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v3.22.2.2

FHLB Advances and Other Borrowings | 12 Months Ended
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Sep. 30, 2022
Federal Home Loan Banks [Abstract] |
FHLB Advances and Other Borrowings | FHLB ADVANCES AND OTHER BORROWINGS The table below shows the contractual maturity dates of outstanding FHLB advances.
| September 30, 2022 | September 30, 2021
| (In thousands)
FHLB advances |  |
Within 1 year | $ | 2,025,000 |  | $ | 1,320,000 |
1 to 3 years | 100,000 |  | 400,000 |
| $ | 2,125,000 |  | $ | 1,720,000 |
As of September 30, 2022, there are no advances that are callable by the FHLB. Taking into account cash flow hedges, the weighted average effective maturity of FHLB advances at September 30, 2022 is 3.25 years. Financial information pertaining to the weighted-average cost and the amount of FHLB advances were as follows.
| 2022 | 2021 | 2020
| ($ in thousands)
Weighted average interest rate, including cash flow hedges, at end of year | 2.02 | % | 1.51 | % | 1.79 | %
Weighted daily average interest rate, including cash flow hedges, during the year | 1.66 | % | 1.98 | % | 2.03 | %
Daily average of FHLB advances during the year | $ | 1,731,110 |  | $ | 2,234,027 |  | $ | 2,532,596 |
Maximum amount of FHLB advances at any month end | $ | 2,125,000 |  | $ | 2,700,000 |  | $ | 3,050,000 |
Interest expense during the year (including swap interest income and expense) | $ | 28,729 |  | $ | 44,188 |  | $ | 51,445 |
The Bank has a credit line with the FHLB equal to 45% of total assets, subject to collateral requirements. The Bank has entered into borrowing agreements with the FHLB to borrow funds under a short-term floating rate cash management advance program and a fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB, deposits with the FHLB and a blanket pledge of qualifying loans receivable as provided in the agreements with the FHLB.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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