NOTE 5 – Available for Sale Securities

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


	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


	June 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
Obligations of states and political subdivisions	$	17,563,698	$	457,440	$	16,056	$	18,005,082
Mortgage-backed securities		1,371,753		71,890		—		1,443,643
Certificates of deposit		800,000		48,870		—		848,870
	$	19,735,451	$	578,200	$	16,056	$	20,297,595

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:


	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. The Company held no securities at June 30, 2021 that have an unrealized loss existing for 12 months or greater. 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 security and it is more likely than not it will be able to hold the security through a recovery period or until maturity.


	June 30, 2020
	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	$	—	$	—	$	693,687	$	16,056	$	693,687	$	16,056

Management does not believe any individual unrealized loss as of June 30, 2020 represents other than temporary impairment. The Company held $693,687, comprised of two securities, in obligations of states and political subdivisions at June 30, 2020 that have an unrealized loss existing for 12 months or greater. 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 security and it is more likely than not it will be able to hold the security through a recovery period or until maturity.

The amortized cost and fair value of available for sale securities as of June 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	$	985,832	$	992,813
Due after one year through 5 years		12,923,027		13,134,220
Due after 5 years through 10 years		7,771,776		7,926,891
Due after 10 years		9,471,344		9,539,860
Subtotal		31,151,979		31,593,784
Mortgage backed securities
Due after one year through 5 years		—		—
Due after 5 years through 10 years		1,229,820		1,274,916
Total	$	32,381,799	$	32,868,700

During the year ended June 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 June 30, 2021 and June 30, 2020 as collateral on public deposits and for other purposes as required or permitted by law.