Note 5 - Premises and Equipment

12 Months Ended

Jun. 30, 2021

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:

	2021			2020
Land	$	1,603		$	1,603
Land improvements		381			349
Building and leasehold improvements		15,522			14,191
Furniture, fixture and equipment		6,616			6,333
Total premises and equipment		24,122			22,476
Accumulated depreciation and amortization		(8,329	)		(7,575	)
Premises and equipment, net	$	15,793		$	14,901

Depreciation expense was

$940

and

$1,044

for the years ended

June 30, 2021

and

2020,

respectively.

As of

June 30, 2021,

the Corporation leased real estate for

seven

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

one

year or less to

May 31, 2035,

including extension periods. Lease agreements for

three

locations have a lease term of

12

months or less and are therefore considered short-term leases. The weighted average remaining life of the lease term for the leases with a term over

12

months was

87.68

months as of

June 30, 2021.

Rent expense for all the operating leases was

$205

and

$196

for the

twelve

-month periods ended

June 30, 2021

and

2020,

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

$1,177

and

$473

as of

June 30, 2021

and

2020,

respectively.

Total estimated rental commitments for the operating leases with a term over

12

months were as follows as of

June 30, 2021:

Period Ending June 30
2022	$	167
2023		167
2024		146
2025		114
Thereafter		685
Total	$	1,279