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LOANS AND LEASES, NET (Tables) | 6 Months Ended
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Mar. 31, 2024
Loans and Leases Receivable Disclosure [Abstract] |
Schedule of Loans Receivable | Loans and leases consist of the following:
(Dollars in thousands) | March 31, 2024 |  | September 30, 2023
Term lending | $ | 1,489,054 |  |  | $ | 1,308,133 |
Asset-based lending | 429,556 |  |  | 382,371 |
Factoring | 336,442 |  |  | 358,344 |
Lease financing | 168,616 |  |  | 183,392 |
Insurance premium finance | 522,904 |  |  | 800,077 |
SBA/USDA | 560,433 |  |  | 524,750 |
Other commercial finance | 149,056 |  |  | 166,091 |
Commercial finance | 3,656,061 |  |  | 3,723,158 |
Consumer finance | 267,031 |  |  | 254,416 |
Tax services | 84,502 |  |  | 5,192 |
Warehouse finance | 394,814 |  |  | 376,915 |
Total loans and leases | 4,402,408 |  |  | 4,359,681 |
Net deferred loan origination costs | 6,977 |  |  | 6,435 |
Total gross loans and leases | 4,409,385 |  |  | 4,366,116 |
Allowance for credit losses | (80,777) |  |  | (49,705) |
Total loans and leases, net | $ | 4,328,608 |  |  | $ | 4,316,411 |
Schedule of Loans Purchased and Sold by Portfolio Segment | Loans purchased and sold by portfolio segment, including participation interests, were as follows:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(Dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Loans Purchased |  |  |  |  |  |  |
Loans held for investment: |  |  |  |  |  |  |
Warehouse finance | $ | 73,701 |  |  | $ | 120,185 |  |  | $ | 163,091 |  |  | $ | 187,834 |
Total purchases | $ | 73,701 |  |  | $ | 120,185 |  |  | $ | 163,091 |  |  | $ | 187,834 |
Loans Sold |  |  |  |  |  |  |
Loans held for sale: |  |  |  |  |  |  |
Commercial finance | $ | 21,173 |  |  | $ | 294 |  |  | $ | 25,045 |  |  | $ | 1,149 |
Consumer finance | 321,489 |  |  | 201,199 |  |  | 943,953 |  |  | 603,214 |
Total sales | $ | 342,662 |  |  | $ | 201,493 |  |  | $ | 968,998 |  |  | $ | 604,363 |
Sales-type Lease, Lease Income | The net investment in direct financing and sales-type leases was comprised of the following:
(Dollars in thousands) | March 31, 2024 |  | September 30, 2023
Minimum lease payments receivable | $ | 177,498 |  |  | $ | 191,807 |
Unguaranteed residual assets | 12,171 |  |  | 12,709 |
Unamortized initial direct costs | 82 |  |  | 141 |
Unearned income | (21,053) |  |  | (21,124) |
Total net investment in direct financing and sales-type leases | $ | 168,698 |  |  | $ | 183,533 |
Operating Lease, Lease Income | The components of total lease income were as follows:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(Dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Interest income - loans and leases |  |  |  |  |  |  |
Interest income on net investments in direct financing and sales-type leases | $ | 2,853 |  |  | $ | 2,819 |  |  | $ | 5,961 |  |  | $ | 5,962 |
Leasing and equipment finance noninterest income |  |  |  |  |  |  |
Lease income from operating lease payments | 13,605 |  |  | 12,843 |  |  | 26,860 |  |  | 25,397 |
Other(1) | 869 |  |  | (356) |  |  | 1,593 |  |  | 346 |
Total leasing and equipment finance noninterest income | 14,474 |  |  | 12,487 |  |  | 28,453 |  |  | 25,743 |
Total lease income | $ | 17,327 |  |  | $ | 15,306 |  |  | $ | 34,414 |  |  | $ | 31,705 |
(1) Other leasing and equipment finance noninterest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases.
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at March 31, 2024 were as follows:
(Dollars in thousands) |
Remaining in 2024 | $ | 36,927 |
2025 | 53,952 |
2026 | 34,868 |
2027 | 21,176 |
2028 | 16,575 |
Thereafter | 14,000 |
Total undiscounted future minimum lease payments receivable for direct financing and sales-type leases | 177,498 |
Third-party residual value guarantees | — |
Total carrying amount of direct financing and sales-type leases | $ | 177,498 |
Annual Activity in Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans | Activity in the allowance for credit losses and balances of loans and leases by portfolio segment was as follows:
| Three Months Ended March 31, 2024
(Dollars in thousands) | Beginning Balance | Provision (Reversal) | Charge-offs | Recoveries | Ending Balance
Allowance for credit losses: |  |  |  |  |
Term lending | $ | 27,013 |  | $ | 6,303 |  | $ | (5,176) |  | $ | 487 |  | $ | 28,627 |
Asset-based lending | 1,370 |  | (254) |  | — |  | 99 |  | 1,215 |
Factoring | 7,433 |  | (623) |  | (12) |  | 16 |  | 6,814 |
Lease financing | 4,008 |  | (2,547) |  | 28 |  | 62 |  | 1,551 |
Insurance premium finance | 2,123 |  | (532) |  | (295) |  | 113 |  | 1,409 |
SBA/USDA | 3,289 |  | (347) |  | — |  | — |  | 2,942 |
Other commercial finance | 3,312 |  | (1,592) |  | — |  | — |  | 1,720 |
Commercial finance | 48,548 |  | 408 |  | (5,455) |  | 777 |  | 44,278 |
Consumer finance | 4,380 |  | 231 |  | (37) |  | 2 |  | 4,576 |
Tax services | 507 |  | 25,221 |  | — |  | 5,800 |  | 31,528 |
Warehouse finance | 350 |  | 45 |  | — |  | — |  | 395 |
Total loans and leases | 53,785 |  | 25,905 |  | (5,492) |  | 6,579 |  | 80,777 |
Unfunded commitments(1) | 596 |  | 147 |  | — |  | — |  | 743 |
Total | $ | 54,381 |  | $ | 26,052 |  | $ | (5,492) |  | $ | 6,579 |  | $ | 81,520 |
(1) Reserve for unfunded commitments is recognized within other liabilities on the Condensed Consolidated Statements of Financial Condition.
| Three Months Ended March 31, 2023
(Dollars in thousands) | Beginning Balance | Provision (Reversal) | Charge-offs | Recoveries | Ending Balance
Allowance for credit losses: |  |  |  |  |
Term lending | $ | 26,752 |  | $ | 3,974 |  | $ | (2,705) |  | $ | 394 |  | $ | 28,415 |
Asset-based lending | 3,903 |  | 51 |  | (2,873) |  | — |  | 1,081 |
Factoring | 5,674 |  | (40) |  | (62) |  | 16 |  | 5,588 |
Lease financing | 5,238 |  | (183) |  | (607) |  | 101 |  | 4,549 |
Insurance premium finance | 1,261 |  | 155 |  | (224) |  | 71 |  | 1,263 |
SBA/USDA | 2,632 |  | 2 |  | — |  | 6 |  | 2,640 |
Other commercial finance | 3,356 |  | 976 |  | — |  | — |  | 4,332 |
Commercial finance | 48,816 |  | 4,935 |  | (6,471) |  | 588 |  | 47,868 |
Consumer finance | 2,887 |  | 232 |  | (154) |  | — |  | 2,965 |
Tax services | 609 |  | 31,422 |  | — |  | 1,063 |  | 33,094 |
Warehouse finance | 280 |  | 97 |  | — |  | — |  | 377 |
Total loans and leases | 52,592 |  | 36,686 |  | (6,625) |  | 1,651 |  | 84,304 |
Unfunded commitments(1) | 279 |  | 77 |  | — |  | — |  | 356 |
Total | $ | 52,871 |  | $ | 36,763 |  | $ | (6,625) |  | $ | 1,651 |  | $ | 84,660 |
(1) Reserve for unfunded commitments is recognized within other liabilities on the Condensed Consolidated Statements of Financial Condition.
| Six Months Ended March 31, 2024
(Dollars in thousands) | Beginning Balance | Provision (Reversal) | Charge-offs | Recoveries | Ending Balance
Allowance for credit losses: |  |  |  |  |
Term lending | $ | 25,686 |  | $ | 12,125 |  | $ | (10,297) |  | $ | 1,113 |  | $ | 28,627 |
Asset-based lending | 2,738 |  | (1,764) |  | — |  | 241 |  | 1,215 |
Factoring | 6,566 |  | 128 |  | (35) |  | 155 |  | 6,814 |
Lease financing | 3,302 |  | (1,781) |  | (125) |  | 155 |  | 1,551 |
Insurance premium finance | 2,637 |  | (771) |  | (660) |  | 203 |  | 1,409 |
SBA/USDA | 2,962 |  | (20) |  | — |  | — |  | 2,942 |
Other commercial finance | 3,089 |  | (1,369) |  | — |  | — |  | 1,720 |
Commercial finance | 46,980 |  | 6,548 |  | (11,117) |  | 1,867 |  | 44,278 |
Consumer finance | 2,346 |  | 2,328 |  | (100) |  | 2 |  | 4,576 |
Tax services | 2 |  | 26,577 |  | (1,145) |  | 6,094 |  | 31,528 |
Warehouse finance | 377 |  | 18 |  | — |  | — |  | 395 |
Total loans and leases | 49,705 |  | 35,471 |  | (12,362) |  | 7,963 |  | 80,777 |
Unfunded commitments(1) | 272 |  | 471 |  | — |  | — |  | 743 |
Total | $ | 49,977 |  | $ | 35,942 |  | $ | (12,362) |  | $ | 7,963 |  | $ | 81,520 |
(1) Reserve for unfunded commitments is recognized within other liabilities on the Condensed Consolidated Statements of Financial Condition.
| Six Months Ended March 31, 2023
(Dollars in thousands) | Beginning Balance | Provision (Reversal) | Charge-offs | Recoveries | Ending Balance
Allowance for credit losses: |  |  |  |  |
Term lending | $ | 24,621 |  | $ | 7,645 |  | $ | (4,522) |  | $ | 671 |  | $ | 28,415 |
Asset-based lending | 1,050 |  | 2,904 |  | (2,873) |  | — |  | 1,081 |
Factoring | 6,556 |  | (804) |  | (183) |  | 19 |  | 5,588 |
Lease financing | 5,902 |  | (621) |  | (1,013) |  | 281 |  | 4,549 |
Insurance premium finance | 1,450 |  | 108 |  | (409) |  | 114 |  | 1,263 |
SBA/USDA | 3,263 |  | (649) |  | — |  | 26 |  | 2,640 |
Other commercial finance | 1,310 |  | 3,022 |  | — |  | — |  | 4,332 |
Commercial finance | 44,152 |  | 11,605 |  | (9,000) |  | 1,111 |  | 47,868 |
Consumer finance | 1,463 |  | 1,835 |  | (333) |  | — |  | 2,965 |
Tax services | 5 |  | 33,059 |  | (1,731) |  | 1,761 |  | 33,094 |
Warehouse finance | 327 |  | 50 |  | — |  | — |  | 377 |
Total loans and leases | 45,947 |  | 46,549 |  | (11,064) |  | 2,872 |  | 84,304 |
Unfunded commitments(1) | 366 |  | (10) |  | — |  | — |  | 356 |
Total | $ | 46,313 |  | $ | 46,539 |  | $ | (11,064) |  | $ | 2,872 |  | $ | 84,660 |
(1) Reserve for unfunded commitments is recognized within other liabilities on the Condensed Consolidated Statements of Financial Condition.
Impaired Loans and Leases | Information on loans and leases that are deemed to be collateral dependent and are evaluated individually for the ACL was as follows:
(Dollars in thousands) | At March 31, 2024 |  | At September 30, 2023
Term lending | $ | 7,100 |  |  | $ | 3,516 |
Asset-based lending | 1,213 |  |  | 19,226 |
Factoring | 5,103 |  |  | 1,133 |
Lease financing | 647 |  |  | 630 |
SBA/USDA | 1,748 |  |  | 750 |
Commercial finance(1) | 15,811 |  |  | 25,255 |
Total | $ | 15,811 |  |  | $ | 25,255 |
(1) For Commercial Finance, collateral dependent financial assets have collateral in the form of cash, equipment, or other business assets.
The following table provides the average recorded investment in nonaccrual loans and leases:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(Dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Term lending | $ | 18,999 |  |  | $ | 9,758 |  |  | $ | 18,209 |  |  | $ | 9,277 |
Asset-based lending | 82 |  |  | 5,292 |  |  | 4,896 |  |  | 4,782 |
Factoring | 5,745 |  |  | 523 |  |  | 3,463 |  |  | 615 |
Lease financing | 1,639 |  |  | 3,627 |  |  | 1,631 |  |  | 3,625 |
SBA/USDA | 2,329 |  |  | 1,379 |  |  | 1,908 |  |  | 1,400 |
Commercial finance | 28,794 |  |  | 20,579 |  |  | 30,107 |  |  | 19,699 |
Total loans and leases | $ | 28,794 |  |  | $ | 20,579 |  |  | $ | 30,107 |  |  | $ | 19,699 |
Asset Classification by Credit Quality Indicators of Loans and Leases | The amortized cost basis of loans and leases by asset classification and year of origination was as follows:
| Amortized Cost Basis
(Dollars in thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total
At March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior
Term lending |  |  |  |  |  |  |  |
Pass | $ | 308,787 |  | $ | 492,087 |  | $ | 125,586 |  | $ | 97,696 |  | $ | 54,397 |  | $ | 48,457 |  | $ | — |  | $ | 1,127,010 |
Watch | 66,389 |  | 42,282 |  | 46,196 |  | 24,715 |  | 3,456 |  | 1,549 |  | — |  | 184,587 |
Special mention | 920 |  | 14,887 |  | 7,222 |  | 19,254 |  | 10,145 |  | 114 |  | — |  | 52,542 |
Substandard | 9,546 |  | 35,689 |  | 23,732 |  | 21,362 |  | 22,623 |  | 4,730 |  | — |  | 117,682 |
Doubtful | — |  | 601 |  | 3,135 |  | 1,657 |  | 534 |  | 1,306 |  | — |  | 7,233 |
Total | 385,642 |  | 585,546 |  | 205,871 |  | 164,684 |  | 91,155 |  | 56,156 |  | — |  | 1,489,054 |
Current period charge-offs | — |  | 1,336 |  | 5,063 |  | 2,314 |  | 1,351 |  | 233 |  | — |  | 10,297 |
Asset-based lending |  |  |  |  |  |  |  |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 229,053 |  | 229,053 |
Watch | — |  | — |  | — |  | — |  | — |  | — |  | 176,233 |  | 176,233 |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | 21,530 |  | 21,530 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 2,740 |  | 2,740 |
Total | — |  | — |  | — |  | — |  | — |  | — |  | 429,556 |  | 429,556 |
Current period charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Factoring |  |  |  |  |  |  |  |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 272,222 |  | 272,222 |
Watch | — |  | — |  | — |  | — |  | — |  | — |  | 38,237 |  | 38,237 |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | 7,459 |  | 7,459 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 16,970 |  | 16,970 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | 1,554 |  | 1,554 |
Total | — |  | — |  | — |  | — |  | — |  | — |  | 336,442 |  | 336,442 |
Current period charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | 35 |  | 35 |
Lease financing |  |  |  |  |  |  |  |
Pass | 29,214 |  | 57,899 |  | 11,949 |  | 10,795 |  | 17,486 |  | 2,851 |  | — |  | 130,194 |
Watch | 1,210 |  | 164 |  | 9,047 |  | 9,295 |  | 2,019 |  | 398 |  | — |  | 22,133 |
Special mention | — |  | 278 |  | — |  | — |  | 1,026 |  | 45 |  | — |  | 1,349 |
Substandard | 52 |  | 6,013 |  | 1,165 |  | 3,506 |  | 2,291 |  | 1,612 |  | — |  | 14,639 |
Doubtful | — |  | — |  | — |  | 58 |  | — |  | 243 |  | — |  | 301 |
Total | 30,476 |  | 64,354 |  | 22,161 |  | 23,654 |  | 22,822 |  | 5,149 |  | — |  | 168,616 |
Current period charge-offs | — |  | — |  | — |  | 58 |  | 67 |  | — |  | — |  | 125 |
Insurance premium finance |  |  |  |  |  |  |  |
Pass | 380,580 |  | 141,340 |  | 56 |  | — |  | — |  | — |  | — |  | 521,976 |
Watch | 90 |  | 254 |  | — |  | — |  | — |  | — |  | — |  | 344 |
Special mention | 30 |  | 270 |  | — |  | — |  | — |  | — |  | — |  | 300 |
Substandard | 5 |  | 152 |  | — |  | — |  | — |  | — |  | — |  | 157 |
Doubtful | — |  | 127 |  | — |  | — |  | — |  | — |  | — |  | 127 |
Total | 380,705 |  | 142,143 |  | 56 |  | — |  | — |  | — |  | — |  | 522,904 |
Current period charge-offs | — |  | 487 |  | 173 |  | — |  | — |  | — |  | — |  | 660 |
SBA/USDA |  |  |  |  |  |  |  |
Pass | 34,482 |  | 184,511 |  | 182,889 |  | 25,243 |  | 25,614 |  | 40,539 |  | — |  | 493,278 |
Watch | — |  | 12,241 |  | 55 |  | 1,111 |  | 6,592 |  | 3,077 |  | — |  | 23,076 |
Special mention | — |  | — |  | 1,325 |  | — |  | 2,783 |  | 369 |  | — |  | 4,477 |
Substandard | — |  | 10,144 |  | 11,173 |  | 1,295 |  | 5,217 |  | 11,694 |  | — |  | 39,523 |
Doubtful | — |  | — |  | 79 |  | — |  | — |  | — |  | — |  | 79 |
Total | 34,482 |  | 206,896 |  | 195,521 |  | 27,649 |  | 40,206 |  | 55,679 |  | — |  | 560,433 |
Current period charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Other commercial finance |  |  |  |  |  |  |  |
Pass | — |  | 2,270 |  | 10,532 |  | 32,600 |  | 1,079 |  | 73,678 |  | — |  | 120,159 |
Watch | — |  | 2,500 |  | — |  | — |  | — |  | — |  | — |  | 2,500 |
Substandard | — |  | 2,681 |  | 44 |  | 23,672 |  | — |  | — |  | — |  | 26,397 |
Total | — |  | 7,451 |  | 10,576 |  | 56,272 |  | 1,079 |  | 73,678 |  | — |  | 149,056 |
Current period charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Warehouse finance |  |  |  |  |  |  |  |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 394,814 |  | 394,814 |
Total | — |  | — |  | — |  | — |  | — |  | — |  | 394,814 |  | 394,814 |
Current period charge-offs | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total loans and leases |  |  |  |  |  |  |  |
Pass | 753,063 |  | 878,107 |  | 331,012 |  | 166,334 |  | 98,576 |  | 165,525 |  | 896,089 |  | 3,288,706 |
Watch | 67,689 |  | 57,441 |  | 55,298 |  | 35,121 |  | 12,067 |  | 5,024 |  | 214,470 |  | 447,110 |
Special mention | 950 |  | 15,435 |  | 8,547 |  | 19,254 |  | 13,954 |  | 528 |  | 28,989 |  | 87,657 |
Substandard | 9,603 |  | 54,679 |  | 36,114 |  | 49,835 |  | 30,131 |  | 18,036 |  | 19,710 |  | 218,108 |
Doubtful | — |  | 728 |  | 3,214 |  | 1,715 |  | 534 |  | 1,549 |  | 1,554 |  | 9,294 |
Total | $ | 831,305 |  | $ | 1,006,390 |  | $ | 434,185 |  | $ | 272,259 |  | $ | 155,262 |  | $ | 190,662 |  | $ | 1,160,812 |  | $ | 4,050,875 |
Current period charge-offs | $ | — |  | $ | 1,823 |  | $ | 5,236 |  | $ | 2,372 |  | $ | 1,418 |  | $ | 233 |  | $ | 35 |  | $ | 11,117 |
| Amortized Cost Basis
(Dollars in thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total
At September 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior
Term lending |  |  |  |  |  |  |  |
Pass | $ | 539,448 |  | $ | 149,190 |  | $ | 99,677 |  | $ | 73,132 |  | $ | 14,368 |  | $ | 85,812 |  | $ | — |  | $ | 961,627 |
Watch | 53,481 |  | 51,036 |  | 58,041 |  | 12,230 |  | 4,483 |  | 727 |  | — |  | 179,998 |
Special mention | 26,539 |  | 13,853 |  | 20,463 |  | 723 |  | 2,932 |  | 75 |  | — |  | 64,585 |
Substandard | 20,437 |  | 30,451 |  | 14,729 |  | 24,613 |  | 3,872 |  | 764 |  | — |  | 94,866 |
Doubtful | 200 |  | 2,655 |  | 1,691 |  | 1,121 |  | 165 |  | 1,225 |  | — |  | 7,057 |
Total | 640,105 |  | 247,185 |  | 194,601 |  | 111,819 |  | 25,820 |  | 88,603 |  | — |  | 1,308,133 |
Asset-based lending |  |  |  |  |  |  |  |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 161,744 |  | 161,744 |
Watch | — |  | — |  | — |  | — |  | — |  | — |  | 174,243 |  | 174,243 |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | 26,382 |  | 26,382 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 19,501 |  | 19,501 |
Doubtful | — |  | — |  | — |  | — |  | — |  | — |  | 501 |  | 501 |
Total | — |  | — |  | — |  | — |  | — |  | — |  | 382,371 |  | 382,371 |
Factoring |  |  |  |  |  |  |  |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 270,754 |  | 270,754 |
Watch | — |  | — |  | — |  | — |  | — |  | — |  | 70,833 |  | 70,833 |
Special mention | — |  | — |  | — |  | — |  | — |  | — |  | 8,892 |  | 8,892 |
Substandard | — |  | — |  | — |  | — |  | — |  | — |  | 7,865 |  | 7,865 |
Total | — |  | — |  | — |  | — |  | — |  | — |  | 358,344 |  | 358,344 |
Lease financing |  |  |  |  |  |  |  |
Pass | 57,123 |  | 15,941 |  | 15,167 |  | 27,489 |  | 4,036 |  | 1,281 |  | — |  | 121,037 |
Watch | 793 |  | 10,436 |  | 12,566 |  | 4,494 |  | 1,579 |  | 55 |  | — |  | 29,923 |
Special mention | — |  | — |  | 847 |  | 415 |  | 195 |  | — |  | — |  | 1,457 |
Substandard | 14,890 |  | 1,983 |  | 7,082 |  | 3,660 |  | 3,062 |  | 33 |  | — |  | 30,710 |
Doubtful | — |  | — |  | 71 |  | 61 |  | — |  | 133 |  | — |  | 265 |
Total | 72,806 |  | 28,360 |  | 35,733 |  | 36,119 |  | 8,872 |  | 1,502 |  | — |  | 183,392 |
Insurance premium finance |  |  |  |  |  |  |  |
Pass | 797,267 |  | 1,210 |  | — |  | — |  | — |  | — |  | — |  | 798,477 |
Watch | 858 |  | 34 |  | — |  | — |  | — |  | — |  | — |  | 892 |
Special mention | 250 |  | 15 |  | — |  | — |  | — |  | — |  | — |  | 265 |
Substandard | 91 |  | 20 |  | — |  | — |  | — |  | — |  | — |  | 111 |
Doubtful | 180 |  | 152 |  | — |  | — |  | — |  | — |  | — |  | 332 |
Total | 798,646 |  | 1,431 |  | — |  | — |  | — |  | — |  | — |  | 800,077 |
SBA/USDA |  |  |  |  |  |  |  |
Pass | 158,675 |  | 148,525 |  | 26,244 |  | 36,274 |  | 8,798 |  | 18,252 |  | — |  | 396,768 |
Watch | 49,010 |  | 48,833 |  | 658 |  | 51 |  | 357 |  | 2,572 |  | — |  | 101,481 |
Special mention | — |  | — |  | 530 |  | — |  | — |  | — |  | — |  | 530 |
Substandard | 252 |  | 2,356 |  | 1,718 |  | 5,418 |  | 8,509 |  | 7,718 |  | — |  | 25,971 |
Total | 207,937 |  | 199,714 |  | 29,150 |  | 41,743 |  | 17,664 |  | 28,542 |  | — |  | 524,750 |
Other commercial finance |  |  |  |  |  |  |  |
Pass | 2,330 |  | 18,927 |  | 32,737 |  | 1,137 |  | 10,122 |  | 69,927 |  | — |  | 135,180 |
Watch | 1,742 |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,742 |
Substandard | 2,753 |  | 450 |  | 25,708 |  | — |  | — |  | 258 |  | — |  | 29,169 |
Total | 6,825 |  | 19,377 |  | 58,445 |  | 1,137 |  | 10,122 |  | 70,185 |  | — |  | 166,091 |
Warehouse finance |  |  |  |  |  |  |  |
Pass | — |  | — |  | — |  | — |  | — |  | — |  | 376,915 |  | 376,915 |
Total | — |  | — |  | — |  | — |  | — |  | — |  | 376,915 |  | 376,915 |
Total loans and leases |  |  |  |  |  |  |  |
Pass | 1,554,843 |  | 333,793 |  | 173,825 |  | 138,032 |  | 37,324 |  | 175,272 |  | 809,413 |  | 3,222,502 |
Watch | 105,884 |  | 110,339 |  | 71,265 |  | 16,775 |  | 6,419 |  | 3,354 |  | 245,076 |  | 559,112 |
Special mention | 26,789 |  | 13,868 |  | 21,840 |  | 1,138 |  | 3,127 |  | 75 |  | 35,274 |  | 102,111 |
Substandard | 38,423 |  | 35,260 |  | 49,237 |  | 33,691 |  | 15,443 |  | 8,773 |  | 27,366 |  | 208,193 |
Doubtful | 380 |  | 2,807 |  | 1,762 |  | 1,182 |  | 165 |  | 1,358 |  | 501 |  | 8,155 |
Total | $ | 1,726,319 |  | $ | 496,067 |  | $ | 317,929 |  | $ | 190,818 |  | $ | 62,478 |  | $ | 188,832 |  | $ | 1,117,630 |  | $ | 4,100,073 |
Past Due Loans and Leases | Past due loans and leases were as follows:
| At March 31, 2024
| Accruing and Nonaccruing Loans and Leases |  | Nonperforming Loans and Leases
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | > 89 Days Past Due | Total Past Due | Current | Total Loans and Leases Receivable |  | > 89 Days Past Due and Accruing | Nonaccrual Balance | Total
Loans held for sale | $ | 323 |  | $ | 546 |  | $ | 843 |  | $ | 1,712 |  | $ | 24,234 |  | $ | 25,946 |  |  | $ | 843 |  | $ | — |  | $ | 843 |
Term lending | 31,580 |  | 20,883 |  | 10,397 |  | 62,860 |  | 1,426,194 |  | 1,489,054 |  |  | 890 |  | 18,960 |  | 19,850 |
Asset-based lending | — |  | — |  | — |  | — |  | 429,556 |  | 429,556 |  |  | — |  | — |  | — |
Factoring | — |  | — |  | — |  | — |  | 336,442 |  | 336,442 |  |  | — |  | 4,580 |  | 4,580 |
Lease financing | 2,655 |  | 171 |  | 1,526 |  | 4,352 |  | 164,264 |  | 168,616 |  |  | 752 |  | 1,605 |  | 2,357 |
Insurance premium finance | 2,211 |  | 592 |  | 1,037 |  | 3,840 |  | 519,064 |  | 522,904 |  |  | 1,037 |  | — |  | 1,037 |
SBA/USDA | 36 |  | 2,340 |  | 2,636 |  | 5,012 |  | 555,421 |  | 560,433 |  |  | — |  | 2,636 |  | 2,636 |
Other commercial finance | — |  | — |  | — |  | — |  | 149,056 |  | 149,056 |  |  | — |  | — |  | — |
Commercial finance | 36,482 |  | 23,986 |  | 15,596 |  | 76,064 |  | 3,579,997 |  | 3,656,061 |  |  | 2,679 |  | 27,781 |  | 30,460 |
Consumer finance | 4,293 |  | 3,001 |  | 3,093 |  | 10,387 |  | 256,644 |  | 267,031 |  |  | 3,093 |  | — |  | 3,093 |
Tax services | 1,123 |  | — |  | — |  | 1,123 |  | 83,379 |  | 84,502 |  |  | — |  | — |  | — |
Warehouse finance | — |  | — |  | — |  | — |  | 394,814 |  | 394,814 |  |  | — |  | — |  | — |
Total loans and leases held for investment | 41,898 |  | 26,987 |  | 18,689 |  | 87,574 |  | 4,314,834 |  | 4,402,408 |  |  | 5,772 |  | 27,781 |  | 33,553 |
Total loans and leases | $ | 42,221 |  | $ | 27,533 |  | $ | 19,532 |  | $ | 89,286 |  | $ | 4,339,068 |  | $ | 4,428,354 |  |  | $ | 6,615 |  | $ | 27,781 |  | $ | 34,396 |
| At September 30, 2023
| Accruing and Nonaccruing Loans and Leases |  | Nonperforming Loans and Leases
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | > 89 Days Past Due | Total Past Due | Current | Total Loans and Leases Receivable |  | > 89 Days Past Due and Accruing | Nonaccrual Balance | Total
Loans held for sale | $ | 626 |  | $ | 549 |  | $ | 306 |  | $ | 1,481 |  | $ | 76,298 |  | $ | 77,779 |  |  | $ | 306 |  | $ | — |  | $ | 306 |
Term lending | 13,898 |  | 7,723 |  | 11,136 |  | 32,757 |  | 1,275,376 |  | 1,308,133 |  |  | 3,737 |  | 15,324 |  | 19,061 |
Asset-based lending | — |  | — |  | 123 |  | 123 |  | 382,248 |  | 382,371 |  |  | — |  | 18,082 |  | 18,082 |
Factoring | — |  | — |  | — |  | — |  | 358,344 |  | 358,344 |  |  | — |  | 1,298 |  | 1,298 |
Lease financing | 6,865 |  | 158 |  | 4,828 |  | 11,851 |  | 171,541 |  | 183,392 |  |  | 4,242 |  | 1,666 |  | 5,908 |
Insurance premium finance | 2,159 |  | 1,262 |  | 2,339 |  | 5,760 |  | 794,317 |  | 800,077 |  |  | 2,339 |  | — |  | 2,339 |
SBA/USDA | 512 |  | — |  | 1,835 |  | 2,347 |  | 522,403 |  | 524,750 |  |  | 833 |  | 1,002 |  | 1,835 |
Other commercial finance | — |  | — |  | 91 |  | 91 |  | 166,000 |  | 166,091 |  |  | 91 |  | — |  | 91 |
Commercial finance | 23,434 |  | 9,143 |  | 20,352 |  | 52,929 |  | 3,670,229 |  | 3,723,158 |  |  | 11,242 |  | 37,372 |  | 48,614 |
Consumer finance | 2,992 |  | 2,425 |  | 2,210 |  | 7,627 |  | 246,789 |  | 254,416 |  |  | 2,210 |  | — |  | 2,210 |
Tax services | — |  | — |  | 5,082 |  | 5,082 |  | 110 |  | 5,192 |  |  | 5,082 |  | — |  | 5,082 |
Warehouse finance | — |  | — |  | — |  | — |  | 376,915 |  | 376,915 |  |  | — |  | — |  | — |
Total loans and leases held for investment | 26,426 |  | 11,568 |  | 27,644 |  | 65,638 |  | 4,294,043 |  | 4,359,681 |  |  | 18,534 |  | 37,372 |  | 55,906 |
Total loans and leases | $ | 27,052 |  | $ | 12,117 |  | $ | 27,950 |  | $ | 67,119 |  | $ | 4,370,341 |  | $ | 4,437,460 |  |  | $ | 18,840 |  | $ | 37,372 |  | $ | 56,212 |
Financing Receivable, Nonaccrual | Nonaccrual loans and leases by year of origination were as follows:
| Amortized Cost Basis
(Dollars in thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total | Nonaccrual with No ACL
At March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior
Term lending | $ | 1,121 |  | $ | 2,683 |  | $ | 7,414 |  | $ | 2,222 |  | $ | 1,446 |  | $ | 4,074 |  | $ | — |  | $ | 18,960 |  | $ | — |
Factoring | — |  | — |  | — |  | — |  | — |  | — |  | 4,580 |  | 4,580 |  | — |
Lease financing | — |  | — |  | 95 |  | 540 |  | 695 |  | 275 |  | — |  | 1,605 |  | 539 |
SBA/USDA | — |  | 1,307 |  | 79 |  | — |  | 1,005 |  | 245 |  | — |  | 2,636 |  | 750 |
Commercial finance | 1,121 |  | 3,990 |  | 7,588 |  | 2,762 |  | 3,146 |  | 4,594 |  | 4,580 |  | 27,781 |  | 1,289 |
Total nonaccrual loans and leases | $ | 1,121 |  | $ | 3,990 |  | $ | 7,588 |  | $ | 2,762 |  | $ | 3,146 |  | $ | 4,594 |  | $ | 4,580 |  | $ | 27,781 |  | $ | 1,289 |
| Amortized Cost Basis
(Dollars in thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total | Nonaccrual with No ACL
At September 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior
Term lending | $ | 865 |  | $ | 4,942 |  | $ | 2,933 |  | $ | 2,165 |  | $ | 3,134 |  | $ | 1,285 |  | $ | — |  | $ | 15,324 |  | $ | — |
Asset-based lending | — |  | — |  | — |  | — |  | — |  | — |  | 18,082 |  | 18,082 |  | — |
Factoring | — |  | — |  | — |  | — |  | — |  | — |  | 1,298 |  | 1,298 |  | — |
Lease financing | — |  | — |  | 446 |  | 660 |  | — |  | 560 |  | — |  | 1,666 |  | 1 |
SBA/USDA | — |  | 750 |  | — |  | — |  | — |  | 252 |  | — |  | 1,002 |  | — |
Commercial finance | 865 |  | 5,692 |  | 3,379 |  | 2,825 |  | 3,134 |  | 2,097 |  | 19,380 |  | 37,372 |  | 1 |
Total nonaccrual loans and leases | $ | 865 |  | $ | 5,692 |  | $ | 3,379 |  | $ | 2,825 |  | $ | 3,134 |  | $ | 2,097 |  | $ | 19,380 |  | $ | 37,372 |  | $ | 1 |
Loans and leases that are 90 days or more delinquent and accruing by year of origination were as follows:
| Amortized Cost Basis
(Dollars in thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total
At March 31, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior
Loans held for sale | $ | — |  | $ | 843 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 843 |
Term lending | — |  | 185 |  | 58 |  | 393 |  | 254 |  | — |  | — |  | 890 |
Lease financing | 354 |  | 121 |  | — |  | — |  | 2 |  | 275 |  | — |  | 752 |
Insurance premium finance | 198 |  | 839 |  | — |  | — |  | — |  | — |  | — |  | 1,037 |
Commercial finance | 552 |  | 1,145 |  | 58 |  | 393 |  | 256 |  | 275 |  | — |  | 2,679 |
Consumer finance | 309 |  | 1,969 |  | 658 |  | 157 |  | — |  | — |  | — |  | 3,093 |
Total loans and leases held for investment | 861 |  | 3,114 |  | 716 |  | 550 |  | 256 |  | 275 |  | — |  | 5,772 |
Total 90 days or more delinquent and accruing | $ | 861 |  | $ | 3,957 |  | $ | 716 |  | $ | 550 |  | $ | 256 |  | $ | 275 |  | $ | — |  | $ | 6,615 |
| Amortized Cost Basis
(Dollars in thousands) | Term Loans and Leases by Origination Year | Revolving Loans and Leases | Total
At September 30, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior
Loans held for sale | $ | 306 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 306 |
Term lending | 1,604 |  | 1,371 |  | 500 |  | 233 |  | 29 |  | — |  | — |  | 3,737 |
Lease financing | 151 |  | 490 |  | 979 |  | 784 |  | 1,794 |  | 44 |  | — |  | 4,242 |
Insurance premium finance | — |  | 414 |  | 114 |  | — |  | 334 |  | 1,477 |  | — |  | 2,339 |
SBA/USDA | — |  | — |  | — |  | 833 |  | — |  | — |  | — |  | 833 |
Other commercial finance | — |  | — |  | — |  | — |  | — |  | 91 |  | — |  | 91 |
Commercial finance | 1,755 |  | 2,275 |  | 1,593 |  | 1,850 |  | 2,157 |  | 1,612 |  | — |  | 11,242 |
Consumer finance | 891 |  | 1,045 |  | 246 |  | — |  | — |  | — |  | 28 |  | 2,210 |
Tax services | 5,082 |  | — |  | — |  | — |  | — |  | — |  | — |  | 5,082 |
Total loans and leases held for investment | 7,728 |  | 3,320 |  | 1,839 |  | 1,850 |  | 2,157 |  | 1,612 |  | 28 |  | 18,534 |
Total 90 days or more delinquent and accruing | $ | 8,034 |  | $ | 3,320 |  | $ | 1,839 |  | $ | 1,850 |  | $ | 2,157 |  | $ | 1,612 |  | $ | 28 |  | $ | 18,840 |

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