borrowed |
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— |
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10,000 |
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51,500 |
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Repayments of funds borrowed |
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— |
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(3,000 |
) |
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(33,000 |
) |
Treasury stock repurchased |
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(986 |
) |
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(4,606 |
) |
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— |
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Dividends paid to shareholders |
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(10,971 |
) |
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(9,394 |
) |
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(7,703 |
) |
Payment of withholding taxes on net settlement of vested stock |
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(1,202 |
) |
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(944 |
) |
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(768 |
) |
Proceeds from the exercise of stock options |
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|
516 |
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|
259 |
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|
442 |
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Net cash (used for) provided by financing activities |
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(12,643 |
) |
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(7,685 |
) |
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|
10,471 |
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NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |
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|
(6,293 |
) |
|
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(4,606 |
) |
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|
10,332 |
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Cash and cash equivalents, beginning of period |
|
|
26,395 |
|
|
|
31,001 |
|
|
|
20,669 |
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Cash and cash equivalents, end of period |
|
$ |
20,102 |
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$ |
26,395 |
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$ |
31,001 |
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