Loans and allowance for credit losses |
(4) LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table shows the major classification of loans, inclusive of capitalized loan origination costs, at December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2023 |
|
|
2022 |
|
(Dollars in thousands) |
|
Amount |
|
|
As a Percent of Gross Loans |
|
|
Amount |
|
|
As a Percent of Gross Loans |
|
Recreation |
|
$ |
1,336,226 |
|
|
|
60 |
% |
|
$ |
1,183,512 |
|
|
|
62 |
% |
Home improvement |
|
|
760,617 |
|
|
|
34 |
|
|
|
626,399 |
|
|
|
33 |
|
Commercial |
|
|
114,827 |
|
|
|
5 |
|
|
|
92,899 |
|
|
|
5 |
|
Taxi medallion |
|
|
3,663 |
|
|
* |
|
|
|
13,571 |
|
|
|
1 |
|
Strategic partnership |
|
|
553 |
|
|
* |
|
|
|
572 |
|
|
* |
|
Total gross loans |
|
|
2,215,886 |
|
|
|
100 |
% |
|
|
1,916,953 |
|
|
|
100 |
% |
Allowance for credit losses |
|
|
(84,235 |
) |
|
|
|
|
|
(63,845 |
) |
|
|
|
Total net loans |
|
$ |
2,131,651 |
|
|
|
|
|
$ |
1,853,108 |
|
|
|
|
(*) Less than 1%. The following tables show the activity of the gross loans for the years ended December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
Recreation |
|
|
Home Improvement |
|
|
Commercial |
|
|
Taxi Medallion |
|
|
Strategic Partnership |
|
|
Total |
|
Gross loans – December 31, 2022 |
|
$ |
1,183,512 |
|
|
$ |
626,399 |
|
|
$ |
92,899 |
|
|
$ |
13,571 |
|
|
$ |
572 |
|
|
$ |
1,916,953 |
|
Loan originations |
|
|
447,039 |
|
|
|
357,394 |
|
|
|
34,850 |
|
|
|
2,426 |
|
|
|
118,338 |
|
|
|
960,047 |
|
Principal payments, sales, maturities, and recoveries |
|
|
(231,158 |
) |
|
|
(209,894 |
) |
|
|
(13,389 |
) |
|
|
(6,859 |
) |
|
|
(118,357 |
) |
|
|
(579,657 |
) |
Charge-offs |
|
|
(50,512 |
) |
|
|
(12,308 |
) |
|
|
(1,019 |
) |
|
|
(3,829 |
) |
|
|
— |
|
|
|
(67,668 |
) |
Transfer to loan collateral in process of foreclosure, net |
|
|
(18,875 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,306 |
) |
|
|
— |
|
|
|
(21,181 |
) |
Amortization of origination costs |
|
|
(12,270 |
) |
|
|
2,668 |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
|
|
(9,588 |
) |
FASB origination costs, net |
|
|
18,490 |
|
|
|
(3,642 |
) |
|
|
(164 |
) |
|
|
660 |
|
|
|
— |
|
|
|
15,344 |
|
Paid-in-kind interest |
|
|
— |
|
|
|
— |
|
|
|
1,636 |
|
|
|
— |
|
|
|
— |
|
|
|
1,636 |
|
Gross loans – December 31, 2023 |
|
$ |
1,336,226 |
|
|
$ |
760,617 |
|
|
$ |
114,827 |
|
|
$ |
3,663 |
|
|
$ |
553 |
|
|
$ |
2,215,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
Recreation |
|
|
Home Improvement |
|
|
Commercial |
|
|
Taxi Medallion |
|
|
Strategic Partnership |
|
|
Total |
|
Gross loans – December 31, 2021 |
|
$ |
961,320 |
|
|
$ |
436,772 |
|
|
$ |
76,696 |
|
|
$ |
14,046 |
|
|
$ |
90 |
|
|
$ |
1,488,924 |
|
Loan originations |
|
|
513,062 |
|
|
|
392,543 |
|
|
|
28,172 |
|
|
|
605 |
|
|
|
49,526 |
|
|
|
983,908 |
|
Principal payments, sales, maturities, and recoveries |
|
|
(259,326 |
) |
|
|
(196,203 |
) |
|
|
(6,610 |
) |
|
|
(419 |
) |
|
|
(49,044 |
) |
|
|
(511,602 |
) |
Charge-offs |
|
|
(27,055 |
) |
|
|
(6,393 |
) |
|
|
(6,083 |
) |
|
|
(314 |
) |
|
|
— |
|
|
|
(39,845 |
) |
Transfer to loan collateral in process of foreclosure, net |
|
|
(12,444 |
) |
|
|
— |
|
|
|
— |
|
|
|
(347 |
) |
|
|
— |
|
|
|
(12,791 |
) |
Amortization of origination costs |
|
|
(10,470 |
) |
|
|
1,763 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,707 |
) |
Amortization of loan premium |
|
|
(213 |
) |
|
|
(322 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(535 |
) |
FASB origination costs, net |
|
|
18,638 |
|
|
|
(1,761 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,877 |
|
Paid-in-kind interest |
|
|
— |
|
|
|
— |
|
|
|
724 |
|
|
|
— |
|
|
|
— |
|
|
|
724 |
|
Gross loans – December 31, 2022 |
|
$ |
1,183,512 |
|
|
$ |
626,399 |
|
|
$ |
92,899 |
|
|
$ |
13,571 |
|
|
$ |
572 |
|
|
$ |
1,916,953 |
|
The following table sets forth the activity in the allowance for credit losses for the years ended December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
Allowance for credit losses – beginning balance (1) |
|
$ |
63,845 |
|
|
$ |
50,166 |
|
CECL transition amount upon ASU 2016-13 adoption |
|
|
13,712 |
|
|
|
— |
|
Charge-offs |
|
|
|
|
|
|
Recreation |
|
|
(50,512 |
) |
|
|
(27,055 |
) |
Home improvement |
|
|
(12,308 |
) |
|
|
(6,393 |
) |
Commercial |
|
|
(1,019 |
) |
|
|
(6,083 |
) |
Taxi medallion |
|
|
(3,829 |
) |
|
|
(314 |
) |
Total charge-offs |
|
|
(67,668 |
) |
|
|
(39,845 |
) |
Recoveries |
|
|
|
|
|
|
Recreation |
|
|
11,449 |
|
|
|
13,785 |
|
Home improvement |
|
|
2,886 |
|
|
|
2,761 |
|
Commercial |
|
|
10 |
|
|
|
47 |
|
Taxi medallion |
|
|
22,191 |
|
|
|
6,872 |
|
Total recoveries |
|
|
36,536 |
|
|
|
23,465 |
|
Net charge-offs (2) |
|
|
(31,132 |
) |
|
|
(16,380 |
) |
Provision for credit losses |
|
|
37,810 |
|
|
|
30,059 |
|
Allowance for credit losses – ending balance (3) |
|
$ |
84,235 |
|
|
$ |
63,845 |
|
(1)Represents allowance prior to the adoption of ASU 2016-13. (2)As of December 31, 2023, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $176.8 million, including $107.9 million related to loans secured by New York taxi medallions, some of which may represent collection opportunities for the Company. (3)As of December 31, 2023 and 2022, there was no allowance for credit losses and net charge-offs related to the strategic partnership loans. With the adoption of ASC 326, the Company also adopted ASU 2022-02, Financial Instruments – Credit Losses, or Topic 326: Troubled Debt Restructurings and Vintage Disclosures. Under this standard, the Company is required to disclose current period gross write-offs, by year of origination, for financing receivables.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Prior |
|
|
Total |
|
Recreation |
|
$ |
3,136 |
|
|
$ |
18,836 |
|
|
$ |
10,857 |
|
|
$ |
5,115 |
|
|
$ |
5,001 |
|
|
$ |
7,567 |
|
|
$ |
50,512 |
|
Home improvement |
|
|
2,196 |
|
|
|
5,686 |
|
|
|
2,662 |
|
|
|
702 |
|
|
|
435 |
|
|
|
627 |
|
|
|
12,308 |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
900 |
|
|
|
— |
|
|
|
1,019 |
|
Taxi medallion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,829 |
|
|
|
3,829 |
|
Total |
|
$ |
5,332 |
|
|
$ |
24,522 |
|
|
$ |
13,638 |
|
|
$ |
5,817 |
|
|
$ |
6,336 |
|
|
$ |
12,023 |
|
|
$ |
67,668 |
|
The following tables set forth the allowance for credit losses by type as of December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 (Dollars in thousands) |
|
Amount |
|
|
Percentage of Allowance |
|
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 (Dollars in thousands) |
|
Amount |
|
|
Percentage of Allowance |
|
|
Allowance as a Percent of Loan Category |
|
|
Allowance as a Percent of Nonaccrual |
|
Recreation |
|
$ |
41,966 |
|
|
|
66 |
% |
|
|
3.55 |
% |
|
|
130.60 |
% |
Home improvement |
|
|
11,340 |
|
|
|
18 |
|
|
|
1.81 |
|
|
|
35.29 |
|
Commercial |
|
|
1,049 |
|
|
|
1 |
|
|
|
1.13 |
|
|
|
3.26 |
|
Taxi medallion |
|
|
9,490 |
|
|
|
15 |
|
|
|
69.93 |
|
|
|
29.53 |
|
Total |
|
$ |
63,845 |
|
|
|
100 |
% |
|
|
3.33 |
% |
|
|
198.69 |
% |
The following table presents total nonaccrual loans and foregone interest, substantially all of which is in the taxi medallion portfolio. The fluctuation in nonaccrual interest foregone is due to past due loans and market conditions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
(Dollars in thousands) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Total nonaccrual loans |
|
$ |
25,974 |
|
|
$ |
32,133 |
|
|
$ |
35,571 |
|
Interest foregone for the year |
|
|
928 |
|
|
|
1,267 |
|
|
|
1,620 |
|
Amount of foregone interest applied to principal for the year |
|
|
238 |
|
|
|
375 |
|
|
|
432 |
|
Interest foregone life-to-date |
|
|
2,119 |
|
|
|
2,419 |
|
|
|
3,623 |
|
Amount of foregone interest applied to principal life-to-date |
|
|
822 |
|
|
|
1,204 |
|
|
|
942 |
|
Percentage of nonaccrual loans to gross loan portfolio |
|
|
1.2 |
% |
|
|
1.7 |
% |
|
|
2.4 |
% |
Percentage of allowance for credit losses to nonaccrual loans |
|
|
324.3 |
% |
|
|
198.7 |
% |
|
|
141.0 |
% |
The following tables present the performance status of loans as of December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 (Dollars in thousands) |
|
Performing |
|
|
Nonperforming |
|
|
Total |
|
|
Percentage of Nonperforming to Total |
|
Recreation |
|
$ |
1,326,567 |
|
|
$ |
9,655 |
|
|
$ |
1,336,222 |
|
|
|
0.72 |
% |
Home improvement |
|
|
759,128 |
|
|
|
1,493 |
|
|
|
760,621 |
|
|
|
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 (Dollars in thousands) |
|
Performing |
|
|
Nonperforming |
|
|
Total |
|
|
Percentage of Nonperforming to Total |
|
Recreation |
|
$ |
1,173,846 |
|
|
$ |
9,666 |
|
|
$ |
1,183,512 |
|
|
|
0.82 |
% |
Home improvement |
|
|
625,820 |
|
|
|
579 |
|
|
|
626,399 |
|
|
|
0.09 |
|
Commercial |
|
|
84,165 |
|
|
|
8,734 |
|
|
|
92,899 |
|
|
|
9.40 |
|
Taxi medallion |
|
|
— |
|
|
|
13,571 |
|
|
|
13,571 |
|
|
|
100.00 |
|
Strategic partnership |
|
|
572 |
|
|
|
— |
|
|
|
572 |
|
|
|
— |
|
Total |
|
$ |
1,884,403 |
|
|
$ |
32,550 |
|
|
$ |
1,916,953 |
|
|
|
1.70 |
% |
For those loans aged under 90 days past due, there is a possibility that their delinquency status will continue to deteriorate and they will subsequently be placed on nonaccrual status and be reserved for, and as such, deemed nonperforming. The following tables provide additional information on attributes of the nonperforming loan portfolio as of December 31, 2023 and 2022, all of which had an allowance recorded against the principal balance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
(Dollars in thousands) |
|
Recorded Investment |
|
|
Unpaid Principal Balance |
|
|
Related Allowance |
|
|
Recorded Investment |
|
|
Unpaid Principal Balance |
|
|
Related Allowance |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recreation |
|
$ |
9,655 |
|
|
$ |
9,655 |
|
|
$ |
416 |
|
|
$ |
9,666 |
|
|
$ |
9,666 |
|
|
$ |
343 |
|
Home improvement |
|
|
1,493 |
|
|
|
1,493 |
|
|
|
41 |
|
|
|
579 |
|
|
|
579 |
|
|
|
10 |
|
Commercial |
|
|
11,163 |
|
|
|
11,301 |
|
|
|
1,897 |
|
|
|
8,734 |
|
|
|
8,823 |
|
|
|
963 |
|
Taxi medallion |
|
|
3,663 |
|
|
|
4,347 |
|
|
|
1,536 |
|
|
|
13,571 |
|
|
|
14,686 |
|
|
|
9,490 |
|
Total nonperforming loans with an allowance |
|
$ |
25,974 |
|
|
$ |
26,796 |
|
|
$ |
3,890 |
|
|
$ |
32,550 |
|
|
$ |
33,754 |
|
|
$ |
10,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
(Dollars in thousands) |
|
Average Investment Recorded |
|
|
Interest Income Recognized |
|
|
Average Investment Recorded |
|
|
Interest Income Recognized |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
Recreation |
|
$ |
9,048 |
|
|
$ |
16 |
|
|
$ |
9,093 |
|
|
$ |
401 |
|
Home improvement |
|
|
1,382 |
|
|
|
1 |
|
|
|
514 |
|
|
|
4 |
|
Commercial |
|
|
7,368 |
|
|
|
— |
|
|
|
13,381 |
|
|
|
— |
|
Taxi medallion |
|
|
4,607 |
|
|
|
— |
|
|
|
16,019 |
|
|
|
— |
|
Total nonperforming loans with an allowance |
|
$ |
22,405 |
|
|
$ |
17 |
|
|
$ |
39,007 |
|
|
$ |
405 |
|
The following tables show the aging of all loans as of December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
Days Past Due |
|
|
|
|
|
|
|
|
|
|
|
Recorded Investment 90 Days and |
|
(Dollars in thousands) |
|
30-59 |
|
|
60-89 |
|
|
90 + |
|
|
Total |
|
|
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 |
|
|
$ |
— |
|
(1)Excludes $40.0 million of capitalized loan origination costs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Days Past Due |
|
|
|
|
|
|
|
|
|
|
|
Recorded Investment 90 Days and |
|
(Dollars in thousands) |
|
30-59 |
|
|
60-89 |
|
|
90 + |
|
|
Total |
|
|
Current |
|
|
Total (1) |
|
|
Accruing |
|
Recreation |
|
$ |
31,781 |
|
|
$ |
11,877 |
|
|
$ |
7,365 |
|
|
$ |
51,023 |
|
|
$ |
1,095,072 |
|
|
$ |
1,146,095 |
|
|
$ |
— |
|
Home improvement |
|
|
3,266 |
|
|
|
1,256 |
|
|
|
579 |
|
|
|
5,101 |
|
|
|
623,776 |
|
|
|
628,877 |
|
|
|
— |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
74 |
|
|
|
74 |
|
|
|
93,396 |
|
|
|
93,470 |
|
|
|
— |
|
Taxi medallion |
|
|
142 |
|
|
|
393 |
|
|
|
885 |
|
|
|
1,420 |
|
|
|
12,151 |
|
|
|
13,571 |
|
|
|
— |
|
Strategic partnership |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
572 |
|
|
|
572 |
|
|
|
— |
|
Total |
|
$ |
35,189 |
|
|
$ |
13,526 |
|
|
$ |
8,903 |
|
|
$ |
57,618 |
|
|
$ |
1,824,967 |
|
|
$ |
1,882,585 |
|
|
$ |
— |
|
(1)Excludes $34.9 million of capitalized loan origination costs. The Company estimates that the weighted average loan-to-value ratio of the taxi medallion loans was approximately 183% and 339% as of December 31, 2023 and 2022. Under ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures," concurrent with the elimination of troubled debt restructuring, or TDR, disclosures, the Company must disclose loans to borrowers experiencing financial difficulty that were modified during the reporting period. The Company did not have any such loan modifications on January 1, 2023 or during the year ended December 31, 2023. The following table shows the TDRs, which the Company entered into during the year ended December 31, 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Number of Loans |
|
|
Pre- Modification Investment |
|
|
Post- Modification Investment |
|
Recreation loans |
|
|
80 |
|
|
|
1,203 |
|
|
|
1,203 |
|
Taxi medallion loans |
|
|
2 |
|
|
|
252 |
|
|
|
252 |
|
As of December 31, 2022, no taxi medallion loans and two commercial loans were modified as TDRs in the previous 12 months. Modified taxi medallion loans and commercial loans had a respective investment value of $0.9 million and $5.3 million. As of December 31, 2022, 63 recreation loans modified as TDRs were in default and had an investment value of $0.9 million. The following tables show the activity of the loan collateral in process of foreclosure, which relates only to the recreation and taxi medallion loans, for the years ended December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 (Dollars in thousands) |
|
Recreation |
|
|
Taxi Medallion (1) |
|
|
Total |
|
Loan collateral in process of foreclosure – December 31, 2022 |
|
$ |
1,376 |
|
|
$ |
20,443 |
|
|
$ |
21,819 |
|
Transfer from loans, net |
|
|
18,875 |
|
|
|
2,306 |
|
|
|
21,181 |
|
Sales |
|
|
(7,890 |
) |
|
|
(700 |
) |
|
|
(8,590 |
) |
Cash payments received |
|
|
(730 |
) |
|
|
(11,311 |
) |
|
|
(12,041 |
) |
Collateral valuation adjustments |
|
|
(9,852 |
) |
|
|
(745 |
) |
|
|
(10,597 |
) |
Loan collateral in process of foreclosure – December 31, 2023 |
|
$ |
1,779 |
|
|
$ |
9,993 |
|
|
$ |
11,772 |
|
(1)As of December 31, 2023, taxi medallion loans in the process of foreclosure included 333 taxi medallions in the New York market, 206 taxi medallions in the Chicago market, 31 taxi medallions in the Newark market, and 31 taxi medallions in various other markets.
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2022 (Dollars in thousands) |
|
Recreation |
|
|
Taxi Medallion (1) |
|
|
Total |
|
Loan collateral in process of foreclosure – December 31, 2021 |
|
$ |
1,720 |
|
|
$ |
35,710 |
|
|
$ |
37,430 |
|
Transfer from loans, net |
|
|
12,444 |
|
|
|
347 |
|
|
|
12,791 |
|
Sales |
|
|
(7,707 |
) |
|
|
(2,668 |
) |
|
|
(10,375 |
) |
Cash payments received |
|
|
— |
|
|
|
(12,289 |
) |
|
|
(12,289 |
) |
Collateral valuation adjustments |
|
|
(5,081 |
) |
|
|
(657 |
) |
|
|
(5,738 |
) |
Loan collateral in process of foreclosure – December 31, 2022 |
|
$ |
1,376 |
|
|
$ |
20,443 |
|
|
$ |
21,819 |
|
(1)As of December 31, 2022, taxi medallion loans in the process of foreclosure included 452 taxi medallions in the New York market, 335 taxi medallions in the Chicago market, 54 taxi medallions in the Newark market, and 39 taxi medallions in various other markets.
|