Annual report pursuant to Section 13 and 15(d)

Available-for-sale investments

 v2.3.0.11
Available-for-sale investments
 12 Months Ended
Jun. 30, 2011
Available-for-sale investments

C. Available-for-sale investments:

At June 30, 2011 and 2010, the amortized cost and market value of the Company’s available-for-sale securities by major security type were as follows (in thousands):

 

     June 30,  
     2011      2010  
     Cost      Market      Cost      Market  

State and municipal debt securities

    $ 166,005       $ 166,846       $ 196,452       $ 197,437   

Corporate debt securities

      16,100         16,246         12,688         12,849   

U.S. government securities

      1,502         1,517         771         771   

Foreign corporate debt securities

      7,474         7,489         4,639         4,639   

Foreign government securities

      3,090         3,090         147         147   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 194,171       $ 195,188       $ 214,697       $ 215,843   
  

 

 

     

 

 

     

 

 

     

 

 

  

Gross unrealized gains and unrealized losses on available-for-sale investments were $1.1 million and $58,000, respectively, at June 30, 2011. Gross unrealized gains and unrealized losses on available-for-sale investments were $1.2 million and $28,000, respectively, at June 30, 2010.

Unrealized gains and losses on the Company’s available-for-sale investments are caused by interest rate changes. The Company has the ability and intent to hold its available-for-sale investments that are in an unrealized loss position until a recovery of fair value. The Company does not consider these investments to be other-than-temporarily impaired at June 30, 2011. The net unrealized gain or loss on available-for-sale investments, net of tax benefit, is reflected in accumulated other comprehensive income, a component of shareholders’ equity.

At June 30, 2011, the Company’s investments in an unrealized loss position that have been determined to be temporarily impaired were as follows (in thousands):

 

Period of Unrealized Loss:

    Fair
Value		      Unrealized
Losses		  

Less than one year

    $ 3,561       $ 58   

Greater than one year

      0         0   
  

 

 

     

 

 

  
   $ 3,561       $ 58   
  

 

 

     

 

 

  

 

Contractual maturities of available-for-sale investments are shown below (in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to recall or prepay obligations with or without call or prepayment penalties.

 

Year Ending June 30, 2011:

       

Due within one year

    $ 63,200   

Due one to five years

      131,988   
  

 

 

  
   $ 195,188   
  

 

 

  

Proceeds from maturities or sales of available-for-sale securities were $173.5 million, $66.6 million and $75.7 million during fiscal 2011, 2010 and 2009, respectively. There were no material realized gains or losses on these sales. Realized gains and losses are determined on the specific identification method.