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Segment Reporting | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Segment Reporting | (10) 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, with the highest concentrations in Texas, Florida, and California, at 15%, 10%, and 9% of loans outstanding and with no other states over 9% as of December 31, 2020. 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 trailers make up 60%, 19%, and 12% of the segment portfolio as of December 31, 2020. The home improvement lending segment works with contractors and financial service providers to finance residential home improvements concentrated in swimming pools, roofs, windows, and solar panels, at 27%, 24%, 13%, and 8% of total home improvement loans outstanding, and with no other product lines over 8% as of December 31, 2020. The commercial lending segment focuses on enterprise wide industries, including manufacturing and various other industries, in which 53% 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, 2020. In addition, our non-operating segments include RPAC, which is a race car team, 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 race season had been suspended from March 15, 2020 through May 17, 2020. As states began to reopen, NASCAR resumed races and completed all races scheduled. Commencing with the second quarter 2020, the Bank began issuing loans related to the new 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 twelve months ended December 31, 2020 and 2019, and as of and for the nine months ended December 31, 2018.
Year Ended December 31, 2020 |  | Consumer Lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | Recreation |  |  | Home Improvement |  |  | Commercial Lending |  |  | Medallion Lending |  |  | RPAC |  |  | Corporate and Other Investments |  |  | Consolidated |
Total interest income |  | $ | 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 Improvement |  |  | Commercial Lending |  |  | Medallion Lending |  |  | 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.
Nine Months Ended December 31, 2018 |  | Consumer Lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | Recreation |  |  | Home Improvement |  |  | Commercial Lending |  |  | Medallion Lending |  |  | RPAC |  |  | Corporate and Other Investments |  |  | Consolidated |
Total interest income |  | $ | 68,870 |  |  | $ | 12,799 |  |  | $ | 7,076 |  |  | $ | 6,317 |  |  | $ | — |  |  | $ | 1,741 |  |  | $ | 96,803 |
Total interest expense |  |  | 6,986 |  |  |  | 2,290 |  |  |  | 1,502 |  |  |  | 10,125 |  |  |  | 121 |  |  |  | 3,792 |  |  |  | 24,816 |
Net interest income (loss) |  |  | 61,884 |  |  |  | 10,509 |  |  |  | 5,574 |  |  |  | (3,808 | ) |  |  | (121 | ) |  |  | (2,051 | ) |  |  | 71,987 |
Provision for loan losses |  |  | 15,118 |  |  |  | 2,453 |  |  |  | — |  |  |  | 41,437 |  |  |  | — |  |  |  | — |  |  |  | 59,008 |
Net interest income (loss) after loss provision |  |  | 46,766 |  |  |  | 8,056 |  |  |  | 5,574 |  |  |  | (45,245 | ) |  |  | (121 | ) |  |  | (2,051 | ) |  |  | 12,979 |
Sponsorship and race winnings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,368 |  |  |  | — |  |  |  | 14,368 |
Race team related expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,121 | ) |  |  | — |  |  |  | (7,121 | )
Other income (expense), net |  |  | (14,242 | ) |  |  | (3,093 | ) |  |  | (1,824 | ) |  |  | 9,742 |  |  |  | (11,476 | ) |  |  | (6,489 | ) |  |  | (27,382 | )
Net income (loss) before taxes |  |  | 32,524 |  |  |  | 4,963 |  |  |  | 3,750 |  |  |  | (35,503 | ) |  |  | (4,350 | ) |  |  | (8,540 | ) |  |  | (7,156 | )
Income tax (provision) benefit |  |  | (8,579 | ) |  |  | (1,319 | ) |  |  | (862 | ) |  |  | 7,938 |  |  |  | 1,108 |  |  |  | 1,005 |  |  |  | (709 | )
Net income (loss) after taxes |  | $ | 23,945 |  |  | $ | 3,644 |  |  | $ | 2,888 |  |  | $ | (27,565 | ) |  | $ | (3,242 | ) |  | $ | (7,535 | ) |  | $ | (7,865 | )
Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans net |  | $ | 580,182 |  |  | $ | 181,359 |  |  | $ | 59,973 |  |  | $ | 155,863 |  |  | $ | — |  |  | $ | 4,110 |  |  | $ | 981,487 |
Total assets |  |  | 590,746 |  |  |  | 188,892 |  |  |  | 93,807 |  |  |  | 273,501 |  |  |  | 29,925 |  |  |  | 204,975 |  |  |  | 1,381,846 |
Total funds borrowed |  |  | 434,527 |  |  |  | 143,815 |  |  |  | 53,719 |  |  |  | 294,465 |  |  |  | 7,649 |  |  |  | 127,853 |  |  |  | 1,062,028 |
Selected Financial Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets |  |  | 5.48 | % |  |  | 2.56 | % |  |  | 4.27 | % |  |  | (10.13 | )% |  |  | (11.69 | )% |  |  | (4.07 | )% |  |  | (0.90 | )%
Return on average equity |  |  | 22.60 |  |  |  | 11.30 |  |  |  | 9.43 |  |  | NM |  |  | NM |  |  |  | (12.37 | ) |  |  | (4.62 | )
Interest yield |  |  | 15.78 |  |  |  | 9.06 |  |  |  | 14.25 |  |  |  | 3.58 |  |  | N/A |  |  | N/A |  |  |  | 10.98 |
Net interest margin |  |  | 14.18 |  |  |  | 7.44 |  |  |  | 11.23 |  |  |  | (2.16 | ) |  | N/A |  |  | N/A |  |  |  | 8.19 |
Reserve coverage |  |  | 1.17 |  |  |  | 0.98 |  |  |  | 0.00 |  |  |  | 15.11 |  |  | N/A |  |  | N/A |  |  |  | 3.58 |
Delinquency status(2) |  |  | 0.73 |  |  |  | 0.07 |  |  |  | 0.44 |  | (1) |  | 9.43 |  |  | N/A |  |  | N/A |  |  |  | 2.14 |
Charge-off ratio |  |  | 1.89 |  |  |  | 0.46 |  |  |  | 0.00 |  |  |  | 7.21 |  |  | N/A |  |  | N/A |  |  |  | 2.73 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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