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BORROWINGS | 12 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS The Company had total borrowings outstanding at September 30, 2025 with carrying values of $1,765,604,000 compared to $3,267,589,000 at September 30, 2024. 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, 2025 | September 30, 2024
| (In thousands)
Within 1 year | $1,747,041 | $2,099,353
1 to 3 years | — | 93,354
3 to 5 years | 18,563 | 167
| $1,765,604 | $2,192,874
As of September 30, 2025, there are no advances that are callable by the FHLB. Taking into account cash flow hedges, the weighted average effective maturity of FHLB advances at September 30, 2025 is 2.19 years. Financial information pertaining to the weighted-average cost and the amount of FHLB advances were as follows.
| 2025 | 2024 | 2023
| ($ in thousands)
Weighted average interest rate, including cash flow hedges, at end of year | 2.35% | 3.32% | 3.83%
Weighted daily average interest rate, including cash flow hedges, during the year | 3.09% | 3.78% | 3.42%
Daily average of FHLB advances during the year | $2,260,209 | $2,952,872 | $2,916,849
Maximum amount of FHLB advances at any month end | $2,913,373 | $4,338,731 | $3,425,000
Interest expense during the year (including swap interest income and expense) | $69,912 | $111,574 | $99,631
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 mortgage backed securities. The Bank had $1,074,714,000 of borrowings from the FRB's Bank Term Funding plan as of September 30, 2024 which matured and were repaid during fiscal 2025. The Bank also participates in the FRB of San Francisco Borrower-in-Custody program which collateralizes primary credit borrowings. Due to differing program requirements between the FHLB - DM and FRB of San Francisco, participating in both increases the amount of eligible collateral that may be pledged in support of contingent liquidity needs. The Bank is also eligible to borrow under the Federal Reserve Bank's primary credit program.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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