Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Mar. 11, 2022 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | MEDALLION FINANCIAL CORP | |
Entity Central Index Key | 0001000209 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,543,325 | |
Entity Public Float | $ 182,908,826 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
ICFR Auditor Attestation Flag | true | |
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 $0.01 per share | |
Trading Symbol | MFIN | |
Security Exchange Name | NASDAQ | |
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement for its 2022 Annual Meeting of Shareholders, for which a Definitive Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year-end of December 31, 2021 , are incorporated by reference into Part III of this Form 10-K. | |
Auditor Firm ID | 339 | |
Auditor Name | Mazars USA LLP | |
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | [1] | $ 64,482 | $ 54,743 |
Federal funds sold | 60,002 | 57,297 | |
Investment securities | 44,772 | 46,792 | |
Equity investments | 9,726 | 9,746 | |
Loans | 1,488,924 | 1,229,838 | |
Allowance for loan losses | [2] | (50,166) | (57,548) |
Net loans receivable | 1,438,758 | 1,172,290 | |
Goodwill | 150,803 | 150,803 | |
Loan collateral in process of foreclosure | [3] | 37,430 | 54,560 |
Intangible assets, net | 23,480 | 51,090 | |
Property, equipment, and right-of-use lease asset, net | 11,762 | 12,404 | |
Accrued interest receivable | 10,621 | 10,338 | |
Income tax receivable | 833 | 1,757 | |
Other assets | 20,388 | 20,591 | |
Total assets | 1,873,057 | 1,642,411 | |
Liabilities | |||
Deposits | [4] | 1,250,880 | 1,065,398 |
Long-term Debt | [5] | 219,973 | 153,718 |
Deferred tax liabilities, net | 18,210 | 807 | |
Operating lease liabilities | 9,053 | 11,018 | |
Accrued interest payable | 3,395 | 4,673 | |
Short-term borrowings | 0 | 87,334 | |
Accounts payable and accrued expenses | [6] | 15,718 | 14,902 |
Total liabilities | 1,517,229 | 1,337,850 | |
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- XX shares at December 31, 2021 and 27,828,871 shares at December 31, 2020 issued) | 281 | 278 | |
Additional paid in capital | 280,038 | 277,539 | |
Treasury stock (2,951,243 shares at December 31, 2021 and December 31, 2020) | (24,919) | (24,919) | |
Accumulated other comprehensive income (loss) | 1,034 | 2,012 | |
Retained earnings (accumulated deficit) | 30,606 | (23,502) | |
Total stockholders’ equity | 287,040 | 231,408 | |
Non-controlling interest in consolidated subsidiaries | 68,788 | 73,153 | |
Total equity | 355,828 | 304,561 | |
Total liabilities and equity | $ 1,873,057 | $ 1,642,411 | |
Number of shares outstanding | 25,173,386 | 24,877,628 | |
Book value per share | $ 11.40 | $ 9.30 | |
[1] | Includes restricted cash of $ 3.0 million as of December 31, 2021 and 2020 . | ||
[2] | As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. | ||
[3] | Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by the Bank of $ 7.4 million and $ 3.5 million as of December 31, 2021 and 2020 . | ||
[4] | Includes $ 3.2 million and $ 2.7 million of deferred financing costs as of December 31, 2021 and 2020 . Refer to Note 5 for more details. | ||
[5] | Includes $ 4.0 million and $ 3.1 million of deferred financing costs as of December 31, 2021 and 2020 . Refer to Note 5 for more details. | ||
[6] | Includes the short-term portion of lease liabilities of $ 2.2 million and $ 2.0 million as of December 31, 2021 and 2020 . Refer to Note 6 for more details. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 28,124,629 | 27,828,871 |
Treasury stock,shares | 2,951,243 | 2,951,243 |
Restricted cash | $ 3 | $ 3 |
Loan collateral in process of foreclosure, financed sales collateral to third parties | 7.4 | 3.5 |
Short term lease liabilities | 2.2 | 2 |
Deposits [Member] | ||
Deferred financing costs | 3.2 | 2.7 |
Long-Term Debt [Member] | ||
Deferred financing costs | $ 4 | $ 3.1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Interest and fees on loans | $ 157,990 | $ 143,701 | $ 130,167 | |
Interest and dividends on investment securities | 976 | 1,208 | 2,225 | |
Medallion lease income | 0 | 53 | 170 | |
Total interest income /total investment income | [1] | 158,966 | 144,962 | 132,562 |
Interest on deposits | 17,543 | 22,330 | 22,521 | |
Interest on short-term borrowings | 690 | 2,006 | 3,242 | |
Interest on long-term debt | 12,907 | 9,815 | 9,282 | |
Total interest expense | [2] | 31,140 | 34,151 | 35,045 |
Net interest income (loss) | 127,826 | 110,811 | 97,517 | |
Provision for loan losses | 4,622 | 69,817 | 47,386 | |
Net interest income (loss) after provision (benefit) for loan losses | 123,204 | 40,994 | 50,131 | |
Other income (loss) | ||||
Sponsorship and race winnings, net | 12,567 | 20,042 | 18,742 | |
Gain (loss) on equity investments | 17,379 | (2,985) | 0 | |
Writedown of loan collateral in process of foreclosure | (5,592) | (24,523) | 4,381 | |
Gain on extinguishment of debt | 4,626 | 4,145 | ||
Other income | 2,586 | 1,530 | 1,881 | |
Total other income (loss), net | 31,566 | (5,936) | 20,387 | |
Other expenses | ||||
Salaries and employee benefits | 31,591 | 28,172 | 24,971 | |
Race team related expenses | 9,559 | 8,366 | 8,996 | |
Loan servicing fees | 7,013 | 6,737 | 5,253 | |
Professional fees | 5,311 | 8,047 | 7,402 | |
Collection costs | 5,279 | 5,454 | 6,638 | |
Rent expense | 2,454 | 2,833 | 2,419 | |
Regulatory fees | 1,872 | 1,822 | 1,722 | |
Amortization of intangible assets | 1,445 | 1,445 | 1,446 | |
Travel, meals, and entertainment | 634 | 375 | 1,138 | |
Other expenses | 7,741 | 8,788 | 8,196 | |
Total other expenses | 72,899 | 72,039 | 68,181 | |
Income (loss) before income taxes | 81,871 | (36,981) | 2,337 | |
Income tax (provision) benefit | (24,217) | 10,074 | (341) | |
Net income (loss) after taxes | 57,654 | (26,907) | 1,996 | |
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | 57,654 | (26,907) | 1,996 | |
Less: income attributable to the non-controlling interest | 3,546 | 7,876 | 3,758 | |
Total net income (loss) attributable to Medallion Financial Corp. | $ 54,108 | $ (34,783) | $ (1,762) | |
Basic net income (loss) per share | $ 2.20 | $ (1.42) | $ (0.07) | |
Diluted net income loss per share | 2.17 | (1.42) | (0.07) | |
Distributions declared per share | $ 0 | $ 0 | $ 0 | |
Weighted average common shares outstanding | ||||
Basic | 24,599,804 | 24,445,452 | 24,342,979 | |
Diluted | 24,943,169 | 24,445,452 | 24,342,979 | |
[1] | Included in interest and investment income is $ 0.8 million , $ 1.2 million , and $ 0.8 million of paid-in-kind interest for the years ended December 31, 2021, 2020, and 2019 . | |||
[2] | Average borrowings outstanding were $ 1,370.7 million , $ 1,258.5 million and $ 1,138.7 million as of December 31, 2021, 2020, and 2019 and the related average borrowing costs were 2.28 % , 2.71 % , and 3.08 % for the years ended December 31, 2021, 2020, and 2019 . |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest paid in kind | $ 800,000 | $ 1,200,000 | $ 800,000 |
Average borrowings outstanding | $ 1,370,700 | $ 1,258,500,000 | $ 1,138,700,000 |
Average borrowing costs rate | 2.28% | 2.71% | 3.08% |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) after taxes | $ 57,654 | $ (26,907) | $ 1,996 |
Other comprehensive income (loss), net of tax | (978) | 1,013 | 1,081 |
Total comprehensive income (loss) | 56,676 | (25,894) | 3,077 |
Less: comprehensive income attributable to the non-controlling interest | 3,546 | 7,876 | 3,758 |
Total comprehensive income (loss) attributable to Medallion Financial Corp. | $ 53,130 | $ (33,770) | $ (681) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity and Changes in Net Assets - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par [Member] | Treasury Stock [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | ||
Balance at Dec. 31, 2018 | $ 290,204 | $ 274 | $ 274,292 | $ (24,919) | $ 13,043 | $ (82) | $ 262,608 | $ 27,596 | ||
Balance, shares at Dec. 31, 2018 | 27,385,600 | (2,951,243) | ||||||||
Net income (loss) | 1,996 | (1,762) | (1,762) | 3,758 | ||||||
Non-controlling interest equity raised by Medallion Bank | 42,485 | 42,485 | ||||||||
Distributions to non-controlling interest | (2,519) | (2,519) | ||||||||
Stock-based compensation | $ 1,221 | $ 2 | 1,219 | 1,221 | ||||||
Issuance of restricted stock, net, shares | 216,148 | |||||||||
Forfeiture of restricted stock, net, shares | (3,946) | |||||||||
Exercise of stock options,shares | [1] | 0 | ||||||||
Net change in unrealized gains (losses) on investments, net of tax | $ 1,081 | 1,081 | 1,081 | |||||||
Ending balance at Dec. 31, 2019 | 334,468 | $ 276 | 275,511 | $ (24,919) | 11,281 | 999 | 263,148 | 71,320 | ||
Ending balance, shares at Dec. 31, 2019 | 27,597,802 | (2,951,243) | ||||||||
Net income (loss) | (26,907) | (34,783) | 0 | (34,783) | 7,876 | |||||
Distributions to non-controlling interest | (6,043) | (6,043) | ||||||||
Stock-based compensation | $ 2,030 | $ 2 | 2,028 | 2,030 | ||||||
Issuance of restricted stock, net, shares | 229,408 | |||||||||
Forfeiture of restricted stock, net, shares | (8,755) | |||||||||
Issuance of restricted stock units, net, shares | 10,416 | |||||||||
Exercise of stock options,shares | [1] | 0 | ||||||||
Net change in unrealized gains (losses) on investments, net of tax | $ 1,013 | 1,013 | 1,013 | |||||||
Ending balance at Dec. 31, 2020 | $ 304,561 | $ 278 | 277,539 | $ (24,919) | (23,502) | 2,012 | 231,408 | 73,153 | ||
Ending balance, shares at Dec. 31, 2020 | 24,877,628 | 27,828,871 | (2,951,243) | |||||||
Net income (loss) | $ 57,654 | 54,108 | 0 | 54,108 | 3,546 | |||||
Distributions to non-controlling interest | (6,516) | (6,516) | ||||||||
Disposition of RPAC | (1,395) | (1,395) | ||||||||
Stock-based compensation | 2,261 | $ 3 | 2,258 | 2,261 | ||||||
Stock-based compensation,shares | 0 | |||||||||
Issuance of restricted stock, net | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Issuance of restricted stock, net, shares | 258,120 | |||||||||
Forfeiture of restricted stock, net | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Forfeiture of restricted stock, net, shares | (21,940) | |||||||||
Issuance of restricted stock units, net, shares | 15,508 | |||||||||
Exercise of stock options,value | $ 241 | 241 | 241 | |||||||
Exercise of stock options,shares | 44,070 | [1] | 44,070 | |||||||
Net change in unrealized gains (losses) on investments, net of tax | $ (978) | (978) | (978) | |||||||
Ending balance at Dec. 31, 2021 | $ 355,828 | $ 281 | $ 280,038 | $ (24,919) | $ 30,606 | $ 1,034 | $ 287,040 | $ 68,788 | ||
Ending balance, shares at Dec. 31, 2021 | 25,173,386 | 28,124,629 | (2,951,243) | |||||||
[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, wa s $ 0.2 million for the year ended December 31, 2021 and $ 0 for the years ended December 31, 2020, and 2019 . |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income (loss) after taxes | $ 57,654 | $ (26,907) | $ 1,996 | |||
Adjustments to reconcile net income (loss)/net decrease in net assets resulting from operations to net cash provided by operating activities: | ||||||
Provision for loan losses | 4,622 | 69,817 | 47,386 | |||
Paid-in-kind interest income | (814) | (1,188) | (834) | |||
Depreciation and amortization | 6,519 | 7,714 | 7,499 | |||
Amortization of origination fees, net | 7,996 | 6,022 | 4,952 | |||
(Decrease) increase in deferred and other tax liabilities, net | 18,327 | (8,776) | 853 | |||
Net change in value of loan collateral in process of foreclosure | 8,966 | 31,926 | 11,838 | |||
Net realized (gains) losses on sale of investments | (17,380) | 4,305 | (1,820) | |||
Net change in unrealized (appreciation) depreciation on investments | 0 | 1,734 | ||||
Stock-based compensation expense | 2,261 | 2,030 | 1,221 | |||
Gain on extinguishment of debt | (4,626) | (4,145) | ||||
Increase in accrued interest receivable | (283) | (1,676) | (1,249) | |||
Gain on disposition of RPAC | (715) | |||||
Decrease (increase) in other assets | (5,354) | 2,223 | 2,838 | |||
Decrease (increase) in accounts payable and accrued expenses | 2,694 | (7,206) | (8,024) | |||
(Decrease) Increase in accrued interest payable | (1,141) | 422 | 690 | |||
Net cash provided by operating activities | 78,726 | 78,706 | 64,935 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Loans originated | (760,790) | (506,106) | (471,069) | |||
Proceeds from principal receipts, sales, and maturities of loans | 464,448 | 321,831 | 251,653 | |||
Purchases of investments | (19,354) | (15,580) | (10,507) | |||
Proceeds from disposition of RPAC, net | 17,676 | |||||
Proceeds from principal receipts, sales, and maturities of investments | 35,647 | 15,399 | 7,119 | |||
Proceeds from the sale and principal payments on loan collateral in process of foreclosure | 24,052 | 13,499 | 16,294 | |||
Net cash used for investing activities | (238,321) | (170,957) | (206,510) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds from time deposits and funds borrowed | 805,577 | 668,577 | 525,842 | |||
Repayments of time deposits and funds borrowed | (627,263) | (526,064) | (414,277) | |||
Purchase of federal funds | 0 | 4,000 | ||||
Repayments of federal funds | 0 | (4,000) | ||||
Non-controlling interest equity raised by Medallion Bank | 0 | 42,485 | ||||
Distributions to non-controlling interests | (6,516) | (6,043) | (2,367) | |||
Proceeds from the exercise of stock options | 241 | |||||
Net cash provided by financing activities | 172,039 | 136,470 | 151,683 | |||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 12,444 | 44,219 | 10,108 | |||
Cash and cash equivalents, beginning of period | 112,040 | [1] | 67,821 | [1] | 57,713 | |
Cash and cash equivalents, end of period | [1] | 124,484 | 112,040 | 67,821 | ||
SUPPLEMENTAL INFORMATION | ||||||
Cash paid during the period for interest | 29,867 | 31,204 | 32,008 | |||
Cash paid during the period for income taxes | 5,479 | 104 | 310 | |||
NON-CASH INVESTING | ||||||
Loans transferred to loan collateral in process of foreclosure, net | 15,888 | 47,254 | $ 31,348 | |||
Loans transferred to other foreclosed property | $ 0 | $ 1,800 | ||||
[1] | Includes federal funds sold. |
Organization of Medallion Finan
Organization of Medallion Financial Corp. and its Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
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 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 (“RVs”), boats and other consumer recreational equipment and to finance home improvements such as replacement windows and roofs. Prior to 2014, 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 deposits, which are originated nationally through a variety of brokered deposit relationships. The Company also conducts business through its subsidiaries Medallion Capital, Inc., or MCI, a Small Business Investment Company, or SBIC, which conducts a mezzanine financing business; Medallion Funding LLC, or MFC, an SBIC, which originates and services medallion and commercial loans; and Freshstart Venture Capital Corp., or FSVC, an SBIC that originated and services medallion and commercial loans. MCI, MFC, and FSVC, as SBICs, are regulated by the Small Business Administration, or SBA. MCI and FSVC are financed in part by the SBA. In 2019, the Bank began building a strategic partnership program that targets relationships with financial technology, or fintech, companies. The Bank entered into an initial partnership in 2020 and a second partnership in 2021, and continues to explore opportunities with additional fintech companies. The Company established a wholly-owned subsidiary, Medallion Financing Trust I, or Fin Trust, for the purpose of issuing unsecured 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, aggre gating $ 36.1 million at December 31, 2021, 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. MFC, through several wholly-owned subsidiaries, together, Medallion Chicago, purchased $ 8.7 million of City of Chicago taxi m edallions out of foreclosure. The 159 taxi medallions are carried at a net realizable value of $ 1.0 million in othe r assets on the Company’s consolidated balance sheets at December 31, 2021 , compared to a net realizable value of $ 2.9 million at December 31, 2020. The Company had a controlling ownership stake in Medallion Motorsports, LLC, the primary owner of RPAC Racing, LLC, or RPAC, a professional car racing team that competes in the NASCAR Cup Series, both of which were consolidated with the Company's financial results. On December 1, 2021, the Company completed a full divestiture of its investment in RPAC and all debt and equity securities were settled in full. Taxi Medallion Loan Trust III, or Trust III, was established for the purpose of owning medallion loans originated by MFC or others. Trust III was a variable interest entity, or VIE, and MFC was the primary beneficiary until the 2018 fourth quarter. As a result, the Company consolidated Trust III in its financial results until consummation of a restructuring in the 2018 fourth quarter. During the 2021 third quarter, the Company entered into an agreement with the lender to Trust III, whereby, ownership of Trust III was transferred to a third party. For a discussion of the restructuring and disposition, see Note 15. The assets of Trust III were not available to pay obligations of its affiliates or any other party, and the assets of affiliates or any other party were not available to pay obligations of Trust III. Trust III’s loans were serviced by MFC, until September 30, 2021. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 accounting principles generally accepted in the US, 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 loans and loan collateral in process of foreclosure, goodwill and intangible assets, and investments, among other effects. Principles of Consolidation 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 thro ugh a majority voting interest, a controlling interest through other contractual rights, or as being identified as the primary beneficiary of 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 includes $ 3.0 million of an interest reserve associated with the private placements of debt in March and August 2019, which cannot be used for any other purpose until March 2022. As of December 31, 2021, cash also includes $ 1.3 million of interest-bearing funds deposited in other banks, that are mainly callable, with original terms of 4 to 7 years . 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 14 and 15 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 $ 9.7 million as of both December 31, 2021 and 2020, comprised mainly of nonmarketable stock and stock warrants, are recorded at cost less any impairment plus or minus observable price changes. For the year ended December 31, 2021 , the Company determined that there was impairment of $ 0.8 million with respect to its equity investments and no impairment or observable price changes for the year ended December 31, 2020. The Company sold approximately 80 % of its investment in Upgrade, Inc. during 2021 for proceeds of $ 12.5 million and recognized a gain of $ 11.3 million on the sales during the year. As of December 31, 2021 t he Company's remaining investment in Upgrade, Inc. had a cost of $ 0.3 million as of December 31, 2021. 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 earnings, and the fair value of these securities of $ 2.0 million as of December 31, 2021 are included in other assets on the consolidated balance sheet. The following table presents the unrealized portion related to the equity securities held as of December 31, 2021. Year Ended December 31, (Dollars in thousands) 2021 Net losses recognized during the period on equity securities $ ( 50 ) Less: Net gains (losses) recognized during the period on equity — Unrealized losses recognized during the reporting period on $ ( 50 ) 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 on a level yield basis as an adjustment to the yield of the related investment. The net premium on investment securities totaled $ 0.3 million as of both December 31, 2021 and 2020 , and $ 0.1 million, $ 0.3 million, and $ 0.1 million was amortized to interest income for the years ended December 31, 2021, 2020, and 2019 . 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 income (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. Loans The Company’s loans are currently reported at the principal amount outstanding, inclusive of deferred loan acquisition costs, which primarily includes deferred fees paid to loan originators, and which is amortized to interest income over the life of the loan. Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment to the yield of the related loans. As of December 31, 2021 and 2020 , net loan origination costs were $ 26.1 million and $ 20.7 million. Net amortization to income for the years ended December 31, 2021, 2020, and 2019 were $ 7.7 million, $ 6.0 million , and $ 5.0 million . Interest income is recorded on the accrual basis. Medallion and commercial 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 consumer loan portfolio has different characteristics, typified by a larger number of smaller dollar loans that have similar characteristics. A loan is considered to be impaired, or 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 impaired. 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. Total loans 90 days or more past due were $ 4.0 million or 0.28 % of the total loan portfolio as of December 31, 2021, as compared to $ 6.9 million , or 0.57 % as of December 31, 2020. In situations where, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants concessions to the borrower for other than an insignificant period of time that the Company would not otherwise consider, the related loan is classified as a troubled debt restructuring, or TDR. 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 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. Loans classified as TDRs are considered impaired loans. Beginning in the third quarter 2019, all consumer loans which are party to a Chapter 13 bankruptcy are immediately classified as TDRs. The Company’s policy with regard to bankrupt recreation loans is to take an immediate 40 % write down of the loan balance. As a result of the Consolidated Appropriations Act and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the relief period was extended to January 1, 2022, at which date relief was terminated. During the relief period, companies may elect to (a) suspend the requirements of GAAP for loan modifications related to COVID-19 that would otherwise be categorized as TDRs and (b) suspend any determination of a loan modified as a result of the effects of COVID-19 as a TDR, including impairment for accounting purposes. Any such suspension is applicable for the term of the loan modification, but solely with respect to any modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019, and shall not apply to any adverse impact on the credit of a borrower that is not related to COVID-19. As of December 31, 2021 , there were no consumer or medallion loan modifications related to COVID-19 that would have otherwise been classified as TDRs, and therefore there was no need for the Company to elect this relief under the CARES Act during 2020 and 2021. However, the Company may have loan modifications related to COVID-19 that would apply under this provision of the CARES Act in the future. Loan collateral in process of foreclosure primarily includes medallion loans that have reached 120 days past due and have been charged-down to their net realizable value, in addition to consumer repossessed collateral in the process of being sold. The medallion loan component reflects that the collection activities on the loans have transitioned from working with the borrower, to the liquidation of the collateral securing the loans. The Company had no loans pledged under borrowing arrangements as of December 31, 2021 and had $ 15.4 million of net loans pledged as collateral under borrowing arrangements as of December 31, 2020. The Company accounts for its sales of loans in accordance with FASB Accounting Standards Codification Topic 860, Transfers and Servicing, or FASB ASC 860, which provides accounting and reporting standards for transfers and servicing of financial assets and extinguishments of liabilities. In accordance with FASB ASC 860, the Company had elected the fair value measurement method for its servicing assets and liabilities. The principal portion of loans serviced for others by the Company and its affiliates was $ 20.5 million and $ 107.1 million as of December 31, 2021 and 2020. The Company has evaluated the servicing aspect of its business in accordance with FASB ASC 860 and determined that no material servicing asset or liability existed as of December 31, 2021 and 2020 . Allowance for Loan Losses The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, prevailing economic conditions, and excess concentration risks. In analyzing the adequacy of the allowance for loan losses, the Company uses historical delinquency and actual loss rates with a one-year lookback period for consumer loans. For commercial loans deemed nonperforming, the historical loss experience and other projections are looked at. For medallion loans, delinquent nonperforming loans are valued at collateral value for the most recent quarter. Collateral value for the medallion loans is generally determined utilizing factors deemed relevant under the circumstances of the market including but not limited to: actual transfers, pending transfers, median and average sales prices, discounted cash flows, market direction and sentiment, and general economic trends for the industry and economy. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. As a result of COVID-19, there was an increase in the reserve percentages of 50 basis points on the recreation subprime loan sub-portfolios during 2020. In addition, the Company determined that anticipated payment activity on the medallion portfolio was impossible to quantify upon exit of the six-month deferral period with borrowers, and therefore deemed all such loans as impaired in the third quarter of 2020. As a result, all medallion loans were placed on nonaccrual and reserved down to collateral value, net of liquidation costs, of $ 79,500 for New York City medallions. The Company continues to monitor the impact of COVID-19 on the consumer, commercial, and medallion loans. Had there been no payment deferrals offered to borrowers under the CARES Act, potential loans 90 days or more past due would have resulted in increased reserves and/or charge-offs. Credit losses are deducted from the allowance and subsequent recoveries are added back to the allowance. Goodwill and Intangible Assets The Company’s goodwill and intangible assets arose as a result of the excess of fair value over book value for several of the Company’s previously unconsolidated portfolio investment companies as of April 2, 2018. This fair value was brought forward under the Company’s new reporting, and was subject to a purchase price accounting allocation process conducted by an independent third-party expert to arrive at the current categories and amounts. Goodwill is not amortized, but is subject to quarterly review by management to determine whether additional impairment testing is needed, and such testing is performed at least on an annual basis. Intangible assets are amortized over their useful life of approximately 20 years. As of December 31, 2021 and 2020, the Company had goodwill of $ 150.8 million , all of which related to the Bank. As of December 31, 2021 and 2020, the Company had intangible assets of $ 23.5 million and $ 51.1 million . During 2021, the Company disposed of its investment in RPAC, resulting in the removal of $ 26.2 million of intangible assets. The Company recognized $ 1.4 million of amortization expense on the intangible assets for each of the years ended December 31, 2021, 2020, and 2019 . Additionally, loan portfolio premiums of $ 12.4 million were determined as of April 2, 2018, of which $ 0.5 million and $ 2.7 million were outstanding as of December 31, 2021 and 2020 , and of which $ 2.2 million, $ 3.0 million, and $ 3.3 million was amortized to interest income for the years ended December 31, 2021, 2020, and 2019. Management performed a step 0 analysis in assessing the goodwill and intangibles for impairment at December 31, 2021 and 2020, concluding that there was no impairment of these assets. The following table details of the intangible assets as of December 31, 2021 and 2020: December 31, (Dollars in thousands) 2021 2020 Brand-related intellectual property $ 17,874 $ 18,974 Home improvement contractor relationships 5,606 5,951 Race organization — 26,165 Total intangible assets $ 23,480 $ 51,090 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 $ 0.3 million, $ 0.4 million, and $ 0.4 million for the years ended December 31, 2021, 2020, and 2019 . Deferred Costs Deferred financing costs represent costs associated with obtaining the Company’s borrowing facilities, and are amortized on a straight line basis over the lives of the related financing agreements and life of the respective pool. Amortization expense was $2.4 million, $ 2.6 million, and $ 2.3 million for the years ended December 31, 2021, 2020, and 2019 . 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 will be amortized against income over an appropriate period, or written off. The amount on the Company’s balance sheet for all of these purposes were $ 7.1 million and $ 5.8 million as of December 31, 2021 and 2020 . 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 tax rates expected to be in effect 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. Sponsorship and Race Winnings The Company accounts for sponsorship and race winnings revenue under FASB ASC Topic 606, Revenue from Contracts with Customers. Sponsorship revenue is recognized when the Company’s performance obligations are completed in accordance with the contract terms of the sponsorship contract. Race winnings revenue is recognized after each race during the season based upon terms provided by NASCAR and the placement of the driver. Earnings (Loss) Per Share (EPS) Basic earnings (loss) per share are computed by dividing net income (loss) 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 giving consideration to 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 shows the calculation of basic and diluted EPS. Year Ended December 31, (Dollars in thousands, except share and per share data) 2021 2020 2019 Net income (loss) available to common stockholders $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Weighted average common shares outstanding applicable 24,599,804 24,445,452 24,342,979 Effect of dilutive stock options 92,602 — — Effect of restricted stock grants 250,763 — — Adjusted weighted average common shares outstanding 24,943,169 24,445,452 24,342,979 Basic income (loss) per share $ 2.20 $ ( 1.42 ) $ ( 0.07 ) Diluted income (loss) per share 2.17 ( 1.42 ) ( 0.07 ) Potentially dilutive common shares excluded from the above calculations aggregated 421,190 shares, 934,003 shares, and 462,180 shares as of December 31, 2021, 2020, and 2019 . 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 are reflected in net income resulting from operations for any new grants using the grant date fair value of the shares granted, expensed over the vesting period of the underlying stock. During the years ended December 31, 2021, 2020, and 2019 , the Company issued 258,120 , 229,408 , and 216,148 restricted shares of stock-based compensation awards, issued 317,398 , 444,557 , and 449,450 shares of other stock-based compensation awards, and issued 16,803 , 47,156 , and 26,040 restricted stock units; and recognized $ 2.3 million, $ 2.0 million, and $ 1.2 million, or $ 0.09 , $ 0.08 , and $ 0.05 per diluted common share for each respective year, of non-cash stock-based compensation expense related to the grants. As of December 31, 2021 , the total remaining unrecognized compensation cost related to unvested stock options and restricted stock was $ 3.0 million, which is expected to be recognized over the next 13 quarters. Regulatory Capital The Bank 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 (set forth 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 preclude its ability to pay dividends to the Company, and that an adequate allowance for loan losses be maintained. As of December 31, 2021 , the Bank’s Tier 1 leverage ratio was 17.53 %. The Bank’s actual capital amounts and ratios, and the regulatory minimum ratios are presented in the following table. Regulatory December 31, (Dollars in thousands) Minimum Well-Capitalized 2021 2020 Common equity tier 1 capital $ 193,459 $ 148,507 Tier 1 capital 262,247 217,295 Total capital 281,211 233,460 Average assets 1,495,726 1,283,664 Risk-weighted assets 1,482,678 1,243,783 Leverage ratio (1) 4.0 % 5.0 % 17.5 % 16.9 % Common equity tier 1 capital ratio (2) 7.0 6.5 13.1 11.9 Tier 1 capital ratio (3) 8.5 8.0 17.7 17.5 Total capital ratio (3) 10.5 10.0 19.0 18.8 (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 December 31, 2021 and December 31, 2020 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 December 31, 2021 and December 31, 2020 . Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, or Topic 326: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. The main objective of this new standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial assets and other commitments to extend credit held by a reporting entity at each reporting date. Under the FASB’s new standard, the concepts used by entities to account for credit losses on financial instruments will fundamentally change. The existing “probable” and “incurred” loss recognition threshold is removed. Loss estimates are based upon lifetime “expected” credit losses. The use of past and current events must now be supplemented with “reasonable and supportable” expectations about the future to determine the amount of credit loss. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as the CECL (current expected credit loss) model. ASU 2016-13 applies to all entities and is effective for fiscal years beginning after December 15, 2019 for public entities, with early adoption permitted. In November 2019, the FASB issued ASU 2019-10 to defer implementation of the standard for smaller reporting companies, such as the Company, to fiscal years beginning after December 15, 2022. The Company is assessing the impact the update will have on its financial statements, and expects the update to have a material impact on the Company’s accounting for estimated credit losses on its loans. In August 2021, the FASB issued ASU 2021-06, Presentation of Financial Statements, or Topic 205: Depository and Lending, or Topic 942: and Financial Services – Investment Companies, or Topic 946: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. This new standard amends certain SEC paragraphs from the Codification in response to the issuance of SEC Final Rule No. 33-10786, Amendments to Financial Disclosures About Acquired and Disposed Businesses and SEC Rule No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. The Company has assessed the impact the update and determined it does not have a material impact 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. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Investments [Abstract] | |
Investment Securities | (3) INVESTMENT SECURITIES The following tables present details of f ixed maturity securities available for sale as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Amortized Gross Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ 35,469 $ 672 $ ( 403 ) $ 35,738 State and municipalities 9,025 60 ( 51 ) 9,034 Total $ 44,494 $ 732 $ ( 454 ) $ 44,772 December 31, 2020 (Dollars in thousands) Amortized Gross Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ 34,929 $ 1,495 $ ( 45 ) $ 36,379 State and municipalities 10,226 189 ( 2 ) 10,413 Total $ 45,155 $ 1,684 $ ( 47 ) $ 46,792 The amortized cost and estimated market value of investment securities as of December 31, 2021 by contractual maturity are shown 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. December 31, 2021 (Dollars in thousands) Amortized Fair Due in one year or less $ 10 $ 10 Due after one year through five years 9,907 10,107 Due after five years through ten years 9,919 10,107 Due after ten years 24,658 24,548 Total $ 44,494 $ 44,772 The following tables show information pertaining to securities with gross unrealized losses as of December 31, 2021 and 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows. Less than Twelve Months Twelve Months and Over December 31, 2021 (Dollars in thousands) Gross Fair Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ ( 403 ) $ 16,330 $ — $ — State and municipalities ( 9 ) 2,124 ( 42 ) ( 1,956 ) Total $ ( 412 ) $ 18,454 $ ( 42 ) $ ( 1,956 ) Less than Twelve Months Twelve Months and Over December 31, 2020 (Dollars in thousands) Gross Fair Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ ( 45 ) $ 4,028 $ — $ — State and municipalities — — ( 2 ) 196 Total $ ( 45 ) $ 4,028 $ ( 2 ) $ 196 Unrealized losses on securities have not been recognized into income because the issuers’ bonds are of high credit quality, and the Company has the intent and ability to hold the securities for the foreseeable future. The fair value is expected to recover as the bonds approach the maturity date. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Loans and Allowance for Loan Losses | (4) LOANS AND ALLOWANCE FOR LOAN LOSSES The following table shows the major classification of loans, inclusive of capitalized loan origination costs, at December 31, 2021 and 2020. As of December 31, 2021 2020 (Dollars in thousands) Amount As a Amount As a Recreation $ 961,320 65 % $ 792,686 65 % Home improvement 436,772 29 334,033 27 Commercial 76,696 5 65,327 5 Medallion 14,046 1 37,768 3 Strategic partnership 90 — 24 — Total gross loans 1,488,924 100 % 1,229,838 100 % Allowance for loan losses ( 50,166 ) ( 57,548 ) Total net loans $ 1,438,758 $ 1,172,290 The following tables show the activity of the gross loans for the years ended December 31, 2021 and 2020. (Dollars in thousands) Recreation Home Commercial Medallion Strategic Total Gross loans – December 31, 2020 $ 792,686 $ 334,033 $ 65,327 $ 37,768 $ 24 $ 1,229,838 Loan originations 441,921 258,038 36,415 — 10,997 747,371 Principal payments, sales, and maturities ( 264,424 ) ( 155,442 ) ( 25,873 ) ( 7,778 ) ( 10,931 ) ( 464,448 ) Charge-offs, net ( 2,581 ) ( 551 ) — ( 8,872 ) — ( 12,004 ) Transfer to loan collateral in process of foreclosure, net ( 10,431 ) — — ( 5,457 ) — ( 15,888 ) Amortization of origination costs ( 9,678 ) 1,671 13 ( 2 ) — ( 7,996 ) Amortization of loan premium ( 221 ) ( 346 ) — ( 1,615 ) — ( 2,182 ) FASB origination costs, net 14,048 ( 631 ) — 2 — 13,419 Paid-in-kind interest — — 814 — — 814 Gross loans – December 31, 2021 $ 961,320 $ 436,772 $ 76,696 $ 14,046 $ 90 $ 1,488,924 (Dollars in thousands) Recreation Home Commercial Medallion Strategic Total Gross loans – December 31, 2019 $ 713,332 $ 247,324 $ 69,767 $ 130,432 $ — $ 1,160,855 Loan originations 294,885 193,098 7,575 — 1,663 497,221 Principal payments, sales, and maturities ( 187,989 ) ( 105,813 ) ( 13,183 ) ( 13,207 ) ( 1,639 ) ( 321,831 ) Charge-offs, net ( 14,457 ) ( 1,229 ) ( 28 ) ( 42,648 ) — ( 58,362 ) Transfer to loan collateral in process of foreclosure, net ( 14,871 ) — — ( 32,383 ) — ( 47,254 ) Amortization of origination costs ( 7,809 ) 1,910 8 ( 131 ) — ( 6,022 ) Amortization of loan premium ( 191 ) ( 320 ) — ( 2,531 ) — ( 3,042 ) FASB origination costs, net 9,786 ( 937 ) — 36 — 8,885 Paid-in-kind interest — — 1,188 — — 1,188 Transfer to other foreclosed property — — — ( 1,800 ) — ( 1,800 ) Gross loans – December 31, 2020 $ 792,686 $ 334,033 $ 65,327 $ 37,768 $ 24 $ 1,229,838 The following table sets forth the activity in the allowance for loan losses for the years ended December 31, 2021 and 2020. December 31, (Dollars in thousands) 2021 2020 Allowance for loan losses – beginning balance $ 57,548 $ 46,093 Charge-offs Recreation ( 14,712 ) ( 23,543 ) Home improvement ( 2,949 ) ( 2,909 ) Commercial — ( 31 ) Medallion ( 15,287 ) ( 49,361 ) Total charge-offs ( 32,948 ) ( 75,844 ) Recoveries Recreation 12,131 9,086 Home improvement 2,398 1,680 Commercial — 3 Medallion 6,415 6,713 Total recoveries 20,944 17,482 Net charge-offs (1) ( 12,004 ) ( 58,362 ) Provision for loan losses 4,622 69,817 Allowance for loan losses – ending balance (2) $ 50,166 $ 57,548 (1) As of December 31, 2021 , cumulative charge-offs of loans and loan collateral in process of foreclosure in the medallion loan portfolio were $ 258.3 million, some of which represents collection opportunities for the Company. (2) As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. The following tables set forth the allowance for loan losses by type as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Amount Percentage Allowance as Allowance as Recreation (1) $ 32,435 64 % 3.37 % 91.18 % Home improvement (2) 7,356 15 1.68 20.68 Commercial 1,141 2 1.49 3.21 Medallion 9,234 19 65.74 25.96 Total $ 50,166 100 % 3.37 % 141.03 % (1) As of December 31, 2021 allowance reflects $ 4.2 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . (2) As of December 31, 2021 allowance reflects $ 0.5 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. December 31, 2020 (Dollars in thousands) Amount Percentage Allowance as Allowance as Recreation (1) $ 27,348 48 % 3.45 % 378.20 % Home improvement (2) 5,157 9 1.54 NM Commercial — — — — Medallion 25,043 43 66.31 68.01 Total $ 57,548 100 % 4.68 % 93.17 % (1) As of December 31, 2020 allowance reflects $ 6.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . (2) As of December 31, 2020 allowance reflects $ 0.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. The following table presents total nonaccrual loans and foregone interest, substantially all of which is in the medallion portfolio. The fluctuation in nonaccrual interest foregone is due to past due loans and market conditions. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Total nonaccrual loans $ 35,571 $ 61,767 $ 26,484 Interest foregone for the year 1,620 3,311 2,152 Amount of foregone interest applied to principal for the year 432 602 254 Interest foregone life-to-date 3,623 5,252 2,744 Amount of foregone interest applied to principal life-to-date 942 792 471 Percentage of nonaccrual loans to gross loan portfolio 2.4 % 5.0 % 2.0 % Percentage of allowance for loan losses to nonaccrual loans 141.0 % 93.0 % 174.0 % The following tables present the performance status of loans as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Performing Nonperforming Total Percentage of Recreation $ 955,763 $ 5,557 $ 961,320 0.58 % Home improvement 436,640 132 436,772 0.03 Commercial 60,366 16,330 76,696 21.29 Medallion — 14,046 14,046 100.00 Strategic partnership 90 — 90 — Total $ 1,452,859 $ 36,065 $ 1,488,924 2.42 % December 31, 2020 (Dollars in thousands) Performing Nonperforming Total Percentage of Recreation $ 785,047 $ 7,639 $ 792,686 0.96 % Home improvement 333,862 171 334,033 0.05 Commercial 48,731 16,596 65,327 25.40 Medallion — 37,768 (1) 37,768 100.00 Strategic partnership 24 — 24 — Total $ 1,167,664 $ 62,174 $ 1,229,838 5.06 % (1) Includes medallion loan premiums of $ 1.6 million as of December 31, 2020. For those performing loans aged under 90 days past due, there is a possibility that their delinquency status will continue to deteriorate and they will subsequently be placed on nonaccrual status and be reserved for, and as such, deemed nonperforming. The following tables provide additional information on attributes of the nonperforming loan portfolio as of December 31, 2021 and 2020, all of which had an allowance recorded against the principal balance. December 31, 2021 2020 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With an allowance recorded Recreation $ 5,557 $ 5,557 $ 188 $ 7,639 $ 7,639 $ 264 Home improvement 132 132 2 171 171 3 Commercial 16,330 16,360 1,141 16,596 16,600 — Medallion 14,046 14,958 8,837 37,768 38,368 25,043 Total nonperforming loans with an allowance $ 36,065 $ 37,007 $ 10,168 $ 62,174 $ 62,778 $ 25,310 Year Ended December 31, 2021 2020 (Dollars in thousands) Average Interest Income Average Interest Income With an allowance recorded Recreation $ 5,618 $ 515 $ 7,949 $ 560 Home improvement 108 — 172 2 Commercial 16,816 93 16,884 123 Medallion 17,538 — 40,928 465 Total nonperforming loans with an allowance $ 40,080 $ 608 $ 65,933 $ 1,150 The following tables show the aging of all loans as of December 31, 2021 and 2020. December 31, 2021 Days Past Due Recorded (Dollars in thousands) 30-59 60-89 90 + Total Current Total (1) Accruing Recreation $ 20,037 $ 6,569 $ 3,818 $ 30,424 $ 901,435 $ 931,859 $ — Home improvement 1,517 479 132 2,128 436,803 438,931 — Commercial 1,795 — 74 1,869 74,827 76,696 — Medallion 215 7,125 — 7,340 6,706 14,046 — Strategic partnership — — — — 90 90 — Total $ 23,564 $ 14,173 $ 4,024 $ 41,761 $ 1,419,861 $ 1,461,622 $ — (1) Excludes loan premiums of $ 0.5 million and $ 26.8 million of capitalized loan origination costs. December 31, 2020 Days Past Due Recorded (Dollars in thousands) 30-59 60-89 90 + Total Current Total (1) Accruing Recreation $ 22,058 $ 7,582 $ 5,343 $ 34,983 $ 732,391 $ 767,374 $ — Home improvement 813 218 170 1,201 335,684 336,885 — Commercial — — 75 75 65,265 65,340 — Medallion 2,019 973 1,290 4,282 31,871 36,153 — Strategic partnership — — — — 24 24 — Total $ 24,890 $ 8,773 $ 6,878 $ 40,541 $ 1,165,235 $ 1,205,776 $ — (1) Excludes loan premiums of $ 2.7 million and $ 21.3 million of capitalized loan origination costs. The Company estimates that the weighted average loan-to-value ratio of the medallion loans was approximately 295 % and 327 % as of December 31, 2021 and 2020. The following table shows the TDR’s which the Company entered into during the year ended December 31, 2021. (Dollars in thousands) Number of Loans Pre- Post- Recreation loans 56 668 585 Medallion loans 11 3,071 3,071 One medallion loan modified as a TDR in the twelve months preceding the year ended December 31, 2021 , having a gross investment value of $ 0.2 million and an allowance for loan loss of $ 0.1 million, was in default as of December 31, 2021 . A total of 31 recreation loans modified as TDRs in the twelve months preceding the year ended December 31, 2021 , having a gross investment value of $ 0.3 million and an allowance for loan losses of less than $ 0.1 million, were in default as of December 31, 2021. The following table shows the TDR’s which the Company entered into during the year ended December 31, 2020. (Dollars in thousands) Number of Loans Pre- Post- Recreation loans 77 1,053 749 Commercial loans 1 1,821 1,821 Medallion loans 59 33,505 33,505 Five medallion loans modified as a TDR in the twelve months preceding the year ended December 31, 2020 , having a gross investment value of $ 1.0 million and an allowance for loan losses of $ 0.3 million, were in default as of December 31, 2020 . A total of 43 recreation loans modified as TDRs were in the twelve months preceding the year ended December 31, 2020 , having a gross investment value of $ 0.1 million and an allowance for loan losses of $ 0.1 million, were in default as of December 31, 2020 . The following tables show the activity of the loan collateral in process of foreclosure, which relates only to the recreation and medallion loans, for the years ended December 31, 2021 and 2020. Year Ended December 31, 2021 (Dollars in thousands) Recreation Medallion (1) Total Loan collateral in process of foreclosure – December 31, 2020 $ 1,432 $ 53,128 $ 54,560 Transfer from loans, net 10,431 5,457 15,888 Sales ( 6,951 ) ( 2,928 ) ( 9,879 ) Cash payments received — ( 14,173 ) ( 14,173 ) Collateral valuation adjustments ( 3,192 ) ( 5,774 ) ( 8,966 ) Loan collateral in process of foreclosure – December 31, 2021 $ 1,720 $ 35,710 $ 37,430 (1) As of December 31, 2021, medallion loans in the process of foreclosure included 516 medallions in the New York market, 62 medallions in the Newark market, 335 medallions in the Chicago market, and 48 medallions in various other markets. Year Ended December 31, 2020 (Dollars in thousands) Recreation Medallion Total Loan collateral in process of foreclosure – December 31, 2019 $ 1,476 $ 51,235 $ 52,711 Transfer from loans, net 14,871 32,403 47,274 Sales ( 7,512 ) ( 300 ) ( 7,812 ) Cash payments received — ( 5,687 ) ( 5,687 ) Collateral valuation adjustments ( 7,403 ) ( 24,523 ) ( 31,926 ) Loan collateral in process of foreclosure – December 31, 2020 $ 1,432 $ 53,128 $ 54,560 |
Funds Borrowed
Funds Borrowed | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Funds Borrowed | (5) FUNDS BORROWED The following table presents outstanding balances of funds borrowed. Payments Due for the Year Ending December 31, (Dollars in thousands) 2022 2023 2024 2025 2026 Thereafter December 31, 2021 (1) December 31, 2020 (1) Interest (2) Deposits (3) $ 405,311 $ 242,965 $ 289,685 $ 165,798 $ 149,529 $ — $ 1,253,288 $ 1,067,822 1.20 % Retail and privately placed notes — — 36,000 — 31,250 53,750 121,000 103,225 7.66 SBA debentures and borrowings — 5,000 13,963 14,000 14,000 23,000 69,963 68,008 2.72 Preferred securities — — — — — 33,000 33,000 33,000 2.31 Notes payable to banks — — — — — — — 31,261 — Other borrowings — — — — — — — 8,689 — Total $ 405,311 $ 247,965 $ 339,648 $ 179,798 $ 194,779 $ 109,750 $ 1,477,251 $ 1,312,005 1.82 % (1) Excludes deferred financing costs of $ 7.1 million and $ 5.8 million as of December 31, 2021 and 2020 . (2) Weighted average contractual rate as of December 31, 2021 . (3) Balance excludes $ 0.8 million and $ 0.3 million of strategic partner reserve deposits as of December 31, 2021 and 2020 . (A) DEPOSITS 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, which averages less than 0.15 %. Interest on the deposits is accrued daily and paid monthly, quarterly, semiannually, or at maturity. The Bank did no t have any individual time deposits greater than $ 0.1 million as of December 31, 2021. In October 2020, the Bank began to originate time deposits through an internet listing service. These deposits are from other financial institutions, which as of December 31, 2021 and 2020, had $ 8.7 million and $ 1.0 million in listing services deposits. The following table presents the maturity of the broker pools, excluding strategic partner reserve deposits, as of December 31, 2021. (Dollars in thousands) December 31, 2021 Three months or less $ 119,027 Over three months through six months 168,243 Over six months through one year 118,041 Over one year 847,977 Total deposits $ 1,253,288 (B) RETAIL AND PRIVATELY PLACED NOTES In February 2021, the Company completed a private placement to certain institutional investors of $ 25.0 million aggregate principal amount of 7.25 % unsecured senior notes due February 2026 , with interest payable semiannually. In March 2021, an additional $ 3.3 million principal amount of such notes was issued to certain institutional investors. Subsequently in April 2021, an additional $ 3.0 million principal amount of such notes was issued to certain institutional investors. The Company has used the net proceeds from the offering for general corporate purposes, including repayment of outstanding debt. In December 2020, the Company completed a private placement to certain institutional investors of $ 33.6 million aggregate principal amount of 7.50 % unsecured senior notes due December 2027 , with interest payable semiannually. In February and March 2021, an additional $ 8.5 million principal amount of such notes was issued to certain institutional investors. Subsequently in April 2021, an additional $ 11.7 million principal amount of such notes was issued to certain institutional investors. The Company has used the net proceeds from the offering for general corporate purposes, including repayment of outstanding debt. In March 2019, the Company completed a private placement to certain institutional investors of $ 30.0 million aggregate principal amount of 8.25 % unsecured senior notes due 2024 , with interest payable semiannually. The Company used the net proceeds from the offering for general corporate purposes, including repaying certain borrowings under its notes payable to banks at a discount which led to a gain of $ 4.1 million in the 2019 first quarter. In August 2019, an additional $ 6.0 million principal amount of such notes was issued to certain institutional investors. In April 2016, the Company issued a total of $ 33.6 million aggregate principal amount of 9.00 % unsecured notes due 2021 , with interest payable quarterly in arrears. The Company used the net proceeds from the offering of approximately $ 31.8 million to make loans and other investments in portfolio companies and for general corporate purposes, including repaying borrowings under its DZ loan in the ordinary course of business. These notes were repaid at maturity on April 15, 2021. (C) SBA DEBENTURES AND BORROWINGS Over the years, the SBA has approved commitments for MCI and FSVC, typically for a four and half year term and a 1 % fee, of which the fee was paid. During 2017, the SBA restructured FSVC’s debentures with SBA totaling $ 33.5 million in principal into a new loan by the SBA to FSVC in the principal amount of $ 34.0 million, or the SBA Loan. In connection with the SBA Loan, FSVC executed a Note, or the SBA Note, with an effective date of March 1, 2017, in favor of SBA, in the principal amount of $ 34.0 million. The SBA Loan bears interest at a rate of 3.25 % and all remaining unpaid principal and interest are due on April 30, 2024 , the maturity date. As of December 31, 2021 , there were $ 9.5 million commitments available, and $ 70.0 million was outstanding, including $ 9.0 million under the SBA Note. On July 31, 2020, MCI accepted a commitment from the SBA for $ 25.0 million in debenture financing. As part of the acceptance, MCI paid the SBA a 1 % commitment fee. The commitment expires September 24, 2024 . As of December 31, 2021, $ 15.5 million of the commitment had been drawn, including $ 8.5 million to replace debentures which matured in 2021. The remaining balance of $ 9.5 million is drawable upon the infusion of $ 4.8 million of capital from either the capitalization of retained earnings or capital infusion from the Company. (D) 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 preferred securities to Merrill Lynch International and issued 1,083 shares of common stock to the Company. The notes bear a variable rate of interest of 90 day LIBOR ( 0.21 % at December 31, 2021 ) plus 2.13 %. The notes mature in September 2037 and are prepayable at par. Interest is payable quarterly in arrears. The terms of the preferred securities and the notes are substantially identical. In December 2007, $ 2.0 million of the preferred securities were repurchased from a third-party investor. As of December 31, 2021, $ 33.0 million was outstanding on the preferred securities. (E) NOTES PAYABLE TO BANKS The Company and its subsidiaries have entered into note agreements with a variety of local and regional banking institutions over the years. The notes were typically secured by various assets of the underlying borrower. As of December 31, 2021, the Company did not have any notes payable to banks. During 2021, the Company used some of the proceeds of the privately placed notes to pay off all of its notes payable to banks aggregating $ 23.0 million, principal amount, resulting in a gain on debt extinguishment of $ 4.6 million. In November 2018, MFC entered into a note to the benefit of DZ Bank for $ 1.4 million at a 4.00 % interest rate due December 2023 , as part of the restructuring of the DZ loan. The note required a regular quarterly payment of $ 70,000 of principal and accrued interest and had a maturity date of December 2023 . During 2021, the note was settled in its entirety. (F) OTHER BORROWINGS In November and December 2017, RPAC amended the terms of various promissory notes with affiliate Richard Petty. Additionally, RPAC had a short-term promissory note to an unrelated party for $ 0.5 million and due on December 31, 2021 . In connection with the Company's complete divestiture of its investment in RPAC, all debt with respect to RPAC has been removed from the Company's balance sheet. On June 17, 2020, RPAC was approved for and received a Paycheck Protection Program, or PPP, loan under the CARES Act, in the amount of $ 0.7 million at a 1.00 % annual interest rate due in five years. In accordance with its terms, the note was forgiven during the second quarter 2021, as the loan proceeds were used in accordance with the requirements set forth in the PPP. (G) COVENANT COMPLIANCE From time to time, the Company may enter into debt agreements which may contain restrictions that require the Company and its subsidiaries to maintain certain financial ratios and minimum net worth. As of December 31, 2021 , the Company did not have any borrowing agreements that contained any such restrictions |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
leases | (6) LEASES The Company has leased premises that expire at various dates through November 30, 2027 subject to various operating leases. The Company has implemented ASC Topic 842 under a modified retrospective approach, in which no adjustments have been made to the prior year balances. The following table presents the operating lease costs and additional information for the years ended December 31, 2021, 2020, and 2019. December 31, (Dollars in thousands) 2021 2020 2019 Operating lease costs $ 2,287 $ 2,384 $ 2,184 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 2,454 2,821 2,419 Right-of-use asset obtained in exchange for lease liability ( 118 ) 251 2,413 The following table presents the breakout of the operating leases as of December 31, 2021 and 2020. December 31, (Dollars in thousands) 2021 2020 Operating lease right-of-use assets $ 10,045 $ 11,737 Other current liabilities 2,159 2,004 Operating lease liabilities 9,053 11,018 Total operating lease liabilities 11,212 13,022 Weighted average remaining lease term 5.4 years 6.4 years Weighted average discount rate 5.54 % 5.54 % The following table presents maturities of the lease liabilities as of December 31, 2021 . (Dollars in thousands) 2022 $ 2,439 2023 2,356 2024 2,373 2025 2,390 2026 2,408 Thereafter 1,164 Total lease payments 13,130 Less imputed interest 1,918 Total operating lease liabilities $ 11,212 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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 sets forth the significant components of our deferred and other tax assets and liabilities as of December 31, 2021 and 2020. December 31, (Dollars in thousands) 2021 2020 Goodwill and other intangibles $ ( 43,894 ) $ ( 44,799 ) Provision for loan losses 11,057 19,556 Net operating loss carryforwards (1) 12,167 30,493 Accrued expenses, compensation, and other assets 2,579 1,174 Unrealized gains (losses) on other investments 2,176 ( 6,769 ) Total deferred tax liability ( 15,915 ) ( 345 ) Valuation allowance (2) ( 2,295 ) ( 462 ) Deferred tax liability, net $ ( 18,210 ) $ ( 807 ) (1) As of December 31, 2021 , the Company and its subsidiaries had an estimated $ 52.4 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 $ 9.9 million of December 31, 2021 . (2) During the year ended December 31, 2021 , it was determined that the likelihood of utilization of certain net operating losses was remote and a valuation allowance of $ 1.8 million was assessed against these assets. The following table shows the components of our tax (provision) benefit for the years ended December 31, 2021, 2020, and 2019. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Current Federal $ ( 3,550 ) $ — $ — State ( 1,563 ) ( 260 ) 519 Deferred Federal ( 13,686 ) 7,702 ( 489 ) State ( 5,418 ) 2,632 ( 371 ) Net (provision) benefit for income taxes $ ( 24,217 ) $ 10,074 $ ( 341 ) The following table presents a reconciliation of statutory federal income tax (provision) benefit to consolidated actual income tax (provision) benefit reported for the years ended December 31, 2021, 2020, and 2019. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Statutory Federal income tax (provision) benefit at 21 % $ ( 17,193 ) $ 7,766 $ ( 642 ) State and local income taxes, net of federal income tax benefit ( 3,363 ) 1,518 ( 120 ) Valuation allowance against net operating losses ( 1,833 ) 1,228 380 Change in effective state income tax rates and accrual ( 1,691 ) ( 405 ) ( 251 ) Income attributable to non-controlling interest 628 460 309 Non deductible expenses ( 178 ) ( 453 ) — Other ( 587 ) ( 40 ) ( 17 ) Total income tax (provision) benefit $ ( 24,217 ) $ 10,074 $ ( 341 ) 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. Based upon these considerations, the Company determined the necessary valuation allowance as of December 31, 2021. 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 2018 through the present are the more significant filings that are open for examination. |
Stock Options and Restricted St
Stock Options and Restricted Stock | 12 Months Ended |
Dec. 31, 2021 | |
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 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, 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. A total of 2,210,968 shares of the Company’s common stock are issuable under the 2018 Plan, and 399,987 remained issuable as of December 31, 2021. 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 Employee Restricted Stock Plan, or the 2015 Restricted Stock Plan, on February 13, 2015, which was approved by the Company’s shareholders on June 5, 2015. The 2015 Restricted Stock Plan became effective upon the Company’s receipt of exemptive relief from the SEC on March 1, 2016. The terms of 2015 Restricted Stock Plan provided for grants of restricted stock awards to the Company’s employees. A grant of restricted stock is a grant of shares of the Company’s common stock which, at the time of issuance, is subject to certain forfeiture provisions, and thus is restricted as to transferability until such forfeiture restrictions have lapsed. A total of 700,000 shares of the Company’s common stock were issuable under the 2015 Restricted Stock Plan, and 241,919 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. Awards under the 2015 Restricted Stock Plan are subject to certain limitations as set forth in the 2015 Restricted Stock Plan. The 2015 Restricted Stock Plan will terminate when all shares of common stock authorized for delivery under the 2015 Restricted Stock Plan have been delivered and the forfeiture restrictions on all awards have lapsed, or by action of the Board of Directors pursuant to the 2015 Restricted Stock Plan, whichever occurs first. The Company had a stock option plan, or the 2006 Stock Option Plan, available to grant both incentive and nonqualified stock options to employees. The 2006 Stock Option Plan, which was approved by the Board of Directors on February 15, 2006 and shareholders on June 16, 2006, provided for the issuance of a maximum of 800,000 shares of common stock of the Company. No additional shares are available for issuance under the 2006 Stock Option Plan. The 2006 Stock Option Plan was administered by the Compensation Committee of the Board of Directors. 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. The term and vesting periods of the options were determined by the Compensation Committee, provided that the maximum term of an option could not exceed a period of ten years . 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 are exercisable 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 are exercisable 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. At December 31, 2021 , 1,111,687 options on the Company’s common stock were outstanding under the Company’s plans, of which 320,922 options were exercisable. Additionally, there were 493,326 unvested shares of the Company’s common stock outstanding and 16,803 unvested restricted stock units and 47,272 vested restricted stock units under the Company’s restricted stock plans. The fair value of each restricted stock grant 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. The weighted average fair value of options granted was $ 3.50 , $ 3.09 , and $ 3.10 per share for the years ended December 31, 2021, 2020, and 2019 . The following assumption categories are used to determine the value of any option grants. Year Ended December 31, 2021 2020 2019 Risk free interest rate 0.97 % 1.23 % 2.29 % Expected dividend yield — — 0.66 Expected life of option in years (1) 6.25 6.25 6.25 Expected volatility (2) 53.98 % 51.03 % 49.03 % (1) Expected life is calculated usin g the simplified method. (2) We determine our expected volatility based on our historical volatility. The following table presents the activity for the stock option programs for the years ended December 31, 2021, 2020, and 2019. Number of Exercise Weighted Outstanding at December 31, 2018 144,666 $ 2.14 - 13.84 $ 7.23 Granted 449,450 5.21 - 7.25 6.61 Cancelled ( 44,076 ) 6.55 - 13.84 9.00 Exercised (1) — — — Outstanding at December 31, 2019 550,040 2.14 - 13.53 6.58 Granted 444,557 4.89 - 6.68 6.24 Cancelled ( 42,928 ) 2.22 - 13.53 6.91 Exercised (1) — — — Outstanding at December 31, 2020 (2) 951,669 2.14 - 12.55 6.41 Granted 317,398 6.79 6.79 Cancelled ( 113,310 ) 4.89 - 11.53 6.64 Exercised (1) ( 44,070 ) 5.21 - 7.25 5.58 Outstanding at December 31, 2021 (2) 1,111,687 $ 2.14 - 12.55 $ 6.41 Options exercisable at December 31, 2019 62,778 $ 2.14 - 13.53 $ 7.60 December 31, 2020 178,307 2.14 - 12.55 6.33 December 31, 2021 320,922 2.14 - 12.55 6.53 (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, wa s $ 0.2 million for the year ended December 31, 2021 and $ 0 for the years ended December 31, 2020, and 2019 . (2) The aggregate intrinsic value, which represents the difference betwee n the price of the Company’s common stock at December 31, 2021 and the related exercise price of the underlying options, was $ 0.1 million for outstanding options and $ 0.1 million for exercisable options as of December 31, 2021 . The remaining contractual life was 8.03 years for outstanding options and 7.07 years for exercisable options at December 31, 2021 . The following table presents the activity for the restricted stock programs for the years ended December 31, 2021, 2020, and 2019. Number of Grant Weighted Outstanding at December 31, 2018 190,915 $ 2.14 - 5.27 $ 4.06 Granted 216,148 4.80 - 7.25 6.59 Cancelled ( 3,946 ) 3.93 - 6.55 4.97 Vested (1) ( 118,238 ) 2.06 - 4.80 3.89 Outstanding at December 31, 2019 284,879 3.95 - 7.25 6.01 Granted 229,408 4.89 - 6.68 6.21 Cancelled ( 8,755 ) 3.95 - 7.25 6.93 Vested (1) ( 89,392 ) 3.95 - 6.55 5.37 Outstanding at December 31, 2020 416,140 4.39 - 7.25 6.24 Granted 258,120 6.79 - 8.40 7.38 Cancelled ( 21,940 ) 4.89 - 7.25 5.98 Vested (1) ( 158,994 ) 4.39 - 7.25 6.16 Outstanding at December 31, 2021 (2) 493,326 $ 4.89 - 7.25 $ 6.87 (1) The aggregate fair value of the restricted stock vested was $ 1.1 million, $ 0.6 million, and $ 0.7 million for the years ended December 31, 2021, 2020, and 2019 . (2) The aggregate fair value of the restricted stock was $ 2.9 million as of December 31, 2021 . The remaining vesting period was 3.17 years at December 31, 2021 . For the year ended December 31, 2021 , the Company granted 16,803 restricted stock units (RSUs) that vest on June 17, 2022 with a grant price of $ 8.87 , and during the year ended December 31, 2020, granted 47,156 , RSUs that vested on June 19, 2021 with a grant price of $ 3.16 . For the RSUs granted in 2021 and 2020, u nitholders 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 December 31, 2021 , there were 47,272 vested RSUs outstanding. The following table presents the activity for the unvested options outstanding under the plans for the year ended December 31, 2021. Number of Exercise Price Weighted Outstanding at December 31, 2020 773,362 $ 4.89 - 7.25 $ 6.42 Granted 317,398 6.79 6.79 Cancelled ( 106,717 ) 4.89 - 7.25 6.41 Vested ( 193,278 ) 5.58 - 7.25 6.63 Outstanding at December 31, 2021 790,765 $ 4.89 - 7.25 $ 6.52 The intrinsic value of the options vested was less than $ 0.1 million for each of the years ended December 31, 2021, 2020, and 2019 . |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | (9) SEGMENT REPORTING The Company has six business segments, which include four lending and two non-operating segments, 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 medallion. The recreation and home improvement lending segments are conducted by the Bank in all fifty states. The highest concentrations of recreation loans are in Texas, California, and Florida at 16 %, 10 %, and 9 % of loans outstanding and with no other states over 5% as of December 31, 2021 . The recreation lending segment is a consumer finance business that works with third-party dealers and financial service providers for the purpose of financing RVs, boats, and other consumer recreational equipment, of which RVs, boats, and other consumer recreational equipment make up 60 %, 19 %, and 9 % of the segment portfolio as of December 31, 2021. 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 %, 26 %, and 13 % with no other product lines exceeding 6 % . Th e highest concentrations of home improvement loans are in Florida, Texas, and Ohio at 10 %, 10 %, and 8 % of loans outstanding and with no other states over 5 % as of December 31, 2021 . The commercial lending segment focuses on enterprise wide industries, including manufacturing and various other industries, in which 51 % of these loans are made in the Midwest. The medallion lending segment arose in connection with the financing of medallions, taxis, and related assets, of which 89 % were in New York City as of December 31, 2021. In addition, our non-operating segments include RPAC and our corporate and other investments segment which includes items not allocated to our operating segments such as investment securities, equity investments, intercompany eliminations, and other corporate elements. As a result of COVID-19, the prior year race season had been suspended from March 15, 2020 through May 17, 2020. As states reopened, NASCAR resumed races and completed all races scheduled in 2020. Commencing in the 2020 second quarter, the Bank began issuing loans related to its strategic partnership business, which is currently included within the corporate and other investment segment due to its small size. As part of the segment reporting, capital ratios for all operating segments have been normalized at 20 %, which approximates the percentage of consolidated total equity divided by total assets, with the net adjustment applied to corporate and other investments. In addition, the commercial segment exclusively represents the mezzanine lending business, and the legacy commercial loan business (immaterial to total) has been re-allocated to corporate and other investments. The following tables present segment data as of and for the years ended December 31, 2021, 2020, and 2019. Year Ended December 31, 2021 Consumer Lending (Dollars in thousands) Recreation Home Commercial Medallion RPAC (1) Corporate and Other Investments Consolidated Total interest income (loss) $ 118,305 $ 34,204 $ 6,592 $ ( 1,483 ) $ — $ 1,348 $ 158,966 Total interest expense 9,993 4,153 2,720 5,914 546 7,814 31,140 Net interest income (loss) 108,312 30,051 3,872 ( 7,397 ) ( 546 ) ( 6,466 ) 127,826 Provision for loan losses 7,671 2,750 — ( 7,752 ) — 1,953 4,622 Net interest income (loss) after loss provision 100,641 27,301 3,872 355 ( 546 ) ( 8,419 ) 123,204 Sponsorship and race winnings — — — — 12,567 — 12,567 Race team related expenses — — — — ( 9,559 ) — ( 9,559 ) Other income (expense), net ( 30,156 ) ( 11,640 ) 3,101 ( 1,991 ) ( 5,108 ) 1,455 ( 44,339 ) Net income (loss) before taxes 70,485 15,661 6,973 ( 1,636 ) ( 2,646 ) ( 6,964 ) 81,873 Income tax (provision) benefit ( 18,699 ) ( 4,155 ) ( 1,850 ) 433 ( 1,498 ) 1,552 ( 24,217 ) Net income (loss) after taxes $ 51,786 $ 11,506 $ 5,123 $ ( 1,203 ) $ ( 4,144 ) $ ( 5,412 ) $ 57,656 Balance Sheet Data Total loans net $ 928,885 $ 429,416 $ 73,713 $ 4,812 $ — $ 1,933 $ 1,438,759 Total assets 896,223 371,781 103,631 42,011 — 459,411 1,873,057 Total funds borrowed 710,616 294,786 82,169 69,221 — 328,358 1,485,150 Selected Financial Ratios Return on average assets 6.00 % 3.01 % 5.85 % ( 1.15 )% 20.35 % ( 1.89 )% 3.12 % Return on average equity 30.01 15.04 29.23 ( 5.75 ) 885.29 ( 13.62 ) 21.24 Interest yield 13.94 9.30 10.41 ( 18.77 ) N/A N/A 11.48 Net interest margin 12.76 8.17 6.12 ( 93.60 ) N/A N/A 9.26 Reserve coverage 3.37 1.68 1.49 (1) 65.74 N/A N/A 3.37 Delinquency status (2) 0.41 0.03 0.10 (1) — N/A N/A 0.28 Charge-off ratio (4) 0.30 0.15 — (3) 95.40 N/A N/A 0.85 (1) Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. (2) Loans 90 days or more past due. (3) Ratio is based on total commercial lending balances, and relates to the total loan business. (4) Negative balances indicate recoveries for the period. (5) The Company sold its interest in RPAC in December 2021. Selected earnings data are applicable through the date of sale. Year Ended December 31, 2020 Consumer Lending (Dollars in thousands) Recreation Home Commercial Medallion RPAC Corporate and Other Investments Consolidated Total interest income (loss) $ 110,706 $ 27,273 $ 6,926 $ ( 1,518 ) $ — $ 1,575 $ 144,962 Total interest expense 13,013 5,699 2,538 3,610 163 9,128 34,151 Net interest income (loss) 97,693 21,574 4,388 ( 5,128 ) ( 163 ) ( 7,553 ) 110,811 Provision for loan losses 23,736 3,778 — 42,276 — 27 69,817 Net interest income (loss) after loss provision 73,957 17,796 4,388 ( 47,404 ) ( 163 ) ( 7,580 ) 40,994 Sponsorship and race winnings — — — — 20,042 — 20,042 Race team related expenses — — — — ( 8,366 ) — ( 8,366 ) Other income (expense), net ( 27,341 ) ( 9,611 ) ( 3,196 ) ( 30,366 ) ( 7,973 ) ( 11,164 ) ( 89,651 ) Net income (loss) before taxes 46,616 8,185 1,192 ( 77,770 ) 3,540 ( 18,744 ) ( 36,981 ) Income tax (provision) benefit ( 12,004 ) ( 2,108 ) ( 299 ) 19,520 ( 889 ) 5,854 10,074 Net income (loss) after taxes $ 34,612 $ 6,077 $ 893 $ ( 58,250 ) $ 2,651 $ ( 12,890 ) $ ( 26,907 ) Balance Sheet Data Total loans net $ 765,338 $ 328,876 $ 62,037 $ 12,725 $ — $ 3,314 $ 1,172,290 Total assets 777,605 340,494 80,622 124,554 33,711 285,425 1,642,411 Total funds borrowed 621,735 272,284 65,924 98,636 8,689 244,987 1,312,255 Selected Financial Ratios Return on average assets 4.59 % 2.07 % 1.07 % ( 33.21 )% 7.98 % ( 5.06 )% ( 2.16 )% Return on average equity 22.93 10.35 5.17 ( 165.21 ) ( 363.66 ) ( 23.29 ) ( 10.90 ) Interest yield 14.90 9.66 10.51 ( 2.11 ) N/A N/A 11.32 Net interest margin 13.15 7.62 6.66 ( 7.14 ) N/A N/A 8.65 Reserve coverage 3.45 1.54 0.00 (1) 66.31 N/A N/A 4.68 Delinquency status (2) 0.70 0.05 0.11 (1) 3.57 N/A N/A 0.57 Charge-off ratio 1.95 0.44 0.04 (3) 59.38 N/A N/A 5.00 (1) Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. (2) Loans 90 days or more past due. (3) Ratio is based on total commercial lending balances, and relates to the total loan business. Year Ended December 31, 2019 Consumer Lending (Dollars in thousands) Recreation Home Commercial Medallion RPAC Corporate and Other Investments Consolidated Total interest income $ 99,463 $ 19,943 $ 7,183 $ 3,665 $ — $ 2,308 $ 132,562 Total interest expense 13,304 4,757 2,833 7,962 159 6,030 35,045 Net interest income (loss) 86,159 15,186 4,350 ( 4,297 ) ( 159 ) ( 3,722 ) 97,517 Provision for loan losses 28,638 1,598 364 16,331 — 455 47,386 Net interest income (loss) after loss provision 57,521 13,588 3,986 ( 20,628 ) ( 159 ) ( 4,177 ) 50,131 Sponsorship and race winnings — — — — 18,742 — 18,742 Race team related expenses — — — — ( 8,996 ) — ( 8,996 ) Other income (expense), net ( 23,490 ) ( 7,520 ) ( 1,149 ) ( 10,493 ) ( 6,942 ) ( 7,946 ) ( 57,540 ) Net income (loss) before taxes 34,031 6,068 2,837 ( 31,121 ) 2,645 ( 12,123 ) 2,337 Income tax (provision) benefit ( 8,813 ) ( 1,572 ) ( 684 ) 7,596 ( 329 ) 3,461 ( 341 ) Net income (loss) after taxes $ 25,218 $ 4,496 $ 2,153 $ ( 23,525 ) $ 2,316 $ ( 8,662 ) $ 1,996 Balance Sheet Data Total loans net $ 695,257 $ 244,716 $ 66,405 $ 105,022 $ — $ 3,362 $ 1,114,762 Total assets 707,377 252,704 84,924 217,483 31,538 247,641 1,541,667 Total funds borrowed 563,805 201,605 68,666 176,825 7,794 150,898 1,169,593 Selected Financial Ratios Return on average assets 3.84 % 2.20 % 2.44 % ( 9.73 )% 7.28 % ( 3.71 )% ( 0.12 )% Return on average equity 17.19 10.22 12.21 ( 48.49 ) ( 96.37 ) ( 14.26 ) ( 0.59 ) Interest yield 15.39 9.50 11.39 2.88 N/A N/A 11.75 Net interest margin 13.33 7.24 6.90 ( 3.38 ) N/A N/A 8.64 Reserve coverage 2.53 1.05 0.00 (1) 19.48 N/A N/A 3.97 Delinquency status (2) 0.84 0.07 0.15 (1) 2.04 N/A N/A 0.76 Charge-off ratio 2.69 0.37 1.30 (3) 14.68 N/A N/A 3.60 (1) Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. (2) Loans 90 days or more past due. (3) Ratio is based on total commercial lending balances, and relates to the total loan business. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (10) COMMITMENTS AND CONTINGENCIES (A) EMPLOYMENT AGREEMENTS The Company has employment agreements with certain key officers for either a one-, two-, three- or five-year term. Annually, the contracts with a five-year term will renew for new five-year terms unless prior to the end of the first year of each five-year 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 five-year term. Typically, the contracts with a one- or two-year term will renew for new one- or two-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 or two-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. Employment agreements expire at various dates through 2026 , with future minimum payments under these agreements of approximately $ 12.1 million as follows: (Dollars in thousands) 2022 $ 3,996 2023 2,816 2024 2,272 2025 2,094 2025 872 Thereafter — Total $ 12,050 (B) OTHER COMMITMENTS As of December 31, 2021 the Company had one commitment to extend credit of up to $ 1.8 million with an expiration date of January 1, 2025. 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 antifraud, books and records, internal controls and anti-touting provisions of the federal securities laws. The litigation relates 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. Since April 2018, the Company does not report as a BDC, and has not worked with such third parties since 2016. The Company does not expect to change previously reported financial results. The SEC is seeking injunctive relief, disgorgement plus pre-judgment interest and civil penalties in amounts unspecified, as well as an officer and director bar against the Company’s President and Chief Operating Officer. The Company and its President and Chief Operating Officer intend to defend themselves vigorously and believe that the SEC will not prevail on its claims. Nevertheless, depending on the outcome of the litigation, the Company could incur a loss and other penalties that could be material to the Company, its results of operations and/or financial condition, as well as a bar against its President and Chief Operating Officer. In addition, the Company has and expects to further incur significant legal fees and expenses in defending such charges by the SEC and the Company may be subject to shareholder litigation relating to these SEC matters. (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. We intend to vigorously defend any outstanding claims and pursue our 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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, MCI, 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, was an officer of LAX Group, LLC (LAX), one of the Company’s equity investments that sold its assets on December 16, 2020. In January 2020, Mr. Rudnick received a salary from LAX of $ 178,000 per year, which was reduced to $ 133,000 in the 2020 second quarter. In addition, Mr. Rudnick provided consulting services to the Company directly for a monthly retainer of $ 4,200 . Effective March 1, 2021, Mr. Rudnick serves as the Company’s Senior Vice President at a salary of $ 195,000 per year for 2021 (which was increased to $ 239,000 effective January 1, 2022), and is no longer providing consulting services to the Company. Until the Company’s compl ete divestiture in RPAC in the fourth quarter of 2021, the Company had an agreement with minority shareholder Richard Petty, in which it made an annual payment of $ 0.7 million per year for services provided to the entity. In addition, RPAC had a note payable to a trust controlled by Mr. Petty of $ 7.6 million that earned interest at an annual rate of 2 %. As a result of the Company's divestiture of its investment in RPAC, all debt and equity securities have been removed from the consolidated balance sheet. |
Stockholders'_Shareholders' Equ
Stockholders'/Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Stockholders'/Shareholders' Equity | (12) STOCKHOLDERS’/SHAREHOLDERS’ EQUITY As of December 31, 2021 , a total of $ 22,874,509 of shares remain authorized for repurchase under the Company's stock repurchase program. There were no purchases during the years ended December 31, 2021, 2020, and 2019 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | (13) EMPLOYEE BENEFIT PLANS The Company has a 401(k) Investment Plan, or the 401(k) Plan, which covers all full-time and part-time employees of the Company who have attained the age of 21 and have a minimum of thirty (30) days of service, including the employees of Medallion Bank. Under the 401(k) Plan, an employee may elect to defer not less than 1 % of total annual compensation, up to the applicable limits set forth in the Internal Revenue Code. Employee contributions are invested in various mutual funds according to the directions of the employee. Once eligible full-time employees have completed a minimum of one (1) year of service, and part time employees have worked at least 1,000 hours, the Company matches employee contributions to the 401(k) Plan in an amount per employee equal to one-third of the first 6% of the employee’s annual contributions, subject to legal limits. The Company’s 401(k) plan expense, including amounts for the employees of Medallion Bank and other consolidated subsidiaries in the prior year periods, was approximately $ 0.3 million, $ 0.2 million, and $ 0.2 million for the years ended December 31, 2021, 2020, and 2019 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | (14) 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) Equity securities – The Company’s equity securities are recorded at cost less impairment plus or minus observable price changes. (c) Investment securities – The Company’s investments are recorded at the estimated fair value of such investments. (d) Loans receivable – The Company’s loans are recorded at book value which approximated fair value. (e) Floating rate borrowings – Due to the short-term nature of these instruments, the carrying amount approximates fair value. (f) 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. At December 31, 2021 and December 31, 2020, the estimated fair value of these off-balance-sheet instruments was not material. (g) Fixed rate borrowings – The fair value of the debentures payable to the SBA is estimated based on current market interest rates for similar debt. December 31, 2021 2020 (Dollars in thousands) Carrying Fair Carrying Fair Financial assets Cash, cash equivalents, and federal funds sold (1) $ 124,484 $ 124,484 $ 112,040 $ 112,040 Equity investments 9,726 9,726 9,746 9,746 Investment securities 44,772 44,772 46,792 46,792 Loans receivable 1,438,758 1,438,758 1,172,290 1,172,290 Accrued interest receivable (2) 10,621 10,621 10,338 10,338 Equity securities (3) 1,950 1,950 — — Financial liabilities Funds borrowed (4) 1,478,001 1,478,001 1,312,255 1,312,591 Accrued interest payable (2) 3,395 3,395 4,673 4,673 (1) Categorized as level 1 within the fair value hierarchy, excluding $ 1.3 million as of December 31, 2021 and $ 1.5 million as of December 31, 2020 of interest-bearing deposits categorized as level 2. See Note 15. (2) Categorized as level 3 within the fair value hierarchy. See Note 15. (3) Included within other assets on the balance sheet. (4) All publicly traded notes were paid off in April 2021. As of December 31, 2020, publicly traded unsecured notes traded at a premium to par of $ 0.3 million . |
Fair Value of Assets and liabil
Fair Value of Assets and liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and liabilities | (15) 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). Our 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 US 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, which have been adjusted for all periods presented . 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 December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Interest-bearing deposits $ — $ 1,250 $ — $ 1,250 Available for sale investment securities — 44,772 — 44,772 Equity securities 1,950 — — 1,950 Total (1) $ 1,950 $ 46,022 $ — $ 47,972 (1) Total unrealized losses of $ 1.0 million, net of tax, was included in accumulated other comprehensive income (loss) for the year ended December 31, 2021 related to these assets. December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Interest-bearing deposits $ — $ 1,500 $ — $ 1,500 Available for sale investment securities — 46,792 — 46,792 Total (1) $ — $ 48,292 $ — $ 48,292 (1) Total unrealized gains of $ 1.0 million, net of tax, was included in accumulated other comprehensive income (loss) for the year ended December 31, 2020 related to these assets. 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 December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Equity investments $ — $ — $ 9,726 $ 9,726 Impaired loans — — 35,571 35,571 Loan collateral in process of foreclosure — — 37,430 37,430 Total $ — $ — $ 82,727 $ 82,727 December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Equity investments $ — $ — $ 9,746 $ 9,746 Impaired loans — — 62,174 62,174 Loan collateral in process of foreclosure — — 54,560 54,560 Total $ — $ — $ 126,480 $ 126,480 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 December 31, 2021 and 2020. (Dollars in thousands) Fair Value Valuation Techniques Unobservable Inputs Range Equity investments $ 9,453 Investee financial analysis Financial condition and operating performance of the borrower (1) N/A Collateral support N/A 273 Precedent market transaction Offering price $ 8.73 / share Impaired loans 35,571 Market approach Historical and actual loss experience 1.50 % - 6.00 % 60 % of balance Transfer prices (2) $ 0.0 - 79.5 Collateral value N/A Loan collateral in process of foreclosure 37,430 Market approach Transfer prices (2) $ 0.0 - 79.5 Collateral value (3) $ 3.6 - 49.8 (Dollars in thousands) Fair Value Valuation Techniques Unobservable Inputs Range Equity investments $ 8,291 Investee financial analysis Financial condition and operating performance of the borrower (1) N/A Collateral support N/A 1,455 Precedent market transaction Offering price $ 8.73 / share Impaired loans 62,174 Market approach Historical and actual loss experience 1.50 % - 6.00 % 60 % of balance Transfer prices (2) $ 0.6 - 108.7 Collateral value N/A Loan collateral in process of foreclosure 53,128 Market approach Transfer prices (2) $ 0.6 - 108.7 1,432 Collateral value (3) $ 0.7 - 32.3 (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. (2) Represents amount net of liquidation costs . (3) Relates to the recreation portfolio. |
Medallion Bank Preferred Stock
Medallion Bank Preferred Stock (Non-controlling Interest) | 12 Months Ended |
Dec. 31, 2021 | |
Medallion Bank Preferred Stock (Non-controlling Interest) | (16) MEDALLION BANK PREFERRED STOCK (Non-controlling interest) On December 17, 2019, the Bank closed an initial public offering of 1,840,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, with a $ 46.0 million aggregate liquidation amount, yielding net proceeds of $ 42.5 million, which were recorded in the Bank’s shareholders’ equity. 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 a benchmark rate (which is expected to be three-month Secured Overnight Financing Rate, or SOFR ) plus a spread of 6.46 % per annum. 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, or 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. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Statements | (17) PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS The following shows the condensed financial information of Medallion Financial Corp. (parent company only). Condensed Balance Sheets December 31, (Dollars in thousands) 2021 2020 Assets Cash $ 40,540 $ 33,743 Investment in bank subsidiary (1) 367,945 325,417 Investment in non-bank subsidiaries 88,018 88,165 Income tax receivable 18,763 1,470 Loan collateral in process of foreclosure 5,811 9,960 Net loans receivable 3,302 12,293 Other assets 8,674 10,912 Total assets $ 533,053 $ 481,960 Liabilities Long-term borrowings (2) $ 151,103 $ 100,367 Short-term borrowings (2) — 53,359 Intercompany payables 39,703 51,352 Deferred tax liabilities 35,799 24,172 Other liabilities 19,408 21,302 Total liabilities 246,013 250,552 Total stockholders’ equity 287,040 231,408 Total liabilities and equity $ 533,053 $ 481,960 (1) Includes $ 174.3 million and $ 175.7 million of goodwill and intangible assets of the Company which relate specifically to the Bank. (2) Includes $ 2.9 million and $ 2.2 million of deferred financing costs as of December 31, 2021 and 2020. Condensed Statements of Operations Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest and dividend income (loss) $ 16,446 $ 4,773 $ ( 2,552 ) Interest expense 11,209 8,602 8,856 Net interest income (loss) 5,237 ( 3,829 ) ( 11,408 ) Provision (benefit) for loan losses ( 4,718 ) 5,127 6,377 Net interest income (loss) after provision for loan losses 9,955 ( 8,956 ) ( 17,785 ) Other income (expense), net ( 6,224 ) ( 22,062 ) ( 13,686 ) Income (loss) before income taxes and undistributed earnings of subsidiaries 3,731 ( 31,018 ) ( 31,471 ) Income tax benefit 4,452 10,454 7,013 Income (loss) before undistributed earnings of subsidiaries 8,183 ( 20,564 ) ( 24,458 ) Undistributed earnings (losses) of subsidiaries 45,925 ( 14,219 ) 22,696 Net income (loss) attributable to parent company $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Condensed Statements of Other Comprehensive Income (Loss) Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Net (income) loss $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Other comprehensive income (loss) ( 978 ) 1,013 1,081 Total comprehensive income (loss) attributable to Medallion $ 53,130 $ ( 33,770 ) $ ( 681 ) Condensed Statements of Cash Flow Year Ended December 31, (Dollars in thousands) 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss)/net decrease in net assets resulting from operations $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Adjustments to reconcile net income (loss)/net decrease in net assets resulting from operations Equity in undistributed (earnings) losses of subsidiaries ( 60,304 ) 6,622 ( 22,696 ) (Benefit) provision for loan losses ( 4,718 ) 5,127 6,377 Depreciation and amortization 4,485 5,357 5,484 Change in deferred and other tax assets/liabilities, net ( 5,666 ) ( 3,317 ) ( 2,225 ) Net change in loan collateral in process of foreclosure 1,619 4,940 906 Net change in unrealized depreciation on investments — 3,493 1,786 Gain on extinguishment of debt ( 2,204 ) — — Net realized gains on sale of investments ( 11,701 ) — — Stock-based compensation expense 2,261 2,031 1,221 Decrease (increase) in other assets ( 1,150 ) 2,299 988 Increase in deferred financing costs ( 1,504 ) ( 1,233 ) ( 1,297 ) Decrease in intercompany payables ( 11,649 ) ( 3,552 ) ( 8,448 ) (Decrease) increase in other liabilities ( 1,894 ) 2,336 ( 1,759 ) Net cash used for operating activities ( 38,317 ) ( 10,680 ) ( 21,425 ) CASH FLOWS FROM INVESTING ACTIVITIES Loans originated — ( 14 ) ( 3,312 ) Proceeds from principal receipts, sales, and maturities of loans and 28,552 1,193 2,313 Purchases of investments ( 90 ) ( 2,304 ) ( 1,125 ) Proceeds from sale and principal payments of loan collateral in 666 1,276 2,403 Investment in subsidiaries ( 3,500 ) Dividends from subsidiaries 19,000 7,597 6,248 Net cash provided by investing activities 44,628 7,748 6,527 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from funds borrowed 51,400 33,600 36,000 Repayments of funds borrowed ( 51,155 ) ( 1,402 ) ( 17,735 ) Proceeds from the exercise of stock options 241 — — Net cash provided by financing activities 486 32,198 18,265 NET INCREASE IN CASH AND CASH EQUIVALENTS 6,797 29,266 3,367 Cash and cash equivalents, beginning of period 33,743 4,477 1,110 Cash and cash equivalents, end of period $ 40,540 $ 33,743 $ 4,477 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | (18) VARIABLE INTEREST ENTITIES During the 2018 third quarter, the Company determined that Trust III was a VIE. Trust III had historically been consolidated as a subsidiary of MFC, although it should have been consolidated under the variable interest model, since MFC was its primary beneficiary until October 31, 2018. Trust III was a VIE since the key decision-making authority rested in the servicing agreement (where MFC was the servicer for Trust III) rather than in the voting rights of the equity interests and as a result the decision-making rights were considered a variable interest. This conclusion was supported by a qualitative assessment that Trust III did not have sufficient equity at risk. Since the inception of Trust III, MFC had also been party to a limited guaranty which was considered a variable interest because, pursuant to the guaranty, MFC absorbed variability as a result of the on-going performance of the loans in Trust III. As of October 31, 2018, the Company determined that MFC was no longer the primary beneficiary of Trust III and accordingly deconsolidated the VIE, leading to a net gain of $ 25.3 million recorded as well as a new promissory note payable by MFC of $ 1.4 million issued in settlement of the limited guaranty. Subsequent to deconsolidation, t he Company’s interest in Trust III was accounted for as an equity investment and had a value of $ 0 through its transfer to a third party in the 2021 third quarter. In addition, the Company remained the servicer of the assets of Trust III for a fee, until its disposition . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (19) SUBSEQUENT EVENTS The Company has evaluated the effects of events that have occurred subsequent to December 31, 2021 , through the date of financial statement issuance. As of such date, there were no subsequent events that required disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the US, 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 loans and loan collateral in process of foreclosure, goodwill and intangible assets, and investments, among other effects. |
Principles of Consolidation | Principles of Consolidation 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 thro ugh a majority voting interest, a controlling interest through other contractual rights, or as being identified as the primary beneficiary of 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 includes $ 3.0 million of an interest reserve associated with the private placements of debt in March and August 2019, which cannot be used for any other purpose until March 2022. As of December 31, 2021, cash also includes $ 1.3 million of interest-bearing funds deposited in other banks, that are mainly callable, with original terms of 4 to 7 years . |
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 14 and 15 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 $ 9.7 million as of both December 31, 2021 and 2020, comprised mainly of nonmarketable stock and stock warrants, are recorded at cost less any impairment plus or minus observable price changes. For the year ended December 31, 2021 , the Company determined that there was impairment of $ 0.8 million with respect to its equity investments and no impairment or observable price changes for the year ended December 31, 2020. The Company sold approximately 80 % of its investment in Upgrade, Inc. during 2021 for proceeds of $ 12.5 million and recognized a gain of $ 11.3 million on the sales during the year. As of December 31, 2021 t he Company's remaining investment in Upgrade, Inc. had a cost of $ 0.3 million as of December 31, 2021. 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 earnings, and the fair value of these securities of $ 2.0 million as of December 31, 2021 are included in other assets on the consolidated balance sheet. The following table presents the unrealized portion related to the equity securities held as of December 31, 2021. Year Ended December 31, (Dollars in thousands) 2021 Net losses recognized during the period on equity securities $ ( 50 ) Less: Net gains (losses) recognized during the period on equity — Unrealized losses recognized during the reporting period on $ ( 50 ) |
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 on a level yield basis as an adjustment to the yield of the related investment. The net premium on investment securities totaled $ 0.3 million as of both December 31, 2021 and 2020 , and $ 0.1 million, $ 0.3 million, and $ 0.1 million was amortized to interest income for the years ended December 31, 2021, 2020, and 2019 . 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 income (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. |
Loans | Loans The Company’s loans are currently reported at the principal amount outstanding, inclusive of deferred loan acquisition costs, which primarily includes deferred fees paid to loan originators, and which is amortized to interest income over the life of the loan. Loan origination fees and certain direct origination costs are deferred and recognized as an adjustment to the yield of the related loans. As of December 31, 2021 and 2020 , net loan origination costs were $ 26.1 million and $ 20.7 million. Net amortization to income for the years ended December 31, 2021, 2020, and 2019 were $ 7.7 million, $ 6.0 million , and $ 5.0 million . Interest income is recorded on the accrual basis. Medallion and commercial 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 consumer loan portfolio has different characteristics, typified by a larger number of smaller dollar loans that have similar characteristics. A loan is considered to be impaired, or 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 impaired. 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. Total loans 90 days or more past due were $ 4.0 million or 0.28 % of the total loan portfolio as of December 31, 2021, as compared to $ 6.9 million , or 0.57 % as of December 31, 2020. In situations where, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants concessions to the borrower for other than an insignificant period of time that the Company would not otherwise consider, the related loan is classified as a troubled debt restructuring, or TDR. 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 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. Loans classified as TDRs are considered impaired loans. Beginning in the third quarter 2019, all consumer loans which are party to a Chapter 13 bankruptcy are immediately classified as TDRs. The Company’s policy with regard to bankrupt recreation loans is to take an immediate 40 % write down of the loan balance. As a result of the Consolidated Appropriations Act and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the relief period was extended to January 1, 2022, at which date relief was terminated. During the relief period, companies may elect to (a) suspend the requirements of GAAP for loan modifications related to COVID-19 that would otherwise be categorized as TDRs and (b) suspend any determination of a loan modified as a result of the effects of COVID-19 as a TDR, including impairment for accounting purposes. Any such suspension is applicable for the term of the loan modification, but solely with respect to any modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019, and shall not apply to any adverse impact on the credit of a borrower that is not related to COVID-19. As of December 31, 2021 , there were no consumer or medallion loan modifications related to COVID-19 that would have otherwise been classified as TDRs, and therefore there was no need for the Company to elect this relief under the CARES Act during 2020 and 2021. However, the Company may have loan modifications related to COVID-19 that would apply under this provision of the CARES Act in the future. Loan collateral in process of foreclosure primarily includes medallion loans that have reached 120 days past due and have been charged-down to their net realizable value, in addition to consumer repossessed collateral in the process of being sold. The medallion loan component reflects that the collection activities on the loans have transitioned from working with the borrower, to the liquidation of the collateral securing the loans. The Company had no loans pledged under borrowing arrangements as of December 31, 2021 and had $ 15.4 million of net loans pledged as collateral under borrowing arrangements as of December 31, 2020. The Company accounts for its sales of loans in accordance with FASB Accounting Standards Codification Topic 860, Transfers and Servicing, or FASB ASC 860, which provides accounting and reporting standards for transfers and servicing of financial assets and extinguishments of liabilities. In accordance with FASB ASC 860, the Company had elected the fair value measurement method for its servicing assets and liabilities. The principal portion of loans serviced for others by the Company and its affiliates was $ 20.5 million and $ 107.1 million as of December 31, 2021 and 2020. The Company has evaluated the servicing aspect of its business in accordance with FASB ASC 860 and determined that no material servicing asset or liability existed as of December 31, 2021 and 2020 . |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, prevailing economic conditions, and excess concentration risks. In analyzing the adequacy of the allowance for loan losses, the Company uses historical delinquency and actual loss rates with a one-year lookback period for consumer loans. For commercial loans deemed nonperforming, the historical loss experience and other projections are looked at. For medallion loans, delinquent nonperforming loans are valued at collateral value for the most recent quarter. Collateral value for the medallion loans is generally determined utilizing factors deemed relevant under the circumstances of the market including but not limited to: actual transfers, pending transfers, median and average sales prices, discounted cash flows, market direction and sentiment, and general economic trends for the industry and economy. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. As a result of COVID-19, there was an increase in the reserve percentages of 50 basis points on the recreation subprime loan sub-portfolios during 2020. In addition, the Company determined that anticipated payment activity on the medallion portfolio was impossible to quantify upon exit of the six-month deferral period with borrowers, and therefore deemed all such loans as impaired in the third quarter of 2020. As a result, all medallion loans were placed on nonaccrual and reserved down to collateral value, net of liquidation costs, of $ 79,500 for New York City medallions. The Company continues to monitor the impact of COVID-19 on the consumer, commercial, and medallion loans. Had there been no payment deferrals offered to borrowers under the CARES Act, potential loans 90 days or more past due would have resulted in increased reserves and/or charge-offs. Credit losses are deducted from the allowance and subsequent recoveries are added back to the allowance. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company’s goodwill and intangible assets arose as a result of the excess of fair value over book value for several of the Company’s previously unconsolidated portfolio investment companies as of April 2, 2018. This fair value was brought forward under the Company’s new reporting, and was subject to a purchase price accounting allocation process conducted by an independent third-party expert to arrive at the current categories and amounts. Goodwill is not amortized, but is subject to quarterly review by management to determine whether additional impairment testing is needed, and such testing is performed at least on an annual basis. Intangible assets are amortized over their useful life of approximately 20 years. As of December 31, 2021 and 2020, the Company had goodwill of $ 150.8 million , all of which related to the Bank. As of December 31, 2021 and 2020, the Company had intangible assets of $ 23.5 million and $ 51.1 million . During 2021, the Company disposed of its investment in RPAC, resulting in the removal of $ 26.2 million of intangible assets. The Company recognized $ 1.4 million of amortization expense on the intangible assets for each of the years ended December 31, 2021, 2020, and 2019 . Additionally, loan portfolio premiums of $ 12.4 million were determined as of April 2, 2018, of which $ 0.5 million and $ 2.7 million were outstanding as of December 31, 2021 and 2020 , and of which $ 2.2 million, $ 3.0 million, and $ 3.3 million was amortized to interest income for the years ended December 31, 2021, 2020, and 2019. Management performed a step 0 analysis in assessing the goodwill and intangibles for impairment at December 31, 2021 and 2020, concluding that there was no impairment of these assets. The following table details of the intangible assets as of December 31, 2021 and 2020: December 31, (Dollars in thousands) 2021 2020 Brand-related intellectual property $ 17,874 $ 18,974 Home improvement contractor relationships 5,606 5,951 Race organization — 26,165 Total intangible assets $ 23,480 $ 51,090 |
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 $ 0.3 million, $ 0.4 million, and $ 0.4 million for the years ended December 31, 2021, 2020, and 2019 . |
Deferred Costs | Deferred Costs Deferred financing costs represent costs associated with obtaining the Company’s borrowing facilities, and are amortized on a straight line basis over the lives of the related financing agreements and life of the respective pool. Amortization expense was $2.4 million, $ 2.6 million, and $ 2.3 million for the years ended December 31, 2021, 2020, and 2019 . 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 will be amortized against income over an appropriate period, or written off. The amount on the Company’s balance sheet for all of these purposes were $ 7.1 million and $ 5.8 million as of December 31, 2021 and 2020 . |
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 tax rates expected to be in effect 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. |
Sponsorship and Race Winnings | Sponsorship and Race Winnings The Company accounts for sponsorship and race winnings revenue under FASB ASC Topic 606, Revenue from Contracts with Customers. Sponsorship revenue is recognized when the Company’s performance obligations are completed in accordance with the contract terms of the sponsorship contract. Race winnings revenue is recognized after each race during the season based upon terms provided by NASCAR and the placement of the driver. |
Earnings (Loss) Per Share (EPS) | Earnings (Loss) Per Share (EPS) Basic earnings (loss) per share are computed by dividing net income (loss) 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 giving consideration to 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 shows the calculation of basic and diluted EPS. Year Ended December 31, (Dollars in thousands, except share and per share data) 2021 2020 2019 Net income (loss) available to common stockholders $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Weighted average common shares outstanding applicable 24,599,804 24,445,452 24,342,979 Effect of dilutive stock options 92,602 — — Effect of restricted stock grants 250,763 — — Adjusted weighted average common shares outstanding 24,943,169 24,445,452 24,342,979 Basic income (loss) per share $ 2.20 $ ( 1.42 ) $ ( 0.07 ) Diluted income (loss) per share 2.17 ( 1.42 ) ( 0.07 ) Potentially dilutive common shares excluded from the above calculations aggregated 421,190 shares, 934,003 shares, and 462,180 shares as of December 31, 2021, 2020, and 2019 . |
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 are reflected in net income resulting from operations for any new grants using the grant date fair value of the shares granted, expensed over the vesting period of the underlying stock. During the years ended December 31, 2021, 2020, and 2019 , the Company issued 258,120 , 229,408 , and 216,148 restricted shares of stock-based compensation awards, issued 317,398 , 444,557 , and 449,450 shares of other stock-based compensation awards, and issued 16,803 , 47,156 , and 26,040 restricted stock units; and recognized $ 2.3 million, $ 2.0 million, and $ 1.2 million, or $ 0.09 , $ 0.08 , and $ 0.05 per diluted common share for each respective year, of non-cash stock-based compensation expense related to the grants. As of December 31, 2021 , the total remaining unrecognized compensation cost related to unvested stock options and restricted stock was $ 3.0 million, which is expected to be recognized over the next 13 quarters. |
Regulatory Capital | Regulatory Capital The Bank 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 (set forth 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 preclude its ability to pay dividends to the Company, and that an adequate allowance for loan losses be maintained. As of December 31, 2021 , the Bank’s Tier 1 leverage ratio was 17.53 %. The Bank’s actual capital amounts and ratios, and the regulatory minimum ratios are presented in the following table. Regulatory December 31, (Dollars in thousands) Minimum Well-Capitalized 2021 2020 Common equity tier 1 capital $ 193,459 $ 148,507 Tier 1 capital 262,247 217,295 Total capital 281,211 233,460 Average assets 1,495,726 1,283,664 Risk-weighted assets 1,482,678 1,243,783 Leverage ratio (1) 4.0 % 5.0 % 17.5 % 16.9 % Common equity tier 1 capital ratio (2) 7.0 6.5 13.1 11.9 Tier 1 capital ratio (3) 8.5 8.0 17.7 17.5 Total capital ratio (3) 10.5 10.0 19.0 18.8 (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 December 31, 2021 and December 31, 2020 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 December 31, 2021 and December 31, 2020 . |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses, or Topic 326: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. The main objective of this new standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial assets and other commitments to extend credit held by a reporting entity at each reporting date. Under the FASB’s new standard, the concepts used by entities to account for credit losses on financial instruments will fundamentally change. The existing “probable” and “incurred” loss recognition threshold is removed. Loss estimates are based upon lifetime “expected” credit losses. The use of past and current events must now be supplemented with “reasonable and supportable” expectations about the future to determine the amount of credit loss. The collective changes to the recognition and measurement accounting standards for financial instruments and their anticipated impact on the allowance for credit losses modeling have been universally referred to as the CECL (current expected credit loss) model. ASU 2016-13 applies to all entities and is effective for fiscal years beginning after December 15, 2019 for public entities, with early adoption permitted. In November 2019, the FASB issued ASU 2019-10 to defer implementation of the standard for smaller reporting companies, such as the Company, to fiscal years beginning after December 15, 2022. The Company is assessing the impact the update will have on its financial statements, and expects the update to have a material impact on the Company’s accounting for estimated credit losses on its loans. In August 2021, the FASB issued ASU 2021-06, Presentation of Financial Statements, or Topic 205: Depository and Lending, or Topic 942: and Financial Services – Investment Companies, or Topic 946: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. This new standard amends certain SEC paragraphs from the Codification in response to the issuance of SEC Final Rule No. 33-10786, Amendments to Financial Disclosures About Acquired and Disposed Businesses and SEC Rule No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. The Company has assessed the impact the update and determined it does not have a material impact 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Unrealized Portion Related to Equity Securities | The following table presents the unrealized portion related to the equity securities held as of December 31, 2021. Year Ended December 31, (Dollars in thousands) 2021 Net losses recognized during the period on equity securities $ ( 50 ) Less: Net gains (losses) recognized during the period on equity — Unrealized losses recognized during the reporting period on $ ( 50 ) |
Schedule of Intangible Assets | The following table details of the intangible assets as of December 31, 2021 and 2020: December 31, (Dollars in thousands) 2021 2020 Brand-related intellectual property $ 17,874 $ 18,974 Home improvement contractor relationships 5,606 5,951 Race organization — 26,165 Total intangible assets $ 23,480 $ 51,090 |
Summary of the Calculation of Basic and 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 shows the calculation of basic and diluted EPS. Year Ended December 31, (Dollars in thousands, except share and per share data) 2021 2020 2019 Net income (loss) available to common stockholders $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Weighted average common shares outstanding applicable 24,599,804 24,445,452 24,342,979 Effect of dilutive stock options 92,602 — — Effect of restricted stock grants 250,763 — — Adjusted weighted average common shares outstanding 24,943,169 24,445,452 24,342,979 Basic income (loss) per share $ 2.20 $ ( 1.42 ) $ ( 0.07 ) Diluted income (loss) per share 2.17 ( 1.42 ) ( 0.07 ) |
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 December 31, (Dollars in thousands) Minimum Well-Capitalized 2021 2020 Common equity tier 1 capital $ 193,459 $ 148,507 Tier 1 capital 262,247 217,295 Total capital 281,211 233,460 Average assets 1,495,726 1,283,664 Risk-weighted assets 1,482,678 1,243,783 Leverage ratio (1) 4.0 % 5.0 % 17.5 % 16.9 % Common equity tier 1 capital ratio (2) 7.0 6.5 13.1 11.9 Tier 1 capital ratio (3) 8.5 8.0 17.7 17.5 Total capital ratio (3) 10.5 10.0 19.0 18.8 (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. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Investments [Abstract] | |
Summary of Fixed Maturity Securities Available for Sale | ixed maturity securities available for sale as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Amortized Gross Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ 35,469 $ 672 $ ( 403 ) $ 35,738 State and municipalities 9,025 60 ( 51 ) 9,034 Total $ 44,494 $ 732 $ ( 454 ) $ 44,772 December 31, 2020 (Dollars in thousands) Amortized Gross Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ 34,929 $ 1,495 $ ( 45 ) $ 36,379 State and municipalities 10,226 189 ( 2 ) 10,413 Total $ 45,155 $ 1,684 $ ( 47 ) $ 46,792 |
Summary of Amortized Cost and Estimated Market Value of Investment Securities by Contractual Maturity | The amortized cost and estimated market value of investment securities as of December 31, 2021 by contractual maturity are shown 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. December 31, 2021 (Dollars in thousands) Amortized Fair Due in one year or less $ 10 $ 10 Due after one year through five years 9,907 10,107 Due after five years through ten years 9,919 10,107 Due after ten years 24,658 24,548 Total $ 44,494 $ 44,772 |
Summary of Securities with Gross Unrealized Losses | The following tables show information pertaining to securities with gross unrealized losses as of December 31, 2021 and 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows. Less than Twelve Months Twelve Months and Over December 31, 2021 (Dollars in thousands) Gross Fair Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ ( 403 ) $ 16,330 $ — $ — State and municipalities ( 9 ) 2,124 ( 42 ) ( 1,956 ) Total $ ( 412 ) $ 18,454 $ ( 42 ) $ ( 1,956 ) Less than Twelve Months Twelve Months and Over December 31, 2020 (Dollars in thousands) Gross Fair Gross Fair Mortgage-backed securities, principally obligations of US federal agencies $ ( 45 ) $ 4,028 $ — $ — State and municipalities — — ( 2 ) 196 Total $ ( 45 ) $ 4,028 $ ( 2 ) $ 196 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Text Block [Abstract] | ||
Summary of Inclusive Capitalized Loans | The following table shows the major classification of loans, inclusive of capitalized loan origination costs, at December 31, 2021 and 2020. As of December 31, 2021 2020 (Dollars in thousands) Amount As a Amount As a Recreation $ 961,320 65 % $ 792,686 65 % Home improvement 436,772 29 334,033 27 Commercial 76,696 5 65,327 5 Medallion 14,046 1 37,768 3 Strategic partnership 90 — 24 — Total gross loans 1,488,924 100 % 1,229,838 100 % Allowance for loan losses ( 50,166 ) ( 57,548 ) Total net loans $ 1,438,758 $ 1,172,290 | |
Schedule of Activity of Gross Loans | The following tables show the activity of the gross loans for the years ended December 31, 2021 and 2020. (Dollars in thousands) Recreation Home Commercial Medallion Strategic Total Gross loans – December 31, 2020 $ 792,686 $ 334,033 $ 65,327 $ 37,768 $ 24 $ 1,229,838 Loan originations 441,921 258,038 36,415 — 10,997 747,371 Principal payments, sales, and maturities ( 264,424 ) ( 155,442 ) ( 25,873 ) ( 7,778 ) ( 10,931 ) ( 464,448 ) Charge-offs, net ( 2,581 ) ( 551 ) — ( 8,872 ) — ( 12,004 ) Transfer to loan collateral in process of foreclosure, net ( 10,431 ) — — ( 5,457 ) — ( 15,888 ) Amortization of origination costs ( 9,678 ) 1,671 13 ( 2 ) — ( 7,996 ) Amortization of loan premium ( 221 ) ( 346 ) — ( 1,615 ) — ( 2,182 ) FASB origination costs, net 14,048 ( 631 ) — 2 — 13,419 Paid-in-kind interest — — 814 — — 814 Gross loans – December 31, 2021 $ 961,320 $ 436,772 $ 76,696 $ 14,046 $ 90 $ 1,488,924 (Dollars in thousands) Recreation Home Commercial Medallion Strategic Total Gross loans – December 31, 2019 $ 713,332 $ 247,324 $ 69,767 $ 130,432 $ — $ 1,160,855 Loan originations 294,885 193,098 7,575 — 1,663 497,221 Principal payments, sales, and maturities ( 187,989 ) ( 105,813 ) ( 13,183 ) ( 13,207 ) ( 1,639 ) ( 321,831 ) Charge-offs, net ( 14,457 ) ( 1,229 ) ( 28 ) ( 42,648 ) — ( 58,362 ) Transfer to loan collateral in process of foreclosure, net ( 14,871 ) — — ( 32,383 ) — ( 47,254 ) Amortization of origination costs ( 7,809 ) 1,910 8 ( 131 ) — ( 6,022 ) Amortization of loan premium ( 191 ) ( 320 ) — ( 2,531 ) — ( 3,042 ) FASB origination costs, net 9,786 ( 937 ) — 36 — 8,885 Paid-in-kind interest — — 1,188 — — 1,188 Transfer to other foreclosed property — — — ( 1,800 ) — ( 1,800 ) Gross loans – December 31, 2020 $ 792,686 $ 334,033 $ 65,327 $ 37,768 $ 24 $ 1,229,838 | |
Summary of Activity in Allowance for Loan Losses | The following table sets forth the activity in the allowance for loan losses for the years ended December 31, 2021 and 2020. December 31, (Dollars in thousands) 2021 2020 Allowance for loan losses – beginning balance $ 57,548 $ 46,093 Charge-offs Recreation ( 14,712 ) ( 23,543 ) Home improvement ( 2,949 ) ( 2,909 ) Commercial — ( 31 ) Medallion ( 15,287 ) ( 49,361 ) Total charge-offs ( 32,948 ) ( 75,844 ) Recoveries Recreation 12,131 9,086 Home improvement 2,398 1,680 Commercial — 3 Medallion 6,415 6,713 Total recoveries 20,944 17,482 Net charge-offs (1) ( 12,004 ) ( 58,362 ) Provision for loan losses 4,622 69,817 Allowance for loan losses – ending balance (2) $ 50,166 $ 57,548 (1) As of December 31, 2021 , cumulative charge-offs of loans and loan collateral in process of foreclosure in the medallion loan portfolio were $ 258.3 million, some of which represents collection opportunities for the Company. (2) As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. | |
Summary of Allowance for Loan Losses by Type | The following tables set forth the allowance for loan losses by type as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Amount Percentage Allowance as Allowance as Recreation (1) $ 32,435 64 % 3.37 % 91.18 % Home improvement (2) 7,356 15 1.68 20.68 Commercial 1,141 2 1.49 3.21 Medallion 9,234 19 65.74 25.96 Total $ 50,166 100 % 3.37 % 141.03 % (1) As of December 31, 2021 allowance reflects $ 4.2 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . (2) As of December 31, 2021 allowance reflects $ 0.5 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. December 31, 2020 (Dollars in thousands) Amount Percentage Allowance as Allowance as Recreation (1) $ 27,348 48 % 3.45 % 378.20 % Home improvement (2) 5,157 9 1.54 NM Commercial — — — — Medallion 25,043 43 66.31 68.01 Total $ 57,548 100 % 4.68 % 93.17 % (1) As of December 31, 2020 allowance reflects $ 6.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . (2) As of December 31, 2020 allowance reflects $ 0.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. | |
Summary of Total Nonaccrual Loans and Foregone Interest | The following table presents total nonaccrual loans and foregone interest, substantially all of which is in the medallion portfolio. The fluctuation in nonaccrual interest foregone is due to past due loans and market conditions. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Total nonaccrual loans $ 35,571 $ 61,767 $ 26,484 Interest foregone for the year 1,620 3,311 2,152 Amount of foregone interest applied to principal for the year 432 602 254 Interest foregone life-to-date 3,623 5,252 2,744 Amount of foregone interest applied to principal life-to-date 942 792 471 Percentage of nonaccrual loans to gross loan portfolio 2.4 % 5.0 % 2.0 % Percentage of allowance for loan losses to nonaccrual loans 141.0 % 93.0 % 174.0 % | |
Summary of Performance Status of Loan | The following tables present the performance status of loans as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Performing Nonperforming Total Percentage of Recreation $ 955,763 $ 5,557 $ 961,320 0.58 % Home improvement 436,640 132 436,772 0.03 Commercial 60,366 16,330 76,696 21.29 Medallion — 14,046 14,046 100.00 Strategic partnership 90 — 90 — Total $ 1,452,859 $ 36,065 $ 1,488,924 2.42 % December 31, 2020 (Dollars in thousands) Performing Nonperforming Total Percentage of Recreation $ 785,047 $ 7,639 $ 792,686 0.96 % Home improvement 333,862 171 334,033 0.05 Commercial 48,731 16,596 65,327 25.40 Medallion — 37,768 (1) 37,768 100.00 Strategic partnership 24 — 24 — Total $ 1,167,664 $ 62,174 $ 1,229,838 5.06 % (1) Includes medallion loan premiums of $ 1.6 million as of December 31, 2020. | |
Summary of Attributes of Nonperforming Loan Portfolio | The following tables provide additional information on attributes of the nonperforming loan portfolio as of December 31, 2021 and 2020, all of which had an allowance recorded against the principal balance. December 31, 2021 2020 (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid Related With an allowance recorded Recreation $ 5,557 $ 5,557 $ 188 $ 7,639 $ 7,639 $ 264 Home improvement 132 132 2 171 171 3 Commercial 16,330 16,360 1,141 16,596 16,600 — Medallion 14,046 14,958 8,837 37,768 38,368 25,043 Total nonperforming loans with an allowance $ 36,065 $ 37,007 $ 10,168 $ 62,174 $ 62,778 $ 25,310 Year Ended December 31, 2021 2020 (Dollars in thousands) Average Interest Income Average Interest Income With an allowance recorded Recreation $ 5,618 $ 515 $ 7,949 $ 560 Home improvement 108 — 172 2 Commercial 16,816 93 16,884 123 Medallion 17,538 — 40,928 465 Total nonperforming loans with an allowance $ 40,080 $ 608 $ 65,933 $ 1,150 | |
Summary of Aging of Loans | The following tables show the aging of all loans as of December 31, 2021 and 2020. December 31, 2021 Days Past Due Recorded (Dollars in thousands) 30-59 60-89 90 + Total Current Total (1) Accruing Recreation $ 20,037 $ 6,569 $ 3,818 $ 30,424 $ 901,435 $ 931,859 $ — Home improvement 1,517 479 132 2,128 436,803 438,931 — Commercial 1,795 — 74 1,869 74,827 76,696 — Medallion 215 7,125 — 7,340 6,706 14,046 — Strategic partnership — — — — 90 90 — Total $ 23,564 $ 14,173 $ 4,024 $ 41,761 $ 1,419,861 $ 1,461,622 $ — (1) Excludes loan premiums of $ 0.5 million and $ 26.8 million of capitalized loan origination costs. December 31, 2020 Days Past Due Recorded (Dollars in thousands) 30-59 60-89 90 + Total Current Total (1) Accruing Recreation $ 22,058 $ 7,582 $ 5,343 $ 34,983 $ 732,391 $ 767,374 $ — Home improvement 813 218 170 1,201 335,684 336,885 — Commercial — — 75 75 65,265 65,340 — Medallion 2,019 973 1,290 4,282 31,871 36,153 — Strategic partnership — — — — 24 24 — Total $ 24,890 $ 8,773 $ 6,878 $ 40,541 $ 1,165,235 $ 1,205,776 $ — (1) Excludes loan premiums of $ 2.7 million and $ 21.3 million of capitalized loan origination costs. | |
Summary of TDRs | The following table shows the TDR’s which the Company entered into during the year ended December 31, 2021. (Dollars in thousands) Number of Loans Pre- Post- Recreation loans 56 668 585 Medallion loans 11 3,071 3,071 One medallion loan modified as a TDR in the twelve months preceding the year ended | The following table shows the TDR’s which the Company entered into during the year ended December 31, 2020. (Dollars in thousands) Number of Loans Pre- Post- Recreation loans 77 1,053 749 Commercial loans 1 1,821 1,821 Medallion loans 59 33,505 33,505 Five medallion loans modified as a TDR in the twelve months preceding the year ended December 31, 2020 , having a gross investment value of $ 1.0 million and an allowance for loan losses of $ 0.3 million, were in default as of December 31, 2020 . A total of 43 recreation loans modified as TDRs were in the twelve months preceding the year ended December 31, 2020 , having a gross investment value of $ 0.1 million and an allowance for loan losses of $ 0.1 million, were in default as of December 31, 2020 . |
Summary of Activities of the Loan Collateral Process of Foreclosure Related to Recreation and Medallion Loans | The following tables show the activity of the loan collateral in process of foreclosure, which relates only to the recreation and medallion loans, for the years ended December 31, 2021 and 2020. Year Ended December 31, 2021 (Dollars in thousands) Recreation Medallion (1) Total Loan collateral in process of foreclosure – December 31, 2020 $ 1,432 $ 53,128 $ 54,560 Transfer from loans, net 10,431 5,457 15,888 Sales ( 6,951 ) ( 2,928 ) ( 9,879 ) Cash payments received — ( 14,173 ) ( 14,173 ) Collateral valuation adjustments ( 3,192 ) ( 5,774 ) ( 8,966 ) Loan collateral in process of foreclosure – December 31, 2021 $ 1,720 $ 35,710 $ 37,430 (1) As of December 31, 2021, medallion loans in the process of foreclosure included 516 medallions in the New York market, 62 medallions in the Newark market, 335 medallions in the Chicago market, and 48 medallions in various other markets. Year Ended December 31, 2020 (Dollars in thousands) Recreation Medallion Total Loan collateral in process of foreclosure – December 31, 2019 $ 1,476 $ 51,235 $ 52,711 Transfer from loans, net 14,871 32,403 47,274 Sales ( 7,512 ) ( 300 ) ( 7,812 ) Cash payments received — ( 5,687 ) ( 5,687 ) Collateral valuation adjustments ( 7,403 ) ( 24,523 ) ( 31,926 ) Loan collateral in process of foreclosure – December 31, 2020 $ 1,432 $ 53,128 $ 54,560 |
Funds Borrowed (Tables)
Funds Borrowed (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Balances of Funds Borrowed | The following table presents outstanding balances of funds borrowed. Payments Due for the Year Ending December 31, (Dollars in thousands) 2022 2023 2024 2025 2026 Thereafter December 31, 2021 (1) December 31, 2020 (1) Interest (2) Deposits (3) $ 405,311 $ 242,965 $ 289,685 $ 165,798 $ 149,529 $ — $ 1,253,288 $ 1,067,822 1.20 % Retail and privately placed notes — — 36,000 — 31,250 53,750 121,000 103,225 7.66 SBA debentures and borrowings — 5,000 13,963 14,000 14,000 23,000 69,963 68,008 2.72 Preferred securities — — — — — 33,000 33,000 33,000 2.31 Notes payable to banks — — — — — — — 31,261 — Other borrowings — — — — — — — 8,689 — Total $ 405,311 $ 247,965 $ 339,648 $ 179,798 $ 194,779 $ 109,750 $ 1,477,251 $ 1,312,005 1.82 % (1) Excludes deferred financing costs of $ 7.1 million and $ 5.8 million as of December 31, 2021 and 2020 . (2) Weighted average contractual rate as of December 31, 2021 . (3) Balance excludes $ 0.8 million and $ 0.3 million of strategic partner reserve deposits as of December 31, 2021 and 2020 . |
Summary of Maturity of Broker Pools, Excluding Strategic Partner Reserve Deposits | The following table presents the maturity of the broker pools, excluding strategic partner reserve deposits, as of December 31, 2021. (Dollars in thousands) December 31, 2021 Three months or less $ 119,027 Over three months through six months 168,243 Over six months through one year 118,041 Over one year 847,977 Total deposits $ 1,253,288 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Costs and Additional Information | The following table presents the operating lease costs and additional information for the years ended December 31, 2021, 2020, and 2019. December 31, (Dollars in thousands) 2021 2020 2019 Operating lease costs $ 2,287 $ 2,384 $ 2,184 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 2,454 2,821 2,419 Right-of-use asset obtained in exchange for lease liability ( 118 ) 251 2,413 |
Schedule of Breakout of Operating leases | The following table presents the breakout of the operating leases as of December 31, 2021 and 2020. December 31, (Dollars in thousands) 2021 2020 Operating lease right-of-use assets $ 10,045 $ 11,737 Other current liabilities 2,159 2,004 Operating lease liabilities 9,053 11,018 Total operating lease liabilities 11,212 13,022 Weighted average remaining lease term 5.4 years 6.4 years Weighted average discount rate 5.54 % 5.54 % |
Schedule of Maturities of the Lease Liabilities | . (Dollars in thousands) 2022 $ 2,439 2023 2,356 2024 2,373 2025 2,390 2026 2,408 Thereafter 1,164 Total lease payments 13,130 Less imputed interest 1,918 Total operating lease liabilities $ 11,212 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Deferred and Other Tax Assets and Liabilities | The following table sets forth the significant components of our deferred and other tax assets and liabilities as of December 31, 2021 and 2020. December 31, (Dollars in thousands) 2021 2020 Goodwill and other intangibles $ ( 43,894 ) $ ( 44,799 ) Provision for loan losses 11,057 19,556 Net operating loss carryforwards (1) 12,167 30,493 Accrued expenses, compensation, and other assets 2,579 1,174 Unrealized gains (losses) on other investments 2,176 ( 6,769 ) Total deferred tax liability ( 15,915 ) ( 345 ) Valuation allowance (2) ( 2,295 ) ( 462 ) Deferred tax liability, net $ ( 18,210 ) $ ( 807 ) (1) As of December 31, 2021 , the Company and its subsidiaries had an estimated $ 52.4 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 $ 9.9 million of December 31, 2021 . (2) During the year ended December 31, 2021 , it was determined that the likelihood of utilization of certain net operating losses was remote and a valuation allowance of $ 1.8 million was assessed against these assets. |
Summary of Components of Tax (Provision) Benefit | The following table shows the components of our tax (provision) benefit for the years ended December 31, 2021, 2020, and 2019. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Current Federal $ ( 3,550 ) $ — $ — State ( 1,563 ) ( 260 ) 519 Deferred Federal ( 13,686 ) 7,702 ( 489 ) State ( 5,418 ) 2,632 ( 371 ) Net (provision) benefit for income taxes $ ( 24,217 ) $ 10,074 $ ( 341 ) |
Summary of Reconciliation of Statutory Federal Income Tax (Provision) Benefit to Consolidated Actual Income Tax (Provision) Benefit | The following table presents a reconciliation of statutory federal income tax (provision) benefit to consolidated actual income tax (provision) benefit reported for the years ended December 31, 2021, 2020, and 2019. Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Statutory Federal income tax (provision) benefit at 21 % $ ( 17,193 ) $ 7,766 $ ( 642 ) State and local income taxes, net of federal income tax benefit ( 3,363 ) 1,518 ( 120 ) Valuation allowance against net operating losses ( 1,833 ) 1,228 380 Change in effective state income tax rates and accrual ( 1,691 ) ( 405 ) ( 251 ) Income attributable to non-controlling interest 628 460 309 Non deductible expenses ( 178 ) ( 453 ) — Other ( 587 ) ( 40 ) ( 17 ) Total income tax (provision) benefit $ ( 24,217 ) $ 10,074 $ ( 341 ) |
Stock Options and Restricted _2
Stock Options and Restricted Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Assumption Categories Used to Determine Value of Option Grants | The following assumption categories are used to determine the value of any option grants. Year Ended December 31, 2021 2020 2019 Risk free interest rate 0.97 % 1.23 % 2.29 % Expected dividend yield — — 0.66 Expected life of option in years (1) 6.25 6.25 6.25 Expected volatility (2) 53.98 % 51.03 % 49.03 % (1) Expected life is calculated usin g the simplified method. (2) We determine our expected volatility based on our historical volatility. |
Summary of Activity for Stock Option Programs | The following table presents the activity for the stock option programs for the years ended December 31, 2021, 2020, and 2019. Number of Exercise Weighted Outstanding at December 31, 2018 144,666 $ 2.14 - 13.84 $ 7.23 Granted 449,450 5.21 - 7.25 6.61 Cancelled ( 44,076 ) 6.55 - 13.84 9.00 Exercised (1) — — — Outstanding at December 31, 2019 550,040 2.14 - 13.53 6.58 Granted 444,557 4.89 - 6.68 6.24 Cancelled ( 42,928 ) 2.22 - 13.53 6.91 Exercised (1) — — — Outstanding at December 31, 2020 (2) 951,669 2.14 - 12.55 6.41 Granted 317,398 6.79 6.79 Cancelled ( 113,310 ) 4.89 - 11.53 6.64 Exercised (1) ( 44,070 ) 5.21 - 7.25 5.58 Outstanding at December 31, 2021 (2) 1,111,687 $ 2.14 - 12.55 $ 6.41 Options exercisable at December 31, 2019 62,778 $ 2.14 - 13.53 $ 7.60 December 31, 2020 178,307 2.14 - 12.55 6.33 December 31, 2021 320,922 2.14 - 12.55 6.53 (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, wa s $ 0.2 million for the year ended December 31, 2021 and $ 0 for the years ended December 31, 2020, and 2019 . (2) The aggregate intrinsic value, which represents the difference betwee n the price of the Company’s common stock at December 31, 2021 and the related exercise price of the underlying options, was $ 0.1 million for outstanding options and $ 0.1 million for exercisable options as of December 31, 2021 . The remaining contractual life was 8.03 years for outstanding options and 7.07 years for exercisable options at December 31, 2021 . |
Summary of Activity for Restricted Stock Programs | The following table presents the activity for the restricted stock programs for the years ended December 31, 2021, 2020, and 2019. Number of Grant Weighted Outstanding at December 31, 2018 190,915 $ 2.14 - 5.27 $ 4.06 Granted 216,148 4.80 - 7.25 6.59 Cancelled ( 3,946 ) 3.93 - 6.55 4.97 Vested (1) ( 118,238 ) 2.06 - 4.80 3.89 Outstanding at December 31, 2019 284,879 3.95 - 7.25 6.01 Granted 229,408 4.89 - 6.68 6.21 Cancelled ( 8,755 ) 3.95 - 7.25 6.93 Vested (1) ( 89,392 ) 3.95 - 6.55 5.37 Outstanding at December 31, 2020 416,140 4.39 - 7.25 6.24 Granted 258,120 6.79 - 8.40 7.38 Cancelled ( 21,940 ) 4.89 - 7.25 5.98 Vested (1) ( 158,994 ) 4.39 - 7.25 6.16 Outstanding at December 31, 2021 (2) 493,326 $ 4.89 - 7.25 $ 6.87 (1) The aggregate fair value of the restricted stock vested was $ 1.1 million, $ 0.6 million, and $ 0.7 million for the years ended December 31, 2021, 2020, and 2019 . The aggregate fair value of the restricted stock was $ 2.9 million as of December 31, 2021 . The remaining vesting period was 3.17 years at December 31, 2021 . |
Summary of Activity for Unvested Options Outstanding | The following table presents the activity for the unvested options outstanding under the plans for the year ended December 31, 2021. Number of Exercise Price Weighted Outstanding at December 31, 2020 773,362 $ 4.89 - 7.25 $ 6.42 Granted 317,398 6.79 6.79 Cancelled ( 106,717 ) 4.89 - 7.25 6.41 Vested ( 193,278 ) 5.58 - 7.25 6.63 Outstanding at December 31, 2021 790,765 $ 4.89 - 7.25 $ 6.52 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Data | The following tables present segment data as of and for the years ended December 31, 2021, 2020, and 2019. Year Ended December 31, 2021 Consumer Lending (Dollars in thousands) Recreation Home Commercial Medallion RPAC (1) Corporate and Other Investments Consolidated Total interest income (loss) $ 118,305 $ 34,204 $ 6,592 $ ( 1,483 ) $ — $ 1,348 $ 158,966 Total interest expense 9,993 4,153 2,720 5,914 546 7,814 31,140 Net interest income (loss) 108,312 30,051 3,872 ( 7,397 ) ( 546 ) ( 6,466 ) 127,826 Provision for loan losses 7,671 2,750 — ( 7,752 ) — 1,953 4,622 Net interest income (loss) after loss provision 100,641 27,301 3,872 355 ( 546 ) ( 8,419 ) 123,204 Sponsorship and race winnings — — — — 12,567 — 12,567 Race team related expenses — — — — ( 9,559 ) — ( 9,559 ) Other income (expense), net ( 30,156 ) ( 11,640 ) 3,101 ( 1,991 ) ( 5,108 ) 1,455 ( 44,339 ) Net income (loss) before taxes 70,485 15,661 6,973 ( 1,636 ) ( 2,646 ) ( 6,964 ) 81,873 Income tax (provision) benefit ( 18,699 ) ( 4,155 ) ( 1,850 ) 433 ( 1,498 ) 1,552 ( 24,217 ) Net income (loss) after taxes $ 51,786 $ 11,506 $ 5,123 $ ( 1,203 ) $ ( 4,144 ) $ ( 5,412 ) $ 57,656 Balance Sheet Data Total loans net $ 928,885 $ 429,416 $ 73,713 $ 4,812 $ — $ 1,933 $ 1,438,759 Total assets 896,223 371,781 103,631 42,011 — 459,411 1,873,057 Total funds borrowed 710,616 294,786 82,169 69,221 — 328,358 1,485,150 Selected Financial Ratios Return on average assets 6.00 % 3.01 % 5.85 % ( 1.15 )% 20.35 % ( 1.89 )% 3.12 % Return on average equity 30.01 15.04 29.23 ( 5.75 ) 885.29 ( 13.62 ) 21.24 Interest yield 13.94 9.30 10.41 ( 18.77 ) N/A N/A 11.48 Net interest margin 12.76 8.17 6.12 ( 93.60 ) N/A N/A 9.26 Reserve coverage 3.37 1.68 1.49 (1) 65.74 N/A N/A 3.37 Delinquency status (2) 0.41 0.03 0.10 (1) — N/A N/A 0.28 Charge-off ratio (4) 0.30 0.15 — (3) 95.40 N/A N/A 0.85 (1) Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. (2) Loans 90 days or more past due. (3) Ratio is based on total commercial lending balances, and relates to the total loan business. (4) Negative balances indicate recoveries for the period. (5) The Company sold its interest in RPAC in December 2021. Selected earnings data are applicable through the date of sale. Year Ended December 31, 2020 Consumer Lending (Dollars in thousands) Recreation Home Commercial Medallion RPAC Corporate and Other Investments Consolidated Total interest income (loss) $ 110,706 $ 27,273 $ 6,926 $ ( 1,518 ) $ — $ 1,575 $ 144,962 Total interest expense 13,013 5,699 2,538 3,610 163 9,128 34,151 Net interest income (loss) 97,693 21,574 4,388 ( 5,128 ) ( 163 ) ( 7,553 ) 110,811 Provision for loan losses 23,736 3,778 — 42,276 — 27 69,817 Net interest income (loss) after loss provision 73,957 17,796 4,388 ( 47,404 ) ( 163 ) ( 7,580 ) 40,994 Sponsorship and race winnings — — — — 20,042 — 20,042 Race team related expenses — — — — ( 8,366 ) — ( 8,366 ) Other income (expense), net ( 27,341 ) ( 9,611 ) ( 3,196 ) ( 30,366 ) ( 7,973 ) ( 11,164 ) ( 89,651 ) Net income (loss) before taxes 46,616 8,185 1,192 ( 77,770 ) 3,540 ( 18,744 ) ( 36,981 ) Income tax (provision) benefit ( 12,004 ) ( 2,108 ) ( 299 ) 19,520 ( 889 ) 5,854 10,074 Net income (loss) after taxes $ 34,612 $ 6,077 $ 893 $ ( 58,250 ) $ 2,651 $ ( 12,890 ) $ ( 26,907 ) Balance Sheet Data Total loans net $ 765,338 $ 328,876 $ 62,037 $ 12,725 $ — $ 3,314 $ 1,172,290 Total assets 777,605 340,494 80,622 124,554 33,711 285,425 1,642,411 Total funds borrowed 621,735 272,284 65,924 98,636 8,689 244,987 1,312,255 Selected Financial Ratios Return on average assets 4.59 % 2.07 % 1.07 % ( 33.21 )% 7.98 % ( 5.06 )% ( 2.16 )% Return on average equity 22.93 10.35 5.17 ( 165.21 ) ( 363.66 ) ( 23.29 ) ( 10.90 ) Interest yield 14.90 9.66 10.51 ( 2.11 ) N/A N/A 11.32 Net interest margin 13.15 7.62 6.66 ( 7.14 ) N/A N/A 8.65 Reserve coverage 3.45 1.54 0.00 (1) 66.31 N/A N/A 4.68 Delinquency status (2) 0.70 0.05 0.11 (1) 3.57 N/A N/A 0.57 Charge-off ratio 1.95 0.44 0.04 (3) 59.38 N/A N/A 5.00 (1) Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. (2) Loans 90 days or more past due. (3) Ratio is based on total commercial lending balances, and relates to the total loan business. Year Ended December 31, 2019 Consumer Lending (Dollars in thousands) Recreation Home Commercial Medallion RPAC Corporate and Other Investments Consolidated Total interest income $ 99,463 $ 19,943 $ 7,183 $ 3,665 $ — $ 2,308 $ 132,562 Total interest expense 13,304 4,757 2,833 7,962 159 6,030 35,045 Net interest income (loss) 86,159 15,186 4,350 ( 4,297 ) ( 159 ) ( 3,722 ) 97,517 Provision for loan losses 28,638 1,598 364 16,331 — 455 47,386 Net interest income (loss) after loss provision 57,521 13,588 3,986 ( 20,628 ) ( 159 ) ( 4,177 ) 50,131 Sponsorship and race winnings — — — — 18,742 — 18,742 Race team related expenses — — — — ( 8,996 ) — ( 8,996 ) Other income (expense), net ( 23,490 ) ( 7,520 ) ( 1,149 ) ( 10,493 ) ( 6,942 ) ( 7,946 ) ( 57,540 ) Net income (loss) before taxes 34,031 6,068 2,837 ( 31,121 ) 2,645 ( 12,123 ) 2,337 Income tax (provision) benefit ( 8,813 ) ( 1,572 ) ( 684 ) 7,596 ( 329 ) 3,461 ( 341 ) Net income (loss) after taxes $ 25,218 $ 4,496 $ 2,153 $ ( 23,525 ) $ 2,316 $ ( 8,662 ) $ 1,996 Balance Sheet Data Total loans net $ 695,257 $ 244,716 $ 66,405 $ 105,022 $ — $ 3,362 $ 1,114,762 Total assets 707,377 252,704 84,924 217,483 31,538 247,641 1,541,667 Total funds borrowed 563,805 201,605 68,666 176,825 7,794 150,898 1,169,593 Selected Financial Ratios Return on average assets 3.84 % 2.20 % 2.44 % ( 9.73 )% 7.28 % ( 3.71 )% ( 0.12 )% Return on average equity 17.19 10.22 12.21 ( 48.49 ) ( 96.37 ) ( 14.26 ) ( 0.59 ) Interest yield 15.39 9.50 11.39 2.88 N/A N/A 11.75 Net interest margin 13.33 7.24 6.90 ( 3.38 ) N/A N/A 8.64 Reserve coverage 2.53 1.05 0.00 (1) 19.48 N/A N/A 3.97 Delinquency status (2) 0.84 0.07 0.15 (1) 2.04 N/A N/A 0.76 Charge-off ratio 2.69 0.37 1.30 (3) 14.68 N/A N/A 3.60 (1) Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. (2) Loans 90 days or more past due. (3) Ratio is based on total commercial lending balances, and relates to the total loan business. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Employment Agreements | future minimum payments under these agreements of approximately $ 12.1 million as follows: (Dollars in thousands) 2022 $ 3,996 2023 2,816 2024 2,272 2025 2,094 2025 872 Thereafter — Total $ 12,050 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Summary of Carrying Values and Fair Values of Financial Instruments | The fair value of the debentures payable to the SBA is estimated based on current market interest rates for similar debt. December 31, 2021 2020 (Dollars in thousands) Carrying Fair Carrying Fair Financial assets Cash, cash equivalents, and federal funds sold (1) $ 124,484 $ 124,484 $ 112,040 $ 112,040 Equity investments 9,726 9,726 9,746 9,746 Investment securities 44,772 44,772 46,792 46,792 Loans receivable 1,438,758 1,438,758 1,172,290 1,172,290 Accrued interest receivable (2) 10,621 10,621 10,338 10,338 Equity securities (3) 1,950 1,950 — — Financial liabilities Funds borrowed (4) 1,478,001 1,478,001 1,312,255 1,312,591 Accrued interest payable (2) 3,395 3,395 4,673 4,673 (1) Categorized as level 1 within the fair value hierarchy, excluding $ 1.3 million as of December 31, 2021 and $ 1.5 million as of December 31, 2020 of interest-bearing deposits categorized as level 2. See Note 15. (2) Categorized as level 3 within the fair value hierarchy. See Note 15. (3) Included within other assets on the balance sheet. (4) All publicly traded notes were paid off in April 2021. As of December 31, 2020, publicly traded unsecured notes traded at a premium to par of $ 0.3 million . |
Fair Value of Assets and liab_2
Fair Value of Assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Interest-bearing deposits $ — $ 1,250 $ — $ 1,250 Available for sale investment securities — 44,772 — 44,772 Equity securities 1,950 — — 1,950 Total (1) $ 1,950 $ 46,022 $ — $ 47,972 (1) Total unrealized losses of $ 1.0 million, net of tax, was included in accumulated other comprehensive income (loss) for the year ended December 31, 2021 related to these assets. December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Interest-bearing deposits $ — $ 1,500 $ — $ 1,500 Available for sale investment securities — 46,792 — 46,792 Total (1) $ — $ 48,292 $ — $ 48,292 Total unrealized gains of $ 1.0 million, net of tax, was included in accumulated other comprehensive income (loss) for the year ended December 31, 2020 related to these assets. |
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 December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Equity investments $ — $ — $ 9,726 $ 9,726 Impaired loans — — 35,571 35,571 Loan collateral in process of foreclosure — — 37,430 37,430 Total $ — $ — $ 82,727 $ 82,727 December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Assets Equity investments $ — $ — $ 9,746 $ 9,746 Impaired loans — — 62,174 62,174 Loan collateral in process of foreclosure — — 54,560 54,560 Total $ — $ — $ 126,480 $ 126,480 |
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 December 31, 2021 and 2020. (Dollars in thousands) Fair Value Valuation Techniques Unobservable Inputs Range Equity investments $ 9,453 Investee financial analysis Financial condition and operating performance of the borrower (1) N/A Collateral support N/A 273 Precedent market transaction Offering price $ 8.73 / share Impaired loans 35,571 Market approach Historical and actual loss experience 1.50 % - 6.00 % 60 % of balance Transfer prices (2) $ 0.0 - 79.5 Collateral value N/A Loan collateral in process of foreclosure 37,430 Market approach Transfer prices (2) $ 0.0 - 79.5 Collateral value (3) $ 3.6 - 49.8 (Dollars in thousands) Fair Value Valuation Techniques Unobservable Inputs Range Equity investments $ 8,291 Investee financial analysis Financial condition and operating performance of the borrower (1) N/A Collateral support N/A 1,455 Precedent market transaction Offering price $ 8.73 / share Impaired loans 62,174 Market approach Historical and actual loss experience 1.50 % - 6.00 % 60 % of balance Transfer prices (2) $ 0.6 - 108.7 Collateral value N/A Loan collateral in process of foreclosure 53,128 Market approach Transfer prices (2) $ 0.6 - 108.7 1,432 Collateral value (3) $ 0.7 - 32.3 (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. (2) Represents amount net of liquidation costs . (3) Relates to the recreation portfolio. |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | The following shows the condensed financial information of Medallion Financial Corp. (parent company only). Condensed Balance Sheets December 31, (Dollars in thousands) 2021 2020 Assets Cash $ 40,540 $ 33,743 Investment in bank subsidiary (1) 367,945 325,417 Investment in non-bank subsidiaries 88,018 88,165 Income tax receivable 18,763 1,470 Loan collateral in process of foreclosure 5,811 9,960 Net loans receivable 3,302 12,293 Other assets 8,674 10,912 Total assets $ 533,053 $ 481,960 Liabilities Long-term borrowings (2) $ 151,103 $ 100,367 Short-term borrowings (2) — 53,359 Intercompany payables 39,703 51,352 Deferred tax liabilities 35,799 24,172 Other liabilities 19,408 21,302 Total liabilities 246,013 250,552 Total stockholders’ equity 287,040 231,408 Total liabilities and equity $ 533,053 $ 481,960 (1) Includes $ 174.3 million and $ 175.7 million of goodwill and intangible assets of the Company which relate specifically to the Bank. (2) Includes $ 2.9 million and $ 2.2 million of deferred financing costs as of December 31, 2021 and 2020. |
Condensed Statements of Operations | Condensed Statements of Operations Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Interest and dividend income (loss) $ 16,446 $ 4,773 $ ( 2,552 ) Interest expense 11,209 8,602 8,856 Net interest income (loss) 5,237 ( 3,829 ) ( 11,408 ) Provision (benefit) for loan losses ( 4,718 ) 5,127 6,377 Net interest income (loss) after provision for loan losses 9,955 ( 8,956 ) ( 17,785 ) Other income (expense), net ( 6,224 ) ( 22,062 ) ( 13,686 ) Income (loss) before income taxes and undistributed earnings of subsidiaries 3,731 ( 31,018 ) ( 31,471 ) Income tax benefit 4,452 10,454 7,013 Income (loss) before undistributed earnings of subsidiaries 8,183 ( 20,564 ) ( 24,458 ) Undistributed earnings (losses) of subsidiaries 45,925 ( 14,219 ) 22,696 Net income (loss) attributable to parent company $ 54,108 $ ( 34,783 ) $ ( 1,762 ) |
Condensed Statements of Other Comprehensive Income (Loss) | Condensed Statements of Other Comprehensive Income (Loss) Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Net (income) loss $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Other comprehensive income (loss) ( 978 ) 1,013 1,081 Total comprehensive income (loss) attributable to Medallion $ 53,130 $ ( 33,770 ) $ ( 681 ) |
Condensed Statements of Cash Flow | Condensed Statements of Cash Flow Year Ended December 31, (Dollars in thousands) 2021 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss)/net decrease in net assets resulting from operations $ 54,108 $ ( 34,783 ) $ ( 1,762 ) Adjustments to reconcile net income (loss)/net decrease in net assets resulting from operations Equity in undistributed (earnings) losses of subsidiaries ( 60,304 ) 6,622 ( 22,696 ) (Benefit) provision for loan losses ( 4,718 ) 5,127 6,377 Depreciation and amortization 4,485 5,357 5,484 Change in deferred and other tax assets/liabilities, net ( 5,666 ) ( 3,317 ) ( 2,225 ) Net change in loan collateral in process of foreclosure 1,619 4,940 906 Net change in unrealized depreciation on investments — 3,493 1,786 Gain on extinguishment of debt ( 2,204 ) — — Net realized gains on sale of investments ( 11,701 ) — — Stock-based compensation expense 2,261 2,031 1,221 Decrease (increase) in other assets ( 1,150 ) 2,299 988 Increase in deferred financing costs ( 1,504 ) ( 1,233 ) ( 1,297 ) Decrease in intercompany payables ( 11,649 ) ( 3,552 ) ( 8,448 ) (Decrease) increase in other liabilities ( 1,894 ) 2,336 ( 1,759 ) Net cash used for operating activities ( 38,317 ) ( 10,680 ) ( 21,425 ) CASH FLOWS FROM INVESTING ACTIVITIES Loans originated — ( 14 ) ( 3,312 ) Proceeds from principal receipts, sales, and maturities of loans and 28,552 1,193 2,313 Purchases of investments ( 90 ) ( 2,304 ) ( 1,125 ) Proceeds from sale and principal payments of loan collateral in 666 1,276 2,403 Investment in subsidiaries ( 3,500 ) Dividends from subsidiaries 19,000 7,597 6,248 Net cash provided by investing activities 44,628 7,748 6,527 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from funds borrowed 51,400 33,600 36,000 Repayments of funds borrowed ( 51,155 ) ( 1,402 ) ( 17,735 ) Proceeds from the exercise of stock options 241 — — Net cash provided by financing activities 486 32,198 18,265 NET INCREASE IN CASH AND CASH EQUIVALENTS 6,797 29,266 3,367 Cash and cash equivalents, beginning of period 33,743 4,477 1,110 Cash and cash equivalents, end of period $ 40,540 $ 33,743 $ 4,477 |
Organization of Medallion Fin_2
Organization of Medallion Financial Corp. and its Subsidiaries - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)Medallion | Dec. 31, 2020USD ($) | |
Subsidiary or Equity Method Investee [Line Items] | ||
Purchase price for City of Chicago taxi medallions out of foreclosure | $ 8.7 | |
Number of medallions purchased out of foreclosure | Medallion | 159 | |
Net realizable value of medallions | $ 1 | $ 2.9 |
Medallion Financing Trust I [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Aggregate assets of trust | $ 36.1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | Mar. 31, 2019 | Apr. 02, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Interest-bearing funds deposited in other banks | $ 1,300,000 | ||||||
Non-marketable securities | 9,700,000 | $ 9,700,000 | |||||
Equity Method Investment Other Than Temporary Impairment | $ 800,000 | ||||||
Percentage of investments sold | 80.00% | ||||||
Proceed from sale shares of investment | $ 12,500,000 | ||||||
Gain on sale of investment | 11,300,000 | ||||||
Equity securities, at cost | 300 | ||||||
Investment securities Amortized to interest income | 100,000 | 300,000 | $ 100,000 | ||||
Appreciation in Investment in Medallion Bank | 26,200,000 | ||||||
Net loan origination costs | 26,100,000 | 20,700,000 | |||||
Net amortization to income | (7,700,000) | 6,000,000 | 5,000,000 | ||||
Past Due | $ 41,761,000 | 40,541,000 | |||||
Percentage of write down of loan balance | 40.00% | ||||||
Loans pledged as collateral | $ 0 | 15,400,000 | |||||
Loans write down to collateral value | (32,948,000) | 75,844,000 | |||||
Principal portion of loans serviced, fair value | $ 20,500,000 | 107,100,000 | |||||
Intangible assets useful life | 20 years | ||||||
Goodwill | $ 150,803,000 | 150,803,000 | |||||
Intangible assets, net | 23,480,000 | 51,090,000 | |||||
Amortization of intangible assets | 1,445,000 | 1,445,000 | 1,446,000 | ||||
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |||||
Depreciation and amortization | 300,000 | 400,000 | 400,000 | ||||
Amortization expense | 2,600,000 | $ 2,300,000 | |||||
Deferred costs | $ 7,100,000 | $ 5,800,000 | |||||
Potential dilutive common shares excluded from EPS computation | 421,190 | 934,003 | 462,180 | ||||
Stock based compensation award | 317,398 | 444,557 | 449,450 | ||||
Stock based compensation award, Amount | $ 2,300,000 | $ 2,000,000 | $ 1,200,000 | ||||
Stock based compensation award per diluted common share | $ 0.09 | $ 0.08 | $ 0.05 | ||||
Unrecognized compensation cost related to unvested stock options and restricted stock | $ 3,000,000 | ||||||
Unrecognized compensation cost related to unvested stock options and restricted stock, recognition period | 13 months | ||||||
Tier 1 leverage capital to total assets ratio | 15.00% | ||||||
Tier 1 leverage capital ratio | 17.53% | ||||||
Capital conversation buffer | 2.50% | ||||||
Restricted Shares [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock based compensation award | 258,120 | 229,408 | 216,148 | ||||
Restricted Stock Units [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock based compensation award | 16,803 | 47,156 | 26,040 | ||||
Medallion [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Past Due | $ 7,340,000 | $ 4,282,000 | |||||
Loans write down to collateral value | (15,287,000) | 49,361,000 | |||||
Financing receivable, recorded investment, 90 days past due and still accruing | 0 | 0 | |||||
New York City [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans write down to collateral value | 79,500 | ||||||
91+ [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Past Due | $ 4,024,000 | 6,878,000 | |||||
91+ [Member] | Medallion [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Past Due | $ 1,290,000 | ||||||
91+ [Member] | Loans [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total loans more than 90 days past due ,percentage | 0.28% | 0.57% | |||||
Past Due | $ 4,000 | $ 6,900,000 | |||||
Medallion Bank [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Amortization of intangible assets | 0 | ||||||
RPAC [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Past Due | $ 12,400,000 | ||||||
Financing receivable, recorded investment, 90 days past due and still accruing | 500,000 | 2,700,000 | |||||
Loan portfolio premium amortized to interest income | 2,200,000 | $ 3,000,000 | $ 3,300,000 | ||||
Bank Holding Company Accounting [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net premium on investment securities | 300,000 | ||||||
Private Placement [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Interest reserve | $ 3,000,000 | ||||||
Other Assets | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Equity securities, fair value | $ 2,000,000 | ||||||
Equity Securities Member | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Interest reserve | $ 3,000,000 | ||||||
Purchased of equity securities with readily determinable fair value | $ 2,000,000 | ||||||
Minimum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Interest bearing loan term | 4 years | ||||||
Estimated useful life of fixed assets | 3 years | ||||||
Maximum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Interest bearing loan term | 7 years | ||||||
Estimated useful life of fixed assets | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Unrealized Portion Related to Equity Securities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Equity Securities, FV-NI, Gain (Loss) [Abstract] | |
Net losses recognized during the period on equity securities | $ (50) |
Less: Net gains (losses) recognized during the period on equity securities sold during the period | 0 |
Unrealized losses recognized during the reporting period on equity securities still held at the reporting date | $ (50) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investments In Loans [Line Items] | ||
Intangibles assets | $ 23,480 | $ 51,090 |
Intellectual Property [Member] | ||
Investments In Loans [Line Items] | ||
Intangibles assets | 17,874 | 18,974 |
Contractor Relationships [Member] | ||
Investments In Loans [Line Items] | ||
Intangibles assets | 5,606 | 5,951 |
Race Organization [Member] | ||
Investments In Loans [Line Items] | ||
Intangibles assets | $ 0 | $ 26,165 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of the Calculation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Net income (loss) available to common stockholders | $ 54,108 | $ (34,783) | $ (1,762) |
Weighted average common shares outstanding applicable to basic EPS | 24,599,804 | 24,445,452 | 24,342,979 |
Effect of dilutive stock options | 92,602 | 0 | 0 |
Effect of restricted stock grants | 250,763 | 0 | 0 |
Adjusted weighted average common shares outstanding applicable to diluted EPS | 24,943,169 | 24,445,452 | 24,342,979 |
Basic income (loss) per share | $ 2.20 | $ (1.42) | $ (0.07) |
Diluted income (loss) per share | $ 2.17 | $ (1.42) | $ (0.07) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | ||
Regulatory, Minimum, Leverage ratio | 4 | |
Regulatory, Minimum, Common equity tier 1 capital ratio | 7.00% | |
Regulatory, Minimum, Tier 1 capital ratio | 8.5 | |
Regulatory, Minimum, Total capital ratio | 10.5 | |
Regulatory, Well-Capitalized, Leverage ratio | 5 | |
Regulatory, Well-Capitalized, Common equity tier 1 capital ratio | 6.50% | |
Regulatory, Well-Capitalized, Tier 1 capital ratio | 8 | |
Regulatory, Well-Capitalized, Total capital ratio | 10 | |
Common equity tier 1 capital | $ 193,459 | $ 148,507 |
Tier 1 capital | 262,247 | 217,295 |
Total capital | 281,211 | 233,460 |
Average assets | 1,495,726 | 1,283,664 |
Risk-weighted assets | $ 1,482,678 | $ 1,243,783 |
Leverage ratio | 17.5 | 16.9 |
Capital ratios for operating segments | 13.1 | 11.9 |
Tier 1 capital ratio | 17.7 | 17.5 |
Total capital ratio | 19 | 18.8 |
Investment Securities - Summary
Investment Securities - Summary of Fixed Maturity Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 44,494 | $ 45,155 |
Gross Unrealized Gains | 732 | 1,684 |
Gross Unrealized Losses | (454) | (47) |
Fair Value | 44,772 | 46,792 |
Mortgage-backed Securities, Principally Obligations of US Federal Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 35,469 | 34,929 |
Gross Unrealized Gains | 672 | 1,495 |
Gross Unrealized Losses | (403) | (45) |
Fair Value | 35,738 | 36,379 |
State and Municipalities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,025 | 10,226 |
Gross Unrealized Gains | 60 | 189 |
Gross Unrealized Losses | (51) | (2) |
Fair Value | $ 9,034 | $ 10,413 |
Investment Securities - Summa_2
Investment Securities - Summary of Amortized Cost and Estimated Market Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, due in one year or less | $ 10 | |
Amortized Cost, due after one year through five years | 9,907 | |
Amortized Cost, due after five years through ten years | 9,919 | |
Amortized Cost, due after ten years | 24,658 | |
Amortized Cost | 44,494 | $ 45,155 |
Market Value, due in one year or less | 10 | |
Market Value, due after one year through five years | 10,107 | |
Market Value, due after five years through ten years | 10,107 | |
Market Value, due after ten years | 24,548 | |
Market Value, total | $ 44,772 | $ 46,792 |
Investment Securities - Summa_3
Investment Securities - Summary of Securities with Gross Unrealized Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less than Twelve Months | $ (412) | $ (45) |
Fair Value, Less than Twelve Months | 18,454 | 4,028 |
Gross Unrealized Losses, Twelve Months and Over | (42) | (2) |
Fair Value, Twelve Months and Over | 1,956 | 196 |
Mortgage-backed Securities, Principally Obligations of US Federal Agencies [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less than Twelve Months | (403) | (45) |
Fair Value, Less than Twelve Months | 16,330 | 4,028 |
Gross Unrealized Losses, Twelve Months and Over | 0 | |
Fair Value, Twelve Months and Over | 0 | |
State and Municipalities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses, Less than Twelve Months | (9) | 0 |
Fair Value, Less than Twelve Months | 2,124 | 0 |
Gross Unrealized Losses, Twelve Months and Over | (42) | (2) |
Fair Value, Twelve Months and Over | $ 1,956 | $ 196 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Inclusive Capitalized Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 1,461,622 | $ 1,205,776 | |||
Allowance for loan losses | (50,166) | [1] | (57,548) | [1] | $ (46,093) |
Net loans receivable | 1,438,758 | 1,172,290 | |||
Bank Holding Company Accounting [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | 1,488,924 | 1,229,838 | 1,160,855 | ||
Allowance for loan losses | 50,166 | 57,548 | |||
Net loans receivable | $ 1,438,758 | $ 1,172,290 | |||
Percentage of total gross loans | 100.00% | 100.00% | |||
Recreation [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 931,859 | [2] | $ 767,374 | [3] | |
Allowance for loan losses | (32,435) | [4] | (27,348) | [5] | |
Recreation [Member] | Bank Holding Company Accounting [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 961,320 | $ 792,686 | 713,332 | ||
Percentage of total gross loans | 65.00% | 65.00% | |||
Home Improvement [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 438,931 | [2] | $ 336,885 | [3] | |
Allowance for loan losses | (7,356) | [6] | (5,157) | [7] | |
Home Improvement [Member] | Bank Holding Company Accounting [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 436,772 | $ 334,033 | 247,324 | ||
Percentage of total gross loans | 29.00% | 27.00% | |||
Commercial [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Allowance for loan losses | $ (1,141) | ||||
Commercial [Member] | Bank Holding Company Accounting [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 76,696 | $ 65,327 | 69,767 | ||
Percentage of total gross loans | 5.00% | 5.00% | |||
Medallion [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 14,046 | [2] | $ 36,153 | [3] | |
Allowance for loan losses | (9,234) | (25,043) | |||
Medallion [Member] | Bank Holding Company Accounting [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 14,046 | $ 37,768 | $ 130,432 | ||
Percentage of total gross loans | 1.00% | 3.00% | |||
Strategic Partnership [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 90 | [2] | $ 24 | [3] | |
Strategic Partnership [Member] | Bank Holding Company Accounting [Member] | |||||
Student Loan Portfolio By Program [Line Items] | |||||
Total gross loans | $ 90 | $ 24 | |||
Percentage of total gross loans | 0.00% | ||||
[1] | As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. | ||||
[2] | Excludes loan premiums of $ 0.5 million and $ 26.8 million of capitalized loan origination costs. | ||||
[3] | Excludes loan premiums of $ 2.7 million and $ 21.3 million of capitalized loan origination costs. | ||||
[4] | As of December 31, 2021 allowance reflects $ 4.2 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . | ||||
[5] | As of December 31, 2020 allowance reflects $ 6.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . | ||||
[6] | As of December 31, 2021 allowance reflects $ 0.5 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. | ||||
[7] | As of December 31, 2020 allowance reflects $ 0.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Schedule of Activity of Gross Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | $ 1,205,776 | |||||
Charge-offs, net | [1] | 12,004 | $ (58,362) | |||
Transfer to loan collateral in process of foreclosure, net | (15,888) | (47,274) | ||||
Amortization of origination costs | (7,996) | (6,022) | $ (4,952) | |||
Paid-in-kind interest | 814 | 1,188 | 834 | |||
Loans transferred to other foreclosed property | 0 | 1,800 | ||||
Gross loans, ending balance | 1,461,622 | 1,205,776 | ||||
Recreation [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | [2] | 767,374 | ||||
Transfer to loan collateral in process of foreclosure, net | (10,431) | (14,871) | ||||
Gross loans, ending balance | 931,859 | [3] | 767,374 | [2] | ||
Home Improvement [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | [2] | 336,885 | ||||
Gross loans, ending balance | 438,931 | [3] | 336,885 | [2] | ||
Medallion [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | [2] | 36,153 | ||||
Transfer to loan collateral in process of foreclosure, net | (5,457) | [4] | (32,403) | |||
Gross loans, ending balance | 14,046 | [3] | 36,153 | [2] | ||
Strategic Partnership [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | [2] | 24 | ||||
Charge-offs, net | 0 | 0 | ||||
Gross loans, ending balance | 90 | [3] | 24 | [2] | ||
Bank Holding Company Accounting [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | 1,229,838 | 1,160,855 | ||||
Loan originations | 747,371 | 497,221 | ||||
Principal payments, sales, and maturities | 464,448 | 321,831 | ||||
Charge-offs, net | 12,004 | 58,362 | ||||
Transfer to loan collateral in process of foreclosure, net | 15,888 | 47,254 | ||||
Amortization of origination costs | (7,996) | 6,022 | ||||
Amortization of loan premium | 2,182 | 3,042 | ||||
FASB origination costs, net | 13,419 | 8,885 | ||||
Paid-in-kind interest | 814 | 1,188 | ||||
Loans transferred to other foreclosed property | (1,800) | |||||
Gross loans, ending balance | 1,488,924 | 1,229,838 | 1,160,855 | |||
Bank Holding Company Accounting [Member] | Recreation [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | 792,686 | 713,332 | ||||
Loan originations | 441,921 | 294,885 | ||||
Principal payments, sales, and maturities | 264,424 | (187,989) | ||||
Charge-offs, net | 2,581 | (14,457) | ||||
Transfer to loan collateral in process of foreclosure, net | 10,431 | (14,871) | ||||
Amortization of origination costs | (9,678) | (7,809) | ||||
Amortization of loan premium | 221 | (191) | ||||
FASB origination costs, net | 14,048 | 9,786 | ||||
Gross loans, ending balance | 961,320 | 792,686 | 713,332 | |||
Bank Holding Company Accounting [Member] | Home Improvement [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | 334,033 | 247,324 | ||||
Loan originations | 258,038 | 193,098 | ||||
Principal payments, sales, and maturities | 155,442 | (105,813) | ||||
Charge-offs, net | 551 | (1,229) | ||||
Transfer to loan collateral in process of foreclosure, net | 0 | |||||
Amortization of origination costs | 1,671 | 1,910 | ||||
Amortization of loan premium | 346 | (320) | ||||
FASB origination costs, net | (631) | (937) | ||||
Gross loans, ending balance | 436,772 | 334,033 | 247,324 | |||
Bank Holding Company Accounting [Member] | Commercial [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | 65,327 | 69,767 | ||||
Loan originations | 36,415 | 7,575 | ||||
Principal payments, sales, and maturities | 25,873 | (13,183) | ||||
Charge-offs, net | 0 | (28) | ||||
Transfer to loan collateral in process of foreclosure, net | 0 | |||||
Amortization of origination costs | 13 | 8 | ||||
Amortization of loan premium | ||||||
FASB origination costs, net | ||||||
Paid-in-kind interest | 814 | 1,188 | ||||
Gross loans, ending balance | 76,696 | 65,327 | 69,767 | |||
Bank Holding Company Accounting [Member] | Medallion [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | 37,768 | 130,432 | ||||
Principal payments, sales, and maturities | 7,778 | (13,207) | ||||
Charge-offs, net | 8,872 | (42,648) | ||||
Transfer to loan collateral in process of foreclosure, net | 5,457 | (32,383) | ||||
Amortization of origination costs | (2) | (131) | ||||
Amortization of loan premium | 1,615 | (2,531) | ||||
FASB origination costs, net | 2 | 36 | ||||
Loans transferred to other foreclosed property | (1,800) | |||||
Gross loans, ending balance | 14,046 | 37,768 | $ 130,432 | |||
Bank Holding Company Accounting [Member] | Strategic Partnership [Member] | ||||||
Schedule Of Gross Real Estate And Loan Activity [Line Items] | ||||||
Gross loans, beginning balance | 24 | |||||
Loan originations | 10,997 | 1,663 | ||||
Principal payments, sales, and maturities | 10,931 | 1,639 | ||||
Gross loans, ending balance | $ 90 | $ 24 | ||||
[1] | As of December 31, 2021 , cumulative charge-offs of loans and loan collateral in process of foreclosure in the medallion loan portfolio were $ 258.3 million, some of which represents collection opportunities for the Company. | |||||
[2] | Excludes loan premiums of $ 2.7 million and $ 21.3 million of capitalized loan origination costs. | |||||
[3] | Excludes loan premiums of $ 0.5 million and $ 26.8 million of capitalized loan origination costs. | |||||
[4] | As of December 31, 2021, medallion loans in the process of foreclosure included 516 medallions in the New York market, 62 medallions in the Newark market, 335 medallions in the Chicago market, and 48 medallions in various other markets. |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses - beginning balance | $ 57,548 | [1] | $ 46,093 | |||
Total charge-offs | 32,948 | (75,844) | ||||
Total recoveries | 20,944 | 17,482 | ||||
Net charge-offs | [2] | 12,004 | (58,362) | |||
Provision for loan losses | 4,622 | 69,817 | $ 47,386 | |||
Allowance for loan losses - ending balance | 50,166 | [1] | 57,548 | [1] | $ 46,093 | |
Recreation [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses - beginning balance | [3] | 27,348 | ||||
Total charge-offs | 14,712 | (23,543) | ||||
Total recoveries | 12,131 | 9,086 | ||||
Allowance for loan losses - ending balance | 32,435 | [4] | 27,348 | [3] | ||
Home Improvement [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses - beginning balance | [5] | 5,157 | ||||
Total charge-offs | 2,949 | (2,909) | ||||
Total recoveries | 2,398 | 1,680 | ||||
Allowance for loan losses - ending balance | 7,356 | [6] | 5,157 | [5] | ||
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total charge-offs | (31) | |||||
Total recoveries | 3 | |||||
Allowance for loan losses - ending balance | 1,141 | |||||
Medallion [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses - beginning balance | 25,043 | |||||
Total charge-offs | 15,287 | (49,361) | ||||
Total recoveries | 6,415 | 6,713 | ||||
Allowance for loan losses - ending balance | $ 9,234 | $ 25,043 | ||||
[1] | As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. | |||||
[2] | As of December 31, 2021 , cumulative charge-offs of loans and loan collateral in process of foreclosure in the medallion loan portfolio were $ 258.3 million, some of which represents collection opportunities for the Company. | |||||
[3] | As of December 31, 2020 allowance reflects $ 6.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . | |||||
[4] | As of December 31, 2021 allowance reflects $ 4.2 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . | |||||
[5] | As of December 31, 2020 allowance reflects $ 0.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. | |||||
[6] | As of December 31, 2021 allowance reflects $ 0.5 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Cumulative charges of loans and loans process of foreclosure | $ 37,430 | [1] | $ 54,560 | [1] | $ 52,711 | |
Allowance for loan losses - ending balance | 50,166 | [2] | 57,548 | [2] | $ 46,093 | |
Net charge-offs | [3] | (12,004) | 58,362 | |||
Strategic Partnership [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Net charge-offs | 0 | $ 0 | ||||
Medallion Bank [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Cumulative charges of loans and loans process of foreclosure | $ 258,300 | |||||
[1] | Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by the Bank of $ 7.4 million and $ 3.5 million as of December 31, 2021 and 2020 . | |||||
[2] | As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. | |||||
[3] | As of December 31, 2021 , cumulative charge-offs of loans and loan collateral in process of foreclosure in the medallion loan portfolio were $ 258.3 million, some of which represents collection opportunities for the Company. |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Allowance for Loan Losses by Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Allowance for loan losses - ending balance | $ 50,166 | [1] | $ 57,548 | [1] | $ 46,093 | |
Percentage of Allowance | 100.00% | 100.00% | ||||
Allowance as a Percent of Loan Category | 3.37% | 4.68% | ||||
Allowance as a Percent of Nonaccrual | 141.03% | 93.17% | ||||
Recreation [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Allowance for loan losses - ending balance | $ 32,435 | [2] | $ 27,348 | [3] | ||
Percentage of Allowance | 64.00% | [2] | 48.00% | [3] | ||
Allowance as a Percent of Loan Category | 3.37% | [2] | 3.45% | [3] | ||
Allowance as a Percent of Nonaccrual | 91.18% | [2] | 378.20% | [3] | ||
Loans And Leases Receivable Allowance Covered | $ 4,200 | $ 6,800 | ||||
Home Improvement [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Allowance for loan losses - ending balance | $ 7,356 | [4] | $ 5,157 | [5] | ||
Percentage of Allowance | 15.00% | [4] | 9.00% | [5] | ||
Allowance as a Percent of Loan Category | 1.68% | [4] | 1.54% | [5] | ||
Allowance as a Percent of Nonaccrual | [4] | 20.68% | ||||
Commercial [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Allowance for loan losses - ending balance | $ 1,141 | |||||
Percentage of Allowance | 2.00% | |||||
Allowance as a Percent of Loan Category | 1.49% | |||||
Allowance as a Percent of Nonaccrual | 3.21% | |||||
Medallion [Member] | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Allowance for loan losses - ending balance | $ 9,234 | $ 25,043 | ||||
Percentage of Allowance | 19.00% | 43.00% | ||||
Allowance as a Percent of Loan Category | 65.74% | 66.31% | ||||
Allowance as a Percent of Nonaccrual | 25.96% | 68.01% | ||||
Loans And Leases Receivable Allowance Covered | $ 500 | $ 800 | ||||
[1] | As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. | |||||
[2] | As of December 31, 2021 allowance reflects $ 4.2 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . | |||||
[3] | As of December 31, 2020 allowance reflects $ 6.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . | |||||
[4] | As of December 31, 2021 allowance reflects $ 0.5 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. | |||||
[5] | As of December 31, 2020 allowance reflects $ 0.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018. |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Allowance for Loan Losses by Type (Parenthecial) (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Medallion [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and Leases Receivable, Allowance, Covered | $ 0.5 | $ 0.8 |
Recreation [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and Leases Receivable, Allowance, Covered | $ 4.2 | $ 6.8 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Non Accrual Loan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
Total nonaccrual loans | $ 35,571 | $ 61,767 | $ 26,484 |
Interest foregone for the year | 1,620 | 3,311 | 2,152 |
Amount of foregone interest applied to principal for the year | 432 | 602 | 254 |
Interest foregone life-to-date | 3,623 | 5,252 | 2,744 |
Amount of foregone interest applied to principal life-to-date | $ 942 | $ 792 | $ 471 |
Percentage of nonaccrual loans to gross loan portfolio | 2.40% | 5.00% | 2.00% |
Percentage of allowance for loan losses to nonaccrual loans | 141.00% | 93.00% | 174.00% |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Performance Status of Loan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 1,488,924 | $ 1,229,838 | |
Percentage of Nonperforming to Total | 2.42% | 5.06% | |
Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 1,452,859 | $ 1,167,664 | |
Non - Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | 36,065 | 62,174 | |
Recreation [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 961,320 | $ 792,686 | |
Percentage of Nonperforming to Total | 0.58% | 0.96% | |
Recreation [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 955,763 | $ 785,047 | |
Recreation [Member] | Non - Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | 5,557 | 7,639 | |
Home Improvement [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 436,772 | $ 334,033 | |
Percentage of Nonperforming to Total | 0.03% | 0.05% | |
Home Improvement [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 436,640 | $ 333,862 | |
Home Improvement [Member] | Non - Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | 132 | 171 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 76,696 | $ 65,327 | |
Percentage of Nonperforming to Total | 21.29% | 25.40% | |
Commercial [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 60,366 | $ 48,731 | |
Commercial [Member] | Non - Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | 16,330 | 16,596 | |
Medallion [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 14,046 | $ 37,768 | |
Percentage of Nonperforming to Total | 100.00% | 100.00% | |
Medallion [Member] | Non - Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 14,046 | $ 37,768 | [1] |
Strategic Partnership [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | 90 | 24 | |
Strategic Partnership [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Status of loans | $ 90 | $ 24 | |
[1] | Includes medallion loan premiums of $ 1.6 million as of December 31, 2020. |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of Performance Status of Loan (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loan premiums | $ 0.5 | $ 2.7 |
Non - Performing [Member] | Medallion [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan premiums | $ 1.6 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Nonperforming Loan Portfolio (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded Investment, With related allowance | $ 36,065 | $ 62,174 |
Unpaid principal balance, With related allowance | 37,007 | 62,778 |
Related Allowance, With related allowance | 10,168 | 25,310 |
Average Investment Recorded, With related allowance | 40,080 | 65,933 |
Interest Income (Expense) Recognized, With related allowance | 608 | 1,150 |
Recreation [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded Investment, With related allowance | 5,557 | 7,639 |
Unpaid principal balance, With related allowance | 5,557 | 7,639 |
Related Allowance, With related allowance | 188 | 264 |
Average Investment Recorded, With related allowance | 5,618 | 7,949 |
Interest Income (Expense) Recognized, With related allowance | 515 | 560 |
Home Improvement [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded Investment, With related allowance | 132 | 171 |
Unpaid principal balance, With related allowance | 132 | 171 |
Related Allowance, With related allowance | 2 | 3 |
Average Investment Recorded, With related allowance | 108 | 172 |
Interest Income (Expense) Recognized, With related allowance | 0 | 2 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded Investment, With related allowance | 16,330 | 16,596 |
Unpaid principal balance, With related allowance | 16,360 | 16,600 |
Related Allowance, With related allowance | 1,141 | |
Average Investment Recorded, With related allowance | 16,816 | 16,884 |
Interest Income (Expense) Recognized, With related allowance | 93 | 123 |
Medallion [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Recorded Investment, With related allowance | 14,046 | 37,768 |
Unpaid principal balance, With related allowance | 14,958 | 38,368 |
Related Allowance, With related allowance | 8,837 | 25,043 |
Average Investment Recorded, With related allowance | 17,538 | 40,928 |
Interest Income (Expense) Recognized, With related allowance | $ 0 | $ 465 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Summary of Aging of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | $ 41,761 | $ 40,541 | ||
Total gross loans | 1,461,622 | 1,205,776 | ||
Accruing | 0 | 0 | ||
Current | 41,761 | 40,541 | ||
Financial Asset, Not Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 1,419,861 | 1,165,235 | ||
Current | 1,419,861 | 1,165,235 | ||
30-59 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 23,564 | 24,890 | ||
Current | 23,564 | 24,890 | ||
60-89 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 14,173 | 8,773 | ||
Current | 14,173 | 8,773 | ||
91+ [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 4,024 | 6,878 | ||
Current | 4,024 | 6,878 | ||
Recreation [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 30,424 | 34,983 | ||
Total gross loans | 931,859 | [1] | 767,374 | [2] |
Accruing | 0 | 0 | ||
Current | 30,424 | 34,983 | ||
Recreation [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 901,435 | 732,391 | ||
Current | 901,435 | 732,391 | ||
Recreation [Member] | 30-59 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 20,037 | 22,058 | ||
Current | 20,037 | 22,058 | ||
Recreation [Member] | 60-89 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 6,569 | 7,582 | ||
Current | 6,569 | 7,582 | ||
Recreation [Member] | 91+ [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 3,818 | 5,343 | ||
Current | 3,818 | 5,343 | ||
Home Improvement [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 2,128 | 1,201 | ||
Total gross loans | 438,931 | [1] | 336,885 | [2] |
Accruing | 0 | 0 | ||
Current | 2,128 | 1,201 | ||
Home Improvement [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 436,803 | 335,684 | ||
Current | 436,803 | 335,684 | ||
Home Improvement [Member] | 30-59 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 1,517 | 813 | ||
Current | 1,517 | 813 | ||
Home Improvement [Member] | 60-89 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 479 | 218 | ||
Current | 479 | 218 | ||
Home Improvement [Member] | 91+ [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 132 | 170 | ||
Current | 132 | 170 | ||
Commercial Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 1,869 | 75 | ||
Total gross loans | 76,696 | [1] | 65,340 | [2] |
Accruing | 0 | 0 | ||
Current | 1,869 | 75 | ||
Commercial Loans [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 74,827 | 65,265 | ||
Current | 74,827 | 65,265 | ||
Commercial Loans [Member] | 30-59 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 1,795 | |||
Current | 1,795 | |||
Commercial Loans [Member] | 60-89 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 973 | |||
Current | 973 | |||
Commercial Loans [Member] | 91+ [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 74 | 75 | ||
Current | 74 | 75 | ||
Medallion [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 7,340 | 4,282 | ||
Total gross loans | 14,046 | [1] | 36,153 | [2] |
Accruing | 0 | 0 | ||
Current | 7,340 | 4,282 | ||
Medallion [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 6,706 | 31,871 | ||
Current | 6,706 | 31,871 | ||
Medallion [Member] | 30-59 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 215 | 2,019 | ||
Current | 215 | 2,019 | ||
Medallion [Member] | 60-89 [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 7,125 | |||
Current | 7,125 | |||
Medallion [Member] | 91+ [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 1,290 | |||
Current | 1,290 | |||
Strategic Partnership [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total gross loans | 90 | [1] | 24 | [2] |
Accruing | 0 | 0 | ||
Strategic Partnership [Member] | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Past Due | 90 | 24 | ||
Current | $ 90 | $ 24 | ||
[1] | Excludes loan premiums of $ 0.5 million and $ 26.8 million of capitalized loan origination costs. | |||
[2] | Excludes loan premiums of $ 2.7 million and $ 21.3 million of capitalized loan origination costs. |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Summary of Aging of Loans (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Loan premiums | $ 0.5 | $ 2.7 |
Capitalized loan origination costs | $ 26.8 | $ 21.3 |
Loans and Allowance for Loan_15
Loans and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)TDR | Dec. 31, 2020USD ($)TDRMedallion | Dec. 31, 2019USD ($) | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Weighted average loan-to-value ratio | 295.00% | 327.00% | |||
Allowance for loan loss | $ 50,166 | [1] | $ 57,548 | [1] | $ 46,093 |
Medallion [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Number of loans modified as TDRs defaulted | TDR | 1,100 | 59 | |||
Allowance for loan loss | $ 9,234 | $ 25,043 | |||
Recreation [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Number of loans modified as TDRs defaulted | TDR | 56,000,000 | 77 | |||
Allowance for loan loss | $ 32,435 | [2] | $ 27,348 | [3] | |
Commercial Loans [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Number of loans modified as TDRs defaulted | TDR | 1 | ||||
Troubled Debt Restructuring Defaulted [Member] | Medallion [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Number of loans modified as TDRs defaulted | Medallion | 5 | ||||
TDR investment value | 200 | $ 1,000 | |||
Allowance for loan loss | $ 100 | $ 300 | |||
Troubled Debt Restructuring Defaulted [Member] | Recreation [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Number of loans modified as TDRs defaulted | TDR | 31 | 43 | |||
TDR investment value | $ 300 | $ 100 | |||
Allowance for loan loss | $ 100 | ||||
Troubled Debt Restructuring Defaulted [Member] | Recreation [Member] | Maximum [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Allowance for loan loss | $ 100 | ||||
[1] | As of December 31, 2021 and 2020, there was no allowance for loan losses a nd net charge-offs related to the strategic partnership loans. | ||||
[2] | As of December 31, 2021 allowance reflects $ 4.2 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . | ||||
[3] | As of December 31, 2020 allowance reflects $ 6.8 million of loan loss allowance having been netted with loan principal in connection with the initial consolidation of Medallion Bank in 2018 . |
Loans and Allowance for Loan_16
Loans and Allowance for Loan Losses - Summary of TDRs (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)TDR | Dec. 31, 2020USD ($)TDR | |
Recreation [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Number of Loans | TDR | 56,000,000 | 77 |
Pre- Modification Investment | $ 668 | $ 1,053 |
Post- Modification Investment | $ 585 | $ 749 |
Commercial Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Number of Loans | TDR | 1 | |
Pre- Modification Investment | $ 1,821 | |
Post- Modification Investment | $ 1,821 | |
Medallion [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Number of Loans | TDR | 1,100 | 59 |
Pre- Modification Investment | $ 3,071 | $ 33,505 |
Post- Modification Investment | $ 3,071 | $ 33,505 |
Loans and Allowance for Loan_17
Loans and Allowance for Loan Losses - Summary of Activities of the Loans Collateral in Process of Foreclosure Related to Recreation and Medallion Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans collateral in process of foreclosure - beginning balance | $ 54,560 | [1] | $ 52,711 | |
Transfer from loans, net | 15,888 | 47,274 | ||
Sales | (9,879) | (7,812) | ||
Cash payments received | (14,173) | (5,687) | ||
Collateral valuation adjustments | (8,966) | (31,926) | ||
Loans collateral in process of foreclosure - ending balance | [1] | 37,430 | 54,560 | |
Recreation [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans collateral in process of foreclosure - beginning balance | 1,432 | 1,476 | ||
Transfer from loans, net | 10,431 | 14,871 | ||
Sales | (6,951) | (7,512) | ||
Cash payments received | 0 | |||
Collateral valuation adjustments | (3,192) | (7,403) | ||
Loans collateral in process of foreclosure - ending balance | 1,720 | 1,432 | ||
Medallion [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans collateral in process of foreclosure - beginning balance | 53,128 | [2] | 51,235 | |
Transfer from loans, net | 5,457 | [2] | 32,403 | |
Sales | (2,928) | [2] | (300) | |
Cash payments received | (14,173) | [2] | (5,687) | |
Collateral valuation adjustments | (5,774) | [2] | (24,523) | |
Loans collateral in process of foreclosure - ending balance | [2] | $ 35,710 | $ 53,128 | |
[1] | Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by the Bank of $ 7.4 million and $ 3.5 million as of December 31, 2021 and 2020 . | |||
[2] | As of December 31, 2021, medallion loans in the process of foreclosure included 516 medallions in the New York market, 62 medallions in the Newark market, 335 medallions in the Chicago market, and 48 medallions in various other markets. |
Funds Borrowed - Schedule of Ou
Funds Borrowed - Schedule of Outstanding Balances of Funds Borrowed (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | ||||
2022 | $ 405,311 | |||
2023 | 247,965 | |||
2024 | 339,648 | |||
2025 | 179,798 | |||
2026 | 194,779 | |||
Thereafter | 109,750 | |||
Long term debt | $ 1,477,251 | $ 1,312,005 | [1] | |
Interest Rate | [2] | 1.82% | ||
Deposits [Member] | ||||
Debt Instrument [Line Items] | ||||
2022 | [3] | $ 405,311 | ||
2023 | [3] | 242,965 | ||
2024 | [3] | 289,685 | ||
2025 | [3] | 165,798 | ||
2026 | [3] | 149,529 | ||
Thereafter | [3] | 0 | ||
Long term debt | [3] | $ 1,253,288 | 1,067,822 | |
Interest Rate | [2] | 1.20% | ||
Small Business Administration Debentures and Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
2022 | $ 0 | |||
2023 | 5,000 | |||
2024 | 13,963 | |||
2025 | 14,000 | |||
2026 | 14,000 | |||
Thereafter | 23,000 | |||
Long term debt | $ 69,963 | 68,008 | [1] | |
Interest Rate | [2] | 2.72% | ||
Retail and Privately Placed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
2022 | $ 0 | |||
2023 | 0 | |||
2024 | 36,000 | |||
2025 | 0 | |||
2026 | 31,250 | |||
Thereafter | 53,750 | |||
Long term debt | $ 121,000 | 103,225 | [1] | |
Interest Rate | [2] | 7.66% | ||
Preferred Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
2022 | $ 0 | |||
2023 | 0 | |||
2024 | 0 | |||
2025 | 0 | |||
2026 | 0 | |||
Thereafter | 33,000 | |||
Long term debt | $ 33,000 | 33,000 | [1] | |
Interest Rate | [2] | 2.31% | ||
Other Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
2022 | $ 0 | |||
2023 | 0 | |||
2024 | 0 | |||
2025 | 0 | |||
2026 | 0 | |||
Thereafter | 0 | |||
Long term debt | $ 0 | 8,689 | [1] | |
Interest Rate | [2] | 0.00% | ||
Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
2022 | $ 0 | |||
2023 | 0 | |||
2024 | 0 | |||
2025 | 0 | |||
2026 | 0 | |||
Thereafter | 0 | |||
Long term debt | $ 0 | $ 31,261 | [1] | |
Interest Rate | [2] | 0.00% | ||
[1] | Excludes deferred financing costs of $ 7.1 million and $ 5.8 million as of December 31, 2021 and 2020 . | |||
[2] | Weighted average contractual rate as of December 31, 2021 . | |||
[3] | Balance excludes $ 0.8 million and $ 0.3 million of strategic partner reserve deposits as of December 31, 2021 and 2020 . |
Funds Borrowed - Schedule of _2
Funds Borrowed - Schedule of Outstanding Balances of Funds Borrowed (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Deferred costs | $ 7.1 | $ 5.8 |
Reserve Deposits | $ 0.8 | $ 0.3 |
Funds Borrowed - Additional Inf
Funds Borrowed - Additional Information (Detail) | Feb. 28, 2021USD ($) | Jul. 31, 2020USD ($) | Jun. 17, 2020USD ($) | Dec. 31, 2007USD ($) | Jun. 30, 2007USD ($)shares | Nov. 30, 2018USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2021USD ($)Depositshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Apr. 30, 2021USD ($) | Mar. 15, 2021USD ($) | Aug. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Number of individual with time deposits greater than $100,000 | Deposit | 0 | |||||||||||||||
Listing services deposits from other financial institutions. | $ 8,700,000 | $ 1,000,000 | ||||||||||||||
Debt instrument face amount | $ 25,000,000 | |||||||||||||||
Debentures borrowed | [1] | 219,973,000 | 153,718,000 | |||||||||||||
Remaining amount of debenture after deducting leverage fee kept for capitalization of retained earning or capital infusion | 4,800,000 | |||||||||||||||
Gain on debt extinguishment | $ 4,626,000 | $ 4,145,000 | ||||||||||||||
Maturity date | 2021 | |||||||||||||||
Maturity date | Feb. 28, 2026 | Sep. 24, 2024 | ||||||||||||||
Issue of common stock | shares | 28,124,629 | 27,828,871 | ||||||||||||||
Preferred securities repurchased from a third party investor | $ 2,000,000 | |||||||||||||||
Short term promissory note | $ 0 | $ 87,334,000 | ||||||||||||||
CARES Act [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument face amount | $ 700,000 | |||||||||||||||
Annual interest rate | 1.00% | |||||||||||||||
Travis Burt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Dec. 31, 2021 | |||||||||||||||
Short term promissory note | $ 500,000 | |||||||||||||||
Retail and Privately Placed Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument interest rate Percentage | 7.25% | 9.00% | 7.50% | 8.25% | ||||||||||||
Aggregate principal amount | $ 25,000,000 | $ 33,600,000 | $ 33,600,000 | $ 8,500,000 | $ 6,000,000 | $ 30,000,000 | ||||||||||
Maturity date | 2024 | |||||||||||||||
Maturity date | Dec. 31, 2027 | |||||||||||||||
Gain loss on sales of loans net | $ 4,100,000 | |||||||||||||||
Net proceeds from offering | $ 31,800,000 | |||||||||||||||
Retail and Privately Placed Notes [Member] | 7.25% Unsecured Senior Notes Due February 2026 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate principal amount | $ 3,000,000 | $ 3,300,000 | ||||||||||||||
Retail and Privately Placed Notes [Member] | 7.50% Unsecured Senior Notes Due December 2027 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate principal amount | $ 11,700,000 | |||||||||||||||
Dz Bank [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument interest rate Percentage | 4.00% | |||||||||||||||
Debt instrument periodic payment of principal and accrued interest | $ 70,000 | |||||||||||||||
Debt instrument face amount | $ 1,400,000 | |||||||||||||||
Debt instrument, frequency of periodic payment | quarterly | |||||||||||||||
Debt instrument expiration date | 2023-12 | |||||||||||||||
Debenture Mature2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debentures borrowed | 8,500,000 | |||||||||||||||
Debt instrument commitments drawn | $ 15,500,000 | |||||||||||||||
Preferred Securities [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | Sep. 30, 2037 | |||||||||||||||
Sale of preferred securities | $ 35,000,000 | |||||||||||||||
Issue of common stock | shares | 1,083 | |||||||||||||||
Preferred securities outstanding | $ 33,000,000 | |||||||||||||||
Preferred Securities [Member] | 90 day LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 0.21% | |||||||||||||||
Preferred Securities [Member] | LIBOR Rate [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.13% | |||||||||||||||
Preferred Securities [Member] | Unsecured Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate principal amount of unsecured junior subordinated notes | $ 36,100,000 | |||||||||||||||
Small Business Administration Debentures and Borrowings [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loan commitment term | 4 years 6 months | |||||||||||||||
Commitment fee percentage | 1.00% | 1.00% | ||||||||||||||
Principal amount of loan | $ 34,000,000 | |||||||||||||||
Debt instrument interest rate Percentage | 3.25% | |||||||||||||||
Extended maturity date | Apr. 30, 2024 | |||||||||||||||
Debt instrument commitments available | $ 9,500,000 | |||||||||||||||
Debt instrument outstanding amount | 70,000,000 | |||||||||||||||
Debt instrument remaining amount | 9,000,000 | |||||||||||||||
Remaining amount of debenture after deducting leverage fee kept for capitalization of retained earning or capital infusion | $ 9,500,000 | |||||||||||||||
FSVC's [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal amount of loan | $ 33,500,000 | |||||||||||||||
Notes Payable to Banks Due in April 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Aggregate principal amount | 23,000,000 | |||||||||||||||
Notes Payable to Banks [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain on debt extinguishment | 4,600,000 | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Time deposits | 100,000 | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Time deposits | $ 250,000 | |||||||||||||||
Brokerage [Member] | Maximum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Average brokerage fee percentage in relation to the maturity of deposits | 0.15% | |||||||||||||||
[1] | Includes $ 4.0 million and $ 3.1 million of deferred financing costs as of December 31, 2021 and 2020 . Refer to Note 5 for more details. |
Funds Borrowed - Summary of Mat
Funds Borrowed - Summary of Maturity of Broker Pools, Excluding Strategic Partner Reserve Deposits (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Three months or less | $ 119,027 |
Over three months through six months | 168,243 |
Over six months through one year | 118,041 |
Over one year | 847,977 |
Total deposits | $ 1,253,288 |
Funds Borrowed - Summary of Key
Funds Borrowed - Summary of Key Attributes of Various Borrowing Arrangements with Lenders (Detail) - USD ($) $ in Millions | Feb. 28, 2021 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | |
Notes Payable [Line Items] | |||||
Maturity Dates | Feb. 28, 2026 | Sep. 24, 2024 | |||
Maturity Dates | Feb. 28, 2021 | ||||
Maturity Dates | Sep. 30, 2021 | ||||
Note Amounts | $ 25 | ||||
Average Interest Rate | [1] | 1.82% | |||
Notes Payable to Banks [Member] | |||||
Notes Payable [Line Items] | |||||
Average Interest Rate | [1] | 0.00% | |||
[1] | Weighted average contractual rate as of December 31, 2021 . |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Costs and Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease costs | $ 2,287 | $ 2,384 | $ 2,184 |
Operating cash flows from operating leases | 2,454 | 2,821 | 2,419 |
Right-of-use asset obtained in exchange for lease liability | $ (118) | $ 251 | $ 2,413 |
Leases - Schedule of Breakout o
Leases - Schedule of Breakout of Operating leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 10,045 | $ 11,737 |
Other current liabilities | $ 2,159 | $ 2,004 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities | Operating lease liabilities |
Operating lease liabilities | $ 9,053 | $ 11,018 |
Total operating lease liabilities | $ 11,212 | $ 13,022 |
Weighted average remaining lease term | 5 years 4 months 24 days | 6 years 4 months 24 days |
Weighted average discount rate | 5.54% | 5.54% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of the Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 2,439 | |
2023 | 2,356 | |
2024 | 2,373 | |
2025 | 2,390 | |
2026 | 2,408 | |
Thereafter | 1,164 | |
Total lease payments | 13,130 | |
Less imputed interest | 1,918 | |
Total operating lease liabilities | $ 11,212 | $ 13,022 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred and Other Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Goodwill and other intangibles | $ (43,894) | $ (44,799) | |
Provision for loan losses | 11,057 | 19,556 | |
Net operating loss carryforwards | [1] | 12,167 | 30,493 |
Accrued expenses, compensation, and other assets | 2,579 | 1,174 | |
Unrealized gains (losses) on other investments | (2,176) | 6,769 | |
Total deferred tax liability | (15,915) | (345) | |
Valuation allowance | [2] | (2,295) | (462) |
Deferred tax liability, net | $ (18,210) | $ (807) | |
[1] | As of December 31, 2021 , the Company and its subsidiaries had an estimated $ 52.4 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 $ 9.9 million of December 31, 2021 . | ||
[2] | During the year ended December 31, 2021 , it was determined that the likelihood of utilization of certain net operating losses was remote and a valuation allowance of $ 1.8 million was assessed against these assets. |
Income Taxes - Summary of Com_2
Income Taxes - Summary of Components of Deferred and Other Tax Assets and Liabilities (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Rate Reconciliation [Line Items] | |
Valuation allowance | $ 1.8 |
Medallion Chicago [Member] | |
Income Tax Rate Reconciliation [Line Items] | |
Net operating loss carryforwards | $ 52.4 |
Net operating loss carryforwards expiration period | expires at various dates between December 31, 2026 and December 31, 2035 |
Net operating loss carryforwards assets | $ 9.9 |
Medallion Chicago [Member] | December 31, 2026 To December 31, 2035 [Member] | |
Income Tax Rate Reconciliation [Line Items] | |
Net operating loss carryforwards | $ 1.7 |
Income Taxes - Summary of Com_3
Income Taxes - Summary of Components of Tax (Provision) Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Federal | $ (3,550) | $ 0 | $ 0 |
State | (1,563) | (260) | 519 |
Deferred | |||
Federal | (13,686) | 7,702 | (489) |
State | (5,418) | 2,632 | (371) |
Total income tax (provision) benefit | $ (24,217) | $ 10,074 | $ (341) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Statutory Federal Income Tax (Provision) Benefit to Consolidated Actual Income Tax (Provision) Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory Federal income tax (provision) benefit at 21% | $ (17,193) | $ 7,766 | $ (642) |
State and local income taxes, net of federal income tax benefit | (3,363) | 1,518 | (120) |
Valuation allowance against net operating losses | (1,833) | 1,228 | 380 |
Change in effective state income tax rates and accrual | (1,691) | (405) | (251) |
Income attributable to non-controlling interest | 628 | 460 | 309 |
Non deductible expenses | (178) | (453) | 0 |
Other | (587) | (40) | (17) |
Total income tax (provision) benefit | $ (24,217) | $ 10,074 | $ (341) |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation of Statutory Federal Income Tax (Provision) Benefit to Consolidated Actual Income Tax (Provision) Benefit (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Statutory Federal income tax (provision) benefit percentage | 21.00% | 21.00% | 21.00% |
Stock Options and Restricted _3
Stock Options and Restricted Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 15, 2018 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 01, 2016 | Feb. 29, 2016 | Jun. 16, 2006 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock option outstanding | 1,111,687 | [1] | 951,669 | [1] | 550,040 | 144,666 | ||||||
Stock option exercisable | 320,922 | 178,307 | [1] | 62,778 | ||||||||
Unvested shares of common stock outstanding | 790,765 | 773,362 | ||||||||||
Weighted average fair value of options granted | $ 6.79 | |||||||||||
Intrinsic value of options vested | $ 0.1 | $ 0.1 | $ 0.1 | |||||||||
Vest on June 17, 2022 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares outstanding | 16,803 | |||||||||||
Restricted Stock Units [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares outstanding | 16,803 | |||||||||||
Number of shares outstanding, vested restricted stock units | 47,272 | |||||||||||
Number of shares vested and settled | 47,272 | |||||||||||
Restricted Stock Units [Member] | Vest on June 19, 2021 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares outstanding | 47,156 | |||||||||||
Weighted average grant price, granted | $ 3.16 | $ 3.16 | ||||||||||
Restricted Stock Units [Member] | Vest on June 17, 2022 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Weighted average grant price, granted | $ 8.87 | |||||||||||
Restricted Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares outstanding | 493,326 | [2] | 416,140 | [2] | 284,879 | 190,915 | ||||||
Weighted average fair value of options granted | $ 3.50 | $ 3.09 | $ 3.10 | |||||||||
Number of shares, granted | 258,120 | 229,408 | 216,148 | |||||||||
Weighted average grant price, granted | $ 7.38 | $ 6.21 | $ 6.59 | |||||||||
Number of shares vested and settled | [3] | 158,994 | 89,392 | 118,238 | ||||||||
2018 Equity Incentive Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares available for grant | 241,919 | 2,210,968 | ||||||||||
Shares were rolled into the 2018 Plan | 399,987 | |||||||||||
2015 Restricted Stock Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares available for grant | 700,000 | |||||||||||
Unvested shares of common stock outstanding | 493,326 | |||||||||||
2006 Stock Option Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Issuance of maximum number of shares approved | 800,000 | |||||||||||
Number of additional shares available for issuance | 0 | |||||||||||
2006 Stock Option Plan [Member] | Maximum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share based compensation, options term | 10 years | |||||||||||
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 | |||||||||||
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 | |||||||||||
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 | |||||||||||
Amended Director Plan [Member] | Maximum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share based compensation, options term | 10 years | |||||||||||
Vesting period | 10 years | |||||||||||
[1] | The aggregate intrinsic value, which represents the difference betwee n the price of the Company’s common stock at December 31, 2021 and the related exercise price of the underlying options, was $ 0.1 million for outstanding options and $ 0.1 million for exercisable options as of December 31, 2021 . The remaining contractual life was 8.03 years for outstanding options and 7.07 years for exercisable options at December 31, 2021 . | |||||||||||
[2] | The aggregate fair value of the restricted stock was $ 2.9 million as of December 31, 2021 . The remaining vesting period was 3.17 years at December 31, 2021 . | |||||||||||
[3] | The aggregate fair value of the restricted stock vested was $ 1.1 million, $ 0.6 million, and $ 0.7 million for the years ended December 31, 2021, 2020, and 2019 . |
Stock Options and Restricted _4
Stock Options and Restricted Stock - Summary of Assumption Categories Used to Determine Value of Option Grants (Detail) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Sharebased Compensation Arrangement By Sharebased Payment Award Stock Options Shares Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract] | ||||
Risk free interest rate | 0.97% | 1.23% | 2.29% | |
Expected dividend yield | 0.00% | 0.00% | 0.66% | |
Expected life of option in years | [1] | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | [2] | 53.98% | 51.03% | 49.03% |
[1] | Expected life is calculated usin g the simplified method. | |||
[2] | We determine our expected volatility based on our historical volatility. |
Stock Options and Restricted _5
Stock Options and Restricted Stock - Summary of Activity for Stock Option Programs (Detail) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options beginning balance | 951,669 | [1] | 550,040 | 144,666 | ||
Granted | 317,398 | 444,557 | ||||
Cancelled | (113,310) | (42,928) | (44,076) | |||
Exercise of stock options,shares | [2] | 44,070 | 0 | 0 | ||
Number of options ending balance | 1,111,687 | [1] | 951,669 | [1] | 550,040 | |
Options exercisable | 320,922 | 178,307 | [1] | 62,778 | ||
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 | 13.53 | 13.84 | ||||
Exercise price per share, exercised | [2] | 0 | 0 | |||
Exercise price per share, lower range limit ending balance | 2.14 | [1] | 2.14 | [1] | 2.14 | |
Exercise price per share, upper range limit ending balance | 12.55 | [1] | 13.53 | |||
Exercise price per share, option exercisable lower range limit | 2.14 | 2.14 | [1] | 2.14 | ||
Exercise price per share, option exercisable upper range limit | 12.55 | 12.55 | [1] | 13.53 | ||
Weighted average exercise price, beginning balance | 6.41 | [1] | 6.58 | 7.23 | ||
Weighted average exercise price, granted | 6.79 | 6.24 | 6.61 | |||
Weighted average exercise price, cancelled | 6.64 | 6.91 | 9 | |||
Weighted average exercise price, exercised | [2] | 5.58 | 0 | 0 | ||
Weighted average exercise price, ending balance | 6.41 | [1] | 6.41 | [1] | 6.58 | |
Weighted average exercise price, options exercisable | 6.53 | 6.33 | [1] | $ 7.60 | ||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 449,450 | |||||
Exercise price per share, granted | 4.89 | $ 5.21 | ||||
Exercise price per share, cancelled | 4.89 | 2.22 | 6.55 | |||
Exercise price per share, exercised | 5.21 | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise price per share, upper range limit beginning balance | [1] | 12.55 | ||||
Exercise price per share, granted | 6.79 | 6.68 | 7.25 | |||
Exercise price per share, cancelled | 11.53 | 13.53 | $ 13.84 | |||
Exercise price per share, exercised | $ 7.25 | |||||
Exercise price per share, upper range limit ending balance | [1] | $ 12.55 | ||||
[1] | The aggregate intrinsic value, which represents the difference betwee n the price of the Company’s common stock at December 31, 2021 and the related exercise price of the underlying options, was $ 0.1 million for outstanding options and $ 0.1 million for exercisable options as of December 31, 2021 . The remaining contractual life was 8.03 years for outstanding options and 7.07 years for exercisable options at December 31, 2021 . | |||||
[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, wa s $ 0.2 million for the year ended December 31, 2021 and $ 0 for the years ended December 31, 2020, and 2019 . |
Stock Options and Restricted _6
Stock Options and Restricted Stock - Summary of Activity for Stock Option Programs (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Aggregate intrinsic value for option exercised | $ 200 | $ 0 | $ 0 |
Aggregate intrinsic value of option outstanding | 100 | ||
Aggregate intrinsic value of option exercisable | $ 100 | ||
Remaining contractual life of option outstanding | 8 years 10 days | ||
Remaining contractual life of option exercisable | 7 years 25 days |
Stock Options and Restricted _7
Stock Options and Restricted Stock - Summary of Activity for Restricted Stock Programs (Detail) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant price per share, cancelled, lower limit | $ 5.58 | |||||
Grant price per share, cancelled, upper limit | $ 7.25 | |||||
Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares, beginning balance | 416,140 | [1] | 284,879 | 190,915 | ||
Number of shares, granted | 258,120 | 229,408 | 216,148 | |||
Number of shares, cancelled | (21,940) | (8,755) | (3,946) | |||
Number of shares, vested | [2] | (158,994) | (89,392) | (118,238) | ||
Number of shares, ending balance | 493,326 | [1] | 416,140 | [1] | 284,879 | |
Grant price per share, lower range limit beginning balance | $ 4.39 | [1] | $ 3.95 | $ 2.14 | ||
Grant price per share, upper range limit beginning balance | 7.25 | [1] | 7.25 | 5.27 | ||
Grant price per share, granted, lower limit | 6.79 | 4.89 | 4.80 | |||
Grant price per share, granted, upper limit | 8.40 | 6.68 | 7.25 | |||
Grant price per share, cancelled, lower limit | 4.89 | 3.95 | 3.93 | |||
Grant price per share, cancelled, upper limit | 7.25 | 7.25 | 6.55 | |||
Grant price per share, vested, lower limit | 4.39 | [2] | 3.95 | 2.06 | ||
Grant price per share, vested, upper limit | 7.25 | [2] | 6.55 | 4.80 | ||
Grant price per share, lower range limit ending balance | 4.89 | 4.39 | [1] | 3.95 | ||
Grant price per share, upper range limit ending balance | 7.25 | 7.25 | [1] | 7.25 | ||
Weighted average grant price beginning balance | 6.24 | [1] | 6.01 | 4.06 | ||
Weighted average grant price, granted | 7.38 | 6.21 | 6.59 | |||
Weighted average grant price, cancelled | 5.98 | 6.93 | 4.97 | |||
Weighted average grant price, vested | [2] | 6.16 | 5.37 | 3.89 | ||
Weighted average grant price, ending balance | $ 6.87 | [1] | $ 6.24 | [1] | $ 6.01 | |
[1] | The aggregate fair value of the restricted stock was $ 2.9 million as of December 31, 2021 . The remaining vesting period was 3.17 years at December 31, 2021 . | |||||
[2] | The aggregate fair value of the restricted stock vested was $ 1.1 million, $ 0.6 million, and $ 0.7 million for the years ended December 31, 2021, 2020, and 2019 . |
Stock Options and Restricted _8
Stock Options and Restricted Stock - Summary of Activity for Restricted Stock Programs (Parenthetical) (Detail) - Restricted Shares [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate fair value of restricted stock vested | $ 1.1 | $ 0.6 | $ 0.7 |
Aggregate fair value of restricted stock outstanding | $ 2.9 | ||
Remaining vesting period of restricted stock | 3 years 2 months 1 day |
Stock Options and Restricted _9
Stock Options and Restricted Stock - Summary of Activity for Unvested Options Outstanding (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of options beginning balance | 773,362 | |
Number of options, granted | 317,398 | 444,557 |
Number of options, cancelled | (106,717) | |
Number of options, vested | (193,278) | |
Number of options ending balance | 790,765 | 773,362 |
Exercise price per share, Granted | $ 6.79 | |
Exercise price per share beginning balance, Lower limit | 4.89 | |
Exercise price per share beginning balance, Upper limit | 7.25 | |
Exercise price per share, Cancelled, Lower limit | 4.89 | |
Exercise price per share, Cancelled, Upper limit | 7.25 | |
Exercise price per share, Vested, Lower limit | 5.58 | |
Exercise price per share, Vested, Upper limit | 7.25 | |
Exercise price per share ending balance, Lower limit | 4.89 | $ 4.89 |
Exercise price per share ending balance, Upper limit | 7.25 | 7.25 |
Weighted average exercise price | 6.42 | |
Weighted average exercise price, granted | 6.79 | |
Weighted average exercise price, cancelled | 6.41 | |
Weighted average exercise price, vested | 6.63 | |
Weighted average exercise price | $ 6.52 | $ 6.42 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021Segment | Dec. 31, 2020 | |
Segment Reporting Disclosure [Line Items] | ||
Number of business segments | 6 | |
Number of operating segments | 4 | |
Number of non-operating segments | 2 | |
Capital ratios for operating segments | 13.1 | 11.9 |
Operating Segments [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Capital ratios for operating segments | 20 | |
Roofs [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 30.00% | |
Swimming Pools [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 26.00% | |
Windows [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 13.00% | |
Solar Panels [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 5.00% | |
Other Product Lines [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 6.00% | |
Texas [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 16.00% | |
Texas [Member] | Home Improvement | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 10.00% | |
California [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 10.00% | |
Florida [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 9.00% | |
Florida [Member] | Home Improvement | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 10.00% | |
Ohio [Member] | Home Improvement | ||
Segment Reporting Disclosure [Line Items] | ||
Loan outstanding percent | 8.00% | |
Geographic Concentration Risk [Member] | Sales Revenue Net Member | Recreational Vehicles [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Aggregate percentage of loans lending | 60.00% | |
Geographic Concentration Risk [Member] | Sales Revenue Net Member | Boats [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Aggregate percentage of loans lending | 19.00% | |
Geographic Concentration Risk [Member] | Sales Revenue Net Member | Trailers [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Aggregate percentage of loans lending | 9.00% | |
Geographic Concentration Risk [Member] | Sales Revenue Net Member | Midwest [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Aggregate percentage of loans lending | 51.00% | |
Geographic Concentration Risk [Member] | Sales Revenue Net Member | New York City [Member] | ||
Segment Reporting Disclosure [Line Items] | ||
Aggregate percentage of loans lending | 89.00% |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Data (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Segment Reporting Disclosure [Line Items] | ||||||
Total interest income (loss) | $ 158,966 | $ 144,962 | $ 132,562 | |||
Total interest expense | 31,140 | 34,151 | 35,045 | |||
Net interest income (loss) | 127,826 | 110,811 | 97,517 | |||
Provision for loan losses | 4,622 | 69,817 | 47,386 | |||
Net interest income (loss) after provision (benefit) for loan losses | 123,204 | 40,994 | 50,131 | |||
Sponsorship and race winnings | 12,567 | 20,042 | 18,742 | |||
Race team related expenses | (9,559) | (8,366) | (8,996) | |||
Other income (expense), net | (44,339) | (89,651) | (57,540) | |||
Income (loss) before income taxes | 81,871 | (36,981) | 2,337 | |||
net income loss before taxes | 81,873 | (36,981) | 2,337 | |||
Income tax (provision) benefit | (24,217) | 10,074 | (341) | |||
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | 57,654 | (26,907) | 1,996 | |||
net income loss after taxes | 57,656 | (26,907) | 1,996 | |||
Balance Sheet Data | ||||||
Total loans net | 1,438,758 | 1,172,290 | ||||
total loans net | 1,438,759 | 1,172,290 | 1,114,762 | |||
Total assets | 1,873,057 | 1,642,411 | 1,541,667 | |||
Total funds borrowed | $ 1,485,150 | $ 1,312,255 | $ 1,169,593 | |||
Selected Financial Ratios | ||||||
Return on average assets | 3.12% | (2.16%) | (0.12%) | |||
Return on average equity | 21.24% | (10.90%) | (0.59%) | |||
Interest yield | 11.48% | 11.32% | 11.75% | |||
Net interest margin | 9.26% | 8.65% | 8.64% | |||
Reserve coverage | 3.37% | 4.68% | 3.97% | |||
Delinquency status | 0.28% | [1] | 0.57% | [2] | 0.76% | [3] |
Charge-off ratio | (0.85%) | [4] | 5.00% | 3.60% | ||
RPAC [Member] | ||||||
Segment Reporting Disclosure [Line Items] | ||||||
Total interest income (loss) | ||||||
Total interest expense | 546 | 163 | 159 | |||
Net interest income (loss) | (546) | (163) | (159) | |||
Provision for loan losses | ||||||
Net interest income (loss) after provision (benefit) for loan losses | (546) | (163) | (159) | |||
Sponsorship and race winnings | 12,567 | 20,042 | 18,742 | |||
Race team related expenses | (9,559) | (8,366) | (8,996) | |||
Other income (expense), net | (5,108) | (7,973) | (6,942) | |||
Income (loss) before income taxes | (2,646) | 3,540 | 2,645 | |||
Income tax (provision) benefit | (1,498) | (889) | (329) | |||
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | (4,144) | 2,651 | 2,316 | |||
Balance Sheet Data | ||||||
Total loans net | ||||||
Total assets | 33,711 | 31,538 | ||||
Total funds borrowed | $ 8,689 | $ 7,794 | ||||
Selected Financial Ratios | ||||||
Return on average assets | 20.35% | 7.98% | 7.28% | |||
Return on average equity | 885.29% | (363.66%) | (96.37%) | |||
Operating Segments [Member] | Consumer Lending [Member] | Recreation [Member] | ||||||
Segment Reporting Disclosure [Line Items] | ||||||
Total interest income (loss) | $ 118,305 | $ 110,706 | $ 99,463 | |||
Total interest expense | 9,993 | 13,013 | 13,304 | |||
Net interest income (loss) | 108,312 | 97,693 | 86,159 | |||
Provision for loan losses | 7,671 | 23,736 | 28,638 | |||
Net interest income (loss) after provision (benefit) for loan losses | 100,641 | 73,957 | 57,521 | |||
Sponsorship and race winnings | ||||||
Race team related expenses | ||||||
Other income (expense), net | (30,156) | (27,341) | (23,490) | |||
Income (loss) before income taxes | 70,485 | 46,616 | 34,031 | |||
Income tax (provision) benefit | (18,699) | (12,004) | (8,813) | |||
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | 51,786 | 34,612 | 25,218 | |||
Balance Sheet Data | ||||||
Total loans net | 928,885 | 765,338 | 695,257 | |||
Total assets | 896,223 | 777,605 | 707,377 | |||
Total funds borrowed | $ 710,616 | $ 621,735 | $ 563,805 | |||
Selected Financial Ratios | ||||||
Return on average assets | 6.00% | 4.59% | 3.84% | |||
Return on average equity | 30.01% | 22.93% | 17.19% | |||
Interest yield | 13.94% | 14.90% | 15.39% | |||
Net interest margin | 12.76% | 13.15% | 13.33% | |||
Reserve coverage | 3.37% | 3.45% | 2.53% | |||
Delinquency status | 0.41% | [1] | 0.70% | [2] | 0.84% | [2] |
Charge-off ratio | 0.30% | [4] | 1.95% | 2.69% | ||
Operating Segments [Member] | Consumer Lending [Member] | Home Improvement [Member] | ||||||
Segment Reporting Disclosure [Line Items] | ||||||
Total interest income (loss) | $ 34,204 | $ 27,273 | $ 19,943 | |||
Total interest expense | 4,153 | 5,699 | 4,757 | |||
Net interest income (loss) | 30,051 | 21,574 | 15,186 | |||
Provision for loan losses | 2,750 | 3,778 | 1,598 | |||
Net interest income (loss) after provision (benefit) for loan losses | 27,301 | 17,796 | 13,588 | |||
Sponsorship and race winnings | ||||||
Race team related expenses | ||||||
Other income (expense), net | (11,640) | (9,611) | (7,520) | |||
Income (loss) before income taxes | 15,661 | 8,185 | 6,068 | |||
Income tax (provision) benefit | (4,155) | (2,108) | (1,572) | |||
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | 11,506 | 6,077 | 4,496 | |||
Balance Sheet Data | ||||||
Total loans net | 429,416 | 328,876 | 244,716 | |||
Total assets | 371,781 | 340,494 | 252,704 | |||
Total funds borrowed | $ 294,786 | $ 272,284 | $ 201,605 | |||
Selected Financial Ratios | ||||||
Return on average assets | 3.01% | 2.07% | 2.20% | |||
Return on average equity | 15.04% | 10.35% | 10.22% | |||
Interest yield | 9.30% | 9.66% | 9.50% | |||
Net interest margin | 8.17% | 7.62% | 7.24% | |||
Reserve coverage | 1.68% | 1.54% | 1.05% | |||
Delinquency status | 0.03% | [1] | 0.05% | [2] | 0.07% | [2] |
Charge-off ratio | 0.15% | [4] | 0.44% | 0.37% | ||
Operating Segments [Member] | Commercial Lending [Member] | ||||||
Segment Reporting Disclosure [Line Items] | ||||||
Total interest income (loss) | $ 6,592 | $ 6,926 | $ 7,183 | |||
Total interest expense | 2,720 | 2,538 | 2,833 | |||
Net interest income (loss) | 3,872 | 4,388 | 4,350 | |||
Provision for loan losses | 364 | |||||
Net interest income (loss) after provision (benefit) for loan losses | 3,872 | 4,388 | 3,986 | |||
Sponsorship and race winnings | ||||||
Race team related expenses | ||||||
Other income (expense), net | 3,101 | (3,196) | (1,149) | |||
Income (loss) before income taxes | 6,973 | 1,192 | 2,837 | |||
Income tax (provision) benefit | (1,850) | (299) | (684) | |||
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | 5,123 | 893 | 2,153 | |||
Balance Sheet Data | ||||||
Total loans net | 73,713 | 62,037 | 66,405 | |||
Total assets | 103,631 | 80,622 | 84,924 | |||
Total funds borrowed | $ 82,169 | $ 65,924 | $ 68,666 | |||
Selected Financial Ratios | ||||||
Return on average assets | 5.85% | 1.07% | 2.44% | |||
Return on average equity | 29.23% | 5.17% | 12.21% | |||
Interest yield | 10.41% | 10.51% | 11.39% | |||
Net interest margin | 6.12% | 6.66% | 6.90% | |||
Reserve coverage | 1.49% | [5] | 0.00% | [6] | 0.00% | [6] |
Delinquency status | 0.10% | [1],[5] | 0.11% | [2],[6] | 0.15% | [2],[7] |
Charge-off ratio | 0.04% | [8] | 1.30% | [9] | ||
Operating Segments [Member] | Medallion Lending [Member] | ||||||
Segment Reporting Disclosure [Line Items] | ||||||
Total interest income (loss) | $ (1,483) | $ (1,518) | $ 3,665 | |||
Total interest expense | 5,914 | 3,610 | 7,962 | |||
Net interest income (loss) | (7,397) | (5,128) | (4,297) | |||
Provision for loan losses | (7,752) | 42,276 | 16,331 | |||
Net interest income (loss) after provision (benefit) for loan losses | 355 | (47,404) | (20,628) | |||
Sponsorship and race winnings | ||||||
Race team related expenses | ||||||
Other income (expense), net | (1,991) | (30,366) | (10,493) | |||
Income (loss) before income taxes | (1,636) | (77,770) | (31,121) | |||
Income tax (provision) benefit | 433 | 19,520 | (7,596) | |||
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | (1,203) | (58,250) | (23,525) | |||
Balance Sheet Data | ||||||
Total loans net | 4,812 | 12,725 | 105,022 | |||
Total assets | 42,011 | 124,554 | 217,483 | |||
Total funds borrowed | $ 69,221 | $ 98,636 | $ 176,825 | |||
Selected Financial Ratios | ||||||
Return on average assets | (1.15%) | (33.21%) | (9.73%) | |||
Return on average equity | (5.75%) | (165.21%) | (48.49%) | |||
Interest yield | (18.77%) | (2.11%) | 2.88% | |||
Net interest margin | (93.60%) | (7.14%) | (3.38%) | |||
Reserve coverage | 65.74% | 66.31% | 19.48% | |||
Delinquency status | 3.57% | [2] | 2.04% | [2] | ||
Charge-off ratio | 95.40% | 59.38% | 14.68% | |||
Intersegment Eliminations [Member] | ||||||
Segment Reporting Disclosure [Line Items] | ||||||
Total interest income (loss) | $ 1,348 | $ 1,575 | $ 2,308 | |||
Total interest expense | 7,814 | 9,128 | 6,030 | |||
Net interest income (loss) | (6,466) | (7,553) | (3,722) | |||
Provision for loan losses | 1,953 | 27 | 455 | |||
Net interest income (loss) after provision (benefit) for loan losses | (8,419) | (7,580) | (4,177) | |||
Sponsorship and race winnings | ||||||
Race team related expenses | ||||||
Other income (expense), net | 1,455 | (11,164) | (7,946) | |||
Income (loss) before income taxes | (6,964) | (18,744) | (12,123) | |||
Income tax (provision) benefit | 1,552 | 5,854 | (3,461) | |||
Net income (loss) after taxes/net increase (decrease) on net assets resulting from operations | (5,412) | (12,890) | (8,662) | |||
Balance Sheet Data | ||||||
Total loans net | 1,933 | 3,314 | 3,362 | |||
Total assets | 459,411 | 285,425 | 247,641 | |||
Total funds borrowed | $ 328,358 | $ 244,987 | $ 150,898 | |||
Selected Financial Ratios | ||||||
Return on average assets | (1.89%) | (5.06%) | (3.71%) | |||
Return on average equity | (13.62%) | (23.29%) | (14.26%) | |||
[1] | Loans 90 days or more past due. | |||||
[2] | Loans 90 days or more past due. | |||||
[3] | Loans 90 days or more past due. | |||||
[4] | Negative balances indicate recoveries for the period. | |||||
[5] | Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. | |||||
[6] | Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. | |||||
[7] | Ratio is based on total commercial lending balances, and relates solely to the legacy commercial loan business. | |||||
[8] | Ratio is based on total commercial lending balances, and relates to the total loan business. | |||||
[9] | Ratio is based on total commercial lending balances, and relates to the total loan business. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Commitments And Contingencies [Abstract] | |
Employment agreements expiration description | Employment agreements expire at various dates through 2026 |
Future minimum payments | $ 12,050 |
Other Commitment | $ 1,800 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments Under Employment Agreements (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies [Abstract] | |
2022 | $ 3,996 |
2023 | 2,816 |
2024 | 2,272 |
2025 | 2,094 |
2025 | 872 |
Thereafter | 0 |
Total | $ 12,050 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Jan. 01, 2022 | Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||||||
Salary from related party | $ 239,000 | |||||
Repayments of note payable | $ 627,263,000 | $ 526,064,000 | $ 414,277,000 | |||
LAX Group,LLC [Member] | Senior Vice President [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Salary from related party | $ 195,000 | |||||
Officer [Member] | LAX Group,LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Salary from related party | $ 133,000 | $ 178,000 | ||||
Consulting services revenue from related party | 4,200,000 | |||||
Petty Trust [Member] | RPAC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual payment for services provided to the entity | 700,000 | |||||
Note payable to the Petty Trust | $ 7,600 | |||||
Interest percentage of Notes payable | 2.00% |
Stockholder's_Shareholder's Equ
Stockholder's/Shareholder's Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders Equity [Line Items] | |||
Stock repurchased during period | 2,951,243 | 2,951,243 | |
Payment for repurchase of common stock | $ 24,919,000 | $ 24,919,000 | |
Stock Repurchase Program [Member] | |||
Stockholders Equity [Line Items] | |||
Stock purchased during period | 0 | 0 | 0 |
Shares remain authorized for repurchase amount | $ 22,874,509 |
Selected Financial Ratios and O
Selected Financial Ratios and Other Data - Summary of Selected Financial Ratios and Other Data (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Ratios/supplemental data | ||||
Total shareholders’ equity (net assets) | $ 355,828 | $ 304,561 | $ 334,468 | $ 290,204 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - 401 K Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum percentage of total annual compensation allowed to be deferred | 1.00% | ||
Employer matching contribution, description | Once eligible full-time employees have completed a minimum of one (1) year of service, and part time employees have worked at least 1,000 hours, the Company matches employee contributions to the 401(k) Plan in an amount per employee equal to one-third of the first 6% of the employee’s annual contributions, subject to legal limits. | ||
Employee contributions to 401(k) Plan matched by company in an amount per employee of first 6% of employee's annual contributions | 33.33% | ||
Defined benefit plan amount expense | $ 0.3 | $ 0.2 | $ 0.2 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Carrying Values and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Financial assets | ||||
Equity investments | $ 9,726 | $ 0 | $ 9,746 | |
Investment securities | 44,772 | 46,792 | ||
Loans receivable | 1,488,924 | 1,229,838 | ||
Carrying Amount [Member] | ||||
Financial assets | ||||
Cash, cash equivalents, and federal funds sold | [1] | 124,484 | 112,040 | |
Equity investments | 9,726 | 9,746 | ||
Investment securities | 44,772 | 46,792 | ||
Loans receivable | 1,438,758 | 1,172,290 | ||
Accrued interest receivable | [2] | 10,621 | 10,338 | |
Equity securities, fair value | 1,950 | |||
Financial liabilities | ||||
Funds borrowed | [3] | 1,478,001 | 1,312,255 | |
Accrued interest payable | [2] | 3,395 | 4,673 | |
Fair Value Recurring [Member] | ||||
Financial assets | ||||
Cash, cash equivalents, and federal funds sold | [1] | 124,484 | 112,040 | |
Equity investments | 9,726 | 9,746 | ||
Investment securities | 44,772 | 46,792 | ||
Loans receivable | 1,438,758 | 1,172,290 | ||
Accrued interest receivable | [2] | 10,621 | 10,338 | |
Equity securities, fair value | 1,950 | |||
Financial liabilities | ||||
Funds borrowed | [3] | 1,478,001 | 1,312,591 | |
Accrued interest payable | [2] | $ 3,395 | $ 4,673 | |
[1] | Categorized as level 1 within the fair value hierarchy, excluding $ 1.3 million as of December 31, 2021 and $ 1.5 million as of December 31, 2020 of interest-bearing deposits categorized as level 2. See Note 15. | |||
[2] | Categorized as level 3 within the fair value hierarchy. See Note 15. (3) Included within other assets on the balance sheet. | |||
[3] | All publicly traded notes were paid off in April 2021. As of December 31, 2020, publicly traded unsecured notes traded at a premium to par of $ 0.3 million |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Carrying Values and Fair Values of Financial Instruments (Parenthetical) (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest-bearing funds deposited in other banks | $ 1,300,000 | |
Publicly traded retail notes traded at a premium to par | $ 300 | |
Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest-bearing funds deposited in other banks | 1,500,000 | |
Fair Value Recurring [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest-bearing funds deposited in other banks | 1,250,000 | 1,500,000 |
Fair Value Recurring [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest-bearing funds deposited in other banks | $ 1,250,000 | $ 1,500,000 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets | |||||
Interest-bearing deposits | $ 1,300 | ||||
Level 2 [Member] | |||||
Assets | |||||
Interest-bearing deposits | $ 1,500 | ||||
Fair Value Recurring [Member] | |||||
Assets | |||||
Interest-bearing deposits | 1,250 | 1,500 | |||
Available for sale investment securities | 44,772 | 46,792 | |||
Equity securities, fair value | 1,950 | ||||
Total | 47,972 | [1] | 48,292 | [2] | |
Fair Value Recurring [Member] | Level 1 [Member] | |||||
Assets | |||||
Equity securities, fair value | 1,950 | ||||
Total | [1] | 1,950 | |||
Fair Value Recurring [Member] | Level 2 [Member] | |||||
Assets | |||||
Interest-bearing deposits | 1,250 | 1,500 | |||
Available for sale investment securities | 44,772 | 46,792 | |||
Total | $ 46,022 | [1] | $ 48,292 | [2] | |
[1] | Total unrealized losses of $ 1.0 million, net of tax, was included in accumulated other comprehensive income (loss) for the year ended December 31, 2021 related to these assets. | ||||
[2] | Total unrealized gains of $ 1.0 million, net of tax, was included in accumulated other comprehensive income (loss) for the year ended December 31, 2020 related to these assets. |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||
Net change in unrealized gains (losses) on investments, net of tax | $ (978) | $ 1,013 | $ 1,081 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Summary of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets | |||||
Impaired loans | $ 20,500 | $ 107,100 | |||
Loan collateral in process of foreclosure | 37,430 | [1] | 54,560 | [1] | $ 52,711 |
Fair Value, Nonrecurring | |||||
Assets | |||||
Equity securities, fair value | 9,726 | 9,746 | |||
Impaired loans | 35,571 | 62,174 | |||
Loan collateral in process of foreclosure | 37,430 | 54,560 | |||
Total | 82,727 | 126,480 | |||
Fair Value, Nonrecurring | Level 3 [Member] | |||||
Assets | |||||
Equity securities, fair value | 9,726 | 9,746 | |||
Impaired loans | 35,571 | 62,174 | |||
Loan collateral in process of foreclosure | 37,430 | 54,560 | |||
Total | $ 82,727 | $ 126,480 | |||
[1] | Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by the Bank of $ 7.4 million and $ 3.5 million as of December 31, 2021 and 2020 . |
Fair Value of Assets and Liab_6
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) | 12 Months Ended | |||||
Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Principal portion of loans serviced, fair value | $ 20,500,000 | $ 107,100,000 | ||||
Loan collateral in process of foreclosure | $ 37,430,000 | [1] | $ 54,560,000 | [1] | $ 52,711,000 | |
Equity Investments [Member] | Precedent Market Transactions [Member] | Equity Method Offering Price [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Equity Value | $ / shares | $ 8.73 | $ 8.73 | ||||
Impaired Loans [Member] | Market Approach [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Impaired loans, balance percentage | 0.60 | 60 | [2] | |||
Impaired Loans [Member] | Market Approach [Member] | Historical and Actual Loss Experience [Member] | Minimum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Impaired loans value | 0.0150 | |||||
Impaired Loans [Member] | Market Approach [Member] | Historical and Actual Loss Experience [Member] | Maximum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Impaired loans value | 0.0600 | |||||
Impaired Loans [Member] | Market Approach [Member] | Measurement Input Transfer Prices [Member] | Minimum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Principal portion of loans serviced, fair value | [2] | $ 0 | ||||
Impaired Loans [Member] | Market Approach [Member] | Measurement Input Transfer Prices [Member] | Maximum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Principal portion of loans serviced, fair value | [2] | 79,500 | ||||
Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Historical and Actual Loss Experience [Member] | Minimum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Impaired loans value | 1.50 | |||||
Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Historical and Actual Loss Experience [Member] | Maximum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Impaired loans value | 6 | |||||
Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Collateral Value [Member] | Minimum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Loan collateral in process of foreclosure value | [3] | 3,600 | $ 700 | |||
Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Collateral Value [Member] | Maximum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Loan collateral in process of foreclosure value | [3] | 49,800 | 32,300 | |||
Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Measurement Input Transfer Prices [Member] | Minimum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Principal portion of loans serviced, fair value | [2] | 600 | ||||
Loan collateral in process of foreclosure value | [2] | 0 | 600 | |||
Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Measurement Input Transfer Prices [Member] | Maximum [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Principal portion of loans serviced, fair value | [2] | 108,700 | ||||
Loan collateral in process of foreclosure value | [2] | 79,500 | 108,700 | |||
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 securities, fair value | 9,453,000 | 8,291,000 | ||||
Level 3 [Member] | Equity Investments [Member] | Investee Book Value Adjusted for Market Appreciation [Member] | Equity Method Offering Price [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Equity securities, fair value | $ 1,455,000 | |||||
Level 3 [Member] | Impaired Loans [Member] | Precedent Market Transactions [Member] | Equity Method Offering Price [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Equity securities, fair value | 273,000 | |||||
Level 3 [Member] | Impaired Loans [Member] | Market Approach [Member] | Historical and Actual Loss Experience [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Principal portion of loans serviced, fair value | 35,571,000 | 62,174,000 | ||||
Level 3 [Member] | Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Measurement Input Median Transfer Price [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Loan collateral in process of foreclosure | 1,432,000 | |||||
Level 3 [Member] | Loan Collateral in Process of Foreclosure [Member] | Market Approach [Member] | Measurement Input Transfer Prices [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Loan collateral in process of foreclosure | $ 37,430,000 | $ 53,128,000 | ||||
[1] | Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by the Bank of $ 7.4 million and $ 3.5 million as of December 31, 2021 and 2020 . | |||||
[2] | Represents amount net of liquidation costs | |||||
[3] | Relates to the recreation portfolio. |
Medallion Bank Preferred Stoc_2
Medallion Bank Preferred Stock (Non-controlling Interest) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Dec. 17, 2019 | Jul. 21, 2011 | Dec. 31, 2021 |
Capital Purchase Program [Member] | |||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||
Preferred stock, liquidation preference per share | $ 1,000 | ||
U.S. Treasury Securities [Member] | Capital Purchase Program [Member] | |||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||
US Treasury shares purchased | 26,303 | ||
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 | ||
Preferred stock, net of liquidation amount | $ 42.5 | ||
Percentage of dividend payment rate | 8.00% | ||
Series F Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock [Member] | SOFR [Member] | |||
Changes In Equity And Comprehensive Income Line Items [Line Items] | |||
Percentage of liquidation rate basis | 6.46% | ||
Dividend description of variable rate basis | three-month Secured Overnight Financing Rate, or SOFR | ||
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 | $ 26.3 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Statements - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Assets | ||||||
Income tax receivable | $ 833 | $ 1,757 | ||||
Loan collateral in process of foreclosure | 37,430 | [1] | 54,560 | [1] | $ 52,711 | |
Net loans receivable | 1,438,758 | 1,172,290 | ||||
Other assets | 20,388 | 20,591 | ||||
Total assets | 1,873,057 | 1,642,411 | $ 1,541,667 | |||
Liabilities | ||||||
Long-term borrowings | [2] | 219,973 | 153,718 | |||
Short-term borrowings | 0 | 87,334 | ||||
Deferred tax liabilities | 18,210 | 807 | ||||
Total liabilities | 1,517,229 | 1,337,850 | ||||
Total stockholders’ equity | 287,040 | 231,408 | ||||
Total liabilities and equity | 1,873,057 | 1,642,411 | ||||
Parent Company [Member] | ||||||
Assets | ||||||
Cash | 40,540 | 33,743 | ||||
Investment in bank subsidiaries | [3] | 367,945 | 325,417 | |||
Investment in non-bank subsidiaries | 88,018 | 88,165 | ||||
Income tax receivable | 18,763 | 1,470 | ||||
Loan collateral in process of foreclosure | 5,811 | 9,960 | ||||
Net loans receivable | 3,302 | 12,293 | ||||
Other assets | 8,674 | 10,912 | ||||
Total assets | 533,053 | 481,960 | ||||
Liabilities | ||||||
Long-term borrowings | [4] | 151,103 | 100,367 | |||
Short-term borrowings | [4] | 0 | 53,359 | |||
Intercompany payables | 39,703 | 51,352 | ||||
Deferred tax liabilities | 35,799 | 24,172 | ||||
Other liabilities | 19,408 | 21,302 | ||||
Total liabilities | 246,013 | 250,552 | ||||
Total stockholders’ equity | 287,040 | 231,408 | ||||
Total liabilities and equity | $ 533,053 | $ 481,960 | ||||
[1] | Includes financed sales of this collateral to third parties that are reported separately from the loan portfolio, and that are conducted by the Bank of $ 7.4 million and $ 3.5 million as of December 31, 2021 and 2020 . | |||||
[2] | Includes $ 4.0 million and $ 3.1 million of deferred financing costs as of December 31, 2021 and 2020 . Refer to Note 5 for more details. | |||||
[3] | Includes $ 174.3 million and $ 175.7 million of goodwill and intangible assets of the Company which relate specifically to the Bank. | |||||
[4] | Includes $ 2.9 million and $ 2.2 million of deferred financing costs as of December 31, 2021 and 2020. |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Statements - Condensed Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Intangibles assets | $ 23,480 | $ 51,090 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Goodwill and intangible assets | 174,300 | 175,700 |
Deferred financing costs | $ 2,900 | $ 2,200 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Statements - Condensed Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Net interest income (loss) | $ 127,826 | $ 110,811 | $ 97,517 |
Provision for loan losses | 4,622 | 69,817 | 47,386 |
Net interest income (loss) after provision (benefit) for loan losses | 123,204 | 40,994 | 50,131 |
Income (loss) before income taxes | 81,871 | (36,981) | 2,337 |
Total net income (loss) attributable to Medallion Financial Corp. | 54,108 | (34,783) | (1,762) |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Interest and dividend income (loss) | 16,446 | 4,773 | (2,552) |
Interest expense | 11,209 | 8,602 | 8,856 |
Net interest income (loss) | 5,237 | (3,829) | (11,408) |
Provision for loan losses | (4,718) | 5,127 | 6,377 |
Net interest income (loss) after provision (benefit) for loan losses | 9,955 | (8,956) | (17,785) |
Other income (expense), net | (6,224) | (22,062) | (13,686) |
Income (loss) before income taxes | 3,731 | (31,018) | (31,471) |
Income tax benefit | 4,452 | 10,454 | 7,013 |
Total net income (loss) attributable to Medallion Financial Corp. | 8,183 | (20,564) | (24,458) |
Undistributed earnings (losses) of subsidiaries | 45,925 | (14,219) | 22,696 |
Net income (loss) attributable to parent company | $ 54,108 | $ (34,783) | $ (1,762) |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Statements - Condensed Statements of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | $ 57,654 | $ (26,907) | $ 1,996 |
Other comprehensive income (loss) | (978) | 1,013 | 1,081 |
Total comprehensive income (loss) attributable to Medallion Financial Corp. | 53,130 | (33,770) | (681) |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income (loss) | 54,108 | (34,783) | (1,762) |
Other comprehensive income (loss) | (978) | 1,013 | (1,081) |
Total comprehensive income (loss) attributable to Medallion Financial Corp. | $ 53,130 | $ (33,770) | $ (681) |
Parent Company Only Condensed_7
Parent Company Only Condensed Financial Statements - Condensed Statements of Cash Flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) after taxes | $ 57,654 | $ (26,907) | $ 1,996 |
Adjustments to reconcile net income (loss)/net decrease in net assets resulting from operations to net cash provided by operating activities: | |||
(Benefit) provision for loan losses | 4,622 | 69,817 | 47,386 |
Depreciation and amortization | 6,519 | 7,714 | 7,499 |
Change in deferred and other tax assets/liabilities, net | 18,327 | (8,776) | 853 |
Net change in value of loan collateral in process of foreclosure | 8,966 | 31,926 | 11,838 |
Net change in unrealized depreciation on investments | 0 | 1,734 | |
Gain on extinguishment of debt | (4,626) | (4,145) | |
Net realized (gains) losses on sale of investments | (17,380) | 4,305 | (1,820) |
Stock-based compensation expense | 2,261 | 2,030 | 1,221 |
Decrease (increase) in other assets | (5,354) | 2,223 | 2,838 |
Net cash provided by operating activities | 78,726 | 78,706 | 64,935 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Loans originated | (760,790) | (506,106) | (471,069) |
Proceeds from principal receipts, sales, and maturities of loans | 464,448 | 321,831 | 251,653 |
Purchases of investments | (19,354) | (15,580) | (10,507) |
Proceeds from the sale and principal payments on loan collateral in process of foreclosure | 24,052 | 13,499 | 16,294 |
Net cash used for investing activities | (238,321) | (170,957) | (206,510) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from funds borrowed | 805,577 | 668,577 | 525,842 |
Repayments of time deposits and funds borrowed | (627,263) | (526,064) | (414,277) |
Proceeds from the exercise of stock options | 241 | ||
Net cash provided by financing activities | 172,039 | 136,470 | 151,683 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 12,444 | 44,219 | 10,108 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) after taxes | 54,108 | (34,783) | (1,762) |
Adjustments to reconcile net income (loss)/net decrease in net assets resulting from operations to net cash provided by operating activities: | |||
Equity in undistributed (earnings) losses of subsidiaries | (45,925) | 14,219 | (22,696) |
equity in undistributed earnings losses of subsidiaries | (60,304) | 6,622 | (22,696) |
(Benefit) provision for loan losses | (4,718) | 5,127 | 6,377 |
Depreciation and amortization | 4,485 | 5,357 | 5,484 |
Change in deferred and other tax assets/liabilities, net | (5,666) | (3,317) | (2,225) |
Net change in value of loan collateral in process of foreclosure | (1,619) | (4,940) | (906) |
Net change in unrealized depreciation on investments | 0 | 3,493 | 1,786 |
Gain on extinguishment of debt | 2,204 | 0 | 0 |
Net realized (gains) losses on sale of investments | 11,701 | 0 | 0 |
Stock-based compensation expense | 2,261 | 2,031 | 1,221 |
Decrease (increase) in other assets | 1,150 | (2,299) | (988) |
Increase in deferred financing costs | 1,504 | 1,233 | 1,297 |
Decrease in intercompany payables | (11,649) | 3,552 | 8,448 |
(Decrease) increase in other liabilities | (1,894) | 2,336 | (1,759) |
Net cash provided by operating activities | (38,317) | (10,680) | (21,425) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Loans originated | 0 | 14 | 3,312 |
Proceeds from principal receipts, sales, and maturities of loans | 28,552 | 1,193 | 2,313 |
Purchases of investments | 90 | 2,304 | 1,125 |
Proceeds from the sale and principal payments on loan collateral in process of foreclosure | 666 | 1,276 | 2,403 |
Investment in subsidiaries | 3,500 | ||
Dividends from subsidiaries | 19,000 | 7,597 | 6,248 |
Net cash used for investing activities | 44,628 | 7,748 | 6,527 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from funds borrowed | 51,400 | 33,600 | 36,000 |
Repayments of time deposits and funds borrowed | 51,155 | 1,402 | 17,735 |
Proceeds from the exercise of stock options | 241 | 0 | 0 |
Net cash provided by financing activities | 486 | 32,198 | 18,265 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 6,797 | 29,266 | 3,367 |
Cash and cash equivalents, beginning of period | 33,743 | 4,477 | 1,110 |
Cash and cash equivalents, end of period | $ 40,540 | $ 33,743 | $ 4,477 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 28, 2021 | Jul. 31, 2020 | Oct. 31, 2018 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||||||
Variable interest entity net gain | $ 25,300 | |||||
Equity investments | $ 9,726 | $ 0 | $ 9,746 | |||
Maturity date | Feb. 28, 2026 | Sep. 24, 2024 | ||||
Medallion Financing Trust I [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Promissory note payable | $ 1,400 |