Fair Value of Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2020

Fair Value of Financial Instruments

Schedule of fair value assets measured on recurring basis

	Fair Value as of June 30, 2020
	Level 1		Level 2		Level 3		Total
Securities classified as available for sale:
Obligations of states and political subdivisions	$	—	$	18,005,082	$	—	$	18,005,082
Mortgage-backed securities		—		1,443,643		—		1,443,643
Certificates of deposit		—		848,870		—		848,870
Total	$	—	$	20,297,595	$	—	$	20,297,595

Schedule of fair value assets measured on nonrecurring basis

	Fair Value as of September 30, 2020
	Level 1		Level 2		Level 3		Total
Impaired loans with a valuation allowance, net	$	—	$	—	$	257,270	$	257,270
Other real estate owned, net		—		—		2,288,255		2,288,255
Total	$	—	$	—	$	2,545,525	$	2,545,525

	Fair Value as of June 30, 2020
	Level 1		Level 2		Level 3		Total
Impaired loans with a valuation allowance, net	$	—	$	—	$	248,930	$	248,930
Other real estate owned, net		—		—		2,288,255		2,288,255
Total	$	—	$	—	$	2,537,185	$	2,537,185

Summary of quantitative information about nonrecurring Level 3 fair value measurements

	As of September 30, 2020
	Fair Value		Valuation Technique	Unobservable Input(s)	Range/Weighted Average
Impaired loans with a valuation allowance, net	$	257,270	Market price or appraised value	Management discount on appraised values	5% - 15%
Other real estate owned, net	$	2,288,255	Market price or appraised value	Management discount on appraised values	5% - 15%

	As of June 30, 2020
	Fair Value		Valuation Technique	Unobservable Input(s)	Range/Weighted Average
Impaired loans with a valuation allowance, net	$	248,930	Market price or appraised value	Management discount on appraised values	5% - 15%
Other real estate owned, net	$	2,288,255	Market price or appraised value	Management discount on appraised values	5% - 15%