XML 66 R22.htm IDEA: XBRL DOCUMENT v3.25.3
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.