MEDALLION FINANCIAL CORP, 10-Q filed on 05 May 26
 | XBRL Documents
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 04, 2026
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Registrant Name MEDALLION FINANCIAL CORP  
Entity Central Index Key 0001000209  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   23,849,967
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Shell Company false  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-37747  
Entity Tax Identification Number 04-3291176  
Entity Address, Address Line One 437 MADISON AVENUE, 38th Floor  
Entity Address, City or Town NEW YORK  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10022  
City Area Code 212  
Local Phone Number 328-2100  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol MFIN  
Security Exchange Name NASDAQ  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 93,915 $ 136,266
Federal funds sold 44,734 65,298
Investment securities 67,934 60,183
Equity investments 8,099 8,099
Loans held for sale, at lower of amortized cost or fair value 10,786 15,144
Loans 2,607,209 2,551,705
Allowance for credit losses (116,696) [1] (114,789) [2]
Net loans receivable 2,490,513 2,436,916
Goodwill 150,803 150,803
Intangible assets, net 17,340 17,701
Accrued interest receivable 19,261 19,401
Property, equipment, and right-of-use lease assets, net 10,999 11,861
Loan collateral in process of foreclosure 6,418 7,333
Other assets 29,684 26,459
Total assets 2,950,486 2,955,464
Liabilities    
Deposits [3] 2,128,568 2,084,265
Long-term debt [4] 214,159 215,987
Short-term debt 44,500 95,250
Deferred tax liabilities, net [5] 21,217 19,596
Operating lease liabilities 4,489 5,041
Accrued interest payable 5,635 6,319
Income tax payable 3,310 759
Accounts payable and accrued expenses [6] 21,095 20,201
Total liabilities 2,442,973 2,447,418
Commitments and contingencies
Stockholders’ equity    
Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding) 0 0
Common stock (50,000,000 shares of $0.01 par value stock authorized - 30,145,347 shares at March 31, 2026 and 29,592,592 shares at December 31, 2025 issued) 301 296
Additional paid in capital 297,214 299,458
Treasury stock (6,280,909 shares at March 31, 2026 and December 31, 2025) (51,130) (51,130)
Accumulated other comprehensive loss (2,766) (2,381)
Retained earnings 164,465 162,374
Total stockholders’ equity 408,084 408,617
Non-controlling interest in consolidated subsidiaries 99,429 99,429
Total equity 507,513 508,046
Total liabilities and equity $ 2,950,486 $ 2,955,464
Number of shares outstanding 23,864,438 23,311,683
Book value per share $ 17.1 $ 17.53
[1] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[2] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[3] Includes $5.1 million and $5.2 million of deferred financing costs as of March 31, 2026 and December 31, 2025. Refer to Note 5 for more details.
[4] Includes $3.1 million and $3.3 million of deferred financing costs as of both March 31, 2026 and December 31, 2025. Refer to Note 5 for more details.
[5] Includes $42.3 million and $42.4 million of deferred tax liabilities related to goodwill and intangible assets as of March 31, 2026 and December 31, 2025. Refer to Note 7 for more details.
[6] Includes the short-term portion of lease liabilities of $2.2 million as of both March 31, 2026 and December 31, 2025. Refer to Note 6 for more details.
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares outstanding 0 0
Common stock, shares authorized 50,000,000 50,000,000
Common stock, par value $ 0.01 $ 0.01
Common stock, shares issued 30,145,347 29,592,592
Treasury stock, shares 6,280,909 6,280,909
Deferred tax liabilities related to goodwill and intangible assets $ 42,317 $ 42,408
Short term lease liabilities 2,200 2,200
Deferred financing costs 8,200 8,400
Deposits [Member]    
Deferred financing costs 5,100 5,200
Long-Term Debt [Member]    
Deferred financing costs $ 3,100 $ 3,300
v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Interest and fees on loans $ 77,336 $ 73,737
Non-loan interest and dividend income 1,732 1,688
Total interest income 79,068 75,425
Interest on deposits 20,736 19,615
Interest on long-term debt 3,613 3,690
Interest on short-term borrowings 660 708
Total interest expense 25,009 24,013
Net interest income 54,059 51,412
Provision for credit losses 22,476 22,014
Net interest income after provision for credit losses 31,583 29,398
Other income    
Gain on equity investments, net 313 9,430
Gain on taxi medallion assets, net 1,099 843
Strategic partnership fees 823 685
Other income 173 641
Other income, net 2,408 11,599
Other expenses    
Salaries and employee benefits 11,000 9,993
Loan servicing fees 3,537 2,817
Collection costs 1,937 1,739
Professional fee costs, net 1,252 1,750
Regulatory fees 979 821
Rent expense 697 675
Depreciation 632 618
Amortization of intangible assets 361 361
Director compensation 432 412
Other expenses 1,547 1,572
Total other expenses 22,374 20,758
Net income (loss) before taxes 11,617 20,239
Income tax provision 4,328 6,713
Net income (loss) 7,289 13,526
Less: income attributable to the non-controlling interest 2,336 1,512
Net income attributable to Medallion Financial Corp. $ 4,953 $ 12,014
Basic earnings per share $ 0.21 $ 0.53
Diluted earnings per share $ 0.2 $ 0.5
Weighted average common shares outstanding    
Basic 23,059,744 22,570,797
Diluted 24,545,801 23,897,167
v3.26.1
Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 7,289 $ 13,526
Change in unrealized (loss) gains on investment securities (531) 886
Tax effect on unrealized (losses) gains on investments 146 (248)
Total comprehensive income 6,904 14,164
Less: income attributable to the non-controlling interest 2,336 1,512
Total comprehensive income attributable to Medallion Financial Corp. $ 4,568 $ 12,652
v3.26.1
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid In Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Parent [Member]
Noncontrolling Interest [Member]
Balance at Dec. 31, 2024 $ 438,958 $ 293 $ 293,412 $ (50,144) $ 130,256 $ (3,647) $ 370,170 $ 68,788
Balance, shares at Dec. 31, 2024   29,308,182            
Balance, shares at Dec. 31, 2024       (6,172,558)        
Net income 13,526              
Net income 12,014       12,014   12,014 1,512
Distributions to non-controlling interest (1,512)             (1,512)
Stock-based compensation expense 1,688 $ 2 1,686       1,688  
Exercise of stock options, value 1   1       1  
Exercise of stock options, shares   265            
Issuance of restricted stock, net, shares   307,059            
Withheld restricted stock for employees' tax obligations, shares   (144,360)            
Withheld restricted stock for employees' tax obligations, value (1,202)   (1,202)       (1,202)  
Forfeiture of restricted stock, net, shares   (3,373)            
Purchase of common stock (in Shares)       (60,185)        
Purchase of common stock (531)     $ (531)     (531)  
Dividends paid on common stock (2,554)       (2,554)   (2,554)  
Other comprehensive income (loss), net of tax 638         638 638  
Ending balance at Mar. 31, 2025 449,012 $ 295 293,897 $ (50,675) 139,716 (3,009) 380,224 68,788
Ending balance, shares at Mar. 31, 2025   29,467,773            
Ending balance, shares at Mar. 31, 2025       (6,232,743)        
Balance at Dec. 31, 2024 $ 438,958 $ 293 293,412 $ (50,144) 130,256 (3,647) 370,170 68,788
Balance, shares at Dec. 31, 2024   29,308,182            
Balance, shares at Dec. 31, 2024       (6,172,558)        
Exercise of stock options, shares 82,081              
Ending balance at Dec. 31, 2025 $ 508,046 $ 296 299,458 $ (51,130) 162,374 (2,381) 408,617 99,429
Ending balance, shares at Dec. 31, 2025 23,311,683 29,592,592            
Ending balance, shares at Dec. 31, 2025 6,280,909     (6,280,909)        
Net income $ 7,289              
Net income 4,953       4,953   4,953 2,336
Distributions to non-controlling interest (2,336)             (2,336)
Stock-based compensation expense 2,075 $ 9 2,066       2,075  
Exercise of stock options, value $ 13   13       13  
Exercise of stock options, shares 2,224 [1] 2,224            
Issuance of restricted stock, net, shares   344,206            
Withheld restricted stock for employees' tax obligations, shares   (444,683)            
Withheld restricted stock for employees' tax obligations, value $ (4,327) $ (4) (4,323)       (4,327)  
Forfeiture of restricted stock, net, shares   (1,569)            
Issuance in connection with vesting of restricted stock units   652,577            
Dividends paid on common stock (2,862)       (2,862)   (2,862)  
Other comprehensive income (loss), net of tax (385)         (385) (385)  
Ending balance at Mar. 31, 2026 $ 507,513 $ 301 $ 297,214 $ (51,130) $ 164,465 $ (2,766) $ 408,084 $ 99,429
Ending balance, shares at Mar. 31, 2026 23,864,438 30,145,347            
Ending balance, shares at Mar. 31, 2026 6,280,909     (6,280,909)        
[1] The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for the three months ended March 31, 2026 and $0.3 million for the year ended December 31, 2025.
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income resulting from operations $ 7,289 $ 13,526
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for credit losses 22,476 22,014
Proceeds from sales of strategic partnership loans held for sale 174,342 133,127
Origination of loans held for sale (169,984) (136,240)
Paid-in-kind interest income (303) (249)
Depreciation and amortization 2,041 2,105
Amortization of loan origination costs and fees, net 3,005 2,336
Increase in deferred and other tax liabilities, net 4,172 6,957
Net gains on equity investments (313) (9,430)
Stock-based compensation expense 2,075 1,688
Increase in accrued interest receivable 140 877
(Decrease) increase in other assets (3,519) 1,319
Increase (decrease) in accounts payable and accrued expenses 579 (3,263)
Decrease in accrued interest payable (684) (1,621)
Net cash provided by operating activities 41,316 33,146
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (212,270) (147,906)
Proceeds from principal receipts, sales, and maturities of loans 131,066 132,083
Purchases of investments (9,750) (3,873)
Proceeds from principal receipts, sales, and maturities of investments 1,584 14,943
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 3,344 3,171
Net cash used in investing activities (86,026) (1,582)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 245,664 582,122
Repayments of time deposits and funds borrowed (254,120) (619,161)
Cash dividends paid on common stock (3,099) (2,859)
Distributions to non-controlling interests (2,336) (1,512)
Payment of withholding taxes on net settlement of vested stock (4,327) (1,202)
Treasury stock repurchased 0 (531)
Proceeds from the exercise of stock options 13 1
Net cash used in financing activities (18,205) (43,142)
NET DECREASE IN CASH AND CASH EQUIVALENTS (62,915) (11,578)
Cash and cash equivalents, beginning of period [1] 201,564 169,572
Cash and cash equivalents, end of period (1) [1] 138,649 157,994
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 24,655 24,515
Cash paid during the period for income taxes 9 10
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 7,641 $ 6,483
[1] Includes federal funds sold.
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 4,953 $ 12,014
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Non Rule 10b5-1 Arrangement Modified false
Rule 10b5-1 Arrangement Modified false
v3.26.1
Organization of Medallion Financial Corp. and its Subsidiaries
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization of Medallion Financial Corp. and its Subsidiaries

(1) ORGANIZATION OF MEDALLION FINANCIAL CORP. AND ITS SUBSIDIARIES

Medallion Financial Corp., or the Company, is a specialty finance company organized as a Delaware corporation that reports as a bank holding company but is not a bank holding company for regulatory purposes. The Company conducts its business through various wholly-owned subsidiaries including its primary operating company, Medallion Bank, or the Bank, a Federal Deposit Insurance Corporation, or FDIC, insured industrial bank that originates consumer loans, raises deposits, and conducts other banking activities. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies and undergoes examinations by those agencies. The Bank was formed in May 2002 for the purpose of obtaining an industrial bank charter pursuant to the laws of the State of Utah. The Bank originates consumer loans on a national basis for the purchase of recreational vehicles, or RVs, boats, collector cars, and other consumer recreational equipment and to finance home improvements such as roofs, swimming pools, and windows. The loans are financed primarily with time certificates of deposit which are originated nationally through a variety of brokered deposit relationships.

The Company also conducts business through its subsidiaries Medallion Capital, Inc., or Medallion Capital, a Small Business Investment Company, or SBIC, which conducts a mezzanine financing business; and Freshstart Venture Capital Corp., or Freshstart, which historically originated and serviced taxi medallion and commercial loans. Medallion Capital, an SBIC, is regulated by the Small Business Administration, or SBA. Medallion Capital is financed in part by the SBA.

The Company established a wholly-owned subsidiary, Medallion Financing Trust I, or Fin Trust, for the purpose of issuing unsecured trust preferred securities to investors. Fin Trust is a separate legal and corporate entity with its own creditors who, in any liquidation of Fin Trust, will be entitled to be satisfied out of Fin Trust’s assets prior to any value in Fin Trust becoming available to Fin Trust’s equity holders. The assets of Fin Trust, aggregating $34.9 million at March 31, 2026, are comprised solely of a subordinated note from the Company and are not available to pay obligations of its affiliates or any other party, and the assets of affiliates or any other party are not available to pay obligations of Fin Trust.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the U.S., or GAAP, requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes. Accounting estimates and assumptions are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions change, it is reasonably possible that the judgments and estimates could change, which may result in future impairments of goodwill and intangible assets, and allowance for credit losses, among other effects.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned and controlled subsidiaries. All significant intercompany transactions, balances, and profits (losses) have been eliminated in consolidation.

The consolidated financial statements have been prepared in accordance with GAAP. The Company consolidates all entities it controls through a majority voting interest, a controlling interest through other contractual rights, or as being identified as the primary beneficiary of variable interest entities, or VIEs. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding is recorded as non-controlling interest.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid instruments with an original purchased maturity of three months or less, federal funds sold, interest-bearing deposits in other banks, and money market mutual funds to be cash equivalents. A non-interest-bearing compensating balance of $0.8 million and $0.7 million as of March 31, 2026 and December 31, 2025 was maintained at a correspondent bank and considered to be cash equivalents. Cash balances are generally held in accounts at large national or regional banking organizations in amounts that exceed the federally insured limits. Cash also included $0.8 million of interest-bearing funds deposited in other banks with original terms of 5 to 6 years that cannot be withdrawn but are salable on an active secondary market, without penalty, as of both March 31, 2026 and December 31, 2025. As of March 31, 2026, the Company held $0.6 million in a money market account in connection with a letter of credit. Certain of the Company's borrowings require that the Company and its subsidiaries maintain cash at specific levels pursuant to covenants in applicable debt agreements. The Company is compliant with these covenants as of March 31, 2026.

Fair Value of Assets and Liabilities

The Company follows the Financial Accounting Standards Board, or FASB, FASB Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or FASB ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as an exit price (i.e., a price that would be received to sell, as opposed to acquire, an asset or transfer a liability), and emphasizes that fair value is a market-based measurement. It establishes a fair value hierarchy that distinguishes between assumptions developed based on market data obtained from independent external sources and the reporting entity’s own assumptions. Further, it specifies that fair value measurement should consider adjustment for risk, such as the risk inherent in the valuation technique or its inputs. See also Notes 12 and 13 to the consolidated financial statements.

Equity Investments

The Company follows FASB ASC Topic 321, Investments – Equity Securities, or ASC 321, which requires all applicable investments in equity securities with a readily determinable fair value to be valued as such, and those without a readily determinable fair value, are measured at cost, less any impairment plus or minus any observable price changes. Equity investments were $8.1 million as of both March 31, 2026 and December 31, 2025, which were comprised mainly of nonmarketable stock and stock warrants, are recorded at cost less any impairment plus or minus observable price changes. Substantially all of these equity investments are held by Medallion Capital, our SBIC subsidiary, in connection with its mezzanine lending business. As of March 31, 2026, cumulative impairment of $5.3 million had been recorded with respect to these investments. During the three months ended March 31, 2026, the Company recognized net gains of $0.3 million on equity investments, net of losses, inclusive of $0.4 million of net realized gains.

During 2021, the Company purchased $2.0 million of equity securities with a readily determinable fair value. As a result, all unrealized gains and losses are included in gain (loss) on equity investments. The fair value of these securities were $1.8 million for both March 31, 2026 and December 31, 2025 and are included in other assets on the consolidated balance sheets. For the three months ended March 31, 2026 and 2025, the Company recognized less than $0.1 million of gains related to equity securities.

Investment Securities

The Company follows FASB ASC Topic 320, Investments – Debt Securities, or ASC 320, which requires that all applicable investments in debt securities be classified as trading securities, available-for-sale securities, or held-to-maturity securities. Investment securities are purchased from time-to-time in the open market at prices that are greater or lesser than the par value of the investment. The resulting premium or discount is deferred and recognized using the interest method. ASC 320 further requires that held-to-maturity securities be reported at amortized cost and available-for-sale securities be reported at fair value, with unrealized gains and losses excluded from earnings at the date of the consolidated financial statements, and reported in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, net of the effect of income taxes, until they are sold. At the time of sale, any gains or losses, calculated by the specific identification method, will be recognized as a component of operating results and any amounts previously included in stockholders’ equity, which were recorded net of the income tax effect, will be reversed. In accordance with ASC 326, the Company does not maintain an allowance for credit losses for accrued interest receivable.

For available-for-sale debt securities in an unrealized loss position, the Company first determines if it intends to sell the security, or if it is more likely than not that the Company will be required to sell it before recovering its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to its fair value through earnings. If neither condition is met, the Company assesses whether the decline in fair value is the result of credit losses or other factors. This assessment includes reviewing changes in the rating of the security by a rating agency, increases in defaults on the underlying collateral, and the extent to which the securities are issued by the federal government or its agencies, including the amount of the guarantee issued by those agencies, among other factors. If a credit loss exists, the Company compares the present value of expected cash flows from the security to its amortized cost basis. If the present value is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded through earnings, but limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of taxes.

Changes in the allowance for credit losses are recorded as a provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management confirms the uncollectibility of an available-for-sale debt security or when either of the criteria regarding intent or requirement to sell is met. There were no investment securities allowance for credit losses as of March 31, 2026 and December 31, 2025.

Loans

The Company’s loans, classified as held for investment, are currently reported at amortized cost, which is the principal amount outstanding, inclusive of loan origination costs, which primarily includes deferred costs paid to loan originators, and which are amortized to interest income over the life of the loan.

Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment to the yield of the related loans. As of March 31, 2026 and December 31, 2025, net loan origination costs included in loans were $54.3 million and $52.0 million. Net amortization reducing interest income was $3.0 million for the three months ended March 31, 2026 and was $2.3 million for the three months ended March 31, 2025.

Interest income is recorded on the accrual basis. The consumer loan portfolio is typified by a large number of smaller dollar loans that have similar characteristics. When, based on current information and events, it is unlikely the Company will be able to collect all amounts due according to the contractual terms of the original loan agreement, a loan is considered nonperforming. Loans are considered past due when a borrower fails to make a full payment by the payment due date or maturity date. Consumer loans are placed on nonaccrual when they become 90 days past due, and are charged off in their entirety when deemed uncollectible, if they enter bankruptcy, or when they become 120 days past due, whichever occurs first. The Company takes appropriate recovery efforts against both the borrower and the underlying collateral are initiated for nonaccrual loans. For the recreation loan portfolio, the process to repossess the collateral is generally started at 60 days past due. If the collateral is not located and the account reaches 120 days delinquent, the account is charged off. If the collateral is repossessed, a loss is recorded by writing the collateral down to its fair value less selling costs, and the collateral is sent to auction. When the collateral is sold, the net auction proceeds are applied to the account, and any remaining balance is written off. Proceeds collected on charged-off accounts are recorded as recoveries. Commercial loans and taxi medallion loans are placed on nonaccrual status, and all uncollected accrued interest is reversed, when there is doubt as to the collectability of interest or principal, or if loans are 90 days or more past due, unless management has determined that they are both well-secured and in the process of collection. Interest income on nonaccrual loans is generally recognized when cash is received, unless a determination has been made to apply all cash receipts to principal.

The Company may modify the contractual cash flow of loans in situations where borrowers are experiencing financial difficulties. The Company strives to identify borrowers in financial difficulty early and work with them to modify their loans to more affordable terms before they reach nonaccrual status. These modified terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize the economic loss to the Company and to avoid foreclosure or repossession of the collateral. For modifications where the Company forgives principal, the entire amount of such principal forgiveness is immediately charged off.

Loan collateral in process of foreclosure includes consumer repossessed collateral in the process of being sold in addition to taxi medallion loans that have reached 120 days past due and have been charged down to the net realizable value of the underlying collateral. For New York City taxi medallion loans in the process of foreclosure, the Company continued to utilize a maximum net value of $79,500 when assessing net realizable value for these taxi medallion loans, despite fluctuating current transfer prices which may exceed that level from time to time. The "loan collateral in the process of foreclosure" designation reflects that the collection activities on these loans have transitioned from working with the borrower to the liquidation of the collateral securing the loans.

Loans Held for Sale

Loans held for sale consist of consumer loans and strategic partnership loans intended to be sold in the secondary market. Loans held for sale are recorded at the lower of amortized cost or fair value. Changes in fair value are recognized in non-interest income. For loans transferred into the held for sale classification from the held for investment classification, any allowance for credit losses previously recorded is reversed at the transfer date, and the loans are transferred at their amortized cost basis (which is reduced by any previous charge-offs, but excludes any allowance for credit losses). For the three months ended March 31, 2026 and 2025, the Company did not recognize any fair value adjustments related to loans held for sale.

Allowance for Credit Losses

The Company follows Accounting Standards Update, or ASU, 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", or ASC 326, which requires recognition of lifetime expected losses using "reasonable and supportable" expectations about the future, referred to as the current expected credit loss, or CECL, methodology. For consumer loans, the Company uses historical delinquent loan performance, qualitative adjustments, and actual loss rates modified by quantitative adjustments based on macroeconomic factors over a twelve-month reasonable and supportable forecast period followed by a six month reversion period. For commercial loans, the Company assesses the historical impact that macroeconomic indicators have had on the loan portfolio, to determine an approximate allowance for credit loss. Unlike consumer loans, where loans may have similar performing characteristics, each commercial loan is unique. The Company evaluates each commercial loan for specific impairment with additional allowance for credit losses recognized as necessary. For taxi medallion loans, the Company individually evaluates each loan and establishes a reserve based on fair value of collateral less cost to sell.

The allowance is evaluated on a quarterly basis by management based on the collectability of the loans in light of historical experience, the nature and size of the loan portfolio, adverse situations that may affect the borrowers' ability to repay, estimated value of any underlying collateral, prevailing economic conditions, and excess concentration risks. This evaluation is inherently subjective, as it requires estimates, including those based on changes in economic conditions, that are susceptible to significant revision as more information becomes available. Credit losses are deducted from the allowance, and subsequent recoveries are added back to the allowance. The Company has elected to exclude accrued interest from its measurement of the allowance for credit losses.

Goodwill and Intangible Assets

Goodwill assets arose as a result of the excess of fair value over book value for several of our previously unconsolidated portfolio investment companies as of April 2, 2018. This fair value was brought forward under the Company's requirement to consolidate these previously unconsolidated subsidiaries and was subject to a purchase price accounting allocation process conducted by an independent third-party expert to arrive at the current categories and amounts. Goodwill is not amortized, but is subject to quarterly review by management to determine whether additional impairment testing is needed, and such testing is performed at least on an annual basis.

Other intangible assets with finite useful lives are amortized either on an accelerated or straight-line basis over their estimated useful lives. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

As of March 31, 2026 and December 31, 2025, the Company had goodwill of $150.8 million, all of which related to the recreation and home improvement lending segments. As of March 31, 2026 and December 31, 2025, the Company had intangible assets of $17.3 million and $17.7 million. The Company recognized $0.4 million of amortization expense on the intangible assets for the three months ended March 31, 2026 and 2025.

Management engaged an independent third-party expert to perform a quantitative assessment of goodwill for impairment at October 1, 2025. The third-party expert, as of the most recent goodwill impairment testing date, determined that a fair value premium existed in excess of the carrying value of the recreation and home improvement lending segments. During the three months ended March 31, 2026, the Company did not identify any triggering events that would require re-evaluation of goodwill impairment in either segment.

The table below presents the intangible assets as of the dates presented:

(Dollars in thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Brand-related intellectual property

 

$

13,200

 

 

$

13,475

 

Home improvement contractor relationships

 

 

4,140

 

 

 

4,226

 

Total intangible assets

 

$

17,340

 

 

$

17,701

 

 

Fixed Assets

Fixed assets are carried at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over their estimated useful lives of 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated economic useful life of the improvement. Depreciation and amortization expense was $0.6 million for the three months ended March 31, 2026 and 2025.

Deferred Costs

Deferred financing costs represent costs associated with obtaining the Company’s borrowing facilities, and are amortized on a straight line basis over the lives of the related financing agreements and life of the respective pool. Amortization expense, included as interest expense in the Consolidated Statements of Operations, was $1.0 million for the three months ended March 31, 2026 and was $1.1 million for the three months ended March 31, 2025. In addition, the Company capitalizes certain costs for transactions in the process of completion (other than business combinations), including those for potential investments, and the sourcing of other financing alternatives. Upon completion or termination of the transaction, any accumulated amounts will be amortized against income over an appropriate period, or written off. The amount on the Company’s balance sheet related to deposits and borrowing facilities were $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025, and there were no capitalized transaction costs as of March 31, 2026 and December 31, 2025.

Income Taxes

Income taxes are accounted for using the asset and liability approach in accordance with FASB ASC Topic 740, Income Taxes, or ASC 740. Deferred tax assets and liabilities reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the enacted tax rates expected to apply in the year when taxes are actually paid or recovered. Deferred tax assets are also recorded for net operating losses, capital losses and any tax credit carryforwards. A valuation allowance is provided against a deferred tax asset when it is more likely than not that some or all of the deferred tax assets will not be realized. All available evidence, both positive and negative, is considered to determine whether a valuation allowance for deferred tax assets is needed. Items considered in determining the Company’s valuation allowance include expectations of future earnings of the appropriate tax character, recent historical financial results, tax planning strategies, the length of statutory carryforward periods and the expected timing of the reversal of temporary differences. The Company recognizes tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The Company records income tax related interest and penalties, if applicable, within current income tax expense.

Earnings Per Share (EPS)

Basic earnings per share are computed by dividing net income resulting from operations available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if option contracts to issue common stock were exercised, or if restricted stock vests, and has been computed after considering the weighted average dilutive effect of the Company’s stock options and restricted stock. The Company uses the treasury stock method to calculate diluted EPS, which is a method of recognizing the use of proceeds that could be obtained upon exercise of options and warrants, including unvested compensation expense related to the shares, in computing diluted EPS. It assumes that any proceeds would be used to purchase common stock at the average market price during the period. The table below presents the calculation of basic and diluted EPS.

 

Three Months Ended March 31,

 

(Dollars in thousands, except share and per share data)

 

2026

 

 

2025

 

Net income attributable to common stockholders

 

$

4,953

 

 

$

12,014

 

Weighted average common shares outstanding applicable to basic EPS

 

 

23,059,744

 

 

 

22,570,797

 

Effect of performance stock unit grants

 

 

729,280

 

 

 

515,645

 

Effect of restricted stock grants

 

 

487,002

 

 

 

576,251

 

Effect of dilutive stock options

 

 

269,775

 

 

 

234,474

 

Adjusted weighted average common shares outstanding applicable to diluted EPS

 

 

24,545,801

 

 

 

23,897,167

 

Basic earnings per share

 

$

0.21

 

 

$

0.53

 

Diluted earnings per share

 

 

0.20

 

 

 

0.50

 

Potentially dilutive common shares excluded from the above calculations were 403,858 as of March 31, 2026 and 59,082 shares as of March 31, 2025.

Stock Compensation

The Company follows FASB ASC Topic 718, or ASC 718, Compensation – Stock Compensation, for its equity incentive, stock option, and restricted stock plans, and accordingly, the Company recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options are reflected in net income resulting from operations for any new grants using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option. Stock-based employee compensation costs pertaining to restricted stock and performance stock units, or PSUs, are reflected in net income resulting from operations for any new grants using the grant date fair value of the shares and units granted, expensed over the vesting period of the underlying stock.

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the bank regulators about components, risk weightings, and other factors.

FDIC-insured banks, including the Bank, are subject to certain federal laws, which impose various legal limitations on the extent to which banks may finance or otherwise supply funds to certain of their affiliates. In particular, the Bank is subject to certain restrictions on any extensions of credit to, or other covered transactions with, such as certain purchases of assets, the Company or its affiliates.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios as defined in the regulations (presented in the table below). Additionally, as conditions of granting the Bank’s application for federal deposit insurance, the FDIC ordered that the Tier 1 leverage capital to total assets ratio, as defined, be not less than 15%, a level which could affect the Bank's ability to pay dividends to the Company, and that an adequate allowance for credit losses be maintained. As of March 31, 2026 and December 31, 2025, the Bank’s Tier 1 leverage ratio was considered well-capitalized. The Bank had excess Tier 1 leverage capital of $61.2 million over the 15% minimum required, which was $385.9 million based on our total assets as of March 31, 2026. The Bank’s capital amounts and ratios and the regulatory minimum ratios are presented in the following table.

 

Regulatory

 

 

 

 

 

 

 

(Dollars in thousands)

 

Adequately Capitalized

 

 

Well-
Capitalized

 

 

March 31, 2026

 

 

December 31, 2025

 

Common equity tier 1 capital

 

 

 

 

 

 

 

$

347,627

 

 

$

356,038

 

Tier 1 capital

 

 

 

 

 

 

 

 

447,056

 

 

 

455,467

 

Total capital

 

 

 

 

 

 

 

 

479,609

 

 

 

487,292

 

Average assets

 

 

 

 

 

 

 

 

2,572,371

 

 

 

2,558,754

 

Risk-weighted assets

 

 

 

 

 

 

 

 

2,529,775

 

 

 

2,472,328

 

Leverage ratio (1)

 

 

4.0

%

 

 

5.0

%

 

 

17.4

%

 

 

17.8

%

Common equity tier 1 capital ratio (2)

 

 

4.5

 

 

 

6.5

 

 

 

13.7

 

 

 

14.4

 

Tier 1 capital ratio (3)

 

 

6.0

 

 

 

8.0

 

 

 

17.7

 

 

 

18.4

 

Total capital ratio (3)

 

 

8.0

 

 

 

10.0

 

 

 

19.0

 

 

 

19.7

 
(1)
Calculated by dividing Tier 1 capital by average assets.
(2)
Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
(3)
Calculated by dividing Tier 1 or total capital by risk-weighted assets.

In the above table, the minimum risk-based ratios as of March 31, 2026 and December 31, 2025 reflect the capital conservation buffer of 2.5%. The minimum regulatory requirements, inclusive of the capital conservation buffer, were the binding requirements for the risk-based requirements, and the “well-capitalized” requirements were the binding requirements for Tier 1 leverage capital as of both March 31, 2026 and December 31, 2025.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income - Expense Disaggregation of Income Statement Expenses. This update requires additional disaggregation of specific types of expenses within the notes to consolidated financial statements on an annual and interim basis. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities are required to adopt ASU 2024-03 for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing the impact of the update on the accompanying financial statements.

Reclassifications

Certain reclassifications have been made to prior year balances to conform with the current year presentation. These reclassifications have no effect on the previously reported results of operations.
v3.26.1
Investment Securities
 3 Months Ended
Mar. 31, 2026
Schedule of Investments [Abstract]  
Investment Securities

(3) INVESTMENT SECURITIES

The following tables present details of fixed maturity securities available for sale as of March 31, 2026 and December 31, 2025:

March 31, 2026
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

51,481

 

 

$

60

 

 

$

(3,732

)

 

$

47,809

 

State and municipalities

 

 

21,312

 

 

 

—

 

 

 

(1,315

)

 

 

19,997

 

Agency bonds

 

 

137

 

 

 

—

 

 

 

(9

)

 

 

128

 

Total

 

$

72,930

 

 

$

60

 

 

$

(5,056

)

 

$

67,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

45,392

 

 

$

160

 

 

$

(3,381

)

 

$

42,171

 

State and municipalities

 

 

19,117

 

 

 

14

 

 

 

(1,251

)

 

 

17,880

 

Agency bonds

 

 

139

 

 

 

—

 

 

 

(7

)

 

 

132

 

Total

 

$

64,648

 

 

$

174

 

 

$

(4,639

)

 

$

60,183

 

The amortized cost and estimated fair market value of investment securities at March 31, 2026 by contractual maturity are presented below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage‑backed securities are included in the table based on their contractual maturities and are reflected in the each category below.

March 31, 2026
(Dollars in thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

2,402

 

 

$

2,387

 

Due after one year through five years

 

 

10,662

 

 

 

10,120

 

Due after five years through ten years

 

 

9,493

 

 

 

9,243

 

Due after ten years

 

 

50,373

 

 

 

46,184

 

Total

 

$

72,930

 

 

$

67,934

 

The following tables present information pertaining to securities with gross unrealized losses as of March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

March 31, 2026
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities

 

$

(236

)

 

$

7,644

 

 

$

(3,496

)

 

$

29,393

 

State and municipalities

 

 

(29

)

 

 

2,914

 

 

 

(1,286

)

 

 

14,086

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

128

 

Total

 

$

(265

)

 

$

10,558

 

 

$

(4,791

)

 

$

43,607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

December 31, 2025
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities

 

$

(13

)

 

$

3,420

 

 

$

(3,368

)

 

$

26,541

 

State and municipalities

 

 

(3

)

 

 

22

 

 

 

(1,248

)

 

 

14,840

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

132

 

Total

 

$

(16

)

 

$

3,442

 

 

$

(4,623

)

 

$

41,513

 

 

As of March 31, 2026 and December 31, 2025, the Company had 56 and 52 securities with unrealized losses that had not been recognized in income. The investments are mortgage-backed securities and similar instruments with conservative risk characteristics, all of which are directly or indirectly guaranteed by the U.S. Government. The municipal bond portfolio consists of bonds purchased from the Utah Housing Corporation, which primarily acquires FHA‑insured loans within the state of Utah. The Company regularly reviews investment securities for impairment resulting from credit loss using both qualitative and quantitative criteria, as necessary based on the composition of the portfolio at period end. Based on the Company's assessment, no material impairments for credit losses were recognized during the period. The Company does not intend to sell its investment securities that are in an unrealized loss position and believes that it is unlikely that it will be required to sell these securities before recovery of the amortized cost. As of March 31, 2026 and December 31, 2025, the Company did not hold investments in any single issuer with an aggregate book value that exceeded 10% of the Company's equity, other than U.S. Government agency residential mortgage-backed securities issued by the Federal National Mortgage Association.

v3.26.1
Loans and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2026
Text Block [Abstract]  
Loans and Allowance for Credit Losses

(4) LOANS AND ALLOWANCE FOR CREDIT LOSSES

The following table presents the major classification of loans, inclusive of capitalized loan origination costs, as of March 31, 2026 and December 31, 2025.

 

 

March 31, 2026

 

 

December 31, 2025

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Total Loans (1)

 

 

Amount

 

 

As a
Percent of
Total Loans (1)

 

Loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

1,671,538

 

 

 

64

%

 

$

1,617,221

 

 

 

63

%

Home improvement

 

 

814,933

 

 

 

31

 

 

 

810,237

 

 

 

32

 

Commercial

 

 

119,612

 

 

 

5

 

 

 

123,068

 

 

 

5

 

Taxi medallion

 

 

1,126

 

 

*

 

 

 

1,179

 

 

*

 

Total loans

 

 

2,607,209

 

 

 

100

 

 

 

2,551,705

 

 

 

99

 

Loans held for sale, at lower of amortized cost or fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Strategic partnership

 

 

10,786

 

 

*

 

 

 

15,144

 

 

*

 

Total loans held for sale, at lower of amortized cost or fair value

 

 

10,786

 

 

 

—

 

 

 

15,144

 

 

 

—

 

Total loans and loans held for sale

 

$

2,617,995

 

 

 

100

%

 

$

2,566,849

 

 

 

100

%

(1) Percentage may not foot due to rounding.

(*) Less than 1%.

The following table presents the activity of the gross loans and loans held for sale for the three months ended March 31, 2026.

Three Months Ended March 31, 2026
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2025

 

$

1,617,221

 

 

$

810,237

 

 

$

123,068

 

 

$

1,179

 

 

$

15,144

 

 

$

2,566,849

 

Loan originations

 

 

142,548

 

 

 

64,402

 

 

 

—

 

 

 

—

 

 

 

169,984

 

 

 

376,934

 

Principal receipts, sales, and maturities

 

 

(59,668

)

 

 

(56,093

)

 

 

(3,767

)

 

 

(15

)

 

 

(174,342

)

 

 

(293,885

)

Charge-offs

 

 

(22,491

)

 

 

(4,351

)

 

 

—

 

 

 

(38

)

 

 

—

 

 

 

(26,880

)

Transfer to loan collateral in process of foreclosure, net

 

 

(7,641

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,641

)

Amortization of origination fees and costs, net

 

 

(3,750

)

 

 

737

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

(3,005

)

Origination fees and costs, net

 

 

5,319

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,320

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

303

 

 

 

—

 

 

 

—

 

 

 

303

 

Gross loans – March 31, 2026

 

$

1,671,538

 

 

$

814,933

 

 

$

119,612

 

 

$

1,126

 

 

$

10,786

 

 

$

2,617,995

 

The following table presents the activity of the gross loans and loans held for sale for the three months ended March 31, 2025.

Three Months Ended March 31, 2025
(Dollars in thousands)

 

Recreation (1)

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2024

 

$

1,543,243

 

 

$

827,211

 

 

$

111,273

 

 

$

1,909

 

 

$

7,386

 

 

$

2,491,022

 

Loan originations

 

 

86,833

 

 

 

48,796

 

 

 

9,707

 

 

 

72

 

 

 

136,240

 

 

 

281,648

 

Principal receipts, sales, and maturities

 

 

(61,507

)

 

 

(59,611

)

 

 

(5,052

)

 

 

(316

)

 

 

(133,127

)

 

 

(259,613

)

Charge-offs

 

 

(20,274

)

 

 

(4,227

)

 

 

(130

)

 

 

(15

)

 

 

—

 

 

 

(24,646

)

Transfer to loan collateral in process of foreclosure, net

 

 

(2,389

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,389

)

Amortization of origination fees and costs, net

 

 

(3,481

)

 

 

1,133

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

(2,336

)

Origination fees and costs, net

 

 

3,419

 

 

 

(921

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,498

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

249

 

 

 

—

 

 

 

—

 

 

 

249

 

Gross loans – March 31, 2025

 

$

1,545,844

 

 

$

812,381

 

 

$

116,059

 

 

$

1,650

 

 

$

10,499

 

 

$

2,486,433

 

 

The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2026.

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion (1)

 

 

Total

 

Balance at December 31, 2025

 

$

85,956

 

 

$

19,563

 

 

$

9,052

 

 

$

218

 

 

$

114,789

 

Charge-offs

 

 

(22,491

)

 

 

(4,351

)

 

 

—

 

 

 

(38

)

 

 

(26,880

)

Recoveries

 

 

4,820

 

 

 

1,465

 

 

 

5

 

 

 

21

 

 

 

6,311

 

Provision (benefit) for credit losses

 

 

18,445

 

 

 

3,618

 

 

 

459

 

 

 

(46

)

 

 

22,476

 

Balance at March 31, 2026

 

$

86,730

 

 

$

20,295

 

 

$

9,516

 

 

$

155

 

 

$

116,696

 
(1)
As of March 31, 2026, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $170.1 million, including $105.5 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.

The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2025.

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion (1)

 

 

Total

 

Balance at December 31, 2024

 

$

71,102

 

 

$

20,536

 

 

$

5,190

 

 

$

540

 

 

$

97,368

 

Charge-offs

 

 

(20,274

)

 

 

(4,227

)

 

 

(130

)

 

 

(15

)

 

 

(24,646

)

Recoveries

 

 

3,860

 

 

 

1,095

 

 

 

—

 

 

 

675

 

 

 

5,630

 

Provision (benefit) for credit losses

 

 

16,870

 

 

 

2,845

 

 

 

3,114

 

 

 

(815

)

 

 

22,014

 

Balance at March 31, 2025

 

$

71,558

 

 

$

20,249

 

 

$

8,174

 

 

$

385

 

 

$

100,366

 
(1)
As of March 31, 2025 cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.7 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.

The following table presents the gross charge-offs for the three months ended March 31, 2026, by the year of origination:

Three Months Ended March 31, 2026
(Dollars in thousands)

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Total

 

Recreation

 

$

—

 

 

$

3,685

 

 

$

5,617

 

 

$

4,501

 

 

$

3,974

 

 

$

4,714

 

 

$

22,491

 

Home improvement

 

 

—

 

 

 

399

 

 

 

916

 

 

 

1,328

 

 

 

952

 

 

 

756

 

 

 

4,351

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

 

 

38

 

Total

 

$

—

 

 

$

4,084

 

 

$

6,533

 

 

$

5,829

 

 

$

4,926

 

 

$

5,508

 

 

$

26,880

 

The following table presents the gross charge-offs for the three months ended March 31, 2025, by the year of origination:

Three Months Ended March 31, 2025
(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Recreation

 

$

—

 

 

$

2,728

 

 

$

3,707

 

 

$

4,506

 

 

$

1,933

 

 

$

7,400

 

 

$

20,274

 

Home improvement

 

 

—

 

 

 

823

 

 

 

1,503

 

 

 

1,133

 

 

 

428

 

 

 

340

 

 

 

4,227

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

130

 

 

 

—

 

 

 

—

 

 

 

130

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15

 

 

 

15

 

Total

 

$

—

 

 

$

3,551

 

 

$

5,210

 

 

$

5,769

 

 

$

2,361

 

 

$

7,755

 

 

$

24,646

 

The following table presents the allowance for credit losses by type as of March 31, 2026.

March 31, 2026
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category (2)

 

Recreation

 

$

86,730

 

 

 

74

%

 

 

5.19

%

Home improvement

 

 

20,295

 

 

 

17

 

 

 

2.49

 

Commercial

 

 

9,516

 

 

 

8

 

 

 

7.96

 

Taxi medallion

 

 

155

 

 

*

 

 

 

13.86

 

Total (1)

 

$

116,696

 

 

 

100

%

 

 

 
(1)
Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
(2)
As of March 31, 2026, total allowance for credit losses as a percent of nonaccrual loans was 316%.

(*) Less than 0.1%.

The following table presents the allowance for credit losses by type as of December 31, 2025.

December 31, 2025
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category (2)

 

Recreation

 

$

85,956

 

 

 

75

%

 

 

5.32

%

Home improvement

 

 

19,563

 

 

 

17

 

 

 

2.41

 

Commercial

 

 

9,052

 

 

 

8

 

 

 

7.36

 

Taxi medallion

 

 

218

 

 

*

 

 

 

18.49

 

Total (1)

 

$

114,789

 

 

 

100

%

 

 

 
(1)
Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
(2)
As of December 31, 2025, total allowance for credit losses as a percent of nonaccrual loans was 281%.

(*) Less than 0.1%.

The following tables present the performance status of loans as of March 31, 2026 and December 31, 2025.

March 31, 2026
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,661,437

 

 

$

10,101

 

 

$

1,671,538

 

 

 

0.60

%

Home improvement

 

 

813,533

 

 

 

1,400

 

 

 

814,933

 

 

 

0.17

 

Commercial

 

 

95,345

 

 

 

24,267

 

 

 

119,612

 

 

 

20.29

 

Taxi medallion

 

 

—

 

 

 

1,126

 

 

 

1,126

 

 

 

100.00

 

Strategic partnership

 

 

10,786

 

 

 

—

 

 

 

10,786

 

 

 

—

 

Total

 

$

2,581,101

 

 

$

36,894

 

 

$

2,617,995

 

 

 

1.41

%

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,603,542

 

 

$

13,679

 

 

$

1,617,221

 

 

 

0.85

%

Home improvement

 

 

808,943

 

 

 

1,294

 

 

 

810,237

 

 

 

0.16

 

Commercial

 

 

98,380

 

 

 

24,688

 

 

 

123,068

 

 

 

20.06

 

Taxi medallion

 

 

—

 

 

 

1,179

 

 

 

1,179

 

 

 

100.00

 

Strategic partnership

 

 

15,144

 

 

 

—

 

 

 

15,144

 

 

 

—

 

Total

 

$

2,526,009

 

 

$

40,840

 

 

$

2,566,849

 

 

 

1.59

%

For those loans aged under 90 days past due, there is a possibility that their delinquency status will continue to deteriorate and they will subsequently be placed on nonaccrual status and be reserved for, and as a result, deemed nonperforming.

The following tables present the aging of loans as of March 31, 2026 and December 31, 2025.

March 31, 2026

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

51,701

 

 

$

17,693

 

 

$

9,196

 

 

$

78,590

 

 

$

1,536,259

 

 

$

1,614,849

 

 

$

—

 

Home improvement

 

 

4,586

 

 

 

1,820

 

 

 

1,396

 

 

 

7,802

 

 

 

809,341

 

 

 

817,143

 

 

 

—

 

Commercial

 

 

2,835

 

 

 

—

 

 

 

10,274

 

 

 

13,109

 

 

 

106,643

 

 

 

119,752

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,126

 

 

 

1,126

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,786

 

 

 

10,786

 

 

 

—

 

Total

 

$

59,122

 

 

$

19,513

 

 

$

20,866

 

 

$

99,501

 

 

$

2,464,155

 

 

$

2,563,656

 

 

$

—

 
(1)
Excludes $54.3 million of capitalized loan origination costs and fees.

December 31, 2025

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

56,911

 

 

$

22,890

 

 

$

12,856

 

 

$

92,657

 

 

$

1,469,444

 

 

$

1,562,101

 

 

$

—

 

Home improvement

 

 

4,891

 

 

 

2,367

 

 

 

1,300

 

 

 

8,558

 

 

 

804,627

 

 

 

813,185

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

10,274

 

 

 

10,274

 

 

 

112,942

 

 

 

123,216

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

41

 

 

 

41

 

 

 

1,138

 

 

 

1,179

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,144

 

 

 

15,144

 

 

 

—

 

Total

 

$

61,802

 

 

$

25,257

 

 

$

24,471

 

 

$

111,530

 

 

$

2,403,295

 

 

$

2,514,825

 

 

$

—

 
(1)
Excludes $52.0 million of capitalized loan origination costs.

The following table presents loan delinquency for recreation and home improvement loans as of March 31, 2026, by the year of origination:

(Dollars in thousands)

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Total (1)

 

 Recreation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

135,621

 

 

$

407,944

 

 

$

320,422

 

 

$

226,540

 

 

$

199,919

 

 

$

245,813

 

 

$

1,536,259

 

 30-59 Days

 

 

199

 

 

 

8,997

 

 

 

11,036

 

 

 

9,563

 

 

 

8,463

 

 

 

13,443

 

 

 

51,701

 

 60-89 Days

 

 

—

 

 

 

3,419

 

 

 

3,824

 

 

 

3,522

 

 

 

2,994

 

 

 

3,934

 

 

 

17,693

 

 90 + Days

 

 

—

 

 

 

1,493

 

 

 

2,281

 

 

 

1,672

 

 

 

1,594

 

 

 

2,156

 

 

 

9,196

 

 Total Recreation

 

$

135,820

 

 

$

421,853

 

 

$

337,563

 

 

$

241,297

 

 

$

212,970

 

 

$

265,346

 

 

$

1,614,849

 

 Home improvement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

62,530

 

 

$

175,485

 

 

$

159,242

 

 

$

142,930

 

 

$

143,278

 

 

$

125,876

 

 

$

809,341

 

 30-59 Days

 

 

93

 

 

 

591

 

 

 

649

 

 

 

1,111

 

 

 

1,191

 

 

 

951

 

 

 

4,586

 

 60-89 Days

 

 

—

 

 

 

191

 

 

 

478

 

 

 

600

 

 

 

328

 

 

 

223

 

 

 

1,820

 

 90 + Days

 

 

—

 

 

 

104

 

 

 

369

 

 

 

359

 

 

 

331

 

 

 

233

 

 

 

1,396

 

 Total Home improvement

 

$

62,623

 

 

$

176,371

 

 

$

160,738

 

 

$

145,000

 

 

$

145,128

 

 

$

127,283

 

 

$

817,143

 
(1)
Excludes $56.7 million of capitalized recreation loan origination costs and $2.2 million of net deferred home improvement loan origination fees.

The following table presents loan delinquency for recreation and home improvement loans as of December 31, 2025, by the year of origination:

(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total (1)

 

 Recreation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

423,427

 

 

$

335,079

 

 

$

237,917

 

 

$

209,204

 

 

$

132,704

 

 

$

131,113

 

 

$

1,469,444

 

 30-59 Days

 

 

8,210

 

 

 

12,763

 

 

 

11,042

 

 

 

10,623

 

 

 

6,061

 

 

 

8,212

 

 

 

56,911

 

 60-89 Days

 

 

2,374

 

 

 

5,414

 

 

 

4,918

 

 

 

4,872

 

 

 

2,581

 

 

 

2,731

 

 

 

22,890

 

 90 + Days

 

 

1,487

 

 

 

3,136

 

 

 

2,803

 

 

 

2,329

 

 

 

1,347

 

 

 

1,754

 

 

 

12,856

 

 Total Recreation

 

$

435,498

 

 

$

356,392

 

 

$

256,680

 

 

$

227,028

 

 

$

142,693

 

 

$

143,810

 

 

$

1,562,101

 

 Home improvement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

193,964

 

 

$

172,735

 

 

$

151,637

 

 

$

151,365

 

 

$

71,812

 

 

$

63,114

 

 

$

804,627

 

 30-59 Days

 

 

535

 

 

 

980

 

 

 

1,609

 

 

 

876

 

 

 

513

 

 

 

378

 

 

 

4,891

 

 60-89 Days

 

 

353

 

 

 

761

 

 

 

441

 

 

 

455

 

 

 

199

 

 

 

158

 

 

 

2,367

 

 90 + Days

 

 

—

 

 

 

410

 

 

 

417

 

 

 

331

 

 

 

42

 

 

 

100

 

 

 

1,300

 

 Total Home improvement

 

$

194,852

 

 

$

174,886

 

 

$

154,104

 

 

$

153,027

 

 

$

72,566

 

 

$

63,750

 

 

$

813,185

 
(1)
Excludes $55.1 million of capitalized recreation loan origination costs and $2.9 million of net deferred home improvement loan origination fees.
v3.26.1
Funds Borrowed
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Funds Borrowed

(5) FUNDS BORROWED

The following table presents outstanding balances of funds borrowed.

 

Payments Due for the Twelve Months Ending March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

March 31, 2026 (1)

 

 

December 31, 2025 (1)

 

 

Interest
Rate (2)

 

Deposits (3)

 

$

700,449

 

 

$

554,188

 

 

$

446,890

 

 

$

198,831

 

 

$

227,102

 

 

$

—

 

 

$

2,127,460

 

 

$

2,083,335

 

 

 

3.88

%

Privately placed notes

 

 

—

 

 

 

53,750

 

 

 

39,000

 

 

 

—

 

 

 

—

 

 

 

22,500

 

 

 

115,250

 

 

 

146,500

 

 

 

8.35

 

SBA debentures and borrowings

 

 

4,500

 

 

 

—

 

 

 

2,500

 

 

 

—

 

 

 

3,000

 

 

 

63,500

 

 

 

73,500

 

 

 

85,000

 

 

 

4.11

 

Trust preferred securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,000

 

 

 

33,000

 

 

 

33,000

 

 

 

6.06

 

Federal reserve and other borrowings

 

 

40,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,000

 

 

 

50,000

 

 

 

3.75

 

Strategic partner collateral deposits

 

 

6,250

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,250

 

 

 

6,081

 

 

 

3.64

 

Total

 

$

751,199

 

 

$

607,938

 

 

$

488,390

 

 

$

198,831

 

 

$

230,102

 

 

$

119,000

 

 

$

2,395,460

 

 

$

2,403,916

 

 

 

4.13

%
(1)
Excludes deferred financing costs of $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025.
(2)
Weighted average contractual rate as of March 31, 2026.
(3)
Balance includes $2.8 million and $3.7 million in retail savings deposit balances as of March 31, 2026 and December 31, 2025.

(A) DEPOSITS

Most deposits are raised through the use of investment brokerage firms that package time deposits in denominations of less than $250,000 qualifying for FDIC insurance into larger pools that are sold to the Bank. While brokered time deposits are sourced in amounts in excess of $250,000, all underlying deposits are in denominations of $250,000 or less. The rates paid on the deposits are highly competitive with market rates paid by other financial institutions. Additionally, a brokerage fee is paid, depending on the maturity of the deposits, the annual expense of which averages less than 0.15%. Interest on the deposits is accrued daily and paid monthly, quarterly, semiannually, or at maturity. Additionally, the Bank raises deposits through listing services and, as of March 31, 2026 and December 31, 2025, the Bank had $18.2 million and $17.2 million in listing service deposit balances from other financial institutions. As of March 31, 2026 and December 31, 2025, the Bank had $2.8 million and $3.7 million in retail savings deposit balances. The following table presents the maturity of the deposit pools, which includes strategic partner reserve deposits, as of March 31, 2026.

(Dollars in thousands)

 

March 31, 2026

 

Three months or less

 

$

241,634

 

Over three months through six months

 

 

159,896

 

Over six months through one year

 

 

298,919

 

Over one year

 

 

1,427,011

 

Deposits

 

 

2,127,460

 

Strategic partner collateral deposits

 

 

6,250

 

Total deposits

 

$

2,133,710

 

(B) FEDERAL RESERVE DISCOUNT WINDOW AND OTHER BORROWINGS

As of March 31, 2026, the Bank had $1.5 billion of consumer loans pledged as collateral for a discount window line of credit established at the Federal Reserve. The current advance rate on the pledged loans is approximately 58% of book value, for a total of approximately $884.2 million in secured borrowing capacity, of which $40.0 million was utilized as of March 31, 2026. The discount window facility is not committed, and any borrowings by the Bank from the discount window facility are at the discretion of the Federal Reserve. The weighted average interest rate on funds borrowed from the discount window was 3.75% as of March 31, 2026.

The Bank has borrowing arrangements with several commercial banks. These agreements are accommodations that can be terminated at any time, for any reason and allow the Bank to borrow up to $75.0 million. As of March 31, 2026, there was no outstanding amount with respect to these arrangements.

(C) PRIVATELY PLACED NOTES

The Company has entered into various private placements with certain institutional investors over time. The following table presents the private placement notes outstanding as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

March 31, 2026

 

 

December 31, 2025

 

December 2020

 

December 2027

 

 

7.500

%

 

Semi-annually

 

$

53,750

 

 

$

53,750

 

February 2021

 

February 2026

 

 

7.250

%

 

Semi-annually

 

 

—

 

 

 

31,250

 

September 2023

 

September 2028

 

 

9.250

%

 

Semi-annually

 

 

39,000

 

 

 

39,000

 

June 2024

 

June 2039

 

 

8.875

%

 

Semi-annually

 

 

17,500

 

 

 

17,500

 

August 2024

 

August 2039

 

 

8.625

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

$

115,250

 

 

$

146,500

 

(D) SBA DEBENTURES AND BORROWINGS

Over the years, the SBA has approved commitments for Medallion Capital, typically for a four and a half year term and a 1% fee. On February 28, 2024, Medallion Capital accepted a commitment from the SBA for $18.5 million in debenture financing, all of which had been utilized during 2025. The Company does not currently have any commitments available from the SBA.

In 2025, the SBA informed Medallion Capital that it needs to have Medallion Capital’s management team reviewed through the SBA’s licensing division; until successful completion of that review, Medallion Capital is not deemed by the SBA to have a qualified management team. Medallion Capital submitted a management team for review through the SBA’s licensing division on March 31, 2026 and on the same day, the SBA notified Medallion Capital that it has declared an event of default with respect to outstanding debentures and directed Medallion Capital, within 120 days, to identify and submit at least one qualified candidate for consideration as a full-time principal and investment committee member of Medallion Capital. The SBA’s notice and event of default do not trigger any cross-default clauses in any of the Company's debt arrangements. In subsequent discussions with the SBA, the SBA has indicated that Medallion Capital must supplement its submission by identifying and submitting at least one qualified candidate for consideration. Medallion Capital is currently in the process of identifying and submitting at least one qualified candidate in response to the above notice and discussions.

The following table presents the SBA debentures and borrowings as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

March 31, 2026

 

 

December 31, 2025

 

March 2016

 

March 2026

 

 

3.25

%

 

Semi-annually

 

 

—

 

 

 

1,500

 

March 2016

 

March 2026

 

 

3.18

%

 

Semi-annually

 

 

—

 

 

 

10,000

 

May 2016

 

September 2026

 

 

2.72

%

 

Semi-annually

 

 

2,500

 

 

 

2,500

 

March 2017

 

March 2027

 

 

3.52

%

 

Semi-annually

 

 

2,000

 

 

 

2,000

 

September 2018

 

September 2028

 

 

4.22

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

March 2019

 

March 2029

 

 

3.79

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

September 2020

 

September 2030

 

 

1.71

%

 

Semi-annually

 

 

3,000

 

 

 

3,000

 

June 2021

 

September 2031

 

 

1.58

%

 

Semi-annually

 

 

8,500

 

 

 

8,500

 

October 2021

 

March 2032

 

 

3.21

%

 

Semi-annually

 

 

7,000

 

 

 

7,000

 

October 2022

 

March 2033

 

 

5.44

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

April 2023

 

September 2033

 

 

5.96

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

September 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

November 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

March 2025

 

September 2035

 

 

4.58

%

 

Semi-annually

 

 

10,250

 

 

 

10,250

 

August 2025

 

September 2035

 

 

4.66

%

 

Semi-annually

 

 

18,500

 

 

 

18,500

 

 

 

 

 

 

 

 

 

 

$

73,500

 

 

$

85,000

 

(E) TRUST PREFERRED SECURITIES

In June 2007, the Company issued and sold $36.1 million aggregate principal amount of unsecured junior subordinated notes to Fin Trust which, in turn, sold $35.0 million of trust preferred securities to Merrill Lynch International and issued 1,083 shares of common stock to the Company. Interest is calculated using the Secured Overnight Financing Rate, or SOFR, adjusted by a relevant spread adjustment of approximately 26 basis points, plus 2.13%. The notes mature in September 2037 and are prepayable at par. Interest is payable quarterly in arrears. The terms of the trust preferred securities and the notes are substantially identical. In December 2007, $2.0 million of the trust preferred securities were repurchased from a third-party investor. As of March 31, 2026, $33.0 million was outstanding on the trust preferred securities.

(F) COVENANT COMPLIANCE

Certain of the Company's debt agreements contain financial covenants that require the Company to maintain certain financial ratios and minimum tangible net worth. As of March 31, 2026, the Company was in compliance with all such covenants.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases

(6) LEASES

The Company has leased premises that expire at various dates through November 30, 2033 subject to various operating leases.

The following table presents the operating lease costs and additional information for the three months ended March 31, 2026 and 2025.

 

 

Three Months Ended March 31,

 

(Dollars in thousands)

 

2026

 

 

2025

 

Operating lease costs

 

$

634

 

 

$

588

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

Operating cash flows from operating leases

 

 

697

 

 

 

675

 

Right-of-use asset obtained in exchange for lease liability

 

 

(36

)

 

 

(63

)

The following table presents the breakout of the operating leases as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Operating lease right-of-use assets

 

$

6,386

 

 

$

6,896

 

Other current liabilities

 

 

2,213

 

 

 

2,205

 

Operating lease liabilities

 

 

4,489

 

 

 

5,041

 

Total operating lease liabilities

 

 

6,702

 

 

 

7,246

 

Weighted average remaining lease term

 

5.8 years

 

 

5.8 years

 

Weighted average discount rate

 

 

5.90

%

 

 

5.90

%

 

At March 31, 2026, maturities of the lease liabilities were as follows:

(Dollars in thousands)

 

 

 

Remainder of 2026

 

$

2,061

 

2027

 

 

1,345

 

2028

 

 

760

 

2029

 

 

781

 

2030

 

 

803

 

Thereafter

 

 

2,036

 

Total lease payments

 

 

7,786

 

Less imputed interest

 

 

1,084

 

Total operating lease liabilities

 

$

6,702

 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

(7) INCOME TAXES

The Company is subject to federal and applicable state corporate income taxes on its taxable ordinary income and capital gains. As a corporation taxed under Subchapter C of the Internal Revenue Code, the Company is able, and intends, to file a consolidated federal income tax return with corporate subsidiaries in which it holds 80% or more of the outstanding equity interest measured by both vote and fair value.

The following table presents the significant components of the Company's deferred tax assets and liabilities as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Deferred tax assets:

 

 

 

 

 

 

Provision for credit losses

 

$

17,836

 

 

$

17,700

 

Accrued expenses, compensation, and other assets

 

 

1,613

 

 

 

5,868

 

Net operating loss carryforwards (1)

 

 

2,648

 

 

 

2,648

 

Other investments and investment securities

 

 

2,574

 

 

 

2,553

 

Valuation allowance

 

 

(3,571

)

 

 

(5,957

)

Total deferred tax assets

 

 

21,100

 

 

 

22,812

 

Deferred tax liabilities:

 

 

 

 

 

 

Goodwill and other intangibles

 

 

42,317

 

 

 

42,408

 

Total deferred tax liabilities

 

 

42,317

 

 

 

42,408

 

Deferred tax liability, net

 

$

21,217

 

 

$

19,596

 
(1)
As of March 31, 2026, the Company had an estimated $11.1 million of net operating loss carryforwards, $1.7 million of which expires at various dates between December 31, 2026 and December 31, 2035, which had no net carrying value as of March 31, 2026.

The following table presents the components of the Company's tax provision for the three months ended March 31, 2026 and 2025:

 

 

Three Months Ended March 31,

 

(Dollars in thousands)

 

2026

 

 

2025

 

Current

 

 

 

 

 

 

Federal

 

$

1,961

 

 

$

4,661

 

State

 

 

740

 

 

 

1,522

 

Deferred

 

 

 

 

 

 

Federal

 

 

1,263

 

 

 

261

 

State

 

 

364

 

 

 

269

 

Net provision for income taxes

 

$

4,328

 

 

$

6,713

 

The following table presents a reconciliation of statutory federal income tax provision to consolidated actual income tax provision reported for the three months ended March 31, 2026 and 2025.

 

 

Three Months Ended March 31,

 

(Dollars in thousands)

 

2026

 

 

2025

 

 

 

Amount

 

 

Percent (1)

 

 

Amount

 

 

Percent (1)

 

Statutory Federal income tax provision

 

$

2,440

 

 

 

21

%

 

$

4,250

 

 

 

21

%

State and local income taxes, net of federal income tax benefit

 

 

910

 

 

 

8

 

 

 

923

 

 

 

5

 

Non-deductible expenses

 

 

3,385

 

 

 

29

 

 

 

1,572

 

 

 

8

 

Valuation allowance against deferred tax assets

 

 

(2,386

)

 

 

(21

)

 

 

(190

)

 

 

(1

)

Other

 

 

(21

)

 

 

(0

)

 

 

158

 

 

 

1

 

Total income tax provision

 

$

4,328

 

 

 

37

%

 

$

6,713

 

 

 

33

%
(1)
Percentage may not foot due to rounding.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible pursuant to ASC 740. The Company considers the reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company’s evaluation of the realizability of deferred tax assets must consider both positive and negative evidence. The weight given to the potential effects of positive and negative evidence is based on the extent to which it can be objectively verified. The Company has determined that a valuation allowance is necessary for net operating losses which the Company does not believe will be utilized as well as for deferred compensation in excess of statutory limits. Based upon these considerations, the Company determined the necessary valuation allowance as of March 31, 2026.

The Company has filed tax returns in many states. Federal, Utah, California, New York, Florida, and Texas tax filings of the Company for the tax years 2022 through the present are the more significant filings that are open for examination. For the three months ended March 31, 2026, Utah, California, Florida, New York, and Texas made up 34%, 7%, 6%, 5%, and 3% of the state and local income taxes, net of federal income tax benefit.
v3.26.1
Stock Options and Restricted Stock
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock Options and Restricted Stock

(8) STOCK OPTIONS AND RESTRICTED STOCK

The Company’s Board of Directors approved the 2018 Equity Incentive Plan, or the 2018 Plan, which was approved by the Company’s stockholders on June 15, 2018. The terms of the 2018 Plan provide for grants of a variety of different type of stock awards to the Company’s employees and non-employee directors, including options, restricted stock, restricted stock units, or RSUs, PSUs, and stock appreciation rights, etc. On April 22, 2020, the Company’s Board of Directors approved an amendment to the 2018 Plan to increase the number of shares of the Company’s common stock authorized for issuance thereunder, which was approved by the Company’s stockholders on June 19, 2020. On April 26, 2022, the Company’s Board of Directors approved an additional amendment to the 2018 Plan to further increase the number of shares of the Company’s common stock authorized for issuance thereunder, which was approved by the Company’s stockholders on June 14, 2022. On April 25, 2025, the Company’s Board of Directors approved an additional amendment to the 2018 Plan to further increase the number of shares of the Company’s common stock authorized for issuance thereunder, which was approved by the Company’s stockholders on June 12, 2025. A total of 7,710,968 shares of the Company’s common stock are issuable under the 2018 Plan, and 1,480,811 shares remained issuable as of March 31, 2026. Awards under the 2018 Plan are subject to certain limitations as set forth in the 2018 Plan, which will terminate when all shares of common stock authorized for delivery have been delivered and the forfeiture restrictions on all awards have lapsed, or by action of the Board of Directors pursuant to the 2018 Plan, whichever occurs first.

The Company’s Board of Directors approved the 2015 Non-Employee Director Stock Option Plan, or the 2015 Director Plan, on March 12, 2015, which was approved by the Company’s shareholders on June 5, 2015, and on which exemptive relief to implement the 2015 Director Plan was received from the SEC on February 29, 2016. A total of 300,000 shares of the Company’s common stock were issuable under the 2015 Director Plan, and 258,334 remained issuable as of June 15, 2018. Effective June 15, 2018, the 2018 Plan was approved, and these remaining shares were rolled into the 2018 Plan. Under the 2015 Director Plan, unless otherwise determined by a committee of the Board of Directors comprised of directors who are not eligible for grants under the 2015 Director Plan, the Company granted options to purchase 12,000 shares of the Company’s common stock to a non-employee director upon election to the Board of Directors, with an adjustment for directors who were elected to serve less than a full term. The option price per share could not be less than the current market value of the Company’s common stock on the date the option was granted. Options granted under the 2015 Director Plan vested annually, as defined in the 2015 Director Plan. The term of the options could not exceed ten years.

The Company’s Board of Directors approved the First Amended and Restated 2006 Director Plan, or the Amended Director Plan, on April 16, 2009, which was approved by the Company’s shareholders on June 5, 2009, and on which exemptive relief to implement the Amended Director Plan was received from the SEC on July 17, 2012. A total of 200,000 shares of the Company’s common stock were issuable under the Amended Director Plan. No additional shares are available for issuance under the Amended Director Plan. Under the Amended Director Plan, unless otherwise determined by a committee of the Board of Directors comprised of directors who are not eligible for grants under the Amended Director Plan, the Company would grant options to purchase 9,000 shares of the Company’s common stock to an Eligible Director upon election to the Board of Directors, with an adjustment for directors who were elected to serve less than a full term. The option price per share could not be less than the current market value of the Company’s common stock on the date the option was granted. Options granted under the Amended Director Plan vested annually, as defined in the Amended Director Plan. The term of the options could not exceed ten years.

Additional shares are only available for future issuance under the 2018 Plan. As of March 31, 2026, 795,227 options on the Company’s common stock were outstanding under the Company’s plans, all of which have previously vested and are exercisable. Additionally, as of March 31, 2026, there were 719,590 unvested shares of restricted stock, 744,350 unvested PSUs, 89,718 unvested RSUs, and 336,436 vested, unissued RSUs outstanding under the 2018 Plan. As of March 31, 2026, the total remaining unrecognized compensation cost related to unvested restricted stock, RSUs, and PSUs was $10.1 million, which is expected to be recognized over the next 12 quarters. Total stock-based compensation expense was $2.1 million, or $0.08 per diluted common share, for the three months ended March 31, 2026 and $1.7 million, or $0.07 per diluted common share, for the three months ended March 31, 2025.

The fair value of each restricted stock grant, each restricted stock unit, and each performance stock unit is determined on the date of grant by the closing market price of the Company’s common stock on the grant date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no options granted during the three months ended March 31, 2026 and 2025.

The Company’s Compensation Committee of the Board of Directors grants PSUs, to certain officers and employees of the Company. Granted PSUs are subject to specified performance criteria for a particular performance period. The number of PSUs that vest can range from zero to 200% of the grant amount. In addition, dividends that accrue during the vesting period are reinvested in dividend equivalent PSUs. PSUs and the related dividend equivalent PSUs are converted into shares of common stock after vesting. Once the PSUs and dividend equivalent PSUs have vested, shares of common stock are delivered.

The PSUs have vesting conditions based upon certain levels of total pre-tax income as well as return on common equity attained over a three-year period. The PSUs cliff vest after three years based upon the performance of the Company. Dividend equivalent PSUs accumulate and convert to additional shares for the benefit of the grantee at the vesting date or are forfeited if the performance conditions are not met. The following table presents the PSU activity for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2024

 

 

512,131

 

 

$

6.08 - 8.97

 

 

$

7.30

 

Granted

 

 

311,723

 

 

 

 

8.47

 

 

 

8.47

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2025

 

 

823,854

 

 

 

6.08 - 8.97

 

 

 

7.74

 

Granted

 

 

216,940

 

 

 

 

10.34

 

 

 

10.34

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested (1)

 

 

(296,444

)

 

 

 

6.08

 

 

 

6.08

 

Outstanding at March 31, 2026

 

 

744,350

 

 

$

8.47 - 10.36

 

 

$

9.17

 
(1)
During the three months ended March 31, 2026, 652,577 shares were used in connection with the vesting and settlement of PSUs.

The following table presents restricted stock activity for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2024

 

 

909,028

 

 

$

4.89 - 10.32

 

 

$

8.30

 

Granted

 

 

332,918

 

 

 

8.47 - 10.57

 

 

 

8.63

 

Cancelled

 

 

(5,373

)

 

 

4.89 - 10.32

 

 

 

9.16

 

Vested (1)

 

 

(484,823

)

 

 

4.89 - 8.97

 

 

 

7.70

 

Outstanding at December 31, 2025

 

 

751,750

 

 

 

8.08 - 10.57

 

 

 

8.83

 

Granted

 

 

344,206

 

 

 

 

10.36

 

 

 

10.36

 

Cancelled

 

 

(1,569

)

 

 

9.37 - 10.32

 

 

 

9.82

 

Vested (1)

 

 

(374,797

)

 

 

8.08 - 9.37

 

 

 

8.67

 

Outstanding at March 31, 2026 (2)

 

 

719,590

 

 

$

8.47 - 10.57

 

 

$

9.64

 
(1)
The aggregate fair value of the restricted stock vested, on the date of vesting, was $3.8 million for the three months ended March 31, 2026 and $4.2 million for the year ended December 31, 2025.
(2)
The aggregate fair value of the unvested restricted stock was $6.2 million as of March 31, 2026. The remaining vesting period was 2.9 years at March 31, 2026.

 

The following table presents stock option activity for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2024

 

 

913,909

 

 

$

2.14 - 9.38

 

 

$

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(33,770

)

 

 

4.89 - 9.38

 

 

 

7.37

 

Exercised

 

 

(82,081

)

 

 

4.89 - 7.25

 

 

 

6.29

 

Outstanding at December 31, 2025

 

 

798,058

 

 

 

2.14 - 9.38

 

 

 

6.50

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(607

)

 

 

 

—

 

 

 

5.98

 

Exercised (1)

 

 

(2,224

)

 

 

4.89 - 7.25

 

 

 

5.85

 

Outstanding at March 31, 2026 (2)

 

 

795,227

 

 

$

4.89 - 7.25

 

 

$

6.50

 

Options exercisable at:

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

798,058

 

 

$

2.14 - 9.38

 

 

$

6.50

 

March 31, 2026 (2)

 

 

795,227

 

 

$

4.89 - 7.25

 

 

$

6.50

 
(1)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for the three months ended March 31, 2026 and $0.3 million for the year ended December 31, 2025.
(2)
The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at March 31, 2026 and the related exercise price of the underlying options, was $1.6 million for outstanding options, all of which had previously vested. The remaining contractual life was 3.9 years for outstanding options at March 31, 2026.

The following table presents activity for the unvested options outstanding under the plans for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2024

 

 

84,623

 

 

$

4.89 - 6.79

 

 

$

6.37

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(119

)

 

 

 

4.89

 

 

 

4.89

 

Vested (1)

 

 

(84,504

)

 

 

4.89 - 6.79

 

 

 

6.37

 

Outstanding at December 31, 2025

 

 

—

 

 

 

 

—

 

 

$

—

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested (1)

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2026

 

 

—

 

 

$

 

—

 

 

$

—

 
(1)
The intrinsic value of the options vested was $0.1 million for the year ended December 31, 2025.

During the three months ended March 31, 2026, the Company did not grant any RSUs. During the year ended December 31, 2025, the Company granted 86,410 RSUs with a vesting date of June 12, 2026 at a grant price of $9.49. For the RSUs granted in 2025, unitholders had the option of deferring settlement until a future date if the recipient makes a formal election under the guidelines of IRC Section 409A. As of March 31, 2026, there were 426,154 RSUs outstanding, including 336,436 which had previously vested.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting

(9) SEGMENT REPORTING

The Company has five business segments, which include four lending segments and one non-operating segment, which are reflective of how Company management makes decisions about its business and operations.

The four lending segments reflect the main types of lending performed at the Company, which are recreation, home improvement, commercial, and taxi medallion lending. The recreation and home improvement lending segments are operated by the Bank and loans are made to borrowers residing nationwide. The recreation lending segment is a consumer finance business that works with third-party dealers and financial service providers to finance RVs, boats, collector cars, and other consumer recreational equipment, of which RVs, boats, collector cars, and trailers make up 54%, 21%, 13%, and 11% of the segment portfolio, with no other product lines at or above 10%, as of March 31, 2026. The highest concentrations of recreation loans are in Texas and Florida at 17% and 10% of loans outstanding with no other states at or above 10%, as of March 31, 2026. The home improvement lending segment works with contractors and financial service providers to finance residential home improvement with the largest product lines being swimming pools, roofs, and windows at 35%, 27%, and 11% of total home improvement loans outstanding, and with no other product lines at or above 10% as of March 31, 2026. The highest concentrations of home improvement loans are in Florida and Texas at 14% and 13% of loans outstanding, with no other states at or above 10%, as of March 31, 2026. The commercial lending segment focuses on serving a wide variety of industries, with concentrations in manufacturing, wholesale trade, and construction making up 62%, 11%, and 10%, of the loans outstanding, with no other product lines at or above 10% as of March 31, 2026. The commercial lending segment invests across the United States with concentrations in California, Wisconsin, and New York having 21%, 12%, and 11% of the segment portfolio, with no other states having a concentration at or above 10%, as of March 31, 2026. The taxi medallion lending segment arose in connection with the financing of taxi medallions, taxis, and related assets, primarily all of which are located in the New York City metropolitan area as of March 31, 2026.

The Company's corporate and other investments segment is a non-operating segment that includes items not allocated to the Company's operating segments such as investment securities, equity investments, intercompany eliminations, goodwill, and other corporate elements. The Company allocates portions of centrally incurred costs inclusive of overhead and interest expense formulaically based upon overall capital allocated to the lending segments.

As part of segment reporting, capital ratios for all operating segments have been normalized as a percentage of consolidated total equity divided by total assets, with the net adjustment applied to corporate and other investments. In addition, the commercial segment primarily represents the mezzanine lending business, with certain legacy commercial loans (immaterial to total) allocated to corporate and other investments.

The Company's chief operating decision maker, or CODM, is a group comprised of the Executive Chairman, Chief Executive Officer, and Chief Financial Officer, and other senior members of management. The CODM primarily uses segment information to identify areas to improve efficiency of resources allocation, determine where to reinvest profits, and minimize unnecessary expenses. The CODM assesses segment performance mainly through selected financial ratios such as returns on average assets and net interest margin, which identifies areas requiring action.

The following table presents segment data as of and for the three months ended March 31, 2026.

Three Months Ended March 31, 2026

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and
Other Investments

 

 

Consolidated

 

Total interest income

 

$

54,034

 

 

$

19,376

 

 

$

3,449

 

 

$

59

 

 

$

2,150

 

 

$

79,068

 

Total interest expense

 

 

14,292

 

 

 

7,370

 

 

 

1,392

 

 

 

30

 

 

 

1,925

 

 

 

25,009

 

Net interest income

 

 

39,742

 

 

 

12,006

 

 

 

2,057

 

 

 

29

 

 

 

225

 

 

 

54,059

 

Provision (benefit) for credit losses

 

 

18,445

 

 

 

3,618

 

 

 

459

 

 

 

(46

)

 

 

—

 

 

 

22,476

 

Net interest income after credit loss provision

 

 

21,297

 

 

 

8,388

 

 

 

1,598

 

 

 

75

 

 

 

225

 

 

 

31,583

 

Other income, net

 

 

26

 

 

 

7

 

 

 

448

 

 

 

1,117

 

 

 

810

 

 

 

2,408

 

Other expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries

 

 

4,105

 

 

 

2,352

 

 

 

739

 

 

 

701

 

 

 

3,103

 

 

 

11,000

 

Loan servicing fees, credit, and collection costs

 

 

4,290

 

 

 

1,141

 

 

 

—

 

 

 

28

 

 

 

15

 

 

 

5,474

 

Other costs

 

 

2,683

 

 

 

1,378

 

 

 

543

 

 

 

34

 

 

 

1,262

 

 

 

5,900

 

Total other expenses

 

 

11,078

 

 

 

4,871

 

 

 

1,282

 

 

 

763

 

 

 

4,380

 

 

 

22,374

 

Net income (loss) before taxes

 

 

10,245

 

 

 

3,524

 

 

 

764

 

 

 

429

 

 

 

(3,345

)

 

 

11,617

 

Income tax (provision) benefit

 

 

(3,817

)

 

 

(1,313

)

 

 

(310

)

 

 

(160

)

 

 

1,272

 

 

 

(4,328

)

Net income (loss) after taxes

 

$

6,428

 

 

$

2,211

 

 

$

454

 

 

$

269

 

 

$

(2,073

)

 

$

7,289

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,336

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,953

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross (1)

 

$

1,671,538

 

 

$

814,933

 

 

$

119,612

 

 

$

1,126

 

 

$

10,786

 

 

$

2,617,995

 

Total assets

 

 

1,606,691

 

 

 

802,126

 

 

 

111,561

 

 

 

3,836

 

 

 

426,272

 

 

 

2,950,486

 

Total funds borrowed (2)

 

 

1,304,451

 

 

 

651,235

 

 

 

90,575

 

 

 

3,114

 

 

 

346,085

 

 

 

2,395,460

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.65

%

 

 

1.12

%

 

 

1.60

%

 

NM

 

 

NM

 

 

 

1.01

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

4.91

 

Return on average equity

 

 

9.60

 

 

 

6.52

 

 

 

9.32

 

 

NM

 

 

NM

 

 

 

5.80

 

Interest yield

 

 

13.39

 

 

 

9.67

 

 

 

11.57

 

 

NM

 

 

NM

 

 

 

11.70

 

Net interest margin, gross

 

 

9.85

 

 

 

5.99

 

 

 

6.90

 

 

NM

 

 

NM

 

 

 

8.00

 

Net interest margin, net of allowance

 

 

10.40

 

 

 

6.14

 

 

 

7.47

 

 

NM

 

 

NM

 

 

 

8.35

 

Reserve coverage (3)

 

 

5.19

 

 

 

2.49

 

 

 

7.96

 

 

NM

 

 

NM

 

 

 

4.48

 

Delinquency status (4)

 

 

0.57

 

 

 

0.17

 

 

 

8.58

 

 

NM

 

 

NM

 

 

 

0.81

 

Charge-off ratio (5)

 

 

4.38

 

 

 

1.44

 

 

NM

 

 

NM

 

 

NM

 

 

 

3.23

 

 

(1)
Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Excludes deferred financing costs of $8.2 million as of March 31, 2026.
(3)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(4)
Loans 90 days or more past due as a percent of total loans.
(5)
Net charge-offs as a percent of average gross loss.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

 

The following table presents segment data as of and for the three months ended March 31, 2025.

Three Months Ended March 31, 2025

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and
Other Investments

 

 

Consolidated

 

Total interest income

 

$

50,466

 

 

$

19,771

 

 

$

3,343

 

 

$

80

 

 

$

1,765

 

 

$

75,425

 

Total interest expense

 

 

12,041

 

 

 

6,964

 

 

 

1,053

 

 

 

12

 

 

 

3,943

 

 

 

24,013

 

Net interest income (expense)

 

 

38,425

 

 

 

12,807

 

 

 

2,290

 

 

 

68

 

 

 

(2,178

)

 

 

51,412

 

Provision (benefit) for credit losses

 

 

16,870

 

 

 

2,845

 

 

 

3,114

 

 

 

(815

)

 

 

—

 

 

 

22,014

 

Net interest income (loss) after credit loss provision

 

 

21,555

 

 

 

9,962

 

 

 

(824

)

 

 

883

 

 

 

(2,178

)

 

 

29,398

 

Other income, net

 

 

400

 

 

 

2

 

 

 

9,642

 

 

 

844

 

 

 

711

 

 

 

11,599

 

Other expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries

 

 

3,642

 

 

 

2,377

 

 

 

1,142

 

 

 

650

 

 

 

2,182

 

 

 

9,993

 

Loan servicing fees, credit, and collection costs

 

 

3,182

 

 

 

777

 

 

 

—

 

 

 

149

 

 

 

448

 

 

 

4,556

 

Other costs

 

 

3,140

 

 

 

1,830

 

 

 

331

 

 

 

184

 

 

 

724

 

 

 

6,209

 

Total other expenses

 

 

9,964

 

 

 

4,984

 

 

 

1,473

 

 

 

983

 

 

 

3,354

 

 

 

20,758

 

Net income (loss) before taxes

 

 

11,991

 

 

 

4,980

 

 

 

7,345

 

 

 

744

 

 

 

(4,821

)

 

 

20,239

 

Income tax (provision) benefit

 

 

(3,977

)

 

 

(1,652

)

 

 

(2,436

)

 

 

(247

)

 

 

1,599

 

 

 

(6,713

)

Net income (loss) after taxes

 

$

8,014

 

 

$

3,328

 

 

$

4,909

 

 

$

497

 

 

$

(3,222

)

 

$

13,526

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,512

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

12,014

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross

 

$

1,545,844

 

 

$

812,381

 

 

$

116,059

 

 

$

1,650

 

 

$

10,499

 

 

$

2,486,433

 

Total assets

 

 

1,495,150

 

 

 

795,868

 

 

 

109,565

 

 

 

6,855

 

 

 

440,300

 

 

 

2,847,738

 

Total funds borrowed (2)

 

 

1,229,818

 

 

 

654,632

 

 

 

90,121

 

 

 

5,638

 

 

 

362,164

 

 

 

2,342,373

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

2.17

%

 

 

1.68

%

 

 

18.45

%

 

NM

 

 

NM

 

 

 

1.93

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

12.96

 

Return on average equity

 

 

13.37

 

 

 

10.33

 

 

 

113.46

 

 

NM

 

 

NM

 

 

 

12.32

 

Interest yield

 

 

13.25

 

 

 

9.78

 

 

 

11.16

 

 

NM

 

 

NM

 

 

 

11.65

 

Net interest margin, gross

 

 

10.10

 

 

 

6.33

 

 

 

8.25

 

 

NM

 

 

NM

 

 

 

7.94

 

Net interest margin, net of allowance

 

 

10.59

 

 

 

6.50

 

 

 

8.71

 

 

NM

 

 

NM

 

 

 

8.25

 

Reserve coverage (3)

 

 

5.00

 

 

 

2.49

 

 

 

7.04

 

 

NM

 

 

NM

 

 

 

4.25

 

Delinquency status (4)

 

 

0.48

 

 

 

0.19

 

 

 

17.63

 

 

NM

 

 

NM

 

 

 

1.20

 

Charge-off ratio (5)

 

 

4.32

 

 

 

1.55

 

 

 

0.47

 

 

NM

 

 

NM

 

 

 

3.10

 
(1)
Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Excludes deferred financing costs of $8.1 million as of March 31, 2025.
(3)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(4)
Loans 90 days or more past due as a percent of total loans.
(5)
Net charge-offs as a percent of average gross loss. Charge-off ratio in the recreation lending segment was 4.67% when excluding loans held for sale

(NM) Not meaningful.

(*) Line item is not applicable to segments.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

(10) COMMITMENTS AND CONTINGENCIES

(A) EMPLOYMENT AGREEMENTS

The Company has employment agreements with certain key officers, including Mr. Alvin Murstein and Mr. Andrew Murstein, for either a one-, two-, or three-year term. Typically, the contracts will renew for new one-, two- or three- year terms unless prior to the term either the Company or the executive provides notice to the other party of its intention not to extend the employment period beyond the current one-, two- or three-year term (as applicable); however, there is currently one agreement that renews after two years for additional one-year terms and one agreement with a three-year term that does not have a renewal period. In the event of a change in control, as defined, during the employment period, the agreements provide for severance compensation to the executive in an amount equal to the balance of the salary, bonus, and value of fringe benefits which the executive would be entitled to receive for the remainder of the employment period.

On October 24, 2025, Mr. Alvin Murstein, the Company's current Executive Chairman of the Board of Directors, or the Board, entered into an amendment to the First Amended and Restated Employment Agreement, dated May 29, 1998, as amended, between him and the Company. Pursuant to such amendment: (i) effective as of January 31, 2026 (the “Transition Date”), Mr. Murstein no longer served as the Chief Executive Officer and became the Executive Chairman of the Board to serve through May 29, 2027 (the “Term”); (ii) during the period between the date of such amendment and the Transition Date, Mr. Murstein, among other things, continued to serve as Chief Executive Officer of the Company; (iii) during the period from the Transition Date until the end of the Term (the “Retirement Date”), Mr. Murstein shall, among other things, continue to serve as Executive Chairman of the Board with the Company's expectation that Mr. Murstein will be nominated to serve a new three-year term as a Board member at the 2026 Annual Meeting of Shareholders of the Company and a failure by the Board to so nominate Mr. Murstein would constitute termination without cause under his employment agreement; (iv) Mr. Murstein remains an employee of the Company in his role as Executive Chairman of the Board; (v) Mr. Murstein's compensation shall be determined without regard to the transition to Executive Chairman, provided that, all incentive equity awards that are determined to be granted to Mr. Murstein in respect of calendar years 2025, 2026 and 2027 shall be granted solely in the form of restricted stock and options; and (vi) on the Retirement Date (or earlier if termination occurs by reason of death or disability), all outstanding unvested equity awards, other than performance awards, will immediately vest and, if applicable, become exercisable and all outstanding performance awards will remain outstanding until the end of the relevant performance periods and vest and be earned to the extent applicable objects have been met, on a prorated basis for the portion of the performance period that Mr. Murstein was employed.

In addition, on October 24, 2025, Mr. Andrew Murstein, the Company’s current President, Chief Executive Officer and Chief Operating Officer, entered into an amendment to the First Amended and Restated Employment Agreement, dated May 29, 1998, as amended, between him and the Company. Pursuant to such amendment, effective as of January 31, 2026, Mr. Andrew Murstein became the President, Chief Executive Officer and Chief Operating Officer of the Company and shall remain President, Chief Executive Officer and Chief Operating Officer through the remainder of the employment term.

On January 12, 2026, the Company, Medallion Bank, and Mr. Donald Poulton entered into an amendment to the Employment Agreement, dated June 27, 2016 by and between Mr. Poulton, the Company and Medallion Bank. Pursuant to such Amendment, effective January 12, 2026, Donald Poulton no longer served as President of Medallion Bank, but remains the Chief Executive Officer of Medallion Bank through the remainder of the employment term. All other terms of his existing employment agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.

In addition, on January 12, 2026, the Company, Medallion Bank and Mr. D. Justin Haley entered into a Second Amended and Restated Employment Agreement. Pursuant to the agreement, effective January 12, 2026, Mr. Haley no longer served as Executive Vice President and Chief Financial Officer of Medallion Bank, but became the President of Medallion Bank. The employment agreement has a two-year term that automatically renews each year for an additional two-year term commencing on January 1, 2027 unless terminated by either party. Under the employment agreement, Mr. Haley is entitled to an annual base salary of $430,000 effective January 1, 2026, which shall be reviewed by the Board of Directors of the Company not less than once each fiscal year and may be increased but not decreased from the then existing base salary. The employment agreement provides for a severance payment if the employment agreement is terminated under certain conditions. The employment agreement contains a non-competition covenant from Mr. Haley in the Company’s and Medallion Bank’s favor.

As of March 31, 2026, employment agreements expire at various dates through 2028, with future minimum payments under these agreements of approximately $7.6 million.

(B) OTHER COMMITMENTS

As of March 31, 2026, the Company had no other commitments. Generally, any commitments would be on the same terms as loans to or investments in existing borrowers or investees, and generally have fixed expiration dates. Since some commitments would be expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

(C) OTHER LITIGATION AND REGULATORY MATTERS

The Company and its subsidiaries are subject to inquiries from certain regulators and are currently involved in various legal proceedings incident to the normal course of business, including collection matters with respect to certain loans. The Company intends to vigorously defend any outstanding claims and pursue its legal rights. In the opinion of management, based on the advice of legal counsel, there is no proceeding pending, or to the knowledge of management threatened, which in the event of an adverse decision could result in a material adverse impact on the financial condition or results of operations of the Company.
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

(11) RELATED PARTY TRANSACTIONS

Certain directors, officers, and stockholders of the Company are also directors and officers of its main consolidated subsidiaries, MFC, Medallion Capital, Freshstart, and the Bank, as well as other subsidiaries. Officer salaries are set by the Board of Directors of the Company.

Jeffrey Rudnick, the son of one of the Company’s directors and brother-in-law of one of the Company’s officers and directors, previously served as the Company’s Senior Vice President and effective July 24, 2025, serves as the Company's Executive Vice President at a salary of $277,000 per year, an increase from $269,000 per year in 2025. Mr. Rudnick received an annual cash bonus of $101,000 and $75,000 as well as an equity grants in the amount of $54,000 and $50,000 during the three months ended March 31, 2026 and 2025.

Jameson Poulton, the son of one of Medallion Bank’s officers, serves as Medallion Bank’s Manager of Data Analytics at a salary of $120,000 per year, an increase from $107,120 per year. Mr. Poulton received an annual cash bonus of $16,068 and $13,000 as well as an equity grants in the amount of $0 and $2,601 during the three months ended March 31, 2026 and 2025.
v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments

(12) FAIR VALUE OF FINANCIAL INSTRUMENTS

FASB ASC Topic 825, “Financial Instruments,” requires disclosure of fair value information about certain financial instruments, whether assets, liabilities, or off-balance-sheet commitments, if practicable.

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of March 31, 2026.

 

 

March 31, 2026

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

138,649

 

 

$

138,649

 

 

$

137,899

 

 

$

750

 

 

$

—

 

Investment securities

 

 

67,934

 

 

 

67,934

 

 

 

—

 

 

 

67,934

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,490,513

 

 

 

2,503,325

 

 

 

—

 

 

 

—

 

 

 

2,503,325

 

Loans held for sale, at lower of amortized cost or fair value

 

 

10,786

 

 

 

10,786

 

 

 

—

 

 

 

—

 

 

 

10,786

 

Accrued interest receivable

 

 

19,261

 

 

 

19,261

 

 

 

19,261

 

 

 

—

 

 

 

—

 

Equity securities (2)

 

 

1,776

 

 

 

1,776

 

 

 

1,776

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,395,460

 

 

 

2,407,187

 

 

 

—

 

 

 

2,407,187

 

 

 

—

 

Accrued interest payable

 

 

5,635

 

 

 

5,635

 

 

 

5,635

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.2 million as of March 31, 2026.

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of December 31, 2025.

 

December 31, 2025

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

201,564

 

 

$

201,564

 

 

$

200,814

 

 

$

750

 

 

$

—

 

Investment securities

 

 

60,183

 

 

 

60,183

 

 

 

—

 

 

 

60,183

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,436,916

 

 

 

2,421,988

 

 

 

—

 

 

 

—

 

 

 

2,421,988

 

Loans held for sale, at lower of amortized cost or fair value

 

 

15,144

 

 

 

15,144

 

 

 

—

 

 

 

—

 

 

 

15,144

 

Accrued interest receivable

 

 

19,401

 

 

 

19,401

 

 

 

19,401

 

 

 

—

 

 

 

—

 

Equity securities (2)

 

 

1,787

 

 

 

1,787

 

 

 

1,787

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,410,016

 

 

 

2,431,011

 

 

 

—

 

 

 

2,431,011

 

 

 

—

 

Accrued interest payable

 

 

6,319

 

 

 

6,319

 

 

 

6,319

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.4 million as of December 31, 2025.
v3.26.1
Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities

(13) FAIR VALUE OF ASSETS AND LIABILITIES

The Company follows the provisions of FASB ASC 820, which defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements.

In accordance with FASB ASC 820, the Company has categorized its assets and liabilities measured at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The Company's assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred.

As required by FASB ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a level 3 fair value measurement may include inputs that are observable (levels 1 and 2) and unobservable (level 3). Therefore, gains and losses for such assets and liabilities categorized within the level 3 table below may include changes in fair value that are attributable to both observable inputs (levels 1 and 2) and unobservable inputs (level 3).

Assets and liabilities measured at fair value, recorded on the consolidated balance sheets, are categorized based on the inputs to the valuation techniques as follows:

Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access (examples include active exchange-traded equity securities, exchange-traded derivatives, most U.S. Government and agency securities, and certain other sovereign government obligations).

Level 2. Assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a)
Quoted prices for similar assets or liabilities in active markets (for example, restricted stock);
b)
Quoted price for identical or similar assets or liabilities in non-active markets (for example, corporate and municipal bonds, which trade infrequently);
c)
Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and
d)
Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability (examples include certain residential and commercial mortgage-related assets, including loans, securities, and derivatives).

The Company’s investment securities are recorded at the estimated fair value of such investments.

Level 3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the assets or liability (examples include certain private equity investments, and certain residential and commercial mortgage-related assets, including loans, securities, and derivatives).

A review of fair value hierarchy classification is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain assets or liabilities. Reclassifications impacting level 3 of the fair value hierarchy are reported as transfers in/out of the level 3 category as of the beginning of the quarter in which the reclassifications occur.

Equity investments were recorded at cost less impairment plus or minus observable price changes. Commencing in 2020, the Company elected to measure equity investments at fair value on a non-recurring basis.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2026.

March 31, 2026
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

67,934

 

 

$

—

 

 

$

67,934

 

Equity securities (2)

 

 

1,776

 

 

 

—

 

 

 

—

 

 

 

1,776

 

Total

 

$

1,776

 

 

$

67,934

 

 

$

—

 

 

$

69,710

 
(1)
Total unrealized loss of $0.5 million net of tax, was included in other comprehensive income for the three months ended March 31, 2026.
(2)
Included within other assets on the balance sheet.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025.

December 31, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

60,183

 

 

$

—

 

 

$

60,183

 

Equity securities (2)

 

 

1,787

 

 

 

—

 

 

 

—

 

 

 

1,787

 

Total

 

$

1,787

 

 

$

60,183

 

 

$

—

 

 

$

61,970

 
(1)
Total unrealized gains of $1.8 million, net of tax, was included in other comprehensive income for the year ended December 31, 2025.
(2)
Included within other assets on the balance sheet.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2026.

March 31, 2026
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
(1)
For the three months ended March 31, 2026, the Company had 1 equity investment, measured on a non-recurring basis, that had a fair value of $0.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2025.

December 31, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
(1)
For the year ended December 31, 2025, the Company had 8 equity investments, measured on a non-recurring basis, that had a fair value of $0.

Significant Unobservable Inputs

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as level 3 within the fair value hierarchy. The tables below are not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

The following table presents the Company’s valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of March 31, 2026.

(Dollars in thousands)

 

Fair Value
at March 31, 2026

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

—

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.

The following table presents the Company’s valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of December 31, 2025.

 

(Dollars in thousands)

 

Fair Value
at December 31, 2025

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

—

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.
v3.26.1
Medallion Bank Preferred Stock (Non-controlling Interest)
 3 Months Ended
Mar. 31, 2026
Text Block [Abstract]  
Medallion Bank Preferred Stock (Non-controlling Interest)

(14) MEDALLION BANK PREFERRED STOCK (Non-controlling interest)

On July 21, 2011, the Bank issued, and the U.S. Treasury purchased, 26,303 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series E for an aggregate purchase price of $26.3 million under the Small Business Lending Fund Program, or SBLF, with a liquidation amount of $1,000 per share. The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified smaller banks at favorable rates. The Bank pays a dividend rate of 9% on the Series E.

On December 17, 2019, the Bank closed an initial public offering of 1,840,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, or Series F Preferred Stock, with a $46.0 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $42.5 million. Dividends were payable quarterly from the date of issuance to, but excluding, April 1, 2025, at a rate of 8% per annum, and from and including April 1, 2025, at a floating rate equal to three-month Term 90-day Secured Overnight Financing Rate, or SOFR, plus a spread of 6.46% per annum.

On May 29, 2025, the Bank closed an initial public offering of 3,100,000 shares of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, with a $77.5 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $73.1 million. Dividends are payable quarterly from the date of issuance to, but excluding July 1, 2030, at a fixed rate equal to 9.00% per annum, and from and including July 1, 2030, during each reset period at a rate equal to the five-year U.S. Treasury rate plus a spread of 4.94% per annum.

On July 1, 2025, the Bank redeemed its Series F Preferred Stock, in its entirety, at an aggregate redemption price of $46.0 million. Upon redemption, the Company incurred a charge of approximately $3.5 million in calculating earnings attributable to common stockholders representing the excess of the redemption price over the carrying amount of $42.5 million.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events

(15) SUBSEQUENT EVENTS

On April 28, 2026, the Company issued and sold $75.0 million aggregate principal amount of senior unsecured notes to a group of institutional investors. The notes, which will mature on May 1, 2031, bear a fixed interest rate of 8.25% per year, paid semi-annually.

On April 30, 2026, the Company closed a sale of $47.0 million in recreation loans. The total proceeds received, which included the principal amount outstanding, a purchase premium and accrued but unpaid interest, were $50.0 million. The sale was structured as a 90/10 loan participation on a pool of $52.2 million in loans, $5.2 million of which were retained by the Company. Loan servicing was also retained by the Company.

The Company has evaluated the effects of events that have occurred subsequent to March 31, 2026 through the date of financial statement issuance for potential recognition or disclosure. As of such date, there were no additional subsequent events that required recognition or disclosure.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the U.S., or GAAP, requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes. Accounting estimates and assumptions are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions change, it is reasonably possible that the judgments and estimates could change, which may result in future impairments of goodwill and intangible assets, and allowance for credit losses, among other effects.

Basis of Presentation

Basis of Presentation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned and controlled subsidiaries. All significant intercompany transactions, balances, and profits (losses) have been eliminated in consolidation.

The consolidated financial statements have been prepared in accordance with GAAP. The Company consolidates all entities it controls through a majority voting interest, a controlling interest through other contractual rights, or as being identified as the primary beneficiary of variable interest entities, or VIEs. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding is recorded as non-controlling interest.

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid instruments with an original purchased maturity of three months or less, federal funds sold, interest-bearing deposits in other banks, and money market mutual funds to be cash equivalents. A non-interest-bearing compensating balance of $0.8 million and $0.7 million as of March 31, 2026 and December 31, 2025 was maintained at a correspondent bank and considered to be cash equivalents. Cash balances are generally held in accounts at large national or regional banking organizations in amounts that exceed the federally insured limits. Cash also included $0.8 million of interest-bearing funds deposited in other banks with original terms of 5 to 6 years that cannot be withdrawn but are salable on an active secondary market, without penalty, as of both March 31, 2026 and December 31, 2025. As of March 31, 2026, the Company held $0.6 million in a money market account in connection with a letter of credit. Certain of the Company's borrowings require that the Company and its subsidiaries maintain cash at specific levels pursuant to covenants in applicable debt agreements. The Company is compliant with these covenants as of March 31, 2026.
Fair Value of Assets and Liabilities

Fair Value of Assets and Liabilities

The Company follows the Financial Accounting Standards Board, or FASB, FASB Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurements and Disclosures, or FASB ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as an exit price (i.e., a price that would be received to sell, as opposed to acquire, an asset or transfer a liability), and emphasizes that fair value is a market-based measurement. It establishes a fair value hierarchy that distinguishes between assumptions developed based on market data obtained from independent external sources and the reporting entity’s own assumptions. Further, it specifies that fair value measurement should consider adjustment for risk, such as the risk inherent in the valuation technique or its inputs. See also Notes 12 and 13 to the consolidated financial statements.
Equity Investments

Equity Investments

The Company follows FASB ASC Topic 321, Investments – Equity Securities, or ASC 321, which requires all applicable investments in equity securities with a readily determinable fair value to be valued as such, and those without a readily determinable fair value, are measured at cost, less any impairment plus or minus any observable price changes. Equity investments were $8.1 million as of both March 31, 2026 and December 31, 2025, which were comprised mainly of nonmarketable stock and stock warrants, are recorded at cost less any impairment plus or minus observable price changes. Substantially all of these equity investments are held by Medallion Capital, our SBIC subsidiary, in connection with its mezzanine lending business. As of March 31, 2026, cumulative impairment of $5.3 million had been recorded with respect to these investments. During the three months ended March 31, 2026, the Company recognized net gains of $0.3 million on equity investments, net of losses, inclusive of $0.4 million of net realized gains.

During 2021, the Company purchased $2.0 million of equity securities with a readily determinable fair value. As a result, all unrealized gains and losses are included in gain (loss) on equity investments. The fair value of these securities were $1.8 million for both March 31, 2026 and December 31, 2025 and are included in other assets on the consolidated balance sheets. For the three months ended March 31, 2026 and 2025, the Company recognized less than $0.1 million of gains related to equity securities.
Investment Securities

Investment Securities

The Company follows FASB ASC Topic 320, Investments – Debt Securities, or ASC 320, which requires that all applicable investments in debt securities be classified as trading securities, available-for-sale securities, or held-to-maturity securities. Investment securities are purchased from time-to-time in the open market at prices that are greater or lesser than the par value of the investment. The resulting premium or discount is deferred and recognized using the interest method. ASC 320 further requires that held-to-maturity securities be reported at amortized cost and available-for-sale securities be reported at fair value, with unrealized gains and losses excluded from earnings at the date of the consolidated financial statements, and reported in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity, net of the effect of income taxes, until they are sold. At the time of sale, any gains or losses, calculated by the specific identification method, will be recognized as a component of operating results and any amounts previously included in stockholders’ equity, which were recorded net of the income tax effect, will be reversed. In accordance with ASC 326, the Company does not maintain an allowance for credit losses for accrued interest receivable.

For available-for-sale debt securities in an unrealized loss position, the Company first determines if it intends to sell the security, or if it is more likely than not that the Company will be required to sell it before recovering its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to its fair value through earnings. If neither condition is met, the Company assesses whether the decline in fair value is the result of credit losses or other factors. This assessment includes reviewing changes in the rating of the security by a rating agency, increases in defaults on the underlying collateral, and the extent to which the securities are issued by the federal government or its agencies, including the amount of the guarantee issued by those agencies, among other factors. If a credit loss exists, the Company compares the present value of expected cash flows from the security to its amortized cost basis. If the present value is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded through earnings, but limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss), net of taxes.

Changes in the allowance for credit losses are recorded as a provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management confirms the uncollectibility of an available-for-sale debt security or when either of the criteria regarding intent or requirement to sell is met. There were no investment securities allowance for credit losses as of March 31, 2026 and December 31, 2025.
Loans

Loans

The Company’s loans, classified as held for investment, are currently reported at amortized cost, which is the principal amount outstanding, inclusive of loan origination costs, which primarily includes deferred costs paid to loan originators, and which are amortized to interest income over the life of the loan.

Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment to the yield of the related loans. As of March 31, 2026 and December 31, 2025, net loan origination costs included in loans were $54.3 million and $52.0 million. Net amortization reducing interest income was $3.0 million for the three months ended March 31, 2026 and was $2.3 million for the three months ended March 31, 2025.

Interest income is recorded on the accrual basis. The consumer loan portfolio is typified by a large number of smaller dollar loans that have similar characteristics. When, based on current information and events, it is unlikely the Company will be able to collect all amounts due according to the contractual terms of the original loan agreement, a loan is considered nonperforming. Loans are considered past due when a borrower fails to make a full payment by the payment due date or maturity date. Consumer loans are placed on nonaccrual when they become 90 days past due, and are charged off in their entirety when deemed uncollectible, if they enter bankruptcy, or when they become 120 days past due, whichever occurs first. The Company takes appropriate recovery efforts against both the borrower and the underlying collateral are initiated for nonaccrual loans. For the recreation loan portfolio, the process to repossess the collateral is generally started at 60 days past due. If the collateral is not located and the account reaches 120 days delinquent, the account is charged off. If the collateral is repossessed, a loss is recorded by writing the collateral down to its fair value less selling costs, and the collateral is sent to auction. When the collateral is sold, the net auction proceeds are applied to the account, and any remaining balance is written off. Proceeds collected on charged-off accounts are recorded as recoveries. Commercial loans and taxi medallion loans are placed on nonaccrual status, and all uncollected accrued interest is reversed, when there is doubt as to the collectability of interest or principal, or if loans are 90 days or more past due, unless management has determined that they are both well-secured and in the process of collection. Interest income on nonaccrual loans is generally recognized when cash is received, unless a determination has been made to apply all cash receipts to principal.

The Company may modify the contractual cash flow of loans in situations where borrowers are experiencing financial difficulties. The Company strives to identify borrowers in financial difficulty early and work with them to modify their loans to more affordable terms before they reach nonaccrual status. These modified terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize the economic loss to the Company and to avoid foreclosure or repossession of the collateral. For modifications where the Company forgives principal, the entire amount of such principal forgiveness is immediately charged off.

Loan collateral in process of foreclosure includes consumer repossessed collateral in the process of being sold in addition to taxi medallion loans that have reached 120 days past due and have been charged down to the net realizable value of the underlying collateral. For New York City taxi medallion loans in the process of foreclosure, the Company continued to utilize a maximum net value of $79,500 when assessing net realizable value for these taxi medallion loans, despite fluctuating current transfer prices which may exceed that level from time to time. The "loan collateral in the process of foreclosure" designation reflects that the collection activities on these loans have transitioned from working with the borrower to the liquidation of the collateral securing the loans.
Loans Held For Sale

Loans Held for Sale

Loans held for sale consist of consumer loans and strategic partnership loans intended to be sold in the secondary market. Loans held for sale are recorded at the lower of amortized cost or fair value. Changes in fair value are recognized in non-interest income. For loans transferred into the held for sale classification from the held for investment classification, any allowance for credit losses previously recorded is reversed at the transfer date, and the loans are transferred at their amortized cost basis (which is reduced by any previous charge-offs, but excludes any allowance for credit losses). For the three months ended March 31, 2026 and 2025, the Company did not recognize any fair value adjustments related to loans held for sale.
Allowance for Credit Losses

Allowance for Credit Losses

The Company follows Accounting Standards Update, or ASU, 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", or ASC 326, which requires recognition of lifetime expected losses using "reasonable and supportable" expectations about the future, referred to as the current expected credit loss, or CECL, methodology. For consumer loans, the Company uses historical delinquent loan performance, qualitative adjustments, and actual loss rates modified by quantitative adjustments based on macroeconomic factors over a twelve-month reasonable and supportable forecast period followed by a six month reversion period. For commercial loans, the Company assesses the historical impact that macroeconomic indicators have had on the loan portfolio, to determine an approximate allowance for credit loss. Unlike consumer loans, where loans may have similar performing characteristics, each commercial loan is unique. The Company evaluates each commercial loan for specific impairment with additional allowance for credit losses recognized as necessary. For taxi medallion loans, the Company individually evaluates each loan and establishes a reserve based on fair value of collateral less cost to sell.

The allowance is evaluated on a quarterly basis by management based on the collectability of the loans in light of historical experience, the nature and size of the loan portfolio, adverse situations that may affect the borrowers' ability to repay, estimated value of any underlying collateral, prevailing economic conditions, and excess concentration risks. This evaluation is inherently subjective, as it requires estimates, including those based on changes in economic conditions, that are susceptible to significant revision as more information becomes available. Credit losses are deducted from the allowance, and subsequent recoveries are added back to the allowance. The Company has elected to exclude accrued interest from its measurement of the allowance for credit losses.
Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill assets arose as a result of the excess of fair value over book value for several of our previously unconsolidated portfolio investment companies as of April 2, 2018. This fair value was brought forward under the Company's requirement to consolidate these previously unconsolidated subsidiaries and was subject to a purchase price accounting allocation process conducted by an independent third-party expert to arrive at the current categories and amounts. Goodwill is not amortized, but is subject to quarterly review by management to determine whether additional impairment testing is needed, and such testing is performed at least on an annual basis.

Other intangible assets with finite useful lives are amortized either on an accelerated or straight-line basis over their estimated useful lives. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

As of March 31, 2026 and December 31, 2025, the Company had goodwill of $150.8 million, all of which related to the recreation and home improvement lending segments. As of March 31, 2026 and December 31, 2025, the Company had intangible assets of $17.3 million and $17.7 million. The Company recognized $0.4 million of amortization expense on the intangible assets for the three months ended March 31, 2026 and 2025.

Management engaged an independent third-party expert to perform a quantitative assessment of goodwill for impairment at October 1, 2025. The third-party expert, as of the most recent goodwill impairment testing date, determined that a fair value premium existed in excess of the carrying value of the recreation and home improvement lending segments. During the three months ended March 31, 2026, the Company did not identify any triggering events that would require re-evaluation of goodwill impairment in either segment.

The table below presents the intangible assets as of the dates presented:

(Dollars in thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Brand-related intellectual property

 

$

13,200

 

 

$

13,475

 

Home improvement contractor relationships

 

 

4,140

 

 

 

4,226

 

Total intangible assets

 

$

17,340

 

 

$

17,701

 

 
Fixed Assets

Fixed Assets

Fixed assets are carried at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over their estimated useful lives of 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated economic useful life of the improvement. Depreciation and amortization expense was $0.6 million for the three months ended March 31, 2026 and 2025.
Deferred Costs

Deferred Costs

Deferred financing costs represent costs associated with obtaining the Company’s borrowing facilities, and are amortized on a straight line basis over the lives of the related financing agreements and life of the respective pool. Amortization expense, included as interest expense in the Consolidated Statements of Operations, was $1.0 million for the three months ended March 31, 2026 and was $1.1 million for the three months ended March 31, 2025. In addition, the Company capitalizes certain costs for transactions in the process of completion (other than business combinations), including those for potential investments, and the sourcing of other financing alternatives. Upon completion or termination of the transaction, any accumulated amounts will be amortized against income over an appropriate period, or written off. The amount on the Company’s balance sheet related to deposits and borrowing facilities were $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025, and there were no capitalized transaction costs as of March 31, 2026 and December 31, 2025.
Income Taxes

Income Taxes

Income taxes are accounted for using the asset and liability approach in accordance with FASB ASC Topic 740, Income Taxes, or ASC 740. Deferred tax assets and liabilities reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the enacted tax rates expected to apply in the year when taxes are actually paid or recovered. Deferred tax assets are also recorded for net operating losses, capital losses and any tax credit carryforwards. A valuation allowance is provided against a deferred tax asset when it is more likely than not that some or all of the deferred tax assets will not be realized. All available evidence, both positive and negative, is considered to determine whether a valuation allowance for deferred tax assets is needed. Items considered in determining the Company’s valuation allowance include expectations of future earnings of the appropriate tax character, recent historical financial results, tax planning strategies, the length of statutory carryforward periods and the expected timing of the reversal of temporary differences. The Company recognizes tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The Company records income tax related interest and penalties, if applicable, within current income tax expense.
Earnings Per Share (EPS)

Earnings Per Share (EPS)

Basic earnings per share are computed by dividing net income resulting from operations available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if option contracts to issue common stock were exercised, or if restricted stock vests, and has been computed after considering the weighted average dilutive effect of the Company’s stock options and restricted stock. The Company uses the treasury stock method to calculate diluted EPS, which is a method of recognizing the use of proceeds that could be obtained upon exercise of options and warrants, including unvested compensation expense related to the shares, in computing diluted EPS. It assumes that any proceeds would be used to purchase common stock at the average market price during the period. The table below presents the calculation of basic and diluted EPS.

 

Three Months Ended March 31,

 

(Dollars in thousands, except share and per share data)

 

2026

 

 

2025

 

Net income attributable to common stockholders

 

$

4,953

 

 

$

12,014

 

Weighted average common shares outstanding applicable to basic EPS

 

 

23,059,744

 

 

 

22,570,797

 

Effect of performance stock unit grants

 

 

729,280

 

 

 

515,645

 

Effect of restricted stock grants

 

 

487,002

 

 

 

576,251

 

Effect of dilutive stock options

 

 

269,775

 

 

 

234,474

 

Adjusted weighted average common shares outstanding applicable to diluted EPS

 

 

24,545,801

 

 

 

23,897,167

 

Basic earnings per share

 

$

0.21

 

 

$

0.53

 

Diluted earnings per share

 

 

0.20

 

 

 

0.50

 

Potentially dilutive common shares excluded from the above calculations were 403,858 as of March 31, 2026 and 59,082 shares as of March 31, 2025.

Stock Compensation

Stock Compensation

The Company follows FASB ASC Topic 718, or ASC 718, Compensation – Stock Compensation, for its equity incentive, stock option, and restricted stock plans, and accordingly, the Company recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options are reflected in net income resulting from operations for any new grants using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option. Stock-based employee compensation costs pertaining to restricted stock and performance stock units, or PSUs, are reflected in net income resulting from operations for any new grants using the grant date fair value of the shares and units granted, expensed over the vesting period of the underlying stock.
Regulatory Capital

Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the bank regulators about components, risk weightings, and other factors.

FDIC-insured banks, including the Bank, are subject to certain federal laws, which impose various legal limitations on the extent to which banks may finance or otherwise supply funds to certain of their affiliates. In particular, the Bank is subject to certain restrictions on any extensions of credit to, or other covered transactions with, such as certain purchases of assets, the Company or its affiliates.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios as defined in the regulations (presented in the table below). Additionally, as conditions of granting the Bank’s application for federal deposit insurance, the FDIC ordered that the Tier 1 leverage capital to total assets ratio, as defined, be not less than 15%, a level which could affect the Bank's ability to pay dividends to the Company, and that an adequate allowance for credit losses be maintained. As of March 31, 2026 and December 31, 2025, the Bank’s Tier 1 leverage ratio was considered well-capitalized. The Bank had excess Tier 1 leverage capital of $61.2 million over the 15% minimum required, which was $385.9 million based on our total assets as of March 31, 2026. The Bank’s capital amounts and ratios and the regulatory minimum ratios are presented in the following table.

 

Regulatory

 

 

 

 

 

 

 

(Dollars in thousands)

 

Adequately Capitalized

 

 

Well-
Capitalized

 

 

March 31, 2026

 

 

December 31, 2025

 

Common equity tier 1 capital

 

 

 

 

 

 

 

$

347,627

 

 

$

356,038

 

Tier 1 capital

 

 

 

 

 

 

 

 

447,056

 

 

 

455,467

 

Total capital

 

 

 

 

 

 

 

 

479,609

 

 

 

487,292

 

Average assets

 

 

 

 

 

 

 

 

2,572,371

 

 

 

2,558,754

 

Risk-weighted assets

 

 

 

 

 

 

 

 

2,529,775

 

 

 

2,472,328

 

Leverage ratio (1)

 

 

4.0

%

 

 

5.0

%

 

 

17.4

%

 

 

17.8

%

Common equity tier 1 capital ratio (2)

 

 

4.5

 

 

 

6.5

 

 

 

13.7

 

 

 

14.4

 

Tier 1 capital ratio (3)

 

 

6.0

 

 

 

8.0

 

 

 

17.7

 

 

 

18.4

 

Total capital ratio (3)

 

 

8.0

 

 

 

10.0

 

 

 

19.0

 

 

 

19.7

 
(1)
Calculated by dividing Tier 1 capital by average assets.
(2)
Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
(3)
Calculated by dividing Tier 1 or total capital by risk-weighted assets.

In the above table, the minimum risk-based ratios as of March 31, 2026 and December 31, 2025 reflect the capital conservation buffer of 2.5%. The minimum regulatory requirements, inclusive of the capital conservation buffer, were the binding requirements for the risk-based requirements, and the “well-capitalized” requirements were the binding requirements for Tier 1 leverage capital as of both March 31, 2026 and December 31, 2025.
Recently Adopted Accounting Standards And Recently Issued Accounting Standards

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income - Expense Disaggregation of Income Statement Expenses. This update requires additional disaggregation of specific types of expenses within the notes to consolidated financial statements on an annual and interim basis. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities are required to adopt ASU 2024-03 for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing the impact of the update on the accompanying financial statements.
Reclassifications

Reclassifications

Certain reclassifications have been made to prior year balances to conform with the current year presentation. These reclassifications have no effect on the previously reported results of operations.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Intangible Assets

The table below presents the intangible assets as of the dates presented:

(Dollars in thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Brand-related intellectual property

 

$

13,200

 

 

$

13,475

 

Home improvement contractor relationships

 

 

4,140

 

 

 

4,226

 

Total intangible assets

 

$

17,340

 

 

$

17,701

 

 
Summary of the Calculation of Basic and Diluted EPS The table below presents the calculation of basic and diluted EPS.

 

Three Months Ended March 31,

 

(Dollars in thousands, except share and per share data)

 

2026

 

 

2025

 

Net income attributable to common stockholders

 

$

4,953

 

 

$

12,014

 

Weighted average common shares outstanding applicable to basic EPS

 

 

23,059,744

 

 

 

22,570,797

 

Effect of performance stock unit grants

 

 

729,280

 

 

 

515,645

 

Effect of restricted stock grants

 

 

487,002

 

 

 

576,251

 

Effect of dilutive stock options

 

 

269,775

 

 

 

234,474

 

Adjusted weighted average common shares outstanding applicable to diluted EPS

 

 

24,545,801

 

 

 

23,897,167

 

Basic earnings per share

 

$

0.21

 

 

$

0.53

 

Diluted earnings per share

 

 

0.20

 

 

 

0.50

 
Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios The Bank’s capital amounts and ratios and the regulatory minimum ratios are presented in the following table.

 

Regulatory

 

 

 

 

 

 

 

(Dollars in thousands)

 

Adequately Capitalized

 

 

Well-
Capitalized

 

 

March 31, 2026

 

 

December 31, 2025

 

Common equity tier 1 capital

 

 

 

 

 

 

 

$

347,627

 

 

$

356,038

 

Tier 1 capital

 

 

 

 

 

 

 

 

447,056

 

 

 

455,467

 

Total capital

 

 

 

 

 

 

 

 

479,609

 

 

 

487,292

 

Average assets

 

 

 

 

 

 

 

 

2,572,371

 

 

 

2,558,754

 

Risk-weighted assets

 

 

 

 

 

 

 

 

2,529,775

 

 

 

2,472,328

 

Leverage ratio (1)

 

 

4.0

%

 

 

5.0

%

 

 

17.4

%

 

 

17.8

%

Common equity tier 1 capital ratio (2)

 

 

4.5

 

 

 

6.5

 

 

 

13.7

 

 

 

14.4

 

Tier 1 capital ratio (3)

 

 

6.0

 

 

 

8.0

 

 

 

17.7

 

 

 

18.4

 

Total capital ratio (3)

 

 

8.0

 

 

 

10.0

 

 

 

19.0

 

 

 

19.7

 
(1)
Calculated by dividing Tier 1 capital by average assets.
(2)
Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
(3)
Calculated by dividing Tier 1 or total capital by risk-weighted assets.
v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Schedule of Investments [Abstract]  
Summary of Fixed Maturity Securities Available for Sale

The following tables present details of fixed maturity securities available for sale as of March 31, 2026 and December 31, 2025:

March 31, 2026
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

51,481

 

 

$

60

 

 

$

(3,732

)

 

$

47,809

 

State and municipalities

 

 

21,312

 

 

 

—

 

 

 

(1,315

)

 

 

19,997

 

Agency bonds

 

 

137

 

 

 

—

 

 

 

(9

)

 

 

128

 

Total

 

$

72,930

 

 

$

60

 

 

$

(5,056

)

 

$

67,934

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

45,392

 

 

$

160

 

 

$

(3,381

)

 

$

42,171

 

State and municipalities

 

 

19,117

 

 

 

14

 

 

 

(1,251

)

 

 

17,880

 

Agency bonds

 

 

139

 

 

 

—

 

 

 

(7

)

 

 

132

 

Total

 

$

64,648

 

 

$

174

 

 

$

(4,639

)

 

$

60,183

 
Summary of Amortized Cost and Estimated Market Value of Investment Securities by Contractual Maturity

The amortized cost and estimated fair market value of investment securities at March 31, 2026 by contractual maturity are presented below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage‑backed securities are included in the table based on their contractual maturities and are reflected in the each category below.

March 31, 2026
(Dollars in thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

2,402

 

 

$

2,387

 

Due after one year through five years

 

 

10,662

 

 

 

10,120

 

Due after five years through ten years

 

 

9,493

 

 

 

9,243

 

Due after ten years

 

 

50,373

 

 

 

46,184

 

Total

 

$

72,930

 

 

$

67,934

 
Summary of Securities with Gross Unrealized Losses

The following tables present information pertaining to securities with gross unrealized losses as of March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

March 31, 2026
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities

 

$

(236

)

 

$

7,644

 

 

$

(3,496

)

 

$

29,393

 

State and municipalities

 

 

(29

)

 

 

2,914

 

 

 

(1,286

)

 

 

14,086

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

128

 

Total

 

$

(265

)

 

$

10,558

 

 

$

(4,791

)

 

$

43,607

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

December 31, 2025
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities

 

$

(13

)

 

$

3,420

 

 

$

(3,368

)

 

$

26,541

 

State and municipalities

 

 

(3

)

 

 

22

 

 

 

(1,248

)

 

 

14,840

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

132

 

Total

 

$

(16

)

 

$

3,442

 

 

$

(4,623

)

 

$

41,513

 

 
v3.26.1
Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2026
Text Block [Abstract]  
Summary of Inclusive Capitalized Loans

The following table presents the major classification of loans, inclusive of capitalized loan origination costs, as of March 31, 2026 and December 31, 2025.

 

 

March 31, 2026

 

 

December 31, 2025

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Total Loans (1)

 

 

Amount

 

 

As a
Percent of
Total Loans (1)

 

Loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

1,671,538

 

 

 

64

%

 

$

1,617,221

 

 

 

63

%

Home improvement

 

 

814,933

 

 

 

31

 

 

 

810,237

 

 

 

32

 

Commercial

 

 

119,612

 

 

 

5

 

 

 

123,068

 

 

 

5

 

Taxi medallion

 

 

1,126

 

 

*

 

 

 

1,179

 

 

*

 

Total loans

 

 

2,607,209

 

 

 

100

 

 

 

2,551,705

 

 

 

99

 

Loans held for sale, at lower of amortized cost or fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Strategic partnership

 

 

10,786

 

 

*

 

 

 

15,144

 

 

*

 

Total loans held for sale, at lower of amortized cost or fair value

 

 

10,786

 

 

 

—

 

 

 

15,144

 

 

 

—

 

Total loans and loans held for sale

 

$

2,617,995

 

 

 

100

%

 

$

2,566,849

 

 

 

100

%

(1) Percentage may not foot due to rounding.

(*) Less than 1%.
Schedule of Activity of Gross Loans

The following table presents the activity of the gross loans and loans held for sale for the three months ended March 31, 2026.

Three Months Ended March 31, 2026
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2025

 

$

1,617,221

 

 

$

810,237

 

 

$

123,068

 

 

$

1,179

 

 

$

15,144

 

 

$

2,566,849

 

Loan originations

 

 

142,548

 

 

 

64,402

 

 

 

—

 

 

 

—

 

 

 

169,984

 

 

 

376,934

 

Principal receipts, sales, and maturities

 

 

(59,668

)

 

 

(56,093

)

 

 

(3,767

)

 

 

(15

)

 

 

(174,342

)

 

 

(293,885

)

Charge-offs

 

 

(22,491

)

 

 

(4,351

)

 

 

—

 

 

 

(38

)

 

 

—

 

 

 

(26,880

)

Transfer to loan collateral in process of foreclosure, net

 

 

(7,641

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,641

)

Amortization of origination fees and costs, net

 

 

(3,750

)

 

 

737

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

(3,005

)

Origination fees and costs, net

 

 

5,319

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,320

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

303

 

 

 

—

 

 

 

—

 

 

 

303

 

Gross loans – March 31, 2026

 

$

1,671,538

 

 

$

814,933

 

 

$

119,612

 

 

$

1,126

 

 

$

10,786

 

 

$

2,617,995

 

The following table presents the activity of the gross loans and loans held for sale for the three months ended March 31, 2025.

Three Months Ended March 31, 2025
(Dollars in thousands)

 

Recreation (1)

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2024

 

$

1,543,243

 

 

$

827,211

 

 

$

111,273

 

 

$

1,909

 

 

$

7,386

 

 

$

2,491,022

 

Loan originations

 

 

86,833

 

 

 

48,796

 

 

 

9,707

 

 

 

72

 

 

 

136,240

 

 

 

281,648

 

Principal receipts, sales, and maturities

 

 

(61,507

)

 

 

(59,611

)

 

 

(5,052

)

 

 

(316

)

 

 

(133,127

)

 

 

(259,613

)

Charge-offs

 

 

(20,274

)

 

 

(4,227

)

 

 

(130

)

 

 

(15

)

 

 

—

 

 

 

(24,646

)

Transfer to loan collateral in process of foreclosure, net

 

 

(2,389

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,389

)

Amortization of origination fees and costs, net

 

 

(3,481

)

 

 

1,133

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

(2,336

)

Origination fees and costs, net

 

 

3,419

 

 

 

(921

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,498

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

249

 

 

 

—

 

 

 

—

 

 

 

249

 

Gross loans – March 31, 2025

 

$

1,545,844

 

 

$

812,381

 

 

$

116,059

 

 

$

1,650

 

 

$

10,499

 

 

$

2,486,433

 

 
Summary of Activity in Allowance for Loan Losses

The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2026.

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion (1)

 

 

Total

 

Balance at December 31, 2025

 

$

85,956

 

 

$

19,563

 

 

$

9,052

 

 

$

218

 

 

$

114,789

 

Charge-offs

 

 

(22,491

)

 

 

(4,351

)

 

 

—

 

 

 

(38

)

 

 

(26,880

)

Recoveries

 

 

4,820

 

 

 

1,465

 

 

 

5

 

 

 

21

 

 

 

6,311

 

Provision (benefit) for credit losses

 

 

18,445

 

 

 

3,618

 

 

 

459

 

 

 

(46

)

 

 

22,476

 

Balance at March 31, 2026

 

$

86,730

 

 

$

20,295

 

 

$

9,516

 

 

$

155

 

 

$

116,696

 
(1)
As of March 31, 2026, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $170.1 million, including $105.5 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.

The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2025.

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion (1)

 

 

Total

 

Balance at December 31, 2024

 

$

71,102

 

 

$

20,536

 

 

$

5,190

 

 

$

540

 

 

$

97,368

 

Charge-offs

 

 

(20,274

)

 

 

(4,227

)

 

 

(130

)

 

 

(15

)

 

 

(24,646

)

Recoveries

 

 

3,860

 

 

 

1,095

 

 

 

—

 

 

 

675

 

 

 

5,630

 

Provision (benefit) for credit losses

 

 

16,870

 

 

 

2,845

 

 

 

3,114

 

 

 

(815

)

 

 

22,014

 

Balance at March 31, 2025

 

$

71,558

 

 

$

20,249

 

 

$

8,174

 

 

$

385

 

 

$

100,366

 
(1)
As of March 31, 2025 cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.7 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
Summary of Gross Charge Offs

The following table presents the gross charge-offs for the three months ended March 31, 2026, by the year of origination:

Three Months Ended March 31, 2026
(Dollars in thousands)

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Total

 

Recreation

 

$

—

 

 

$

3,685

 

 

$

5,617

 

 

$

4,501

 

 

$

3,974

 

 

$

4,714

 

 

$

22,491

 

Home improvement

 

 

—

 

 

 

399

 

 

 

916

 

 

 

1,328

 

 

 

952

 

 

 

756

 

 

 

4,351

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38

 

 

 

38

 

Total

 

$

—

 

 

$

4,084

 

 

$

6,533

 

 

$

5,829

 

 

$

4,926

 

 

$

5,508

 

 

$

26,880

 

The following table presents the gross charge-offs for the three months ended March 31, 2025, by the year of origination:

Three Months Ended March 31, 2025
(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Recreation

 

$

—

 

 

$

2,728

 

 

$

3,707

 

 

$

4,506

 

 

$

1,933

 

 

$

7,400

 

 

$

20,274

 

Home improvement

 

 

—

 

 

 

823

 

 

 

1,503

 

 

 

1,133

 

 

 

428

 

 

 

340

 

 

 

4,227

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

130

 

 

 

—

 

 

 

—

 

 

 

130

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15

 

 

 

15

 

Total

 

$

—

 

 

$

3,551

 

 

$

5,210

 

 

$

5,769

 

 

$

2,361

 

 

$

7,755

 

 

$

24,646

 
Summary of Allowance for Loan Losses by Type

The following table presents the allowance for credit losses by type as of March 31, 2026.

March 31, 2026
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category (2)

 

Recreation

 

$

86,730

 

 

 

74

%

 

 

5.19

%

Home improvement

 

 

20,295

 

 

 

17

 

 

 

2.49

 

Commercial

 

 

9,516

 

 

 

8

 

 

 

7.96

 

Taxi medallion

 

 

155

 

 

*

 

 

 

13.86

 

Total (1)

 

$

116,696

 

 

 

100

%

 

 

 
(1)
Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
(2)
As of March 31, 2026, total allowance for credit losses as a percent of nonaccrual loans was 316%.

(*) Less than 0.1%.

The following table presents the allowance for credit losses by type as of December 31, 2025.

December 31, 2025
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category (2)

 

Recreation

 

$

85,956

 

 

 

75

%

 

 

5.32

%

Home improvement

 

 

19,563

 

 

 

17

 

 

 

2.41

 

Commercial

 

 

9,052

 

 

 

8

 

 

 

7.36

 

Taxi medallion

 

 

218

 

 

*

 

 

 

18.49

 

Total (1)

 

$

114,789

 

 

 

100

%

 

 

 
(1)
Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
(2)
As of December 31, 2025, total allowance for credit losses as a percent of nonaccrual loans was 281%.

(*) Less than 0.1%.
Summary of Performance Status of Loan and Loans Held for Sale

The following tables present the performance status of loans as of March 31, 2026 and December 31, 2025.

March 31, 2026
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,661,437

 

 

$

10,101

 

 

$

1,671,538

 

 

 

0.60

%

Home improvement

 

 

813,533

 

 

 

1,400

 

 

 

814,933

 

 

 

0.17

 

Commercial

 

 

95,345

 

 

 

24,267

 

 

 

119,612

 

 

 

20.29

 

Taxi medallion

 

 

—

 

 

 

1,126

 

 

 

1,126

 

 

 

100.00

 

Strategic partnership

 

 

10,786

 

 

 

—

 

 

 

10,786

 

 

 

—

 

Total

 

$

2,581,101

 

 

$

36,894

 

 

$

2,617,995

 

 

 

1.41

%

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,603,542

 

 

$

13,679

 

 

$

1,617,221

 

 

 

0.85

%

Home improvement

 

 

808,943

 

 

 

1,294

 

 

 

810,237

 

 

 

0.16

 

Commercial

 

 

98,380

 

 

 

24,688

 

 

 

123,068

 

 

 

20.06

 

Taxi medallion

 

 

—

 

 

 

1,179

 

 

 

1,179

 

 

 

100.00

 

Strategic partnership

 

 

15,144

 

 

 

—

 

 

 

15,144

 

 

 

—

 

Total

 

$

2,526,009

 

 

$

40,840

 

 

$

2,566,849

 

 

 

1.59

%
Summary of Aging of Loans and Loan Delinquency

The following tables present the aging of loans as of March 31, 2026 and December 31, 2025.

March 31, 2026

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

51,701

 

 

$

17,693

 

 

$

9,196

 

 

$

78,590

 

 

$

1,536,259

 

 

$

1,614,849

 

 

$

—

 

Home improvement

 

 

4,586

 

 

 

1,820

 

 

 

1,396

 

 

 

7,802

 

 

 

809,341

 

 

 

817,143

 

 

 

—

 

Commercial

 

 

2,835

 

 

 

—

 

 

 

10,274

 

 

 

13,109

 

 

 

106,643

 

 

 

119,752

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,126

 

 

 

1,126

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,786

 

 

 

10,786

 

 

 

—

 

Total

 

$

59,122

 

 

$

19,513

 

 

$

20,866

 

 

$

99,501

 

 

$

2,464,155

 

 

$

2,563,656

 

 

$

—

 
(1)
Excludes $54.3 million of capitalized loan origination costs and fees.

December 31, 2025

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

56,911

 

 

$

22,890

 

 

$

12,856

 

 

$

92,657

 

 

$

1,469,444

 

 

$

1,562,101

 

 

$

—

 

Home improvement

 

 

4,891

 

 

 

2,367

 

 

 

1,300

 

 

 

8,558

 

 

 

804,627

 

 

 

813,185

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

10,274

 

 

 

10,274

 

 

 

112,942

 

 

 

123,216

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

41

 

 

 

41

 

 

 

1,138

 

 

 

1,179

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15,144

 

 

 

15,144

 

 

 

—

 

Total

 

$

61,802

 

 

$

25,257

 

 

$

24,471

 

 

$

111,530

 

 

$

2,403,295

 

 

$

2,514,825

 

 

$

—

 
(1)
Excludes $52.0 million of capitalized loan origination costs.

The following table presents loan delinquency for recreation and home improvement loans as of March 31, 2026, by the year of origination:

(Dollars in thousands)

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Total (1)

 

 Recreation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

135,621

 

 

$

407,944

 

 

$

320,422

 

 

$

226,540

 

 

$

199,919

 

 

$

245,813

 

 

$

1,536,259

 

 30-59 Days

 

 

199

 

 

 

8,997

 

 

 

11,036

 

 

 

9,563

 

 

 

8,463

 

 

 

13,443

 

 

 

51,701

 

 60-89 Days

 

 

—

 

 

 

3,419

 

 

 

3,824

 

 

 

3,522

 

 

 

2,994

 

 

 

3,934

 

 

 

17,693

 

 90 + Days

 

 

—

 

 

 

1,493

 

 

 

2,281

 

 

 

1,672

 

 

 

1,594

 

 

 

2,156

 

 

 

9,196

 

 Total Recreation

 

$

135,820

 

 

$

421,853

 

 

$

337,563

 

 

$

241,297

 

 

$

212,970

 

 

$

265,346

 

 

$

1,614,849

 

 Home improvement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

62,530

 

 

$

175,485

 

 

$

159,242

 

 

$

142,930

 

 

$

143,278

 

 

$

125,876

 

 

$

809,341

 

 30-59 Days

 

 

93

 

 

 

591

 

 

 

649

 

 

 

1,111

 

 

 

1,191

 

 

 

951

 

 

 

4,586

 

 60-89 Days

 

 

—

 

 

 

191

 

 

 

478

 

 

 

600

 

 

 

328

 

 

 

223

 

 

 

1,820

 

 90 + Days

 

 

—

 

 

 

104

 

 

 

369

 

 

 

359

 

 

 

331

 

 

 

233

 

 

 

1,396

 

 Total Home improvement

 

$

62,623

 

 

$

176,371

 

 

$

160,738

 

 

$

145,000

 

 

$

145,128

 

 

$

127,283

 

 

$

817,143

 
(1)
Excludes $56.7 million of capitalized recreation loan origination costs and $2.2 million of net deferred home improvement loan origination fees.

The following table presents loan delinquency for recreation and home improvement loans as of December 31, 2025, by the year of origination:

(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total (1)

 

 Recreation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

423,427

 

 

$

335,079

 

 

$

237,917

 

 

$

209,204

 

 

$

132,704

 

 

$

131,113

 

 

$

1,469,444

 

 30-59 Days

 

 

8,210

 

 

 

12,763

 

 

 

11,042

 

 

 

10,623

 

 

 

6,061

 

 

 

8,212

 

 

 

56,911

 

 60-89 Days

 

 

2,374

 

 

 

5,414

 

 

 

4,918

 

 

 

4,872

 

 

 

2,581

 

 

 

2,731

 

 

 

22,890

 

 90 + Days

 

 

1,487

 

 

 

3,136

 

 

 

2,803

 

 

 

2,329

 

 

 

1,347

 

 

 

1,754

 

 

 

12,856

 

 Total Recreation

 

$

435,498

 

 

$

356,392

 

 

$

256,680

 

 

$

227,028

 

 

$

142,693

 

 

$

143,810

 

 

$

1,562,101

 

 Home improvement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Current

 

$

193,964

 

 

$

172,735

 

 

$

151,637

 

 

$

151,365

 

 

$

71,812

 

 

$

63,114

 

 

$

804,627

 

 30-59 Days

 

 

535

 

 

 

980

 

 

 

1,609

 

 

 

876

 

 

 

513

 

 

 

378

 

 

 

4,891

 

 60-89 Days

 

 

353

 

 

 

761

 

 

 

441

 

 

 

455

 

 

 

199

 

 

 

158

 

 

 

2,367

 

 90 + Days

 

 

—

 

 

 

410

 

 

 

417

 

 

 

331

 

 

 

42

 

 

 

100

 

 

 

1,300

 

 Total Home improvement

 

$

194,852

 

 

$

174,886

 

 

$

154,104

 

 

$

153,027

 

 

$

72,566

 

 

$

63,750

 

 

$

813,185

 
(1)
Excludes $55.1 million of capitalized recreation loan origination costs and $2.9 million of net deferred home improvement loan origination fees.
v3.26.1
Funds Borrowed (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Balances of Funds Borrowed

The following table presents outstanding balances of funds borrowed.

 

Payments Due for the Twelve Months Ending March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

2031

 

 

Thereafter

 

 

March 31, 2026 (1)

 

 

December 31, 2025 (1)

 

 

Interest
Rate (2)

 

Deposits (3)

 

$

700,449

 

 

$

554,188

 

 

$

446,890

 

 

$

198,831

 

 

$

227,102

 

 

$

—

 

 

$

2,127,460

 

 

$

2,083,335

 

 

 

3.88

%

Privately placed notes

 

 

—

 

 

 

53,750

 

 

 

39,000

 

 

 

—

 

 

 

—

 

 

 

22,500

 

 

 

115,250

 

 

 

146,500

 

 

 

8.35

 

SBA debentures and borrowings

 

 

4,500

 

 

 

—

 

 

 

2,500

 

 

 

—

 

 

 

3,000

 

 

 

63,500

 

 

 

73,500

 

 

 

85,000

 

 

 

4.11

 

Trust preferred securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,000

 

 

 

33,000

 

 

 

33,000

 

 

 

6.06

 

Federal reserve and other borrowings

 

 

40,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,000

 

 

 

50,000

 

 

 

3.75

 

Strategic partner collateral deposits

 

 

6,250

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,250

 

 

 

6,081

 

 

 

3.64

 

Total

 

$

751,199

 

 

$

607,938

 

 

$

488,390

 

 

$

198,831

 

 

$

230,102

 

 

$

119,000

 

 

$

2,395,460

 

 

$

2,403,916

 

 

 

4.13

%
(1)
Excludes deferred financing costs of $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025.
(2)
Weighted average contractual rate as of March 31, 2026.
(3)
Balance includes $2.8 million and $3.7 million in retail savings deposit balances as of March 31, 2026 and December 31, 2025.
Summary of Maturity of Deposit Pools and Savings Deposits, Including Strategic Partner Reserve Deposits The following table presents the maturity of the deposit pools, which includes strategic partner reserve deposits, as of March 31, 2026.

(Dollars in thousands)

 

March 31, 2026

 

Three months or less

 

$

241,634

 

Over three months through six months

 

 

159,896

 

Over six months through one year

 

 

298,919

 

Over one year

 

 

1,427,011

 

Deposits

 

 

2,127,460

 

Strategic partner collateral deposits

 

 

6,250

 

Total deposits

 

$

2,133,710

 
Schedule of Private Placement Notes The following table presents the private placement notes outstanding as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

March 31, 2026

 

 

December 31, 2025

 

December 2020

 

December 2027

 

 

7.500

%

 

Semi-annually

 

$

53,750

 

 

$

53,750

 

February 2021

 

February 2026

 

 

7.250

%

 

Semi-annually

 

 

—

 

 

 

31,250

 

September 2023

 

September 2028

 

 

9.250

%

 

Semi-annually

 

 

39,000

 

 

 

39,000

 

June 2024

 

June 2039

 

 

8.875

%

 

Semi-annually

 

 

17,500

 

 

 

17,500

 

August 2024

 

August 2039

 

 

8.625

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

$

115,250

 

 

$

146,500

 
Schedule of SBA Debentures and Borrowings

The following table presents the SBA debentures and borrowings as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

March 31, 2026

 

 

December 31, 2025

 

March 2016

 

March 2026

 

 

3.25

%

 

Semi-annually

 

 

—

 

 

 

1,500

 

March 2016

 

March 2026

 

 

3.18

%

 

Semi-annually

 

 

—

 

 

 

10,000

 

May 2016

 

September 2026

 

 

2.72

%

 

Semi-annually

 

 

2,500

 

 

 

2,500

 

March 2017

 

March 2027

 

 

3.52

%

 

Semi-annually

 

 

2,000

 

 

 

2,000

 

September 2018

 

September 2028

 

 

4.22

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

March 2019

 

March 2029

 

 

3.79

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

September 2020

 

September 2030

 

 

1.71

%

 

Semi-annually

 

 

3,000

 

 

 

3,000

 

June 2021

 

September 2031

 

 

1.58

%

 

Semi-annually

 

 

8,500

 

 

 

8,500

 

October 2021

 

March 2032

 

 

3.21

%

 

Semi-annually

 

 

7,000

 

 

 

7,000

 

October 2022

 

March 2033

 

 

5.44

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

April 2023

 

September 2033

 

 

5.96

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

September 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

November 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

March 2025

 

September 2035

 

 

4.58

%

 

Semi-annually

 

 

10,250

 

 

 

10,250

 

August 2025

 

September 2035

 

 

4.66

%

 

Semi-annually

 

 

18,500

 

 

 

18,500

 

 

 

 

 

 

 

 

 

 

$

73,500

 

 

$

85,000

 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Operating Lease Costs and Additional Information

The following table presents the operating lease costs and additional information for the three months ended March 31, 2026 and 2025.

 

 

Three Months Ended March 31,

 

(Dollars in thousands)

 

2026

 

 

2025

 

Operating lease costs

 

$

634

 

 

$

588

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

Operating cash flows from operating leases

 

 

697

 

 

 

675

 

Right-of-use asset obtained in exchange for lease liability

 

 

(36

)

 

 

(63

)
Schedule of Breakout of Operating Leases

The following table presents the breakout of the operating leases as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Operating lease right-of-use assets

 

$

6,386

 

 

$

6,896

 

Other current liabilities

 

 

2,213

 

 

 

2,205

 

Operating lease liabilities

 

 

4,489

 

 

 

5,041

 

Total operating lease liabilities

 

 

6,702

 

 

 

7,246

 

Weighted average remaining lease term

 

5.8 years

 

 

5.8 years

 

Weighted average discount rate

 

 

5.90

%

 

 

5.90

%

 
Schedule of Maturities of the Lease Liabilities

At March 31, 2026, maturities of the lease liabilities were as follows:

(Dollars in thousands)

 

 

 

Remainder of 2026

 

$

2,061

 

2027

 

 

1,345

 

2028

 

 

760

 

2029

 

 

781

 

2030

 

 

803

 

Thereafter

 

 

2,036

 

Total lease payments

 

 

7,786

 

Less imputed interest

 

 

1,084

 

Total operating lease liabilities

 

$

6,702

 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Summary of Components of Deferred Tax Assets and Liabilities

The following table presents the significant components of the Company's deferred tax assets and liabilities as of March 31, 2026 and December 31, 2025.

(Dollars in thousands)

 

March 31, 2026

 

 

December 31, 2025

 

Deferred tax assets:

 

 

 

 

 

 

Provision for credit losses

 

$

17,836

 

 

$

17,700

 

Accrued expenses, compensation, and other assets

 

 

1,613

 

 

 

5,868

 

Net operating loss carryforwards (1)

 

 

2,648

 

 

 

2,648

 

Other investments and investment securities

 

 

2,574

 

 

 

2,553

 

Valuation allowance

 

 

(3,571

)

 

 

(5,957

)

Total deferred tax assets

 

 

21,100

 

 

 

22,812

 

Deferred tax liabilities:

 

 

 

 

 

 

Goodwill and other intangibles

 

 

42,317

 

 

 

42,408

 

Total deferred tax liabilities

 

 

42,317

 

 

 

42,408

 

Deferred tax liability, net

 

$

21,217

 

 

$

19,596

 
(1)
As of March 31, 2026, the Company had an estimated $11.1 million of net operating loss carryforwards, $1.7 million of which expires at various dates between December 31, 2026 and December 31, 2035, which had no net carrying value as of March 31, 2026.
Summary of Components of Tax Provision

The following table presents the components of the Company's tax provision for the three months ended March 31, 2026 and 2025:

 

 

Three Months Ended March 31,

 

(Dollars in thousands)

 

2026

 

 

2025

 

Current

 

 

 

 

 

 

Federal

 

$

1,961

 

 

$

4,661

 

State

 

 

740

 

 

 

1,522

 

Deferred

 

 

 

 

 

 

Federal

 

 

1,263

 

 

 

261

 

State

 

 

364

 

 

 

269

 

Net provision for income taxes

 

$

4,328

 

 

$

6,713

 
Summary of Reconciliation of Statutory Federal Income Tax Provision to Consolidated Actual Income Tax Provision

The following table presents a reconciliation of statutory federal income tax provision to consolidated actual income tax provision reported for the three months ended March 31, 2026 and 2025.

 

 

Three Months Ended March 31,

 

(Dollars in thousands)

 

2026

 

 

2025

 

 

 

Amount

 

 

Percent (1)

 

 

Amount

 

 

Percent (1)

 

Statutory Federal income tax provision

 

$

2,440

 

 

 

21

%

 

$

4,250

 

 

 

21

%

State and local income taxes, net of federal income tax benefit

 

 

910

 

 

 

8

 

 

 

923

 

 

 

5

 

Non-deductible expenses

 

 

3,385

 

 

 

29

 

 

 

1,572

 

 

 

8

 

Valuation allowance against deferred tax assets

 

 

(2,386

)

 

 

(21

)

 

 

(190

)

 

 

(1

)

Other

 

 

(21

)

 

 

(0

)

 

 

158

 

 

 

1

 

Total income tax provision

 

$

4,328

 

 

 

37

%

 

$

6,713

 

 

 

33

%
(1)
Percentage may not foot due to rounding.
v3.26.1
Stock Options and Restricted Stock (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Activity for Performance Stock Units and Restricted Stock Programs The following table presents the PSU activity for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2024

 

 

512,131

 

 

$

6.08 - 8.97

 

 

$

7.30

 

Granted

 

 

311,723

 

 

 

 

8.47

 

 

 

8.47

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2025

 

 

823,854

 

 

 

6.08 - 8.97

 

 

 

7.74

 

Granted

 

 

216,940

 

 

 

 

10.34

 

 

 

10.34

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested (1)

 

 

(296,444

)

 

 

 

6.08

 

 

 

6.08

 

Outstanding at March 31, 2026

 

 

744,350

 

 

$

8.47 - 10.36

 

 

$

9.17

 
(1)
During the three months ended March 31, 2026, 652,577 shares were used in connection with the vesting and settlement of PSUs.

The following table presents restricted stock activity for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2024

 

 

909,028

 

 

$

4.89 - 10.32

 

 

$

8.30

 

Granted

 

 

332,918

 

 

 

8.47 - 10.57

 

 

 

8.63

 

Cancelled

 

 

(5,373

)

 

 

4.89 - 10.32

 

 

 

9.16

 

Vested (1)

 

 

(484,823

)

 

 

4.89 - 8.97

 

 

 

7.70

 

Outstanding at December 31, 2025

 

 

751,750

 

 

 

8.08 - 10.57

 

 

 

8.83

 

Granted

 

 

344,206

 

 

 

 

10.36

 

 

 

10.36

 

Cancelled

 

 

(1,569

)

 

 

9.37 - 10.32

 

 

 

9.82

 

Vested (1)

 

 

(374,797

)

 

 

8.08 - 9.37

 

 

 

8.67

 

Outstanding at March 31, 2026 (2)

 

 

719,590

 

 

$

8.47 - 10.57

 

 

$

9.64

 
(1)
The aggregate fair value of the restricted stock vested, on the date of vesting, was $3.8 million for the three months ended March 31, 2026 and $4.2 million for the year ended December 31, 2025.
(2)
The aggregate fair value of the unvested restricted stock was $6.2 million as of March 31, 2026. The remaining vesting period was 2.9 years at March 31, 2026.
Summary of Activity for Stock Option Programs

The following table presents stock option activity for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2024

 

 

913,909

 

 

$

2.14 - 9.38

 

 

$

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(33,770

)

 

 

4.89 - 9.38

 

 

 

7.37

 

Exercised

 

 

(82,081

)

 

 

4.89 - 7.25

 

 

 

6.29

 

Outstanding at December 31, 2025

 

 

798,058

 

 

 

2.14 - 9.38

 

 

 

6.50

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(607

)

 

 

 

—

 

 

 

5.98

 

Exercised (1)

 

 

(2,224

)

 

 

4.89 - 7.25

 

 

 

5.85

 

Outstanding at March 31, 2026 (2)

 

 

795,227

 

 

$

4.89 - 7.25

 

 

$

6.50

 

Options exercisable at:

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

798,058

 

 

$

2.14 - 9.38

 

 

$

6.50

 

March 31, 2026 (2)

 

 

795,227

 

 

$

4.89 - 7.25

 

 

$

6.50

 
(1)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for the three months ended March 31, 2026 and $0.3 million for the year ended December 31, 2025.
(2)
The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at March 31, 2026 and the related exercise price of the underlying options, was $1.6 million for outstanding options, all of which had previously vested. The remaining contractual life was 3.9 years for outstanding options at March 31, 2026.
Summary of Activity for Unvested Options Outstanding

The following table presents activity for the unvested options outstanding under the plans for the three months ended March 31, 2026 and the year ended December 31, 2025.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2024

 

 

84,623

 

 

$

4.89 - 6.79

 

 

$

6.37

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(119

)

 

 

 

4.89

 

 

 

4.89

 

Vested (1)

 

 

(84,504

)

 

 

4.89 - 6.79

 

 

 

6.37

 

Outstanding at December 31, 2025

 

 

—

 

 

 

 

—

 

 

$

—

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested (1)

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2026

 

 

—

 

 

$

 

—

 

 

$

—

 
(1)
The intrinsic value of the options vested was $0.1 million for the year ended December 31, 2025.
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Data

The following table presents segment data as of and for the three months ended March 31, 2026.

Three Months Ended March 31, 2026

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and
Other Investments

 

 

Consolidated

 

Total interest income

 

$

54,034

 

 

$

19,376

 

 

$

3,449

 

 

$

59

 

 

$

2,150

 

 

$

79,068

 

Total interest expense

 

 

14,292

 

 

 

7,370

 

 

 

1,392

 

 

 

30

 

 

 

1,925

 

 

 

25,009

 

Net interest income

 

 

39,742

 

 

 

12,006

 

 

 

2,057

 

 

 

29

 

 

 

225

 

 

 

54,059

 

Provision (benefit) for credit losses

 

 

18,445

 

 

 

3,618

 

 

 

459

 

 

 

(46

)

 

 

—

 

 

 

22,476

 

Net interest income after credit loss provision

 

 

21,297

 

 

 

8,388

 

 

 

1,598

 

 

 

75

 

 

 

225

 

 

 

31,583

 

Other income, net

 

 

26

 

 

 

7

 

 

 

448

 

 

 

1,117

 

 

 

810

 

 

 

2,408

 

Other expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries

 

 

4,105

 

 

 

2,352

 

 

 

739

 

 

 

701

 

 

 

3,103

 

 

 

11,000

 

Loan servicing fees, credit, and collection costs

 

 

4,290

 

 

 

1,141

 

 

 

—

 

 

 

28

 

 

 

15

 

 

 

5,474

 

Other costs

 

 

2,683

 

 

 

1,378

 

 

 

543

 

 

 

34

 

 

 

1,262

 

 

 

5,900

 

Total other expenses

 

 

11,078

 

 

 

4,871

 

 

 

1,282

 

 

 

763

 

 

 

4,380

 

 

 

22,374

 

Net income (loss) before taxes

 

 

10,245

 

 

 

3,524

 

 

 

764

 

 

 

429

 

 

 

(3,345

)

 

 

11,617

 

Income tax (provision) benefit

 

 

(3,817

)

 

 

(1,313

)

 

 

(310

)

 

 

(160

)

 

 

1,272

 

 

 

(4,328

)

Net income (loss) after taxes

 

$

6,428

 

 

$

2,211

 

 

$

454

 

 

$

269

 

 

$

(2,073

)

 

$

7,289

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,336

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,953

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross (1)

 

$

1,671,538

 

 

$

814,933

 

 

$

119,612

 

 

$

1,126

 

 

$

10,786

 

 

$

2,617,995

 

Total assets

 

 

1,606,691

 

 

 

802,126

 

 

 

111,561

 

 

 

3,836

 

 

 

426,272

 

 

 

2,950,486

 

Total funds borrowed (2)

 

 

1,304,451

 

 

 

651,235

 

 

 

90,575

 

 

 

3,114

 

 

 

346,085

 

 

 

2,395,460

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.65

%

 

 

1.12

%

 

 

1.60

%

 

NM

 

 

NM

 

 

 

1.01

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

4.91

 

Return on average equity

 

 

9.60

 

 

 

6.52

 

 

 

9.32

 

 

NM

 

 

NM

 

 

 

5.80

 

Interest yield

 

 

13.39

 

 

 

9.67

 

 

 

11.57

 

 

NM

 

 

NM

 

 

 

11.70

 

Net interest margin, gross

 

 

9.85

 

 

 

5.99

 

 

 

6.90

 

 

NM

 

 

NM

 

 

 

8.00

 

Net interest margin, net of allowance

 

 

10.40

 

 

 

6.14

 

 

 

7.47

 

 

NM

 

 

NM

 

 

 

8.35

 

Reserve coverage (3)

 

 

5.19

 

 

 

2.49

 

 

 

7.96

 

 

NM

 

 

NM

 

 

 

4.48

 

Delinquency status (4)

 

 

0.57

 

 

 

0.17

 

 

 

8.58

 

 

NM

 

 

NM

 

 

 

0.81

 

Charge-off ratio (5)

 

 

4.38

 

 

 

1.44

 

 

NM

 

 

NM

 

 

NM

 

 

 

3.23

 

 

(1)
Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Excludes deferred financing costs of $8.2 million as of March 31, 2026.
(3)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(4)
Loans 90 days or more past due as a percent of total loans.
(5)
Net charge-offs as a percent of average gross loss.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

 

The following table presents segment data as of and for the three months ended March 31, 2025.

Three Months Ended March 31, 2025

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and
Other Investments

 

 

Consolidated

 

Total interest income

 

$

50,466

 

 

$

19,771

 

 

$

3,343

 

 

$

80

 

 

$

1,765

 

 

$

75,425

 

Total interest expense

 

 

12,041

 

 

 

6,964

 

 

 

1,053

 

 

 

12

 

 

 

3,943

 

 

 

24,013

 

Net interest income (expense)

 

 

38,425

 

 

 

12,807

 

 

 

2,290

 

 

 

68

 

 

 

(2,178

)

 

 

51,412

 

Provision (benefit) for credit losses

 

 

16,870

 

 

 

2,845

 

 

 

3,114

 

 

 

(815

)

 

 

—

 

 

 

22,014

 

Net interest income (loss) after credit loss provision

 

 

21,555

 

 

 

9,962

 

 

 

(824

)

 

 

883

 

 

 

(2,178

)

 

 

29,398

 

Other income, net

 

 

400

 

 

 

2

 

 

 

9,642

 

 

 

844

 

 

 

711

 

 

 

11,599

 

Other expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries

 

 

3,642

 

 

 

2,377

 

 

 

1,142

 

 

 

650

 

 

 

2,182

 

 

 

9,993

 

Loan servicing fees, credit, and collection costs

 

 

3,182

 

 

 

777

 

 

 

—

 

 

 

149

 

 

 

448

 

 

 

4,556

 

Other costs

 

 

3,140

 

 

 

1,830

 

 

 

331

 

 

 

184

 

 

 

724

 

 

 

6,209

 

Total other expenses

 

 

9,964

 

 

 

4,984

 

 

 

1,473

 

 

 

983

 

 

 

3,354

 

 

 

20,758

 

Net income (loss) before taxes

 

 

11,991

 

 

 

4,980

 

 

 

7,345

 

 

 

744

 

 

 

(4,821

)

 

 

20,239

 

Income tax (provision) benefit

 

 

(3,977

)

 

 

(1,652

)

 

 

(2,436

)

 

 

(247

)

 

 

1,599

 

 

 

(6,713

)

Net income (loss) after taxes

 

$

8,014

 

 

$

3,328

 

 

$

4,909

 

 

$

497

 

 

$

(3,222

)

 

$

13,526

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,512

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

12,014

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross

 

$

1,545,844

 

 

$

812,381

 

 

$

116,059

 

 

$

1,650

 

 

$

10,499

 

 

$

2,486,433

 

Total assets

 

 

1,495,150

 

 

 

795,868

 

 

 

109,565

 

 

 

6,855

 

 

 

440,300

 

 

 

2,847,738

 

Total funds borrowed (2)

 

 

1,229,818

 

 

 

654,632

 

 

 

90,121

 

 

 

5,638

 

 

 

362,164

 

 

 

2,342,373

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

2.17

%

 

 

1.68

%

 

 

18.45

%

 

NM

 

 

NM

 

 

 

1.93

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

12.96

 

Return on average equity

 

 

13.37

 

 

 

10.33

 

 

 

113.46

 

 

NM

 

 

NM

 

 

 

12.32

 

Interest yield

 

 

13.25

 

 

 

9.78

 

 

 

11.16

 

 

NM

 

 

NM

 

 

 

11.65

 

Net interest margin, gross

 

 

10.10

 

 

 

6.33

 

 

 

8.25

 

 

NM

 

 

NM

 

 

 

7.94

 

Net interest margin, net of allowance

 

 

10.59

 

 

 

6.50

 

 

 

8.71

 

 

NM

 

 

NM

 

 

 

8.25

 

Reserve coverage (3)

 

 

5.00

 

 

 

2.49

 

 

 

7.04

 

 

NM

 

 

NM

 

 

 

4.25

 

Delinquency status (4)

 

 

0.48

 

 

 

0.19

 

 

 

17.63

 

 

NM

 

 

NM

 

 

 

1.20

 

Charge-off ratio (5)

 

 

4.32

 

 

 

1.55

 

 

 

0.47

 

 

NM

 

 

NM

 

 

 

3.10

 
(1)
Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Excludes deferred financing costs of $8.1 million as of March 31, 2025.
(3)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(4)
Loans 90 days or more past due as a percent of total loans.
(5)
Net charge-offs as a percent of average gross loss. Charge-off ratio in the recreation lending segment was 4.67% when excluding loans held for sale

(NM) Not meaningful.

(*) Line item is not applicable to segments.
v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, All Other Investments [Abstract]  
Summary of Carrying Values and Fair Values of Financial Instruments

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of March 31, 2026.

 

 

March 31, 2026

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

138,649

 

 

$

138,649

 

 

$

137,899

 

 

$

750

 

 

$

—

 

Investment securities

 

 

67,934

 

 

 

67,934

 

 

 

—

 

 

 

67,934

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,490,513

 

 

 

2,503,325

 

 

 

—

 

 

 

—

 

 

 

2,503,325

 

Loans held for sale, at lower of amortized cost or fair value

 

 

10,786

 

 

 

10,786

 

 

 

—

 

 

 

—

 

 

 

10,786

 

Accrued interest receivable

 

 

19,261

 

 

 

19,261

 

 

 

19,261

 

 

 

—

 

 

 

—

 

Equity securities (2)

 

 

1,776

 

 

 

1,776

 

 

 

1,776

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,395,460

 

 

 

2,407,187

 

 

 

—

 

 

 

2,407,187

 

 

 

—

 

Accrued interest payable

 

 

5,635

 

 

 

5,635

 

 

 

5,635

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.2 million as of March 31, 2026.

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of December 31, 2025.

 

December 31, 2025

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

201,564

 

 

$

201,564

 

 

$

200,814

 

 

$

750

 

 

$

—

 

Investment securities

 

 

60,183

 

 

 

60,183

 

 

 

—

 

 

 

60,183

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,436,916

 

 

 

2,421,988

 

 

 

—

 

 

 

—

 

 

 

2,421,988

 

Loans held for sale, at lower of amortized cost or fair value

 

 

15,144

 

 

 

15,144

 

 

 

—

 

 

 

—

 

 

 

15,144

 

Accrued interest receivable

 

 

19,401

 

 

 

19,401

 

 

 

19,401

 

 

 

—

 

 

 

—

 

Equity securities (2)

 

 

1,787

 

 

 

1,787

 

 

 

1,787

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,410,016

 

 

 

2,431,011

 

 

 

—

 

 

 

2,431,011

 

 

 

—

 

Accrued interest payable

 

 

6,319

 

 

 

6,319

 

 

 

6,319

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.4 million as of December 31, 2025.
v3.26.1
Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2026.

March 31, 2026
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

67,934

 

 

$

—

 

 

$

67,934

 

Equity securities (2)

 

 

1,776

 

 

 

—

 

 

 

—

 

 

 

1,776

 

Total

 

$

1,776

 

 

$

67,934

 

 

$

—

 

 

$

69,710

 
(1)
Total unrealized loss of $0.5 million net of tax, was included in other comprehensive income for the three months ended March 31, 2026.
(2)
Included within other assets on the balance sheet.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025.

December 31, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

60,183

 

 

$

—

 

 

$

60,183

 

Equity securities (2)

 

 

1,787

 

 

 

—

 

 

 

—

 

 

 

1,787

 

Total

 

$

1,787

 

 

$

60,183

 

 

$

—

 

 

$

61,970

 
(1)
Total unrealized gains of $1.8 million, net of tax, was included in other comprehensive income for the year ended December 31, 2025.
(2)
Included within other assets on the balance sheet.
Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2026.

March 31, 2026
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
(1)
For the three months ended March 31, 2026, the Company had 1 equity investment, measured on a non-recurring basis, that had a fair value of $0.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2025.

December 31, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
(1)
For the year ended December 31, 2025, the Company had 8 equity investments, measured on a non-recurring basis, that had a fair value of $0.
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Non-Recurring Level 3 Fair Value Measurements of Assets and Liabilities

The following table presents the Company’s valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of March 31, 2026.

(Dollars in thousands)

 

Fair Value
at March 31, 2026

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

—

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.

The following table presents the Company’s valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of December 31, 2025.

 

(Dollars in thousands)

 

Fair Value
at December 31, 2025

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

—

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.
v3.26.1
Organization of Medallion Financial Corp. and its Subsidiaries - Additional Information (Detail)
$ in Millions
Mar. 31, 2026
USD ($)
Medallion Financing Trust I [Member]  
Subsidiary or Equity Method Investee [Line Items]  
Aggregate assets of trust $ 34.9
v3.26.1
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Jul. 01, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Interest-bearing funds deposited in other banks   $ 800,000   $ 800,000  
Non-marketable securities   8,100,000   8,100,000  
Impact of equity investment   5,300,000      
Notes receivable net   2,563,656,000   2,514,825,000 [1]  
Equity securities, fair value   1,800,000   1,800,000  
Gains (Loss) on Equity Securities   300,000      
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest   0   0  
Purchased of equity securities with readily determinable fair value         $ 2,000,000
Investment, Type [Extensible Enumeration]         Equity Securities [Member]
Net loan origination costs   54,300,000   52,000,000  
Net Amortization to interest income   3,000,000 $ 2,300,000    
Fair value adjustments related to loans held for sale   0 0    
Goodwill   150,803,000   150,803,000  
Intangible assets, net   17,340,000   17,701,000  
Amortization of intangible assets   361,000 361,000    
Depreciation and amortization   600,000 600,000    
Amortization expense   1,000,000 $ 1,100,000    
Deferred costs   $ 8,200,000   $ 8,400,000  
Potential dilutive common shares excluded from EPS computation   403,858 59,082    
Tier 1 leverage capital to total assets ratio   15.00%      
Excess Tier 1 leverage capital   $ 61,200,000      
Tier 1 leverage capital   $ 385,900,000      
Capital conversation buffer   2.50%   2.50%  
Series F Preferred Stock          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Redemption price of stock $ 46,000,000        
Non-Interest-Bearing Deposits [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Non-interest-bearing compensating balance   $ 800,000   $ 700,000  
Money Market Funds [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Letter of credit   600,000      
Disposition and Exit of Equity Investments [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Gains (Loss) on Equity Securities   400,000      
Home Improvement [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Notes receivable net   817,143,000   813,185,000 [1]  
Recreation [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Notes receivable net   1,614,849,000   1,562,101,000 [1]  
Medallion Bank [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Amortization of intangible assets   0   $ 0  
New York Taxi Medallion [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Notes receivable net   $ 79,500      
Minimum [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Interest bearing loan term   5 years      
Estimated useful life of fixed assets   3 years      
Maximum [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Interest bearing loan term   6 years      
Estimated useful life of fixed assets   10 years      
Maximum [Member] | Equity Securities [Member]          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Gains (Loss) on Equity Securities   $ 100,000 $ 100,000    
[1] Excludes $52.0 million of capitalized loan origination costs.
v3.26.1
Summary of Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments In Loans [Line Items]    
Intangibles assets $ 17,340 $ 17,701
Intellectual Property [Member]    
Investments In Loans [Line Items]    
Intangibles assets 13,200 13,475
Contractor Relationships [Member]    
Investments In Loans [Line Items]    
Intangibles assets $ 4,140 $ 4,226
v3.26.1
Summary of Significant Accounting Policies - Summary of the Calculation of Basic and Diluted EPS (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Abstract]    
Net income attributable to common stockholders $ 4,953 $ 12,014
Weighted average common shares outstanding applicable to basic EPS 23,059,744 22,570,797
Effect of performance stock unit grants 729,280 515,645
Effect of restricted stock grants 487,002 576,251
Effect of dilutive stock options 269,775 234,474
Adjusted weighted average common shares outstanding applicable to diluted EPS 24,545,801 23,897,167
Basic earnings per share $ 0.21 $ 0.53
Diluted earnings per share $ 0.2 $ 0.5
v3.26.1
Summary of Significant Accounting Policies - Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios (Detail)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Accounting Policies [Abstract]    
Regulatory, Minimum, Leverage ratio [1] 0.04  
Regulatory, Minimum, Common equity tier 1 capital ratio [2] 4.50%  
Regulatory, Minimum, tier 1 Buffer capital ratio [3] 6.00%  
Regulatory, Minimum, Total capital ratio [3] 0.08  
Regulatory, Well-Capitalized, Leverage ratio [1] 0.05  
Regulatory, Well-Capitalized, Common equity tier 1 capital ratio [2] 6.50%  
Regulatory, Well-Capitalized, tier 1 capital ratio [3] 0.08  
Regulatory, Well-Capitalized, Total capital ratio [3] 0.10  
Common equity Tier 1 capital $ 347,627 $ 356,038
Tier 1 capital 447,056 455,467
Total capital 479,609 487,292
Average assets 2,572,371 2,558,754
Risk-weighted assets $ 2,529,775 $ 2,472,328
Leverage ratio [1] 0.174 0.178
Common equity tier 1 capital ratio [2] 0.137 0.144
Tier 1 capital ratio [3] 0.177 0.184
Total capital ratio [3] 0.19 0.197
[1] Calculated by dividing Tier 1 capital by average assets.
[2] Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
[3] Calculated by dividing Tier 1 or total capital by risk-weighted assets.
v3.26.1
Investment Securities - Summary of Fixed Maturity Securities Available for Sale (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 72,930 $ 64,648
Gross Unrealized Gains 60 174
Gross Unrealized Losses (5,056) (4,639)
Fair Value 67,934 60,183
Mortgage-backed Securities, Principally Obligations of US Federal Agencies [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 51,481 45,392
Gross Unrealized Gains 60 160
Gross Unrealized Losses (3,732) (3,381)
Fair Value 47,809 42,171
State and Municipalities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 21,312 19,117
Gross Unrealized Gains 0 14
Gross Unrealized Losses (1,315) (1,251)
Fair Value 19,997 17,880
Agency Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 137 139
Gross Unrealized Gains 0 0
Gross Unrealized Losses (9) (7)
Fair Value $ 128 $ 132
v3.26.1
Investment Securities - Summary of Amortized Cost and Estimated Market Value of Investment Securities by Contractual Maturity (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Available-for-sale Securities, Debt Maturities [Abstract]    
Amortized Cost, due in one year or less $ 2,402  
Amortized Cost, due after one year through five years 10,662  
Amortized Cost, due after five years through ten years 9,493  
Amortized Cost, due after ten years 50,373  
Amortized Cost 72,930 $ 64,648
Fair Value, due in one year or less 2,387  
Fair Value, due after one year through five years 10,120  
Fair Value, due after five years through ten years 9,243  
Fair Value, due after ten years 46,184  
Fair Value $ 67,934 $ 60,183
v3.26.1
Investment Securities - Summary of Securities with Gross Unrealized Losses (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months $ (265) $ (16)
Fair Value, Less than Twelve Months 10,558 3,442
Gross Unrealized Losses, Twelve Months and Over (4,791) (4,623)
Fair Value, Twelve Months and Over 43,607 41,513
Collateralized Mortgage-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months (236) (13)
Fair Value, Less than Twelve Months 7,644 3,420
Gross Unrealized Losses, Twelve Months and Over (3,496) (3,368)
Fair Value, Twelve Months and Over 29,393 26,541
State and Municipalities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months (29) (3)
Fair Value, Less than Twelve Months 2,914 22
Gross Unrealized Losses, Twelve Months and Over (1,286) (1,248)
Fair Value, Twelve Months and Over 14,086 14,840
Agency Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months 0 0
Fair Value, Less than Twelve Months 0 0
Gross Unrealized Losses, Twelve Months and Over (9) (7)
Fair Value, Twelve Months and Over $ 128 $ 132
v3.26.1
Investment Securities - Additional Information (Detail) - Securities
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-Sale [Abstract]    
Number of Securities 56 52
Percentage by which aggregate book value exceeded company's equity 10.00% 10.00%
v3.26.1
Loans and Allowance for Credit Losses - Summary of Inclusive Capitalized Loans (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Student Loan Portfolio By Program [Line Items]        
Total loans $ 2,607,209 $ 2,551,705    
Loans held for sale, at lower of amortized cost or fair value 10,786 15,144    
Total loans, gross 2,490,513 2,436,916    
Bank Holding Company Accounting [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 2,617,995 2,566,849 $ 2,486,433 $ 2,491,022
Total loans, gross $ 2,617,995 $ 2,566,849    
Percentage of total gross loans [1] 100.00% 100.00%    
Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 2,607,209 $ 2,551,705    
Percentage of total gross loans [1] 100.00% 99.00%    
Bank Holding Company Accounting [Member] | Loans Held for Sale at Lower of Amortized Cost or Fair Value [Member]        
Student Loan Portfolio By Program [Line Items]        
Loans held for sale, at lower of amortized cost or fair value $ 10,786 $ 15,144    
Percentage of total gross loans [1] 0.00% 0.00%    
Recreation [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 1,671,538 $ 1,617,221    
Recreation [Member] | Bank Holding Company Accounting [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 1,671,538 1,617,221 1,545,844 1,543,243
Recreation [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 1,671,538 $ 1,617,221    
Percentage of total gross loans [1] 64.00% 63.00%    
Home Improvement [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 814,933 $ 810,237    
Home Improvement [Member] | Bank Holding Company Accounting [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 814,933 810,237 812,381 827,211
Home Improvement [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 814,933 $ 810,237    
Percentage of total gross loans [1] 31.00% 32.00%    
Commercial [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 119,612 $ 123,068    
Commercial [Member] | Bank Holding Company Accounting [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 119,612 123,068 116,059 111,273
Commercial [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 119,612 $ 123,068    
Percentage of total gross loans [1] 5.00% 5.00%    
Taxi Medallion [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans $ 1,126 $ 1,179    
Taxi Medallion [Member] | Bank Holding Company Accounting [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 1,126 1,179 1,650 1,909
Taxi Medallion [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 1,126 1,179    
Strategic Partnership [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 10,786 15,144    
Strategic Partnership [Member] | Bank Holding Company Accounting [Member]        
Student Loan Portfolio By Program [Line Items]        
Total loans 10,786 15,144 $ 10,499 $ 7,386
Strategic Partnership [Member] | Bank Holding Company Accounting [Member] | Loans Held for Sale at Lower of Amortized Cost or Fair Value [Member]        
Student Loan Portfolio By Program [Line Items]        
Loans held for sale, at lower of amortized cost or fair value $ 10,786 $ 15,144    
[1]

(1) Percentage may not foot due to rounding.
v3.26.1
Loans and Allowance for Credit Losses - Schedule of Activity of Gross Loans and Loans Held for Sale (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance $ 2,551,705  
Charge-offs (26,880) $ (24,646)
Amortization of origination fees and costs, net (3,005) (2,336)
Paid-in-kind interest 303 249
Gross loans, ending balance 2,607,209  
Recreation [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 1,617,221  
Charge-offs (22,491) (20,274)
Gross loans, ending balance 1,671,538  
Home Improvement [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 810,237  
Charge-offs (4,351) (4,227)
Gross loans, ending balance 814,933  
Commercial [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 123,068  
Charge-offs 0 (130)
Gross loans, ending balance 119,612  
Taxi Medallion [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 1,179  
Charge-offs (38) [1] (15) [2]
Gross loans, ending balance 1,126  
Strategic Partnership [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 15,144  
Gross loans, ending balance 10,786  
Bank Holding Company Accounting [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 2,566,849 2,491,022
Loan originations 376,934 281,648
Principal receipts, sales, and maturities (293,885) (259,613)
Charge-offs (26,880) (24,646)
Transfer to loan collateral in process of foreclosure, net (7,641) (2,389)
Amortization of origination fees and costs, net (3,005) (2,336)
Origination fees and costs, net 5,320 2,498
Paid-in-kind interest 303 249
Gross loans, ending balance 2,617,995 2,486,433
Bank Holding Company Accounting [Member] | Recreation [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 1,617,221 1,543,243
Loan originations 142,548 86,833
Principal receipts, sales, and maturities (59,668) (61,507)
Charge-offs (22,491) (20,274)
Transfer to loan collateral in process of foreclosure, net (7,641) (2,389)
Amortization of origination fees and costs, net (3,750) (3,481)
Origination fees and costs, net 5,319 3,419
Paid-in-kind interest 0 0
Gross loans, ending balance 1,671,538 1,545,844
Bank Holding Company Accounting [Member] | Home Improvement [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 810,237 827,211
Loan originations 64,402 48,796
Principal receipts, sales, and maturities (56,093) (59,611)
Charge-offs (4,351) (4,227)
Transfer to loan collateral in process of foreclosure, net 0 0
Amortization of origination fees and costs, net 737 1,133
Origination fees and costs, net 1 (921)
Paid-in-kind interest 0 0
Gross loans, ending balance 814,933 812,381
Bank Holding Company Accounting [Member] | Commercial [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 123,068 111,273
Loan originations 0 9,707
Principal receipts, sales, and maturities (3,767) (5,052)
Charge-offs 0 (130)
Transfer to loan collateral in process of foreclosure, net 0 0
Amortization of origination fees and costs, net 8 12
Origination fees and costs, net 0 (0)
Paid-in-kind interest 303 249
Gross loans, ending balance 119,612 116,059
Bank Holding Company Accounting [Member] | Taxi Medallion [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 1,179 1,909
Loan originations 0 72
Principal receipts, sales, and maturities (15) (316)
Charge-offs (38) (15)
Transfer to loan collateral in process of foreclosure, net 0 0
Amortization of origination fees and costs, net 0 0
Origination fees and costs, net 0 0
Paid-in-kind interest 0 0
Gross loans, ending balance 1,126 1,650
Bank Holding Company Accounting [Member] | Strategic Partnership [Member]    
Schedule Of Gross Real Estate And Loan Activity [Line Items]    
Gross loans, beginning balance 15,144 7,386
Loan originations 169,984 136,240
Principal receipts, sales, and maturities (174,342) (133,127)
Charge-offs 0 0
Transfer to loan collateral in process of foreclosure, net 0 0
Amortization of origination fees and costs, net 0 0
Origination fees and costs, net 0 0
Paid-in-kind interest 0 0
Gross loans, ending balance $ 10,786 $ 10,499
[1] As of March 31, 2026, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $170.1 million, including $105.5 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
[2] As of March 31, 2025 cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.7 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
v3.26.1
Loans and Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Financing Receivable, Allowance for Credit Losses [Line Items]    
Allowance for credit losses - beginning balance $ 114,789 [1] $ 97,368
Charge-offs (26,880) (24,646)
Total recoveries 6,311 5,630
Provision (benefit) for credit losses 22,476 22,014
Allowance for credit losses - ending balance 116,696 [2] 100,366
Recreation [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Allowance for credit losses - beginning balance 85,956 71,102
Charge-offs (22,491) (20,274)
Total recoveries 4,820 3,860
Provision (benefit) for credit losses 18,445 16,870
Allowance for credit losses - ending balance 86,730 71,558
Home Improvement [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Allowance for credit losses - beginning balance 19,563 20,536
Charge-offs (4,351) (4,227)
Total recoveries 1,465 1,095
Provision (benefit) for credit losses 3,618 2,845
Allowance for credit losses - ending balance 20,295 20,249
Commercial [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Allowance for credit losses - beginning balance 9,052 5,190
Charge-offs 0 (130)
Total recoveries 5 0
Provision (benefit) for credit losses 459 3,114
Allowance for credit losses - ending balance 9,516 8,174
Taxi Medallion [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Allowance for credit losses - beginning balance 218 [3] 540 [4]
Charge-offs (38) [3] (15) [4]
Total recoveries 21 [3] 675 [4]
Provision (benefit) for credit losses (46) [3] (815) [4]
Allowance for credit losses - ending balance $ 155 [3] $ 385 [4]
[1] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[2] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[3] As of March 31, 2026, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $170.1 million, including $105.5 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
[4] As of March 31, 2025 cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.7 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
v3.26.1
Loans and Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Parenthetical) (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Financing Receivable, Allowance for Credit Losses [Line Items]      
Cumulative charges of loans and loan collateral process of foreclosure $ 6,418 $ 7,333  
Taxi Medallion [Member]      
Financing Receivable, Allowance for Credit Losses [Line Items]      
Cumulative charges of loans and loan collateral process of foreclosure 170,100   $ 161,700
New York Taxi Medallion [Member]      
Financing Receivable, Allowance for Credit Losses [Line Items]      
Cumulative charges of loans and loan collateral process of foreclosure $ 105,500   $ 95,200
v3.26.1
Loans and Allowance for Credit Losses - Summary of Gross Charge Offs (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Financing Receivable, Past Due [Line Items]      
2026 $ 0   $ 0
2025 4,084   3,551
2024 6,533   5,210
2023 5,829   5,769
2022 4,926   2,361
Prior 5,508   7,755
Total 26,880   24,646
Recreation [Member]      
Financing Receivable, Past Due [Line Items]      
2026 0   0
2025 3,685   2,728
2024 5,617   3,707
2023 4,501   4,506
2022 3,974   1,933
Prior 4,714   7,400
Total 22,491   20,274
Home Improvement [Member]      
Financing Receivable, Past Due [Line Items]      
2026 0   0
2025 399   823
2024 916   1,503
2023 1,328   1,133
2022 952   428
Prior 756   340
Total 4,351   4,227
Commercial Loan [Member]      
Financing Receivable, Past Due [Line Items]      
2026 0   0
2025 0   0
2024 0   0
2023 0   130
2022 0   0
Prior 0   0
Total 0   130
Taxi Medallion [Member]      
Financing Receivable, Past Due [Line Items]      
2026 0 $ 0  
2025 0   0
2024 0   0
2023 0   0
2022 0   0
Prior 38   15
Total $ 38   $ 15
v3.26.1
Loans and Allowance for Credit Losses - Summary of Allowance for Credit Losses by Type (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Financing Receivable Recorded Investment Past Due [Line Items]        
Amount $ 116,696 [1] $ 114,789 [2] $ 100,366 $ 97,368
Percentage of Allowance 100.00% [1] 100.00% [2]    
Recreation [Member]        
Financing Receivable Recorded Investment Past Due [Line Items]        
Amount $ 86,730 $ 85,956 71,558 71,102
Percentage of Allowance 74.00% 75.00%    
Allowance as a Percent of Loan Category 5.19% [3] 5.32% [4]    
Home Improvement [Member]        
Financing Receivable Recorded Investment Past Due [Line Items]        
Amount $ 20,295 $ 19,563 20,249 20,536
Percentage of Allowance 17.00% 17.00%    
Allowance as a Percent of Loan Category 2.49% [3] 2.41% [4]    
Commercial [Member]        
Financing Receivable Recorded Investment Past Due [Line Items]        
Amount $ 9,516 $ 9,052 8,174 5,190
Percentage of Allowance 8.00% 8.00%    
Allowance as a Percent of Loan Category 7.96% [3] 7.36% [4]    
Taxi Medallion [Member]        
Financing Receivable Recorded Investment Past Due [Line Items]        
Amount $ 155 [5] $ 218 [5] $ 385 [6] $ 540 [6]
Allowance as a Percent of Loan Category 13.86% [3] 18.49% [4]    
[1] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[2] Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
[3] As of March 31, 2026, total allowance for credit losses as a percent of nonaccrual loans was 316%.
[4] As of December 31, 2025, total allowance for credit losses as a percent of nonaccrual loans was 281%.
[5] As of March 31, 2026, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $170.1 million, including $105.5 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
[6] As of March 31, 2025 cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.7 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
v3.26.1
Loans and Allowance for Credit Losses - Summary of Allowance for Credit Losses by Type (Parenthetical) (Detail)
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Allowance as a Percent of Nonaccrual 316.00% 281.00%
v3.26.1
Loans and Allowance for Credit Losses - Summary of Performance Status of Loans and Loans Held for Sale (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 2,607,209 $ 2,551,705  
Net loans $ 2,617,995 [1] $ 2,566,849 $ 2,486,433
Percentage of Nonperforming to Total 1.41% 1.59%  
Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Net loans $ 2,581,101 $ 2,526,009  
Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Net loans 36,894 40,840  
Recreation [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 1,671,538 $ 1,617,221  
Percentage of Nonperforming to Total 0.60% 0.85%  
Recreation [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 1,661,437 $ 1,603,542  
Recreation [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 10,101 13,679  
Home Improvement [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 814,933 $ 810,237  
Percentage of Nonperforming to Total 0.17% 0.16%  
Home Improvement [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 813,533 $ 808,943  
Home Improvement [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 1,400 1,294  
Commercial [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 119,612 $ 123,068  
Percentage of Nonperforming to Total 20.29% 20.06%  
Commercial [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 95,345 $ 98,380  
Commercial [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 24,267 24,688  
Taxi Medallion [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 1,126 $ 1,179  
Percentage of Nonperforming to Total 100.00% 100.00%  
Taxi Medallion [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 0 $ 0  
Taxi Medallion [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 1,126 1,179  
Strategic Partnership [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 10,786 $ 15,144  
Percentage of Nonperforming to Total 0.00% 0.00%  
Strategic Partnership [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 10,786 $ 15,144  
Strategic Partnership [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 0 $ 0  
[1] Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.
v3.26.1
Loans and Allowance for Credit Losses - Summary of Aging of Loans and Loans Held for Sale (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due $ 99,501 $ 111,530
Total 2,563,656 2,514,825 [1]
Accruing 0 0
Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 2,464,155 2,403,295
30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 59,122 61,802
60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 19,513 25,257
90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 20,866 24,471
Recreation [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 78,590 92,657
Total 1,614,849 1,562,101 [1]
Accruing 0 0
Recreation [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,536,259 1,469,444
Recreation [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 51,701 56,911
Recreation [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 17,693 22,890
Recreation [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 9,196 12,856
Home Improvement [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 7,802 8,558
Total 817,143 813,185 [1]
Accruing 0 0
Home Improvement [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 809,341 804,627
Home Improvement [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 4,586 4,891
Home Improvement [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,820 2,367
Home Improvement [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,396 1,300
Commercial Loans [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 13,109 10,274
Total 119,752 123,216 [1]
Accruing 0 0
Commercial Loans [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 106,643 112,942
Commercial Loans [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 2,835 0
Commercial Loans [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Commercial Loans [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 10,274 10,274
Taxi Medallion [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 41
Total 1,126 1,179 [1]
Accruing 0 0
Taxi Medallion [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,126 1,138
Taxi Medallion [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Taxi Medallion [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Taxi Medallion [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 41
Strategic Partnership [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Total 10,786 15,144 [1]
Accruing 0 0
Strategic Partnership [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 10,786 15,144
Strategic Partnership [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Strategic Partnership [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Strategic Partnership [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due $ 0 $ 0
[1] Excludes $52.0 million of capitalized loan origination costs.
v3.26.1
Loans and Allowance for Credit Losses - Summary of Aging of Loans and Loans Held for Sale (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Capitalized loan origination costs and fees $ 54.3 $ 52.0
v3.26.1
Loans and Allowance for Credit Losses - Schedule of Loan Delinquency for Recreation and Home Improvement Loans (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Recreation [Member]    
Financing Receivable, Past Due [Line Items]    
2026 $ 135,820  
2025 421,853 $ 435,498
2024 337,563 356,392
2023 241,297 256,680
2022 212,970 227,028
2021   142,693
Prior 265,346 143,810
Total 1,614,849 [1] 1,562,101 [2]
Recreation [Member] | Current    
Financing Receivable, Past Due [Line Items]    
2026 135,621  
2025 407,944 423,427
2024 320,422 335,079
2023 226,540 237,917
2022 199,919 209,204
2021   132,704
Prior 245,813 131,113
Total 1,536,259 [1] 1,469,444 [2]
Recreation [Member] | 30-59 [Member]    
Financing Receivable, Past Due [Line Items]    
2026 199  
2025 8,997 8,210
2024 11,036 12,763
2023 9,563 11,042
2022 8,463 10,623
2021   6,061
Prior 13,443 8,212
Total 51,701 [1] 56,911 [2]
Recreation [Member] | 60-89 [Member]    
Financing Receivable, Past Due [Line Items]    
2026 0  
2025 3,419 2,374
2024 3,824 5,414
2023 3,522 4,918
2022 2,994 4,872
2021   2,581
Prior 3,934 2,731
Total 17,693 [1] 22,890 [2]
Recreation [Member] | 90+ [Member]    
Financing Receivable, Past Due [Line Items]    
2026 0  
2025 1,493 1,487
2024 2,281 3,136
2023 1,672 2,803
2022 1,594 2,329
2021   1,347
Prior 2,156 1,754
Total 9,196 [1] 12,856 [2]
Home Improvement [Member]    
Financing Receivable, Past Due [Line Items]    
2026 62,623  
2025 176,371 194,852
2024 160,738 174,886
2023 145,000 154,104
2022 145,128 153,027
2021   72,566
Prior 127,283 63,750
Total 817,143 [1] 813,185 [2]
Home Improvement [Member] | Current    
Financing Receivable, Past Due [Line Items]    
2026 62,530  
2025 175,485 193,964
2024 159,242 172,735
2023 142,930 151,637
2022 143,278 151,365
2021   71,812
Prior 125,876 63,114
Total 809,341 [1] 804,627 [2]
Home Improvement [Member] | 30-59 [Member]    
Financing Receivable, Past Due [Line Items]    
2026 93  
2025 591 535
2024 649 980
2023 1,111 1,609
2022 1,191 876
2021   513
Prior 951 378
Total 4,586 [1] 4,891 [2]
Home Improvement [Member] | 60-89 [Member]    
Financing Receivable, Past Due [Line Items]    
2026 0  
2025 191 353
2024 478 761
2023 600 441
2022 328 455
2021   199
Prior 223 158
Total 1,820 [1] 2,367 [2]
Home Improvement [Member] | 90+ [Member]    
Financing Receivable, Past Due [Line Items]    
2026 0  
2025 104 0
2024 369 410
2023 359 417
2022 331 331
2021   42
Prior 233 100
Total $ 1,396 [1] $ 1,300 [2]
[1] Excludes $56.7 million of capitalized recreation loan origination costs and $2.2 million of net deferred home improvement loan origination fees.
[2] Excludes $55.1 million of capitalized recreation loan origination costs and $2.9 million of net deferred home improvement loan origination fees.
v3.26.1
Loans and Allowance for Credit Losses - Schedule of Loan Delinquency for Recreation and Home Improvement Loans (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Capitalized recreation loan origination costs $ 56.7 $ 55.1
Capitalized home improvement loan origination costs $ 2.2 $ 2.9
v3.26.1
Funds Borrowed - Schedule of Outstanding Balances of Funds Borrowed (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
2027 $ 751,199  
2028 607,938  
2029 488,390  
2030 198,831  
2031 230,102  
Thereafter 119,000  
Long term debt [1] $ 2,395,460 $ 2,403,916
Interest Rate [2] 4.13%  
Deposits [Member]    
Debt Instrument [Line Items]    
2027 [3] $ 700,449  
2028 [3] 554,188  
2029 [1] 446,890  
2030 [3] 198,831  
2031 [3] 227,102  
Thereafter [3] 0  
Long term debt [1],[3] $ 2,127,460 2,083,335
Interest Rate [2],[3] 3.88%  
Strategic Partner Collateral Deposits [Member]    
Debt Instrument [Line Items]    
2027 $ 6,250  
2028 0  
2029 0  
2030 0  
2031 0  
Thereafter 0  
Long term debt [1] $ 6,250 6,081
Interest Rate [2] 3.64%  
Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
2027 $ 0  
2028 53,750  
2029 39,000  
2030 0  
2031 0  
Thereafter 22,500  
Long term debt [1] $ 115,250 146,500
Interest Rate [2] 8.35%  
SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
2027 $ 4,500  
2028 0  
2029 2,500  
2030 0  
2031 3,000  
Thereafter 63,500  
Long term debt [1] $ 73,500 85,000
Interest Rate [2] 4.11%  
Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
2027 $ 0  
2028 0  
2029 0  
2030 0  
2031 0  
Thereafter 33,000  
Long term debt [1] $ 33,000 33,000
Interest Rate [2] 6.06%  
Federal Reserve and Other Borrowings [Member]    
Debt Instrument [Line Items]    
2027 $ 40,000  
2028 0  
2029 0  
2030 0  
2031 0  
Thereafter 0  
Long term debt [1] $ 40,000 $ 50,000
Interest Rate [2] 3.75%  
[1] Excludes deferred financing costs of $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025.
[2] Weighted average contractual rate as of March 31, 2026.
[3] Balance includes $2.8 million and $3.7 million in retail savings deposit balances as of March 31, 2026 and December 31, 2025.
v3.26.1
Funds Borrowed - Schedule of Outstanding Balances of Funds Borrowed (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
Deferred costs $ 8.2 $ 8.4
Retail savings deposit balance $ 2.8 $ 3.7
v3.26.1
Funds Borrowed - Additional Information (Detail) - USD ($)
 3 Months Ended
Dec. 31, 2007
Jun. 30, 2007
Mar. 31, 2026
Dec. 31, 2025
Feb. 28, 2024
Dec. 31, 2021
Debt Instrument [Line Items]            
Time deposits     $ 2,133,710,000      
Listing services deposits from other financial institutions.     18,200,000 $ 17,200,000    
Retail savings deposit balance     $ 2,800,000 $ 3,700,000    
Interest Rate [1]     4.13%      
Investment, Type [Extensible Enumeration]           Equity Securities [Member]
Issue of common stock     30,145,347 29,592,592    
Preferred securities repurchased from a third party investor $ 2,000,000          
Medallion Capital, Inc. [Member]            
Debt Instrument [Line Items]            
Debt instrument face amount         $ 18,500,000  
Trust Preferred Securities [Member]            
Debt Instrument [Line Items]            
Maturity date     Sep. 30, 2037      
Aggregate principal amount of unsecured junior subordinated notes   $ 36,100,000        
Investment, Type [Extensible Enumeration]   Unsecured Debt [Member]        
Sale of preferred securities   $ 35,000,000        
Issue of common stock   1,083        
Basis spread on variable rate     2.13%      
Description of variable rate basis     26 basis points      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Preferred securities outstanding     $ 33,000,000      
Small Business Administration Debentures and Borrowings [Member]            
Debt Instrument [Line Items]            
Interest Rate [1]     4.11%      
Loan commitment term     4 years 6 months      
Commitment fee percentage     1.00%      
Federal reserve discount window and other borrowings [Member]            
Debt Instrument [Line Items]            
Home improvement loans pledged     $ 1,500      
Pledged Securities Advance Rate of Book Value     58.00%      
Line of credit facility maximum borrowing capacity     $ 884,200      
Long-term Line of Credit     $ 40,000      
Interest Rate     3.75%      
Commercial Banks [Member]            
Debt Instrument [Line Items]            
Line of credit facility maximum borrowing capacity     $ 75,000,000      
Line of credit outstanding     0      
Maximum [Member]            
Debt Instrument [Line Items]            
Time deposits     250,000,000      
Minimum [Member]            
Debt Instrument [Line Items]            
Time deposits     250,000,000      
Minimum [Member] | Bank Time Deposits [Member]            
Debt Instrument [Line Items]            
Brokered time deposits     $ 250,000,000      
Brokerage [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Average brokerage fee percentage in relation to the maturity of deposits     0.15%      
[1] Weighted average contractual rate as of March 31, 2026.
v3.26.1
Funds Borrowed - Summary of Maturity of Deposit Pools and Savings Deposits, Including Strategic Partner Reserve Deposits (Detail)
$ in Thousands
Mar. 31, 2026
USD ($)
Debt Disclosure [Abstract]  
Three months or less $ 241,634
Over three months through six months 159,896
Over six months through one year 298,919
Over one year 1,427,011
Deposits 2,127,460
Strategic partner collateral deposits 6,250
Total deposits $ 2,133,710
v3.26.1
Funds Borrowed - Schedule of Private Placement Notes Outstanding (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 2,395,460 $ 2,403,916
Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 115,250 146,500
December 2020 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2027  
Interest Rate 7.50%  
Interest Payable Semi-annually  
Aggregate principal amount $ 53,750 53,750
February 2021 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Feb. 28, 2026  
Interest Rate 7.25%  
Interest Payable Semi-annually  
Aggregate principal amount $ 0 31,250
September 2023 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2028  
Interest Rate 9.25%  
Interest Payable Semi-annually  
Aggregate principal amount $ 39,000 39,000
June 2024 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Jun. 30, 2039  
Interest Rate 8.875%  
Interest Payable Semi-annually  
Aggregate principal amount $ 17,500 17,500
August 2024 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Aug. 31, 2039  
Interest Rate 8.625%  
Interest Payable Semi-annually  
Aggregate principal amount $ 5,000 $ 5,000
[1] Excludes deferred financing costs of $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025.
v3.26.1
Funds Borrowed - Schedule of SBA Debentures and Borrowings (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 2,395,460 $ 2,403,916
SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 73,500 85,000
March 2016 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2026  
Interest Rate 3.25%  
Interest Payable Semi-annually  
Aggregate principal amount $ 0 1,500
March 2016 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2026  
Interest Rate 3.18%  
Interest Payable Semi-annually  
Aggregate principal amount $ 0 10,000
May 2016 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2026  
Interest Rate 2.72%  
Interest Payable Semi-annually  
Aggregate principal amount $ 2,500 2,500
March 2017 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2027  
Interest Rate 3.52%  
Interest Payable Semi-annually  
Aggregate principal amount $ 2,000 2,000
September 2018 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2028  
Interest Rate 4.22%  
Interest Payable Semi-annually  
Aggregate principal amount $ 1,250 1,250
March 2019 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2029  
Interest Rate 3.79%  
Interest Payable Semi-annually  
Aggregate principal amount $ 1,250 1,250
September 2020 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2030  
Interest Rate 1.71%  
Interest Payable Semi-annually  
Aggregate principal amount $ 3,000 3,000
June 2021 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2031  
Interest Rate 1.58%  
Interest Payable Semi-annually  
Aggregate principal amount $ 8,500 8,500
October 2021 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2032  
Interest Rate 3.21%  
Interest Payable Semi-annually  
Aggregate principal amount $ 7,000 7,000
October 2022 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2033  
Interest Rate 5.44%  
Interest Payable Semi-annually  
Aggregate principal amount $ 4,750 4,750
April 2023 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2033  
Interest Rate 5.96%  
Interest Payable Semi-annually  
Aggregate principal amount $ 4,750 4,750
September 2023 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2034  
Interest Rate 5.08%  
Interest Payable Semi-annually  
Aggregate principal amount $ 4,750 4,750
November 2023 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2034  
Interest Rate 5.08%  
Interest Payable Semi-annually  
Aggregate principal amount $ 5,000 5,000
March 2025 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2035  
Interest Rate 4.58%  
Interest Payable Semi-annually  
Aggregate principal amount $ 10,250 10,250
August 2025 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2035  
Interest Rate 4.66%  
Interest Payable Semi-annually  
Aggregate principal amount $ 18,500 $ 18,500
[1] Excludes deferred financing costs of $8.2 million and $8.4 million as of March 31, 2026 and December 31, 2025.
v3.26.1
Leases - Schedule of Operating Lease Costs and Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease costs $ 634 $ 588
Operating cash flows from operating leases 697 675
Right-of-use asset obtained in exchange for lease liability $ (36) $ (63)
v3.26.1
Leases - Schedule of Breakout of Operating Leases (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property Equipment And Right Of Use Asset Net Property Equipment And Right Of Use Asset Net
Operating lease right-of-use assets $ 6,386 $ 6,896
Other current liabilities $ 2,213 $ 2,205
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Operating lease liabilities Operating lease liabilities
Operating lease liabilities $ 4,489 $ 5,041
Total operating lease liabilities $ 6,702 $ 7,246
Weighted average remaining lease term 5 years 9 months 18 days 5 years 9 months 18 days
Weighted average discount rate 5.90% 5.90%
v3.26.1
Leases - Schedule of Maturities of the Lease Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Remainder of 2026 $ 2,061  
2027 1,345  
2028 760  
2029 781  
2030 803  
Thereafter 2,036  
Total lease payments 7,786  
Less imputed interest 1,084  
Total operating lease liabilities $ 6,702 $ 7,246
v3.26.1
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Income Tax Disclosure [Abstract]    
Provision for credit losses $ 17,836 $ 17,700
Accrued expenses, compensation, and other assets 1,613 5,868
Net operating loss carryforwards [1] 2,648 2,648
Other investments and investment securities 2,574 2,553
Valuation allowance (3,571) (5,957)
Total deferred tax assets 21,100 22,812
Goodwill and other intangibles 42,317 42,408
Total deferred tax liabilities 42,317 42,408
Deferred tax liability, net $ 21,217 $ 19,596
[1] As of March 31, 2026, the Company had an estimated $11.1 million of net operating loss carryforwards, $1.7 million of which expires at various dates between December 31, 2026 and December 31, 2035, which had no net carrying value as of March 31, 2026.
v3.26.1
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - Medallion Chicago [Member]
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Income Tax Rate Reconciliation [Line Items]  
Net operating loss carryforwards $ 11.1
Net operating loss carryforwards expiration period expires at various dates between December 31, 2026 and December 31, 2035
Net operating loss carryforwards assets $ 0.0
December 31, 2026 To December 31, 2035 [Member]  
Income Tax Rate Reconciliation [Line Items]  
Net operating loss carryforwards $ 1.7
v3.26.1
Income Taxes - Summary of Components of Tax Provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Current    
Federal $ 1,961 $ 4,661
State 740 1,522
Deferred    
Federal 1,263 261
State 364 269
Total income tax provision $ 4,328 $ 6,713
v3.26.1
Income Taxes - Summary of Reconciliation of Statutory Federal Income Tax Provision to Consolidated Actual Income Tax Provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]    
Statutory Federal income tax provision $ 2,440 $ 4,250
State and local income taxes, net of federal income tax benefit 910 923
Non-deductible expenses 3,385 1,572
Valuation allowance against deferred tax assets (2,386) (190)
Other (21) 158
Total income tax provision $ 4,328 $ 6,713
Effective Income Tax Rate Reconciliation, Percent [Abstract]    
Statutory Federal income tax provision percentage [1] 21.00% 21.00%
State and local income taxes, net of federal income tax benefit [1] 8.00% 5.00%
Non-deductible expenses [1] 29.00% 8.00%
Valuation allowance against deferred tax assets [1] (21.00%) (1.00%)
Other [1] 0.00% 1.00%
Total income tax provision [1] 37.00% 33.00%
[1] Percentage may not foot due to rounding.
v3.26.1
Income Taxes - Summary of Reconciliation of Statutory Federal Income Tax Provision to Consolidated Actual Income Tax Provision (Parenthetical) (Detail)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Rate Reconciliation [Line Items]    
Tax Jurisdiction of Domicile [Extensible Enumeration] us-gaap:DomesticCountryMember us-gaap:DomesticCountryMember
v3.26.1
Income Taxes - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Examination [Line Items]    
Open tax year 2022  
State and local income taxes, net of federal income tax benefit [1] 8.00% 5.00%
Utah [Member]    
Income Tax Examination [Line Items]    
State and local income taxes, net of federal income tax benefit 34.00%  
California [Member]    
Income Tax Examination [Line Items]    
State and local income taxes, net of federal income tax benefit 7.00%  
Florida [Member]    
Income Tax Examination [Line Items]    
State and local income taxes, net of federal income tax benefit 6.00%  
New York [Member]    
Income Tax Examination [Line Items]    
State and local income taxes, net of federal income tax benefit 5.00%  
Texas [Member]    
Income Tax Examination [Line Items]    
State and local income taxes, net of federal income tax benefit 3.00%  
[1] Percentage may not foot due to rounding.
v3.26.1
Stock Options and Restricted Stock - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 15, 2018
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2023
Dec. 31, 2024
Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock option outstanding   795,227 [1]   798,058   913,909  
Stock option exercisable   795,227 [1]   798,058      
Unvested shares of common stock outstanding   0   0   84,623  
Number of shares vested and settled   336,436          
Unrecognized compensation cost related to unvested stock options, restricted stock, restricted stock units, and performance stock units   $ 10.1          
Unrecognized compensation cost related to unvested stock options and restricted stock, recognition period   12 years          
Total stock based compensation expense   $ 2.1 $ 1.7        
Stock based compensation award per diluted common share   $ 0.08 $ 0.07        
Weighted average fair value of options granted       $ 0      
Intrinsic value of options vested   $ 0.1          
Restricted Stock Units [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   426,154          
Number of shares outstanding, vested restricted stock units   336,436          
Number of shares, granted   0          
Restricted Stock Units [Member] | Vest on June 12, 2026 [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares, granted       86,410      
Weighted average grant price, granted   $ 9.49          
Restricted Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   719,590 [2]   751,750   909,028  
Number of shares vested and settled [3]   374,797   484,823      
Weighted average fair value of options granted   $ 0 $ 0        
Number of shares, granted   344,206   332,918      
Weighted average grant price, granted   $ 10.36   $ 8.63      
PSU [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   744,350   823,854   512,131  
Number of shares vested and settled   296,444 [4]   0      
Number of shares, granted   216,940   311,723      
Weighted average grant price, granted   $ 10.34   $ 8.47      
Unvested Performance Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding, performance stock units   744,350          
Maximum [Member] | PSU [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting rights, percentage         200.00%    
Minimum [Member] | PSU [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting rights, percentage         0.00%    
2018 Equity Incentive Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares available for grant   7,710,968          
Shares were rolled into the 2018 Plan   1,480,811          
2018 Equity Incentive Plan [Member] | Restricted Stock Units [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares outstanding   89,718          
2018 Restricted Stock Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Unvested shares of common stock outstanding   719,590          
2015 Director Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares available for grant 258,334           300,000
2015 Director Plan [Member] | Non Employee Director One [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares available for grant 12,000            
2015 Director Plan [Member] | Maximum [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 10 years            
Amended Director Plan [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares available for grant             200,000
Number of additional shares available for issuance   0          
Amended Director Plan [Member] | Director [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of shares available for grant   9,000          
Amended Director Plan [Member] | Maximum [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 10 years            
[1] The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at March 31, 2026 and the related exercise price of the underlying options, was $1.6 million for outstanding options, all of which had previously vested. The remaining contractual life was 3.9 years for outstanding options at March 31, 2026
[2] The aggregate fair value of the unvested restricted stock was $6.2 million as of March 31, 2026. The remaining vesting period was 2.9 years at March 31, 2026.
[3] The aggregate fair value of the restricted stock vested, on the date of vesting, was $3.8 million for the three months ended March 31, 2026 and $4.2 million for the year ended December 31, 2025
[4] During the three months ended March 31, 2026, 652,577 shares were used in connection with the vesting and settlement of PSUs.
v3.26.1
Stock Options and Restricted Stock - Summary of Activity for Performance Stock Units and Restricted Stock Programs (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares, vested (336,436)  
Grant price per share, cancelled, lower limit [1]   $ 4.89
Grant price per share, cancelled, upper limit [1] $ 0 $ 6.79
PSU [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares, beginning balance 823,854 512,131
Number of shares, granted 216,940 311,723
Number of shares, cancelled 0 0
Number of shares, vested (296,444) [2] 0
Number of shares, ending balance 744,350 823,854
Grant price per share, lower range limit beginning balance $ 6.08 $ 6.08
Grant price per share, upper range limit beginning balance 8.97 8.97
Grant price per share, granted, upper limit 10.34 8.47
Grant price per share, cancelled, upper limit 0 0
Grant price per share, vested, upper limit 6.08 [2] 0
Grant price per share, lower range limit ending balance 8.47 6.08
Grant price per share, upper range limit ending balance 10.36 8.97
Weighted average grant price beginning balance 7.74 7.3
Weighted average grant price, granted 10.34 8.47
Weighted average grant price, cancelled 0 0
Weighted average grant price, vested 6.08 [2] 0
Weighted average grant price, ending balance $ 9.17 $ 7.74
Restricted Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares, beginning balance 751,750 909,028
Number of shares, granted 344,206 332,918
Number of shares, cancelled (1,569) (5,373)
Number of shares, vested [3] (374,797) (484,823)
Number of shares, ending balance 719,590 [4] 751,750
Grant price per share, lower range limit beginning balance $ 8.08 $ 4.89
Grant price per share, upper range limit beginning balance 10.57 10.32
Grant price per share, granted, lower limit   8.47
Grant price per share, granted, upper limit 10.36 10.57
Grant price per share, cancelled, lower limit 9.37 4.89
Grant price per share, cancelled, upper limit 10.32 10.32
Grant price per share, vested, lower limit [3] 8.08 4.89
Grant price per share, vested, upper limit [3] 9.37 8.97
Grant price per share, lower range limit ending balance 8.47 8.08
Grant price per share, upper range limit ending balance 10.57 10.57
Weighted average grant price beginning balance 8.83 8.3
Weighted average grant price, granted 10.36 8.63
Weighted average grant price, cancelled 9.82 9.16
Weighted average grant price, vested [3] 8.67 7.7
Weighted average grant price, ending balance $ 9.64 [4] $ 8.83
[1] The intrinsic value of the options vested was $0.1 million for the year ended December 31, 2025.
[2] During the three months ended March 31, 2026, 652,577 shares were used in connection with the vesting and settlement of PSUs.
[3] The aggregate fair value of the restricted stock vested, on the date of vesting, was $3.8 million for the three months ended March 31, 2026 and $4.2 million for the year ended December 31, 2025
[4] The aggregate fair value of the unvested restricted stock was $6.2 million as of March 31, 2026. The remaining vesting period was 2.9 years at March 31, 2026.
v3.26.1
Stock Options and Restricted Stock - Summary of Activity for Performance Stock Units and Restricted Stock Programs (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares vesting [1] 0 84,504
Restricted Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate fair value of restricted stock vested $ 3.8 $ 4.2
Aggregate fair value of unvested restricted stock outstanding $ 6.2  
Remaining vesting period of restricted stock 2 years 10 months 24 days  
PSU [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares vesting 652,577  
[1] The intrinsic value of the options vested was $0.1 million for the year ended December 31, 2025.
v3.26.1
Stock Options and Restricted Stock - Summary of Activity for Stock Option Programs (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of options beginning balance 798,058 913,909
Granted 0 0
Cancelled (607) (33,770)
Exercised (2,224) [1] (82,081)
Number of options ending balance 795,227 [2] 798,058
Options exercisable 795,227 [2] 798,058
Exercise price per share, lower range limit beginning balance $ 2.14 $ 2.14
Exercise price per share, upper range limit beginning balance 9.38 9.38
Exercise price per share, granted 0 0
Exercise price per share, cancelled 0  
Exercise price per share, lower range limit ending balance 4.89 [1],[2] 2.14
Exercise price per share, upper range limit ending balance 7.25 [1],[2] 9.38
Exercise price per share, option exercisable lower range limit 4.89 [2] 2.14
Exercise price per share, option exercisable upper range limit 7.25 [2] 9.38
Weighted average exercise price, beginning balance 6.5 6.52
Weighted average exercise price, granted 0 0
Weighted average exercise price, cancelled 5.98 7.37
Weighted average exercise price, exercised 5.85 [1] 6.29
Weighted average exercise price, ending balance 6.5 [2] 6.5
Weighted average exercise price, options exercisable 6.5 [2] 6.5
Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise price per share, cancelled   4.89
Exercise price per share, exercised 4.89 [1] 4.89
Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise price per share, cancelled   9.38
Exercise price per share, exercised $ 7.25 [1] $ 7.25
[1] The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for the three months ended March 31, 2026 and $0.3 million for the year ended December 31, 2025.
[2] The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at March 31, 2026 and the related exercise price of the underlying options, was $1.6 million for outstanding options, all of which had previously vested. The remaining contractual life was 3.9 years for outstanding options at March 31, 2026
v3.26.1
Stock Options and Restricted Stock - Summary of Activity for Stock Option Programs (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]    
Aggregate intrinsic value for option exercised $ 0.1 $ 0.3
Aggregate intrinsic value of option outstanding $ 1.6  
Remaining contractual life of option outstanding 3 years 10 months 24 days  
v3.26.1
Stock Options and Restricted Stock - Summary of Activity for Unvested Options Outstanding (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]    
Number of options beginning balance 0 84,623
Number of options, granted 0 0
Number of options, cancelled 0 (119)
Number of options, vested [1] 0 (84,504)
Number of options ending balance 0 0
Exercise price per share beginning balance, Lower limit   $ 4.89
Exercise price per share beginning balance, Upper limit $ 0 6.79
Exercise price per share, Granted 0 0
Exercise price per share, Cancelled, Upper limit 0 4.89
Exercise price per share, Vested, Lower limit [1]   4.89
Exercise price per share, Vested, Upper limit [1] 0 6.79
Exercise price per share ending balance, Upper limit 0 0
Weighted average exercise price 0 6.37
Weighted average exercise price, granted   0
Weighted average exercise price, cancelled 0 4.89
Weighted average exercise price, vested [1] 0 6.37
Weighted average exercise price $ 0 $ 0
[1] The intrinsic value of the options vested was $0.1 million for the year ended December 31, 2025.
v3.26.1
Stock Options and Restricted Stock - Summary of Activity for Unvested Options Outstanding (Parenthetical) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Intrinsic value of options vested $ 0.1
v3.26.1
Segment Reporting - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting Disclosure [Line Items]  
Number of business segments 5
Number of operating segments 4
Number of non-operating segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember, srt:ChiefFinancialOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM primarily uses segment information to identify areas to improve efficiency of resources allocation, determine where to reinvest profits, and minimize unnecessary expenses. The CODM assesses segment performance mainly through selected financial ratios such as returns on average assets and net interest margin, which identifies areas requiring action.
Swimming Pools [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 35.00%
Roofs [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 27.00%
Windows [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 11.00%
Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Texas [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 17.00%
Texas [Member] | Home Improvement [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 13.00%
Florida [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Florida [Member] | Home Improvement [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 14.00%
Other States [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Other States [Member] | Home Improvement [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Recreational Vehicles [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 54.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Boats [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 21.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Cars [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 13.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Trailers [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 11.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 10.00%
Commercial Lending Segment [Member] | Manufacturing [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 62.00%
Commercial Lending Segment [Member] | Construction [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Commercial Lending Segment [Member] | Wholesale Trade [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 11.00%
Commercial Lending Segment [Member] | Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Commercial Lending Segment [Member] | California [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 21.00%
Commercial Lending Segment [Member] | Wisconsin [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 12.00%
Commercial Lending Segment [Member] | New York [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 11.00%
Commercial Lending Segment [Member] | Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 10.00%
v3.26.1
Segment Reporting - Schedule of Segment Data (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Disclosure [Line Items]      
Total interest income $ 79,068 $ 75,425  
Total interest expense 25,009 24,013  
Net interest income 54,059 51,412  
Provision (benefit) for credit losses 22,476 22,014  
Net interest income after provision for credit losses 31,583 29,398  
Other income, net 2,408 11,599  
Other expenses      
Salaries 11,000 9,993  
Loan servicing fees, credit, and collection costs 5,474 4,556  
Other costs 5,900 6,209  
Total other expenses 22,374 20,758  
Operating expenses   20,758  
Net income (loss) before taxes 11,617 20,239  
Income tax (provision) benefit (4,328) (6,713)  
Net income (loss) 7,289 13,526  
Income attributable to the non-controlling interest 2,336 1,512  
Net income attributable to Medallion Financial Corp. 4,953 12,014  
Balance Sheet Data      
Total loans, gross 2,490,513   $ 2,436,916
Loans 2,617,995 [1] 2,486,433 2,566,849
Total assets 2,950,486 2,847,738 $ 2,955,464
Total funds borrowed $ 2,395,460 [2] $ 2,342,373 [3]  
Selected Financial Ratios      
Return on average assets 1.01% 1.93%  
Return on average stockholders' equity 4.91% 12.96%  
Return on average equity 5.80% [4] 12.32%  
Interest yield 11.70% 11.65%  
Net interest margin, gross 8.00% 7.94%  
Net interest margin, net of allowance 8.35% 8.25%  
Reserve coverage 4.48% [4] 4.25% [5]  
Delinquency status 0.81% [6] 1.20% [7]  
Charge-off ratio 3.23% [8] 3.10% [9]  
Recreation [Member]      
Selected Financial Ratios      
Charge-off ratio   4.67%  
Operating Segments [Member] | Consumer Lending [Member] | Recreation [Member]      
Segment Reporting Disclosure [Line Items]      
Total interest income $ 54,034 $ 50,466  
Total interest expense 14,292 12,041  
Net interest income 39,742 38,425  
Provision (benefit) for credit losses 18,445 16,870  
Net interest income after provision for credit losses 21,297 21,555  
Other income, net 26 400  
Other expenses      
Salaries 4,105 3,642  
Loan servicing fees, credit, and collection costs 4,290 3,182  
Other costs 2,683 3,140  
Total other expenses 11,078    
Operating expenses   9,964  
Net income (loss) before taxes 10,245 11,991  
Income tax (provision) benefit (3,817) (3,977)  
Net income (loss) 6,428 8,014  
Balance Sheet Data      
Total loans, gross 1,671,538 [1] 1,545,844  
Total assets 1,606,691 1,495,150  
Total funds borrowed $ 1,304,451 [2] $ 1,229,818 [3]  
Selected Financial Ratios      
Return on average assets 1.65% 2.17%  
Return on average equity 9.60% [4] 13.37%  
Interest yield 13.39% 13.25%  
Net interest margin, gross 9.85% 10.10%  
Net interest margin, net of allowance 10.40% 10.59%  
Reserve coverage 5.19% [4] 5.00% [5]  
Delinquency status 0.57% [6] 0.48% [7]  
Charge-off ratio 4.38% [8] 4.32% [9]  
Operating Segments [Member] | Consumer Lending [Member] | Home Improvement [Member]      
Segment Reporting Disclosure [Line Items]      
Total interest income $ 19,376 $ 19,771  
Total interest expense 7,370 6,964  
Net interest income 12,006 12,807  
Provision (benefit) for credit losses 3,618 2,845  
Net interest income after provision for credit losses 8,388 9,962  
Other income, net 7 2  
Other expenses      
Salaries 2,352 2,377  
Loan servicing fees, credit, and collection costs 1,141 777  
Other costs 1,378 1,830  
Total other expenses 4,871    
Operating expenses   4,984  
Net income (loss) before taxes 3,524 4,980  
Income tax (provision) benefit (1,313) (1,652)  
Net income (loss) 2,211 3,328  
Balance Sheet Data      
Total loans, gross 814,933 [1] 812,381  
Total assets 802,126 795,868  
Total funds borrowed $ 651,235 [2] $ 654,632 [3]  
Selected Financial Ratios      
Return on average assets 1.12% 1.68%  
Return on average equity 6.52% [4] 10.33%  
Interest yield 9.67% 9.78%  
Net interest margin, gross 5.99% 6.33%  
Net interest margin, net of allowance 6.14% 6.50%  
Reserve coverage 2.49% [4] 2.49% [5]  
Delinquency status 0.17% [6] 0.19% [7]  
Charge-off ratio 1.44% [8] 1.55% [9]  
Operating Segments [Member] | Commercial Lending [Member]      
Segment Reporting Disclosure [Line Items]      
Total interest income $ 3,449 $ 3,343  
Total interest expense 1,392 1,053  
Net interest income 2,057 2,290  
Provision (benefit) for credit losses 459 3,114  
Net interest income after provision for credit losses 1,598 (824)  
Other income, net 448 9,642  
Other expenses      
Salaries 739 1,142  
Loan servicing fees, credit, and collection costs 0  
Other costs 543 331  
Total other expenses 1,282    
Operating expenses   1,473  
Net income (loss) before taxes 764 7,345  
Income tax (provision) benefit (310) (2,436)  
Net income (loss) 454 4,909  
Balance Sheet Data      
Total loans, gross 119,612 [1] 116,059  
Total assets 111,561 109,565  
Total funds borrowed $ 90,575 [2] $ 90,121 [3]  
Selected Financial Ratios      
Return on average assets 1.60% 18.45%  
Return on average equity 9.32% [4] 113.46%  
Interest yield 11.57% 11.16%  
Net interest margin, gross 6.90% 8.25%  
Net interest margin, net of allowance 7.47% 8.71%  
Reserve coverage 7.96% [4] 7.04% [5]  
Delinquency status 8.58% [6] 17.63% [7]  
Charge-off ratio [9]   0.47%  
Operating Segments [Member] | Taxi Medallion Lending [Member]      
Segment Reporting Disclosure [Line Items]      
Total interest income $ 59 $ 80  
Total interest expense 30 12  
Net interest income 29 68  
Provision (benefit) for credit losses (46) (815)  
Net interest income after provision for credit losses 75 883  
Other income, net 1,117 844  
Other expenses      
Salaries 701 650  
Loan servicing fees, credit, and collection costs 28 149  
Other costs 34 184  
Total other expenses 763    
Operating expenses   983  
Net income (loss) before taxes 429 744  
Income tax (provision) benefit (160) (247)  
Net income (loss) 269 497  
Balance Sheet Data      
Total loans, gross 1,126 [1] 1,650  
Total assets 3,836 6,855  
Total funds borrowed 3,114 [2] 5,638 [3]  
Intersegment Eliminations [Member]      
Segment Reporting Disclosure [Line Items]      
Total interest income 2,150 1,765  
Total interest expense 1,925 3,943  
Net interest income 225 (2,178)  
Provision (benefit) for credit losses 0 0  
Net interest income after provision for credit losses 225 (2,178)  
Other income, net 810 711  
Other expenses      
Salaries 3,103 2,182  
Loan servicing fees, credit, and collection costs 15 448  
Other costs 1,262 724  
Total other expenses 4,380    
Operating expenses   3,354  
Net income (loss) before taxes (3,345) (4,821)  
Income tax (provision) benefit 1,272 1,599  
Net income (loss) (2,073) (3,222)  
Balance Sheet Data      
Total loans, gross 10,786 [1] 10,499  
Total assets 426,272 440,300  
Total funds borrowed $ 346,085 [2] $ 362,164 [3]  
[1] Inclusive of strategic partnership loans held for sale, at lower of amortized cost or fair value.
[2] Excludes deferred financing costs of $8.2 million as of March 31, 2026.
[3] Excludes deferred financing costs of $8.1 million as of March 31, 2025.
[4] Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
[5] Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
[6] Loans 90 days or more past due as a percent of total loans.
[7] Loans 90 days or more past due as a percent of total loans.
[8] Net charge-offs as a percent of average gross loss.
[9] Net charge-offs as a percent of average gross loss. Charge-off ratio in the recreation lending segment was 4.67% when excluding loans held for sale
v3.26.1
Segment Reporting - Schedule of Segment Data (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Disclosure [Line Items]      
Deferred financing costs $ 8.2 $ 8.1 $ 8.4
Charge-off ratio 3.23% [1] 3.10% [2]  
Recreation [Member]      
Segment Reporting Disclosure [Line Items]      
Charge-off ratio   4.67%  
[1] Net charge-offs as a percent of average gross loss.
[2] Net charge-offs as a percent of average gross loss. Charge-off ratio in the recreation lending segment was 4.67% when excluding loans held for sale
v3.26.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
 3 Months Ended
Jan. 12, 2026
Mar. 31, 2026
Commitments And Contingencies [Abstract]    
Annual base salary $ 430,000,000  
Employment agreements expiration description   employment agreements expire at various dates through 2028
Employment Agreements Future Minimum Payments Due   $ 7,600,000
Future minimum payments   7,600,000
Other commitment   $ 0
v3.26.1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Executive Vice President [Member]      
Related Party Transaction [Line Items]      
Salary from related party $ 277,000   $ 269,000
Annual cash bonus 101,000 $ 75,000  
Equity grants 54,000 50,000  
Manager [Member]      
Related Party Transaction [Line Items]      
Salary from related party 120,000   $ 107,120
Annual cash bonus 16,068 13,000  
Equity grants $ 0 $ 2,601  
v3.26.1
Fair Value of Financial Instruments - Summary of Carrying Values and Fair Values of Financial Instruments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financial assets    
Investment securities $ 67,934 $ 60,183
Loans held for sale, at lower of amortized cost or fair value 10,786 15,144
Equity securities, fair value 1,800 1,800
Level 1 [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 137,899 [1] 200,814 [2]
Investment securities 0 0
Loans held for investment, net of allowance 0 0
Loans held for sale, at lower of amortized cost or fair value 0 0
Accrued interest receivable 19,261 19,401
Equity securities, fair value 1,776 [3] 1,787 [4]
Financial liabilities    
Funds borrowed 0 [5] 0 [6]
Accrued interest payable 5,635 6,319
Level 2 [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 750 [1] 750 [2]
Investment securities 67,934 60,183
Loans held for investment, net of allowance 0 0
Loans held for sale, at lower of amortized cost or fair value 0 0
Accrued interest receivable 0 0
Equity securities, fair value 0 [3] 0 [4]
Financial liabilities    
Funds borrowed 2,407,187 [5] 2,431,011 [6]
Accrued interest payable 0 0
Level 3 [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 0 [1] 0 [2]
Investment securities 0 0
Loans held for investment, net of allowance 2,503,325 2,421,988
Loans held for sale, at lower of amortized cost or fair value 10,786 15,144
Accrued interest receivable 0 0
Equity securities, fair value 0 [3] 0 [4]
Financial liabilities    
Funds borrowed 0 [5] 0 [6]
Accrued interest payable 0 0
Carrying Amount [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 138,649 [1] 201,564 [2]
Investment securities 67,934 60,183
Loans held for investment, net of allowance 2,490,513 2,436,916
Loans held for sale, at lower of amortized cost or fair value 10,786 15,144
Accrued interest receivable 19,261 19,401
Equity securities, fair value 1,776 [3] 1,787 [4]
Financial liabilities    
Funds borrowed 2,395,460 [5] 2,410,016 [6]
Accrued interest payable 5,635 6,319
Fair Value Recurring [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 138,649 [1] 201,564 [2]
Investment securities 67,934 60,183
Loans held for investment, net of allowance 2,503,325 2,421,988
Loans held for sale, at lower of amortized cost or fair value 10,786 15,144
Accrued interest receivable 19,261 19,401
Equity securities, fair value 1,776 [3] 1,787 [4]
Financial liabilities    
Funds borrowed 2,407,187 [5] 2,431,011 [6]
Accrued interest payable 5,635 6,319
Fair Value Recurring [Member] | Level 1 [Member]    
Financial assets    
Equity securities, fair value $ 1,776 [7] $ 1,787 [8]
[1] Includes federal funds sold and interest bearing deposits in other banks.
[2] Includes federal funds sold and interest bearing deposits in other banks.
[3] Included within other assets on the balance sheet.
[4] Included within other assets on the balance sheet.
[5] Excludes deferred financing costs of $8.2 million as of March 31, 2026.
[6] Excludes deferred financing costs of $8.4 million as of December 31, 2025.
[7] Included within other assets on the balance sheet.
[8] Included within other assets on the balance sheet.
v3.26.1
Fair Value of Financial Instruments - Summary of Carrying Values and Fair Values of Financial Instruments (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]      
Deferred financing costs $ 8.2 $ 8.4 $ 8.1
v3.26.1
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Equity securities, fair value $ 1,800 $ 1,800
Level 1 [Member]    
Assets    
Equity securities, fair value 1,776 [1] 1,787 [2]
Level 2 [Member]    
Assets    
Equity securities, fair value 0 [1] 0 [2]
Fair Value Recurring [Member]    
Assets    
Investment securities 67,934 [3] 60,183 [4]
Equity securities, fair value 1,776 [1] 1,787 [2]
Total 69,710 61,970
Fair Value Recurring [Member] | Level 1 [Member]    
Assets    
Equity securities, fair value 1,776 [5] 1,787 [6]
Total 1,776 1,787
Fair Value Recurring [Member] | Level 2 [Member]    
Assets    
Investment securities 67,934 [3] 60,183 [4]
Total $ 67,934 $ 60,183
[1] Included within other assets on the balance sheet.
[2] Included within other assets on the balance sheet.
[3] Total unrealized loss of $0.5 million net of tax, was included in other comprehensive income for the three months ended March 31, 2026.
[4] Total unrealized gains of $1.8 million, net of tax, was included in other comprehensive income for the year ended December 31, 2025.
[5] Included within other assets on the balance sheet.
[6] Included within other assets on the balance sheet.
v3.26.1
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net change in unrealized gains (losses) on investments, net of tax $ 0.5 $ 1.8
v3.26.1
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Equity investments $ 1,800 $ 1,800
Level 3 [Member]    
Assets    
Equity investments 0 [1] 0 [2]
Fair Value, Nonrecurring    
Assets    
Equity investments 0 [3] 0 [4]
Total 0 0
Fair Value, Nonrecurring | Level 3 [Member]    
Assets    
Equity investments 0 [3] 0 [4]
Total $ 0 $ 0
[1] Included within other assets on the balance sheet.
[2] Included within other assets on the balance sheet.
[3] For the three months ended March 31, 2026, the Company had 1 equity investment, measured on a non-recurring basis, that had a fair value of $0.
[4] For the year ended December 31, 2025, the Company had 8 equity investments, measured on a non-recurring basis, that had a fair value of $0.
v3.26.1
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]    
Equity investments measured on a non-recurring basis $ 0 $ 0
v3.26.1
Fair Value of Assets and Liabilities - Summary of Valuation Techniques and Significant Unobservable Inputs Used in Non-Recurring Level 3 Fair Value Measurements of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity investments $ 1,800 $ 1,800
Level 3 [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity investments 0 [1] 0 [2]
Level 3 [Member] | Equity Investments [Member] | Investee Financial Analysis [Member] | Measurement Input Financial Condition and Operational Performance [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity investments $ 0 $ 0
[1] Included within other assets on the balance sheet.
[2] Included within other assets on the balance sheet.
v3.26.1
Medallion Bank Preferred Stock (Non-controlling Interest) - Additional Information (Detail) - USD ($)
 3 Months Ended
Jul. 01, 2025
May 29, 2025
Dec. 17, 2019
Jul. 21, 2011
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2021
Changes In Equity And Comprehensive Income Line Items [Line Items]              
Carrying amount         $ 0 $ 0  
Investment, Type [Extensible Enumeration]             Equity Securities [Member]
Capital Purchase Program [Member]              
Changes In Equity And Comprehensive Income Line Items [Line Items]              
Preferred stock, aggregate liquidation amount         $ 1,000    
US Treasury shares purchased       26,303      
Investment, Type [Extensible Enumeration]       us-gaap:USTreasurySecuritiesMember      
Series F Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock [Member]              
Changes In Equity And Comprehensive Income Line Items [Line Items]              
Initial public offering shares     1,840,000        
Preferred stock, aggregate liquidation amount     $ 46,000,000        
Preferred stock, net of liquidation amount     $ 42,500,000        
Percentage of dividend payment rate     8.00%        
Percentage of liquidation rate basis     6.46%        
Redemption charges $ 3,500,000            
Carrying amount 42,500,000            
Dividend description of variable rate basis     three-month Term 90-day Secured Overnight Financing Rate, or SOFR        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember        
Preferred stock, liquidation preference per share     $ 25        
Series G Fixed To Floating Rate Noncumulative Perpetual Preferred Stock [Member]              
Changes In Equity And Comprehensive Income Line Items [Line Items]              
Initial public offering shares   3,100,000          
Preferred stock, aggregate liquidation amount   $ 77,500,000          
Preferred stock, net of liquidation amount   $ 73,100,000          
Percentage of dividend payment rate   9.00%          
Percentage of liquidation rate basis   4.94%          
Dividend description of variable rate basis   five-year U.S. Treasury rate plus a spread          
Investment, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember          
Preferred stock, liquidation preference per share   $ 25          
Series E Senior Non-Cumulative Perpetual Preferred Stock [Member] | Capital Purchase Program [Member]              
Changes In Equity And Comprehensive Income Line Items [Line Items]              
Percentage of dividend payment rate         9.00%    
Aggregate purchase price       $ 26,300,000      
Series F Preferred Stock [Member]              
Changes In Equity And Comprehensive Income Line Items [Line Items]              
Redemption price of stock $ 46,000,000            
v3.26.1
Subsequent Events - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 28, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Subsequent Event [Line Items]          
Loans held for sale     $ 10,786   $ 15,144
Proceeds from sale of loans held for sale     $ 174,342 $ 133,127  
Subsequent Event [Member]          
Subsequent Event [Line Items]          
Aggregate principal amount of senior unsecured notes   $ 75,000      
Maturity date   May 01, 2031      
Interest Rate   8.25%      
Subsequent Event [Member] | Recreation Loan          
Subsequent Event [Line Items]          
Sale of recreation loans $ 47,000        
Proceeds from sale of loans held for sale 50,000        
Loan participation pool 52,200        
Amount retained by the Bank $ 5,200