Fair Value of Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2021

Fair Value of Financial Instruments

Schedule of fair value assets measured on recurring basis

	Fair Value as of June 30, 2021
	Level 1		Level 2		Level 3		Total
Securities classified as available for sale:
Obligations of states and political subdivisions	$	—	$	23,775,999	$	—	$	23,775,999
US government agency obligations		—		5,981,978		—		5,981,978
Mortgage-backed securities		—		1,274,916		—		1,274,916
Municipal leases				1,002,989		—		1,002,989
Certificates of deposit		—		832,818		—		832,818
Total	$	—	$	32,868,700	$	—	$	32,868,700

	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 June 30, 2021
	Level 1		Level 2		Level 3		Total
Impaired loans with a valuation allowance, net	$	—	$	—	$	116,906	$	116,906
Other real estate owned, net		—		—		167,590		167,590
Total	$	—	$	—	$	284,496	$	284,496

	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 June 30, 2021
	Fair Value		Valuation Technique	Unobservable Input(s)	Range/Weighted Average
Impaired loans with a valuation allowance, net	$	116,906	Market price or appraised value	Discount on appraised values for selling costs	5% - 15%
Other real estate owned, net	$	167,590	Market price or appraised value	Discount on appraised values for selling costs	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	Discount on appraised values for selling costs	5% - 15%
Other real estate owned, net	$	2,288,255	Market price or appraised value	Discount on appraised values for selling costs	5% - 15%

Schedule of carrying value and estimated fair value of financial instruments

	June 30, 2021				June 30, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
FINANCIAL ASSETS
Cash and cash equivalents	$	49,377,489	$	49,377,489	$	13,106,041	$	13,106,041
Interest bearing deposits in banks	$	326,245	$	326,245	$	2,713,164	$	2,713,164
Available for sale securities	$	32,868,700	$	32,868,700	$	20,297,595	$	20,297,595
Loans, net	$	215,419,951	$	217,957,441	$	237,300,478	$	247,100,558
Loans held for sale	$	6,866,900	$	6,866,900	$	18,690,027	$	18,690,027
Federal Home Loan Bank stock	$	1,031,200	$	1,031,200	$	1,345,500	$	1,345,500
Accrued interest receivable	$	790,884	$	790,884	$	933,729	$	933,729
FINANCIAL LIABILITIES
Deposits	$	269,886,315	$	258,477,900	$	256,071,531	$	251,928,460
Federal Home Loan Bank advances	$	5,000,000	$	5,000,000	$	9,000,000	$	9,000,000
Accrued interest payable	$	35,020	$	35,020	$	56,726	$	56,726