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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Jun. 30, 2024

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, 2024
Available for sale debt securities
States and municipalities		$	685,588		$	—		$	685,588		$	—
Mortgage-backed			1,292,907			—			1,292,907			—
Corporate bonds			4,628,266			—			3,168,266			1,460,000
Total assets		$	6,606,761		$	—		$	5,146,761		$	1,460,000


					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

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


Balance at July 1, 2022		$	1,900,000

Unrealized (losses) included in other comprehensive income (loss)			(320,000)

Balance at June 30, 2023			1,580,000

Unrealized (losses) included in other comprehensive income (loss)			(120,000)

Balance at June 30, 2024		$	1,460,000

Schedule of financial assets measured at fair value on a nonrecurring basis

June 30,

June 30,

Valuation

Unobservable

Range

2024

2023

Technique

Input

(Weighted Avg.)

Foreclosed assets (OREO), net

$

1,397,460

$

2,334,560

Collateral valuation

Discount from market value

2024:10%-75%

2023:10%-75%

Schedule of estimated fair values of financial instruments


		June 30, 2024						June 30, 2023
		Carrying Value			Fair Value			Carrying Value			Fair Value
Financial Assets
Cash and due from banks		$	2,977,438		$	2,977,438		$	2,272,088		$	2,272,088
Federal funds sold			7,495,000			7,495,000			9,503,000			9,503,000
Interest bearing deposits in other financial institutions			199,888			199,888			3,762,139			3,762,139
Available for sale debt securities			6,601,761			6,601,761			8,921,715			8,921,715
Held to maturity debt securities			510,276			394,081			516,089			378,046
Loans, net			183,447,633			172,191,000			197,713,756			177,582,000
Investment in restricted stock			1,329,413			1,329,413			770,273			770,273
Accrued interest receivable			597,768			597,768			612,724			612,724
Financial Liabilities
Deposits		$	172,980,754		$	156,433,000		$	197,254,306		$	179,325,000
Federal Home Loan Bank (FHLB) advances			13,000,000			13,000,000			8,000,000			8,000,000
Accrued interest payable			287,072			287,072			74,580			74,580

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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