XML 37 R30.htm IDEA: XBRL DOCUMENT v3.24.3
Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Text Block [Abstract]  
Summary of Inclusive Capitalized Loans

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

 

 

September 30, 2024

 

 

December 31, 2023

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Gross Loans

 

 

Amount

 

 

As a
Percent of
Gross Loans

 

Recreation

 

$

1,554,629

 

 

 

63

%

 

$

1,336,226

 

 

 

60

%

Home improvement

 

 

814,071

 

 

 

33

 

 

 

760,617

 

 

 

34

 

Commercial

 

 

110,143

 

 

 

4

 

 

 

114,827

 

 

 

5

 

Taxi medallion

 

 

3,243

 

 

*

 

 

 

3,663

 

 

*

 

Strategic partnership

 

 

3,193

 

 

*

 

 

 

553

 

 

*

 

Total gross loans

 

 

2,485,279

 

 

 

100

%

 

 

2,215,886

 

 

 

100

%

Allowance for credit losses

 

 

(96,518

)

 

 

 

 

 

(84,235

)

 

 

 

Total net loans

 

$

2,388,761

 

 

 

 

 

$

2,131,651

 

 

 

 

(*) Less than 1%.
Schedule of Activity of Gross Loans

The following tables present the activity of the gross loans for the three and nine months ended September 30, 2024 and 2023.

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

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – June 30, 2024

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

Loan originations

 

 

139,105

 

 

 

96,545

 

 

 

—

 

 

 

—

 

 

 

39,918

 

 

 

275,568

 

Principal receipts, sales, and maturities

 

 

(61,563

)

 

 

(51,409

)

 

 

(713

)

 

 

(239

)

 

 

(38,024

)

 

 

(151,948

)

Charge-offs

 

 

(16,242

)

 

 

(4,258

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(20,500

)

Transfer to loan collateral in process of foreclosure, net

 

 

(6,609

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,609

)

Amortization of origination fees and costs, net

 

 

(3,549

)

 

 

1,206

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

(2,330

)

Origination fees and costs, net

 

 

6,059

 

 

 

(1,197

)

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

4,861

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

647

 

 

 

—

 

 

 

—

 

 

 

647

 

Gross loans – September 30, 2024

 

$

1,554,629

 

 

$

814,071

 

 

$

110,143

 

 

$

3,243

 

 

$

3,193

 

 

$

2,485,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 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

 

 

454,433

 

 

 

216,111

 

 

 

7,000

 

 

 

250

 

 

 

79,952

 

 

 

757,746

 

Principal receipts, sales, and maturities

 

 

(177,152

)

 

 

(148,818

)

 

 

(13,546

)

 

 

(670

)

 

 

(77,312

)

 

 

(417,498

)

Charge-offs

 

 

(48,970

)

 

 

(13,219

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(62,189

)

Transfer to loan collateral in process of foreclosure, net

 

 

(17,703

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(17,703

)

Amortization of origination fees and costs, net

 

 

(9,715

)

 

 

3,057

 

 

 

30

 

 

 

—

 

 

 

—

 

 

 

(6,628

)

Origination fees and costs, net

 

 

17,510

 

 

 

(3,677

)

 

 

(78

)

 

 

—

 

 

 

—

 

 

 

13,755

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

1,910

 

 

 

—

 

 

 

—

 

 

 

1,910

 

Gross loans – September 30, 2024

 

$

1,554,629

 

 

$

814,071

 

 

$

110,143

 

 

$

3,243

 

 

$

3,193

 

 

$

2,485,279

 

 

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

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
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 receipts, sales, and maturities

 

 

(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 fees and costs, net

 

 

(3,259

)

 

 

647

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,612

)

Origination fees and 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 receipts, sales, and maturities

 

 

(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 fees and costs, net

 

 

(9,177

)

 

 

1,898

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,279

)

Origination fees and 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

 

 
Summary of Activity in Allowance for Loan Losses

The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2024 and 2023.

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(Dollars in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Allowance for credit losses – beginning balance

 

$

89,788

 

 

$

74,971

 

 

$

84,235

 

(1)

$

63,845

 

CECL transition amount upon ASU 2016-13 adoption

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,712

 

Charge-offs

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

(16,242

)

 

 

(11,684

)

 

 

(48,970

)

 

 

(33,440

)

Home improvement

 

 

(4,258

)

 

 

(3,890

)

 

 

(13,219

)

 

 

(8,379

)

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(900

)

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,814

)

Total charge-offs

 

 

(20,500

)

 

 

(15,574

)

 

 

(62,189

)

 

 

(46,533

)

Recoveries

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

3,991

 

 

 

2,651

 

 

 

11,501

 

 

 

8,705

 

Home improvement

 

 

745

 

 

 

882

 

 

 

2,899

 

 

 

2,141

 

Commercial

 

 

—

 

 

 

—

 

 

 

20

 

 

 

10

 

Taxi medallion

 

 

2,343

 

 

 

1,671

 

 

 

4,123

 

 

 

10,208

 

Total recoveries

 

 

7,079

 

 

 

5,204

 

 

 

18,543

 

 

 

21,064

 

Net charge-offs (2)

 

 

(13,421

)

 

 

(10,370

)

 

 

(43,646

)

 

 

(25,469

)

Provision for credit losses

 

 

20,151

 

 

 

14,532

 

 

 

55,929

 

 

 

27,045

 

Allowance for credit losses – ending balance (3)

 

$

96,518

 

 

$

79,133

 

 

$

96,518

 

 

$

79,133

 
(1)
2023 beginning balance represents allowance prior to the adoption of ASU 2016-13.
(2)
As of September 30, 2024, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion loan portfolio were $166.2 million, including $99.2 million related to loans secured by New York City taxi medallions, some of which may represent collection opportunities for the Company.
(3)
As of September 30, 2024 and 2023, there were no allowance for credit losses and net charge-offs related to the strategic partnership loans.
Summary of Gross Charge Offs

The following tables present the gross charge-offs for the three and nine months ended September 30, 2024, by the year of origination:

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

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

921

 

 

$

4,717

 

 

$

5,167

 

 

$

2,354

 

 

$

956

 

 

$

2,127

 

 

$

16,242

 

Home improvement

 

 

148

 

 

 

1,275

 

 

 

1,583

 

 

 

787

 

 

 

209

 

 

 

256

 

 

 

4,258

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,069

 

 

$

5,992

 

 

$

6,750

 

 

$

3,141

 

 

$

1,165

 

 

$

2,383

 

 

$

20,500

 

 

Nine Months Ended September 30, 2024
(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

1,020

 

 

$

12,579

 

 

$

17,034

 

 

$

7,841

 

 

$

3,231

 

 

$

7,265

 

 

$

48,970

 

Home improvement

 

 

188

 

 

 

4,307

 

 

 

4,857

 

 

 

2,457

 

 

 

615

 

 

 

795

 

 

 

13,219

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,208

 

 

$

16,886

 

 

$

21,891

 

 

$

10,298

 

 

$

3,846

 

 

$

8,060

 

 

$

62,189

 

The following tables present the gross charge-offs for the three and nine months ended September 30, 2023, by the year of origination:

Three Months Ended September 30, 2023
(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

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,854

 

 

$

6,370

 

 

$

2,983

 

 

$

1,333

 

 

$

1,379

 

 

$

1,655

 

 

$

15,574

 

 

Nine Months Ended September 30, 2023
(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

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,814

 

 

 

3,814

 

Total

 

$

1,937

 

 

$

15,998

 

 

$

9,498

 

 

$

4,090

 

 

$

4,973

 

 

$

10,037

 

 

$

46,533

 

 
Summary of Allowance for Loan Losses by Type

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

September 30, 2024
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance (1)

 

 

Allowance as
a Percent of
Loan Category

 

 

Allowance as
a Percent of
Nonaccrual

 

Recreation

 

$

70,383

 

 

 

73

%

 

 

4.53

%

 

 

293.45

%

Home improvement

 

 

19,731

 

 

 

21

 

 

 

2.42

 

 

 

82.26

 

Commercial

 

 

5,114

 

 

 

5

 

 

 

4.64

 

 

 

21.32

 

Taxi medallion

 

 

1,290

 

 

 

1

 

 

 

39.78

 

 

 

5.38

 

Total

 

$

96,518

 

 

 

100

%

 

 

3.88

%

 

 

402.41

%
(1)
Percentages may not foot due to rounding.

December 31, 2023
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance (1)

 

 

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

%
(1)
Percentages may not foot due to rounding.
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, 2024

 

 

December 31, 2023

 

Total nonaccrual loans

 

$

23,985

 

 

$

25,974

 

Interest foregone quarter to date

 

 

419

 

 

 

417

 

Amount of foregone interest applied to principal in the quarter

 

 

70

 

 

 

59

 

Interest foregone year to date

 

 

983

 

 

 

928

 

Amount of foregone interest applied to principal for the year

 

 

199

 

 

 

238

 

Interest foregone life-to-date

 

 

3,483

 

 

 

2,119

 

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

 

 

880

 

 

 

822

 

Percentage of nonaccrual loans to gross loan portfolio

 

 

1.0

%

 

 

1.2

%

Percentage of allowance for credit losses to nonaccrual loans

 

 

402.4

%

 

 

324.3

%
Summary of Performance Status of Loan

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

September 30, 2024
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,546,412

 

 

$

8,217

 

 

$

1,554,629

 

 

 

0.53

%

Home improvement

 

 

812,509

 

 

 

1,562

 

 

 

814,071

 

 

 

0.19

 

Commercial

 

 

99,180

 

 

 

10,963

 

 

 

110,143

 

 

 

9.95

 

Taxi medallion

 

 

—

 

 

 

3,243

 

 

 

3,243

 

 

 

100.00

 

Strategic partnership

 

 

3,193

 

 

 

—

 

 

 

3,193

 

 

 

—

 

Total

 

$

2,461,294

 

 

$

23,985

 

 

$

2,485,279

 

 

 

0.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%
Summary of Aging of Loans

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

September 30, 2024

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total
Past Due

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

41,431

 

 

$

15,657

 

 

$

7,475

 

 

$

64,563

 

 

$

1,438,636

 

 

$

1,503,199

 

 

$

—

 

Home improvement

 

 

4,742

 

 

 

2,000

 

 

 

1,564

 

 

 

8,306

 

 

 

809,838

 

 

 

818,144

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

8,396

 

 

 

8,396

 

 

 

101,950

 

 

 

110,346

 

 

 

—

 

Taxi medallion

 

 

148

 

 

 

200

 

 

 

—

 

 

 

348

 

 

 

2,895

 

 

 

3,243

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,193

 

 

 

3,193

 

 

 

—

 

Total

 

$

46,321

 

 

$

17,857

 

 

$

17,435

 

 

$

81,613

 

 

$

2,356,512

 

 

$

2,438,125

 

 

$

—

 
(1)
Excludes $47.2 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
Past Due

 

 

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

 

 

$

—

 
Excludes $40.0 million of capitalized loan origination costs.
Summary of Activities of the Loan Collateral Process of Foreclosure Related to Recreation and Medallion Loans

The following tables present 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, 2024.

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

 

Recreation

 

 

Taxi
Medallion

 

 

Total

 

Loan collateral in process of foreclosure – June 30, 2024

 

$

1,441

 

 

$

7,918

 

 

$

9,359

 

Transfer from loans, net

 

 

6,609

 

 

 

—

 

 

 

6,609

 

Sales

 

 

—

 

 

 

—

 

 

 

—

 

Cash payments received

 

 

(2,059

)

 

 

(1,007

)

 

 

(3,066

)

Collateral valuation adjustments (1)

 

 

(4,064

)

 

 

(20

)

 

 

(4,084

)

Loan collateral in process of foreclosure – September 30, 2024

 

$

1,927

 

 

$

6,891

 

 

$

8,818

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 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

 

 

17,703

 

 

 

—

 

 

 

17,703

 

Sales

 

 

—

 

 

 

(39

)

 

 

(39

)

Cash payments received

 

 

(6,731

)

 

 

(3,161

)

 

 

(9,892

)

Collateral valuation adjustments (1)

 

 

(10,824

)

 

 

98

 

 

 

(10,726

)

Loan collateral in process of foreclosure – September 30, 2024

 

$

1,927

 

 

$

6,891

 

 

$

8,818

 
(1)
Collateral valuation adjustments for recreational loans are generally the result of the liquidation of collateral through a repossession process. Due to the short-term nature of the liquidation process, collateral valuation adjustments on recreational loans are recorded as charge-offs to the allowance for credit losses on loans as this is an adjustment to the initial estimate on the fair value, less estimated costs to sell that was initially estimated in the preliminary charge off and amount transferred to collateral in the process of foreclosure.

 

 

 

The following tables present 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.

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

 

Recreation

 

 

Taxi
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 (1)

 

 

(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

 

 

Taxi
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 (1)

 

 

(6,370

)

 

 

(303

)

 

 

(6,673

)

Loan collateral in process of foreclosure – September 30, 2023

 

$

1,935

 

 

$

13,988

 

 

$

15,923

 
(1)
Collateral valuation adjustments for recreational loans are generally the result of the liquidation of collateral through a repossession process. Due to the short-term nature of the liquidation process, collateral valuation adjustments on recreational loans are recorded as charge-offs to the allowance for credit losses on loans as this is an adjustment to the initial estimate on the fair value, less estimated costs to sell that was initially estimated in the preliminary charge off and amount transferred to collateral in the process of foreclosure.