XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.22.2

LOANS RECEIVABLE | 6 Months Ended
--- | ---
Jun. 30, 2022
Receivables [Abstract] |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable consist of the following (in thousands):
|  | June 30, 2022 |  | December 31, 2021
SBA 7(a) loans receivable, subject to credit risk |  | $ | 44,582 |  |  | $ | 42,103 |
SBA 7(a) loans receivable, subject to loan-backed notes |  | 15,960 |  |  | 18,050 |
SBA 7(a) loans receivable, Paycheck Protection Program |  | 205 |  |  | 5,050 |
SBA 7(a) loans receivable, subject to secured borrowings |  | 6,387 |  |  | 6,857 |
SBA 7(a) loans receivable, held for sale |  | 958 |  |  | 1,200 |
Loans receivable |  | 68,092 |  |  | 73,260 |
Deferred capitalized costs, net |  | 1,402 |  |  | 1,226 |
Loan loss reserves |  | (954) |  |  | (943) |
Loans receivable, net |  | $ | 68,540 |  |  | $ | 73,543 |
SBA 7(a) Loans Receivable, Subject to Credit Risk—Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were retained by the Company. SBA 7(a) Loans Receivable, Subject to Loan-Backed Notes—Represents the unguaranteed portions of loans originated under the SBA 7(a) Program which were transferred to a trust and are held as collateral in connection with a securitization transaction. The proceeds received from the transfer are reflected as loan-backed notes payable (Note 7). These loans are subject to credit risk. SBA 7(a) Loans Receivable, Paycheck Protection Program—As an SBA 7(a) licensee, the Company originated loans under the PPP. As of June 30, 2022, substantially all of the loans originated under the PPP have been satisfied in full. SBA 7(a) Loans Receivable, Subject to Secured Borrowings—Represents the government guaranteed portions of loans originated under the SBA 7(a) Program which were sold with the proceeds received from the sale reflected as secured borrowings—government guaranteed loans. There is no credit risk associated with these loans since the SBA has guaranteed payment of the principal. SBA 7(a) Loans Receivable, Held for Sale— Represents the government guaranteed portion of loans held for sale at the end of the period or that had been sold but in respect of which proceeds had not been received as of the end of the period. Other As of June 30, 2022 and December 31, 2021, the Company’s loans subject to credit risk were 99.9% and 99.8%, respectively, concentrated in the hospitality industry. As of June 30, 2022 and December 31, 2021, 100.0% and 100.0%, respectively, of the Company’s loans subject to credit risk were current. The Company classifies loans with negative characteristics in substandard categories ranging from special mention to doubtful. As of June 30, 2022 and December 31, 2021, $1.0 million and $1.1 million, respectively, of loans subject to credit risk were classified in substandard categories.

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration