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Note 15: Commitments and Credit Risk: Standby Letters of Credit (Policies) | 12 Months Ended
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Jun. 30, 2014
Policies |
Standby Letters of Credit | Standby Letters of Credit. In the normal course of business, the Company issues various financial standby, performance standby, and commercial letters of credit for its customers. As consideration for the letters of credit, the institution charges letter of credit fees based on the face amount of the letters and the creditworthiness of the counterparties. These letters of credit are standalone agreements, and are unrelated to any obligation the depositor has to the Company. Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. The Company had total outstanding standby letters of credit amounting to $3,394,000 at June 30, 2014, and $3,547,000 at June 30, 2013, with terms ranging from 12 to 24 months. At June 30, 2013, the Company’s deferred revenue under standby letters of credit agreements was nominal.

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