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LOANS AND LEASES RECEIVABLE, NET (Tables)
 12 Months Ended
Sep. 30, 2019
Loans and Leases Receivable Disclosure [Abstract]  
Year-end Loans Receivable
Fiscal year-end loans and leases receivable were as follows:
(Dollars in Thousands)
September 30, 2019
 
September 30, 2018
National Lending
 
 
 
Asset based lending
$
688,520

 
$
477,917

Factoring
296,507

 
284,221

Lease financing
381,602

 
265,315

Insurance premium finance
361,105

 
337,877

SBA/USDA
88,831

 
59,374

Other commercial finance
99,665

 
85,145

Commercial finance
1,916,230

 
1,509,849

Consumer credit products
106,794

 
80,605

Other consumer finance
161,404

 
189,756

Consumer finance(1)
268,198

 
270,361

Tax services
2,240

 
1,073

Warehouse finance(1)
262,924

 
65,000

Total National Lending
2,449,592

 
1,846,283

Community Banking
 
 
 
Commercial real estate and operating
883,932

 
790,890

Consumer one-to-four family real estate and other
259,425

 
247,318

Agricultural real estate and operating
58,464

 
60,498

Total Community Banking
1,201,821

 
1,098,706

Total loans and leases
3,651,413

 
2,944,989

Net deferred loan origination fees (costs)
7,434

 
(250
)
Total gross loans and leases
3,658,847

 
2,944,739

 
 
 
 
Allowance for loan and lease losses
(29,149
)
 
(13,040
)
Total loans and leases, net(2)
$
3,629,698

 
$
2,931,699

(1) Warehouse finance loans are presented in their own line. Previously, these balances were included with consumer finance loans. Prior period balances have also been adjusted to reflect this change.
(2) As of September 30, 2019, the remaining balance of acquired loans and leases from the Crestmark Acquisition was $312.5 million and the remaining balances of the credit and interest rate mark discounts related to the acquired loans and leases held for investment were $5.6 million and $2.6 million, respectively, while the remaining balance of the interest rate mark premium related to the acquired loans held for sale was $0.7 million. On August 1, 2018, the Company acquired loans and leases from the Crestmark Acquisition totaling $1.06 billion and recorded related credit and interest rate mark discounts of $12.3 million and $6.0 million, respectively.
Schedule of Loans Purchased and Sold by Portfolio Segment
Loans purchased and sold by portfolio segment, including participation interests, for the fiscal years ended September 30, 2019 and 2018 were as follows:
 
Fiscal Year Ended
(Dollars in Thousands)
September 30, 2019
 
September 30, 2018
Loans Purchased
 
 
 
Loans held for sale
$
15,443

 
$
—

Loans held for investment:
 
 
 
Total National Lending
235,918

 
137,751

Total Community Banking
26,704

 
27,919

Total purchases
278,065

 
165,670

Loans Sold
 
 
 
Loans held for sale
121,071

 
17,621

Loans held for investment:
 
 
 
Total Community Banking
13,069

 
22,611

Total sales
$
134,140

 
$
40,232
Sales-type Lease, Lease Income
The net investment in direct financing and sales-type leases was comprised of the following as of September 30, 2019 and September 30, 2018.
 
September 30, 2019
 
September 30, 2018
(Dollars in Thousands)
 
 
 
Minimum lease payments receivable
$
430,391

 
$
301,835

Estimated residual value of leased equipment
13,352

 
12,406

Unamortized initial direct costs
6,026

 
1,806

Premium on acquired leases
—

 
26

Unearned income
(62,088
)
 
(48,949
)
Net investment in direct financing and sales-type leases
$
387,681

 
$
267,124
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
Future minimum lease payments receivable on noncancelable direct financing and sales-type leases were as follows as of September 30, 2019.
 
As of September 30, 2019
(Dollars in thousands)
 
2020
$
146,067

2021
124,702

2022
85,081

2023
50,625

2024
21,007

2025 and thereafter
2,909

Total
$
430,391
Annual Activity in Allowance for Loan Losses, Allowance for Loan Losses and Recorded Investment in Loans
Annual activity in the allowance for loan and lease losses was as follows: 
Fiscal Year Ended September 30,
2019
 
2018
 
2017
(Dollars in Thousands)
 
 
 
 
 
Beginning balance
$
13,040

 
$
7,534

 
$
5,635

Provision for loan and lease losses
55,650

 
29,433

 
10,589

Recoveries
3,313

 
2,037

 
307

Charge offs
(42,854
)
 
(25,964
)
 
(8,997
)
Ending balance
$
29,149

 
$
13,040

 
$
7,534


Activity in the allowance for loan and lease losses and balances of loans and leases by portfolio segment for the fiscal years ended September 30, 2019 and 2018 were as follows:
Allowance for loan and lease losses:
Beginning balance
 
Provision (recovery) for loan and lease losses
 
Charge-offs
 
Recoveries
 
Ending balance
Fiscal Year Ended September 30, 2019
 
 
 
 
 
 
 
 
 
National Lending
(Dollars in Thousands)
Asset based lending
$
107

 
$
8,663

 
$
(2,486
)
 
$
159

 
$
6,443

Factoring
64

 
5,849

 
(2,725
)
 
73

 
3,261

Lease financing
59

 
4,009

 
(3,473
)
 
2,207

 
2,802

Insurance premium finance
1,031

 
2,361

 
(2,689
)
 
321

 
1,024

SBA/USDA
13

 
370

 
—

 
—

 
383

Other commercial finance
28

 
655

 
—

 
—

 
683

Commercial finance
1,302

 
21,907

 
(11,373
)
 
2,760

 
14,596

Consumer credit products
785

 
259

 
—

 
—

 
1,044

Other consumer finance
2,820

 
8,563

 
(6,346
)
 
81

 
5,118

Consumer finance
3,605

 
8,822

 
(6,346
)
 
81

 
6,162

Tax services
—

 
24,873

 
(25,095
)
 
222

 
—

Warehouse finance
65

 
198

 
—

 
—

 
263

Total National Lending
4,972

 
55,800

 
(42,814
)
 
3,063

 
21,021

Community Banking
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
6,220

 
(12
)
 
—

 
—

 
6,208

Consumer one-to-four family real estate and other
632

 
461

 
(40
)
 
—

 
1,053

Agricultural real estate and operating
1,216

 
(599
)
 
—

 
250

 
867

Total Community Banking
8,068

 
(150
)
 
(40
)
 
250

 
8,128

Total
$
13,040

 
$
55,650

 
$
(42,854
)
 
$
3,313

 
$
29,149


Allowance for loan and lease losses:
Beginning balance
 
Provision (recovery) for loan and lease losses
 
Charge-offs
 
Recoveries
 
Ending balance
Fiscal Year Ended September 30, 2018
 
 
 
 
 
 
 
 
 
National Lending
(Dollars in Thousands)
Asset based lending
$
—

 
$
(249
)
 
$
—

 
$
356

 
$
107

Factoring
—

 
434

 
(821
)
 
451

 
64

Lease financing
—

 
147

 
(135
)
 
47

 
59

Insurance premium finance
796

 
998

 
(1,078
)
 
315

 
1,031

SBA/USDA
—

 
622

 
(609
)
 
—

 
13

Other commercial finance
4

 
24

 
—

 
—

 
28

Commercial finance
800

 
1,976

 
(2,643
)
 
1,169

 
1,302

Consumer credit products
—

 
785

 
—

 
—

 
785

Other consumer finance
—

 
4,263

 
(1,443
)
 
—

 
2,820

Consumer finance
—

 
5,048

 
(1,443
)
 
—

 
3,605

Tax services
5

 
21,344

 
(21,802
)
 
453

 
—

Warehouse finance
—

 
65

 
—

 
—

 
65

Total National Lending
805

 
28,433

 
(25,888
)
 
1,622

 
4,972

Community Banking
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
2,820

 
3,400

 
—

 
—

 
6,220

Consumer one-to-four family real estate and other
809

 
(104
)
 
(76
)
 
3

 
632

Agricultural real estate and operating
2,574

 
(1,769
)
 
—

 
411

 
1,216

Total Community Banking
6,203

 
1,527

 
(76
)
 
414

 
8,068

Unallocated
527

 
(527
)
 
—

 
—

 
—

Total
$
7,534

 
$
29,433

 
$
(25,964
)
 
$
2,037

 
$
13,040





























The following tables provide details regarding the allowance for loan and lease losses and balances by type of allowance as of September 30, 2019 and 2018.
 
Allowance
 
Loans and Leases
Recorded Investment
Ending balance: individually evaluated for impairment
 
Ending balance: collectively evaluated for impairment
 
Total
 
Ending balance: individually evaluated for impairment
 
Ending balance: collectively evaluated for impairment
 
Total
Fiscal Year Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
National Lending
(Dollars in Thousands)
Asset based lending
$
443

 
$
6,000

 
$
6,443

 
$
16,727

 
$
671,793

 
$
688,520

Factoring
1,262

 
1,999

 
3,261

 
3,824

 
292,683

 
296,507

Lease financing
119

 
2,683

 
2,802

 
4,432

 
377,170

 
381,602

Insurance premium finance
—

 
1,024

 
1,024

 
—

 
361,105

 
361,105

SBA/USDA
51

 
332

 
383

 
3,841

 
84,990

 
88,831

Other commercial finance
—

 
683

 
683

 
—

 
99,665

 
99,665

Commercial finance
1,875

 
12,721

 
14,596

 
28,824

 
1,887,406

 
1,916,230

Consumer credit products
—

 
1,044

 
1,044

 
—

 
106,794

 
106,794

Other consumer finance
—

 
5,118

 
5,118

 
1,472

 
159,932

 
161,404

Consumer finance
—

 
6,162

 
6,162

 
1,472

 
266,726

 
268,198

Tax services
—

 
—

 
—

 
—

 
2,240

 
2,240

Warehouse finance
—

 
263

 
263

 
—

 
262,924

 
262,924

Total National Lending
1,875

 
19,146

 
21,021

 
30,296

 
2,419,296

 
2,449,592

Community Banking
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
—

 
6,208

 
6,208

 
258

 
883,674

 
883,932

Consumer one-to-four family real estate and other
—

 
1,053

 
1,053

 
100

 
259,325

 
259,425

Agricultural real estate and operating
—

 
867

 
867

 
2,985

 
55,479

 
58,464

Total Community Banking
—

 
8,128

 
8,128

 
3,343

 
1,198,478

 
1,201,821

Total
$
1,875

 
$
27,274

 
$
29,149

 
$
33,639

 
$
3,617,774

 
$
3,651,413


 
Allowance
 
Loans and Leases
Recorded Investment
Ending balance: individually evaluated for impairment(1)
 
Ending balance: collectively evaluated for impairment(1)
 
Total
 
Ending balance: individually evaluated for impairment
 
Ending balance: collectively evaluated for impairment
 
Total
Fiscal Year Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
National Lending
(Dollars in Thousands)
Asset based lending
$
—

 
$
107

 
$
107

 
$
1,404

 
$
476,513

 
$
477,917

Factoring
—

 
64

 
64

 
3,331

 
280,890

 
284,221

Lease financing
—

 
59

 
59

 
8,877

 
256,438

 
265,315

Insurance premium finance
—

 
1,031

 
1,031

 
—

 
337,877

 
337,877

SBA/USDA
—

 
13

 
13

 
—

 
59,374

 
59,374

Other commercial finance
—

 
28

 
28

 
—

 
85,145

 
85,145

Commercial finance
—

 
1,302

 
1,302

 
13,612

 
1,496,237

 
1,509,849

Consumer credit products
—

 
785

 
785

 
—

 
80,605

 
80,605

Other consumer finance
—

 
2,820

 
2,820

 
—

 
189,756

 
189,756

Consumer finance
—

 
3,605

 
3,605

 
—

 
270,361

 
270,361

Tax services
—

 
—

 
—

 
—

 
1,073

 
1,073

Warehouse finance
—

 
65

 
65

 
—

 
65,000

 
65,000

Total National Lending
—

 
4,972

 
4,972

 
13,612

 
1,832,671

 
1,846,283

Community Banking
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
—

 
6,220

 
6,220

 
451

 
790,439

 
790,890

Consumer one-to-four family real estate and other
—

 
632

 
632

 
94

 
247,224

 
247,318

Agricultural real estate and operating
—

 
1,216

 
1,216

 
1,454

 
59,044

 
60,498

Total Community Banking
—

 
8,068

 
8,068

 
1,999

 
1,096,707

 
1,098,706

Total
$
—

 
$
13,040

 
$
13,040

 
$
15,611

 
$
2,929,378

 
$
2,944,989

(1) Balances have been restated from what was previously reported as of September 30, 2018 on the Company's Annual Report on Form 10-K for its fiscal year ended September 30, 2018.
Asset Classification of Loans
The asset classification of loans and leases at September 30, 2019, and 2018, were as follows:
Asset Classification
Pass
 
Watch
 
Special Mention
 
Substandard
 
Doubtful
 
Total
Fiscal Year Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
National Lending
(Dollars in Thousands)
Asset based lending
$
581,803

 
$
—

 
$
89,990

 
$
16,183

 
$
544

 
$
688,520

Factoring
256,048

 
—

 
36,635

 
3,824

 
—

 
296,507

Lease financing
367,791

 
—

 
9,379

 
4,432

 
—

 
381,602

Insurance premium finance
361,105

 
—

 
—

 
—

 
—

 
361,105

SBA/USDA
76,609

 
—

 
8,381

 
3,841

 
—

 
88,831

Other commercial finance
99,057

 
—

 
608

 
—

 
—

 
99,665

Commercial finance
1,742,413

 
—

 
144,993

 
28,280

 
544

 
1,916,230

Consumer credit products
106,794

 
—

 
—

 
—

 
—

 
106,794

Other consumer finance
161,404

 
—

 
—

 
—

 
—

 
161,404

Consumer finance
268,198

 
—

 
—

 
—

 
—

 
268,198

Tax services
2,240

 
—

 
—

 
—

 
—

 
2,240

Warehouse finance
262,924

 
—

 
—

 
—

 
—

 
262,924

Total National Lending
2,275,775

 
—

 
144,993

 
28,280

 
544

 
2,449,592

Community Banking
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
875,933

 
1,494

 
2,884

 
3,621

 
—

 
883,932

Consumer one-to-four family real estate and other
257,575

 
946

 
708

 
196

 
—

 
259,425

Agricultural real estate and operating
39,409

 
4,631

 
5,876

 
8,548

 
—

 
58,464

Total Community Banking
1,172,917

 
7,071

 
9,468

 
12,365

 
—

 
1,201,821

Total loans and leases
$
3,448,692

 
$
7,071

 
$
154,461

 
$
40,645

 
$
544

 
$
3,651,413


Asset Classification
Pass
 
Watch
 
Special Mention
 
Substandard
 
Total
Fiscal Year Ended September 30, 2018
 
 
 
 
 
 
 
 
 
National Lending
(Dollars in Thousands)
Asset based lending
$
418,635

 
$
—

 
$
57,877

 
$
1,405

 
$
477,917

Factoring
248,246

 
—

 
32,644

 
3,331

 
284,221

Lease financing
252,487

 
—

 
3,951

 
8,877

 
265,315

Insurance premium finance
336,296

 
—

 
1,581

 
—

 
337,877

SBA/USDA
39,093

 
—

 
20,281

 
—

 
59,374

Other commercial finance
85,145

 
—

 
—

 
—

 
85,145

Commercial finance
1,379,902

 
—

 
116,334

 
13,613

 
1,509,849

Consumer credit products
80,605

 
—

 
—

 
—

 
80,605

Other consumer finance
189,756

 
—

 
—

 
—

 
189,756

Consumer finance
270,361

 
—

 
—

 
—

 
270,361

Tax services
1,073

 
—

 
—

 
—

 
1,073

Warehouse finance
65,000

 
 
 
 
 
 
 
65,000

Total National Lending
1,716,336

 
—

 
116,334

 
13,613

 
1,846,283

Community Banking
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
778,445

 
12,251

 
194

 
—

 
790,890

Consumer one-to-four family real estate and other
246,463

 
537

 
239

 
79

 
247,318

Agricultural real estate and operating
42,292

 
2,447

 
4,872

 
10,887

 
60,498

Total Community Banking
1,067,200

 
15,235

 
5,305

 
10,966

 
1,098,706

Total loans and leases
$
2,783,536

 
$
15,235

 
$
121,639

 
$
24,579

 
$
2,944,989
Past Due Loans
Past due loans and leases at September 30, 2019 and 2018 were as follows:
Past Due Loans and Leases
Accruing and Non-accruing Loans and Leases
 
Non-performing Loans and Leases
Fiscal Year Ended September 30, 2019
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
 
Non-accrual balance
 
Total
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans held for sale
$
1,122

 
$
755

 
$
964

 
$
2,841

 
$
145,936

 
$
148,777

 
$
964

 
$
—

 
$
964

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National Lending
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset based lending
109

 
243

 
11,771

 
12,123

 
676,397

 
688,520

 
482

 
11,332

 
11,814

Factoring
—

 
—

 
—

 
—

 
296,507

 
296,507

 
—

 
1,669

 
1,669

Lease financing
3,213

 
1,801

 
4,063

 
9,077

 
372,525

 
381,602

 
3,289

 
1,122

 
4,411

Insurance premium finance
1,999

 
2,881

 
3,807

 
8,687

 
352,418

 
361,105

 
3,807

 
—

 
3,807

SBA/USDA
83

 
—

 
255

 
338

 
88,493

 
88,831

 
—

 
255

 
255

Other commercial finance
—

 
—

 
—

 
—

 
99,665

 
99,665

 
—

 
—

 
—

Commercial finance
5,404

 
4,925

 
19,896

 
30,225

 
1,886,005

 
1,916,230

 
7,578

 
14,378

 
21,956

Consumer credit products
627

 
557

 
239

 
1,423

 
105,371

 
106,794

 
239

 
—

 
239

Other consumer finance
932

 
1,005

 
1,078

 
3,015

 
158,389

 
161,404

 
1,078

 
—

 
1,078

Consumer finance
1,559

 
1,562

 
1,317

 
4,438

 
263,760

 
268,198

 
1,317

 
—

 
1,317

Tax services
—

 
—

 
2,240

 
2,240

 
—

 
2,240

 
2,240

 
—

 
2,240

Warehouse finance
—

 
—

 
—

 
—

 
262,924

 
262,924

 
—

 
—

 
—

Total National Lending
6,963

 
6,487

 
23,453

 
36,903

 
2,412,689

 
2,449,592

 
11,135

 
14,378

 
25,513

Community Banking
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
565

 
—

 
—

 
565

 
883,367

 
883,932

 
—

 
—

 
—

Consumer one-to-four family real estate and other
458

 
—

 
9

 
467

 
258,958

 
259,425

 
—

 
44

 
44

Agricultural real estate and operating
49

 
—

 
—

 
49

 
58,415

 
58,464

 
—

 
—

 
—

Total Community Banking
1,072

 
—

 
9

 
1,081

 
1,200,740

 
1,201,821

 
—

 
44

 
44

Total loans and leases held for investment
8,035

 
6,487

 
23,462

 
37,984

 
3,613,429

 
3,651,413

 
11,135

 
14,422

 
25,557

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total loans and leases
$
9,157

 
$
7,242

 
$
24,426

 
$
40,825

 
$
3,759,365

 
$
3,800,190

 
$
12,099

 
$
14,422

 
$
26,521


Past Due Loans and Leases
Accruing and Non-accruing Loans and Leases
 
Non-performing Loans and Leases
Fiscal Year Ended September 30, 2018
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
 
Non-accrual balance
 
Total
(Dollars in Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National Lending
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset based lending
1,235

 
2,151

 
94

 
3,480

 
474,437

 
477,917

 
94

 
—

 
94

Factoring
—

 
—

 
—

 
—

 
284,221

 
284,221

 
—

 
—

 
—

Lease financing
16,542

 
532

 
2,921

 
19,995

 
245,320

 
265,315

 
726

 
2,864

 
3,590

Insurance premium finance
1,864

 
1,019

 
2,981

 
5,864

 
332,013

 
337,877

 
2,981

 
—

 
2,981

SBA/USDA
1,067

 
—

 
—

 
1,067

 
58,307

 
59,374

 
—

 
—

 
—

Other commercial finance
—

 
—

 
—

 
—

 
85,145

 
85,145

 
—

 
—

 
—

Commercial finance
20,708

 
3,702

 
5,996

 
30,406

 
1,479,443

 
1,509,849

 
3,801

 
2,864

 
6,665

Consumer credit products
532

 
284

 
147

 
963

 
79,642

 
80,605

 
147

 
—

 
147

Other consumer finance
2,677

 
1,311

 
2,237

 
6,225

 
183,531

 
189,756

 
2,237

 
—

 
2,237

Consumer finance
3,209

 
1,595

 
2,384

 
7,188

 
263,173

 
270,361

 
2,384

 
—

 
2,384

Tax services
—

 
—

 
1,073

 
1,073

 
—

 
1,073

 
1,073

 
—

 
1,073

Warehouse finance
—

 
—

 
—

 
—

 
65,000

 
65,000

 
—

 
—

 
—

Total National Lending
23,917

 
5,297

 
9,453

 
38,667

 
1,807,616

 
1,846,283

 
7,258

 
2,864

 
10,122

Community Banking
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate and operating
—

 
—

 
—

 
—

 
790,890

 
790,890

 
—

 
—

 
—

Consumer one-to-four family real estate and other
105

 
—

 
79

 
184

 
247,134

 
247,318

 
79

 
—

 
79

Agricultural real estate and operating
—

 
—

 
—

 
—

 
60,498

 
60,498

 
—

 
—

 
—

Total Community Banking
105

 
—

 
79

 
184

 
1,098,522

 
1,098,706

 
79

 
—

 
79

Total loans and leases held for investment
$
24,022

 
$
5,297

 
$
9,532

 
$
38,851

 
$
2,906,138

 
$
2,944,989

 
$
7,337

 
$
2,864

 
$
10,201
Impaired Loans
Impaired loans and leases at September 30, 2019 and 2018 were as follows:
September 30, 2019
Recorded
Balance
 
Unpaid Principal
Balance
 
Specific
Allowance
Loans and leases without a specific valuation allowance
 
 
 
 
 
National Lending
(Dollars in Thousands)
Asset based lending
$
12,187

 
$
13,487

 
$
—

Factoring
1,563

 
2,638

 
—

Lease financing
1,897

 
1,897

 
—

SBA/USDA
2,595

 
2,595

 
—

Commercial finance
18,242

 
20,617

 
—

Other consumer finance
1,472

 
1,539

 
—

Consumer finance
1,472

 
1,539

 
—

Total National Lending
19,714

 
22,156

 
—

Community Banking
 
 
 
 
 
Commercial real estate and operating
258

 
258

 
—

Consumer one-to-four family real estate and other
100

 
100

 
—

Agricultural real estate and operating
2,985

 
2,985

 
—

Total Community Banking
3,343

 
3,343

 
—

Total
$
23,057

 
$
25,499

 
$
—

Loans and leases with a specific valuation allowance
 
 
 
 
 
National Lending
 
 
 
 
 
Asset based lending
$
4,540

 
$
4,567

 
$
443

Factoring
2,261

 
3,601

 
1,262

Lease financing
2,535

 
2,535

 
119

SBA/USDA
1,246

 
1,246

 
51

Commercial finance
10,582

 
11,949

 
1,875

Total National Lending
10,582

 
11,949

 
1,875

Total
$
10,582

 
$
11,949

 
$
1,875

September 30, 2018(1)
Recorded
Balance
 
Unpaid Principal
Balance
 
Specific
Allowance
Loans and leases without a specific valuation allowance
 
National Lending
(Dollars in Thousands)
Asset based lending
$
1,404

 
$
1,404

 
$
—

Factoring
3,331

 
3,911

 
—

Lease financing
8,877

 
8,877

 
—

Commercial finance
13,612

 
14,192

 
—

Total National Lending
13,612

 
14,192

 
—

Community Banking
 
 
 
 
 
Commercial real estate and operating
405

 
405

 
—

Consumer one-to-four family real estate and other
140

 
140

 
—

Agricultural real estate and operating
1,454

 
1,454

 
—

Total Community Banking
1,999

 
1,999

 
—

Total
$
15,611

 
$
16,191

 
$
—

(1) Balances have been restated from what was previously reported as of September 30, 2018 on the Company's Annual Report on Form 10-K for its fiscal year ended September 30, 2018.

There were no loans and leases with a specific valuation allowance at September 30, 2018.
The following table provides the average recorded investment in impaired loans and leases for the fiscal years ended September 30, 2019 and 2018.
Fiscal Year Ended September 30,
2019
 
2018
(Dollars in thousands)
Average
Recorded
Investment
 
Recognized Interest Income
 
Average
Recorded
Investment
 
Recognized Interest Income
National Lending
 
 
 
 
 
 
 
Asset based lending
$
5,742

 
$
344

 
$
117

 
$
—

Factoring
4,751

 
5

 
277

 
—

Lease financing
5,037

 
17

 
740

 
—

SBA/USDA
639

 
—

 
—

 
—

Commercial finance
16,169

 
366

 
1,134

 
$
—

Other consumer finance
1,207

 
67

 
—

 
—

Consumer finance
1,207

 
67

 
—

 
—

Total National Lending
17,376

 
433

 
1,134

 
—

Community Banking
 
 
 
 
 
 
 
Commercial real estate and operating
269

 
14

 
673

 
19

Consumer one-to-four family real estate and other
172

 
6

 
226

 
14

Agricultural real estate and operating
1,483

 
107

 
1,652

 
127

Total Community Banking
1,924

 
127

 
2,551

 
160

Total loans and leases
$
19,300

 
$
560

 
$
3,685

 
$
160