v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 55,341 $ 41,925 $ 61,126
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:      
Provision for credit losses 89,822 76,502 37,810
Proceeds from sales of strategic partnership loans held for sale 763,806 196,794 118,357
Origination of loans held for sale (771,564) (203,627) (118,338)
Gain on sale of recreation loans held for sale (1,304) 0 0
Paid-in-kind interest income (1,161) (1,830) (1,636)
Depreciation and amortization 8,323 6,217 5,243
Amortization of origination fees, net 10,592 9,173 9,588
Increase (decrease) in deferred and other tax liabilities, net 1,491 (1,672) (345)
Net change in value of loan collateral in process of foreclosure 0 410 10,597
Net gains on equity investments (24,552) (6,917) (5,178)
Stock-based compensation expense 6,735 6,053 4,713
Increase in accrued interest receivable (4,087) (1,776) (925)
Increase in other assets (1,342) (5,239) (15,470)
(Increase) decrease in accounts payable and accrued expenses (3,905) (8,742) 6,209
Decrease (increase) in accrued interest payable (1,912) 1,409 2,032
Net cash provided by operating activities 126,283 108,680 113,783
CASH FLOWS FROM INVESTING ACTIVITIES      
Loans originated (749,802) (855,616) (857,053)
Proceeds from principal receipts, sales, maturities, and recoveries of loans 590,585 504,480 497,836
Purchases of investments (14,833) (7,741) (11,573)
Proceeds from principal receipts, sales, and maturities of investments 36,337 16,381 9,444
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 13,219 13,551 20,631
Net cash used for investing activities (124,494) (328,945) (340,715)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from time deposits and funds borrowed 1,517,941 1,322,669 975,175
Repayments of time deposits and funds borrowed (1,493,438) (1,061,945) (689,920)
Non-controlling interest equity raised by Medallion Bank 73,126 0 0
Non-controlling interest redemption at Medallion Bank (46,000) 0 0
Cash dividends paid on common stock (10,972) (9,394) (7,703)
Distributions to non-controlling interests (8,782) (6,047) (6,047)
Payment of withholding taxes on net settlement of vested stock (1,202) (944) (768)
Treasury stock repurchased (986) (4,606) 0
Proceeds from the exercise of stock options 516 259 442
Net cash provided by financing activities 30,203 239,992 271,179
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 31,992 19,727 44,247
Cash and cash equivalents, beginning of period [1] 169,572 149,845 105,598
Cash and cash equivalents, end of period [1] 201,564 169,572 149,845
SUPPLEMENTAL INFORMATION      
Cash paid during the period for interest 95,999 82,760 57,509
Cash paid during the period for income taxes 23,098 22,464 25,102
NON-CASH INVESTING      
Transfer of loans (from) to loans held for sale (55,446) 120,840 0
Loans transferred to loan collateral in process of foreclosure, net $ 30,223 $ 27,542 $ 21,181
[1] Includes federal funds sold.