NOTE 5: INVESTMENT SECURITIES: Investment, Policy (Policies)

6 Months Ended

Jun. 30, 2020

Policies

Investment, Policy

There were no securities classified as held to maturity at June 30, 2020 or December 31, 2019.

Certain investments in debt securities are reported in the financial statements at an amount less than their historical cost. Total fair value of these investments at June 30, 2020 and December 31, 2019, was approximately $504,000 and $116.2 million, respectively, which is approximately 0.1% and 31.1% of the Company’s available-for-sale investment portfolio, respectively.

Based on an evaluation of available evidence, including recent changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these debt securities are temporary.