Short-Term Borrowings

12 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Short-Term Borrowings

7. SHORT-TERM BORROWINGS

As of September 30, 2022, and 2021, the Company had $230.8 million and $0 of short-term borrowings, respectively. There were $4.8 million in advances in 2022 and no advances in 2021 on a $150.0 million 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, 2022, the Company had a borrowing limit of approximately $756.1 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):

	2022			2021
Balance at year-end	$	230,810		$	—
Maximum amount outstanding at any month-end		230,810			61,713
Average balance outstanding during the year		63,754			12,661
Weighted-average interest rate:
As of year-end		3.37	%		—
Paid during the year		0.62	%		0.43	%

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