XML 22 R15.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Loans and Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2024
Text Block [Abstract]  
Loans and Allowance for Credit Losses

(4) LOANS AND ALLOWANCE FOR CREDIT LOSSES

The following table shows the major classification of loans, inclusive of capitalized loan origination costs, as of June 30, 2024 and December 31, 2023.

 

 

June 30, 2024

 

 

December 31, 2023

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Gross Loans

 

 

Amount

 

 

As a
Percent of
Gross Loans

 

Recreation

 

$

1,497,428

 

 

 

63

%

 

$

1,336,226

 

 

 

60

%

Home improvement

 

 

773,184

 

 

 

32

 

 

 

760,617

 

 

 

34

 

Commercial

 

 

110,197

 

 

 

5

 

 

 

114,827

 

 

 

5

 

Taxi medallion

 

 

3,482

 

 

*

 

 

 

3,663

 

 

*

 

Strategic partnership

 

 

1,299

 

 

*

 

 

 

553

 

 

*

 

Total gross loans

 

 

2,385,590

 

 

 

100

%

 

 

2,215,886

 

 

 

100

%

Allowance for credit losses

 

 

(89,788

)

 

 

 

 

 

(84,235

)

 

 

 

Total net loans

 

$

2,295,802

 

 

 

 

 

$

2,131,651

 

 

 

 

(*) Less than 1%.

The following tables show the activity of the gross loans for the three and six months ended June 30, 2024 and 2023.

Three Months Ended June 30, 2024
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2024

 

$

1,365,165

 

 

$

752,262

 

 

$

106,570

 

 

$

3,560

 

 

$

869

 

 

$

2,228,426

 

Loan originations

 

 

209,563

 

 

 

67,990

 

 

 

7,000

 

 

 

250

 

 

 

24,288

 

 

 

309,091

 

Principal receipts, sales, and maturities

 

 

(61,553

)

 

 

(42,492

)

 

 

(3,961

)

 

 

(328

)

 

 

(23,858

)

 

 

(132,192

)

Charge-offs

 

 

(14,627

)

 

 

(4,063

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,690

)

Transfer to loan collateral in process of foreclosure, net

 

 

(5,669

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,669

)

Amortization of origination fees, net

 

 

(3,214

)

 

 

913

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

(2,291

)

Origination costs, net

 

 

7,763

 

 

 

(1,426

)

 

 

(77

)

 

 

—

 

 

 

—

 

 

 

6,260

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

655

 

 

 

—

 

 

 

—

 

 

 

655

 

Gross loans – June 30, 2024

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2023

 

$

1,336,226

 

 

$

760,617

 

 

$

114,827

 

 

$

3,663

 

 

$

553

 

 

$

2,215,886

 

Loan originations

 

 

315,328

 

 

 

119,566

 

 

 

7,000

 

 

 

250

 

 

 

40,034

 

 

 

482,178

 

Principal receipts, sales, and maturities

 

 

(115,589

)

 

 

(97,409

)

 

 

(12,833

)

 

 

(431

)

 

 

(39,288

)

 

 

(265,550

)

Charge-offs

 

 

(32,728

)

 

 

(8,961

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(41,689

)

Transfer to loan collateral in process of foreclosure, net

 

 

(11,094

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,094

)

Amortization of origination fees, net

 

 

(6,166

)

 

 

1,851

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

(4,298

)

Origination costs, net

 

 

11,451

 

 

 

(2,480

)

 

 

(77

)

 

 

—

 

 

 

—

 

 

 

8,894

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

1,263

 

 

 

—

 

 

 

—

 

 

 

1,263

 

Gross loans – June 30, 2024

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

 

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

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
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 receipts, sales, and maturities

 

 

(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 fees, net

 

 

(3,159

)

 

 

665

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,494

)

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 receipts, sales, and maturities

 

 

(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 fees, net

 

 

(5,918

)

 

 

1,251

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,667

)

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

 

 

The following table sets forth the activity in the allowance for credit losses for the three and six months ended June 30, 2024 and 2023.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Allowance for credit losses – beginning balance (1)

 

$

83,827

 

 

$

70,280

 

 

$

84,235

 

 

$

63,845

 

CECL transition amount upon ASU 2016-13 adoption

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,712

 

Charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

(14,627

)

 

 

(9,166

)

 

 

(32,728

)

 

 

(21,756

)

Home improvement

 

 

(4,063

)

 

 

(2,575

)

 

 

(8,961

)

 

 

(4,489

)

Commercial

 

 

—

 

 

 

(900

)

 

 

—

 

 

 

(900

)

Taxi medallion

 

 

—

 

 

 

(221

)

 

 

—

 

 

 

(3,814

)

Total charge-offs

 

 

(18,690

)

 

 

(12,862

)

 

 

(41,689

)

 

 

(30,959

)

Recoveries

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

3,962

 

 

 

3,282

 

 

 

7,510

 

 

 

6,053

 

Home improvement

 

 

1,243

 

 

 

627

 

 

 

2,154

 

 

 

1,259

 

Commercial

 

 

—

 

 

 

—

 

 

 

20

 

 

 

10

 

Taxi medallion

 

 

869

 

 

 

5,168

 

 

 

1,780

 

 

 

8,537

 

Total recoveries

 

 

6,074

 

 

 

9,077

 

 

 

11,464

 

 

 

15,859

 

Net charge-offs (2)

 

 

(12,616

)

 

 

(3,785

)

 

 

(30,225

)

 

 

(15,100

)

Provision for credit losses

 

 

18,577

 

 

 

8,476

 

 

 

35,778

 

 

 

12,514

 

Allowance for credit losses – ending balance (3)

 

$

89,788

 

 

$

74,971

 

 

$

89,788

 

 

$

74,971

 
(1)
2023 beginning balance represents allowance prior to the adoption of ASU 2016-13.
(2)
As of June 30, 2024, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion loan portfolio were $173.3 million, including $106.0 million related to loans secured by New York City taxi medallions, some of which may represent collection opportunities for the Company.
(3)
As of June 30, 2024 and June 30, 2023, there were no allowance for credit losses and net charge-offs related to the strategic partnership loans.

The following tables set forth the gross charge-offs for the three and six months ended June 30, 2024, by the year of origination:

Three Months Ended June 30, 2024
(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

99

 

 

$

4,099

 

 

$

5,049

 

 

$

1,990

 

 

$

986

 

 

$

2,404

 

 

$

14,627

 

Home improvement

 

 

40

 

 

 

1,508

 

 

 

1,594

 

 

 

507

 

 

 

119

 

 

 

295

 

 

 

4,063

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

139

 

 

$

5,607

 

 

$

6,643

 

 

$

2,497

 

 

$

1,105

 

 

$

2,699

 

 

$

18,690

 

 

Six Months Ended June 30, 2024
(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

99

 

 

$

7,862

 

 

$

11,867

 

 

$

5,487

 

 

$

2,275

 

 

$

5,138

 

 

$

32,728

 

Home improvement

 

 

40

 

 

 

3,032

 

 

 

3,274

 

 

 

1,670

 

 

 

406

 

 

 

539

 

 

 

8,961

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

139

 

 

$

10,894

 

 

$

15,141

 

 

$

7,157

 

 

$

2,681

 

 

$

5,677

 

 

$

41,689

 

The following tables set forth the gross charge-offs for the three and six months ended June 30, 2023, by the year of origination:

Three Months Ended June 30, 2023
(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

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

221

 

 

 

221

 

Total

 

$

83

 

 

$

5,116

 

 

$

2,817

 

 

$

943

 

 

$

1,909

 

 

$

1,994

 

 

$

12,862

 

 

Six Months Ended June 30, 2023
(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

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,814

 

 

 

3,814

 

Total

 

$

83

 

 

$

9,628

 

 

$

6,515

 

 

$

2,757

 

 

$

3,594

 

 

$

8,382

 

 

$

30,959

 

 

The following tables set forth the allowance for credit losses by type as of June 30, 2024 and December 31, 2023.

June 30, 2024
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

65,140

 

 

 

73

%

 

 

4.35

%

 

 

292.79

%

Home improvement

 

 

18,388

 

 

 

20

 

 

 

2.38

 

 

 

82.65

 

Commercial

 

 

4,861

 

 

 

5

 

 

 

4.41

 

 

 

21.85

 

Taxi medallion

 

 

1,399

 

 

 

2

 

 

 

40.18

 

 

 

6.29

 

Total

 

$

89,788

 

 

 

100

%

 

 

3.76

%

 

 

403.58

%

 

December 31, 2023
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

57,532

 

 

 

68

%

 

 

4.31

%

 

 

221.50

%

Home improvement

 

 

21,019

 

 

 

25

 

 

 

2.76

 

 

 

80.92

 

Commercial

 

 

4,148

 

 

 

5

 

 

 

3.61

 

 

 

15.97

 

Taxi medallion

 

 

1,536

 

 

 

2

 

 

 

41.93

 

 

 

5.91

 

Total

 

$

84,235

 

 

 

100

%

 

 

3.80

%

 

 

324.31

%

The following table presents total nonaccrual loans and foregone interest, substantially all of which is in the taxi medallion loan portfolio. The fluctuation in nonaccrual interest foregone is due to past due loans and market conditions.

(Dollars in thousands)

 

June 30, 2024

 

 

December 31, 2023

 

Total nonaccrual loans

 

$

22,248

 

 

$

25,974

 

Interest foregone quarter to date

 

 

464

 

 

 

417

 

Amount of foregone interest applied to principal in the quarter

 

 

72

 

 

 

59

 

Interest foregone year to date

 

 

662

 

 

 

928

 

Amount of foregone interest applied to principal for the year

 

 

133

 

 

 

238

 

Interest foregone life-to-date

 

 

3,162

 

 

 

2,119

 

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

 

 

814

 

 

 

822

 

Percentage of nonaccrual loans to gross loan portfolio

 

 

0.9

%

 

 

1.2

%

Percentage of allowance for credit losses to nonaccrual loans

 

 

403.6

%

 

 

324.3

%

The following tables present the performance status of loans as of June 30, 2024 and December 31, 2023.

June 30, 2024
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,490,965

 

 

$

6,463

 

 

$

1,497,428

 

 

 

0.43

%

Home improvement

 

 

771,881

 

 

 

1,303

 

 

 

773,184

 

 

 

0.17

 

Commercial

 

 

99,197

 

 

 

11,000

 

 

 

110,197

 

 

 

9.98

 

Taxi medallion

 

 

—

 

 

 

3,482

 

 

 

3,482

 

 

 

100.00

 

Strategic partnership

 

 

1,299

 

 

 

—

 

 

 

1,299

 

 

 

—

 

Total

 

$

2,363,342

 

 

$

22,248

 

 

$

2,385,590

 

 

 

0.93

%

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,326,567

 

 

$

9,659

 

 

$

1,336,226

 

 

 

0.72

%

Home improvement

 

 

759,128

 

 

 

1,489

 

 

 

760,617

 

 

 

0.20

 

Commercial

 

 

103,664

 

 

 

11,163

 

 

 

114,827

 

 

 

9.72

 

Taxi medallion

 

 

—

 

 

 

3,663

 

 

 

3,663

 

 

 

100.00

 

Strategic partnership

 

 

553

 

 

 

—

 

 

 

553

 

 

 

—

 

Total

 

$

2,189,912

 

 

$

25,974

 

 

$

2,215,886

 

 

 

1.17

%

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 such, deemed nonperforming.

 

The following tables show the aging of all loans as of June 30, 2024 and December 31, 2023.

June 30, 2024

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

35,094

 

 

$

13,278

 

 

$

5,938

 

 

$

54,310

 

 

$

1,394,199

 

 

$

1,448,509

 

 

$

—

 

Home improvement

 

 

3,637

 

 

 

1,993

 

 

 

1,305

 

 

 

6,935

 

 

 

770,331

 

 

 

777,266

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

8,396

 

 

 

8,396

 

 

 

102,016

 

 

 

110,412

 

 

 

—

 

Taxi medallion

 

 

73

 

 

 

—

 

 

 

—

 

 

 

73

 

 

 

3,409

 

 

 

3,482

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,299

 

 

 

1,299

 

 

 

—

 

Total

 

$

38,804

 

 

$

15,271

 

 

$

15,639

 

 

$

69,714

 

 

$

2,271,254

 

 

$

2,340,968

 

 

$

—

 
(1)
Excludes $44.6 million of capitalized loan origination costs.

 December 31, 2023

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

40,282

 

 

$

15,039

 

 

$

9,095

 

 

$

64,416

 

 

$

1,228,175

 

 

$

1,292,591

 

 

$

—

 

Home improvement

 

 

3,936

 

 

 

2,562

 

 

 

1,502

 

 

 

8,000

 

 

 

756,069

 

 

 

764,069

 

 

 

—

 

Commercial

 

 

—

 

 

 

2,156

 

 

 

6,240

 

 

 

8,396

 

 

 

107,140

 

 

 

115,536

 

 

 

—

 

Taxi medallion

 

 

201

 

 

 

—

 

 

 

—

 

 

 

201

 

 

 

3,462

 

 

 

3,663

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

553

 

 

 

553

 

 

 

—

 

Total

 

$

44,419

 

 

$

19,757

 

 

$

16,837

 

 

$

81,013

 

 

$

2,095,399

 

 

$

2,176,412

 

 

$

—

 
(1)
Excludes $40.0 million of capitalized loan origination costs.

The Company estimates that the weighted average loan-to-value ratio of the taxi medallion loans was approximately 174% and 183% as of June 30, 2024 and December 31, 2023.

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 six months ended June 30, 2024 and 2023.

Three Months Ended June 30, 2024
(Dollars in thousands)

 

Recreation

 

 

Taxi
Medallion

 

 

Total

 

Loan collateral in process of foreclosure – March 31, 2024

 

$

1,475

 

 

$

8,723

 

 

$

10,198

 

Transfer from loans, net

 

 

5,669

 

 

 

—

 

 

 

5,669

 

Sales

 

 

—

 

 

 

—

 

 

 

—

 

Cash payments received

 

 

(2,225

)

 

 

(881

)

 

 

(3,106

)

Collateral valuation adjustments

 

 

(3,478

)

 

 

76

 

 

 

(3,402

)

Loan collateral in process of foreclosure – June 30, 2024

 

$

1,441

 

 

$

7,918

 

 

$

9,359

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024
(Dollars in thousands)

 

Recreation

 

 

Taxi
Medallion

 

 

Total

 

Loan collateral in process of foreclosure – December 31, 2023

 

$

1,779

 

 

$

9,993

 

 

$

11,772

 

Transfer from loans, net

 

 

11,094

 

 

 

—

 

 

 

11,094

 

Sales

 

 

—

 

 

 

(39

)

 

 

(39

)

Cash payments received

 

 

(4,672

)

 

 

(2,154

)

 

 

(6,826

)

Collateral valuation adjustments

 

 

(6,760

)

 

 

118

 

 

 

(6,642

)

Loan collateral in process of foreclosure – June 30, 2024

 

$

1,441

 

 

$

7,918

 

 

$

9,359

 

 

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

 

Recreation

 

 

Taxi
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

 

 

Taxi
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

 

 

As of June 30, 2024, taxi medallion loans in the process of foreclosure included 326 taxi medallions in the New York City market, 188 taxi medallions in the Chicago market, 23 taxi medallions in the Newark market, and 31 taxi medallions in various other markets.