Note 5 - Premises and Equipment

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

 

NOTE

5

—PREMISES AND EQUIPMENT

Major classifications of premises and equipment were as follows as of

June 

30:

	20 20			201 9
Land	$	1,603		$	1,511
Land improvements		349			344
Building and leasehold improvements		14,191			13,013
Furniture, fixture and equipment		6,333			5,872
Total premises and equipment		22,476			20,740
Accumulated depreciation and amortization		(7,575	)		(6,585	)
Premises and equipment, net	$	14,901		$	14,155

Depreciation expense was

$1,044

and

$797

for the years ended

June 30, 2020

and

2019,

respectively.

Effective

July 1, 2019,

the Corporation adopted ASU

2016

-

02,

Leases (Topic

842

). As of

June 30, 2020,

the Corporation leased real estate for

six

office locations and various equipment under operating lease agreements. The lease agreements have maturity dates ranging from

one

year or less to

September 1, 2028,

including extension periods. Lease agreements for

four

locations have a lease term of

12

months or less and are therefore considered short-term leases and are exempt from Topic

842.

The weighted average remaining life of the lease term for the leases with a term over

12

months was

51.92

months as of

June 30, 2020.

Costs associated with operating leases accounted for under Topic

842

were

$109

for the

twelve

-month period ended

June 30, 2020.

The costs of short-term leases were

$87

for the

twelve

-month period ended

June 30, 2020.

The right-of-use asset, included in premises and equipment, and lease liability, included in other liabilities, were

$473

as of

June 30, 2020.

Total estimated rental commitments for the operating leases within the scope of Topic

842

were as follows as of

June 30, 2020:

Period Ending June 30
2021	$	105
2022		95
2023		76
2024		51
Thereafter		146
Total	$	473