Note 4 - Premises and Equipment

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4—

PREMISES AND EQUIPMENT

Major classifications of premises and equipment were as follows as of June 30:

	2016			2015
Land	$	1,469		$	1,469
Land improvements		317			406
Building and leasehold improvements		11,978			11,391
Furniture, fixture and equipment		4,694			4,853
Total premises and equipment		18,458			18,119
Accumulated depreciation and amortization		(4,873	)		(6,514	)
Premises and equipment, net	$	13,585		$	11,605

Included in Building and Leasehold improvements above was $6,453 of construction in progress as of June 30, 2015 related to construction of the Corporation’s main office and branch location. The new facility was placed in service in the 2016 fiscal year. There is currently a lawsuit pending between the building contractor and the design builder, in which the Bank has also been named, that could result in the Corporation incurring additional capitalized costs. Management does not expect the additional costs to be material. Depreciation expense was $647 and $575 for the years ended June 30, 2016 and 2015, respectively.

The Corporation is obligated under non-cancelable operating leases for facilities and equipment. The approximate minimum annual rentals and commitments under these non-cancelable agreements and leases with remaining terms in excess of one year are as follows:

Twelve Months Ending June 30
2017	$	113
2018		84
2019		40
2020		40
2021		18
Total	$	295

Rent expense incurred was $159 and $134 during the years ended June 30, 2016 and 2015, respectively.