v3.20.1
Segment Financials
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12 Months Ended |
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Segment Financials [Abstract] |
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Segment Financials |
Note V—Segment Financials
The Company performed a strategic evaluation of its businesses in the third quarter of 2014. As a result of the evaluation, the Company decided to discontinue its Philadelphia commercial lending operations, as described in Note W- Discontinued Operations. The shift from a traditional bank balance sheet led the Company to evaluate its remaining business structure. Based on the continuing operations of the Company, it was determined that there would be four segments of the business: specialty finance, payments, corporate and discontinued operations. The chief decision maker for these segments is the Chief Executive Officer. Specialty finance includes commercial mortgage loan sales and securitizations, SBA loans, direct lease financing and security and insurance backed lines of credit and deposits generated by those business lines. Payments include prepaid and debit cards, card payments, ACH processing and healthcare accounts and deposits generated by those business lines. Corporate includes the Company’s investment portfolio, corporate overhead and non-allocated expenses. Investment income is reallocated to the payments segment. These operating segments reflect the way the Company views its current operations.
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For the year ended December 31, 2019
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Specialty finance
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Payments
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Corporate
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Discontinued operations
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Total
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(in thousands)
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Interest income
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$ 126,814
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$ -
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$ 52,755
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$ -
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$ 179,569
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Interest allocation
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-
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52,755
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(52,755)
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-
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-
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Interest expense
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1,429
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28,971
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7,881
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-
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38,281
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Net interest income (loss)
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125,385
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23,784
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(7,881)
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-
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141,288
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Provision for loan and lease losses
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4,400
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-
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-
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-
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4,400
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Non-interest income
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29,140
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74,742
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245
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-
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104,127
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Non-interest expense
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63,884
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67,884
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36,753
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-
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168,521
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Income (loss) from continuing operations before taxes
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86,241
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30,642
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(44,389)
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-
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72,494
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Income tax expense
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-
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-
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21,226
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-
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21,226
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Income (loss) from continuing operations
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86,241
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30,642
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(65,615)
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-
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51,268
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Income from discontinued operations
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-
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-
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-
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291
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291
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Net income (loss)
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$ 86,241
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$ 30,642
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$ (65,615)
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$ 291
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$ 51,559
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For the year ended December 31, 2018
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Specialty finance
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Payments
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Corporate
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Discontinued operations
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Total
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(in thousands)
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Interest income
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$ 95,221
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$ -
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$ 52,739
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$ -
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$ 147,960
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Interest allocation
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-
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52,739
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(52,739)
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-
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-
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Interest expense
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3,970
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21,293
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1,849
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-
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27,111
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Net interest income (loss)
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91,251
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31,446
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(1,849)
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-
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120,849
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Provision for loan and lease losses
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3,585
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-
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-
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-
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3,585
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Non-interest income
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89,187
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63,939
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668
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-
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153,795
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Non-interest expense
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57,952
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65,894
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27,432
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-
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151,278
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Income (loss) from continuing operations before taxes
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118,902
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29,492
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(28,613)
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-
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119,781
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Income tax expense
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-
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-
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32,241
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-
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32,241
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Income (loss) from continuing operations
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118,902
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29,492
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(60,854)
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-
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87,540
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Income from discontinued operations
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-
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-
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-
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1,137
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1,137
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Net income (loss)
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$ 118,902
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$ 29,492
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$ (60,854)
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$ 1,137
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$ 88,677
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For the year ended December 31, 2017
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Specialty finance
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Payments
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Corporate
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Discontinued operations
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Total
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(in thousands)
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Interest income
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$ 78,464
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$ -
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$ 43,556
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$ -
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$ 122,020
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Interest allocation
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-
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43,556
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(43,556)
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-
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-
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Interest expense
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3,455
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10,475
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1,410
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-
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15,340
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Net interest income (loss)
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75,009
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33,081
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(1,410)
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-
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106,680
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Provision for loan and lease losses
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2,920
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-
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-
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-
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2,920
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Non-interest income
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27,952
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61,781
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1,815
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-
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91,548
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Non-interest expense
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56,472
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71,029
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27,413
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-
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154,914
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Income (loss) from continuing operations before taxes
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43,569
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23,833
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(27,008)
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-
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40,394
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Income tax expense
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-
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-
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23,056
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-
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23,056
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Income (loss) from continuing operations
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43,569
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23,833
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(50,064)
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-
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17,338
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Income from discontinued operations
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-
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-
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-
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4,335
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4,335
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Net income (loss)
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$ 43,569
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$ 23,833
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$ (50,064)
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$ 4,335
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$ 21,673
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December 31, 2019
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Specialty finance
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Payments
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Corporate
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Discontinued operations
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Total
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(in thousands)
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Total assets
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$ 3,008,304
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$ 57,746
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$ 2,450,256
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$ 140,657
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$ 5,656,963
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Total liabilities
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$ 247,485
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$ 4,030,921
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$ 894,060
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$ -
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$ 5,172,466
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December 31, 2018
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Specialty finance
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Payments
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Corporate
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Discontinued operations
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Total
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(in thousands)
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Total assets
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$ 2,181,499
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$ 43,737
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$ 2,014,844
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$ 197,831
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$ 4,437,911
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Total liabilities
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$ 281,326
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$ 3,545,877
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$ 203,932
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$ -
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$ 4,031,135
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X |
- References
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ References
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