Premises and Equipment

12 Months Ended

Jun. 30, 2022

Premises and Equipment

Premises and Equipment

Note 5 -     Premises and Equipment

A summary of the cost and accumulated depreciation of premises and equipment follows:

	2022		2021
Land and land improvements	$	731,934	$	716,100
Buildings		1,990,618		1,998,952
Leasehold improvements		395,995		395,995
Furniture, fixtures, and equipment		1,400,272		1,408,345
Vehicles		27,658		27,658
		4,546,477		4,547,050
Less accumulated depreciation		(2,870,417)		(2,697,133)
	$	1,676,060	$	1,849,917

Depreciation expense totaled $207,951 and $207,351 for the years ended June 30, 2022 and 2021, respectively.

The Company leases two branch locations under various long-term lease agreements. The leases expire in 2027 and 2024.

Future minimum lease payments are as follows:

Years Ending June 30,
2023	$	100,126
2024		76,248
2025		58,056
2026		60,422
2027		56,375
	$	351,227

Rent expense, including executory costs when included in lease payments, is included in occupancy expense and was $97,172 and $100,564 for the years ended June 30, 2022 and 2021, respectively.