Borrowings	3 Months Ended
Sep. 30, 2023
Federal Home Loan Banks [Abstract]
Borrowings	10. Borrowings At September 30, 2023 and June 30, 2023, there were no borrowings from the FHLB-NY. At September 30, 2023 and June 30, 2023, the Company can borrow overnight funds from the FHLB-NY under a redesigned overnight advance program up to the Company’s maximum borrowing capacity based on the Company’s ability to collateralize such borrowings. At September 30, 2023 and June 30, 2023, the Company's maximum borrowing capacity was $100,000. At September 30, 2023 and June 30, 2023, the Company's Board of Directors has authorized borrowings of up to $25,000 from the Federal Reserve Bank of New York (“FRB-NY”). All borrowings are secured by pledges of the Company’s qualifying loan portfolio and are generally on overnight terms with an interest rate quoted at the time of the borrowing. In March 2023, the Federal Reserve established the Bank Term Funding Program (“BTFP”) to make available funding to eligible depository institutions in order to help assure they have the ability to meet the needs of their depositors following the events that occurred in the banking industry earlier in 2023. The program allows for advances for up to one year secured by eligible high-quality securities at par value extended at the one-year overnight index swap (“OIS”) rate, plus 10 basis points, as of the day the advance is made. The interest rate is fixed for the term of the advance and there are no prepayment penalties. At September 30, 2023 and June 30, 2023, the Company had a $20,000 advance under the BTFP at a borrowing rate of 4.76% with a maturity date of March 29, 2024.

Borrowings

3 Months Ended

Sep. 30, 2023

10.

Borrowings

At September 30, 2023 and June 30, 2023, there were no borrowings from the FHLB-NY.

At September 30, 2023 and June 30, 2023, the Company can borrow overnight funds from the FHLB-NY under a redesigned overnight advance program up to the Company’s maximum borrowing capacity based on the Company’s ability to collateralize such borrowings. At September 30, 2023 and June 30, 2023, the Company's maximum borrowing capacity was $100,000.

At September 30, 2023 and June 30, 2023, the Company's Board of Directors has authorized borrowings of up to $25,000 from the Federal Reserve Bank of New York (“FRB-NY”). All borrowings are secured by pledges of the Company’s qualifying loan portfolio and are generally on overnight terms with an interest rate quoted at the time of the borrowing.

In March 2023, the Federal Reserve established the Bank Term Funding Program (“BTFP”) to make available funding to eligible depository institutions in order to help assure they have the ability to meet the needs of their depositors following the events that occurred in the banking industry earlier in 2023. The program allows for advances for up to one year secured by eligible high-quality securities at par value extended at the one-year overnight index swap (“OIS”) rate, plus 10 basis points, as of the day the advance is made. The interest rate is fixed for the term of the advance and there are no prepayment penalties. At September 30, 2023 and June 30, 2023, the Company had a $20,000 advance under the BTFP at a borrowing rate of 4.76% with a maturity date of March 29, 2024.