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Funds Borrowed (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Outstanding Balances of Funds Borrowed

The outstanding balances of funds borrowed were as follows:

 

 

 

Payments Due for the Twelve Months Ending June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

Thereafter

 

 

June 30, 2020(1)

 

 

December 31, 2019(1)

 

 

Interest

Rate (2)

 

Deposits(3)

 

$

398,626

 

 

$

321,492

 

 

$

158,870

 

 

$

125,643

 

 

$

73,014

 

 

$

—

 

 

$

1,077,645

 

 

$

954,245

 

 

 

2.00

%

SBA debentures and

   borrowings

 

 

28,936

 

 

—

 

 

 

5,000

 

 

 

2,500

 

 

 

12,500

 

 

 

25,500

 

 

 

74,436

 

 

 

71,746

 

 

 

3.34

 

Retail and privately placed

   notes

 

—

 

 

 

33,625

 

 

—

 

 

 

36,000

 

 

—

 

 

—

 

 

 

69,625

 

 

 

69,625

 

 

 

8.61

 

Preferred securities

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

33,000

 

 

 

33,000

 

 

 

33,000

 

 

 

2.44

 

Notes payable to banks

 

 

31,453

 

 

 

280

 

 

 

280

 

 

 

210

 

 

—

 

 

—

 

 

 

32,223

 

 

 

33,183

 

 

 

3.63

 

Other borrowings

 

 

500

 

 

 

7,368

 

 

—

 

 

—

 

 

 

747

 

 

—

 

 

 

8,615

 

 

 

7,794

 

 

 

1.91

 

Total

 

$

459,515

 

 

$

362,765

 

 

$

164,150

 

 

$

164,353

 

 

$

86,261

 

 

$

58,500

 

 

$

1,295,544

 

 

$

1,169,593

 

 

 

2.48

%

 

(1)

Excludes deferred financing costs of $4,709 and $5,105 as of June 30, 2020 and December 31, 2019.

(2)

Weighted average contractual rate as of June 30, 2020.

(3)

Balance excludes $250 of strategic partner reserve deposits as of June 30, 2020.

Summary of Maturity of Broker Pools, Excluding Strategic Partner Reserve Deposits The following table presents the maturity of the broker pools, excluding strategic partner reserve deposits, as of June 30, 2020.

(Dollars in thousands)

 

June 30, 2020

 

Three months or less

 

$

166,258

 

Over three months through six months

 

 

74,000

 

Over six months through one year

 

 

158,368

 

Over one year

 

 

679,019

 

Total deposits

 

$

1,077,645

 

 
Summary of Key Attributes of Various Borrowing Arrangements with Lenders

The table below summarizes the key attributes of the Company’s various borrowing arrangements with these lenders as of June 30, 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower

(Dollars in thousands)

 

# of

Lenders/

Notes

 

Note

Dates

 

Maturity

Dates

 

Type

 

Note

Amounts

 

 

 

Balance

Outstanding

at June 30,

2020

 

 

Payment

 

Average

Interest

Rate at

June 30,

2020

 

 

Interest

Rate

Index(1)

Medallion Financial

   Corp.

 

5/5

 

4/11 - 8/14

 

9/20 - 3/21

 

Term loans

and demand

notes secured

by pledged

loans(2)

 

$

20,416

 

(2)

 

$

20,416

 

 

Interest

only(3)

 

 

3.68

%

 

Various(3)

Medallion Chicago

 

2/23

 

11/11 - 12/11

 

2/21

 

Term loans

secured by

owned

Chicago

medallions(4)

 

 

18,449

 

 

 

 

10,687

 

 

$134 of

principal &

interest

paid

monthly

 

 

3.50

%

 

N/A

Medallion Funding

 

1/1

 

11/18

 

12/23

 

 

 

 

1,400

 

 

 

 

1,120

 

 

$70

principal &

interest

paid

quarterly

 

 

4.00

%

 

N/A

 

 

 

 

 

 

 

 

 

 

$

40,265

 

 

 

$

32,223

 

 

 

 

 

 

 

 

 

 

(1)

At June 30, 2020, 30-day LIBOR was 0.16%, 360-day LIBOR was 0.55%, and the prime rate was 3.25%.

(2)

One note has an interest rate of Prime, one note has an interest rate of Prime plus 0.50%, one note has a fixed interest rate of 3.75%, one note has an interest rate of LIBOR plus 3.75%, and the other interest rates on these borrowings are LIBOR plus 2%.

(3)

Various agreements call for remittance of all principal received on pledged loans subject to minimum monthly payments ranging up to or from $12 to $85.

(4)

Guaranteed by the Company.