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Note 20 - COVID-19
12 Months Ended
Jun. 30, 2022
COVID 19 [Member]  
Notes to Financial Statements  
Unusual or Infrequent Items, or Both, Disclosure [Text Block]

Note 20 COVID-19

 

In December 2019, a novel strain of coronavirus surfaced in Wuhan, China, and has spread around the world, resulting in business and social disruption. The coronavirus was declared a Pandemic by the World Health Organization on March 11, 2020. While vaccinations (including booster shots) have created optimism in the community, some uncertainty remains due to the continued concern over increased infection rates from various variants of COVID-19. The operations and business results of the Corporation could be materially adversely affected. The extent to which the coronavirus may impact future business activity or investment results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions required to contain the coronavirus or treat its impact, among others. The economic impacts related to the COVID-19 pandemic continue to linger due to supply chain disruptions, additional employee costs, rising inflationary pressures and the prospects of recession, all which may impact the ability of our customers to make payments on loans, resulting in elevated loan losses and an increase in the Corporation’s allowance for loan losses.