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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 2,405,136 $ 2,731,711 $ 7,604,499 $ 8,493,397
Interest and dividends on investment securities 152,239 168,055 453,584 499,135
Interest on federal funds sold 528 6,494 935 40,110
Interest on deposits in banks 101 542 665 8,044
Total Interest and Dividend Income 2,558,004 2,906,802 8,059,683 9,040,686
INTEREST EXPENSE        
Interest on deposits 298,478 472,799 979,630 1,406,752
Interest on Federal Home Loan Bank borrowings 0 74,211 6,806 367,509
Interest on federal funds purchased 14 86 14 143
Total Interest Expense 298,492 547,096 986,450 1,774,404
Net interest income before provision for loan losses 2,259,512 2,359,706 7,073,233 7,266,282
Provision for loan losses 50,000 85,000 100,000 85,000
Net interest income after provision for loan losses 2,209,512 2,274,706 6,973,233 7,181,282
NON-INTEREST INCOME        
Service fees on deposits 94,052 100,580 305,137 340,128
Service fees on loans 34,929 67,750 123,466 172,083
Gain on sales of mortgage loans 3,510,375 837,130 10,132,880 3,024,852
Income on sale of uninsured products 119,347 92,140 335,981 262,652
(Loss) gain on sale of other real estate owned 0 3,163 (11,573) 112,871
Other income 3,187 3,663 17,028 16,261
Total Non-Interest Income 3,761,890 1,104,426 10,902,919 3,928,847
NON-INTEREST EXPENSES        
Compensation and benefits 2,594,695 2,050,377 7,682,075 6,241,503
Occupancy 530,631 500,856 1,591,926 1,483,774
Advertising 41,045 49,176 118,635 183,374
Data processing services 253,916 263,335 814,232 835,149
FDIC assessment 9,419 47,744 76,229 71,570
Cost of operations for other real estate owned 5,525 22,302 182,200 45,398
Insurance expense 29,838 39,273 89,023 120,428
Professional fees 188,751 82,964 448,234 370,450
Other expenses 498,837 254,121 1,318,468 759,720
Total Non-Interest Expenses 4,152,657 3,310,148 12,321,022 10,111,366
Income before income taxes 1,818,745 68,984 5,555,130 998,763
Income tax expense 0 0 0 0
NET INCOME $ 1,818,745 $ 68,984 $ 5,555,130 $ 998,763
Basic income per share $ 0.69 $ 0.03 $ 2.12 $ 0.38
Diluted income per share $ 0.69 $ 0.03 $ 2.12 $ 0.38