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SIGNIFICANT EVENTS | 12 Months Ended
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Sep. 30, 2021
Unusual or Infrequent Items, or Both [Abstract] |
SIGNIFICANT EVENTS | SIGNIFICANT EVENTS COVID-19 Pandemic The COVID-19 pandemic began impacting the U.S. and global economies in the first calendar quarter of 2020, with significant deterioration of macroeconomic conditions and markets into 2021. In response to the impacts of COVID-19, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") on March 27, 2020. In addition to the CARES Act, the U.S. federal government enacted the Consolidated Appropriations Act 2021 ("CAA") on December 27, 2020 and the American Rescue Plan Act of 2021 ("ARP Act") on March 11, 2021, which provide additional COVID-19 relief to American families and businesses. The Company is participating in the Paycheck Protection Program ("PPP"), which is being administered by the Small Business Administration ("SBA"). It is the Company's understanding that loans funded through the PPP program are fully guaranteed by the U.S. government and that a portion of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. See Note 5. Loans and Leases, Net for further information related to this program. In response to the COVID-19 pandemic impact on customers, the Company engaged and continues to engage in more frequent communication with borrowers to better understand their situation and challenges and offered credit-worthy borrowers experiencing temporary hardship certain loan and lease modifications ("COVID modifications"), such as payment deferrals, as a result of interagency guidance issued on March 22, 2020 encouraging companies to work with customers impacted by COVID-19. The Company elected to treat COVID modifications on leases as part of the enforceable rights and obligations of the parties under the existing lease contract, resulting in these payment deferrals being treated as variable lease payments under the existing lease versus lease modifications. Additionally, for COVID modifications on loans, the Company adjusted its effective interest rate to reflect the payment deferral modification and continued accruing interest during this period. Short-term modifications made on a good faith basis in response to COVID-19 borrowers whose payments were current prior to any relief, are not to be considered troubled debt restructurings, and will not be considered delinquent so long as they meet their revised obligations under the modification agreement. The table below presents the outstanding balances of active COVID-19 related modifications.
| As of the Period Ended
(Dollars in Thousands) | September 30, 2021 |  | June 30, 2021 |  | March 31, 2021 |  | September 30, 2020
Term lending | $ | 1,619 |  |  | $ | 2,955 |  |  | $ | 5,460 |  |  | $ | 26,559 |
Asset based lending | — |  |  | — |  |  | — |  |  | 7,924 |
Factoring | — |  |  | — |  |  | — |  |  | 18,434 |
Lease financing | 64 |  |  | 275 |  |  | 379 |  |  | 5,896 |
Insurance premium finance | — |  |  | — |  |  | — |  |  | 230 |
SBA/USDA | — |  |  | — |  |  | — |  |  | 7,724 |
Other commercial finance | — |  |  | — |  |  | — |  |  | 69 |
Commercial finance | 1,683 |  |  | 3,230 |  |  | 5,839 |  |  | 66,836 |
Consumer credit products | 133 |  |  | 19 |  |  | 301 |  |  | 1,574 |
Other consumer finance | 980 |  |  | 1,609 |  |  | 1,627 |  |  | 4,223 |
Consumer finance | 1,113 |  |  | 1,628 |  |  | 1,928 |  |  | 5,797 |
Community banking | 36,296 |  |  | 36,632 |  |  | 58,707 |  |  | 120,695 |
Total loans and leases | 39,092 |  |  | 41,490 |  |  | 66,474 |  |  | 193,328 |
Total COVID-19 related modifications | $ | 39,092 |  |  | $ | 41,490 |  |  | $ | 66,474 |  |  | $ | 193,328 |

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