Note 16 - Commitments and Contingencies

12 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note

16

– Commitments and Contingencies

:

The Company has commitments to extend credit provided there is

no

violation of any condition in the terms of the approval or agreement. At

June 30, 2017

and

2016,

the Company had approved lease and loan commitments of

$41.8

million and

$57.0

million, respectively. These lease and loan commitments are approved transactions, but it is likely that some portion of these commitments will

not

fund or be completed. The Company does

not

issue standby letters of credit.

Leases

The Company leases its corporate offices under an operating lease that expires in fiscal

2019.

Rent expense was

$693,400

(

2017

),

$684,100

(

2016

) and

$634,000

(

2015

).

	Future minimum
Years ending	lease payments
June 30,	(in thousands)
2018	$	720
2019		121
	$	841

Litigation

From time to time, the Company is party to legal actions and administrative proceedings and subject to various claims arising out of the Company’s normal business activities. Management does

not

expect the outcome of any of these matters, individually and in the aggregate, to have a material adverse effect on the financial condition and results of operations of the Company.

401

(k) Plan

Employees of the Company

may

participate in a voluntary defined contribution plan (the

"401K

Plan") qualified under Section

401

(k) of the Internal Revenue Code of

1986.

Under the

401K

Plan, employees who have met certain age and service requirements

may

contribute up to a certain percentage of their compensation. The Company has made contributions of

$83,288

(

2017

),

$94,287

(

2016

) and

$97,607

(

2015

).