Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Jun. 30, 2023

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)
June 30, 2023
Available for sale debt securities
States and municipalities	$	888,072	$	—	$	888,072	$	—
Mortgage-backed		1,847,014		—		1,847,014		—
Corporate bonds		6,186,629		—		4,606,629		1,580,000
Total assets	$	8,921,715	$	—	$	7,341,715	$	1,580,000

			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 financial assets measured at fair value on a nonrecurring basis

	June 30,		June 30,		Valuation	Unobservable	Range
	2023		2022		Technique	Input	(Weighted Avg.)
Foreclosed assets (OREO)	$	2,312,240	$	—	Collateral valuation	Discount from market value	10% - 75%

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

Balance at July 1, 2021	$	—
Transfer of security from Level 2 to Level 3 (December 2021)		2,000,000
Balance at December 31, 2021		2,000,000
Unrealized (losses) included in other comprehensive income (loss)		(100,000)
Balance at March 31, 2022		1,900,000
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
Unrealized (losses) included in other comprehensive income (loss)		(240,000)
Balance at December 31, 2022		1,600,000
Unrealized gains included in other comprehensive income (loss)		20,000
Balance at March 31, 2023		1,620,000
Unrealized (losses) included in other comprehensive income (loss)		(40,000)
Balance at June 30, 2023	$	1,580,000

Schedule of estimated fair values of financial instruments

	June 30, 2023				June 30, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
Cash and due from banks	$	2,272,088	$	2,272,088	$	2,418,041	$	2,418,041
Federal funds sold		9,503,000		9,503,000		6,010,000		6,010,000
Interest bearing deposits in other financial institutions		3,762,139		3,762,139		1,945,073		1,945,073
Available for sale debt securities		8,921,715		8,921,715		10,617,238		10,617,238
Held to maturity debt securities		516,089		378,046		532,363		419,000
Loans, net		197,713,756		177,582,000		185,629,872		178,080,000
Investment in restricted stock		770,273		770,273		323,000		323,000
Accrued interest receivable		612,724		612,724		565,929		565,929
Financial Liabilities
Deposits	$	197,254,306	$	179,325,000	$	188,100,448	$	172,922,000
Federal Home Loan Bank (FHLB) advances		8,000,000		8,000,000		—		—
Accrued interest payable		74,580		74,580		31,071		31,071