Premises and Equipment

9 Months Ended

Mar. 31, 2023

Premises and Equipment

Premises and Equipment

Note 7 – Premises and Equipment

The components of premises and equipment are as follows as of March 31, 2023 and June 30, 2022:

	March 31,		June 30,
(Dollars in thousands)	2023		2022
Land	$	2,056	$	2,156
Office buildings and improvements		11,003		11,769
Furniture, fixtures and equipment		2,331		2,540
Automobiles		58		58
		15,448		16,523
Accumulated depreciation		(4,502)		(4,827)
	$	10,946	$	11,696

Depreciation expense amounted to $232 thousand and $815 thousand for the three and nine months ended March 31, 2023, respectively, and $252 thousand and $722 thousand for the three and nine months ended March 31, 2022, respectively.  During the three months ended September 30, 2022, the Company made a strategic decision to close the Bank’s branch office located in Collingswood, New Jersey and to consolidate the deposits from this branch office into the Bank’s Audubon, New Jersey branch office after assessing the branch’s profitability and its close geographic proximity to the Audubon, New Jersey branch location.  The branch office located in Collingswood, New Jersey was closed effective December 31, 2022.