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NOTE 7: Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Jun. 30, 2019
Notes |
NOTE 7: Securities Sold Under Agreements to Repurchase | NOTE 7: Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days. The carrying value of securities sold under agreement to repurchase amounted to $4.4 million and $3.3 million at June 30, 2019 and 2018, respectively. The securities underlying the agreements consist of marketable securities, including $0 and $1.2 million of U.S. Government and Federal Agency Obligations, and $5.8 million and $3.4 million of Mortgage-Backed Securities at June 30, 2019 and 2018, 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. The following table presents balance and interest rate information on the securities sold under agreements to repurchase.
| June 30,
(dollars in thousands) | 2019 | 2018
Year-end balance | $ 4,376 | $ 3,267
Average balance during the year | 3,988 | 5,373
Maximum month-end balance during the year | 4,703 | 9,902
Average interest during the year | 0.90% | 0.70%
Year-end interest rate | 0.93% | 0.86%

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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