XML 38 R28.htm IDEA: XBRL DOCUMENT v3.23.3
Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 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 September 30, 2023 and December 31, 2022.

 

 

September 30, 2023

 

 

December 31, 2022

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Gross Loans

 

 

Amount

 

 

As a
Percent of
Gross Loans

 

Recreation

 

$

1,346,440

 

 

 

61

%

 

$

1,183,512

 

 

 

62

%

Home improvement

 

 

750,508

 

 

 

34

 

 

 

626,399

 

 

 

33

 

Commercial

 

 

100,322

 

 

 

5

 

 

 

92,899

 

 

 

5

 

Medallion

 

 

3,927

 

 

*

 

 

 

13,571

 

 

 

1

 

Strategic partnership

 

 

1,841

 

 

*

 

 

 

572

 

 

*

 

Total gross loans

 

 

2,203,038

 

 

 

100

%

 

 

1,916,953

 

 

 

100

%

Allowance for credit losses

 

 

(79,133

)

 

 

 

 

 

(63,845

)

 

 

 

Total net loans

 

$

2,123,905

 

 

 

 

 

$

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 nine months ended September 30, 2023 and 2022.

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

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – June 30, 2023

 

$

1,331,114

 

 

$

728,468

 

 

$

92,637

 

 

$

3,448

 

 

$

1,331

 

 

$

2,156,998

 

Loan originations

 

 

92,603

 

 

 

79,333

 

 

 

8,900

 

 

 

100

 

 

 

36,457

 

 

 

217,393

 

Principal payments, sales, maturities, and recoveries

 

 

(61,885

)

 

 

(53,095

)

 

 

(1,657

)

 

 

(281

)

 

 

(35,947

)

 

 

(152,865

)

Charge-offs

 

 

(11,684

)

 

 

(3,890

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,574

)

Transfer to loan collateral in process of foreclosure, net

 

 

(4,730

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,730

)

Amortization of origination costs

 

 

(3,259

)

 

 

647

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,612

)

FASB origination costs, net

 

 

4,281

 

 

 

(955

)

 

 

—

 

 

 

660

 

 

 

—

 

 

 

3,986

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

442

 

 

 

—

 

 

 

—

 

 

 

442

 

Gross loans – September 30, 2023

 

$

1,346,440

 

 

$

750,508

 

 

$

100,322

 

 

$

3,927

 

 

$

1,841

 

 

$

2,203,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 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

 

 

384,291

 

 

 

291,349

 

 

 

16,650

 

 

 

2,023

 

 

 

96,637

 

 

 

790,950

 

Principal payments, sales, maturities, and recoveries

 

 

(181,565

)

 

 

(158,300

)

 

 

(9,413

)

 

 

(6,207

)

 

 

(95,368

)

 

 

(450,853

)

Charge-offs

 

 

(33,440

)

 

 

(8,379

)

 

 

(900

)

 

 

(3,814

)

 

 

—

 

 

 

(46,533

)

Transfer to loan collateral in process of foreclosure, net

 

 

(13,078

)

 

 

—

 

 

 

—

 

 

 

(2,306

)

 

 

—

 

 

 

(15,384

)

Amortization of origination costs

 

 

(9,177

)

 

 

1,898

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,279

)

FASB origination costs, net

 

 

15,897

 

 

 

(2,459

)

 

 

—

 

 

 

660

 

 

 

—

 

 

 

14,098

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

1,086

 

 

 

—

 

 

 

—

 

 

 

1,086

 

Gross loans – September 30, 2023

 

$

1,346,440

 

 

$

750,508

 

 

$

100,322

 

 

$

3,927

 

 

$

1,841

 

 

$

2,203,038

 

 

 

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

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – June 30, 2022

 

$

1,096,670

 

 

$

526,278

 

 

$

96,928

 

 

$

14,152

 

 

$

593

 

 

$

1,734,621

 

Loan originations

 

 

149,151

 

 

 

100,451

 

 

 

4,500

 

 

 

152

 

 

 

19,428

 

 

 

273,682

 

Principal payments, sales, maturities, and recoveries

 

 

(66,338

)

 

 

(49,630

)

 

 

(4,017

)

 

 

(331

)

 

 

(19,248

)

 

 

(139,564

)

Charge-offs

 

 

(7,534

)

 

 

(1,780

)

 

 

(3,857

)

 

 

—

 

 

 

—

 

 

 

(13,171

)

Transfer to loan collateral in process of foreclosure, net

 

 

(2,862

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,862

)

Amortization of origination costs

 

 

(3,008

)

 

 

494

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,514

)

Amortization of loan premium

 

 

(60

)

 

 

(90

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(150

)

FASB origination costs, net

 

 

5,800

 

 

 

(513

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,287

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

181

 

 

 

—

 

 

 

—

 

 

 

181

 

Gross loans – September 30, 2022

 

$

1,171,819

 

 

$

575,210

 

 

$

93,735

 

 

$

13,973

 

 

$

773

 

 

$

1,855,510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 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

 

 

433,764

 

 

 

295,443

 

 

 

28,172

 

 

 

396

 

 

 

34,267

 

 

 

792,042

 

Principal payments, sales, maturities, and recoveries

 

 

(204,568

)

 

 

(152,800

)

 

 

(6,220

)

 

 

(126

)

 

 

(33,584

)

 

 

(397,298

)

Charge-offs

 

 

(17,675

)

 

 

(3,948

)

 

 

(5,441

)

 

 

(75

)

 

 

—

 

 

 

(27,139

)

Transfer to loan collateral in process of foreclosure, net

 

 

(8,391

)

 

 

—

 

 

 

—

 

 

 

(268

)

 

 

—

 

 

 

(8,659

)

Amortization of origination costs

 

 

(8,378

)

 

 

1,194

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,184

)

Amortization of loan premium

 

 

(180

)

 

 

(270

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(450

)

FASB origination costs, net

 

 

15,927

 

 

 

(1,181

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,746

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

528

 

 

 

—

 

 

 

—

 

 

 

528

 

Gross loans – September 30, 2022

 

$

1,171,819

 

 

$

575,210

 

 

$

93,735

 

 

$

13,973

 

 

$

773

 

 

$

1,855,510

 
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 nine months ended September 30, 2023 and 2022.

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(Dollars in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Allowance for credit losses – beginning balance (1)

 

$

74,971

 

 

$

59,152

 

 

$

63,845

 

 

$

50,166

 

CECL transition amount upon ASU 2016-13 adoption

 

 

—

 

 

 

—

 

 

 

13,712

 

 

 

—

 

Charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

(11,684

)

 

 

(7,534

)

 

 

(33,440

)

 

 

(17,675

)

Home improvement

 

 

(3,890

)

 

 

(1,780

)

 

 

(8,379

)

 

 

(3,948

)

Commercial

 

 

—

 

 

 

(3,857

)

 

 

(900

)

 

 

(5,441

)

Medallion

 

 

—

 

 

 

—

 

 

 

(3,814

)

 

 

(75

)

Total charge-offs

 

 

(15,574

)

 

 

(13,171

)

 

 

(46,533

)

 

 

(27,139

)

Recoveries

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

2,651

 

 

 

3,348

 

 

 

8,705

 

 

 

10,473

 

Home improvement

 

 

882

 

 

 

713

 

 

 

2,141

 

 

 

1,857

 

Commercial

 

 

—

 

 

 

—

 

 

 

10

 

 

 

47

 

Medallion

 

 

1,671

 

 

 

1,446

 

 

 

10,208

 

 

 

5,085

 

Total recoveries

 

 

5,204

 

 

 

5,507

 

 

 

21,064

 

 

 

17,462

 

Net charge-offs (2)

 

 

(10,370

)

 

 

(7,664

)

 

 

(25,469

)

 

 

(9,677

)

Provision for credit losses

 

 

14,532

 

 

 

10,047

 

 

 

27,045

 

 

 

21,046

 

Allowance for credit losses – ending balance (3)

 

$

79,133

 

 

$

61,535

 

 

$

79,133

 

 

$

61,535

 
(1)
Represents allowance prior to the adoption of ASU 2016-13.
(2)
As of September 30, 2023, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion loan portfolio were $201.7 million, some of which may represent collection opportunities for the Company.
(3)
As of September 30, 2023 and September 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 September 30, 2023, by the year of origination:

(Dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Total

 

Recreation

 

$

890

 

 

$

4,587

 

 

$

2,250

 

 

$

1,175

 

 

$

1,273

 

 

$

1,509

 

 

$

11,684

 

Home improvement

 

 

964

 

 

 

1,783

 

 

 

733

 

 

 

158

 

 

 

106

 

 

 

146

 

 

 

3,890

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,854

 

 

$

6,370

 

 

$

2,983

 

 

$

1,333

 

 

$

1,379

 

 

$

1,655

 

 

$

15,574

 

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

(Dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Prior

 

 

Total

 

Recreation

 

$

934

 

 

$

11,763

 

 

$

7,664

 

 

$

3,631

 

 

$

3,745

 

 

$

5,703

 

 

$

33,440

 

Home improvement

 

 

1,003

 

 

 

4,235

 

 

 

1,834

 

 

 

459

 

 

 

328

 

 

 

520

 

 

 

8,379

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

900

 

 

 

—

 

 

 

900

 

Medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,814

 

 

 

3,814

 

Total

 

$

1,937

 

 

$

15,998

 

 

$

9,498

 

 

$

4,090

 

 

$

4,973

 

 

$

10,037

 

 

$

46,533

 
Summary of Allowance for Credit Losses by Type

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

September 30, 2023
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

57,032

 

 

 

72

%

 

 

4.24

%

 

 

276.21

%

Home improvement

 

 

17,300

 

 

 

22

 

 

 

2.31

 

 

 

83.79

 

Commercial

 

 

3,114

 

 

 

4

 

 

 

3.10

 

 

 

15.08

 

Medallion

 

 

1,687

 

 

 

2

 

 

 

42.97

 

 

 

8.17

 

Total

 

$

79,133

 

 

 

100

%

 

 

3.59

%

 

 

383.25

%

 

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)

 

September 30, 2023

 

 

December 31, 2022

 

Total nonaccrual loans

 

$

20,648

 

 

$

32,133

 

Interest foregone quarter to date

 

 

190

 

 

 

231

 

Amount of foregone interest applied to principal in the quarter

 

 

49

 

 

 

94

 

Interest foregone year to date

 

 

618

 

 

 

1,267

 

Amount of foregone interest applied to principal for the year

 

 

183

 

 

 

375

 

Interest foregone life-to-date

 

 

1,837

 

 

 

2,419

 

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

 

 

839

 

 

 

1,204

 

Percentage of nonaccrual loans to gross loan portfolio

 

 

0.9

%

 

 

1.7

%

Percentage of allowance for credit losses to nonaccrual loans

 

 

383.2

%

 

 

198.7

%
Summary of Performance Status of Loan

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

September 30, 2023
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,339,934

 

 

$

6,506

 

 

$

1,346,440

 

 

 

0.48

%

Home improvement

 

 

749,528

 

 

 

980

 

 

 

750,508

 

 

 

0.13

 

Commercial

 

 

91,087

 

 

 

9,235

 

 

 

100,322

 

 

 

9.21

 

Medallion

 

 

—

 

 

 

3,927

 

 

 

3,927

 

 

 

100.00

 

Strategic partnership

 

 

1,841

 

 

 

—

 

 

 

1,841

 

 

 

—

 

Total

 

$

2,182,390

 

 

$

20,648

 

 

$

2,203,038

 

 

 

0.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 2023 and December 31, 2022, all of which had an allowance recorded against the principal balance.

 

September 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

 

$

6,506

 

 

$

6,506

 

 

$

276

 

 

$

9,666

 

 

$

9,666

 

 

$

343

 

Home improvement

 

 

980

 

 

 

980

 

 

 

23

 

 

 

579

 

 

 

579

 

 

 

10

 

Commercial

 

 

9,235

 

 

 

9,344

 

 

 

1,121

 

 

 

8,734

 

 

 

8,823

 

 

 

963

 

Medallion

 

 

3,927

 

 

 

4,657

 

 

 

1,687

 

 

 

13,571

 

 

 

14,686

 

 

 

9,490

 

Total nonperforming loans with an allowance

 

$

20,648

 

 

$

21,487

 

 

$

3,107

 

 

$

32,550

 

 

$

33,754

 

 

$

10,806

 

 

 

Three Months Ended September 30,

 

 

 

2023

 

 

2022

 

(Dollars in thousands)

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

6,361

 

 

$

7

 

 

$

6,903

 

 

$

114

 

Home improvement

 

 

980

 

 

 

2

 

 

 

491

 

 

 

—

 

Commercial

 

 

3,085

 

 

 

—

 

 

 

13,577

 

 

 

—

 

Medallion

 

 

4,571

 

 

 

—

 

 

 

16,128

 

 

 

—

 

Total nonperforming loans with an allowance

 

$

14,997

 

 

$

9

 

 

$

37,099

 

 

$

114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

(Dollars in thousands)

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

6,300

 

 

$

10

 

 

$

6,895

 

 

$

303

 

Home improvement

 

 

865

 

 

 

2

 

 

 

459

 

 

 

—

 

Commercial

 

 

5,229

 

 

 

—

 

 

 

13,494

 

 

 

—

 

Medallion

 

 

4,795

 

 

 

—

 

 

 

16,326

 

 

 

—

 

Total nonperforming loans with an allowance

 

$

17,189

 

 

$

12

 

 

$

37,174

 

 

$

303

 
T
Summary of Aging of Loans he following tables show the aging of all loans as of September 30, 2023 and December 31, 2022.

September 30, 2023

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

33,187

 

 

$

12,328

 

 

$

5,913

 

 

$

51,428

 

 

$

1,250,877

 

 

$

1,302,305

 

 

$

—

 

Home improvement

 

 

4,177

 

 

 

1,613

 

 

 

980

 

 

 

6,770

 

 

 

746,777

 

 

 

753,547

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

74

 

 

 

74

 

 

 

102,183

 

 

 

102,257

 

 

 

—

 

Medallion

 

 

—

 

 

 

16

 

 

 

—

 

 

 

16

 

 

 

3,911

 

 

 

3,927

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,841

 

 

 

1,841

 

 

 

—

 

Total

 

$

37,364

 

 

$

13,957

 

 

$

6,967

 

 

$

58,288

 

 

$

2,105,589

 

 

$

2,163,877

 

 

$

—

 
(1)
Excludes $41.0 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 nine months ended September 30, 2022.

(Dollars in thousands)

 

Number of Loans

 

 

Pre-
Modification
Investment

 

 

Post-
Modification
Investment

 

Three months ended September 30, 2022

 

 

 

 

 

 

 

 

 

Recreation loans

 

 

34

 

 

$

549

 

 

$

549

 

Medallion loans

 

 

—

 

 

 

—

 

 

 

—

 

Nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

Recreation loans

 

 

56

 

 

$

825

 

 

$

825

 

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 taxi medallion loans, for the three and nine months ended September 30, 2023 and 2022.

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

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – June 30, 2023

 

$

729

 

 

$

16,074

 

 

$

16,803

 

Transfer from loans, net

 

 

4,730

 

 

 

—

 

 

 

4,730

 

Sales

 

 

(1,080

)

 

 

(117

)

 

 

(1,197

)

Cash payments received

 

 

(163

)

 

 

(1,939

)

 

 

(2,102

)

Collateral valuation adjustments

 

 

(2,281

)

 

 

(30

)

 

 

(2,311

)

Loan collateral in process of foreclosure – September 30, 2023

 

$

1,935

 

 

$

13,988

 

 

$

15,923

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 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

 

 

13,078

 

 

 

2,306

 

 

 

15,384

 

Sales

 

 

(5,858

)

 

 

(685

)

 

 

(6,543

)

Cash payments received

 

 

(291

)

 

 

(7,773

)

 

 

(8,064

)

Collateral valuation adjustments

 

 

(6,370

)

 

 

(303

)

 

 

(6,673

)

Loan collateral in process of foreclosure – September 30, 2023

 

$

1,935

 

 

$

13,988

 

 

$

15,923

 

 

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

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – June 30, 2022

 

$

878

 

 

$

26,096

 

 

$

26,974

 

Transfer from loans, net

 

 

2,862

 

 

 

—

 

 

 

2,862

 

Sales

 

 

(1,399

)

 

 

(544

)

 

 

(1,943

)

Cash payments received

 

 

—

 

 

 

(2,243

)

 

 

(2,243

)

Collateral valuation adjustments

 

 

(1,225

)

 

 

(94

)

 

 

(1,319

)

Loan collateral in process of foreclosure – September 30, 2022

 

$

1,116

 

 

$

23,215

 

 

$

24,331

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 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

 

 

8,391

 

 

 

268

 

 

 

8,659

 

Sales

 

 

(5,797

)

 

 

(2,659

)

 

 

(8,456

)

Cash payments received

 

 

—

 

 

 

(9,496

)

 

 

(9,496

)

Collateral valuation adjustments

 

 

(3,198

)

 

 

(608

)

 

 

(3,806

)

Loan collateral in process of foreclosure – September 30, 2022

 

$

1,116

 

 

$

23,215

 

 

$

24,331

 

As of September 30, 2023, taxi medallion loans in the process of foreclosure included 429 taxi medallions in the New York City market, 230 taxi medallions in the Chicago market, 32 taxi medallions in the Newark market, and 31 taxi medallions in other markets.