Loans and Allowance for Credit Losses (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Text Block [Abstract] |
|
| Summary of Inclusive Capitalized Loans |
The following table presents the major classification of loans, inclusive of capitalized loan origination costs, as of June 30, 2026 and December 31, 2025.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
(Dollars in thousands) |
|
Amount |
|
|
As a
Percent of
Total Loans (1) |
|
|
Amount |
|
|
As a
Percent of
Total Loans (1) |
|
Loans held for investment: |
|
|
|
|
|
|
|
|
|
|
|
|
Recreation |
|
$ |
1,760,297 |
|
|
|
63 |
% |
|
$ |
1,617,221 |
|
|
|
63 |
% |
Home improvement |
|
|
885,599 |
|
|
|
32 |
|
|
|
810,237 |
|
|
|
32 |
|
Commercial |
|
|
126,177 |
|
|
|
5 |
|
|
|
123,068 |
|
|
|
5 |
|
Taxi medallion |
|
|
1,293 |
|
|
* |
|
|
|
1,179 |
|
|
* |
|
Total loans |
|
|
2,773,366 |
|
|
|
99 |
|
|
|
2,551,705 |
|
|
|
99 |
|
Loans held for sale, at lower of amortized cost or fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
Strategic partnership |
|
|
21,376 |
|
|
* |
|
|
|
15,144 |
|
|
* |
|
Total loans held for sale, at lower of amortized cost or fair value |
|
|
21,376 |
|
|
* |
|
|
|
15,144 |
|
|
* |
|
Total loans and loans held for sale |
|
$ |
2,794,742 |
|
|
|
100 |
% |
|
$ |
2,566,849 |
|
|
|
100 |
% |
(1) Percentage may not foot due to rounding. (*) Less than 1%.
|
| Schedule of Activity of Gross Loans |
The following tables present the activity of the gross loans and loans held for sale for the three and six months ended June 30, 2026.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026
(Dollars in thousands) |
|
Recreation |
|
|
Home
Improvement |
|
|
Commercial |
|
|
Taxi
Medallion |
|
|
Strategic
Partnership |
|
|
Total |
|
Gross loans – March 31, 2026 |
|
$ |
1,671,538 |
|
|
$ |
814,933 |
|
|
$ |
119,612 |
|
|
$ |
1,126 |
|
|
$ |
10,786 |
|
|
$ |
2,617,995 |
|
Loan originations |
|
|
228,469 |
|
|
|
128,640 |
|
|
|
7,134 |
|
|
|
266 |
|
|
|
247,098 |
|
|
|
611,607 |
|
Principal receipts, sales, and maturities |
|
|
(121,312 |
) |
|
|
(55,571 |
) |
|
|
(651 |
) |
|
|
(99 |
) |
|
|
(236,508 |
) |
|
|
(414,141 |
) |
Charge-offs |
|
|
(18,505 |
) |
|
|
(4,165 |
) |
|
|
(74 |
) |
|
|
— |
|
|
|
— |
|
|
|
(22,744 |
) |
Transfer to loan collateral in process of foreclosure, net |
|
|
(3,609 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,609 |
) |
Amortization of origination fees and costs, net |
|
|
(4,185 |
) |
|
|
514 |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
(3,659 |
) |
Origination fees and costs, net |
|
|
7,901 |
|
|
|
1,248 |
|
|
|
(143 |
) |
|
|
— |
|
|
|
— |
|
|
|
9,006 |
|
Paid-in-kind interest |
|
|
— |
|
|
|
— |
|
|
|
287 |
|
|
|
— |
|
|
|
— |
|
|
|
287 |
|
Gross loans – June 30, 2026 |
|
$ |
1,760,297 |
|
|
$ |
885,599 |
|
|
$ |
126,177 |
|
|
$ |
1,293 |
|
|
$ |
21,376 |
|
|
$ |
2,794,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026
(Dollars in thousands) |
|
Recreation |
|
|
Home
Improvement |
|
|
Commercial |
|
|
Taxi
Medallion |
|
|
Strategic
Partnership |
|
|
Total |
|
Gross loans – December 31, 2025 |
|
$ |
1,617,221 |
|
|
$ |
810,237 |
|
|
$ |
123,068 |
|
|
$ |
1,179 |
|
|
$ |
15,144 |
|
|
$ |
2,566,849 |
|
Loan originations |
|
|
371,017 |
|
|
|
193,042 |
|
|
|
7,134 |
|
|
|
266 |
|
|
|
417,082 |
|
|
|
988,541 |
|
Principal receipts, sales, and maturities |
|
|
(186,194 |
) |
|
|
(111,664 |
) |
|
|
(4,418 |
) |
|
|
(114 |
) |
|
|
(410,850 |
) |
|
|
(713,240 |
) |
Charge-offs |
|
|
(40,996 |
) |
|
|
(8,516 |
) |
|
|
(74 |
) |
|
|
(38 |
) |
|
|
— |
|
|
|
(49,624 |
) |
Transfer to loan collateral in process of foreclosure, net |
|
|
(6,036 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,036 |
) |
Amortization of origination fees and costs, net |
|
|
(7,935 |
) |
|
|
1,251 |
|
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
(6,664 |
) |
Origination fees and costs, net |
|
|
13,220 |
|
|
|
1,249 |
|
|
|
(143 |
) |
|
|
— |
|
|
|
— |
|
|
|
14,326 |
|
Paid-in-kind interest |
|
|
— |
|
|
|
— |
|
|
|
590 |
|
|
|
— |
|
|
|
— |
|
|
|
590 |
|
Gross loans – June 30, 2026 |
|
$ |
1,760,297 |
|
|
$ |
885,599 |
|
|
$ |
126,177 |
|
|
$ |
1,293 |
|
|
$ |
21,376 |
|
|
$ |
2,794,742 |
|
The following tables present the activity of the gross loans and loans held for sale for the three and six months ended June 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025
(Dollars in thousands) |
|
Recreation (1) |
|
|
Home
Improvement |
|
|
Commercial |
|
|
Taxi
Medallion |
|
|
Strategic
Partnership |
|
|
Total |
|
Gross loans – March 31, 2025 |
|
$ |
1,545,844 |
|
|
$ |
812,381 |
|
|
$ |
116,059 |
|
|
$ |
1,650 |
|
|
$ |
10,499 |
|
|
$ |
2,486,433 |
|
Loan originations |
|
|
142,789 |
|
|
|
54,253 |
|
|
|
9,368 |
|
|
|
— |
|
|
|
168,637 |
|
|
|
375,047 |
|
Principal receipts, sales, and maturities |
|
|
(123,204 |
) |
|
|
(58,380 |
) |
|
|
(4,259 |
) |
|
|
(86 |
) |
|
|
(166,851 |
) |
|
|
(352,780 |
) |
Charge-offs |
|
|
(16,273 |
) |
|
|
(4,951 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,224 |
) |
Transfer to loan collateral in process of foreclosure, net |
|
|
(3,457 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,457 |
) |
Amortization of origination fees and costs, net |
|
|
(3,746 |
) |
|
|
1,156 |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
(2,579 |
) |
Origination fees and costs, net |
|
|
4,299 |
|
|
|
(924 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,375 |
|
Paid-in-kind interest |
|
|
— |
|
|
|
— |
|
|
|
236 |
|
|
|
— |
|
|
|
— |
|
|
|
236 |
|
Gross loans – June 30, 2025 |
|
$ |
1,546,252 |
|
|
$ |
803,535 |
|
|
$ |
121,415 |
|
|
$ |
1,564 |
|
|
$ |
12,285 |
|
|
$ |
2,485,051 |
|
(1)Includes loans held for sale and loans held for investment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025
(Dollars in thousands) |
|
Recreation (1) |
|
|
Home
Improvement |
|
|
Commercial |
|
|
Taxi
Medallion |
|
|
Strategic
Partnership |
|
|
Total |
|
Gross loans – December 31, 2024 |
|
$ |
1,543,243 |
|
|
$ |
827,211 |
|
|
$ |
111,273 |
|
|
$ |
1,909 |
|
|
$ |
7,386 |
|
|
$ |
2,491,022 |
|
Loan originations |
|
|
229,622 |
|
|
|
103,049 |
|
|
|
19,075 |
|
|
|
72 |
|
|
|
304,877 |
|
|
|
656,695 |
|
Principal receipts, sales, and maturities |
|
|
(184,711 |
) |
|
|
(117,991 |
) |
|
|
(9,311 |
) |
|
|
(402 |
) |
|
|
(299,978 |
) |
|
|
(612,393 |
) |
Charge-offs |
|
|
(36,547 |
) |
|
|
(9,178 |
) |
|
|
(130 |
) |
|
|
(15 |
) |
|
|
— |
|
|
|
(45,870 |
) |
Transfer to loan collateral in process of foreclosure, net |
|
|
(5,846 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,846 |
) |
Amortization of origination fees and costs, net |
|
|
(7,227 |
) |
|
|
2,289 |
|
|
|
23 |
|
|
|
— |
|
|
|
— |
|
|
|
(4,915 |
) |
Origination fees and costs, net |
|
|
7,718 |
|
|
|
(1,845 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,873 |
|
Paid-in-kind interest |
|
|
— |
|
|
|
— |
|
|
|
485 |
|
|
|
— |
|
|
|
— |
|
|
|
485 |
|
Gross loans – June 30, 2025 |
|
$ |
1,546,252 |
|
|
$ |
803,535 |
|
|
$ |
121,415 |
|
|
$ |
1,564 |
|
|
$ |
12,285 |
|
|
$ |
2,485,051 |
|
(1)Includes loans held for sale and loans held for investment.
|
| Summary of Activity in Allowance for Loan Losses |
The following table presents the activity in the allowance for credit losses for the three and six months ended June 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Recreation |
|
|
Home
Improvement |
|
|
Commercial |
|
|
Taxi
Medallion (1) |
|
|
Total |
|
Balance at December 31, 2025 |
|
$ |
85,956 |
|
|
$ |
19,563 |
|
|
$ |
9,052 |
|
|
$ |
218 |
|
|
$ |
114,789 |
|
Charge-offs |
|
|
(22,491 |
) |
|
|
(4,351 |
) |
|
|
— |
|
|
|
(38 |
) |
|
|
(26,880 |
) |
Recoveries |
|
|
4,820 |
|
|
|
1,465 |
|
|
|
5 |
|
|
|
21 |
|
|
|
6,311 |
|
Provision (benefit) for credit losses |
|
|
18,445 |
|
|
|
3,618 |
|
|
|
459 |
|
|
|
(46 |
) |
|
|
22,476 |
|
Balance at March 31, 2026 |
|
|
86,730 |
|
|
|
20,295 |
|
|
|
9,516 |
|
|
|
155 |
|
|
|
116,696 |
|
Charge-offs |
|
|
(18,505 |
) |
|
|
(4,165 |
) |
|
|
(74 |
) |
|
|
— |
|
|
|
(22,744 |
) |
Recoveries |
|
|
5,158 |
|
|
|
1,276 |
|
|
|
— |
|
|
|
42 |
|
|
|
6,476 |
|
Provision (benefit) for credit losses |
|
|
17,501 |
|
|
|
4,066 |
|
|
|
774 |
|
|
|
(68 |
) |
|
|
22,273 |
|
Balance at June 30, 2026 |
|
$ |
90,884 |
|
|
$ |
21,472 |
|
|
$ |
10,216 |
|
|
$ |
129 |
|
|
$ |
122,701 |
|
(1)As of June 30, 2026, cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion loan portfolio were $168.1 million, including $103.8 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company. The following table presents the activity in the allowance for credit losses for the three and six months ended June 30, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Recreation |
|
|
Home
Improvement |
|
|
Commercial |
|
|
Taxi
Medallion (1) |
|
|
Total |
|
Balance at December 31, 2024 |
|
$ |
71,102 |
|
|
$ |
20,536 |
|
|
$ |
5,190 |
|
|
$ |
540 |
|
|
$ |
97,368 |
|
Charge-offs |
|
|
(20,274 |
) |
|
|
(4,227 |
) |
|
|
(130 |
) |
|
|
(15 |
) |
|
|
(24,646 |
) |
Recoveries |
|
|
3,860 |
|
|
|
1,095 |
|
|
|
— |
|
|
|
675 |
|
|
|
5,630 |
|
Provision (benefit) for credit losses |
|
|
16,870 |
|
|
|
2,845 |
|
|
|
3,114 |
|
|
|
(815 |
) |
|
|
22,014 |
|
Balance at March 31, 2025 |
|
|
71,558 |
|
|
|
20,249 |
|
|
|
8,174 |
|
|
|
385 |
|
|
|
100,366 |
|
Charge-offs |
|
|
(16,273 |
) |
|
|
(4,951 |
) |
|
|
— |
|
|
|
— |
|
|
|
(21,224 |
) |
Recoveries |
|
|
4,419 |
|
|
|
1,190 |
|
|
|
10 |
|
|
|
573 |
|
|
|
6,192 |
|
Provision (benefit) for credit losses |
|
|
15,336 |
|
|
|
3,934 |
|
|
|
2,912 |
|
|
|
(620 |
) |
|
|
21,562 |
|
Balance at June 30, 2025 |
|
$ |
75,040 |
|
|
$ |
20,422 |
|
|
$ |
11,096 |
|
|
$ |
338 |
|
|
$ |
106,896 |
|
(1)As of June 30, 2025 cumulative net charge-offs of loans and loan collateral in process of foreclosure in the taxi medallion loan portfolio were $161.5 million, including $95.2 million related to loans secured by New York taxi medallions, some of which may represent recovery opportunities for the Company.
|
| Summary of Gross Charge Offs |
The following tables present the gross charge-offs for the three and six months ended June 30, 2026, by the year of origination.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026
(Dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Prior |
|
|
Total |
|
Recreation |
|
$ |
112 |
|
|
$ |
3,570 |
|
|
$ |
3,872 |
|
|
$ |
3,651 |
|
|
$ |
3,185 |
|
|
$ |
4,115 |
|
|
$ |
18,505 |
|
Home improvement |
|
|
97 |
|
|
|
400 |
|
|
|
808 |
|
|
|
1,265 |
|
|
|
839 |
|
|
|
756 |
|
|
|
4,165 |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
74 |
|
|
|
74 |
|
Taxi medallion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
209 |
|
|
$ |
3,970 |
|
|
$ |
4,680 |
|
|
$ |
4,916 |
|
|
$ |
4,024 |
|
|
$ |
4,945 |
|
|
$ |
22,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026
(Dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Prior |
|
|
Total |
|
Recreation |
|
$ |
112 |
|
|
$ |
7,255 |
|
|
$ |
9,489 |
|
|
$ |
8,152 |
|
|
$ |
7,159 |
|
|
$ |
8,829 |
|
|
$ |
40,996 |
|
Home improvement |
|
|
97 |
|
|
|
799 |
|
|
|
1,724 |
|
|
|
2,593 |
|
|
|
1,791 |
|
|
|
1,512 |
|
|
|
8,516 |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
74 |
|
|
|
74 |
|
Taxi medallion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38 |
|
|
|
38 |
|
Total |
|
$ |
209 |
|
|
$ |
8,054 |
|
|
$ |
11,213 |
|
|
$ |
10,745 |
|
|
$ |
8,950 |
|
|
$ |
10,453 |
|
|
$ |
49,624 |
|
The following tables present the gross charge-offs for the three and six months ended June 30, 2025, by the year of origination.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Prior |
|
|
Total |
|
Recreation |
|
$ |
11 |
|
|
$ |
3,812 |
|
|
$ |
3,917 |
|
|
$ |
4,439 |
|
|
$ |
2,106 |
|
|
$ |
1,988 |
|
|
$ |
16,273 |
|
Home improvement |
|
|
— |
|
|
|
1,125 |
|
|
|
1,703 |
|
|
|
1,061 |
|
|
|
643 |
|
|
|
419 |
|
|
|
4,951 |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Taxi medallion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
11 |
|
|
$ |
4,937 |
|
|
$ |
5,620 |
|
|
$ |
5,500 |
|
|
$ |
2,749 |
|
|
$ |
2,407 |
|
|
$ |
21,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Prior |
|
|
Total |
|
Recreation |
|
$ |
11 |
|
|
$ |
6,540 |
|
|
$ |
7,624 |
|
|
$ |
8,945 |
|
|
$ |
4,039 |
|
|
$ |
9,388 |
|
|
$ |
36,547 |
|
Home improvement |
|
|
— |
|
|
|
1,948 |
|
|
|
3,206 |
|
|
|
2,194 |
|
|
|
1,071 |
|
|
|
759 |
|
|
|
9,178 |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
130 |
|
|
|
— |
|
|
|
— |
|
|
|
130 |
|
Taxi medallion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15 |
|
|
|
15 |
|
Total |
|
$ |
11 |
|
|
$ |
8,488 |
|
|
$ |
10,830 |
|
|
$ |
11,269 |
|
|
$ |
5,110 |
|
|
$ |
10,162 |
|
|
$ |
45,870 |
|
|
| Summary of Allowance for Loan Losses by Type |
The following table presents the allowance for credit losses by type as of June 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026
(Dollars in thousands) |
|
Amount |
|
|
Percentage
of Allowance |
|
|
Allowance as
a Percent of
Loan Category (2) |
|
Recreation |
|
$ |
90,884 |
|
|
|
74 |
% |
|
|
5.16 |
% |
Home improvement |
|
|
21,472 |
|
|
|
17 |
|
|
|
2.42 |
|
Commercial |
|
|
10,216 |
|
|
|
8 |
|
|
|
8.10 |
|
Taxi medallion |
|
|
129 |
|
|
* |
|
|
|
9.98 |
|
Total (1) |
|
$ |
122,701 |
|
|
|
100 |
% |
|
|
|
(1)Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established. (2)As of June 30, 2026, total allowance for credit losses as a percent of nonaccrual loans was 284%. (*) Less than 0.1%. The following table presents the allowance for credit losses by type as of December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025
(Dollars in thousands) |
|
Amount |
|
|
Percentage
of Allowance |
|
|
Allowance as
a Percent of
Loan Category (2) |
|
Recreation |
|
$ |
85,956 |
|
|
|
75 |
% |
|
|
5.32 |
% |
Home improvement |
|
|
19,563 |
|
|
|
17 |
|
|
|
2.41 |
|
Commercial |
|
|
9,052 |
|
|
|
8 |
|
|
|
7.36 |
|
Taxi medallion |
|
|
218 |
|
|
* |
|
|
|
18.49 |
|
Total (1) |
|
$ |
114,789 |
|
|
|
100 |
% |
|
|
|
(1)Does not include loans held for sale which are carried at the lower of amortized cost or fair value for which an allowance for credit loss is not established. (2)As of December 31, 2025, total allowance for credit losses as a percent of nonaccrual loans was 281%. (*) Less than 0.1%.
|
| Summary of Performance Status of Loan and Loans Held for Sale |
The following table presents the performance status of loans as of June 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026
(Dollars in thousands) |
|
Performing |
|
|
Nonperforming |
|
|
Total |
|
|
Percentage of
Nonperforming
to Total |
|
Recreation |
|
$ |
1,749,780 |
|
|
$ |
10,517 |
|
|
$ |
1,760,297 |
|
|
|
0.60 |
% |
Home improvement |
|
|
884,099 |
|
|
|
1,500 |
|
|
|
885,599 |
|
|
|
0.17 |
|
Commercial |
|
|
96,276 |
|
|
|
29,901 |
|
|
|
126,177 |
|
|
|
23.70 |
|
Taxi medallion |
|
|
— |
|
|
|
1,293 |
|
|
|
1,293 |
|
|
|
100.00 |
|
Strategic partnership |
|
|
21,376 |
|
|
|
— |
|
|
|
21,376 |
|
|
|
— |
|
Total |
|
$ |
2,751,531 |
|
|
$ |
43,211 |
|
|
$ |
2,794,742 |
|
|
|
1.55 |
% |
The following table presents the performance status of loans as of December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025
(Dollars in thousands) |
|
Performing |
|
|
Nonperforming |
|
|
Total |
|
|
Percentage of
Nonperforming
to Total |
|
Recreation |
|
$ |
1,603,542 |
|
|
$ |
13,679 |
|
|
$ |
1,617,221 |
|
|
|
0.85 |
% |
Home improvement |
|
|
808,943 |
|
|
|
1,294 |
|
|
|
810,237 |
|
|
|
0.16 |
|
Commercial |
|
|
98,380 |
|
|
|
24,688 |
|
|
|
123,068 |
|
|
|
20.06 |
|
Taxi medallion |
|
|
— |
|
|
|
1,179 |
|
|
|
1,179 |
|
|
|
100.00 |
|
Strategic partnership |
|
|
15,144 |
|
|
|
— |
|
|
|
15,144 |
|
|
|
— |
|
Total |
|
$ |
2,526,009 |
|
|
$ |
40,840 |
|
|
$ |
2,566,849 |
|
|
|
1.59 |
% |
|
| Summary of Aging of Loans and Loan Delinquency |
The following table presents the aging of loans as of June 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
Days Past Due |
|
|
|
|
|
|
|
|
|
|
|
Recorded
Investment
90 Days and |
|
(Dollars in thousands) |
|
30-59 |
|
|
60-89 |
|
|
90 + |
|
|
Total |
|
|
Current |
|
|
Total (1) |
|
|
Accruing |
|
Recreation |
|
$ |
47,652 |
|
|
$ |
21,061 |
|
|
$ |
9,726 |
|
|
$ |
78,439 |
|
|
$ |
1,621,452 |
|
|
$ |
1,699,891 |
|
|
$ |
— |
|
Home improvement |
|
|
5,296 |
|
|
|
2,438 |
|
|
|
1,499 |
|
|
|
9,233 |
|
|
|
876,814 |
|
|
|
886,047 |
|
|
|
— |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
13,035 |
|
|
|
13,035 |
|
|
|
113,412 |
|
|
|
126,447 |
|
|
|
— |
|
Taxi medallion |
|
|
78 |
|
|
|
— |
|
|
|
120 |
|
|
|
198 |
|
|
|
1,095 |
|
|
|
1,293 |
|
|
|
— |
|
Strategic partnership |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,376 |
|
|
|
21,376 |
|
|
|
— |
|
Total |
|
$ |
53,026 |
|
|
$ |
23,499 |
|
|
$ |
24,380 |
|
|
$ |
100,905 |
|
|
$ |
2,634,149 |
|
|
$ |
2,735,054 |
|
|
$ |
— |
|
(1)Excludes $59.7 million of capitalized loan origination costs and fees. The following table presents the aging of loans as of December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Days Past Due |
|
|
|
|
|
|
|
|
|
|
|
Recorded
Investment
90 Days and |
|
(Dollars in thousands) |
|
30-59 |
|
|
60-89 |
|
|
90 + |
|
|
Total |
|
|
Current |
|
|
Total (1) |
|
|
Accruing |
|
Recreation |
|
$ |
56,911 |
|
|
$ |
22,890 |
|
|
$ |
12,856 |
|
|
$ |
92,657 |
|
|
$ |
1,469,444 |
|
|
$ |
1,562,101 |
|
|
$ |
— |
|
Home improvement |
|
|
4,891 |
|
|
|
2,367 |
|
|
|
1,300 |
|
|
|
8,558 |
|
|
|
804,627 |
|
|
|
813,185 |
|
|
|
— |
|
Commercial |
|
|
— |
|
|
|
— |
|
|
|
10,274 |
|
|
|
10,274 |
|
|
|
112,942 |
|
|
|
123,216 |
|
|
|
— |
|
Taxi medallion |
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
|
41 |
|
|
|
1,138 |
|
|
|
1,179 |
|
|
|
— |
|
Strategic partnership |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,144 |
|
|
|
15,144 |
|
|
|
— |
|
Total |
|
$ |
61,802 |
|
|
$ |
25,257 |
|
|
$ |
24,471 |
|
|
$ |
111,530 |
|
|
$ |
2,403,295 |
|
|
$ |
2,514,825 |
|
|
$ |
— |
|
(1)Excludes $52.0 million of capitalized loan origination costs. The following table presents loan delinquency for recreation and home improvement loans as of June 30, 2026, by the year of origination:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Prior |
|
|
Total (1) |
|
Recreation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
354,614 |
|
|
$ |
384,820 |
|
|
$ |
258,354 |
|
|
$ |
211,789 |
|
|
$ |
185,249 |
|
|
$ |
226,626 |
|
|
$ |
1,621,452 |
|
30-59 Days |
|
|
1,262 |
|
|
|
9,668 |
|
|
|
9,159 |
|
|
|
8,646 |
|
|
|
8,224 |
|
|
|
10,693 |
|
|
|
47,652 |
|
60-89 Days |
|
|
741 |
|
|
|
4,744 |
|
|
|
4,130 |
|
|
|
3,398 |
|
|
|
3,285 |
|
|
|
4,763 |
|
|
|
21,061 |
|
90 + Days |
|
|
156 |
|
|
|
2,083 |
|
|
|
2,293 |
|
|
|
1,998 |
|
|
|
1,450 |
|
|
|
1,746 |
|
|
|
9,726 |
|
Total Recreation |
|
$ |
356,773 |
|
|
$ |
401,315 |
|
|
$ |
273,936 |
|
|
$ |
225,831 |
|
|
$ |
198,208 |
|
|
$ |
243,828 |
|
|
$ |
1,699,891 |
|
Home improvement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
182,684 |
|
|
$ |
160,187 |
|
|
$ |
147,903 |
|
|
$ |
134,042 |
|
|
$ |
134,755 |
|
|
$ |
117,243 |
|
|
$ |
876,814 |
|
30-59 Days |
|
|
142 |
|
|
|
906 |
|
|
|
665 |
|
|
|
1,431 |
|
|
|
1,425 |
|
|
|
727 |
|
|
|
5,296 |
|
60-89 Days |
|
|
46 |
|
|
|
471 |
|
|
|
437 |
|
|
|
550 |
|
|
|
619 |
|
|
|
315 |
|
|
|
2,438 |
|
90 + Days |
|
|
79 |
|
|
|
156 |
|
|
|
173 |
|
|
|
468 |
|
|
|
416 |
|
|
|
207 |
|
|
|
1,499 |
|
Total Home improvement |
|
$ |
182,951 |
|
|
$ |
161,720 |
|
|
$ |
149,178 |
|
|
$ |
136,491 |
|
|
$ |
137,215 |
|
|
$ |
118,492 |
|
|
$ |
886,047 |
|
(1)Excludes $60.4 million of capitalized recreation loan origination costs and $0.4 million of net deferred home improvement loan origination fees. The following table presents loan delinquency for recreation and home improvement loans as of December 31, 2025, by the year of origination:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Prior |
|
|
Total (1) |
|
Recreation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
423,427 |
|
|
$ |
335,079 |
|
|
$ |
237,917 |
|
|
$ |
209,204 |
|
|
$ |
132,704 |
|
|
$ |
131,113 |
|
|
$ |
1,469,444 |
|
30-59 Days |
|
|
8,210 |
|
|
|
12,763 |
|
|
|
11,042 |
|
|
|
10,623 |
|
|
|
6,061 |
|
|
|
8,212 |
|
|
|
56,911 |
|
60-89 Days |
|
|
2,374 |
|
|
|
5,414 |
|
|
|
4,918 |
|
|
|
4,872 |
|
|
|
2,581 |
|
|
|
2,731 |
|
|
|
22,890 |
|
90 + Days |
|
|
1,487 |
|
|
|
3,136 |
|
|
|
2,803 |
|
|
|
2,329 |
|
|
|
1,347 |
|
|
|
1,754 |
|
|
|
12,856 |
|
Total Recreation |
|
$ |
435,498 |
|
|
$ |
356,392 |
|
|
$ |
256,680 |
|
|
$ |
227,028 |
|
|
$ |
142,693 |
|
|
$ |
143,810 |
|
|
$ |
1,562,101 |
|
Home improvement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
193,964 |
|
|
$ |
172,735 |
|
|
$ |
151,637 |
|
|
$ |
151,365 |
|
|
$ |
71,812 |
|
|
$ |
63,114 |
|
|
$ |
804,627 |
|
30-59 Days |
|
|
535 |
|
|
|
980 |
|
|
|
1,609 |
|
|
|
876 |
|
|
|
513 |
|
|
|
378 |
|
|
|
4,891 |
|
60-89 Days |
|
|
353 |
|
|
|
761 |
|
|
|
441 |
|
|
|
455 |
|
|
|
199 |
|
|
|
158 |
|
|
|
2,367 |
|
90 + Days |
|
|
— |
|
|
|
410 |
|
|
|
417 |
|
|
|
331 |
|
|
|
42 |
|
|
|
100 |
|
|
|
1,300 |
|
Total Home improvement |
|
$ |
194,852 |
|
|
$ |
174,886 |
|
|
$ |
154,104 |
|
|
$ |
153,027 |
|
|
$ |
72,566 |
|
|
$ |
63,750 |
|
|
$ |
813,185 |
|
(1)Excludes $55.1 million of capitalized recreation loan origination costs and $2.9 million of net deferred home improvement loan origination fees.
|