FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Jun. 30, 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 $3.7 million at June 30, 2023 at a weighted average rate of 5.25%. There were no overnight advances or advances having a one-month maturity at June 30, 2022. Selected information for such short-term borrowings is as follows:

	June 30, 2023		June 30, 2022
(Dollars in thousands)
Average daily balance	$	1,037	$	278
Maximum amount outstanding at any month end		5,300		717

The Company has an available line of credit in the amount of $2,354,000 with the FHLB at an interest rate that adjusts daily. Borrowings under the line are limited to 2% of the Company’s total assets. At June 30, 2023 and 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 Company 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 Company has pledged certain qualifying securities with a fair market value of $12,410,000 and $12,777,000, respectively, and the line bears a variable interest rate equal to the federal funds rate plus 0.50%. At June 30, 2023 and 2022, there were no outstanding balances under this program