	Payments Due for the Year Ending December 31,
(Dollars in thousands)	2020		2021		2022		2023		2024		Thereafter		December 31, 2019⁽¹⁾		December 31, 2018		Interest Rate (2)
Deposits	$	312,993	$	223,865	$	211,605	$	118,740	$	87,042	$	—	$	954,245	$	848,040		2.35	%
SBA debentures and borrowings		20,746		8,500		—		5,000		5,000		32,500		71,746		80,099		3.42
Retail and privately placed notes ⁽³⁾		—		33,625		—		—		36,000		—		69,625		33,625		8.61
Notes payable to banks		9,683		22,940		280		280		—		—		33,183		59,615		4.11
Preferred securities ⁽³⁾		—		—		—		—		—		33,000		33,000		33,000		4.01
Other borrowings		7,794		—		—		—		—		—		7,794		7,649		2.00
Total	$	351,216	$	288,930	$	211,885	$	124,020	$	128,042	$	65,500	$	1,169,593	$	1,062,028

(1)	Excludes deferred financing costs of $5,105.

(2)	Weighted average contractual rate as of December 31, 2019.

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

Deposits are raised through the use of investment brokerage firms who package deposits qualifying for FDIC insurance into pools that are sold to the Bank. The rates paid on the deposits are highly competitive with market rates paid by other financial institutions. Additionally, a brokerage fee is paid, depending on the maturity of the deposits, which averages less than 0.15%. Interest on the deposits is accrued daily and paid monthly, quarterly, semiannually, or at maturity. All time deposits are in denominations of less than $250,000 and have been originated through certificates of deposit broker relationships. The table presents time deposits of $100,000 or more by their maturity as of December 31, 2019.

Over the years, the SBA has approved commitments for MCI and FSVC, typically for a four and half year term and a 1% fee, which was paid. During 2017, the SBA restructured FSVC’s debentures with SBA totaling $33,485,000 in principal into a new loan by the SBA to FSVC in the principal amount of $34,024,756, or the SBA Loan. In connection with the SBA Loan, FSVC executed a Note, or the SBA Note, with an effective date of March 1, 2017, in favor of SBA, in the principal amount of $34,024,756. The SBA Loan bears interest at a rate of 3.25% per annum, required a minimum of $5,000,000 of principal and interest to be paid on or before February 1, 2018 (which was paid) and a minimum of $7,600,000 of principal and interest to be paid on or before March 27, 2019 (which was paid), and all remaining unpaid principal and interest on or before February 1, 2020, the final maturity date, which was subsequently extended to June 1, 2020. The SBA Loan agreement contains covenants and events of defaults, including, without limitation, payment defaults, breaches of representations and warranties and covenants defaults. As of December 31, 2019, $172,485,000 of commitments had been fully utilized, there were $3,000,000 of commitments available, and $71,746,000 was outstanding, including $20,746,000 under the SBA Note.

The Company and its subsidiaries have entered into note agreements with a variety of local and regional banking institutions over the years. The notes are typically secured by various assets of the underlying borrower.

The table below summarizes the key attributes of the Company’s various borrowing arrangements with these lenders as of December 31, 2019.

(Dollars in thousands)

Borrower

# of

Lenders/

Notes

Note

Dates

Maturity

Dates

Type

Note

Amounts

Balance

Outstanding at

December 31,

2019

Payment

Average

Interest

Rate at

December 31,

2019

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⁾

21,135

⁽²⁾

21,135

Interest only⁽³⁾

4.43

Various⁽³⁾

Medallion

Chicago

2/23

11/11 - 12/11

2/21

Term loans secured by owned Chicago taxi medallions ⁽⁴⁾

18,449

10,928

$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

40,984

33,183

(1)	At December 31, 2019, 30 day LIBOR was 1.76%, 360 day LIBOR was 2.00%, and the prime rate was 4.75%.

(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 $81.

On July 6, 2019, the Company paid $10,819,000 at maturity in satisfaction of all its outstanding obligations under one of its credit facilities. In connection with this payment, the Company obtained a waiver from one of its other lenders, with a term note of $2,422,000, of certain resulting repayment and other obligations, which waiver expires on April 1, 2020.

In March 2019, the Company used some of the proceeds of the privately placed notes to pay off one of the notes payable to banks at a 50% discount, resulting in a gain on debt extinguishment of $4,145,000 in the 2019 first quarter.

In November 2018, MFC entered into a note to the benefit of DZ Bank for $1,400,000 at a 4.00% interest rate due December 2023, as part of the restructuring of the DZ loan. See Note 23 for more information.

In March 2019, the Company completed a private placement to certain institutional investors of $30,000,000 aggregate principal amount of 8.25% unsecured senior notes due 2024, with interest payable semiannually. The Company used the net proceeds from the offering for general corporate purposes, including repaying certain borrowings under its notes payable to banks at a discount, which led to a gain of $4,145,000 in the 2019 first quarter. In August 2019, the private placement was reopened and an additional $6,000,000 principal amount of notes was issued to certain institutional investors.

In April 2016, the Company issued a total of $33,625,000 aggregate principal amount of 9.00% unsecured notes due 2021, with interest payable quarterly in arrears. The Company used the net proceeds from the offering of approximately $31,786,000 to make loans and other investments in portfolio companies and for general corporate purposes, including repaying borrowings under its DZ loan in the ordinary course of business.

In June 2007, the Company issued and sold $36,083,000 aggregate principal amount of unsecured junior subordinated notes to Fin Trust which, in turn, sold $35,000,000 of preferred securities to Merrill Lynch International and issued 1,083 shares of common stock to the Company. The notes bear a variable rate of interest of 90 day LIBOR (1.91% at December 31, 2019) plus 2.13%. The notes mature in September 2037 and are prepayable at par. Interest is payable quarterly in arrears. The terms of the preferred securities and the notes are substantially identical. In December 2007, $2,000,000 of the preferred securities were repurchased from a third party investor. At December 31, 2019, $33,000,000 was outstanding on the preferred securities.

In November and December 2017, RPAC amended the terms of various promissory notes with affiliate Richard Petty (refer to Note 14 for more details). At December 31, 2019, the total outstanding on these notes was $7,294,000 at a 2.00% annual interest rate compounded monthly and due March 31, 2020. Additionally, RPAC has a short term promissory note to an unrelated party, for $500,000 due on December 31, 2020.

Certain of our debt agreements contain restrictions that require the Company and its subsidiaries to maintain certain financial ratios, including debt to equity and minimum net worth, which in the event of noncompliance could preclude their ability to pay dividends to the Company.