Premises and Equipment

12 Months Ended

Jun. 30, 2019

Premises and Equipment

Premises and Equipment

NOTE 10 – Premises and Equipment

Premises and equipment are stated at cost less accumulated depreciation are summarized as follows:

	June 30, 2019		June 30, 2018
Land	$	2,319,381	$	2,319,381
Office buildings and improvements		10,568,387		10,564,184
Leasehold improvements		470,951		470,951
Furniture and fixtures		6,444,945		5,980,879
		19,803,664		19,335,395
Less: Accumulated depreciation		(11,638,390)		(11,082,969)
Premises and equipment, net	$	8,165,274	$	8,252,426

Depreciation expense amounted to $555,421 and $385,352 for the year ended June 30, 2019 and the nine months ended June 30, 2018, respectively.