Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2019

Fair Value of Financial Instruments

Schedule of fair value assets measured on recurring basis

	Fair Value as of June 30, 2019
	Level 1		Level 2		Level 3		Total
Securities classified as available for sale:
Obligations of states and political subdivisions	$	—	$	18,878,383	$	—	$	18,878,383
Mortgage backed securities		—		1,106,138		—		1,106,138
Certificates of deposit		—		557,597		—		557,597
Total	$	—	$	20,542,118	$	—	$	20,542,118

	Fair Value as of June 30, 2018
	Level 1		Level 2		Level 3		Total
Securities classified as available for sale:
Obligations of states and political subdivisions	$	—	$	19,426,437	$	—	$	19,426,437
Mortgage backed securities		—		1,157,941		—		1,157,941
Certificates of deposit		—		321,709		—		321,709
Total	$	—	$	20,906,087	$	—	$	20,906,087

Schedule of fair value assets measured on nonrecurring basis

	Fair Value as of June 30, 2019
	Level 1		Level 2		Level 3		Total
Loans, net	$	—	$	—	$	274,750	$	274,750
Other real estate owned, net		—		—		4,080,401		4,080,401
Total	$	—	$	—	$	4,355,151	$	4,355,151

	Fair Value as of June 30, 2018
	Level 1		Level 2		Level 3		Total
Loans, net	$	—	$	—	$	140,765	$	140,765
Other real estate owned, net		—		—		3,957,133		3,957,133
Total	$	—	$	—	$	4,097,898	$	4,097,898

Schedule of carrying value and estimated fair value of financial instruments

	June 30, 2019				June 30, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	5,630,770	$	5,630,770	$	6,134,146	$	6,134,146
Interest bearing deposits in banks	$	3,674,015	$	3,674,015	$	157,459	$	157,459
Available for sale securities	$	20,542,118	$	20,542,118	$	20,906,087	$	20,906,087
Loans, net	$	259,873,403	$	256,666,403	$	263,998,800	$	256,952,400
Loans held for sale	$	7,079,548	$	7,079,548	$	6,416,385	$	6,416,385
Federal Home Loan Bank stock	$	2,061,000	$	2,061,000	$	2,070,000	$	2,070,000
Accrued interest receivable	$	1,000,098	$	1,000,098	$	879,292	$	879,292
FINANCIAL LIABILITIES
Deposits	$	234,561,459	$	217,705,000	$	244,463,480	$	220,870,600
Federal Home Loan Bank advances	$	44,200,000	$	44,200,000	$	46,000,000	$	46,000,000
Accrued interest payable	$	59,489	$	59,489	$	93,053	$	93,053