Premises and Equipment, net

12 Months Ended

Jun. 30, 2020

Premises and Equipment, net

Premises and Equipment, net

NOTE 10 – Premises and Equipment, net

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

	June 30, 2020		June 30, 2019
Land	$	2,319,381	$	2,319,381
Office buildings and improvements		10,573,741		10,568,387
Leasehold improvements		470,952		470,951
Furniture and fixtures		6,351,443		6,444,945
		19,715,517		19,803,664
Less: Accumulated depreciation		(11,755,476)		(11,638,390)
Premises and equipment, net	$	7,960,041	$	8,165,274

Depreciation expense amounted to $552,952 and $555,421 for the year ended June 30, 2020 and 2019, respectively.