ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS

12 Months Ended

Sep. 30, 2015

ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS [Abstract]

ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS

NOTE 9. ADVANCES FROM THE FEDERAL HOME LOAN BANK AND OTHER BORROWINGS

At September 30, 2015, the Company’s advances from the FHLB had fixed rates ranging from 6.97% to 7.01% with a weighted-average rate of 6.98%. The scheduled maturities of FHLB advances were as follows for the years ending:

September 30,
(Dollars in Thousands)

2016	$	-
2017		-
2018		-
2019		5,000
2020		2,000
Thereafter		-
Total FHLB Advances	$	7,000

The Company had $540.0 million of overnight federal funds purchased from the FHLB as of September 30, 2015. At September 30, 2014, the Company’s advances from the FHLB totaled $7.0 million and carried a weighted-average rate of 6.98%. The Company had $470.0 million in overnight federal funds purchased from the FHLB at September 30, 2014.

The Bank has executed blanket pledge agreements whereby the Bank assigns, transfers, and pledges to the FHLB and grants to the FHLB a security interest in all mortgage collateral and securities collateral. The Bank has the right to use, commingle, and dispose of the collateral it has assigned to the FHLB. Under the agreement, the Bank must maintain “eligible collateral” that has a “lending value” at least equal to the “required collateral amount,” all as defined by the agreement.

At year-end 2015 and 2014, the Bank pledged securities with fair values of approximately $625.2 million and $422.9 million, respectively, against specific FHLB advances. In addition, qualifying mortgage loans of approximately $106.5 million, and $83.3 million were pledged as collateral at September 30, 2015, and 2014, respectively.