XML 65 R22.htm IDEA: XBRL DOCUMENT v3.24.3
Borrowings
 12 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
 
The Company had total borrowings outstanding at September 30, 2024 with carrying values of $3,267,589,000 compared to $3,650,000,000 at September 30, 2023. The borrowings consisted of FHLB advances and funds received from the FRB's Bank Term Funding Program. The table below shows the contractual maturity dates of outstanding FHLB advances.
 
September 30, 2024September 30, 2023
 (In thousands)
Within 1 year$2,099,353 $2,900,000 
1 to 3 years93,354 — 
3 to 5 years167 — 
$2,192,874 $2,900,000 
 
As of September 30, 2024, 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, 2024 is 2.34 years.
 
Financial information pertaining to the weighted-average cost and the amount of FHLB advances were as follows.
 
202420232022
 ($ in thousands)
Weighted average interest rate, including cash flow hedges, at end of year3.32 %3.83 %2.02 %
Weighted daily average interest rate, including cash flow hedges, during the year3.78 %3.42 %1.66 %
Daily average of FHLB advances during the year$2,952,872 $2,916,849 $1,731,110 
Maximum amount of FHLB advances at any month end$4,338,731 $3,425,000 $2,125,000 
Interest expense during the year (including swap interest income and expense)$111,574 $99,631 $28,729 
 

The Bank has a credit line with the FHLB - DM equal to 45% of total assets depending on specific collateral eligibility. The Bank has entered into borrowing agreements with the FHLB - DM to borrow funds under a short-term floating rate cash management advance program and fixed-rate term loan agreements. All borrowings are secured by stock of the FHLB - DM, deposits with the FHLB - DM, and a blanket pledge of qualifying loans receivable. The Bank also has a credit line with the FHLB - SF in support of LBC borrowings from the FHLB - SF, but the Bank is unable to take down new advances against this line. The FHLB - SF credit line is secured by a line-item pledge of single-family residential mortgages that are specifically identified.

The Bank participates in the FRB of San Francisco Borrower-in-Custody program which collateralizes primary credit borrowings. The Company also elected to utilize the Federal Reserve's Bank Term Funding Program ("BTFP") to leverage its highly favorable terms to fortify the Bank's liquidity position. These borrowings are repayable at any time without penalty and were the lowest cost funding source available at the time. The Federal Reserve ceased making new BTFP loans on March 11, 2024. During fiscal 2024, the Company obtained in the Merger an additional balances of $325,000,000 from the FRB's BTFP in addition to the $750,000,000 borrowed the previous year. This program offered up to 1 year fixed-rate term borrowings that are prepayable without penalty. These borrowings are not callable by the FRB and have contractual maturity dates within 1 year.