FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	12 Months Ended
Jun. 30, 2022
Federal Home Loan Banks [Abstract]
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	7. Federal Home Loan Bank Advances and Other Borrowings Short-term FHLB advances with an original maturity of less than one year amounted to $0 at June 30, 2022 and $918,000 with a weighted average rate of 2.75% at June 30, 2021. There were no long-term FHLB advances outstanding at June 30, 2022 and 2021. 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 June 30, 2022 and 2021 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, the Bank has pledged certain qualifying securities with a fair market value of $12,777,000 and $10,081,000, respectively, and the line bears a variable interest rate equal to the federal funds rate plus 0.50%. At June 30, 2022 and 2021, there were no outstanding balances under this program

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Jun. 30, 2022

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

7. Federal Home Loan Bank Advances and Other Borrowings

Short-term FHLB advances with an original maturity of less than one year amounted to $0 at June 30, 2022 and $918,000 with a weighted average rate of 2.75% at June 30, 2021. There were no long-term FHLB advances outstanding at June 30, 2022 and 2021.

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 June 30, 2022 and 2021 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, the Bank has pledged certain qualifying securities with a fair market value of $12,777,000 and $10,081,000, respectively, and the line bears a variable interest rate equal to the federal funds rate plus 0.50%. At June 30, 2022 and 2021, there were no outstanding balances under this program