Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document transition report | false | |
Entity File Number | 000-50448 | |
Entity registrant name | MARLIN BUSINESS SERVICES CORP. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 38-3686388 | |
Address Line 1 | 300 Fellowship Road | |
Name of the City or Town | Mount Laurel | |
Entity Address, State or Province | NJ | |
Postal or zip code | 08054 | |
Area code | 888 | |
Phone number | 479-9111 | |
Entity current reporting status | Yes | |
Entity Interactive Data Current | Yes | |
Security 12b Title | Common Stock, $.01 per share | |
Entity filer category | Accelerated Filer | |
Trading Symbol | MRLN | |
Security Exchange Name | NASDAQ | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity common stock shares outstanding | 12,026,394 | |
Document Fiscal Year Focus | 2021 | |
Entity central index key | 0001260968 | |
Amendment flag | false | |
Document Fiscal Period Focus | Q3 | |
Current fiscal year end date | --12-31 | |
Document period end date | Sep. 30, 2021 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 4,914,000 | $ 5,473,000 |
Interest-earning deposits with banks | 217,346,000 | 130,218,000 |
Total cash and cash equivalents | 222,260,000 | 135,691,000 |
Time deposits with banks | 996,000 | 5,967,000 |
Restricted interest-earning deposits related to consolidated VIEs | 3,202,000 | 4,719,000 |
Investment securities (amortized cost $11.5 million at December 31, 2020) | 0 | 11,624,000 |
Net investment in leases and loans [abstract] | ||
Leases | 295,514,000 | 337,159,000 |
Loans | 525,239,000 | 532,125,000 |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 820,753,000 | 869,284,000 |
Allowance for credit losses | (27,521,000) | (44,228,000) |
Total net investment in leases and loans | 793,232,000 | 825,056,000 |
Intangible assets | 5,175,000 | 5,678,000 |
Operating lease right-of-use assets | 7,268,000 | 7,623,000 |
Property and equipment, net | 9,359,000 | 8,574,000 |
Property tax receivables, net of allowance | 9,260,000 | 6,854,000 |
Other assets | 16,560,000 | 10,212,000 |
Total assets | 1,067,312,000 | 1,021,998,000 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Deposits | 783,203,000 | 729,614,000 |
Operating lease liabilities | 8,134,000 | 8,700,000 |
Other liabilities: | ||
Sales and property taxes payable | 6,203,000 | 6,316,000 |
Accounts payable and accrued expenses | 19,086,000 | 27,734,000 |
Net deferred income tax liability | 23,728,000 | 22,604,000 |
Total liabilities | 852,030,000 | 825,633,000 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred Stock, $0.01 par value; 5,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, $0.01 par value;75,000,000 shares authorized; 12,026,429 and 11,974,530 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 120,000 | 120,000 |
Additional paid-in capital | 77,903,000 | 76,323,000 |
Accumulated other comprehensive income | 0 | 69,000 |
Retained earnings | 137,259,000 | 119,853,000 |
Total stockholders' equity | 215,282,000 | 196,365,000 |
Total liabilities and stockholders' equity | 1,067,312,000 | 1,021,998,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Net investment in leases and loans [abstract] | ||
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 12,100,000 | 30,400,000 |
Long-term borrowings related to consolidated VIEs | $ 11,676,000 | $ 30,665,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Consolidated Balance Sheets [Abstract] | ||
Investment securities at amortized cost | $ 0 | $ 11,500 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock - par or stated value | $ 0.01 | $ 0.01 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 12,026,429 | 11,974,530 |
Common stock shares outstanding | 12,026,429 | 11,974,530 |
Variable Interest Entity [Line Items] | ||
Notes receivable gross | $ 820,753 | $ 869,284 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Notes receivable gross | $ 12,100 | $ 30,400 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidated Statements of Operations (Unaudited) | ||||
Interest income | $ 17,656 | $ 22,398 | $ 53,622 | $ 73,111 |
Fee income | 2,027 | 2,803 | 6,795 | 8,019 |
Interest and fee income | 19,683 | 25,201 | 60,417 | 81,130 |
Interest expense | 2,594 | 4,694 | 8,676 | 15,802 |
Net interest and fee income | 17,089 | 20,507 | 51,741 | 65,328 |
Provision for credit losses | (1,183) | 7,204 | (14,010) | 51,160 |
Net interest and fee income after provision for credit losses | 18,272 | 13,303 | 65,751 | 14,168 |
Non-interest income: | ||||
Gain on leases and loans sold | 0 | 87 | 0 | 2,426 |
Insurance premiums written and earned | 1,906 | 2,082 | 5,847 | 6,612 |
Other income | 1,700 | 2,044 | 9,828 | 11,172 |
Non-interest income | 3,606 | 4,213 | 15,675 | 20,210 |
Non-interest expense: | ||||
Salaries and benefits | 8,162 | 8,515 | 24,996 | 25,702 |
General and administrative | 6,200 | 4,717 | 25,823 | 24,169 |
Goodwill impairment | 0 | 0 | 0 | 6,735 |
Impairment of intangible assets | 0 | 1,016 | 0 | 1,016 |
Non-interest expense | 14,362 | 14,248 | 50,819 | 57,622 |
Income (loss) before income taxes | 7,516 | 3,268 | 30,607 | (23,244) |
Income tax expense (benefit) | 2,035 | 525 | 8,019 | (8,284) |
Net income (loss) | $ 5,481 | $ 2,743 | $ 22,588 | $ (14,960) |
Basic earnings (loss) per share | $ 0.46 | $ 0.23 | $ 1.88 | $ (1.27) |
Diluted earnings (loss) per share | $ 0.45 | $ 0.23 | $ 1.86 | $ (1.27) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Comprehensive Income | ||||
Net income (loss) | $ 5,481 | $ 2,743 | $ 22,588 | $ (14,960) |
Other Comprehensive Income: | ||||
(Decrease) Increase in fair value of debt securities available for sale | (247) | 10 | (116) | 47 |
Tax effect | 82 | (3) | 47 | (12) |
Total other comprehensive (loss) income | (165) | 7 | (69) | 35 |
Comprehensive income (loss) | $ 5,316 | $ 2,750 | $ 22,519 | $ (14,925) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Adoption Impact [Member] | Common Stock [Member] | Common Stock [Member]Adoption Impact [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Adoption Impact [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Adoption Impact [Member] | Retained Earnings [Member] | Retained Earnings [Member]Adoption Impact [Member] | |
Balance at Dec. 31, 2019 | $ 214,956,000 | $ 121,000 | $ 79,665,000 | $ 58,000 | $ 135,112,000 | ||||||
Balance (Accounting Standards Update ("ASU") 2016-13 and related ASUs collectively referred to as "CECL" [Member]) at Dec. 31, 2019 | [1] | $ (8,877,000) | $ 0 | $ 0 | $ 0 | $ (8,877,000) | |||||
Repurchase of common stock | (4,538,000) | (3,000) | (4,535,000) | 0 | 0 | ||||||
Stock issued in connection with restricted stock and RSUs, net of forfeitures | 0 | 1,000 | (1,000) | 0 | 0 | ||||||
Stock option compensation recognized | 518,000 | 0 | 518,000 | 0 | 0 | ||||||
Net change in unrealized gain/loss on securities available for sale, net of tax | (38,000) | 0 | 0 | (38,000) | 0 | ||||||
Net income (loss) | (11,821,000) | 0 | 0 | 0 | (11,821,000) | ||||||
Cash dividends paid ($0.14 per share) | (1,710,000) | 0 | 0 | 0 | (1,710,000) | ||||||
Balance at Mar. 31, 2020 | 188,490,000 | $ 119,000 | 75,647,000 | 20,000 | 112,704,000 | ||||||
Balance, Shares at Dec. 31, 2019 | 12,113,585 | ||||||||||
Repurchase of common stock, shares | (285,593) | ||||||||||
Stock issued in connection with restricted, stock and RSU's, net of forfeitures | 56,481 | ||||||||||
Balance, Shares at Mar. 31, 2020 | 11,884,473 | ||||||||||
Balance at Dec. 31, 2019 | 214,956,000 | $ 121,000 | 79,665,000 | 58,000 | 135,112,000 | ||||||
Balance (Accounting Standards Update ("ASU") 2016-13 and related ASUs collectively referred to as "CECL" [Member]) at Dec. 31, 2019 | [1] | $ (8,877,000) | $ 0 | $ 0 | $ 0 | $ (8,877,000) | |||||
Net income (loss) | (14,960,000) | ||||||||||
Balance at Sep. 30, 2020 | 182,350,000 | $ 120,000 | 75,893,000 | 93,000 | 106,244,000 | ||||||
Balance, Shares at Dec. 31, 2019 | 12,113,585 | ||||||||||
Balance, Shares at Sep. 30, 2020 | 11,974,651 | ||||||||||
Balance at Mar. 31, 2020 | 188,490,000 | $ 119,000 | 75,647,000 | 20,000 | 112,704,000 | ||||||
Issuance of common stock | 120,000 | 0 | 120,000 | 0 | 0 | ||||||
Repurchase of common stock | (12,000) | 0 | (12,000) | 0 | 0 | ||||||
Stock option compensation recognized | (149,000) | 0 | (149,000) | 0 | 0 | ||||||
Net change in unrealized gain/loss on securities available for sale, net of tax | 66,000 | 0 | 0 | 66,000 | 0 | ||||||
Net income (loss) | (5,882,000) | 0 | 0 | 0 | (5,882,000) | ||||||
Cash dividends paid ($0.14 per share) | (1,629,000) | 0 | 0 | 0 | (1,629,000) | ||||||
Balance at Jun. 30, 2020 | 181,004,000 | $ 119,000 | 75,606,000 | 86,000 | 105,193,000 | ||||||
Balance, Shares at Mar. 31, 2020 | 11,884,473 | ||||||||||
Issuance of common stock, shares | 14,891 | ||||||||||
Repurchase of common stock, shares | (1,897) | ||||||||||
Stock issued in connection with restricted, stock and RSU's, net of forfeitures | 44,780 | ||||||||||
Balance, Shares at Jun. 30, 2020 | 11,942,247 | ||||||||||
Repurchase of common stock | (149,000) | $ 0 | (149,000) | 0 | 0 | ||||||
Stock issued in connection with restricted stock and RSUs, net of forfeitures | 0 | 1,000 | (1,000) | 0 | 0 | ||||||
Stock option compensation recognized | 437,000 | 0 | 437,000 | 0 | 0 | ||||||
Net change in unrealized gain/loss on securities available for sale, net of tax | 7,000 | 0 | 0 | 7,000 | 0 | ||||||
Net income (loss) | 2,743,000 | 0 | 0 | 0 | 2,743,000 | ||||||
Cash dividends paid ($0.14 per share) | (1,692,000) | 0 | 0 | 0 | (1,692,000) | ||||||
Balance at Sep. 30, 2020 | 182,350,000 | $ 120,000 | 75,893,000 | 93,000 | 106,244,000 | ||||||
Repurchase of common stock, shares | (18,446) | ||||||||||
Stock issued in connection with restricted, stock and RSU's, net of forfeitures | 50,850 | ||||||||||
Balance, Shares at Sep. 30, 2020 | 11,974,651 | ||||||||||
Balance at Dec. 31, 2020 | 196,365,000 | $ 120,000 | 76,323,000 | 69,000 | 119,853,000 | ||||||
Repurchase of common stock | (224,000) | 0 | (224,000) | 0 | 0 | ||||||
Stock option compensation recognized | 583,000 | 0 | 583,000 | 0 | 0 | ||||||
Net change in unrealized gain/loss on securities available for sale, net of tax | (184,000) | 0 | 0 | (184,000) | 0 | ||||||
Net income (loss) | 6,851,000 | 0 | 0 | 0 | 6,851,000 | ||||||
Cash dividends paid ($0.14 per share) | (1,689,000) | 0 | 0 | 0 | (1,689,000) | ||||||
Balance at Mar. 31, 2021 | $ 201,702,000 | $ 120,000 | 76,682,000 | (115,000) | 125,015,000 | ||||||
Balance, Shares at Dec. 31, 2020 | 11,974,530 | 11,974,530 | |||||||||
Repurchase of common stock, shares | (16,038) | ||||||||||
Stock issued in connection with restricted, stock and RSU's, net of forfeitures | 50,831 | ||||||||||
Balance, Shares at Mar. 31, 2021 | 12,009,323 | ||||||||||
Balance at Dec. 31, 2020 | $ 196,365,000 | $ 120,000 | 76,323,000 | 69,000 | 119,853,000 | ||||||
Net income (loss) | 22,588,000 | ||||||||||
Balance at Sep. 30, 2021 | $ 215,282,000 | $ 120,000 | 77,903,000 | 0 | 137,259,000 | ||||||
Balance, Shares at Dec. 31, 2020 | 11,974,530 | 11,974,530 | |||||||||
Balance, Shares at Sep. 30, 2021 | 12,026,429 | 12,026,429 | |||||||||
Balance at Mar. 31, 2021 | $ 201,702,000 | $ 120,000 | 76,682,000 | (115,000) | 125,015,000 | ||||||
Repurchase of common stock | (3,000) | 0 | (3,000) | 0 | 0 | ||||||
Stock option compensation recognized | 600,000 | 0 | 600,000 | 0 | 0 | ||||||
Net change in unrealized gain/loss on securities available for sale, net of tax | 280,000 | 0 | 0 | 280,000 | 0 | ||||||
Net income (loss) | 10,256,000 | 0 | 0 | 0 | 10,256,000 | ||||||
Cash dividends paid ($0.14 per share) | (1,756,000) | 0 | 0 | 0 | (1,756,000) | ||||||
Balance at Jun. 30, 2021 | 211,079,000 | $ 120,000 | 77,279,000 | 165,000 | 133,515,000 | ||||||
Balance, Shares at Mar. 31, 2021 | 12,009,323 | ||||||||||
Repurchase of common stock, shares | (124) | ||||||||||
Stock issued in connection with restricted, stock and RSU's, net of forfeitures | 17,274 | ||||||||||
Balance, Shares at Jun. 30, 2021 | 12,026,473 | ||||||||||
Repurchase of common stock | (1,000) | $ 0 | (1,000) | 0 | 0 | ||||||
Stock option compensation recognized | 625,000 | 0 | 625,000 | 0 | 0 | ||||||
Net change in unrealized gain/loss on securities available for sale, net of tax | (165,000) | 0 | 0 | (165,000) | 0 | ||||||
Net income (loss) | 5,481,000 | 0 | 0 | 0 | 5,481,000 | ||||||
Cash dividends paid ($0.14 per share) | (1,737,000) | 0 | 0 | 0 | (1,737,000) | ||||||
Balance at Sep. 30, 2021 | $ 215,282,000 | $ 120,000 | $ 77,903,000 | $ 0 | $ 137,259,000 | ||||||
Repurchase of common stock, shares | 6 | ||||||||||
Stock issued in connection with restricted, stock and RSU's, net of forfeitures | 50 | ||||||||||
Balance, Shares at Sep. 30, 2021 | 12,026,429 | 12,026,429 | |||||||||
[1] | (1) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statements Of Stockholders Equity [Abstract] | ||||||
Cash dividends paid per share | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 22,588 | $ (14,960) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 2,848 | 2,996 |
Stock-based compensation | 1,808 | 806 |
Impairment of goodwill and intangible assets | 0 | 7,751 |
Change in fair value of equity securities | (20) | (89) |
Provision for credit losses | (14,010) | 51,160 |
Change in net deferred income tax liability | 1,107 | (7,777) |
Amortization of deferred initial direct costs and fees | 7,770 | 9,244 |
Gain on equipment disposed | 0 | 116 |
Gain on leases sold | 0 | (2,426) |
Leases originated for sale | 0 | (4,882) |
Proceeds from sale of leases originated for sale | 0 | 5,123 |
Noncash lease expense | 683 | 1,365 |
Adjustment to value of contingent consideration | 0 | (1,435) |
Effect of changes in other operating items: | ||
Other assets | (9,153) | (1,642) |
Other liabilities | (10,183) | (311) |
Net cash (used in) provided by operating activities | 3,438 | 45,039 |
Cash flows from investing activities: | ||
Net change in time deposits with banks | 4,971 | 4,471 |
Purchases of equipment for lease contracts and funds used to originate loans | (289,391) | (298,244) |
Principal collections on leases and loans | 325,824 | 356,133 |
Proceeds from sale of leases originated for investment | 0 | 25,663 |
Security deposits collected, net of refunds | 18 | (176) |
Proceeds from the sale of equipment | 2,148 | 1,567 |
Acquisitions of property and equipment | (2,616) | (2,266) |
Proceeds received from sale of investment securities | 11,567 | 432 |
Net cash provided by investing activities | 52,521 | 87,580 |
Cash flows from financing activities: | ||
Net change in deposits | 53,589 | (15,425) |
Term securitization repayments | (19,080) | (36,538) |
Business combinations earn-out consideration payments | (3) | (180) |
Issuances of common stock | 0 | 120 |
Repurchases of common stock | (228) | (4,699) |
Dividends paid | (5,185) | (5,021) |
Net cash (used in) provided by financing activities | 29,093 | (61,743) |
Net (decrease) increase in total cash, cash equivalents and restricted cash | 85,052 | 70,876 |
Total cash, cash equivalents and restricted cash, beginning of period | 140,410 | 130,027 |
Total cash, cash equivalents and restricted cash, end of period | 225,462 | 200,903 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest on deposits and borrowings | 8,491 | 17,308 |
Net cash (received) paid for income taxes | 22,591 | (5,005) |
Leases and loans transferred into held for sale from investment | 0 | 23,460 |
Supplemental disclosures of non cash investing activities: | ||
Purchase of equipment for lease contracts and loans originated | 3,191 | 2,253 |
Reconciliation of Cash, cash equivalents and restricted cash to the Consolidated Balance Sheets | ||
Cash and Cash Equivalents | 222,260 | 195,132 |
Restricted interest-earning deposits | 3,202 | 5,771 |
Cash, cash equivalents and restricted cash at end of period | $ 225,462 | $ 200,903 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2021 | |
The Company [Abstract] | |
The company | NOTE 1 – The Company We are a nationwide Pennsylvania 2003 . In 2008, we opened Marlin Business Bank (“MBB”), a commercial bank chartered Utah member of the Federal Reserve System, which serves as the Company’s Deposit Insurance Corporation (“FDIC”)-insured deposits. In 2009, subject to the Bank Holding Company Act and in 2010, the Federal Reserve Bank Marlin Business Services Corp.’s pursuant to Sections 4(k) and (l) of the Bank Holding Company Act and Y. Such election permits Marlin Business Services Corp. to engage activity, including AssuranceOne, On April 18, 2021, the Company entered into an Agreement and Plan of Merger Company, Madeira shares of the Company’s common converted into the merger consideration specified Company with and into HPS Merger Sub, with the Company approved the adoption of the Merger Agreement. conditions, termination of its FDIC insured deposits (a process we refer to as “De-banking”). References to the “Company,” wholly-owned subsidiaries, unless the context otherwise requires. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – Summary of Significant Accounting Policies Basis of financial statement presentation. its wholly-owned subsidiaries. Marlin Leasing Corporation (“MLC”) and MBB are managed are aggregated for financial reporting purposes as they exhibit similar economic portfolio and have a single consolidated product offering in consolidation. The accompanying unaudited consolidated financial statements present the results of operations for the three- month periods ended September 30, 2021 and 2020. contain all adjustments, which include normal and recurring adjustments, results of operations for the interim periods presented. conjunction with the consolidated financial statements and note disclosures December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) statements of cash flows for these interim financial statements are not for the respective full years or any other period. Use of Estimates. affect the reported amounts of assets and liabilities and disclosure statements and the reported amounts of revenues and expenses during income recognition, the residual values of leased equipment, the fee receivables, the fair value of financial instruments, estimated losses from could differ from those estimates. Income taxes. Our statutory tax rate, which is a combination of federal and state income taxes, 25.1 % and 25.4 % for the three months ended September 30, 2021 and September 30, 2020, respectively. For the nine months ended September 30, 2021, our effective 26.2 %. For the nine months ended September 30, 2020, our effective tax rate was 35.6 %, driven by a $ 3.2 Relief, and Economic Security Act (“CARES Act”) that allow for For the three and nine-month periods ended September 30, 2021, 27.1 % and 26.2 %, respectively. The Company’s IRS federal audit an IRS refund claim closed in the second quarter of 2021 with no adjustments. 2017 tax year to the present as of September 30, 2021 under regular statute Significant Accounting Policies. There have been no significant changes to our Significant Accounting Annual Report on Form 10-K for the year ended December 31, Recently Adopted Accounting Standards . Credit Losses. ASU 2016-13, Financial Instruments - Credit Losses (Topic ASUs collectively referred to as “CECL”. The Company adopted the guidance in these ASUs, effective January new standard’s provisions which the guidance was effective (i.e., modified retrospective December 31, 2020 for a detailed discussion of our adoption of Income Taxes . In December 2019, the FASB Income Taxes, which its application. fiscal years beginning after December 15, 2020, including interim periods January 1, 2021, and the adoption did not have a material impact on our |
Non-Interest Income
Non-Interest Income | 9 Months Ended |
Sep. 30, 2021 | |
Non-interest Income [Abstract] | |
Non-interest Income [Text Block] | NOTE 3 – Non-Interest Income The following table summarizes non-interest income for the periods Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2021 2020 2021 2020 Insurance premiums written and earned $ 1,906 $ 2,082 $ 5,847 $ 6,612 Gain on sale of leases and loans — 87 — 2,426 Other income: Property tax income 149 123 5,190 5,247 Servicing income 270 462 963 1,517 Net (loss) gain recognized during the period on investment securities (3) — (59) 89 Non-interest income - other than from contracts with customers 2,322 2,754 11,941 15,891 Other income: Insurance policy fees 749 819 2,268 2,610 Property tax administrative fees on leases 213 243 622 713 ACH payment fees 62 35 184 143 Referral fees 26 15 57 123 Other 234 347 603 730 Non-interest income from contracts with customers 1,284 1,459 3,734 4,319 Total non-interest $ 3,606 $ 4,213 $ 15,675 $ 20,210 |
Investment securities
Investment securities | 9 Months Ended |
Sep. 30, 2021 | |
Investment securities [Abstract] | |
Investment securities [Text Block] | NOTE 4 - Investment Securities In accordance with the Merger Agreement and De-banking in the third quarter of 2021 and recognized an immaterial gain on The Company had the following investment securities as of the dates presented: September 30, December 31, (Dollars in thousands) 2021 2020 Equity Securities Mutual fund $ — $ 3,760 Debt Securities, Available Asset-backed securities ("ABS") — 3,719 Municipal securities — 4,145 $ — $ 11,624 The following schedule summarizes changes in fair value of equity securities and period presented: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Net gains (losses) recognized during the period on equity securities $ 75 $ — $ 20 $ 89 Less: Net gains (losses) recognized during the period 75 — 20 — Unrealized gains recognized during the reporting period $ — $ — $ — $ 89 Available for There are no available for sale investments as of September 30, 2021 investments in the third quarter of 2021 resulting in immaterial gains in the The following schedules unrealized losses on available for sale securities in the Company’s those securities have been in a continuous loss position as of December 31, 2020 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (Dollars in thousands) ABS $ 3,666 $ 53 $ — $ 3,719 Municipal securities 4,082 64 (1) 4,145 $ 7,748 $ 117 $ (1) $ 7,864 Less than 12 months 12 months or longer Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in thousands) Municipal securities $ (1) $ 141 $ — $ — $ (1) $ 141 Total available for sale investment securities $ (1) $ 141 $ — $ — $ (1) $ 141 |
Net Investment in Leases and Lo
Net Investment in Leases and Loans | 9 Months Ended |
Sep. 30, 2021 | |
Net Investment in Leases and Loans [Abstract] | |
Net Investment in Leases and Loans | NOTE 5 – Net Investment in Leases and Loans Net investment in leases and loans consists of the following: September 30, 2021 December 31, 2020 (Dollars in thousands) Minimum lease payments receivable $ 308,479 $ 354,298 Estimated residual value of equipment 24,999 26,983 Unearned lease income, net of initial direct costs and fees deferred (37,560) (43,737) Security deposits (404) (385) Total leases 295,514 337,159 Commercial loans, net of origination costs and fees deferred Working 31,178 20,034 CRA (1) 1,019 1,091 Equipment loans (2) 414,392 449,149 CVG 78,650 61,851 Total commercial 525,239 532,125 Net investment in leases and loans, excluding allowance 820,753 869,284 Allowance for credit losses (27,521) (44,228) Total net investment $ 793,232 $ 825,056 CRA loans are comprised of loans originated under a line of credit to satisfy its obligations under the Community Reinvestment Act of 1977 (“CRA”). (2) Equipment loans are comprised of Equipment Finance Agreements, Installment Purchase Agreements and other loans. In response to COVID-19, starting in mid-March 2020, the Company order to assist our small-business customers. At September 30, 2021, $ 12.8 backed securitization balance and $ 55.9 capacity at the Federal Reserve Discount Window. The amount of deferred initial direct costs and origination costs net of fees deferred 13.6 14.6 September 30, 2021 and December 31, 2020, respectively. income using the effective interest method. Origination effective interest method. At September 30, 2021 and 20.8 21.9 estimated residual value of equipment retained on our Consolidated Balance Maturities of lease receivables fees deferred, were as follows as of September 30, 2021: Minimum Lease Payments Net Income Receivable (1) Amortization (2) (Dollars in thousands) Period Ending December 31, Remainder of 2021 $ 33,951 $ 7,902 2022 120,586 16,069 2023 80,663 8,510 2024 45,306 3,668 2025 20,550 1,221 Thereafter 7,423 190 $ 308,479 $ 37,560 Represents the undiscounted cash flows of the lease payments receivable. (2) Represents the difference between the undiscounted cash flows and the discounted cash flows. The lease income recognized was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) Interest Income $ 6,070 $ 8,357 $ 19,073 $ 25,977 As of September 30, 2021 and December 31, 2020, the Company maintained basis with net investment of $ 10.1 14.3 discussion of loan modifications due to COVID-19. Portfolio Sales The Company has historically originated certain lease and loans for specifications. for investment to third parties. For agreements that qualify as a sale where the Company has continuing servicing liability at its initial fair value, and then amortizes the liability over method, within Other income in the Consolidated Statements of Operations. a stated servicing fee, so the initial value recognized as a servicing liability estimate of the fair value attributable to that obligation. 0.7 1.3 September 30, 2021, and December 31, 2020, respectively, Consolidated Balance Sheets. was $ 146 230 In addition, the Company may have continuing involvement in contracts customary representations and warranties The following table summarizes information related to portfolio Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) Sales of leases and loans $ — $ 4,286 $ — $ 28,342 Gain on sale of leases and loans — 87 — 2,426 |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Allowance For Credit Losses [Abstract] | |
Allowance For Credit Losses | NOTE 6 – Allowance for Credit Losses Effective January 1, 2020, we ASU 2016-13 and related ASUs collectively referred to as CECL , incurred loss model with a measurement of expected credit losses for the contractual and leases. this guidance . The following tables summarize activity in the allowance for credit Three Months Ended September 30, 2021 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA Total Allowance for credit losses, beginning of period $ 19,718 $ 1,003 $ 8,036 $ — $ 28,757 (2,407) (262) (27) — (2,696) 1,273 158 85 — 1,516 Net charge-offs (1,134) (104) 58 — (1,180) Realized cashflows from Residual Income 1,127 — — — 1,127 (1,334) 300 (149) — (1,183) Allowance for credit losses, end of period $ 18,377 $ 1,199 $ 7,945 $ — $ 27,521 Net investment in leases and loans, before allowance $ 717,697 $ 31,178 $ 70,859 $ 1,019 $ 820,753 Three Months Ended September 30, 2020 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA & PPP Total Allowance for credit losses, beginning of period $ 48,550 $ 7,962 $ 7,132 $ — $ 63,644 (10,509) (633) (524) — (11,666) 983 101 94 — 1,178 (9,526) (532) (430) — (10,488) Realized cashflows from Residual Income 965 — — — 965 7,226 (3,974) 3,952 — 7,204 Allowance for credit losses, end of period $ 47,215 $ 3,456 $ 10,654 $ — $ 61,325 Net investment in leases and loans, before allowance $ 803,689 $ 26,472 $ 76,778 $ 1,114 $ 908,053 Nine Months Ended September 30, 2021 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA Total Allowance for credit losses, beginning of period $ 33,184 $ 1,206 $ 9,838 $ — $ 44,228 (8,556) (813) (1,176) — (10,545) 3,933 432 308 — 4,673 Net charge-offs (4,623) (381) (868) — (5,872) Realized cashflows from Residual Income 3,175 — — — 3,175 (13,359) 374 (1,025) — (14,010) Allowance for credit losses, end of period $ 18,377 $ 1,199 $ 7,945 $ — $ 27,521 Net investment in leases and loans, before allowance $ 717,697 $ 31,178 $ 70,859 $ 1,019 $ 820,753 Nine Months Ended September 30, 2020 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA & PPP Total Allowance for credit losses, December 31, 2019 $ 18,334 $ 1,899 $ 1,462 $ — $ 21,695 Adoption of ASU 2016-13 (CECL) (1) 9,264 (3) 2,647 — 11,908 Allowance for credit losses, beginning of period $ 27,598 $ 1,896 $ 4,109 $ — $ 33,603 (24,723) (2,598) (2,157) — (29,478) 2,237 156 257 — 2,650 (22,486) (2,442) (1,900) — (26,828) Realized cashflows from Residual Income 3,390 — — — 3,390 38,713 4,002 8,445 — 51,160 Allowance for credit losses, end of period $ 47,215 $ 3,456 $ 10,654 $ — $ 61,325 Net investment in leases and loans, before allowance $ 803,689 $ 26,472 $ 76,778 $ 1,114 $ 908,053 (1) Financial Instruments - Credit Losses (Topic Financial Instruments , which changed our accounting policy and estimated allowance, discussion in Note 2, “Summary of Significant Accounting Policies”, and Estimate of Current Expected Credit Losses (CECL) The Company uses a vintage loss model as the approach to estimate and measure its expected and for all pools, primarily because the timing of the losses realized has been company is able to develop a predictable and reliable loss curve for each separate to vintages by origination date, measures our historical average actual loss curve based on the averages of all vintages, and predicts (or forecasts) the remaining by applying the expected net loss rates to the remaining life of each open vintage. Additional detail specific to the measurement of each portfolio segment Equipment Finance: Equipment Finance consists of Equipment Finance Agreements, Installment The risk characteristics referenced to develop pools of Equipment credit score ratings, which is a measurement that combines many risk scores, existence of a guarantee, and various characteristics of the borrower’s measured a pool of true leases so that any future cashflows from residuals could that pool. The Company’s measurement analyzed the correlation of its own loss data from 2004 to 2019 against various approach for reasonable and supportable forecast. forecast about the future, specifically the unemployment rate and growth methodology reverts from the forecast data to its own loss data adjusted for variables, on a straight-line basis. At each reporting date, the Company considers current conditions, including environment, when determining the appropriate measurement of portfolio. line reversion period, based on its initial assessment of the appropriate timing. However, starting with the March 31, 2020 period and 12-month straight line reversion period. based on observed market volatility in March 2020. During the first quarter COVID 12-month forecast period and 12-month straight line reversion and third quarters of 2021 as uncertainty in the macroeconomic environment stabilized with low net charge-offs benefits for Equipment Finance of $ 1.3 13.4 respectively, as compared 7.2 38.7 the COVID-19 pandemic. Working Capital: The risk characteristics referenced to develop pools of Working considering an estimation of loss for direct-sourced loans versus loans that were historical relationship with its direct-sourced customers typically results in a lower from brokers where the Company has no prior credit relationship with the customer. The Company’s measurement Working duration, the Company did not define a standard methodology to adjust conditions. conditions and the environment that will impact the performance of these adjustment. At each reporting date, the Company considers current conditions, including environment, when determining the appropriate measurement of portfolio. However, starting with its March 31, 2020 conditions due to COVID-19, the Company developed alternate scenarios characteristics of its portfolio, During the third quarter, the Company favorable actual portfolio performance during the quarter portfolio. 0.3 30, 2021, bringing the total provision associated with Working 0.4 30, 2021. Commercial Vehicle Transportation-related equipment leases and characteristics to be significant enough to warrant disaggregating this population. The Company’s measurement from an external source. The Company has limited history of this product, appropriate to develop an estimate based on a combination of internal history of performance of this segment, and the limited size of the portfolio, methodology to adjust its loss estimate based on a forecast of economic conditions. assess through a qualitative adjustment whether there are changes in conditions performance of these loans that should be considered for qualitative adjustment. At each reporting date, the Company considers current conditions, including environment, when determining the appropriate measurement for January 1, 2020 adoption date, there were no qualitative adjustment to the CVG portfolio. 31, 2020 measurement, driven by the elevated risk of credit loss driven by market Company developed alternate scenarios for expected credit loss for magnitudes of potential exposures. Beginning in the first quarter of 2021, the Company updated its expectation for separately assessing the elevated risks of a population of motor coach industry contracts from COVID-19. While the segment continues to evidence negative impacts delinquency and modification balances, it is also experiencing positive including no further significant reduction in collateral values resulted prior quarter at $ 4.7 Community Reinvestment Act (CRA) Loans: CRA loans are comprised of loans originated under a line of credit to satisfy the Company does not measure an allowance specific to this population because For the three and nine-months ended September 30, 2021, the Company recognized 1.2 14.0 million, respectively, Our reserve as of September 30, 2021, and the qualitative and economic historical loss experience, including loss experience through the 2008 on our judgements about the extent of the impact of the COVID-19 pandemic. extent and timing of impacts from COVID-19 on unemployment rates and business expectations of the performance of our portfolio in the current environment. or revise our estimate of credit losses in the future, and such amounts portfolio, including the performance of the modified portfolio, (ii) developments or unforeseen circumstances that impact our portfolio. Loan Modification Program: In response to COVID-19, starting in mid-March 2020, the Company order to assist its customers that requested relief and were current under their existing allows for up to 6 months of fully deferred or reduced payments. As of September program has been terminated, with future modifications considered As of September 30, 2021, the Company had 3,460 69.5 0.5 million were out of the deferral period. Out of the deferral period loans in deferral period, the deferral may either be full, with zero payment payments during deferral that are primarily 25 %- 50 % of schedule, or the deferral period payment may be a nominal amount. Total resolved 311 7.0 1,848 paid in full. TDRs are restructurings of leases and loans in which, due to the borrower's financial would not otherwise consider for borrowers of similar credit quality. 2020, that the FASB concurred September 30, 2021, the Company had $ 10.3 Credit Quality At origination, the Company utilizes an internally developed credit decisions for new contracts. external credit scores, existence of a guarantee, and various characteristics used to create pools of loans for analysis in the Company’s believe this segmentation allows our loss modeling to properly reflect changes adjustments to underwriting standards. provision. On an ongoing basis, to monitor the credit quality of its portfolio, the portfolio and delinquency migration to monitor risk and default trends the credit quality of our portfolio on an ongoing basis because it reflects the current of near-term charge-offs and can help The following tables provide information about delinquent leases and loans in as-of the dates presented. In particular, below delinquency table and the non-accrual information for September terms. Portfolio by Origination Year as of Total 2021 2020 2019 2018 2017 Prior Receivables (Dollars in thousands) Equipment Finance 30-59 $ 612 $ 688 $ 1,149 $ 435 $ 230 $ 31 $ 3,145 60-89 179 146 584 277 78 28 1,292 90+ 91 266 323 197 90 31 998 Total Past Due 882 1,100 2,056 909 398 90 5,435 Current 203,688 196,444 192,259 83,310 32,507 4,054 712,262 Total 204,570 197,544 194,315 84,219 32,905 4,144 717,697 Working Capital 30-59 224 26 — — — — 250 60-89 51 — 43 — — — 94 90+ — 24 — — — — 24 Total Past Due 275 50 43 — — — 368 Current 28,626 1,901 283 — — — 30,810 Total 28,901 1,951 326 — — — 31,178 CVG 30-59 — — — 7 2 41 50 60-89 51 157 91 14 — — 313 90+ — — 74 55 — — 129 Total Past Due 51 157 165 76 2 41 492 Current 21,695 13,879 23,270 8,735 2,393 395 70,367 Total 21,746 14,036 23,435 8,811 2,395 436 70,859 CRA Total Past Due — — — — — — — Current 1,019 — — — — — 1,019 Total 1,019 — — — — — 1,019 Net investment in leases and loans, before allowance $ 256,236 $ 213,531 $ 218,076 $ 93,030 $ 35,300 $ 4,580 $ 820,753 Portfolio by Origination Year as of Total 2020 2019 2018 2017 2016 Prior Receivables (Dollars in thousands) Equipment Finance 30-59 $ 1,162 $ 1,526 $ 1,349 $ 690 $ 292 $ 14 $ 5,033 60-89 367 1,111 463 532 130 6 2,609 90+ 503 1,370 804 377 199 16 3,269 Total Past Due 2,032 4,007 2,616 1,599 621 36 10,911 Current 265,036 276,140 138,142 65,722 18,805 1,615 765,460 Total 267,068 280,147 140,758 67,321 19,426 1,651 776,371 Working Capital 30-59 125 481 — — — — 606 60-89 — 135 — — — — 135 90+ — — — — — — — Total Past Due 125 616 — — — — 741 Current 12,741 6,528 24 — — — 19,293 Total 12,866 7,144 24 — — — 20,034 CVG 30-59 591 1,039 173 29 21 — 1,853 60-89 — 69 33 — 68 — 170 90+ — 340 179 5 11 — 535 Total Past Due 591 1,448 385 34 100 — 2,558 Current 17,065 30,805 13,733 5,938 1,659 30 69,230 Total 17,656 32,253 14,118 5,972 1,759 30 71,788 CRA Total Past Due — — — — — — — Current 1,091 — — — — — 1,091 Total 1,091 — — — — — 1,091 Net investment in leases and loans, before allowance $ 298,681 $ 319,544 $ 154,900 $ 73,293 $ 21,185 $ 1,681 $ 869,284 Net investments in Equipment Finance and CVG leases and loans are generally 120 days or more. Income recognition resumes when a lease or loan becomes less than 90 2020, there were no Working past due. classified as a troubled loan current and reviewed by management. At September 30, no past due 30 days or more and still accruing. The following tables provide information about non-accrual leases and loans: September 30, December 31, (Dollars in thousands) 2021 2020 Equipment Finance $ 2,485 $ 5,543 Working 139 932 CVG 7,495 7,814 Total $ 10,119 $ 14,289 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets [Text Block] | NOTE 7 - Goodwill and Intangible Assets Goodwill In the first quarter of 2020, driven by negative Company concluded that the implied fair value of its $ 6.7 impairment equal to the $ 6.7 Intangible assets The following table presents details of the Company’s Gross Carrying Accumulated Net (Dollars in thousands) Useful Life Amount Amortization Value Vendor 11 years $ 7,290 $ 2,134 $ 5,156 Corporate trade name 7 years 60 41 19 $ 7,350 $ 2,175 $ 5,175 The Company’s intangible Financial, Company has no There was no Company’s definite lived 0.5 0.6 and September 30, 2020, respectively. The Company expects the amortization expense for the next five years Amortization (Dollars in thousands) Expense Remainder of 2021 $ 168 2022 671 2023 671 2024 663 2025 663 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets | NOTE 8 – Other Assets Other assets are comprised of the following: September 30, December 31, 2021 2020 (Dollars in thousands) Accrued fees receivable $ 2,289 $ 2,928 Prepaid expenses 2,404 2,790 Income taxes receivable 8,214 — Federal Reserve Bank Stock 1,711 1,711 Other 1,942 2,783 $ 16,560 $ 10,212 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Deposits [Abstract] | |
Deposits | NOTE 9 – Deposits MBB serves as the Company’s primary through various brokered deposit relationships and fixed-rate FDIC-insured insured money market deposit accounts (the “MMDA Product”) through product. This brokered deposit product has a variable rate, no maturity date recorded as a single deposit account at MBB. As of September 30, 2021, 55.0 As of September 30, 2021, the scheduled maturities of certificates of deposits are Scheduled Dollars in thousands Maturities Period Ending December 31, Remainder of 2021 $ 391,752 2022 204,023 2023 91,829 2024 33,321 2025 9,054 Total $ 729,979 Certificates of deposits issued by MBB are time deposits and are generally issued in 250,000 Product is also issued to customers in amounts less than $ 250,000 . The FDIC insures deposits up to $ 250,000 weighted average all-in interest rate of deposits at September 30, 2021 1.07 %. See Note 14 – Subsequent Events brokered certificates of deposit held through The Depository Trust |
Debt and Financing Arrangements
Debt and Financing Arrangements | 9 Months Ended |
Sep. 30, 2021 | |
Debt and Financing Arrangements [Abstract] | |
Debt and Financing Arrangements [Text Block] | NOTE 10 – Debt and Financing Arrangements Long-term Borrowings Borrowings with an original maturity date of one year or more are classified securitizations are classified as long-term borrowings. The balance of long-term borrowings consisted of the following: September 30, December 31, 2021 2020 (Dollars in thousands) Term securitization $ 11,719 $ 30,800 Unamortized debt issuance costs (43) (135) $ 11,676 $ 30,665 Long-term Borrowings On July 27, 2018, the Company completed a $ 201.7 securitization has a fixed term, fixed interest rate and fixed principal amount. amounted to $ 11.7 12.8 3.2 restricted interest-earning deposits. The Company’s The term note securitization is summarized below: Outstanding Balance as of Notes Final Original September 30, December 31, Originally Maturity Coupon 2021 2020 Issued Date Rate (Dollars in thousands) 2018 — 1 $ — $ — $ 77,400 July, 2019 2.55 % — — 55,700 October, 2020 3.05 — — 36,910 April, 2023 3.36 — 9,560 10,400 May, 2023 3.54 1,869 11,390 11,390 June, 2023 3.70 5,470 5,470 5,470 July, 2023 3.99 4,380 4,380 4,380 May, 2025 5.02 Total Term $ 11,719 $ 30,800 $ 201,650 3.05 % (1)(2) (1) Represents the original weighted average initial coupon rate for all tranches interest, term note securitizations have other transaction costs which are amortized interest expense. The weighted average coupon rate of the 2018-1 term note securitization borrowing. Based on current expected cashflows of leases underlying our term note as of September 30, 2021 as follows: Principal Interest (Dollars in thousands) Period Ending December 31, Remainder of 2021 $ 3,137 $ 121 2022 8,582 $ 159 $ 11,719 $ 280 Federal Funds Line of Credit with Correspondent Bank MBB has established a federal funds line of credit with a correspondent bank. federal funds. The amount that can be drawn against the line is limited to $ 25.0 2020, there were no Federal Reserve Discount Window In addition, MBB has received approval to borrow from the Federal chooses to pledge. MBB had $ 50.2 $ 55.9 |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements And Disclosures About Fair Value Of Financial Instruments [Abstract] | |
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments | NOTE 11 – Fair Value Fair Value Fair value is defined in GAAP as the price that would be received to sell an asset or the price that would on the measurement date. GAAP focuses on the exit price in the principal or orderly transaction between market participants. A three-level valuation measurements based upon the transparency of inputs to the valuation of hierarchy gives the highest priority to quoted prices (unadjusted) in active lowest priority to unobservable inputs (Level 3). The level in the fair value hierarchy entirety falls is determined based on the lowest level input that is significant to In accordance with the Merger Agreement and De-banking in the third quarter of 2021. The Company’s balances measured 31, 2020: September 30, 2021 December 31, 2020 Fair Value Measurements Using Fair Value Measurements Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (Dollars in thousands) Assets ABS $ — $ — $ — $ — $ 3,719 $ — Municipal securities — — — — 4,145 — Mutual fund — — — 3,760 — — At this time, the Company has not elected to report any assets and liabilities no between Level 1 and Level 2 of the fair value hierarchy for any of the periods Non-Recurring Measurements Non-recurring fair value measurements include assets and liabilities that Fair value measurements. Non-recurring measurements include the Company’s impairment, and the Company’s liability. For the nine months ended September 30, 2021, there were no significant Operations in connection with non-recurring fair value measurements. For the nine months ended September 30, 2020, the Company recognized 6.7 further in Note 7 - Goodwill and Intangible Assets . Fair Value The following summarizes the carrying amount and estimated fair not measured at fair value on a recurring basis: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (Dollars in thousands) Financial Assets Cash and cash equivalents $ 222,260 $ 222,260 $ 135,691 $ 135,691 Time deposits with banks 996 1,000 5,967 6,003 Restricted interest-earning deposits with banks 3,202 3,202 4,719 4,719 Loans, net of allowance 504,335 513,431 500,768 507,362 Federal Reserve Bank Stock 1,711 1,711 1,711 1,711 Financial Liabilities $ 783,203 $ 790,175 $ 729,614 $ 742,882 11,676 11,961 30,665 31,114 There have been no significant changes in the methods and assumptions used outlined in our consolidated financial statements and note disclosures in 2020. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 12 – Earnings Per Share The Company’s restricted stock securities. Accordingly, allocated to both common stock and participating securities. Basic EPS has been computed by dividing net income or loss allocated to common used in computing basic EPS. For the computation of basic EPS, all shares of average shares outstanding. Diluted EPS has been computed by dividing net income or loss allocated to common common shares used in computing basic EPS, further adjusted by including the common stock equivalents, such as stock options, into shares of comm The following table provides net income and shares used in computing basic Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands, except per-share data) Basic EPS Net income (loss) $ 5,481 $ 2,743 $ 22,588 $ (14,960) Less: net income allocated to participating securities (69) (36) (281) — Net income (loss) allocated to common stock $ 5,412 $ 2,707 $ 22,307 $ (14,960) Weighted average 12,026,443 11,946,549 12,007,963 11,951,375 Less: Unvested restricted stock awards considered participating securities (150,339) (155,408) (149,462) (142,186) Adjusted weighted average common shares used in computing basic EPS 11,876,104 11,791,141 11,858,501 11,809,189 Basic EPS $ 0.46 $ 0.23 $ 1.88 $ (1.27) Diluted EPS Net income (loss) allocated to common stock $ 5,412 $ 2,707 $ 22,307 $ (14,960) Adjusted weighted average common shares used in computing basic EPS 11,876,104 11,791,141 11,858,501 11,809,189 Add: Effect of dilutive stock-based compensation 186,146 41,272 113,767 — Adjusted weighted average common shares used in computing diluted EPS 12,062,250 11,832,413 11,972,268 11,809,189 Diluted EPS $ 0.45 $ 0.23 $ 1.86 $ (1.27) For the three-month periods ended September 30, 2021 and September compensation awards in the amount of 112,216 230,428 , respectively, were considered considered in the computation of potential common shares for purposes of For the nine-month periods ended September 30, 2021 and September compensation awards in the amount of 132,619 286,349 , respectively, were considered considered in the computation of potential common shares for purposes of |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 13 – Stockholders’ Equity Share Repurchases During the three month and nine-month periods ended September no t purchase any shares of its common stock under the stock repurchase plan approved by the Company’s Plan”). During the three-month period ended September 30, 2020, the Company no t purchase any shares of its common stock under the 2019 Repurchase Plan. 264,470 common stock under the 2019 Repurchase Plan at an average cost of $ 16.09 At September 30, 2021, the Company had $ 4.7 Merger Agreement, the Company may not repurchase shares of without the prior written consent of Madeira Holdings, LLC. In addition to the repurchases described above, participants in the Company’s shareholders Company’s shareholders 2021, the “2019 Plan”) may have shares withheld to cover income taxes. During and September 30, 2020, there were 36 18,446 and the 2019 Plan at an average cost of $ 22.44 8.06 September 30, 2021 and September 30, 2020, there were 16,198 41,466 connection with shares granted under the 2014 Plan and the 2019 14.07 10.70 , respectively. Regulatory Capital Requirements Through its issuance of FDIC-insured deposits, MBB serves as the Company’s other products and services to the Company’s commercial bank, insured by the FDIC. As a state-chartered Federal Reserve Reserve Bank of San Francisco and the Utah Department of Financial Institutions. The Company and MBB are subject to capital adequacy regulations issued based capital and leverage guidelines make regulatory capital requirements more banking organizations and consider off and/or the U.S. Congress may determine to increase capital requirements Under the capital adequacy regulation, at least half of a banking organization’s defined in the regulations, comprised of common equity, preferred stock. The remaining capital, "Tier amount of term subordinated debt or a limited amount of the reserve for possible leverage ratios for banking organizations, which risk-based capital standards principally address credit risk rather than organizations are expected to maintain capital in excess The Company and MBB operate under the Basel III capital adequacy standards. leverage ratio of 4 %, minimum Tier 1 risk-based ratio of 6 %, and a total risk-based capital ratio of 8 %. standards established a new common equity Tier 4.5 % minimum ( 6.5 % to be considered well-capitalized). The Company is required to have a level of capital buffer above 2.5 %. If a banking organization does not maintain capital above the it may be subject to restrictions on dividends, share buybacks, and certain discretionary CMLA Agreement. On March 25, 2020, MBB received notice from the FDIC that it had approved nonstandard conditions in the FDIC’s March 26, 2020, the FDIC, the Company and certain of the Company’s Agreement (the “CMLA Agreement”) and the Parent Company its subsidiaries and the FDIC in conjunction with the opening of MBB. As a result of pursuant to the CMLA Agreement to maintain a total risk-based capital ratio 15 %. Rather, MBB must continue to maintain a total risk-based capital ratio above 8 % to be considered adequately capitalized and above 10 % to be considered well-capitalized as defined by banking regulations, while the Company must continue to immediately preceding paragraph. subject to the restrictions outlined in Title bank dividends, including restricting dividends for any year to the amount of cumulative dividends paid over that period. would require prior approval of the Federal Reserve Board of Governors. CFR 208.5 to pay dividends to the Company without explicit approval from MBB’s Tier 1 165.9 and qualified MBB for “well-capitalized” status. At September 30, 2021, requirements and was considered “well-capitalized” as defined by federal Agreement. CECL Capital Transition. The Company adopted CECL, or a new measurement methodology for 1, 2020, as discussed further in Note 2—Summary of Significant Accounting capital requirements give entities the option of delaying for two years the by a three-year transition period to phase out the aggregate amount of has elected to avail itself of the five-year transition. delay the Company shall prepare: (i) a measurement of its estimated allowance sheets; and (ii) a measurement of its estimated allowance under the regulatory calculation. Company’s capital during the two-year such that 25 % of the transitional amounts will be included in the first year, 25 % over each of the next two years, such that we will have phased in 75 % of the adjustment during year three. completely reflected the effects of CECL in its regulatory The following table sets forth the Tier 1 leverage and total risk-based capital ratio for Marlin Business Services Corp. and MBB at September Minimum Capital Well-Capitalized Capital Actual Requirement Requirement Ratio Amount Ratio Amount Ratio Amount (Dollars in thousands) Tier 1 Leverage Capital 21.71% $ 217,465 4.00% $ 40,076 5.00% $ 50,095 17.84% $ 165,937 4.00% $ 37,210 5.00% $ 46,513 Common Equity Tier 1 Risk-Based Capital 25.33% $ 217,465 4.50% $ 38,640 6.50% $ 55,813 20.67% $ 165,937 4.50% $ 36,131 6.50% $ 52,189 Tier 1 Risk-based Capital 25.33% $ 217,465 6.00% $ 51,519 8.00% $ 68,693 20.67% $ 165,937 6.00% $ 48,174 8.00% $ 64,232 Total 26.60% $ 228,405 8.00% $ 68,693 10.00% $ 85,866 21.94% $ 176,181 8.00% $ 64,232 10.00% $ 80,290 Prompt Corrective Action . regulators to take prompt corrective action against any undercapitalized institution. under federal banking regulations: critically undercapitalized. measure. minimum level for each relevant capital measure. Undercapitalized institutions level for one or more relevant capital measures. significantly below the minimum requirements for any relevant capital institutions with minimal capital and at serious risk for government seizure. Under certain circumstances, a well-capitalized, adequately capitalized or institution were in the next lower capital category. including paying dividends, or paying management fees to a holding company Institutions that are adequately capitalized but not well-capitalized waiver from the FDIC and are subject to restrictions on the interest rates that can institutions may not accept, renew or roll over brokered deposits. The federal bank regulatory agencies are permitted or, falling within one of the three undercapitalized categories. powers include, among other things: • • • • • • • A banking institution that is undercapitalized is required to submit a capital unless, among other things, the banking institution’s guarantee from a depository institution’s MBB’s total risk-based capital 21.94 % at September 30, 2021 exceeded the threshold for “well capitalized” status under applicable laws and regulations. Dividends . established assessment process for maintaining capital commensurate affect the ability of the organizations to pay dividends. operating earnings, dividends may be paid if the distribution is prudent relative after consideration of current and prospective economic conditions. As mentioned Company is subject to various regulatory requirements, including 208.5), which places limitations on bank dividends. Furthermore, as a bank holding to its shareholders is also subject to various regulatory requirements, including Applying Supervisory Guidance and Regulations on the Payment of Dividends, Stock Redemptions Pursuant to the Merger Agreement, the Company any dividends, other than the Company’s 0.14 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Events Subsequent to Year-End | NOTE 14 – Subsequent Events Quarterly Dividend The Company declared a dividend of $ 0.14 dividend payment of approximately $ 1.7 November 18, 2021 of business on November 8, 2021 . It represents the Company’s forty-first dividends will be subject to satisfaction of regulatory requirements appli Company’s Board of Directors. consent of Madeira Holdings, LLC, declare or pay any future dividends other an amount not to exceed $ 0.14 Deposit Assignment & Assumption Agreement. On October 8, 2021, MBB entered into an agreement to transfer its portfolio of Depository Trust Company with an outstanding 204.8 Corporation (“FDIC”)-insured depository institution. pay the acquiror at the time of transfer, in addition on the deposits as of the transfer date plus a sum of $ 750,000 . (among other customary closing conditions) the approval of the Utah Department Section 18(c) of the Federal Deposit Insurance Act, expected to occur in late December |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of financial statement presentation | Basis of financial statement presentation. its wholly-owned subsidiaries. Marlin Leasing Corporation (“MLC”) and MBB are managed are aggregated for financial reporting purposes as they exhibit similar economic portfolio and have a single consolidated product offering in consolidation. The accompanying unaudited consolidated financial statements present the results of operations for the three- month periods ended September 30, 2021 and 2020. contain all adjustments, which include normal and recurring adjustments, results of operations for the interim periods presented. conjunction with the consolidated financial statements and note disclosures December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) statements of cash flows for these interim financial statements are not for the respective full years or any other period. |
Use of Estimates | Use of Estimates. affect the reported amounts of assets and liabilities and disclosure statements and the reported amounts of revenues and expenses during income recognition, the residual values of leased equipment, the fee receivables, the fair value of financial instruments, estimated losses from could differ from those estimates. |
Income taxes | Income taxes. Our statutory tax rate, which is a combination of federal and state income taxes, 25.1 % and 25.4 % for the three months ended September 30, 2021 and September 30, 2020, respectively. For the nine months ended September 30, 2021, our effective 26.2 %. For the nine months ended September 30, 2020, our effective tax rate was 35.6 %, driven by a $ 3.2 Relief, and Economic Security Act (“CARES Act”) that allow for For the three and nine-month periods ended September 30, 2021, 27.1 % and 26.2 %, respectively. The Company’s IRS federal audit an IRS refund claim closed in the second quarter of 2021 with no adjustments. 2017 tax year to the present as of September 30, 2021 under regular statute |
Accounting Standards Update 2016-13 [Member] | |
Recent Accounting Pronouncements, Policy [Policy Text Block] | Credit Losses. ASU 2016-13, Financial Instruments - Credit Losses (Topic ASUs collectively referred to as “CECL”. The Company adopted the guidance in these ASUs, effective January new standard’s provisions which the guidance was effective (i.e., modified retrospective December 31, 2020 for a detailed discussion of our adoption of |
Accounting Standards Update 2019-12 [Member] | |
Recent Accounting Pronouncements, Policy [Policy Text Block] | Income Taxes . In December 2019, the FASB Income Taxes, which its application. fiscal years beginning after December 15, 2020, including interim periods January 1, 2021, and the adoption did not have a material impact on our |
Non-Interest Income (Tables)
Non-Interest Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Non-interest Income [Abstract] | |
Summary of non-interest income | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2021 2020 2021 2020 Insurance premiums written and earned $ 1,906 $ 2,082 $ 5,847 $ 6,612 Gain on sale of leases and loans — 87 — 2,426 Other income: Property tax income 149 123 5,190 5,247 Servicing income 270 462 963 1,517 Net (loss) gain recognized during the period on investment securities (3) — (59) 89 Non-interest income - other than from contracts with customers 2,322 2,754 11,941 15,891 Other income: Insurance policy fees 749 819 2,268 2,610 Property tax administrative fees on leases 213 243 622 713 ACH payment fees 62 35 184 143 Referral fees 26 15 57 123 Other 234 347 603 730 Non-interest income from contracts with customers 1,284 1,459 3,734 4,319 Total non-interest $ 3,606 $ 4,213 $ 15,675 $ 20,210 |
Investment SecurIties (Tables)
Investment SecurIties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment securities [Abstract] | |
Investment Securities Summary [Table Text Block] | September 30, December 31, (Dollars in thousands) 2021 2020 Equity Securities Mutual fund $ — $ 3,760 Debt Securities, Available Asset-backed securities ("ABS") — 3,719 Municipal securities — 4,145 $ — $ 11,624 |
Equity Securities, FV-NI [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Net gains (losses) recognized during the period on equity securities $ 75 $ — $ 20 $ 89 Less: Net gains (losses) recognized during the period 75 — 20 — Unrealized gains recognized during the reporting period $ — $ — $ — $ 89 |
Summary of available for sale investments [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (Dollars in thousands) ABS $ 3,666 $ 53 $ — $ 3,719 Municipal securities 4,082 64 (1) 4,145 $ 7,748 $ 117 $ (1) $ 7,864 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 months 12 months or longer Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in thousands) Municipal securities $ (1) $ 141 $ — $ — $ (1) $ 141 Total available for sale investment securities $ (1) $ 141 $ — $ — $ (1) $ 141 |
Net Investment in Leases and _2
Net Investment in Leases and Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Net Investment in Leases and Loans [Abstract] | |
Net investment in leases and loans | September 30, 2021 December 31, 2020 (Dollars in thousands) Minimum lease payments receivable $ 308,479 $ 354,298 Estimated residual value of equipment 24,999 26,983 Unearned lease income, net of initial direct costs and fees deferred (37,560) (43,737) Security deposits (404) (385) Total leases 295,514 337,159 Commercial loans, net of origination costs and fees deferred Working 31,178 20,034 CRA (1) 1,019 1,091 Equipment loans (2) 414,392 449,149 CVG 78,650 61,851 Total commercial 525,239 532,125 Net investment in leases and loans, excluding allowance 820,753 869,284 Allowance for credit losses (27,521) (44,228) Total net investment $ 793,232 $ 825,056 CRA loans are comprised of loans originated under a line of credit to satisfy its obligations under the Community Reinvestment Act of 1977 (“CRA”). (2) Equipment loans are comprised of Equipment Finance Agreements, Installment Purchase Agreements and other loans. In response to COVID-19, starting in mid-March 2020, the Company order to assist our small-business customers. At September 30, 2021, $ 12.8 backed securitization balance and $ 55.9 capacity at the Federal Reserve Discount Window. The amount of deferred initial direct costs and origination costs net of fees deferred 13.6 14.6 September 30, 2021 and December 31, 2020, respectively. income using the effective interest method. Origination effective interest method. At September 30, 2021 and 20.8 21.9 estimated residual value of equipment retained on our Consolidated Balance |
Maturities of lease receivables under lease contracts and the amortization of unearned lease income | Minimum Lease Payments Net Income Receivable (1) Amortization (2) (Dollars in thousands) Period Ending December 31, Remainder of 2021 $ 33,951 $ 7,902 2022 120,586 16,069 2023 80,663 8,510 2024 45,306 3,668 2025 20,550 1,221 Thereafter 7,423 190 $ 308,479 $ 37,560 Represents the undiscounted cash flows of the lease payments receivable. (2) Represents the difference between the undiscounted cash flows and the discounted cash flows. |
Lease Income | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) Interest Income $ 6,070 $ 8,357 $ 19,073 $ 25,977 |
Summary of information related to portfolio sales | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands) Sales of leases and loans $ — $ 4,286 $ — $ 28,342 Gain on sale of leases and loans — 87 — 2,426 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Allowance For Credit Losses [Abstract] | |
Summary of activity in the allowance for credit losses | Three Months Ended September 30, 2021 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA Total Allowance for credit losses, beginning of period $ 19,718 $ 1,003 $ 8,036 $ — $ 28,757 (2,407) (262) (27) — (2,696) 1,273 158 85 — 1,516 Net charge-offs (1,134) (104) 58 — (1,180) Realized cashflows from Residual Income 1,127 — — — 1,127 (1,334) 300 (149) — (1,183) Allowance for credit losses, end of period $ 18,377 $ 1,199 $ 7,945 $ — $ 27,521 Net investment in leases and loans, before allowance $ 717,697 $ 31,178 $ 70,859 $ 1,019 $ 820,753 Three Months Ended September 30, 2020 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA & PPP Total Allowance for credit losses, beginning of period $ 48,550 $ 7,962 $ 7,132 $ — $ 63,644 (10,509) (633) (524) — (11,666) 983 101 94 — 1,178 (9,526) (532) (430) — (10,488) Realized cashflows from Residual Income 965 — — — 965 7,226 (3,974) 3,952 — 7,204 Allowance for credit losses, end of period $ 47,215 $ 3,456 $ 10,654 $ — $ 61,325 Net investment in leases and loans, before allowance $ 803,689 $ 26,472 $ 76,778 $ 1,114 $ 908,053 Nine Months Ended September 30, 2021 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA Total Allowance for credit losses, beginning of period $ 33,184 $ 1,206 $ 9,838 $ — $ 44,228 (8,556) (813) (1,176) — (10,545) 3,933 432 308 — 4,673 Net charge-offs (4,623) (381) (868) — (5,872) Realized cashflows from Residual Income 3,175 — — — 3,175 (13,359) 374 (1,025) — (14,010) Allowance for credit losses, end of period $ 18,377 $ 1,199 $ 7,945 $ — $ 27,521 Net investment in leases and loans, before allowance $ 717,697 $ 31,178 $ 70,859 $ 1,019 $ 820,753 Nine Months Ended September 30, 2020 (Dollars in thousands) Equipment Finance Working Capital Loans CVG CRA & PPP Total Allowance for credit losses, December 31, 2019 $ 18,334 $ 1,899 $ 1,462 $ — $ 21,695 Adoption of ASU 2016-13 (CECL) (1) 9,264 (3) 2,647 — 11,908 Allowance for credit losses, beginning of period $ 27,598 $ 1,896 $ 4,109 $ — $ 33,603 (24,723) (2,598) (2,157) — (29,478) 2,237 156 257 — 2,650 (22,486) (2,442) (1,900) — (26,828) Realized cashflows from Residual Income 3,390 — — — 3,390 38,713 4,002 8,445 — 51,160 Allowance for credit losses, end of period $ 47,215 $ 3,456 $ 10,654 $ — $ 61,325 Net investment in leases and loans, before allowance $ 803,689 $ 26,472 $ 76,778 $ 1,114 $ 908,053 (1) Financial Instruments - Credit Losses (Topic Financial Instruments , which changed our accounting policy and estimated allowance, discussion in Note 2, “Summary of Significant Accounting Policies”, and |
Information about delinquent leases and loans in the Company's portfolio | Portfolio by Origination Year as of Total 2021 2020 2019 2018 2017 Prior Receivables (Dollars in thousands) Equipment Finance 30-59 $ 612 $ 688 $ 1,149 $ 435 $ 230 $ 31 $ 3,145 60-89 179 146 584 277 78 28 1,292 90+ 91 266 323 197 90 31 998 Total Past Due 882 1,100 2,056 909 398 90 5,435 Current 203,688 196,444 192,259 83,310 32,507 4,054 712,262 Total 204,570 197,544 194,315 84,219 32,905 4,144 717,697 Working Capital 30-59 224 26 — — — — 250 60-89 51 — 43 — — — 94 90+ — 24 — — — — 24 Total Past Due 275 50 43 — — — 368 Current 28,626 1,901 283 — — — 30,810 Total 28,901 1,951 326 — — — 31,178 CVG 30-59 — — — 7 2 41 50 60-89 51 157 91 14 — — 313 90+ — — 74 55 — — 129 Total Past Due 51 157 165 76 2 41 492 Current 21,695 13,879 23,270 8,735 2,393 395 70,367 Total 21,746 14,036 23,435 8,811 2,395 436 70,859 CRA Total Past Due — — — — — — — Current 1,019 — — — — — 1,019 Total 1,019 — — — — — 1,019 Net investment in leases and loans, before allowance $ 256,236 $ 213,531 $ 218,076 $ 93,030 $ 35,300 $ 4,580 $ 820,753 Portfolio by Origination Year as of Total 2020 2019 2018 2017 2016 Prior Receivables (Dollars in thousands) Equipment Finance 30-59 $ 1,162 $ 1,526 $ 1,349 $ 690 $ 292 $ 14 $ 5,033 60-89 367 1,111 463 532 130 6 2,609 90+ 503 1,370 804 377 199 16 3,269 Total Past Due 2,032 4,007 2,616 1,599 621 36 10,911 Current 265,036 276,140 138,142 65,722 18,805 1,615 765,460 Total 267,068 280,147 140,758 67,321 19,426 1,651 776,371 Working Capital 30-59 125 481 — — — — 606 60-89 — 135 — — — — 135 90+ — — — — — — — Total Past Due 125 616 — — — — 741 Current 12,741 6,528 24 — — — 19,293 Total 12,866 7,144 24 — — — 20,034 CVG 30-59 591 1,039 173 29 21 — 1,853 60-89 — 69 33 — 68 — 170 90+ — 340 179 5 11 — 535 Total Past Due 591 1,448 385 34 100 — 2,558 Current 17,065 30,805 13,733 5,938 1,659 30 69,230 Total 17,656 32,253 14,118 5,972 1,759 30 71,788 CRA Total Past Due — — — — — — — Current 1,091 — — — — — 1,091 Total 1,091 — — — — — 1,091 Net investment in leases and loans, before allowance $ 298,681 $ 319,544 $ 154,900 $ 73,293 $ 21,185 $ 1,681 $ 869,284 |
Information about non-accrual leases and loans | September 30, December 31, (Dollars in thousands) 2021 2020 Equipment Finance $ 2,485 $ 5,543 Working 139 932 CVG 7,495 7,814 Total $ 10,119 $ 14,289 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Finite Lived Intangible Assets | Gross Carrying Accumulated Net (Dollars in thousands) Useful Life Amount Amortization Value Vendor 11 years $ 7,290 $ 2,134 $ 5,156 Corporate trade name 7 years 60 41 19 $ 7,350 $ 2,175 $ 5,175 |
Schedule of amortization expense for the next five years | The Company expects the amortization expense for the next five years Amortization (Dollars in thousands) Expense Remainder of 2021 $ 168 2022 671 2023 671 2024 663 2025 663 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Assets | September 30, December 31, 2021 2020 (Dollars in thousands) Accrued fees receivable $ 2,289 $ 2,928 Prepaid expenses 2,404 2,790 Income taxes receivable 8,214 — Federal Reserve Bank Stock 1,711 1,711 Other 1,942 2,783 $ 16,560 $ 10,212 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deposits [Abstract] | |
Schedule of maturities of certificates of deposits | Scheduled Dollars in thousands Maturities Period Ending December 31, Remainder of 2021 $ 391,752 2022 204,023 2023 91,829 2024 33,321 2025 9,054 Total $ 729,979 |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt and Financing Arrangements [Abstract] | |
Schedule of balance of long-term borrowings | September 30, December 31, 2021 2020 (Dollars in thousands) Term securitization $ 11,719 $ 30,800 Unamortized debt issuance costs (43) (135) $ 11,676 $ 30,665 |
Schedule of term note securitization | The term note securitization is summarized below: Outstanding Balance as of Notes Final Original September 30, December 31, Originally Maturity Coupon 2021 2020 Issued Date Rate (Dollars in thousands) 2018 — 1 $ — $ — $ 77,400 July, 2019 2.55 % — — 55,700 October, 2020 3.05 — — 36,910 April, 2023 3.36 — 9,560 10,400 May, 2023 3.54 1,869 11,390 11,390 June, 2023 3.70 5,470 5,470 5,470 July, 2023 3.99 4,380 4,380 4,380 May, 2025 5.02 Total Term $ 11,719 $ 30,800 $ 201,650 3.05 % (1)(2) (1) Represents the original weighted average initial coupon rate for all tranches interest, term note securitizations have other transaction costs which are amortized interest expense. The weighted average coupon rate of the 2018-1 term note securitization borrowing. |
Scheduled principal and interest payments on outstanding borrowings | Based on current expected cashflows of leases underlying our term note as of September 30, 2021 as follows: Principal Interest (Dollars in thousands) Period Ending December 31, Remainder of 2021 $ 3,137 $ 121 2022 8,582 $ 159 $ 11,719 $ 280 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures about the Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements And Disclosures About Fair Value Of Financial Instruments [Abstract] | |
Schedule of balances measured at fair value on a recurring basis | September 30, 2021 December 31, 2020 Fair Value Measurements Using Fair Value Measurements Using Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 (Dollars in thousands) Assets ABS $ — $ — $ — $ — $ 3,719 $ — Municipal securities — — — — 4,145 — Mutual fund — — — 3,760 — — |
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments | September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Amount Value Amount Value (Dollars in thousands) Financial Assets Cash and cash equivalents $ 222,260 $ 222,260 $ 135,691 $ 135,691 Time deposits with banks 996 1,000 5,967 6,003 Restricted interest-earning deposits with banks 3,202 3,202 4,719 4,719 Loans, net of allowance 504,335 513,431 500,768 507,362 Federal Reserve Bank Stock 1,711 1,711 1,711 1,711 Financial Liabilities $ 783,203 $ 790,175 $ 729,614 $ 742,882 11,676 11,961 30,665 31,114 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of net income and shares used in computing basic and diluted EPS | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (Dollars in thousands, except per-share data) Basic EPS Net income (loss) $ 5,481 $ 2,743 $ 22,588 $ (14,960) Less: net income allocated to participating securities (69) (36) (281) — Net income (loss) allocated to common stock $ 5,412 $ 2,707 $ 22,307 $ (14,960) Weighted average 12,026,443 11,946,549 12,007,963 11,951,375 Less: Unvested restricted stock awards considered participating securities (150,339) (155,408) (149,462) (142,186) Adjusted weighted average common shares used in computing basic EPS 11,876,104 11,791,141 11,858,501 11,809,189 Basic EPS $ 0.46 $ 0.23 $ 1.88 $ (1.27) Diluted EPS Net income (loss) allocated to common stock $ 5,412 $ 2,707 $ 22,307 $ (14,960) Adjusted weighted average common shares used in computing basic EPS 11,876,104 11,791,141 11,858,501 11,809,189 Add: Effect of dilutive stock-based compensation 186,146 41,272 113,767 — Adjusted weighted average common shares used in computing diluted EPS 12,062,250 11,832,413 11,972,268 11,809,189 Diluted EPS $ 0.45 $ 0.23 $ 1.86 $ (1.27) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity [Abstract] | |
Schedule of Tier 1 leverage ratio, common equity Tier 1 risk-based capital ratio, Tier 1 risk-based capital ratio and total risk-based capital ratio | Minimum Capital Well-Capitalized Capital Actual Requirement Requirement Ratio Amount Ratio Amount Ratio Amount (Dollars in thousands) Tier 1 Leverage Capital 21.71% $ 217,465 4.00% $ 40,076 5.00% $ 50,095 17.84% $ 165,937 4.00% $ 37,210 5.00% $ 46,513 Common Equity Tier 1 Risk-Based Capital 25.33% $ 217,465 4.50% $ 38,640 6.50% $ 55,813 20.67% $ 165,937 4.50% $ 36,131 6.50% $ 52,189 Tier 1 Risk-based Capital 25.33% $ 217,465 6.00% $ 51,519 8.00% $ 68,693 20.67% $ 165,937 6.00% $ 48,174 8.00% $ 64,232 Total 26.60% $ 228,405 8.00% $ 68,693 10.00% $ 85,866 21.94% $ 176,181 8.00% $ 64,232 10.00% $ 80,290 |
The Company (Details)
The Company (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination, Description [Abstract] | |
Entity Incorporation, State or Country Code | PA |
Entity Incorporation, Date of Incorporation | Aug. 5, 2003 |
Marlin Business Bank [Member] | |
Business Combination, Description [Abstract] | |
Entity Incorporation, State or Country Code | UT |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | ||||
Other income tax, discrete (benefit) | $ 3.2 | |||
Statutory tax rate | 25.10% | 25.40% | ||
Effective Income Tax Rate Reconciliation, Percent | 27.10% | 26.20% | 35.60% |
Non-Interest Income (Details)
Non-Interest Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Non-interest Income [Abstract] | ||||
Insurance premiums written and earned | $ 1,906,000 | $ 2,082,000 | $ 5,847,000 | $ 6,612,000 |
Gain on sale of leases and loans | 0 | 87,000 | 0 | 2,426,000 |
Property tax income | 149,000 | 123,000 | 5,190,000 | 5,247,000 |
Servicing income | 270,000 | 462,000 | 963,000 | 1,517,000 |
Net (loss) gain recognized during the period on investment securities | (3,000) | 0 | (59,000) | 89,000 |
Non-interest income - other than from contracts with customers | 2,322,000 | 2,754,000 | 11,941,000 | 15,891,000 |
Insurance policy fees | 749,000 | 819,000 | 2,268,000 | 2,610,000 |
Property tax administrative fees on leases | 213,000 | 243,000 | 622,000 | 713,000 |
ACH payment fees | 62,000 | 35,000 | 184,000 | 143,000 |
Referral fees | 26,000 | 15,000 | 57,000 | 123,000 |
Other | 234,000 | 347,000 | 603,000 | 730,000 |
Non-interest income from contracts with customers | 1,284,000 | 1,459,000 | 3,734,000 | 4,319,000 |
Non-interest income | $ 3,606,000 | $ 4,213,000 | $ 15,675,000 | $ 20,210,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities Available-for-sale [Line Items] | ||
Investment securities | $ 0 | $ 11,624 |
Mutual Fund [Member] | ||
Debt Securities Available-for-sale [Line Items] | ||
Investment securities | 0 | 3,760 |
Asset Backed Securities [Member] | ||
Debt Securities Available-for-sale [Line Items] | ||
Investment securities | 0 | 3,719 |
Municipal Securities [Member] | ||
Debt Securities Available-for-sale [Line Items] | ||
Investment securities | $ 0 | $ 4,145 |
Investment Securities - Schedul
Investment Securities - Schedule of changes in Fair Value of Equity securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Securities, FV-NI, Gain (Loss) [Abstract] | ||||
Net gains (losses) recognized during the period on equity securities | $ 75 | $ 0 | $ 20 | $ 89 |
Less: Net gains (losses) recognized during the period on equity securities sold during the period | 75 | 0 | 20 | 0 |
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date | $ 0 | $ 0 | $ 0 | $ 89 |
Investment Securities - Sched_2
Investment Securities - Schedule of Available for Sale Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities Available-for-sale [Line Items] | ||
Estimated Fair Value | $ 0 | $ 11,624 |
Debt Securities [Member] | ||
Debt Securities Available-for-sale [Line Items] | ||
Amortized cost | 7,748 | |
Gross Unrealized Gains | 117 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 7,864 | |
ABS [Member] | ||
Debt Securities Available-for-sale [Line Items] | ||
Amortized cost | 3,666 | |
Gross Unrealized Gains | 53 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 0 | 3,719 |
Municipal Securities [Member] | ||
Debt Securities Available-for-sale [Line Items] | ||
Amortized cost | 4,082 | |
Gross Unrealized Gains | 64 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | $ 0 | $ 4,145 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Loss and Fair Value of Securities Available for Sale (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Securities Available-for-sale [Line Items] | |
Gross Unrealized Losses, Less than 12 months | $ (1) |
Fair Value, Less than 12 months | 141 |
Gross Unrealized Losses, 12 months or longer | 0 |
Fair Value, 12 months or longer | 0 |
Gross Unrealized Losses, Total | (1) |
Fair Value, Total | 141 |
Municipal Securities [Member] | |
Debt Securities Available-for-sale [Line Items] | |
Gross Unrealized Losses, Less than 12 months | (1) |
Fair Value, Less than 12 months | 141 |
Gross Unrealized Losses, 12 months or longer | 0 |
Fair Value, 12 months or longer | 0 |
Gross Unrealized Losses, Total | (1) |
Fair Value, Total | $ 141 |
Net Investment in Leases and _3
Net Investment in Leases and Loans - Narratives (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Net Investment in Leases and Loans [Abstract] | |||
Initial direct costs and origination costs | $ 13,600 | $ 14,600 | |
Servicing liability | 700 | 1,300 | |
Portfolio of leases and loans serviced for others | 146,000 | 230,000 | |
Finance receivables on a non-accrual basis | 10,119 | 14,289 | |
Net investments [Line Items] | |||
Estimated residual value of equipment | 24,999 | 26,983 | |
Total active modifications, net investment | 820,753 | 869,284 | $ 908,053 |
Loan Modification Program [Member] | |||
Net investments [Line Items] | |||
Total active modifications, net investment | 69,500 | ||
Asset Backed Securities [Member] | |||
Net investments [Line Items] | |||
Net investment in leases are pledged as collateral | 12,800 | ||
Federal Reserve Discount Window [Member] | |||
Net investments [Line Items] | |||
Net investment in leases are pledged as collateral | 55,900 | ||
Copier Product [Member] | |||
Net investments [Line Items] | |||
Estimated residual value of equipment | $ 20,800 | $ 21,900 |
Net Investment in Leases and _4
Net Investment in Leases and Loans - Net Investment in Leases and Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Net Investment in Leases and Loans [Abstract] | ||||||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 308,479 | $ 354,298 | ||||
Estimated residual value of equipment | 24,999 | 26,983 | ||||
Unearned lease income, net of initial direct costs and fees deferred | (37,560) | (43,737) | ||||
Security deposits | (404) | (385) | ||||
Total leases | 295,514 | 337,159 | ||||
Allowance for Credit Losses [Line Items] | ||||||
Net Investment In Commercial Loans | 525,239 | 532,125 | ||||
Net investment in leases and loans, before allowance | 820,753 | 869,284 | $ 908,053 | |||
Allowance for credit losses | (27,521) | $ (28,757) | (44,228) | (61,325) | $ (63,644) | $ (21,695) |
Total net investment in leases and loans | 793,232 | 825,056 | ||||
Working capital Loans [Member] | ||||||
Allowance for Credit Losses [Line Items] | ||||||
Net Investment In Commercial Loans | 31,178 | 20,034 | ||||
Net investment in leases and loans, before allowance | 31,178 | 20,034 | 26,472 | |||
Allowance for credit losses | (1,199) | (1,003) | (1,206) | (3,456) | (7,962) | (1,899) |
CRA [Member] | ||||||
Allowance for Credit Losses [Line Items] | ||||||
Net Investment In Commercial Loans | 1,019 | 1,091 | ||||
Net investment in leases and loans, before allowance | 1,019 | 1,091 | 1,114 | |||
Allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 |
Equipment Finance [Member] | ||||||
Allowance for Credit Losses [Line Items] | ||||||
Net Investment In Commercial Loans | 414,392 | 449,149 | ||||
Net investment in leases and loans, before allowance | 717,697 | 776,371 | 803,689 | |||
Allowance for credit losses | (18,377) | (19,718) | (33,184) | (47,215) | (48,550) | (18,334) |
CVG [Member] | ||||||
Allowance for Credit Losses [Line Items] | ||||||
Net Investment In Commercial Loans | 78,650 | 61,851 | ||||
Net investment in leases and loans, before allowance | 70,859 | 71,788 | 76,778 | |||
Allowance for credit losses | $ (7,945) | $ (8,036) | $ (9,838) | $ (10,654) | $ (7,132) | $ (1,462) |
Net Investment in Leases and _5
Net Investment in Leases and Loans - Maturities of Lease Receivables Under Lease Contracts and the Amortization of Unearned Lease Income (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Future Minimum Lease Payments Receivable Schedule [Abstract] | ||
Remaining part of 2021 | $ 33,951 | |
2022 | 120,586 | |
2023 | 80,663 | |
2024 | 45,306 | |
2025 | 20,550 | |
Thereafter | 7,423 | |
Minimum Lease Payments Receivable | 308,479 | $ 354,298 |
Future Scheduled Income Amortization [Abstract] | ||
Remaing part of 2021 | 7,902 | |
2022 | 16,069 | |
2023 | 8,510 | |
2024 | 3,668 | |
2025 | 1,221 | |
Thereafter | 190 | |
Net income amortization | $ 37,560 | $ 43,737 |
Net Investment in Leases and _6
Net Investment in Leases and Loans - Summary of Information Related to Portfolio Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Sales of leases and loans | $ 0 | $ 4,286 | $ 0 | $ 28,342 |
Gain on sale of leases and loans | 0 | 87 | 0 | 2,426 |
Interest Income [Member] | ||||
Lease income | $ 6,070 | $ 8,357 | $ 19,073 | $ 25,977 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narratives (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Contracts | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Allowance For Credit Losses [Abstract] | ||||||||
Finance Receivables 90 Days or More Past Due and Still Accruing | $ 0 | $ 0 | $ 0 | |||||
Working Capital Loans past due 30 days or more and still accruing | 0 | 0 | 0 | |||||
Financing Receivable, Troubled Debt Restructuring | 10,300,000 | 10,300,000 | ||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | (1,183,000) | $ 7,204,000 | (14,010,000) | $ 51,160,000 | ||||
Loans and leases receivable, allowance | 27,521,000 | 61,325,000 | 27,521,000 | 61,325,000 | $ 28,757,000 | 44,228,000 | $ 63,644,000 | $ 21,695,000 |
Net investment in leases and loans | 820,753,000 | 908,053,000 | $ 820,753,000 | 908,053,000 | 869,284,000 | |||
Loan Modification Program [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Number of lease contracts modified | Contracts | 3,460 | |||||||
Financing Receivable, Modifications, Number of Contracts charged off | Contracts | 311 | |||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 7,000,000 | |||||||
Financing Receivable, Modifications, Number of Contracts Paid In Full | Contracts | 1,848 | |||||||
Net investment in leases and loans | 69,500,000 | $ 69,500,000 | ||||||
Loan Modification Program [Member] | Maximum [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Percentage of reduced payment of deferral schedule | 50.00% | |||||||
Loan Modification Program [Member] | Minimum [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Percentage of reduced payment of deferral schedule | 25.00% | |||||||
Loan Modification Program [Member] | Out of deferral [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Net investment in leases and loans | 500,000 | $ 500,000 | ||||||
Equipment Finance [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | (1,334,000) | 7,226,000 | (13,359,000) | 38,713,000 | ||||
Loans and leases receivable, allowance | 18,377,000 | 47,215,000 | 18,377,000 | 47,215,000 | 19,718,000 | 33,184,000 | 48,550,000 | 18,334,000 |
Net investment in leases and loans | 717,697,000 | 803,689,000 | 717,697,000 | 803,689,000 | 776,371,000 | |||
Equipment Finance [Member] | Total Past Due [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Net investment in leases and loans | 5,435,000 | 5,435,000 | 10,911,000 | |||||
Equipment Finance [Member] | Adjustments related to Covid 19 [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | (1,300,000) | 7,200,000 | (13,400,000) | 38,700,000 | ||||
Working capital Loans [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | 300,000 | (3,974,000) | 374,000 | 4,002,000 | ||||
Loans and leases receivable, allowance | 1,199,000 | 3,456,000 | 1,199,000 | 3,456,000 | 1,003,000 | 1,206,000 | 7,962,000 | 1,899,000 |
Net investment in leases and loans | 31,178,000 | 26,472,000 | 31,178,000 | 26,472,000 | 20,034,000 | |||
Working capital Loans [Member] | Total Past Due [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Net investment in leases and loans | 368,000 | 368,000 | 741,000 | |||||
Working capital Loans [Member] | Adjustments related to Covid 19 [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | 300,000 | 400,000 | ||||||
CVG [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | (149,000) | 3,952,000 | (1,025,000) | 8,445,000 | ||||
Loans and leases receivable, allowance | 7,945,000 | 10,654,000 | 7,945,000 | 10,654,000 | 8,036,000 | 9,838,000 | 7,132,000 | 1,462,000 |
Net investment in leases and loans | 70,859,000 | 76,778,000 | 70,859,000 | 76,778,000 | 71,788,000 | |||
CVG [Member] | Loan Modification Program [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Loans and leases receivable, allowance | 4,700,000 | 4,700,000 | ||||||
CVG [Member] | Total Past Due [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Net investment in leases and loans | 492,000 | 492,000 | 2,558,000 | |||||
CRA [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||
Loans and leases receivable, allowance | 0 | 0 | 0 | 0 | $ 0 | 0 | $ 0 | $ 0 |
Net investment in leases and loans | 1,019,000 | $ 1,114,000 | 1,019,000 | $ 1,114,000 | 1,091,000 | |||
CRA [Member] | Total Past Due [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Net investment in leases and loans | 0 | 0 | $ 0 | |||||
CRA [Member] | Adjustments related to Covid 19 [Member] | ||||||||
Allowance for Credit Losses [Line Items] | ||||||||
Provision for credit losses | $ (1,200,000) | $ (14,000,000) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in the allowance for credit losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | $ 28,757 | $ 63,644 | $ 44,228 | $ 21,695 | |
Charge-offs | (2,696) | (11,666) | (10,545) | (29,478) | |
Recoveries | 1,516 | 1,178 | 4,673 | 2,650 | |
Net charge-offs | (1,180) | (10,488) | (5,872) | (26,828) | |
Realized cashflows from Residual Income | 1,127 | 965 | 3,175 | 3,390 | |
Provision for credit losses | (1,183) | 7,204 | (14,010) | 51,160 | |
Allowance for credit losses, end of period | 27,521 | 61,325 | 27,521 | 61,325 | |
Net investment in leases and loans, before allowance | 820,753 | 908,053 | 820,753 | 908,053 | $ 869,284 |
Accounting Standards Update 2016-13 [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 33,603 | ||||
Accounting Standards Update 2016-13 [Member] | Adoption Impact [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 11,908 | ||||
Equipment Finance [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 19,718 | 48,550 | 33,184 | 18,334 | |
Charge-offs | (2,407) | (10,509) | (8,556) | (24,723) | |
Recoveries | 1,273 | 983 | 3,933 | 2,237 | |
Net charge-offs | (1,134) | (9,526) | (4,623) | (22,486) | |
Realized cashflows from Residual Income | 1,127 | 965 | 3,175 | 3,390 | |
Provision for credit losses | (1,334) | 7,226 | (13,359) | 38,713 | |
Allowance for credit losses, end of period | 18,377 | 47,215 | 18,377 | 47,215 | |
Net investment in leases and loans, before allowance | 717,697 | 803,689 | 717,697 | 803,689 | 776,371 |
Equipment Finance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 27,598 | ||||
Equipment Finance [Member] | Accounting Standards Update 2016-13 [Member] | Adoption Impact [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 9,264 | ||||
Working capital Loans [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 1,003 | 7,962 | 1,206 | 1,899 | |
Charge-offs | (262) | (633) | (813) | (2,598) | |
Recoveries | 158 | 101 | 432 | 156 | |
Net charge-offs | (104) | (532) | (381) | (2,442) | |
Realized cashflows from Residual Income | 0 | 0 | 0 | 0 | |
Provision for credit losses | 300 | (3,974) | 374 | 4,002 | |
Allowance for credit losses, end of period | 1,199 | 3,456 | 1,199 | 3,456 | |
Net investment in leases and loans, before allowance | 31,178 | 26,472 | 31,178 | 26,472 | 20,034 |
Working capital Loans [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 1,896 | ||||
Working capital Loans [Member] | Accounting Standards Update 2016-13 [Member] | Adoption Impact [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | (3) | ||||
CVG [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 8,036 | 7,132 | 9,838 | 1,462 | |
Charge-offs | (27) | (524) | (1,176) | (2,157) | |
Recoveries | 85 | 94 | 308 | 257 | |
Net charge-offs | 58 | (430) | (868) | (1,900) | |
Realized cashflows from Residual Income | 0 | 0 | 0 | 0 | |
Provision for credit losses | (149) | 3,952 | (1,025) | 8,445 | |
Allowance for credit losses, end of period | 7,945 | 10,654 | 7,945 | 10,654 | |
Net investment in leases and loans, before allowance | 70,859 | 76,778 | 70,859 | 76,778 | 71,788 |
CVG [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 4,109 | ||||
CVG [Member] | Accounting Standards Update 2016-13 [Member] | Adoption Impact [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 2,647 | ||||
CRA [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | |
Realized cashflows from Residual Income | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Allowance for credit losses, end of period | 0 | 0 | 0 | 0 | |
Net investment in leases and loans, before allowance | $ 1,019 | $ 1,114 | $ 1,019 | 1,114 | $ 1,091 |
CRA [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | 0 | ||||
CRA [Member] | Accounting Standards Update 2016-13 [Member] | Adoption Impact [Member] | |||||
Allowance for Credit Losses [Roll Forward] | |||||
Allowance for credit losses, beginning of period | $ 0 |
Allowance for Credit Losses - P
Allowance for Credit Losses - Portfolio by Origination year- Current Year (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Amount of portfolio [Line Items] | |||
2021 | $ 256,236 | $ 298,681 | |
2020 | 213,531 | 319,544 | |
2019 | 218,076 | 154,900 | |
2018 | 93,030 | 73,293 | |
2017 | 35,300 | 21,185 | |
Prior | 4,580 | 1,681 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 820,753 | 869,284 | $ 908,053 |
Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 204,570 | 267,068 | |
2020 | 197,544 | 280,147 | |
2019 | 194,315 | 140,758 | |
2018 | 84,219 | 67,321 | |
2017 | 32,905 | 19,426 | |
Prior | 4,144 | 1,651 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 717,697 | 776,371 | 803,689 |
Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 28,901 | 12,866 | |
2020 | 1,951 | 7,144 | |
2019 | 326 | 24 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 31,178 | 20,034 | 26,472 |
CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 21,746 | 17,656 | |
2020 | 14,036 | 32,253 | |
2019 | 23,435 | 14,118 | |
2018 | 8,811 | 5,972 | |
2017 | 2,395 | 1,759 | |
Prior | 436 | 30 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 70,859 | 71,788 | 76,778 |
CRA [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 1,019 | 1,091 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 1,019 | 1,091 | $ 1,114 |
30-59 [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 612 | 1,162 | |
2020 | 688 | 1,526 | |
2019 | 1,149 | 1,349 | |
2018 | 435 | 690 | |
2017 | 230 | 292 | |
Prior | 31 | 14 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 3,145 | 5,033 | |
30-59 [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 224 | 125 | |
2020 | 26 | 481 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 250 | 606 | |
30-59 [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 0 | 591 | |
2020 | 0 | 1,039 | |
2019 | 0 | 173 | |
2018 | 7 | 29 | |
2017 | 2 | 21 | |
Prior | 41 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 50 | 1,853 | |
60-89 [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 179 | 367 | |
2020 | 146 | 1,111 | |
2019 | 584 | 463 | |
2018 | 277 | 532 | |
2017 | 78 | 130 | |
Prior | 28 | 6 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 1,292 | 2,609 | |
60-89 [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 51 | 0 | |
2020 | 0 | 135 | |
2019 | 43 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 94 | 135 | |
60-89 [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 51 | 0 | |
2020 | 157 | 69 | |
2019 | 91 | 33 | |
2018 | 14 | 0 | |
2017 | 0 | 68 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 313 | 170 | |
90+ [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 91 | 503 | |
2020 | 266 | 1,370 | |
2019 | 323 | 804 | |
2018 | 197 | 377 | |
2017 | 90 | 199 | |
Prior | 31 | 16 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 998 | 3,269 | |
90+ [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 0 | 0 | |
2020 | 24 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 24 | 0 | |
90+ [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 0 | 0 | |
2020 | 0 | 340 | |
2019 | 74 | 179 | |
2018 | 55 | 5 | |
2017 | 0 | 11 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 129 | 535 | |
Total Past Due [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 882 | 2,032 | |
2020 | 1,100 | 4,007 | |
2019 | 2,056 | 2,616 | |
2018 | 909 | 1,599 | |
2017 | 398 | 621 | |
Prior | 90 | 36 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 5,435 | 10,911 | |
Total Past Due [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 275 | 125 | |
2020 | 50 | 616 | |
2019 | 43 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 368 | 741 | |
Total Past Due [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 51 | 591 | |
2020 | 157 | 1,448 | |
2019 | 165 | 385 | |
2018 | 76 | 34 | |
2017 | 2 | 100 | |
Prior | 41 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 492 | 2,558 | |
Total Past Due [Member] | CRA [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 0 | 0 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 0 | 0 | |
Current [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 203,688 | 265,036 | |
2020 | 196,444 | 276,140 | |
2019 | 192,259 | 138,142 | |
2018 | 83,310 | 65,722 | |
2017 | 32,507 | 18,805 | |
Prior | 4,054 | 1,615 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 712,262 | 765,460 | |
Current [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 28,626 | 12,741 | |
2020 | 1,901 | 6,528 | |
2019 | 283 | 24 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 30,810 | 19,293 | |
Current [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 21,695 | 17,065 | |
2020 | 13,879 | 30,805 | |
2019 | 23,270 | 13,733 | |
2018 | 8,735 | 5,938 | |
2017 | 2,393 | 1,659 | |
Prior | 395 | 30 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 70,367 | 69,230 | |
Current [Member] | CRA [Member] | |||
Amount of portfolio [Line Items] | |||
2021 | 1,019 | 1,091 | |
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | $ 1,019 | $ 1,091 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Portfolio by Origination Year - Previous Year (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Amount of portfolio [Line Items] | |||
2020 | $ 256,236 | $ 298,681 | |
2019 | 213,531 | 319,544 | |
2018 | 218,076 | 154,900 | |
2017 | 93,030 | 73,293 | |
2016 | 35,300 | 21,185 | |
Prior | 4,580 | 1,681 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 820,753 | 869,284 | $ 908,053 |
Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 204,570 | 267,068 | |
2019 | 197,544 | 280,147 | |
2018 | 194,315 | 140,758 | |
2017 | 84,219 | 67,321 | |
2016 | 32,905 | 19,426 | |
Prior | 4,144 | 1,651 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 717,697 | 776,371 | 803,689 |
Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 28,901 | 12,866 | |
2019 | 1,951 | 7,144 | |
2018 | 326 | 24 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 31,178 | 20,034 | 26,472 |
CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 21,746 | 17,656 | |
2019 | 14,036 | 32,253 | |
2018 | 23,435 | 14,118 | |
2017 | 8,811 | 5,972 | |
2016 | 2,395 | 1,759 | |
Prior | 436 | 30 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 70,859 | 71,788 | 76,778 |
CRA [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 1,019 | 1,091 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 1,019 | 1,091 | $ 1,114 |
30-59 [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 612 | 1,162 | |
2019 | 688 | 1,526 | |
2018 | 1,149 | 1,349 | |
2017 | 435 | 690 | |
2016 | 230 | 292 | |
Prior | 31 | 14 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 3,145 | 5,033 | |
30-59 [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 224 | 125 | |
2019 | 26 | 481 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 250 | 606 | |
30-59 [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 0 | 591 | |
2019 | 0 | 1,039 | |
2018 | 0 | 173 | |
2017 | 7 | 29 | |
2016 | 2 | 21 | |
Prior | 41 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 50 | 1,853 | |
60-89 [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 179 | 367 | |
2019 | 146 | 1,111 | |
2018 | 584 | 463 | |
2017 | 277 | 532 | |
2016 | 78 | 130 | |
Prior | 28 | 6 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 1,292 | 2,609 | |
60-89 [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 51 | 0 | |
2019 | 0 | 135 | |
2018 | 43 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 94 | 135 | |
60-89 [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 51 | 0 | |
2019 | 157 | 69 | |
2018 | 91 | 33 | |
2017 | 14 | 0 | |
2016 | 0 | 68 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 313 | 170 | |
90+ [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 91 | 503 | |
2019 | 266 | 1,370 | |
2018 | 323 | 804 | |
2017 | 197 | 377 | |
2016 | 90 | 199 | |
Prior | 31 | 16 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 998 | 3,269 | |
90+ [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 0 | 0 | |
2019 | 24 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 24 | 0 | |
90+ [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 0 | 0 | |
2019 | 0 | 340 | |
2018 | 74 | 179 | |
2017 | 55 | 5 | |
2016 | 0 | 11 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 129 | 535 | |
Total Past Due [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 882 | 2,032 | |
2019 | 1,100 | 4,007 | |
2018 | 2,056 | 2,616 | |
2017 | 909 | 1,599 | |
2016 | 398 | 621 | |
Prior | 90 | 36 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 5,435 | 10,911 | |
Total Past Due [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 275 | 125 | |
2019 | 50 | 616 | |
2018 | 43 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 368 | 741 | |
Total Past Due [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 51 | 591 | |
2019 | 157 | 1,448 | |
2018 | 165 | 385 | |
2017 | 76 | 34 | |
2016 | 2 | 100 | |
Prior | 41 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 492 | 2,558 | |
Total Past Due [Member] | CRA [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 0 | 0 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 0 | 0 | |
Current [Member] | Equipment Finance [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 203,688 | 265,036 | |
2019 | 196,444 | 276,140 | |
2018 | 192,259 | 138,142 | |
2017 | 83,310 | 65,722 | |
2016 | 32,507 | 18,805 | |
Prior | 4,054 | 1,615 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 712,262 | 765,460 | |
Current [Member] | Working capital Loans [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 28,626 | 12,741 | |
2019 | 1,901 | 6,528 | |
2018 | 283 | 24 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 30,810 | 19,293 | |
Current [Member] | CVG [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 21,695 | 17,065 | |
2019 | 13,879 | 30,805 | |
2018 | 23,270 | 13,733 | |
2017 | 8,735 | 5,938 | |
2016 | 2,393 | 1,659 | |
Prior | 395 | 30 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | 70,367 | 69,230 | |
Current [Member] | CRA [Member] | |||
Amount of portfolio [Line Items] | |||
2020 | 1,019 | 1,091 | |
2019 | 0 | 0 | |
2018 | 0 | 0 | |
2017 | 0 | 0 | |
2016 | 0 | 0 | |
Prior | 0 | 0 | |
Net investment in leases and loans, excluding allowance for credit losses (includes $12.1 million and $30.4 million at September 30, 2021 and December 31, 2020, respectively, related to consolidated VIEs) | $ 1,019 | $ 1,091 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Non-accrual Leases and Loans in Company's Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual leases and loans, end of period | $ 10,119 | $ 14,289 |
Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual leases and loans, end of period | 2,485 | 5,543 |
Working capital Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual leases and loans, end of period | 139 | 932 |
CVG [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual leases and loans, end of period | $ 7,495 | $ 7,814 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narratives (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 6,700,000 | ||||
Amortization of Intangible Assets | $ 500,000 | $ 600,000 | |||
Goodwill Impairment Loss | $ 0 | $ 0 | $ 6,700,000 | 0 | 6,735,000 |
Indefinite-lived Intangible Assets | $ 0 | 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Finite Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 7,350 |
Accumulated Amortization | 2,175 |
Net Value | $ 5,175 |
Vendor Relationships [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Useful Life | 11 years |
Gross Carrying Amount | $ 7,290 |
Accumulated Amortization | 2,134 |
Net Value | $ 5,156 |
Corporate Trade Name [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Useful Life | 7 years |
Gross Carrying Amount | $ 60 |
Accumulated Amortization | 41 |
Net Value | $ 19 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Amortization expense for the next five years [Abstract] | |
Remainder of 2021 | $ 168 |
2022 | 671 |
2023 | 671 |
2024 | 663 |
2025 | $ 663 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Accrued fees receivable | $ 2,289 | $ 2,928 |
Prepaid expenses | 2,404 | 2,790 |
Income taxes receivable | 8,214 | 0 |
Federal Reserve Bank Stock | 1,711 | 1,711 |
Other | 1,942 | 2,783 |
Other assets, total | $ 16,560 | $ 10,212 |
Deposits (Details)
Deposits (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Contractual Maturities of Time Deposits [Abstract] | ||
Remainder of 2021 | $ 391,752,000 | |
2022 | 204,023,000 | |
2023 | 91,829,000 | |
2024 | 33,321,000 | |
2025 | 9,054,000 | |
Total | 729,979,000 | $ 729,614,000 |
Cash and Cash Equivalents [Line Items] | ||
Money market deposit accounts | 55,000,000 | |
Cash FDIC Insured Amount | $ 250,000 | |
Weighted average all-in interest rate of all deposit liabilities outstanding | 1.07% | |
MBB Certificate of Deposit [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maximum time deposit liability denomination | $ 250,000 | |
MMDA [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maximum time deposit liability denomination | $ 250,000 |
Debt and Financing Arrangemen_3
Debt and Financing Arrangements - Narratives (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Jul. 27, 2018 |
Debt and Financing Arrangements [Abstract] | |||
Term securitization 2018-1 | $ 11,719,000 | $ 30,800,000 | $ 201,650,000 |
Debt collateralized | 12,800,000 | ||
Debt instrument collateralized by restricted deposits | 3,200,000 | ||
Federal Funds [Member] | Marlin Business Bank [Member] | |||
Debt Instrument Terms [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | ||
Line of credit | 0 | $ 0 | |
Federal Reserve Discount Window [Member] | |||
Debt Instrument Terms [Line Items] | |||
Net investment in leases are pledged as collateral | 55,900,000 | ||
Federal Reserve Discount Window [Member] | Marlin Business Bank [Member] | |||
Debt Instrument Terms [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | 50,200,000 | ||
Net investment in leases are pledged as collateral | $ 55,900,000 |
Debt and Financing Arrangemen_4
Debt and Financing Arrangements - Long-term Borrowings (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Jul. 27, 2018 |
Variable Interest Entity [Line Items] | |||
Term securitization 2018-1 | $ 11,719,000 | $ 30,800,000 | $ 201,650,000 |
Unamortized debt issuance costs | (43,000) | (135,000) | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Long-term borrowings related to consolidated VIEs | $ 11,676,000 | $ 30,665,000 |
Debt and Financing Arrangemen_5
Debt and Financing Arrangements - Term Note Securitization (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Jul. 27, 2018 | |
Debt Instrument [Line Items] | |||
Term note securitization | $ 11,719 | $ 30,800 | $ 201,650 |
Class A-1 [Member] | |||
Debt Instrument [Line Items] | |||
Term note securitization | $ 0 | 0 | 77,400 |
Debt instrument maturity date | July, 2019 | ||
Weighted average coupon rate | 2.55% | ||
Class A-2 [Member] | |||
Debt Instrument [Line Items] | |||
Term note securitization | $ 0 | 0 | 55,700 |
Debt instrument maturity date | October, 2020 | ||
Weighted average coupon rate | 3.05% | ||
Class A-3 [Member] | |||
Debt Instrument [Line Items] | |||
Term note securitization | $ 0 | 0 | 36,910 |
Debt instrument maturity date | April, 2023 | ||
Weighted average coupon rate | 3.36% | ||
Class B [Member] | |||
Debt Instrument [Line Items] | |||
Term note securitization | $ 0 | 9,560 | 10,400 |
Debt instrument maturity date | May, 2023 | ||
Weighted average coupon rate | 3.54% | ||
Class C [Member] | |||
Debt Instrument [Line Items] | |||
Term note securitization | $ 1,869 | 11,390 | 11,390 |
Debt instrument maturity date | June, 2023 | ||
Weighted average coupon rate | 3.70% | ||
Class D [Member] | |||
Debt Instrument [Line Items] | |||
Term note securitization | $ 5,470 | 5,470 | 5,470 |
Debt instrument maturity date | July, 2023 | ||
Weighted average coupon rate | 3.99% | ||
Class E [Member] | |||
Debt Instrument [Line Items] | |||
Term note securitization | $ 4,380 | $ 4,380 | $ 4,380 |
Debt instrument maturity date | May, 2025 | ||
Weighted average coupon rate | 5.02% | ||
2018-1 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average coupon rate | 3.05% |
Debt and Financing Arrangemen_6
Debt and Financing Arrangements - Scheduled Principal and Interest Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jul. 27, 2018 |
Scheduled principal and interest payments on outstanding borrowings [Abstract] | |||
Remainder of 2021, principal | $ 3,137 | ||
Principal, 2022 | 8,582 | ||
Scheduled principal payments | 11,719 | $ 30,800 | $ 201,650 |
Remainder of 2021, interest | 121 | ||
Interest, 2022 | 159 | ||
Scheduled interest payments | $ 280 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures About Fair Value of Financial Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | |||||
Goodwill Impairment Loss | $ 0 | $ 0 | $ 6,700,000 | $ 0 | $ 6,735,000 |
Fair Value Assets Level 1 To Level 2 Transfers Amount | $ 0 | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures About Fair Value of Financial Instruments - Balances Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 0 | $ 11,624 |
ABS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 3,719 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 4,145 |
Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 3,760 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ABS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 3,760 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ABS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 3,719 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 4,145 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ABS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures About Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jul. 27, 2018 |
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents | $ 222,260 | $ 135,691 | $ 195,132 | |
Time deposits with banks | 996 | 5,967 | ||
Restricted interest-earning deposits with banks | 3,202 | 4,719 | $ 5,771 | |
Loans, net of allowance | 793,232 | 825,056 | ||
Federal Reserve Bank Stock | 1,711 | 1,711 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits | 783,203 | 729,614 | ||
Long-term borrowings | 11,719 | 30,800 | $ 201,650 | |
Carrying Amount [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents | 222,260 | 135,691 | ||
Time deposits with banks | 996 | 5,967 | ||
Restricted interest-earning deposits with banks | 3,202 | 4,719 | ||
Loans, net of allowance | 504,335 | 500,768 | ||
Federal Reserve Bank Stock | 1,711 | 1,711 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits | 783,203 | 729,614 | ||
Long-term borrowings | 11,676 | 30,665 | ||
Fair Value [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents | 222,260 | 135,691 | ||
Time deposits with banks | 1,000 | 6,003 | ||
Restricted interest-earning deposits with banks | 3,202 | 4,719 | ||
Loans, net of allowance | 513,431 | 507,362 | ||
Federal Reserve Bank Stock | 1,711 | 1,711 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits | 790,175 | 742,882 | ||
Long-term borrowings | $ 11,961 | $ 31,114 |
Earnings Per Share - Net Income
Earnings Per Share - Net Income and Shares Used in Computing Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Basic [Abstract] | ||||||||
Net income (loss) | $ 5,481 | $ 10,256 | $ 6,851 | $ 2,743 | $ (5,882) | $ (11,821) | $ 22,588 | $ (14,960) |
Less: net income allocated to participating securities | (69) | (36) | (281) | 0 | ||||
Net income (loss) allocated to common stock | $ 5,412 | $ 2,707 | $ 22,307 | $ (14,960) | ||||
Weighted average common shares outstanding | 12,026,443 | 11,946,549 | 12,007,963 | 11,951,375 | ||||
Less: Unvested restricted stock awards considered participating securities | (150,339) | (155,408) | (149,462) | (142,186) | ||||
Adjusted weighted average common shares used in computing basic EPS | 11,876,104 | 11,791,141 | 11,858,501 | 11,809,189 | ||||
Basic earnings (loss) per share | $ 0.46 | $ 0.23 | $ 1.88 | $ (1.27) | ||||
Earnings Per Share, Diluted [Abstract] | ||||||||
Net income (loss) allocated to common stock | $ 5,412 | $ 2,707 | $ 22,307 | $ (14,960) | ||||
Adjusted weighted average common shares used in computing basic EPS | 11,876,104 | 11,791,141 | 11,858,501 | 11,809,189 | ||||
Add: Effect of dilutive stock-based compensation awards | 186,146 | 41,272 | 113,767 | 0 | ||||
Adjusted weighted average common shares used in computing diluted EPS | 12,062,250 | 11,832,413 | 11,972,268 | 11,809,189 | ||||
Diluted earnings (loss) per share | $ 0.45 | $ 0.23 | $ 1.86 | $ (1.27) | ||||
Antidilutive securities excluded from computation of earnings per share amount | 112,216 | 230,428 | 132,619 | 286,349 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narratives (Details) $ / shares in Units, $ in Thousands | Oct. 28, 2021$ / shares | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021$ / shares | Mar. 31, 2021$ / shares | Sep. 30, 2020$ / sharesshares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020$ / sharesshares |
Regulatory Capital Requirements Miscellaneous Information [Abstract] | |||||||||
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.08 | 0.08 | |||||||
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.10 | |||||||
Percentage of transitional amounts for measurment of estimated allowance year one | 25.00% | ||||||||
Percentage of transitional amounts for measurment of estimated allowance next two years | 25.00% | ||||||||
Percentage of transitional amounts for measurment of estimated allowance during year three | 75.00% | ||||||||
Cash dividends paid per share | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | |||
Subsequent Event [Member] | |||||||||
Dividends Paid [Abstract] | |||||||||
Cash dividend declared on common stock, payable date | Nov. 18, 2021 | ||||||||
Cash dividend declared on common stock, date of record | Nov. 8, 2021 | ||||||||
Maximum [Member] | |||||||||
Regulatory Capital Requirements Miscellaneous Information [Abstract] | |||||||||
Cash dividends paid per share | $ 0.14 | ||||||||
Maximum [Member] | Subsequent Event [Member] | |||||||||
Regulatory Capital Requirements Miscellaneous Information [Abstract] | |||||||||
Cash dividends paid per share | $ 0.14 | ||||||||
Marlin Business Services Corp. [Member] | |||||||||
Regulatory Capital Requirements Miscellaneous Information [Abstract] | |||||||||
Total stockholders equity (regulatory) | $ | $ 217,465 | $ 217,465 | |||||||
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | 0.0800 | |||||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 | |||||||
Total Risk Based Capital to Risk Weighted Assets | 0.2660 | 0.2660 | |||||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | 0.0600 | |||||||
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 | |||||||
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0450 | 0.0450 | |||||||
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.0650 | 0.0650 | |||||||
Marlin Business Bank [Member] | |||||||||
Regulatory Capital Requirements Miscellaneous Information [Abstract] | |||||||||
Total stockholders equity (regulatory) | $ | $ 165,937 | $ 165,937 | |||||||
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.08 | 0.08 | |||||||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.04 | 0.04 | |||||||
FDIC Agreement Capital Required To Be Well Capitalized To Risk Weighted Assets | 15.00% | 15.00% | |||||||
Total Risk Based Capital to Risk Weighted Assets | 0.2194 | 0.2194 | |||||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.06 | 0.06 | |||||||
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 | |||||||
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.045 | 0.045 | |||||||
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.065 | 0.065 | |||||||
New Capital Conservation Buffer | 2.50% | 2.50% | |||||||
2017 Stock Repurchase Plan [Member] | |||||||||
Stock Repurchase [Abstract] | |||||||||
Stock Repurchased During Period, Average Cost Per Share | $ 16.09 | ||||||||
Stock Repurchased During Period, Shares | shares | 264,470 | ||||||||
2014 Stock Repurchase Plan [Member] | |||||||||
Stock Repurchase [Abstract] | |||||||||
Stock Repurchased During Period, Average Cost Per Share | $ 22.44 | $ 8.06 | $ 14.07 | $ 10.70 | |||||
Stock Repurchased During Period, Shares | shares | 36 | 18,446 | 16,198 | 41,466 | |||||
2019 Stock Repurchase Plan [Member] | |||||||||
Stock Repurchase [Abstract] | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 4,700 | $ 4,700 | |||||||
Stock Repurchased During Period, Shares | shares | 0 | 0 | 0 |
Stockholders' Equity - Regulato
Stockholders' Equity - Regulatory Capital Ratios (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.08 |
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 |
Marlin Business Services Corp. [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Tier One Leverage Capital | $ 217,465 |
Tier One Leverage Capital Required for Capital Adequacy | 40,076 |
Tier One Leverage Capital Required to be Well Capitalized | 50,095 |
Common Equity Tier One Risk Based Capital | 217,465 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy | 38,640 |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized | 55,813 |
Tier One Risk Based Capital | 217,465 |
Tier One Risk Based Capital Required for Capital Adequacy | 51,519 |
Tier One Risk Based Capital Required to be Well Capitalized | 68,693 |
Total Risk Based Capital | 228,405 |
Total Risk Based Capital Required for Capital Adequacy | 68,693 |
Total Risk Based Capital Required to be Well Capitalized | $ 85,866 |
Tier One Leverage Capital to Average Assets | 0.2171 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 |
Common Equity Tier One Risk Based Capital To Risk Weighted Assets | 0.2533 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0450 |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.0650 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.2533 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 |
Total Risk Based Capital to Risk Weighted Assets | 0.2660 |
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 |
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 |
Marlin Business Bank [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Tier One Leverage Capital | $ 165,937 |
Tier One Leverage Capital Required for Capital Adequacy | 37,210 |
Tier One Leverage Capital Required to be Well Capitalized | 46,513 |
Common Equity Tier One Risk Based Capital | 165,937 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy | 36,131 |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized | 52,189 |
Tier One Risk Based Capital | 165,937 |
Tier One Risk Based Capital Required for Capital Adequacy | 48,174 |
Tier One Risk Based Capital Required to be Well Capitalized | 64,232 |
Total Risk Based Capital | 176,181 |
Total Risk Based Capital Required for Capital Adequacy | 64,232 |
Total Risk Based Capital Required to be Well Capitalized | $ 80,290 |
Tier One Leverage Capital to Average Assets | 0.1784 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.04 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 |
Common Equity Tier One Risk Based Capital To Risk Weighted Assets | 0.2067 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.045 |
Common Equity Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.065 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.2067 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.06 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 |
Total Risk Based Capital to Risk Weighted Assets | 0.2194 |
Total Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.08 |
Total Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 |
Subsequent Events - Narratives
Subsequent Events - Narratives (Details) | Oct. 28, 2021USD ($)Number$ / shares | Sep. 30, 2021USD ($)$ / shares | Jun. 30, 2021$ / shares | Mar. 31, 2021$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Sep. 30, 2021USD ($)$ / shares | Oct. 22, 2021USD ($) |
Subsequent Event [Line Items] | |||||||||
Quarterly cash dividends | $ / shares | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | |||
Cash FDIC Insured Amount | $ | $ 250,000 | $ 250,000 | |||||||
Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Quarterly cash dividends | $ / shares | $ 0.14 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash dividend declared on common stock, payable date | Nov. 18, 2021 | ||||||||
Cash dividend declared on common stock, date of record | Nov. 8, 2021 | ||||||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.14 | ||||||||
Dividends Payable | $ | $ 1,700,000 | ||||||||
Number of consecutive quarterly cash dividends declared. | Number | 41 | ||||||||
Subsequent Event [Member] | Marlin Business Bank [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash FDIC Insured Amount | $ | $ 204,800,000 | ||||||||
Fees related to assuming deposits by acquirer | $ | $ 750,000 | ||||||||
Subsequent Event [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Quarterly cash dividends | $ / shares | $ 0.14 |