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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 6 Months Ended
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Dec. 31, 2022
Federal Home Loan Banks [Abstract] |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 7. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS There were no short-term or long-term FHLB advances outstanding at December 31, 2022 or June 30, 2022. The Bank has an available line of credit in the amount of $2,354,000 with the FHLB of Boston at an interest rate that adjusts daily. Borrowings under the line are limited to 2% of the Bank’s total assets. At December 31, 2022 and June 30, 2022, there were no funds advanced under the line of credit. All borrowings from the FHLB are secured by a blanket lien on qualified collateral, defined principally as first mortgage loans on owner-occupied 1-4 family residential property. The Bank has an available line of credit under the Federal Reserve Bank Borrower-in-Custody program offered through the Discount Window. Under the terms of the credit line at December 31, 2022 and June 30, 2022, the Bank has pledged certain qualifying securities with a fair market value of $12,096,000 and $12,777,000, respectively, and the line bears a variable interest rate equal to the federal funds rate plus 0.50%. At December 31, 2022 and June 30, 2022, there was no outstanding balance under this program.

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- Definition The entire disclosure of advances made and reported by Federal Home Loan Bank (FHLBank). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -URI https://asc.fasb.org/topic&trid=2209208 + Details
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- References No definition available. + Details
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