Premises and Equipment

12 Months Ended

Jun. 30, 2021

Premises and Equipment

Premises and Equipment

NOTE 10 – Premises and Equipment, net

Premises and equipment are stated at cost less accumulated depreciation are summarized as follows:

	June 30, 2021		June 30, 2020
Land	$	2,319,381	$	2,319,381
Office buildings and improvements		10,798,643		10,573,741
Leasehold improvements		470,951		470,952
Furniture and fixtures		6,528,150		6,351,443
		20,117,125		19,715,517
Less: Accumulated depreciation		(12,204,632)		(11,755,476)
Premises and equipment, net	$	7,912,493	$	7,960,041

Depreciation expense amounted to $554,500 and $552,952 for the year ended June 30, 2021 and 2020, respectively.