XML 35 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024.

 

 

March 31, 2025

 

 

December 31, 2024

 

(Dollars in thousands)

 

Amount

 

 

As a
Percent of
Total Loans

 

 

Amount

 

 

As a
Percent of
Total Loans

 

Loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

$

1,431,610

 

 

 

58

%

 

$

1,422,403

 

 

 

57

%

Home improvement

 

 

812,381

 

 

 

33

 

 

 

827,211

 

 

 

33

 

Commercial

 

 

116,059

 

 

 

5

 

 

 

111,273

 

 

 

4

 

Taxi medallion

 

 

1,650

 

 

*

 

 

 

1,909

 

 

*

 

Total loans

 

 

2,361,700

 

 

 

95

 

 

 

2,362,796

 

 

 

95

 

Loans held for sale, at lower of amortized cost or fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

114,234

 

 

 

5

 

 

 

120,840

 

 

 

5

 

Strategic partnership

 

 

10,499

 

 

*

 

 

 

7,386

 

 

*

 

Total loans held for sale, at lower of amortized cost or fair value

 

 

124,733

 

 

 

5

 

 

 

128,226

 

 

 

5

 

Total loans and loans held for sale

 

$

2,486,433

 

 

 

100

%

 

$

2,491,022

 

 

 

100

%

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

The following tables present the activity of the gross loans and loans held for sale for the three months ended March 31, 2025 and 2024.

Three Months Ended March 31, 2025
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2024 (1)

 

$

1,543,243

 

 

$

827,211

 

 

$

111,273

 

 

$

1,909

 

 

$

7,386

 

 

$

2,491,022

 

Loan originations

 

 

86,833

 

 

 

48,796

 

 

 

9,707

 

 

 

72

 

 

 

136,240

 

 

 

281,648

 

Principal receipts, sales, and maturities

 

 

(61,507

)

 

 

(59,611

)

 

 

(5,052

)

 

 

(316

)

 

 

(133,127

)

 

 

(259,613

)

Charge-offs

 

 

(20,274

)

 

 

(4,227

)

 

 

(130

)

 

 

(15

)

 

 

—

 

 

 

(24,646

)

Transfer to loan collateral in process of foreclosure, net

 

 

(2,389

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,389

)

Amortization of origination fees and costs, net

 

 

(3,481

)

 

 

1,133

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

(2,336

)

Origination fees and costs, net

 

 

3,419

 

 

 

(921

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,498

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

249

 

 

 

—

 

 

 

—

 

 

 

249

 

Gross loans – March 31, 2025 (1)

 

$

1,545,844

 

 

$

812,381

 

 

$

116,059

 

 

$

1,650

 

 

$

10,499

 

 

$

2,486,433

 
(1)
Includes loans held for sale and loans held for investment.

Three Months Ended March 31, 2024
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – December 31, 2023

 

$

1,336,226

 

 

$

760,617

 

 

$

114,827

 

 

$

3,663

 

 

$

553

 

 

$

2,215,886

 

Loan originations

 

 

105,765

 

 

 

51,576

 

 

 

—

 

 

 

—

 

 

 

15,746

 

 

 

173,087

 

Principal receipts, sales, and maturities

 

 

(64,886

)

 

 

(54,917

)

 

 

(8,872

)

 

 

(103

)

 

 

(15,430

)

 

 

(144,208

)

Charge-offs

 

 

(18,101

)

 

 

(4,898

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(22,999

)

Transfer to loan collateral in process of foreclosure, net

 

 

5,425

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,425

 

Amortization of origination fees and costs, net

 

 

(2,952

)

 

 

938

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

(2,007

)

Origination fees and costs, net

 

 

3,688

 

 

 

(1,054

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,634

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

608

 

 

 

—

 

 

 

—

 

 

 

608

 

Gross loans – March 31, 2024

 

$

1,365,165

 

 

$

752,262

 

 

$

106,570

 

 

$

3,560

 

 

$

869

 

 

$

2,228,426

 

 
Summary of Activity in Allowance for Loan Losses

The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2025 and 2024.

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion (1)

 

 

Total

 

Balance at December 31, 2024

 

$

71,102

 

 

$

20,536

 

 

$

5,190

 

 

$

540

 

 

$

97,368

 

Charge-offs

 

 

(20,274

)

 

 

(4,227

)

 

 

(130

)

 

 

(15

)

 

 

(24,646

)

Recoveries

 

 

3,860

 

 

 

1,095

 

 

 

—

 

 

 

675

 

 

 

5,630

 

Provision (benefit) for credit losses

 

 

16,870

 

 

 

2,845

 

 

 

3,114

 

 

 

(815

)

 

 

22,014

 

Balance at March 31, 2025

 

$

71,558

 

 

$

20,249

 

 

$

8,174

 

 

$

385

 

 

$

100,366

 
(1)
As of March 31, 2025, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.7 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent collection opportunities for the Company.

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Total

 

Balance at December 31, 2023

 

$

57,532

 

 

$

21,019

 

 

$

4,148

 

 

$

1,536

 

 

$

84,235

 

Charge-offs

 

 

(18,101

)

 

 

(4,898

)

 

 

—

 

 

 

—

 

 

 

(22,999

)

Recoveries

 

 

3,548

 

 

 

911

 

 

 

20

 

 

 

911

 

 

 

5,390

 

Provision (benefit) for credit losses

 

 

17,030

 

 

 

898

 

 

 

216

 

 

 

(943

)

 

 

17,201

 

Balance at March 31, 2024

 

$

60,009

 

 

$

17,930

 

 

$

4,384

 

 

$

1,504

 

 

$

83,827

 
Summary of Gross Charge Offs

The following table presents the gross charge-offs for the three months ended March 31, 2025, by the year of origination:

Three Months Ended March 31, 2025
(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Recreation

 

$

—

 

 

$

2,728

 

 

$

3,707

 

 

$

4,506

 

 

$

1,933

 

 

$

7,400

 

 

$

20,274

 

Home improvement

 

 

—

 

 

 

823

 

 

 

1,503

 

 

 

1,133

 

 

 

428

 

 

 

340

 

 

 

4,227

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

130

 

 

 

—

 

 

 

—

 

 

 

130

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15

 

 

 

15

 

Total

 

$

—

 

 

$

3,551

 

 

$

5,210

 

 

$

5,769

 

 

$

2,361

 

 

$

7,755

 

 

$

24,646

 

The following table presents the gross charge-offs for the three months ended March 31, 2024, by the year of origination:

Three Months Ended March 31, 2024
(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

—

 

 

$

3,763

 

 

$

6,818

 

 

$

3,497

 

 

$

1,289

 

 

$

2,734

 

 

$

18,101

 

Home improvement

 

 

—

 

 

 

1,524

 

 

 

1,680

 

 

 

1,163

 

 

 

287

 

 

 

244

 

 

 

4,898

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

—

 

 

$

5,287

 

 

$

8,498

 

 

$

4,660

 

 

$

1,576

 

 

$

2,978

 

 

$

22,999

 
Summary of Allowance for Loan Losses by Type

The following tables present the allowance for credit losses by type as of March 31, 2025 and December 31, 2024.

March 31, 2025
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category (1)

 

Recreation

 

$

71,558

 

 

 

71

%

 

 

5.00

%

Home improvement

 

 

20,249

 

 

 

20

 

 

 

2.49

 

Commercial

 

 

8,174

 

 

 

8

 

 

 

7.04

 

Taxi medallion

 

 

385

 

 

 

1

 

 

 

23.32

 

Total (2)

 

$

100,366

 

 

 

100

%

 

 

 
(1)
Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
(2)
As of March 31, 2025, total allowance for credit losses as a percent of nonaccrual loans was 293.37%.

December 31, 2024
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance

 

 

Allowance as
a Percent of
Loan Category (1)

 

Recreation

 

$

71,102

 

 

 

73

%

 

 

5.00

%

Home improvement

 

 

20,536

 

 

 

21

 

 

 

2.48

 

Commercial

 

 

5,190

 

 

 

5

 

 

 

4.66

 

Taxi medallion

 

 

540

 

 

 

1

 

 

 

28.29

 

Total (2)

 

$

97,368

 

 

 

100

%

 

 

 
(1)
Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established.
(2)
As of December 31, 2024, total allowance for credit losses as a percent of nonaccrual loans was 291.93%
Summary of Performance Status of Loan and Loans Held for Sale

The following tables present the performance status of loans and loans held for sale as of March 31, 2025 and December 31, 2024.

March 31, 2025
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,538,119

 

 

$

7,725

 

 

$

1,545,844

 

 

 

0.50

%

Home improvement

 

 

810,874

 

 

 

1,507

 

 

 

812,381

 

 

 

0.19

 

Commercial

 

 

92,730

 

 

 

23,329

 

 

 

116,059

 

 

 

20.10

 

Taxi medallion

 

 

—

 

 

 

1,650

 

 

 

1,650

 

 

 

100.00

 

Strategic partnership

 

 

10,499

 

 

 

—

 

 

 

10,499

 

 

 

—

 

Total

 

$

2,452,222

 

 

$

34,211

 

 

$

2,486,433

 

 

 

1.38

%

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,532,448

 

 

$

10,795

 

 

$

1,543,243

 

 

 

0.70

%

Home improvement

 

 

825,825

 

 

 

1,386

 

 

 

827,211

 

 

 

0.17

 

Commercial

 

 

92,010

 

 

 

19,263

 

 

 

111,273

 

 

 

17.31

 

Taxi medallion

 

 

—

 

 

 

1,909

 

 

 

1,909

 

 

 

100.00

 

Strategic partnership

 

 

7,386

 

 

 

—

 

 

 

7,386

 

 

 

—

 

Total

 

$

2,457,669

 

 

$

33,353

 

 

$

2,491,022

 

 

 

1.34

%
Summary of Aging of Loans

The following tables present the aging of loans and loans held for sale as of March 31, 2025 and December 31, 2024.

March 31, 2025

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

46,880

 

 

$

14,148

 

 

$

7,140

 

 

$

68,168

 

 

$

1,427,037

 

 

$

1,495,205

 

 

$

—

 

Home improvement

 

 

4,644

 

 

 

2,117

 

 

 

1,519

 

 

 

8,280

 

 

 

807,755

 

 

 

816,035

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

20,497

 

 

 

20,497

 

 

 

95,742

 

 

 

116,239

 

 

 

—

 

Taxi medallion

 

 

46

 

 

 

67

 

 

 

—

 

 

 

113

 

 

 

1,537

 

 

 

1,650

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,499

 

 

 

10,499

 

 

 

—

 

Total

 

$

51,570

 

 

$

16,332

 

 

$

29,156

 

 

$

97,058

 

 

$

2,342,570

 

 

$

2,439,628

 

 

$

—

 
(1)
Excludes $46.8 million of capitalized loan origination costs.

December 31, 2024

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

54,169

 

 

$

20,376

 

 

$

10,018

 

 

$

84,563

 

 

$

1,407,977

 

 

$

1,492,540

 

 

$

—

 

Home improvement

 

 

5,407

 

 

 

2,432

 

 

 

1,386

 

 

 

9,225

 

 

 

821,852

 

 

 

831,077

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

16,337

 

 

 

16,337

 

 

 

95,127

 

 

 

111,464

 

 

 

—

 

Taxi medallion

 

 

49

 

 

 

69

 

 

 

—

 

 

 

118

 

 

 

1,791

 

 

 

1,909

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,386

 

 

 

7,386

 

 

 

—

 

Total

 

$

59,625

 

 

$

22,877

 

 

$

27,741

 

 

$

110,243

 

 

$

2,334,133

 

 

$

2,444,376

 

 

$

—

 
(1)
Excludes $46.6 million of capitalized loan origination costs.