Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Dec. 31, 2022

Fair Value of Assets and Liabilities

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

The following table sets forth assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and June 30, 2022:

			Quoted Prices in		Other Observable		Unobservable
			Active Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
December 31, 2022
Available for sale debt securities
States and municipalities	$	895,559	$	—	$	895,559	$	—
Mortgage-backed		2,193,446		—		2,193,446		—
Corporate bonds		6,325,010		—		4,725,010		1,600,000
Total assets	$	9,414,015	$	—	$	7,814,015	$	1,600,000

			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 December 31, 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.

		Six Months			Six Months
		Ended December 31,			Ended December 31,
		2022			2021
Balance at June 30,	$		1,900,000	$		—
Unrealized losses included in other comprehensive income (loss)			(60,000)			—
Balance at September 30,			1,840,000			—
Unrealized gains (losses) included in other comprehensive income (loss)			(240,000)
Transfer of security from Level 2 to Level 3			—			2,000,000
Balance at December 31,	$		1,600,000	$		2,000,000

Schedule of estimated fair values of financial instruments

	December 31, 2022				June 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
Cash and due from banks	$	3,073,229	$	3,073,229	$	2,418,041	$	2,418,041
Federal funds sold		16,384,000		16,384,000		6,010,000		6,010,000
Interest bearing deposits in other financial institutions		599,291		599,291		1,945,073		1,945,073
Available for sale debt securities		9,414,015		9,414,015		10,617,238		10,617,238
Held to maturity debt securities		521,228		390,093		532,363		419,000
Loans, net		192,621,976		173,785,000		185,629,872		178,080,000
Investment in restricted stock		770,273		770,273		323,000		323,000
Interest receivable		607,402		607,402		565,929		565,929
Financial Liabilities
Deposits	$	203,024,188	$	186,506,000	$	188,100,448	$	172,922,000
Accrued interest payable		27,817		27,817		31,071		31,071