Available for Sale Securities

3 Months Ended

Sep. 30, 2021

Available for Sale Securities

Available for Sale Securities

NOTE 6 – Available for Sale Securities

Amortized costs and fair values of available for sale securities are summarized as follows:

	September 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	25,264,967	$	446,448	$	133,180	$	25,578,235
U.S. government agency obligations		5,642,505		—		17,723		5,624,782
Mortgage-backed securities		1,193,917		34,998		—		1,228,915
Municipal leases		1,001,206		974		2,204		999,976
Certificates of deposit		800,000		26,783		—		826,783
	$	33,902,595	$	509,203	$	153,107	$	34,258,691

	June 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	23,350,108	$	508,588	$	82,697	$	23,775,999
U.S. government agency obligations		5,999,632		15		17,669		5,981,978
Mortgage-backed securities		1,229,820		45,096		—		1,274,916
Municipal leases		1,002,239		2,185		1,435		1,002,989
Certificates of deposit		800,000		32,818		—		832,818
	$	32,381,799	$	588,702	$	101,801	$	32,868,700

The following tables present the portion of the Company's available for sale securities portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position:

	September 30, 2021
	Continuous Unrealized				Continuous Unrealized
	Losses Existing for Less				Losses Existing for 12 Months
	Than 12 Months				or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Obligations of states and political subdivisions	$	7,022,805	$	107,260	$	654,080	$	25,920	$	7,676,885	$	133,180
U.S. government agency obligations		5,624,782		17,723		—		—		5,624,782		17,723
Municipal leases		586,158		2,204		—		—		586,158		2,204
	$	13,233,745	$	127,187	$	654,080	$	25,920	$	13,887,825	$	153,107

Management does not believe any individual unrealized loss as of September 30, 2021 represents other than temporary impairment. At September 30, 2021 the Bank held $654,080, comprised of two securities, in obligations of states and political subdivisions that have an unrealized loss existing for 12 months or greater of $25,920. Management believes the temporary impairment in fair value was caused by market fluctuations in interest rates. Although these securities are

classified as available for sale, management does not have the intent to sell the securities and it is more likely than not it will be able to hold the securities through a recovery period or until maturity.

	June 30, 2021
	Continuous Unrealized				Continuous Unrealized
	Losses Existing for Less				Losses Existing for 12 Months
	Than 12 Months				or Greater				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Obligations of states and political subdivisions	$	4,487,481	$	82,697	$	—	$	—	$	4,487,481	$	82,697
U.S. government agency obligations		5,481,963		17,669		—		—		5,481,963		17,669
Municipal leases		588,000		1,435		—		—		588,000		1,435
	$	10,557,444	$	101,801	$	—	$	—	$	10,557,444	$	101,801

Management does not believe any individual unrealized loss as of June 30, 2021 represents other than temporary impairment. At June 30, 2021, the Bank does not hold any securities in obligations of states and political subdivisions at that have an unrealized loss existing for 12 months or greater.

The amortized cost and fair value of available for sale securities as of September 30, 2021 are shown below by contractual maturity. Expected maturities of mortgage-backed securities will differ from contractual maturities since the anticipated maturities are not readily determinable.

	Amortized
	Cost		Fair Value
Due in one year or less	$	1,230,555	$	1,239,941
Due after one year through 5 years		12,670,932		12,854,734
Due after 5 years through 10 years		7,678,950		7,812,016
Due after 10 years		11,128,241		11,123,085
Subtotal		32,708,678		33,029,776
Mortgage backed securities
Due after one year through 5 years		1,193,917		1,228,915
Due after 5 years through 10 years		—		—
Total	$	33,902,595	$	34,258,691

During the three months ended September 30, 2021 and 2020, the Company did not sell any available for sale securities. The Company did not have any available for sale securities pledged at September 30, 2021 and June 30, 2021.