FHLB Borrowings and Other Borrowings

12 Months Ended

Sep. 30, 2020

Advances from Federal Home Loan Banks [Abstract]

FHLB Borrowings and Other Borrowings

FHLB Borrowings and Other Borrowings

The Bank has long- and short-term borrowing lines with the FHLB with total credit on the lines equal to 45% of the Bank’s total assets, limited by available collateral.  The Bank had $10,000,000 of long-term FHLB borrowings outstanding at September 30, 2020. These borrowings consisted of two $5,000,000 borrowings, with scheduled maturities in March 2025 and March 2027, and which bear interest at 1.19% and 1.11%, respectively. The Bank had no FHLB borrowings outstanding at September 30, 2019.  Under the Advances, Pledge and Security Agreement entered into with the FHLB ("FHLB Borrowing Agreement"), virtually all of the Bank’s assets, not otherwise encumbered, are pledged as collateral for borrowings.

The Bank also maintains a short-term borrowing line with the FRB with total credit based on eligible collateral.  At September 30, 2020, the Bank had a borrowing capacity on this line of $71,900,000. The Bank had no outstanding borrowings on this line at both September 30, 2020 and 2019.

The Bank has a short-term $50,000,000 overnight borrowing line with Pacific Coast Bankers' Bank. The borrowing line may be reduced or withdrawn at any time. The Bank had no outstanding borrowings on this line at both September 30, 2020 and 2019.