Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Sep. 30, 2022

Fair Value of Assets and Liabilities

Schedule of assets and liabilities measured at fair value on a recurring basis

			Quoted Prices in		Other Observable		Unobservable
			Active Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
September 30, 2022
Available for sale debt securities
States and municipalities	$	946,443	$	—	$	946,443	$	—
Mortgage-backed		2,490,737		—		2,490,737		—
Corporate bonds		6,651,996		—		4,811,996		1,840,000
Total assets	$	10,089,176	$	—	$	8,249,176	$	1,840,000

			Quoted Prices in		Other Observable		Unobservable
			Active Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
June 30, 2022
Available for sale debt securities
States and municipalities	$	1,067,906	$	—	$	1,067,906	$	—
Mortgage-backed		2,739,054		—		2,739,054		—
Corporate bonds		6,810,278		—		4,910,278		1,900,000
Total assets	$	10,617,238	$	—	$	8,717,238	$	1,900,000

Schedule of available for sale debt securities measured at fair value on a recurring basis using unobservable inputs

The following table represents changes in the Company’s available for sale debt securities measured at fair value on a recurring basis using unobservable inputs (Level 3). The Company had one investment security measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2022 and June 30, 2022. This security was purchased during the three months ended September 30, 2021 and was reclassified to Level 3 during the three months ended December 31, 2021 because of the lack of observable market data for this investment. The investment is valued on a quarterly basis by a third-party valuation expert. The Level 3 valuation is based on the 5/30 swap curve, floated at 1%, which is considered a significant unobservable input.

Balance at June 30, 2022	$	1,900,000
Unrealized losses included in other comprehensive income (loss)		(60,000)
Balance at September 30, 2022	$	1,840,000

Schedule of estimated fair values of financial instruments

	September 30, 2022				June 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
Cash and due from banks	$	2,881,563	$	2,881,563	$	2,418,041	$	2,418,041
Federal funds sold		15,019,000		15,019,000		6,010,000		6,010,000
Interest bearing deposits in other financial institutions		306,513		306,513		1,945,073		1,945,073
Available for sale debt securities		10,089,176		10,089,176		10,617,238		10,617,238
Held to maturity debt securities		526,517		383,742		532,363		419,000
Loans, net		193,399,479		179,186,000		185,629,872		178,080,000
Investment in restricted stock		770,373		770,273		323,000		323,000
Interest receivable		553,963		553,963		565,929		565,929
Financial Liabilities
Deposits	$	187,752,715	$	170,814,000	$	188,100,448	$	172,922,000
Borrowings		14,000,000		14,000,000		—		—
Accrued interest payable		27,192		27,192		31,071		31,071