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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 6 Months Ended
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Dec. 31, 2023
Federal Home Loan Banks [Abstract] |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 7. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS Overnight advances or advances having a one-month maturity totaled $8.8 million at December 31, 2023 at a weighted average rate of 5.50%. Long-term advances or advances having a maturity greater than one-month totaled $10.3 million at December 31, 2023 at a weighted average rate of 4.51%. Overnight advances or advances having a one-month maturity totaled $3.7 million at June 30, 2023 at a weighted average rate of 5.25%. There were no long-term advances at June 30, 2023. 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, 2023 and June 30, 2023, 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 one- to four-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, 2023 and June 30, 2023, the Bank has pledged certain qualifying securities with a fair market value of $18,082,000 and $12,410,000, respectively. The line bears a variable interest rate equal to the federal funds rate plus 0.50%. At December 31, 2023 and June 30, 2023, 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 -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942/tableOfContent + Details
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- References No definition available. + Details
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