NOTE 4 — SECURITIES

As of March 31, 2013 and June 30, 2012, respectively, the amortized cost and fair value of securities available for sale and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows:


	March 31, 2013
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Trust preferred securities		19,281,892		1,174,327		(22,616	)		20,433,603
Mortgage-backed GSE securities		20,700,442		298,980		(13,620	)		20,985,802

Total	$	39,982,334	$	1,473,307	$	(36,236	)	$	41,419,405


	June 30, 2012
			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
FNMA structured notes	$	2,000,000	$	9,320	$	—		$	2,009,320
Trust preferred securities		20,964,197		344,230		(46,665	)		21,261,762
Mortgage-backed GSE securities		15,093,864		293,098		—			15,386,962

Total	$	38,058,061	$	646,648	$	(46,665	)	$	38,658,044

Management performs a quarterly evaluation of investment securities for other-than-temporary impairment. At March 31, 2013 and June 30, 2012, respectively, the gross unrealized losses were in a loss position for less than twelve months on all but the trust preferred securities. The unrealized losses in trust preferred securities relate primarily to the changes in market interest rates and spreads since the securities were purchased. Management does not believe that any of these losses at March 31, 2013 or June 30, 2012 represent an other-than-temporary impairment. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized within net income in the period the other-then-temporary impairment is identified.

The amortized cost and fair value of securities available-for-sale, by contractual maturity, are shown below:


	March 31, 2013
	Amortized Cost		Fair Value
One to five years	$	981,515	$	981,880
Five to ten years		5,024,678		5,127,351
Greater than 10 years		13,275,699		14,324,372
Mortgage-backed GSE securities		20,700,442		20,985,802

Total	$	39,982,334	$	41,419,405

These mortgage-backed securities are backed by residential mortgage loans and do not mature on a single maturity date. Securities pledged as collateral for contingent funding at the Federal Home Loan Bank of Cincinnati were approximately $11.8 million.