MEDALLION FINANCIAL CORP, 10-Q filed on 05 Aug 25
 | XBRL Documents
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Aug. 04, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Registrant Name MEDALLION FINANCIAL CORP  
Entity Central Index Key 0001000209  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   23,246,593
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Shell Company false  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-37747  
Entity Tax Identification Number 04-3291176  
Entity Address, Address Line One 437 MADISON AVENUE, 38th Floor  
Entity Address, City or Town NEW YORK  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10022  
City Area Code 212  
Local Phone Number 328-2100  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol MFIN  
Security Exchange Name NASDAQ  
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 110,361 $ 98,238
Federal funds sold 41,633 71,334
Investment securities 61,529 54,805
Equity investments 8,097 9,198
Loans held for sale, at lower of amortized cost or fair value 72,490 128,226
Loans 2,412,561 2,362,796
Allowance for credit losses (106,896) [1] (97,368) [2]
Total loans receivable 2,305,665 2,265,428
Goodwill 150,803 150,803
Intangible assets, net 18,424 19,146
Property, equipment, and right-of-use lease asset, net 11,890 13,756
Accrued interest receivable 15,294 15,314
Loan collateral in process of foreclosure 9,007 9,932
Income tax receivable 0 2,131
Other assets 74,801 30,295
Total assets 2,879,994 2,868,606
Liabilities    
Deposits [3] 2,009,176 2,090,071
Long-term debt [4] 199,928 232,159
Short-term debt [5] 86,750 49,000
Deferred tax liabilities, net 19,261 20,995
Operating lease liabilities 4,041 5,128
Accrued interest payable 5,746 8,231
Income tax payable 2,712 0
Accounts payable and accrued expenses [6] 19,815 24,064
Total liabilities 2,347,429 2,429,648
Commitments and contingencies
Stockholders’ equity    
Preferred stock (1,000,000 shares of $0.01 par value stock authorized-none outstanding) 0 0
Common stock (50,000,000 shares of $0.01 par value stock authorized - 29,527,502 shares at June 30, 2025 and 29,308,182 shares at December 31, 2024 issued) 295 293
Additional paid in capital 295,834 293,412
Treasury stock (6,280,909 shares at June 30, 2025 and 6,172,558 shares at December 31, 2024) (51,130) (50,144)
Accumulated other comprehensive loss (3,098) (3,647)
Retained earnings 147,995 130,256
Total stockholders’ equity 389,896 370,170
Non-controlling interest in consolidated subsidiaries 142,669 68,788
Total equity 532,565 438,958
Total liabilities and equity $ 2,879,994 $ 2,868,606
Number of common shares outstanding 23,246,593 23,135,624
Book value per common share $ 16.77 $ 16
[1] As of June 30, 2025, total allowance for credit losses as a percent of nonaccrual loans was 288.09%.
[2] As of December 31, 2024, total allowance for credit losses as a percent of nonaccrual loans was 291.93%
[3] Includes $5.1 million and $4.6 million of deferred financing costs as of June 30, 2025 and December 31, 2024. Refer to Note 5 for more details.
[4] Includes $3.3 million and $3.6 million of deferred financing costs as of June 30, 2025 and December 31, 2024. Refer to Note 5 for more details.
[5] Includes $42.6 million and $42.8 million of deferred tax liabilities related to goodwill and intangible assets as of June 30, 2025 and December 31, 2024. Refer to Note 7 for more details.
[6] Includes the short-term portion of lease liabilities of $2.3 million as of both June 30, 2025 and December 31, 2024. Refer to Note 6 for more details.
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares outstanding 0 0
Common stock, shares authorized 50,000,000 50,000,000
Common stock, par value $ 0.01 $ 0.01
Common stock, shares issued 29,527,502 29,308,182
Treasury stock, shares 6,280,909 6,172,558
Deferred tax liabilities related to goodwill and intangible assets $ 42,590 $ 42,772
Short term lease liabilities 2,300 2,300
Deferred financing costs 8,500 8,200
Deposits [Member]    
Deferred financing costs 5,100 4,600
Long-Term Debt [Member]    
Deferred financing costs $ 3,300 $ 3,600
v3.25.2
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Interest and fees on loans $ 75,528 $ 68,861 $ 149,265 $ 134,082
Non-loan interest and dividend income 1,914 1,843 3,602 3,692
Total interest income 77,442 70,704 152,867 137,774
Interest on deposits 19,608 16,523 39,223 31,275
Interest on long-term debt 3,916 4,182 7,606 8,437
Interest on short-term borrowings 548 131 1,256 277
Total interest expense 24,072 20,836 48,085 39,989
Net interest income 53,370 49,868 104,782 97,785
Provision for credit losses 21,562 18,577 43,576 35,778
Net interest income after provision for credit losses 31,808 31,291 61,206 62,007
Other income        
Gain (loss) on equity investments, net 6,096 (512) 15,526 3,655
Gain on sale of recreation loans held for sale 1,304 0 1,304 0
Gain on taxi medallion assets, net 749 242 1,592 830
Strategic partnership fees 787 480 1,472 806
Other income 273 889 914 1,211
Total other income, net 9,209 1,099 20,808 6,502
Other expenses        
Salaries and employee benefits 10,148 9,435 20,141 18,892
Loan servicing fees 2,899 2,692 5,716 5,162
Collection costs 1,749 1,659 3,286 3,126
Regulatory fees 1,109 888 1,930 1,865
Professional fee costs, net 1,187 1,845 2,937 2,616
Rent expense 683 698 1,358 1,355
Amortization of intangible assets 362 362 723 723
Other expenses 3,408 2,416 6,212 4,481
Total other expenses 21,545 19,995 42,303 38,220
Income before income taxes 19,472 12,395 39,711 30,289
Income tax provision 5,805 3,782 12,518 10,140
Net income after taxes 13,667 8,613 27,193 20,149
Less: income attributable to the non-controlling interest 2,598 1,512 4,110 3,024
Net income attributable to Medallion Financial Corp. $ 11,069 $ 7,101 $ 23,083 $ 17,125
Basic earnings per share $ 0.49 $ 0.31 $ 1.02 $ 0.76
Diluted earnings per share $ 0.46 $ 0.3 $ 0.96 $ 0.73
Weighted average common shares outstanding        
Basic 22,783,947 22,598,102 22,677,961 22,619,743
Diluted 24,058,084 23,453,162 23,978,214 23,609,104
v3.25.2
Consolidated Statements of Other Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 13,667 $ 8,613 $ 27,193 $ 20,149
Other comprehensive (loss) income, net of tax (89) 102 549 (48)
Total comprehensive income 13,578 8,715 27,742 20,101
Less comprehensive income attributable to the non-controlling interest 2,598 1,512 4,110 3,024
Total comprehensive income attributable to Medallion Financial Corp. $ 10,980 $ 7,203 $ 23,632 $ 17,077
v3.25.2
Consolidated Statement of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid In Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Parent [Member]
Noncontrolling Interest [Member]
Balance at Dec. 31, 2023 $ 411,774 $ 291 $ 288,046 $ (45,538) $ 103,883 $ (3,696) $ 342,986 $ 68,788
Balance, shares at Dec. 31, 2023   29,051,800            
Balance, shares at Dec. 31, 2023       (5,602,154)        
Net income 11,536       10,024   10,024 1,512
Distributions to non-controlling interest (1,512)             (1,512)
Stock-based compensation expense 1,496 $ 1 1,495       1,496  
Issuance of restricted stock, net, shares   296,178            
Withheld restricted stock for employees' tax obligations, shares   (116,275)            
Withheld restricted stock for employees' tax obligations, value (944)   (944)       (944)  
Forfeiture of restricted stock, net, shares   (1,208)            
Exercise of stock options, value 88   88       88  
Exercise of stock options, shares   13,383            
Purchase of common stock (in Shares)       (264,160)        
Purchase of common stock (2,126)     $ (2,126)     (2,126)  
Dividends paid on common stock (2,338)       (2,338)   (2,338)  
Other comprehensive income (loss), net of tax (150)         (150) (150)  
Ending balance at Mar. 31, 2024 417,824 $ 292 288,685 $ (47,664) 111,569 (3,846) 349,036 68,788
Ending balance, shares at Mar. 31, 2024   29,243,878            
Ending balance, shares at Mar. 31, 2024       (5,866,314)        
Balance at Dec. 31, 2023 411,774 $ 291 288,046 $ (45,538) 103,883 (3,696) 342,986 68,788
Balance, shares at Dec. 31, 2023   29,051,800            
Balance, shares at Dec. 31, 2023       (5,602,154)        
Net income 20,149              
Other comprehensive income (loss), net of tax (48)              
Ending balance at Jun. 30, 2024 422,789 $ 293 290,298 $ (49,179) 116,333 (3,744) 354,001 68,788
Ending balance, shares at Jun. 30, 2024   29,262,204            
Ending balance, shares at Jun. 30, 2024       (6,050,214)        
Balance at Dec. 31, 2023 $ 411,774 $ 291 288,046 $ (45,538) 103,883 (3,696) 342,986 68,788
Balance, shares at Dec. 31, 2023   29,051,800            
Balance, shares at Dec. 31, 2023       (5,602,154)        
Exercise of stock options, shares 40,865              
Ending balance at Dec. 31, 2024 $ 438,958 $ 293 293,412 $ (50,144) 130,256 (3,647) 370,170 68,788
Ending balance, shares at Dec. 31, 2024 23,135,624 29,308,182            
Ending balance, shares at Dec. 31, 2024 6,172,558     (6,172,558)        
Balance at Mar. 31, 2024 $ 417,824 $ 292 288,685 $ (47,664) 111,569 (3,846) 349,036 68,788
Balance, shares at Mar. 31, 2024   29,243,878            
Balance, shares at Mar. 31, 2024       (5,866,314)        
Net income 8,613       7,101   7,101 1,512
Distributions to non-controlling interest (1,512)             (1,512)
Stock-based compensation expense 1,596 $ 1 1,595       1,596  
Forfeiture of restricted stock, net, shares   (1,696)            
Issuance in connection with vesting of restricted stock units   17,155            
Exercise of stock options, value 18   18       18  
Exercise of stock options, shares   2,867            
Purchase of common stock (in Shares)       (183,900)        
Purchase of common stock (1,515)     $ (1,515)     (1,515)  
Dividends paid on common stock (2,337)       (2,337)   (2,337)  
Other comprehensive income (loss), net of tax 102         102 102  
Ending balance at Jun. 30, 2024 422,789 $ 293 290,298 $ (49,179) 116,333 (3,744) 354,001 68,788
Ending balance, shares at Jun. 30, 2024   29,262,204            
Ending balance, shares at Jun. 30, 2024       (6,050,214)        
Balance at Dec. 31, 2024 $ 438,958 $ 293 293,412 $ (50,144) 130,256 (3,647) 370,170 68,788
Balance, shares at Dec. 31, 2024 23,135,624 29,308,182            
Balance, shares at Dec. 31, 2024 6,172,558     (6,172,558)        
Net income $ 13,526       12,014   12,014 1,512
Distributions to non-controlling interest (1,512)             (1,512)
Stock-based compensation expense 1,688 $ 2 1,686       1,688  
Issuance of restricted stock, net, shares   307,059            
Withheld restricted stock for employees' tax obligations, shares   (144,360)            
Withheld restricted stock for employees' tax obligations, value (1,202)   (1,202)       (1,202)  
Forfeiture of restricted stock, net, shares   (3,373)            
Exercise of stock options, value $ 1   1       1  
Exercise of stock options, shares 265 [1] 265            
Purchase of common stock (in Shares)       (60,185)        
Purchase of common stock $ (531)     $ (531)     (531)  
Dividends paid on common stock (2,554)       (2,554)   (2,554)  
Other comprehensive income (loss), net of tax 638         638 638  
Ending balance at Mar. 31, 2025 449,012 $ 295 293,897 $ (50,675) 139,716 (3,009) 380,224 68,788
Ending balance, shares at Mar. 31, 2025   29,467,773            
Ending balance, shares at Mar. 31, 2025       (6,232,743)        
Balance at Dec. 31, 2024 $ 438,958 $ 293 293,412 $ (50,144) 130,256 (3,647) 370,170 68,788
Balance, shares at Dec. 31, 2024 23,135,624 29,308,182            
Balance, shares at Dec. 31, 2024 6,172,558     (6,172,558)        
Net income $ 27,193              
Other comprehensive income (loss), net of tax 549              
Ending balance at Jun. 30, 2025 $ 532,565 $ 295 295,834 $ (51,130) 147,995 (3,098) 389,896 142,669
Ending balance, shares at Jun. 30, 2025 23,246,593 29,527,502            
Ending balance, shares at Jun. 30, 2025 6,280,909     (6,280,909)        
Balance at Mar. 31, 2025 $ 449,012 $ 295 293,897 $ (50,675) 139,716 (3,009) 380,224 68,788
Balance, shares at Mar. 31, 2025   29,467,773            
Balance, shares at Mar. 31, 2025       (6,232,743)        
Net income 13,667       11,069   11,069 2,598
Distributions to non-controlling interest (1,843)             (1,843)
Non-controlling interest equity raised by Medallion Bank 73,126             73,126
Stock-based compensation expense 1,681   1,681       1,681  
Forfeiture of restricted stock, net, shares   (476)            
Issuance in connection with vesting of restricted stock units   19,144            
Exercise of stock options, value $ 256   256       256  
Exercise of stock options, shares 41,061 [1] 41,061            
Purchase of common stock (in Shares)       (48,166)        
Purchase of common stock $ (455)     $ (455)     (455)  
Dividends paid on common stock (in Shares)       0        
Dividends paid on common stock (2,790)     $ 0 (2,790)   (2,790)  
Other comprehensive income (loss), net of tax (89)         (89) (89)  
Ending balance at Jun. 30, 2025 $ 532,565 $ 295 $ 295,834 $ (51,130) $ 147,995 $ (3,098) $ 389,896 $ 142,669
Ending balance, shares at Jun. 30, 2025 23,246,593 29,527,502            
Ending balance, shares at Jun. 30, 2025 6,280,909     (6,280,909)        
[1] The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for both the three and six months ended June 30, 2025 and the year ended December 31, 2024.
v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income resulting from operations $ 27,193 $ 20,149
Adjustments to reconcile net income resulting from operations to net cash provided by operating activities:    
Provision for credit losses 43,576 35,778
Paid-in-kind interest income (485) (1,263)
Depreciation and amortization 4,218 2,717
Amortization of origination fees, net 4,915 4,298
Increase (decrease) in deferred and other tax liabilities, net 3,109 (1,432)
Net change in value of loan collateral in process of foreclosure 9,149 6,642
Net gains on investments (15,526) (3,655)
Stock-based compensation expense 3,369 3,092
Decrease in accrued interest receivable 20 239
Increase in other assets (46,399) (2,684)
Decrease in accounts payable and accrued expenses (5,118) (5,104)
(Decrease) increase in accrued interest payable (2,485) 1,123
Net cash provided by operating activities 25,536 59,900
CASH FLOWS FROM INVESTING ACTIVITIES    
Loans originated (662,568) (491,072)
Proceeds from principal receipts, sales, and maturities of loans 615,066 277,014
Purchases of investments (13,550) (6,059)
Proceeds from principal receipts, sales, and maturities of investments 23,985 8,735
Proceeds from the sale and principal payments on loan collateral in process of foreclosure 6,771 6,865
Net cash used for investing activities (30,296) (204,517)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from time deposits and funds borrowed 1,048,514 558,266
Repayments of time deposits and funds borrowed (1,123,610) (393,299)
Non-controlling interest equity raised by Medallion Bank 73,126 0
Cash dividends paid on common stock (5,562) (4,731)
Distributions to non-controlling interests (3,355) (3,024)
Payment of withholding taxes on net settlement of vested stock (1,202) (944)
Treasury stock repurchased (986) (3,641)
Proceeds from the exercise of stock options 257 106
Net cash (used in) provided by financing activities (12,818) 152,733
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (17,578) 8,116
Cash and cash equivalents, beginning of period [1] 169,572 149,845
Cash and cash equivalents, end of period (1) [1] 151,994 157,961
SUPPLEMENTAL INFORMATION    
Cash paid during the period for interest 48,337 37,076
Cash paid during the period for income taxes 9,665 10,745
NON-CASH INVESTING    
Loans transferred to loan collateral in process of foreclosure, net $ 14,995 $ 11,094
[1] Includes federal funds sold.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 11,069 $ 7,101 $ 23,083 $ 17,125
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Non Rule 10b5-1 Arrangement Modified false
Rule 10b5-1 Arrangement Modified false
v3.25.2
Organization of Medallion Financial Corp. and its Subsidiaries
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization of Medallion Financial Corp. and its Subsidiaries

(1) ORGANIZATION OF MEDALLION FINANCIAL CORP. AND ITS SUBSIDIARIES

Medallion Financial Corp., or the Company, is a specialty finance company organized as a Delaware corporation that reports as a bank holding company, but is not a bank holding company for regulatory purposes. The Company conducts its business through various wholly-owned subsidiaries including its primary operating company, Medallion Bank, or the Bank, a Federal Deposit Insurance Corporation, or FDIC, insured industrial bank that originates consumer loans, raises deposits, and conducts other banking activities. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes examinations by those agencies. The Bank was formed in May 2002 for the purpose of obtaining an industrial bank charter pursuant to the laws of the State of Utah. The Bank originates consumer loans on a national basis for the purchase of recreational vehicles, or RVs, boats, collector cars, and other consumer recreational equipment and to finance home improvements such as roofs, swimming pools, and windows. Prior to 2015, the Bank originated commercial loans to finance the purchase of taxi medallions, all of which are serviced by the Company. The loans are financed primarily with time certificates of deposit which are originated nationally through a variety of brokered deposit relationships.

The Company also conducts business through its subsidiaries Medallion Capital, Inc., or Medallion Capital, a Small Business Investment Company, or SBIC, which conducts a mezzanine financing business; Medallion Funding LLC, or MFC, an SBIC, which historically was the Company's primary taxi medallion lending company; and Freshstart Venture Capital Corp., or FSVC, which historically originated and serviced taxi medallion and commercial loans. Medallion Capital and MFC, as SBICs, are regulated by the Small Business Administration, or SBA. Medallion Capital is financed in part by the SBA.

The Company established a wholly-owned subsidiary, Medallion Financing Trust I, or Fin Trust, for the purpose of issuing unsecured trust preferred securities to investors. Fin Trust is a separate legal and corporate entity with its own creditors who, in any liquidation of Fin Trust, will be entitled to be satisfied out of Fin Trust’s assets prior to any value in Fin Trust becoming available to Fin Trust’s equity holders. The assets of Fin Trust, aggregating $34.0 million at June 30, 2025, are comprised solely of a subordinated note from the Company and are not available to pay obligations of its affiliates or any other party, and the assets of affiliates or any other party are not available to pay obligations of Fin Trust.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the U.S., or GAAP, requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes. Accounting estimates and assumptions are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions change, it is reasonably possible that the judgments and estimates could change, which may result in future impairments of goodwill and intangible assets, and allowance for credit losses, among other effects.

Basis of Presentation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned and controlled subsidiaries. All significant intercompany transactions, balances, and profits (losses) have been eliminated in consolidation.

The consolidated financial statements have been prepared in accordance with GAAP. The Company consolidates all entities it controls through a majority voting interest, a controlling interest through other contractual rights, or as being identified as the primary beneficiary of variable interest entities, or VIEs. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding is recorded as non-controlling interest.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with an original purchased maturity of three months or less to be cash equivalents. Cash balances are generally held in accounts at large national or regional banking organizations in amounts that exceed the federally insured limits. Cash also includes $0.8 million of interest-bearing funds deposited in other banks with original terms of 5 to 6 years that cannot be withdrawn but are salable on an active secondary market without penalty.

Fair Value of Assets and Liabilities

The Company follows the Financial Accounting Standards Board, or FASB, FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, or FASB ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as an exit price (i.e., a price that would be received to sell, as opposed to acquire, an asset or transfer a liability), and emphasizes that fair value is a market-based measurement. It establishes a fair value hierarchy that distinguishes between assumptions developed based on market data obtained from independent external sources and the reporting entity’s own assumptions. Further, it specifies that fair value measurement should consider adjustment for risk, such as the risk inherent in the valuation technique or its inputs. See also Notes 12 and 13 to the consolidated financial statements.

Equity Investments

The Company follows FASB ASC Topic 321, Investments – Equity Securities, or ASC 321, which requires all applicable investments in equity securities with a readily determinable fair value to be valued as such, and those without a readily determinable fair value, are measured at cost, less any impairment plus or minus any observable price changes. Equity investments of $8.1 million and $9.2 million as of June 30, 2025 and December 31, 2024, which were comprised mainly of nonmarketable stock and stock warrants, are recorded at cost less any impairment plus or minus observable price changes. Substantially all of these equity investments are held by Medallion Capital, our SBIC subsidiary, in connection with its mezzanine lending business. As of June 30, 2025, cumulative impairment of $6.3 million had been recorded with respect to these investments. Gross impairments on equity investments of $0.4 million and $0.9 million were recorded during the three and six months ended June 30, 2025 and $0.5 million and $0.8 million three and six months ended June 30, 2024. The Company recognized $6.1 million and $15.5 million of net gains on equity investments during the three and six months ended June 30, 2025 and $0.5 million of net losses and $3.7 million of net gains on equity investments during the three and six months ended June 30, 2024.

During 2021, the Company purchased $2.0 million of equity securities with a readily determinable fair value. As a result, all unrealized gains and losses are included in gain (loss) on equity investments. As of June 30, 2025 and December 31, 2024, the fair value of these securities were $1.8 million and $1.7 million and are included in other assets on the consolidated balance sheets. For the three and six months ended June 30, 2025, the Company realized less than $0.1 million of gains related to equity securities and, for the three and six months ended June 30, 2024, the Company realized less than $0.1 million of losses related to equity securities.

Investment Securities

The Company follows FASB ASC Topic 320, Investments – Debt Securities, or ASC 320, which requires that all applicable investments in debt securities be classified as trading securities, available-for-sale securities, or held-to-maturity securities. Investment securities are purchased from time-to-time in the open market at prices that are greater or lesser than the par value of the investment. The resulting premium or discount is deferred and recognized using the interest method. ASC 320 further requires that held-to-maturity securities be reported at amortized cost and available-for-sale securities be reported at fair value, with unrealized gains and losses excluded from earnings at the date of the consolidated financial statements, and reported in accumulated other comprehensive loss as a separate component of stockholders’ equity, net of the effect of income taxes, until they are sold. At the time of sale, any gains or losses, calculated by the specific identification method, will be recognized as a component of operating results and any amounts previously included in stockholders’ equity, which were recorded net of the income tax effect, will be reversed. In accordance with ASC 326, the Company does not maintain an allowance for credit losses for accrued interest receivable.

For available-for-sale debt securities in an unrealized loss position, the Company first determines if it intends to sell the security, or if it is more likely than not that it will be required to sell it before recovering its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to its fair value through earnings. If neither condition is met, the Company assesses whether the decline in fair value is the result of credit losses or other factors. This assessment includes reviewing changes in the rating of the security by a rating agency, increases in defaults on the underlying collateral, and the extent to which the securities are issued by the federal government or its agencies, including the amount of the guarantee issued by those agencies, among other factors. If a credit loss exists, the Company compares the present value of expected cash flows from the security to its amortized cost basis. If the present value is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded through earnings, but limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment not recorded through an allowance for credit losses is recognized in other comprehensive income, net of taxes.

Changes in the allowance for credit losses are recorded as a provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management confirms the uncollectibility of an available-for-sale debt security or when either of the criteria regarding intent or requirement to sell is met. There were no investment securities allowance for credit losses as of June 30, 2025 and December 31, 2024.

Loans

The Company’s loans, classified as held for investment, are currently reported at amortized cost, which is the principal amount outstanding, inclusive of loan origination costs, which primarily includes deferred costs paid to loan originators, and which are amortized to interest income over the life of the loan. Loans which the Company has classified as held for sale are reported at lower of amortized cost or fair value.

Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment to the yield of the related loans. As of June 30, 2025 and December 31, 2024, net loan origination costs were $47.6 million and $46.6 million. Net amortization was $2.6 million and $4.9 million for the three and six months ended June 30, 2025 and was $2.3 million and $4.3 million for the three and six months ended June 30, 2024.

Interest income is recorded on the accrual basis. The consumer loan portfolio is typified by a larger number of smaller dollar loans that have similar characteristics. A loan is nonperforming when based on current information and events, it is unlikely the Company will be able to collect all amounts due according to the contractual terms of the original loan agreement. Management considers loans that are in bankruptcy status, but have not been charged-off, to be nonperforming. Loans are considered past due when a borrower fails to make a full payment by the payment due date or maturity date. Consumer loans are placed on nonaccrual when they become 90 days past due, or earlier if they enter bankruptcy, and are charged-off in their entirety when deemed uncollectible, or when they become 120 days past due, whichever occurs first, at which time appropriate recovery efforts against both the borrower and the underlying collateral are initiated. For the recreation loan portfolio, the process to repossess the collateral is started at 60 days past due. If the collateral is not located and the account reaches 120 days delinquent, the account is charged-off. If the collateral is repossessed, a loss is recorded by writing the collateral down to its fair value less selling costs, and the collateral is sent to auction. When the collateral is sold, the net auction proceeds are applied to the account, and any remaining balance is written off. Proceeds collected on charged-off accounts are recorded as recoveries. Commercial loans and taxi medallion loans are placed on nonaccrual status, and all uncollected accrued interest is reversed, when there is doubt as to the collectability of interest or principal, or if loans are 90 days or more past due, unless management has determined that they are both well-secured and in the process of collection. Interest income on nonaccrual loans is generally recognized when cash is received, unless a determination has been made to apply all cash receipts to principal.

The Company may modify the contractual cash flow of loans in situations where borrowers are experiencing financial difficulties. The Company strives to identify borrowers in financial difficulty early and work with them to modify their loans to more affordable terms before they reach nonaccrual status. These modified terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize the economic loss to the Company and to avoid foreclosure or repossession of the collateral. For modifications where the Company forgives principal, the entire amount of such principal forgiveness is immediately charged off.

Loan collateral in process of foreclosure primarily includes taxi medallion loans that have reached 120 days past due and have been charged down to the net realizable value of the underlying collateral, in addition to consumer repossessed collateral in the process of being sold. For New York City taxi medallion loans in the process of foreclosure, the Company continued to utilize a net value of $79,500 when assessing net realizable value for these taxi medallion loans, despite fluctuating current transfer prices which may exceed that level from time to time. The "loan collateral in the process of foreclosure" designation reflects that the collection activities on these loans have transitioned from working with the borrower to the liquidation of the collateral securing the loans.

Loans Held for Sale

Loans held for sale consist of recreation loans and strategic partnership loans intended to be sold in the secondary market. Loans held for sale are recorded at the lower of amortized cost or fair value. Changes in fair value are recognized in non-interest income. For loans transferred into the held for sale classification from the held for investment classification, any allowance for credit losses previously recorded is reversed at the transfer date, and the loans are transferred at their amortized cost basis (which is reduced by any previous charge-offs, but excludes any allowance for credit losses). As of June 30, 2025 and December 31, 2024, the Company did not recognize any fair value adjustments related to loans held for sale. Changes in fair value are recognized in non-interest income.

Allowance for Credit Losses

The Company follows Accounting Standards Update 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", or ASC 326, which requires recognition of lifetime expected losses using "reasonable and supportable" expectations about the future, referred to as the current expected credit loss, or CECL, methodology. For consumer loans, the Company uses historical delinquent loan performance, qualitative adjustments, and actual loss rates modified by quantitative adjustments based on macroeconomic factors over a twelve-month reasonable and supportable forecast period followed by a six month reversion period. For commercial loans, the Company assesses the historical impact that macroeconomic indicators have had on the loan portfolio, to determine an approximate allowance for credit losses. Unlike consumer loans, where loans may have similar performing characteristics, each commercial loan is unique. The Company evaluates each commercial loan for specific impairment with additional allowance for credit losses recognized as necessary. For taxi medallion loans, the Company individually evaluates each loan and establishes a reserve based on fair value of collateral less cost to sell.

The allowance is evaluated on a quarterly basis by management based on the collectability of the loans in light of historical experience, the nature and size of the loan portfolio, adverse situations that may affect the borrowers' ability to repay, estimated value of any underlying collateral, prevailing economic conditions, and excess concentration risks. This evaluation is inherently subjective, as it requires estimates, including those based on changes in economic conditions, that are susceptible to significant revision as more information becomes available. Credit losses are deducted from the allowance, and subsequent recoveries are added back to the allowance. The Company has elected to exclude accrued interest from its measurement of the allowance for credit losses.

Goodwill and Intangible Assets

Goodwill is evaluated for impairment on an annual basis at December 31 of each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Other intangible assets with finite useful lives are amortized either on an accelerated or straight-line basis over their estimated useful lives. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

As of June 30, 2025 and December 31, 2024, the Company had goodwill of $150.8 million, all of which related to the recreation and home improvement lending segments. As of June 30, 2025 and December 31, 2024, the Company had intangible assets of $18.4 million and $19.1 million. The Company recognized $0.4 million and $0.7 million of amortization expense on the intangible assets for the three and six months ended June 30, 2025 and 2024.

Management engaged an independent third-party expert to perform a quantitative assessment of goodwill for impairment at December 31, 2024. The third-party expert’s assessment determined that it was more likely than not that the fair value of both the recreation lending and home improvement lending segments individually were not less than the carrying value of each of these segments. Based upon inputs and analysis deemed appropriate by the third-party expert, the third-party expert concluded that a fair value premium existed in excess of carrying value with respect to the recreation and home improvement lending segments. During the three and six months ended June 30, 2025 the Company did not identify any triggering events that would require re-evaluation of goodwill impairment in either segment.

The table below presents the intangible assets as of June 30, 2025 and December 31, 2024:

(Dollars in thousands)

 

June 30, 2025

 

 

December 31, 2024

 

Brand-related intellectual property

 

$

14,025

 

 

$

14,575

 

Home improvement contractor relationships

 

 

4,399

 

 

 

4,571

 

Total intangible assets

 

$

18,424

 

 

$

19,146

 

Fixed Assets

Fixed assets are carried at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over their estimated useful lives of 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated economic useful life of the improvement. Depreciation and amortization expense was $0.6 million and $1.2 million for the three and six months ended June 30, 2025 and $0.1 million and $0.2 million for the three and six months ended June 30, 2024.

Deferred Costs

Deferred financing costs represent costs associated with obtaining the Company’s borrowings, and are amortized on a straight-line basis over the lives of the related financing agreements and life of the respective pool. Amortization expense, included as interest expense in the consolidated statements of operations, was $1.1 million and $2.2 million for the three and six months ended June 30, 2025 and was $0.9 million and $1.8 million for the three and six months ended June 30, 2024. In addition, the Company capitalizes certain costs for transactions in the process of completion (other than business combinations), including those for potential investments, and the sourcing of other financing alternatives. Upon completion or termination of the transaction, any accumulated amounts are amortized against income over an appropriate period, or written off. The amount on the Company’s consolidated balance sheets related to deposits and borrowing facilities were $8.5 million and $8.2 million as of June 30, 2025 and December 31, 2024, and there were no capitalized transaction costs as of June 30, 2025 and December 31, 2024.

Income Taxes

Income taxes are accounted for using the asset and liability approach in accordance with FASB ASC Topic 740, Income Taxes, or ASC 740. Deferred tax assets and liabilities reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the enacted tax rates expected to apply in the year when taxes are actually paid or recovered. Deferred tax assets are also recorded for net operating losses, capital losses and any tax credit carryforwards. A valuation allowance is provided against a deferred tax asset when it is more likely than not that some or all of the deferred tax assets will not be realized. All available evidence, both positive and negative, is considered to determine whether a valuation allowance for deferred tax assets is needed. Items considered in determining the Company’s valuation allowance include expectations of future earnings of the appropriate tax character, recent historical financial results, tax planning strategies, the length of statutory carryforward periods and the expected timing of the reversal of temporary differences. The Company recognizes tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The Company records income tax related interest and penalties, if applicable, within current income tax expense.

Earnings Per Share (EPS)

Basic earnings per share are computed by dividing net income resulting from operations available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if option contracts to issue common stock were exercised, or if restricted stock vests, and has been computed after considering the weighted average dilutive effect of the Company’s stock options and restricted stock. The Company uses the treasury stock method to calculate diluted EPS, which is a method of recognizing the use of proceeds that could be obtained upon exercise of options and warrants, including unvested compensation expense related to the shares, in computing diluted EPS. It assumes that any proceeds would be used to purchase common stock at the average market price during the period. The table below presents the calculation of basic and diluted EPS.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands, except share and per share data)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income attributable to common stockholders

 

$

11,069

 

 

$

7,101

 

 

$

23,083

 

 

$

17,125

 

Weighted average common shares outstanding applicable to basic EPS

 

 

22,783,947

 

 

 

22,598,102

 

 

 

22,677,961

 

 

 

22,619,743

 

Effect of restricted stock grants

 

 

361,690

 

 

 

404,499

 

 

 

468,970

 

 

 

507,416

 

Effect of dilutive stock options

 

 

243,071

 

 

 

163,340

 

 

 

238,772

 

 

 

209,067

 

Effect of performance stock unit grants

 

 

669,376

 

 

 

287,221

 

 

 

592,511

 

 

 

272,878

 

Adjusted weighted average common shares outstanding applicable to diluted EPS

 

 

24,058,084

 

 

 

23,453,162

 

 

 

23,978,214

 

 

 

23,609,104

 

Basic earnings per share

 

$

0.49

 

 

$

0.31

 

 

$

1.02

 

 

$

0.76

 

Diluted earnings per share

 

 

0.46

 

 

 

0.30

 

 

 

0.96

 

 

 

0.73

 

Potentially dilutive common shares excluded from the above calculations aggregated to 86,410 shares as of June 30, 2025 and 101,350 shares as of June 30, 2024.

Stock Compensation

The Company follows FASB ASC Topic 718, or ASC 718, Compensation – Stock Compensation, for its equity incentive, stock option, and restricted stock plans, and accordingly, the Company recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options are reflected in net income resulting from operations for any new grants using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option. Stock-based employee compensation costs pertaining to restricted stock and performance stock units are reflected in net income resulting from operations for any new grants using the grant date fair value of the shares and units granted, expensed over the vesting period of the underlying stock.

Regulatory Capital

The Bank subsidiary is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the bank regulators about components, risk weightings, and other factors.

FDIC-insured banks, including the Bank, are subject to certain federal laws, which impose various legal limitations on the extent to which banks may finance or otherwise supply funds to certain of their affiliates. In particular, the Bank is subject to certain restrictions on any extensions of credit to, or other covered transactions with, such as certain purchases of assets, the Company or its affiliates.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios as defined in the regulations (presented in the table below). Additionally, as conditions of granting the Bank’s application for federal deposit insurance, the FDIC ordered that the Tier 1 leverage capital to total assets ratio, as defined, be not less than 15%, a level which could affect the Bank's ability to pay dividends to the Company, and that an adequate allowance for credit losses be maintained. As of June 30, 2025 and December 31, 2024, the Bank’s Tier 1 leverage ratio was considered well-capitalized. The Bank had excess Tier 1 leverage capital of $106.9 million over the 15% minimum required, which was $372.8 million based on our total assets as of June 30, 2025. On July 1, 2025, the Bank redeemed its Series F Preferred Stock, in entirety, at an aggregate redemption price of $46.0 million. This redemption reduced Tier 1 leverage capital and the correlated excess Tier 1 leverage capital above the 15% minimum interest required. The Bank’s actual capital amounts and ratios and the regulatory minimum ratios are presented in the following table.

 

Regulatory

 

 

 

 

 

 

 

(Dollars in thousands)

 

Adequately Capitalized

 

 

Well-
Capitalized

 

 

June 30, 2025

 

 

December 31, 2024

 

Common equity tier 1 capital

 

 

 

 

 

 

 

$

337,738

 

 

$

322,229

 

Tier 1 capital

 

 

 

 

 

 

 

 

479,652

 

 

 

391,016

 

Total capital

 

 

 

 

 

 

 

 

511,144

 

 

 

422,139

 

Average assets

 

 

 

 

 

 

 

 

2,485,311

 

 

 

2,493,857

 

Risk-weighted assets

 

 

 

 

 

 

 

 

2,455,409

 

 

 

2,429,349

 

Leverage ratio (1)

 

 

4.0

%

 

 

5.0

%

 

 

19.3

%

 

 

15.7

%

Common equity tier 1 capital ratio (2)

 

 

4.5

 

 

 

6.5

 

 

 

13.8

 

 

 

13.3

 

Tier 1 capital ratio (3)

 

 

6.0

 

 

 

8.0

 

 

 

19.5

 

 

 

16.1

 

Total capital ratio (3)

 

 

8.0

 

 

 

10.0

 

 

 

20.8

 

 

 

17.4

 
(1)
Calculated by dividing Tier 1 capital by average assets.
(2)
Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
(3)
Calculated by dividing Tier 1 or total capital by risk-weighted assets.

In the table above, the minimum risk-based ratios as of June 30, 2025 and December 31, 2024 reflect the capital conservation buffer of 2.5%. The minimum regulatory requirements, inclusive of the capital conservation buffer, were the binding requirements for the risk-based requirements, and the “well-capitalized” requirements were the binding requirements for Tier 1 leverage capital as of both June 30, 2025 and December 31, 2024.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes, or Topic 740: Improvements to Income Tax Disclosures. The main objective of this update is to provide transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for the annual periods beginning after December 15, 2024. The Company does not expect this update to have a material impact on the financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income - Expense Disaggregation of Income Statement Expenses. This update requires additional disaggregation of specific types of expenses within the notes to consolidated financial statements on an annual and interim basis. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities are required to adopt ASU 2024-03 beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing the impact of the update on the accompanying financial statements.

Reclassifications

Certain reclassifications have been made to prior year balances to conform with the current year presentation. These reclassifications have no effect on the previously reported results of operations.
v3.25.2
Investment Securities
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investment Securities

(3) INVESTMENT SECURITIES

The following tables present details of fixed maturity securities available for sale as of June 30, 2025 and December 31, 2024:

June 30, 2025
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

47,046

 

 

$

55

 

 

$

(4,171

)

 

$

42,930

 

State and municipalities

 

 

19,766

 

 

 

28

 

 

 

(1,361

)

 

 

18,433

 

Agency bonds

 

 

177

 

 

 

—

 

 

 

(11

)

 

 

166

 

Total

 

$

66,989

 

 

$

83

 

 

$

(5,543

)

 

$

61,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

41,475

 

 

$

28

 

 

$

(4,802

)

 

$

36,701

 

State and municipalities

 

 

17,373

 

 

 

81

 

 

 

(1,516

)

 

 

15,938

 

Agency bonds

 

 

2,179

 

 

 

2

 

 

 

(15

)

 

 

2,166

 

Total

 

$

61,027

 

 

$

111

 

 

$

(6,333

)

 

$

54,805

 

The amortized cost and estimated fair market value of investment securities at June 30, 2025 by contractual maturity are presented below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

June 30, 2025
(Dollars in thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

320

 

 

$

332

 

Due after one year through five years

 

 

9,620

 

 

 

9,366

 

Due after five years through ten years

 

 

8,153

 

 

 

7,420

 

Due after ten years

 

 

48,896

 

 

 

44,411

 

Total

 

$

66,989

 

 

$

61,529

 

The following tables present information pertaining to securities with gross unrealized losses at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

June 30, 2025
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

(146

)

 

$

8,686

 

 

$

(4,025

)

 

$

26,763

 

State and municipalities

 

 

(60

)

 

 

2,860

 

 

 

(1,301

)

 

 

12,514

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(11

)

 

 

166

 

Total

 

$

(206

)

 

$

11,546

 

 

$

(5,337

)

 

$

39,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

December 31, 2024
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

(106

)

 

$

5,423

 

 

$

(4,696

)

 

$

29,619

 

State and municipalities

 

 

(269

)

 

 

4,884

 

 

 

(1,247

)

 

 

9,939

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(15

)

 

 

166

 

Total

 

$

(375

)

 

$

10,307

 

 

$

(5,958

)

 

$

39,724

 

As of June 30, 2025 and December 31, 2024, the Company had 57 and 58 securities with unrealized losses that have not been recognized in income. The investments are mortgage-backed securities and similar instruments with lower risk characteristics. The Company regularly reviews investment securities for impairment resulting from credit loss using both qualitative and quantitative criteria, as necessary based on the composition of the portfolio at period end. Based on the Company's assessment, no material impairments for credit losses were recognized during the period. The Company does not intend to sell its investment securities that are in an unrealized loss position and believes that it is unlikely that it will be required to sell these securities before recovery of the amortized cost. As of June 30, 2025 and December 31, 2024, the Company did not hold investments in any single issuer with an aggregate book value that exceeded 10% of the Company's equity, other than U.S. Government agency residential mortgage-backed securities issued by the Federal National Mortgage Association.

v3.25.2
Loans and Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2025
Text Block [Abstract]  
Loans and Allowance for Credit Losses

(4) LOANS AND ALLOWANCE FOR CREDIT LOSSES

The following table presents the major classification of loans, inclusive of capitalized loan origination costs, as of June 30, 2025 and December 31, 2024.

 

 

June 30, 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

 

$

1,486,047

 

 

 

60

%

 

$

1,422,403

 

 

 

57

%

Home improvement

 

 

803,535

 

 

 

32

 

 

 

827,211

 

 

 

33

 

Commercial

 

 

121,415

 

 

 

5

 

 

 

111,273

 

 

 

4

 

Taxi medallion

 

 

1,564

 

 

*

 

 

 

1,909

 

 

*

 

Total loans

 

 

2,412,561

 

 

 

98

 

 

 

2,362,796

 

 

 

95

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

60,205

 

 

 

2

 

 

 

120,840

 

 

 

5

 

Strategic partnership

 

 

12,285

 

 

*

 

 

 

7,386

 

 

*

 

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

 

 

72,490

 

 

 

2

 

 

 

128,226

 

 

 

5

 

Total loans and loans held for sale

 

$

2,485,051

 

 

 

100

%

 

$

2,491,022

 

 

 

100

%

(*) Less than 1%.

The following tables present the activity of the gross loans and loans held for sale for the three and six months ended June 30, 2025.

Three Months Ended June 30, 2025
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2025 (1)

 

$

1,545,844

 

 

$

812,381

 

 

$

116,059

 

 

$

1,650

 

 

$

10,499

 

 

$

2,486,433

 

Loan originations

 

 

142,789

 

 

 

54,253

 

 

 

9,368

 

 

 

—

 

 

 

168,637

 

 

 

375,047

 

Principal receipts, sales, and maturities

 

 

(118,149

)

 

 

(58,380

)

 

 

(4,259

)

 

 

(86

)

 

 

(166,851

)

 

 

(347,725

)

Charge-offs

 

 

(16,273

)

 

 

(4,951

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(21,224

)

Transfer to loan collateral in process of foreclosure, net

 

 

(8,512

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,512

)

Amortization of origination fees and costs, net

 

 

(3,746

)

 

 

1,156

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

(2,579

)

Origination fees and costs, net

 

 

4,299

 

 

 

(924

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,375

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

236

 

 

 

—

 

 

 

—

 

 

 

236

 

Gross loans – June 30, 2025 (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

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

 

 

229,622

 

 

 

103,049

 

 

 

19,075

 

 

 

72

 

 

 

304,877

 

 

 

656,695

 

Principal receipts, sales, and maturities

 

 

(175,562

)

 

 

(117,991

)

 

 

(9,311

)

 

 

(402

)

 

 

(299,978

)

 

 

(603,244

)

Charge-offs

 

 

(36,547

)

 

 

(9,178

)

 

 

(130

)

 

 

(15

)

 

 

—

 

 

 

(45,870

)

Transfer to loan collateral in process of foreclosure, net

 

 

(14,995

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,995

)

Amortization of origination fees and costs, net

 

 

(7,227

)

 

 

2,289

 

 

 

23

 

 

 

—

 

 

 

—

 

 

 

(4,915

)

Origination fees and costs, net

 

 

7,718

 

 

 

(1,845

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,873

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

485

 

 

 

—

 

 

 

—

 

 

 

485

 

Gross loans – June 30, 2025 (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

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

 

The following tables present the activity of the gross loans and loans held for sale for the three and six months ended June 30, 2024.

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

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2024

 

$

1,365,165

 

 

$

752,262

 

 

$

106,570

 

 

$

3,560

 

 

$

869

 

 

$

2,228,426

 

Loan originations

 

 

209,563

 

 

 

67,990

 

 

 

7,000

 

 

 

250

 

 

 

24,288

 

 

 

309,091

 

Principal receipts, sales, and maturities

 

 

(61,553

)

 

 

(42,492

)

 

 

(3,961

)

 

 

(328

)

 

 

(23,858

)

 

 

(132,192

)

Charge-offs

 

 

(14,627

)

 

 

(4,063

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,690

)

Transfer to loan collateral in process of foreclosure, net

 

 

(5,669

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,669

)

Amortization of origination fees and costs, net

 

 

(3,214

)

 

 

913

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

(2,291

)

Origination fees and costs, net

 

 

7,763

 

 

 

(1,426

)

 

 

(77

)

 

 

—

 

 

 

—

 

 

 

6,260

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

655

 

 

 

—

 

 

 

—

 

 

 

655

 

Gross loans – June 30, 2024

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 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

 

 

315,328

 

 

 

119,566

 

 

 

7,000

 

 

 

250

 

 

 

40,034

 

 

 

482,178

 

Principal receipts, sales, and maturities

 

 

(115,589

)

 

 

(97,409

)

 

 

(12,833

)

 

 

(431

)

 

 

(39,288

)

 

 

(265,550

)

Charge-offs

 

 

(32,728

)

 

 

(8,961

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(41,689

)

Transfer to loan collateral in process of foreclosure, net

 

 

(11,094

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,094

)

Amortization of origination fees and costs, net

 

 

(6,166

)

 

 

1,851

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

(4,298

)

Origination fees and costs, net

 

 

11,451

 

 

 

(2,480

)

 

 

(77

)

 

 

—

 

 

 

—

 

 

 

8,894

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

1,263

 

 

 

—

 

 

 

—

 

 

 

1,263

 

Gross loans – June 30, 2024

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 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

 

Charge-offs

 

 

(16,273

)

 

 

(4,951

)

 

 

—

 

 

 

—

 

 

 

(21,224

)

Recoveries

 

 

4,419

 

 

 

1,190

 

 

 

10

 

 

 

573

 

 

 

6,192

 

Provision (benefit) for credit losses

 

 

15,336

 

 

 

3,934

 

 

 

2,912

 

 

 

(620

)

 

 

21,562

 

Balance at June 30, 2025

 

$

75,040

 

 

$

20,422

 

 

$

11,096

 

 

$

338

 

 

$

106,896

 
(1)
As of June 30, 2025, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.5 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

 

Charge-offs

 

 

(14,627

)

 

 

(4,063

)

 

 

—

 

 

 

—

 

 

 

(18,690

)

Recoveries

 

 

3,962

 

 

 

1,243

 

 

 

—

 

 

 

869

 

 

 

6,074

 

Provision (benefit) for credit losses

 

 

15,795

 

 

 

3,279

 

 

 

478

 

 

 

(975

)

 

 

18,577

 

Balance at June 30, 2024

 

$

65,139

 

 

$

18,389

 

 

$

4,862

 

 

$

1,398

 

 

$

89,788

 

 

The following table presents the gross charge-offs for the three and six months ended June 30, 2025, by the year of origination:

Three Months Ended June 30, 2025
(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Recreation

 

$

11

 

 

$

3,812

 

 

$

3,917

 

 

$

4,439

 

 

$

2,106

 

 

$

1,988

 

 

$

16,273

 

Home improvement

 

 

—

 

 

 

1,125

 

 

 

1,703

 

 

 

1,061

 

 

 

643

 

 

 

419

 

 

 

4,951

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

11

 

 

$

4,937

 

 

$

5,620

 

 

$

5,500

 

 

$

2,749

 

 

$

2,407

 

 

$

21,224

 

 

Six Months Ended June 30, 2025
(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Recreation

 

$

11

 

 

$

6,540

 

 

$

7,624

 

 

$

8,945

 

 

$

4,039

 

 

$

9,388

 

 

$

36,547

 

Home improvement

 

 

—

 

 

 

1,948

 

 

 

3,206

 

 

 

2,194

 

 

 

1,071

 

 

 

759

 

 

 

9,178

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

130

 

 

 

—

 

 

 

—

 

 

 

130

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15

 

 

 

15

 

Total

 

$

11

 

 

$

8,488

 

 

$

10,830

 

 

$

11,269

 

 

$

5,110

 

 

$

10,162

 

 

$

45,870

 

The following table presents the gross charge-offs for the three and six months ended June 30, 2024, by the year of origination:

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

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

99

 

 

$

4,099

 

 

$

5,049

 

 

$

1,990

 

 

$

986

 

 

$

2,404

 

 

$

14,627

 

Home improvement

 

 

40

 

 

 

1,508

 

 

 

1,594

 

 

 

507

 

 

 

119

 

 

 

295

 

 

 

4,063

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

139

 

 

$

5,607

 

 

$

6,643

 

 

$

2,497

 

 

$

1,105

 

 

$

2,699

 

 

$

18,690

 

 

Six Months Ended June 30, 2024
(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

99

 

 

$

7,862

 

 

$

11,867

 

 

$

5,487

 

 

$

2,275

 

 

$

5,138

 

 

$

32,728

 

Home improvement

 

 

40

 

 

 

3,032

 

 

 

3,274

 

 

 

1,670

 

 

 

406

 

 

 

539

 

 

 

8,961

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

139

 

 

$

10,894

 

 

$

15,141

 

 

$

7,157

 

 

$

2,681

 

 

$

5,677

 

 

$

41,689

 

The following tables present the allowance for credit losses by type as of June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance (1)

 

 

Allowance as
a Percent of
Loan Category (2)

 

Recreation

 

$

75,040

 

 

 

70

%

 

 

5.05

%

Home improvement

 

 

20,422

 

 

 

19

 

 

 

2.54

 

Commercial

 

 

11,096

 

 

 

10

 

 

 

9.14

 

Taxi medallion

 

 

338

 

 

 

1

 

 

 

21.62

 

Total (2)

 

$

106,896

 

 

 

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 June 30, 2025, total allowance for credit losses as a percent of nonaccrual loans was 288.09%.

December 31, 2024
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance (1)

 

 

Allowance as
a Percent of
Loan Category (2)

 

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%

 

The following tables present the performance status of loans and loans held for sale as of June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,538,323

 

 

$

7,929

 

 

$

1,546,252

 

 

 

0.51

%

Home improvement

 

 

802,237

 

 

 

1,298

 

 

 

803,535

 

 

 

0.16

 

Commercial

 

 

95,101

 

 

 

26,314

 

 

 

121,415

 

 

 

21.67

 

Taxi medallion

 

 

—

 

 

 

1,564

 

 

 

1,564

 

 

 

100.00

 

Strategic partnership

 

 

12,285

 

 

 

—

 

 

 

12,285

 

 

 

—

 

Total

 

$

2,447,946

 

 

$

37,105

 

 

$

2,485,051

 

 

 

1.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

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 present the aging of loans and loans held for sale as of June 30, 2025 and December 31, 2024.

June 30, 2025

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

43,128

 

 

$

15,301

 

 

$

7,265

 

 

$

65,694

 

 

$

1,429,365

 

 

$

1,495,059

 

 

$

—

 

Home improvement

 

 

3,700

 

 

 

1,931

 

 

 

1,292

 

 

 

6,923

 

 

 

800,035

 

 

 

806,958

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

20,402

 

 

 

20,402

 

 

 

101,181

 

 

 

121,583

 

 

 

—

 

Taxi medallion

 

 

64

 

 

 

—

 

 

 

—

 

 

 

64

 

 

 

1,500

 

 

 

1,564

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,285

 

 

 

12,285

 

 

 

—

 

Total

 

$

46,892

 

 

$

17,232

 

 

$

28,959

 

 

$

93,083

 

 

$

2,344,366

 

 

$

2,437,449

 

 

$

—

 
(1)
Excludes $47.6 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.
v3.25.2
Funds Borrowed
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Funds Borrowed

(5) FUNDS BORROWED

The following table presents outstanding balances of funds borrowed.

 

Payments Due for the Twelve Months Ending June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

June 30,
2025 (1)

 

 

December 31, 2024 (1)

 

 

Interest
Rate (2)

 

Deposits (3)

 

$

664,028

 

 

$

543,454

 

 

$

385,662

 

 

$

199,629

 

 

$

216,994

 

 

$

—

 

 

$

2,009,767

 

 

$

2,091,663

 

 

 

3.81

%

Privately placed notes

 

 

31,250

 

 

 

—

 

 

 

53,750

 

 

 

39,000

 

 

 

—

 

 

 

22,500

 

 

 

146,500

 

 

 

146,500

 

 

 

8.12

 

SBA debentures and borrowings

 

 

15,500

 

 

 

4,500

 

 

 

—

 

 

 

2,500

 

 

 

—

 

 

 

48,000

 

 

 

70,500

 

 

 

70,250

 

 

 

3.81

 

Trust preferred securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,000

 

 

 

33,000

 

 

 

33,000

 

 

 

6.70

 

Federal reserve and other borrowings

 

 

40,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,000

 

 

 

35,000

 

 

 

4.50

 

Total

 

$

750,778

 

 

$

547,954

 

 

$

439,412

 

 

$

241,129

 

 

$

216,994

 

 

$

103,500

 

 

$

2,299,767

 

 

$

2,376,413

 

 

 

4.14

%
(1)
Excludes deferred financing costs of $8.5 million and $8.2 million as of June 30, 2025 and December 31, 2024.
(2)
Weighted average contractual rate as of June 30, 2025.
(3)
Balance excludes $4.6 million and $3.0 million of strategic partner reserve deposits and includes $4.6 million and $6.0 million in retail savings deposit balances as of June 30, 2025 and December 31, 2024.

(A) DEPOSITS

Most deposits are raised through the use of investment brokerage firms that package time deposits in denominations of less than $250,000 qualifying for FDIC insurance into larger 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, the annual expense of which averages less than 0.15%. Interest on the deposits is accrued daily and paid monthly, quarterly, semiannually, or at maturity. Additionally, the Bank raises deposits through listing services and, as of June 30, 2025 and December 31, 2024, the Bank had $11.7 million and $10.4 million in listing service deposit balances from other financial institutions. As of June 30, 2025 and December 31, 2024, the Bank had $4.6 million and $6.0 million in retail savings deposit balances. The following table presents the maturity of the deposit pools and retail savings deposits, which includes strategic partner reserve deposits, as of June 30, 2025.

(Dollars in thousands)

 

June 30, 2025

 

Three months or less

 

$

223,935

 

Over three months through six months

 

 

102,360

 

Over six months through one year

 

 

337,733

 

Over one year

 

 

1,345,739

 

Deposits

 

 

2,009,767

 

 Strategic partner collateral deposits

 

 

4,550

 

Total deposits

 

$

2,014,317

 

(B) FEDERAL RESERVE DISCOUNT WINDOW AND OTHER BORROWINGS

As of June 30, 2025, the Bank had $200.6 million in home improvement loans pledged as collateral to the Federal Reserve. The current advance rate on the pledged securities is approximately 44% of book value, for a total of approximately $88.7 million in secured borrowing capacity, of which $40.0 million was utilized as of June 30, 2025.

The Bank has borrowing arrangements with several correspondent banks. These agreements are accommodations that can be terminated at any time, for any reason and allow the Bank to borrow up to $75.0 million. As of June 30, 2025, there were no outstanding amounts with respect to these arrangements.

(C) PRIVATELY PLACED NOTES

The Company has entered into various private placements with certain institutional investors over time. The following table presents the private placement notes outstanding as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

June 30, 2025

 

 

December 31, 2024

 

December 2020

 

December 2027

 

 

7.500

%

 

Semi-annually

 

$

53,750

 

 

$

53,750

 

February 2021

 

February 2026

 

 

7.250

%

 

Semi-annually

 

 

31,250

 

 

 

31,250

 

September 2023

 

September 2028

 

 

9.250

%

 

Semi-annually

 

 

39,000

 

 

 

39,000

 

June 2024

 

June 2039

 

 

8.875

%

 

Semi-annually

 

 

17,500

 

 

 

17,500

 

August 2024

 

August 2039

 

 

8.625

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

$

146,500

 

 

$

146,500

 

 

(D) SBA DEBENTURES AND BORROWINGS

Over the years, the SBA has approved commitments for Medallion Capital and FSVC, typically for a four and a half year term and a 1% fee. On February 28, 2024, Medallion Capital accepted a commitment from the SBA for $18.5 million in debenture financing. Medallion Capital can draw funds under the commitment, in whole or in part, until September 30, 2028. In connection with the commitment, Medallion Capital paid the SBA a leverage fee of $0.2 million, with the remaining $0.4 million of the fee to be paid pro rata as Medallion Capital draws under the commitment. As of June 30, 2025, none of the commitment had been drawn, $10.3 million was drawable.

The following table presents the SBA debentures and borrowings as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

June 30, 2025

 

 

December 31, 2024

 

March 2015

 

March 2025

 

 

2.87

%

 

Semi-annually

 

$

—

 

 

$

10,000

 

September 2015

 

September 2025

 

 

3.57

%

 

Semi-annually

 

 

4,000

 

 

 

4,000

 

March 2016

 

March 2026

 

 

3.25

%

 

Semi-annually

 

 

1,500

 

 

 

1,500

 

March 2016

 

March 2026

 

 

3.18

%

 

Semi-annually

 

 

10,000

 

 

 

10,000

 

May 2016

 

September 2026

 

 

2.72

%

 

Semi-annually

 

 

2,500

 

 

 

2,500

 

March 2017

 

March 2027

 

 

3.52

%

 

Semi-annually

 

 

2,000

 

 

 

2,000

 

September 2018

 

September 2028

 

 

4.22

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

March 2019

 

March 2029

 

 

3.79

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

September 2020

 

September 2030

 

 

1.71

%

 

Semi-annually

 

 

3,000

 

 

 

3,000

 

June 2021

 

September 2031

 

 

1.58

%

 

Semi-annually

 

 

8,500

 

 

 

8,500

 

October 2021

 

March 2032

 

 

3.21

%

 

Semi-annually

 

 

7,000

 

 

 

7,000

 

October 2022

 

March 2033

 

 

5.44

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

April 2023

 

September 2033

 

 

5.96

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

September 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

November 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

March 2025

 

September 2035

 

*

 

 

Semi-annually

 

 

10,250

 

 

 

—

 

 

 

 

 

 

 

 

 

 

$

70,500

 

 

$

70,250

 

(*) Interest rate will price in September 2025 and will accrue interest at a rate which approximates 5% until that time.

(E) TRUST PREFERRED SECURITIES

In June 2007, the Company issued and sold $36.1 million aggregate principal amount of unsecured junior subordinated notes to Fin Trust which, in turn, sold $35.0 million of trust preferred securities to Merrill Lynch International and issued 1,083 shares of common stock to the Company. Interest is calculated using the Secured Overnight Financing Rate, or SOFR, adjusted by a relevant spread adjustment of approximately 26 basis points, plus 2.13%. The notes mature in September 2037 and are prepayable at par. Interest is payable quarterly in arrears. The terms of the trust preferred securities and the notes are substantially identical. In December 2007, $2.0 million of the trust preferred securities were repurchased from a third-party investor. As of June 30, 2025, $33.0 million was outstanding on the trust preferred securities.

(F) COVENANT COMPLIANCE

Certain of the Company's debt agreements contain financial covenants that require the Company to maintain certain financial ratios and minimum tangible net worth. As of June 30, 2025, the Company was in compliance with all such covenants.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases

(6) LEASES

The Company has leased premises that expire at various dates through February 28, 2031 subject to various operating leases.

The following table presents the operating lease costs and additional information for the three and six months ended June 30, 2025 and 2024.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease costs

 

$

556

 

 

$

607

 

 

$

1,176

 

 

$

1,210

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

 

683

 

 

 

698

 

 

 

1,358

 

 

 

1,355

 

Right-of-use asset obtained in exchange for lease liability

 

 

(63

)

 

 

(58

)

 

 

(126

)

 

 

(118

)

The following table presents the breakout of the operating leases as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

June 30, 2025

 

 

December 31, 2024

 

Operating lease right-of-use assets

 

$

5,946

 

 

$

6,922

 

Other current liabilities

 

 

2,290

 

 

 

2,294

 

Operating lease liabilities

 

 

4,041

 

 

 

5,128

 

Total operating lease liabilities

 

 

6,331

 

 

 

7,422

 

Weighted average remaining lease term

 

3.5 years

 

 

4.1 years

 

Weighted average discount rate

 

 

5.55

%

 

5.56%

 

At June 30, 2025, maturities of the lease liabilities were as follows:

(Dollars in thousands)

 

 

 

Remainder of 2025

 

$

1,275

 

2026

 

 

2,567

 

2027

 

 

1,342

 

2028

 

 

575

 

2029

 

 

589

 

Thereafter

 

 

548

 

Total lease payments

 

 

6,896

 

Less imputed interest

 

 

565

 

Total operating lease liabilities

 

$

6,331

 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

(7) INCOME TAXES

The Company is subject to federal and applicable state corporate income taxes on its taxable ordinary income and capital gains. As a corporation taxed under Subchapter C of the Internal Revenue Code, the Company is able, and intends, to file a consolidated federal income tax return with corporate subsidiaries in which it holds 80% or more of the outstanding equity interest measured by both vote and fair value.

The following table presents the significant components of the Company's deferred tax assets and liabilities as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

June 30, 2025

 

 

December 31, 2024

 

Deferred tax assets:

 

 

 

 

 

 

Provision for credit losses

 

$

17,035

 

 

$

14,530

 

Accrued expenses, compensation, and other assets

 

 

4,888

 

 

 

5,612

 

Net operating loss carryforwards (1)

 

 

3,168

 

 

 

3,168

 

Other investments and investment securities

 

 

2,790

 

 

 

2,885

 

Valuation allowance

 

 

(4,552

)

 

 

(4,418

)

Total deferred tax assets

 

 

23,329

 

 

 

21,777

 

Deferred tax liabilities:

 

 

 

 

 

 

Goodwill and other intangibles

 

 

42,590

 

 

 

42,772

 

Total deferred tax liabilities

 

 

42,590

 

 

 

42,772

 

Deferred tax liability, net

 

$

19,261

 

 

$

20,995

 
(1)
As of June 30, 2025, the Company had an estimated $11.1 million of net operating loss carryforwards, $1.7 million of which expires at various dates between December 31, 2026 and December 31, 2035, which had a net carrying value of $0.5 million as of June 30, 2025.

The following table presents the components of the Company's tax provision for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

5,757

 

 

$

4,792

 

 

$

10,418

 

 

$

6,521

 

State

 

 

2,569

 

 

 

1,476

 

 

 

4,091

 

 

 

2,119

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(1,709

)

 

 

(1,916

)

 

 

(1,448

)

 

 

1,200

 

State

 

 

(812

)

 

 

(570

)

 

 

(543

)

 

 

300

 

Net provision for income taxes

 

$

5,805

 

 

$

3,782

 

 

$

12,518

 

 

$

10,140

 

The following table presents a reconciliation of statutory federal income tax provision to consolidated actual income tax provision reported for the three and six months ended June 30, 2025 and 2024.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Statutory Federal income tax provision at 21%

 

$

4,089

 

 

$

2,603

 

 

$

8,339

 

 

$

6,361

 

State and local income taxes, net of federal income tax benefit

 

 

889

 

 

 

509

 

 

 

1,812

 

 

 

1,244

 

Non-deductible (benefits) expenses

 

 

(562

)

 

 

374

 

 

 

1,010

 

 

 

2,154

 

Valuation allowance against deferred tax assets

 

 

324

 

 

 

—

 

 

 

134

 

 

 

—

 

Change in effective state income tax rates and accrual

 

 

696

 

 

 

—

 

 

 

696

 

 

 

—

 

Other

 

 

369

 

 

 

296

 

 

 

527

 

 

 

381

 

Total income tax provision

 

$

5,805

 

 

$

3,782

 

 

$

12,518

 

 

$

10,140

 

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible pursuant to ASC 740. The Company considers the reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company’s evaluation of the realizability of deferred tax assets must consider both positive and negative evidence. The weight given to the potential effects of positive and negative evidence is based on the extent to which it can be objectively verified. The Company has determined that a valuation allowance is necessary for net operating losses which the Company does not believe will be utilized as well as for deferred compensation in excess of statutory limits. Based upon these considerations, the Company determined the necessary valuation allowance as of June 30, 2025.

The Company has filed tax returns in many states. Federal, New York State, New York City, and Utah State tax filings of the Company for the tax years 2021 through the present are the more significant filings that are open for examination.

v3.25.2
Stock Options and Restricted Stock
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Options and Restricted Stock

(8) STOCK OPTIONS AND RESTRICTED STOCK

The Company’s Board of Directors approved the 2018 Equity Incentive Plan, or the 2018 Plan, which was approved by the Company’s stockholders on June 15, 2018. The terms of the 2018 Plan provide for grants of a variety of different type of stock awards to the Company’s employees and non-employee directors, including options, restricted stock, restricted stock units, performance stock units, and stock appreciation rights, etc. On April 22, 2020, the Company’s Board of Directors approved an amendment to the 2018 Plan to increase the number of shares of the Company’s common stock authorized for issuance thereunder, which was approved by the Company’s stockholders on June 19, 2020. On April 26, 2022, the Company’s Board of Directors approved an additional amendment to the 2018 Plan to further increase the number of shares of the Company’s common stock authorized for issuance thereunder, which was approved by the Company’s stockholders on June 14, 2022. On April 25, 2025, the Company’s Board of Directors approved an additional amendment to the 2018 Plan to further increase the number of shares of the Company’s common stock authorized for issuance thereunder, which was approved by the Company’s stockholders on June 12, 2025. A total of 7,710,968 shares of the Company’s common stock are issuable under the 2018 Plan, and 2,287,437 shares remained issuable as of June 30, 2025. Awards under the 2018 Plan are subject to certain limitations as set forth in the 2018 Plan, which will terminate when all shares of common stock authorized for delivery have been delivered and the forfeiture restrictions on all awards have lapsed, or by action of the Board of Directors pursuant to the 2018 Plan, whichever occurs first.

The Company’s Board of Directors approved the 2015 Non-Employee Director Stock Option Plan, or the 2015 Director Plan, on March 12, 2015, which was approved by the Company’s shareholders on June 5, 2015, and on which exemptive relief to implement the 2015 Director Plan was received from the SEC on February 29, 2016. A total of 300,000 shares of the Company’s common stock were issuable under the 2015 Director Plan, and 258,334 remained issuable as of June 15, 2018. Effective June 15, 2018, the 2018 Plan was approved, and these remaining shares were rolled into the 2018 Plan. Under the 2015 Director Plan, unless otherwise determined by a committee of the Board of Directors comprised of directors who are not eligible for grants under the 2015 Director Plan, the Company granted options to purchase 12,000 shares of the Company’s common stock to a non-employee director upon election to the Board of Directors, with an adjustment for directors who were elected to serve less than a full term. The option price per share could not be less than the current market value of the Company’s common stock on the date the option was granted. Options granted under the 2015 Director Plan vested annually, as defined in the 2015 Director Plan. The term of the options could not exceed ten years.

The Company’s Board of Directors approved the First Amended and Restated 2006 Director Plan, or the Amended Director Plan, on April 16, 2009, which was approved by the Company’s shareholders on June 5, 2009, and on which exemptive relief to implement the Amended Director Plan was received from the SEC on July 17, 2012. A total of 200,000 shares of the Company’s common stock were issuable under the Amended Director Plan. No additional shares are available for issuance under the Amended Director Plan. Under the Amended Director Plan, unless otherwise determined by a committee of the Board of Directors comprised of directors who are not eligible for grants under the Amended Director Plan, the Company would grant options to purchase 9,000 shares of the Company’s common stock to an Eligible Director upon election to the Board of Directors, with an adjustment for directors who were elected to serve less than a full term. The option price per share could not be less than the current market value of the Company’s common stock on the date the option was granted. Options granted under the Amended Director Plan vested annually, as defined in the Amended Director Plan. The term of the options could not exceed ten years.

Additional shares are only available for future issuance under the 2018 Plan. As of June 30, 2025, 838,813 options on the Company’s common stock were outstanding under the Company’s plans, all of which have previously vested and are exercisable. Additionally, as of June 30, 2025, there were 727,415 unvested shares of restricted stock, 823,854 unvested performance stock units, 86,410 unvested restricted stock units, and 323,977 vested, unissued restricted stock units outstanding under the 2018 Plan. As of June 30, 2025, the total remaining unrecognized compensation cost related to unvested restricted stock, restricted stock units, and performance stock units was $8.1 million, which is expected to be recognized over the next 11 quarters. Total stock-based compensation expense was $1.7 million and $3.4 million, or $0.07 and $0.14 per diluted common share, for the three and six months ended June 30, 2025 and $1.6 million and $3.1 million, or $0.07 and $0.13 per diluted common share, for the three and six months ended June 30, 2024.

The fair value of each restricted stock grant, each restricted stock unit, and each performance stock unit is determined on the date of grant by the closing market price of the Company’s common stock on the grant date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. There were no options granted during the six months ended June 30, 2025 and 2024.

During 2023, the Company’s Compensation Committee of the Board of Directors began granting performance stock units, or PSUs, to certain officers and employees of the Company. Granted PSUs are subject to specified performance criteria for a particular performance period. The number of PSUs that vest can range from zero to 200% of the grant amount. In addition, dividends that accrue during the vesting period are reinvested in dividend equivalent PSUs. PSUs and the related dividend equivalent PSUs are converted into shares of common stock after vesting. Once the PSUs and dividend equivalent PSUs have vested, shares of common stock are delivered.

The following table presents the PSU activity for the six months ended June 30, 2025 and the year ended December 31, 2024. The PSUs have vesting conditions based upon certain levels of total pre-tax income as well as return on common equity attained over a three-year period. The PSUs cliff vest after three years based upon the performance of the Company. Dividend equivalent PSUs accumulate and convert to additional shares for the benefit of the grantee at the vesting date or are forfeited if the performance conditions are not met.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2023

 

 

296,444

 

 

$

 

6.08

 

 

$

6.08

 

Granted

 

 

215,687

 

 

 

 

8.97

 

 

 

8.97

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2024

 

 

512,131

 

 

 

6.08 - 8.97

 

 

 

7.30

 

Granted

 

 

311,723

 

 

 

 

8.47

 

 

 

8.47

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2025

 

 

823,854

 

 

 

6.08 - 8.97

 

 

 

7.74

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2025

 

 

823,854

 

 

$

6.08 - 8.97

 

 

$

7.30

 

The following table presents the activity for the restricted stock programs for the six months ended June 30, 2025 and the year ended December 31, 2024.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2023

 

 

995,376

 

 

$

4.89 - 9.37

 

 

$

7.74

 

Granted

 

 

347,158

 

 

 

8.97 - 10.32

 

 

 

9.17

 

Cancelled

 

 

(32,521

)

 

 

4.89 - 10.32

 

 

 

8.07

 

Vested (1)

 

 

(400,985

)

 

 

4.89 - 8.40

 

 

 

7.69

 

Outstanding at December 31, 2024

 

 

909,028

 

 

 

4.89 - 10.32

 

 

 

8.30

 

Granted

 

 

307,059

 

 

 

 

8.47

 

 

 

8.47

 

Cancelled

 

 

(3,373

)

 

 

4.89 - 10.32

 

 

 

8.86

 

Vested (1)

 

 

(484,823

)

 

 

4.89 - 8.97

 

 

 

7.70

 

Outstanding at March 31, 2025 (2)

 

 

727,891

 

 

 

8.08 - 10.32

 

 

 

8.77

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(476

)

 

 

9.37 - 10.32

 

 

 

9.70

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2025 (2)

 

 

727,415

 

 

$

8.08 - 10.32

 

 

$

8.77

 
(1)
The aggregate fair value of the restricted stock vested was $4.2 million for the six months ended June 30, 2025 and $2.7 million for the year ended December 31, 2024.
(2)
The aggregate fair value of the restricted stock was $6.9 million as of June 30, 2025. The remaining vesting period was 2.7 years at June 30, 2025.

 

The following table presents the activity for the stock option programs for the six months ended June 30, 2025 and the year ended December 31, 2024.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2023

 

 

959,522

 

 

$

2.14 - 9.38

 

 

$

6.51

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(4,748

)

 

 

4.89 - 7.25

 

 

 

6.15

 

Exercised

 

 

(40,865

)

 

 

4.89 - 7.25

 

 

 

6.35

 

Outstanding at December 31, 2024

 

 

913,909

 

 

 

2.14 - 9.38

 

 

 

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(23,716

)

 

 

4.89 - 7.25

 

 

 

6.67

 

Exercised (1)

 

 

(265

)

 

 

 

4.89

 

 

 

4.89

 

Outstanding at March 31, 2025 (2)

 

 

889,928

 

 

 

2.14 - 9.38

 

 

 

6.67

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(10,054

)

 

 

4.89 - 9.38

 

 

 

9.05

 

Exercised (1)

 

 

(41,061

)

 

 

4.89 - 7.25

 

 

 

6.23

 

Outstanding at June 30, 2025 (2)

 

 

838,813

 

 

$

2.14 - 7.25

 

 

$

6.50

 

Options exercisable at:

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

829,286

 

 

$

2.14 - 9.38

 

 

$

6.53

 

June 30, 2025 (2)

 

 

838,813

 

 

$

2.14 - 7.25

 

 

$

6.50

 
(1)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for both the three and six months ended June 30, 2025 and the year ended December 31, 2024.
(2)
The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at June 30, 2025 and the related exercise price of the underlying options, was $2.5 million for outstanding options, all of which had previously vested. The remaining contractual life was 4.7 years for outstanding options at June 30, 2025.

The following table presents the activity for the unvested options outstanding under the plans described above for the six months ended June 30, 2025 and the year ended December 31, 2024.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2023

 

 

261,875

 

 

$

4.89 - 7.25

 

 

$

6.49

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(3,822

)

 

 

4.89 - 7.25

 

 

 

6.22

 

Vested

 

 

(173,430

)

 

 

4.89 - 7.25

 

 

 

6.56

 

Outstanding at December 31, 2024

 

 

84,623

 

 

 

4.89 - 6.79

 

 

 

6.37

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(119

)

 

 

 

4.89

 

 

 

4.89

 

Vested

 

 

(84,504

)

 

 

4.89 - 6.79

 

 

 

6.37

 

Outstanding at March 31, 2025

 

 

—

 

 

 

 

—

 

 

 

—

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2025

 

 

—

 

 

$

 

—

 

 

$

—

 

The intrinsic value of the options vested was $0.1 million for the six months ended June 30, 2025.

During the three and six months ended June 30, 2025, the Company granted 86,410 restricted stock units, or RSUs, with a vesting date of June 12, 2026 at a grant price of $9.49 and during the year ended December 31, 2024, granted 92,350 RSUs which vested on June 11, 2025 at a grant price of $8.23. For the RSUs granted in 2025 and 2024, unitholders had the option of deferring settlement until a future date if the recipient makes a formal election under the guidelines of IRC Section 409A. As of June 30, 2025, there were 410,387 RSUs outstanding, including 323,977 which had previously vested.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

(9) SEGMENT REPORTING

The Company has five business segments, which include four lending segments and one non-operating segment, which are reflective of how Company management makes decisions about its business and operations.

The four lending segments reflect the main types of lending performed at the Company, which are recreation, home improvement, commercial, and taxi medallion lending. The recreation and home improvement lending segments are operated by the Bank and loans are made to borrowers residing nationwide. The recreation lending segment is a consumer finance business that works with third-party dealers and financial service providers to finance RVs, boats, collector cars, and other consumer recreational equipment, of which RVs, boats, and collector cars make up 54%, 21%, and 12% of the segment portfolio, with no other product lines at or above 10%, as of June 30, 2025. The highest concentrations of recreation loans are in Texas and Florida at 16% and 10% of loans outstanding and with no other states at or above 10% as of June 30, 2025. The home improvement lending segment works with contractors and financial service providers to finance residential home improvement with the largest product lines being roofs, swimming pools, and windows at 30%, 30%, and 11% of total home improvement loans outstanding, and with no other product lines at or above 10% as of June 30, 2025. The highest concentrations of home improvement loans are in Florida and Texas at 13% and 12% of loans outstanding, with no other states at or above 10% as of June 30, 2025. The commercial lending segment focuses on serving a wide variety of industries, with concentrations in manufacturing, construction, and wholesale trade making up 57%, 18%, and 11% of the loans outstanding as of June 30, 2025, with no other product lines exceeding 10% as of June 30, 2025. The commercial lending segment invests across the United States with a concentration in California having 29% of the segment portfolio, with no other states having a concentration at or above 10% as of June 30, 2025. The taxi medallion lending segment arose in connection with the financing of taxi medallions, taxis, and related assets, primarily all of which are located in the New York City metropolitan area as of June 30, 2025.

The Company's corporate and other investments segment is a non-operating segment that includes items not allocated to the Company's operating segments such as investment securities, equity investments, intercompany eliminations, goodwill, and other corporate elements. The Company allocates portions of centrally incurred costs inclusive of overhead and interest expense formulaically based upon overall capital allocated to the lending segments.

As part of segment reporting, capital ratios for all operating segments have been normalized as a percent of consolidated total equity divided by total assets, with the net adjustment applied to corporate and other investments. In addition, the commercial segment primarily represents the mezzanine lending business, with certain legacy commercial loans (immaterial to total) allocated to corporate and other investments.

The Company's chief operating decision maker (CODM) is a group comprised of the Chief Executive Officer, Chief Financial Officer, President and Chief Operating Officer, and other senior members of management. The CODM primarily uses segment information to identify areas to improve efficiency of resources allocation, determine where to reinvest profits, and minimize unnecessary expenses. The CODM assesses segment performance mainly through selected financial ratios such as returns on average assets and net interest margin, which identifies areas requiring action.

The following table presents segment data as of and for the three months ended June 30, 2025.

Three Months Ended June 30, 2025

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

51,101

 

 

$

20,133

 

 

$

3,755

 

 

$

72

 

 

$

2,381

 

 

$

77,442

 

Total interest expense

 

 

12,854

 

 

 

7,325

 

 

 

1,157

 

 

 

38

 

 

 

2,698

 

 

 

24,072

 

Net interest income (loss)

 

 

38,247

 

 

 

12,808

 

 

 

2,598

 

 

 

34

 

 

 

(317

)

 

 

53,370

 

Provision (benefit) for credit losses

 

 

15,336

 

 

 

3,934

 

 

 

2,912

 

 

 

(620

)

 

 

—

 

 

 

21,562

 

Net interest income (loss) after credit loss provision

 

 

22,911

 

 

 

8,874

 

 

 

(314

)

 

 

654

 

 

 

(317

)

 

 

31,808

 

Other income, net

 

 

1,366

 

 

 

3

 

 

 

6,358

 

 

 

748

 

 

 

734

 

 

 

9,209

 

Operating expenses

 

 

(10,036

)

 

 

(4,710

)

 

 

(1,409

)

 

 

(840

)

 

 

(4,550

)

 

 

(21,545

)

Net income (loss) before taxes

 

 

14,241

 

 

 

4,167

 

 

 

4,635

 

 

 

562

 

 

 

(4,133

)

 

 

19,472

 

Income tax (provision) benefit

 

 

(4,292

)

 

 

(1,232

)

 

 

(1,337

)

 

 

(168

)

 

 

1,224

 

 

 

(5,805

)

Net income (loss) after taxes

 

$

9,949

 

 

$

2,935

 

 

$

3,298

 

 

$

394

 

 

$

(2,909

)

 

$

13,667

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,598

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11,069

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

 

Total assets

 

 

1,493,721

 

 

 

787,432

 

 

 

111,961

 

 

 

6,009

 

 

 

480,871

 

 

 

2,879,994

 

Total funds borrowed

 

 

1,195,144

 

 

 

630,034

 

 

 

89,581

 

 

 

4,808

 

 

 

384,750

 

 

 

2,304,317

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

2.67

%

 

 

1.49

%

 

 

11.94

%

 

 

26.30

%

 

 

(2.53

)%

 

 

1.93

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

11.49

 

Return on average equity

 

 

15.59

 

 

 

8.68

 

 

 

69.66

 

 

 

142.23

 

 

 

(15.48

)

 

 

11.13

 

Interest yield

 

 

13.39

 

 

 

9.99

 

 

 

12.68

 

 

 

17.97

 

 

NM

 

 

 

11.75

 

Net interest margin, gross

 

 

10.02

 

 

 

6.35

 

 

 

8.78

 

 

 

8.49

 

 

NM

 

 

 

8.09

 

Net interest margin, net of allowance

 

 

10.53

 

 

 

6.52

 

 

 

9.49

 

 

 

10.95

 

 

NM

 

 

 

8.42

 

Reserve coverage (2)

 

 

5.05

 

 

 

2.54

 

 

 

9.14

 

 

 

21.62

 

 

NM

 

 

 

4.43

 

Delinquency status (3)

 

 

0.49

 

 

 

0.16

 

 

 

16.78

 

 

 

—

 

 

NM

 

 

 

1.19

 

Charge-off (recovery) ratio (4)

 

 

3.25

 

 

 

1.87

 

 

 

(0.03

)

 

 

(143.02

)

 

NM

 

 

 

2.44

 

 

(1)
Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(3)
Loans 90 days or more past due as a percent of total loans.
(4)
Charge-off ratio in the recreation lending segment was 3.11% when including loans held for sale.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

 

The following table presents segment data as of and for the six months ended June 30, 2025.

Six Months Ended June 30, 2025

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

101,567

 

 

$

39,904

 

 

$

7,098

 

 

$

152

 

 

$

4,146

 

 

$

152,867

 

Total interest expense

 

 

24,895

 

 

 

14,289

 

 

 

2,210

 

 

 

50

 

 

 

6,641

 

 

 

48,085

 

Net interest income (loss)

 

 

76,672

 

 

 

25,615

 

 

 

4,888

 

 

 

102

 

 

 

(2,495

)

 

 

104,782

 

Provision (benefit) for credit losses

 

 

32,206

 

 

 

6,779

 

 

 

6,026

 

 

 

(1,435

)

 

 

—

 

 

 

43,576

 

Net interest income (loss) after credit loss provision

 

 

44,466

 

 

 

18,836

 

 

 

(1,138

)

 

 

1,537

 

 

 

(2,495

)

 

 

61,206

 

Other income, net

 

 

1,766

 

 

 

5

 

 

 

16,000

 

 

 

1,592

 

 

 

1,445

 

 

 

20,808

 

Operating expenses

 

 

(20,000

)

 

 

(9,694

)

 

 

(2,882

)

 

 

(1,823

)

 

 

(7,904

)

 

 

(42,303

)

Net income (loss) before taxes

 

 

26,232

 

 

 

9,147

 

 

 

11,980

 

 

 

1,306

 

 

 

(8,954

)

 

 

39,711

 

Income tax (provision) benefit

 

 

(8,269

)

 

 

(2,884

)

 

 

(3,773

)

 

 

(415

)

 

 

2,823

 

 

 

(12,518

)

Net income (loss) after taxes

 

$

17,963

 

 

$

6,263

 

 

$

8,207

 

 

$

891

 

 

$

(6,131

)

 

$

27,193

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,110

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23,083

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

 

Total assets

 

 

1,493,721

 

 

 

787,432

 

 

 

111,961

 

 

 

6,009

 

 

 

480,871

 

 

 

2,879,994

 

Total funds borrowed

 

 

1,195,144

 

 

 

630,034

 

 

 

89,581

 

 

 

4,808

 

 

 

384,750

 

 

 

2,304,317

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

2.42

%

 

 

1.58

%

 

 

15.15

%

 

 

29.00

%

 

 

(2.71

)%

 

 

1.93

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

12.21

 

Return on average equity

 

 

14.25

 

 

 

9.31

 

 

 

88.99

 

 

 

162.17

 

 

 

(16.40

)

 

 

11.63

 

Interest yield

 

 

13.34

 

 

 

9.88

 

 

 

12.38

 

 

 

19.07

 

 

NM

 

 

 

11.70

 

Net interest margin, gross

 

 

10.07

 

 

 

6.34

 

 

 

8.53

 

 

 

12.45

 

 

NM

 

 

 

8.01

 

Net interest margin, net of allowance

 

 

10.57

 

 

 

6.50

 

 

 

9.10

 

 

 

16.44

 

 

NM

 

 

 

8.33

 

Reserve coverage (2)

 

 

5.05

 

 

 

2.54

 

 

 

9.14

 

 

 

21.62

 

 

NM

 

 

 

4.43

 

Delinquency status (3)

 

 

0.49

 

 

 

0.16

 

 

 

16.78

 

 

 

—

 

 

NM

 

 

 

1.19

 

Charge-off (recovery) ratio (4)

 

 

3.94

 

 

 

1.71

 

 

 

0.21

 

 

 

(150.51

)

 

NM

 

 

 

2.77

 

 

(1)
Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(3)
Loans 90 days or more past due as a percent of total loans.
(4)
Charge-off ratio in the recreation lending segment was 3.71% when including loans held for sale.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

The following table presents segment data as of and for the three months ended June 30, 2024.

Three Months Ended June 30, 2024

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

47,490

 

 

$

17,651

 

 

$

3,538

 

 

$

190

 

 

$

1,835

 

 

$

70,704

 

Total interest expense

 

 

10,960

 

 

 

6,106

 

 

 

1,056

 

 

 

25

 

 

 

2,689

 

 

 

20,836

 

Net interest income (loss)

 

 

36,530

 

 

 

11,545

 

 

 

2,482

 

 

 

165

 

 

 

(854

)

 

 

49,868

 

Provision (benefit) for credit losses

 

 

15,795

 

 

 

3,279

 

 

 

478

 

 

 

(975

)

 

 

—

 

 

 

18,577

 

Net interest income (loss) after credit loss provision

 

 

20,735

 

 

 

8,266

 

 

 

2,004

 

 

 

1,140

 

 

 

(854

)

 

 

31,291

 

Other income, net

 

 

306

 

 

 

3

 

 

 

(14

)

 

 

334

 

 

 

470

 

 

 

1,099

 

Operating expenses

 

 

(11,236

)

 

 

(5,457

)

 

 

(1,437

)

 

 

(1,373

)

 

 

(492

)

 

 

(19,995

)

Net income (loss) before taxes

 

 

9,805

 

 

 

2,812

 

 

 

553

 

 

 

101

 

 

 

(876

)

 

 

12,395

 

Income tax (provision) benefit

 

 

(3,094

)

 

 

(802

)

 

 

(72

)

 

 

(14

)

 

 

200

 

 

 

(3,782

)

Net income (loss) after taxes

 

$

6,711

 

 

$

2,010

 

 

$

481

 

 

$

87

 

 

$

(676

)

 

$

8,613

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,512

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,101

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

Total assets

 

 

1,451,947

 

 

 

758,840

 

 

 

105,548

 

 

 

7,511

 

 

 

437,030

 

 

 

2,760,876

 

Total funds borrowed

 

 

1,200,977

 

 

 

627,674

 

 

 

87,304

 

 

 

6,213

 

 

 

361,488

 

 

 

2,283,656

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.95

%

 

 

1.08

%

 

 

1.86

%

 

 

4.29

%

 

 

(0.61

)%

 

 

1.30

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

8.14

 

Return on average equity

 

 

13.05

 

 

 

7.00

 

 

 

12.09

 

 

 

25.69

 

 

 

(3.88

)

 

 

8.25

 

Interest yield

 

 

13.30

 

 

 

9.32

 

 

 

13.08

 

 

 

21.62

 

 

NM

 

 

 

11.52

 

Net interest margin, gross

 

 

10.23

 

 

 

6.10

 

 

 

9.18

 

 

 

18.78

 

 

NM

 

 

 

8.12

 

Net interest margin, net of allowance

 

 

10.69

 

 

 

6.25

 

 

 

9.57

 

 

 

31.77

 

 

NM

 

 

 

8.42

 

Reserve coverage (1)

 

 

4.35

 

 

 

2.38

 

 

 

4.41

 

 

 

40.18

 

 

NM

 

 

 

3.76

 

Delinquency status (2)

 

 

0.41

 

 

 

0.17

 

 

 

7.52

 

 

 

—

 

 

NM

 

 

 

0.67

 

Charge-off (recovery) ratio (3)

 

 

2.99

 

 

 

1.49

 

 

 

—

 

 

 

(98.90

)

 

NM

 

 

 

2.20

 

 

(1)
Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Loans 90 days or more past due as a percent of total loans.
(3)
Net charge-offs as a percent of annual average total gross loans.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

The following table presents segment data as of and for the six months ended June 30, 2024.

Six Months Ended June 30, 2024

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

91,417

 

 

$

35,098

 

 

$

7,183

 

 

$

330

 

 

$

3,746

 

 

$

137,774

 

Total interest expense

 

 

20,605

 

 

 

11,740

 

 

 

2,154

 

 

 

53

 

 

 

5,437

 

 

 

39,989

 

Net interest income (loss)

 

 

70,812

 

 

 

23,358

 

 

 

5,029

 

 

 

277

 

 

 

(1,691

)

 

 

97,785

 

Provision (benefit) for credit losses

 

 

32,825

 

 

 

4,177

 

 

 

694

 

 

 

(1,918

)

 

 

—

 

 

 

35,778

 

Net interest income (loss) after credit loss provision

 

 

37,987

 

 

 

19,181

 

 

 

4,335

 

 

 

2,195

 

 

 

(1,691

)

 

 

62,007

 

Other income, net

 

 

556

 

 

 

5

 

 

 

4,188

 

 

 

973

 

 

 

780

 

 

 

6,502

 

Operating expenses

 

 

(19,523

)

 

 

(9,571

)

 

 

(2,422

)

 

 

(2,116

)

 

 

(4,588

)

 

 

(38,220

)

Net income (loss) before taxes

 

 

19,020

 

 

 

9,615

 

 

 

6,101

 

 

 

1,052

 

 

 

(5,499

)

 

 

30,289

 

Income tax (provision) benefit

 

 

(6,368

)

 

 

(3,219

)

 

 

(2,043

)

 

 

(352

)

 

 

1,842

 

 

 

(10,140

)

Net income (loss) after taxes

 

$

12,652

 

 

$

6,396

 

 

$

4,058

 

 

$

700

 

 

$

(3,657

)

 

$

20,149

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,024

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,125

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

Total assets

 

 

1,451,947

 

 

 

758,840

 

 

 

105,548

 

 

 

7,511

 

 

 

437,030

 

 

 

2,760,876

 

Total funds borrowed

 

 

1,200,977

 

 

 

627,674

 

 

 

87,304

 

 

 

6,213

 

 

 

361,488

 

 

 

2,283,656

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.87

%

 

 

1.72

%

 

 

7.68

%

 

 

14.89

%

 

 

(1.69

)%

 

 

1.55

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

9.89

 

Return on average equity

 

 

12.31

 

 

 

11.04

 

 

 

49.32

 

 

 

90.99

 

 

 

(10.64

)

 

 

9.70

 

Interest yield

 

 

13.20

 

 

 

9.29

 

 

 

12.97

 

 

 

18.78

 

 

NM

 

 

 

11.42

 

Net interest margin, gross

 

 

10.23

 

 

 

6.18

 

 

 

9.08

 

 

 

15.59

 

 

NM

 

 

 

8.11

 

Net interest margin, net of allowance

 

 

10.69

 

 

 

6.34

 

 

 

9.45

 

 

 

26.61

 

 

NM

 

 

 

8.40

 

Reserve coverage (1)

 

 

4.35

 

 

 

2.38

 

 

 

4.41

 

 

 

40.18

 

 

NM

 

 

 

3.76

 

Delinquency status (2)

 

 

0.41

 

 

 

0.17

 

 

 

7.52

 

 

 

—

 

 

NM

 

 

 

0.67

 

Charge-off (recovery) ratio (3)

 

 

3.64

 

 

 

1.80

 

 

 

(0.04

)

 

 

(100.16

)

 

NM

 

 

 

2.68

 

 

(1)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(2)
Loans 90 days or more past due as a percent of total loans.
(3)
Net charge-offs as a percent of annual average total gross loans.

(NM) Not meaningful.

(*) Line item is not applicable to segments.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

(10) COMMITMENTS AND CONTINGENCIES

(A) EMPLOYMENT AGREEMENTS

The Company has employment agreements with certain key officers, including Mr. Alvin Murstein and Mr. Andrew Murstein, for either a one-, two-, or three-year term. Typically, the contracts will renew for new one-, two- or three- year terms unless prior to the term either the Company or the executive provides notice to the other party of its intention not to extend the employment period beyond the current one-, two- or three-year term (as applicable); however, there is currently one agreement that renews after two years for additional one-year terms and one agreement with a three-year term that does not have a renewal period. In the event of a change in control, as defined, during the employment period, the agreements provide for severance compensation to the executive in an amount equal to the balance of the salary, bonus, and value of fringe benefits which the executive would be entitled to receive for the remainder of the employment period.

As of June 30, 2025, employment agreements expire at various dates through 2028, with future minimum payments under these agreements of approximately $8.6 million.

(B) OTHER COMMITMENTS

As of June 30, 2025, the Company had no other commitments. Generally, any commitments would be on the same terms as loans to or investments in existing borrowers or investees, and generally have fixed expiration dates. Since some commitments would be expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

(C) SEC LITIGATION

On December 29, 2021, the SEC filed a civil complaint in the U.S. District Court for the Southern District of New York against the Company and its President and Chief Operating Officer alleging certain violations of the anti-fraud, books and records, internal controls and anti-touting provisions of the federal securities laws. The litigation related to certain issues that occurred during the period 2015 to 2017, including (i) the Company’s retention of third parties in 2015 and 2016 concerning posting information about the Company on certain financial websites and (ii) the Company’s financial reporting and disclosures concerning certain assets, including Medallion Bank, in 2016 and 2017, a period when the Company had previously reported as a business development company (BDC) under the Investment Company Act of 1940. In December 2024, the Company and its President and Chief Operating Officer reached an agreement in principle with the Division of Enforcement of the SEC, that if approved by the Commissioners of the SEC and the Court, would resolve this litigation. On May 30, 2025, the Court entered a Final Judgment as to the Company and its President and Chief Operating Officer resolving this litigation. The parties agreed to settle the matter with the SEC, consenting to the entry of the Final Judgment, without admitting or denying the allegations of the SEC complaint. Pursuant to the Final Judgment, among other things, (i) the parties were enjoined from violating specified provisions of the federal securities laws and rules thereunder, (ii) the Company paid a civil penalty of $3,000,000 (which amount was previously accrued in the fourth quarter of 2024) and (iii) the Company agreed to certain compliance-related undertakings.

(D) OTHER LITIGATION AND REGULATORY MATTERS

The Company and its subsidiaries are subject to inquiries from certain regulators and are currently involved in various legal proceedings incident to the normal course of business, including collection matters with respect to certain loans. The Company intends to vigorously defend any outstanding claims and pursue its legal rights. In the opinion of management, based on the advice of legal counsel, except for the pending SEC litigation, as described above, there is no proceeding pending, or to the knowledge of management threatened, which in the event of an adverse decision could result in a material adverse impact on the financial condition or results of operations of the Company.
v3.25.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

(11) RELATED PARTY TRANSACTIONS

Certain directors, officers, and stockholders of the Company are also directors and officers of its main consolidated subsidiaries, MFC, Medallion Capital, FSVC, and the Bank, as well as other subsidiaries. Officer salaries are set by the Board of Directors of the Company.

Jeffrey Rudnick, the son of one of the Company’s directors, previously served as the Company’s Senior Vice President and effective July 24, 2025, serves as the Company's Executive Vice President at a salary of $269,000 per year, an increase from $260,988 per year in 2024. Mr. Rudnick received an annual cash bonus of $75,000 and $95,000 as well as an equity bonus in the amount of $50,000 and $52,000 during the six months ended June 30, 2025 and 2024.
v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments

(12) FAIR VALUE OF FINANCIAL INSTRUMENTS

FASB ASC Topic 825, “Financial Instruments,” requires disclosure of fair value information about certain financial instruments, whether assets, liabilities, or off-balance-sheet commitments, if practicable. The following methods and assumptions were used to estimate the fair value of each class of financial instrument. Fair value estimates that were derived from broker quotes cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument.

(a) Cash and cash equivalents – Book value equals fair value.

(b) Investment securities – The Company’s investments are recorded at the estimated fair value of such investments.

(c) Loans receivable – A discounted cash flow method under the income approach is utilized to estimate the market value of the loan portfolio. The discounted cash flow method relies upon assumptions about the amount and timing of scheduled principal and interest payments, principal prepayments, and current market rates. The loan portfolio is aggregated into categories based on loan type and credit quality. For each loan category, weighted average statistics, such as coupon rate, age, and remaining term are calculated. These are Level 3 valuations. Prior to the second quarter of 2024, fair value was reported as approximating book value.

(d) Loans held for sale – Loans held for sale consist of recreation loans and strategic partnership loans intended to be sold on the secondary market. Loans held for sale are recorded at the lower of amortized cost or fair value.

(e) Accrued interest receivable – Book value equals market value.

(f) Floating rate borrowings – Due to the short-term nature of these instruments, the carrying amount approximates fair value.

(g) Fixed rate borrowings – The fair value for certificates of deposit is estimated by using discounted cash flow analyses, based on market spreads to benchmark rates, and are considered Level 2 valuations. Prior to the second quarter of 2024, fair value was reported as approximating book value.

(h) Accrued interest payable – Due to the short-term nature of these instruments, the carrying amount approximates fair value.

(i) Commitments to extend credit – The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and present creditworthiness of the counter parties. For fixed rate loan commitments, fair value also includes a consideration of the difference between the current levels of interest rates and the committed rates. As of June 30, 2025 and December 31, 2024, the estimated fair value of these off-balance-sheet instruments was not material.

The following tables present the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2025 and December 31, 2024.

 

 

June 30, 2025

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

151,994

 

 

$

151,994

 

 

$

151,244

 

 

$

750

 

 

$

—

 

Investment securities

 

 

61,529

 

 

 

61,529

 

 

 

—

 

 

 

61,529

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,305,665

 

 

 

2,255,160

 

 

 

—

 

 

 

—

 

 

 

2,255,160

 

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

 

 

72,490

 

 

 

75,573

 

 

 

—

 

 

 

—

 

 

 

75,573

 

Accrued interest receivable (2)

 

 

15,294

 

 

 

15,294

 

 

 

15,294

 

 

 

—

 

 

 

—

 

Equity securities

 

 

1,763

 

 

 

1,763

 

 

 

1,763

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,304,317

 

 

 

2,318,531

 

 

 

—

 

 

 

2,318,531

 

 

 

—

 

Accrued interest payable

 

 

5,746

 

 

 

5,746

 

 

 

5,746

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.5 million.

 

 

December 31, 2024

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

169,572

 

 

$

169,572

 

 

$

168,322

 

 

$

1,250

 

 

$

—

 

Investment securities

 

 

54,805

 

 

 

54,805

 

 

 

—

 

 

 

54,805

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,265,428

 

 

 

2,238,645

 

 

 

—

 

 

 

—

 

 

 

2,238,645

 

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

 

 

128,226

 

 

 

133,244

 

 

 

—

 

 

 

—

 

 

 

133,244

 

Accrued interest receivable (2)

 

 

15,314

 

 

 

15,314

 

 

 

15,314

 

 

 

—

 

 

 

—

 

Equity securities

 

 

1,732

 

 

 

1,732

 

 

 

1,732

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,379,413

 

 

 

2,371,434

 

 

 

—

 

 

 

2,371,434

 

 

 

—

 

Accrued interest payable

 

 

8,231

 

 

 

8,231

 

 

 

8,231

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.2 million.
v3.25.2
Fair Value of Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities

(13) FAIR VALUE OF ASSETS AND LIABILITIES

The Company follows the provisions of FASB ASC 820, which defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements.

In accordance with FASB ASC 820, the Company has categorized its assets and liabilities measured at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The Company's assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred.

As required by FASB ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a level 3 fair value measurement may include inputs that are observable (levels 1 and 2) and unobservable (level 3). Therefore, gains and losses for such assets and liabilities categorized within the level 3 table below may include changes in fair value that are attributable to both observable inputs (levels 1 and 2) and unobservable inputs (level 3).

Assets and liabilities measured at fair value, recorded on the consolidated balance sheets, are categorized based on the inputs to the valuation techniques as follows:

Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access (examples include active exchange-traded equity securities, exchange-traded derivatives, most U.S. Government and agency securities, and certain other sovereign government obligations).

Level 2. Assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a)
Quoted prices for similar assets or liabilities in active markets (for example, restricted stock);
b)
Quoted price for identical or similar assets or liabilities in non-active markets (for example, corporate and municipal bonds, which trade infrequently);
c)
Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and
d)
Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability (examples include certain residential and commercial mortgage-related assets, including loans, securities, and derivatives).

Level 3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the assets or liability (examples include certain private equity investments, and certain residential and commercial mortgage-related assets, including loans, securities, and derivatives).

A review of fair value hierarchy classification is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain assets or liabilities. Reclassifications impacting level 3 of the fair value hierarchy are reported as transfers in/out of the level 3 category as of the beginning of the quarter in which the reclassifications occur.

Equity investments were recorded at cost less impairment plus or minus observable price changes. Commencing in 2020, the Company elected to measure equity investments at fair value on a non-recurring basis.

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

61,529

 

 

$

—

 

 

$

61,529

 

Equity securities

 

 

1,763

 

 

 

—

 

 

 

—

 

 

 

1,763

 

Total

 

$

1,763

 

 

$

61,529

 

 

$

—

 

 

$

63,292

 
(1)
Total unrealized losses of $0.1 million and unrealized gains of $0.5 million, net of tax, related to these assets was included in other comprehensive income for the three and six months ended June 30, 2025.

December 31, 2024
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

54,805

 

 

$

—

 

 

$

54,805

 

Equity securities

 

 

1,732

 

 

 

—

 

 

 

—

 

 

 

1,732

 

Total

 

$

1,732

 

 

$

54,805

 

 

$

—

 

 

$

56,537

 
(1)
Total unrealized losses of less than $0.1 million, net of tax, related to these assets was included in other comprehensive income for the year ended December 31, 2024.

 

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

December 31, 2024
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

—

 

 

$

—

 

 

$

1,374

 

 

$

1,374

 

Total

 

$

—

 

 

$

—

 

 

$

1,374

 

 

$

1,374

 

Significant Unobservable Inputs

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as level 3 within the fair value hierarchy. The tables below are not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.

The valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

Fair Value
at June 30, 2025

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

—

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower (1)

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.

 

(Dollars in thousands)

 

Fair Value
at December 31, 2024

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

1,374

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower (1)

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.
v3.25.2
Medallion Bank Preferred Stock (Non-controlling Interest)
 6 Months Ended
Jun. 30, 2025
Medallion Bank Preferred Stock (Non-controlling Interest)

(14) MEDALLION BANK PREFERRED STOCK (Non-controlling interest)

On May 29, 2025, the Bank closed an initial public offering of 3,100,000 shares of its Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, with a $77.5 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $73.1 million. Dividends are payable quarterly from the date of issuance to, but excluding July 1, 2030, at a fixed rate equal to 9.00% per annum, and from and including July 1, 2030, during each reset period at a rate equal to the five-year U.S. Treasury rate plus a spread of 4.94% per annum. The proceeds from this offering are for general corporate purposes, which may include, among other things, increasing capital levels, growing consumer loan portfolios, and redeeming outstanding Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, or Series F Preferred Stock.

On December 17, 2019, the Bank closed an initial public offering of 1,840,000 shares of its Series F Preferred Stock with a $46.0 million aggregate liquidation amount, or $25 per share, yielding net proceeds of $42.5 million. Dividends are payable quarterly from the date of issuance to, but excluding, April 1, 2025, at a rate of 8% per annum, and from and including April 1, 2025, at a floating rate equal to three-month Term 90-day SOFR plus a spread of 6.46% per annum. On May 29, 2025, the Bank announced that it will redeem all outstanding shares of Series F Preferred Stock on July 1, 2025, at the redemption price of $25 per share. Additionally, the regular quarterly dividend will be paid separately on July 1, 2025, to holders of record on the record date. Upon redemption, the Company will incur a charge of approximately $3.5 million in calculating earnings attributable to common shareholders representing the excess of the redemption price over the carrying amount of $42.5 million.

On July 21, 2011, the Bank issued, and the U.S. Treasury purchased, 26,303 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series E for an aggregate purchase price of $26.3 million under the Small Business Lending Fund Program, or SBLF, with a liquidation amount of $1,000 per share. The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified smaller banks at favorable rates. The Bank pays a dividend rate of 9% on the Series E.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

(15) SUBSEQUENT EVENTS

On July 1, 2025, the Bank redeemed its Series F Preferred Stock, in its entirety, for an aggregate amount of $46.0 million, resulting in a $3.5 million charge to earnings attributable to common shareholders.

The Company has evaluated the effects of events that have occurred subsequent to June 30, 2025 through the date of financial statement issuance for potential recognition or disclosure. As of such date, there were no additional subsequent events that required recognition or disclosure.
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the U.S., or GAAP, requires management to make estimates that affect the amounts reported in the consolidated financial statements and the accompanying notes. Accounting estimates and assumptions are those that management considers to be the most critical to an understanding of the consolidated financial statements because they inherently involve significant judgments and uncertainties. All of these estimates reflect management’s best judgment about current economic and market conditions and their effects based on information available as of the date of these consolidated financial statements. If such conditions change, it is reasonably possible that the judgments and estimates could change, which may result in future impairments of goodwill and intangible assets, and allowance for credit losses, among other effects.

Basis of Presentation

Basis of Presentation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned and controlled subsidiaries. All significant intercompany transactions, balances, and profits (losses) have been eliminated in consolidation.

The consolidated financial statements have been prepared in accordance with GAAP. The Company consolidates all entities it controls through a majority voting interest, a controlling interest through other contractual rights, or as being identified as the primary beneficiary of variable interest entities, or VIEs. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding is recorded as non-controlling interest.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid instruments with an original purchased maturity of three months or less to be cash equivalents. Cash balances are generally held in accounts at large national or regional banking organizations in amounts that exceed the federally insured limits. Cash also includes $0.8 million of interest-bearing funds deposited in other banks with original terms of 5 to 6 years that cannot be withdrawn but are salable on an active secondary market without penalty.
Fair Value of Assets and Liabilities

Fair Value of Assets and Liabilities

The Company follows the Financial Accounting Standards Board, or FASB, FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, or FASB ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. FASB ASC 820 defines fair value as an exit price (i.e., a price that would be received to sell, as opposed to acquire, an asset or transfer a liability), and emphasizes that fair value is a market-based measurement. It establishes a fair value hierarchy that distinguishes between assumptions developed based on market data obtained from independent external sources and the reporting entity’s own assumptions. Further, it specifies that fair value measurement should consider adjustment for risk, such as the risk inherent in the valuation technique or its inputs. See also Notes 12 and 13 to the consolidated financial statements.
Equity Investments

Equity Investments

The Company follows FASB ASC Topic 321, Investments – Equity Securities, or ASC 321, which requires all applicable investments in equity securities with a readily determinable fair value to be valued as such, and those without a readily determinable fair value, are measured at cost, less any impairment plus or minus any observable price changes. Equity investments of $8.1 million and $9.2 million as of June 30, 2025 and December 31, 2024, which were comprised mainly of nonmarketable stock and stock warrants, are recorded at cost less any impairment plus or minus observable price changes. Substantially all of these equity investments are held by Medallion Capital, our SBIC subsidiary, in connection with its mezzanine lending business. As of June 30, 2025, cumulative impairment of $6.3 million had been recorded with respect to these investments. Gross impairments on equity investments of $0.4 million and $0.9 million were recorded during the three and six months ended June 30, 2025 and $0.5 million and $0.8 million three and six months ended June 30, 2024. The Company recognized $6.1 million and $15.5 million of net gains on equity investments during the three and six months ended June 30, 2025 and $0.5 million of net losses and $3.7 million of net gains on equity investments during the three and six months ended June 30, 2024.

During 2021, the Company purchased $2.0 million of equity securities with a readily determinable fair value. As a result, all unrealized gains and losses are included in gain (loss) on equity investments. As of June 30, 2025 and December 31, 2024, the fair value of these securities were $1.8 million and $1.7 million and are included in other assets on the consolidated balance sheets. For the three and six months ended June 30, 2025, the Company realized less than $0.1 million of gains related to equity securities and, for the three and six months ended June 30, 2024, the Company realized less than $0.1 million of losses related to equity securities.
Investment Securities

Investment Securities

The Company follows FASB ASC Topic 320, Investments – Debt Securities, or ASC 320, which requires that all applicable investments in debt securities be classified as trading securities, available-for-sale securities, or held-to-maturity securities. Investment securities are purchased from time-to-time in the open market at prices that are greater or lesser than the par value of the investment. The resulting premium or discount is deferred and recognized using the interest method. ASC 320 further requires that held-to-maturity securities be reported at amortized cost and available-for-sale securities be reported at fair value, with unrealized gains and losses excluded from earnings at the date of the consolidated financial statements, and reported in accumulated other comprehensive loss as a separate component of stockholders’ equity, net of the effect of income taxes, until they are sold. At the time of sale, any gains or losses, calculated by the specific identification method, will be recognized as a component of operating results and any amounts previously included in stockholders’ equity, which were recorded net of the income tax effect, will be reversed. In accordance with ASC 326, the Company does not maintain an allowance for credit losses for accrued interest receivable.

For available-for-sale debt securities in an unrealized loss position, the Company first determines if it intends to sell the security, or if it is more likely than not that it will be required to sell it before recovering its amortized cost basis. If either condition is met, the security’s amortized cost basis is written down to its fair value through earnings. If neither condition is met, the Company assesses whether the decline in fair value is the result of credit losses or other factors. This assessment includes reviewing changes in the rating of the security by a rating agency, increases in defaults on the underlying collateral, and the extent to which the securities are issued by the federal government or its agencies, including the amount of the guarantee issued by those agencies, among other factors. If a credit loss exists, the Company compares the present value of expected cash flows from the security to its amortized cost basis. If the present value is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded through earnings, but limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment not recorded through an allowance for credit losses is recognized in other comprehensive income, net of taxes.

Changes in the allowance for credit losses are recorded as a provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management confirms the uncollectibility of an available-for-sale debt security or when either of the criteria regarding intent or requirement to sell is met. There were no investment securities allowance for credit losses as of June 30, 2025 and December 31, 2024.
Loans

Loans

The Company’s loans, classified as held for investment, are currently reported at amortized cost, which is the principal amount outstanding, inclusive of loan origination costs, which primarily includes deferred costs paid to loan originators, and which are amortized to interest income over the life of the loan. Loans which the Company has classified as held for sale are reported at lower of amortized cost or fair value.

Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment to the yield of the related loans. As of June 30, 2025 and December 31, 2024, net loan origination costs were $47.6 million and $46.6 million. Net amortization was $2.6 million and $4.9 million for the three and six months ended June 30, 2025 and was $2.3 million and $4.3 million for the three and six months ended June 30, 2024.

Interest income is recorded on the accrual basis. The consumer loan portfolio is typified by a larger number of smaller dollar loans that have similar characteristics. A loan is nonperforming when based on current information and events, it is unlikely the Company will be able to collect all amounts due according to the contractual terms of the original loan agreement. Management considers loans that are in bankruptcy status, but have not been charged-off, to be nonperforming. Loans are considered past due when a borrower fails to make a full payment by the payment due date or maturity date. Consumer loans are placed on nonaccrual when they become 90 days past due, or earlier if they enter bankruptcy, and are charged-off in their entirety when deemed uncollectible, or when they become 120 days past due, whichever occurs first, at which time appropriate recovery efforts against both the borrower and the underlying collateral are initiated. For the recreation loan portfolio, the process to repossess the collateral is started at 60 days past due. If the collateral is not located and the account reaches 120 days delinquent, the account is charged-off. If the collateral is repossessed, a loss is recorded by writing the collateral down to its fair value less selling costs, and the collateral is sent to auction. When the collateral is sold, the net auction proceeds are applied to the account, and any remaining balance is written off. Proceeds collected on charged-off accounts are recorded as recoveries. Commercial loans and taxi medallion loans are placed on nonaccrual status, and all uncollected accrued interest is reversed, when there is doubt as to the collectability of interest or principal, or if loans are 90 days or more past due, unless management has determined that they are both well-secured and in the process of collection. Interest income on nonaccrual loans is generally recognized when cash is received, unless a determination has been made to apply all cash receipts to principal.

The Company may modify the contractual cash flow of loans in situations where borrowers are experiencing financial difficulties. The Company strives to identify borrowers in financial difficulty early and work with them to modify their loans to more affordable terms before they reach nonaccrual status. These modified terms may include interest rate reductions, principal forgiveness, term extensions, payment forbearance and other actions intended to minimize the economic loss to the Company and to avoid foreclosure or repossession of the collateral. For modifications where the Company forgives principal, the entire amount of such principal forgiveness is immediately charged off.

Loan collateral in process of foreclosure primarily includes taxi medallion loans that have reached 120 days past due and have been charged down to the net realizable value of the underlying collateral, in addition to consumer repossessed collateral in the process of being sold. For New York City taxi medallion loans in the process of foreclosure, the Company continued to utilize a net value of $79,500 when assessing net realizable value for these taxi medallion loans, despite fluctuating current transfer prices which may exceed that level from time to time. The "loan collateral in the process of foreclosure" designation reflects that the collection activities on these loans have transitioned from working with the borrower to the liquidation of the collateral securing the loans.
Loans Held For Sale

Loans Held for Sale

Loans held for sale consist of recreation loans and strategic partnership loans intended to be sold in the secondary market. Loans held for sale are recorded at the lower of amortized cost or fair value. Changes in fair value are recognized in non-interest income. For loans transferred into the held for sale classification from the held for investment classification, any allowance for credit losses previously recorded is reversed at the transfer date, and the loans are transferred at their amortized cost basis (which is reduced by any previous charge-offs, but excludes any allowance for credit losses). As of June 30, 2025 and December 31, 2024, the Company did not recognize any fair value adjustments related to loans held for sale. Changes in fair value are recognized in non-interest income.
Allowance for Credit Losses

Allowance for Credit Losses

The Company follows Accounting Standards Update 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", or ASC 326, which requires recognition of lifetime expected losses using "reasonable and supportable" expectations about the future, referred to as the current expected credit loss, or CECL, methodology. For consumer loans, the Company uses historical delinquent loan performance, qualitative adjustments, and actual loss rates modified by quantitative adjustments based on macroeconomic factors over a twelve-month reasonable and supportable forecast period followed by a six month reversion period. For commercial loans, the Company assesses the historical impact that macroeconomic indicators have had on the loan portfolio, to determine an approximate allowance for credit losses. Unlike consumer loans, where loans may have similar performing characteristics, each commercial loan is unique. The Company evaluates each commercial loan for specific impairment with additional allowance for credit losses recognized as necessary. For taxi medallion loans, the Company individually evaluates each loan and establishes a reserve based on fair value of collateral less cost to sell.

The allowance is evaluated on a quarterly basis by management based on the collectability of the loans in light of historical experience, the nature and size of the loan portfolio, adverse situations that may affect the borrowers' ability to repay, estimated value of any underlying collateral, prevailing economic conditions, and excess concentration risks. This evaluation is inherently subjective, as it requires estimates, including those based on changes in economic conditions, that are susceptible to significant revision as more information becomes available. Credit losses are deducted from the allowance, and subsequent recoveries are added back to the allowance. The Company has elected to exclude accrued interest from its measurement of the allowance for credit losses.
Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill is evaluated for impairment on an annual basis at December 31 of each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Other intangible assets with finite useful lives are amortized either on an accelerated or straight-line basis over their estimated useful lives. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.

As of June 30, 2025 and December 31, 2024, the Company had goodwill of $150.8 million, all of which related to the recreation and home improvement lending segments. As of June 30, 2025 and December 31, 2024, the Company had intangible assets of $18.4 million and $19.1 million. The Company recognized $0.4 million and $0.7 million of amortization expense on the intangible assets for the three and six months ended June 30, 2025 and 2024.

Management engaged an independent third-party expert to perform a quantitative assessment of goodwill for impairment at December 31, 2024. The third-party expert’s assessment determined that it was more likely than not that the fair value of both the recreation lending and home improvement lending segments individually were not less than the carrying value of each of these segments. Based upon inputs and analysis deemed appropriate by the third-party expert, the third-party expert concluded that a fair value premium existed in excess of carrying value with respect to the recreation and home improvement lending segments. During the three and six months ended June 30, 2025 the Company did not identify any triggering events that would require re-evaluation of goodwill impairment in either segment.

The table below presents the intangible assets as of June 30, 2025 and December 31, 2024:

(Dollars in thousands)

 

June 30, 2025

 

 

December 31, 2024

 

Brand-related intellectual property

 

$

14,025

 

 

$

14,575

 

Home improvement contractor relationships

 

 

4,399

 

 

 

4,571

 

Total intangible assets

 

$

18,424

 

 

$

19,146

 
Fixed Assets

Fixed Assets

Fixed assets are carried at cost less accumulated depreciation and amortization, and are depreciated on a straight-line basis over their estimated useful lives of 3 to 10 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated economic useful life of the improvement. Depreciation and amortization expense was $0.6 million and $1.2 million for the three and six months ended June 30, 2025 and $0.1 million and $0.2 million for the three and six months ended June 30, 2024.
Deferred Costs

Deferred Costs

Deferred financing costs represent costs associated with obtaining the Company’s borrowings, and are amortized on a straight-line basis over the lives of the related financing agreements and life of the respective pool. Amortization expense, included as interest expense in the consolidated statements of operations, was $1.1 million and $2.2 million for the three and six months ended June 30, 2025 and was $0.9 million and $1.8 million for the three and six months ended June 30, 2024. In addition, the Company capitalizes certain costs for transactions in the process of completion (other than business combinations), including those for potential investments, and the sourcing of other financing alternatives. Upon completion or termination of the transaction, any accumulated amounts are amortized against income over an appropriate period, or written off. The amount on the Company’s consolidated balance sheets related to deposits and borrowing facilities were $8.5 million and $8.2 million as of June 30, 2025 and December 31, 2024, and there were no capitalized transaction costs as of June 30, 2025 and December 31, 2024.
Income Taxes

Income Taxes

Income taxes are accounted for using the asset and liability approach in accordance with FASB ASC Topic 740, Income Taxes, or ASC 740. Deferred tax assets and liabilities reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at the enacted tax rates expected to apply in the year when taxes are actually paid or recovered. Deferred tax assets are also recorded for net operating losses, capital losses and any tax credit carryforwards. A valuation allowance is provided against a deferred tax asset when it is more likely than not that some or all of the deferred tax assets will not be realized. All available evidence, both positive and negative, is considered to determine whether a valuation allowance for deferred tax assets is needed. Items considered in determining the Company’s valuation allowance include expectations of future earnings of the appropriate tax character, recent historical financial results, tax planning strategies, the length of statutory carryforward periods and the expected timing of the reversal of temporary differences. The Company recognizes tax benefits of uncertain tax positions only when the position is more likely than not to be sustained assuming examination by tax authorities. The Company records income tax related interest and penalties, if applicable, within current income tax expense.
Earnings Per Share (EPS)

Earnings Per Share (EPS)

Basic earnings per share are computed by dividing net income resulting from operations available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if option contracts to issue common stock were exercised, or if restricted stock vests, and has been computed after considering the weighted average dilutive effect of the Company’s stock options and restricted stock. The Company uses the treasury stock method to calculate diluted EPS, which is a method of recognizing the use of proceeds that could be obtained upon exercise of options and warrants, including unvested compensation expense related to the shares, in computing diluted EPS. It assumes that any proceeds would be used to purchase common stock at the average market price during the period. The table below presents the calculation of basic and diluted EPS.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands, except share and per share data)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income attributable to common stockholders

 

$

11,069

 

 

$

7,101

 

 

$

23,083

 

 

$

17,125

 

Weighted average common shares outstanding applicable to basic EPS

 

 

22,783,947

 

 

 

22,598,102

 

 

 

22,677,961

 

 

 

22,619,743

 

Effect of restricted stock grants

 

 

361,690

 

 

 

404,499

 

 

 

468,970

 

 

 

507,416

 

Effect of dilutive stock options

 

 

243,071

 

 

 

163,340

 

 

 

238,772

 

 

 

209,067

 

Effect of performance stock unit grants

 

 

669,376

 

 

 

287,221

 

 

 

592,511

 

 

 

272,878

 

Adjusted weighted average common shares outstanding applicable to diluted EPS

 

 

24,058,084

 

 

 

23,453,162

 

 

 

23,978,214

 

 

 

23,609,104

 

Basic earnings per share

 

$

0.49

 

 

$

0.31

 

 

$

1.02

 

 

$

0.76

 

Diluted earnings per share

 

 

0.46

 

 

 

0.30

 

 

 

0.96

 

 

 

0.73

 

Potentially dilutive common shares excluded from the above calculations aggregated to 86,410 shares as of June 30, 2025 and 101,350 shares as of June 30, 2024.

Stock Compensation

Stock Compensation

The Company follows FASB ASC Topic 718, or ASC 718, Compensation – Stock Compensation, for its equity incentive, stock option, and restricted stock plans, and accordingly, the Company recognizes the expense of these grants as required. Stock-based employee compensation costs pertaining to stock options are reflected in net income resulting from operations for any new grants using the fair values established by usage of the Black-Scholes option pricing model, expensed over the vesting period of the underlying option. Stock-based employee compensation costs pertaining to restricted stock and performance stock units are reflected in net income resulting from operations for any new grants using the grant date fair value of the shares and units granted, expensed over the vesting period of the underlying stock.
Regulatory Capital

Regulatory Capital

The Bank subsidiary is subject to various regulatory capital requirements administered by the FDIC and the Utah Department of Financial Institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the bank regulators about components, risk weightings, and other factors.

FDIC-insured banks, including the Bank, are subject to certain federal laws, which impose various legal limitations on the extent to which banks may finance or otherwise supply funds to certain of their affiliates. In particular, the Bank is subject to certain restrictions on any extensions of credit to, or other covered transactions with, such as certain purchases of assets, the Company or its affiliates.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios as defined in the regulations (presented in the table below). Additionally, as conditions of granting the Bank’s application for federal deposit insurance, the FDIC ordered that the Tier 1 leverage capital to total assets ratio, as defined, be not less than 15%, a level which could affect the Bank's ability to pay dividends to the Company, and that an adequate allowance for credit losses be maintained. As of June 30, 2025 and December 31, 2024, the Bank’s Tier 1 leverage ratio was considered well-capitalized. The Bank had excess Tier 1 leverage capital of $106.9 million over the 15% minimum required, which was $372.8 million based on our total assets as of June 30, 2025. On July 1, 2025, the Bank redeemed its Series F Preferred Stock, in entirety, at an aggregate redemption price of $46.0 million. This redemption reduced Tier 1 leverage capital and the correlated excess Tier 1 leverage capital above the 15% minimum interest required. The Bank’s actual capital amounts and ratios and the regulatory minimum ratios are presented in the following table.

 

Regulatory

 

 

 

 

 

 

 

(Dollars in thousands)

 

Adequately Capitalized

 

 

Well-
Capitalized

 

 

June 30, 2025

 

 

December 31, 2024

 

Common equity tier 1 capital

 

 

 

 

 

 

 

$

337,738

 

 

$

322,229

 

Tier 1 capital

 

 

 

 

 

 

 

 

479,652

 

 

 

391,016

 

Total capital

 

 

 

 

 

 

 

 

511,144

 

 

 

422,139

 

Average assets

 

 

 

 

 

 

 

 

2,485,311

 

 

 

2,493,857

 

Risk-weighted assets

 

 

 

 

 

 

 

 

2,455,409

 

 

 

2,429,349

 

Leverage ratio (1)

 

 

4.0

%

 

 

5.0

%

 

 

19.3

%

 

 

15.7

%

Common equity tier 1 capital ratio (2)

 

 

4.5

 

 

 

6.5

 

 

 

13.8

 

 

 

13.3

 

Tier 1 capital ratio (3)

 

 

6.0

 

 

 

8.0

 

 

 

19.5

 

 

 

16.1

 

Total capital ratio (3)

 

 

8.0

 

 

 

10.0

 

 

 

20.8

 

 

 

17.4

 
(1)
Calculated by dividing Tier 1 capital by average assets.
(2)
Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
(3)
Calculated by dividing Tier 1 or total capital by risk-weighted assets.

In the table above, the minimum risk-based ratios as of June 30, 2025 and December 31, 2024 reflect the capital conservation buffer of 2.5%. The minimum regulatory requirements, inclusive of the capital conservation buffer, were the binding requirements for the risk-based requirements, and the “well-capitalized” requirements were the binding requirements for Tier 1 leverage capital as of both June 30, 2025 and December 31, 2024.
Recently Issued Accounting Standards

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes, or Topic 740: Improvements to Income Tax Disclosures. The main objective of this update is to provide transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for the annual periods beginning after December 15, 2024. The Company does not expect this update to have a material impact on the financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement, Reporting Comprehensive Income - Expense Disaggregation of Income Statement Expenses. This update requires additional disaggregation of specific types of expenses within the notes to consolidated financial statements on an annual and interim basis. In January 2025, the FASB issued ASU 2025-01 to clarify that all public business entities are required to adopt ASU 2024-03 beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is assessing the impact of the update on the accompanying financial statements.
Reclassifications

Reclassifications

Certain reclassifications have been made to prior year balances to conform with the current year presentation. These reclassifications have no effect on the previously reported results of operations.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Intangible Assets

The table below presents the intangible assets as of June 30, 2025 and December 31, 2024:

(Dollars in thousands)

 

June 30, 2025

 

 

December 31, 2024

 

Brand-related intellectual property

 

$

14,025

 

 

$

14,575

 

Home improvement contractor relationships

 

 

4,399

 

 

 

4,571

 

Total intangible assets

 

$

18,424

 

 

$

19,146

 
Summary of the Calculation of Basic and Diluted EPS The table below presents the calculation of basic and diluted EPS.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands, except share and per share data)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income attributable to common stockholders

 

$

11,069

 

 

$

7,101

 

 

$

23,083

 

 

$

17,125

 

Weighted average common shares outstanding applicable to basic EPS

 

 

22,783,947

 

 

 

22,598,102

 

 

 

22,677,961

 

 

 

22,619,743

 

Effect of restricted stock grants

 

 

361,690

 

 

 

404,499

 

 

 

468,970

 

 

 

507,416

 

Effect of dilutive stock options

 

 

243,071

 

 

 

163,340

 

 

 

238,772

 

 

 

209,067

 

Effect of performance stock unit grants

 

 

669,376

 

 

 

287,221

 

 

 

592,511

 

 

 

272,878

 

Adjusted weighted average common shares outstanding applicable to diluted EPS

 

 

24,058,084

 

 

 

23,453,162

 

 

 

23,978,214

 

 

 

23,609,104

 

Basic earnings per share

 

$

0.49

 

 

$

0.31

 

 

$

1.02

 

 

$

0.76

 

Diluted earnings per share

 

 

0.46

 

 

 

0.30

 

 

 

0.96

 

 

 

0.73

 
Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios The Bank’s actual capital amounts and ratios and the regulatory minimum ratios are presented in the following table.

 

Regulatory

 

 

 

 

 

 

 

(Dollars in thousands)

 

Adequately Capitalized

 

 

Well-
Capitalized

 

 

June 30, 2025

 

 

December 31, 2024

 

Common equity tier 1 capital

 

 

 

 

 

 

 

$

337,738

 

 

$

322,229

 

Tier 1 capital

 

 

 

 

 

 

 

 

479,652

 

 

 

391,016

 

Total capital

 

 

 

 

 

 

 

 

511,144

 

 

 

422,139

 

Average assets

 

 

 

 

 

 

 

 

2,485,311

 

 

 

2,493,857

 

Risk-weighted assets

 

 

 

 

 

 

 

 

2,455,409

 

 

 

2,429,349

 

Leverage ratio (1)

 

 

4.0

%

 

 

5.0

%

 

 

19.3

%

 

 

15.7

%

Common equity tier 1 capital ratio (2)

 

 

4.5

 

 

 

6.5

 

 

 

13.8

 

 

 

13.3

 

Tier 1 capital ratio (3)

 

 

6.0

 

 

 

8.0

 

 

 

19.5

 

 

 

16.1

 

Total capital ratio (3)

 

 

8.0

 

 

 

10.0

 

 

 

20.8

 

 

 

17.4

 
(1)
Calculated by dividing Tier 1 capital by average assets.
(2)
Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
(3)
Calculated by dividing Tier 1 or total capital by risk-weighted assets.
v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Summary of Fixed Maturity Securities Available for Sale

The following tables present details of fixed maturity securities available for sale as of June 30, 2025 and December 31, 2024:

June 30, 2025
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

47,046

 

 

$

55

 

 

$

(4,171

)

 

$

42,930

 

State and municipalities

 

 

19,766

 

 

 

28

 

 

 

(1,361

)

 

 

18,433

 

Agency bonds

 

 

177

 

 

 

—

 

 

 

(11

)

 

 

166

 

Total

 

$

66,989

 

 

$

83

 

 

$

(5,543

)

 

$

61,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024
(Dollars in thousands)

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

41,475

 

 

$

28

 

 

$

(4,802

)

 

$

36,701

 

State and municipalities

 

 

17,373

 

 

 

81

 

 

 

(1,516

)

 

 

15,938

 

Agency bonds

 

 

2,179

 

 

 

2

 

 

 

(15

)

 

 

2,166

 

Total

 

$

61,027

 

 

$

111

 

 

$

(6,333

)

 

$

54,805

 
Summary of Amortized Cost and Estimated Market Value of Investment Securities by Contractual Maturity

The amortized cost and estimated fair market value of investment securities at June 30, 2025 by contractual maturity are presented below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

June 30, 2025
(Dollars in thousands)

 

Amortized
Cost

 

 

Fair
Value

 

Due in one year or less

 

$

320

 

 

$

332

 

Due after one year through five years

 

 

9,620

 

 

 

9,366

 

Due after five years through ten years

 

 

8,153

 

 

 

7,420

 

Due after ten years

 

 

48,896

 

 

 

44,411

 

Total

 

$

66,989

 

 

$

61,529

 
Summary of Securities with Gross Unrealized Losses

The following tables present information pertaining to securities with gross unrealized losses at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position.

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

June 30, 2025
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

(146

)

 

$

8,686

 

 

$

(4,025

)

 

$

26,763

 

State and municipalities

 

 

(60

)

 

 

2,860

 

 

 

(1,301

)

 

 

12,514

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(11

)

 

 

166

 

Total

 

$

(206

)

 

$

11,546

 

 

$

(5,337

)

 

$

39,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than Twelve Months

 

 

Twelve Months and Over

 

December 31, 2024
(Dollars in thousands)

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

Mortgage-backed securities, principally obligations of U.S. federal agencies

 

$

(106

)

 

$

5,423

 

 

$

(4,696

)

 

$

29,619

 

State and municipalities

 

 

(269

)

 

 

4,884

 

 

 

(1,247

)

 

 

9,939

 

Agency bonds

 

 

—

 

 

 

—

 

 

 

(15

)

 

 

166

 

Total

 

$

(375

)

 

$

10,307

 

 

$

(5,958

)

 

$

39,724

 
v3.25.2
Loans and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024.

 

 

June 30, 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

 

$

1,486,047

 

 

 

60

%

 

$

1,422,403

 

 

 

57

%

Home improvement

 

 

803,535

 

 

 

32

 

 

 

827,211

 

 

 

33

 

Commercial

 

 

121,415

 

 

 

5

 

 

 

111,273

 

 

 

4

 

Taxi medallion

 

 

1,564

 

 

*

 

 

 

1,909

 

 

*

 

Total loans

 

 

2,412,561

 

 

 

98

 

 

 

2,362,796

 

 

 

95

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Recreation

 

 

60,205

 

 

 

2

 

 

 

120,840

 

 

 

5

 

Strategic partnership

 

 

12,285

 

 

*

 

 

 

7,386

 

 

*

 

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

 

 

72,490

 

 

 

2

 

 

 

128,226

 

 

 

5

 

Total loans and loans held for sale

 

$

2,485,051

 

 

 

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 and six months ended June 30, 2025.

Three Months Ended June 30, 2025
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2025 (1)

 

$

1,545,844

 

 

$

812,381

 

 

$

116,059

 

 

$

1,650

 

 

$

10,499

 

 

$

2,486,433

 

Loan originations

 

 

142,789

 

 

 

54,253

 

 

 

9,368

 

 

 

—

 

 

 

168,637

 

 

 

375,047

 

Principal receipts, sales, and maturities

 

 

(118,149

)

 

 

(58,380

)

 

 

(4,259

)

 

 

(86

)

 

 

(166,851

)

 

 

(347,725

)

Charge-offs

 

 

(16,273

)

 

 

(4,951

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(21,224

)

Transfer to loan collateral in process of foreclosure, net

 

 

(8,512

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,512

)

Amortization of origination fees and costs, net

 

 

(3,746

)

 

 

1,156

 

 

 

11

 

 

 

—

 

 

 

—

 

 

 

(2,579

)

Origination fees and costs, net

 

 

4,299

 

 

 

(924

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,375

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

236

 

 

 

—

 

 

 

—

 

 

 

236

 

Gross loans – June 30, 2025 (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025
(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

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

 

 

229,622

 

 

 

103,049

 

 

 

19,075

 

 

 

72

 

 

 

304,877

 

 

 

656,695

 

Principal receipts, sales, and maturities

 

 

(175,562

)

 

 

(117,991

)

 

 

(9,311

)

 

 

(402

)

 

 

(299,978

)

 

 

(603,244

)

Charge-offs

 

 

(36,547

)

 

 

(9,178

)

 

 

(130

)

 

 

(15

)

 

 

—

 

 

 

(45,870

)

Transfer to loan collateral in process of foreclosure, net

 

 

(14,995

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,995

)

Amortization of origination fees and costs, net

 

 

(7,227

)

 

 

2,289

 

 

 

23

 

 

 

—

 

 

 

—

 

 

 

(4,915

)

Origination fees and costs, net

 

 

7,718

 

 

 

(1,845

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,873

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

485

 

 

 

—

 

 

 

—

 

 

 

485

 

Gross loans – June 30, 2025 (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

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

 

The following tables present the activity of the gross loans and loans held for sale for the three and six months ended June 30, 2024.

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

 

Recreation

 

 

Home
Improvement

 

 

Commercial

 

 

Taxi
Medallion

 

 

Strategic
Partnership

 

 

Total

 

Gross loans – March 31, 2024

 

$

1,365,165

 

 

$

752,262

 

 

$

106,570

 

 

$

3,560

 

 

$

869

 

 

$

2,228,426

 

Loan originations

 

 

209,563

 

 

 

67,990

 

 

 

7,000

 

 

 

250

 

 

 

24,288

 

 

 

309,091

 

Principal receipts, sales, and maturities

 

 

(61,553

)

 

 

(42,492

)

 

 

(3,961

)

 

 

(328

)

 

 

(23,858

)

 

 

(132,192

)

Charge-offs

 

 

(14,627

)

 

 

(4,063

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,690

)

Transfer to loan collateral in process of foreclosure, net

 

 

(5,669

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,669

)

Amortization of origination fees and costs, net

 

 

(3,214

)

 

 

913

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

(2,291

)

Origination fees and costs, net

 

 

7,763

 

 

 

(1,426

)

 

 

(77

)

 

 

—

 

 

 

—

 

 

 

6,260

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

655

 

 

 

—

 

 

 

—

 

 

 

655

 

Gross loans – June 30, 2024

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 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

 

 

315,328

 

 

 

119,566

 

 

 

7,000

 

 

 

250

 

 

 

40,034

 

 

 

482,178

 

Principal receipts, sales, and maturities

 

 

(115,589

)

 

 

(97,409

)

 

 

(12,833

)

 

 

(431

)

 

 

(39,288

)

 

 

(265,550

)

Charge-offs

 

 

(32,728

)

 

 

(8,961

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(41,689

)

Transfer to loan collateral in process of foreclosure, net

 

 

(11,094

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,094

)

Amortization of origination fees and costs, net

 

 

(6,166

)

 

 

1,851

 

 

 

17

 

 

 

—

 

 

 

—

 

 

 

(4,298

)

Origination fees and costs, net

 

 

11,451

 

 

 

(2,480

)

 

 

(77

)

 

 

—

 

 

 

—

 

 

 

8,894

 

Paid-in-kind interest

 

 

—

 

 

 

—

 

 

 

1,263

 

 

 

—

 

 

 

—

 

 

 

1,263

 

Gross loans – June 30, 2024

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 
Summary of Activity in Allowance for Loan Losses

The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 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

 

Charge-offs

 

 

(16,273

)

 

 

(4,951

)

 

 

—

 

 

 

—

 

 

 

(21,224

)

Recoveries

 

 

4,419

 

 

 

1,190

 

 

 

10

 

 

 

573

 

 

 

6,192

 

Provision (benefit) for credit losses

 

 

15,336

 

 

 

3,934

 

 

 

2,912

 

 

 

(620

)

 

 

21,562

 

Balance at June 30, 2025

 

$

75,040

 

 

$

20,422

 

 

$

11,096

 

 

$

338

 

 

$

106,896

 
(1)
As of June 30, 2025, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.5 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

 

Charge-offs

 

 

(14,627

)

 

 

(4,063

)

 

 

—

 

 

 

—

 

 

 

(18,690

)

Recoveries

 

 

3,962

 

 

 

1,243

 

 

 

—

 

 

 

869

 

 

 

6,074

 

Provision (benefit) for credit losses

 

 

15,795

 

 

 

3,279

 

 

 

478

 

 

 

(975

)

 

 

18,577

 

Balance at June 30, 2024

 

$

65,139

 

 

$

18,389

 

 

$

4,862

 

 

$

1,398

 

 

$

89,788

 

 
Summary of Gross Charge Offs

The following table presents the gross charge-offs for the three and six months ended June 30, 2025, by the year of origination:

Three Months Ended June 30, 2025
(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Recreation

 

$

11

 

 

$

3,812

 

 

$

3,917

 

 

$

4,439

 

 

$

2,106

 

 

$

1,988

 

 

$

16,273

 

Home improvement

 

 

—

 

 

 

1,125

 

 

 

1,703

 

 

 

1,061

 

 

 

643

 

 

 

419

 

 

 

4,951

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

11

 

 

$

4,937

 

 

$

5,620

 

 

$

5,500

 

 

$

2,749

 

 

$

2,407

 

 

$

21,224

 

 

Six Months Ended June 30, 2025
(Dollars in thousands)

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Total

 

Recreation

 

$

11

 

 

$

6,540

 

 

$

7,624

 

 

$

8,945

 

 

$

4,039

 

 

$

9,388

 

 

$

36,547

 

Home improvement

 

 

—

 

 

 

1,948

 

 

 

3,206

 

 

 

2,194

 

 

 

1,071

 

 

 

759

 

 

 

9,178

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

130

 

 

 

—

 

 

 

—

 

 

 

130

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

15

 

 

 

15

 

Total

 

$

11

 

 

$

8,488

 

 

$

10,830

 

 

$

11,269

 

 

$

5,110

 

 

$

10,162

 

 

$

45,870

 

The following table presents the gross charge-offs for the three and six months ended June 30, 2024, by the year of origination:

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

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

99

 

 

$

4,099

 

 

$

5,049

 

 

$

1,990

 

 

$

986

 

 

$

2,404

 

 

$

14,627

 

Home improvement

 

 

40

 

 

 

1,508

 

 

 

1,594

 

 

 

507

 

 

 

119

 

 

 

295

 

 

 

4,063

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

139

 

 

$

5,607

 

 

$

6,643

 

 

$

2,497

 

 

$

1,105

 

 

$

2,699

 

 

$

18,690

 

 

Six Months Ended June 30, 2024
(Dollars in thousands)

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Total

 

Recreation

 

$

99

 

 

$

7,862

 

 

$

11,867

 

 

$

5,487

 

 

$

2,275

 

 

$

5,138

 

 

$

32,728

 

Home improvement

 

 

40

 

 

 

3,032

 

 

 

3,274

 

 

 

1,670

 

 

 

406

 

 

 

539

 

 

 

8,961

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Taxi medallion

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

139

 

 

$

10,894

 

 

$

15,141

 

 

$

7,157

 

 

$

2,681

 

 

$

5,677

 

 

$

41,689

 
Summary of Allowance for Loan Losses by Type

The following tables present the allowance for credit losses by type as of June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance (1)

 

 

Allowance as
a Percent of
Loan Category (2)

 

Recreation

 

$

75,040

 

 

 

70

%

 

 

5.05

%

Home improvement

 

 

20,422

 

 

 

19

 

 

 

2.54

 

Commercial

 

 

11,096

 

 

 

10

 

 

 

9.14

 

Taxi medallion

 

 

338

 

 

 

1

 

 

 

21.62

 

Total (2)

 

$

106,896

 

 

 

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 June 30, 2025, total allowance for credit losses as a percent of nonaccrual loans was 288.09%.

December 31, 2024
(Dollars in thousands)

 

Amount

 

 

Percentage
of Allowance (1)

 

 

Allowance as
a Percent of
Loan Category (2)

 

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 June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Performing

 

 

Nonperforming

 

 

Total

 

 

Percentage of
Nonperforming
to Total

 

Recreation

 

$

1,538,323

 

 

$

7,929

 

 

$

1,546,252

 

 

 

0.51

%

Home improvement

 

 

802,237

 

 

 

1,298

 

 

 

803,535

 

 

 

0.16

 

Commercial

 

 

95,101

 

 

 

26,314

 

 

 

121,415

 

 

 

21.67

 

Taxi medallion

 

 

—

 

 

 

1,564

 

 

 

1,564

 

 

 

100.00

 

Strategic partnership

 

 

12,285

 

 

 

—

 

 

 

12,285

 

 

 

—

 

Total

 

$

2,447,946

 

 

$

37,105

 

 

$

2,485,051

 

 

 

1.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 2025 and December 31, 2024.

June 30, 2025

 

Days Past Due

 

 

 

 

 

 

 

 

 

 

 

Recorded
Investment
90 Days and

 

(Dollars in thousands)

 

30-59

 

 

60-89

 

 

90 +

 

 

Total

 

 

Current

 

 

Total (1)

 

 

Accruing

 

Recreation

 

$

43,128

 

 

$

15,301

 

 

$

7,265

 

 

$

65,694

 

 

$

1,429,365

 

 

$

1,495,059

 

 

$

—

 

Home improvement

 

 

3,700

 

 

 

1,931

 

 

 

1,292

 

 

 

6,923

 

 

 

800,035

 

 

 

806,958

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

20,402

 

 

 

20,402

 

 

 

101,181

 

 

 

121,583

 

 

 

—

 

Taxi medallion

 

 

64

 

 

 

—

 

 

 

—

 

 

 

64

 

 

 

1,500

 

 

 

1,564

 

 

 

—

 

Strategic partnership

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,285

 

 

 

12,285

 

 

 

—

 

Total

 

$

46,892

 

 

$

17,232

 

 

$

28,959

 

 

$

93,083

 

 

$

2,344,366

 

 

$

2,437,449

 

 

$

—

 
(1)
Excludes $47.6 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.
v3.25.2
Funds Borrowed (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Balances of Funds Borrowed

The following table presents outstanding balances of funds borrowed.

 

Payments Due for the Twelve Months Ending June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

June 30,
2025 (1)

 

 

December 31, 2024 (1)

 

 

Interest
Rate (2)

 

Deposits (3)

 

$

664,028

 

 

$

543,454

 

 

$

385,662

 

 

$

199,629

 

 

$

216,994

 

 

$

—

 

 

$

2,009,767

 

 

$

2,091,663

 

 

 

3.81

%

Privately placed notes

 

 

31,250

 

 

 

—

 

 

 

53,750

 

 

 

39,000

 

 

 

—

 

 

 

22,500

 

 

 

146,500

 

 

 

146,500

 

 

 

8.12

 

SBA debentures and borrowings

 

 

15,500

 

 

 

4,500

 

 

 

—

 

 

 

2,500

 

 

 

—

 

 

 

48,000

 

 

 

70,500

 

 

 

70,250

 

 

 

3.81

 

Trust preferred securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,000

 

 

 

33,000

 

 

 

33,000

 

 

 

6.70

 

Federal reserve and other borrowings

 

 

40,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,000

 

 

 

35,000

 

 

 

4.50

 

Total

 

$

750,778

 

 

$

547,954

 

 

$

439,412

 

 

$

241,129

 

 

$

216,994

 

 

$

103,500

 

 

$

2,299,767

 

 

$

2,376,413

 

 

 

4.14

%
(1)
Excludes deferred financing costs of $8.5 million and $8.2 million as of June 30, 2025 and December 31, 2024.
(2)
Weighted average contractual rate as of June 30, 2025.
(3)
Balance excludes $4.6 million and $3.0 million of strategic partner reserve deposits and includes $4.6 million and $6.0 million in retail savings deposit balances as of June 30, 2025 and December 31, 2024.
Summary of Maturity of Deposit Pools and Savings Deposits, Including Strategic Partner Reserve Deposits The following table presents the maturity of the deposit pools and retail savings deposits, which includes strategic partner reserve deposits, as of June 30, 2025.

(Dollars in thousands)

 

June 30, 2025

 

Three months or less

 

$

223,935

 

Over three months through six months

 

 

102,360

 

Over six months through one year

 

 

337,733

 

Over one year

 

 

1,345,739

 

Deposits

 

 

2,009,767

 

 Strategic partner collateral deposits

 

 

4,550

 

Total deposits

 

$

2,014,317

 
Schedule of Private Placement Notes The following table presents the private placement notes outstanding as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

June 30, 2025

 

 

December 31, 2024

 

December 2020

 

December 2027

 

 

7.500

%

 

Semi-annually

 

$

53,750

 

 

$

53,750

 

February 2021

 

February 2026

 

 

7.250

%

 

Semi-annually

 

 

31,250

 

 

 

31,250

 

September 2023

 

September 2028

 

 

9.250

%

 

Semi-annually

 

 

39,000

 

 

 

39,000

 

June 2024

 

June 2039

 

 

8.875

%

 

Semi-annually

 

 

17,500

 

 

 

17,500

 

August 2024

 

August 2039

 

 

8.625

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

 

 

 

 

 

 

 

 

 

$

146,500

 

 

$

146,500

 

 
Schedule of SBA Debentures and Borrowings

The following table presents the SBA debentures and borrowings as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of Notes

 

Maturity

 

Interest Rate

 

 

Interest Payable

 

June 30, 2025

 

 

December 31, 2024

 

March 2015

 

March 2025

 

 

2.87

%

 

Semi-annually

 

$

—

 

 

$

10,000

 

September 2015

 

September 2025

 

 

3.57

%

 

Semi-annually

 

 

4,000

 

 

 

4,000

 

March 2016

 

March 2026

 

 

3.25

%

 

Semi-annually

 

 

1,500

 

 

 

1,500

 

March 2016

 

March 2026

 

 

3.18

%

 

Semi-annually

 

 

10,000

 

 

 

10,000

 

May 2016

 

September 2026

 

 

2.72

%

 

Semi-annually

 

 

2,500

 

 

 

2,500

 

March 2017

 

March 2027

 

 

3.52

%

 

Semi-annually

 

 

2,000

 

 

 

2,000

 

September 2018

 

September 2028

 

 

4.22

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

March 2019

 

March 2029

 

 

3.79

%

 

Semi-annually

 

 

1,250

 

 

 

1,250

 

September 2020

 

September 2030

 

 

1.71

%

 

Semi-annually

 

 

3,000

 

 

 

3,000

 

June 2021

 

September 2031

 

 

1.58

%

 

Semi-annually

 

 

8,500

 

 

 

8,500

 

October 2021

 

March 2032

 

 

3.21

%

 

Semi-annually

 

 

7,000

 

 

 

7,000

 

October 2022

 

March 2033

 

 

5.44

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

April 2023

 

September 2033

 

 

5.96

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

September 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

4,750

 

 

 

4,750

 

November 2023

 

March 2034

 

 

5.08

%

 

Semi-annually

 

 

5,000

 

 

 

5,000

 

March 2025

 

September 2035

 

*

 

 

Semi-annually

 

 

10,250

 

 

 

—

 

 

 

 

 

 

 

 

 

 

$

70,500

 

 

$

70,250

 

(*) Interest rate will price in September 2025 and will accrue interest at a rate which approximates 5% until that time.
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Operating Lease Costs and Additional Information

The following table presents the operating lease costs and additional information for the three and six months ended June 30, 2025 and 2024.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease costs

 

$

556

 

 

$

607

 

 

$

1,176

 

 

$

1,210

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

 

683

 

 

 

698

 

 

 

1,358

 

 

 

1,355

 

Right-of-use asset obtained in exchange for lease liability

 

 

(63

)

 

 

(58

)

 

 

(126

)

 

 

(118

)
Schedule of Breakout of Operating Leases

The following table presents the breakout of the operating leases as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

June 30, 2025

 

 

December 31, 2024

 

Operating lease right-of-use assets

 

$

5,946

 

 

$

6,922

 

Other current liabilities

 

 

2,290

 

 

 

2,294

 

Operating lease liabilities

 

 

4,041

 

 

 

5,128

 

Total operating lease liabilities

 

 

6,331

 

 

 

7,422

 

Weighted average remaining lease term

 

3.5 years

 

 

4.1 years

 

Weighted average discount rate

 

 

5.55

%

 

5.56%

 
Schedule of Maturities of the Lease Liabilities

At June 30, 2025, maturities of the lease liabilities were as follows:

(Dollars in thousands)

 

 

 

Remainder of 2025

 

$

1,275

 

2026

 

 

2,567

 

2027

 

 

1,342

 

2028

 

 

575

 

2029

 

 

589

 

Thereafter

 

 

548

 

Total lease payments

 

 

6,896

 

Less imputed interest

 

 

565

 

Total operating lease liabilities

 

$

6,331

 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Summary of Components of Deferred Tax Assets and Liabilities

The following table presents the significant components of the Company's deferred tax assets and liabilities as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

June 30, 2025

 

 

December 31, 2024

 

Deferred tax assets:

 

 

 

 

 

 

Provision for credit losses

 

$

17,035

 

 

$

14,530

 

Accrued expenses, compensation, and other assets

 

 

4,888

 

 

 

5,612

 

Net operating loss carryforwards (1)

 

 

3,168

 

 

 

3,168

 

Other investments and investment securities

 

 

2,790

 

 

 

2,885

 

Valuation allowance

 

 

(4,552

)

 

 

(4,418

)

Total deferred tax assets

 

 

23,329

 

 

 

21,777

 

Deferred tax liabilities:

 

 

 

 

 

 

Goodwill and other intangibles

 

 

42,590

 

 

 

42,772

 

Total deferred tax liabilities

 

 

42,590

 

 

 

42,772

 

Deferred tax liability, net

 

$

19,261

 

 

$

20,995

 
(1)
As of June 30, 2025, the Company had an estimated $11.1 million of net operating loss carryforwards, $1.7 million of which expires at various dates between December 31, 2026 and December 31, 2035, which had a net carrying value of $0.5 million as of June 30, 2025.
Summary of Components of Tax Provision

The following table presents the components of the Company's tax provision for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

5,757

 

 

$

4,792

 

 

$

10,418

 

 

$

6,521

 

State

 

 

2,569

 

 

 

1,476

 

 

 

4,091

 

 

 

2,119

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(1,709

)

 

 

(1,916

)

 

 

(1,448

)

 

 

1,200

 

State

 

 

(812

)

 

 

(570

)

 

 

(543

)

 

 

300

 

Net provision for income taxes

 

$

5,805

 

 

$

3,782

 

 

$

12,518

 

 

$

10,140

 
Summary of Reconciliation of Statutory Federal Income Tax Provision to Consolidated Actual Income Tax Provision

The following table presents a reconciliation of statutory federal income tax provision to consolidated actual income tax provision reported for the three and six months ended June 30, 2025 and 2024.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(Dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Statutory Federal income tax provision at 21%

 

$

4,089

 

 

$

2,603

 

 

$

8,339

 

 

$

6,361

 

State and local income taxes, net of federal income tax benefit

 

 

889

 

 

 

509

 

 

 

1,812

 

 

 

1,244

 

Non-deductible (benefits) expenses

 

 

(562

)

 

 

374

 

 

 

1,010

 

 

 

2,154

 

Valuation allowance against deferred tax assets

 

 

324

 

 

 

—

 

 

 

134

 

 

 

—

 

Change in effective state income tax rates and accrual

 

 

696

 

 

 

—

 

 

 

696

 

 

 

—

 

Other

 

 

369

 

 

 

296

 

 

 

527

 

 

 

381

 

Total income tax provision

 

$

5,805

 

 

$

3,782

 

 

$

12,518

 

 

$

10,140

 
v3.25.2
Stock Options and Restricted Stock (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Activity for Performance Stock Units and Restricted Stock Programs

The following table presents the PSU activity for the six months ended June 30, 2025 and the year ended December 31, 2024. The PSUs have vesting conditions based upon certain levels of total pre-tax income as well as return on common equity attained over a three-year period. The PSUs cliff vest after three years based upon the performance of the Company. Dividend equivalent PSUs accumulate and convert to additional shares for the benefit of the grantee at the vesting date or are forfeited if the performance conditions are not met.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2023

 

 

296,444

 

 

$

 

6.08

 

 

$

6.08

 

Granted

 

 

215,687

 

 

 

 

8.97

 

 

 

8.97

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2024

 

 

512,131

 

 

 

6.08 - 8.97

 

 

 

7.30

 

Granted

 

 

311,723

 

 

 

 

8.47

 

 

 

8.47

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2025

 

 

823,854

 

 

 

6.08 - 8.97

 

 

 

7.74

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2025

 

 

823,854

 

 

$

6.08 - 8.97

 

 

$

7.30

 

The following table presents the activity for the restricted stock programs for the six months ended June 30, 2025 and the year ended December 31, 2024.

 

Number of
Shares

 

 

 

Grant Price
Per Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2023

 

 

995,376

 

 

$

4.89 - 9.37

 

 

$

7.74

 

Granted

 

 

347,158

 

 

 

8.97 - 10.32

 

 

 

9.17

 

Cancelled

 

 

(32,521

)

 

 

4.89 - 10.32

 

 

 

8.07

 

Vested (1)

 

 

(400,985

)

 

 

4.89 - 8.40

 

 

 

7.69

 

Outstanding at December 31, 2024

 

 

909,028

 

 

 

4.89 - 10.32

 

 

 

8.30

 

Granted

 

 

307,059

 

 

 

 

8.47

 

 

 

8.47

 

Cancelled

 

 

(3,373

)

 

 

4.89 - 10.32

 

 

 

8.86

 

Vested (1)

 

 

(484,823

)

 

 

4.89 - 8.97

 

 

 

7.70

 

Outstanding at March 31, 2025 (2)

 

 

727,891

 

 

 

8.08 - 10.32

 

 

 

8.77

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(476

)

 

 

9.37 - 10.32

 

 

 

9.70

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2025 (2)

 

 

727,415

 

 

$

8.08 - 10.32

 

 

$

8.77

 
(1)
The aggregate fair value of the restricted stock vested was $4.2 million for the six months ended June 30, 2025 and $2.7 million for the year ended December 31, 2024.
(2)
The aggregate fair value of the restricted stock was $6.9 million as of June 30, 2025. The remaining vesting period was 2.7 years at June 30, 2025.
Summary of Activity for Stock Option Programs

The following table presents the activity for the stock option programs for the six months ended June 30, 2025 and the year ended December 31, 2024.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2023

 

 

959,522

 

 

$

2.14 - 9.38

 

 

$

6.51

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(4,748

)

 

 

4.89 - 7.25

 

 

 

6.15

 

Exercised

 

 

(40,865

)

 

 

4.89 - 7.25

 

 

 

6.35

 

Outstanding at December 31, 2024

 

 

913,909

 

 

 

2.14 - 9.38

 

 

 

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(23,716

)

 

 

4.89 - 7.25

 

 

 

6.67

 

Exercised (1)

 

 

(265

)

 

 

 

4.89

 

 

 

4.89

 

Outstanding at March 31, 2025 (2)

 

 

889,928

 

 

 

2.14 - 9.38

 

 

 

6.67

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(10,054

)

 

 

4.89 - 9.38

 

 

 

9.05

 

Exercised (1)

 

 

(41,061

)

 

 

4.89 - 7.25

 

 

 

6.23

 

Outstanding at June 30, 2025 (2)

 

 

838,813

 

 

$

2.14 - 7.25

 

 

$

6.50

 

Options exercisable at:

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

829,286

 

 

$

2.14 - 9.38

 

 

$

6.53

 

June 30, 2025 (2)

 

 

838,813

 

 

$

2.14 - 7.25

 

 

$

6.50

 
(1)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for both the three and six months ended June 30, 2025 and the year ended December 31, 2024.
(2)
The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at June 30, 2025 and the related exercise price of the underlying options, was $2.5 million for outstanding options, all of which had previously vested. The remaining contractual life was 4.7 years for outstanding options at June 30, 2025.
Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans described above for the six months ended June 30, 2025 and the year ended December 31, 2024.

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2023

 

 

261,875

 

 

$

4.89 - 7.25

 

 

$

6.49

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(3,822

)

 

 

4.89 - 7.25

 

 

 

6.22

 

Vested

 

 

(173,430

)

 

 

4.89 - 7.25

 

 

 

6.56

 

Outstanding at December 31, 2024

 

 

84,623

 

 

 

4.89 - 6.79

 

 

 

6.37

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(119

)

 

 

 

4.89

 

 

 

4.89

 

Vested

 

 

(84,504

)

 

 

4.89 - 6.79

 

 

 

6.37

 

Outstanding at March 31, 2025

 

 

—

 

 

 

 

—

 

 

 

—

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2025

 

 

—

 

 

$

 

—

 

 

$

—

 

The intrinsic value of the options vested was $0.1 million for the six months ended June 30, 2025.
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Data

The following table presents segment data as of and for the three months ended June 30, 2025.

Three Months Ended June 30, 2025

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

51,101

 

 

$

20,133

 

 

$

3,755

 

 

$

72

 

 

$

2,381

 

 

$

77,442

 

Total interest expense

 

 

12,854

 

 

 

7,325

 

 

 

1,157

 

 

 

38

 

 

 

2,698

 

 

 

24,072

 

Net interest income (loss)

 

 

38,247

 

 

 

12,808

 

 

 

2,598

 

 

 

34

 

 

 

(317

)

 

 

53,370

 

Provision (benefit) for credit losses

 

 

15,336

 

 

 

3,934

 

 

 

2,912

 

 

 

(620

)

 

 

—

 

 

 

21,562

 

Net interest income (loss) after credit loss provision

 

 

22,911

 

 

 

8,874

 

 

 

(314

)

 

 

654

 

 

 

(317

)

 

 

31,808

 

Other income, net

 

 

1,366

 

 

 

3

 

 

 

6,358

 

 

 

748

 

 

 

734

 

 

 

9,209

 

Operating expenses

 

 

(10,036

)

 

 

(4,710

)

 

 

(1,409

)

 

 

(840

)

 

 

(4,550

)

 

 

(21,545

)

Net income (loss) before taxes

 

 

14,241

 

 

 

4,167

 

 

 

4,635

 

 

 

562

 

 

 

(4,133

)

 

 

19,472

 

Income tax (provision) benefit

 

 

(4,292

)

 

 

(1,232

)

 

 

(1,337

)

 

 

(168

)

 

 

1,224

 

 

 

(5,805

)

Net income (loss) after taxes

 

$

9,949

 

 

$

2,935

 

 

$

3,298

 

 

$

394

 

 

$

(2,909

)

 

$

13,667

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,598

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11,069

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

 

Total assets

 

 

1,493,721

 

 

 

787,432

 

 

 

111,961

 

 

 

6,009

 

 

 

480,871

 

 

 

2,879,994

 

Total funds borrowed

 

 

1,195,144

 

 

 

630,034

 

 

 

89,581

 

 

 

4,808

 

 

 

384,750

 

 

 

2,304,317

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

2.67

%

 

 

1.49

%

 

 

11.94

%

 

 

26.30

%

 

 

(2.53

)%

 

 

1.93

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

11.49

 

Return on average equity

 

 

15.59

 

 

 

8.68

 

 

 

69.66

 

 

 

142.23

 

 

 

(15.48

)

 

 

11.13

 

Interest yield

 

 

13.39

 

 

 

9.99

 

 

 

12.68

 

 

 

17.97

 

 

NM

 

 

 

11.75

 

Net interest margin, gross

 

 

10.02

 

 

 

6.35

 

 

 

8.78

 

 

 

8.49

 

 

NM

 

 

 

8.09

 

Net interest margin, net of allowance

 

 

10.53

 

 

 

6.52

 

 

 

9.49

 

 

 

10.95

 

 

NM

 

 

 

8.42

 

Reserve coverage (2)

 

 

5.05

 

 

 

2.54

 

 

 

9.14

 

 

 

21.62

 

 

NM

 

 

 

4.43

 

Delinquency status (3)

 

 

0.49

 

 

 

0.16

 

 

 

16.78

 

 

 

—

 

 

NM

 

 

 

1.19

 

Charge-off (recovery) ratio (4)

 

 

3.25

 

 

 

1.87

 

 

 

(0.03

)

 

 

(143.02

)

 

NM

 

 

 

2.44

 

 

(1)
Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(3)
Loans 90 days or more past due as a percent of total loans.
(4)
Charge-off ratio in the recreation lending segment was 3.11% when including loans held for sale.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

 

The following table presents segment data as of and for the six months ended June 30, 2025.

Six Months Ended June 30, 2025

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

101,567

 

 

$

39,904

 

 

$

7,098

 

 

$

152

 

 

$

4,146

 

 

$

152,867

 

Total interest expense

 

 

24,895

 

 

 

14,289

 

 

 

2,210

 

 

 

50

 

 

 

6,641

 

 

 

48,085

 

Net interest income (loss)

 

 

76,672

 

 

 

25,615

 

 

 

4,888

 

 

 

102

 

 

 

(2,495

)

 

 

104,782

 

Provision (benefit) for credit losses

 

 

32,206

 

 

 

6,779

 

 

 

6,026

 

 

 

(1,435

)

 

 

—

 

 

 

43,576

 

Net interest income (loss) after credit loss provision

 

 

44,466

 

 

 

18,836

 

 

 

(1,138

)

 

 

1,537

 

 

 

(2,495

)

 

 

61,206

 

Other income, net

 

 

1,766

 

 

 

5

 

 

 

16,000

 

 

 

1,592

 

 

 

1,445

 

 

 

20,808

 

Operating expenses

 

 

(20,000

)

 

 

(9,694

)

 

 

(2,882

)

 

 

(1,823

)

 

 

(7,904

)

 

 

(42,303

)

Net income (loss) before taxes

 

 

26,232

 

 

 

9,147

 

 

 

11,980

 

 

 

1,306

 

 

 

(8,954

)

 

 

39,711

 

Income tax (provision) benefit

 

 

(8,269

)

 

 

(2,884

)

 

 

(3,773

)

 

 

(415

)

 

 

2,823

 

 

 

(12,518

)

Net income (loss) after taxes

 

$

17,963

 

 

$

6,263

 

 

$

8,207

 

 

$

891

 

 

$

(6,131

)

 

$

27,193

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,110

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23,083

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross (1)

 

$

1,546,252

 

 

$

803,535

 

 

$

121,415

 

 

$

1,564

 

 

$

12,285

 

 

$

2,485,051

 

Total assets

 

 

1,493,721

 

 

 

787,432

 

 

 

111,961

 

 

 

6,009

 

 

 

480,871

 

 

 

2,879,994

 

Total funds borrowed

 

 

1,195,144

 

 

 

630,034

 

 

 

89,581

 

 

 

4,808

 

 

 

384,750

 

 

 

2,304,317

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

2.42

%

 

 

1.58

%

 

 

15.15

%

 

 

29.00

%

 

 

(2.71

)%

 

 

1.93

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

12.21

 

Return on average equity

 

 

14.25

 

 

 

9.31

 

 

 

88.99

 

 

 

162.17

 

 

 

(16.40

)

 

 

11.63

 

Interest yield

 

 

13.34

 

 

 

9.88

 

 

 

12.38

 

 

 

19.07

 

 

NM

 

 

 

11.70

 

Net interest margin, gross

 

 

10.07

 

 

 

6.34

 

 

 

8.53

 

 

 

12.45

 

 

NM

 

 

 

8.01

 

Net interest margin, net of allowance

 

 

10.57

 

 

 

6.50

 

 

 

9.10

 

 

 

16.44

 

 

NM

 

 

 

8.33

 

Reserve coverage (2)

 

 

5.05

 

 

 

2.54

 

 

 

9.14

 

 

 

21.62

 

 

NM

 

 

 

4.43

 

Delinquency status (3)

 

 

0.49

 

 

 

0.16

 

 

 

16.78

 

 

 

—

 

 

NM

 

 

 

1.19

 

Charge-off (recovery) ratio (4)

 

 

3.94

 

 

 

1.71

 

 

 

0.21

 

 

 

(150.51

)

 

NM

 

 

 

2.77

 

 

(1)
Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(3)
Loans 90 days or more past due as a percent of total loans.
(4)
Charge-off ratio in the recreation lending segment was 3.71% when including loans held for sale.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

The following table presents segment data as of and for the three months ended June 30, 2024.

Three Months Ended June 30, 2024

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

47,490

 

 

$

17,651

 

 

$

3,538

 

 

$

190

 

 

$

1,835

 

 

$

70,704

 

Total interest expense

 

 

10,960

 

 

 

6,106

 

 

 

1,056

 

 

 

25

 

 

 

2,689

 

 

 

20,836

 

Net interest income (loss)

 

 

36,530

 

 

 

11,545

 

 

 

2,482

 

 

 

165

 

 

 

(854

)

 

 

49,868

 

Provision (benefit) for credit losses

 

 

15,795

 

 

 

3,279

 

 

 

478

 

 

 

(975

)

 

 

—

 

 

 

18,577

 

Net interest income (loss) after credit loss provision

 

 

20,735

 

 

 

8,266

 

 

 

2,004

 

 

 

1,140

 

 

 

(854

)

 

 

31,291

 

Other income, net

 

 

306

 

 

 

3

 

 

 

(14

)

 

 

334

 

 

 

470

 

 

 

1,099

 

Operating expenses

 

 

(11,236

)

 

 

(5,457

)

 

 

(1,437

)

 

 

(1,373

)

 

 

(492

)

 

 

(19,995

)

Net income (loss) before taxes

 

 

9,805

 

 

 

2,812

 

 

 

553

 

 

 

101

 

 

 

(876

)

 

 

12,395

 

Income tax (provision) benefit

 

 

(3,094

)

 

 

(802

)

 

 

(72

)

 

 

(14

)

 

 

200

 

 

 

(3,782

)

Net income (loss) after taxes

 

$

6,711

 

 

$

2,010

 

 

$

481

 

 

$

87

 

 

$

(676

)

 

$

8,613

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,512

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,101

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

Total assets

 

 

1,451,947

 

 

 

758,840

 

 

 

105,548

 

 

 

7,511

 

 

 

437,030

 

 

 

2,760,876

 

Total funds borrowed

 

 

1,200,977

 

 

 

627,674

 

 

 

87,304

 

 

 

6,213

 

 

 

361,488

 

 

 

2,283,656

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.95

%

 

 

1.08

%

 

 

1.86

%

 

 

4.29

%

 

 

(0.61

)%

 

 

1.30

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

8.14

 

Return on average equity

 

 

13.05

 

 

 

7.00

 

 

 

12.09

 

 

 

25.69

 

 

 

(3.88

)

 

 

8.25

 

Interest yield

 

 

13.30

 

 

 

9.32

 

 

 

13.08

 

 

 

21.62

 

 

NM

 

 

 

11.52

 

Net interest margin, gross

 

 

10.23

 

 

 

6.10

 

 

 

9.18

 

 

 

18.78

 

 

NM

 

 

 

8.12

 

Net interest margin, net of allowance

 

 

10.69

 

 

 

6.25

 

 

 

9.57

 

 

 

31.77

 

 

NM

 

 

 

8.42

 

Reserve coverage (1)

 

 

4.35

 

 

 

2.38

 

 

 

4.41

 

 

 

40.18

 

 

NM

 

 

 

3.76

 

Delinquency status (2)

 

 

0.41

 

 

 

0.17

 

 

 

7.52

 

 

 

—

 

 

NM

 

 

 

0.67

 

Charge-off (recovery) ratio (3)

 

 

2.99

 

 

 

1.49

 

 

 

—

 

 

 

(98.90

)

 

NM

 

 

 

2.20

 

 

(1)
Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
(2)
Loans 90 days or more past due as a percent of total loans.
(3)
Net charge-offs as a percent of annual average total gross loans.

(NM) Not meaningful.

(*) Line item is not applicable to segments.

The following table presents segment data as of and for the six months ended June 30, 2024.

Six Months Ended June 30, 2024

 

Consumer Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Recreation

 

 

Home
Improvement

 

 

Commercial
Lending

 

 

Taxi Medallion
Lending

 

 

Corporate and Other Investments

 

 

Consolidated

 

Total interest income

 

$

91,417

 

 

$

35,098

 

 

$

7,183

 

 

$

330

 

 

$

3,746

 

 

$

137,774

 

Total interest expense

 

 

20,605

 

 

 

11,740

 

 

 

2,154

 

 

 

53

 

 

 

5,437

 

 

 

39,989

 

Net interest income (loss)

 

 

70,812

 

 

 

23,358

 

 

 

5,029

 

 

 

277

 

 

 

(1,691

)

 

 

97,785

 

Provision (benefit) for credit losses

 

 

32,825

 

 

 

4,177

 

 

 

694

 

 

 

(1,918

)

 

 

—

 

 

 

35,778

 

Net interest income (loss) after credit loss provision

 

 

37,987

 

 

 

19,181

 

 

 

4,335

 

 

 

2,195

 

 

 

(1,691

)

 

 

62,007

 

Other income, net

 

 

556

 

 

 

5

 

 

 

4,188

 

 

 

973

 

 

 

780

 

 

 

6,502

 

Operating expenses

 

 

(19,523

)

 

 

(9,571

)

 

 

(2,422

)

 

 

(2,116

)

 

 

(4,588

)

 

 

(38,220

)

Net income (loss) before taxes

 

 

19,020

 

 

 

9,615

 

 

 

6,101

 

 

 

1,052

 

 

 

(5,499

)

 

 

30,289

 

Income tax (provision) benefit

 

 

(6,368

)

 

 

(3,219

)

 

 

(2,043

)

 

 

(352

)

 

 

1,842

 

 

 

(10,140

)

Net income (loss) after taxes

 

$

12,652

 

 

$

6,396

 

 

$

4,058

 

 

$

700

 

 

$

(3,657

)

 

$

20,149

 

Income attributable to the non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,024

 

Total net income attributable to Medallion Financial Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,125

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross

 

$

1,497,428

 

 

$

773,184

 

 

$

110,197

 

 

$

3,482

 

 

$

1,299

 

 

$

2,385,590

 

Total assets

 

 

1,451,947

 

 

 

758,840

 

 

 

105,548

 

 

 

7,511

 

 

 

437,030

 

 

 

2,760,876

 

Total funds borrowed

 

 

1,200,977

 

 

 

627,674

 

 

 

87,304

 

 

 

6,213

 

 

 

361,488

 

 

 

2,283,656

 

Selected Financial Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.87

%

 

 

1.72

%

 

 

7.68

%

 

 

14.89

%

 

 

(1.69

)%

 

 

1.55

%

Return on average stockholders' equity

 

*

 

 

*

 

 

*

 

 

*

 

 

*

 

 

 

9.89

 

Return on average equity

 

 

12.31

 

 

 

11.04

 

 

 

49.32

 

 

 

90.99

 

 

 

(10.64

)

 

 

9.70

 

Interest yield

 

 

13.20

 

 

 

9.29

 

 

 

12.97

 

 

 

18.78

 

 

NM

 

 

 

11.42

 

Net interest margin, gross

 

 

10.23

 

 

 

6.18

 

 

 

9.08

 

 

 

15.59

 

 

NM

 

 

 

8.11

 

Net interest margin, net of allowance

 

 

10.69

 

 

 

6.34

 

 

 

9.45

 

 

 

26.61

 

 

NM

 

 

 

8.40

 

Reserve coverage (1)

 

 

4.35

 

 

 

2.38

 

 

 

4.41

 

 

 

40.18

 

 

NM

 

 

 

3.76

 

Delinquency status (2)

 

 

0.41

 

 

 

0.17

 

 

 

7.52

 

 

 

—

 

 

NM

 

 

 

0.67

 

Charge-off (recovery) ratio (3)

 

 

3.64

 

 

 

1.80

 

 

 

(0.04

)

 

 

(100.16

)

 

NM

 

 

 

2.68

 

 

(1)
Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
(2)
Loans 90 days or more past due as a percent of total loans.
(3)
Net charge-offs as a percent of annual average total gross loans.

(NM) Not meaningful.

(*) Line item is not applicable to segments.
v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
Summary of Carrying Values and Fair Values of Financial Instruments

The following tables present the carrying amounts and fair values of the Company’s financial instruments as of June 30, 2025 and December 31, 2024.

 

 

June 30, 2025

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

151,994

 

 

$

151,994

 

 

$

151,244

 

 

$

750

 

 

$

—

 

Investment securities

 

 

61,529

 

 

 

61,529

 

 

 

—

 

 

 

61,529

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,305,665

 

 

 

2,255,160

 

 

 

—

 

 

 

—

 

 

 

2,255,160

 

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

 

 

72,490

 

 

 

75,573

 

 

 

—

 

 

 

—

 

 

 

75,573

 

Accrued interest receivable (2)

 

 

15,294

 

 

 

15,294

 

 

 

15,294

 

 

 

—

 

 

 

—

 

Equity securities

 

 

1,763

 

 

 

1,763

 

 

 

1,763

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,304,317

 

 

 

2,318,531

 

 

 

—

 

 

 

2,318,531

 

 

 

—

 

Accrued interest payable

 

 

5,746

 

 

 

5,746

 

 

 

5,746

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.5 million.

 

 

December 31, 2024

 

(Dollars in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents, and federal funds sold (1)

 

$

169,572

 

 

$

169,572

 

 

$

168,322

 

 

$

1,250

 

 

$

—

 

Investment securities

 

 

54,805

 

 

 

54,805

 

 

 

—

 

 

 

54,805

 

 

 

—

 

Loans held for investment, net of allowance

 

 

2,265,428

 

 

 

2,238,645

 

 

 

—

 

 

 

—

 

 

 

2,238,645

 

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

 

 

128,226

 

 

 

133,244

 

 

 

—

 

 

 

—

 

 

 

133,244

 

Accrued interest receivable (2)

 

 

15,314

 

 

 

15,314

 

 

 

15,314

 

 

 

—

 

 

 

—

 

Equity securities

 

 

1,732

 

 

 

1,732

 

 

 

1,732

 

 

 

—

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds borrowed (3)

 

 

2,379,413

 

 

 

2,371,434

 

 

 

—

 

 

 

2,371,434

 

 

 

—

 

Accrued interest payable

 

 

8,231

 

 

 

8,231

 

 

 

8,231

 

 

 

—

 

 

 

—

 
(1)
Includes federal funds sold and interest bearing deposits in other banks.
(2)
Included within other assets on the balance sheet.
(3)
Excludes deferred financing costs of $8.2 million.
v3.25.2
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

61,529

 

 

$

—

 

 

$

61,529

 

Equity securities

 

 

1,763

 

 

 

—

 

 

 

—

 

 

 

1,763

 

Total

 

$

1,763

 

 

$

61,529

 

 

$

—

 

 

$

63,292

 
(1)
Total unrealized losses of $0.1 million and unrealized gains of $0.5 million, net of tax, related to these assets was included in other comprehensive income for the three and six months ended June 30, 2025.

December 31, 2024
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (1)

 

$

—

 

 

$

54,805

 

 

$

—

 

 

$

54,805

 

Equity securities

 

 

1,732

 

 

 

—

 

 

 

—

 

 

 

1,732

 

Total

 

$

1,732

 

 

$

54,805

 

 

$

—

 

 

$

56,537

 
(1)
Total unrealized losses of less than $0.1 million, net of tax, related to these assets was included in other comprehensive income for the year ended December 31, 2024.
Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of June 30, 2025 and December 31, 2024.

June 30, 2025
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

December 31, 2024
(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments

 

$

—

 

 

$

—

 

 

$

1,374

 

 

$

1,374

 

Total

 

$

—

 

 

$

—

 

 

$

1,374

 

 

$

1,374

 
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Non-Recurring Level 3 Fair Value Measurements of Assets and Liabilities

The valuation techniques and significant unobservable inputs used in non-recurring level 3 fair value measurements of assets and liabilities as of June 30, 2025 and December 31, 2024.

(Dollars in thousands)

 

Fair Value
at June 30, 2025

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

—

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower (1)

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.

 

(Dollars in thousands)

 

Fair Value
at December 31, 2024

 

 

Valuation Techniques

 

Unobservable Inputs

 

Range
(Weighted Average)

Equity investments

 

$

1,374

 

 

Investee financial analysis

 

Financial condition and operating performance of the borrower (1)

 

N/A
(1)
Includes projections based on revenue, EBITDA, leverage and liquidation amounts. These assumptions are based on a variety of factors, including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments, including exit strategies and realization opportunities.
v3.25.2
Organization of Medallion Financial Corp. and its Subsidiaries - Additional Information (Detail)
$ in Millions
Jun. 30, 2025
USD ($)
Medallion Financing Trust I [Member]  
Subsidiary or Equity Method Investee [Line Items]  
Aggregate assets of trust $ 34.0
v3.25.2
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 01, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Interest-bearing funds deposited in other banks   $ 800,000   $ 800,000      
Non-marketable securities   8,100,000   8,100,000   $ 9,200,000  
Impact of equity investment   6,300,000   6,300,000      
Notes receivable net   93,083,000   93,083,000   2,444,376,000  
Equity securities, fair value   1,800,000   1,800,000   1,700,000  
Gains (Loss) on Equity Securities   100,000 $ (100,000) 100,000 $ (100,000)    
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest   0   0   0  
Purchased of equity securities with readily determinable fair value             $ 2,000,000
Investment, Type [Extensible Enumeration]             us-gaap:EquitySecuritiesMember
Net loan origination costs       47,600,000   46,600,000  
Net Amortization to income   2,600,000 2,300,000 4,900,000 4,300,000    
Fair value adjustments related to loans held for sale       0   0  
Goodwill   150,803,000   150,803,000   150,803,000  
Intangible assets, net   18,424,000   18,424,000   19,146,000  
Amortization of intangible assets   362,000 362,000 723,000 723,000    
Depreciation and amortization   600,000 100,000 1,200,000 200,000    
Amortization expense   1,100,000 900,000 2,200,000 $ 1,800,000    
Deferred costs   $ 8,500,000   $ 8,500,000   $ 8,200,000  
Potential dilutive common shares excluded from EPS computation       86,410 101,350    
Tier 1 leverage capital to total assets ratio   15.00%   15.00%      
Excess Tier 1 leverage capital   $ 106,900,000   $ 106,900,000      
Tier 1 leverage capital   372,800,000   $ 372,800,000      
Capital conversation buffer       2.50%   2.50%  
Equity Investments [Member]              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Impairments on Equity Investments   400,000 500,000 $ 900,000 $ 800,000    
Disposition and Exit of Equity Investments [Member]              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Gains (Loss) on Equity Securities   6,100,000 $ (500,000) 15,500,000 $ 3,700,000    
Series F Preferred Stock | Subsequent Event              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Redemption price of stock $ 46,000,000            
New York Taxi Medallion [Member]              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Notes receivable net   $ 79,500   79,500      
Medallion Bank [Member]              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Amortization of intangible assets       $ 0   $ 0  
Minimum [Member]              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Interest bearing loan term       5 years      
Estimated useful life of fixed assets   3 years   3 years      
Maximum [Member]              
New Accounting Pronouncements or Change in Accounting Principle [Line Items]              
Interest bearing loan term       6 years      
Estimated useful life of fixed assets   10 years   10 years      
v3.25.2
Summary of Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments In Loans [Line Items]    
Intangibles assets $ 18,424 $ 19,146
Intellectual Property [Member]    
Investments In Loans [Line Items]    
Intangibles assets 14,025 14,575
Contractor Relationships [Member]    
Investments In Loans [Line Items]    
Intangibles assets $ 4,399 $ 4,571
v3.25.2
Summary of Significant Accounting Policies - Summary of the Calculation of Basic and Diluted EPS (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accounting Policies [Abstract]        
Net income attributable to common stockholders $ 11,069 $ 7,101 $ 23,083 $ 17,125
Weighted average common shares outstanding applicable to basic EPS 22,783,947 22,598,102 22,677,961 22,619,743
Effect of restricted stock grants 361,690 404,499 468,970 507,416
Effect of dilutive stock options 243,071 163,340 238,772 209,067
Effect of performance stock unit grants 669,376 287,221 592,511 272,878
Adjusted weighted average common shares outstanding applicable to diluted EPS 24,058,084 23,453,162 23,978,214 23,609,104
Basic earnings per share $ 0.49 $ 0.31 $ 1.02 $ 0.76
Diluted earnings per share $ 0.46 $ 0.3 $ 0.96 $ 0.73
v3.25.2
Summary of Significant Accounting Policies - Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios (Detail)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Accounting Policies [Abstract]    
Regulatory, Minimum, Leverage ratio [1] 0.04  
Regulatory, Minimum, Common equity tier 1 capital ratio [2] 4.50%  
Regulatory, Minimum, tier 1 Buffer capital ratio [3] 6.00%  
Regulatory, Minimum, Total capital ratio [3] 0.08  
Regulatory, Well-Capitalized, Leverage ratio [1] 0.05  
Regulatory, Well-Capitalized, Common equity tier 1 capital ratio [2] 6.50%  
Regulatory, Well-Capitalized, tier 1 capital ratio [3] 0.08  
Regulatory, Well-Capitalized, Total capital ratio [3] 0.10  
Common equity Tier 1 capital $ 337,738 $ 322,229
Tier 1 capital 479,652 391,016
Total capital 511,144 422,139
Average assets 2,485,311 2,493,857
Risk-weighted assets $ 2,455,409 $ 2,429,349
Leverage ratio [1] 0.193 0.157
Common equity tier 1 capital ratio [2] 0.138 0.133
Tier 1 capital ratio [3] 0.195 0.161
Total capital ratio [3] 0.208 0.174
[1] Calculated by dividing Tier 1 capital by average assets.
[2] Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets.
[3] Calculated by dividing Tier 1 or total capital by risk-weighted assets.
v3.25.2
Investment Securities - Summary of Fixed Maturity Securities Available for Sale (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 66,989 $ 61,027
Gross Unrealized Gains 83 111
Gross Unrealized Losses (5,543) (6,333)
Fair Value 61,529 54,805
Mortgage-backed Securities, Principally Obligations of US Federal Agencies [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 47,046 41,475
Gross Unrealized Gains 55 28
Gross Unrealized Losses (4,171) (4,802)
Fair Value 42,930 36,701
State and Municipalities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 19,766 17,373
Gross Unrealized Gains 28 81
Gross Unrealized Losses (1,361) (1,516)
Fair Value 18,433 15,938
Agency Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 177 2,179
Gross Unrealized Gains 0 2
Gross Unrealized Losses (11) (15)
Fair Value $ 166 $ 2,166
v3.25.2
Investment Securities - Summary of Amortized Cost and Estimated Market Value of Investment Securities by Contractual Maturity (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Available-for-sale Securities, Debt Maturities [Abstract]    
Amortized Cost, due in one year or less $ 320  
Amortized Cost, due after one year through five years 9,620  
Amortized Cost, due after five years through ten years 8,153  
Amortized Cost, due after ten years 48,896  
Amortized Cost 66,989 $ 61,027
Fair Value, due in one year or less 332  
Fair Value, due after one year through five years 9,366  
Fair Value, due after five years through ten years 7,420  
Fair Value, due after ten years 44,411  
Fair Value $ 61,529 $ 54,805
v3.25.2
Investment Securities - Summary of Securities with Gross Unrealized Losses (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months $ (206) $ (375)
Fair Value, Less than Twelve Months 11,546 10,307
Gross Unrealized Losses, Twelve Months and Over (5,337) (5,958)
Fair Value, Twelve Months and Over 39,443 39,724
Mortgage-backed Securities, Principally Obligations of US Federal Agencies [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months (146) (106)
Fair Value, Less than Twelve Months 8,686 5,423
Gross Unrealized Losses, Twelve Months and Over (4,025) (4,696)
Fair Value, Twelve Months and Over 26,763 29,619
State and Municipalities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months (60) (269)
Fair Value, Less than Twelve Months 2,860 4,884
Gross Unrealized Losses, Twelve Months and Over (1,301) (1,247)
Fair Value, Twelve Months and Over 12,514 9,939
Agency Bonds [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses, Less than Twelve Months 0 0
Fair Value, Less than Twelve Months 0 0
Gross Unrealized Losses, Twelve Months and Over (11) (15)
Fair Value, Twelve Months and Over $ 166 $ 166
v3.25.2
Investment Securities - Additional Information (Detail) - Securities
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]    
Number of Securities 57 58
Percentage by which aggregate book value exceeded company's equity 10.00% 10.00%
v3.25.2
Loans and Allowance for Credit Losses - Summary of Inclusive Capitalized Loans (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Mar. 31, 2025
 [1]
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Student Loan Portfolio By Program [Line Items]            
Total loans $ 2,412,561 $ 2,362,796        
Loans held for sale, at lower of amortized cost or fair value 72,490 128,226        
Total loans receivable 2,305,665 2,265,428        
Bank Holding Company Accounting [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 2,485,051 [1] 2,491,022 [1] $ 2,486,433 $ 2,385,590 $ 2,228,426 $ 2,215,886
Total loans receivable $ 2,485,051 $ 2,491,022        
Percentage of total gross loans   100.00%        
Percentage of total loans 100.00%          
Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 2,412,561 $ 2,362,796        
Percentage of total gross loans 98.00% 95.00%        
Bank Holding Company Accounting [Member] | Loans Held for Sale at Lower of Amortized Cost or Fair Value [Member]            
Student Loan Portfolio By Program [Line Items]            
Loans held for sale, at lower of amortized cost or fair value $ 72,490 $ 128,226        
Percentage of total gross loans 2.00% 5.00%        
Recreation [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 1,546,252 $ 1,543,243        
Recreation [Member] | Bank Holding Company Accounting [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 1,546,252 [1] 1,543,243 [1] 1,545,844 1,497,428 1,365,165 1,336,226
Recreation [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 1,486,047 $ 1,422,403        
Percentage of total gross loans 60.00% 57.00%        
Recreation [Member] | Bank Holding Company Accounting [Member] | Loans Held for Sale at Lower of Amortized Cost or Fair Value [Member]            
Student Loan Portfolio By Program [Line Items]            
Loans held for sale, at lower of amortized cost or fair value $ 60,205 $ 120,840        
Percentage of total gross loans 2.00% 5.00%        
Home Improvement [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 803,535 $ 827,211        
Home Improvement [Member] | Bank Holding Company Accounting [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 803,535 [1] 827,211 [1] 812,381 773,184 752,262 760,617
Home Improvement [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 803,535 $ 827,211        
Percentage of total gross loans 32.00% 33.00%        
Commercial [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 121,415 $ 111,273        
Commercial [Member] | Bank Holding Company Accounting [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 121,415 [1] 111,273 [1] 116,059 110,197 106,570 114,827
Commercial [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 121,415 $ 111,273        
Percentage of total gross loans 5.00% 4.00%        
Taxi Medallion [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans $ 1,564 $ 1,909        
Taxi Medallion [Member] | Bank Holding Company Accounting [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 1,564 [1]   1,650 3,482 3,560  
Taxi Medallion [Member] | Bank Holding Company Accounting [Member] | Loans Held for Investment [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 1,564 1,909        
Strategic Partnership [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 12,285 7,386        
Strategic Partnership [Member] | Bank Holding Company Accounting [Member]            
Student Loan Portfolio By Program [Line Items]            
Total loans 12,285 [1] 7,386 [1] $ 10,499 $ 1,299 $ 869 $ 553
Strategic Partnership [Member] | Bank Holding Company Accounting [Member] | Loans Held for Sale at Lower of Amortized Cost or Fair Value [Member]            
Student Loan Portfolio By Program [Line Items]            
Loans held for sale, at lower of amortized cost or fair value $ 12,285 $ 7,386        
[1] Includes loans held for sale and loans held for investment.
v3.25.2
Loans and Allowance for Credit Losses - Schedule of Activity of Gross Loans and Loans Held for Sale (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance   $ 2,362,796     $ 2,362,796  
Charge-offs $ (21,224) (24,646) $ (18,690) $ (22,999)    
Amortization of origination fees and costs, net         (4,915) $ (4,298)
Paid-in-kind interest         485 1,263
Gross loans, ending balance 2,412,561       2,412,561  
Recreation [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance   1,543,243     1,543,243  
Charge-offs (16,273) (20,274) (14,627) (18,101)    
Gross loans, ending balance 1,546,252       1,546,252  
Home Improvement [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance   827,211     827,211  
Charge-offs (4,951) (4,227) (4,063) (4,898)    
Gross loans, ending balance 803,535       803,535  
Commercial [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance   111,273     111,273  
Charge-offs 0 (130) 0 0    
Gross loans, ending balance 121,415       121,415  
Taxi Medallion [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance   1,909     1,909  
Charge-offs 0 [1] (15) [1] 0 0    
Gross loans, ending balance 1,564       1,564  
Strategic Partnership [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance   7,386     7,386  
Gross loans, ending balance 12,285       12,285  
Bank Holding Company Accounting [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance 2,486,433 [2] 2,491,022 [2] 2,228,426 2,215,886 2,491,022 [2] 2,215,886
Loan originations 375,047   309,091   656,695 482,178
Principal receipts, sales, and maturities (347,725)   (132,192)   (603,244) (265,550)
Charge-offs (21,224)   (18,690)   (45,870) (41,689)
Transfer to loan collateral in process of foreclosure, net (8,512)   (5,669)   (14,995) (11,094)
Amortization of origination fees and costs, net (2,579)   (2,291)   (4,915) (4,298)
Origination fees and costs, net 3,375   6,260   5,873 8,894
Paid-in-kind interest 236   655   485 1,263
Gross loans, ending balance 2,485,051 [2] 2,486,433 [2] 2,385,590 2,228,426 2,485,051 [2] 2,385,590
Bank Holding Company Accounting [Member] | Recreation [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance 1,545,844 [2] 1,543,243 [2] 1,365,165 1,336,226 1,543,243 [2] 1,336,226
Loan originations 142,789   209,563   229,622 315,328
Principal receipts, sales, and maturities (118,149)   (61,553)   (175,562) (115,589)
Charge-offs (16,273)   (14,627)   (36,547) (32,728)
Transfer to loan collateral in process of foreclosure, net (8,512)   (5,669)   (14,995) (11,094)
Amortization of origination fees and costs, net (3,746)   (3,214)   (7,227) (6,166)
Origination fees and costs, net 4,299   7,763   7,718 11,451
Paid-in-kind interest 0   0   0 0
Gross loans, ending balance 1,546,252 [2] 1,545,844 [2] 1,497,428 1,365,165 1,546,252 [2] 1,497,428
Bank Holding Company Accounting [Member] | Home Improvement [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance 812,381 [2] 827,211 [2] 752,262 760,617 827,211 [2] 760,617
Loan originations 54,253   67,990   103,049 119,566
Principal receipts, sales, and maturities (58,380)   (42,492)   (117,991) (97,409)
Charge-offs (4,951)   (4,063)   (9,178) (8,961)
Transfer to loan collateral in process of foreclosure, net 0   0   0 0
Amortization of origination fees and costs, net 1,156   913   2,289 1,851
Origination fees and costs, net (924)   (1,426)   (1,845) (2,480)
Paid-in-kind interest 0   0   0 0
Gross loans, ending balance 803,535 [2] 812,381 [2] 773,184 752,262 803,535 [2] 773,184
Bank Holding Company Accounting [Member] | Commercial [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance 116,059 [2] 111,273 [2] 106,570 114,827 111,273 [2] 114,827
Loan originations 9,368   7,000   19,075 7,000
Principal receipts, sales, and maturities (4,259)   (3,961)   (9,311) (12,833)
Charge-offs 0   0   (130) 0
Transfer to loan collateral in process of foreclosure, net 0   0   0 0
Amortization of origination fees and costs, net 11   10   23 17
Origination fees and costs, net 0   (77)   0 (77)
Paid-in-kind interest 236   655   485 1,263
Gross loans, ending balance 121,415 [2] 116,059 [2] 110,197 106,570 121,415 [2] 110,197
Bank Holding Company Accounting [Member] | Taxi Medallion [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance 1,650 [2]   3,560      
Loan originations 0   250      
Principal receipts, sales, and maturities (86)   (328)      
Charge-offs 0   0      
Transfer to loan collateral in process of foreclosure, net 0   0      
Amortization of origination fees and costs, net 0   0      
Origination fees and costs, net 0   0      
Paid-in-kind interest 0   0      
Gross loans, ending balance 1,564 [2] 1,650 [2] 3,482 3,560 1,564 [2] 3,482
Bank Holding Company Accounting [Member] | Medallion [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance   1,909 [2]   3,663 1,909 [2] 3,663
Loan originations         72 250
Principal receipts, sales, and maturities         (402) (431)
Charge-offs         (15) 0
Transfer to loan collateral in process of foreclosure, net         0 0
Amortization of origination fees and costs, net         0 0
Origination fees and costs, net         0 0
Paid-in-kind interest         0 0
Gross loans, ending balance 1,564 [2]   3,482   1,564 [2] 3,482
Bank Holding Company Accounting [Member] | Strategic Partnership [Member]            
Schedule Of Gross Real Estate And Loan Activity [Line Items]            
Gross loans, beginning balance 10,499 [2] 7,386 [2] 869 553 7,386 [2] 553
Loan originations 168,637   24,288   304,877 40,034
Principal receipts, sales, and maturities (166,851)   (23,858)   (299,978) (39,288)
Charge-offs 0   0   0 0
Transfer to loan collateral in process of foreclosure, net 0   0   0 0
Amortization of origination fees and costs, net 0   0   0 0
Origination fees and costs, net 0   0   0 0
Paid-in-kind interest 0   0   0 0
Gross loans, ending balance $ 12,285 [2] $ 10,499 [2] $ 1,299 $ 869 $ 12,285 [2] $ 1,299
[1] As of June 30, 2025, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.5 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent collection opportunities for the Company.
[2] Includes loans held for sale and loans held for investment.
v3.25.2
Loans and Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Losses [Line Items]            
Allowance for credit losses - beginning balance $ 100,366 $ 97,368 [1] $ 83,827 $ 84,235 $ 97,368 [1] $ 84,235
Charge-offs (21,224) (24,646) (18,690) (22,999)    
Total recoveries 6,192 5,630 6,074 5,390    
Provision (benefit) for credit losses 21,562 22,014 18,577 17,201 43,576 35,778
Allowance for credit losses - ending balance 106,896 [2] 100,366 89,788 83,827 106,896 [2] 89,788
Recreation [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Allowance for credit losses - beginning balance 71,558 71,102 60,009 57,532 71,102 57,532
Charge-offs (16,273) (20,274) (14,627) (18,101)    
Total recoveries 4,419 3,860 3,962 3,548    
Provision (benefit) for credit losses 15,336 16,870 15,795 17,030    
Allowance for credit losses - ending balance 75,040 71,558 65,139 60,009 75,040 65,139
Home Improvement [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Allowance for credit losses - beginning balance 20,249 20,536 17,930 21,019 20,536 21,019
Charge-offs (4,951) (4,227) (4,063) (4,898)    
Total recoveries 1,190 1,095 1,243 911    
Provision (benefit) for credit losses 3,934 2,845 3,279 898    
Allowance for credit losses - ending balance 20,422 20,249 18,389 17,930 20,422 18,389
Commercial [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Allowance for credit losses - beginning balance 8,174 5,190 4,384 4,148 5,190 4,148
Charge-offs 0 (130) 0 0    
Total recoveries 10 0 0 20    
Provision (benefit) for credit losses 2,912 3,114 478 216    
Allowance for credit losses - ending balance 11,096 8,174 4,862 4,384 11,096 4,862
Taxi Medallion [Member]            
Financing Receivable, Allowance for Credit Losses [Line Items]            
Allowance for credit losses - beginning balance 385 [3] 540 [3] 1,504 1,536 540 [3] 1,536
Charge-offs 0 [3] (15) [3] 0 0    
Total recoveries 573 [3] 675 [3] 869 911    
Provision (benefit) for credit losses (620) [3] (815) [3] (975) (943)    
Allowance for credit losses - ending balance $ 338 [3] $ 385 [3] $ 1,398 $ 1,504 $ 338 [3] $ 1,398
[1] As of December 31, 2024, total allowance for credit losses as a percent of nonaccrual loans was 291.93%
[2] As of June 30, 2025, total allowance for credit losses as a percent of nonaccrual loans was 288.09%.
[3] As of June 30, 2025, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.5 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent collection opportunities for the Company.
v3.25.2
Loans and Allowance for Credit Losses - Summary of Activity in Allowance for Loan Losses (Parenthetical) (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Losses [Line Items]    
Cumulative charges of loans and loan collateral process of foreclosure $ 9,007 $ 9,932
Taxi Medallion [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Cumulative charges of loans and loan collateral process of foreclosure 161,500  
New York Taxi Medallion [Member]    
Financing Receivable, Allowance for Credit Losses [Line Items]    
Cumulative charges of loans and loan collateral process of foreclosure $ 95,200  
v3.25.2
Loans and Allowance for Credit Losses - Summary of Gross Charge Offs (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Past Due [Line Items]        
2025 $ 11 $ 139 $ 11 $ 139
2024 4,937 5,607 8,488 10,894
2023 5,620 6,643 10,830 15,141
2022 5,500 2,497 11,269 7,157
2021 2,749 1,105 5,110 2,681
Prior 2,407 2,699 10,162 5,677
Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Write off1, Total 21,224 18,690 45,870 41,689
Recreation [Member]        
Financing Receivable, Past Due [Line Items]        
2025 11 99 11 99
2024 3,812 4,099 6,540 7,862
2023 3,917 5,049 7,624 11,867
2022 4,439 1,990 8,945 5,487
2021 2,106 986 4,039 2,275
Prior 1,988 2,404 9,388 5,138
Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Write off1, Total 16,273 14,627 36,547 32,728
Home Improvement [Member]        
Financing Receivable, Past Due [Line Items]        
2025 0 40 0 40
2024 1,125 1,508 1,948 3,032
2023 1,703 1,594 3,206 3,274
2022 1,061 507 2,194 1,670
2021 643 119 1,071 406
Prior 419 295 759 539
Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Write off1, Total 4,951 4,063 9,178 8,961
Commercial Loan [Member]        
Financing Receivable, Past Due [Line Items]        
2025 0 0 0 0
2024 0 0 0 0
2023 0 0 0 0
2022 0 0 130 0
2021 0 0 0 0
Prior 0 0 0 0
Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Write off1, Total 0 0 130 0
Taxi Medallion [Member]        
Financing Receivable, Past Due [Line Items]        
2025 0 0 0 0
2024 0 0 0 0
2023 0 0 0 0
2022 0 0 0 0
2021 0 0 0 0
Prior 0 0 15 0
Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Write off1, Total $ 0 $ 0 $ 15 $ 0
v3.25.2
Loans and Allowance for Credit Losses - Summary of Allowance for Credit Losses by Type (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable Recorded Investment Past Due [Line Items]            
Amount $ 106,896 [1] $ 100,366 $ 97,368 [2] $ 89,788 $ 83,827 $ 84,235
Percentage of Allowance 100.00% [1]   100.00% [2]      
Recreation [Member]            
Financing Receivable Recorded Investment Past Due [Line Items]            
Amount $ 75,040 71,558 $ 71,102 65,139 60,009 57,532
Percentage of Allowance 70.00%   73.00%      
Allowance as a Percent of Loan Category 5.05% [3]   5.00% [4]      
Home Improvement [Member]            
Financing Receivable Recorded Investment Past Due [Line Items]            
Amount $ 20,422 20,249 $ 20,536 18,389 17,930 21,019
Percentage of Allowance 19.00%   21.00%      
Allowance as a Percent of Loan Category 2.54% [3]   2.48% [4]      
Commercial [Member]            
Financing Receivable Recorded Investment Past Due [Line Items]            
Amount $ 11,096 8,174 $ 5,190 4,862 4,384 4,148
Percentage of Allowance 10.00%   5.00%      
Allowance as a Percent of Loan Category 9.14% [3]   4.66% [4]      
Taxi Medallion [Member]            
Financing Receivable Recorded Investment Past Due [Line Items]            
Amount $ 338 [5] $ 385 [5] $ 540 [5] $ 1,398 $ 1,504 $ 1,536
Percentage of Allowance 1.00%   1.00%      
Allowance as a Percent of Loan Category 21.62% [3]   28.29% [4]      
[1] As of June 30, 2025, total allowance for credit losses as a percent of nonaccrual loans was 288.09%.
[2] As of December 31, 2024, total allowance for credit losses as a percent of nonaccrual loans was 291.93%
[3] 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.
[4] 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.
[5] As of June 30, 2025, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion portfolio were $161.5 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent collection opportunities for the Company.
v3.25.2
Loans and Allowance for Credit Losses - Summary of Allowance for Credit Losses by Type (Parenthetical) (Detail)
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Allowance as a Percent of Nonaccrual 288.09% 291.93%
v3.25.2
Loans and Allowance for Credit Losses - Summary of Performance Status of Loans and Loans Held for Sale (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 2,412,561 $ 2,362,796  
Net loans $ 2,485,051 [1] $ 2,491,022 $ 2,385,590
Percentage of Nonperforming to Total 1.49% 1.34%  
Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Net loans $ 2,447,946 $ 2,457,669  
Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Net loans 37,105 33,353  
Recreation [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 1,546,252 $ 1,543,243  
Percentage of Nonperforming to Total 0.51% 0.70%  
Recreation [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 1,538,323 $ 1,532,448  
Recreation [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 7,929 10,795  
Home Improvement [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 803,535 $ 827,211  
Percentage of Nonperforming to Total 0.16% 0.17%  
Home Improvement [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 802,237 $ 825,825  
Home Improvement [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 1,298 1,386  
Commercial [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 121,415 $ 111,273  
Percentage of Nonperforming to Total 21.67% 17.31%  
Commercial [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 95,101 $ 92,010  
Commercial [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 26,314 19,263  
Taxi Medallion [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 1,564 $ 1,909  
Percentage of Nonperforming to Total 100.00% 100.00%  
Taxi Medallion [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 0 $ 0  
Taxi Medallion [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans 1,564 1,909  
Strategic Partnership [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 12,285 $ 7,386  
Percentage of Nonperforming to Total 0.00% 0.00%  
Strategic Partnership [Member] | Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 12,285 $ 7,386  
Strategic Partnership [Member] | Non - Performing [Member]      
Financing Receivable, Recorded Investment [Line Items]      
Status of loans $ 0 $ 0  
[1] Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
v3.25.2
Loans and Allowance for Credit Losses - Summary of Aging of Loans and Loans Held for Sale (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due $ 2,437,449 $ 110,243
Total 93,083 2,444,376
Accruing 0 0
Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 2,344,366 2,334,133
30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 46,892 59,625
60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 17,232 22,877
90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 28,959 27,741
Recreation [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,495,059 84,563
Total 65,694 1,492,540
Accruing 0 0
Recreation [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,429,365 1,407,977
Recreation [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 43,128 54,169
Recreation [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 15,301 20,376
Recreation [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 7,265 10,018
Home Improvement [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 806,958 9,225
Total 6,923 831,077
Accruing 0 0
Home Improvement [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 800,035 821,852
Home Improvement [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 3,700 5,407
Home Improvement [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,931 2,432
Home Improvement [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,292 1,386
Commercial Loans [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 121,583 16,337
Total 20,402 111,464
Accruing 0 0
Commercial Loans [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 101,181 95,127
Commercial Loans [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Commercial Loans [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Commercial Loans [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 20,402 16,337
Taxi Medallion [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,564 118
Total 64 1,909
Accruing 0 0
Taxi Medallion [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 1,500 1,791
Taxi Medallion [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 64 49
Taxi Medallion [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 69
Taxi Medallion [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Strategic Partnership [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 12,285 0
Total 0 7,386
Accruing 0 0
Strategic Partnership [Member] | Financial Asset, Not Past Due [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 12,285 7,386
Strategic Partnership [Member] | 30-59 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Strategic Partnership [Member] | 60-89 [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due 0 0
Strategic Partnership [Member] | 90+ [Member]    
Financing Receivable Recorded Investment Past Due [Line Items]    
Past Due $ 0 $ 0
v3.25.2
Loans and Allowance for Credit Losses - Summary of Aging of Loans and Loans Held for Sale (Parenthetical) (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Capitalized loan origination costs $ 47.6 $ 46.6
v3.25.2
Funds Borrowed - Schedule of Outstanding Balances of Funds Borrowed (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
2026 $ 750,778  
2027 547,954  
2028 439,412  
2029 241,129  
2030 216,994  
Thereafter 103,500  
Long term debt [1] $ 2,299,767 $ 2,376,413
Interest Rate [2] 4.14%  
Deposits [Member]    
Debt Instrument [Line Items]    
2026 [3] $ 664,028  
2027 [3] 543,454  
2028 [3] 385,662  
2029 [3] 199,629  
2030 216,994  
Thereafter [3] 0  
Long term debt [1],[3] $ 2,009,767 2,091,663
Interest Rate [2],[3] 3.81%  
Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
2026 $ 31,250  
2027 0  
2028 53,750  
2029 39,000  
2030 0  
Thereafter 22,500  
Long term debt [1] $ 146,500 146,500
Interest Rate [2] 8.12%  
SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
2026 $ 15,500  
2027 4,500  
2028 0  
2029 2,500  
2030 0  
Thereafter 48,000  
Long term debt [1] $ 70,500 70,250
Interest Rate [2] 3.81%  
Trust Preferred Securities [Member]    
Debt Instrument [Line Items]    
2026 $ 0  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 33,000  
Long term debt [1] $ 33,000 33,000
Interest Rate [2] 6.70%  
Federal Reserve and Other Borrowings [Member]    
Debt Instrument [Line Items]    
2026 $ 40,000  
2027 0  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Long term debt [1] $ 40,000 $ 35,000
Interest Rate [2] 4.50%  
[1] Excludes deferred financing costs of $8.5 million and $8.2 million as of June 30, 2025 and December 31, 2024.
[2] Weighted average contractual rate as of June 30, 2025.
[3] Balance excludes $4.6 million and $3.0 million of strategic partner reserve deposits and includes $4.6 million and $6.0 million in retail savings deposit balances as of June 30, 2025 and December 31, 2024.
v3.25.2
Funds Borrowed - Schedule of Outstanding Balances of Funds Borrowed (Parenthetical) (Detail) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Deferred costs $ 8.5 $ 8.2
Reserve deposits 4.6 3.0
Retail savings deposit balance $ 4.6 $ 6.0
v3.25.2
Funds Borrowed - Additional Information (Detail) - USD ($)
 6 Months Ended
Feb. 28, 2024
Dec. 31, 2007
Jun. 30, 2007
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2021
Debt Instrument [Line Items]            
Time deposits       $ 2,014,317,000    
Listing services deposits from other financial institutions.       11,700,000 $ 10,400,000  
Retail savings deposit balance       $ 4,600,000 $ 6,000,000  
Investment, Type [Extensible Enumeration]           us-gaap:EquitySecuritiesMember
Issue of common stock       29,527,502 29,308,182  
Preferred securities repurchased from a third party investor   $ 2,000,000        
Medallion Capital, Inc. [Member]            
Debt Instrument [Line Items]            
Debt instrument face amount $ 18,500,000          
Debt instrument leverage fee 200,000          
Debt instrument, additional leverage fee $ 400,000          
Trust Preferred Securities [Member]            
Debt Instrument [Line Items]            
Maturity date       Sep. 30, 2037    
Aggregate principal amount of unsecured junior subordinated notes     $ 36,100,000      
Investment, Type [Extensible Enumeration]     Unsecured Debt [Member]      
Sale of preferred securities     $ 35,000,000      
Issue of common stock     1,083      
Basis spread on variable rate       2.13%    
Description of variable rate basis       26 basis points    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]       Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]    
Preferred securities outstanding       $ 33,000,000    
Small Business Administration Debentures and Borrowings [Member]            
Debt Instrument [Line Items]            
Loan commitment term       4 years 6 months    
Commitment fee percentage       1.00%    
Small Business Administration Debentures and Borrowings [Member] | Medallion Capital, Inc. [Member]            
Debt Instrument [Line Items]            
Line Of Credit Facility Drawn Amount       $ 0    
Line Of Credit Facility Drawable Amount       10,300,000    
Federal reserve discount window and other borrowings [Member]            
Debt Instrument [Line Items]            
Home improvement loans pledged       $ 200,600,000    
Pledged Securities Advance Rate of Book Value       44.00%    
Line of credit facility maximum borrowing capacity       $ 88,700,000    
Long-term Line of Credit       40,000    
Commercial Banks [Member]            
Debt Instrument [Line Items]            
Line of credit facility maximum borrowing capacity       75,000,000    
Line of credit outstanding       0    
Minimum [Member]            
Debt Instrument [Line Items]            
Time deposits       $ 250,000,000    
Brokerage [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Average brokerage fee percentage in relation to the maturity of deposits       0.15%    
v3.25.2
Funds Borrowed - Summary of Maturity of Deposit Pools and Savings Deposits, Including Strategic Partner Reserve Deposits (Detail)
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
Three months or less $ 223,935
Over three months through six months 102,360
Over six months through one year 337,733
Over one year 1,345,739
Deposits 2,009,767
Strategic partner collateral deposits 4,550
Total deposits $ 2,014,317
v3.25.2
Funds Borrowed - Schedule of Private Placement Notes Outstanding (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 2,299,767 $ 2,376,413
Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 146,500 146,500
December 2020 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Dec. 31, 2027  
Interest Rate 7.50%  
Interest Payable Semi-annually  
Aggregate principal amount $ 53,750 53,750
February 2021 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Feb. 28, 2026  
Interest Rate 7.25%  
Interest Payable Semi-annually  
Aggregate principal amount $ 31,250 31,250
September 2023 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2028  
Interest Rate 9.25%  
Interest Payable Semi-annually  
Aggregate principal amount $ 39,000 39,000
June 2024 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Jun. 30, 2039  
Interest Rate 8.875%  
Interest Payable Semi-annually  
Aggregate principal amount $ 17,500 17,500
August 2024 [Member] | Privately Placed Notes [Member]    
Debt Instrument [Line Items]    
Maturity date Aug. 31, 2039  
Interest Rate 8.625%  
Interest Payable Semi-annually  
Aggregate principal amount $ 5,000 $ 5,000
[1] Excludes deferred financing costs of $8.5 million and $8.2 million as of June 30, 2025 and December 31, 2024.
v3.25.2
Funds Borrowed - Schedule of SBA Debentures and Borrowings (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 2,299,767 $ 2,376,413
SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Aggregate principal amount [1] $ 70,500 70,250
March 2015 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2025  
Interest Rate 2.87%  
Interest Payable Semi-annually  
Aggregate principal amount $ 0 10,000
September 2015 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2025  
Interest Rate 3.57%  
Interest Payable Semi-annually  
Aggregate principal amount $ 4,000 4,000
March 2016 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2026  
Interest Rate 3.25%  
Interest Payable Semi-annually  
Aggregate principal amount $ 1,500 1,500
March 2016 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2026  
Interest Rate 3.18%  
Interest Payable Semi-annually  
Aggregate principal amount $ 10,000 10,000
May 2016 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2026  
Interest Rate 2.72%  
Interest Payable Semi-annually  
Aggregate principal amount $ 2,500 2,500
March 2017 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2027  
Interest Rate 3.52%  
Interest Payable Semi-annually  
Aggregate principal amount $ 2,000 2,000
September 2018 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2028  
Interest Rate 4.22%  
Interest Payable Semi-annually  
Aggregate principal amount $ 1,250 1,250
March 2019 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2029  
Interest Rate 3.79%  
Interest Payable Semi-annually  
Aggregate principal amount $ 1,250 1,250
September 2020 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2030  
Interest Rate 1.71%  
Interest Payable Semi-annually  
Aggregate principal amount $ 3,000 3,000
June 2021 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2031  
Interest Rate 1.58%  
Interest Payable Semi-annually  
Aggregate principal amount $ 8,500 8,500
October 2021 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2032  
Interest Rate 3.21%  
Interest Payable Semi-annually  
Aggregate principal amount $ 7,000 7,000
October 2022 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2033  
Interest Rate 5.44%  
Interest Payable Semi-annually  
Aggregate principal amount $ 4,750 4,750
April 2023 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2033  
Interest Rate 5.96%  
Interest Payable Semi-annually  
Aggregate principal amount $ 4,750 4,750
September 2023 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2034  
Interest Rate 5.08%  
Interest Payable Semi-annually  
Aggregate principal amount $ 4,750 4,750
November 2023 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Mar. 31, 2034  
Interest Rate 5.08%  
Interest Payable Semi-annually  
Aggregate principal amount $ 5,000 5,000
March 2025 [Member] | SBA Debentures and Borrowings [Member]    
Debt Instrument [Line Items]    
Maturity date Sep. 30, 2035  
Interest Rate 5.00%  
Interest Payable Semi-annually  
Aggregate principal amount $ 10,250 $ 0
[1] Excludes deferred financing costs of $8.5 million and $8.2 million as of June 30, 2025 and December 31, 2024.
v3.25.2
Funds Borrowed - Schedule of SBA Debentures and Borrowings (Parenthetical) (Details)
Jun. 30, 2025
March 2025 [Member] | SBA Debentures and Borrowings [Member]  
Debt Instrument [Line Items]  
Interest Rate 5.00%
v3.25.2
Leases - Schedule of Operating Lease Costs and Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease costs $ 556 $ 607 $ 1,176 $ 1,210
Operating cash flows from operating leases 683 698 1,358 1,355
Right-of-use asset obtained in exchange for lease liability $ (63) $ (58) $ (126) $ (118)
v3.25.2
Leases - Schedule of Breakout of Operating Leases (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property Equipment And Right Of Use Asset Net Property Equipment And Right Of Use Asset Net
Operating lease right-of-use assets $ 5,946 $ 6,922
Other current liabilities $ 2,290 $ 2,294
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Operating lease liabilities Operating lease liabilities
Operating lease liabilities $ 4,041 $ 5,128
Total operating lease liabilities $ 6,331 $ 7,422
Weighted average remaining lease term 3 years 6 months 4 years 1 month 6 days
Weighted average discount rate 5.55% 5.56%
v3.25.2
Leases - Schedule of Maturities of the Lease Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Remainder of 2025 $ 1,275  
2026 2,567  
2027 1,342  
2028 575  
2029 589  
Thereafter 548  
Total lease payments 6,896  
Less imputed interest 565  
Total operating lease liabilities $ 6,331 $ 7,422
v3.25.2
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Provision for credit losses $ 17,035 $ 14,530
Accrued expenses, compensation, and other assets 4,888 5,612
Net operating loss carryforwards [1] 3,168 3,168
Other investments and investment securities 2,790 2,885
Valuation allowance (4,552) (4,418)
Total deferred tax assets 23,329 21,777
Goodwill and other intangibles 42,590 42,772
Total deferred tax liabilities 42,590 42,772
Deferred tax liability, net $ 19,261 $ 20,995
[1] As of June 30, 2025, the Company had an estimated $11.1 million of net operating loss carryforwards, $1.7 million of which expires at various dates between December 31, 2026 and December 31, 2035, which had a net carrying value of $0.5 million as of June 30, 2025.
v3.25.2
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - Medallion Chicago [Member]
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Income Tax Rate Reconciliation [Line Items]  
Net operating loss carryforwards $ 11.1
Net operating loss carryforwards expiration period expires at various dates between December 31, 2026 and December 31, 2035
Net operating loss carryforwards assets $ 0.5
December 31, 2026 To December 31, 2035 [Member]  
Income Tax Rate Reconciliation [Line Items]  
Net operating loss carryforwards $ 1.7
v3.25.2
Income Taxes - Summary of Components of Tax Provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Current        
Federal $ 5,757 $ 4,792 $ 10,418 $ 6,521
State 2,569 1,476 4,091 2,119
Deferred        
Federal (1,709) (1,916) (1,448) 1,200
State (812) (570) (543) 300
Total income tax provision $ 5,805 $ 3,782 $ 12,518 $ 10,140
v3.25.2
Income Taxes - Summary of Reconciliation of Statutory Federal Income Tax Provision to Consolidated Actual Income Tax Provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Statutory Federal income tax provision at 21% $ 4,089 $ 2,603 $ 8,339 $ 6,361
State and local income taxes, net of federal income tax benefit 889 509 1,812 1,244
Non-deductible (benefits) expenses (562) 374 1,010 2,154
Valuation allowance against deferred tax assets 324 0 134 0
Change in effective state income tax rates and accrual 696 0 696 0
Other 369 296 527 381
Total income tax provision $ 5,805 $ 3,782 $ 12,518 $ 10,140
v3.25.2
Income Taxes - Summary of Reconciliation of Statutory Federal Income Tax Provision to Consolidated Actual Income Tax Provision (Parenthetical) (Detail)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Statutory Federal income tax provision percentage 21.00% 21.00% 21.00% 21.00%
v3.25.2
Stock Options and Restricted Stock - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 15, 2018
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Feb. 29, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Stock option outstanding   838,813 [1] 889,928 [1]   838,813 [1]   913,909 959,522  
Stock option exercisable   838,813 [1]     838,813 [1]   829,286    
Unvested shares of common stock outstanding   0 0   0   84,623 261,875  
Number of shares vested and settled         323,977        
Unrecognized compensation cost related to unvested stock options, restricted stock, restricted stock units, and performance stock units   $ 8.1     $ 8.1        
Unrecognized compensation cost related to unvested stock options and restricted stock, recognition period         11 months        
Total stock based compensation expense   $ 1.7   $ 1.6 $ 3.4 $ 3.1      
Stock based compensation award per diluted common share   $ 0.07   $ 0.07 $ 0.14 $ 0.13      
Intrinsic value of options vested         $ 0.1        
Restricted Stock Units [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares outstanding   410,387     410,387        
Number of shares outstanding, vested restricted stock units   323,977     323,977        
Restricted Stock Units [Member] | Vest on June 12, 2026 [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares, granted   86,410     86,410        
Weighted average grant price, granted   $ 9.49     $ 9.49        
Restricted Stock Units [Member] | Vest on June 11, 2025 [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares, granted             92,350    
Weighted average grant price, granted             $ 8.23    
Restricted Shares [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares outstanding   727,415 [2] 727,891 [2]   727,415 [2]   909,028 995,376  
Number of shares vested and settled   0 484,823 [3]       400,985 [3]    
Weighted average fair value of options granted         $ 0 $ 0      
Number of shares, granted   0 307,059       347,158    
Weighted average grant price, granted   $ 0 $ 8.47       $ 9.17    
PSU [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares outstanding   823,854 823,854   823,854   512,131 296,444  
Number of shares vested and settled   0 0       0    
Number of shares, granted   0 311,723       215,687    
Weighted average grant price, granted   $ 0 $ 8.47       $ 8.97    
Unvested Performance Shares [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares outstanding, performance stock units   823,854     823,854        
Maximum [Member] | PSU [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting rights, percentage               200.00%  
Minimum [Member] | PSU [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Award vesting rights, percentage               0.00%  
2018 Equity Incentive Plan [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for grant   7,710,968     7,710,968        
Shares were rolled into the 2018 Plan   2,287,437     2,287,437        
2018 Equity Incentive Plan [Member] | Restricted Stock Units [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares outstanding   86,410     86,410        
2018 Restricted Stock Plan [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Unvested shares of common stock outstanding   727,415     727,415        
2015 Director Plan [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for grant 258,334               300,000
2015 Director Plan [Member] | Non Employee Director One [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for grant 12,000                
2015 Director Plan [Member] | Maximum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Vesting period 10 years                
Amended Director Plan [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for grant                 200,000
Number of additional shares available for issuance   0     0        
Amended Director Plan [Member] | Director [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Number of shares available for grant   9,000     9,000        
Amended Director Plan [Member] | Maximum [Member]                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Vesting period 10 years                
[1] The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at June 30, 2025 and the related exercise price of the underlying options, was $2.5 million for outstanding options, all of which had previously vested. The remaining contractual life was 4.7 years for outstanding options at June 30, 2025
[2] The aggregate fair value of the restricted stock was $6.9 million as of June 30, 2025. The remaining vesting period was 2.7 years at June 30, 2025.
[3] The aggregate fair value of the restricted stock vested was $4.2 million for the six months ended June 30, 2025 and $2.7 million for the year ended December 31, 2024
v3.25.2
Stock Options and Restricted Stock - Summary of Activity for Performance Stock Units and Restricted Stock Programs (Detail) - $ / shares
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares, vested     (323,977)  
Grant price per share, cancelled, lower limit   $ 4.89   $ 4.89
Grant price per share, cancelled, upper limit $ 0 $ 6.79   $ 7.25
Restricted Shares [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares, beginning balance 727,891 [1] 909,028 909,028 995,376
Number of shares, granted 0 307,059   347,158
Number of shares, cancelled (476) (3,373)   (32,521)
Number of shares, vested 0 (484,823) [2]   (400,985) [2]
Number of shares, ending balance 727,415 [1] 727,891 [1] 727,415 [1] 909,028
Grant price per share, lower range limit beginning balance $ 8.08 [1] $ 4.89 $ 4.89 $ 4.89
Grant price per share, upper range limit beginning balance 10.32 [1] 10.32 10.32 9.37
Grant price per share, granted, lower limit       8.97
Grant price per share, granted, upper limit 0 8.47   10.32
Grant price per share, cancelled, lower limit 9.37 4.89   4.89
Grant price per share, cancelled, upper limit 10.32 10.32   10.32
Grant price per share, vested, lower limit [2]   4.89   4.89
Grant price per share, vested, upper limit 0 8.97 [2]   8.4 [2]
Grant price per share, lower range limit ending balance 8.08 [1] 8.08 [1] 8.08 [1] 4.89
Grant price per share, upper range limit ending balance 10.32 [1] 10.32 [1] 10.32 [1] 10.32
Weighted average grant price beginning balance 8.77 [1] 8.3 8.3 7.74
Weighted average grant price, granted 0 8.47   9.17
Weighted average grant price, cancelled 9.7 8.86   8.07
Weighted average grant price, vested 0 7.7 [2]   7.69 [2]
Weighted average grant price, ending balance $ 8.77 [1] $ 8.77 [1] $ 8.77 [1] $ 8.3
PSU [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares, beginning balance 823,854 512,131 512,131 296,444
Number of shares, granted 0 311,723   215,687
Number of shares, cancelled 0 0   0
Number of shares, vested 0 0   0
Number of shares, ending balance 823,854 823,854 823,854 512,131
Grant price per share, lower range limit beginning balance $ 6.08 $ 6.08 $ 6.08 $ 6.08
Grant price per share, upper range limit beginning balance 8.97 8.97 8.97  
Grant price per share, granted, upper limit 0 8.47   8.97
Grant price per share, cancelled, upper limit 0 0   0
Grant price per share, vested, upper limit 0 0   0
Grant price per share, lower range limit ending balance 6.08 6.08 6.08 6.08
Grant price per share, upper range limit ending balance 8.97 8.97 8.97 8.97
Weighted average grant price beginning balance 7.74 7.3 7.3 6.08
Weighted average grant price, granted 0 8.47   8.97
Weighted average grant price, cancelled 0 0   0
Weighted average grant price, vested 0 0   0
Weighted average grant price, ending balance $ 7.3 $ 7.74 $ 7.3 $ 7.3
[1] The aggregate fair value of the restricted stock was $6.9 million as of June 30, 2025. The remaining vesting period was 2.7 years at June 30, 2025.
[2] The aggregate fair value of the restricted stock vested was $4.2 million for the six months ended June 30, 2025 and $2.7 million for the year ended December 31, 2024
v3.25.2
Stock Options and Restricted Stock - Summary of Activity for Performance Stock Units and Restricted Stock Programs (Parenthetical) (Detail) - Restricted Shares [Member] - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate fair value of restricted stock vested $ 4.2 $ 2.7
Aggregate fair value of restricted stock outstanding $ 6.9  
Remaining vesting period of restricted stock 2 years 8 months 12 days  
v3.25.2
Stock Options and Restricted Stock - Summary of Activity for Stock Option Programs (Detail) - $ / shares
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of options beginning balance 889,928 [1] 913,909 959,522
Granted 0 0 0
Cancelled (10,054) (23,716) (4,748)
Exercised (41,061) [2] (265) [2] (40,865)
Number of options ending balance 838,813 [1] 889,928 [1] 913,909
Options exercisable 838,813 [1]   829,286
Exercise price per share, lower range limit beginning balance $ 2.14 [1] $ 2.14 $ 2.14
Exercise price per share, upper range limit beginning balance 9.38 [1] 9.38 9.38
Exercise price per share, granted 0 0 0
Exercise price per share, exercised [2]   4.89  
Exercise price per share, lower range limit ending balance 2.14 2.14 [1] 2.14
Exercise price per share, upper range limit ending balance 7.25 9.38 [1] 9.38
Exercise price per share, option exercisable lower range limit 2.14   2.14
Exercise price per share, option exercisable upper range limit 7.25   9.38
Weighted average exercise price, beginning balance 6.67 [1] 6.52 6.51
Weighted average exercise price, granted 0 0 0
Weighted average exercise price, cancelled 9.05 6.67 6.15
Weighted average exercise price, exercised 6.23 [2] 4.89 [2] 6.35
Weighted average exercise price, ending balance 6.5 [1] 6.67 [1] 6.52
Weighted average exercise price, options exercisable 6.5 [1]   6.53
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price per share, cancelled 4.89 4.89 4.89
Exercise price per share, exercised 4.89   4.89
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercise price per share, cancelled 9.38 $ 7.25 7.25
Exercise price per share, exercised $ 7.25   $ 7.25
[1] The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at June 30, 2025 and the related exercise price of the underlying options, was $2.5 million for outstanding options, all of which had previously vested. The remaining contractual life was 4.7 years for outstanding options at June 30, 2025
[2] The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was less than $0.1 million for both the three and six months ended June 30, 2025 and the year ended December 31, 2024.
v3.25.2
Stock Options and Restricted Stock - Summary of Activity for Stock Option Programs (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Aggregate intrinsic value for option exercised $ 0.1 $ 0.1 $ 0.1
Aggregate intrinsic value of option outstanding $ 2.5 $ 2.5  
Remaining contractual life of option outstanding   4 years 8 months 12 days  
v3.25.2
Stock Options and Restricted Stock - Summary of Activity for Unvested Options Outstanding (Detail) - $ / shares
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]        
Number of options beginning balance 0 84,623 84,623 261,875
Number of options, granted 0 0   0
Number of options, cancelled   (119)   (3,822)
Number of options, vested 0 (84,504)   (173,430)
Number of options ending balance 0 0 0 84,623
Exercise price per share beginning balance, Lower limit   $ 4.89 $ 4.89 $ 4.89
Exercise price per share beginning balance, Upper limit $ 0 6.79 6.79 7.25
Exercise price per share, Cancelled, Lower limit       4.89
Exercise price per share, Cancelled, Upper limit   4.89   7.25
Exercise price per share, Vested, Lower limit   4.89   4.89
Exercise price per share, Vested, Upper limit 0 6.79   7.25
Exercise price per share ending balance, Lower limit       4.89
Exercise price per share ending balance, Upper limit 0 0 0 6.79
Weighted average exercise price 0 6.37 6.37 6.49
Weighted average exercise price, cancelled   4.89   6.22
Weighted average exercise price, vested 0 6.37   6.56
Weighted average exercise price $ 0 $ 0 $ 0 $ 6.37
v3.25.2
Stock Options and Restricted Stock - Summary of Activity for Unvested Options Outstanding (Parenthetical) (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]  
Intrinsic value of options vested $ 0.1
v3.25.2
Segment Reporting - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2025
Segment
Segment Reporting Disclosure [Line Items]  
Number of business segments 5
Number of operating segments 4
Number of non-operating segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember, srt:ChiefFinancialOfficerMember, srt:ChiefOperatingOfficerMember, srt:PresidentMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM primarily uses segment information to identify areas to improve efficiency of resources allocation, determine where to reinvest profits, and minimize unnecessary expenses. The CODM assesses segment performance mainly through selected financial ratios such as returns on average assets and net interest margin, which identifies areas requiring action.
Roofs [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 30.00%
Swimming Pools [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 30.00%
Windows [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 11.00%
Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Texas [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 16.00%
Texas [Member] | Home Improvement [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 12.00%
Florida [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Florida [Member] | Home Improvement [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 13.00%
Other States [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Other States [Member] | Home Improvement [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Recreational Vehicles [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 54.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Boats [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 21.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Cars [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 12.00%
Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 10.00%
Commercial Lending Segment [Member] | Manufacturing [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 57.00%
Commercial Lending Segment [Member] | Construction [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 18.00%
Commercial Lending Segment [Member] | Wholesale Trade [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 11.00%
Commercial Lending Segment [Member] | Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 10.00%
Commercial Lending Segment [Member] | California [Member]  
Segment Reporting Disclosure [Line Items]  
Loan outstanding percent 29.00%
Commercial Lending Segment [Member] | Geographic Concentration Risk [Member] | Sales Revenue Net [Member] | Other Product Lines [Member]  
Segment Reporting Disclosure [Line Items]  
Aggregate percentage of loans lending 10.00%
v3.25.2
Segment Reporting - Schedule of Segment Data (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Disclosure [Line Items]              
Total interest income $ 77,442   $ 70,704   $ 152,867 $ 137,774  
Total interest expense 24,072   20,836   48,085 39,989  
Net interest income 53,370   49,868   104,782 97,785  
Provision (benefit) for credit losses 21,562 $ 22,014 18,577 $ 17,201 43,576 35,778  
Net interest income after provision for credit losses 31,808   31,291   61,206 62,007  
Other income, net 9,209   1,099   20,808 6,502  
Operating expenses (21,545)   (19,995)   (42,303) (38,220)  
Income before income taxes 19,472   12,395   39,711 30,289  
Income tax (provision) benefit (5,805)   (3,782)   (12,518) (10,140)  
Net income (loss) after taxes 13,667 $ 13,526 8,613 $ 11,536 27,193 20,149  
Income attributable to the non-controlling interest 2,598   1,512   4,110 3,024  
Net income attributable to Medallion Financial Corp. 11,069   7,101   23,083 17,125  
Balance Sheet Data              
Total loans, gross 2,305,665       2,305,665   $ 2,265,428
Net loans 2,485,051 [1]   2,385,590   2,485,051 [1] 2,385,590 2,491,022
Total assets 2,879,994   2,760,876   2,879,994 2,760,876 $ 2,868,606
Total funds borrowed $ 2,304,317   $ 2,283,656   $ 2,304,317 $ 2,283,656  
Selected Financial Ratios              
Return on average assets 1.93%   1.30%   1.93% 1.55%  
Return on average stockholders' equity 11.49%   8.14%   12.21% 9.89%  
Return on average equity 11.13%   8.25%   11.63% 9.70%  
Interest yield 11.75%   11.52%   11.70% 11.42%  
Net interest margin, gross 8.09%   8.12%   8.01% 8.11%  
Net interest margin, net of allowance 8.42%   8.42%   8.33% 8.40%  
Reserve coverage 4.43% [2]   3.76% [3]   4.43% [4] 3.76% [5]  
Delinquency status 1.19% [6]   0.67% [7]   1.19% [8] 0.67% [9]  
Charge-off (recovery) ratio 2.44% [10]   2.20% [11]   2.77% [12] 2.68% [13]  
Operating Segments [Member] | Recreation [Member]              
Selected Financial Ratios              
Charge-off (recovery) ratio 3.11%       3.71%    
Operating Segments [Member] | Consumer Lending [Member] | Recreation [Member]              
Segment Reporting Disclosure [Line Items]              
Total interest income $ 51,101   $ 47,490   $ 101,567 $ 91,417  
Total interest expense 12,854   10,960   24,895 20,605  
Net interest income 38,247   36,530   76,672 70,812  
Provision (benefit) for credit losses 15,336   15,795   32,206 32,825  
Net interest income after provision for credit losses 22,911   20,735   44,466 37,987  
Other income, net 1,366   306   1,766 556  
Operating expenses (10,036)   (11,236)   (20,000) (19,523)  
Income before income taxes 14,241   9,805   26,232 19,020  
Income tax (provision) benefit (4,292)   (3,094)   (8,269) (6,368)  
Net income (loss) after taxes 9,949   6,711   17,963 12,652  
Balance Sheet Data              
Total loans, gross 1,546,252 [1]   1,497,428   1,546,252 [1] 1,497,428  
Total assets 1,493,721   1,451,947   1,493,721 1,451,947  
Total funds borrowed $ 1,195,144   $ 1,200,977   $ 1,195,144 $ 1,200,977  
Selected Financial Ratios              
Return on average assets 2.67%   1.95%   2.42% 1.87%  
Return on average equity 15.59%   13.05%   14.25% 12.31%  
Interest yield 13.39%   13.30%   13.34% 13.20%  
Net interest margin, gross 10.02%   10.23%   10.07% 10.23%  
Net interest margin, net of allowance 10.53%   10.69%   10.57% 10.69%  
Reserve coverage 5.05% [2]   4.35% [3]   5.05% [4] 4.35% [5]  
Delinquency status 0.49% [6]   0.41% [7]   0.49% [8] 0.41% [9]  
Charge-off (recovery) ratio 3.25% [10]   2.99% [11]   3.94% [12] 3.64% [13]  
Operating Segments [Member] | Consumer Lending [Member] | Home Improvement [Member]              
Segment Reporting Disclosure [Line Items]              
Total interest income $ 20,133   $ 17,651   $ 39,904 $ 35,098  
Total interest expense 7,325   6,106   14,289 11,740  
Net interest income 12,808   11,545   25,615 23,358  
Provision (benefit) for credit losses 3,934   3,279   6,779 4,177  
Net interest income after provision for credit losses 8,874   8,266   18,836 19,181  
Other income, net 3   3   5 5  
Operating expenses (4,710)   (5,457)   (9,694) (9,571)  
Income before income taxes 4,167   2,812   9,147 9,615  
Income tax (provision) benefit (1,232)   (802)   (2,884) (3,219)  
Net income (loss) after taxes 2,935   2,010   6,263 6,396  
Balance Sheet Data              
Total loans, gross 803,535 [1]   773,184   803,535 [1] 773,184  
Total assets 787,432   758,840   787,432 758,840  
Total funds borrowed $ 630,034   $ 627,674   $ 630,034 $ 627,674  
Selected Financial Ratios              
Return on average assets 1.49%   1.08%   1.58% 1.72%  
Return on average equity 8.68%   7.00%   9.31% 11.04%  
Interest yield 9.99%   9.32%   9.88% 9.29%  
Net interest margin, gross 6.35%   6.10%   6.34% 6.18%  
Net interest margin, net of allowance 6.52%   6.25%   6.50% 6.34%  
Reserve coverage 2.54% [2]   2.38% [3]   2.54% [4] 2.38% [5]  
Delinquency status 0.16% [6]   0.17% [7]   0.16% [8] 0.17% [9]  
Charge-off (recovery) ratio 1.87% [10]   1.49% [11]   1.71% [12] 1.80% [13]  
Operating Segments [Member] | Commercial Lending [Member]              
Segment Reporting Disclosure [Line Items]              
Total interest income $ 3,755   $ 3,538   $ 7,098 $ 7,183  
Total interest expense 1,157   1,056   2,210 2,154  
Net interest income 2,598   2,482   4,888 5,029  
Provision (benefit) for credit losses 2,912   478   6,026 694  
Net interest income after provision for credit losses (314)   2,004   (1,138) 4,335  
Other income, net 6,358   (14)   16,000 4,188  
Operating expenses (1,409)   (1,437)   (2,882) (2,422)  
Income before income taxes 4,635   553   11,980 6,101  
Income tax (provision) benefit (1,337)   (72)   (3,773) (2,043)  
Net income (loss) after taxes 3,298   481   8,207 4,058  
Balance Sheet Data              
Total loans, gross 121,415 [1]   110,197   121,415 [1] 110,197  
Total assets 111,961   105,548   111,961 105,548  
Total funds borrowed $ 89,581   $ 87,304   $ 89,581 $ 87,304  
Selected Financial Ratios              
Return on average assets 11.94%   1.86%   15.15% 7.68%  
Return on average equity 69.66%   12.09%   88.99% 49.32%  
Interest yield 12.68%   13.08%   12.38% 12.97%  
Net interest margin, gross 8.78%   9.18%   8.53% 9.08%  
Net interest margin, net of allowance 9.49%   9.57%   9.10% 9.45%  
Reserve coverage 9.14% [2]   4.41% [3]   9.14% [4] 4.41% [5]  
Delinquency status 16.78% [6]   7.52% [7]   16.78% [8] 7.52% [9]  
Charge-off (recovery) ratio (0.03%) [10]   0.00% [11]   0.21% [12] (0.04%) [13]  
Operating Segments [Member] | Taxi Medallion Lending [Member]              
Segment Reporting Disclosure [Line Items]              
Total interest income $ 72   $ 190   $ 152 $ 330  
Total interest expense 38   25   50 53  
Net interest income 34   165   102 277  
Provision (benefit) for credit losses (620)   (975)   (1,435) (1,918)  
Net interest income after provision for credit losses 654   1,140   1,537 2,195  
Other income, net 748   334   1,592 973  
Operating expenses (840)   (1,373)   (1,823) (2,116)  
Income before income taxes 562   101   1,306 1,052  
Income tax (provision) benefit (168)   (14)   (415) (352)  
Net income (loss) after taxes 394   87   891 700  
Balance Sheet Data              
Total loans, gross 1,564 [1]   3,482   1,564 [1] 3,482  
Total assets 6,009   7,511   6,009 7,511  
Total funds borrowed $ 4,808   $ 6,213   $ 4,808 $ 6,213  
Selected Financial Ratios              
Return on average assets 26.30%   4.29%   29.00% 14.89%  
Return on average equity 142.23%   25.69%   162.17% 90.99%  
Interest yield 17.97%   21.62%   19.07% 18.78%  
Net interest margin, gross 8.49%   18.78%   12.45% 15.59%  
Net interest margin, net of allowance 10.95%   31.77%   16.44% 26.61%  
Reserve coverage 21.62% [2]   40.18% [3]   21.62% [4] 40.18% [5]  
Delinquency status 0.00% [6]   0.00% [7]   0.00% [8] 0.00% [9]  
Charge-off (recovery) ratio (143.02%) [10]   (98.90%) [11]   (150.51%) [12] (100.16%) [13]  
Intersegment Eliminations [Member]              
Segment Reporting Disclosure [Line Items]              
Total interest income $ 2,381   $ 1,835   $ 4,146 $ 3,746  
Total interest expense 2,698   2,689   6,641 5,437  
Net interest income (317)   (854)   (2,495) (1,691)  
Provision (benefit) for credit losses 0   0   0 0  
Net interest income after provision for credit losses (317)   (854)   (2,495) (1,691)  
Other income, net 734   470   1,445 780  
Operating expenses (4,550)   (492)   (7,904) (4,588)  
Income before income taxes (4,133)   (876)   (8,954) (5,499)  
Income tax (provision) benefit 1,224   200   2,823 1,842  
Net income (loss) after taxes (2,909)   (676)   (6,131) (3,657)  
Balance Sheet Data              
Total loans, gross 12,285 [1]   1,299   12,285 [1] 1,299  
Total assets 480,871   437,030   480,871 437,030  
Total funds borrowed $ 384,750   $ 361,488   $ 384,750 $ 361,488  
Selected Financial Ratios              
Return on average assets (2.53%)   (0.61%)   (2.71%) (1.69%)  
Return on average equity (15.48%)   (3.88%)   (16.40%) (10.64%)  
[1] Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
[2] Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
[3] Inclusive of recreation and strategic partnership loans held for sale, at lower of amortized cost or fair value.
[4] Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
[5] Allowance for credit loss as a percent of gross loans held for investment and excludes loans held for sale.
[6] Loans 90 days or more past due as a percent of total loans.
[7] Loans 90 days or more past due as a percent of total loans.
[8] Loans 90 days or more past due as a percent of total loans.
[9] Loans 90 days or more past due as a percent of total loans.
[10] Charge-off ratio in the recreation lending segment was 3.11% when including loans held for sale.
[11] Net charge-offs as a percent of annual average total gross loans.
[12] Charge-off ratio in the recreation lending segment was 3.71% when including loans held for sale.
[13] Net charge-offs as a percent of annual average total gross loans.
v3.25.2
Segment Reporting - Schedule of Segment Data (Parenthetical) (Detail)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
 [2]
Jun. 30, 2025
Jun. 30, 2024
 [4]
Segment Reporting Disclosure [Line Items]        
Charge-off ratio 2.44% [1] 2.20% 2.77% [3] 2.68%
Recreation [Member] | Operating Segments [Member]        
Segment Reporting Disclosure [Line Items]        
Charge-off ratio 3.11%   3.71%  
[1] Charge-off ratio in the recreation lending segment was 3.11% when including loans held for sale.
[2] Net charge-offs as a percent of annual average total gross loans.
[3] Charge-off ratio in the recreation lending segment was 3.71% when including loans held for sale.
[4] Net charge-offs as a percent of annual average total gross loans.
v3.25.2
Commitments and Contingencies - Additional Information (Detail) - USD ($)
 6 Months Ended
Jun. 30, 2025
May 30, 2025
Commitments And Contingencies [Abstract]    
Employment agreements expiration description employment agreements expire at various dates through 2028  
Future minimum payments $ 8,600,000  
Other commitment $ 0  
Civil penalty   $ 3,000,000
v3.25.2
Related Party Transactions - Additional Information (Detail) - Executive Vice President [Member] - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]      
Salary from related party $ 269,000   $ 260,988
Annual cash bonus 75,000 $ 95,000  
Equity bonus $ 50,000 $ 52,000  
v3.25.2
Fair Value of Financial Instruments - Summary of Carrying Values and Fair Values of Financial Instruments (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Financial assets    
Investment securities $ 61,529 $ 54,805
Loans held for sale, at lower of amortized cost or fair value 72,490 128,226
Equity securities, fair value 1,800 1,700
Level 1 [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 750 [1] 168,322 [2]
Investment securities 61,529 0
Loans held for investment, net of allowance 0 0
Loans held for sale, at lower of amortized cost or fair value 0 0
Accrued interest receivable 0 [3] 15,314 [4]
Equity securities, fair value 0 1,732
Financial liabilities    
Funds borrowed 2,318,531 [5] 0 [6]
Accrued interest payable 0 8,231
Level 2 [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 0 [1] 1,250 [2]
Investment securities 0 54,805
Loans held for investment, net of allowance 2,255,160 0
Loans held for sale, at lower of amortized cost or fair value 75,573 0
Accrued interest receivable 0 [3] 0 [4]
Equity securities, fair value 0 0
Financial liabilities    
Funds borrowed 0 [5] 2,371,434 [6]
Accrued interest payable 0 0
Level 3 [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 151,244 [1] 0 [2]
Investment securities 0 0
Loans held for investment, net of allowance 0 2,238,645
Loans held for sale, at lower of amortized cost or fair value 0 133,244
Accrued interest receivable 15,294 [3] 0 [4]
Equity securities, fair value 1,763 0
Financial liabilities    
Funds borrowed 0 [5] 0 [6]
Accrued interest payable 5,746 0
Carrying Amount [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 151,994 [1] 169,572 [2]
Investment securities 61,529 54,805
Loans held for investment, net of allowance 2,305,665 2,265,428
Loans held for sale, at lower of amortized cost or fair value 72,490 128,226
Accrued interest receivable 15,294 [3] 15,314 [4]
Equity securities, fair value 1,763 1,732
Financial liabilities    
Funds borrowed 2,304,317 [5] 2,379,413 [6]
Accrued interest payable 5,746 8,231
Fair Value Recurring [Member]    
Financial assets    
Cash, cash equivalents, and federal funds sold 151,994 [1] 169,572 [2]
Investment securities 61,529 54,805
Loans held for investment, net of allowance 2,255,160 2,238,645
Loans held for sale, at lower of amortized cost or fair value 75,573 133,244
Accrued interest receivable 15,294 [3] 15,314 [4]
Equity securities, fair value 1,763 1,732
Financial liabilities    
Funds borrowed 2,318,531 [5] 2,371,434 [6]
Accrued interest payable 5,746 8,231
Fair Value Recurring [Member] | Level 1 [Member]    
Financial assets    
Equity securities, fair value $ 1,763 $ 1,732
[1] Includes federal funds sold and interest bearing deposits in other banks.
[2] Includes federal funds sold and interest bearing deposits in other banks.
[3] Included within other assets on the balance sheet.
[4] Included within other assets on the balance sheet.
[5] Excludes deferred financing costs of $8.5 million.
[6] Excludes deferred financing costs of $8.2 million.
v3.25.2
Fair Value of Financial Instruments - Summary of Carrying Values and Fair Values of Financial Instruments (Parenthetical) (Detail) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Deferred financing costs $ 8.5 $ 8.2
v3.25.2
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Equity securities, fair value $ 1,800 $ 1,700
Level 1 [Member]    
Assets    
Equity securities, fair value 0 1,732
Level 2 [Member]    
Assets    
Equity securities, fair value 0 0
Fair Value Recurring [Member]    
Assets    
Investment securities 61,529 [1] 54,805 [2]
Equity securities, fair value 1,763 1,732
Total 63,292 56,537
Fair Value Recurring [Member] | Level 1 [Member]    
Assets    
Equity securities, fair value 1,763 1,732
Total 1,763 1,732
Fair Value Recurring [Member] | Level 2 [Member]    
Assets    
Investment securities 61,529 [1] 54,805 [2]
Total $ 61,529 $ 54,805
[1] Total unrealized losses of $0.1 million and unrealized gains of $0.5 million, net of tax, related to these assets was included in other comprehensive income for the three and six months ended June 30, 2025.
[2] Total unrealized losses of less than $0.1 million, net of tax, related to these assets was included in other comprehensive income for the year ended December 31, 2024.
v3.25.2
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Net change in unrealized gains (losses) on investments, net of tax $ 0.1    
Maximum [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Net change in unrealized gains (losses) on investments, net of tax   $ 0.5 $ 0.1
v3.25.2
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Equity investments $ 1,800 $ 1,700
Level 3 [Member]    
Assets    
Equity investments 1,763 0
Fair Value, Nonrecurring    
Assets    
Equity investments 0 1,374
Total 0 1,374
Fair Value, Nonrecurring | Level 3 [Member]    
Assets    
Equity investments 0 1,374
Total $ 0 $ 1,374
v3.25.2
Fair Value of Assets and Liabilities - Summary of Valuation Techniques and Significant Unobservable Inputs Used in Non-Recurring Level 3 Fair Value Measurements of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity investments $ 1,800 $ 1,700
Level 3 [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity investments 1,763 0
Level 3 [Member] | Equity Investments [Member] | Investee Financial Analysis [Member] | Measurement Input Financial Condition and Operational Performance [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Equity investments $ 0 $ 1,374
v3.25.2
Medallion Bank Preferred Stock (Non-controlling Interest) - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
May 29, 2025
Dec. 17, 2019
Jul. 21, 2011
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2021
Changes In Equity And Comprehensive Income Line Items [Line Items]            
Carrying amount       $ 0 $ 0  
Investment, Type [Extensible Enumeration]           us-gaap:EquitySecuritiesMember
Capital Purchase Program [Member]            
Changes In Equity And Comprehensive Income Line Items [Line Items]            
US Treasury shares purchased     26,303      
Investment, Type [Extensible Enumeration]     U.S. Treasury Securities [Member]      
Preferred stock, liquidation preference per share       $ 1,000    
Series F Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock [Member]            
Changes In Equity And Comprehensive Income Line Items [Line Items]            
Initial public offering shares   1,840,000        
Preferred stock, aggregate liquidation amount   $ 46,000        
Preferred stock, net of liquidation amount   $ 42,500        
Percentage of dividend payment rate   8.00%        
Percentage of liquidation rate basis   6.46%        
Preferred stock redemption price per share $ 25          
Redemption charges $ 3,500          
Carrying amount $ 42,500          
Dividend description of variable rate basis   three-month Term 90-day SOFR        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   Secured Overnight Financing Rate (SOFR) [Member]        
Investment, Variable Interest Rate, Type [Extensible Enumeration]   Secured Overnight Financing Rate (SOFR) [Member]        
Preferred stock, liquidation preference per share   $ 25        
Series G Fixed To Floating Rate Noncumulative Perpetual Preferred Stock [Member]            
Changes In Equity And Comprehensive Income Line Items [Line Items]            
Initial public offering shares 3,100,000          
Preferred stock, aggregate liquidation amount $ 77,500          
Preferred stock, net of liquidation amount $ 73,100          
Percentage of dividend payment rate 9.00%          
Percentage of liquidation rate basis 4.94%          
Dividend description of variable rate basis five-year U.S. Treasury rate plus a spread          
Investment, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) [Member]          
Preferred stock, liquidation preference per share $ 25          
Series E Senior Non-Cumulative Perpetual Preferred Stock [Member] | Capital Purchase Program [Member]            
Changes In Equity And Comprehensive Income Line Items [Line Items]            
Percentage of dividend payment rate       9.00%    
Aggregate purchase price     $ 26,300      
v3.25.2
Subsequent Events - Additional Information (Details) - Subsequent Event - Series F Preferred Stock
$ in Millions
Jul. 01, 2025
USD ($)
Subsequent Event [Line Items]  
Preferred stock aggregate amount $ 46.0
Redemption charges $ 3.5