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Note 3: Securities: Repurchase Agreements, Collateral, Policy (Policies)
3 Months Ended
Sep. 30, 2015
Policies  
Repurchase Agreements, Collateral, Policy

The carrying value of securities sold under agreement to repurchase amounted to $24.4 million at September 30, 2015 and $27.3 million at June 30, 2015.  The securities, which are classified as borrowings, generally mature within one to four days.  The securities underlying the agreements consist of marketable securities, including $10.0 million and $10.9 million U.S. Government and Federal Agency Obligations, $15.0 million and $15.6 million Mortgage-Backed Securities, and $1.9 million and $2.1 million Collateralized Mortgage Obligations, at September 30 and June 30, 2015, respectively.  The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default.  The collateral is held by the Company in a segregated custodial account.  In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities.  The Company closely monitors collateral levels to ensure adequate levels are maintained.