Short-Term Borrowings

12 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Short-Term Borrowings

7. SHORT-TERM BORROWINGS

As of September 30, 2020, and 2019, the Company had $111,713,000 and $107,701,000 of short-term borrowings, respectively, of which  $17.7 million in 2019 were advances on a $150,000,000 line of credit with the FHLB.

All borrowings from the FHLB are secured by a blanket lien on qualified collateral, defined principally as investment securities and mortgage loans that are owned by the Company free and clear of any liens or encumbrances. At September 30, 2020, the Company had a borrowing limit of approximately $702.8 million, with a variable rate of interest, based on the FHLB’s cost of funds.

The following table sets forth information concerning short-term borrowings (in thousands):

	2020			2019
Balance at year-end	$	111,713		$	107,701
Maximum amount outstanding at any month-end		239,467			239,824
Average balance outstanding during the year		147,179			165,730
Weighted-average interest rate:
As of year-end		0.42	%		2.35	%
Paid during the year		1.53	%		2.10	%

Average balances outstanding during the year represent daily average balances, and average interest rates represent interest expenses divided by the related average balance.