FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	6 Months Ended
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.

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

6 Months Ended

Dec. 31, 2023

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.