XML 38 R28.htm IDEA: XBRL DOCUMENT v3.23.2
Loans and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2023
Text Block [Abstract]  
Summary of Inclusive Capitalized Loans

The following table shows the major classification of loans, inclusive of capitalized loan origination costs, as of June 30, 2023 and December 31, 2022.

 

 

June 30, 2023

 

 

December 31, 2022

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Gross Loans

 

 

Amount

 

 

As a
Percent of
Gross Loans

 

Recreation

 

$

1,331,114

 

 

 

62

%

 

$

1,183,512

 

 

 

62

%

Home improvement

 

 

728,468

 

 

 

34

 

 

 

626,399

 

 

 

33

 

Commercial

 

 

92,637

 

 

 

4

 

 

 

92,899

 

 

 

5

 

Medallion

 

 

3,448

 

 

*

 

 

 

13,571

 

 

 

1

 

Strategic partnership

 

 

1,331

 

 

*

 

 

 

572

 

 

*

 

Total gross loans

 

 

2,156,998

 

 

 

100

%

 

 

1,916,953

 

 

 

100

%

Allowance for credit losses

 

 

(74,971

)

 

 

 

 

 

(63,845

)

 

 

 

Total net loans

 

$

2,082,027

 

 

 

 

 

$

1,853,108

 

 

 

 

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

The following tables show the activity of the gross loans for the three and six months ended June 30, 2023 and 2022.

Three Months Ended June 30, 2023
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2023

 

$

1,213,380

 

 

$

669,642

 

 

$

95,329

 

 

$

4,059

 

 

$

1,770

 

 

$

1,984,180

 

Loan originations

 

 

190,007

 

 

 

117,035

 

 

 

4,750

 

 

 

1,300

 

 

 

33,174

 

 

 

346,266

 

Principal payments, sales, maturities, and recoveries

 

 

(63,463

)

 

 

(55,350

)

 

 

(6,922

)

 

 

(1,531

)

 

 

(33,613

)

 

 

(160,879

)

Charge-offs

 

 

(9,166

)

 

 

(2,575

)

 

 

(900

)

 

 

(221

)

 

 

—

 

 

 

(12,862

)

Transfer to loan collateral in process of foreclosure, net

 

 

(3,991

)

 

 

—

 

 

 

—

 

 

 

(159

)

 

 

—

 

 

 

(4,150

)

Amortization of origination costs

 

 

(3,159

)

 

 

665

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,494

)

FASB origination costs, net

 

 

7,506

 

 

 

(949

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,557

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

380

 

 

 

—

 

 

 

—

 

 

 

380

 

Gross loans – June 30, 2023

 

$

1,331,114

 

 

$

728,468

 

 

$

92,637

 

 

$

3,448

 

 

$

1,331

 

 

$

2,156,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2022

 

$

1,183,512

 

 

$

626,399

 

 

$

92,899

 

 

$

13,571

 

 

$

572

 

 

$

1,916,953

 

Loan originations

 

 

291,688

 

 

 

212,016

 

 

 

7,750

 

 

 

1,923

 

 

 

60,180

 

 

 

573,557

 

Principal payments, sales, maturities, and recoveries

 

 

(119,680

)

 

 

(105,205

)

 

 

(7,756

)

 

 

(5,926

)

 

 

(59,421

)

 

 

(297,988

)

Charge-offs

 

 

(21,756

)

 

 

(4,489

)

 

 

(900

)

 

 

(3,814

)

 

 

—

 

 

 

(30,959

)

Transfer to loan collateral in process of foreclosure, net

 

 

(8,348

)

 

 

—

 

 

 

—

 

 

 

(2,306

)

 

 

—

 

 

 

(10,654

)

Amortization of origination costs

 

 

(5,918

)

 

 

1,251

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,667

)

FASB origination costs, net

 

 

11,616

 

 

 

(1,504

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,112

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

644

 

 

 

—

 

 

 

—

 

 

 

644

 

Gross loans – June 30, 2023

 

$

1,331,114

 

 

$

728,468

 

 

$

92,637

 

 

$

3,448

 

 

$

1,331

 

 

$

2,156,998

 

 

 

Three Months Ended June 30, 2022
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2022

 

$

1,004,091

 

 

$

473,408

 

 

$

77,867

 

 

$

13,849

 

 

$

226

 

 

$

1,569,441

 

Loan originations

 

 

170,207

 

 

 

105,172

 

 

 

19,272

 

 

 

472

 

 

 

9,830

 

 

 

304,953

 

Principal payments, sales, maturities, and recoveries

 

 

(73,114

)

 

 

(51,006

)

 

 

(386

)

 

 

(30

)

 

 

(9,463

)

 

 

(133,999

)

Charge-offs

 

 

(5,074

)

 

 

(1,108

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,182

)

Transfer to loan collateral in process of foreclosure, net

 

 

(2,618

)

 

 

—

 

 

 

—

 

 

 

(139

)

 

 

—

 

 

 

(2,757

)

Amortization of origination costs

 

 

(2,931

)

 

 

380

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,551

)

Amortization of loan premium

 

 

(60

)

 

 

(90

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(150

)

FASB origination costs, net

 

 

6,169

 

 

 

(478

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,691

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

175

 

 

 

—

 

 

 

—

 

 

 

175

 

Gross loans – June 30, 2022

 

$

1,096,670

 

 

$

526,278

 

 

$

96,928

 

 

$

14,152

 

 

$

593

 

 

$

1,734,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2021

 

$

961,320

 

 

$

436,772

 

 

$

76,696

 

 

$

14,046

 

 

$

90

 

 

$

1,488,924

 

Loan originations

 

 

284,613

 

 

 

194,992

 

 

 

23,672

 

 

 

564

 

 

 

14,839

 

 

 

518,680

 

Principal payments, sales, maturities, and recoveries

 

 

(138,230

)

 

 

(103,170

)

 

 

(2,203

)

 

 

(115

)

 

 

(14,336

)

 

 

(258,054

)

Charge-offs

 

 

(10,141

)

 

 

(2,168

)

 

 

(1,584

)

 

 

(75

)

 

 

—

 

 

 

(13,968

)

Transfer to loan collateral in process of foreclosure, net

 

 

(5,529

)

 

 

—

 

 

 

—

 

 

 

(268

)

 

 

—

 

 

 

(5,797

)

Amortization of origination costs

 

 

(5,370

)

 

 

700

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,670

)

Amortization of loan premium

 

 

(120

)

 

 

(180

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(300

)

FASB origination costs, net

 

 

10,127

 

 

 

(668

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,459

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

347

 

 

 

—

 

 

 

—

 

 

 

347

 

Gross loans – June 30, 2022

 

$

1,096,670

 

 

$

526,278

 

 

$

96,928

 

 

$

14,152

 

 

$

593

 

 

$

1,734,621

 
Summary of Activity in Allowance for Credit Losses

The following table sets forth the activity in the allowance for credit losses for the three and six months ended June 30, 2023 and 2022.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Allowance for credit losses – beginning balance (1)

 

$

70,280

 

 

$

50,686

 

 

$

63,845

 

 

$

50,166

 

CECL transition amount upon ASU 2016-13 adoption

 

 

—

 

 

 

—

 

 

 

13,712

 

 

 

—

 

Charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

(9,166

)

 

 

(5,074

)

 

 

(21,756

)

 

 

(10,141

)

Home improvement

 

 

(2,575

)

 

 

(1,108

)

 

 

(4,489

)

 

 

(2,168

)

Commercial

 

 

(900

)

 

 

—

 

 

 

(900

)

 

 

(1,584

)

Medallion

 

 

(221

)

 

 

—

 

 

 

(3,814

)

 

 

(75

)

Total charge-offs

 

 

(12,862

)

 

 

(6,182

)

 

 

(30,959

)

 

 

(13,968

)

Recoveries

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

3,282

 

 

 

3,615

 

 

 

6,053

 

 

 

7,125

 

Home improvement

 

 

627

 

 

 

585

 

 

 

1,259

 

 

 

1,144

 

Commercial

 

 

—

 

 

 

13

 

 

 

10

 

 

 

47

 

Medallion

 

 

5,168

 

 

 

2,676

 

 

 

8,537

 

 

 

3,639

 

Total recoveries

 

 

9,077

 

 

 

6,889

 

 

 

15,859

 

 

 

11,955

 

Net recoveries (charge-offs) (2)

 

 

(3,785

)

 

 

707

 

 

 

(15,100

)

 

 

(2,013

)

Provision (benefit) for credit losses

 

 

8,476

 

 

 

7,759

 

 

 

12,514

 

 

 

10,999

 

Allowance for credit losses – ending balance (3)

 

$

74,971

 

 

$

59,152

 

 

$

74,971

 

 

$

59,152

 
(1)
Represents allowance prior to the adoption of ASU 2016-13.
(2)
As of June 30, 2023, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the medallion loan portfolio were $231.4 million, some of which may represent collection opportunities for the Company.
(3)
As of June 30, 2023 and June 30, 2022, there were no allowance for credit losses and net charge-offs related to the strategic partnership loans.
Summary of gross charge offs

The following table sets forth the gross charge-offs for the three months ended June 30, 2023, by the year of origination:

(Dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Total

 

Recreation

 

$

44

 

 

$

3,568

 

 

$

2,344

 

 

$

785

 

 

$

918

 

 

$

1,507

 

 

$

9,166

 

Home improvement

 

 

39

 

 

 

1,548

 

 

 

473

 

 

 

158

 

 

 

91

 

 

 

266

 

 

 

2,575

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

900

 

 

 

—

 

 

 

900

 

Medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

221

 

 

 

221

 

Total

 

$

83

 

 

$

5,116

 

 

$

2,817

 

 

$

943

 

 

$

1,909

 

 

$

1,994

 

 

$

12,862

 

The following table sets forth the gross charge-offs for the six months ended June 30, 2023, by the year of origination:

(Dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Total

 

Recreation

 

$

44

 

 

$

7,176

 

 

$

5,414

 

 

$

2,456

 

 

$

2,472

 

 

$

4,194

 

 

$

21,756

 

Home improvement

 

 

39

 

 

 

2,452

 

 

 

1,101

 

 

 

301

 

 

 

222

 

 

 

374

 

 

 

4,489

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

900

 

 

 

—

 

 

 

900

 

Medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,814

 

 

 

3,814

 

Total

 

$

83

 

 

$

9,628

 

 

$

6,515

 

 

$

2,757

 

 

$

3,594

 

 

$

8,382

 

 

$

30,959

 
Summary of Allowance for Credit Losses by Type

The following tables set forth the allowance for credit losses by type as of June 30, 2023 and December 31, 2022.

June 30, 2023
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

54,187

 

 

 

72

%

 

 

4.07

%

 

 

335.63

%

Home improvement

 

 

16,447

 

 

 

22

 

 

 

2.26

 

 

 

101.87

 

Commercial

 

 

2,518

 

 

 

3

 

 

 

2.72

 

 

 

15.60

 

Medallion

 

 

1,819

 

 

 

3

 

 

 

52.76

 

 

 

11.27

 

Total

 

$

74,971

 

 

 

100

%

 

 

3.48

%

 

 

464.36

%

 

December 31, 2022
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

41,966

 

 

 

66

%

 

 

3.55

%

 

 

130.60

%

Home improvement

 

 

11,340

 

 

 

18

 

 

 

1.81

 

 

 

35.29

 

Commercial

 

 

1,049

 

 

 

1

 

 

 

1.13

 

 

 

3.26

 

Medallion

 

 

9,490

 

 

 

15

 

 

 

69.93

 

 

 

29.53

 

Total

 

$

63,845

 

 

 

100

%

 

 

3.33

%

 

 

198.69

%
Summary of Total Nonaccrual Loans and Foregone Interest

The following table presents total nonaccrual loans and foregone interest. The fluctuation in nonaccrual interest foregone is due to past due loans and market conditions.

(Dollars in thousands)

 

June 30, 2023

 

 

December 31, 2022

 

Total nonaccrual loans

 

$

16,145

 

 

$

32,133

 

Interest foregone quarter to date

 

 

237

 

 

 

231

 

Amount of foregone interest applied to principal in the quarter

 

 

63

 

 

 

94

 

Interest foregone year to date

 

 

507

 

 

 

1,267

 

Amount of foregone interest applied to principal for the year

 

 

133

 

 

 

375

 

Interest foregone life-to-date

 

 

1,655

 

 

 

2,419

 

Amount of foregone interest applied to principal life-to-date

 

 

789

 

 

 

1,204

 

Percentage of nonaccrual loans to gross loan portfolio

 

 

0.7

%

 

 

1.7

%

Percentage of allowance for credit losses to nonaccrual loans

 

 

464.4

%

 

 

198.7

%

 
Summary of Performance Status of Loan

The following tables present the performance status of loans as of June 30, 2023 and December 31, 2022.

June 30, 2023
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,325,745

 

 

$

5,369

 

 

$

1,331,114

 

 

 

0.40

%

Home improvement

 

 

727,332

 

 

 

1,136

 

 

 

728,468

 

 

 

0.16

 

Commercial

 

 

86,445

 

 

 

6,192

 

 

 

92,637

 

 

 

6.68

 

Medallion

 

 

—

 

 

 

3,448

 

 

 

3,448

 

 

 

100.00

 

Strategic partnership

 

 

1,331

 

 

 

—

 

 

 

1,331

 

 

 

—

 

Total

 

$

2,140,853

 

 

$

16,145

 

 

$

2,156,998

 

 

 

0.75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,173,846

 

 

$

9,666

 

 

$

1,183,512

 

 

 

0.82

%

Home improvement

 

 

625,820

 

 

 

579

 

 

 

626,399

 

 

 

0.09

 

Commercial

 

 

84,165

 

 

 

8,734

 

 

 

92,899

 

 

 

9.40

 

Medallion

 

 

—

 

 

 

13,571

 

 

 

13,571

 

 

 

100.00

 

Strategic partnership

 

 

572

 

 

 

—

 

 

 

572

 

 

 

—

 

Total

 

$

1,884,403

 

 

$

32,550

 

 

$

1,916,953

 

 

 

1.70

%
Summary of Attributes of Nonperforming Loan Portfolio

The following tables provide additional information on attributes of the nonperforming loan portfolio as of June 30, 2023 and December 31, 2022, all of which had an allowance recorded against the principal balance.

 

June 30, 2023

 

 

December 31, 2022

 

(Dollars in thousands)

 

Recorded
Investment

 

 

Unpaid
Principal
Balance

 

 

Related
Allowance

 

 

Recorded
Investment

 

 

Unpaid
Principal
Balance

 

 

Related
Allowance

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

5,369

 

 

$

5,369

 

 

$

219

 

 

$

9,666

 

 

$

9,666

 

 

$

343

 

Home improvement

 

 

1,136

 

 

 

1,136

 

 

 

26

 

 

 

579

 

 

 

579

 

 

 

10

 

Commercial

 

 

6,192

 

 

 

6,301

 

 

 

472

 

 

 

8,734

 

 

 

8,823

 

 

 

963

 

Medallion

 

 

3,448

 

 

 

4,128

 

 

 

1,819

 

 

 

13,571

 

 

 

14,686

 

 

 

9,490

 

Total nonperforming loans with an allowance

 

$

16,145

 

 

$

16,934

 

 

$

2,536

 

 

$

32,550

 

 

$

33,754

 

 

$

10,806

 

 

 

Three Months Ended June 30,

 

 

 

2023

 

 

2022

 

(Dollars in thousands)

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

5,230

 

 

$

7

 

 

$

5,197

 

 

$

119

 

Home improvement

 

 

1,138

 

 

 

1

 

 

 

396

 

 

 

—

 

Commercial

 

 

5,652

 

 

 

—

 

 

 

13,577

 

 

 

—

 

Medallion

 

 

4,686

 

 

 

—

 

 

 

16,095

 

 

 

—

 

Total nonperforming loans with an allowance

 

$

16,706

 

 

$

8

 

 

$

35,265

 

 

$

119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

(Dollars in thousands)

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

5,208

 

 

$

9

 

 

$

5,265

 

 

$

223

 

Home improvement

 

 

1,129

 

 

 

1

 

 

 

388

 

 

 

—

 

Commercial

 

 

5,644

 

 

 

—

 

 

 

13,561

 

 

 

—

 

Medallion

 

 

4,908

 

 

 

—

 

 

 

16,798

 

 

 

—

 

Total nonperforming loans with an allowance

 

$

16,889

 

 

$

10

 

 

$

36,012

 

 

$

223

 

 
Summary of Aging of Loans

The following tables show the aging of all loans as of June 30, 2023 and December 31, 2022.

June 30, 2023

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

28,438

 

 

$

9,464

 

 

$

4,978

 

 

$

42,880

 

 

$

1,245,120

 

 

$

1,288,000

 

 

$

—

 

Home improvement

 

 

2,505

 

 

 

1,657

 

 

 

1,138

 

 

 

5,300

 

 

 

725,899

 

 

 

731,199

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

74

 

 

 

74

 

 

 

93,894

 

 

 

93,968

 

 

 

—

 

Medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,448

 

 

 

3,448

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,331

 

 

 

1,331

 

 

 

—

 

Total

 

$

30,943

 

 

$

11,121

 

 

$

6,190

 

 

$

48,254

 

 

$

2,069,692

 

 

$

2,117,946

 

 

$

—

 
(1)
Excludes $40.4 million of capitalized loan origination costs.

 December 31, 2022

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

31,781

 

 

$

11,877

 

 

$

7,365

 

 

$

51,023

 

 

$

1,095,072

 

 

$

1,146,095

 

 

$

—

 

Home improvement

 

 

3,266

 

 

 

1,256

 

 

 

579

 

 

 

5,101

 

 

 

623,776

 

 

 

628,877

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

74

 

 

 

74

 

 

 

93,396

 

 

 

93,470

 

 

 

—

 

Medallion

 

 

142

 

 

 

393

 

 

 

885

 

 

 

1,420

 

 

 

12,151

 

 

 

13,571

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

572

 

 

 

572

 

 

 

—

 

Total

 

$

35,189

 

 

$

13,526

 

 

$

8,903

 

 

$

57,618

 

 

$

1,824,967

 

 

$

1,882,585

 

 

$

—

 
(1)
Excludes $34.9 million of capitalized loan origination costs.
Summary of TDRs

The following table shows the TDRs that the Company entered into during the three and six months ended June 30, 2022.

(Dollars in thousands)

 

Number of Loans

 

 

Pre-
Modification
Investment

 

 

Post-
Modification
Investment

 

Three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Recreation loans

 

 

12

 

 

$

147

 

 

$

147

 

Medallion loans

 

 

—

 

 

 

—

 

 

 

—

 

Six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Recreation loans

 

 

22

 

 

$

276

 

 

$

276

 

Medallion loans

 

 

2

 

 

 

252

 

 

 

252

 
Summary of Activities of the Loan Collateral Process of Foreclosure Related to Recreation and Medallion Loans

The following tables show the activity of loan collateral in process of foreclosure, which relate only to the recreation and medallion loans, for the three and six months ended June 30, 2023 and 2022.

Three Months Ended June 30, 2023
(Dollars in thousands)

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – March 31, 2023

 

$

1,461

 

 

$

19,006

 

 

$

20,467

 

Transfer from loans, net

 

 

3,991

 

 

 

159

 

 

 

4,150

 

Sales

 

 

(2,583

)

 

 

(553

)

 

 

(3,136

)

Cash payments received

 

 

(128

)

 

 

(2,517

)

 

 

(2,645

)

Collateral valuation adjustments

 

 

(2,012

)

 

 

(21

)

 

 

(2,033

)

Loan collateral in process of foreclosure – June 30, 2023

 

$

729

 

 

$

16,074

 

 

$

16,803

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023
(Dollars in thousands)

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – December 31, 2022

 

$

1,376

 

 

$

20,443

 

 

$

21,819

 

Transfer from loans, net

 

 

8,348

 

 

 

2,306

 

 

 

10,654

 

Sales

 

 

(4,778

)

 

 

(568

)

 

 

(5,346

)

Cash payments received

 

 

(128

)

 

 

(5,834

)

 

 

(5,962

)

Collateral valuation adjustments

 

 

(4,089

)

 

 

(273

)

 

 

(4,362

)

Loan collateral in process of foreclosure – June 30, 2023

 

$

729

 

 

$

16,074

 

 

$

16,803

 

 

Three Months Ended June 30, 2022
(Dollars in thousands)

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – March 31, 2022

 

$

1,369

 

 

$

32,465

 

 

$

33,834

 

Transfer from loans, net

 

 

2,618

 

 

 

139

 

 

 

2,757

 

Sales

 

 

(2,146

)

 

 

(1,999

)

 

 

(4,145

)

Cash payments received

 

 

—

 

 

 

(4,381

)

 

 

(4,381

)

Collateral valuation adjustments

 

 

(963

)

 

 

(128

)

 

 

(1,091

)

Loan collateral in process of foreclosure – June 30, 2022

 

$

878

 

 

$

26,096

 

 

$

26,974

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022
(Dollars in thousands)

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – December 31, 2021

 

$

1,720

 

 

$

35,710

 

 

$

37,430

 

Transfer from loans, net

 

 

5,529

 

 

 

268

 

 

 

5,797

 

Sales

 

 

(4,398

)

 

 

(2,115

)

 

 

(6,513

)

Cash payments received

 

 

—

 

 

 

(7,253

)

 

 

(7,253

)

Collateral valuation adjustments

 

 

(1,973

)

 

 

(514

)

 

 

(2,487

)

Loan collateral in process of foreclosure – June 30, 2022

 

$

878

 

 

$

26,096

 

 

$

26,974