FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	3 Months Ended
Sep. 30, 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 September 30, 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 September 30, 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 September 30, 2022 and June 30, 2022, the Bank has pledged certain qualifying securities with a fair market value of $12,113,000 and $12,777,000, respectively, and the line bears a variable interest rate equal to the federal funds rate plus 0.50%. At September 30, 2022 and June 30, 2022, there was no outstanding balance under this program.

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

3 Months Ended

Sep. 30, 2022

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

There were no short-term or long-term FHLB advances outstanding at September 30, 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 September 30, 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 September 30, 2022 and June 30, 2022, the Bank has pledged certain qualifying securities with a fair market value of $12,113,000 and $12,777,000, respectively, and the line bears a variable interest rate equal to the federal funds rate plus 0.50%. At September 30, 2022 and June 30, 2022, there was no outstanding balance under this program.