Funds Borrowed (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Outstanding Balances of Funds Borrowed

The outstanding balances of funds borrowed were as follows.

	Payments Due for the Year Ending December 31,
(Dollars in thousands)	2021		2022		2023		2024		2025		Thereafter		December 31, 2020⁽¹⁾		December 31, 2019⁽¹⁾		Interest Rate (2)
Deposits ⁽³⁾	$	393,835	$	241,605	$	190,387	$	120,040	$	121,955	$	—	$	1,067,822	$	954,245		1.71	%
Retail and privately placed notes ⁽⁴⁾		33,625		—		—		36,000		—		33,600		103,225		69,625		8.25	%
SBA debentures and borrowings		22,508		—		5,000		5,000		14,000		21,500		68,008		71,746		3.36	%
Preferred securities ⁽⁴⁾		—		—		—		—		—		33,000		33,000		33,000		2.35	%
Notes payable to banks		30,701		280		280		—		—		—		31,261		33,183		3.67	%
Other borrowings		500		7,442		—		—		747		—		8,689		7,794		1.91	%
Total	$	481,169	$	249,327	$	195,667	$	161,040	$	136,702	$	88,100	$	1,312,005	$	1,169,593		2.37	%

(1)	Excludes deferred financing costs of $5,805 and $5,105 as of December 31, 2020 and 2019.

(2)	Weighted average contractual rate as of December 31, 2020.

(3)	Balance excludes $250 of strategic partner reserve deposits as of December 31, 2020.

(4)	Relates to loans held at Medallion Financial Corp. (parent company only).

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 December 31, 2020.

(Dollars in thousands)	December 31, 2020
Three months or less	$	125,766
Over three months through six months		117,602
Over six months through one year		150,467
Over one year		673,987
Total deposits	$	1,067,822

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 December 31, 2020.

(Dollars in thousands)

Borrower

# of

Lenders/

Notes

Note

Dates

Maturity

Dates

Type

Note

Amounts

Balance

Outstanding at

December 31,

2020

Payment

Average

Interest

Rate at

December 31,

2020

Interest Rate

Index⁽¹⁾

Medallion

Financial Corp.

5/5

4/11 - 8/14

2/21 - 9/21

Term loans and demand notes secured by pledged loans ⁽²⁾

19,734

⁽²⁾

19,734

Interest only⁽³⁾

3.75

Various⁽³⁾

Medallion

Chicago

2/23

11/11 - 12/11

2/21

Term loans secured by owned Chicago taxi medallions ⁽⁴⁾

18,449

10,687

$134 of principal & interest paid monthly

3.50

N/A

Medallion

Funding

1/1

11/18

12/23

Term loan unsecured

1,400

840

$70 principal & interest paid quarterly

4.00

N/A

39,583

31,261

(1)	At December 31, 2020, 30 day LIBOR was 0.14%, 360 day LIBOR was 0.34%, 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 from $12 to $85.

(4)	Guaranteed by the Company.