Note 2: Available-for-sale Securities: Marketable Securities Available for Sale Securities Policy (Policies)

12 Months Ended

Jun. 30, 2014

Policies

Marketable Securities Available for Sale Securities Policy

The carrying value of investment and mortgage-backed securities pledged as collateral to secure public deposits and securities sold under agreements to repurchase amounted to $81.9 million and $61.7 million at June 30, 2014 and 2013, respectively.

A gain of $116,164 was recognized from sales of available-for-sale securities in 2014.  There were no sales in 2013 or 2012.

With the exception of U.S. government agencies and corporations, the Company did not hold any securities of a single issuer, payable from and secured by the same source of revenue or taxing authority, the book value of which exceeded 10% of stockholders’ equity at June 30, 2014.

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, 2014, was $39.5 million, which is approximately 30.3% of the Company’s available for sale investment portfolio, as compared to $37.4 million or approximately 46.8% of the Company’s available for sale investment portfolio at June 30, 2013.   Except as discussed below, management believes the declines in fair value for these securities to be temporary.