XML 38 R28.htm IDEA: XBRL DOCUMENT v3.22.2
Loans and Allowance for Loan Losses (Tables)
 6 Months Ended
Jun. 30, 2022
Text Block [Abstract]  
Summary of Inclusive Capitalized Loans

The following table shows the major classification of loans, inclusive of capitalized loan origination costs, at June 30, 2022 and December 31, 2021.

 

 

June 30, 2022

 

 

December 31, 2021

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Gross Loans

 

 

Amount

 

 

As a
Percent of
Gross Loans

 

Recreation

 

$

1,096,670

 

 

 

63

%

 

$

961,320

 

 

 

65

%

Home improvement

 

 

526,278

 

 

 

30

 

 

 

436,772

 

 

 

29

 

Commercial

 

 

96,928

 

 

 

6

 

 

 

76,696

 

 

 

5

 

Medallion

 

 

14,152

 

 

 

1

 

 

 

14,046

 

 

 

1

 

Strategic partnership

 

 

593

 

 

*

 

 

 

90

 

 

*

 

Total gross loans

 

 

1,734,621

 

 

 

100

%

 

 

1,488,924

 

 

 

100

%

Allowance for loan losses

 

 

(59,152

)

 

 

 

 

 

(50,166

)

 

 

 

Total net loans

 

$

1,675,469

 

 

 

 

 

$

1,438,758

 

 

 

 

(*) 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, 2022 and 2021.

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

 

 

Three Months Ended June 30, 2021
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2021

 

$

822,932

 

 

$

342,121

 

 

$

58,854

 

 

$

35,250

 

 

$

58

 

 

$

1,259,215

 

Loan originations

 

 

134,467

 

 

 

62,992

 

 

 

11,059

 

 

 

—

 

 

 

2,426

 

 

 

210,944

 

Principal payments, sales, maturities, and recoveries

 

 

(67,084

)

 

 

(36,171

)

 

 

(564

)

 

 

(467

)

 

 

(2,414

)

 

 

(106,700

)

Charge-offs

 

 

(2,672

)

 

 

(786

)

 

 

—

 

 

 

(12,791

)

 

 

—

 

 

 

(16,249

)

Transfer to loan collateral in process of foreclosure, net

 

 

(2,980

)

 

 

—

 

 

 

—

 

 

 

(3,933

)

 

 

—

 

 

 

(6,913

)

Amortization of origination costs

 

 

(2,477

)

 

 

410

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,067

)

Amortization of loan premium

 

 

(60

)

 

 

(90

)

 

 

—

 

 

 

(1,545

)

 

 

—

 

 

 

(1,695

)

FASB origination costs, net

 

 

4,080

 

 

 

(219

)

 

 

1

 

 

 

—

 

 

 

—

 

 

 

3,862

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

170

 

 

 

—

 

 

 

—

 

 

 

170

 

Gross loans – June 30, 2021

 

$

886,206

 

 

$

368,257

 

 

$

69,520

 

 

$

16,514

 

 

$

70

 

 

$

1,340,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2020

 

$

792,686

 

 

$

334,033

 

 

$

65,327

 

 

$

37,768

 

 

$

24

 

 

$

1,229,838

 

Loan originations

 

 

228,317

 

 

 

111,051

 

 

 

15,216

 

 

 

—

 

 

 

4,370

 

 

 

358,954

 

Principal payments, sales, maturities, and recoveries

 

 

(123,043

)

 

 

(75,807

)

 

 

(11,541

)

 

 

(1,102

)

 

 

(4,324

)

 

 

(215,817

)

Charge-offs

 

 

(7,725

)

 

 

(1,467

)

 

 

—

 

 

 

(13,905

)

 

 

—

 

 

 

(23,097

)

Transfer to loan collateral in process of foreclosure, net

 

 

(6,033

)

 

 

—

 

 

 

—

 

 

 

(4,630

)

 

 

—

 

 

 

(10,663

)

Amortization of origination costs

 

 

(4,639

)

 

 

907

 

 

 

11

 

 

 

(2

)

 

 

—

 

 

 

(3,723

)

Amortization of loan premium

 

 

(101

)

 

 

(166

)

 

 

—

 

 

 

(1,615

)

 

 

—

 

 

 

(1,882

)

FASB origination costs, net

 

 

6,744

 

 

 

(294

)

 

 

12

 

 

 

—

 

 

 

—

 

 

 

6,462

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

495

 

 

 

—

 

 

 

—

 

 

 

495

 

Gross loans – June 30, 2021

 

$

886,206

 

 

$

368,257

 

 

$

69,520

 

 

$

16,514

 

 

$

70

 

 

$

1,340,567

 
Summary of Activity in Allowance for Loan Losses

The following table sets forth the activity in the allowance for loan losses for the three and six months ended June 30, 2022 and 2021.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Allowance for loan losses – beginning balance

 

$

50,686

 

 

$

57,809

 

 

$

50,166

 

 

$

57,548

 

Charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

(5,074

)

 

 

(2,672

)

 

 

(10,141

)

 

 

(7,725

)

Home improvement

 

 

(1,108

)

 

 

(786

)

 

 

(2,168

)

 

 

(1,467

)

Commercial

 

 

—

 

 

 

—

 

 

 

(1,584

)

 

 

—

 

Medallion

 

 

—

 

 

 

(12,791

)

 

 

(75

)

 

 

(13,905

)

Total charge-offs

 

 

(6,182

)

 

 

(16,249

)

 

 

(13,968

)

 

 

(23,097

)

Recoveries

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

3,615

 

 

 

3,588

 

 

 

7,125

 

 

 

6,057

 

Home improvement

 

 

585

 

 

 

558

 

 

 

1,144

 

 

 

990

 

Commercial

 

 

13

 

 

 

—

 

 

 

47

 

 

 

—

 

Medallion

 

 

2,676

 

 

 

1,922

 

 

 

3,639

 

 

 

3,112

 

Total recoveries

 

 

6,889

 

 

 

6,068

 

 

 

11,955

 

 

 

10,159

 

Net recoveries (charge-offs) (1)

 

 

707

 

 

 

(10,181

)

 

 

(2,013

)

 

 

(12,938

)

Provision (benefit) for loan losses

 

 

7,759

 

 

 

(682

)

 

 

10,999

 

 

 

2,336

 

Allowance for loan losses – ending balance (2)

 

$

59,152

 

 

$

46,946

 

 

$

59,152

 

 

$

46,946

 
(1)
As of June 30, 2022, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the medallion loan portfolio were $252.1 million, some of which may represent collection opportunities for the Company.
(2)
As of June 30, 2022 and June 30, 2021, there were no allowance for loan losses and net charge-offs related to the strategic partnership loans.
Summary of Allowance for Loan Losses by Type

The following tables set forth the allowance for loan losses by type as of June 30, 2022 and December 31, 2021.

June 30, 2022
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

37,772

 

 

 

64

%

 

 

3.44

%

 

 

113.48

%

Home improvement

 

 

9,234

 

 

 

16

 

 

 

1.75

 

 

 

27.74

 

Commercial

 

 

2,720

 

 

 

4

 

 

 

2.81

 

 

 

8.17

 

Medallion

 

 

9,426

 

 

 

16

 

 

 

66.61

 

 

 

28.32

 

Total

 

$

59,152

 

 

 

100

%

 

 

3.41

%

 

 

177.71

%

 

December 31, 2021
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

32,435

 

 

 

64

%

 

 

3.37

%

 

 

91.18

%

Home improvement

 

 

7,356

 

 

 

15

 

 

 

1.68

 

 

20.68

 

Commercial

 

 

1,141

 

 

 

2

 

 

 

1.49

 

 

 

3.21

 

Medallion

 

 

9,234

 

 

 

19

 

 

 

65.74

 

 

 

25.96

 

Total

 

$

50,166

 

 

 

100

%

 

 

3.37

%

 

 

141.03

%
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, 2022

 

 

December 31, 2021

 

Total nonaccrual loans

 

$

33,285

 

 

$

35,571

 

Interest foregone quarter to date

 

 

536

 

 

 

466

 

Amount of foregone interest applied to principal in the quarter

 

 

104

 

 

 

114

 

Interest foregone year to date

 

 

1,224

 

 

 

1,620

 

Amount of foregone interest applied to principal for the year

 

 

216

 

 

 

432

 

Interest foregone life-to-date

 

 

2,877

 

 

 

3,623

 

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

 

 

1,110

 

 

 

942

 

Percentage of nonaccrual loans to gross loan portfolio

 

 

2

%

 

 

2

%

Percentage of allowance for loan losses to nonaccrual loans

 

 

178

%

 

 

141

%
Summary of Performance Status of Loan

The following tables present the performance status of loans as of June 30, 2022 and December 31, 2021.

June 30, 2022
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,091,093

 

 

$

5,577

 

 

$

1,096,670

 

 

 

0.51

%

Home improvement

 

 

525,883

 

 

 

395

 

 

 

526,278

 

 

 

0.08

 

Commercial

 

 

83,411

 

 

 

13,517

 

 

 

96,928

 

 

 

13.95

 

Medallion

 

 

—

 

 

 

14,152

 

 

 

14,152

 

 

 

100.00

 

Strategic partnership

 

 

593

 

 

 

—

 

 

 

593

 

 

 

—

 

Total

 

$

1,700,980

 

 

$

33,641

 

 

$

1,734,621

 

 

 

1.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

955,763

 

 

$

5,557

 

 

$

961,320

 

 

 

0.58

%

Home improvement

 

 

436,640

 

 

 

132

 

 

 

436,772

 

 

 

0.03

 

Commercial

 

 

60,366

 

 

 

16,330

 

 

 

76,696

 

 

 

21.29

 

Medallion

 

 

—

 

 

 

14,046

 

 

 

14,046

 

 

 

100.00

 

Strategic partnership

 

 

90

 

 

 

—

 

 

 

90

 

 

 

—

 

Total

 

$

1,452,859

 

 

$

36,065

 

 

$

1,488,924

 

 

 

2.42

%
Summary of Attributes of Nonperforming Loan Portfolio

The following tables provide additional information on attributes of the nonperforming loan portfolio as of June 30, 2022 and December 31, 2021, all of which had an allowance recorded against the principal balance.

 

 

June 30, 2022

 

 

December 31, 2021

 

(Dollars in thousands)

 

Recorded
Investment

 

 

Unpaid
Principal
Balance

 

 

Related
Allowance

 

 

Recorded
Investment

 

 

Unpaid
Principal
Balance

 

 

Related
Allowance

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

5,577

 

 

$

5,577

 

 

$

192

 

 

$

5,557

 

 

$

5,557

 

 

$

188

 

Home improvement

 

 

395

 

 

 

395

 

 

 

7

 

 

 

132

 

 

 

132

 

 

 

2

 

Commercial

 

 

13,517

 

 

 

13,577

 

 

 

2,720

 

 

 

16,330

 

 

 

16,360

 

 

 

1,141

 

Medallion

 

 

14,152

 

 

 

15,202

 

 

 

9,426

 

 

 

14,046

 

 

 

14,958

 

 

 

8,837

 

Total nonperforming loans with an allowance

 

$

33,641

 

 

$

34,751

 

 

$

12,345

 

 

$

36,065

 

 

$

37,007

 

 

$

10,168

 

 

 

 

Three Months Ended June 30,

 

 

 

2022

 

 

2021

 

(Dollars in thousands)

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

5,197

 

 

$

119

 

 

$

4,799

 

 

$

180

 

Home improvement

 

 

396

 

 

 

—

 

 

 

74

 

 

 

—

 

Commercial

 

 

13,577

 

 

 

—

 

 

 

19,210

 

 

 

—

 

Medallion

 

 

16,095

 

 

 

—

 

 

 

18,517

 

 

 

—

 

Total nonperforming loans with an allowance

 

$

35,265

 

 

$

119

 

 

$

42,600

 

 

$

180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

(Dollars in thousands)

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

 

Average
Investment
Recorded

 

 

Interest Income
Recognized

 

With an allowance recorded

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

5,265

 

 

$

223

 

 

$

4,912

 

 

$

323

 

Home improvement

 

 

388

 

 

 

—

 

 

 

75

 

 

 

—

 

Commercial

 

 

13,561

 

 

 

—

 

 

 

19,788

 

 

 

—

 

Medallion

 

 

16,798

 

 

 

—

 

 

 

18,568

 

 

 

—

 

Total nonperforming loans with an allowance

 

$

36,012

 

 

$

223

 

 

$

43,343

 

 

$

323

 
Summary of Aging of Loans

The following tables show the aging of all loans as of June 30, 2022 and December 31, 2021.

June 30, 2022

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

19,813

 

 

$

7,453

 

 

$

3,810

 

 

$

31,076

 

 

$

1,031,497

 

 

$

1,062,573

 

 

$

—

 

Home improvement

 

 

1,725

 

 

 

546

 

 

 

396

 

 

 

2,667

 

 

 

525,918

 

 

 

528,585

 

 

 

—

 

Commercial

 

 

1,765

 

 

 

—

 

 

 

74

 

 

 

1,839

 

 

 

95,089

 

 

 

96,928

 

 

 

—

 

Medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,152

 

 

 

14,152

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

593

 

 

 

593

 

 

 

—

 

Total

 

$

23,303

 

 

$

7,999

 

 

$

4,280

 

 

$

35,582

 

 

$

1,667,249

 

 

$

1,702,831

 

 

$

—

 
(1)
Excludes loan premiums of $0.2 million and $31.6 million of capitalized loan origination costs.

 December 31, 2021

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

20,037

 

 

$

6,569

 

 

$

3,818

 

 

$

30,424

 

 

$

901,435

 

 

$

931,859

 

 

$

—

 

Home improvement

 

 

1,517

 

 

 

479

 

 

 

132

 

 

 

2,128

 

 

 

436,803

 

 

 

438,931

 

 

 

—

 

Commercial

 

 

1,795

 

 

 

—

 

 

 

74

 

 

 

1,869

 

 

 

74,827

 

 

 

76,696

 

 

 

—

 

Medallion

 

 

215

 

 

 

7,125

 

 

 

—

 

 

 

7,340

 

 

 

6,706

 

 

 

14,046

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

90

 

 

 

90

 

 

 

—

 

Total

 

$

23,564

 

 

$

14,173

 

 

$

4,024

 

 

$

41,761

 

 

$

1,419,861

 

 

$

1,461,622

 

 

$

—

 
(1)
Excludes loan premiums of $0.5 million and $26.8 million of capitalized loan origination costs.
Summary of TDRs

The following table shows the TDRs which 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

 

The following table shows the TDRs which the Company entered into during the three and six months ended June 30, 2021.

(Dollars in thousands)

 

Number of Loans

 

 

Pre-
Modification
Investment

 

 

Post-
Modification
Investment

 

Three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Recreation loans

 

 

21

 

 

$

302

 

 

$

302

 

Medallion loans

 

 

2

 

 

 

256

 

 

 

256

 

Six months ended June 30, 2021

 

 

 

 

 

 

 

 

 

Recreation loans

 

 

39

 

 

$

474

 

 

$

468

 

Medallion loans

 

 

10

 

 

 

2,994

 

 

 

2,994

 
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, 2022 and 2021.

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

 

 

Three Months Ended June 30, 2021
(Dollars in thousands)

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – March 31, 2021

 

$

970

 

 

$

49,763

 

 

$

50,733

 

Transfer from loans, net

 

 

2,980

 

 

 

3,933

 

 

 

6,913

 

Sales

 

 

(1,989

)

 

 

(231

)

 

 

(2,220

)

Cash payments received

 

 

—

 

 

 

(3,146

)

 

 

(3,146

)

Collateral valuation adjustments

 

 

(1,079

)

 

 

(2,162

)

 

 

(3,241

)

Loan collateral in process of foreclosure – June 30, 2021

 

$

882

 

 

$

48,157

 

 

$

49,039

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021
(Dollars in thousands)

 

Recreation

 

 

Medallion

 

 

Total

 

Loan collateral in process of foreclosure – December 31, 2020

 

$

1,432

 

 

$

53,128

 

 

$

54,560

 

Transfer from loans, net

 

 

6,033

 

 

 

4,630

 

 

 

10,663

 

Sales

 

 

(4,288

)

 

 

(231

)

 

 

(4,519

)

Cash payments received

 

 

—

 

 

 

(4,423

)

 

 

(4,423

)

Collateral valuation adjustments

 

 

(2,295

)

 

 

(4,947

)

 

 

(7,242

)

Loan collateral in process of foreclosure – June 30, 2021

 

$

882

 

 

$

48,157

 

 

$

49,039

 

 

As of June 30, 2022, medallion loans in the process of foreclosure included 462 medallions in the New York City market, 335 medallions in the Chicago market, 61 medallions in the Newark market, and 47 medallions in other markets.